Quick Summary
Meetings convert company decisions into formal action. A valid meeting needs proper authority, notice, quorum, agenda, discussion, and recorded decisions.
Essentials of a Valid Meeting
1. Proper authority 2. Proper notice 3. Quorum 4. Chairperson 5. Agenda 6. Lawful business 7. Minutes
Types of Company Meetings
Meetings of Shareholders
- Annual General Meeting
- Extraordinary General Meeting
Meetings of Directors
- Board meeting
Other Meetings
- Class meetings
- Creditors' meetings where relevant
Important Terms
Notice
Formal intimation sent to persons entitled to attend.
Agenda
List of business to be discussed.
Quorum
Minimum number of members required.
Resolution
Formal decision passed at a meeting.
Minutes
Official written record of proceedings and decisions.
AGM vs EGM
| Annual General Meeting | Extraordinary General Meeting |
|---|---|
| Held every year | Held when urgent special business arises |
| Regular business is transacted | Usually specific urgent business |
| Statutory recurring meeting | Called as needed |
Important Questions
One Mark
1. Define quorum. 2. What are minutes? 3. Expand AGM.
Short Answer
1. State any three essentials of a valid meeting. 2. Distinguish between AGM and EGM. 3. Explain agenda, notice, and resolution.
Long Answer
1. Explain the essentials of a valid company meeting. 2. Describe the types of company meetings. 3. Explain the important terms connected with company meetings.
Common Mistakes
- Treating notice and agenda as the same thing.
- Forgetting quorum in valid-meeting answers.
- Mixing AGM and board meeting.
- Leaving out minutes when describing procedure.
Revision Checklist
- [ ] Seven essentials
- [ ] Types of meetings
- [ ] Notice, agenda, quorum, resolution, minutes
- [ ] AGM vs EGM
- [ ] One clean process answer ready