Companies Act 2014 section 988

DAC, with 2 or more members, may not dispense with holding a.g.m.

Section 988 prevents a Designated Activity Company (DAC) with more than one member from dispensing with the requirement to hold an annual general meeting.

• A DAC with two or more members must hold an annual general meeting every year — it cannot opt out of this requirement.
• The provisions in section 175(3) and (4) that allow companies to dispense with holding an AGM do not apply to multi-member DACs.
• Single-member DACs are governed separately by section 196, which deals with meetings of single-member companies.
• Only private companies limited by shares (LTDs) with multiple members may dispense with holding an AGM — all other company types with more than one member must hold one.