The ordinary general meeting of shareholders shall take all decisions apart from those that are
expressly reserved by Article 551 of this Uniform Act for extraordinary general meeting of
shareholders and by Article 555 of this Uniform Act for special meetings of shareholders.
It shall in particular be empowered to:
1°) adjudicate on summary financial statements of the fiscal year;
2°) decide on the allocation of income; under penalty of any decision to the contrary being
declared null and void, an allowance equal to at least one-tenth of the fiscal year’s profits
after deduction, where necessary, of previous losses, shall be allocated for the formation of
a reserve fund referred to as “legal reserve”. Such allowance shall no longer be compulsory
where the reserve fund amounts to one-fifth of the company’s registered capital;
3°) appoint the members of the board of directors or the Managing Director and, where
necessary, the assistant managing director, as well as the auditor;
4°) approve or refuse to approve agreements concluded between the company’s managers and
the company;
5°) issue bonds;
6°) approve the auditor’s report provided for by Article 547 of this Uniform Act.
Official translation
Spot-checked
In force from 17 April 1997
Source page 128