Last checked at 15 Apr 2009 12:14
NOTICE OF 50TH ANNUAL GENERAL MEETING
Notice is hereby given that the 50th Annual General Meeting of the Shareholders of United Bank Limited (the "Bank") will be held on Monday 20 April 2009 at 03:00 p.m. at Islamabad Serena Hotel, Islamabad to transact the following business:
Ordinary Business:
1. To confirm the minutes of the 49th Annual General Meeting held on 29 March 2008.
2. To receive, consider and adopt the Annual Audited Accounts (stand alone and consolidated), Statement of Compliance with the Code of Corporate Governance of UBL for the year ended 31 December 2008 together with the Directors' Report and Auditors' Report thereon.
3. To consider and approve as recommended by the Board of Directors, cash dividend @ Re.1.00 per share i.e. 10%, in addition to 15% interim dividend already paid for the year 2008 and also to consider and approve Bonus Shares in the proportion of one share for every ten shares held i.e. 10% and for the year ended 31 December 2008.
4. To appoint two external auditors to hold office till the conclusion of the next Annual General Meeting of the Bank and to fix their remuneration. One of the members has proposed name of M/s. BDO Ebrahim & Company, Chartered Accountants, in place of retiring Auditors M/s KPMG Taseer Hadi & Co. Chartered Accountant who have completed five years as external auditors of the Bank, whereas the other retiring auditors M/s Ford Rhodes Sidat Hyder & Co., Chartered Accountant, being eligible, offered themselves for reappointment.
Special Business:
5. To approve disposal of fractional shares created out of the issuance of bonus shares by the Bank for the year 2007 by passing the following resolution with or without amendment:
"RESOLVED that the sale proceeds amounting to Rs.109,331.50 in respect of the 2,345 fractional shares created out of the issuance of bonus shares by the Bank for the year 2007 be donated to SOS Village, a charitable trust engaged in the welfare of destitute children."
6. To approve the amount of remuneration paid to the non-executive Directors of UBL (GOP Nominee Directors) during the period January to September 2008 for attending the four (4) Board meetings and scale of remuneration paid to the non-executive Directors of UBL (GOP Nominee Directors) for attending the Board meetings and in that connection to pass the following resolutions, as special resolutions, with or without modification, addition or deletion:
"RESOLVED that: a. the remuneration of Rs. 112,024/- paid to non-executive directors (GOP Nominee Directors) during the period January to September 2008 for attending the Board meetings be and is hereby confirmed and approved.
b. The Board meeting fee of Rs. 10,000/- if meeting held in Pakistan and USD.250/- if meeting held outside Pakistan paid to each of the non-executive Directors (GOP Nominee Directors) of the Bank for attending the Board meetings be and is hereby confirmed and approved."
7. That the following Resolution be passed as a special resolution as required by Section 208 of the Companies Ordinance, 1984 , with or without modification:
"RESOLVED that The Bank be and is hereby authorized to invest in the year 2009 up to Rs. 500 million in form of seed capital in open and/or closed end mutual funds and/or Investment plans and the units of any scheme(s) to be launched and/or managed by UBL Fund Managers Ltd., a wholly owned subsidiary of the Bank."
8. To transact any other business with the permission of the Chairman.
By order of the Board
Aqeel Ahmed NasirCompany Secretary &Chief Legal Counsel
Karachi, 28 March 2009