Companies Act 2014 section 1101

Requisitioning of general meeting by members — modification of section 178(3)

Section 1101 modifies the rules for requisitioning an extraordinary general meeting in the case of a traded public limited company (PLC), lowering the shareholding threshold required for members to demand such a meeting.

• For traded PLCs, section 1101 modifies the standard rules in section 178(3) regarding how members can requisition an extraordinary general meeting.
• One or more members holding at least 5% of the company's paid-up share capital that carries voting rights at general meetings may requisition such a meeting.
• The 5% shareholding threshold is assessed at the date the requisition is deposited with the company.
• Once a valid requisition is received, the directors must immediately proceed to convene the extraordinary general meeting.

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