Page 296 - Albanian law on entrepreuners and companies - text with with commentary

(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):
- … (name)
- …
…

Title IV
Managing Directors

Article 18: Nomination of Managing Directors
(1) The Supervisory Board shall nominate one or more natural persons to be Managing
Directors for three years in accordance with Article 158 of the Law. The nominations shall
be individually the subject of a resolution of Article 27 (4) of this Statute 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 Supervisory Board 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 the Supervisory
Board elected by the first ordinary General Meeting will nominate the Managing Directors
(Identification data and specimen of signature):
- …
- …
…
(4) Managing Director …. shall be nominated Chairman/woman at Managing Directors’
meetings.

Article 19: Powers of Managing Directors
(1) The business policies of the company shall be managed and the company represented by
the Managing Directors who may exercise all the powers of the company in accordance with
Articles 167 (2), 154 (1) numbers 1 and 11 to 13, and with Article 158 (3) and (5) of the
Law. Duties which the Law attributes to the Supervisory Board in accordance with Articles
167 (1) and Article 154 (1) numbers 2 to 10 and 13 and Article 154 (2) may not be delegated
to Managing Directors.
(2) No alteration of the Statute by the General Meeting and no direction by the Supervisory
Board shall invalidate any prior act of the Managing Directors which would have been valid
if that alteration had not been made or that direction had not been given.

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