{"id":18825,"date":"2019-10-14T15:37:49","date_gmt":"2019-10-14T13:37:49","guid":{"rendered":"https:\/\/www.e2.law\/?post_type=legalconcepts&#038;p=18825"},"modified":"2024-03-19T11:16:12","modified_gmt":"2024-03-19T09:16:12","slug":"unique-director-of-a-public-limited-company-societe-anonyme-nameloze-vennootschap","status":"publish","type":"legalconcepts","link":"https:\/\/www.e2.law\/en\/legalconcepts\/unique-director-of-a-public-limited-company-societe-anonyme-nameloze-vennootschap\/","title":{"rendered":"Unique director  of a public limited company (Soci\u00e9t\u00e9 Anonyme\/nameloze vennootschap)"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1144px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\"><p>Under\u00a0 the\u00a0 new\u00a0 Belgian\u00a0 Code\u00a0 of\u00a0 Companies\u00a0 and\u00a0 Associations\u00a0 (CSA)\u00a0 applicable\u00a0 since 1 May 2019 &#8211; with the exception of\u00a0 certain\u00a0 transitional\u00a0 provisions\u00a0 &#8211;\u00a0 a\u00a0 public\u00a0 limited company may have only one director, whereas previously three directors were required. In addition, of course, the following\u00a0 possibility\u00a0 remains \u00a0open:\u00a0 a\u00a0 single-level\u00a0 board of directors (through a collegial board of directors), a two-level\u00a0 board\u00a0 of\u00a0 directors\u00a0 (supervisory\u00a0 board\u00a0 and\u00a0 management board).<\/p>\n<p>The articles of association of a corporation\u00a0 may\u00a0 now\u00a0 stipulate\u00a0 that\u00a0 the\u00a0 corporation\u00a0 is managed by a single director, who may or may\u00a0 not\u00a0 be\u00a0 appointed\u00a0 in\u00a0 the\u00a0 articles\u00a0 of association (Article 7:101 CSA). A statutory director is\u00a0 therefore\u00a0 possible\u00a0 with\u00a0 the possibility that the articles of association provide that the sole director is\u00a0 jointly\u00a0 and severally liable for the company&#8217;s obligations, or that his consent\u00a0 is\u00a0 required\u00a0 for\u00a0 any amendment of the articles of association, for any distribution to shareholders or for his\u00a0\u00a0\u00a0\u00a0 own\u00a0 resignation\u00a0 (veto right).<\/p>\n<p>However, even if, according to the Statutes, the sole director must accept his resignation, the General Assembly may terminate his mandate without his consent, subject to compliance with the conditions of presence and majority for an amendment of the Statutes, if there are legitimate reasons for doing so (Article 7:101 \u00a74\u00a0 CSA).<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"featured_media":0,"template":"","categories":[1],"tags":[],"class_list":["post-18825","legalconcepts","type-legalconcepts","status-publish","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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