Act Relating To Public Offers Of Securities (1)

Original Language Title: Loi relative aux offres publiques de titres (1)

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Posted the: 2003-05-27 Numac: 2003003328 FEDERAL finance PUBLIC SERVICE April 22, 2003. -Law on public offers of securities (1) ALBERT II, King of the Belgians, to all, present and to come, hi.
The Chambers have adopted and we endorse the following: chapter I:. -Available general Article 1 this law regulates a matter referred to in article 78 of the Constitution.
CHAPTER II. -Definitions and scope Section 1. -Definitions art. 2 (1) for the purposes of this Act, it has to be understood by 'securities' all investment instruments, negotiable or not, regardless of the underlying assets, such as including: 1 ° the shares, units and other social rights or participation rights to benefit, to the reserves. or to the balance of liquidation in civil or commercial companies or associations;
2 ° bonds and other debt, securities regardless of the debtor;
3 ° a) the shares of investment funds referred to in Book III of Act of 4 December 1990 on financial transactions and financial markets;
b) real estate certificates referred to in article 106 of the above-mentioned Act of 4 December 1990;
(c) rights bearing directly or indirectly on movable or immovable, organised in association, joint ownership or group property, law or de facto, not giving holders private property including management, organized collectively, enjoyment is entrusted to one or more persons acting in a professional capacity;
4 ° contracts financial-futures ("futures"), including financial instruments equivalent which shall be settled in cash;
5 ° the futures contracts on interest rates ("forward rate agreements");
6 ° swaps ('swaps') on interest rates or currencies and swaps on streams related to equities or indices of shares ("equity swaps");
7 ° options on currency and on interest rates and all the other options, rights or obligations to acquire or transfer, by way of subscription or Exchange, securities referred to in this article, including the equivalent financial instruments whose payment is made in cash;
8 ° representative rights of securities instruments;
9 ° the derivatives on precious metals and raw materials.
The following investment instruments are however not securities within the meaning of paragraph 1: 1 ° the deposits of money solicited or received by establishments or institutions referred to in article 4, paragraphs 1 and 2, 1 ° to 4 °, 6 °, of the law of 22 March 1993 on the legal status and control of credit institutions;
2 ° foreign exchange, precious metals and raw materials;
3 ° contracts covered by article 6B of directive 79/267/EEC of the Council of 5 March 1979 on the coordination of laws, regulations and administrative provisions concerning the access to the activity of direct insurance life, and pursuit, concluded by insurance undertakings within the meaning of directive 92/96/EEC of the Council of 10 November 1992.
S. 3 (2) § 1.
For the purposes of this Act, it is necessary to hear by «takeover bid» or «publicly»: 1 ° any offering for sale, any public sale, or any public subscription offer, as well as any proposal made publicly to investors to proceed with an offer to purchase or subscription revocable or not;
2 ° any takeover bid.
3 ° the admission to trading on a Belgian regulated market which is accessible to the public;
4 ° to the conditions determined by the King, any public proposal to offer advice or information or to stimulate demand for information or advice regarding securities created or not yet created which are or will be the subject of an offer, public or not, unless such information or advice refer to securities which are or which have been the subject of regular in Belgium public offers.
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2. The King may define the public within the meaning of § 1, 3 °, as well as establish the criteria for the determination of the public nature of operations or proposals referred to the § 1.
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3. For the purposes of this Act, it has to be understood by: 1 ° "offeror": one who performs a public offer or that, with respect to the tender offer referred to the § 1, 3 °, applied for admission to trading;
2 ° "issuer": the company, legal person, institution or company whose securities are the subject of a takeover operation.
S. 4 (3) for the purposes of this Act, it has to be understood by: 1 ° "Belgian regulated market": the market referred to in article 2, 4 °, of the Act of 2 August 2002 on the supervision of the financial sector and on financial services;
2 ° "official listing on a stock exchange": the market under directive 2001/34/EC of the European Parliament and of the Council of 28 May 2001 on the admission of securities to official listing and information to be published on those securities;
3 ° 'regulated market': any Belgian regulated market or abroad referred to in article 2, 3 °, 5 ° or 6 °, of the above-mentioned law of 2 August 2002;
4 ° 'market undertaking': the undertaking referred to in section 2, 7 °, of the above-mentioned Act of 2 August 2002;
5 ° "CBF": the Commission bancaire et financière, 6 ° 'working day': day working in the banking sector, with the exception of Saturdays and Sundays.
S. 5 (4) for the purposes of this Act, there are 'intermediary' means any physical or legal person who, even as a temporary activity or accessory, and in any capacity whatsoever, intervenes with respect to investors in the placement of a bid for account of offeror or issuer, against remuneration or benefit of any kind and granted directly or indirectly by offeror or issuer.
S.
6 (5) for the purposes of this Act, it has meant by "Eurobonds" obligations, cash vouchers and other debt securities that meet simultaneously with the following characteristics: 1 ° they are considered closed and placed by a syndicate composed of at least two non-related members and having each based in a different State. The King may revise this figure on the basis of the evolution of market practice;
2 ° they are offered for a significant part in several States other than the registered office of the issuer;
3 ° they cannot be purchased or initially acquired only by a person or an institution referred to in article 12, or through her.
