Amending Articles Of Association According To New Civil Code-General & Limited Partnerships

  • 23 Feb 2015 8:00 AM
Amending Articles Of Association According To New Civil Code-General &  Limited Partnerships
(Közkereseti Társaság and Betéti Társaság in Hungarian) <br> <br> After that the new Civil Code (hereinafter”CC”) came into effect the articles ofof business organisations shall be aligned with the legal provisions in force.

The articles of association shall be amended in accordance with CC if the provisions are to be changed by the members for any reasons (e.g. change of seat, branch creation etc.)

Section 12 of the Act CLXXVII of 2013 on the transitory and authorising provisions related to the entry into force of the New Civil Code defines the cases and the deadline until which the business organisations shall amend their articles of association.

This is only obligatory for all companies with different legal forms if the articles of association contradicts the obligatory provisions of the Civil Code. The amendment is not obligatory if the articles of association relates to the act in force at the time of its foundation (Act on business associations).

The requests for amendments that are in accordance with the articles of association defined by the new CC may be handed in the company court with no cost via a legal representative electronically.

General and limited partnership

The first deadline of the obligatory amendments concerning these legal forms is 15 March 2015, thus the request for amendment shall be handed in by 14 April 2015 the latest.

The general and limited partnerships that are established by articles of association in accordance with the obligatory provisions of the Civil Code in force, are not obliged to amend the articles of association until 15 March 2015 if there are no other reasons.

If the company fails to meet this deadline, the Company Court imposes a fine.

Dr. Szegő Judit Law Firm’s activities cover the whole area of civil law, including the following areas: company law, property law, family law, labour law, inheritance law, and litigation. Furthermore the office has wide experience in representing foreign investors in Hungary with full authority in English and German.

H-1026 Budapest, Gábor Áron köz 6. fszt. 1.
Phone: +36-1-7863-156
Mobile: +36-30-9-896-046
Facsimile: +36-1-7858-939

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