Page 81 - Albanian law on entrepreuners and companies - text with with commentary

Article 33
Scope of Management
(1) The management right shall comprise all transactions carried out during the
regular conduct of company business.
(2) Transactions which are beyond the scope of authority referred by paragraph 1
require approval of all partners.

Article 34
Transfer of Management Rights
No partner may transfer his management rights to a third party, unless all the
other partners so approve.

Article 35
Notice and Revocation of Management Rights
(1) A Managing Director may terminate his duties on reasonable grounds sending
his notice in time to allow for continuation of transactions by other Managing Directors,
unless an important reason legitimates untimely notice.
(2) Management authority may be revoked by decision of the competent court
requested by the other partners, if legitimated on reasonable grounds including gross
violation of duties or incapacity to perform managerial duties regularly.

Article 36
Decision Making by Partners
(1) Where a decision can only be made with the consent of named partners the
consent of all named partners is required unless they have a conflict of interest.
(2) In case the Statute allows for decision-making by majority vote, the majority
shall be a simple majority.

Article 37
Profit and Loss
(1) At the end of each business year the annual statement of accounts is prepared,
ascertaining profits or losses and each partner’s share herein.
(2) Each partner is entitled to an equal share of any profits and shall contribute
equally to any losses resulting from the partnership.

TITLE III
LEGAL RELATIONSHIP OF PARTNERS WITH THIRD PARTIES

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