OBLIGATION TO HOLD ANNUAL MEETINGS IN THE MERCANTILE COMPANIES
Dear Clients and Friends:
In accordance with the General Law of Mercantile Corporations, the companies governed by the aforementioned law, are forced to held the ordinary general assembly at least once a year, which must be carried out during the four months following the close of the financial year.
The purpose of this ordinary assembly is, in addition to the matters included in the agenda:
- Discuss, approve or modify the report of the administrators on the progress of the company during the financial year, as well as on the policies followed by the administrators and, where appropriate, on the main existing projects;
- Where appropriate, designate the Administrator, Manager, Board of Directors, Board of Managers and the Commissioners, and
- Establish the emoluments corresponding to the Administrators, Managers and Commissioners, when they have not been set in the statutes.
Said assemblies require certain formalities to be able to summon, execute and once approved by the assembly proceed, where appropriate, to its formalization.
In view of the foregoing, the annual ordinary general assembly, in addition to complying with the legal obligations of companies, seeks to protect the interests of partners / shareholders, so we recommend you approach with your trusted advisor, in Consulbaja S.C. It will be a pleasure to advise you.
Note: This communication is a summary for purposes of disclosure only. For any comments regarding this memorandum, please contact any partner or attorney of Consulbaja S.C