By AM | Oktarina Lawyers:
The Company structure is created based on the Law No 40 of 2007 Concerning Limited Liability Company (“Company Law”). According to this Company Law, the company organ can be established in 2 ways:
1. The establishment of the Board of Directors:
2. The establishment of the Board of Commissioners:
Both, the Directors and the Board of Commissioner shall be appointed by using the amendment of the Article of Association (Deed of the Article of Association). Therefore, it is very important to determine this deed after the GMS appointment through the Circular Resolution of the GMS and register it at the Ministry of Law and Human Rights. That being said, the validity of the deed is mandatory by law and shall become a strong evidence the Directors and Board of Commissioner titles.