Secretarial practice

Bibliographic data

Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XII. Meeting of shareholders

Collection:: Economics Books

MEETINGS OF SHAREHOLDERS 129 shown in the case of East v. Bennett Brothers (1911), 1 Ch. 163). In that case by the memorandum no new shares could be issued so as to rank equally with or in priority to the existing preference shares, unless the issue was sanctioned by an extraordinary resolution of the holders of the pre- ference shares at a separate meeting of the holders specially summoned for the purpose. The existing preference shares being all in the hands of one person, and there being nothing in the constitution of the company to prevent one person holding them all, the word ‘meeting’ was held to be applic- able to the case of a single shareholder. The general meetings of a going company comprise the statutory meeting, ordinary general meetings, and extra ordinary general meetings. The statutory meeting (s. 113) is a general meeting of the members, which must be held by a company limited by shares or limited by guarantee and having a share capital not less than one month nor more than three months from the date at which the company is entitled to commence business. The object of the statutory meeting is to give shareholders the opportunity of making themselves acquainted with the promotion and flotation of the company, both by means of the statutory report (see below) which they receive before the meeting, and by means of discussion at the meeting, in case there are any points not included in the report upon which they desire information. The provisions as to the statutory meeting and statutory report do not apply to a private company [s. 113 (10)]; but they do now apply to a company limited by guarantee if it has a share capital. The statutory meeting is a general meeting, and accordingly there seems no doubt that the provision of s. 112 that a general meeting of every company is to be held once at the least in every calendar year, and not more than fifteen months after the holding of the last preceding general meeting, is complied with in the first instance by holding the statutory meeting. ‘Calendar year’ means the period from January 1 to December 31, and not the period of a year dating from the company’s registration [Gibson v. Barton (18735), L.R. 10 Q.B. 329]. A company registered in July, 1929, will necessarily hold its statutory meeting within that year, i.e. if it becomes entitled to commence business before the end of September, 1929. Its next general meeting must be held during the year 1930, at an interval of not more than fifteen months from the statutory meeting. But a company registered on September 20. 1029. which becomes entitled to commence Statutory Meeting.

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