approval of accounts
The closure and approval of the accounts comprises the following steps:
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| The annual report and financial statements drawn up by the management must be available for consultation by the members, at the company's registered office during ordinary office hours, from the despatch date of the notice of the general meeting to discuss and approve them. |
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| The general meeting must meet within three months of the close of the financial year, or within five months of the same date in the case of companies required to present consolidated accounts or applying the equity method, with the purpose of: |
| a) |
ratifying the annual report and accounts for the financial year; |
| b) |
approve the proposed appropriation of income; |
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performing a general appraisal of the company's management and supervision and, if necessary and even if such items do not form part of the meeting's business, removing the management from office, within the scope of its powers, or stating its vote of no-confidence in the same; |
| d) |
performing the elections under its jurisdiction. |
| The general assembly is waived when all members are also managers and all of then sign, without reservation, the annual report, accounts and proposed appropriation of income and handling of losses, except when the company is subject to a statutory audit of the accounts. |
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| All duly approved account approval documents must be deposited in the Company Registry Office, thereby placing them in the public domain. |
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