122. Applicability of this Chapter to One Person Company
(1) The provisions of section 98 and sections 100 to 111 (both inclusive) shall not
apply to a One Person Company.
(2) The ordinary businesses as mentioned under clause (a) of sub-section (2) of
section 102 which a company, other than a One Person Company, is required to transact at its
annual general meeting, shall be transacted, in case of One Person Company, as provided in
sub-section (3).
(3) For the purposes of section 114, any business which is required to be transacted at
an annual general meeting or other general meeting of a company by means of an ordinary or
special resolution, it shall be sufficient if, in case of One Person Company, the resolution is
communicated by the member to the company and entered in the minutes-book required to
be maintained under section 118 and signed and dated by the member and such date shall be
deemed to be the date of the meeting for all the purposes under this Act.
(4) Notwithstanding anything in this Act, where there is only one director on the
Board of Director of a One Person Company, any business which is required to be transacted
at the meeting of the Board of Directors of a company, it shall be sufficient if, in case of such
One Person Company, the resolution by such director is entered in the minutes-book required
to be maintained under section 118 and signed and dated by such director and such date
shall be deemed to be the date of the meeting of the Board of Directors for all the purposes
under this Act.