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Law No. 195 Of 17 November 1997 Approving Government Emergency Ordinance Nr. 32/1997 Modifying And Completing Law No. 31/1990 On The Companies

Original Language Title:  LEGE nr. 195 din 17 noiembrie 1997 privind aprobarea Ordonanţei de urgenţă a Guvernului nr. 32/1997 pentru modificarea şi completarea Legii nr. 31/1990 privind societăţile comerciale

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LEGE no. 195 195 of 17 November 1997 on approval Government Emergency Ordinance no. 32/1997 to amend and supplement Law no. 31/1990 on companies
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 335 335 of 28 November 1997



The Romanian Parliament adopts this law + Article UNIC Approval Government Emergency Ordinance no. 32 32 of 16 June 1997 to amend and supplement Law no. 31/1990 on companies, published in the Official Gazette of Romania, Part I, no. 133 of 27 June 1997, with the following amendments: 1. In Article I, point 1, Article 6 shall read as follows: "" Art. 6. -The signatories of the articles of association, as well as persons who have a determining role in the constitution of the company are considered founders. Cannot be founders persons who, according to the law, are incapable or who have been convicted of fraudulent management, abuse of trust, forgery, use of forgery, deception, embezzlement, false testimony, giving or taking bribes, as well as for other crimes provided for by this law. " 2. In Article I, point 1, Article 7 shall read as follows: "" Art. 7. -The constitutive act of the company in collective name, in simple or limited liability will include: a) the name and surname, place and date of birth, domicile and citizenship of the associates, individuals; name, seat and nationality of the associates, legal persons. At the company in the simple order will be shown the commandeered associations and associates; b) the form, the name, the seat and, where applicable, the emblem of the c) the object of activity of the company, with the specification of the main domain and activity; d) the subscribed and paid share capital, with the mention of the contribution of each associate, in cash or in kind, the value of the contribution in the nature and manner of the valuation, and the date on which the subscribed share capital will be paid in full. Limited liability companies shall specify the number and nominal value of the shares and the number of shares assigned to each associate for his or her contribution; e) associations representing and administering the non-associated company or administrators, natural or legal persons, the powers conferred on them and whether they are to exercise them together or separately; f) the part of each associate to benefits and losses; g) secondary offices-branches, agencies, representatives or other such units without legal personality-, when establishing a date with the company, or the conditions for their further establishment, if such establishment is envisaged; h) duration of the company i) how to dissolve and liquidate the company. " 3. In Article I, point 1, Article 8 shall read as follows: "" Art. 8. -The constitutive act of the joint-stock company or in the joint stock will include: a) the name and surname, place and date of birth, domicile and citizenship of the associates, individuals; name, seat and nationality of the associates, legal persons. The company in the joint order will show the commandeered associations and associates; b) the form, the name, the seat and, where applicable, the emblem of the c) the object of activity of the company, with the specification of the main domain and activity; d) the subscribed and paid share capital. When constituted, the subscribed share capital, paid up by each shareholder, shall not be less than 30% of the subscribed capital, unless otherwise provided by law. The remaining share capital will have to be paid up within 12 months of registration; e) the value of the goods constitutes as a contribution in kind in the company, the way of valuation and the number of shares f) the number and nominal value of the shares, specifying whether they are nominative or bearer. If there are several categories of shares, the number, face value and rights conferred on each category of shares will be shown; g) name and surname, place and date of birth, domicile and citizenship of administrators, individuals; name, seat and nationality of administrators, legal persons; guarantee that administrators are obliged to submit, the powers that they are also conferred if they are to exercise them together or separately; the special rights of representation and administration granted to some of them. For the joint stock companies will be indicated to the commandos who represent and manage the company; h) name and surname, place and date of birth, domicile and citizenship of censors, individuals; name, seat and nationality of censors, legal persons; i) clauses on management, administration, management control and the functioning of the company; j) company duration; k) how to distribute benefits and support losses; l) secondary offices-branches, agencies, representatives or other such units without legal personality-, when establishing a date with the company, or the conditions for their further establishment, if such establishment is envisaged; m) advantages reserved for founders; n) the actions of the commanders in the joint stock company; o) the operations concluded by the associates in the account of the company that is constituted and that it is to take over, as well as the amounts to be paid for those operations; p) the way of