The Plenary of the Federal Senate approved on Thursday (07.02.2020) a bill to convert into law the provisional measure issued by the executive in March 2020, which extends the deadline for ordinary general meetings (AGO) of corporations, limited liability companies, and cooperatives.
According to the approved text, Corporations – including public and closed corporations, public companies and mixed economy companies, as well as their subsidiaries – and Limited Liability Companies with fiscal years ending between December 31, 2019 and March 31, 2020 will have until
7 (SEVEN) MONTHS
to hold such ordinary meetings (the previous term was only 4 months). The Cooperatives will have until
9 (NINE) MONTHS
to hold an Extraordinary General Meeting.
The extension of the term for holding the meetings may be given even if internal rules provide for the meeting to be held in a period shorter than the approved text.
Furthermore, the approved text foresees the possibility of holding such meetings in a semi-attendance mode or exclusively digital, as long as the participation and possibility of remote voting is guaranteed for all partners, shareholders, or associates, as the case may be.
Our team is available to answer any questions and assist with any necessary steps.