Companies Law

1. The articles of association of a simplified joint-stock company shall specify the matters to be decided by shareholders and the manner and conditions for deciding on such matters. However, shareholders shall decide matters that fall within the powers of a joint-stock company’s ordinary or extraordinary general assembly, which relate to the increase or decrease of capital; conversion of the company into another form of company, or the merger, division, or dissolution thereof; appointment of an auditor; discussion of Companies Law financial statements; distribution of dividends; or amendment of the company’s articles of association. 2. The company’s articles of association shall specify the quorum necessary for the validity of shareholder meetings and decisions. 3. The company's articles of association may specify different quorums for presenting matters to shareholders and for deciding on such matters. 4. The company's articles of association shall specify the matters which require the unanimous approval of shareholders.