[ESTABLISHING A BUSINESS ENTITY IN GREECE] 230
- Each shareholder of an unlisted company may demand information about the amount of the capital, the categories of the issued shares and their number, the rights that each category attributes, if there are any restricted, their numbers and the restrictions. Furthermore, each shareholder has the right to demand information about his/her shares. - Each shareholder of an unlisted company may demand information about the future General Assemblies to be sent to him by e-mail 10 days before the General Assembly. - Each shareholder may demand a table of the shareholders (including their names, address and number of shares), if such a right is attributed by the articles of association. - Law 4548/2018 includes also provisions about “Unions of Shareholders” that may enforce the minority rights of their members on behalf of them. 3.3.2 The Private Company (P.C.) -In principle, all the portions of participation confer equal rights and responsibilities regardless of the type of contribution. -The partner(s) holding the 1/10 of the portions may: i) demand from the director the convocation of the Assembly and if he does not comply within 10 days, they have the right to do it themselves; ii) request from the court to appoint an independent auditor if there are serious doubts of violation of the law or the statute and report to the partners. -Each partner has the right: i) to be informed about the company’s affairs and to examine the books and the documents of the company; ii) to demand information which is essential for the understanding and assessment of the agenda of the Assembly.
3.3.3 The Limited Liability Company (Ltd) The law governing Ltd focuses more on attributing personal rights to the partners than minority rights. -First of all, the minority may be protected by the requirement of the double majority needed for the decisions of the Assembly (both in capital and in persons). -Some of the rights that each partner has are: i) right of administration and representation of the company (if no directors are appointed); ii) right to attend and vote to the Assembly; iii) to apply before a court for the convocation of the Assembly under specific circumstances; iv) to be informed about the progress of the company’s affairs and examine the books and the documents of the company and take photocopies of some of them (this right cannot be excluded by the articles of association); v) to receive dividends; vi) to apply before a court in order to exclude another partner from the company for a serious reason; vii) if a partner leaves the company, it has the right to claim the amount of its contribution as a refund; viii) the pre-emptive right for purchasing portions in case of an increase of capital. This right also exists regarding the purchase of the portions of a deceased partner from its heir; ix) to apply before a court for the replacement of the director for a serious reason; x) to apply before a court for the annulment of a decision of the Assembly; xi) to apply before a court for the termination of the company under several circumstances. -Partner(s) whose portions represent: i) the 1/20 of the capital may demand from the director(s) the convocation of the Assembly or else they may apply to a court to that end; ii) the 1/10 of the capital may apply before a court for the termination of the company for a serious reason; iii) the 1/10 of the capital and
ILN Corporate Group – Establishing a Business Entity Series
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