Dutch limited liability company ( BV )

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Dutch limited liability company ( BV )"

Transcription

1 Dutch limited liability company ( BV ) General Besloten vennootschap met beperkte aansprakelijkheid (usually abbreviated BV in the Netherlands) is the Dutch version of a private limited liability company. The company is owned by shareholders, and the company's shares are privately registered but can be freely transferable. The phrase means "secluded partnership" or private company with limited liability and it is the most common form of limited company in the Netherlands. A Dutch BV may be created by one or more individuals or legal entities, Dutch or foreign, with a minimum paid in capital of 0,01. A deed of incorporation is executed and filed. The deed must be at least in Dutch. Translations into other languages are possible. It must contain details of the incorporators, and of the initial Members of the board, their amounts of participation and payments of the initial capital. Legal requirements Dutch Civil Code (article 2:9) The general 'duty of care' provision for directors of a BV is as registered in article 2:9 of the Dutch Civil Code which explains that each director is liable to the legal entity for the proper performance of his duties. The director is charged with all management duties not specifically assigned to one or more directors by or pursuant to the law or the articles of association. Each director is responsible for the general course of business. He shall be fully liable in respect of all improper management, unless, taking into account the duties assigned to others, no blame can be attributed to him and he has not been negligent in taking measures to avert the consequences of the improper management Because a legal entity itself is a bearer of rights, the legal entity is liable for its own debts with its own assets. Consequently, the directors are, in principle, not liable for the debts of the company. But a successful invocation of directors liability (according to article 2:9 Dutch Civil Code) breaks this 'veil' of the legal entity and thus nuances the exclusive liability of the legal entity. Dutch Civil Code (article 2:248) Article 2:248 of the Dutch Civil Code states that when a company is declared bankrupt, each director shall be jointly and severally liable to the bankruptcy for the amount of the company s debts that cannot be satisfied out of the liquidation of its assets, if the directors have manifestly performed their duties improperly and it may be assumed that these actions constituted an important cause of the bankruptcy.

2 The law automatically prescribes that the directors have performed their duties improperly in the following circumstances: - The directors have not filed the company s accounts with the Dutch chamber of commerce within 13 months of the end of the financial year - The accounts of the company have not been kept in accordance with good accounting practices and do not provide a true insight into the financial position of the company. In such cases the burden of proof is shifted to the directors, who must then prove that their failure to file the company accounts or administrate the accounts properly did not constitute an important cause of bankruptcy. In such cases it can be extremely difficult for the directors to avoid liability. Company bylaws / Articles of Association The Articles of Association in the Netherlands are important documents that govern the functioning of the company, based upon domestic legislation (amongst others the Dutch Civil Code). When establishing a BV in the Netherlands the BV needs to execute and file the Deed of Incorporation with the Chamber of Commerce. This deed contains important information about the company incorporators, board members and financial details. The incorporation deed also contains the company s Articles of Association. The Articles of Association can be viewed as the company s constitution: a document that defines the purpose of the company, the kind of business it will develop, the duties and responsibilities of its directors and the powers that lay in the hands of the company s shareholders. Some of the basic information included in the Articles of Association is: - The complete name of the company - The city where the company is registered - The purpose of the company - The division in shares and the nominal value per share - Special provisions for share transfer - The powers of the directors, shareholders and company members and their voting rights - Special provisions for altering the Articles of Association, etc. The Articles of Association can also contain the by-laws of the company (the rules by which the company organizes itself), various internal regulations and many administrative issues. The Articles of Association can be amended following a proposal made by the management board that was previously approved by the supervisory board. The General Meeting of Shareholders decides to apply an amendment if it is approved by a majority of votes. One-tier / two-tier board A Dutch BV can opt for the one-tier board which is an alternative management model to the two-tier board. In the one-tier board company, the managers (i.e. the executive directors) and the supervisors (i.e. the non-executive directors) are members of a single management body, the one-tier board. In a two-tier board, the executive directors and the supervisors are split up into two separate company bodies, namely the executive board and the supervisory board. 2

3 In a one-tier board, the non-executive directors receive more information sooner, and they are directly involved in the decision-making process. This enables them to have a greater influence and to take action when necessary. A one-tier board can be a good option for enterprises that have a foreign parent company. The construction means that the people whose task it is to supervise and advise are much closer to the executives whose job it is to actually run the company on a day-to-day basis. For example: if the management of the foreign shareholding is made up of locals, the one-tier board makes the parent company of the group more closely involved in decisions that are important for the group as a whole. A non-executive director has greater responsibility than a supervisory director. A supervisory director supervises at a distance, whereas a non-executive director actually takes a seat and participates in meetings of the executive board. All the directors executive and non-executive are responsible as a body for the way the management performs its duties and for decisions that it adopts. The principle of collective management also means that all the directors executive and non-executive are jointly and severally liable vis-à-vis the legal entity as regards to improper management. The liability of a director can be limited by specifying the division of duties between the directors in the company s articles of association or in a set of regulations. Dividend payments The general meeting of shareholders will determine a possible profit distribution. This resolution can only be carried out if the management grants permission. The management may only refuse approval if it knows or anticipates in reason that the BV cannot continue paying claimable debts after the profit distribution. In that connection the management must look ahead about one year. If it appears afterwards that the management wrongly granted its approval, the managing directors will be liable for the deficit that has been caused by the distribution, increased by the statutory interest from the day of distribution. The shareholder who knew or should have known that the BV could get into difficulties after the distribution may also be held liable. This shareholder must then make up the deficit, to at most the amount of the distribution received by him, increased by the statutory interest from the day of distribution. Before the BV proceeds to the distribution of profit, a distribution test must be carried out. Not only in the event of distribution of (interim-) dividend, but also in the event of other forms of distribution to shareholders the distribution test plays a part (think of the BV s purchase, cancellation or redemption of its own shares) This distribution test has 2 aspects: - First of all it must be tested whether the BV s equity after distribution is larger than the reserves that must be maintained by law or under the articles of association. The company may choose on the basis of which document the equity and reserves will be determined and/or the distribution will be assessed. It is obvious that the distribution of profit in the context of the adoption of the annual accounts will be determined on the basis of the latest adopted annual accounts. A separate statement of assets and liabilities is usually not necessary 3

