Meetings of a Company Limited by Guarantee (CLG)
Companies limited by guarantee must comply with the Corporations Act 2001 (Cth).
There are several types of meetings that companies hold including:
- annual general meetings
- special general meetings, and
- board meetings.
There are a number of legal requirements to follow when notifying members, board members, and auditors about meetings, running meetings, voting at meetings, and the business that must be covered at meetings.
The following information sheet provides an overview of running an Annual General Meeting for all CLGs until the 1 July 2013. After 1 July 2013, the information in this sheet only applies to CLGs that are NOT registered charities.
*NOTE* Companies, such as CLGs, have traditionally reported to the Australian Securities and Investments Commission (ASIC). For companies registered as charities, regulation is currently transitioning from ASIC to the ACNC.
Until 1 July 2013, CLGs need to continue to hold AGMs in accordance with the Corporations Act. After 1 July 2013, new requirements (that are likely to be less strict) contained in Governance Standards for charities will apply. PilchConnect will prepare resources for CLGs registered as charities once the requirements are finalised.
For more information go to the PilchConnect information page on the ACNC here.
Resources
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This is a link to the legislation that governs companies limited by guarantee in Australia. The main provisions in relation to meeting requirements (for all types of companies) are set out in Chapter 2G of the Act, however some of the provisions are 'replaceable rules' (that is, can be modified or 'replaced' by an organisation's constitution). Your organisation should check its own constitution for meeting requirements. Note that if your CLG is also a charity, some of these requirements will be ‘turned off’on 1 July 2013, and new charity-specific requirements that will be administered by the ACNC will be ‘turned on.’