Tuesday, 26 October 2010

Isle of Man: private companies and annual general meetings

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 hereWord) 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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