The Open-Ended Investment Companies Regulations 2001

[F1Removal of certain directors by ordinary resolutionU.K.

34A.—(1) The directors of an open-ended investment company must, on a members' requisition, forthwith proceed duly to convene an extraordinary general meeting of the company and this applies notwithstanding anything in the company’s instrument of incorporation.

(2) A members' requisition is a requisition—

(a)by members of the company holding at the date of the deposit of the requisition [F2at least the required percentage] of such of the paid-up capital of the company as at that date carries the right of voting at general meetings of the company; and

(b)which states as the object of the meeting the removal of one or more directors appointed in accordance with regulation 34(2) and which must be signed by the requisitionists and deposited at the registered office of the company.

[F3(2A) The required percentage is 10% unless more than twelve months has elapsed since the end of the last general meeting—

(a)called in pursuance of a members’ requisition under this regulation, or

(b)in relation to which the members of the company had (by virtue of an enactment, the company’s instrument of incorporation or otherwise) rights with respect to the circulation of a resolution no less extensive than they would have had if the meeting had been called at their request,

in which case the required percentage is 5%.]

(3) A company may by ordinary resolution at an extraordinary general meeting convened in accordance with paragraph (1) remove any director or directors appointed in accordance with regulation 34(2).

(4) This regulation is not to be treated as depriving a person removed under it of compensation or damages payable to him in respect of the termination of his appointment as director or as derogating from any power to remove a director which exists apart from this regulation.]

Textual Amendments