Pursuant to Brazilian legislation currently in force, limited liability companies and corporations must hold ordinary shareholders' meetings within the first four months of their fiscal year in order to :
- Demand managers' accounts, examine, discuss and vote the financial statements relating to the prior fiscal year (as well as make a resolution, in the case of corporations, on the destination of net income and the distribution of the dividends);
- Appoint managers (and members of the audit committee in the case of corporations), whenever applicable.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.