Usual business at an annual general meeting, Business Law and Ethics

Usual business at an annual general meeting:

The registrar is not bound to call or direct the calling of the meeting but, in the event of his refusing to do so, the aggrieved member may apply to the court for an order : Re: El Sombrero Ltd (88), in which the court made an order after the registrar had declined to do so.  Section 131 does not provide for the business which may be transacted at the annual general meeting but Table A, Article 52 mentions the following as the "ordinary" or usual business at an annual general meeting:

i. declaring a dividend;

ii. the consideration of the accounts, balance sheets and the reports of the directors and auditors;

iii. the election of directors in the place of those retiring, and

iv. the fixing of the remuneration of, and the appointment of the auditors.

Subsection 5 makes it a criminal offence punishable with a fine not exceeding two thousand shillings for the company and every officer of the company to fail to hold the annual general meeting or comply with any directions of the registrar regarding the calling and conduct of the meeting.

Posted Date: 1/12/2013 5:26:34 AM | Location : United States







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