Company Law

In two judgments delivered following four hearings in the Supreme Court of Bermuda spanning February to May 2016, Trott & Duncan successfully argued that the Court should make important pronouncements on Sections 72, 76 and 79 of The Companies Act 1981 (“the Act”). In the first ruling the Court exercised its powers under the Act to force the Company to convene an AGM upon the requisition of a shareholder lacking standing as a member. The Court exercised its inherent jurisdiction to grant relief to a beneficial owner of shares. In the second ruling, the Court declared the invalidity of the AGM the Company scheduled to take place in Shanghi at the same time as the Court ordered the AGM in Hong Kong. Importantly, the Court authorized the beneficial shareholder to provide instructions on the conduct of the AGM to the Hong Kong Stock Exchange. (Uprise Corporation Limited v. Mingyuan Medicare Development Company Limited. Supreme Court Jurisdiction 2015: No. 411).

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