Plain language law

New Zealand law explained for everyone

Companies Act 1993

Shareholders and their rights and obligations - Meetings of shareholders

121: Special meetings of shareholders

You could also call this:

“When and how special shareholder meetings can be called”

A special meeting of shareholders who can vote on an issue can be called at any time. The board can call this meeting, or someone who the company’s rules allow to call the meeting can do it too.

The board must call a special meeting if shareholders ask for it in writing. But these shareholders need to own enough shares. They must have shares that let them use at least 5% of the voting rights on the issue.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM320618.

Topics:
Business > Industry rules
Business > Fair trading
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“Yearly meeting for company owners to discuss business matters”

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122: Resolution in lieu of meeting, or

“Making company decisions without holding a meeting”

Part 7 Shareholders and their rights and obligations
Meetings of shareholders

121Special meetings of shareholders

  1. A special meeting of shareholders entitled to vote on an issue—

  2. may be called at any time by—
    1. the board; or
      1. a person who is authorised by the constitution to call the meeting:
      2. must be called by the board on the written request of shareholders holding shares carrying together not less than 5% of the voting rights entitled to be exercised on the issue.