Selected changes to the commercial code - 2. part

3. The possibility to waive a claim for compensation for damage

According to the provision of Section 386 paragraph 1 of the CC, it was not possible to contractually reduce the amount of damages or exclude a claim for damages before the actual breach of obligation establishing the right for damages occurred. As of January 1, 2012 it is possible to stipulate such limitations of damages in contract, but only for cases of unintentional breach. In case of intentional breach that establishes a claim to remedy it is not possible to waive or limit such claim even after the amendment has entered in force.

4. Changes to the regulation of commercial register

The legal regulation of commercial register is subject to several changes. Most importantly, the specimen signature will not be part of the collection of documents and identification numbers of natural persons will not be shown extracts from commercial register. However, the identification numbers will be still visible on documents that are part of the collection of documents, therefore they will be visible nonetheless. Moreover, it is still obligatory to include them in motion for entry to the commercial register.

5. The incorporation of a joint-stock company by a single natural person

As of 1.1.2012 it is now possible to for a single natural person to incorporate a joint-stock company. The original provision allowing the incorporation of a joint-stock company only by one or more legal persons or by two or more natural persons has been replaced by the amendment.