Changes to the Companies Act: Reduced EGM Notice Period & New Appointment Deadlines

Sep 19

The first amendment to the Companies Act (No. 07/2023) was ratified and came into effect on Wednesday, September 18th, 2024.

Key changes brought are:

Reduced notice periods for shareholder meetings: The 21-day deadline to send out invitations for meetings has been reduced to 3 days, and the 3-month deadline for holding the meetings has been reduced to 10 days.
Shorter notice for Extraordinary General Meetings (EGMs): Both private and public companies are now required to provide only 7 days' prior notice for EGMs, down from the previous 14-day period.
Faster appointments of directors and managing directors: The deadline for appointing directors and managing directors when instructed by the Registrar has been shortened from 30 days to 10 days.

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