4 - It must also be tested whether after distribution the BV can continue to pay its claimable debts. Liquidity, solvency and profitability may play a part in the assessment whether a distribution to the shareholders is justified. Chamber of Commerce In essence every BV has the ongoing obligation to keep and maintain an administration, to register for tax purposes and to file periodical tax returns. The administration forms the basis for the preparation of the annual financial statements according to Dutch GAAP. Within five months after the end of the financial year the annual accounts should be presented to the management board. This term can be extended with six months due to certain circumstances. After the management board has reviewed and agreed upon the annual accounts, the management board can approve the annual accounts by signing. The entire management board needs to sign the annual accounts in order to approve these, unless there are very special reasons that one of the board members is not able to sign. After approval of the annual accounts, the General Meeting of Shareholders must adopt the annual accounts within two months. Upon adoption of the annual accounts, the General Meeting of Shareholders will grant discharge to the management board for their performance in the respective financial year. Within eight days after adoption of the annual accounts by the General Meeting of Shareholders, an abbreviated version of the financial statements must be filed with the Dutch Chamber of Commerce for publication in the Trade Register. The annual accounts must be deposited with the Dutch Chamber of Commerce ultimately within 13 months after closing the financial year of the BV. The Trade Register is accessible by the public. Annual General Meeting The main rule that at least one physical meeting must be held on an annual basis, lapsed in 2012 when the new Flex BV was introduced to the Dutch Civil Code. However, the new rules do stipulate that, if no physical meeting is held during a financial year, at least one shareholder resolution must be adopted in writing in that period. Generally, this single resolution will concern the adoption of the company's annual accounts and related matters. If each shareholder is also a director of the company, the signing of the annual accounts by the directors and the members of the supervisory board (if any) will constitute a resolution of the general meeting to adopt those accounts, satisfying the requirement to have at least one physical general meeting or to adopt at least one written shareholder resolution. However, the adoption of the annual accounts in this manner does require that: - All other persons with meeting rights have been given the opportunity to take note of the annual accounts - All such persons have given their consent to adopt the annual accounts in this manner - The company's articles of association do not prohibit the adoption of the annual accounts in this manner. 4

5 Board meetings From a substance perspective it is of utmost importance that all board meetings, in which major decisions are made by the board, take place in the Netherlands. At least one board meeting should be physically held in the Netherlands, preferably more than one. Both Dutch and foreign board members should attend the board meeting in the Netherlands. Flex BV (incorporation) The Flex BV Act has taken effect in the Netherlands in It marks a major change to Dutch corporate law, and is expected to increase flexibility for limited liability companies, and make it easier to incorporate in the Netherlands. The new legislation simplifies the rules regarding the share capital of the BV, the shares, creditors protection, voting rights and profit entitlement. The new Act gives more flexibility to tailor the articles of association of the BV, and as such will fit the needs of the current practice. Among the major changes that are part of the Flex BV Act: - No required minimum capital, bank statement or auditor s statement, allowing for a faster, more streamlined incorporation process. Shares may be valued in Euros or a foreign currency - The inclusion of share transfer restrictions are no longer mandated in articles of association. Under the new legislation, there is more flexibility to tailor the articles of association to the needs of the specific company - The new rules cancel previous provisions that barred a BV and its subsidiaries from providing any form of security or granting of loans for the purpose of acquiring shares in the BVs capital by third parties - BVs may now establish shares with no voting rights, shares with multiple voting rights, or shares that are partially excluded from profit sharing and/or from distributions of reserves - Increased permissions for shareholders to include certain matters in the articles of association rather than in a shareholders agreement. Substance When filing the annual Corporate Income Tax return, Dutch BVs have to confirm in their tax return whether they have fulfilled certain substance requirements. The main substance requirements are: - At least 50% of the total number of the statutory directors with decision power is resident of the Netherlands - The directors resident of the Netherlands have the necessary professional skills to perform their activities - Qualified staff for properly executing and administering the transactions - Board decisions are taken in the Netherlands - Most important bank accounts are maintained in the Netherlands - Books are kept in the Netherlands - Office address in the Netherlands and not tax resident of another country 5

6 - Real risk with respect to back to back transactions, as meant in article 8c CITA - At least an amount of equity which is adequate considering the function. Corporate Governance Subject to certain (already existing) exceptions, the power to appoint, dismiss and suspend directors and members of the supervisory board will remain vested in the general meeting. However, under the new rules as per 2012, it became possible for a company's articles of association to stipulate that: - all or certain directors and/or members of the supervisory board are appointed by the meeting of shareholders of a certain class or designation, provided that each shareholder with voting rights can participate in the decision-making regarding the appointment of at least one director or member of the supervisory board, respectively; and/or - a corporate body (other than the general meeting) has the power to dismiss directors and/or members of the supervisory board. This additional flexibility, however, will be restricted (under circumstances) if the company is subject to what is known as the 'structure regime'. Except for the new rule that a one tier board is allowed to suspend an executive director at all times, the main rule on suspension of directors and members of the supervisory board will not change: the corporate body authorised to appoint a director or a member of the supervisory board, is also authorised to suspend him/her. Corporate Income Tax (CIT) A company incorporated under Dutch law or a foreign company tax resident in the Netherlands is required to file a CIT return annually. The Dutch Tax Authorities will issue a preliminary CIT assessment at the start of a financial year. For financial years that do not equal the calendar year, other timing considerations than those discussed below are relevant. A first preliminary corporate income tax assessment is normally issued in January. Generally, the taxable amount in this first assessment is based on the average of the two preceding years taxable income or on an estimation provided by the taxpayer. The payment date is mentioned in the assessment. Normally, these assessments must be paid within two months after the issue date of the assessment or in eleven instalments (i.e. February December). If a preliminary assessment is higher than the final assessment, the excess is refunded with interest. Such interest is taxable income. VAT The tax period is usually a quarter. However, the taxpayer may request the Dutch Tax Authorities to apply a monthly VAT return. If the taxpayer is in a refund position, this could lead to a cash flow advantage. The taxpayer may also request a yearly VAT return provided that some specific conditions are met. One of these conditions is that the balance of payable VAT does not exceed EUR 1,883. Returns are due by the last day of the month following the tax period to which they relate for companies established in the Netherlands. For foreign companies with only a VAT registration in the Netherlands, the returns are due by the last day of the second month following the tax period to which they relate. Taxable persons filing an annual return are automatically allowed to defer filing until 1 April of the following year. 6

