Company Maintenance and Statutory Requirements
General Meeting & Written Resolutions
A general meeting is a meeting of a company’s shareholders, the Company Ordinance provides statutory rules and regulations governs the convention and conduct of the meetings.
There are two types of general meetings, Annual General Meeting (AGM) and Extraordinary General Meeting (EGM). The Ordinance provides that every company shall in each year hold a general meeting as its annual general meeting in addition to any other meeting. The AGM can be convened by the board of directors, secretary or any members who are carrying the voting right and holding at least 5% of the paid up capital.
Under the existing Companies Ordinance, the directors or a member of a company may pass a resolution in writing (except from removal of auditors or director) as an alternative to holding a broad meeting or general meeting.
The new Companies Ordinance introduces a new rule for proposing and passing a written resolution. The Ordinance provides rules on the right of directors or members to propose a resolution as a written resolution. If the written resolution is proposed, the company must circulate the resolution to all members who are entitled to vote.
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This Article is for information purpose only. Its contents do not constitute legal advice and readers should not regard this article as a substitute for detailed advice in individual instances. If you have any questions, please do not hesitate to contact us.