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What action should a company take if it holds its first annual general meeting within 12 months of incorporation?
- a)Hold another annual general meeting within the same year.
- b)Hold another annual general meeting in the following year.
- c)No need to hold any more annual general meetings in the current year or the following year.
- d)Hold an extraordinary general meeting in addition to the annual general meeting.
Correct answer is option 'C'. Can you explain this answer?
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What action should a company take if it holds its first annual general...
If a company holds its first annual general meeting within 12 months of incorporation, it is not required to hold any more annual general meetings in the current year or the following year.
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What action should a company take if it holds its first annual general...
Explanation:
When a company is incorporated, it is required to hold its first annual general meeting (AGM) within 12 months from the date of incorporation. The purpose of this meeting is to discuss and decide upon various matters related to the company's operations, financials, and governance.
Options:
a) Hold another annual general meeting within the same year: This option is not necessary as the company is only required to hold its first AGM within 12 months of incorporation. Holding another AGM within the same year would not be required by law.
b) Hold another annual general meeting in the following year: This option is also not necessary as the company is only required to hold its first AGM within 12 months of incorporation. There is no legal requirement to hold another AGM in the following year.
c) No need to hold any more annual general meetings in the current year or the following year: This option is correct. Once the company has held its first AGM within 12 months of incorporation, there is no legal requirement to hold any more AGMs in the current year or the following year. Subsequent AGMs can be held as per the provisions mentioned in the company's articles of association.
d) Hold an extraordinary general meeting in addition to the annual general meeting: An extraordinary general meeting (EGM) is a meeting of the shareholders of a company that is called for a specific purpose outside the regular AGM. While an EGM can be held if there is a need for it, it is not required immediately after the first AGM. Therefore, this option is not necessary in this scenario.
Conclusion:
The correct action for a company that holds its first AGM within 12 months of incorporation is to not hold any more AGMs in the current year or the following year. However, it is important to note that subsequent AGMs will be required to be held as per the provisions mentioned in the company's articles of association.
When a company is incorporated, it is required to hold its first annual general meeting (AGM) within 12 months from the date of incorporation. The purpose of this meeting is to discuss and decide upon various matters related to the company's operations, financials, and governance.
Options:
a) Hold another annual general meeting within the same year: This option is not necessary as the company is only required to hold its first AGM within 12 months of incorporation. Holding another AGM within the same year would not be required by law.
b) Hold another annual general meeting in the following year: This option is also not necessary as the company is only required to hold its first AGM within 12 months of incorporation. There is no legal requirement to hold another AGM in the following year.
c) No need to hold any more annual general meetings in the current year or the following year: This option is correct. Once the company has held its first AGM within 12 months of incorporation, there is no legal requirement to hold any more AGMs in the current year or the following year. Subsequent AGMs can be held as per the provisions mentioned in the company's articles of association.
d) Hold an extraordinary general meeting in addition to the annual general meeting: An extraordinary general meeting (EGM) is a meeting of the shareholders of a company that is called for a specific purpose outside the regular AGM. While an EGM can be held if there is a need for it, it is not required immediately after the first AGM. Therefore, this option is not necessary in this scenario.
Conclusion:
The correct action for a company that holds its first AGM within 12 months of incorporation is to not hold any more AGMs in the current year or the following year. However, it is important to note that subsequent AGMs will be required to be held as per the provisions mentioned in the company's articles of association.
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What action should a company take if it holds its first annual general meeting within 12 months of incorporation?a)Hold another annual general meeting within the same year.b)Hold another annual general meeting in the following year.c)No need to hold any more annual general meetings in the current year or the following year.d)Hold an extraordinary general meeting in addition to the annual general meeting.Correct answer is option 'C'. Can you explain this answer?
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