Limited liability company in Poland

Limited liability company in Poland Limited liability company in Poland I. Introduction The limited liability company (Polish: spółka z ograniczoną odpowiedzialnością or abbreviated: sp. z o.o.) enjoys popularity as a form of medium-size

More information

Limited Liability Companies Act Finland

Limited Liability Companies Act Finland [UNOFFICIAL TRANSLATION Ministry of Justice, Finland 2012] Limited Liability Companies Act Finland (624/2006; amendments up to 981/2011 included; osakeyhtiölaki) PART I GENERAL PRINCIPLES, INCORPORATION

More information

INFORMATION SHEET NO.54. Setting up a Limited Liability Company in Poland December 2008

INFORMATION SHEET NO.54. Setting up a Limited Liability Company in Poland December 2008 INFORMATION SHEET NO.54 Setting up a Limited Liability Company in Poland December 2008 General The Commercial Companies Code (KSH) regulates all issues related to the establishment, activity and dissolution

More information

Limited liability company. Preferred form of business activity. Joint ventures with a limited number of shareholders. Shareholders who want:

Limited liability company. Preferred form of business activity. Joint ventures with a limited number of shareholders. Shareholders who want: ul. Krolewska 16, 00-103 Warsaw, Poland T: +48 22 581 44 00 F: +48 22 581 44 10 E: kontakt@fka.pl W: www.fka.pl KRS: 0000278271 NIP: 525-22-25-600 REGON: 017438631 Limited liability company Preferred form

More information

Societas Europaea (European Company)

Societas Europaea (European Company) Societas Europaea (European Company) November 2012 This document will describe the main characteristics of the European Company or Societas Europaea ( SE ) from a Dutch corporate legal perspective. 1 Introduction

More information

AN OVERVIEW OF THE LEGAL FORM OF THE COOPERATIVE (COÖPERATIE)

AN OVERVIEW OF THE LEGAL FORM OF THE COOPERATIVE (COÖPERATIE) AN OVERVIEW OF THE LEGAL FORM OF THE COOPERATIVE (COÖPERATIE) In recent years, increasing use is being made, often on the basis of tax advice, of the legal form of the cooperative (coöperatie) instead

More information

Liquidation of a Dutch company

Liquidation of a Dutch company Liquidation of a Dutch company September 2009 v_0409 Our offices: Amsterdam Heemstede Jozef Israëlskade 46 Bronsteeweg 10 NL-1072 SB AMSTERDAM NL-2101 AC HEEMSTEDE T +31 (0)205700200 T +31 (0)235160620

More information

In practice, foreigners usually establish LLCs. Partnerships and joint stock companies are only established in exceptional cases.

In practice, foreigners usually establish LLCs. Partnerships and joint stock companies are only established in exceptional cases. Company Laws The Companies Law is the principal body of legislation governing companies. Saudi company law recognizes eight forms of companies. The most common forms are limited liability companies (LLC),

More information

Information Leaflet No. 19

Information Leaflet No. 19 Information Leaflet No. 19 SOCIETAS EUROPAEA (SE) INFORMATION LEAFLET NO. 19 /MARCH 2015 1. SOCIETAS EUROPAEA A Societas Europaea (SE) is a European public limited company formed under EU Regulation (Council

More information

RULES FOR THE BOARD OF DIRECTORS WRIGHT MEDICAL GROUP N.V. ST\ASD\13635703.1

RULES FOR THE BOARD OF DIRECTORS WRIGHT MEDICAL GROUP N.V. ST\ASD\13635703.1 RULES FOR THE BOARD OF DIRECTORS OF WRIGHT MEDICAL GROUP N.V. These Rules were adopted by the Board of Directors on 26 August 2010 and have been amended on 30 April 2013, 29 October 2013 and 1 October

More information

Guideline for accounting and tax procedures in NL

Guideline for accounting and tax procedures in NL 1 Guideline for accounting and tax procedures in NL 1. Annual Financial Statement 2. Corporate Income Tax Return 3. Transfer Pricing 4. VAT Return 5. EU Sales Listings 6. Intrastat Reports 7. Payroll Taxes

More information

Articles of Association of Triodos Bank N.V.

Articles of Association of Triodos Bank N.V. TlB Articles of Association of Triodos Bank N.V. CONTINUOUS TEXT of the articles of association of Triodos Bank N.V., with corporate seat in Zeist, after partial amendment to the articles of association,

More information

LSP Advisory B.V. Report on the first half of 2015

LSP Advisory B.V. Report on the first half of 2015 LSP Advisory B.V. Report on the first half of 2015 LSP Advisory B.V. Financial statements for the period January until June 2015 Table of contents Financial report Directors report 2 Balance sheet as at

More information

Constitution of Mercer Investments (Australia) Limited

Constitution of Mercer Investments (Australia) Limited Constitution of Mercer Investments (Australia) Limited Contents Preliminary... 1 1. Definitions... 1 2. Interpretation... 2 3. Application of Corporations Act... 2 Securities... 2 4. Issue of securities...

More information

A 2014 REVOLUTION IN CIVIL LAW: PART 3 WHAT WILL CHANGE FOR JOINT-STOCK COMPANIES?

A 2014 REVOLUTION IN CIVIL LAW: PART 3 WHAT WILL CHANGE FOR JOINT-STOCK COMPANIES? NEWS ALERT 10/2013. Do you know what changes will come into effect with the Act on Business Corporations ( ABC ) and the New Civil Code ( NCC ) from 1 January 2014? Our August News Alert presented major

More information

CORPORATE GOVERNANCE. Deviations from the Dutch corporate governance code

CORPORATE GOVERNANCE. Deviations from the Dutch corporate governance code CORPORATE GOVERNANCE Brunel International s understanding of corporate governance is based on applicable laws, the rules and regulations applicable to companies listed on the NYSE Euronext Amsterdam stock

More information

CORPORATE GOVERNANCE AND DIRECTORS DUTIES

CORPORATE GOVERNANCE AND DIRECTORS DUTIES PRACTICAL LAW MULTI-JURISDICTIONAL GUIDE 2012/13 The law and leading lawyers worldwide Essential legal questions answered in key jurisdictions Analysis of critical legal issues AVAILABLE ONLINE AT WWW.PRACTICALLAW.COM/CORPGOV-MJG

More information

ARTICLES OF INCORPORATION. Miba Aktiengesellschaft. I. General provisions. Section 1 Name and seat of the company

ARTICLES OF INCORPORATION. Miba Aktiengesellschaft. I. General provisions. Section 1 Name and seat of the company ARTICLES OF INCORPORATION of Miba Aktiengesellschaft I. General provisions Section 1 Name and seat of the company (1) The name of the company is Miba Aktiengesellschaft (2) The company is based in Laakirchen,

More information

Registration of Credit Institutions and the Licensing of Banking Activities

Registration of Credit Institutions and the Licensing of Banking Activities Registration of Credit Institutions and the Licensing of Banking Activities The procedures for registering credit institutions and licensing banking operations, verifying the legitimacy of shareholding

More information

Articles of Association Triodos Bank N.V.

