Nov 2018 Q6 b.
You have just completed level one of the ICAG Professional Examination and have been engaged by AB Daniels Ltd as an Administrative Assistant. The minutes of the previous meeting, a revised regulation, as well as notice for the next annual general meeting to be held on Tuesday 11th December 2018 had been distributed. A Board Member who recommended your appointment has called you to assist him to clarify certain terms in the meeting documents circulated.
Required:
Write short notes on the following:
i) Annual General Meeting (6 marks)
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- To be held every year and not longer than within 15 months. There’s special dispensation for the first AGM of a company
- Notice of meeting sent out at least 21days before AGM
Issues to ordinarily consider include: - Director’s report, Financial Statement, Auditor’s Report,
- Electing Directors to replace those retiring
- Fixing of remuneration of the auditor
- Appointment and removal of Auditors
(Any 4 points)
ii) Annual Returns. (5 marks)
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- Yearly statement which gives essential information about a firm’s composition, activities, and financial position, and which must be filed by every active incorporated or registered firm with an appropriate authority.
- An annual return is not a financial document — it’s a record of publicly available information about your company that appears on the Companies Register. That information, which includes your address and details of directors and shareholders, must be updated each year through an annual return.
- Under the provisions of general corporate legislation, it must contain details such as particulars of the stockholders (shareholders), debenture holders, directors, and the firm’s secretary,
- list of charges (judgments and lien) against the firm’s assets,
- address of the registered office and location of the register of members, along with
- a copy of the latest financial statements.
(Any 5 points)