The Law on Amendments to the Companies Act

The Parliament of Montenegro has adopted the Law on Amendments to the Companies Act with 43 votes in favor at an extraordinary session held on January 19, 2024. The Amendments entered into force on January 23, 2024.

The initial Proposal was submitted by six members of Parliament on December 13, 2023, and aimed to amend Articles 135 and 136 related to convening shareholder meetings, stipulating a 21-day deadline for holding the general meeting and sending notice.

The Committee on Economy, Finance, and Budget made amendments to the proposal. After the Government provided its opinion supporting the amendments on December 29, 2023, the amended Law was adopted at the same session.

The legislative impact of these amendments, adopted in an exceptionally short time and manner, has ignited intense debates surrounding formal-legal issues and the rationale behind the changes.

This overview is provided by Marija Živković, Partner, and Mina Čogurić, Associate from the JPM & Partners office in Montenegro.

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