Extraordinary universal meetings, Business Law and Ethics

Extraordinary Universal Meetings:

S.132(1) provides for the convening of "extraordinary" general meeting but does not define it.  Neither is the word "extraordinary" defined in any other section of the Act.  However, Table A, Article 48 provides that all general meetings other than annual general meetings shall be called extraordinary general meetings.

Table A, Article 49 further provides that the directors may, whenever they think fit, convene an extraordinary general meeting.  Furthermore through s.132(1), despite anything in the articles of a company, the directors are bound to convene an extraordinary general meeting of the company  on the requisition of the holders of not less than one-tenth of the paid-up capital of the company carrying the right of voting at general meetings of the company, or, if the company has no share capital, of members representing not less than one-tenth of the total voting rights.  S.132(2) provides that the requisition must state the objects of the meeting, and must be signed by the requisitionists and deposited at the registered office of the company.  S.132(3) provides that if the directors do not within 21 days from the date of the deposit of the requisition proceed to convene a meeting, the requisitionists, or any of them representing more than one-half of the total voting rights of all of them, may themselves convene a meeting, so long as they do so within three months of the requisition.

S.132(5) entitles the requisitionists to recover any reasonable expenses incurred in convening the meeting from the company, and the company may in turn recover these from the fees or other remuneration of the defaulting directors.

Posted Date: 1/12/2013 5:27:06 AM | Location : United States

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