Can non shareholde lessee attend shareholde meetings

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    Can non shareholde lessee attend shareholde meetings

    Hello,
    Can I ask for some help please with a shareholder situation ? Basically a flat was sold to a couple and they both have a mortgage on the flat and it shows as they both own the flat however there is one share per flat and one director. My question is --are they both shareholders? or one of them is? One is now a director and they want to both attend the shareholder meeting. Can they both attend or can one attend? I am not trying to prevent anyone attend just trying to follow company law etc?

    #2
    These things are defined by the company articles, not by company law. Normally a meeting can allow anyone to attend, but I think you are actually asking about voting, not attending.

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      #3
      My belief is unless specified in Articles both can attend. However, it is reasonable, only one vote per dwelling.

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        #4
        Anyone can attend a meeting, including non members by invitation (eg the managing agent) or the Chair of the meeting can allow someone to . attend (eg a tenant). I agree that it depends on the Articles who can vote, With joint owners, one of them is entitled to vote, sometimes the Articles will state the first name appearing on the register of members is entitled to vote.

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          #5
          Thank you for your help and for your feedback also how to address service charge monies being paid as commission to insurance broker without shareholders knowing?

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            #6
            The share certificate will have one or both their names on. One share per flat, but one or two names on it.
            Only the named person or persons on the share certificate can attend a shareholders meeting, and only one vote per share certificate..

            You can if you want, call a leaseholder and shareholder meeting so all concerned can have their say, ( but still only one vote per flat )

            insurance.
            The cost of the insurance is that cost that you are invoiced for, including Commission or not, that's the price the leaseholders pay.

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              #7
              The Articles may not require a Company to issue share certificates and a share certificate is only evidence that a person was a member on a particular day so it does not entitle someone to vote. The Articles may state who is entitled to vote and the register should provide the list of current members.

              The Articles may state who should receive notices of meetings and who can attend meetings of members. Non members frequently attend meetings of members but they are not allowed to vote.

              There should be disclosure to leaseholders of commission and other benefits from arranging the insurance. Leaseholders are only required to pay a reasonable sum for insurance.

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                #8
                thanks for your wisdom RAM however I have to disagree with commission being hidden form the shareholder? It should have been disclosed and there is nothing in lease that says they other shareholders can personally benefit?

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                  #9
                  ram,

                  How can I find out whose name or names is on the share certificate?

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                    #10
                    You should ask to inspect the register of members under s116 Companies Act 2006. That will provide you with a list of shareholders and the names on shares certiticates (if they exist)

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                      #11
                      Originally posted by eagle2 View Post
                      You should ask to inspect the register of members under s116 Companies Act 2006. That will provide you with a list of shareholders and the names on shares certiticates (if they exist)
                      Funny you mentioned this as I walked over to the company secretarys house today and asked him...he said the certificates are not all there, and said as couple purchased flat together they were both 50:50 shareholder of one share certificate? so they can attend a shareholder meeting, but only one can vote. One is a director also not the other.

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                        #12
                        Originally posted by ram View Post
                        The share certificate will have one or both their names on. One share per flat, but one or two names on it.
                        Only the named person or persons on the share certificate can attend a shareholders meeting, and only one vote per share certificate..

                        You can if you want, call a leaseholder and shareholder meeting so all concerned can have their say, ( but still only one vote per flat )

                        insurance.
                        The cost of the insurance is that cost that you are invoiced for, including Commission or not, that's the price the leaseholders pay.
                        Thanks RAM it would appear the couple have bought flat together so 50:50 share of certificate however certificates not all on companies house website...does say one is director does not say other person or both are shareholders.

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                          #13
                          Companies House is rarely up to date, s116 is the best route for a list of current members. It seems to be reasonable that with joint owners, both may attend but they have only one vote.

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                            #14
                            Originally posted by eagle2 View Post
                            Companies House is rarely up to date, s116 is the best route for a list of current members. It seems to be reasonable that with joint owners, both may attend but they have only one vote.
                            Thank you Eagle 2 so do I aks the directors for this or company secretary?

                            Comment


                              #15
                              The Act just states the Company, so I would address the request to the Company at its registered office. You should supply the information at S116(4) including your name and address, the purpose of the request and whether or not you intend to disclose the information to anyone else.

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