Producer Company annual general meeting rules are tightened with revised timelines, member approvals, and board appointment requirements.

Section 378ZA is amended to revise the time limit for holding the first annual general meeting of a Producer Company and subsequent annual general meetings, and to clarify that no annual general meeting is required in the year of incorporation once the first meeting is held. The amendment also omits sub-section (2), substitutes sub-section (3) to require adoption of the articles and appointment of directors at the first annual general meeting, and modifies sub-section (9) to permit action by members or one hundred members, whichever is less.

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