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[ESTABLISHING A BUSINESS ENTITY IN SPAIN]
RIGHT
SA
SL
Right
the management and auditor’s reports.
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. 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. Unless provided in the by-laws, minority partners cannot be represented in the board in proportion to their stake in the company.
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. Shares that are voluntarily grouped to constitute share capital amounting to or exceeding the sum resulting from dividing the capital by the number of members of the board of directors, shall be entitled to designate the number of members deduced from the proportion of share capital so grouped, rounding any fractions. Shareholders representing either individually or jointly, at least 1% of the share capital are entitled to challenge company resolution (subject to challenge according to law). The by-laws may reduce the mentioned percentage. Shareholders not voting in favor of the respective resolution, including non-voting shareholders, shall be entitled to exit the company in any of the following circumstances: - Supersession or amendment of the corporate purpose. - Extension of company term.
Right to proportional representation at the Board of Directors
To challenge company resolutions
Members representing either individually or jointly, at least 1% of the share capital are entitled to challenge them (subject to challenge according to law). The by- laws may reduce the mentioned percentage.
Right
to
exit
the
Members not voting in favor of the respective resolution, including non-voting partners, shall be entitled to exit the company in any of the following circumstances: - Supersession or amendment of the corporate purpose. - Extension of company term.
company
ILN Corporate Group – Establishing a Business Entity Series
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