Annual Shareholders Meeting
Time and place
Meetings may be convened at such time and place as the Board of Directors may determine. Both ordinary and extraordinary meetings can be held outside the province of Alberta (meetings may be convened in Warsaw/Poland).
Under the ABCA, an annual meeting of shareholders is required to be held not later than 15 (fifteen) months after the holding of the preceding annual meeting, however a corporation may apply to the Alberta courts for an order extending the time in which the next annual meeting shall be held.
At each annual meeting of the Issuer:
- the annual audited financial statements of the Issuer for the preceding financial year are presented,
- the members of the Board of Directors are elected for the ensuing year (these directors will hold office until the next annual meeting or until their successors are duly elected or appointed),
- and the auditors of the Issuer are appointed.
No other business is required by the ABCA to be conducted at an annual meeting of shareholders. All business transacted at a special (extraordinary) meeting of shareholders and all business transacted at an annual meeting of shareholders, except above mentioned, is deemed to be special business.
A special meeting of the Shareholders may be called by the Board of Directors or at the request in writing of registered and beneficial shareholders possessing at least 5% of the issued and outstanding shares that carry the right to vote at the meeting sought to be held, but the beneficial shareholders do not thereby acquire the direct right to vote at a meeting that is called by such shareholders.