A member or shareholders being an organization can appoint in writing an or more individuals to become as his/her authorized representative, which must be notified to the company and the local business registration body within 10 working days for LLC and 05 working days for JSC from the date of appointment. The replacement of an authorized representative must be notified in writing to the company and the business registration body within 10 days from the date of decision and shall take effect from the date when the company is notified.
An authorized representative must meet the following criteria and conditions:
- To have full capacity for civil acts;
- Not to be prohibited from establishment and management of enterprises; and.
- To have professional qualifications and experience in business management or in main lines of business of the company;
The notification must contain the following basic particulars:
- Name, permanent address, nationality, number and date of establishment decision or business registration of the member/the shareholders;
- Ratio of capital contribution, number and date of Certificate of capital Contribution for LLC or number of shares, classes of shares and date of registration of the shareholder for JSC;
- Full name, permanent address, nationality, number of people’s identity card, passport or other lawful personal identification of the authorized representative;
- Number of shares for which a representative has been appointed;
- Term of authorized representation; and.
- Full name and signature of the authorized representative and of the legal representative of the member/shareholder.