When Should We Have our First Annual Meeting of Shareholders?
Having read Annual Meetings: The Basics, a fan of this blog asked the following question: When must we hold our first annual shareholder meeting?
The answer is stated by implication, rather than directly, in applicable statutes (which depend on the state of incorporation).
California Corporations Code Section 600(c) says, in relevant part:
If there is a failure to hold the annual meeting for a period of 60 days after the date designated therefor or, if no date has been designated, for a period of 15 months after the organization of the corporation or after its last annual meeting, the superior court of the proper county may summarily order a meeting to be held upon the application of any shareholder after notice to the corporation giving it an opportunity to be heard. [Emphasis added.]
Delaware General Corporation Law Section 211(c) has a similar provision that specifies a period of 13 months after organization of the corporation.
Check out all posts about annual meetings.
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Dana H. Shultz, Attorney at Law +1 510-547-0545 dana [at] danashultz [dot] com
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