Newsletter
CLARIFICATION ON SUPERVI-SORS CONVENING A SHARE-HOLDERS' MEETING
Article 220 of the Company Law, as recently amended, provides that the supervisors of a company have the power to convene a share-holders' meeting if the board of directors fails to convene one or is unable to do so, or if it is necessary in the company's interest. If a super-visor convenes a shareholders' meeting unnec-essarily, this differs from a situation in which a shareholders' meeting is convened by a person who does not have the power to convene one.
Therefore the only question that arises in this respect is whether the procedure by which the meeting was convened was in breach of the relevant provisions, and whether accordingly, under Article 189 of the Company Law, the shareholders may petition the court to annul a resolution made by such a meeting. Such a pe-tition must be made within 30 days following the date of the resolution, and the resolution remains effective until being annulled.