This series provides more detailed insight into the reform of the Belgian Company Code, which is expected to be voted into law after the summer parliamentary recess. This ambitious reform will affect many businesses and is intended to render Belgian company law more flexible and attractive to Belgian and foreign investors. The reform will simplify and reduce the number of corporate forms and will also apply to Belgian non-profit associations and foundations.
As you may know, many companies (especially cooperative companies) and associations have adopted rules of procedure, in order to benefit from a second instrument, in addition to their articles, containing important rules (usually included in the articles) governing the conduct of legal relations between the company's partners or members and its corporate bodies. Currently, however, the scope and validity of such rules of procedure are uncertain.
The new Code of Companies and Associations (CCA) will put an end to this legal uncertainty by providing a statutory framework for the establishment of rules of procedure.
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