[ESTABLISHING A BUSINESS ENTITY IN SPAIN]
445
RIGHT
SA
SL
Information Right
Shareholders may request, from directors, any information or clarification they deem necessary regarding the items on the agenda of the meeting.
Members may request, from directors, any information or clarification they deem necessary regarding the items on the agenda of the meeting.
Directors shall be obliged to provide the requested information, unless said information be deemed unnecessary for the recognition of the shareholders’ rights or there be objective reasons to consider that it may be used for reasons detrimental to the company’s best interests or where publication of the same may prejudice the company or associated companies.
Directors shall be bound to provide such reports or clarification except where, in the governing body’s opinion, disclosing such information may be detrimental to the company’s interests.
Information may not be withheld when requested by partners representing at least 25% of the capital.
Information may not be withheld when requested by partners representing at least 25% of the capital.
Financial and accounting Information Right Statements
Any shareholder is entitled to obtain the documents that have to be submitted to the general meeting for financial statements approval, and, as appropriate, the management and auditor’s reports.
Any member is entitled to obtain the documents that have to be submitted to the general meeting for financial statements approval, and, as appropriate, the management and auditor’s reports. Any member holding at least 5% of the capital may examine (with an expert accountant) the accountancy and documents substantiating the financial statements, unless otherwise provided in the by-laws.
Appointing auditor (when is not mandatory)
Shareholders representing at least 5% of the share capital are entitled to request auditor appointment to audit the financial statements for a specific financial year.
Members representing at least 5% of the share capital are entitled to request auditor appointment to audit the financial statements for a specific financial year.
ILN Corporate Group – Establishing a Business Entity Series
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