Concerns about additional authorities Ministers Attorney Karel Frielink is concerned about the additional authorities which cabinet-members have appropriated over government NV’s. According to Frielink, who is also President of the Bar Association, these extra authorities increase the chance of ‘political influencing, favoritism and other forms of abuse’ within government institutions. In an opinion paper, published… Continue reading GOVERNMENT OWNED ENTITIES IN CURACAO
Tag: bylaws
WHO DETERMINES THE POLICY OF A DUTCH CARIBBEAN COMPANY?
The management board is in charge The shareholders have the authority to determine the general policy of a Dutch Caribbean NV or BV. The shareholders may give instructions to the management board with respect to the general direction of the financial, social, economic and personnel policies of the corporation. However, the shareholders cannot give detailed… Continue reading WHO DETERMINES THE POLICY OF A DUTCH CARIBBEAN COMPANY?
PROPOSED REVIEW CORPORATE CODE ON ULTRA VIRES
The rules with regard to ultra vires are fundamentally changed Ultra vires means ‘beyond power or authority’. An ultra vires act is one beyond the purpose clause as laid down in the Articles of Association of a legal entity, for instance a foundation or a limited liability company (NV or BV). Early in 2010, a… Continue reading PROPOSED REVIEW CORPORATE CODE ON ULTRA VIRES
A PUBLIC LIMITED LIABILITY COMPANY AND LEGAL PERSONALITY
Dutch Supreme Court, Decision of 18 January 1901 Suppose you and several of your friends decided to combine your financial resources to start a business. You subsequently agreed on the incorporation of a limited liability company (NV). You also agreed on the amount each of you would put into the NV and the number of… Continue reading A PUBLIC LIMITED LIABILITY COMPANY AND LEGAL PERSONALITY
THE MANAGEMENT BOARD OF A DUTCH CARIBBEAN LEGAL ENTITY
The management board is responsible for the day-to-day affairs The management board has the function of managing the legal entity, i.e., making policy and conducting the day-to-day management of such legal entity (NV, BV, Foundation or Association). The management board is responsible for the management of the entity and is authorized to represent it, except… Continue reading THE MANAGEMENT BOARD OF A DUTCH CARIBBEAN LEGAL ENTITY
MANAGEMENT AND SUPERVISION OF THE ARUBA COMPANY WITH LIMITED LIABILITY
A local representative is required On January 1, 2009 the new Aruba Ordinance on companies with limited liability (vennootschap met beperkte aansprakelijkheid; VBA) became effective. The Board of Directors is responsible for the management of the VBA and is authorized to represent it, with the exception of any restrictions in the articles of association. The… Continue reading MANAGEMENT AND SUPERVISION OF THE ARUBA COMPANY WITH LIMITED LIABILITY