Law No. 99 Of 26 May 1999 On Measures To Speed Up Economic Reform

Original Language Title:  LEGE nr. 99 din 26 mai 1999 privind unele măsuri pentru accelerarea reformei economice

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Law No. 99 of 26 May 1999 (* updated *) on some measures for accelerating economic reform (updated until October 1, 2011 *)-PARLIAMENT ISSUING — — — — — — — — — — — — the Parliament of Romania adopts this law.


Title I amendment of Government Emergency Ordinance nr. 88/1997 concerning the privatisation of companies *) — — — — — — — — — — — — — — Article 1 Government Emergency Ordinance nr. 88/1997 concerning the privatization of companies, published in the Official Gazette of Romania, part I, no. 381 of 29 December 1997, approved by law No. 44/1998, published in the Official Gazette of Romania, part I, no. 88 of 25 February 1998, as amended and supplemented, are hereby amended and shall be completed as follows: 1. Article 1 shall read as follows: Art. 1.-This emergency Ordinance sets out the legal framework to accelerate and complete the process of privatization, based on the following principles: a) ensuring the transparency of privatization process;
  

(b) the selling price) forming the basis of the ratio of supply and demand;
  

c) ensuring equal treatment among buyers;
  

d) debt of companies reconsidering, in order to increase the attractiveness of privatization. "
  

2. Article 2 shall read as follows: Art. 2.-the provisions of this Ordinance shall apply to emergency: a) the sale of shares in companies in which the State or a local government authority is a shareholder, regardless of the number of shares it holds, including societies, national companies and other companies resulting from the reorganisation of autonomous public corporations of interest national or local;
  

b) sale of assets of the companies and of companies in which the State or a local government authority is the major shareholder, including national companies and national firms of other times companies resulting from the reorganization of a 1900 national or local interest. "
  

3. Article 3 shall read as follows: Art. 3.-for the purposes of this emergency Ordinance the terms and expressions below have the following meaning: a) company shall mean companies established on the basis of the provisions of law No. 15/1990 on the reorganization of State-owned economic units in 1900 and commercial companies, as amended, the companies were set up by local public administration authorities of local public administration based on Law No. 69/1991, republished, with subsequent amendments, societies, companies and other private companies resulting from the reorganisation of autonomous public corporations of interest national or local;
  

b) companies of strategic interest societies means and national companies; other companies with majority state capital may be declared by the strategic interest of the Government;
  

c) action means transferable securities issued by companies; actions can be ordinary or preferential, in accordance with the provisions of law No. 31/1990 on the companies, republished, with subsequent amendments;
  

d) asset or sets of goods means any goods of a company or 1900, which could be separated and organized to operate independently, as distinct from the rest of the company's business or overhead, such as units and subunits of production, trade or services, departments, workshops, farms, commercial spaces, accommodation or catering, Office areas or other goods of the same kind including related thereto;
  

e) buyer means any natural or legal person, Romanian or foreign. Address cannot be a Romanian legal person under public law or a company in which the State or a local government authority to hold more than 33 percent of the total shares with voting rights in the general meeting of shareholders;
  

f) Ministry of Ministry or body means the central public administration in the specialist falls main activity of the company or under whose authority the work directed by autonomous;
  

g) public institution involved means Privatization authority and management of State Holdings or any of the relevant Ministry or, as applicable, an authority of local public administration, which has involved in the privatization of a company;
  

h) environmental authority competence is the Ministry of waters, Forests and environmental protection or a local agency of environmental protection under this Ministry;
  

I) presentation file means all data and information relating to a firm or to a supplied in writing to prospective buyers of shares or assets;
  

j) environmental obligations represents a minimum set of obligations incumbent on companies that are privatising or which is transmitted along with the sale of an asset, resulting from the obligation to comply with environmental protection legislation and which are included by the public institution involved in the presentation or, where appropriate, the public offer prospectus. These obligations shall be determined by the environmental authority competence, based on the environmental balance sheet drawn up within the framework of privatization or sale of an asset whose use has an impact on the environment. The balance sheet will be drawn up under the conditions laid down in the detailed rules issued on the basis of this emergency Ordinance;
  

k) privatisation agent means any legal entity, Romanian or foreign, specializes in financial activities, such as: banks, investment companies and funds, financial companies, companies providing accounting services, consultancy, mediation services on the securities market of the time winding social heritage and sharing, etc., as well as professional companies or offices of law firm, whether acting individually or in association , noting that foreign legal entities may be associated with a Romanian legal entity or company of the categories mentioned above;
  

