Extraordinary general meeting
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An extraordinary general meeting, commonly abbreviated as EGM, is a meeting of members of an organisation, shareholders of a company, or employees of an official body, which occurs at an irregular time.[1] The term is usually used where the group would ordinarily hold an annual general meeting (AGM), but where an issue arises which requires the input of the entire membership and is too serious or urgent to wait until the next AGM. Members and/or shareholders must be informed of the purpose of the EGM so that they may attend in a position where they can discuss and exercise intelligent judgment, otherwise any resolutions passed are invalid.[2]
In some settings, this is known as a special general meeting or an emergency general meeting.
The directors of a public company must convene an EGM if the net assets fall to half or less of the amount of its called-up share capital (s142 CA 1985)
Within 21 days from the date of receipt of requisition the directors must send out a notice to convene a meeting within 28 days after the date of giving the notice.
[edit] Examples
Special general meeting:
- Faculty of Actuaries#Establishment of the Faculty of Actuaries
- Simon Fraser Student Society#Impeachment
- Institution of Engineering and Technology#Formation
[edit] References
- ^ Investopedia EGM
- ^ Encyclopædia Britannica
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