Article 24

Conditions of and reasons for dissolution

1. The authorities of the State in accordance with whose laws the company was formed, or those of the State in which the company’s registered office is established, should the said office not be established in the State of formation, shall alone be competent to decide on the invalidity of the company or on its dissolution.

2. The company may only be declared invalid or dissolved as a result of the reasons provided for in its governing laws, as determined in accordance with the provisions of article 3 of the present law.

3. Where provided for by the laws governing the company, dissolution shall be possible through the adoption of a resolution by its shareholders or by the company’s competent decision-making body. The resolution shall be adopted in the manner prescribed by the said laws. Under paragraph 1 of the present article, the competent authorities alone may determine the validity or effectiveness of the resolutions referred to in the present paragraph.