What rules govern the first Annual General Meetings?
Under section 366 of the Companies Act, an AGM must be held, firstly, within 18 months of the company’s incorporation and then not more than 15 months should elapse between the date of the one AGM and that of the next. If the company fails to hold an AGM within the prescribed time limits both it and the defaulting directors can be fined. The Act is silent on any provisions on AGMs which may be in a company’s articles of association; it the requirements of section 366 cannot be overridden. Private companies may, however, by elective resolution, dispense with the need to hold AGMs (Companies Act 1985, section 366A; an elective resolution requires the agreement of all the members entitled to attend and vote).
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