{"id":5921,"date":"2021-07-06T14:00:00","date_gmt":"2021-07-06T12:00:00","guid":{"rendered":"https:\/\/it-landgraf.de\/?p=5921"},"modified":"2021-07-06T14:28:14","modified_gmt":"2021-07-06T12:28:14","slug":"shareholders-meetings-in-times-of-covid-19-on-the-range-of-%c2%a7-2-covmg","status":"publish","type":"post","link":"https:\/\/it-landgraf.de\/en\/shareholders-meetings-in-times-of-covid-19-on-the-range-of-%c2%a7-2-covmg\/","title":{"rendered":"SHAREHOLDERS&#8217; MEETINGS IN TIMES OF COVID-19: ON THE RANGE OF \u00a7 2 COVMG"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-hynvjx-b619c0a6bc8807133ae563c2034ee9af\">\n.avia-section.av-hynvjx-b619c0a6bc8807133ae563c2034ee9af{\nbackground-repeat:no-repeat;\nbackground-image:url(https:\/\/it-landgraf.de\/wp-content\/uploads\/3629.jpg);\nbackground-position:0% 0%;\nbackground-attachment:scroll;\n}\n<\/style>\n<div id='av_section_1'  class='avia-section av-hynvjx-b619c0a6bc8807133ae563c2034ee9af main_color avia-section-default avia-no-shadow  avia-builder-el-0  el_before_av_section  avia-builder-el-first  hide_on_print avia-full-stretch avia-bg-style-scroll av-minimum-height av-minimum-height-40 av-height-40  container_wrap sidebar_right'  data-section-bg-repeat='stretch' data-av_minimum_height_pc='40' data-av_min_height_opt='40'><div class='container av-section-cont-open' ><main  role=\"main\" itemprop=\"mainContentOfPage\"  class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-5921'><div class='entry-content-wrapper clearfix'>\n<\/div><\/div><\/main><!-- close content main element --><\/div><\/div><div id='av_section_2'  class='avia-section av-f4gtkd-73dda3b0e3e7cd67f4aeb7079d391c5b main_color avia-section-default avia-no-shadow  avia-builder-el-1  el_after_av_section  avia-builder-el-last  avia-bg-style-scroll container_wrap sidebar_right'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-5921'><div class='entry-content-wrapper clearfix'>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-evqe4d-85315bab9f27218f4cb4104f76dfe3e3\">\n.flex_column.av-evqe4d-85315bab9f27218f4cb4104f76dfe3e3{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-evqe4d-85315bab9f27218f4cb4104f76dfe3e3 av_two_third  avia-builder-el-2  el_before_av_two_third  avia-builder-el-first  first flex_column_div av-zero-column-padding  '     ><style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-kqq9epxp-59f0171f3c0afa0d92da558d722ec50a\">\n#top .av-special-heading.av-kqq9epxp-59f0171f3c0afa0d92da558d722ec50a{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-kqq9epxp-59f0171f3c0afa0d92da558d722ec50a .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-kqq9epxp-59f0171f3c0afa0d92da558d722ec50a .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-kqq9epxp-59f0171f3c0afa0d92da558d722ec50a av-special-heading-h1 blockquote modern-quote  avia-builder-el-3  avia-builder-el-no-sibling '><div class='av-subheading av-subheading_above'>6. July 2021\n<\/div><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >SHAREHOLDERS\u2019 MEETINGS IN TIMES OF COVID-19: ON THE RANGE OF \u00a7 2 COVMG <\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-c3fhu5-4a2f1a5bc3dd73ac424851b5892223cc\">\n.flex_column.av-c3fhu5-4a2f1a5bc3dd73ac424851b5892223cc{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-c3fhu5-4a2f1a5bc3dd73ac424851b5892223cc av_two_third  avia-builder-el-4  el_after_av_two_third  el_before_av_two_third  first flex_column_div av-zero-column-padding  column-top-margin'     ><section  class='av_textblock_section av-kqq9f2cy-640cd14669ad2e9366803b85216724ef '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p><strong>The Covid-19 pandemic makes physical meetings difficult due to travel restrictions and contact bans. These often also hinder the holding of shareholders&#8217; meetings of limited liability companies (<em>Gesellschaft mit beschr\u00e4nkter Haftung &#8211; GmbH<\/em>). For this reason, the German legislator has temporarily facilitated the adoption of resolutions, according to which these are no longer (as the law actually provides) only possible with the consent of all shareholders outside of shareholders&#8217; meetings. The Regional Court of Stuttgart has now ruled that this facilitation does not modify existing, possibly restrictive, provisions of the Articles of Association on the adoption of resolutions by written procedure and thus clearly limits the scope of application of the statutory provisions. This ruling has far-reaching consequences for practice. The article first introduces the problem (I.), then discusses the ruling of the Regional Court of Stuttgart (II.) and finally gives an assessment and an outlook on the consequences for the practice (III.).<\/strong><!