Section 340 | Public companies: expenses of circulating members' resolutions for AGM

(1)The expenses of the company in complying with section 339 need not be paid by the members who requested the circulation of the resolution if requests sufficient to require the company to circulate it are received before the end of the financial year preceding the meeting.

(2)Otherwise—

(a)the expenses of the company in complying with that section must be paid by the members who requested the circulation of the resolution unless the company resolves otherwise, and

(b)unless the company has previously so resolved, it is not bound to comply with that section unless there is deposited with or tendered to it, not later than—

(i)six weeks before the annual general meeting to which the requests relate, or

(ii)if later, the time at which notice is given of that meeting,

a sum reasonably sufficient to meet its expenses in complying with that section.