Public company must hold AGM

Offence title:

Public company must hold AGM

Act:

250N Corporations Act

Offence:

(1)   A public company must hold an annual general meeting (AGM) within 18 months after its registration.

(2)   A public company must hold an AGM at least once in each calendar year and within 5 months after the end of its financial year.

Penalty:

30 penalty units.

Summary/Indictable/mixed:

Summary

Jurisdiction:

Local Court

How committed:

(1)   A public company holds its first annual general meeting 2 years after its registration;

(2)   A public company fails to hold an AGM in accordance with these requirements.

Important note:

Defences:

1.     The company only has one member;

2.     In the case of ss. (1), s.738ZI applies to the company at the end of the most recent financial year ending earlier that 18 months after its registration;

3.     In the case of ss. (1), s.738ZI applies to the company at the end of the financial year mentioned in ss. (2).