--more--><\/p>\n<\/div><\/section><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-a4desd-6d3aacec270a77d98156e7d59bc4cde6\">\n.flex_column.av-a4desd-6d3aacec270a77d98156e7d59bc4cde6{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-a4desd-6d3aacec270a77d98156e7d59bc4cde6 av_two_third  avia-builder-el-6  el_after_av_two_third  el_before_av_one_third  first flex_column_div av-zero-column-padding  column-top-margin'     ><section  class='av_textblock_section av-kqq9g633-5fdf7c05114eb9b23d62e913b5d53198 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h2>I. Introduction<\/h2>\n<p>Pursuant to \u00a7 48 para.2 of the German Limited Liability Companies Act (<em>Gesetz betreffend die Gesellschaften mit beschr\u00e4nkter Haftung<\/em> &#8211; GmbHG), resolutions of the shareholders of a GmbH may only be adopted outside a meeting if all shareholders agree in text form to the provision to be made or to the votes being cast in writing. This means that an effective adoption of resolutions by way of circulation generally requires the consent of all shareholders. If a shareholder (including minor shareholders or those who are subject to a voting prohibition in the actual resolution) refuses to give his consent, a resolution would thus, according to the legal conception, only be possible within the framework of a shareholders&#8217; meeting, i.e. with the physical presence of the shareholders in the required number. In order to take account of the associated pandemic-related dangers and prohibitions on contact and to maintain the companies&#8217; ability to pass resolutions and to take action, the German legislator has temporarily amended the provision of \u00a7 48 para. 2 GmbHG with \u00a7 2 Act on Measures in Corporate, Cooperative, Association, Foundation, and Condominium Law to Combat the Effects of the COVID-19 Pandemic (<em>Gesetz \u00fcber Ma\u00dfnahmen im Gesellschafts-, Genossenschafts-, Vereins-, Stiftungs-, und Wohnungseigentumsrecht zur Bek\u00e4mpfung der Auswirkungen der COVID-19-Pandemie<\/em> &#8211; COVMG) to the effect that resolutions of the shareholders can be passed in text form or by submitting votes in writing even without the consent of all shareholders, i.e. in the so-called circulation procedure. The time scope was originally limited to resolutions passed in the 2020 calendar year only. However, it was extended until 31 December 2021 by the Federal Ministry of Justice and Consumer Protection (Bundesministerium der Justiz und f\u00fcr Verbraucherschutz) on the basis of \u00a7 8 COVMG allowing such prolongation by the ministry.<\/p>\n<h2>II. Ruling of the Regional Court of Stuttgart<\/h2>\n<p>The shareholders of a GmbH had decided by majority vote in a so-called circular procedure to dismiss one of its managing directors, who himself holds a 20 % stake in the GmbH in question. This managing director then obtained an interim injunction obliging the company to leave him all management and representation powers for the time being and to grant him unhindered access to the business premises. The company now appealed against this order on the grounds that the resolution to dismiss the managing director was lawful. In the underlying case, the provisions of the GmbH&#8217;s Articles of Association were modelled on the law (\u00a7 48 para. 2 GmbHG), i.e. they stipulated that resolutions may only be adopted by circular resolution with the consent of all shareholders. The Regional Court of Stuttgart (judgment dated 25 January 2021 &#8211; 44 O 52\/20 KfH) resolved the previously disputed issue to the effect that \u00a7 2 COVMG only grants the facilitation of the adoption of resolutions by circular resolution if the Articles of Association of the GmbH do not contain any provision on this. Because only in this case the statutory regulation is applicable and only this, according to the court, is covered by the temporary change, while existing provisions in a GmbH\u2019s Articles of Association are not prevailed.<br \/>\nIn the opinion of the Regional Court of Stuttgart, \u00a7 2 COVMG expressly \u201conly\u201d amends \u00a7 48 para. 2 GmbHG and does not affect \u00a7 45 para. 2 GmbHG, which, among other things, expressly allows the shareholders to make provisions in the Articles of Association that deviate from the statutory provision of \u00a7 48 para. 2 GmbHG. As a result, it is argued that a superseding provision of the Articles of Association is not affected by \u00a7 2 COVMG. This was also constitutionally required, as otherwise the contractual autonomy and the constitutionally protected rights of minority shareholders would be encroached upon. Consequently, the resolution on the dismissal of the managing director had been invalid.