Act No. 458 / 2016 Coll.
Act amending Act No. 90 / 2012 Coll., on Companies and Cooperatives (Act on Commercial Corporations)
Valid
Law
Effective from 14.01.2017
Text versions:
14.01.2017
30.12.2016
458
THE LAW
of 19 December 2016
amending Act No. 90 / 2012 Coll., on Companies and Cooperatives (Act on Commercial Corporations)
Parliament has decided on this law of the Czech Republic:
Act No. 90 / 2012 Coll., on Companies and Cooperatives (Commercial Corporation Act) is amended as follows:
1. Paragraph 448 (1) and (2) read:
"(1) Unless otherwise determined by the Statutes, the Supervisory Board shall have three members. The number of members of the Supervisory Board must be divisible by three if it is a company with more than 500 employees in employment.
(2) The members of the Supervisory Board are elected and dismissed by the General Meeting, unless otherwise provided for by this Law or other legislation. In the case of a company with more than 500 employees in employment, two thirds of the members of the Supervisory Board shall be elected by the general meeting and one third by the company's staff. The statutes may specify a higher number of members of the Supervisory Board elected by the staff, but this number may not be greater than the number of members elected by the general meeting; they may also determine that the staff members shall elect a part of the members of the Supervisory Board, even if the number of employees of the company is smaller. ';
2. In Paragraph 448, the following paragraphs 3 and 4 are inserted after paragraph 2:
"(3) Only employees working with the company have the right to elect members of the Supervisory Board.
(4) A member of the Supervisory Board elected by the staff member may be dismissed. Paragraph 3 shall apply mutatis mutandis to the removal of a staff member from the Supervisory Board. ';
Paragraphs 3 to 5 shall be renumbered paragraphs 5 to 7.
Transitional provision
A company with more than 500 employees in employment shall bring the arrangements of the Statutes and the composition of the Supervisory Board into line with this Act within 2 years of the date of entry into force of this Act. If it does not do so, the Registry Court shall invite it to do so and provide for an additional reasonable period of time in the invitation to fulfil that obligation, otherwise the Court may, on its own motion, abolish the company and order its liquidation.
Efficacy
This Act shall take effect on the 15th day following its publication.
Hamlet v. r.
Zeman v. r.
Sobotka v. r.
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Regulation Information
| Citation | Act No. 458 / 2016 Coll., amending Act No. 90 / 2012 Coll., on Commercial Companies and Cooperatives (Commercial Corporation Act) |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 30.12.2016 |
|---|---|
| Effective from | 14.01.2017 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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