Articles of Association Triodos Bank N.V. TlB CONTINUOUS TEXT of the articles of association of Triodos Bank N.V., with corporate seat in Zeist, after amendment to the articles of association, by deed executed before M.D.P. Anker, civil law notary

More information

1.1. Opening Remarks. 1.2. Taxes in Cyprus. 1.3. The Process of Tax Audits in Cyprus. 1 Introduction

1.1. Opening Remarks. 1.2. Taxes in Cyprus. 1.3. The Process of Tax Audits in Cyprus. 1 Introduction 1 Introduction 1.1. Opening Remarks After your Cypriot company has been audited and filed the tax return, you do not usually expect any additional tax changes. But in reality the tax story of your company

More information

Article 2. Offers and quotations

Article 2. Offers and quotations 1 Article 1. General 1. These terms and conditions apply to all offers, quotations and agreements between Smets Food Trading B.V., with registered offices in (6131 GR) Sittard, at Odasingel 473, hereinafter

More information

(Informal Translation) Chapter One. General Provisions. 1- The deposit of securities with the Company or with any licensed entity;

(Informal Translation) Chapter One. General Provisions. 1- The deposit of securities with the Company or with any licensed entity; CAPITAL MARKET AUTHORITY (Informal Translation) Central Securities Depository and Registry Law No. 93 of 2000 Chapter One General Provisions Article 1 In this Law, the Company means a company licensed

More information

Articles and Memorandum of Association - English convenience translation -

Articles and Memorandum of Association - English convenience translation - Articles and Memorandum of Association - English convenience translation - as of April 08, 2015 This is the convenience translation of the German original version of the Articles and Memorandum of Association

More information

Act on Investment Firms 26.7.1996/579

Act on Investment Firms 26.7.1996/579 Please note: This is an unofficial translation. Amendments up to 135/2007 included, May 2007. Act on Investment Firms 26.7.1996/579 CHAPTER 1 General provisions Section 1 Scope of application This Act

More information

RULES FOR PROVIDING PAYMENT SERVICES AND MANAGEMENT OF BANK ACCOUNT AND PAYMENT CARD ACCOUNT

RULES FOR PROVIDING PAYMENT SERVICES AND MANAGEMENT OF BANK ACCOUNT AND PAYMENT CARD ACCOUNT RULES FOR PROVIDING PAYMENT SERVICES AND MANAGEMENT OF BANK ACCOUNT AND PAYMENT CARD ACCOUNT Valid from 19 April 2015 1. INTRODUCTION 1.1. The Rules for Providing Payment Services and Management of Bank

More information

Flex BV Act and One Tier Board Act Practical Guidelines

Flex BV Act and One Tier Board Act Practical Guidelines Flex BV Act and One Tier Board Act Practical Guidelines New Dutch company law rules Introduction Dear reader, As you will be aware, the entry into force of the Flex BV Act will lead to a material overhaul

More information

LITHUANIA LAW ON COMPANIES

LITHUANIA LAW ON COMPANIES LITHUANIA LAW ON COMPANIES Important Disclaimer This translation has been generously provided by the Lithuanian Securities Commission. This does not constitute an official translation and the translator

More information

Introduction to the New Company Law of the People s Republic of China

Introduction to the New Company Law of the People s Republic of China Introduction to the New Company Law of the People s Republic of China Author: Steven M. Dickinson Harris & Moure I. Introduction On October 27, 2005, the People s Republic of China adopted a new Company

More information

COMPANY LAW OF MONGOLIA CHAPTER 1 GENERAL PROVISIONS

COMPANY LAW OF MONGOLIA CHAPTER 1 GENERAL PROVISIONS COMPANY LAW OF MONGOLIA CHAPTER 1 GENERAL PROVISIONS Article 1. Purpose of the Law 97.1. The purpose of this Law is to regulate the establishment, registration and reorganization of a company, its management

More information

LSP Advisory B.V. Report on the first half of 2013

LSP Advisory B.V. Report on the first half of 2013 LSP Advisory B.V. Report on the first half of 2013 LSP Advisory B.V. Financial statements for the period January until June 2013 Table of contents Financial report Balance sheet as at 30 June 2013 2 Income

More information

CLIENT ATTORNEY PRIVILEGED WORK PRODUCT. Jurisdictional comparison The Netherlands Luxembourg Cyprus Holding companies

CLIENT ATTORNEY PRIVILEGED WORK PRODUCT. Jurisdictional comparison The Netherlands Luxembourg Cyprus Holding companies Jurisdictional comparison The Netherlands Luxembourg Cyprus Holding companies CORPORATE/LEGAL Incorporation time and costs Possible in 3 days app. EUR 2,500 Less than a week app. EUR 4,000 Up to 2 weeks

More information

Legal Guide to Forming a Corporation in Luxembourg

Legal Guide to Forming a Corporation in Luxembourg Legal Guide to Forming a Corporation in Luxembourg March 2008 Business in the Grand-Duchy of Luxembourg (the GDL ) may be carried out by individual trader(s) or by way of forming a corporate entity, whereby

More information

LSP Advisory B.V. Report on the first half of 2012

LSP Advisory B.V. Report on the first half of 2012 LSP Advisory B.V. Report on the first half of 2012 LSP Advisory B.V. Financial statements for the period January until June 2012 Table of contents Financial report Balance sheet as at 30 June 2012 2 Income

More information

English Translation of Finance Companies Control Law

English Translation of Finance Companies Control Law English Translation of Finance Companies Control Law Article 1 Introductory Chapter Definitions The following terms and phrases wherever mentioned in this Law shall have the meanings assigned thereto unless