dissolution and liquidation of the company. " 4. In Article I, point 1, Article 11 shall read as follows: "" Art. 11. -The share capital of a limited liability company may not be less than 2,000,000 lei and shall be divided into equal shares, which may not be less than 100,000 lei. Social parts cannot be represented by negotiable securities. " 5. In Article I, point 1, Article 14 shall read as follows: "" Art. 14. -A natural person or a legal person may be uniquely associated only in a single limited liability company. A limited liability company may not have as its sole associate another limited liability company made up of one person. In case of violation of the provisions of para. 1 and 2, the state, through the Ministry of Finance, will ask for the judicial dissolution of a company thus constituted. Also, the Chamber of Commerce and Territorial Industry or any interested person may request the judicial dissolution of a company constituted in violation of the above provisions. On the basis of the dissolution decision, the liquidation will be made under the conditions provided by this law for limited liability companies. " 6. In Article I, point 1, Article 15 shall read as follows: "" Art. 15. -Cash ports are mandatory in the constitution of any form of society. In-kind contributions are admitted to all forms of society. These contributions are made by transferring the corresponding rights and by effectively handing over to the company the goods in use. Contributions in receivables are released according to art. 54. Such contributions shall not be admitted to companies on shares that are constituted by public subscription, nor to limited liability or limited liability companies. Work benefits may not constitute a contribution to the formation or increase of the share capital. Associations in the society in collective names and commandos associations can oblige themselves to benefits in work as a social contribution, but which cannot constitute an contribution to the formation or increase of social capital. In exchange for this contribution, associations have the right to participate, according to the articles of association, to the division of benefits and social assets, while remaining obliged to participate in losses. " 7. In Article I, point 1, Article 16 shall read as follows: "" Art. 16. -Upon authentication of the articles of association shall be presented the proof issued by the Trade Register Office on the availability of the company and the emblem. " 8. In Article I, point 1, Article 17 shall read as follows: "" Art. 17. -When the company on shares is constituted by public subscription, the founders will draw up a prospectus of issue, which will include the data provided by art. 8 8, except for those concerning administrators and censors, and in which the closing date of the subscription will be determined. The issue prospectus, signed by the founders in authentic form, will have to be submitted, before publication, to the Trade Register Office in the county where the company's headquarters will be established. Judge delegated to the Trade Register Office, ascertaining the fulfilment of the conditions of par. 1 and 2, will authorize the publication of the issue prospectus. Issue prospectuses which do not contain all the entries are null and void. The underwriter will not be able to invoke this nullity, if he took part in the constitutive assembly or if he exercised the rights and duties of shareholder. 9. In Article I, point 1, Article 18 shall read as follows: "" Art. 18. -The share submissions will be made on one or more copies of the founders ' show prospectus, targeted by the delegated judge. The subscription will include: the name and surname or name, domicile or seat of the subscriber; the number, in letters, of the subscribed shares; the date of subscription and the express statement that the underwriter knows and accepts the issue prospectus. The participation in the benefits of the company, reserved by the founders for their benefit, although accepted by the underwriters, have no effect unless approved by the constitutive assembly. " 10. In Article I, point 1, Article 19 shall read as follows: "" Art. 19. -At the latest within 15 days from the date of closing of the subscription, the founders will convene the constitutive assembly, by a notice published in the Official Gazette of Romania and in two newspapers with wide spread, 15 days before the date fixed for assembly. The notice will include the place and date of the meeting, which cannot exceed two months, from the date of closing the subscription, and specifying the problems that will be the subject of the discussions. " 11. In Article I, point 1, Article 20 shall read as follows: "" Art. 20. -The Company may be constituted only if the entire capital has been subscribed and each acquirer has paid in cash half of the value of the shares subscribed to the House of Savings and Consemnations or to a commercial bank or to one of the units to them. The remainder of the subscribed share capital will have to be shed within 12 months of registration. Actions representing in-kind contributions will have to be fully covered. " 12. In Article I, point 1, Article 25 shall read as follows: "" Art. 25. -If there are contributions in kind, advantages reserved to the founders, operations concluded by the founders in the account of the company that is constituted and that it is to take upon itself, the constitutive assembly appoints, under the conditions of art. 34 ^ 4, one or more experts, who will give their opinion on the assessments. If the required majority cannot be met, the appointment of experts will be