Law Amending The Law On Innovation Norway (Responsibilities And Management)

Original Language Title: Lov om endringer i lov om Innovasjon Norge (ansvarsforhold og forvaltning)

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Read the untranslated law here: https://lovdata.no/dokument/NL/lov/2016-06-17-72

Law amending the Law on Innovation Norway (responsibilities and management)


Date LOV-2016-06-17-72


Ministry of Industry and Ministry of Fisheries

Edited



Published in 2016 Booklet 8


Commencement 01/01/2017

Changes
LOV-2003-12-19-130

Promulgated
17/06/2016

Short Title
changes to the law on Innovation Norway

Chapter Overview:

I
II

I

In Act 19 December 2003. 130 on Innovation Norway is amended as follows:
§ 7, first paragraph, second sentence repealed.
New § 7a shall read:
§ 7 a. Requirement for adequate equity

Company shall at all times have an equity which is appropriate to the risk and scope of business of the company.
If it must be assumed that equity is lower than appropriate to the risk and scope of business of the company, the board shall immediately consider the matter. The Board shall timely convene the general meeting, give a report on the company's financial position and propose measures that will give the company adequate capital levels. The same applies if it must be assumed that the company's equity has been less than half of the subscribed capital.
If the Board finds grounds for proposing measures referred to in the second paragraph, or such measures are not feasible, it shall propose the company dissolved.
New § 7 b shall read:
§ 7 b. Increase of the subscribed capital by nyinnbetaling

General meeting may decide to enhance shareholder deposit upon payment of the new capital.
Meeting minutes shall specify the amount of the deposit shall be increased by. Is the deposit of other assets than cash, the protocol shall specify what should be contributed. The contribution can not be transferred to a higher amount than expected to be listed in the company's balance sheet. At the general meeting shall be presented a confirmation from the auditor that the deposit is not valued higher than allowed under the preceding sentence. The confirmation shall be attached to the minutes.
Contribution shall be paid or transferred to the company at the latest when the increase registered in the Companies Register. The increase is considered complete when it is registered in the Companies Register.
New § 7 c shall read:
§ 7 c. Increase of the subscribed capital without nyinnbetaling

The General Meeting may decide to increase the owners' contributions to the company by a transfer from the company's equity to the extent that after the most recent balance sheet exceeds the previously deposited amount. Meeting minutes shall specify the amount of the deposit shall be increased by. The increase is deemed completed once it is registered in the Companies Register.
New § 7 d shall read:
§ 7 d. Reduction of contributed capital

General meeting may decide to reduce the owners' deposits. Meeting minutes shall specify the amount of the deposit shall be reduced by, and the amount will be used for:

1.
Cover losses that can not be covered otherwise,

2.
Repayment to shareholders, or

3.
Transfer to fund.

Decision as mentioned in the first paragraph. 2 and 3 can not apply a greater amount than that after the reduction there is full coverage for the remaining deposits. When calculating the amount to be capitalized for the last fiscal year is used, but it should be taken proper account of losses that might be suffered by the balance sheet date. In general meeting shall be presented a confirmation from the auditor that the conditions of the first and second sentences are true. The confirmation shall be attached to the minutes.
The provisions of the Companies Act §§ 12-4 to 12-6 shall apply correspondingly.
New § 7 e shall read:
§ 7 e. Dividends

Granting company funds to shareholders who have not effected by reduction of the subscribed capital, cf. § 7 d or by resolution, ref. 36 a, may only be made as dividend.
Dividends can only be declared so far the company has a net worth that exceeds the equity capital. When calculating the amount should balance for the last financial year shall be applied. It can not in any case declared more than consistent with prudent and generally accepted accounting principles with due consideration to loss that might have occurred after the balance sheet date or which must be assumed to occur.
Decision on distribution of the company's assets taken by the general meeting.
§ 8 third sentence should read:
When public funding is the principal setting out the terms of the engagement.
§ 9 shall read:
§ 9. Liability for the obligations

The owners are not liable to creditors for the company's obligations. The owners are not required to make deposits in the company or in the event of its bankruptcy beyond the provisions of the memorandum or decision to increase the subscribed capital.

Buyer is responsible for the company to fulfill obligations related to the loan and guarantee schemes by the contracting entity subject to the company.
§ 10 shall read:
§ 10. The company's instruments

To promote its objectives, ref. § 1, the company's funds are used to:

1.
Funding, including grant, loan and guarantee equity schemes

2.
Counseling and skills upgrading

3.
Network and infrastructure

4.
Promote Norwegian industry abroad

To promote the company's purpose, the company is obliged to perform missions for the counties. This also applies to single mission from the counties if the company has the capacity to do so.
Owners may issue further rules on the instruments through general meeting.
To promote the company's purpose, the owners through the corporate assembly ascribe Company to perform tasks related to the management of other state and regional instruments, and may in this connection lay down detailed rules on the exercise of such tasks.
- - -
§ 28c repealed.
- - -
Chapter 7 headline should read:

Chapter 7. Accounting, auditing, investigation, resolution and liquidation

- - -
In Chapter 7, a new § 36a read:
§ 36 a. Dissolution and liquidation

Upon dissolution and liquidation provisions of Law 30 August 1991 no. 71 relating to state enterprises §§ 46, 49, 50, 51, 52 and 53 to the extent applicable.

II

1.
Act applies when the King bestemmer.1

2.
For commitments Innovation Norway has incurred before the law comes into force, the owner responsible not limited by § 9 first paragraph.

3.
Ministry may issue further transitional provisions.