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Meetings and Proceedings

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  MEETINGSAND PROCEEDINGS  MEETINGS: The meetings of a company may be classified as:(1)GENERAL MEETINGS:These meetings are called general meetings as these are meetings of all the members of the company.i.Statutory meetings,ii.Annual general meetings,iii.Extraordinary meetings.(2)MEETINGS OF CREDITORS AND DEBENTURE HOLDERS:(a)During the life time of the company,(b)At the time of winding up of the company.(3)MEETINGS OF DIRECTORS :   STATUTORY MEETING:(SEC:165)Every company limited by shares and every company limited by guarantee and having a share capita shall, within a period of not less than one month nor more the six months from the date at which the company is entitled to commence business, hold a general meeting of the members of the company. This meeting is called the statutory meeting. This is the first meeting of the shareholders of a public company and is held only once in the lifetime of a company.  STATUTORY REPORT:The board of directors shall, at least 21 days before the day on which the meeting is to be held, forward a report, called the statutory report, to every member of the company.CONTENTS OF STATUTORY MEETING:  Total shares allotted.  Cash received.  Abstract of receipts and payments.  Directors and auditors.  Contracts.  Underwriting contract.  Arrears of calls.  Commission and brokerage.CERTIFICATION OF REPORT.COPY HAS TO BE SENT TO THE REGISTRAR. .   ANNUAL GENERAL MEETING:every company shall in each year hold in addition to any other meetings a general meeting as its annual general meeting and shall specify the meeting such in the notice calling it, there shall not be an interval of more than 15 months between one annual general meeting within a  period of 18 months from the date of its incorporation.  Time and place of the meeting.  21 days prior notice.  IMPORTANCE OF AGM’S: Share holders confront the directors ,their elected representatives at least once a year,  Share holders review the working the company,  Appointment of auditors is also made at annual general meeting,  Annual accounts are presented for consideration of share holders,  Dividends are declared in the annual general meeting.
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