discharge for

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rositakay

Senior Member
Arabic
Hi,

17.7 The Shareholders' Body shall adopt the annual accounts.
17.8 The Shareholders' Body may grant full or limited discharge to the Management Board members for the management pursued.

What is meant by discharging the members for the management pursued please?
Source: Amendment of Articles of Association - BePartners Company

Thanks,
 
  • Packard

    Senior Member
    USA, English
    According to Farlex Dictionary On-line these are synonyms for "discharge" under the meaning of "performance"

    discharge
    (Performance), noun accomplishment, achievement, attainment, carrying through, commission, completion,conclusion, consummation, culmination, effectuation, enforcement, execution, fruition, implementation, observance, perpetration,realization, termination
    Associated concepts: discharge of duty, faithful discharge of official duties

    My best guess (and I am not an expert on legalese) is that it means "execution" or "implementation".
     

    rositakay

    Senior Member
    Arabic
    Actually I don't think that this is the meaning in this context as they are talking here about the annual accounts:

    The Company's financial year shall be the calendar year.
    Annually, not later than five months after the end of the financial year, unless by reason of special circumstances this period is extended by the Shareholders' Body by not more than six months, the Management Board shall prepare annual accounts and deposit the same for inspection by the Shareholders at the Company's office.
    The Shareholders' Body may grant full or limited discharge to the Management Board members for the management pursued.
     

    Glenfarclas

    Senior Member
    English (American)
    No, the sense is closer to "release" or "waiver." Although the drafting isn't as clear as it might have been, I take it to mean that the Shareholders' Body may release the managers from personal liability that they might incur in the course of their management of the company.

    It must be pointed out that this is an English forum, not a legal forum, and if anything of value depends on the interpretation of this clause then you ought to seek the advice of qualified legal counsel in your jurisdiction.
     
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