made by the delegated judge, at the request of any acquirer. " 13. In Article I, point 1, Article 26 shall read as follows: "" Art. 26. -After the experts submitted the evaluation report provided for in art. 34 ^ 3, the founders shall convene again the constitutive assembly, according to the provisions of 19. If the value of the contributions in kind, established by the experts, is less than a fifth of the same as the founders in the prospectus of the issue, any acquirer may withdraw, announcing the founders, until the date fixed for the assembly. constitutive. The actions returning to the acceptants who have withdrawn may be taken over by the founders within 30 days or, subsequently, by other persons, by way of public subscription. " 14. In Article I, point 1, Article 28 shall read as follows: "" Art. 28. -The ages performed, according to art. 20, for the constitution of the company by public subscription will be handed over to the persons responsible for their collection, by the articles of association, and in the absence of a provision, to the persons designated by the decision of the board of directors the certificate to the Trade Register Office, resulting in the registration of the company. If the constitution of the company did not take place, the return of the payments will be made directly to the acceptants. 15. In Article I, point 1, Article 29 shall read as follows: "" Art. 29. -The founders take on them the consequences of the acts and expenses necessary for the formation of society, and if, for any reason, it will not be constituted, they cannot go against the acceptants. The founders are obliged to hand over the documents and correspondence regarding the constitution of the company. " 16. In Article I, point 1, Article 34 shall read as follows: "" Art. 34. -Companies on shares constituted by public subscription will be considered open companies within the meaning of art. 2 lit. k) of Law no. 52/1994 52/1994 on securities and stock exchanges, which shall be supplemented by the provisions of this law in respect of registration in the Trade Register. " 17. In Article I, point 1, Article 34 ^ 1 shall read as follows: "" Art. 34 34 ^ 1. -Within 15 days from the date of authentication of the articles of association, the founders or administrators of the company, or an empowered thereof, will ask for the registration of the company in the Trade Register in whose territorial area will be based society. The application will be accompanied by: a) the constitutive act of the company b) proof of payment under the conditions of the articles of association; c) the acts relating to the property of the intake in kind, and where the property is also included, the certificate of the tasks to which they are encumbered; d) the finding documents of the operations concluded on behalf of the company and approved by the associates e) the affidavit of the founders, administrators and censors that they meet the conditions provided by this law. All opinions or authorizations, issued by public authorities according to the object of activity of a company, will be requested by the Trade Register Office, within 5 days from the registration of the application, and the competent authorities will have to issue their approval notices or acts within 15 days. It is not necessary to submit the technical notices or authorizations nor those whose release is legally conditional on the registration of the company. " 18. In Article I, point 1, Article 34 ^ 3 shall read as follows: "" Art. 34 34 ^ 3. -At joint-stock companies, if there are contributions in kind, advantages reserved to the founders, operations concluded by the founders in the account of the company that is constituted and that it is to take upon itself, the delegated judge appoints, within 5 days after the registration of the application, one or more experts from the list of authorized experts. They shall draw up a report including the description and assessment of each good reported and shall highlight whether its value corresponds to the number and value of the shares granted in return, and other items indicated by the delegated judge. For new mobile goods the invoice will be considered. The report will be submitted, within 15 days, to the Trade Register Office and can be examined by personal creditors of associates or other persons. At the request and at their expense, they may be issued with full or partial copies of the report. " 19. In Article I, point 1, Article 34 ^ 7 shall read as follows: "" Art. 34 34 ^ 7. -With the registration, the conclusion of the delegated judge shall be communicated, ex officio, to the Official Monitor of Romania, for publication, at the expense of the parties, as well as to the financial administration within which the company is located, for tax records, with the mention of the registration number in the Trade Register. At the request and at the expense of the parties, the articles of association, targeted by the delegated judge, shall be published in the same Official Monitor of Romania, in full or In the case of companies in collective name or in simple order, only an extract of the conclusion, targeted by the delegated judge, will be published in the Official Gazette of Romania, which will include: the date of conclusion, the identification data of the associates, the name and, if any, the emblem of the company, the seat, the form, the object of activity, in short, the share capital, the duration of the company, the number of registration 20. In Article I, point 10, Article 61 shall read as follows: "" Art. 61. -In the stock company, the share capital is represented by shares issued by