Amendments to provisions of the Civil and Commercial Code related to limited companies

Issues

References

Amendments

2. Reasons for requesting the court to order a limited company to be dissolved

Section 1237

A company can ask the court to order it to be dissolved if the number of shareholders is reduced to one, or for any other reasons affecting the existence of the company’s business. 

4. Notice of shareholders’ meetings being called

Section 1175

• Notice of a shareholders’ meeting being called must be sent by registered mail with return receipt.
• For a shareholder holding a bearer share certificate, notice must be published in a local newspaper or through electronic media in addition to being sent by registered mail with return receipt.

6. Prescribed period for paying dividends to shareholders

Section 1201

The CCC will now specifically state that dividends must be paid out within one month of a company declaring dividends.

As a result, there will be penalties imposed by the Act Prescribing Offences Related to Registered Partnerships, Limited Companies, Associations, and Foundations, 2499 B.E. (1956) if a company fails to comply with this requirement.