(1) Subject to paragraph (2) and regulation 37A, every open-ended investment company incorporated before 6 April 2005 must in each year hold a general meeting ("annual general meeting") in addition to any other meetings, whether general or otherwise, it may hold in that year.
(2) If a company holds its first annual general meeting within 18 months of the date on which the authorisation order made by the Authority in respect of the company comes into effect, paragraph (1) does not require the company to hold any other meeting as its annual general meeting in the year of its incorporation or in the following year.
(3) Subject to paragraph (2) and regulation 37A, not more than 15 months may elapse between the date of one annual general meeting of a company and the date of the next.