SECTION 853-1

The simplified public limited company is formed by one or more shareholders and whose articles of association freely prescribe the organization and operation of the company subject to the mandatory rules of this book. Shareholders of a simplified public limited company are liable for the company debts only to the extent of their contributions and their rights are represented by shares. Where such a company has a single shareholder, it is referred to as a “sole shareholder”. The sole shareholder shall exercise the powers devolved to shareholders where this book provides for a collective decision-making. All decisions taken by the sole shareholder and that may be subject to legal publicity if they were taken by a meeting shall be published following the same formalities.