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General Meeting

General meeting

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In a limited liability company (Ltd.) two bodies are obligatory; the highest body is called General Meeting (also called General Assembly) and the statutory body is called Managing Director (in a joint stock company – abbrevation Inc. – it is Board of Directors). Setting up Control Board is optional for a limited liability company, but it is obligatory for a join stock company.

General Meeting shall decide on the key issues of the company. Matters on which the General Meeting must always decide is stipulated  separately for joint stock companies and a limited liability companies by the Business Corporations Act (see link below).

General Meeting is the collective body in which all the members (or shareholders) pass decisions by voting. General Meeting has exclusive decision-making powers on issues such as amendments of Articles of Association – nové heslo, reduction or increase of the capital, Annual Financial Statements aprroval (see Annual Financial Statements), appointment and dismissal of supervisory body members or Directors (in the company of members of the Board of Directors).

Act no. 90/2012 Coll., Act on business corporations, available on https://portal.gov.cz/app/zakony/zakon.jsp?page=0&nr=90~2F2012&rpp=15#seznam

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