1. Incorporation
2. Constitution (Memorandum & Articles of Association)
3. Shares and no par value regime
4. Annual returns and financial reporting
5. Execution of documents
6. Accounts, audit, annual general meetings
7. Boardroom excellence
8. Meetings and decision making
9. Enforcement data and transitional issues

Part 8 - Meetings and decision making

Question 1. What are the changes to the General Meeting Requirements under the new Act?

Answer: Under the Companies Act 2016, the requirement for Annual General Meeting for private companies has been done away with. This means that a private company is no longer required to hold AGM in every calendar year. All meetings of a private company are known as meeting of members.

However, the requirement for AGM for public companies is maintained.

Question 2. Shifting towards Written Resolution Regimes - What is the new Majority Written Resolution Procedure?

Answer: Under the Companies Act 2016, the procedures for written resolutions are provided under sections 297 – 308.

The written resolution procedures are applicable only to private companies. The written resolutions are passed in accordance to the required majority as though it is passed at an actual meeting.

This means that if the written resolution is an ordinary resolution, a simple majority of members who are eligible to vote is sufficient to pass the resolution. Whereas, a special resolution will require 75% or more of members who are eligible to vote to pass the resolution.

PREVIOUS    NEXT

Source: SSM