<\/p>\n<h2>III. Assessment and consequences for the practice<\/h2>\n<p>A lively discussion on the scope of \u00a7 2 COVMG had already arisen in the legal literature when it was introduced. According to the largely dispositive provisions on the passing of resolutions in the GmbHG (cf. \u00a7 45 para. 2 GmbHG), shareholders are in principle free to make a provision in the Articles of Association that deviates from \u00a7 48 para. 2 GmbHG on the passing of resolutions outside shareholders&#8217; meetings. In practice, many Articles of Association of GmbHs contain provisions on the holding of shareholders&#8217; meetings that comply with \u00a7 48 para. 2 GmbHG. This is partly because shareholders and managing directors primarily want to look at the Articles of Association and not at the law. The purpose of \u00a7 2 COVMG, which is to facilitate the adoption of resolutions in times of contact and travel restrictions, is thus likely to be rendered meaningless in many cases according to the legal opinion on which the Regional Court of Stuttgart based its decision.<br \/>\nIn the legal literature, many authors are therefore of the opinion that existing provisions of the Articles of Association should also be interpreted in the light of the pandemic in such a way that the shareholders, had they considered the possibility of a pandemic, would in any case not have intended to make it more difficult to pass resolutions by circular procedure than would have been the case under the statutory concept. According to this view, the introduction of \u00a7 2 COVMG would also modify existing provisions of the Articles of Association, which are modeled on the law, to the effect that a resolution can be adopted by circular procedure even without the consent of all shareholders. Only if the Articles of Association explicitly exclude \u00a7 48 para. 2 GmbHG do the Articles of Association express an unambiguous intention against the possibility of adopting resolutions by circular procedure, which is not open to supplementary interpretation, which is why \u00a7 2 COVMG does not modify such a provision in the Articles of Association.<br \/>\nIn our view, the judgment of the Regional Court of Stuttgart is &#8211; although brief &#8211; well reasoned and fundamentally comprehensible. \u00a7 2 of COVMG in fact only covers statutory regulation and it is well arguable that in its current form it cannot interfere with regulations in a GmbH\u2019s Articles of Association. However, this is not mandatory, especially considering the purpose of the amendment and the haste with which it was passed. Of course, it can be argued that the legislator should have clearly formulated a binding regulation that also interferes with existing provisions in Articles of Associations. However, this concern cannot be inferred from the law &#8211; as the Regional Court of Stuttgart correctly assumes &#8211; especially since the legislator has clearly regulated its mandatory character elsewhere, for example in \u00a7 9a para. 1 sentence 2 of the Economic Stabilization Acceleration Act (Wirtschaftsstabilisierungsbeschleunigungsgesetz), which was enacted on the same day as the COVMG (it states: \u201cDeviating provisions in the Articles of Association are irrelevant\u201d). The fact that \u00a7 2 COVMG does not contain such a provision therefore speaks in favor of its limited scope of application to GmbHs, to which \u00a7 48 para. 2 GmbHG applies in the absence of a provision in the Articles of Association.<br \/>\nThe result that individual shareholders can block the adoption of resolutions during the pandemic by refusing to give their consent to the adoption of resolutions by circular procedure may be undesirable from the point of view of pandemic containment. In this case, however, the legislator would have been called upon to provide a remedy of the situation by means of a clear regulation.<br \/>\nFor practice, the (final) judgment of the Regional Court of Stuttgart means that resolutions adopted by circular procedure should in any case not be prematurely based on the temporary amendment to the law pursuant to \u00a7 2 COVMG. If the provisions of the Articles of Association do not permit resolutions to be adopted by circular procedure or if this procedure does not meet with the necessary approval among the shareholders, a meeting should be held in person instead and, if necessary, proxies should be used for pandemic reasons.<br \/>\nFrom the point of view of many companies, the ruling generally provides an opportunity to reconsider and adapt existing provisions in the Articles of Association. The shareholders have extensive leeway and can allow contemporary resolutions to be adopted in virtual meetings (video conferences, etc.) or mixed forms of physical and virtual presence. After all, even after the pandemic, there is probably often a need in many companies for swift decision-making without an actual physical presence.