S.
7 (6) for the purposes of this Act, it has to be understood by investment funds that closed another type, the mutual funds and investment companies:-whose object is the collective investment of funds collected from the public and whose operation is subject to the principle of risk-spreading, and - the units of which are at the request of the holders, repurchased or redeemed, directly or indirectly, in charge of the assets of these undertakings; is assimilated to such repurchase or redemption the fact for a collective investment undertaking to act so that the value of its shares on the stock exchange does not significantly from their net asset value vary.
Section 2. -Scope art. 8 (7) subject to the exceptions set out in articles 9 to 11, this Act applies to any public offering of securities other than securities of debt created by the European Central Bank or by the central banks of the Member States of the European economic area.
S. 9 (8) chapters IV and V do not apply: 1 ° to public sales of titles ordered by justice or organized periodically by the company of a Belgian regulated market market;
2 ° to takeover bids of titles created by a European economic area Member State or by one of its regional or local authorities or by international public organisations which include one or more States members;
3 ° to bids for tickets in cash and certificates of deposit covered by the law of 22 July 1991 on commercial paper and certificates of deposit;
4 ° to allocations of shares or shares to workers in execution of the participation plans covered by Act of 22 May 2001 on employee participation plans capital and corporate profits.
S. 10 (9) unless there is an offer referred to in article 3, § 1, 3 °, chapters IV and V are not 1 ° to public offers of shares in cooperative societies recognized under article 5 of the law of July 20, 1955, establishing a national Council for Cooperation, provided that the acquisition or possession of these shares are for their holder the requirement so that it can benefit from the services rendered by these cooperatives;
2 ° to bids of obligations created by non-profit associations and the international non-profit associations, as well as public utility foundations and private foundations, insofar as these offers are made to these associations and foundations provide the means necessary to achieve their goals disinterested;
3 ° to offers public securities noting receipt of repayable funds, with or without capitalisation of interest, issued in a manner continues by credit institutions established in Belgium by credit institutions governed by the law of other States members of the economic European and not established in Belgium, with the exception of securities subordinated or convertible, with right of subscription or acquisition or exchangeable;
4 °

bids of Eurobonds, which simultaneously meet the following conditions: a) Eurobonds are neither convertible, exchangeable, nor accompanied by a right of subscription or acquisition of securities;
(b) the offer is not the subject in Belgium of an advertising campaign;
(c) supply exceeds an amount to be determined by the King;
(d) Eurobonds are offered to conditions that may be of interest to private and institutional investors.
(e) the offeror or issuer committed themselves to seek the admission of Eurobonds to trading on a regulated market situated or operating within the European economic area or a market situated or operating outside the European economic area that meets with properties equivalent to those of a regulated market;
(f) an information adequate, consistent with the practices in force on the international financial markets is made available to investors at the time of the offer.
S.
11 (10) unless there is an operation referred to in article 3, § 1, 2 °, chapters IV and V do not apply to takeover bids by undertakings for collective investment referred to in article 108, 1 °, of the law of 4 December 1990 on financial transactions and the financial markets of their securities and foreign collective investment undertakings of the type other than closed of their shares.
Unless it is an operation referred to in article 3, § 1, 2 ° or 3 °, chapters IV and V do not apply to takeover bids from real estate certificates by placement agencies referred to in article 106, paragraph 1, of the Act of December 4, 1990.
Unless it is an operation referred to in article 3, § 1, 2 ° or 3 °, chapters IV and V do not apply to takeover bids by agencies of funds referred to in article 108, 2 ° and 3 °, of the law of 4 December 1990 supra their titles and closed their share of foreign collective investment undertakings.
CHAPTER III.
-Intermediation for public offers of shares art. 12 (11) only persons or following institutions may intervene in Belgium as an intermediary on behalf of the offeror or issuer in the public offerings of securities: a) the European Central Bank, the National Bank of Belgium and the other central banks of the Member States of the European economic area;
b) credit institutions included in the list provided for in article 13 of the law of 22 March 1993 on the status and control of credit institutions, with the exception of the communal savings banks;
(c) the branches established in Belgium of credit institutions governed by the law of another State member of the European economic area, registered in accordance with article 65 of the law of 22 March 1993 supra;
d) not established in Belgium credit institutions which fall under European law of another EEA Member State and operating in Belgium in accordance with article 66 of the law of 22 March 1993 supra;
(e) the scholarship society referred to in book II, title II, of the Act of 6 April 1995 on the status of investment firms and their control, investment advisors and intermediaries;
(f) the placing of orders in financial instruments companies referred to in book II, title II, of the above-mentioned Act of 6 April 1995;
(g) investment firms governed by the law of another Member State of the European economic area and operating in Belgium under book II, title III, of the above-mentioned Act of 6 April 1995;
(h) the branches established in Belgium of investment governed by the law of States firms that are not members of the European economic area and operating in Belgium in accordance with Book II, title IV, of the above-mentioned Act of 6 April 1995;
i) investment firms governed by the law of States that are not members of the economic area European and operating in Belgium by way of provision of services, provided that their intervention as an intermediary be consistent with the status to which they are subject under the taken orders in pursuance of book II, title IV, of the law of 6 April 1995 supra.
