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Quorum of GSMs Reduced to 50%+
Avellum Partners, Kyiv, Ukraine
Fri, Jan 30, 2015
On 28 January 2015 the President of Ukraine signedLaw No. 91-VIII, dated 13 January 2015 (“Law”), which amends Article 41 of theLaw of Ukraine “On Joint Stock Companies”. The Law provides that a generalmeeting of a joint stock company has quorum, if holders of more than 50% ofvoting shares attend it.
The Law takes effect:
· on the day after it was published in the officialgazette, in respect of joint stock companies whose shares (50% or more) areheld by the state of Ukraine
· from 1 January 2016, in respect of all other jointstock companies
Currently, charters ofjoint stock companies provide that a general meeting is quorate, if holders ofat least 60% of the voting shares attend it. After the Law takes effect, suchprovisions of the charters will conflict with the Law and will cease to apply.Consequently, joint stock companies must adhere to the new quorum rules oncethey take effect, even though the charters of these companies may state otherwise.
For further information on the topic please contact us bytelephone +380 44 220-0335 or via e-mail.
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Avellum Partners is one of the leading full-service law firms in Ukraine with key strength in corporate finance and disputes. We cover capital markets, competition, mergers and acquisitions, disputes, employment, finance, projects, energy and infrastructure, real estate, and tax and customs. We specialize in matters that require special attention, extensive experience and industry expertise. Our team consists of highly qualified attorneys, who graduated from the top Ukrainian and Western universities and were trained in leading international law firms on most sophisticated transactions. | |
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