Colombian Commercial Code - Decree 410 of 1971 - Book II - Of Corporations - Title VI - Company - Chapter III - Management and Administration - Section II - Board - From: Section 434 to: Article 439
COLOMBIAN COMMERCIAL CODE
Section II
Board of Directors
Article 435 .-
There may not be on the boards formed a majority with people either
related by marriage or kinship within the third degree of consanguinity
or second degree, or first civil societies except recognized as family.
If a board is elected contrary to this provision shall not act and will
continue in office the previous meeting, which convened immediately to
the assembly for new elections.
Will lack any effectiveness of decisions taken by the board by a vote of a majority contravenes the provisions of this article.
Article 436 .-
The main and alternate board will be elected by the general assembly,
for specified periods and electoral quotient, without prejudice to be
reappointed or removed freely by the same assembly.
Article 437 .-
The board will deliberate and decide validly on the presence and the
votes of a majority of its members, unless a higher quorum estipulare.
The board may be convened by herself, by the legal representative by the auditor or by two members acting as principals.
Article 438 .-
Except statutory provision to the contrary, be presumed that the board
will have sufficient powers to order the executing or any act or
contract falling within the social order and take the necessary
decisions in order that the company complies with its aims.
Article 439 .- Repealed. Act 222 of 1995, Arts. 46 and 47.
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