The King may determine that only financial intermediaries established in Belgium and determined by him are authorized to intervene in the placement to tender within the meaning of article 3, § 1, 2 °.
1st paragraph, without prejudice to the possibility for the offeror to collect acceptances of its offer of sale or underwriting of securities, or to entrust this task to a business that is related, in the case where the offer is for members of the staff of the related undertaking.
CHAPTER IV.
-The Art. prospectus 13 (12) a public securities offering cannot be performed, except in the case where a waiver of the requirement to produce a prospectus has been granted, unless a prospectus has been published and a notice was published reproducing the full prospectus or stating where the full prospectus is made public and where the public can get.
The prospectus contains information which, according to the characteristics and nature of the operation concerned, are needed so that the public can make a judgement based on placement which is proposed to him, such as in particular data on heritage, the financial situation and prospects of the offeror, the transmitter and if necessary the company target, on the rights attached to the securities which are the subject of the bid , and on the consideration requested for the public offering.
Any significant new fact that might influence the judgment of the public and involved between the time which is given the approval provided for in article 14, and that the closure of the operation subject to a supplement to the prospectus. In the absence of such a supplement, the CBF can, if it is aware of such a fact, suspend the operation until it is made public. The CBF can make public, at the expense of the offeror, the decision to suspend the operation. Any person who, on expiry of the time limit fixed by the CBF, remains in default to comply with an injunction to suspend the operation that was addressed to him by virtue of that paragraph, the CBF may impose a penalty that cannot be, per day schedule, exceeding 50,000 euros, or for the disregard of a same suspension injunction, higher than 2 500 000 euro.
The CBF determines for each continuous public offering the terms and the frequency of the update of the prospectus.
S. 14 (13) the prospectus and any supplements or updates may be published only after having been approved by the CBF.
S. 15 (14) the King may, by order made on the advice of the CBF: 1 ° determine the minimum content of the prospectus and its supplements or updates, as well as advice, advertising or other materials that advertise or recommend the transaction or otherwise related to it;
2 ° develop a specific regime for listing particulars for the admission of securities to trading on some Belgian organized markets or compartments such as markets, these titles, markets or compartments of market are determined by him;
3 ° enable the CBF to grant exceptions in special cases, and through adequate, regular and non-nominal followed policy, advertising to an order made under the 1 ° and 2 °.
S. 16 (15) the prospectus contains the indication that it is issued after having been approved by the CBF in accordance with article 14, and that such approval has no appreciation of the opportunity and the quality of operation, or the situation of one who realizes the.
Except the indication referred to in paragraph 1, no mention of the intervention of the CBF cannot be made in the prospectus, its supplements or updates, or notices, advertisements or other documents that announce or recommend the transaction or otherwise related to it.
S. 17 (16) the prospectus explicitly identifies those responsible for the content of the prospectus.
The persons mentioned in the prospectus in accordance with paragraph 1 are held jointly and severally to the interested parties, notwithstanding any contrary provision of compensation for the damage which is a more immediate and direct the absence or the falsity of the statements in the prospectus, its updates or supplements prescribed by or under articles 13, 15 and 16.
The offeror, issuer or intermediaries designated by them shall jointly and severally towards the interested, notwithstanding any contrary provision of compensation for the damage which is a more immediate and direct the inaccuracy or falsity of the information contained in notices, advertisements or other documents that relate to the operation and are published at their initiative, or non-compliance of these documents with the provisions of articles 15 and 16 or taken under those articles.
CHAPTER V.
-Control art. 18 (17) § 1. Anyone who proposes to publicly offer securities shall notify in advance the CBF.
§ 2. The opinion referred to the § 1, joined a record established in accordance with the requirements of the CBF and which will include: 1 ° the draft prospectus prepared in accordance with sections 13, paragraphs 2 and 4, 15, 16, 17 and 19 and taken to their execution orders.
2 ° where appropriate, the conditions for the underwriting of the securities offered publicly, as well as the composition, rights and obligations of any Union formed placement for this offer or guarantee;
3 ° a detailed statement titles, whatever they are, held in the transmitter by those who have given notice to the § 1 and, where appropriate, by those who make up the unions referred to 2 ° of this paragraph.

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3. The CBF may require individuals who gave the notice in the § 1, complete the record by adding all other information necessary to appreciate the nature complete and adequate information included in the prospectus.
§ 4. Notices, advertising or other documents which, at the initiative of the offeror issuer or intermediaries designated by them, relate to the operation or announce it or recommend it, are subject to the CBF before their publication.
