|Company Act Article 131Aug. 1, 2018|
The promoters, after having subscribed in the first issue to the total number of shares, shall make full payment for the numbers of shares respectively subscribed to, and elect directors and supervisors. "The provisions of Article 198 shall apply mutatis mutandis to the aforesaid election.
Equity capital to be contributed other than cash by promoters may be in the form of the property or technical know-how required by the business of the company.
|Company Act Article 198Aug. 1, 2018|
In the process of electing directors at a shareholders' meeting, the number of votes exercisable in respect of one share shall be the same as the number of directors to be elected, and the total number of votes per share may be consolidated for election of one candidate or may be split for election of two or more candidates. A candidate to whom the ballots cast represent a prevailing number of votes shall be deemed a director elect.
The provision of Article 178 hereof shall not apply to the voting power referred to in the preceding Paragraph.
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Provided by Kingdoms Law