Examples of Brazilian Corporate Law in a sentence
Stockholders are entitled to a mandatory dividend of not less than 25% of annual net income, which is adjusted according to the rules set forth in Brazilian Corporate Law.
The amount payable may not exceed 50% of the greater of net income for the year or retained earnings, as measured under Brazilian Corporate Law.
Under the Brazilian Corporate Law (Law 6404 of December 15, 1976) and the by-laws of the Company on the date of the Deposit Agreement, the Shares have general voting rights only so long as the Company has failed for three consecutive fiscal years to pay a minimum dividend on the Shares of 25% of the Company's net profits; otherwise the Shares have no voting rights in respect of any matters except changes to the Company's capital structure which adversely affect the Shares.
The Company Bylaws provide for the mandatory distribution of dividends of 25% of the adjusted net income in accordance with the Brazilian Corporate Law.
The reserves are allocated as follows after the deductions and statutory provisions, from the net income:Legal reserveIn accordance with Brazilian Corporate Law, 5% is transferred to the legal reserve, until it reaches 20% of the share capital.