S. 19 (18) the King may, by order made on the advice of the CBF: 1 ° set the deadlines and the modalities according to which the prospectus and its supplements or updated, as well as notices, advertising or other documents that announce or recommend the transaction or otherwise related to it, are made public;
2 ° provide the cases and conditions in which a partial or complete exemption from the obligation to establish and make public a prospectus may be granted by the CBF;
3 ° enable the CBF to grant exceptions in special cases, and through adequate, regular and non-nominal followed policy, advertising to an order made under 1 ° to 2 °.
S. 20 (19) within the 15 working days following receipt of the complete dossier, the CBF decides either to approve the prospectus, either to grant total exemption from the requirement to establish and publish a prospectus, or to refuse to approve the prospectus.
When the CBF has yet taken any of the decisions referred to in paragraph 1, persons who have given notice under article 18 § 1, may, by registered mail, set the CBF in house to do so. This House can take place at the earliest on the expiry of a period of 15 working days from the date of the last application by the CBF, for additional information within the meaning of article 18, paragraph 3, or, in the absence of such a request at the earliest on expiry of a period of 15 working days from the date of the notice referred to in article 18, § 1 , If at the expiry of a period of 15 working days from the date of notification referred to in this paragraph, the CBF remains in default, either take the decision, citing the missing elements, the folder can still be considered to be complete, or take one of the decisions referred to in paragraph 1, the application for approval of the prospectus or the obligation of establishment total exemption and publish a prospectus shall be deemed to be rejected.
S. 21 (20) the decisions referred to in article 20 are brought to the attention of persons who have given notice under article 18 § 1.
If there is an offer referred to in article 3, § 1, 3 °, these decisions are also brought to the attention of the market undertakings concerned.
Only persons who have given notice under section 18, § 1st, may appeal against the refusal of the CBF to approve the prospectus or against the decision referred to in article 20, paragraph 2, stating that the folder can still be considered complete. The approval of the prospectus by the CBF decision is not appealable.
Art 22 (21) if the CBF considers that an offer is likely to be or is done in a manner that may mislead the public about the heritage, the financial situation, results or prospects of the offeror and/or the transmitter or on the rights attached to the securities which are the subject of the offer, it shall notify, as appropriate , the offeror and/or the transmitter, and the demands that, where appropriate, to take certain measures to remedy the situation.
If it is not taken into account in this opinion, the CBF may decide to suspend the operation. It may also decide to suspend or withdraw certain notices, advertisements or other materials which, at the initiative of the offeror or issuer or intermediaries designated by them, relate to the operation or announce it or recommend it. Finally, it may order the offeror and/or the issuer to publish a correction.
The decisions referred to in paragraph 2 shall be notified by registered letter at the post office or with acknowledgement of receipt, to the persons referred to in paragraph 1, and, if it is an offer referred to in article 3, § 1, 3 °, to the market undertakings concerned.
The CBF may make public the decision to suspend the operation or suspension or withdrawal of notices, advertisements or other documents referred to in paragraph 2. If the correction referred to in paragraph 2 was not made upon expiry of the deadline, the CBF can also make public the rectification order, and where appropriate itself carry out the publication of the requested correction. The CBF measures referred to in this paragraph are made, as appropriate, at the expense of the offeror and/or the transmitter.
Any person who, on expiry of the time limit fixed by the CBF, remains in default to comply with an injunction for suspension or withdrawal that was addressed to him under paragraph (2), the CBF may impose a penalty that cannot be, per day schedule, exceeding EUR 50,000 or, for lack of a same order of suspension or withdrawal more than 2,500,000 euros.
S. 23 (22) § 1. When securities subject to a public offer referred to in article 3, § 1, 1 ° or 3 °, made at an early date or subject simultaneously in another EEA Member State European offers for sale or auction or an admission to official listing of a stock exchange, for which a prospectus was prepared and published in accordance with the national provisions adopted in implementation of directive 2001/34/EC or of directive 89 / In the cases determined by the King and subject to a possible translation, 298/EEC, after having been approved by the competent authority of that other Member State, the prospectus may be used in Belgium, without inserting additional information and without further approval or new control.
The prospectus approved by the competent authority of the other Member State is, however, to ensure its dissemination in Belgium, complete with regard to the information specific to the Belgian market, relating in particular to the tax status of income, financial institutions that provide financial services in Belgium as well as the mode of publication of the notice for the public.
The prospectus referred to in paragraph 1, supplemented as appropriate in accordance with paragraph 2, is subject to the CBF fifteen days at least before the beginning of the offer for the purposes of the control referred to in paragraph 2.
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2. The § 1 does not apply to the public offer of securities of issuers whose registered office is established in Belgium.
§ 3. The King determines the terms and procedure for the application of § 1.
S. 24 (23) who conducted a public offering of securities provide the CBF all information useful and indicated by the CBF on the result of this operation and make public the result according to the rules laid down by the CBF.
