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.

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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.

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