Meetings and resolutions

76 Annual general meeting

(1)

Subject to the provisions of this section, every society shall in the first 4 months of every financial year hold a meeting as its annual general meeting, in addition to any other meetings held in that year.

(2)

The annual general meeting shall be described as such in the notices calling it.

(3)

A society need not hold an annual general meeting in the financial year in which it is incorporated.

(4)

If in any financial year default is made in holding an annual general meeting in accordance with this section, the FMA may—

(a)

call or direct the calling of an annual general meeting in that financial year; and

(b)

give any ancillary or consequential directions as the FMA thinks fit (including directions modifying or supplementing the operation of the society’s rules in relation to the calling, holding, and conducting of the meeting).

(5)

If default is made in holding an annual general meeting in accordance with subsections (1) and (2), or in complying with any directions of the FMA under subsection (4), the society, and every officer of the society who is in default, shall be guilty of an offence against this Act.

Compare: Building Societies Act 1962 s 64 (UK)

Section 76(4): replaced, on 1 May 2011, by section 82 of the Financial Markets Authority Act 2011 (2011 No 5).

Section 76(5): amended, on 1 May 2011, by section 82 of the Financial Markets Authority Act 2011 (2011 No 5).