CHAPTER VI. -Penal and administrative fines s. 25 (24) shall be punished by imprisonment of one month to one year and a fine of euro 75 to euro 15 000, or one of those penalties only: 1 ° those who put obstacle to the checks that they are required to submit under this Act, that refuse or fail to provide information, documents or parts that they are required to provide under this Act, or who knowingly provide information documents or parts false, inaccurate or incomplete;
2 ° those who contravene articles 13, paragraph 1, 14, 18, § 1, or 24;
3 ° those who pass in addition to a suspension or a withdrawal handed down under article 13, paragraph 3, or article 22, paragraph 2, or which ignore a refusal of approval of the prospectus;
4 ° those who knowingly publish a prospectus, a complement or an update of a prospectus or other document announcing or recommending a takeover or thereto, which contains false, inaccurate or incomplete information that may mislead the public as to the heritage, the financial situation, results or prospects of the offeror and/or the transmitter or the rights attached to the securities which are the subject of the offer;
5 ° those who make public a prospectus, a complement or an update of a prospectus or other document referred to in article 18, § 4, by approval of the CBF State while it has not been given;
6 ° those who make public a prospectus or a supplement or an update of a prospectus, different from that which has been approved by the CBF.
7 ° those who contravene article 12.
S. 26 (25) the book ler of the penal Code, without exception of Chapter VII and article 85, shall apply to the offences punishable under this Act.
S. 27 (26) without prejudice to other measures taken in pursuance of this Act, the CBF may, when it finds an offence under the provisions of this Act or its implementing orders, administrative fine to the person in charge, and which may not be less than 2.500,00 euros or more, for the same offence or the same set of facts, 2.500.000,00 euros.
S. 28 (27) penalties and fines imposed in application of articles 13, paragraph 3, 22, paragraph 5, and 27 are recovered for the benefit of the Treasury by the administration of the Cadastre, registration and domains.
Chapter VII - provisions various arts.
29 are repealed in order royal n ° 185, July 9, 1935, the Superintendence of banks and the regime of securities issues and values 1 ° article 26, replaced by order royal n ° 67 on November 30, 1939 and amended by the law of 22 March 1993;
2 ° article 27, replaced by, the law of 9 March 1989 and amended by the law of 4 December 1990;
3 ° article 28, as amended by

the law of 4 December 1990;
4 ° article 29, replaced by the law of 9 March 1989 and amended by the law of 4 December 1990;
5 ° article 29bis, inserted by the Act of 9 March 1989 and amended by the law of 4 December 1990;
6 ° article 29ter, inserted by the Act of 9 March 1989 and amended by the law of 4 December 1990;
7 ° article 30, replaced by the law of 9 March 1989 and amended by the law of 4 December 1990;
8 ° article 31;
9 ° article 32, replaced by the Act of March 9, 1989;
10 ° article 34, replaced by the Act of 9 March 1989 and amended by law of December 4, 1990, 22 March 1993 and 21 December 1994, by the royal decree of 13 January 1995 and the laws of 30 October 1998 and 22 May 2001;
11 ° article 34A, inserted by the law of 4 December 1990;
12 article 42, paragraph 1 °, 8 °, as amended by the laws of the 30 June 1975, 8 August 1980, 17 July 1985 and March 9 1989;
13 article 42, paragraph 1 °, 9 °, amended by the law of 30 June 1975;
14 ° article 42, paragraph 2, inserted by the law of June 17, 1991;
15 ° article 42bis, inserted by the Act of 9 March 1989 and amended by the royal decree of 13 July 2001;
16 ° article 46.
S. 30. article 22 of the Act of June 10, 1964, on the public offerings, as amended by the laws of the 10 July 1969, 9 March 1989, December 4, 1990, 6 April 1995 and 12 December 1996, is hereby repealed.
S. 31. the Act of 10 July 1969 on the solicitation of public savings, including securities, is repealed.
S. 32 § 1. Article 7, § 2, of the Act of 2 August 2002 on the supervision of the financial sector and financial services, the words "of title II of the royal decree No. 185 of 9 July 1935 on the supervision of banks and the system of values and securities» shall be replaced by the words" the Act of... concerning the public offerings of securities.
S. 33 § 1. The King is empowered to replace references to the provisions of title II of the royal decree laws and Royal Decrees No. 185, July 9, 1935, supra, article 22 of the Act of June 10, 1964, supra and articles 1 and and 5 of Act of 10 July 1969, with references to the corresponding provisions of this Act using the concordance table contained in the annex.
§ 2. Until their adaptation by the King, the references to the provisions referred to the §, are using the concordance table contained in the annex, to be read as references to the corresponding provisions of this Act.
S. 34. the King may, by Decree deliberated in the Council of Ministers, take the necessary measures of transposition of directives of the European communities on the matters regulated by this Act on the advice of the CBF.
The Royal Decrees made pursuant to paragraph 1 may change, Supplement, replace or repeal the legal provisions in force.
The draft decrees referred to in paragraph (2) are subject to the opinion of the Council of State legislation section.
This notice is published jointly with the report to the King and the royal decree concerned.
S. 35. the King sets the date of entry into force of each of the provisions of this Act.
Promulgate this Act, order that it be under the seal of the State and published by le Moniteur.
Given to Brussels, April 22, 2003.
