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Lawyer offers to acknowledge eligible recurring general meeting of economic associations with 50 percent of voting shares

Kyiv. June 11, 2010

“The recurring general meeting of LLC (JSC) should be regarded eligible even though its members (shareholders) hold just 50 percent of voting shares instead of over 50 percent, as stipulates respective government draft law,” suggests a counsel from Volkov Koziakov and Partners Nataliia Isakhanova.
This was her comment to the Interfax-Ukraine Agency on the Draft Law “On Amendments to Some Laws of Ukraine with regard to the reduction of quorum needed to conduct recurring general meetings of the Economic Association” (No.6504), which had been recently registered with Parliament.
"According to the pattern, the problem of blocked general meetings of members (shareholders) by means thereof regards both JSC (LLC), in which minority members (Shareholders) hold, in general,  40 percent of voting shares, and   JSC (LLC), the body of which includes two persons/entities holding voting shares in halves," Ms. Isakhanova said.
She also explained that in case one of the members (shareholders) in such companies does not visit the meeting, whereby putting obstacles in the way of decisions affecting their economic activity, it seems unfeasible to hold the meeting.
"It makes sense to amend the draft law No. 6504 in a part of the number of voting shares necessary to conduct a recurring general meeting of the members (shareholders). To wit, a recurring general meeting should be regarded eligible even if participating members (shareholders) holding just 50 percent of voting shares, and not over 50 percent, as it is set out in the reading of document registered with the parliament," Ms. Isakhanova resumed.

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