ILN: ESTABLISHING A BUSINESS ENTITY: AN INTERNATIONAL GUIDE

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[ESTABLISHING A BUSINESS ENTITY IN SPAIN]

SA

SL

BRANCH

employees during the year is not over 50.

employees during the year is not over 50.

ANNEX 2: MINORITY SHAREHOLDERS’ RIGHTS

RIGHT

SA

SL

The by-laws may subject eligibility to attend the general meeting to ownership of a minimum number of shares (never greater than 1/1000 of the share capital).

All members are entitled to attend the general meeting. The by-laws may not make attendance at general meetings contingent upon ownership of a minimum number of stakes.

Right to attend meetings

Right to request to convene a meeting

Shareholders holding at least 5% of the share capital. Members holding at least 5% of the capital.

Shareholders 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.

Members may request, from directors, any information or clarification they deem necessary regarding the items on the agenda of the meeting. 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 Right

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 Statements and accounting Information

Any shareholder is entitled to obtain the documents that have to be submitted to the general meeting for financial statements approval, and, as appropriate,

Any member is entitled to obtain the documents that have to be submitted to the general meeting for financial statements approval, and, as appropriate,

ILN Corporate Group – Establishing a Business Entity Series

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