174. Statutory meeting and statutory report Flashcards
- Statutory meeting and statutory report
General overview
[174.01] The first meeting of a public company is called a statutory meeting, which must be held, within a period of not less than one month and not more than three months after the date at which it is entitled to commence business. For commencement of business, see s 61 above for the restrictions in respect of when a public company may commence business. A statutory report shall be furnished by the directors to every member of the company at least seven days before the day on which the statutory meeting is to be held. The purpose of the statutory meeting is for members and the board of directors to discuss matters relating to the formation of the company, or matters arising out of the statutory report, but the members shall not pass any resolution for which previous notice has not been given in accordance with the articles.
