CARMEL RICKARD: When it’s impossible to hold an AGM
There is a workaround if company AGMs in Uganda can’t take place as stipulated, thanks to a provision in the country’s Companies Act
On the radio last week I heard a discussion about insurance policies that include coverage for losses caused by shark attacks — even though the business involved is based in Benoni. A few days later, reading the small print in Uganda’s Companies Act, I remembered the discussion.
Section 142 of that act lays out what may be done when, "for any reason" it is "impracticable" to call a company meeting in the way the company’s articles prescribe. It stipulates that any director or member of the company who would be entitled to vote at an AGM may ask the court to order that a meeting "be called, held and conducted in the manner the court thinks fit".