Connecticut Call of Special Stockholders' Meeting By Board of Directors of Corporation
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FAQ
Of course, shareholders have a legal right to attend annual meetings. It is, after all, the one time each year they have an opportunity to sit in the same room with representatives from the company.
Special meetings of the shareholders may be called for any purpose or purposes, at any time, by the Chief Executive Officer; by the Chief Financial Officer; by the Board or any two or more members thereof; or by one or more shareholders holding not less than 10% of the voting power of all shares of the corporation
Who can call the meeting? An AGM can be called by two or more members who own at least 10% of the company's share capital.
Legal Definition of special meeting : a meeting held for a special and limited purpose specifically : a corporate meeting held occasionally in addition to the annual meeting to conduct only business described in a notice to the shareholders.
Stockholders own shares in companies, which makes them collective owners. They elect a board of directors to lead their companies and look out for their investment interests. Boards have a legal responsibility to govern on behalf of the stockholders and help companies prosper.
Typically either the president or a majority vote of the board (or both) can call a special meeting. You need to give proper notice to members and, of course, you need a quorum to do business. The procedure should be spelled out in your bylaws.
Under section 61 of the Companies Act 71 of 2008 (Companies Act), only the board of a company, or any other person specified in the company's Memorandum of Incorporation (MOI) or rules, has the power to call a shareholders' meeting.
A special shareholder meeting is sometimes called to handle issues that occur in between annual meetings, and often have certain requirements for calling and holding the meeting. Annual shareholder meetings have become something that is expected from investors.
The term shareholders refers to the people directly involved in the corporation who are participating in the company's gains or losses. The special meeting aims to enable the shareholders to know the company's affairs and vote on the management's recommendations in the proposed resolution.
The corporation can allow others to call a special meeting, such as the BoD Chair, CEO, or yes, shareholders.
