Law On Wholly-Owned Subsidiary Cooperatives

Original Language Title: Lov om heleide dattersamvirkeforetak

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Read the untranslated law here:

Law on wholly-owned subsidiary cooperatives.

Date law-2003-12-12-109 Ministry industry and Fisheries Ministry Recently changed LAW-2007-06-29-81 from 01.01.2008 published in 2003 booklet 16 entry into force 01.07.2004 Change Announced short title Daughter interact enterprise law Sml. law June 29, 2007 # 81 section 5.

§ 1. A cooperatives must have at least two members. The Ministry may authorize a cooperatives should be wholly owned by other association.

§ 2. Entity shall at any time have an equity that is justifiable from the risks of and the scope of the business of the entity. If it must be assumed that the equity is lower than is justifiable from the risks of and the scope of business of the undertaking, the Board shall immediately process the case. The Board shall, within a reasonable time, give it to convene the annual meeting a report on the company's financial position and propose measures that will give the enterprise a proper equity.
If the Board does not find the basis for proposing measures as mentioned in the second paragraph, or such measures unenforceable, to the Board of directors propose to dissolve the company.

§ 3. The law will take effect from the time that the King decides. 1