Section 148 : Holding of annual general meeting not required

1) Notwithstanding anything contained elsewhere in this Act, where a consensus agreement concluded between the shareholders of a private company has a provision that the annual general meeting of the company shall not be held, such private company shall not be required to hold its annual general meeting during the period of such agreement.

2) Where a consensus agreement is concluded with a provision that the annual general meeting shall not be held pursuant to Subsection (1), the company shall also make provisions on the procedure of making decision on such matters as required to be decided by the general meeting under this Act and on the authority of making such decision.