What Is Statutory Meeting?

Statutory meeting:
Statutory meeting is the first meeting of the members of the public limited company. It is held only once in life of a public company. It can be convened by the directors of the company only.
By whom and when held:
The statutory meeting is held by
Every public limited company limited by shares.
Every company limited by guarantee.
Every private company converted into a public company.
How the meeting is convened?

It is provided in companies' ordinance that the directors shall send a notice of statutory meeting at least 21 days before the day of the meeting to all the shareholders of the company. The directors shall not send the statutory report duly certified by not less than three directors, one of whom shall be the chief executive of the company.

Business of the meeting:
The business of the meeting is to consider the statutory report. The statutory report contains a brief account of the state of company's affairs since its incorporation and the business plan. It describes the shares allotted by the company cash, cash received in respect of such shares allot, an abstract of the receipts and payments of a company, names, occupation of the directors, etc. etc.

In some organization (public limited company) meetings only happy once a year