Company Duration
Every company has a duration which must be stated in its articles of association.
The company’s existence shall not exceed ninety-nine (99) years.
The starting date of the company’s existence is the date of its registration with the registry of commerce and securities, unless otherwise provided for in the uniform Act.
The expiration of the term shall automatically lead to the company dissolution, unless its extension has been decided under the conditions stipulated in articles 32.
The duration of the company’s existence may be changed for each type of company, under the conditions set forth in the uniform Act for the amendment of the articles of association.
Company Extension
The duration of the company’s existence may be extended one or several times.
The extension of the duration of the company’s existence shall be decided, for each type of company, under the conditions set forth in the uniform Act for the amendment of the articles of association.
The extension of the duration of the company’s existence shall not lead to the formation of a new legal person.
At least one (1) year prior to the expiration date of the company’s existence, members shall be consulted for the purpose of deciding whether or not to extend the duration of the company’s existence.
Failing this, any member may petition the competent court within the jurisdiction in which the headquarters is located to designate, through an expeditious ruling, an ad hoc agent in charge of initiating the consultation provided for in the law.
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