Lecture 11 BFA601 Semester 2 2018.pptx

Meetings annual general meetings agm of public and

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MEETINGS Annual general meetings (AGM) of public and pty companies (10.58) Cont.
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© Certain important resolutions require a special resolution, ie 75% of the members to vote. Important resolutions might require an extraordinary meeting, eg to remove a director or auditor, or to change the company constitution, or issue different classes of shares. MEETINGS Extraordinary general meetings (10.62) MEETINGS Extraordinary general meetings (10.62)
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© a director; though a company constitution may change this (unless a listed company) a member’s request to the directors; members with at least five per cent of the votes that may be cast at the general meeting, or the request must be made by at least 100 members who are entitled to vote at the general meeting s 249D The meeting must be for a proper purpose and the directors must arrange the meeting or suffer a court order to do so (at the director’s expense) MEETINGS Who may call a general meeting? (10.63-65) MEETINGS Who may call a general meeting? (10.63-65)
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© the members themselves; i.e. 5% of members, though a court may order them to pay for the meeting s 249F by the court: on application of a member, a director or the company itself, and the court may determine what must be considered at the meeting MEETINGS Who may call a general meeting? (10.66-69) Cont. MEETINGS Who may call a general meeting? (10.66-69) Cont.
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© Members are required to have 21 days notice of the meeting and also what the meeting will consider A company constitution may require a longer period of notice Meetings require at least 21 days notice to remove an auditor, or director, though a listed public company requires 28 days MEETINGS Amount of notice of general meeting (10.70) MEETINGS Amount of notice of general meeting (10.70)
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© Each member must be given notice of meeting individually to each member entitled to vote: by post or electronically s 249J MEETINGS How is notice of general meetings given? (10.71) MEETINGS How is notice of general meetings given? (10.71)
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© Information in the notice must be clear, concise and effective – the reader must be able to determine readily whether they should attend the meeting and specify: the place, date and time for that meeting (and any technology that will be used to facilitate a meeting in two or more places); the general nature of the meeting’s business; the intention and wording of a special resolution if one is to be proposed at the meeting; and the details of voting by proxy (if members are entitled to do so). MEETINGS Contents of notice of general meetings (10.73) MEETINGS Contents of notice of general meetings (10.73)
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© is restricted to members whose shareholding gives them at least five per cent of votes that may be cast on the resolution, or at least 100 members who are entitled to vote at a general meeting s 249N(1)(a), (b).
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