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According to law, every official body and organization in which the public have a stake should hold a meeting every year to discuss the past and future activities of the business. This is known as an AGM. It is also the platform where the Board of Directors is elected and shareholders and partners get a clear picture of the business through the review of financial information. This article provides answers to some of the most commonly asked questions about issues related to this. Is it necessary for a corporation in Nevada with a single shareholder to have a secretary for the documentation of the minutes of its AGM?
Corporate law of Nevada stipulates that three officers should be present at the meeting. They are the president, the treasurer and the secretary. However, an individual can hold multiple positions which effectively means that a single person can be all three of them. One of them should be responsible for the preparation of minutes and communicating with the state about any corporate business. Although it is the job of the secretary, the articles and bylaws can nominate another officer to perform this job. Do stockholders have the right to claim travel costs to attend the annual corporate meeting?
Stockholders are investors in the company. So they have the right to claim travel costs associated with the investments which include attending the corporate meeting. Should the minutes of an S corporation annual meeting be given to a government body or should they be kept just in case the corporation is audited?
The minutes should be kept ready so that a shareholder or auditor can inspect it. Usually, there is a separate “Minute Book” where these types of records are kept. If HOA bylaws require a quorum for the conduction of an annual meeting and it doesn’t exist, would a vote for board members conducted at the meeting be considered null and void?
It should be considered so. It is in the fitness of things that the meeting should be adjourned till a quorum is formed. After an annual meeting of an organization the Board of Directors suspected that the ballots might have been forged. What can they do then?
This is a matter of investigation. The results can be checked by verifying signatures by sending a ballot copy to every individual owner. If it seems that the signatures have been forged, an investigation should be conducted to inquire into the source of it. If the beneficiary of the fraud gains from it, it can be considered a crime and reported to the law enforcement department. Certain formalities have to be followed for organizing an annual meeting of shareholders. These are creating a list of shareholder participants, informing them of the date, time, and location of the meeting, and drafting an agenda. All the required agenda materials have to be prepared and kept ready before the meeting. If you have any doubts or questions regarding the procedures it is advisable to ask a business lawyer to guide you to the best course of action.
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