Advanced Search

Law No. 210 Of 16 December 1997

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

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
LEGE no. 210 210 of 16 December 1997 for approval Government Ordinance no. 15/1997 on the establishment of the deadline for convening the extraordinary general meeting of shareholders at the companies for which the State Property Fund ordered the dissolution
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 366 366 of 18 December 1997



The Romanian Parliament adopts this law + Article UNIC Approval Government Ordinance no. 15 15 of 12 August 1997 on the establishment of the term of convening the extraordinary general meeting of shareholders at the companies for which the State Property Fund ordered the dissolution, issued pursuant to art. 1 lit. c) of Law no. 134/1997 for the empowerment of the Government to issue ordinances and published in the Official Gazette of Romania, Part I, no. 195 of 15 August 1997, with the following amendments: 1. The title of the ordinance shall read as follows: "Ordinance on the establishment of the deadline for convening the extraordinary general meeting of shareholders at 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 debts, to which the State Property Fund holds more than 50% of the shares and for which it has taken measures to dissolve and trigger the liquidation procedure in accordance with the provisions of art. 25 of the Law on privatization of companies no. 58/1991 58/1991, as amended and supplemented by Government Emergency Ordinance no. 15/1997 , the term of meeting of the extraordinary general meeting of shareholders is two days from the convocation, by way of derogation from the provisions of art. 77 77 of Law no. 31/1990 31/1990. (2) The extraordinary general meeting of the shareholders provided in par. ((1) will be legally constituted, if the 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 realized, the extraordinary general meeting of the shareholders will meet after 24 hours from the first convocation and will be able to take decisions, whatever the number of shares whose holders are present or represented. In both cases, in order to be valid, the decisions must be taken by half plus one of the votes cast. " 3. Article 2 shall read as follows: "" Art. 2. -Failure, by the manager or manager of a company, of the obligation to convene the extraordinary general meeting of shareholders within 48 hours from the date of communication by the State Property Fund the disposition of dissolution and the triggering of the liquidation procedure, provided for in art. 1 of this ordinance, constitutes contravention and is sanctioned in accordance with the provisions of art. 9 of Government Emergency Ordinance no. 5/1997 5/1997, as approved and amended by Law no. 87/1997, published in the Official Gazette of Romania, Part I, no. 107 107 of 30 May 1997. ' This law was adopted by the Senate at the meeting of October 9, 1997, in compliance with the provisions of art 74 74 para. (2) of the Romanian Constitution. p. SENATE PRESIDENT CRISTIAN DUMITRESCU This law was adopted by the Chamber of Deputies at the meeting of November 25, 1997, in compliance with the provisions of 74 74 para. (2) of the Romanian Constitution. p. CHAMBER OF DEPUTIES PRESIDENT VASILE LUPU -------