1. An EGTC shall be a public legal person.

2. An EGTC shall be regarded as established from its registration in the Register of Legal Persons.

3. The name of an EGTC whose registered office is located in the republic of Lithuania must be preceded or followed by the words “European grouping of territorial cooperation” or “EGTC”, unless these words or abbreviation are already included in the name of the EGTC.

4. Contributions of the members of an EGTC shall be the ownership of the EGTC.

 

1. After the registration of an EGTC in the Register of Legal Persons, a founder who has transferred the contribution for the EGTC shall become a member of the EGTC.

2. Upon the registration of an amended convention of an EGTC in the Register of Legal Persons, a legal person who has transferred the contribution for an EGTC and who is not the founder of this grouping shall become a member of the established EGTC.

3. A legal person registered in the Republic of Lithuania who wishes to become a member of an EGTC must, according to the procedure laid down by the Government of the Republic of Lithuania, receive permission of the Ministry of the Interior of the Republic of Lithuania to participate in activities of the EGTC. All documents and their copies, which are being submitted to the Ministry of the Interior of the Republic of Lithuania, must be drawn up in the Lithuanian language.

4. Liability of the legal persons registered in the Republic of Lithuania – members of an EGTC – shall be limited.

 

1. The legal basis of the establishment of an EGTC shall be a convention of the EGTC signed by the founders of the EGTC.

2. A convention of an EGTC which is being established shall be submitted to the Register of Legal Person together with other documents specified in the Regulation and the Civil Code of the Republic of Lithuania.

 

1. Accounting of an EGTC shall be handled and a set of financial statements shall be compiled in accordance with the procedure laid down by laws and other legal acts of the Republic of Lithuania.

2. A set of annual financial statements of an EGTC must be approved by the assembly of the EGTC not later than within 4 months after the end of a financial year of the EGTC.

3. Only the audited set of annual financial statements of an EGTC shall be approved.

4. An audit firm selected by the assembly of an EGTC must assess a set of annual financial statements of the EGTC according to internationally accepted audit standards. The EGTC shall conclude a contract with an audit firm and pay for audit services.

5. State and municipal control bodies shall be entitled to inspect activities of an EGTC.

 

1. An EGTC may not be restructured.

2. An EGTC may be reorganized in the ways and in the manner prescribed by the Civil Code of the Republic of Lithuania.

 

1. An EGTC shall be liquidated on the grounds provided for in the Civil Code of the Republic of Lithuania.

2. An EGTC shall also be liquidated when the Ministry of the Interior of the Republic of Lithuania finds in accordance with the procedure laid down by the Government of the Republic of Lithuania that the EGTC no longer complies with the requirements set out in paragraph 2 of Article 1 and in Article 7 of the Regulation, and takes a decision to obligate the EGTC to rectify the situation, but the EGTC fails to do so. In this event the Ministry of the Interior of the Republic of Lithuania shall apply to the court for liquidation of the EGTC and appointment of a liquidator.

 

1. The Ministry of the Interior of the Republic of Lithuania may, on its own initiative or at the request of an interested institution, apply to Vilnius Regional Court with an application to prohibit on the territory of the Republic of Lithuania the activities of an EGTC which have been registered not in the Republic of Lithuania, if the EGTC carries out the tasks in contravention of the provisions of the Republic of Lithuania on public policy, public security, public health or public morality, or in contravention of the public interest of the Republic of Lithuania, or may apply to the said Court with an application to obligate the members which have been established under the law of the Republic of Lithuania to withdraw from this EGTC.

2. Disputes concerning the prohibition of activities on the territory of the Republic of Lithuania of an EGTC which has not been registered in the Republic of Lithuania shall be resolved by a judicial authority.

 

I promulgate this Law adopted by the Seimas of the Republic of Lithuania.

 

PRESIDENT OF THE REPUBLIC                                                  VALDAS ADAMKUS

 

 

Annex to

the Republic of Lithuania Law on

a European grouping of territorial cooperation