It means all) operational closure operations of technical and organizational measures carried out by the Administrators or, as the case may be, the liquidators of companies with majority state capital, from empowering the general meeting of shareholders or the Board of Directors, with the purposeful termination of society and the preservation of economic assets and other property thereof until their sale under the provisions of this emergency Ordinance; operational closure can be total or partial, temporary or permanent;
  

m) budgetary obligations resulting from obligations mean taxes, fees, contributions or other income, including increases thereto or delay penalties and interest on loans guaranteed by the State, due to State budget, State social insurance budget, local budgets and special funds budgets;
  

n) budget is a national lender which relates to an obligation. "
  

4. The title of chapter II shall read as follows: "the competences and responsibilities of the Government, the Romanian Agency for development of public institutions involved," 5. Article 4 shall read as follows: Art. 4.-Competencies and powers in connection with the privatisation of the Romanian Government, belong to the Agency and the public institutions involved. "
6. According to article 4 shall be inserted in articles 4 ^ 1, 4 ^ 2 ^ 3 and 4 with the following content: "Art. 4 ^ 1. -(1) the Government shall ensure the realization of the privatization policy, coordinates and controls the activity of ministries and public institutions that have competence in achieving privatization take action binding on accelerating and completing the privatization process and be accountable to Parliament for the performance of such obligations.

(2) to this end the Government approve: (a) the national strategy);
  

b) approve essential elements of the contract of mandate, including the method of sale and conditions of the contract to be concluded by the public institutions involved, i.e. companies, for the sale of shares in a company the assets of times of strategic interest;
  

c) grant, on a case by case basis, exemptions, reductions, delays and/or phased over the payment of budget, on the basis of proposals submitted by the creditors or the State public institution concerned;
  

(d) take any other measures) as a central authority for the implementation of this emergency Ordinance.
  

Art. 4 ^ 2. -(1) the Romanian Development Agency develops and promotes the privatisation strategy.

(2) Romanian Agency for this purpose: to draw up and submit to the Government) to approve the privatization strategy laid down in art. 4 ^ 1. (2) (a). a), on the basis of proposals from public institutions involved, in order to ensure that a correlation with development strategies developed;
  

b develop and submit to the Government) to approve draft normative acts in the sphere of privatization;
  


c) may grant technical assistance in connection with privatization;
  

d) attract and promote foreign investment in order to privatise companies;
  

e) shall establish and submit to the approval of the Government's annual report on the State of the privatization process, on the basis of activity reports prepared by public institutions involved;
  

f) collect the data on the operation of contracts of sale and purchase of shares held by the State or a local government authority and inform the Government in this respect.
  

(3) In order to achieve the competences laid down in paragraph 1. (2) the Romanian Development Agency may enter into contracts for consulting with individuals or legal, as well as collaboration contracts with individuals.
  

(4) Furthermore, the Romanian Development Bank shall have the right to request, in writing, the information necessary for fulfilling the duties provided for in this article, from public institutions involved, as well as from any other central or local public institution, from independent records of shareholders, the societies, national companies and companies in which the State is a shareholder and the autonomous administrations.
  

Art. 4 ^ 3. -(1) the public institution concerned shall undertake the whole process of privatization.

(2) for this purpose the public institution concerned: a. the exercise of all the rights arising from the status of shareholder State or local public administration authorities, having the ability to empower its representatives in the general meeting of shareholders to act for: efficient administration of companies)/national companies and companies in the portfolio, in order to enhance the attractiveness of taking measures relating to:-the preparation and implementation of organizational operations, technical, technological, managerial and financial, to ensure the growth of technical and economic achievements of the company and diminishing budgetary obligations or otherwise;
-restructuring of companies through merger, Division, sale of assets and the conversion of debts into shares compared commercial lenders, as well as through operational closure, partial or total;
-requesting the granting of exemptions from payment of budget and negotiating proposals in this respect, which will be submitted for approval under the law;

(b) the liquidation of unprofitable companies);
  

B. take all necessary measures for the realization of the process of privatization of companies: a proper method of) privatization and a change to the extent that this is necessary;
  

b) publishes in print and/or electronic system, locally, nationally and/or internationally, lists companies that are privatising;
  

c) prepares the submission, evaluation report, the public offer prospectus or other documents which are relevant to the process of privatization, according to this emergency Ordinance and methodological norms issued in connection with its application;
  

d) carried out the sale at market price, the shares issued by companies;
  

e) initiate or approve, as appropriate, in accordance with the law, selling at market prices of the assets of companies and public corporations, except those subject to compulsory sale procedure, in accordance with the provisions of this Ordinance.
  

