Abelló Linde Centenary Book

THE COMPANY STRUCTURE
belló, Oxígeno-Linde SA had been created for a period of twenty
Ayears. A period that was due to end on December 31 st 1941. For this
reason the Extraordinary General Meeting of Shareholders, held on
November 6 th 1941, agreed to prolong the life of the company for a further period
of twenty years.
The enactment of a law regulating public limited companies on July 17 th
1951 forced the companies of this kind to adapt their articles of association to the
new legal regulations. Abelló, Oxígeno-Linde SA held an Extraordinary General
Meeting of Shareholders on September 15 th 1953 for this purpose. The new
articles differed little from the original ones. The company’s objective was kept,
established as the manufacture of industrial gases, the sale of autogenous welding
gear, the sale and hire of bottles, and the manufacture, purchase and sale of
calcium carbide and dissolved acetylene. A few changes were incorporated, such
as the registered office, which changed from number 1, Carrer Alí Bey, to number
6, Carrer Bailèn. The capital continued to be the foundational: 2,250,000 pesetas,
in the form of 2,250 shares at 1,000 pesetas each.
A relative novelty, required by the new legislation, is the setting up of a
formal Board of Directors, instead of a Delegated Committee made up of three
delegated shareholders and a manager, as the first articles specified. The board
would now be made up of four directors, three of which would have per force to
be shareholders. The fourth director, non-shareholding, has to be interpreted as
giving the wink to the Germans of Linde, who had seen the Spanish government
confiscate their shares a few years before and now saw the possibility of them
being returned to them.
The Management was kept, thus called, instead of General Management,
but the figure of the sole manager, which had been Isidro Abelló i Camps, was
replaced by the possibility of there being several managers. The founder’s age
made it necessary to take certain precautions.
Football teams A.O.L., unmarried against married, 1951
As for the application of the results, the criteria of the founders were kept:
if there was a profit 6% would be paid as a dividend. If profits were greater, 40%
of this surplus would be allocated in the following way: 15%, to the Board of
Directors, 10% to the Management and 15% to the staff. The remaining 60%
would be applied to reserves or to a supplementary dividend.
98 Without the founding brothers and without the german partners (1940-1955)