Tag Archives: shareholders

ILN Today Post

Howard & Howard congratulates new shareholders

Chicago, Illinois, January 4, 2018: Howard & Howard Attorneys PLLC is pleased to announce that Alex G. Cavanaugh, Alexander S. McGee, Joseph P. Michniacki, andChristopher J. Worrel have all become shareholders in the firm. All four attorneys practice out of the firm’s Royal Oak, Michigan office.

Alex G. Cavanaugh concentrates his practice in commercial litigation. He has experience defending and prosecuting business litigation cases involving contract disputes, automotive supply controversies, construction disputes, sales representative commission claims, patent infringement claims, restrictive covenants, shareholder disputes, trade secret misappropriation, employer-side labor and employment issues, products liability claims, and other business torts.

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Procedure for information disclosure to companies’ shareholders has changed

On July 30, 2017 the Federal law No. 233-FZ dated 29.07.2017 “On amendments to the Federal law “On joint stock companies” and article 50 of the Federal law “On limited liability companies” (hereinafter — “233-FZ”) entered into force, that amended the procedure for providing information by joint stock companies and limited liability companies to the owners of their shares.

In joint stock companies the following information is now available only to shareholders owning at least 1 % of the shares:

  1. information about major transactions and interested party transactions;
  2. minutes of the board of directors meetings;
  3. appraisers’ reports on property valuation in respect of which major transactions and interested party transactions took place.
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Proposed amendments to the Corporations Act members’ register requirements

How do you communicate with your colleagues, clients, friends and even strangers? There’s a fair chance that a high proportion of this correspondence is undertaken through electronic means – instant messenger services, SMS or good, old-fashioned email.

Up until now, however, all formal communications between companies and their members are, generally, undertaken through traditional mail, using the street address of each member in the company’s register.

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New draft law introduces a variety of changes to the Federal law “On joint stock companies” implementing a system of inner compliance in a joint stock company

Text of draft law initiated by Russian Ministry for Economic Development of the Russian Federation (hereinafter – the “Draft law”) was posted on January 25, 2017 on the federal Internet portal for the draft laws (http://regulation.gov.ru).

According to the publicly available information1 Draft law has undergone the stage of public discussions. The Draft law is expected to be soon introduced to the State Duma review.

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The importance of legal documentation between business partners to avoid costly litigation

Arnstein & Lehr Attorney Steven N. Malitz

Steven Malitz

Arnstein & Lehr Chicago Partner Steven N. Malitz has written an article entitled, “Leverage and Documentation Create Business Freedom.” In this article, Mr. Malitz discusses his successful representation of a shareholder in two separate suits brought against him by a fellow shareholder and the facts and results of the litigation.

The case involved the disagreement between two shareholders who owned a business for many years, under a “hand-shake.”  Mr. Malitz’ client started an unrelated, non-competitive business in foreign country.  Claiming that Mr. Malitz’ client deserted the goods business, the other shareholder denied the client access to the business and eliminated his compensation. The other shareholder then sued to dissolve the goods business to start his own competing business and also filed a separate suit seeking an ownership interest in, and distributions from, the foreign business. Creating leverage by using substantive law, rules of procedure and business savvy, Mr. Malitz enabled his shareholder client to emerge from litigation free to pursue lucrative business interests.

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