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posted 2 years ago
By Rossana Chu, Jacky Chan:
Hong Kong law will permit fully virtual or a hybrid mode of virtual and physical general meetings from 28 April 2023 onwards. We would like to share with the readers the new statutory provisions and some practical tips.
Statutory provisions which will become part of the Companies Ordinance of Hong Kong from 28 April 2023
A company incorporated in Hong Kong may hold a general meeting (i.e., a meeting of its shareholders/members):
unless the company’s articles expressly preclude the holding of a general meeting by using virtual meeting technology or require a general meeting to be held only at a physical venue. Where the articles contain a provision that refers to a place for conducting a general meeting or requires a notice of general meeting to specify the physical venue of the meeting, such provision would not prohibit the company from holding a virtual or hybrid meeting.
Currently, the law allows a Hong Kong company to hold a general meeting at two or more physical places. So, combined with the new provisions, a general meeting may be held at more than one physical place and via virtual meeting technology at the same time.
Technology to be used for holding fully virtual or hybrid meetings must allow participants to listen, speak and vote at the meetings.
Notice of a general meeting shall be given to all members in hard copy form or in electronic form, or by making the notice available on a website, or partly by one of those means and partly by another. The notice should include the virtual meeting technology to be used at the virtual or hybrid general meeting.
Practical tips for holding virtual or hybrid general meetings
Obviously, holding virtual or hybrid general meetings calls for the appropriate technology and may therefore arouse issues not commonly encountered in physical meetings. We set out some tips to deal with those issues below:
Note: This material has been prepared for general information purposes only and is not intended to be relied upon as professional advice for any cases. Should you need further information or legal advice, please contact us.
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