Company Meetings: 8 Main Types of Company Meetings
A member may appoint another person to attend and vote at a meeting on his behalf. If, however no director is willing to act as chairman or if no director is present within 15 minutes after the appointed time of the meeting, the members present should choose one among themselves to be chairman of the meeting. A formal record of these meetings must be kept, usually by the company secretary. A special notice enables the members to be prepared on the matter to be discussed and gives them time to indicate their views on the resolution. This meeting is held on the special occasions or you can say in the emergency situations when directors think that it necessary.
The next meeting must be held once in every calendar year within 4 months after closing of its financial year. A motion, with or without amendments is put to vote at a meeting. Where notice is sent by post, service is effected by properly addressing, pre-paying and posting the notice. Types of Company Meetings According to the companies ordinance 1984, there are three types of company meetings which are held by a company. If he adjourns the meeting prematurely, the members present may decide to continue the meeting and elect another chairman and proceed with the business for which it was convened.
Other business enterprises arrange meeting to discharge their business activities. Where the chairman, acting bona fide within his powers, adjourns the meeting as per the view of the majority, the minority members cannot to continue with such meeting and, if they do the proceedings there will be null and void. The minutes are a record of the discussions made at the meeting and the final decisions taken thereat. In respect of any other meeting, it may be called and held with a shorter notice, if at least members holding 95 percent of the total voting power of the Company consent to a shorter notice. It describes the shares allotted by the company; cash received in respect of such shares allotted an abstract of the receipts and payments of a company, names occupation of the directors etc Privileges of the members: the members of the company present at the meeting shall be at liberty to discuss any matter relating to the formation of the company or arising out of the statutory report. This meeting is also held to transact some urgent business that cannot be deferred till the next Annual General Meeting. Declaration of Dividend: The shareholders and directors declare the dividend of the year with the mutual co-operation.
Only the business not finished at the original meeting can be transacted at the adjourned meeting. Class meetings are held to pass resolution which will bind only the members of the class concerned, and only members of that class can attend and vote. The purpose of the statutory meeting with its statutory report is to put the shareholders of the company in possession of all the important facts relating to the new company, what shares have been taken up, what moneys received etc. The proxy form must be in writing and be signed by the member or his authorised attorney duly authorised in writing or if the appointer is a company, the proxy form must be under its seal or be signed by an officer or an attorney duly authorised by it. In such a case, it need not hold any annual general meeting in the year of its incorporation as well as in the following year only. Occasion: This meeting must be held after 3 months, but before 6 months of obtaining the certificate of commencement of business.
The person appointed is called the Proxy. While every meeting is unique, being familiar with the six most common types of meetings will help you better identify the goals, structure, and activities best suited for your meetings. Delay in sending the statutory report can; however, be condoned by a unanimous vote of the members present at the meeting. The notice of every meeting must specify the business to be transacted in the meeting. Generally, a motion is proposed by one member and seconded by another member. The loose leaves must be bound at reasonable intervals. When a poll is taken, The decision arrived by poll is final and the decision on the show of hands has no effect.
Class Meeting : These meetings are held by a particular class of shareholders for the purpose of effecting variation in the Articles in respect of their rights and privileges or for conversion of one class into another. Material information of a contract. If the company does so, every officer in default shall be liable to fine up to Rs1,000. If the amendment is adopted on a vote by the members, it is incorporated in the body of the main motion. Scopes and priorities need to be defined, opportunities and threats need to be identified, and possible solutions should be , , and agreed upon. The member may revoke the proxy by voting himself before the proxy has voted, but once the proxy has exercised the vote, the member cannot retract his vote.
There can be an amendment to an amendment motion also. Notice: Notice is an instrument of giving intimation to all persons who are entitled to attend a meeting regarding the place, date, time and purpose of the meeting. Meeting of Creditors : These meetings are called when the company proposes to make a scheme of arrangement with its creditors. The chairman has the power to adjourn the meeting in case of indiscipline at the meeting. Penalty: In default in filing statutory report and in holding the statutory meeting, every responsible officer and the company shall be liable to a fine.
But they a very important role in other parts of our life. The requisition must state the objects of the meetings and must be signed by the requisitioning members. The statement must mention the time and place where all documents relating to special business can be inspected. There are broadly three types of resolutions :- 1. Check out our post about.
Company Meetings: 8 Main Types of Company Meetings
Meeting of creditors Sometimes, a company, either as a running concern or in the event of winding up, has to make certain arrangements with its creditors. Details of the shares allotted b. Such a meeting shall be deemed to be an Annual General Meeting of the company c Section 168: If the provisions of Sections 166 and 167 are not complied with, the company and every officer of the company be fined. To Discuss Statutory Report: Another objective of this meeting is to discuss statutory report of the company. This category include meetings like include all-hands meetings, kick-off meetings, team building outings, and corporate events. Visual communication tools, like and videos, are powerful tools for making the shared information more memorable.
Examples of Statutory Reports The followings are the examples of statutory report. Any other business is special business. The main purpose of these meetings is to obtain the approval of the creditors and contributories to the scheme of compromise or rearrangement to save the company from financial difficulties. The copies of these documents could, however, be sent less than 21 days before of the date of the meeting if agreed to by all members entitled to vote at the meeting. At such meetings, these members dicuss the pros and cons of the proposal and vote accordingly. Cash received: The total amount of cash received by the company in respect of all the shares allotted.
