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A NEW CHANGE TO CONSOLIDATED ACCOUNTS – CONSOLIDATED NON-FINANCIAL INFORMATION STATEMENTS

Following the entering into force of law 11/2018 of 28th December, which modifies the Commercial Code, the Capital Companies Act and the Account Auditing Act, the new article 44 of the Commercial Code adds non-financial information statements to the documents making up the consolidated annual accounts. I. Affected companies The statement of non-financial information must be included in the consolidated…

NEW CHANGE TO SEPARATION RIGHTS IN THE ABSENCE OF DISTRIBUTION OF DIVIDENDS

Please refer to : PRICE FIXING IN EXCLUSIVE PETROL SUPPLY CONTRACTS UNDER A BRAND NAME. CASE LAW FROM THE SUPREME COURT DISTRIBUTION OF DIVIDENDS AND EXIT RIGHTS FOR COMPANY PARTNERS (II) Article 348 of the Spanish Capital Companies Act (“SCC”) was introduced in 2011, thus establishing the separation right of partners whenever dividends amounting to at least one third of…

REGISTER OF FRANCHISORS: SUPPRESSED SINCE DECEMBER 2018

In Spain, franchise is understood as the commercial activity carried out by virtue of an agreement or contract by which one company, known as the franchisor, assigns to another, known as the franchisee, the right to operate its own system of marketing products or services.[1] Until the 8th of December 2018, natural or legal persons -including companies from third countries,…

The legal personality of robots

The definition of “robot” has evolved over time. Traditionally and up until the digital revolution, it was understood to be a mechanical genius capable of carrying out certain functions or tasks in accordance with the instructions programmed by a human being. The definition is partly correct these days, although incomplete. The main difference between the previous and current concept of…

CHANGE IN REGULATIONS AND COMPANY BYLAWS: METHODS OF SUMMONING THE GENERAL MEETING.

Article 173 of the Spanish Capital Companies Act (the “SCC”) establishes the methods that shareholders of joint-stock companies may summon the general meeting. However, regarding the doctrine established by the General Directorate of Notaries and Registries (the GDNR) the provisions of the bylaws always prevail over legal regulations, provided that the receipt of the notification of the summons by all…