Companies Law

Quorum for Issuance of a Decision by Circulation 1. The issuance of general assembly decisions of unlisted joint-stock companies by circulation shall be as follows: a) Decisions falling within the powers of the ordinary general assembly shall be passed if approved by one shareholder, or more, representing the majority of voting rights, unless the company’s articles of association provide for a higher percentage. b) Decisions falling within the powers of the extraordinary general assembly shall be passed if approved by one shareholder, or more, representing at least 75% of voting rights, unless the company’s articles of association provide for a higher percentage. 2. General assembly decisions issued by circulation in accordance with paragraph (1) of this Article shall be recorded in minutes and entered in the special register referred to in Article 97 of this Law.