More information

June 2009 THE DANISH ACT ON PUBLIC AND PRIVATE LIMITED LIABILITY COMPANIES AMENDMENTS

June 2009 THE DANISH ACT ON PUBLIC AND PRIVATE LIMITED LIABILITY COMPANIES AMENDMENTS June 2009 THE DANISH ACT ON PUBLIC AND PRIVATE LIMITED LIABILITY COMPANIES AMENDMENTS Gorrissen Federspiel Kierkegaard H.C. Andersens Boulevard DK-1553 Copenhagen V, Denmark New act on limited liability

More information

Roche Capital Market Ltd Financial Statements 2012

Roche Capital Market Ltd Financial Statements 2012 R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes

More information

Articles of Association

Articles of Association (Unauthorized English translation) (May 20, 2015) Articles of Association of Genmab A/S (CVR-nr. 21023884 Formerly A/S registration no.: 248.498) Page 2 of 46 Name, Registered Office, Objects and Group

More information

MEMORANDUM OF ASSOCIATION OF ALIOR BANK SPÓŁKA AKCYJNA (JOINT STOCK COMPANY)

MEMORANDUM OF ASSOCIATION OF ALIOR BANK SPÓŁKA AKCYJNA (JOINT STOCK COMPANY) MEMORANDUM OF ASSOCIATION OF ALIOR BANK SPÓŁKA AKCYJNA (JOINT STOCK COMPANY) I. GENERAL PROVISIONS 1. 1. The Bank s business name is: Alior Bank Spółka Akcyjna. 2. The Bank may use its abbreviated business

More information

Articles of Association

Articles of Association (Unauthorized English translation) (August 19, 2015) Articles of Association of Genmab A/S (CVR-nr. 21023884 Formerly A/S registration no.: 248.498) Page 2 of 47 Name, Registered Office, Objects and Group

More information

OPEN JOINT STOCK COMPANY AGENCY FOR HOUSING MORTGAGE LENDING. Agency for Housing Mortgage Lending OJSC INFORMATION POLICY GUIDELINES.

OPEN JOINT STOCK COMPANY AGENCY FOR HOUSING MORTGAGE LENDING. Agency for Housing Mortgage Lending OJSC INFORMATION POLICY GUIDELINES. OPEN JOINT STOCK COMPANY AGENCY FOR HOUSING MORTGAGE LENDING APPROVED: by decision of the Supervisory Council (minutes No 09 of 21 December 2007) Agency for Housing Mortgage Lending OJSC INFORMATION POLICY

More information

Roche Capital Market Ltd Financial Statements 2014

Roche Capital Market Ltd Financial Statements 2014 Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive

More information

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11)

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11) Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE 1 Table of Contents CHAPTER 1 GENERAL PROVISIONS... 3 CHAPTER 2 VOLUNTARY PENSION FUNDS... 7 CHAPTER 3 PENSION COMPANIES

More information

Statement on the application of Warsaw Stock Exchange corporate governance rules

Statement on the application of Warsaw Stock Exchange corporate governance rules Date:21 July 2015 Statement on the application of Warsaw Stock Exchange corporate governance rules The Board of Directors of ASTARTA Holding N.V. with its corporate seat in Amsterdam, the Netherlands (the

More information

STATUTES THE MAGYAR NEMZETI BANK CONSOLIDATED WITH CHANGES

STATUTES THE MAGYAR NEMZETI BANK CONSOLIDATED WITH CHANGES Non-official translation STATUTES OF THE MAGYAR NEMZETI BANK CONSOLIDATED WITH CHANGES Chapter 1 COMPANY DATA 1.1 Name of the company: Magyar Nemzeti Bank (hereinafter referred to as MNB ) In accordance

More information

The Managing Board and the Supervisory Board propose that the Annual General Meeting passes the following r e s o l u t i o n:

The Managing Board and the Supervisory Board propose that the Annual General Meeting passes the following r e s o l u t i o n: Translation from German original in cases of doubt the German version prevails 22 nd Annual General Meeting of VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe 3 May 2013 P R O P O S E D R E S O L

More information

WLP LAW. II. The Dutch corporate tax system. INVESTING IN INDIA OR THE UNITED STATES OF AMERICA THROUGH THE NETHERLANDS Tax Alert April 2013

WLP LAW. II. The Dutch corporate tax system. INVESTING IN INDIA OR THE UNITED STATES OF AMERICA THROUGH THE NETHERLANDS Tax Alert April 2013 INVESTING IN INDIA OR THE UNITED STATES OF AMERICA THROUGH THE NETHERLANDS Tax Alert April 2013 i Tel +31 I. (0)88 Introduction 2001300 Cell +31 (0)6 M The Netherlands is an attractive and advantageous

More information

General Terms and Conditions. Horatio Assurance Group B.V. Horatio Accountants B.V. Horatio Schade-Auditors B.V.

General Terms and Conditions. Horatio Assurance Group B.V. Horatio Accountants B.V. Horatio Schade-Auditors B.V. General Terms and Conditions Horatio Assurance Group B.V. Horatio Accountants B.V. Horatio Schade-Auditors B.V. A. General In these General Terms and Conditions the terms listed below have the following

More information

[ ] numbers in brackets refer to the clause number in the regulations.

[ ] numbers in brackets refer to the clause number in the regulations. DMCC COMPANY REGULATIONS (1/03) AT A GLANCE This document sets out to summarise the main Company Rules and Regulations applicable within the DMCC Free Zone. You are recommended to read the full edition

More information

Law No. 82/1991 on the accounting system, republished, as further amended and completed ( Law No. 82/1991 );

Law No. 82/1991 on the accounting system, republished, as further amended and completed ( Law No. 82/1991 ); 96 Chapter 7 Accounting System 1. General The Romanian accounting system underwent continuous reform in the past years with the aim to improve, simplify and at the same time increase the accuracy and comprehensibility

More information

Rules of Alternative Trading System organised by the BondSpot S.A.

