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MIAMI A
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Simple English definitions for legal terms
with power
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A quick definition of with power:
A committee is a group of people who work together to investigate, oversee, or take action on a specific task or issue. They are often used in organizations, clubs, and governments to help make decisions and set policies. Committees can be permanent or temporary, and they may have different levels of power and authority depending on their purpose. For example, an audit committee oversees financial reporting, while a nominating committee identifies suitable candidates for election. Committees can be made up of one person or many, and they work together to achieve a common goal.A more thorough explanation:
Definition: A committee to which the referring body has delegated the necessary authority for acting on the business referred, usually without the need for a prior report to the referring body.
Example: In a company, the audit committee is appointed by the board to oversee the financial reporting process, select an independent auditor, and receive the audit. The committee member is financially literate and wholly independent, having no financial interest in the company, no executive position, and no familial relationship with any member of the company's management or a major shareholder. The audit committee has the power to act on the financial matters referred to them without the need for a prior report to the board.
Explanation: The example illustrates that the audit committee has the power to act on the financial matters referred to them without the need for a prior report to the board. The committee has been delegated the necessary authority to oversee the financial reporting process, select an independent auditor, and receive the audit. This delegation of power allows the committee to act independently and efficiently in carrying out its responsibilities.