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Holding of an Annual General Meeting to approve the accounts
According to Article 548 of the revised Uniform Act on Commercial Companies and Economic Interest Groups (AUSCGIE), the Annual General Meeting (AGM) must be held at least once a year, within six months of the end of the financial year, i.e. before 30 June each year. An extension of this period may be granted by court order upon application.
When a decision is made by the court, it shall set a specific time limit within which the AGOA must be convened.
Extension of the deadline for holding the AGOA by the judge
➢ No extension granted after the deadline of 30 June may be granted by court order.
➢ After this date, legal action before the competent court ruling at short notice must be initiated by a shareholder/partner. This action will require the legal representative of the Company and the Company itself to be summoned for reasons of enforceability.
Recommendations
It is important to ensure that the AGM is held within the specified time limit (before 30 June) or that a request for an extension is filed with the court before that date.
In the event of a delay, legal action should be considered as soon as possible in order to avoid any penalties or legal complications.