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Thread: Q. When and for what purposes (a) a statutory meeting (b) ordinary general

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    Q. When and for what purposes (a) a statutory meeting (b) ordinary general

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    Q. When and for what purposes (a) a statutory meeting (b) ordinary general meeting (c) extraordinary general meetings are convented. (1998) (2005)
    Q. When and for what purpose.
    (a) Statutory meeting.
    (b) Ordinary/annual general meeting.
    (c) Extra ordinary general meeting are convented. discuss fully. (2006/S)
    1. Introduction:

    A meeting may be defined as gathering of two or more person by previous notice or by the mutual agreement for the discussion and transaction of some business.
    2. Kinds of meetings:
    Following are the three kinds of meeting:
    (i) Statutory meeting.
    (ii) Annual general meeting.
    (iii) Extra ordinary general meeting.
    I. Statutory meeting:
    Statutory meeting is the first meeting of the company. it can be convented by the directors of the company.
    (i) By whom the statutory meeting is held:
    The statutory meeting is held by the following:
    (a) A company limited by shares.
    (b) Every company limited by guarantee.
    (c) Ever private company converted into a public company.
    (ii) When this meeting is to be held:
    Statutory meeting can not be held before three months and can not be delayed more than six months form the date at which it is entitled to commence business.
    (iii) Notice:
    It is provided is sec 157(2) of the companies ordinance that the director shall send a notice of statutory meeting at least 21 days before the date of meeting to a every share holders of the company.
    (iv) Objects of statutory meeting:
    Following are the the main objects of the statutory meeting:
    (I) Detail of formation of the company.
    (ii) To what extent the financial appeal to the public has been acquired.
    (iii) What property by the company has been acquired.
    (iv) What happened to the actual amount received by the payment of shares.
    (v) Discuss the progress of the company.
    (vi) To get the permission of the shareholder for the modification of contract discolsed in the prospectus.
    (v) Business of the meeting:
    Business of the meeting is to:
    (i) Discuss and consider the statutory report.
    (ii) Win the confidence of the shareholders.
    (iii) Provide fresh and latest information to the shareholders.
    (vi) According to prof.palmer:
    The object of statutory meeting is to put shareholder of a company as early a date as possible in the possession of all important facts relating to the affairs of the company.
    (vii) Privileges of the members:
    The member of the company present at the meeting shall be at liberty to discuss any matter relating to the formation of the company or delivery out of statutory report.
    (viii) Default in holding statutory meeting:
    According to Sec. 305 (1) (b) of the companies ordinance. A company may be wound up of default is made in delivery the statutory report to the registrar or in holding the statutory meeting.
    II. Annual general meeting:
    Every company calls annual general meeting of the shareholders. it is the open meeting of the shareholders in which various reports are submitted by the director and can suggest various measures to solve the problems of the company.
    (i) According to the companies ordinance 1984:
    Every company without exception shall hold a general meeting of its member every year.
    (ii) By whom convented:
    Annual general meeting is to be convented by the directors of the company. the members have no authority to convence this meeting.
    (iii) Notice:
    The notice of the annual general meeting shall be sent to the shareholders at least 21 days before the date fixed for the meeting.
    (iv) Place of meeting:
    The annual general meeting shall in case of a listed company, be held in the town in which the registered office of the company is situated.
    (v) Features of annual general meeting:
    (i) The law concerning annual general meeting is embodied in Sec 158 of the companies ordinance 1984.
    (ii) It is the responsibility of the company tat it should call annual general meeting.
    (iii) First meeting should be held with in 18 months from the date of incorporation of the company.
    (iv) The interval between the company should be more than 15 months.
    (v) Meeting is called by the director s of the company.
    (vi) If director fails to call the meeting then penalty can be imposed them.
    (vi) Objects of annual general meeting:
    Following are the objects of annual general meeting.
    (i) Election of directors.
    (ii) Appointment of auditors.
    (iii) Declaration of dividends.
    (iv) Consideration and adoption of audited annual accounts of the company.
    (vii) Default in holding annual general meeting:
    According to Sec 305(b) of the companies ordinance a company may be wound up by the court if it does not hold two consecutive annual general meeting.
    III. Extra ordinary of calling the meeting:
    It can be called by the following.
    (i) Meaning:
    All general meetings of a company other than annual general meeting and statutory meeting shall be called extra-ordinary general meeting.
    (ii) Procedure of calling the meeting:
    It can be called by the following.
    (a) By directors:
    The directors may at any time call an extra general meeting to consider any matter which they think it very necessary.
    (b) By shareholders:
    The directors may call the meeting on requisition of the shareholders representing not less than one tenth of the voting power.
    (iii) If directors fails to call the meeting:
    If the directors fails to call the meeting. the requistionists may themselves call the meeting
    Condition:
    In such a situation the meeting must be held with in 3 months from the date of deposit of requisition.
    (iv) Notice:
    To call the extra ordinary meeting 21 days notice is given.
    (v) Objects:
    Following are the main objects of holding of extra ordinary general meeting.
    (i) To issue the debentures.
    (ii) To alter the memorandum of associations.
    (iii) To alter the share capital of the company.
    (iv) When some special business is to be conducted.
    III. Extra ordinary general meeting:
    (vi) Time limit:

    There is no prescribed time in the article of association for holding this meeting. it may be held from time to time.
    3. Conclusion:
    To conclude I can say that when the members of the company gather at a certain time and place to discuss the business and managing affairs it is called the meeting of the company. there are three kinds of company meeting each one is important for running the business of the company. companies ordinances 1984 provided procedure and rules for conducting meetings.

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