Rules of Alternative Trading System organised by the BondSpot S.A. Rules of Alternative Trading System organised by the BondSpot S.A. The Rules adopted by the Management Board by Resolution No. 103/2009 dated 4 November 2009, as amended by the Management Board: by Resolution

More information

General Terms and Conditions of Peak Payroll Services B.V. In these General Terms and Conditions:

General Terms and Conditions of Peak Payroll Services B.V. In these General Terms and Conditions: General Terms and Conditions of Peak Payroll Services B.V. Article 1 General In these General Terms and Conditions: 1. The Client refers to the party issuing the assignment, and 2. Peak refers to the company

More information

3. Can shareholders agreements be brought to bear against third parties such as purchasers of shares or successors?

3. Can shareholders agreements be brought to bear against third parties such as purchasers of shares or successors? IBA Guide on Shareholders Agreements the Netherlands in respect of private companies with limited liability Cees-Frans Greeven, Tjeerd Aghina, Fokke Slottje Buren Van Velzen Guelen N.V., Amsterdam, the

More information

MASTER ADVERTISING AGREEMENT

MASTER ADVERTISING AGREEMENT MASTER ADVERTISING AGREEMENT THE UNDERSIGNED: 1. [ ] B.V., registered in the trade register with the number [ ], having its registered office in Voorburg, legally represented in this matter by Mr. R. Van

More information

GUIDE FOR ESTABLISHING A COMPANY IN SERBIA

GUIDE FOR ESTABLISHING A COMPANY IN SERBIA GUIDE FOR ESTABLISHING A COMPANY IN SERBIA Legal Framework Sectoral Licenses Procedure GUIDE FOR ESTABLISHING A COMPANY IN SERBIA Legal Framework Sectoral Licenses Procedure Belgrade, 2014 CONTENTS: INTRODUCTION

More information

General Terms and Conditions of ICTRecht

General Terms and Conditions of ICTRecht General Terms and Conditions of ICTRecht Version dated 1 September 2012 These General Terms and Conditions (the General Conditions ) govern each Contract with, and performance of work by, ICTRecht. Any

More information

REDGATE ASSET MANAGEMENT AS ARTICLES OF ASSOCIATION 1. BUSINESS NAME AND DOMICILE OF LIMITED COMPANY

REDGATE ASSET MANAGEMENT AS ARTICLES OF ASSOCIATION 1. BUSINESS NAME AND DOMICILE OF LIMITED COMPANY REDGATE ASSET MANAGEMENT AS ARTICLES OF ASSOCIATION 1. BUSINESS NAME AND DOMICILE OF LIMITED COMPANY 1.1. Business name of the limited company (hereinafter Company ) shall be REDGATE ASSET MANAGEMENT AS.

More information

GUARANTEE OF LOANS (COMPANIES) ACT

GUARANTEE OF LOANS (COMPANIES) ACT GUARANTEE OF LOANS (COMPANIES) ACT CHAPTER 71:82 Act 21 of 1969 Amended by 52 of 1970 1 of 1980 Current Authorised Pages Pages Authorised (inclusive) by L.R.O. 1 8.. L.R.O. 2 Chap. 71:82 Guarantee of Loans

More information

A-Z GUIDE THE NEW DANISH COMPANIES ACT. U p d a t e d S e p t e m b e r 2 0 1 3

A-Z GUIDE THE NEW DANISH COMPANIES ACT. U p d a t e d S e p t e m b e r 2 0 1 3 A-Z GUIDE THE NEW DANISH COMPANIES ACT U p d a t e d S e p t e m b e r 2 0 1 3 Table of Contents A... 3 B... 3 C... 4 D... 5 E... 6 F... 7 G... 8 I... 8 L... 9 M... 11 N... 12 O... 13 P, Q... 13 R... 15

More information

The Netherlands as a corporate base. Your guide for international operations

The Netherlands as a corporate base. Your guide for international operations The Netherlands as a corporate base Your guide for international operations Global reach. Local knowledge. Why is this important. An international business sees the big global picture, and combines that

More information

BAM regulations on the holding of and effecting transactions in shares and certain other financial instruments

BAM regulations on the holding of and effecting transactions in shares and certain other financial instruments BAM regulations on the holding of and effecting transactions in shares and certain other financial instruments Contents Page Recitals 3 Chapter I Introduction 3 Article 1 Definitions 3 Article 2 Scope

More information

Some of the novelties of the draft law on bankruptcy proceedings in Albania

Some of the novelties of the draft law on bankruptcy proceedings in Albania Some of the novelties of the draft law on bankruptcy proceedings in Albania 1. Introduction. The working group on preparation of the draft law on bankruptcy proceedings took into account: The research

More information

Real Estate Investment Funds Regulations

Real Estate Investment Funds Regulations Real Estate Investment Funds Regulations Contents Part 1 : Preliminary Provisions Article 1 : Preliminary... 5 Article 2 : Definitions... 5 Part 2 : Authorization Article 3 : Authorization Requirements...

More information

TAXATION OF FINANCIAL INSTRUMENTS

TAXATION OF FINANCIAL INSTRUMENTS 2 Ing. Katarína Vavrová Faculty of Business Management University of Economics in Bratislava Investment in securities is influenced not only by the relation between the intrinsic value and market price

More information

Article 56 of the Bank of Russia Law.

Article 56 of the Bank of Russia Law. As of October 1, 2015 No. Commentary Relevant laws and regulations 1. Duties and powers of banking supervision 1.1 Banking supervisory Bank of Russia Articles 4 and 56 of authority Federal Law No. 86-FZ,

More information

Memorandum Belgian Limited Liability Company

Memorandum Belgian Limited Liability Company Memorandum Belgian Limited Liability Company Memorandum Belgian Limited Liability Company Introduction Belgium knows two main types of limited liability companies. Other company types exist but are not

More information

Roche Capital Market Ltd Financial Statements 2009

Roche Capital Market Ltd Financial Statements 2009 R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,

More information

2013 Edition. The Annual Accounts in the Netherlands A guide to Title 9 of the Netherlands Civil Code

2013 Edition. The Annual Accounts in the Netherlands A guide to Title 9 of the Netherlands Civil Code 2013 Edition The Annual Accounts in the Netherlands A guide to Title 9 of the Netherlands Civil Code Deloitte The Annual Accounts in the Netherlands A guide to Title 9 of the Netherlands Civil Code Editorial

More information

STATUTES INPRO SPÓŁKA AKCYJNA GENERAL PROVISIONS

STATUTES INPRO SPÓŁKA AKCYJNA GENERAL PROVISIONS STATUTES INPRO SPÓŁKA AKCYJNA GENERAL PROVISIONS 1 1. The Company came into being as a result of the transformation of the limited liability under the business name of Przedsiębiorstwo Budowlane "INPRO"

More information

Roche Finance Europe B.V. - Financial Statements 2013

Roche Finance Europe B.V. - Financial Statements 2013 Roche Finance Europe B.V. - Financial Statements 2013 0 Financial Statements 2011 Roche Finance Europe B.V. Management Report 1. Review of the year ended 31 December 2013 General Roche Finance Europe B.V.,

