{"id":162,"date":"2014-12-05T00:35:02","date_gmt":"2014-12-05T00:35:02","guid":{"rendered":"http:\/\/www.langcr.com\/content\/?p=162"},"modified":"2020-10-30T16:56:28","modified_gmt":"2020-10-30T16:56:28","slug":"summoning-a-shareholders-meeting-in-a-costa-rican-company-when-its-by-laws-omit-indicating-who-is-the-designated-board-member-to-do-it","status":"publish","type":"post","link":"https:\/\/www.langcr.com\/content\/summoning-a-shareholders-meeting-in-a-costa-rican-company-when-its-by-laws-omit-indicating-who-is-the-designated-board-member-to-do-it\/","title":{"rendered":"SUMMONING A SHAREHOLDERS MEETING IN A COSTA RICAN COMPANY WHEN ITS BY-LAWS OMIT INDICATING WHO IS THE DESIGNATED BOARD MEMBER TO DO IT"},"content":{"rendered":"<p><span style=\"font-family: Calibri;\"><span style=\"font-size: small;\">Shareholders meetings of Costa Rican corporations must meet several legal formalities to avoid possible annulment claims against the agreements that may have been approved in such.<\/span><span style=\"font-size: small;\">\u00a0 <\/span><span style=\"font-size: small;\">The Costa Rican Commercial Code establishes such requirements, which include the formal procedure for the summoning of a shareholders meeting.<\/span><\/span><\/p>\n<p><span style=\"font-family: Calibri;\"><span style=\"font-size: small;\">When holding a shareholders meeting on a Costa Rican company,<\/span><span style=\"font-size: small;\">in case 100% of the social capital is not present, the default rule (unless otherwise established in the company\u2019s by-laws) is that summoning in the means of a published notice at the \u201cGACETA\u201d (official newspaper of the Costa Rican Government) must be made.<\/span><\/span><\/p>\n<p><span style=\"font-family: Calibri; font-size: small;\">This formal notice needs to comply with particular legal formalities so a possible annulation of the meeting is not a risk. One of these requirements refers to who is responsible to summon and sign the indicated formal notice. In general terms, the summoning notice must be issued and signed by the company representative established in the Costa Rican company\u2019s by-laws, but there is the risk that such Costa Rican corporation\u2019s by-laws do not establish who these individual or individuals are.<\/span><\/p>\n<p><span style=\"font-family: Calibri;\"><span style=\"font-size: small;\">In the above indicated case of lack of determination of who should be the issuer and signatory of summonings for meetings, and due to a lack of statutory provision in Costa Rican law, for the avoidance of risk, the indicated formal call should be made and signed by the entire Board of Directors of the Costa Rican company, which according to Costa Rican commercial law is, as a whole, the executive and administrative body with enough capacity to make decisions and act in favor of the corporation and its shareholders.<\/span><\/span><\/p>\n<p><span style=\"font-family: Calibri;\"><span style=\"font-size: small;\">These rules apply to Costa Rican SA\u2019s (\u201c<\/span><em><span style=\"font-size: small;\">sociedad anonima<\/span><\/em><span style=\"font-size: small;\">\u201d) and in general terms, by analogy, to Costa Rican S.R.L.s (\u201c<\/span><em><span style=\"font-size: small;\">sociedad de responsabilidad limitada\u201d<\/span><\/em><span style=\"font-size: small;\">).<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shareholders meetings of Costa Rican corporations must meet several legal formalities to avoid possible annulment claims against the agreements that may have been approved in such.\u00a0 The Costa Rican Commercial Code establishes such requirements, which include the formal procedure for the summoning of a shareholders meeting. When holding a shareholders meeting on a Costa Rican [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SUMMONING A SHAREHOLDERS MEETING IN A COSTA RICAN COMPANY WHEN ITS BY-LAWS OMIT INDICATING WHO IS THE DESIGNATED BOARD MEMBER TO DO IT - Lang<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.langcr.com\/content\/summoning-a-shareholders-meeting-in-a-costa-rican-company-when-its-by-laws-omit-indicating-who-is-the-designated-board-member-to-do-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SUMMONING A SHAREHOLDERS MEETING IN A COSTA RICAN COMPANY WHEN ITS BY-LAWS OMIT INDICATING WHO IS THE DESIGNATED BOARD MEMBER TO DO IT - Lang\" \/>\n<meta property=\"og:description\" content=\"Shareholders meetings of Costa Rican corporations must meet several legal formalities to avoid possible annulment claims against the agreements that may have been approved in such.\u00a0 The Costa Rican Commercial Code establishes such requirements, which include the formal procedure for the summoning of a shareholders meeting. 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