Cap. 168 Art. 111Statutory meeting.

(1) Every company shall within a period of not less than two months 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": Provided that where a company has, within the aforesaid period of two months, issued a prospectus inviting the public to subscribe for its shares, the statutory meeting shall be held not less than one month nor more than three months from the date at which any allotment of its shares has been made under that prospectus.

(2) The directors shall, at least fourteen days before the day on which the meeting is held, forward a report (in this Ordinance referred to as the "statutory report") to every member of the company:

Provided that if the statutory report is forwarded later than is required by this sub-article, 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. 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;

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

(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 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.

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

(5) The members present at the meeting shall be at liberty to discuss any matter 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.

(6) 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.