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Orex Exploration Inc. V.OX

"Orex Exploration Inc is engaged in the exploration of gold mining sites located in Nova Scotia, Canada. The Company owns goldboro project in Guysborough County, Nova Scotia."


TSXV:OX - Post by User

Bullboard Posts
Post by yhzsailoron Dec 04, 2011 11:22pm
408 Views
Post# 19291097

Resolutions for AGM

Resolutions for AGMFolks,This AGM is actually very important. First - The board is recommending shareholders approve a resolution that will allow the board to appoint new members to the board between Annual General meetings. The proposed resolution allows them to appoint up to 1/3 of the size of the existing board as new directors and then submit these board members to a shareholders vote only at the time of the next AGM.Under Quebec Business Corporations Act (Feb 2011), Annual General meetings must be held within 15 months of the last AGM. Therefore, it is conceivable that the Board can appoint people to the board, authorize them to receive shares or other compensation and shareholders will not be able to approve them in office until the next AGM, which can be up to 15 months from Dec 20/2011. Second - The board is proposing to replace the existing bylaws of the company with those included in the Management circular. In fact, these bylaws are in effect at this AGM meeting. Without a copy of the existing by-laws of the corporation we as shareholders have no idea if we are losing rights that exist in the existing bylaws of the company and which are now being eliminated under the existing by-laws. Shareholders are entitled to request and receive a copy free under the Quebec Business Corporations Act (Section 32) which states "They [shareholders] are also entitled, on request and without charge, to one copy of the articles and by-laws and of any unanimous shareholder agreement."
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