(3) disputes relating to contracts, agreements, protocols and other acts of the time agreements, concluded by the public institutions involved in order to prepare, perform or complete the process of privatization of some companies or groups of companies are shopping precinct competence courts. "
  

7. Article 5 shall read as follows: Art. 5. — (1) the authority for privatization and management of State Holdings is a public institution with legal personality, subordinated to the Cabinet of Ministers, which acts to reduce State involvement in the economy and local public administration authorities, by selling their shares. Budget authority for Privatization and management of State Holdings is formed entirely from the proceeds resulting from the privatization of companies, dividend and interest from its availability, approved by the Government and is managed under the budget.

(2) the authority for privatization and management of State holdings to exercise his powers under article 4. 4 ^ 3 para. (2) with regard to companies other than those of strategic interest, where these powers are exercised by the ministries. The Government may decide that in the case of such companies for privatization and Management Authority For the State to exercise its powers under article 4. 4 ^ 3 para. (2) in the case of companies established under the law on local public administration no. 69/1991, powers under article 4. 4 ^ 3 para. (2) shall be exercised by the authorities of local public administration. "
  

8. Paragraph 1 of article 6 shall read as follows: Art. 6.-(1) Directing authority for Privatization and management of State Holdings is ensured by a Board of Directors comprised of the President, Vice President and 9 members appointed by the Prime Minister, people with training and experience in the field of commercial, financial, legal or technical, one of whom is the President of the Romanian Development Agency. "
9. Paragraph 2 of article 6 is repealed.
10. Paragraph 4 of article 6 shall read as follows: "(4) the rules of organization and functioning of authority for privatization and management of State Holdings shall be approved by decision of the Government."
11. In paragraphs (1) and (2) article 8 is hereby repealed.
12. In paragraph 3 of article 8 shall read as follows: "(3) the authority for Privatization and management of State Holdings is carried out on the principle of decentralization. To this end, companies that belong to the category of small and medium-sized enterprises can be privatization at the level of territorial branches and territorial divisions of the county authority for privatisation and administration of State Interests. "
13. In paragraphs (1) to (4) article 9 shall read as follows: Art. 9. — (1) the proceeds of the public institutions concerned from the sale of shares issued by companies and dividends shall be paid from the State budget or local budgets, after deducting expenditure provided for in the budgets of these institutions and carried out in accordance with the provisions of this Ordinance. Their own budgets on privatization of the ministries concerned shall be approved by the Government and is administered under the budget.

(2) include the following: Expenditure of own expenses) Organization and operation, which in the case of public institutions involved, other than the authority for privatization and management of State Holdings are restricted to those incurred for the purpose of privatization;
  

(b) expenditure relating to payment) fees for consultants, agents or privatization law firms and those preparing for and carrying out the privatisation of companies;
  

(c) costs relating to the closure) operational, dissolution and liquidation of companies;
  

d) amounts actually paid to the purchasers in their execution of guarantees granted to public institutions involved and/or expenses incurred in fighting claims made by extinguishing times buyers, as well as the compensation due under art. 31 para. (4) and art. 32 ^ 4;
  

e) debt for which public institutions involved participate in the social capital of commercial companies in cases stipulated by law.
  

(3) the expenses referred to. a), b) and e) of the preceding paragraph shall be planned at 20% of the proceeds from sales. In the event that the amounts remaining available to the public institution concerned are not sufficient to cover the expenditure referred to in paragraph 1. (2) increase their ceiling will be made by the Government.
  

(4) the amount paid from the State budget pursuant to paragraph 1. (1) a fund shall be set at the disposal of the Government finances programs for retraining and vocational reintegration of employees made redundant, regional development programmes, programmes for the development of small and medium enterprises, as well as other development programmes, which shall be determined by decision of the Government. "
  

14. After paragraph 4 of article 9 is inserted (4 ^ 1) "with the following contents: (4 ^ 1) Companies or societies of foreign loans from international bodies, the State, which contracted to repayment of equity rates of interest and other costs in foreign currency do not fulfil payment obligations under agreements entered into by the subsidiary loan with the Finance Ministry , may, under the conditions laid down in the decision of the Government, to be met from funds from privatization. "
15. Paragraph 5 of article 9 shall read as follows:

