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Typically an Annual General Meeting is held shortly after the completion of a company’s annual accounts. In the case of Public Limited Companies, the law states that an AGM must be held within 6 months of accounts being filed at Companies House. A company planning to hold an AGM must follow the appropriate rules. These include notifying the shareholders and directors of the AGM at least 14 days beforehand for a private company, or 21 days before for a PLC. Company accounts do not need to be sent out to all shareholders in advance, although they are legally required to see these before they are filed with Companies House. A company solicitor will usually advise of the appropriate procedures to be followed to ensure that an AGM is compliant with the latest legislation. It is a legal requirement for minutes to be taken at any AGMs, and these must be approved and signed by the meeting Chairperson, prior to being made available to shareholders. It is common for the election of officers, the passing of corporate resolutions, and the presentation of annual accounts and reports to be presented at AGMs. The AGM provides a business with an opportunity to take decisions which can only be taken with a majority vote, although the Companies Act 2006 now makes it easier for private companies to pass decisions in writing without a formal meeting. Nevertheless, the AGM provides an opportunity for the directors to present company progress over the last 12 months, and for shareholders to give their views in response. For further information on AGMs, you can ask your company law solicitor for legal advice.
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