the company, which, according to the mode of transmission, can be nominative or bearer. The way of actions will be determined by the articles of association; otherwise, they will be bearer. The nominative actions may be issued in material form, on paper or in dematerialized form, by signing up to the account. Shares of a stock company, issued through the public offering of securities, defined as such by the Securities Act and stock exchanges, are subject to the regulations applicable to the organized market that those shares are traded. " 21. In Article I, point 11, Article 61 ^ 1 shall read as follows: "" Art. 61 61 ^ 1. -The shares will not be able to be issued for an amount less than the face value. Unpaid actions in full are always nominative. The share capital will not be able to be increased and no new shares will be issued until the previous issue has been fully paid. The nominative shares can be converted into bearer shares and vice versa, by the decision of the extraordinary general meeting of the shareholders, taken under the conditions of 76. Cumulative securities may be issued for several actions, when they are nominative, issued in material form. " 22. In Article I, point 12, Article 62 (3) shall read as follows: "For the nominative actions will be mentioned: the name, surname and domicile of the shareholder, the individual; the name, the seat and the registration number of the shareholder, the legal person." 23. In Article I, point 15, Article 64 shall read as follows: "" Art. 64. -The ownership of the nominative shares is transmitted by statement made in the issuer's register of shareholders, subscribed by the transferor and by the transferee or by their trustees, and by the mention made per share. Other ways of transmitting ownership of the nominative shares can be provided for by the articles of association. Ownership of shares issued in dematerialized form and traded on an organized market shall be transmitted in accordance with the Securities and Exchange of Values Act. Subsequent underwriters and divestitures shall be jointly liable for the payment of the shares for 3 years, counted from the date when the mention was made of the transmission in the register of shareholders. " 24. In Article I, point 18, Article 69 shall read as follows: "" Art. 69. -The company cannot acquire its own shares either directly or through persons acting in its own name, but on account of this company, unless the extraordinary general meeting of the shareholders decides otherwise, in compliance with the the following provisions. Authorizing the acquisition, the extraordinary general meeting will mainly determine the modalities of acquisition, the maximum number of shares to be acquired, their minimum and maximum value and the period of the operation, which will not be able to exceed 18 months from the date of publication of the general meeting in the Official Gazette of Romania. The value of own shares, acquired by the company, including those in its portfolio, may not exceed 10% of the subscribed share capital. Only fully-released shares may be acquired and only if the subscribed share capital is fully paid up. The payment of the shares thus acquired will be made only from the distribuible benefits and from the available reserves of the company, except the legal reserves, registered in the last approved accounting balance If the acquired shares are accounted for in the balance sheet asset, a reserve available of the same value will be passed to the liability, which will be maintained until the assignment or cancellation of these shares. The management report accompanying the balance sheet will show: the reasons that determined the acquisition of own shares, the number, the face value, the value of the shares acquired and the fraction of the share capital they represent. Own shares acquired in violation of the provisions of this Article shall be disposed of no later than one year after the date of their subscription, in the manner established by the extraordinary general meeting. The unalienated ones in this term will be cancelled, the company being obliged to decrease the share capital accordingly. " 25. In Article I, paragraph 19 shall read as follows: "" 19. After Article 69, Articles 69 ^ 1, 69 ^ 2, 69 ^ 3 and 69 ^ 4 are inserted, with the following contents: Lt; Art. 69 69 ^ 1. -The restrictions provided in art. 69 69 does not apply when the acquisition by the company of a determined number of own shares, fully released, is made in any of the following situations: a) in order to reduce the share capital, according to art. 154 ^ 1, by cancelling a number of own shares, of a value corresponding to the reduction; b) for the assignment to the company's staff of a number of their own shares, within the limits and under the conditions approved by the general meeting of shareholders. The divestment operation shall not exceed one year from the date of publication of the decision of the general meeting in the Official Gazette of Romania c) by the effect of the universal succession or of the merger or of a judicial decision rendered in a procedure of foreclosure against a debtor of the company; d) free of charge; e) for the purpose of regularizing the course of own shares on the stock market or on the OTC organized market, but only with the opinion of the National Securities Commission. Art. 69 ^ 2. -A company may not grant advances or loans nor provide guarantees for the subscription or acquisition of its own shares by a third party. Taking into the pledge of their own actions either directly or through persons acting in their own name, but at the expense of society, is