Page 283 - Albanian law on entrepreuners and companies - text with with commentary

no. 3, 155 (2) 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 member of the
Board of Directors. The Board members 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) The majority of the Board shall be independent and non-Managing Directors in accordance
with Article 155 (1) and (4) of the Law.
(3) The Directors may appoint a person who is willing to act to be a Director, either to fill a
vacancy or as an additional Director, provided that the appointment does not cause the number
of Directors to exceed the number mentioned in the previous paragraph. A Director so
appointed shall hold office only until the next following annual General Meeting.
(4) The following persons are nominated the first Board Members until election by the first
ordinary General Meeting in accordance with Article 135 (2) no. 3 of the Law:
(Identification data):
-
-
-
…

Article 19: Nomination of Managing Directors
(1) The Board of Directors must appoint one or more natural persons to be Managing Directors
and representatives of the company for three years in accordance with Article 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 Board but without prejudice to any rights held under an
employment contract with the company.
(2) Members of the Board may be nominated Managing Directors as long as the majority of the
Board continues to be composed of independent non-managing Directors.
(3) The following persons are nominated the first Managing Directors until appointment by the
first Board of Directors elected by the first ordinary General Meeting in accordance with Article
135 (2) no. 3 of the Law
(Identification data and specimen of signature):
-
-
-
…

Article 20: Powers of the Board and its Committees
(1) The Board of Directors instructs the Managing Directors with respect to the implementation
of business policies and controls their compliance with the law and the Statute. The supervisory
duties of the Board established by Article 154 (1) numbers 2 to 10 and 13 and by Article 154 (2)
may not be delegated to Managing Directors.

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