New Regulations applicable to public companies extend the period for convening AGMs, approving and filing accounts. Virtual meetings are allowed.
Through Legal Notice 288, new regulations entitled Companies Act (Public Companies – Annual General Meetings Regulations), 2020 came into effect. This LN was complemented by a notice issued on 10 July 2020 by the Malta Business Registry explaining the provisions of the Regulations.
The Regulations are applicable to those public companies with more than 6 shareholders which could not hold their annual general meeting (‘AGM’) which fell due during the global COVID-19 pandemic, by reason of the closing of certain venues and restrictions on gatherings imposed by the Superintendent of Public Health.
In essence, the Regulations:
Public companies availing themselves of such extensions are required to file an ‘AGM Form’ with the Registrar that is prescribed as a Schedule to the Regulations. Failure to do so, will render every officer of the company who is in default, liable to a penalty of €500.
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