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Companies Act query

  • 30-09-2010 8:17am
    #1
    Paulw
    Registered Users, Registered Users 2 Posts: 13,381 ✭✭✭✭


    Hopefully someone can help me understand this particular section -

    http://www.irishstatutebook.ie/1963/en/act/pub/0033/sec0131.html

    131.—(1) Subject to subsection (2), every company shall in each year hold a general meeting as its annual general meeting in addition to any other meetings in that year and shall specify the meeting as such in the notices calling it and not more than 15 months shall elapse between the date of one annual general meeting of a company and that of the next.

    Ok, so, every company shall in each year hold a general meeting as its annual general meeting. This obviously says that a meeting must be held each year. Hence it's an Annual General Meeting.

    But, it also states - and not more than 15 months shall elapse between the date of one annual general meeting of a company and that of the next.

    So, does that section mean that an AGM must be held each year, or does it say that an AGM must happen within at least 15 months after the previous AGM, giving you an extra 3 months grace?

    Just curious as to people's understanding of this particular section.


Comments

  • #2
    NoQuarter
    Registered Users, Registered Users 2 Posts: 4,632 ✭✭✭NoQuarter


    Yes you have 3 months grace. However I wouldnt abuse it as it would defeat the purpose of the provsion.

    It can still be an annual meeting though. For example if you met in january 2009, your next meeting still has to be in 2010 but you have until april.

    This can go on and on but whether when your initial meeting would be in say december 2009 and you use the 15 months which would bring it to march 2011, its probably a matter of interpretation by the courts as to whether this will be ok or not.


  • #3
    Paulw
    Registered Users, Registered Users 2 Posts: 13,381 ✭✭✭✭Paulw


    NoQuarter wrote: »
    Yes you have 3 months grace. However I wouldnt abuse it as it would defeat the purpose of the provsion.

    It can still be an annual meeting though. For example if you met in january 2009, your next meeting still has to be in 2010 but you have until april.

    This can go on and on but whether when your initial meeting would be in say december 2009 and you use the 15 months which would bring it to march 2011, its probably a matter of interpretation by the courts as to whether this will be ok or not.

    Your last point is the one I'm more curious about.

    It's only a theory question, I've no actual situation in mind.


  • #4
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    If an Agm is held in December '09 the '10 meeting must take place before or during December 10 otherwise the would not be a meeting in each year. The 15 month rule only kicks in where an agm was held before september of any year. The next one must be within 15 months and so before December of the following year.
    There is no minimum period between AGMs so if an Agm is held in Dec09 the next one can be held in Jan '10


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