assimilated with the acquisition of their own actions. However, the shares will be accounted separately. The provisions of this Article shall not apply to the current operations of the banking and credit companies, nor to the operations carried out in order to acquire by the employees of the company its shares or one of its subsidiaries. Art. 69 ^ 3. -The pledging of the shares shall be made by declaration, given by their holder, in authentic form or by registered under private signature, certified by the official of the company or, as the case may be, of the private independent register of shareholders, declaration or entered in which the amount of debt, value and category of pledged shares will be shown. The establishment of the pledge shall be entered in the register The Gajist creditor shall be issued proof of the formation of the pledge. Art. 69 ^ 4. -The shares acquired according to art. 69 ^ 1-69 ^ 3 do not give right to dividends. For the duration of their possession by the company, the voting rights conferred on them shall be suspended. gt; gt; ' 26. In Article I, paragraph 20 shall read as follows: "" 20. Article 70 will read as follows: Lt; Art. 70. -The shareholders who offer for sale their shares through the public offer will have to draw up a prospectus of offer, in accordance with the provisions of the Securities and Exchange Act. gt; gt; ' 27. In Article I, paragraph 22, Article 75 shall read as follows: "" Art. 75. -The extraordinary general assembly shall meet whenever it is necessary to make a decision to: a) change of legal form of the company b) moving the company's headquarters c) changing the object of activity of the company; d) extension of the duration of e) increase of social capital; f) the reduction of the share capital or its reunification through the issue of new shares; g) merger with other companies or division of the company; h) early dissolution of the company; i) conversion of shares from one category to the other; j) conversion of a category of bonds into another category or into shares; k) issuance of bonds; l) any other modification of the articles of association or any other decision for which the approval of the extraordinary general meeting is requested. " 28. Article I, after paragraph 35, insert paragraph 35 ^ 1, with the following contents: "" 35 ^ 1. -In Article 98, paragraph 2 will read as follows: Lt; the Chairman of the Management Board may also be Director-General or Director, in which quality he leads and the steering committee. gt; gt; ' 29. In Article I, paragraph 43, Article 119 shall read as follows: "" Art. 119. -In order to proceed with the issuance of bonds through the public offering, defined as such by the Securities and Exchange Act, the administrators will publish a prospectus of issue, which will include: a) the name, object of activity, headquarters and duration of the company b) the share capital and reserves; c) the date of publication in the Official Gazette of Romania of the registration and the amendments that were made to the articles of association; d) social heritage situation after the last approved balance sheet; e) categories of shares issued by the company; f) the total amount of the bonds that were previously issued and those to be issued, the way of repayment, the nominal value of the bonds, their interest, the indication whether they are nominative or bearer, as well as the indication whether they are convertible from one category to another in shares; g) tasks encumbering the buildings of the company; h) the date on which the decision of the extraordinary general meeting that approved the issuance of bonds was published. " 30. In Article I (47), Article 127 (1) (a) and (f) shall read as follows: " a) a register of shareholders, showing, as the case may be, the name and surname, name, domicile or seat of shareholders with nominative shares, as well as the tips made in the account of the shares. The record of shares issued in dematerialized form and traded on an organized market will be held by a private independent register of shareholders, according to the Securities and Exchange Act; " " f) a bond register showing the total of the bonds issued and of the repaid, as well as the name and surname, name, domicile or seat of the holders, when they are nominative. The record of bonds issued in dematerialized form and traded on an organized market will be held according to the Securities and Exchange Act. " 31. In Article I, point 50, Article 133 shall read as follows: "" Art. 133. -The administrators are obliged, within 15 days from the date of the general meeting, to file a copy of the balance sheet, accompanied by the profit and loss account, to the financial administration, annexing their report, the report of the censors and the minutes of the general meeting. A copy of the balance sheet, covered by the financial administration, together with the acts referred to in the preceding paragraph will be submitted to the Trade Register Office. An announcement confirming the submission of these documents will be published in the Official Gazette of Romania, at the expense of the company and through the care of the Trade Register Office, for companies that have an annual turnover of over 100 billion lei. " 32. In Article I, paragraph 63, Article 159 shall read as follows: "" Art. 159. -In case of increase of the share capital, by public offer, the administrators shall be jointly liable for the accuracy of those shown in the prospectus of the issue, in the publications made by the company or in the requests addressed to the Trade Register Office, in order to increase the share capital. " 33. In