"The Shareholders’ General Meeting of LLC (limited liability company) are considered as duly competent if attended by members (representatives of members), which together have more than 50 percent of the vote" – such legal norm is set in the Law of Ukraine that makes alterations to the Law of Ukraine “On Business Associations” (concerning reduction of the quorum of the General Meeting of LLC).
Thus, the quorum of the General Meeting of LLC was reduced from 60% of the votes of its present at this meeting members, up to 50%.
"The adoption of this law will help to protect the rights of members of LLC to participate in the management of the company and will have a positive impact on the investment climate in Ukraine", - is stated in an explanatory note.
The Law also provides that LLC, the authorized capital of which has no state share is able to establishe other percent of votes of members (representatives of members) that are needed to consider the General Meeting as duly competent.
However, this legal provision is not entirely clear, because it does not establish the clear rule about the direction (increase / decrease) in which the LLC is allowed to change the fifty percent mark that is set by the Law.
The Law was adopted by Verkhovna Rada of Ukraine on November 24, 2015 and published in the "Voice of Ukraine" on December 12, 2015.
The Law comes into force on the day following the day of publication.