Annual General Meeting:
Section 131(1) provides that "every each company shall in each year hold a simple meeting as its annual frequent meeting in addition to any other meetings in that year, and shall specify the meeting as such in the notices calling it".
Not more than fifteen months must elapse between the date of one annual general meeting and the next. The word "year" was defined in Gibson v Barton as "calendar year", ie. the period January 1 to December 31.
S.131(1) has a proviso to the effect that, so long as a company holds its first annual universal meeting within eighteen months of its incorporation, it need not hold it in the following year. Thus a company incorporated on October 1, 1992, need not hold its first annual general meeting until March 1994.
Subsection (2) provides that if default is made in holding an annual general meeting in accordance with the aforesaid provisions, the registrar 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 he thinks expedient, including a direction that one member of the company present in person or through proxy shall be deemed to constitute a meeting.