CA Inter P2 · Chapter 6 · Question 3 of 10
Lotus Ltd was incorporated on 15 February of Year 1. By which date must it hold its first annual general meeting under section 96?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) 31 December of Year 2
Explanation
Under section 2(41), a company incorporated on or after 1 January has its first financial year ending on 31 March of the following year. Lotus Ltd's first financial year therefore runs from 15 February Year 1 to 31 March Year 2. Section 96(1) requires the first AGM within nine months of the close of the first financial year, which is 31 December Year 2.
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