Law on the Participation of the Employees at the Company after the Cross-Border Merger of the Limited Liability Company Adopted
- Lithuania
- 09/01/2008
- Raidla Lejins & Norcous
On 17 June 2008, the Seimas legislated a new Law on the Participation of the Employees at the Company after the Cross-Border Merger of the Limited Liability Company which is in force from 5 July 2008. This law was adopted implementing the requirements of the Directive of the European Parliament and the Council of 26 October 2005 on Cross-Border Mergers of Limited Liability Companies. The aim of the adoption of the law is to set the legal frame for the employee participation at the companies after cross border mergers. The law also establishes the procedure of the convocation of the negotiation committee, the composition of this committee, the procedure of the negotiations, the content of the agreement, the application terms for the participation rights, the procedure of the appointing employees to the administrative and supervisory bodies of the companies. Lastly, without the adoption of this law, the applications of the Law on Cross Border Mergers of Limited Liability Companies would be hardly imagined. The adoption of this law stimulated the amendments to the Administrative Code of the Republic of Lithuania, as there was a necessity to establish the liability for the violations of the regulation, established in the law.
