On the 21st of February 2023, Legal Notice 41 of 2023 named ‘Companies Act (Public Companies - Annual General Meetings) (Repeal) Regulations, 2023’ (the “Repealing Regulation”) was published. The scope of this legal notice is to repeal the Companies Act Public Companies - Annual General Meetings Regulations (the “Primary Regulation”) which regulation was enacted just over two years ago, in order to cater for the differing and harsh reality the world found itself in as a result of the catastrophic effects of the COVID-19 pandemic. Notably, the Repealing Regulation will come into force on the 21st April 2023 and will effectively repeal the Primary Regulation that shall thus remain in force up until the 20th April 2023.
The Primary Regulation, a subsidiary legislation to the Companies Act which came into force on the 10th of July 2020, formed part of a myriad of publications and enactments passed with the intention of adapting to the circumstances brought about by the COVID-19 pandemic. In this regard, the Primary Regulations applied to public companies and the main changes brought about were i) the extension of the period for holding of annual general meetings, and filing of audited accounts and ii) the authorisation of holding remote or virtual general meetings by certain public companies, provided that the necessary rules are abided by in terms with the regulations therein.
Interestingly, Article 3 of the Repealing Regulation provides for a transitory provision which seemingly suggests that an ‘action, decision or proceeding’ taken prior to the 21st April 2023 is to continue to be regulated under the Primary Regulation.
About the Authors
This article has been authored by Dr Edward Meli, Senior Associate and Assistant Manager, and Alec Sladden, Legal Intern. For additional information kindly contact us on [email protected].
