aining 50 percent due within one year;
В· The Law stipulates that a partners 'meeting be held at least annually. Special meetings may be called at the request of partners or directors of the firm;
В· Partners 'meetings are required to consider issues such as amendments to regulations, reorganization or liquidation of the company, appointment of directors, and so on;
В· Day-to-day management of the company is carried out by one or more directors who are appointed and dismissed by the general meeting or the supervisory board, when such a board is established at the discretion of the general partners meeting;
В· A partner may sell his shares without seeking consent of other partners, unless otherwise stated in the charter of the company;
В· Partners who posses 5 percent and more of the equity capital are authorized to call a general meeting.
Provisions of the Law on Entrepreneurs for Joint Stock Companies (JSC):
В· An entity with more than 50 partners is required to have a legal form of a Joint Stock Company (JSC);
В· Minimum equity capital for JSC is 15,000 GEL;
В· A JSC with more than 100 shareholders is required to maintain its share registry through an independent registrar (In 2003 amendments were adopted into the law requiring that a JSC with more than 50 shareholders is required to maintain its share registry through an independent registrar);
В· A general shareholders ' meeting must be held in two months time form publishing annual financial accounts;
В· A general shareholders ' meeting is entitled to elect the supervisory board members, make amendments into the charter of the company, approve the annual report presented by the company directors, elect auditors and so on;
В· Creation of a supervisory board is mandatory for a JSC. Supervisory boards must have between 3 and 21 members, but the number must be divisible by 3. The Law provides for representation of company staff on the supervisory board (up to 1/3 of the members);
В· Supervisory board is elected for the period of 4 years. The company directors may not be the members of the supervisory board;
В· Supervisory board meeting must be held al least once in a quarter;
В· Day-to-day management of the company is carried out by one or more directors who are appointed and dismissed by the supervisory board;
В· Supervisory board oversees the activities carried out by the company directors, checks the annual financial accounts, appoints and dismisses the company directors, etc.;
В· The consent of the supervisory board is needed to conduct the following activities: purchasing or selling more than 50% share of entities, purchasing or selling the assets of the company...