"(5) where the companies set up by decision of the local public administration authorities are privatising by the authority for privatization and management of State Holdings, proceeds from the sale of the shares shall be paid from the local budget, after deduction of a 10% share, which remains available to the authority for Privatization and management of State Holdings to cover expenses related to privatization."
16. After paragraph 5 of article 9 is inserted (5 ^ 1) with the following contents: "(5 ^ 1) proceeds of public institutions involved, other than the authority for privatization and management of State Holdings, from the sale of shares issued by companies established by decision of the local public administration bodies, shall be paid from the local budget after deduction of the costs referred to in paragraph 1. (2) in compliance with the provisions of paragraphs 1 and 2. (3)."
17. paragraphs (6) and (7 ^ 1) of article 9 shall read as follows: "(6) public institutions concerned cannot allocate funds and cannot grant credits of companies; They also cannot buy shares issued by companies of the time, except as required by law.
(6 ^ 1) Public institutions concerned have the obligation to conduct the funds resulting from privatization transactions through the accounts of the State Treasury. "
18. Article 10 shall read as follows: Art. 10.-(1) compliance by the public institution concerned has the legal framework in the field of privatisation, finding contraventions and establish sanctions is carried out by the Ministry of finance, under the conditions laid down in the detailed rules issued pursuant to this Ordinance.

(2) determining the method of privatization and choice of privatization and/or buyer, the operations referred to in article 1. 4 ^ 3 para. (2) (a). He, as well as the legality of the clauses of the contracts concluded by the authority for privatization and management of State Holdings, including, inter alia, clauses concerning the price of sale, are not subject to audit by the Court of Auditors. The Court of Auditors control the collection and use only suitable of destinations as provided by law, the proper authority for Privatization revenues and managing State Holdings.
  

(3) members of the Board of Directors and employees of the authority for privatization and management of State Holdings do not respond to its operations, apart from cases where their actions constitute crimes or civil offenses. Board members and employees of the authority for privatization and management of State Holdings do not respond for the actions or inactions of privatization.
  

(4) the provisions of paragraphs 1 and 2. (2) and (3) shall apply, as appropriate, to other public institutions involved. "
  

19. Article 11 shall be repealed.
20. The title of section I of chapter III shall be repealed.
21. Article 13 shall read as follows: Art. 13.-(1) public institutions involved selling shares through the following methods: (a)) public offer;
  

b) sales methods specific to capital market;
  

c) negotiation;
  

d) auction or tender in the envelope;
  

e) certificates of deposit issued by investment banks on the international capital market;
  

f) any combination of the methods referred to in points. a)-(e)).
  

(2) where the public institution concerned decides to formulate an offer of sale, the offer price will usually be equal to the nominal value of the shares, stating that the sale shall be made at market price resulting from the ratio between supply and demand, irrespective of the method of privatization used, without the minimum sale price.
  

(3) in order to determine the main aspects of the sale of shares, public institution involved will depend on the availability to draw up an assessment report.
  

(4) shares will be sold at market price resulting from the ratio between supply and demand, even if that price is lower than the result of the evaluation report.
  

(5) the Minister of finance, on behalf of and at the expense of the State, may, with the consent of the parties, the obligations assumed by it under foreign loans contracted by sending shares of State companies by the holders of bonds. Procedures for making such operations will be established through detailed rules to be drawn up pursuant to this emergency Ordinance.
  

(6) public institutions concerned may receive, in Exchange for shares issued by companies, government bonds or other instruments guaranteed by the State, under the conditions laid down by the Government. "
  

22. Article 14 shall read as follows: Art. 14. — (1) the sale will be preceded by publication of a notice of sale or formulating an offer irrevocable, valid for at least 30 days but not more than 180 days after the date of publication. In case of sale of packages of shares of the capital of certain large banks or companies, at the initiative of the public institution involved, the Government has to extend the term of validity of the offer.

(2) public institutions concerned ensure the publication of ads and offers for sale in the local press, the wide spread national and/or by electronic means and, where appropriate, in an international journal, under the conditions laid down in the detailed rules to be drafted in the implementation of this emergency Ordinance.
  

(3) the sale will be preceded by a presentation folder, in the cases provided for in the methodological norms issued in pursuance of this emergency Ordinance. For companies listed on the stock exchanges or on other organized markets, domestic or international, the offer shall be drawn up on the basis of the prospectus, in accordance with the rules and instructions of the National Securities Commission or by the competent authorities, where appropriate. The presentation will cover industrial property rights.
  

(4) at the request of the public institution concerned or of privatization, for establishing budgetary obligations due to the situation of companies subject to privatization, the Ministry of finance will empower the General Directorate of public finance and financial control by the State in whose territory the registered office of that company to initiate the procedure of drawing up a report on the nature and amount of all these budgetary obligations.
  

