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General Shareholders Meeting

The General Shareholders Meeting (“GM”) is part of an organizational structure that includes the Manager(s) and the Supervisory Board (if established) in the Limited Liability Company (“LLC”).

Division of Duties: The main duties of the GM are the appointment of the Manager(s), approval of financial statements, resolution on profit distribution, appointment of external auditors, and amendments to the Bylaws.

Composition: The GM is formed by the Company’s Shareholders.

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Appointment/Dismissal Competence: The first Shareholders in the Company are mentioned in the Bylaws but for any subsequent change, it will be necessary to modify the Corporate Books. The inclusion or dismissal of a Shareholder is agreed upon with the unanimous vote by way of a public deed of assignment of Shares signed by the Company’s legal representative and the rest of the Shareholders.

Alternates: There are no alternates for Shareholders, however, a proxy may be appointed by means of a POA.

NB! The processes for appointment and dismissal to the General Meeting are not described in more detail at the LCB site.

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Bustamante & Bustamante has provided all input about changing board members in Ecuador [...]. Founded in 1956, Bustamante & Bustamante is a full service law firm based in Quito, Ecuador, with worldwide correspondence connections. The Firm is composed of over 35 attorneys and more than 70 support staff members, and provides continuous and integral legal and accountings services to national and foreign clients, including multinational companies, mutual funds, foreign governments and multilateral institutions.

For more information about Bustamante & Bustamante and changing board members in Ecuador, please use the below contacts:

TEL: (593) 22562680 ext 255
EMAIL: jrbc@bustamante.com.ec
WEB: www.bustamanteybustamante.com.ec