ALBERT by the King: the Minister of finance, D. REYNDERS sealed with the seal of the State: the Minister of Justice, Mr. VERWILGHEN _ Notes (1) 2002-2003 Session.
House of representatives.
Documents. -Bill, 50-2148 - No. 1. -Draft law - N ° 2. -Report - No. 5. -Text adopted in plenary meeting and transmitted to the Senate.
Senate.
Documents.
-Project mentioned by the Senate, 2-1588 - No. 1. -Evocation - No. 3. -Vote on the whole: varietur.
(2) section 2 paragraph 1: introductory provision: Act of June 10, 1964, article 22, § 1, paragraph 1 partim, amended by the law of 10 July 1969, article 2.
1 °: stopped royal n ° 185, July 9, 1935, article 26, paragraph 1 partim, and paragraph 2, first sentence partim; Act of June 10, 1964, article 22, § 1, paragraph 1 partim; (cf. Act of 2 August 2002, section 2.1, a) and (d)).
2 °: stopped royal n ° 185, July 9, 1935, article 26, paragraph 1 of the part and paragraph 2, first sentence partim, replaced by the royal decree No. 67 of November 30, 1939, Act of June 10, 1964, article 22, § 1, paragraph 1 partim, amended by the Act of 10 July 1969, article 2; CF. law of 2 August 2002, article 2, 1 °, b).
3 ° a): cf. law of 2 August 2002, article 2, 1 °, d). 3 °, b): cf. law of 2 August 2002, article 2, 1 °, d). 3 ° c): law of 10 July 1969, article 1.
4 °: see law of 2 August 2002, article 2, 1 °, f).
5 °: see law of 2 August 2002, article 2, 1 °, g).
6 °: see law of 2 August 2002, article 2, 1 °, h).
7 °: Act of June 10, 1964, article 22, § 1, paragraph 1 partim, amended by the Act of 10 July 1969, article 2; (cf. the Act of 2 August 2002, article 2, 1 °, c) and i).
8 °: Act of June 10, 1964, article 22, § 1, paragraph 1 partim, amended by the law of 10 July 1969, article 2.
9 °: new provision paragraph 2: new provision.
((2) article 3 Article 3: arrested royal n ° 185, July 9, 1935, article 26, paragraph 1 partim, subparagraph 2 partim, and paragraph 3, replaced by order royal n ° 67 on November 30, 1939, section 8, e); Act of June 10, 1964, article 22, § 2, paragraph 1 partim and paragraph 3; law of 10 July 1969, article 5, as amended by the law of 4 December 1990, article 245, paragraph 3.
§ 1, chapeau: arrested royal n ° 185, July 9, 1935, article 26, paragraph 3.
(§ 1: arrested royal n ° 185, July 9, 1935, article 26, paragraph 1 partim and paragraph 2, first sentence partim, replaced by order royal n ° 67 on November 30, 1939, section 8, e); Act of June 10, 1964, article 22, § 2, paragraph 1 partim and paragraph 3; law of 10 July 1969, article 5, paragraph 2.
1 °: stopped royal n ° 185, July 9, 1935, article 26, paragraph 1 partim, and paragraph 2, 1st sentence partim; Act of June 10, 1964, article 22, § 2, paragraph 1 of the partim, modified spoke Act of March 9, 1989, article 29, 1 ° and 3 °.
2 °: Act of June 10, 1964, article 22, § 2, paragraph 1 of the partim, amended by the Act of March 9, 1989, article 29, 3 °.
3 °: stopped royal n ° 185, July 9, 1935, article 26, paragraph 2, first sentence partim; Act of June 10, 1964, article 22, § 2, paragraph 1 partim and paragraph 3, amended by the Act of March 9, 1989, article 29, 3 °.
4 °: law of 10 July 1969, article 5, paragraph 2.
§ 2: on 10 July 1969, article 5, paragraph 1 of the Act.
§ 3: new provision.
(3) article 4 Article 4: new provision.
(4) article 5 Article 5: new provision.
(5) article 6 Article 6: arrested royal n ° 185, July 9, 1935, article 34, § 1, 3 °, paragraph 2 (partim), y inserted by the law of 4 December 1990, section 232 and amended by the Act of December 21, 1994, section 174.
1 °: stopped royal n ° 185, July 9, 1935, article 34, § 1, 3 °, paragraph 2 (2), amended by the royal decree of 13 January 1995, article 2.
2 °: stopped royal n ° 185, July 9, 1935, article 34, § 1, 3 °, paragraph 2, 3 ° (partim).
3 °: stopped royal n ° 185, July 9, 1935, article 34, § 1, 3 °, paragraph 2, 4 °.
(6) article 7 Article 7: new provision.
(7) article 8 Article 8: new layout and: arrested royal n ° 185, July 9, 1935, article 34, § 1, 1 ° bis, y inserted by the Act of 30 October 1998, section 32.
(8) article 9 1 °: stopped royal n ° 185, July 9, 1935, article 34, § 1, 2 °; Act of June 10, 1964, article 22, § 2, paragraph 1 of the partim, amended by the Act of March 9, 1989, article 29, 3 °.
