Sole selling agents - Appointment made by board of directors without attaching condition that appointment will cease to be valid if it is not approved in first general meeting
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Sole selling agency appointments lacking statutory approval condition are void and cannot be validated by later shareholder approval. An appointment of a sole selling agent made by the board without the prescribed condition that it cease to be valid unless approved at the first general ... Summary
Sole selling agency appointments lacking statutory approval condition are void and cannot be validated by later shareholder approval.
An appointment of a sole selling agent made by the board without the prescribed condition that it cease to be valid unless approved at the first general meeting is void ab initio. The missing condition cannot be deemed implicitly incorporated, and subsequent shareholder approval at the first general meeting does not validate or cure the initial invalidity.
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