Dear clients,
The subject of this newsletter is to outline to you the summary of major changes in the area of Executives (Service) Agreements. The members of corporate bodies of capital corporations that have Executive’s (Service) Agreements must bring their attention to transitional provisions of the Act on Business Corporations (Act. No. 90/2012 Coll.), (the “BCA”), particularly to its section 777(3). Pursuant to this provision, the Executive’s Agreements must be modified within a period of 6 months commencing as of January 1, 2014, otherwise the execution of the office of the corporate body will be considered as carried out for free.
