A shareholders’ meeting is the highest governing authority of a company in Mongolia. A shareholders’ meeting may be either regular or special. The shareholders’ meeting shall be convened after no less than forty (40) days after the decision has been adopted. The regular shareholders’ meeting shall be called by the Board of Directors (in its absence the executive body) and held within four (4) months following the end of each fiscal year of a company. If a regular shareholder meeting is not called and held within the period specified in law on Company, the authority of the Board of directors (in its absence, the executive body) provided by this law and the company charter except for the authority to call the shareholders’ meetings shall terminate. And any agreements or transactions entered into after the termination of the authority of the Board of Directors (in its absence, the executive body) shall be invalid. The company shall be obligated to notify the shareholders through the media of the scheduled shareholders’ meeting within five (5) days of the adoption of the decision.