Law No. 133 Of 28 October 1996 For The Transformation Of Private Property Funds In Financial Investment Companies

Original Language Title:  LEGE nr. 133 din 28 octombrie 1996 pentru transformarea Fondurilor Proprietăţii Private în societăţi de investiţii financiare

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LAW No. 133 dated 28 October 1996 for the transformation of Private property Funds in financial investment firms published in PARLIAMENT ISSUING OFFICIAL GAZETTE NR. 273 1 November 1996 the Romanian Parliament adopts this law.


Chapter 1 General provisions Article 1 with effect from 1 November 1996, the five Funds of Private property, established on the basis of law No. 58/91, is reorganized and transformed into financial investment companies.


Article 2 (1) of the financial investment firms referred to in article. 1 functions as a joint stock company in accordance with the law. 31/1990 the following activity: a) Administration and management shares in the companies for which they have issued own shares, corresponding to the certificates of registered ownership and privatization coupons subscribed by citizens in accordance with the provisions of art. "". (6) of law No. 55/1995;
  

b) portfolio management actions and making financial investments in order to maximise the value of its own shares in accordance with the legal regulations in force.
  

(2) financial investment firms issued registered shares, within the limits of the initial capital, determined in accordance with article 4. 3 and distribute citizens who opted for privatization Securities Exchange to Private property.
  

(3) shares issued and distributed by citizens financial investment company cannot be redeemed; they are freely transferable by assignment and negotiable on the securities market, according to the law.
  

(4) investment companies for financial, entrusts, contract basis, appropriate for its securities, a company of the storage is authorized by the National Securities Commission, in order to carry out the operations referred to in article 1. 42 from the Government Ordinance. 24/1993, approved by law No. 83/1994.
  


Article 3 (1) the share capital of each company financial investment will determine, after completion of allotment of shares of companies as a result of subscriptions made directly for these Romanian citizens entitled to the nominal values, the sum of the shares acquired by the Private Property Funds in Exchange for complete or incomplete Carnets with certificates of ownership and privatization coupons underwritten registered citizens from these in accordance with law No. 55/1995.
  

(2) initial capital can be major value actions due to holders of certificates of ownership pursuant to art. "". (4) of this Act.
  

(3) within 30 days from the date of the determination of capital, financial investment firms will proceed to registration particulars corresponding to the commercial register according to the law, and within 60 days after that date will issue certificates of shareholder in favour of citizens who subscribed titles of privatization to Private property.
  


Chapter 2 establishment and payment of dividends from income citizens entitled to appropriate Funds of Private property in article 4 (1) citizens who have received personal ownership certificates, pursuant to law No. 58/91, and attended with one or more other such certificates of ownership to the privatization processes initiated and originated under the law. 55/1995 are entitled to receive, by way of dividends, in the form of shares, the share of income due to the funds of Private property by 31 March 1996, resulting from dividends received or receivable from subordinated companies, including those resulting from the use of such dividends, as well as those resulting from the sale of shares in respect of share funds.
  

(2) until 31 December 1996, companies have the obligation of payment of dividends by the outstanding Funds of Private property on which they were subordinated.
  

(3) share what will distribute Romanian citizens are entitled, in the form of shares by way of dividends, represent the difference between the income of Private ownership Funds, according to para. (1), and the total expenditure of the funds of Private property from its founding until 31 December 1996, the rate determined according to the legislation in force.
  

(4) corresponding to the amounts determined in accordance with paragraph 1. (3) financial investment firms will deliver and will distribute at its own expense shares in favor of the legal beneficiaries.
  


Chapter 3 final provisions Article 5 (1) of the financial investment firms from processing the funds of Private property will have the following designations: "Financial investment company Banat-Crisana-S.A.", having its headquarters in Arad, Arad County;
-"Financial investment company Moldova-S.A.", located in the municipality of Bacau, Bacau County;
-"Financial investment company-JSC", located in the municipality of Braşov, Braşov County;
-"Financial investment company Southern-S.A.", having its headquarters in Bucharest;
-' Society of Oltenia-financial investment S.A. ", having its headquarters in the city of Craiova, Dolj county.

(2) the amount of financial investment companies shares distributed on behalf of dividends due to holders of certificates of ownership will be included in the registered share capital at 31 December 1996.
  

(3) financial investment firms will pay dividends to their shareholders after the first fiscal year.
  


Article 6 (1) the boards of Private Property Funds will continue their activity until the formation of the governing bodies of financial investment firms, according to law No. 31/1990.
  

(2) within 10 days from the date of the first general meeting of the shareholders on the company's financial investments, which will meet no later than 6 months after the date mentioned in article 34(1). 1 of this law, the boards of Private ownership Funds, appointed by Parliament in 1994, will lodge the mandate and will present the annual report of the two chambers of Parliament, which will gather in the meeting.
  

(3) where, as a result of regularisation. 3 paragraphs 1 and 2. (5) of law No. 55/1995, the number of shareholders at some companies is reduced below the minimum required by law, they will work, until the transfer of the shares, with the shareholders or the sole shareholder referred to in the Act of settlement, that the provisions of the law with respect to General meetings of shareholders and to Admins to apply accordingly.
  


Article 7 National Securities Commission will determine, within 60 days from the date of registration. 3 paragraphs 1 and 2. (3) of this Act, the rules of the employment provisions of Ordinance No. 24/1993, approved by law No. 83/1994, and law No. 52/1994.


Article 8 within 30 days from the date of publication of this law in the Official Gazette of Romania, the funds of Private property will indicate the status of the financial investment companies which will be approved by the National Securities Commission.


Article 9 entry into force of this law, the provisions of art. 14 of law No. 58/91, as amended by law No. 88/96, is repealed.
This law was adopted by the Chamber of deputies at its meeting on 15 October 1996, in compliance with the provisions of art. 74 para. (1) of the Constitution of Romania.
p. CHAMBER of DEPUTIES PRESIDENT MARTIAN DAN this law was adopted by the Senate at its meeting on 15 October 1996, in compliance with the provisions of art. 74 para. (1) of the Constitution of Romania.
SENATE PRESIDENT Prof. Dr. O'LEARY GHERMAN — — — — — — — — — — — —-