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Time limit to have meeting

Time limit to have meeting

Postby yorkshirepudding » Fri Mar 10, 2017 10:17 am

I've invoked my right to call a meeting of shareholders because the directors have ignored my request. Is there a legal deadline to hold the meeting?
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Re: Time limit to have meeting

Postby atticus » Fri Mar 10, 2017 10:39 am

See sections 303 and 304 Companies Act 2006.

If shareholders with between them more than 5% of the company's shares request the directors to call a general meeting, then within 21 days the directors must do so, calling a meeting to be held no more than 28 days later.
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Re: Time limit to have meeting

Postby yorkshirepudding » Fri Mar 10, 2017 12:02 pm

The 28 days have already passed. Is there a deadline for the date to hold my own meeting?
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Re: Time limit to have meeting

Postby Smouldering Stoat » Fri Mar 10, 2017 12:12 pm

See s. 305 of the Act. The meeting must be held not more than three months after the date on which the date on which the Directors became subject to the obligation to call a meeting.
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Re: Time limit to have meeting

Postby atticus » Fri Mar 10, 2017 12:27 pm

To the OP: do you have 5% or more?
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Re: Time limit to have meeting

Postby yorkshirepudding » Fri Mar 10, 2017 1:08 pm

Yes I do have 5% but I've left it too late to call my own meeting if the limit is 3 months. Do I have to start the whole process again?
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Re: Time limit to have meeting

Postby dls » Fri Mar 10, 2017 2:23 pm

There is a right to restart the process, but you need to answer first what you might do if the directors have failed to act properly this time. It is always worth finding a way forward which saves money and face.
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Re: Time limit to have meeting

Postby yorkshirepudding » Fri Mar 10, 2017 4:31 pm

If I work out the dates in my mind, I've got another 16 days until the original 3 months expire. This is not enough time to give notice of a meeting. Do I need to restart the whole process after the original 3 month cycle has passed or can I start it all over again within the current 3 months?
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Re: Time limit to have meeting

Postby yorkshirepudding » Sat Mar 11, 2017 9:35 am

Should I wait until the 3 months are up before making a new request?
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Re: Time limit to have meeting

Postby atticus » Sat Mar 11, 2017 10:20 am

No.

But make sure you that your requests comply fully with the sections of the Companies Act that have been mentioned. Could it be that the directors were advised that your request for a GM was in some way defective and therefore invalid? Look at s303 and make sure you tick all the boxes.
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