[ESTABLISHING A BUSINESS ENTITY IN BELGIUM] 56
Competence
Every director may perform all acts necessary or useful for the realization of the company's corporate purpose, unless the articles of association provide otherwise or unless the law provides that such acts are the exclusive responsibility of the shareholders’ meeting.
Every director may perform all acts necessary or useful for the realization of the company's corporate purpose, unless the articles of association provide otherwise or unless the law provides that such acts are the exclusive responsibility of the shareholders’ meeting.
In principle, the board of directors has all the powers that are not reserved to the shareholders’ meeting (i.e. residual powers).
In the case of a dual structure,
the board of supervision is responsible for the general policy and strategy of the NV; the executive board has full management competence, except for those reserved by the law to the shareholders' meeting and/or the board of supervision.
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Director(s) is/are responsible for making major business decisions and overseeing the general affairs of the BV.
Daily management
The board may appoint one or more persons, who can act alone, jointly or collegially, and who are responsible for the daily management.
The board may appoint one or more persons who can act alone, jointly or collegially, and who are responsible for the daily management.
The director(s) may appoint one or more persons who can act alone, jointly or collegially, to run the day-to-day operations of the company.
SHAREHOLDERS’ MEETING
Competence
In principle, a number of decisions are reserved by law to the shareholders' meeting, such as:
In principle, a number of decisions are reserved by law to the shareholders' meeting, such as:
In principle, a number of decisions are reserved by law to the shareholders' meeting, such as:
The appointment or dismissal of the director(s); The appointment of the statutory auditor(s); The approval of the annual accounts; The discharge of the director(s) and the statutory auditor;
The appointment or dismissal of the director(s); The appointment of the statutory auditor(s); The approval of the annual accounts; The discharge of the director(s) and the statutory auditor;
The appointment or dismissal of the members of the board of directors (if monistic structure) and the members of the board of supervision (if dual structure); The appointment of the statutory auditor(s);
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The approval of the annual accounts;
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ILN Corporate Group – Establishing a Business Entity Series
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