What is a general meeting?

What is a general meeting?

July 23, 2019

A General meeting of a company is a meeting of both shareholders and directors where decisions about the company is taken.

There are two types of general meetings according to CAMA;

Annual General meeting (AGM)

Extra ordinary general meeting (EGM)

ANNUAL GENERAL MEETING

An annual general meeting is a meeting of shareholder where directors, auditors and employees can be in attendance. The first annual general meeting of a company should be held within 18months after incorporation. The subsequent AGMs and should not be held later than 15months from the previous AGM.

BUSINESS TRANSACTED AT AN AGM

According to the Companies and Allied Matters Act there are basically two kinds of businesses to be transacted or discussed at the AGM. The ordinary business which is the declaration of dividend, presentation of financial statement, reports of auditors and directors, appointment or election of new directors etc. and special business.

Notice of AGM                                                                                                       

Check article on NOTICE OF MEETING

ATTENDANCE

Personal attendance of an AGM is not a must. A person can attend an AGM through another person called a proxy who acts on the authority of the principal and is entitled to do everything in the meeting which the member can do himself.  A proxy is appointed by the principal 48hours before the date of the meeting by executing an instrument of proxy informing the company.

The AGM is a time of accountability and reflection on the company’s performance.

EXTRA ORDINARY GENERAL MEETING

An extra ordinary general meeting (EGM) is a meeting other than a company’s annual general meeting (AGM) that regularly occurs among a company’s shareholders, directors, auditors and any other members. In contrast, an EGM is usually called on short notice and deals with an urgent matter, often concerning company management.

Contact us info@618bees.com  012803791   www.618bees.com

Team 618bees

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer.

This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

 

 

 

 

 

 

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.
  • Do I need a Company Secretary?

    A limited liability company (LLC) must not have a company secretary.
  • Why is mutual assent important in a contract?

    This is one of the key elements of a contract because is shows the meeting of the minds of both parties
  • If I have NAFDAC Registration number, do I still need SON registration number?

    SON Product Registration scheme is mandatory for all SON’s regulated products as mandated by SON Act 56 of 1971, 20 of 1984, 18 of 1990 as amended.

    This is irrespective of the registration done by NAFDAC
  • What is personal data?

    This is any information that can be used to identify an identifiable human person such passport photograph.
  • Must I register my work with the Nigerian Copyright Commission?

    No, you must not register your work under the Nigerian law but you have the option to do so. This is because as soon as the original work becomes fixed and tangible it automatically becomes copyrightable.
  • Do I have to physically drop off my product sample at NAFDAC office?

    No, you can choose to have it sent to NAFDAC office
  • Can my kids be shareholders in my company?

    Yes your kids can hold shares in your company but there must be a minimum of two adult shareholders before kids can be included.
  • How long does a trademark registration in Nigeria Last?

    Trademark is valid for seven years from the date of application but you may renew the application for the trademark for an additional period of 14years.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp