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Structural division: books
Article 542 — Meeting of the Company
New Ethiopian Commercial Code Proclamation No. 1243 2021 English Version
Article text
1/ the member of the company shall exercise the powers of the general meeting of shareholders of a private limited company under this Code.
2/ Decisions taken by the member in the exercise of the powers of a general meeting shall be reduced into minutes within three weeks from the meeting and kept as part of the records of the company.
3/ A resolution that introduce changes into matters included in the unilateral declaration incorporating the company shall be entered into the commercial register no later than one month from the date on which the decision is passed.
4/ Resolutions of a member shall be valid even where they do not comply with the provisions of this Article but the member of the company shall be jointly and severally liable with the company itself for any damage caused to third parties by the violation of these provisions.