Connecticut Private Injury Attorneys

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undertaken without the consent of the supervisory board. The board of directors could decide to have certain reports delivered to the commissions of the board of administrators additionally, if the administrators deem it as essential for their work. 2) The value of transactions referred to in paragraph 2 item 3) of this Article which might be performed i.e. Only the reserves that may be used for these purposes may be transformed into the share capital.
If because of a dedicated crime referred to in paragraph 1 of this Article the company incurred injury that exceeds the amount of ten million dinars, the perpetrator shall be punished by imprisonment starting from six months to five years, and fined. A director is liable to the corporate for damages he incurs to it by a breach of the provisions of this Act, articles of association or of a resolution of the final assembly.
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The general assembly shall render a choice on licensed shares specifying the significant elements of approved shares, together with the time limit for issue of stocks. In addition to the prison sentence, the court docket could pronounce a measure of prohibiting the perpetrator to carry out an office, i.e. a calling, in accordance with the Criminal Code. 305 and 306 of this Act. Any member of the grouping may submit the choice from paragraph three of this Article to the register of associations. The profit that a grouping may generate by performing an exercise represents the revenue of its members and is distributed among the members in proportion which is specified in the contract on the institution of the grouping, and if this contract does not specify such a proportion, the profit is distributed among the members in equal parts. 3) Written statement by the authorized consultant of the company on compliance with the phrases set out in Art. If no appointment fee has been set up in the company, each member of the supervisory board could nominate a candidate for an govt director. The members of the grouping participate in protection of the groupings losses in proportion specified by the contract on institution of the grouping, and if this contract doesn't specify the proportion, the members of the grouping participate in protection of losses of the grouping in equal elements.

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