More information

CIVIL CODE OF AZERBAIJAN. (unofficial translation)

CIVIL CODE OF AZERBAIJAN. (unofficial translation) CIVIL CODE OF AZERBAIJAN (unofficial translation) Article 87. Limited Liability Company 87.1. A limited liability company means company established by one or more persons (natural persons and (or) legal

More information

The Bratislava Stock Exchange IPO Overview

The Bratislava Stock Exchange IPO Overview The Bratislava Stock Exchange IPO Overview Bratislava Stock Exchange (hereinafter referred to as BSSE ) was founded in 1991, in conformity with a decree of the Ministry of Finance of the Slovak Republic

More information

NOTICE OF JOINT SHAREHOLDERS MEETING

NOTICE OF JOINT SHAREHOLDERS MEETING SOCIETE GENERALE A French limited liability company with share capital of EUR 542 691 448,75 Head office: 29, boulevard Haussmann 75009 Paris 552 120 222 R.C.S. Paris NOTICE OF JOINT SHAREHOLDERS MEETING

More information

The GmbH A Guide to the German Limited Liability Company

The GmbH A Guide to the German Limited Liability Company The GmbH A Guide to the German Limited Liability Company by Klaus J. Müller Verlag C.H.Beck Kluwer Law International 2006 Preface Overview of Contents Table of Contents Abbreviations Table of Contents

More information

Companies Law of the People's Republic of China

Companies Law of the People's Republic of China Companies Law of the People's Republic of China Order of the President of the People s Republic of China No. 42 The Companies Law of the People s Republic of China has been revised and adopted at the 18th

More information

Guide on. Winding up / Dissolution. of Companies

Guide on. Winding up / Dissolution. of Companies SEC Guide SERIES SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Guide on Winding up / Dissolution of Companies NIC Building, Jinnah Avenue, Islamabad, Pakistan Ph. No. : 051-9207091-4, Fax: 051-9204915

More information

Rules of Alternative Trading System organised by the BondSpot S.A.

Rules of Alternative Trading System organised by the BondSpot S.A. Rules of Alternative Trading System organised by the BondSpot S.A. text according to legal condition at 1 January 2013 Only the Polish version of these documents is legally binding. This translation is

More information

MINISTRY OF FOREIGN AFFAIRS AND EUROPEAN INTEGRATION CROATIAN PARLIAMENT

MINISTRY OF FOREIGN AFFAIRS AND EUROPEAN INTEGRATION CROATIAN PARLIAMENT CROATIAN PARLIAMENT 3136 Pursuant to Article 88 of the Constitution of the Republic of Croatia, I hereby issue the DECISION PROMULGATING THE ACT ON AMENDMENTS TO THE COMPANIES ACT I hereby promulgate the

More information

ACT ON PAYMENT SERVICES

ACT ON PAYMENT SERVICES 492 ACT ON PAYMENT SERVICES The full text of Act No 492/2009 Coll. on payment services and on amendments to certain laws, as amended by Act No 130/2011 Coll., Act No 394/2011 Coll., Act No 520/2011 Coll.,

More information

GLOBAL FORUM ON LAW, JUSTICE AND DEVELOPMENT (GFLJD) COMMUNITY OF PRACTICE QUESTIONNAIRE ON INSOLVENCY LAW AND COMPANY LAW

GLOBAL FORUM ON LAW, JUSTICE AND DEVELOPMENT (GFLJD) COMMUNITY OF PRACTICE QUESTIONNAIRE ON INSOLVENCY LAW AND COMPANY LAW GLOBAL FORUM ON LAW, JUSTICE AND DEVELOPMENT (GFLJD) COMMUNITY OF PRACTICE QUESTIONNAIRE ON INSOLVENCY LAW AND COMPANY LAW I. Introductory questions on the insolvency procedures available in the relevant

More information

Comparison of Voluntary Liquidation Procedures in the British Virgin Islands, the Cayman Islands and Jersey

Comparison of Voluntary Liquidation Procedures in the British Virgin Islands, the Cayman Islands and Jersey Comparison of Voluntary Liquidation Procedures in the British Virgin Islands, the Cayman Islands and Jersey Introduction In light of recent changes to UK tax on residential property it may in certain circumstances

More information

Financial report 2014. Deutsche Bahn Finance B.V. Amsterdam

Financial report 2014. Deutsche Bahn Finance B.V. Amsterdam Financial report 2014 Deutsche Bahn Finance B.V. Table of contents Annual report of the directors 3 Balance sheet as at 31 December 2014 4 Profit and loss account for the year ended 31 December 2014 6

More information

Seminar on Overview of Regulations for Companies and Corporate Governance Regulations in Saudi Arabia

Seminar on Overview of Regulations for Companies and Corporate Governance Regulations in Saudi Arabia Seminar on Overview of Regulations for Companies and Corporate Governance Regulations in Saudi Arabia Karim Nassar Zahi Younes Omar Iqbal Baker & McKenzie Limited is a member firm of Baker & McKenzie International,

More information

Unaudited financial report for the. sixt-month period ended 30 June 2015. Deutsche Bahn Finance B.V. Amsterdam

Unaudited financial report for the. sixt-month period ended 30 June 2015. Deutsche Bahn Finance B.V. Amsterdam Unaudited financial report for the sixt-month period ended 30 June 2015 Deutsche Bahn Finance B.V. Table of contents Annual report of the directors 3 Balance sheet as at 30 June 2015 4 Profit and loss

More information

Law on the Deposit Insurance Agency (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation)

Law on the Deposit Insurance Agency (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation) Law on the Deposit Insurance Agency (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation) I. GENERAL PROVISIONS Article 1 This Law governs the status, organization, powers

More information

Act on Mortgage Credit Banks 23.12.1999/1240. Chapter 1 General provisions. Section 1 Definition of a mortgage credit bank

Act on Mortgage Credit Banks 23.12.1999/1240. Chapter 1 General provisions. Section 1 Definition of a mortgage credit bank (Unofficial translation, amendments up to 645/2006 included) Act on Mortgage Credit Banks 23.12.1999/1240 Chapter 1 General provisions Section 1 Definition of a mortgage credit bank A mortgage credit bank

More information

Unaudited financial report for the six-month period ending 30 June 2015. RWE Finance B.V. s-hertogenbosch, the Netherlands

