On July 2, 2020, the Senate held a virtual floor vote and approved Bill for Conversion (PLV) 19/2020, which converted into law Provisional Measure 931 of March 30, 2020, with small alterations, consolidating the extension of the time limit to hold the ordinary general meetings of limited liability companies, corporations and cooperatives.

According to the approved text, corporations and limited liability companies whose fiscal years finished between December 31, 2019 and March 31, 2020 are allowed to hold general meetings within seven months counted from the end the corresponding fiscal year, while the time limit to hold general meetings of cooperatives was extended to nine months counted from the end of the respective fiscal year.

The publication of Provisional Measure 931 was disclosed by CGV Advogados through a notice posted on March 31, 2020, which describes in greater details the main characteristics of the theme updated here. The Bill for Conversion (PLV) 19/2020 will now be sent to the President for signing.

Our corporate team will remain abreast of any new measures and their impacts. We are available to clarify any doubts at: cec.societario@cgvadvogados.com.br.