Directors of limited liability companies, according to the Companies Act

According to the provisions of Article 218 of the Companies Act (“Official Gazette of RS”, no. 36/2011, 99/2011, 83/2014 – other laws, 5/2015, 44/2018, 95/2018, 91/2019 and 109/2021), the legal representatives of the limited liability company are the directors, and there is no possibility that the provisions of Article 218 of the Companies Act (“Official Gazette of RS”, no. 36/2011, 99/2011, 83/2014 – dr. law, 5/2015, 44/2018, 95/2018, 91/2019 and 109/2021) to be derogated or amended.

Companies Act (“Official Gazette of RS”, no. 36/2011, 99/2011, 83/2014 – other laws, 5/2015, 44/2018, 95/2018, 91/2019 and 109/2021) regulates many issues related to directors of a limited liability company such as the number of directors, appointment, representation, management, responsibility, reporting, remuneration, dismissal, resignation, etc.

Number of Directors

A limited liability company (further: company) may have one or more directors who are legal representatives of the company and are registered in the register of business entities per the registration act. Continue reading Directors of limited liability companies, according to the Companies Act

Insurance brokerage undertaking

The conditions for the establishment and operation of insurance brokerage undertakings, as well as the conditions for performing insurance and reinsurance brokerage activities, are regulated by the provisions of the Insurance Law (RS Official Gazette, Nos 139/2014 and 44/2021).

Insurance brokerage activities include insurance and reinsurance brokerage activities.

Insurance brokerage activities shall be activities related to introducing the insured and/or policyholder to an insurance/reinsurance undertaking for the purpose of negotiating the conclusion of an insurance/reinsurance contract, preparation for the conclusion of these contracts, as well as providing help in exercising the rights arising from such contracts, in settlement of claims for damages. Continue reading Insurance brokerage undertaking

Usage of seal in dealing of the business entities

By the provisions of the Act on Amendments and Supplements to the Companies Act (’’Official Herald of RS ‘’, No. 44/2018) were realized the improvement of individual solutions from the valid Companies Act (’’Official Herald of RS ‘’, Nos. 36/2011, 99/2011, 83/2014 – other law and 5/2015) and further harmonization with the EU regulations.

The Act on Amendments and Supplements to the Companies Act (’’Official Herald of RS ‘’, No. 44/2018) entered into force on 09 June 2018, but its implementation began on 01 October 2018, except for the provisions on cross-border mergers and acquisitions of companies, on Societas Europaea and the European economic interest grouping, which will be applicable from 01 January 2022.

Usage of Seal

The obligation to use seal have been abolished to companies for a long time. However, in accordance with certain regulations, the usage of seal still existed as for it was prescribed, so by the amendments and supplements to the Companies Act has been stipulated that an obligation to use the seal in business letters and other documents of the company can not be established to company by specific regulation. Continue reading Usage of seal in dealing of the business entities