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The right of a minority shareholder to request the appointment of an auditor

Article 265.2 of the Spanish Capital Companies Act (Ley de Sociedades de Capital – “LSC”) establishes that, in companies with no obligation to submit their annual accounts to verification by an auditor, the shareholders who represent at least five per cent of the share capital may request the registrar of the Commercial Registry to appoint an accounts auditor to carry…

SUPPLEMENTARY CALL OF THE GENERAL MEETING – need for ratification from the board of directors.

According to article 166 of the Capital Companies Act (Ley de Sociedades de Capital – “LSC”), the faculty for calling the general meeting is legally, and exclusively reserved for the company administrators, except for those companies in the liquidation phase of insolvency proceedings. In this article, we shall deal with the following issue: A joint-stock company published the announcement of…

THE DATA PROTECTION PROJECT IN SPAIN

On 10th November 2017, the Council of Ministers approved the sending of the draft law on Data Protection to the General Courts (Spanish Parliament) in order to adapt Spanish legislation to the provisions of Regulation 2016/679 of the European Parliament and of the Council, dated 27th April 2016. This European Regulation shall be applied as from 25th May 2018. Our…

FACILITATING THE TRANSFER OF A COMPANY’S REGISTERED OFFICE-NEW ROYAL DECREE-LAW 15/2017, OCTOBER 6

As of October 7 2017, the Spanish Official State Gazette published the new Royal Decree Law 15/2017 of October 6 regarding Urgent Measures for the Mobility of Economic Operators within the national territory (hereinafter “Royal Decree-Law”). This Royal Decree-Law amends paragraph 2 of article 285 of the consolidated text of the Spanish Capital Companies Act (hereinafter “LSC”). The previous version of…