TYNWALD has approved regulations which give members of private companies the power to make an election to dispense with the requirement to hold annual general meetings.

A statement from the government said AGMs may not always be necessary - such as in the case of small companies, for example.

The Companies Act 1931 (Dispension for Private Companies) (Annual General Meeting) Regulations 2010 were approved by Tynwald members last week.

But this change does not apply to charities.

Meanwhile there has been a change in the regulations regarding the types of business that can be conducted by protected cell companies (PCCs).

The Protected Cell Companies (Eligibility) Regulations 2010 allow PCCs incorporated under the Companies Act 1931 to 1933 to conduct any class of business, the same as PCCs incorporated under the Companies Act 2006.

The former category of PCC was previously restricted to insurance and collective investment business.

Treasury Minister Anne Craine MHK said: "These are small but significant steps forward which are further examples of the government and private sector working together to enhance the Island's attraction as a business-friendly jurisdiction."

Both sets of regulations come into effect on November 1. Copies can be found at the companies registry website: http://www.gov.im/ded/companies/caregulations.xml