Page 310 - Albanian law on entrepreuners and companies - text with with commentary

Article 17: Special Investigation
Any person(s) qualified to request the nomination or replacement of a special auditor under
Article 91 of the Law shall do so by filing a document, certified notarially that he/she(they)
is/are qualified to take the relevant course of action and deposit it at the registered seat of the
company.

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 five years in accordance with Articles 81 (1) no. 3, 95 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.
(2) Restrictions on the nomination of Managing Directors are provided by Article 95 (2) of
the Law.
(2) The following persons are nominated the first Managing Directors until election by the
first ordinary General Meeting
(Identification data and specimen of signature):
- …
- …
…
(3) Managing Director …… shall be nominated Chairman/woman at Managing Director’s
meetings until election by the first ordinary meeting.

Article 19: Powers of Managing Directors
(1) The business of the company shall be managed by the Managing Directors who may
exercise all the powers of the company not reserved to the General Meeting by Article 81 of
the Law. No alteration of the Statute and no direction by the General Meeting 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.
(2) The Managing Directors may delegate any of their powers to any committee consisting
of one or more Managing Directors. Any such delegation may be made subject to any
conditions the Managing Directors may impose, and may be revoked or altered. The
Directors may not delegate any duty to which they are subject by the provisions of the law.

Article 20: Disqualification and Removal of Managing Directors
(1) The office of a Managing Director shall be vacated if
1 .he/she ceases to be a Managing Director by virtue of any provision of the Law including
Article 95, paragraph 6.
2. he/she enters into any insolvency;

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