Law No. 210 Of 16 December 1997

Original Language Title:  LEGE nr. 210 din 16 decembrie 1997

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Law No. 210 of 16 December 1997 approving Ordinance No. 15/1997 on the establishment of the deadline for convening the extraordinary general meeting of shareholders of the companies for which the State property Fund has ordered the dissolution of PARLIAMENT ISSUING published in MONITORUL OFICIAL nr. 366 of 18 December 1997, the Romanian Parliament adopts this law.


The sole article approving Ordinance No. 15 of 12 august 1997 on the establishment of the deadline for convening the extraordinary general meeting of shareholders of the companies for which the State property Fund has ordered dissolution issued pursuant to art. and (b). c) of law No. 134/97 for empowering the Government to issue decrees and published in the Official Gazette of Romania, part I, no. 195 of 15 august 1997, with the following modifications: 1. the title of the Ordinance shall read as follows: "the Ordinance establishing the deadline for convening the extraordinary general meeting of shareholders of the companies for which the State property Fund has taken measures to dissolve" 2. Article 1 shall read as follows: Art. 1. — (1) in the case of companies with debt, the State property Fund, which holds more than 50% of the shares and took measures to dissolve and to initiate the procedure of liquidation in accordance with the provisions of art. 25 of the Act the privatisation of companies no. 58/1991, as amended and completed by Emergency Ordinance of Government No. 15/1997, the meeting of the extraordinary General Assembly of shareholders is two days from convening, by way of derogation from the provisions of art. 77 of law No. 31/1990.

(2) the extraordinary general meeting of shareholders referred to in paragraph 1. (1) will be legally constituted if shareholders, holders of a number of shares representing at least 51% of the share capital, are present or represented at the first convocation. If this quorum is not achieved, the extraordinary general meeting of shareholders will meet after 24 hours from the first convocation and will be able to take decisions, whatever the number of shares whose shareholders are present or represented. In both cases, in order to be valid, the decisions should be taken with half plus one of the votes cast. "
  

3. Article 2 shall read as follows: Art. 2.-Failure by the Manager or administrator of a company, of the obligation of convening the extraordinary general meeting of shareholders within a period of 48 hours from the date of communication by the State property Fund has provision for dissolution and to initiate the procedure of liquidation, as referred to in art. 1 of this Ordinance, shall be imposed constitutes contravention and in accordance with the provisions of art. 9 of the Government Emergency Ordinance nr. 5/1997, as approved and amended by the law No. 87/1997, published in Official Gazette of Romania, part I, no. 107 of 30 May 1997. "
This law was adopted by the Senate at its meeting on 9 October 1997, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
p. SENATE CRISTIAN DUMITRESCU this law was adopted by the Chamber of deputies at its meeting on 25 November 1997, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
p. VASILE LUPU, PRESIDENT of the CHAMBER of DEPUTIES — — — — — — —