Reserved own share and financial instrument

Since April 1, 2020, began implementation of the Law on Amendments to the Companies Act (“Off. Herald of RS”, Nos. 91/2019) by which two new legal institutes for limited liability companies were introduced:

  • reserved own share and
  • financial instrument – right to acquire a share.

Reserved Own Share

A reserved own share of a company within the meaning of the Companies Act shall be considered a share that the company acquires from a member of the company without consideration, for the purpose of granting a financial instrument – right to acquire a share.

A reserved own share cannot be pledged, nor can a reserved own share be disposed of, except in the manner prescribed by law. Continue reading Reserved own share and financial instrument

Expulsion of a Company member

In accordance with the provisions of Companies Act company member can be expelled by resolution of the general meeting or by a court decision.

Expulsion of a Member by Resolution of the General Meeting

Persons who have, under the memorandum of association or otherwise, taken on the responsibility of paying, or entering a certain contribution to the company, are liable to the company for fulfillment of that obligation and are obliged to compensate damage caused to the company by failing or being late to carry out that duty. The memorandum of association, i.e. the articles of association in case of a joint stock company, may stipulate an obligation to pay liquidated damages for untimely performance, or failure to perform the obligation of entering a certain contribution to the company.

If the company member omits to perform his obligation, even in the additional term, the company may pass a decision to expel such member from the company,i.e. in case of a joint stock company, a decision to withdraw and annul without compensation the shares of that shareholder which have not been paid, i.e. for which no in kind contribution has been entered into the company. Continue reading Expulsion of a Company member

Request for just satisfaction as a remedy for the protection of the right to a trial within a reasonable time

The Law on Protection of the Right to a Trial within a Reasonable Time (“Off. Herald of RS”, No. 40/2015) regulates the right to a trial within a reasonable time.

The purpose of the Law on Protection of the Right to a Trial within a Reasonable Time (“Off. Herald of RS”, No. 40/2015) is to provide judicial protection of the right to trial within a reasonable time and thus to prevent the occurrence of the violation of the right to trial within a reasonable time.

Judicial protection of the right to trial within a reasonable time includes the investigation conducted by the public prosecutor in the criminal proceeding.

The following persons are entitled to the right to a trial within a reasonable time: every party in court proceeding, including the enforcement proceeding, every participant pursuant to the law governing non-contentious proceeding, while the following participant in criminal proceeding: the injured party, private plaintiff and injured party, only if they claimed damages in criminal proceeding (hereinafter: the party). Continue reading Request for just satisfaction as a remedy for the protection of the right to a trial within a reasonable time