Bahas Gramatidis & Partners
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By virtue of a bill introduced in the Parliament for endorsement major changes are effected in the Law 2190/1920 on ''companies limited by shares'' (SAs). Such changes are as follows :
- The requirements concerning the abolition or limitation of the privilege
pertaining to preference shares of corporations and the conversion of preference shares into ordinary ones with vote are set out .
- The lower limit of the share capital of a corporation resorting to a public subscription and the conclusion of a bond loan by public subscription is raised from drs. 10 million to drs. 100 million.
- The remuneration of members of evaluation committees for company assets is effected by the interested parties upon completion of the evaluation without state involvement.
- The increase of the share capital of companies whose reserves exceed one-fourth (1/4) of the paid in capital is effected by a decision of the General Meeting only during the first five years. The certification of payment of the increase in question is effected by the Board of Directors within two months from the payment of the amount of the increase.
- Issues pertaining to the operation of the Board of Directors and the General Meetings and the audit undertaken by auditors are regulated.
- The pecuniary penalties imposed in cases of violation of the provisions of the law concerning companies limited by shares are readjusted, whereas in case of untimely submission of the acts and particulars of such companies provided in the law to the Ministry of Commerce a fine of drs. 50.000 is imposed. The way of imposition of a fine, the readjustment and the collection procedure are regulated by a decision of the Minister of Commerce.
- Cases of transformation of a corporation into a company with limited liability following an evaluation of its assets and liabilities as well as of an unlimited or limited partnership into a corporation are regulated.
Athanassios Vamvoukos, Bahas, Gramatidis & Associates, Athens, Greece
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