{"id":48614,"date":"2023-05-07T11:56:58","date_gmt":"2023-05-07T08:56:58","guid":{"rendered":"https:\/\/koumentakislaw.gr\/articles\/symbaseis-kai-synallages-me-melh-ds-elliphs-dhmosiothta\/"},"modified":"2026-08-28T09:39:18","modified_gmt":"2026-08-28T06:39:18","slug":"contracts-board-members-related-parties-defective-publicity","status":"publish","type":"post","link":"https:\/\/koumentakislaw.gr\/en\/articles\/contracts-board-members-related-parties-defective-publicity\/","title":{"rendered":"Contracts and Transactions With Board Members and Related Parties: Defective Publicity"},"content":{"rendered":"

In our previous article<\/strong><\/a>, <\/u><\/strong>we were concerned with the last step (and a necessary condition) of ensuring the legality of the conclusion of contracts\/transactions between the SA on the <\/a>one <\/a>hand and the members of the Board of Directors\/ related parties <\/strong><\/a>on <\/a>the <\/a>other. We refered to compliance with publicity formalities. But what happens (and what are the legal consequences) when the publicity formalities in question are not (or are incompletely) observed, which ensure, among other things, the interests of minority shareholders? And what happens when only one person is the shareholder of the SA and the latter does business with them? This article is about them.<\/p>\n

With the above issues, the cycle of our engagement with the provisions of those articles (art. 99-101 law 4548\/18), which describe the legal procedure for entering into contracts\/transactions of the SA with the members of the Board of Directors and related parties, is concluded.<\/p>\n

\u039d<\/strong>on-<\/strong>C<\/strong>ompliance with Publicity Formalities: Legal Consequences<\/strong><\/p>\n

Complete Absence<\/strong><\/p>\n

The legal consequences of any failure to make the necessary publications are not defined in the law on SAs. Any relevant legal consequences are not foreseen, especially, even in the relevant Directive (:2007\/36\/EC). At the choice of the Union legislature, the matter is left to the discretion of the national legislature.<\/p>\n

It is worth noting that under the previous regime there was a relevant legislative provision (see art. 23a \u00a71 item c., b., law 2190\/1920). In particular, it was stipulated that the validity of the guarantee or security only started after the required publicity formalities had been observed. As it was not defined, the publicity constituted a “statutory suspensory heresy” regarding the action of the legal entity, following the permission of the exclusively competent, under the previous legislative regime, General Assembly.<\/p>\n

Despite the above, there is no longer a national regulatory provision on the legal consequences of compliance (or non-observance) with publicity formalities; rather, there is no corresponding regulation that explicitly makes the validity of the company’s contract\/transaction with the related party dependent on the fulfillment of the publicity requirements. However, is this specific, however obvious, lack really a problem?<\/p>\n

In order to approximate the consequences of not complying with the publicity formalities the applicable system of double publicity should be taken into account. Of course also what applies to the validity and finality <\/strong><\/a>of the decisions granting an authorization to enter into a transaction with a related party by the respective competent body. The directions, finally, that can be drawn from the law of the capital market, the analysis of which, however, goes beyond the scope of the present article.<\/p>\n

(a) Failure to make an initial announcement: If the Board of Directors does not announce its decision to grant the required special authorization, then the ten-day period for referring the matter to the General Assembly does not begin (art. 100 \u00a73 Law 4548\/2018). However, as has been analyzed in our previous article<\/strong><\/a>, an approval decision for a transaction with a related party, for which permission was granted by the Board <\/a>of Directors, is considered definitively valid only after the lapse of the aforementioned 10 days.<\/a><\/p>\n

During the time that the conditions of the law for the determination of the validity of the relevant decision are not met, the disputed transaction will be in a status of meteoric inaction. Any contract drawn up will not, however, be invalid (after all, it can also be approved later – according to art. 100 \u00a74).<\/p>\n

The inaction will not, therefore, be a result (in itself) of the omission of the first announcement by the Board. This, moreover, is confirmed by the fact that any approval decision will be completely valid (regardless of the announcement or not of its adoption) in two cases. In the case, initially, that the shareholders declare<\/strong><\/a>, <\/strong><\/a>in writing, that they do not wish the matter to be referred to the General Assembly<\/strong><\/a>. In the event, also, that the (universal) General Assembly grants the authorization without prior publication of the initial decision of the Board.<\/p>\n

(b) Omission of the second (and last) announcement: It does not result to the invalidity of the contract\/transaction, (nor) does the violation of the publicity obligations of article 100 \u00a7\u00a72 and 3, i.e. the failure to announce the provision of the (final) authorization to the Business Registry.<\/p>\n

In particular, since the contract becomes definitively valid after the ten-day period has passed or automatically (: in case the permission was granted by the General Assembly), the approval decision itself is equally unaffected.<\/p>\n

The only consequence of its non-publication to the Business Registry (it could be considered that) is the non-start of the six-month or annual period regarding the invocation of invalidity (art. 95 \u00a73 and 138 \u00a74 respectively).<\/p>\n

