Amendment to the Commercial Code: Authorisation to carry out business management, limitation od damage compensation, registered office of entrepreneurs, signature specimen
Sunday, 28 July 2013 15:06

On 1.1.2012, an amendment of Act No. 513/1991 Coll., the Commercial Code, became effective, introducing several major changes. The most significant include:

- new Section § 66d of the Commercial Code stipulates that the statutory body of a company may authorise another entity to fully or partially carry out the company´s business management; such activities may also be performed within the framework of an employment relationship pursuant to special legal regulations by the company´s employee who may simultaneously act as the company´s statutory body or a member thereof;

- the amendment allows the possibility to conclude an agreement on waiving or limiting the right to damage compensation, even prior to the breach of obligation that may result in the damage occurrence; however, it is impossible prior to the breach of obligation that may result in the damage occurrence to waive or limit the right to compensation of damage caused by wilful conduct;

- entrepreneurs are obliged to have a legal title for the use of premises registered in the Commercial Register as their registered office or place of business for the entire period when such premises are registered in the Commercial Register; if an entrepreneur-legal entity has no valid legal title for the use of such premises and fails to arrange for remedy upon a court´s request, the court shall be netitled to wound up such company and order its liquidation (Section 29 (6) of the Commercial Code);

- it is no longer required to deposit signature specimen in the Collection of Documents of persons authorised to act on behalf of a legal entity; upon request of affected persons, the register courts shall remove signature specimen from Collection of Documents of persons authorised to act on behalf of the legal entity, if such signature specimen were deposited in the Collection of Documents prior to the effectiveness date of the amendment.

 
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