Page 181 - Albanian law on entrepreuners and companies - text with with commentary

of statements on other key-data, such as information on the company’s risk
management system, its business prospects, investment plans, technical sources,
organizational and human resources and corporate governance structures and practices.
Paragraphs 3 and 5 of Article 163 apply accordingly.

Article 165
Request for Special Supervisory Duties
(1) Shareholders representing at least 5% of the basic capital or a smaller amount
envisaged by the Statute or company creditors whose unsatisfied claims against the
company amount to at least 5% of the basic capital, may request the board to perform
its supervisory duties with respect to special cases, in particular, when they consider the
lawfulness of the work of the Managing Director as being questioned.
(2) Should the board fail to comply with the request referred to in paragraph 1
within 30 days, shareholders and creditors concerned may initiate the procedure
established by Article 150.

CHAPTER III
MANAGING DIRECTORS AND SUPERVISORY BOARD (TWO-TIER SYSTEM)

Article 166
General Rule
(1) In the two-tier system of administration, the Managing Directors lead the
company and decide on the manner of implementation of the business policy while the
Supervisory Board assesses the policy implementation and controls its compliance with
the law and the Statute.
(2) Based on the general rule for the distribution of functions expressed by
paragraph 1, Articles 154 to 165 apply to the legal position and relations between
Managing Directors and Supervisory Board, with the functions of the Supervisory
Board corresponding to the supervisory functions of the Board of Directors as defined
by Article 167.

Article 167
Composition, Rights, Duties and Liabilities of the Supervisory Board and the Managing
Directors
(1) The Supervisory Board is responsible for all functions listed in letters b) to g)
and i) of the paragraph 1 and for those of the paragraph 2 of Article 154.
(2) Depending on the provisions of the Statute, the Managing Directors may be
elected and dismissed by the General Meeting or by the Supervisory Board in
accordance with paragraphs 1 and 2 of Article 158. As well as the for functions

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