Companies Law

1. Subject to the provision of Article 220(1) of this Law, a private non-profit company may be converted into any form of company unless the company’s articles of incorporation or articles of association stipulate otherwise, provided that any profits, reserves, gifts, or other funds in excess of the capital upon incorporation are spent in the non-profit areas of spending provided for in the company’s articles of incorporation or articles of association, and that any exemptions granted to the company are paid back. The Regulations shall specify the necessary provisions. 2. The conversion of a company into a public or private non-profit company requires the unanimous approval of the partners or shareholders. Companies Law