(5) on the basis of this report the Ministry of finance will issue a certificate of tax burden, which shall state the nature and amount of all budgetary obligations at the time of the report.
  

(6) the company privatized will be exempted from paying duty to any other budgetary obligations, due at the date of the report and the certificate of neevidenţiată tax burden established in accordance with paragraph 1. 5. (7) terms and stages of the procedure for drawing up of the report and the issuance of the certificate of tax burden will be subject to the regulations of the methodological norms issued in pursuance of this emergency Ordinance.
  

(8) the provisions of paragraphs 1 and 2. (4) to (7) shall apply irrespective of the percentage, which is the subject of the sale shares in the capital of the company for privatisation.
  

(9) upon the request of the potential purchaser, under conditions laid down in the detailed rules issued pursuant to this Ordinance, the public institution concerned and companies subject to privatization shall be obliged to provide free access to all data and information on the activity and situation of the company's assets, with the aim of drawing up of one's own expertise report on society. This does not preclude the possibility that the public institution concerned to negotiate and agree to the granting of guarantees to the purchaser for specific damages, including, inter alia, damage caused to the purchaser by the fact that the company is held to fulfil any obligation, including any third party, or incur any loss as a result of acts, acts and operations which have not been disclosed, or bringing to fruition would entail costs in excess of the level prescribed in the contract of sale and purchase and whose cause has been at the time of conclusion of the contract. The liability of the public institution involved in all cases is limited to the price actually paid by the buyer. The State guarantees the fulfilment of the payment of the public institutions involved.
  

(10) the duration of any privatization process company managers are obliged to immediately notify the public institution involved producing any other act or fact of a nature to alter the data contained in the presentation or to engage the liability of the company. "
  

23. Article 15 shall read as follows:

"Art. 15.-public institutions involved have the right to contract with individuals or legal entities, Romanian foreign service times expert assistance in the area of privatization, restructuring and liquidation. Also, public institutions concerned may enter into contracts with securities firm, for the sale of shares in the stock exchanges or on other organized markets, national times, as well as international investment banks, for transferring and selling a portfolio of shares on the stock market, on the basis of certificates of deposit and other financial instruments used in this market. "
24. According to article 15 to be entered in articles 15 and 15 ^ 1 ^ 2 with the following content: "Art. 15 ^ 1. -(1) in order to increase the chances of privatization of companies, public institutions concerned may accept payment in installments of the price of the shares sold, under the conditions laid down in the detailed rules issued pursuant to this Ordinance.

(2) in case of sale with payment in instalments in the price of shares in a company of strategic interest, the advance payment shall not be less than 35% of the sale price, and payment rates will be foreseeable financial consequences of a period not exceeding 3 years.
  

(3) Upon payment of shares sold in installments shall constitute a lien.
  

(4) if the buyer does not pay at maturity two successive installments, the contract can be resolved.
  

Art. 15 ^ 2. -(1) in the performance of abolition. 4 ^ 3 para. (2) (a). A. the public institution concerned shall forward) each lender for granting budgetary ones, such as tax exemptions, discounts, deferred or phased over the payment of budget, due from companies subject to privatization by the budget administered by the creditor of the budget.

(2) every creditor shall be obliged to negotiate the budget together with the public institution concerned can grant the requested exemptions. Where the granting of such facilities is not the competence of the creditor, it is obliged to submit to the Government the result of negotiation within 30 days from the date of registration of such requests and to notify the public institution involved carrying out respective obligation.
  

(3) the public institution concerned shall be entitled to submit to the approval of the Government of the outcome of the negotiations where the lender does not comply with the budgetary period provided for in paragraph 1. (2) in order to fulfil this obligation.
  

(4) the Government will decide on the lending required within 20 days from the date of receipt of the outcome of the negotiations. "
  

25. The title of section II of chapter III shall be repealed.
26. Article 19 shall read as follows: Art. 19. — (1) an association may acquire shares ordinary preferential or issued by a company of those listed in article 46. 2. (2) the sale takes place at the market price, on the basis of the ratio of supply and demand, through one of the methods referred to in article 1. 13(2). (1) (a). c) and (d)). "
  

27. Article 20 shall be repealed.
28. Paragraph 3 of article 21 shall be repealed.
29. Article 22 shall be repealed.
30. The title of chapter IV shall read as follows: "the sale of the assets of the companies and of the autonomous public corporations ' 31. The title of section I of chapter IV shall be repealed.
32. Article 24 shall read as follows: Art. 24. — (1) companies to which the State or a local government authority is the majority shareholder may sell or enter into contracts for the leasing of real estate assets owned by them, with the approval of the general meeting of shareholders or the Board of Directors, as applicable, under the conditions laid down in the detailed rules issued pursuant to this Ordinance.

