A new package of three acts has replaced the Act on Public Trading in Securities. The new Act on Public Offering allows a shareholder holding at least 5% of the votes at the general shareholders' meeting to demand that such a meeting be called in connection with the appointment of a special purpose auditor.
The Supreme Court has confirmed that the right to recover interest is barred by statute within three years of the due date. However, it ruled that such recovery is no longer possible if the main receivable is barred. The ruling is expected to have wide-ranging effects on Polish business.
The Supreme Court recently clarified the law concerning notarized documents executed outside Poland. Previously, Polish notaries and other practitioners had raised doubts as to whether certification by foreign notaries was acceptable in Poland. Such doubts have now been dispelled.
New provisions of the Civil Code allow for offers to be made by email and lay down certain conditions which must be met by the offeror. The code also provides that parties to a given legal relationship may agree to the jurisdiction of the Polish courts in any property cases that have arisen or may arise from their relationship.
A new corporate governance code encourages the setting of high standards for the conduct of corporate entities in Poland and provides greater certainty to the law. Recently, the Commercial Company Code has been criticized for being unnecessarily convoluted, and a number of attempted hostile takeovers have caused controversy.