Annual Meeting Date Rules In Virginia
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FAQ
Whatever your industry, there's a housekeeping matter that shouldn't be overlooked if your business is incorporated: holding your annual board meeting. This is a requirement in most states. Typically, these meetings are held near the end of the year to address certain matters for the coming year.
Key Takeaways. The record date is the cutoff date set by a company to determine which shareholders are officially "on the books" and therefore will receive a declared dividend or distribution.
An AGM meeting, also known as an 'Annual General Meeting', or simply 'AGM', is an instrumental meeting in which all of the shareholders of an organisation meet and discuss aspects of the company. Several key activities take place, and this is the primary event through which companies engage in the democratic process.
The record date cannot be less than 10 days or more than 60 days before the stockholder meeting. DGCL §213(a). Stockholders who acquired their shares after the record date cannot vote.
For example, an annual general meeting (AGM) provides an opportunity for the board of directors and shareholders to come together, review the company's performance, and discuss its future direction.
(a) Whenever shareholders are required or permitted to take any action at a meeting a written notice of the meeting shall be given not less than 10 (or, if sent by third-class mail, 30) nor more than 60 days before the date of the meeting to each shareholder entitled to vote thereat.
The first AGM of the company, i.e. a newly incorporated company, should be held within nine months from the closing of the first financial year.
Under Virginia FOIA, a "meeting" is any gathering of three or more members of a public body (or a quorum, if a quorum is less than three) to discuss or transact business of the public body. The law applies to all discussions, deliberations, and formal action.
Each Virginia corporation and foreign corporation authorized to do business in Virginia must file an Annual Report with the Office of the Clerk every year. The report is due annually by the last day of the 12th month after the entity was incorporated or issued a certificate of authority.