Unaudited financial report for the six-month period ending 30 June 2015. RWE Finance B.V. s-hertogenbosch, the Netherlands Unaudited financial report for the six-month period ending 30 June 2015 RWE Finance B.V. s-hertogenbosch, the Netherlands Content Interim report of the directors 3-5 Interim report of the directors 4-5

More information

ANNOUNCEMENT OF THE MANAGEMENT BOARD OF mbank S.A. WITH ITS REGISTERED SEAT IN WARSAW ON CONVENING THE ORDINARY GENERAL MEETING

ANNOUNCEMENT OF THE MANAGEMENT BOARD OF mbank S.A. WITH ITS REGISTERED SEAT IN WARSAW ON CONVENING THE ORDINARY GENERAL MEETING ANNOUNCEMENT OF THE MANAGEMENT BOARD OF mbank S.A. WITH ITS REGISTERED SEAT IN WARSAW ON CONVENING THE ORDINARY GENERAL MEETING The Management Board of mbank S.A. with its registered seat in Warsaw (the

More information

Companies Act Contents Title 24 Shares must not impose liabilities on 1 Short Title holder Part 1 Preliminary provisions

Companies Act Contents Title 24 Shares must not impose liabilities on 1 Short Title holder Part 1 Preliminary provisions Companies Act 2006 Contents Title 24 Shares must not impose liabilities on 1 Short Title holder Part 1 Preliminary provisions Issue of shares 25 Issue of initial shares 2 Commencement 26 Issue of other

More information

Act), currently available in Danish only. Danish Act on Public and Private Limited Companies (the Danish Companies Act) 1)

Act), currently available in Danish only. Danish Act on Public and Private Limited Companies (the Danish Companies Act) 1) Please note that the Danish Companies Act will come into force in phases and that some of its provisions are therefore not yet effective. The first parts of the Act came into force on 1 March 2010. See

More information

STATUTORY INSTRUMENTS. S.I. No. 21 of 2007 EUROPEAN COMMUNITIES (EUROPEAN PUBLIC LIMITED LIABILITY COMPANY) REGULATIONS 2007

STATUTORY INSTRUMENTS. S.I. No. 21 of 2007 EUROPEAN COMMUNITIES (EUROPEAN PUBLIC LIMITED LIABILITY COMPANY) REGULATIONS 2007 STATUTORY INSTRUMENTS. S.I. No. 21 of 2007 EUROPEAN COMMUNITIES (EUROPEAN PUBLIC LIMITED LIABILITY COMPANY) REGULATIONS 2007 (Prn. A7/0048) 2 [21] S.I. No. 21 of 2007 EUROPEAN COMMUNITIES (EUROPEAN PUBLIC

More information

TERMS AND CONDITIONS OF AGREEMENT FOR CREDIT CARD WITH FIXED PAYMENT Valid as of 01.01.2012

TERMS AND CONDITIONS OF AGREEMENT FOR CREDIT CARD WITH FIXED PAYMENT Valid as of 01.01.2012 1. GENERAL PROVISIONS 1.1 Agreement for credit card with fixed payment (hereinafter the Agreement) regulates the rights and obligations for using a credit card issued by (hereinafter the Bank). 1.2 A credit

More information

AMSN444080/

AMSN444080/ Unofficial translation of the continuous text of the articles of association of Stichting Continuïteit NN Group as they read after the execution of the deed of incorporation before Dirk-Jan Jeroen Smit,

More information

A partnership having one or more general partners and one or more limited partners.

A partnership having one or more general partners and one or more limited partners. 1. Definition A business association of two or more persons to conduct a business unless formed under any other statute. A partnership having one or more general partners and one or more limited partners.

More information

Issues and corporate actions in the book-entry system Decision of Euroclear Finland s CEO. To: Issuers Account operators Issuer agents

Issues and corporate actions in the book-entry system Decision of Euroclear Finland s CEO. To: Issuers Account operators Issuer agents Issues and corporate actions in the book-entry system Decision of Euroclear Finland s CEO To: Issuers Account operators Issuer agents Reference to the Rules: 2.1.13, 3.1.11, 3.1.12,3.1.13, 3.1.14, 3.1.19

More information

Winding Up of Companies

Winding Up of Companies Winding Up of Companies 1. Introduction 2. Winding Up & Dissolution 3. Reasons for Winding Up A Company 4. Modes of Winding Up A Company 5. Grounds for Compulsory Winding Up 6. Power of the Court after

More information

Report on compliance with the Corporate Governance Rules of the Warsaw Stock Exchange for the year 2008 in Cinema City International N.V.

Report on compliance with the Corporate Governance Rules of the Warsaw Stock Exchange for the year 2008 in Cinema City International N.V. Report on compliance with the Corporate Governance Rules of the Warsaw Stock Exchange for the year 2008 in Cinema City International N.V. Introduction In compliance with 29 sec. 5 of the Warsaw Stock Exchange

More information

DRAFT DE BRAUW UNOFFICIAL TRANSLATION AMENDMENT TO THE ARTICLES OF ASSOCIATION ASML HOLDING N.V. (Part I)

DRAFT DE BRAUW UNOFFICIAL TRANSLATION AMENDMENT TO THE ARTICLES OF ASSOCIATION ASML HOLDING N.V. (Part I) DRAFT DE BRAUW UNOFFICIAL TRANSLATION AMENDMENT TO THE ARTICLES OF ASSOCIATION ASML HOLDING N.V. (Part I) On [ ] two thousand and twelve appears before me, Professor Martin van Olffen, notaris (civil-law

More information

FINANCIAL REPORT 2010 of KBC INTERNATIONAL FINANCE N.V. CURAÇAO, NETHERLANDS ANTILLES

FINANCIAL REPORT 2010 of KBC INTERNATIONAL FINANCE N.V. CURAÇAO, NETHERLANDS ANTILLES FINANCIAL REPORT 2010 of KBC INTERNATIONAL FINANCE N.V. CURAÇAO, CONTENTS Financial report Directors report 1 Financial statements Balance sheet as at December 31, 2010 3 Profit and loss account for the

More information

Summary of key differences between Luxembourg and Swedish corporate law, as per 22 June 2011

Summary of key differences between Luxembourg and Swedish corporate law, as per 22 June 2011 Summary of key differences between Luxembourg and Swedish corporate law, as per 22 June 2011 Millicom International Cellular S.A. ("Millicom") is a company incorporated and governed under the laws of the

More information