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Taking into account the continued relevance of the topic and a number of changes in the legislation we would like once again to discuss the responsibility of members of the board.
The responsibility of members of the board before the company begins from the moment of their election to the position, i.e. after the relevant decision of the shareholders has been made and a written consent of the member of the board to accept the position has been given. Accordingly, the liability ends the moment when the member of the board is removed from the position by the decision of the participants or their resignation from the position.
The Law of the Republic of Latvia on Commercial Pledge was adopted in 1998. The commercial pledge provides an opportunity to pledge the movable property – capital shares, vehicles, trademarks, equipment and other registered property – without transferring it into the possession of the pledge holder, but registering a lien in the appropriate register. Business owners use commercial pledge to receive loans for the development of their companies.
Each company from time to time needs to register in the Register of Enterprises of Latvia the changes in the composition of shareholders or the board or any other information. Although the Register of Enterprises is trying to provide as much information and sample documents on its website as possible still one makes a great deal of mistakes while filling out the documents. It seems like filling out the “Division of the Register of Shareholders” is the most difficult task. So what are these rules and the most common mistakes? First of all, we would like to point out that the Commercial Law does not provide the exact form of the “Division of the Register of Shareholders” but just mentions the information that should be specified in this particular document. Therefore you can either use the form suggested by the Register of Enterprises or your own form if only it contains all the relevant information, and namely:
There are goals in life which seem unattainable since most of the people would not even try to do anything because of the complexity of the requirements. One of such challenges is obtaining of the license for the electronic money institution in Latvia. Those willing to obtain the said license must meet very strict requirements set by the legislation of Latvia and regulations of the European Union, as well as by the responsible authority, and namely – the Financial and Capital Market Commission. One must put a lot of effort and hard work in order to meet all these requirements. And yet, this November, owing to the joint efforts of our staff and having performed a considerable number of specific requirements set by the Latvian legislation the Financial and Capital Market Commission has decided to grant our client a license for the electronic money institution.