What Is Statutory Meeting?

Statutory meeting:
Statutory meeting is the first meeting of the members of the public limited company. It is held only once in life of a public company. It can be convened by the directors of the company only.
By whom and when held:
The statutory meeting is held by
Every public limited company limited by shares.
Every company limited by guarantee.
Every private company converted into a public company.
How the meeting is convened?

It is provided in companies' ordinance that the directors shall send a notice of statutory meeting at least 21 days before the day of the meeting to all the shareholders of the company. The directors shall not send the statutory report duly certified by not less than three directors, one of whom shall be the chief executive of the company.

Business of the meeting:
The business of the meeting is to consider the statutory report. The statutory report contains a brief account of the state of company's affairs since its incorporation and the business plan. It describes the shares allotted by the company cash, cash received in respect of such shares allot, an abstract of the receipts and payments of a company, names, occupation of the directors, etc. etc.

Every company within a period not less than one month & not less than 6months from the date at which the company entitled to commence business, hold a general meeting of the members of the company . This meeting is called as statutory meeting .

In some organization (public limited company) meetings only happy once a year

The word 'statutory' is used as an adjective and one of the distinct features of this adjective is that it should not be used independently but usually before noun. The meaning that you can figure out from the word is something that is fixed by law or made mandatory by law. The following sentence can help you in understanding the word as it is illustrated in the context: The authorities are unable to implement the statutory duties and that made court furious.

The word is one of the most common among the terms related with law and you can find its use on a pack of cigarette also. It is written on the packs that it is a statutory warning that cigarettes are injurious to health.

The definition of a statutory service is one that is performed for the benefit of the public or its institutions which is clearly defined by legal statute and would normally be delivered by an agency for example NHS

Statutory meetings are the ones that are governed by law. Registered companies must adhere to the Companies' Act - this is set down by Local Government - Regional, City and District Councils are also governed by the requirements set down in statutes

A meeting required by Statute or law.

Statutory means its the law and that it has to be done x