Companies Law

1. Absent a specific provision in this Part, a simplified joint-stock company shall, according to its nature, be subject to the provisions of a joint-stock company, excluding Articles 61, 63, 67-71, 74-88, 90-94, 95(1), 96-98, 100, 101, 111(2), 121, and 122. 2. The shareholders of a simplified joint-stock company may, in the company’s articles of association, regulate the company’s structure and work procedures. 3. Shareholders shall, with regards to provisions applicable to simplified joint- stock companies, assume the legal capacity of the ordinary and extraordinary general assemblies of joint-stock companies. Absent a specific provision in this Part, shareholders may, in the company’s articles of association, designate a person to assume the powers of the general assembly. Companies Law 4. Absent a specific provision in this Part, a simplified joint-stock company’s president, manager, or board of directors, as the case may be, shall exercise all the powers assigned to the chairman and members of the board of directors of a joint-stock company and assume their legal capacity.