Page 267 - Albanian law on entrepreuners and companies - text with with commentary

for three consecutive years in accordance with Article 135 (2) no. 4 of the Law. The
nomination shall be individually the subject of an ordinary resolution which, if passed leads
to the election of the nominated person as Statutory Auditor.
(2) During the term of appointment, the statutory auditors may only be dismissed on
reasonable grounds. Divergence of opinions on accounting treatments or audit procedures
proper shall not be proper grounds for dismissal.
(2) The statutory auditor or audit firm shall report to the Supervisory Board’s audit
committee as of Article 20 (3) of this Statute on key matters arising from the statutory audit,
and in particular on material weaknesses in internal control in relation to the financial
reporting process.
(4) The following persons are nominated the first Statutory Auditors until election by the
first ordinary General Meeting in accordance with Article 135 (2) no. 3 of the Law
(Identification data):
- …..
- …..
- …..
- …..
- …..

Title IV
Managing Directors

Article 18: Nomination of Managing Directors
(1) The General Meeting nominates one or more natural persons to be Managing Directors
for three years in accordance with Articles 135 (2), 167 (2), 158 of the Law. The
nominations shall be individually the subject of an ordinary resolution which, if passed leads
to the election of the nominated person as Managing Director. The Managing Director may
be dismissed at any time by the General Meeting but without prejudice to any rights held
under an employment contract with the company.
(2) Members of the Supervisory Board may not be nominated Managing Directors. Other
restrictions on the nomination of Managing Directors are provided by Article 158 (2) of the
Law.
(3) The following persons are nominated the first Managing Directors until election by the
first ordinary General Meeting
(Identification data and specimen of signature):
- ….. - …..
- ….. - …..
- ….. - …..
- ….. - …..
- ….. - …..
(4) Managing Director ….. shall be nominated Chairman at Managing Directors’ meetings.

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