Hello everyone and welcome to TransLegal's lesson of the week. Once again I'm here. My name is Greg as many of you know, and again I would like to thank everyone for writing in and requesting more of me and you got it and I also am here to announce a special prize that we have for all of you viewers of this podcast. One of you who watch this podcast from beginning to end will be eligible to win $10,000. Now, I'm just kidding about that, but you never know, maybe I'm not so wait until the end and see what happens, there might be a box that illuminates, a pop up ad that comes on your screen and says you've just won. You never really can tell so if I were you, I would take that chance and watch this all the way through. Just a word of advice.
Anyway, today's lesson of the week has to do with the term general meeting, or the phrase general meeting, and again this is a question we get asked a lot at TransLegal. What does this actually refer to? And the reason why there is some confusion again, as you see from so many of my prior lessons of the week and I'm sure from some of my colleagues, is that there is a distinction between Legal English when you're talking about British English and Legal English when you're discussing American English and in the company law context you see this quite a bit, especially in the shareholder meeting context. In American Legal English we would generally refer to a meeting as a shareholder meeting or shareholders' meeting. Whereas in British English I think its more common for them to refer to any meeting of the shareholders as a general meeting, and this is the general term, the generic term for a meeting of the shareholders, either a shareholders' meeting or a general meeting. Sometimes you'll see them combined as a general shareholders' meeting (not as common).
The two different types of general meetings, again now we're talking British English, is the Annual General Meeting - annual meeting it happens once a year, sometimes referred to as an AGM in short form with the letters, as an acronym, and the Extraordinary General Meeting, or the EGM. Now I've heard some international lawyers and/or British lawyers referring to an EGM and been in the same room where American lawyers actually don't know what they're talking about when they say that and the reason is, in American English we generally refer to the Extraordinary General Meeting as a special meeting of the shareholders.
Now, by extraordinary or special we don't mean that something extraordinary or special is going on, it merely means that it is not the Annual General Meeting so there is a specific reason that a meeting has been called. It could be any number of things. So by extraordinary or special it just means that it's not the scheduled once a year Annual General Meeting.
So be on the lookout for these distinctions, especially when you're involved in an international deal with various lawyers from different parts of the world involved. Just be aware that there is this different terminology. You have general meetings again, which is British. Shareholders' meetings are more American and then there's AGM and EGM, these acronyms which a lot of people think are internationally known, are not always so, so be on the look out for special and extraordinary and the special and extraordinary distinction also applies when you talk about resolutions which are adopted at these meetings. At this meeting in British English you would say it was an extraordinary resolution, or extraordinary as they would say in British English and in American shareholders' meetings you would generally adopt a special resolution as a special shareholders' meeting. Hopefully this didn't confuse you further.
If you would like to leave any comments below, or ask us any questions, we're certainly here to help. Thanks again for watching. This has been TransLegal's lesson of the week.