Section 20
General Meeting
(1) A general meeting (hereinafter referred to as the annual general meeting) shall be held at the head office of the Agency in each year within Forty Five days after the date of closure of annual accounts of the Agency after the sale of shares of at least Ten percent value of the share capital issued by the Agency for sale. If the shareholders who have subscribed at least One Tenth of the share capital issued by the Agency for subscription by the general people or at least Fifty shareholders make an application in writing or the Board considers necessary so to do, the extra-ordinary general meeting of the Agency shall be held at any other time.
(2) If the shareholders who have subscribed at least One Forth of the shares issued by the Agency for subscription by the general people attend a general meeting in person or by proxy, the quorum for the general meeting shall be deemed to have been constituted.
(3) The shareholders present at the annual general meeting shall discuss the annual accounts, profit and loss account, matters contained in the auditor’s report in relation thereto and the Board’s report on the affairs of the Agency carried out throughout the previous year. These matters shall be submitted to the Government of Nepal until the provision of the annual general meeting is made.
(4)31A shareholder may cast vote at the rate of one vote for each one percent share of the total capital of the Agency subscribed by the shareholder.
Provided that:
31 Amended by Communication Related Some Nepal Acts Amendment Act, 2029, with effect from 2028.12.20.
(a) No shareholder who has subscribed shares less than One percent of the total capital of the Agency shall be
entitled to case vote.
(b) If the share percentage is more than One unit, the shareholder shall be entitled to cast vote only equal to
the lower unit until the higher unit is achieved.
(4a)32 No shareholder may exercise vote without being present at a general meeting in person or by proxy.
(5) Any decision at the general meeting shall be made by a simple majority of the shareholders and proxies attending and voting thereat.
(2) If the shareholders who have subscribed at least One Forth of the shares issued by the Agency for subscription by the general people attend a general meeting in person or by proxy, the quorum for the general meeting shall be deemed to have been constituted.
(3) The shareholders present at the annual general meeting shall discuss the annual accounts, profit and loss account, matters contained in the auditor’s report in relation thereto and the Board’s report on the affairs of the Agency carried out throughout the previous year. These matters shall be submitted to the Government of Nepal until the provision of the annual general meeting is made.
(4)31A shareholder may cast vote at the rate of one vote for each one percent share of the total capital of the Agency subscribed by the shareholder.
Provided that:
31 Amended by Communication Related Some Nepal Acts Amendment Act, 2029, with effect from 2028.12.20.
(a) No shareholder who has subscribed shares less than One percent of the total capital of the Agency shall be
entitled to case vote.
(b) If the share percentage is more than One unit, the shareholder shall be entitled to cast vote only equal to
the lower unit until the higher unit is achieved.
(4a)32 No shareholder may exercise vote without being present at a general meeting in person or by proxy.
(5) Any decision at the general meeting shall be made by a simple majority of the shareholders and proxies attending and voting thereat.