(2) the provisions of paragraphs 1 and 2. (1) shall also apply to public corporations, with the prior approval of the relevant Ministry or, where appropriate, to the local public administration authority.
  

(3) the sale of assets is done through open outcry auction, with the award at the highest price obtainable on the market.
  

(4) the provisions of art. 14. (9) apply properly and companies active saleswoman.
  

(5) the provisions of this article shall also apply in the case of the issuance of a lease property for sale with a final clause, involving the use of assets belonging to the companies in which the State or a local government authority is the major shareholder, whether in real estate leasing contract could not be otherwise. "
  

33. Article 25 shall be repealed.
34. Article 26(2) shall read as follows: Art. 26. — (1) for the purchase of assets under art. 24 do not have the right to participate in public institutions involved representatives in the General meetings of shareholders, Board members and Executive Directors of companies or of autonomous public corporations saleswoman.

(2) the amounts derived from the sale of assets under art. 24 will be used, in the following order: payment of debts to the budget) the State and local budgets, including debts arising from payments made by the Minister of Finance on behalf of securities executed for internal and external loans and credits contracted directly by the foreign State in which subîmprumuturi have been made;
  

(b) payment of debts to the budget) State social insurance budgets and special funds;
  

c payment of other debts);
  

d) making investments;
  

(e) financing activities covered by) the object of activity;
  

f) expenditure related to the fulfilment of legal requirements for compliance with the environment protection requirements, where appropriate;
  

g) other destinations.
  

(3) the sale of assets and the use of the amounts resulting from this sale will be carried out in compliance with the contractual rights of creditors whose debt is guaranteed by mortgage, pledge or privilege over the assets subject to sale.
  

(4) amounts referred to in paragraph 1. (2) may not be used for payment of staff of companies, except as provided for in international conventions to which Romania is a party. "
  

35. Article 27(2) shall read as follows: Art. 27. — (1) the autonomous administrations and firms that have ongoing tenancies, lease or joint venture, can sell or enter into contracts of leasing property for sale with a final clause, through direct negotiation with the residents or associations where they have made investments in assets they use representing more than 15% of the value of those assets. In this case, of the sale price minus the amount of investments on the basis of the evaluation report is acceptable to the parties.

(2) the sale is conducted with the consent of the public institution concerned. "
  

36. The title of section II of chapter IV shall be repealed.
37. Article 28 shall read as follows: Art. 28.-the autonomous Administrations and companies in which the State or a local government authority is the majority shareholder, with the agreement of the public institution concerned, may sell the assets hire traders-individuals, family associations authorized under Decree-Law No. 54/1990, as subsequently amended, or companies established under the law. 31/1990, as amended, which fall into the category of small and medium-sized enterprises, in accordance with the law. "
38. Article 29 shall be repealed.
39. Article 30 shall be repealed.
40. The title of chapter V shall read as follows: "environmental Obligations and protection of employees ' 41. Article 31 shall read as follows: Art. 31. — (1) where, as a result of the transmission of ownership of stock, the buyer would acquire control of the company, that company must draw up in accordance with the provisions of the methodological norms issued in pursuance of this emergency Ordinance, an environmental assessment that is submitted for endorsement to the competent environmental authority. The opinion will include environmental obligations devolving upon the company.

(2) the Environmental Authority has the obligation to deliver competency and to communicate its opinion within 15 days from the date of receipt of the balance of the environment. If legal opinion indicted person failed, the company shall be deemed to operate in full compliance with the legal requirements in force concerning environmental protection.
  

(3) based on the environmental balance sheet approved according to para. (2) the public institution concerned is required to include in the presentation, or, if applicable, the public offer prospectus of environmental obligations which must be fulfilled by the company.
  

(4) public institutions involved are obliged to indemnify purchaser, within the limit of the price paid by the latter company, respectively, depending on the circumstances, for any loss suffered as a result of the establishment of the responsibility of the company's compliance with obligations relating to environmental protection rules or liability due to environmental pollution from past activities, which were not referred to in the presentation or in the offer document. The State guarantees the payment of the public institutions concerned of damages referred to above.
  


(5) the provisions of paragraphs 1 and 2. (1) to (3) are applicable in case of sale of assets, so long as such assets form part of the assets of a company or 1900 carrying a qualified activity, in accordance with the legislation in force, as having a negative impact on the environment.
  