Article I, paragraph 83, Article 174 ^ 3 shall read as follows: "" Art. 174 174 ^ 3. -On the basis of the decision of the general meeting of shareholders of each of the companies participating in the merger or division, their administrators shall draw up a draft merger or division, which shall include: a) the form, name and registered office of all the companies participating in the operation; b) the foundation and conditions of the merger or division; c) the establishment and evaluation of the asset and liability, which shall be transmitted to the beneficiary companies; d) the arrangements for the surrender of shares or shares and the date from which they entitle to dividends; e) the exchange ratio of shares or shares and, where applicable, the amount of the sulta; f) the amount of the merger or division premium; g) rights that are granted to obligors and any other special advantages; h) the date of the merger accounting balance sheet or the balance sheet of division, which will be the same for all participating companies; i) any other data that is of interest to the operation. " 34. In Article I, paragraph 85, Article 175 ^ 4 shall read as follows: "" Art. 175 175 ^ 4. -The merger or division takes place on the following dates: a) in the case of the formation of one or more new companies, at the date of registration in the Trade Register of the new company or the last of them; b) in the other cases, at the date of registration in the Trade Register of the mention on the increase of the social capital of the acquiring company. 35. In Article I, point 100, Article 194 shall read as follows: "" Art. 194. -It is punishable by imprisonment from one to 5 years the founder, administrator, director, executive director or legal representative of the company, who: a) presents, in bad faith, in the prospectuses, reports and communications addressed to the public untrue data on the formation of the company or on its economic conditions or hides, in bad faith, in whole or in part, such data; b) presents, in bad faith, to shareholders an inaccurate accounting balance or inaccurate data on the economic conditions of the company, in order to hide its real situation; c) refuse to make available to experts, in cases and under the conditions provided in art. 25 25 and 34 ^ 3, the necessary documents or prevent them, in bad faith, from carrying out the tasks received. " 36. In Article I, paragraph 111 shall read as follows: "" 111. Articles 205 to 207 and art. 209 209 shall be repealed. ' 37. Article I, after point 111, insert paragraph 111 ^ 1, with the following contents: "" 111 ^ 1. Article 208 will read as follows: Lt; Art. 208. -It is punishable by imprisonment from 3 to 12 years the persons guilty of the fraudulent banknote, consisting of one of the following facts: a) falsifying, evading or destroying the company's records or hiding part of the company's asset; the appearance of non-existent debts or the presentation in the company's books, in another act or in the balance sheet of unowed amounts, each of these acts being committed for the apparent diminution of the value of the assets; b) alienation, in fraud of creditors, in case of bankruptcy of a company, of a significant part of the assets. gt; gt; ' 38. Article II shall read as follows: "" Art. II. -The words contract of society and/or status throughout the law, except art. 5 5 and art. 212 212 para. 1 1, shall be replaced by the words constituent. The words covered by the court in whose territorial area the company is based, from art. 119 119, shall be replaced by the words covered by the judge delegated to the Trade Register in whose territorial area the company is based. The words to the court in whose territorial area the company is based, from art. 124 124 para. 2 2, shall be deleted. ' 39. Article VI shall read as follows: "" Art. VI. -Stock companies, in order on shares and with limited liability existing, which do not have the minimum share capital provided for in art. 10 and 11 of the law, are required to complete it within one year from the date of entry into force of this emergency ordinance. Until the expiry of this period, the share capital paid into account of the capital increase in the shares and in the share order shall not be less than 30% of that subscribed for the same purpose. The increase of the share capital will also be possible through the use of reserves, except for legal reserves, as well as capital-related benefits and premiums, including favorable differences in the revaluation of social heritage, or other Ways permitted by law. Instead of completing the share capital, the companies referred to in par. 1 may opt for the transformation of the company into another form to which the share capital corresponds, a transformation that must be carried out within one year from the date of entry into force of this emergency ordinance. In case of non-compliance with the term of one year, the court, at the request of the state, through the Ministry of Finance, or the chamber of commerce and territorial industry or any interested person, will order the dissolution of For good reasons, the tribunal will be able to grant a term of no more than 6 months to complete the share capital. This law was adopted by the Chamber of Deputies at its meeting on November 4, 1997, in compliance with the provisions of 74 74 para. (1) of the Romanian Constitution. p. CHAMBER OF DEPUTIES PRESIDENT ANDREI IOAN CHILIMAN This law was adopted by the Senate at the meeting of 4 November 1997, in compliance with the provisions of art. 74 74 para. (1) of the Romanian Constitution. SENATE PRESIDENT PETRE ROMAN -----------------