Directors of a Company in Montenegro
Directors of a Company in Montenegro
Updated on Tuesday 18th April 2017 Rate this article
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When you open a company, a body has to be created to represent it. This body is called the board of directors. The directors of a company in Montenegro are necessary for the effective governance of the corporation. There are two business entities that have directors in Montenegro. These are the limited liability companies and the joint stock companies. The minimum number of Montenegro company directors is three and the total members must be an odd number. The main responsabilities of the directors are to create management policies and to decide on major company issues. Our law firm in Montenegro has assisted many clients with the composition of its board of directors.
Qualifications of the directors in Montenegro
Directors are elected through a general meeting of shareholders and their term extends until the next holding of such meeting. The main qualification for directors of a company in Montenegro is that he/she must be a legally capable person. This means that he/she must be of legal age and must not be burdened with any legal prohibitions. Under the Law on Business Organizations, the law governing companies in Montenegro, a director must not be prohibited to be elected as a board member by virtue of a court order. The company auditor cannot also be elected as director and the company’s charter can provide for other qualifications of a director. You can ask our lawyers in Montenegro about the other qualifications of a director.
Powers of Montenegro directors
The Law on Business Organizations stipulates the powers that Montenegro company directors have. Our attorneys in Montenegro have listed them down:
1. Take control and implement the policies of the company;
2. Manage and issue guidelines for implementing the affairs of the company;
3. Organize the company, its accounting and finances;
4. Appoint and dismiss officers of the corporation and other accountable persons;
5. Adoption of rules and procedures for the operation of the corporation;
6. The executive director can and shall attend all board meetings;
7. All other powers and functions provided for by the charter of the company.
There are other important information about the directors of a company in Montenegro. Please contact our associates in our Montenegro law firm and ask them to help you.
