175A. Private company may dispense with annual general meetings

Question 1

175A. Private company may dispense with annual general meetings

Answer 1

General overview
[175A.01] This section was enacted by Parliament to help private companies, which are often closely-held family concerns, save costs in dispensing with the holding of the AGMs. In order to do so, private companies need to adhere to certain conditions laid down in subsection (2). Dormant companies are also exempted from holding AGMs if certain conditions are satisfied: s 175A(1)(c). Note: Act No 15 of 2017 has replaced the terminology of “dispense with the holding of annual general meetings” with “need not hold an annual general meeting”.