2 °: stopped royal n ° 185, July 9, 1935, article 34, § 1, 1 °.
3 °: new provision.
4 °: stopped royal n ° 185, July 9, 1935, article 34, § 1, 1 ° ter, y inserted by the law of 22 May 2001 on the schemes of participation of workers in the capital and profits of corporations, section 38.
(9) article 10 Article 10: Act of June 10, 1964, article 22, § 1, paragraph 2; arrested royal n ° 185, July 9, 1935, article 34, § 1, 3 ° (partim), y inserted spoke law of 4 December 1990, article 232, and § 2, paragraph 1, 3 ° and paragraph 2.
1 °: Act of June 10, 1964, article 22, § 1, paragraph 2, first sentence, amended by the Act of March 9, 1989, article 29 (2) and by the law of April 4, 1995, article 29.
2 °: Act of June 10, 1964, article 22, § 1, paragraph 2, first sentence, amended by the Act of March 9, 1989, article 29 (2) and by the law of April 4, 1995, section 29 (amended).
3 °: stopped royal n ° 185, July 9, 1935, article 34, § 2, paragraph 1, 3 °, paragraph 2, as amended by the law of 22 March 1993, article 156, 2 ° c) (article 34, § 2 was amended by the Decree royal n ° 67 on November 30, 1939, section 8, f), 1 °, by the Act of April 2, 1962, article 12, and by the law of 4 August 1978 ((, article 103, c), paragraph 6 and replaced by the Act of March 9, 1989, article 15).
4 °: stopped royal n ° 185, July 9, 1935, article 34, § 1, 3 ° (partim), y inserted by the law of 4 December 1990, section 232 and amended by the Act of December 21, 1994, section 174.
4 ° a): arrested royal n ° 185, July 9, 1935, article 34, § 1, 3 °, paragraph 1 (partim).
4 °, b): arrested royal n ° 185, July 9, 1935, article 34, § 1, 3 °, paragraph 1 (partim).
4 c): arrested royal n ° 185, July 9, 1935, article 34, § 1, 3 °, paragraph 2, 1 °.
4 °, d): arrested royal n ° 185, July 9, 1935, article 34, § 1, 3 °, paragraph 2, 3 ° (partim).
4 °, e): arrested royal n ° 185, July 9, 1935, article 34, § 1, 3 °, paragraph 2, 5 °.
4 °, f): arrested royal n ° 185, July 9, 1935, article 34, § er, 3 °, paragraph 2, 6 °.
(10) article 11 Article 11: Act of June 10, 1964, article 22, § 1, paragraph 1, in fine, y inserted by the law of 10 July 1969, article 3, paragraph 2, as amended by the Act of March 9, 1989, article 29, 1 °, by the law of 4 December 1990, article 248, § 2 and by the Act of 12 December 1996, section 23 (amended).
(11) article 12 Article

12: new provision, inspired by article 3 of the law of 4 December 1990.
(12) article 13 Article 13: arrested royal n ° 185, July 9, 1935, article 29, § 1 (partim) and § 2, paragraphs 1 and 3, replaced spoke Act of March 9, 1989, article 11 and amended by the law of 4 December 1990, article 235, § 2.
Paragraph 1: arrested royal n ° 185, July 9, 1935, article 29, § 1 (partim).
Paragraph 2: stopped royal No. 185, article 29, § 2, paragraph 1.
Paragraph 3: arrested royal No. 185, article 29, § 2, paragraph 3, and new measures of sanction.
Paragraph 4: new provision.
(13) article 14 Article 14: arrested royal n ° 185, July 9, 1935, article 29ter, § 1, paragraph 1, is inserted by the Act of March 9, 1989, article 11 and amended by the Act of December 4, 1990, sections 231 and 235, § 2 (amended).
(14) article 15 Article 15: arrêté royal No. 185 on July 9, 1935, article 29bis, 1 ° and 4 ° (partim), y inserted by the Act of March 9, 1989, article 11 and amended by the law of 4 December 1990, blogs 230 and 235, § 2.
1 °: stopped royal n ° 185, July 9, 1935, article 29bis, 1 °.
2 °: new provision.
3 °: stopped royal n ° 185, July 9, 1935, article 29bis, 4 ° (partim) (extended).
(15) article 16 paragraph 1: arrested royal n ° 185, July 9, 1935, article 29, § 2, paragraph 2, replaced by the Act of March 9, 1989, article 11 and amended by the law of 4 December 1990, article 235, § 2 (amended).
Paragraph 2: stopped royal n ° 185, July 9, 1935, article 30, replaced by the Act of March 9, 1989, article 12 and amended by the law of 4 December 1990, article 235, § 2.
(16) article 17 Article 17: arrested royal n ° 185, July 9, 1935, sections 29, § 1 (partim) and 32.
Paragraph 1: arrested royal n ° 185, July 9, 1935, article 29, § 1 (partim).
Paragraph 2: stopped royal n ° 185, July 9, 1935, article 32 (partim), replaced by the Act of March 9, 1989, article 13.
