What CAMA says with regards to holding an AGM for companies in Nigeria

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Monday, May 26, 2014 9:10 PM / Share Support Service

This is what CAMA says on holding an AGM for a company in Nigeria.

It is actually 15 months between the last AGM and the next.

The AGM, as the name implies, is held annually, i.e. from January to December and not more than 15 months should elapse between the date of one AGM and the next

213. Annual general meeting - Excerpt  from CAMA

(1) Every company shall in each year hold a general meeting as its annual general meeting in addition to any other   meetings in that year, and shall specify the meeting as such in the notices calling it; and not more than 15 months shall elapse between the date of one annual general meeting of a company and that of the next:  
Provided that‐ 
(a) so long as a company holds its first annual general meeting within 18 months of its incorporation it need not hold it in that year or in the following year; 

(b) except for the first annual general meeting, the Commission shall have power to extend the time within which any annual general meeting shall be held, by a period not exceeding three months. 

(2) If default is made in holding a meeting of a company in accordance with subsection (1) of this section, the Commission, may, on the application of any member of the company call, or direct the calling of, a general meeting of the company and give such ancillary or consequential directions as the Commission thinks expedient, including directions modifying or supplementing, in relation to the calling, holding and conducting of the meeting, the operation of the company's articles; and it is hereby declared that the directions that may be given under this subsection shall include a direction that one member of the company present in person or by proxy may apply to the court for an order to take a decision which shall bind all the members. 

(3) A general meeting held in pursuance of subsection (2) of this section shall, subject to any directions of the Commission, be deemed to be an annual general meeting of the company; but, where a meeting so held is not held in the year in which the default in holding the company's annual general meeting occurred, the meeting so held shall not be treated as the annual general meeting for the year in which it is held unless at that meeting the company resolves that it shall be so treated. 

(4) Where a company resolves that a meeting shall be treated as its annual general meeting, a copy of the resolution shall, within 15 days after the passing thereof, be filed with the Commission. 

(5) If default is made in holding a meeting of the company in accordance with subsection (1) of this section, or in complying with any directions of the Commission under subsection (2) thereof, the company and every officer of the company who is in default, shall be guilty of an offence and be liable to a fine of N500, and if default is made in complying with subsection (4) of this section, the company and every officer of the company who is in default shall be liable to a fine of N25. 

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