Law No. 151 Of 24 July 1997 Approving Government Emergency Ordinance Nr. 10/1997 Concerning The Diminishing Financial Losses And Lock In The Economy

Original Language Title:  LEGE nr. 151 din 24 iulie 1997 pentru aprobarea Ordonanţei de urgenţă a Guvernului nr. 10/1997 cu privire la diminuarea blocajului financiar şi a pierderilor din economie

Read the untranslated law here: https://www.global-regulation.com/law/romania/3071072/-lege-nr.-151-din-24-iulie-1997-pentru-aprobarea-ordonanei-de-urgen-a-guvernului-nr.-10-1997-cu-privire-la-diminuarea-blocajului-financiar-i-a-pierder.html

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Law No. 151 of 24 July 1997 approving Government Emergency Ordinance nr. 10/1997 concerning the diminishing financial loss and suppression from the ISSUING economy PARLIAMENT Published in MONITORUL OFICIAL nr. 172 of 28 July 1997, the Romanian Parliament adopts this law.


The sole article approving Government Emergency Ordinance nr. 10/1997 concerning the diminishing financial and blockage of losses in the economy, which has been published in the Official Gazette of Romania, part I, no. 72 of 22 April 1997, with the following amendments and supplements: 1. The introductory part of article 2 (1) shall read as follows: Art. 2.-(1) Between companies, and between them and the 1900, payments can be made by using the following tools and methods of payment guaranteed: "2. In article 2 (1) (a)) shall read as follows: ' a) promissory note and promissory note, supported by obligatul;"
3. Article 4 (5) shall read as follows: "(5) the conversion of outstanding debt on the due date in the shares will be made to the companies that are in the judicial reorganization or liquidation according to law No. 64/1995 on the procedure for judicial reorganization and liquidation, which shall be published in the Official Gazette of Romania, part I, no. 130 of 29 June 1995, and its subsequent amendments, or in companies that are in liquidation, in accordance with the provisions of law No. 31/1990 on the companies, published in the Official Gazette of Romania, part I, no. 126-127 on 17 November 1990, with subsequent amendments. Also convert outstanding debt at maturity in shares will be made at the companies whose shares were offered for sale by the State property. "
4. Article 6 (e)) shall read as follows: "e) completion and initiation of liquidation, according to law No. 31/1990 on the basis of the decision of the General meetings of shareholders or members, convened not later than 5 days after the entry into force of this emergency Ordinance, by the managers of companies that are in default of payment. "
5. Article 8 shall read as follows: Art. 8.-the provisions of this emergency Ordinance does not apply in the case of companies the Fund of State property of the previously ordered liquidation according to law nr. 31/1990 and law on privatisation of companies no. 58/1991, published in the Official Gazette of Romania, part I, no. 169 of 16 august 1991, with subsequent amendments. "
This law was adopted by the Chamber of deputies at its meeting on 10 July 1997, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
p. CHAMBER of DEPUTIES PRESIDENT ANDREW JOHN CHILIMAN this law was adopted by the Senate at its meeting on 10 July 1997, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
SENATE PRESIDENT PETRE ROMAN — — — — — — — — — — — — — — — —