127.
| (1) Every company shall in each year hold a general meeting called its annual general meeting in addition to any other meetings in that year and shall specify the meeting as such in the notice calling it ; and not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next: |
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| (2) Where default is made in holding a meeting of the company in accordance with the provisions of subsection (1) the Registrar may, on the application of any member of the company call, or direct the calling of, a general meeting of the company and give such ancillary or consequential directions as the Registrar thinks expedient, including any direction modifying or supplementing, in relation to the calling, holding and conducting of the meeting, the operation of the company's articles, and a direction to the effect that one member of the company present in person or by proxy shall be deemed to constitute a meeting. |
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| (3) A general meeting held in pursuance of the provisions of subsection (2) shall, subject to any directions of the Registrar, be deemed to be an annual general meeting of the company ; but, where a meeting so held is not held in the year in which the default in holding the company's annual general meeting occurred, the meeting so held shall not be treated as the annual general meeting for the year in which it is held unless at that meeting the company resolves that it shall be so treated. |
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| (4) Where a company resolves that a meeting shall be so treated, a copy of the resolution shall, within fifteen days from the date of passing thereof, be forwarded to the Registrar and recorded by him. |
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| (5) Where default is made in holding a meeting of the company in accordance with the provisions of subsection (1), or in complying with any directions of the Registrar under the provisions of subsection*(2), the company and every officer of the company who is in default shall be guilty of an offence and shall be liable to a fine not exceeding five hundred rupees, and where default is made in complying with the provisions of subsection (4), the company and every officer of the company who is in default shall be guilty of an offence and shall be liable to a fine of two hundred and fifty rupees. |
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Sri Lanka Consolidated Acts