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Tealeaf · 12-10-2009, 17:32

Jeff - "Seems as though Shareholders can look at the minutes of any Board meetings. Might be interesting if a Shareholder asks to look at the minutes and so find out when Directors' loans were made

Quote:
How to conduct a board meeting
You must give reasonable notice - normally 14 days - to the other directors.
You must take formal minutes of the meeting.
Once approved, the minutes should be signed by the chairman of the meeting.
You must keep the minutes as the official record. Shareholders can ask to see them.

As for the Annual General Meeting

Quote:
Rules surrounding the annual general meeting (AGM)
Private companies are not required to hold an AGM. Public limited companies (PLCs) must hold an AGM once in each six-month period.

Unquote.

True, Jeff. Private companies are not legally required to hold an AGM - but only after an Elective Resolution previously has been passed and minuted.(1985 Companies Act, section 366a). It would be interesting to see where that resolution is to be found in the minutes of ASFC.

It also appears that some people may be reading this 150K loan business the wrong way round. My understanding is that the loan appears on the liability side of the balance sheet; That means that EW lent the club that amount over the financial year 2007-8. If it was the other way round - ASFC lent EW the amount, then of course, it would be on the asset side as being due to the club. It would of course, be nice of EW, in the goodness of his heart, to write this off.

This business as got my head spinning, so much so I've just downloaded the 2006 Companies Act. It ties in with EU legislation, and there appears to be some interesting stuff on shareholders rights.

12-10-2009, 17:32	#50
Tealeaf God Member Join Date: Jan 2004 Location: Paradise Lost Posts: 7,220 Liked: 11 times Rep Power: 4266	Re: Statement on Shareholding Jeff - "Seems as though Shareholders can look at the minutes of any Board meetings. Might be interesting if a Shareholder asks to look at the minutes and so find out when Directors' loans were made Quote: How to conduct a board meeting You must give reasonable notice - normally 14 days - to the other directors. You must take formal minutes of the meeting. Once approved, the minutes should be signed by the chairman of the meeting. You must keep the minutes as the official record. Shareholders can ask to see them. As for the Annual General Meeting Quote: Rules surrounding the annual general meeting (AGM) Private companies are not required to hold an AGM. Public limited companies (PLCs) must hold an AGM once in each six-month period. Unquote. True, Jeff. Private companies are not legally required to hold an AGM - but only after an Elective Resolution previously has been passed and minuted.(1985 Companies Act, section 366a). It would be interesting to see where that resolution is to be found in the minutes of ASFC. It also appears that some people may be reading this 150K loan business the wrong way round. My understanding is that the loan appears on the liability side of the balance sheet; That means that EW lent the club that amount over the financial year 2007-8. If it was the other way round - ASFC lent EW the amount, then of course, it would be on the asset side as being due to the club. It would of course, be nice of EW, in the goodness of his heart, to write this off. This business as got my head spinning, so much so I've just downloaded the 2006 Companies Act. It ties in with EU legislation, and there appears to be some interesting stuff on shareholders rights.