Statutory meeting wikipedia. Types of Meetings 2019-02-17
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Statutory Meeting
As required by s 144 2 of the Companies Act 1965, therequisition had expressly and clearly stated that the meeting was for the purpose of consideringthe resolutions stated therein. The quorum of members must be present not only at the beginning but it also be maintained throughout the meeting. Importance: this meeting is held only once during the life time of the company and is the first meeting of the company. If, however, no quorum is fixed in the constitution or articles, the first meeting should decide what should constitute the quorum of the meeting. With each subgroup reporting periodically back to the whole group about their thinking and progress.
Special Resolution : A special resolution is one in regard to which is passed by a 75 % majority only i. However, a company may hold its first annual general meeting within 18 months from the date of its incorporation. Lawful Assembly: The gathering must be for conducting a lawful business. Sometimes, the Court may also order for such a meeting to be held. The Registrar or a contributory may file a petition for the winding up of the company if default is made in delivering the statutory report to the Registrar or in holding the statutory meeting on or after 14 days after the last date on which the statutory meeting ought to have been held. The Company Law Board may also by order compel an immediate inspection or furnishing of a copy forthwith. The auditors have to certify that all information regarding calls and allotment of shares are correct.
The loose leaves must be bound at reasonable intervals. The articles of association of P also did not contain such arequirement. 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. Object: The main purpose of the meeting is to enable the members of the company to know at an early date the financial position and the prospects of the company and also to provide them an opportunity to discuss on various matters arising out of promotion and formation of the company. The word 'statutory' is used as an adjective and one of the distinct features of this adjective is that it should not be used independently but usually before noun.
Each type requires a different structures and supports a different number of participants. A poll is to be taken in the manner decided by the Chairman. A branch of the High Court located in any state has concurrentjurisdiction to entertain any civil proceedings; 2 the injunction was to be construed byreference to the intention as expressed in the injunction itself. If you insist on combination meetings, I suggest your break them into segments of different meeting types. D3s letter referred to the need for theshareholders to ratify the agreement. The proxy forms are required to be submitted to the company at least 48 hours before the meeting.
Other officers, the , and may give their reports. D3 is D1s executive chairman. The defendant banks had then caused the shares to beregistered in their or their nominees names and thereafter requisitioned for an extraordinarygeneral meeting of the first defendant company to remove certain directors. To hold otherwise would meanthat no valid meeting could be held once the 15-month period had lapsed. This provision may be exempted by the Central Govt.
Adjournment of Statutory meeting: The statutory meeting may be adjourned from time to time according to the provision of the companies Act, 1956 and the power to adjourn vests in the hand of the shareholders. The government can issue investigation. 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. Where any items of special business are to be transacted at the meeting, an explanatory statement setting out all materials facts concerning each item of the special business including the concern or interest, if any, therein of every director and manager, is any, must be annexed to the notice. The meeting must be conducted in accordance with the regulations governing the meetings.
If such a meeting is held within the period, it is not necessary for the company to hold any annual general meeting in the year of its incorporation or in the following year. Needless to say, the importance of meetings cannot be under-emphasised in case of companies. Many thanks, Tina April 11, 2014 at 7:44 pm Hi Tina, Are you familiar with the naming heuristic? Business of the meeting: The business of the meeting is to consider the statutory report. Notice of every meeting of company must be sent to all members entitled to attend and vote at the meeting. Statutory means legal so this meeting is totally based on law. Companies like individuals may sometimes find it necessary to compromise or make some arrangements with their creditors, In these circumstances, a meeting of the creditors is necessary.
The report should be certified as correct by at least two directors, one of whom must be the managing director, where there is one, and must also be certified as correct by the auditors of the company with respect to the shares allotted by the company, the cash received in respect of such shares and the receipts and payments of the company. If arrangement is passed by a majority of three-fourth in value of creditors and the same is sanctioned by the Court, it is binding on all the creditors. But the minutes books of the board meetings are not open for inspection of members. Section 144 2 does not require the documents to bear thecommon seals of D1 and D2. It is only at these meetings that all important matters relating to the company and its policies are discussed and decided upon. So statutory compliance means you arefollowing the laws on a given issue. Companies licensed under Section 25 are exempt from the above provisions provided that the time, date and place of each annual general meeting are decided upon beforehand by the Board of Directors having regard to the directions, if any, given in this regard by the company in general meeting.
The minutes are a record of the discussions made at the meeting and the final decisions taken thereat. Dissolution Dissolution of a meeting means termination of a meeting. Where minutes of the proceedings of any meeting have been kept properly, they are, unless the contrary is proved, presumed to be correct, and are valid evidence that the meeting was duly called and held, and all proceedings thereat have actually taken place, and in particular, all appointments of directors or liquidators made at the meeting shall be deemed to be valid. Occasion: This meeting must be held after 3 months, but before 6 months of obtaining the certificate of commencement of business. If the Board does not hold the meeting as aforesaid, the requisitionists can call a meeting to be held on a date fixed within 3 months of the date of requisition. The statutory sector is funded by people who pay taxes and national insurance etc.
