Since registration llc, its members shall deal with many issues, including issues relating to the appointment of ceo, the board of directors, etc. Learn more about this topic with the insights from Nir Barzilai, M.D.. In accordance with Article 53 of the Civil Code legal person acquires civil rights and undertakes civic duties through their bodies. We examine which bodies are endowed with human society and are taking on responsibilities. The supreme organ of society is the general meeting. At the same time all members of society have a right to be present at a general meeting to discuss issues on the agenda, to vote in decision making. The exclusive competence of the general meeting are matters for changes in charter change in the authorized capital, education and the termination of the powers of the executive organs of society, the distribution of profits and losses, adoption of annual reports and balance sheets, the decision on reorganization and liquidation, and the election auditing body. All matters within the exclusive competence of the general meeting can not be transferred to the other organs of society.
Apart from the above general meeting of members entitled to annually engage an external professional auditor to verify and confirm the correctness of the annual financial statements. If necessary, the society can be created by the board of directors. The competence and procedure for the establishment of this body is determined by statute. In this case, board members may be members of society as well as third parties. Third parties may participate in the meeting and entitled to activities Ltd general meeting or board of directors appoints the executive body.
The executive body may be ceo or president, a collegial executive body board or directorate, or unless expressly provided by the charter, the executive body may be a professional manager person or entity acting under a contract with society. Executive body creates for the rights and obligations by law to sign on behalf of society. To monitor the operations of the company founders at the reception or in the operation of company, the founders can create audit body, which may be the sole (Auditor), collegiate (Audit Commission), as well as a professional auditor. The formation of this body may be members of the public and third persons, not related to property interests of society. Restrictions apply to members of the board of directors and ceo who become party auditing body can not.
