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Hi Mike
First of all, thank you for the lectures, I’ve watched them all and can’t thank you enough (really). I just have a question about a question i’ve come across on the practice exam:-
“An annual general meeting of a public company may be held with less than the required number of days notice so long as the required percentage of members bote in fabour of short notice. What percentage of member’s votes mustbe case in fabour in order than an annual general meeting shall be validly held even without the “normal” notice period?”
I incorrectly selected 95% as I seem to remember being corrected somewhere else where I selected 100% to 95% but I assume I’ve got my wires crossed somewhere. I’ve tried to find the relevant lecture to go over this but i’m struggling to clarify it. Could you clarify where I’ve got 95% from at all, and is this something I need to remember for the F4/LW exam?
Thanks again,
PeterAlso have a second one I’m struggling with, I understand that the the condition of the number of directors in a PLC falling below the statutory minimum for a period in excess of six months is not grounds for the Court to order a compulsory winding-up (I’ve found the grounds that DO warrant a winding-up, but in the case of the above, via what means is action taken to address the problem described?
I guess I better hit the lectures notes again in the meantime…
First question – I believe that the percentage of votes in favour required to hold an AGM with less than the ‘normal’ notice period is 1005
95% is required to hold an ‘other’ general meeting with short notice
Second question – where the number of MEMBERS in a plc falls below …., that is a ground for a court to grant a compulsory winding-up
Where we have a plc with fewer than 2 directors, the remaining director becomes personally liable …. but it’s not a ground for the court to order a compulsory liquidation
Better?
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