Company Law Forum - Explaining Companies Act 2006

AGM

Written by M Bell

Thursday, 11 December 2008

I know that AGM minutes have to be kept for 10 years and that as the Memo&Arts are under the old co's act that an AGM has to be held but...

Do I have to separately minute wholly owned subsidiaries or can the minutes be within the parent company's?

ie. Have one AGM that covers all the group (only small) and discuss parent and subsidiaries together and minute all in one?

The companies are not PLC, they are a charitable company that owns two trading subsidiaries (charity shops).

I can't find any guidance in the Companies Act ither than to say that the AGM is required as thats what the Memo&Arts require but there doesn't seem to be any legislation regarding minutes other than the fact that they have to be kept and copies given to those requesting them. I also can not find any detail in the Charities Act, other than to follow the Companies Act.

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Comments (1)

1. Written by Nicola McNeely, on 23-01-2009 10:14
You should hold 3 separate AGMs, one for the parent company and one for each of the trading subsidiaries. This means you need 3 notices of AGM, 3 sets of proxy documents, 3 sets of minutes etc.
From a practical perspective, what you would do is convene the AGMs one after the other. You convene an open one meeting, deal with the business then close. Then convene and hold the 2nd meeting and so on. If you have the same people attending it should be relatively simple.

Hope this helps.

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