Government approves draft law on transformations of firms

(CIANEWS) - The government has approved the draft law on transformations of companies and cooperatives submitted by the Ministry of Justice of the Czech Republic. The main objective is to incorporate into the Czech legal system the new European directive, which regulates cross-border relocation of the registered office, cross-border mergers and cross-border divisions, but also responds to the findings of practice. Among other things, the bill reduces the qualified majority required to approve a division to 75% of the votes of shareholders present at a general meeting.



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