(6) in all cases the company is obligated to indemnify the purchaser for damages suffered as a result of its burden of establishing obligations for compliance with rules on environmental protection that have not been provided in the presentation of assets. "
  

42. Article 32 shall read as follows: Art. 32.-(1) Employees of companies whose shares are the object of a transfer of ownership shall enjoy social protection measures provided for by the Ordinance of Government No. 48/1997, approved and amended by law No. 51/1998.

(2) in the case of companies that are privatising and which, according to the contract of sale and purchase of shares, also apply to restructuring measures that determine collective redundancies, countervailing duties owed to employees made redundant it supports, within the limits and in the manner provided by law, from the Fund for paying unemployment benefit.
  

(3) protective measures shall be eligible for referred to in paragraph 1. (2) companies and employees at which companies are privatising holding participation of at least 50% of the total number of shares.
  

(4) Employees of private companies ousted from the date this law that apply to restructuring measures approved by decisions of the General meetings of shareholders shall receive compensatory payments from the Fund for payment of unemployment benefit, subject to the conditions laid down in article 21. 2 and 19-22 of the Government Emergency Ordinance nr. 9/1997, approved and amended by law No. 108/1997, amended by Emergency Ordinance of Government No. 52/1998.
  

(5) the provisions of paragraphs 1 and 2. (2) shall apply to commercial firms and public institutions concerned do not sell less than a third of the total number of shares on the capital markets, organized only if the offer document contains information relating to staff layoffs.
  

(6) Employees made redundant will benefit from the measures provided for in the programmes of vocational retraining and reintegration financed from the special fund established for that purpose at the disposal of the Government, according to art. 9 para. (4)."
  

43. After chapter V are introduced chapters V ^ V ^ 3-1 with the following content: "chapter V ^ 1 Situation of immovable property owned by companies that are subject to privatization Art. 32 ^ 1. (1) companies that hold lands that are necessary for carrying out the activity in accordance with their activities and whose legal regime to be cleared will continue to use those pitches up to their legal system.

(2) companies are privatising without including the capital value of the land referred to in paragraph 1. (1) and (3) After the system legal land classified as belonging to the public domain of the State or administrative territorial units, where applicable, remain in service companies privatized or to be privatised on the basis of an authorisation granted by the competent authority, for the maximum period prescribed by law. By way of derogation from the provisions of law No. 219/1998 on concessions, the method, the procedure and the documentation required for the granting of concessions will be provided in the methodological norms issued in pursuance of this emergency Ordinance. Land classified as belonging to the private domain of the State or administrative territorial units, where applicable, may be granted under the conditions set out above, the company rented or offered to be bought.
  

(4) the general criteria for setting the fee, rent and the selling price is determined by the methodological norms issued in pursuance of this emergency Ordinance.
  

Art. 32 ^ 2. -(1) the share capital of companies which have been issued with the certificate of the right of ownership of land is increased by the value of the land as set out in the certificate.

(2) the administrators shall be bound to record increase the registered capital in the commercial register within 60 days from the date of issue of the certificate, the company being exempted from payment of taxes and any other obligations related to this operation.
  

(3) where the issue of the certificate attesting the right to ownership of land was not followed, prior to privatisation, the corresponding increase of share capital, or if the certificate is issued after privatization, the share capital shall be increased by the amount of land law, which will be considered contribution in kind of a State or an administrative-territorial units, where applicable, in Exchange for which it will issue additional shares which will return as the public institution concerned. The buyer has a right of option to purchase from the public institution concerned, at an agreed price in the original contract for the sale of the shares or, in the absence of a provision to that effect, the price paid by buyer for the initial package of shares, refreshed according to the methodological norms issued in pursuance of this Ordinance, a number of additional shares representing a percentage of newly-issued shares equal to the share of participation of social capital to the purchaser on the date When the certificate was issued or the date of registration of the initial actions, where appropriate. The buyer may exercise this option within two months from the date of registration of an increase in share capital. The transfer of ownership of newly-issued shares shall take place at the time of full payment of the shares.
  

(4) until the expiry of the period for exercising the right of option, the voting rights attaching to the shares issued in accordance with paragraph 1. (3) be suspended.
  

(5) the general meeting that decides the issue of additional shares corresponding to the amount of land can decide their automatic conversion of preferred stock, with priority dividend, without the right to vote, on the date of expiry of the period for exercising the right of option of the time, where applicable, on the date rezoluţiunii the contract of sale and purchase of shares.
  

