questions and answers

How do organizations who are members/shareholders/owners exercise their rights?

Owners, members, and shareholders who are organizations exercise their rights through individuals who are authorized representatives.

Unless otherwise stated in the company charter, the appointment of an authorized representative of a company must comply with the following provisions:

    • Organizations who are members of a Multiple member Limited Liability Company owning at least 35% of the charter capital may authorize a maximum of 03 representatives;
    • Organizations who are shareholders of a Joint Stock Company owning at least 10% of the total amount of ordinary shares may authorize a maximum of 03 representatives.

Should the owners, members, shareholders of companies who are organizations appoint several authorized representatives, they shall specifically determine the proportion of the amount of capital contributions or shares represented for each representative. If they do not do so, the proportion of the amount of capital contributions or shares shall be divided equally to each authorized representative.

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