What is a general meeting?
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
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.
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