What action may be taken during the first shareholders' meeting under BCA?

The first shareholders' meeting under the Business Corporations Act (BCA) serves several fundamental purposes, including the establishment of governance practices and the organization of company operations. During this initial meeting, one of the actions that can often be taken is to impose restrictions regarding the inspection of records. This is significant because it allows the company to manage how and when shareholders can access corporate documents, thereby ensuring that sensitive information is safeguarded and that the company maintains a level of privacy and control over its internal affairs.

Imposing such restrictions can help clarify what rights shareholders have concerning access to certain records, potentially limiting access to a necessary or specified scope. This measure is common in initial meetings as it sets the framework for how shareholders' rights to information will be handled going forward.

The other actions listed, while important, are typically outside the scope of what can be decided during the first shareholders' meeting. For example, electing new officers may occur, but typically the board of directors is responsible for appointing officers after their own election. Changing the company's authorized share structure usually involves a more significant process that may require additional steps beyond simple shareholder approval. Appointing a regular financial auditor also typically follows established company practices and might not be a matter directly addressed at the first