The aim of the Draft Amendment is to “confirm and strengthen the competitiveness and standing of the Jersey company”. It was adopted by the States of Jersey on 21 May 2014 and is expected to come into force this September. Some key provisions of the Draft Amendment are examined below.
Meetings
The Law requires a company to hold annual general meetings (“AGMs”) unless all members have agreed otherwise in writing. This is considered administratively inconvenient as few private companies hold AGMs. To remedy this, the Draft Amendment provides that a private company must hold an AGM only if it makes specific provision or confirms by special resolution an existing provision in its articles requiring it to do so. Only private companies wishing to retain the AGM requirement will need to take positive action.The Draft Amendment shall reduce the percentage of members whose consent is required for a general meeting on a special resolution to be held without due notice from 95% to 90%, although a company’s articles may provide that a greater majority is required.
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