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New Zealand law explained for everyone

Companies Act 1993

Shareholders and their rights and obligations - Meetings of shareholders

123: Court may call meeting of shareholders

You could also call this:

“Court can arrange shareholder meetings when normal methods aren't possible”

The court can order a meeting of shareholders to happen if it’s too hard to hold one in the usual way, or if it’s good for the company to have a meeting. This might be because the normal rules in the law or the company’s own rules are hard to follow. The court can decide how the meeting should happen.

If you’re a director, a shareholder, or someone the company owes money to, you can ask the court to order a meeting.

The court can also decide who should pay for the meeting and might ask for money to be set aside to cover these costs.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM320623.

Topics:
Business > Industry rules
Business > Fair trading
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“Making company decisions without holding a meeting”

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124: Proceedings at meetings, or

“How shareholder meetings are conducted and the rules that apply”

Part 7 Shareholders and their rights and obligations
Meetings of shareholders

123Court may call meeting of shareholders

  1. If the court is satisfied that—

  2. it is impracticable to call or conduct a meeting of shareholders in the manner prescribed by this Act or the constitution; or
    1. it is in the interests of a company that a meeting of shareholders be held,—
        1. the court may order a meeting of shareholders to be held or conducted in such manner as the court directs.

      1. Application to the court may be made by a director, or a shareholder, or a creditor of the company.

      2. The court may make the order on such terms as to the costs of conducting the meeting and as to security for those costs as the court thinks fit.