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Importance of Minute Book

Every corporation shall prepare and maintain, at its registered office or at such other place in Ontario designated by the directors all official record of its proceedings and decisions (section 140 of Business Corporations Act, R.S.O. 1990, c. B.16).

A minute book is important because it serves as an official record of the proceedings and decisions of a company or organization. It contains minutes of meetings, including the date, time, place, attendees, and actions taken. This information is used to ensure that the organization is being run in accordance with its bylaws and laws and can be used as evidence in legal proceedings if necessary. Additionally, the minute book can also be used to track the progress of the company and to make sure that important decisions are not forgotten or overlooked. A lack of a minute book can be an indication of poor record-keeping and a lack of attention to compliance with laws and bylaws.

Proper records and minutes of meetings are important for several reasons:

  • Compliance: Maintaining proper records and minutes of meetings can help ensure that an organization is operating in compliance with its bylaws and laws. This can be especially important for corporations that have legal requirements to keep certain types of records.