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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 124

124.(1) Every company limited by shares and every company limited by guarantee
and having a share capital shall, within a period of not less than one month
nor more than three months from the date at which the company is entitled to
commence business, hold a general meeting of the members of the company, which
shall be called "the statutory meeting".

(2) Subject to sub-section (3), the directors shall, at least fourteen days
before the day on which the meeting is held, forward a report (in this Act
referred to as "the statutory report") to every member of the company.

(3) If the statutory report is forwarded later than is required by sub-section
(2), it shall, notwithstanding that fact, be deemed to have been duly
forwarded if it is so agreed by all the members entitled to attend and vote at
the meeting.

(4) The statutory report shall be certified by not less than two directors of
the company and shall state

(a)the total number of shares allotted, distinguishing shares allotted as
fully or partly paid up otherwise than in cash, and stating in the case of
shares partly paid up the extent to which they are so paid up, and in either
case the consideration for which they have been allotted; and

(b)the total amount of cash received by the company in respect of all the
shares allotted, distinguished as aforesaid; and

(c)an abstract of the receipts of the company and of the payments made
thereout, up to a date within seven days of the date of the report, exhibiting
under distinctive headings the receipts of the company from shares and
debentures and other sources, the payments made thereout, and particulars
concerning the balance remaining in hand, and an account or estimate of the
preliminary expenses of the company; and

(d)the names, addresses and descriptions of the directors, auditors, if any,
and secretary of the company; and

(e)the particulars of any contract the modification of which is to be
submitted to the meeting for its approval, together with the particulars of
the modification or proposed modification.

(5) The statutory report shall, so far as it relates to the shares allotted by
the company, and to cash received in respect of such shares, and to the
receipts and payments of the company on capital account, be certified as
correct by the auditors, if any, of the company.

(6) The directors shall cause a copy of the statutory report, certified as
required by this section, to be delivered to the registrar of companies for
registration forthwith after the sending thereof to the members of
the company.

(7) The directors shall cause a list showing the names and addresses of the
members of the company, and the number of shares held by them respectively, to
be produced at the commencement of the meeting and to remain open and
accessible to any member of the company during the continuance of the meeting.

(8) The members of the company present at the meeting shall be at liberty to
discuss any matter relating to the formation of the company, or arising out of
the statutory report, whether previous notice has been given or not, but no
resolution of which notice has not been given in accordance with the articles
may be passed.

(9) The meeting may adjourn from time to time, and at any adjourned meeting
any resolution of which notice has been given in accordance with the articles,
either before or subsequently to the former meeting, may be passed, and the
adjourned meeting shall have the same powers as an original meeting.

(10) In the event of any default in complying with this section, every
director of the company who is knowingly and wilfully guilty of the default
or, in the case of default by the company, every officer of the company who is
in default shall be liable to a fine not exceeding fifty pounds.

(11) This section shall not apply to a private company.

© 1960 Crown Copyright

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