Finland: A publicly-owned joint venture
Attorneys Lindblad & Co Ltd. was chosen via procurement and commissioned by the Regional Council of South Karelia to assist them establish a new non-profit limited company. The new company was to be created for the purpose of building and developing a canal along with water pumping stations to improve the quality of the Pien-Saimaa lake and improve recreational water transport.
The client, the Regional Council of South Karelia, is a joint-municipal authority whose most important functions include planning and development projects in the Region of South Karelia. Its organization is decided by the city and municipal councils. We are specialized, along with other fields, in municipal law, which is an important field in Finland as municipalities are the most important sublevel governmental unit in the unitary country. Municipalities can also establish limited companies to perform various responsibilities and functions.
We were tasked with drafting the required documentation to establish the new company, including memorandum of association, articles of association and proposals for the municipal councils as they need to pass in order to establish the company jointly between four municipalities with two them majority shareholders and the other two being in the minority.
Besides ensuring all the legal obligations were followed, we created a shareholders’ agreement for the new company’s owners.
Overall, the case represents a good example of mixing of municipal and corporate as well as contract law, all of which are expertise of Lindblad & Co’s.
Client: The Regional Council of South Karelia
Date closed: August 2020
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