Act 308/2002 recently took effect, amending the Commercial Code. The act changes the circumstances in which the shareholders general meeting of a joint stock company may adopt a resolution concerning the squeeze-out of minority shareholders.

A resolution on the squeeze-out of minority shareholders may be adopted provided that the majority shareholder holds shares of a total nominal value exceeding 90% of the company’s registered capital. Previously, the threshold was 95%. Most importantly, the majority shareholder may now vote on the squeeze-out resolution.

For further information on this topic please contact Jan Prochazka at Altheimer & Gray by telephone (+420 236 082 111) or by fax (+420 236 082 999) or by email ([email protected]).