Thursday, 27 September 2012

Isle of Man: application granted to convene general meeting

The High Court gave judgment a few days ago in Re DRGN Ltd. (case no. 117 of 2012): see here. The case concerned an application by a shareholder under section 114(2) of the Companies Act 1931 to convene an extraordinary general meeting of the company with a notice period shorter than the 21 days required under the company's articles of association. The meeting was required at short notice in order that directors could be properly appointed. With reference to English authorities, including Wheeler v Ross [2011] EWHC 2527 (Ch), and referring to section 306 of the UK's Companies Act 2006, the trial judge granted the application. The meeting will take place this Friday: the notice is available here (pdf).

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