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CHAIRMAN’S INSIGHTS

Think global, act local

Another new rule provided by the new Civil Code, a key Act in the Czech legal system, is that a legal entity can now name other legal entity as its statutory body (e.g. a managing director of a limited company).  This seems to be attractive mainly for foreign companies that have a daughter company in the Czech Republic. The legal entity as a statutory board must of course meet the same conditions as every other statutory body (namely the physical persons). Its key aspects are the integrity and absence of the conflict of interest. At the same time, the legal entity must name a physical person to represent it for exercising its function as the statutory body. This physical person is then entered into the commercial registration. However, the point is that the physical person is not representing the daughter company but the legal entity, as he or she acts as the statutory body. Some advantages of this option are: …

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