List of members - meetings and resolutions, Business Law and Ethics

List of Members:

S.130(6) provides that the directors shall cause a list showing the names and postal addresses of the members of the company, and the number of shares held through them correspondingly,, just to be produced at the commencement of the meeting and to remain open and accessible to any member of the company during the continuance of the meeting.

By s.130(9) if there is any default in complying with the provisions of s.130, every director of the company who is knowingly and wilfully guilty of the default shall be liable to a fine not exceeding one thousand shillings.

It should be noted that the statutory meeting is not held by a private company, and that it is held only once in the lifetime of a public company.  It is the first official coming-together of the company's members and is held within a very short time after the company is entitled to commence business.  Its timing is important because the members are in fact being given a chance to ascertain, before it is too late, whether the minimum subscription was raised and, in the event of the minimum subscription not having been raised, to decide on whether to avoid the contract of allotment.  These are matters in respect of which any procrastination could be financially disastrous for the members since the company could be put into liquidation before the members had come together to ascertain what had happened since the time the prospectus was issued.

Posted Date: 1/12/2013 5:23:40 AM | Location : United States

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