| Abstract [eng] |
Activity of the Companies is organized under mixed system of corporate governance in the Republic of Lithuania. In the Company in any case the General Meeting and at least one of the governing bodies - the Manager or the Board – are constituted. Meanwhile, the Supervisory Board under the existing laws is kept as an optional body of the company and is rather rare in practice. The bodies of the company, carrying out their activities, take various decisions. The analysis of provisions on company law and the decisions of the courts of the Republic of Lithuania showed that the decisions of the bodies shall be considered valid if: 1) they shall not violate the mandatory rules indicated in legal acts or company's founding documents, related to initiation and convening of the meeting and adoption of its decisions; 2) the decision shall not prejudice the rights of any person or the public interest. Article 2.82 of the Civil Code of the Republic of Lithuania provides bases under which the decisions of the bodies of the company may be invalidated under the court decisions, if they: 1) contravene the imperative provisions of the law; 2) contravene founding documents of a legal person; 3) contravene principles of reasonableness and good faith; and 4) violate rights and interests of the creditor. It should be noted that the decision may be revoked only if its consequences can not be removed at any other rational way. Such action in the court can be taken only by indicated subjects, shortened period of limitation is determined for such a claim. |
