Last Thursday's class was on convening of Annual General Meetings, and Extra-ordinary General Meetings. In short, the audited accounts must first be submitted and a resolution convened before a General Meeting can be convened. Annual General Meetings are normally held within eighteen months after the incorporation of the company, or thirty days after the accounts have been audited.
During the Annual General Meetings, besides the acceptance of the audited accounts, there would also be other businesses like election or re-election of directors and auditors. These are normally in the Ordinary Resolutions, where ordinary business of the company is reflected.
However, for the resignation and appointment of a new director, a Special Resolution will need to be drafted, and an Extra-ordinary General Meeting had to be convened. This is for any other special business of the company. It is the company's discretion what kind of business it deems as "special".
The instructor also touched on the difference between a Corporate Representative and a Power of Attorney. Finally, after doing so much of these two, I got to know the difference! A Corporate Representative is a letter given to a representative who can sign and attend meetings on the behalf of the company. However, he / she is not entitled to engage in any of the other business of the company.
A Power of Attorney, on the other hand, gives a representative full authority to engage in the business, transactions, even going to talk to any authorities on behalf of the business. Apparently, many people have the mistaken notion that these two are the same, but if they are really the same, then they will not be called different names and the two agreements will not look different already.
This was the second last session, so now I am really looking forward to the last session this Thursday. After that I have completed the course and hope to increase my value in my company!
During the Annual General Meetings, besides the acceptance of the audited accounts, there would also be other businesses like election or re-election of directors and auditors. These are normally in the Ordinary Resolutions, where ordinary business of the company is reflected.
However, for the resignation and appointment of a new director, a Special Resolution will need to be drafted, and an Extra-ordinary General Meeting had to be convened. This is for any other special business of the company. It is the company's discretion what kind of business it deems as "special".
The instructor also touched on the difference between a Corporate Representative and a Power of Attorney. Finally, after doing so much of these two, I got to know the difference! A Corporate Representative is a letter given to a representative who can sign and attend meetings on the behalf of the company. However, he / she is not entitled to engage in any of the other business of the company.
A Power of Attorney, on the other hand, gives a representative full authority to engage in the business, transactions, even going to talk to any authorities on behalf of the business. Apparently, many people have the mistaken notion that these two are the same, but if they are really the same, then they will not be called different names and the two agreements will not look different already.
This was the second last session, so now I am really looking forward to the last session this Thursday. After that I have completed the course and hope to increase my value in my company!
0 comments:
Post a Comment