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Message: [QUOTE="Munyaradzi Mafaro, post: 31377, member: 636"] Companies must hold yearly meetings called AGMs, at which members ask questions about business matters. These meetings happen once every calendar year, with no more than fifteen months between them. Members include shareholders who actually own private companies or PLCs. Public companies limited by guarantee, like charities or voluntary organizations, have members who might not technically own the company. You can become a member in two different ways. First, when people start companies, they automatically join as members even without names in official records. Second, others may choose to join later by following company rules for membership. Their names then appear in the member register. Private companies need between one and ninety-nine members. Public companies require at least seven members, with no upper limit. Single-member companies may skip AGMs if the lone member writes down this decision. Financial papers normally shared at meetings must still reach this person within legal timeframes. AGMs exist mainly for members to meet directors, ask questions, and learn about company health. They review financial statements, fill empty director positions, hire auditors, and decide on payments to members. Directors usually call these meetings through the secretary, who sends written notices to all members. AGMs typically happen within the country unless everyone agrees to meet elsewhere. Previous meetings might have decided on foreign locations, or company rules may allow meetings outside the country. Directors pick meeting places unless company rules specify certain locations. Written notices must tell members when and where meetings happen, what topics come up for discussion and remind them about appointing proxies. Companies send these notices twenty-one days before meetings, not counting the sending day or meeting day. Shorter notice periods work only when auditors and all voting members agree. Companies deliver notices directly, through mail, or electronically if allowed by company rules. Meeting notices include agenda items and yearly financial statements with reports from directors and auditors. Public companies need three members present for valid meetings. Private companies need two members unless rules set higher numbers. When not enough people show up, chairpersons must postpone meetings for one week. Directors might schedule different times and places. For meetings delayed 30 days or longer, new notices must go out. Chairpersons run meetings smoothly according to company rules. They might serve as directors, but this remains optional. Members vote on agenda items through resolutions. Ordinary resolutions pass with simple majorities. Special resolutions require seventy-five percent approval for major decisions like changing company rules or closing the business. Voting happens by raised hands or counted votes called polls. Hand voting follows the "one member, one vote" rule. Poll voting counts "one vote per share," meaning people with more shares cast more votes. Only registered members may vote. Every member has the right to see who belongs to the company. Members unable to attend can send representatives called proxies who speak and vote for them. Companies must keep meeting records called minutes. Someone takes notes about everything that happens. All members can read and copy these minutes. Official records need approval from chairpersons or members at later meetings. Only one official set exists as the formal record of decisions made during company meetings. [/QUOTE]

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