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General Stockholders Meeting

The General Stockholders Meeting (“GM”) is part of an organizational structure which includes the Manager(s) and the Board of Directors (“BoD”) in the Stock Company.

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

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

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Appointment/Dismissal Competence: The Stockholders are recorded in the Company’s Stock Ledger. The inclusion or dismissal of a Stockholder requires a note of assignment addressed to the Manager and the assignment noted in the Stock Ledger. The unanimous vote of the other Stockholders is not required.

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