Paragraph 3: arrested royal n ° 185, July 9, 1935, article 32 (partim), replaced by the Act of March 9, 1989, article 13 (amended).
((17) article 18 Article 18: § 1: arrested royal n ° 185, July 9, 1935, article 26, paragraph 1, paragraph 2, first sentence, and paragraph 3, replaced by order royal n ° 67 on November 30, 1939, section 8, e) and modified by the law of 4 December 1990, article 235, § 2, the law of 22 March 1993, article 156, 1 ° (amended).
§ 2, 1 °: stopped royal n ° 185, July 9, 1935, article 27, paragraph 1, 1 ° (partim), replaced by the Act of March 9, 1989, article 10, 1 ° and amended by the law of 4 December 1990, article 235, § 2.
§ 2, 2 °: stopped royal n ° 185, July 9, 1935, article 27, paragraph 1, 4 °, amended by the law of 4 December 1990, article 235, § 2.
§ 2, 3 °: stopped royal n ° 185, July 9, 1935, article 27, paragraph 1, 5 °, amended by the law of 4 December 1990, article 235, § 2.
§ 3: arrested royal n ° 185, July 9, 1935, article 27, paragraph 2, as amended by the Act of March 9, 1989, article 10 (2) and by the law of 4 December 1990, article 235, § 2.
§ 4: arrested royal n ° 185, July 9, 1935, article 27, paragraph 1, 1 ° (partim).
(18) article 19 Article 19: arrested royal n ° 185, July 9, 1935, article 29 bis, 2 ° to 4 ° (partim), y inserted by the Act of March 9, 1989, article 11 and amended by the law of 4 December 1990, blogs 230 and 235, § 2.
1 °: stopped royal n ° 185, July 9, 1935, article 29 bis, 2 °.
2 °: stopped royal n ° 185, July 9, 1935, article 29bis, 3 °.
3 °: stopped royal n ° 185, July 9, 1935, article 29bis, 4 ° (partim).
(19) article 20 new provision.
(20) article 21 Article 21: stopped royal n ° 185, July 9, 1935, article 29ter, § 1, paragraph 2, and paragraph 3 is inserted by the Act of March 9, 1989, article 11 and amended by the law of 4 December 1990, article 235, § 2.
Paragraph 1: arrested royal n ° 185, July 9, 1935, article 29ter, § 1, paragraph 2, as amended by the law of 4 December 1990, sections 231, 1 ° (amended).
Paragraph 2: stopped royal n ° 185, July 9, 1935, article 29ter, § 3, as amended by the law of 2 August 2002, art. 130, § 1.
(21) article 22 Article 22: arrested royal n ° 185, July 9, 1935, article 29ter, § 2, y inserted by the Act of March 9, 1989, article 11 and amended by the law of 4 December 1990, article 235, § 2 (amended).
Paragraph 1: arrested royal n ° 185, July 9, 1935, article 29ter, § 2, paragraph 1 (amended).
Paragraph 2: stopped royal n ° 185, July 9, 1935, article 29ter, § 2, paragraph 2 (partim) (as amended).
Paragraph 3: arrested royal n ° 185, July 9, 1935, article 29ter, § 2, paragraph 2 (partim), amended by the law of 4 December 1990, article 231, 2 ° (amended).
Paragraphs 4 and 5: new provisions.
(22) article 23 Article 23: arrested royal n ° 185, July 9, 1935, article 34A, y inserted by the law of 4 December 1990, section 233.
(23) article 24 Article 24: arrested royal n ° 185, July 9, 1935, article 28, paragraph 4, as amended by the law of 4 December 1990, article 235, § 2 (amended).
(24) article 25 1 °: stopped royal n ° 185, July 9, 1935, article 42, paragraph 1, 9 °.
2 °: stopped royal n ° 185, July 9, 1935, article 42, paragraph 1, 8 °, as amended by the law of 30 June 1975, section 55, by the law of 8 August 1980, article 103, by the Act of July 17, 1985, section 11 and by the Act of March 9, 1989, article 17 (partim).
3 °: stopped royal n ° 185, July 9, 1935, article 42, paragraph 1, 8 °, as amended by the law of 30 June 1975, section 55, by the law of 8 August 1980, article 103, by the Act of July 17, 1985, section 11 and by the Act of March 9, 1989, article 17 (partim).
4 °: new provision.
5 °: stopped royal n ° 185, July 9, 1935, article 42bis, 1 °, y inserted by the Act of March 9, 1989, section 18 and amended by the royal decree of July 13, 2001.
6 °: stopped royal n ° 185, July 9, 1935, article 42bis, 2 °, y inserted by the Act of March 9, 1989, section 18 and amended by the royal decree of July 13, 2001.
7th: new layout inspired by the criminal sanction relating to article 3 of the law of 4 December 1990.
(25) article 26 Article 26: arrested royal n ° 185, July 9, 1935, article 46.
(26) article 27 Article 27: new provision.
(27) article 28 Article 28: new provision.

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