Inaccurate Content<\/strong><\/p>\n

Any inaccuracies in the content of the second (and final) announcement posted on the Business Registry cannot be brought against third parties (:article 101 \u00a72). This implies that the company is bound, in principle, by the -not corresponding to reality- information included in the announcement. Unless, of course, it proves that the third party was not in good faith and therefore knew of the inaccuracy.<\/p>\n

The provision in question, as it is not devoid of interpretative ambiguities, is an “inspiration” for the Greek legislator, as it is not found in the relevant Directive 2007\/36\/EC.<\/p>\n

In this case, it is accepted that the protection of third parties extends, exclusively, to those elements of the announcement that are related to the validity of the disputed transaction. And this, as the trust of the third party (that person, i.e., who does not fall under the concept of related parties) that was affected by the authorization procedure is worthy of protection is. It may, e.g. for the transfer of property to a related party, an inaccurate announcement by the Board of Directors regarding the existence of an approval decision for the transaction in question was published and, therefore, the relevant transfer was invalid. If, however, the related party makes a further transfer of the said property to a third party, the latter, as long as it is in good faith, has a protectable interest in considering that the particular transaction was lawfully approved.<\/p>\n

Therefore, what is announced for reasons of sufficient information of third parties (eg the connection relationship of the company with the related party) does not fall under the concept of “inaccuracy” of this provision. Therefore, this rule does not apply in this case.<\/p>\n

SA Contracts With Sole Shareholder<\/strong><\/p>\n

The last issue related to the unity of the process of entering into transactions of the SA with related parties, is the conclusion of a contract by the former with its sole shareholder.<\/p>\n

The transaction entered into between the company and its sole shareholder (and does not fall under those characterized as current <\/strong><\/a>transactions<\/u><\/strong>– article 99 \u00a73) is registered (art <\/strong><\/a>. 101 \u00a74), under the penalty of invalidity, in the minutes of the General Assembly or the Board of <\/strong><\/a>Directors <\/strong><\/a>or is drawn up in writing. No other formalities are required.<\/p>\n

Application by analogy of the provision should also be accepted for the SA’s transactions with members of the Board of Directors and related parties (according to art. 99 \u00a72), as long as the sole shareholder gave their consent, even if implicitly, to its conclusion (e.g. they themselves signed on behalf of the company or voted in favor of it in the context of the Board). In fact, regarding the identity of the legal reason, the same applies to a “quasi sole proprietorship”, i.e. a company with such a shareholder composition, that it is not possible to form the required minority by the other shareholders to exercise any right of opposition.<\/p>\n

The present regulation (which, by the way, already existed before, under Law no. 2190\/1920 – art. 23a \u00a77) unsuccessfully seems to have been included in article 101. And this, as the contracts in question generally escape of the scope of the procedure of articles 99-101. That is, not only the publicity procedure (of art. 101). After all, any non-exception of the above contracts from the procedure of all articles 99-101 would constitute an unjustified adherence to formalities. In particular, since there is no question of protecting shareholder interests in this case. In particular, the permission from the General Assembly will, in fact, be granted by the one and only shareholder, or by the Board of Directors wholly controlled by them (while the possibility of someone exercising the right of objection does not arise).<\/p>\n

The consequences of incomplete compliance (or the complete lack) of the publicity formalities required by the law, as a last step, to confirm the legality of the SA’s contracts and transactions with members of the Board of Directors and related parties are not expressly provided for in the law. The importance and value of their faithful observance is, however, more than obvious. The protection of bona fide third parties and, in particular, minority shareholders takes priority and is the responsibility of the members of the Board of Directors of the SA. However, there is no need to protect minority shareholders when the latter are not existing – on a single-shareholder, i.e., SA. In the latter case, publicity formalities are obviously unnecessary.<\/p>\n

\"\"<\/p>\n

Stavros Koumentakis<\/a>
\nManaging Partner<\/em><\/p>\n

\u00a0<\/em><\/p>\n

The information contained in this article does not constitute (nor is it intended to constitute) legal advice. Such legal advice may only be provided by a qualified lawyer who has taken into account all the facts and circumstances of your particular case.<\/em> Read more<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In our previous article, we were concerned with the last step (and a necessary condition) of ensuring the legality of the conclusion of contracts\/transactions between the SA on the one hand and the members of the Board of Directors\/ related parties on the other. We refered to compliance with publicity formalities. But what happens (and […]<\/p>\n","protected":false},"author":5,"featured_media":48615,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[52,53,110,1249,1248,1247,1234,1189,335,1217,1216,1244,1215,1251,1250,1252],"class_list":["post-48614","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-board-members","tag-board-of-directors","tag-corporate-governance","tag-defective-publicity","tag-disclosure-requirements","tag-g-e-mi","tag-general-meeting","tag-greek-corporate-law","tag-law-4548-2018","tag-minority-shareholders","tag-related-parties","tag-related-party-transaction-disclosure","tag-related-party-transactions","tag-single-member-company","tag-sole-shareholder","tag-third-party-protection"],"acf":[],"yoast_head":"\nRelated Party Transaction Disclosure Requirements in an S.A.-KOUMENTAKIS<\/title>\n<meta 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