Following an accelerated legislative procedure, the Temporary Act COVID-19 came into force in April 2020. The Act has retroactive effect until and including 16 March 2020. This "Emergency Act" provides, among other things, for special arrangements for general meeting of shareholders (GM) of companies. The Emergency Act would make it, originally at least until 1 September 2020, possible for GMs to be held completely virtually. Now, it is clear that Emergency Act will remain in force at least until 1 February 2021. By providing more detailed rules on the convocation and by clarifying that certain sanctions that may affect the decision-making process cannot be invoked, the Emergency Act aims to provide the company and shareholders with legal certainty regarding decision-making.
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