waiver

Nicholas Sun

Member
Chinese
There are sentences below in a board resolution:

Waiving all forms and given times imposed by law and the Articles of Association, the following is herewith resolved:
The financial year 2015 of *** has been closed with a net profit after tax of ***. The operating profit of year 2015 is legitimate business income.

I am not sure about the meaning of the first sentence. Does it mean that "the resolution is made regardless of form and time requirements imposed by ..."? Anybody could help me? Thank you.
 
  • PaulQ

    Banned
    UK
    English - England
    There is a lot of context missing. If you are going to ask complex questions, relevant background is essential.

    I would assume that there has been legislation passed requiring a change in accountancy methods but, for a certain period, the law allows the calculation of the accounts under the old system.

    Furthermore, a company is bound by its Articles of Association: again we must assume that the articles have been changed to meet the new regulations but, as the new regulations may be waived, so have the alterations.

    Thus
    Waiving all forms and given times imposed by law and the Articles of Association
    Would mean "ignoring the current requirements (and calculating under the old method) ...
     

    Nicholas Sun

    Member
    Chinese
    There is a lot of context missing. If you are going to ask complex questions, relevant background is essential.

    I would assume that there has been legislation passed requiring a change in accountancy methods but, for a certain period, the law allows the calculation of the accounts under the old system.

    Furthermore, a company is bound by its Articles of Association: again we must assume that the articles have been changed to meet the new regulations but, as the new regulations may be waived, so have the alterations.

    Thus

    Would mean "ignoring the current requirements (and calculating under the old method) ...
    Thanks for you kind answer. Actually I don't know the context either, but it seems highly probable what you assume.
     
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