Personal data protection in Serbia – the legal framework

Personal data protection in Serbia was regulated by the provisions of the Law on Personal Data Protection and, in some cases, by the provisions of REGULATION (EU) 2016/679 OF THE EUROPEAN PARLIAMENT AND COUNCIL of April 27, 2016, on the protection of individuals in the processing of personal data and the free movement of such data and the repeal of Directive 95/46/EC (General Data Protection Regulation).

The General Data Protection Regulation (from now on GDPR) started with implementation within European Union on May 25, 2018. The Law on Personal Data Protection, which entered into force on November 21, 22018 and started with implementation on August 21, 2019, adopt the majority of principles and standards of GDPR. Continue reading Personal data protection in Serbia – the legal framework

Additional payments of the company member

Additional payments, as well as the loan to the company is one of the several possible ways of financing the company by a member of the company.

The provisions of Articles from 178 to 180 of the Companies Act regulates the following issues related to additional payments: manner of establishing the additional payment obligation, consequences of failure to make additional payment and return of additional payments.

Manner of Establishing the Additional Payment Obligation

The memorandum of association or the resolution of the company’s general meeting may prescribe an obligation on the part of company members, in addition to paying up the subscribed share capital, to make additional payments to the company in proportion to the value of their share in the company. Continue reading Additional payments of the company member

Procuration

Concept of Procuration

Procuration is a business power of attorney whereby a company authorizes one or more natural persons (hereinafter referred to as: the procurator) to conclude legal transactions and take other legal actions in its name and on its behalf.

Exceptionally, procuration may be issued for the company’s branch only.

Procuration is not transferrable and a procurator may not issue a power of attorney to another person.

By the provisions of Articles 35 to 43 of the Companies Act are regulated appointing the procurator, types of procuration, limitations, revocation and cancellation of procuration, as well as liability and limitations of procurator and procuration issued by a sole trader. Continue reading Procuration