What is an extra ordinary general meeting? How may members requisition an extra ordinary general meeting.

• This is a general meeting of a company other than the statutory or annual general meeting.
• Such a meeting may be held at anytime when need arises.
• It is ordinarily summoned by a 21 day notice.

• It ordinarily considers special business e.g. alteration of the articles or memorandum removal of auditor or directors.
• Under the provisions of the Companies Act, members may requisition an extra ordinary general meeting of the company.
• Holders of not less than 1 of the paid up capital or total voting rights of the company
may instigate the convention of a meeting by depositing a requisition with the company at its registered office.
• The requisition must specify the objective of the proposed meeting and must be signed by each of the requisitionists. It consists of more than one document each must be signed by at least one of the requisitionists.
• Directors of the company must convene a meeting of the company within 21 days of deposit of the requisition failing which the requisitionists or not less than one half of them may convene the meeting.
• A meeting convened by requisitionists under this section must be held within 3 months of deposit of the requisition.
• Such a meeting must be held in a manner similar to a meeting convened by directors.
• Any reasonable expenses incurred by the requisitionists is recoverable from the company which in return recovers from the directors in default from the amounts due to them by way of remuneration.

Leave a Reply

Your email address will not be published. Required fields are marked *