Meetings

INTRODUCTION

A company is an association of several persons. Decisions are made according to the view of the majority. Various matters have to be discussed and decided upon. These discussions take place at the various meetings which take place between members and between the directors. Needless to say, the importance of meetings cannot be under-emphasized in case of companies. There are many reasons the company holds meetings from time to time and they are:-

i. To transact business this may only be transacted at a meeting of a class of the company’s members.

ii. To transact some business which may only be transacted at a general meeting of the members or shareholders such as alteration or reduction of the company’s share capital.

iii. To comply with statutory provisions which require certain general meetings to be held in order to transact specified business such as the statutory meeting and the annual general meeting.

iv. To enable the directors and members exchange views regarding the running of the company’s affairs.

For a meeting, there must be at least two persons attending the meeting. One member cannot constitute a company meeting even if he holds proxies for other members. There are different types of meetings but most of the companies meetings fall in three categories these are meetings of members, meetings of board of directors and meetings of others.

I. Meetings of Members

These are meetings whereby the members or the shareholders of the company meet and discuss various issues concerning the company. The members meetings are under four categories. These are:-

a. Statutory meeting

b. Annual General meeting.

c. Extraordinary General meeting.

d. Class meeting

A. The Statutory Meeting

“According to Section 130 every public company limited by shares and every public company limited by guarantee and having a share capital shall...