Isle of Man Private Companies Now Able To Dispense With AGMs

The Manx Parliament Tynwald, has approved regulations which give shareholders of Isle of Man private companies the power to make an election to dispense with the current requirement to hold annual general meetings.  Members of private companies will from 1st November 2010, be able to approve an election to waive the requirement to hold AGMs through unanimous agreement of all shareholders in a written resolution.

An election to dispense with AGMs can be revoked should a shareholder give a private company written notice or alternatively give notice for the suspension to apply for a certain year specified in the notice.

The election to dispense with AGMs does not cover Isle of Man charities.

26th October 2010