(Functions of Annual General Meeting)
The business that is done in the annual general meeting of the company can be divided into two parts (A) General business – The business which is mandatory to be done in every annual general meeting is called the general business of the annual general meeting. These can be clarified as follows: (1) To consider the report of the Board of Directors on the accounts, balance sheet, auditor’s report of the company.
(2) To declare dividend.
(3) To appoint new directors retiring. (4) To fix the appointment and remuneration of the auditor.
(B) Special Business – In addition to the above general business, if any other business is done in the Annual General Meeting, then it is considered as a special business. The essential thing for special business is that they can be considered in the House only if the members have been given notice in advance.