<\/p>\n<\/div><\/section><\/div>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-8v9lzx-6d84b03f07ac8aa4e35930fc87da9918\">\n.flex_column.av-8v9lzx-6d84b03f07ac8aa4e35930fc87da9918{\nborder-radius:0px 0px 0px 0px;\npadding:7px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-8v9lzx-6d84b03f07ac8aa4e35930fc87da9918 av_one_third  avia-builder-el-8  el_after_av_two_third  avia-builder-el-last  sy-only-desktop hide_on_print flex_column_div  column-top-margin'     ><p><div  class='avia-builder-widget-area clearfix  avia-builder-el-9  el_before_av_textblock  avia-builder-el-first '><section id=\"categories-3\" class=\"widget clearfix widget_categories\"><h3 class=\"widgettitle\">Newsletter issues<\/h3>\n\t\t\t<ul>\n\t\t\t\t\t<li class=\"cat-item cat-item-265\"><a 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href=\"https:\/\/it-landgraf.de\/en\/category\/2017-q4-en\/\">2017 Q4<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-116\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2017-q3-en\/\">2017 Q3<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-114\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/2017-q2-en\/\">2017 Q2<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-142\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/deals-en\/\">Deal Announcements<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-58\"><a href=\"https:\/\/it-landgraf.de\/en\/category\/uncategorized\/\">Uncategorized<\/a>\n<\/li>\n\t\t\t<\/ul>\n\n\t\t\t<span class=\"seperator extralight-border\"><\/span><\/section><\/div><br \/>\n<section  class='av_textblock_section av-5535e5-ecf1b338e2515651a13ab3a2fd7dfbb6 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><h2>More information on this topic<\/h2>\n<ul class=\"sy-list-margin\">\n<li><a href=\"https:\/\/it-landgraf.de\/en\/taetigkeitsgebiete\/mergers-acquisitions\/\">Mergers &#038; Acquisitions (M&#038;A)<\/a><\/li>\n<li><a href=\"https:\/\/it-landgraf.de\/en\/taetigkeitsgebiete\/corporate-law\/\">Corporate Law<\/a><\/li>\n<\/ul>\n<\/div><\/section><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-47hg0d-6a4ccddcd7e2e6eca18d21d140520a8a\">\n#top .hr.hr-invisible.av-47hg0d-6a4ccddcd7e2e6eca18d21d140520a8a{\nheight:8px;\n}\n<\/style>\n<div  class='hr av-47hg0d-6a4ccddcd7e2e6eca18d21d140520a8a hr-invisible  avia-builder-el-11  el_after_av_textblock  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div><br \/>\n<section  class='av_textblock_section av-3424bx-aaa8c8af5134fba4fed4fb71de7216af '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock hide_on_print'  itemprop=\"text\" ><h2>Downloads<\/h2>\n<p><a href=\"#\" onclick=\"window.print();return false\">Print<\/a><br \/>\n\n\n\n\t<div class=\"dkpdf-button-container\" style=\" text-align:left \">\n\n\t\t<a class=\"dkpdf-button\" href=\"\/en\/wp-json\/wp\/v2\/posts\/5921?pdf=5921\" target=\"_blank\"><span class=\"dkpdf-button-icon\"><i class=\"fa fa-file-pdf-o\"><\/i><\/span> Download (PDF)<\/a>\n\n\t<\/div>\n\n\n\n\n\n<\/p>\n<\/div><\/section><\/p><\/div><\/div><\/div><\/div><!-- close content main div --><\/div><\/div><div id='after_section_2'  class='main_color av_default_container_wrap container_wrap sidebar_right'  ><div class='container av-section-cont-open' ><div class='template-page content  av-content-small alpha units'><div class='post-entry post-entry-type-page post-entry-5921'><div class='entry-content-wrapper clearfix'>\n","protected":false},"excerpt":{"rendered":"<p>The Covid-19 pandemic makes physical meetings difficult due to travel restrictions and contact bans. These often also hinder the holding of shareholders&#8217; meetings of limited liability companies. For this reason, the German legislator has temporarily facilitated the adoption of resolutions, according to which these are no longer (as the law actually provides) only possible with the consent of all shareholders outside of shareholders&#8217; meetings. The Regional Court of Stuttgart has now ruled that this facilitation does not modify existing, possibly restrictive, provisions of the Articles of Association on the adoption of resolutions by written procedure and thus clearly limits the scope of application of the statutory provisions. This ruling has far-reaching consequences for practice. The article first introduces the problem (I.), then discusses the ruling of the Regional Court of Stuttgart (II.) and finally gives an assessment and an outlook on the consequences for the practice (III.).<\/p>\n","protected":false},"author":26,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"mc4wp_mailchimp_campaign":[],"footnotes":""},"categories":[171],"tags":[],"class_list":["post-5921","post","type-post","status-publish","format-standard","hentry","category-2021-q2-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/posts\/5921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/comments?post=5921"}],"version-history":[{"count":8,"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/posts\/5921\/revisions"}],"predecessor-version":[{"id":6046,"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/posts\/5921\/revisions\/6046"}],"wp:attachment":[{"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/media?parent=5921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/categories?post=5921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/it-landgraf.de\/en\/wp-json\/wp\/v2\/tags?post=5921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}