The Verkhovna Rada wants to allow dismissal of LLC director at will - without a general meeting
The Verkhovna Rada registered Draft Law # 11371 "On Amendments to Certain Legislative Acts of Ukraine Concerning Ensuring Proper Exercise of the Right to Dismiss a Company Director at Will".
The draft law proposes to amend the Law of Ukraine "On Limited Liability Companies", the Law of Ukraine "On State Registration of Legal Entities, Individual Entrepreneurs and Public Organizations", which provides for
- to introduce a procedure for dismissal of a company director at will without a corresponding decision by the general meeting of the company due to the lack of a quorum of the general meeting of company shareholders, as well as a reasonable ground for the impossibility of termination of powers determined by the decision of the general meeting
- to determine that in case of termination of powers of the sole executive body or the chairman of the collegial executive body at their own request without adoption of the relevant decision by the general meeting of the company, the following shall be submitted for state registration of changes to the information about the legal entity
♦ a notice of dismissal,
♦ notification of the company's shareholders about convening the general meeting,
♦minutes of the absence of a quorum of the general meeting of the company's shareholders, as well as a reasonable ground for the impossibility of termination of powers determined by the decision of the general meeting, without a copy of the original (notarized copy) of the decision of the authorized management body of the legal entity on changes to be made to the Unified State Register.
If adopted, this Law will come into force on the day following the day of its publication.
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