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Important changes to the rules on general meetings in private and public limited liability companies

August 2009 - Corporate & Commercial. Legal Developments by Wikborg Rein.

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IMPORTANT CHANGES TO THE RULES ON GENERAL MEETINGS IN PRIVATE AND PUBLIC LIMITED LIABILITY COMPANIES – NEW REQUIREMENTS AND SIMPLIFICATIONS With effect from 3 August 2009 new rules have been implemented in the Norwegian Private and Public Limited Liability Acts. The rules concern the calling and conducting of general meetings as well as additional requirements for shareholders wishing to put items on the agenda. Furthermore, the changes allow for simplifications regarding both the calling and conduction of general meetings, but this requires amendments to the company's articles of association or resolutions from the company's board of directors.

New rules applicable to public limited liability companies ("PLC") listed on a regulated market
Under the new rules of the Companies Act the minimum length of notice of the general meeting to be served on members of PLCs listed on a regulated market has been increased from 14 days to 21 days. The increased notice period was intended to apply to all PLCs, but following the hearing in which Wikborg Rein, amongst others, highlighted the inconveniences of an increased notice period, the proposal was limited to apply only to companies listed on a regulated market.