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Earlier this year the
Isle of Man Treasury consulted on a proposal to permit private companies incorporated under the
Companies Act (1931) to dispense with holding an annual general meeting: see
here (
pdf). The consultation is now closed (see the responses
here,
Word) and the Regulations bringing the proposal into effect - the
Companies Act 1931 (Dispensation for Private Companies) (Annual General Meeting) Regulations 2010 - were approved by the
Tynwald Court last week. This decision is recorded in Hansard, the parliamentary record, at line 3902: see
here (
pdf). The Regulations are expected to come into force on 1 November 2010.
Note: the UK
Companies Act (2006) requires only
public and
traded companies to hold an annual general meeting: see
section 336 (as amended by the
Companies (Shareholders' Rights) Regulations 2009,
reg 15).
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