Art. 32. ^ 3 -Any other shareholder of the company, which is not a party to a contract of sale and purchase of shares shall stipulate otherwise, may exercise the right of option provided for in article 10. 32 ^ 2 (2). (3) under the same conditions and in sharing the same price as the buyer.
Art. 32 ^ 4. (1) public institutions concerned ensure damage repair companies privatized or under privatization through restitution by former owners of real estate taken over by the State.

(2) public institutions involved will company payments referred to in paragraph 1. (1) compensation money to represent the equivalent of the damage caused by repayment in kind of real estate company owned by the former owners by operation of a definitive and irrevocable judgments.
  

(3) the compensation referred to in paragraph 1. (2) shall be determined in agreement with the companies, and in case of divergence, by Justice.
  

(4) State Buildings taken under laws, regulations or court orders confiscation consisting of land and buildings highlighted in privatized companies or heritage in the course of privatization, in absence of which the attainment of the object of activity of these companies is impeded in such measure that, as a result of such refund, the company would no longer be able to continue operations and would be subject to dissolution and liquidation will not be returned in kind.
  

(5) where a final judgment by irrevocable and trading companies are obliged to pay money equivalent of buildings, public institutions involved will payments directly to the former owner the amount set out in the judgment.
  

(6) the State guarantees the fulfilment of the public institutions concerned to comply with the obligations laid down in this article.
  


Chapter V ^ 2 specific provisions relating to the closure and sale of unprofitable assets operational, merger, Division, dissolution and liquidation of companies subject to privatization close operational Section and the sale of unprofitable assets

Art. 32 ^ 5. -Will be subject to the closure of all operational assets for which the exploitation and use of the products and services that you realize you cannot recover at least charges except those which cannot be stopped by virtue of provisions laid down by law or which are integrated into a technological process, if all its exploitation is achieved. For this purpose it shall be prohibited to compensate the losses from a sector of activity of the company with the proceeds from another sector. Not be considered compensation terms with which the sector has contributed to the loss of these revenues.
Art. 32 ^ 6. (1) operational Assets are subject to closed the sale, and employees will be made redundant, with the granting of compensatory rights provided by law.

(2) the Management Board is required to publish the notice of sale and the date of holding the auction for selling the asset, not later than 60 days from the date of the closing decision operational, under penalty of liability for damage to commercial society.
  

Art. 32 ^ 7. -(1) the sale of the asset shall be made by public auction auction in compliance with methodological norms issued in pursuance of this emergency Ordinance.

(2) if the assets cannot be sold, it will be scrapped and/or scrapped.
  

(3) the amounts derived from the sale of assets at auction or from the sale as a result of disruption and/or forms for use in art. 26 para. (2) and (3).
  


Section II common provisions relating to merger, Division, dissolution and liquidation Art. 32 ^ 8. -In order to accelerate the process of privatization of companies in which the State or a local government authority owns at least 50% + 1 share capital, merger, Division, dissolution of the voluntary liquidation and shall be subject to the provisions of this chapter.
Art. 32 ^ 9. -(1) the representatives of the public institutions involved in the general meeting of shareholders from companies. 32 ^ 8 will ask the Board of Directors to prepare and to submit to the General Assembly an evaluation of possibilities and economic consequences of the merger, the Division or dissolution and liquidation company, as well as the draft decision of merger, Division or dissolution.

(2) the Board of Directors shall convene the general meeting of shareholders, which will meet within 60 days from the date of application referred to in paragraph 1. (1) in order to decide on the merger or Division of times within a maximum of 30 days on the same day to decide on dissolution and liquidation, as well as to approve, in each case, the necessary constituents addenda times.
  

(3) the summons will be published in a widely circulated national daily newspaper and in one of the newspapers from the locality in which it is situated, with the company at least 15 days before the date of the meeting of the General Assembly.
  

(4) where on the agenda listed dissolution and liquidation company, the Management Board shall prepare and make available to shareholders at the company's headquarters, at least 3 days before the date of holding the general meeting, the situation of all the debts of the company, giving creditors and their claims deadline have become or will become due.
  

(5) where the validity of the proceedings of the General Assembly for the necessary presence of shareholders representing at least half of their participation in the share capital, and decisions shall be taken by an absolute majority of votes.
  

(6) within two days of its adoption, the decision of the general meeting of shareholders shall be submitted to the commercial register and shall be published in a widely circulated daily national and, where appropriate, into a daily newspaper, as well as by electronic means.
  

Art. 32 ^ 10. -(1) the companies referred to in article 1. 32 ^ 8 is dissolved by operation of law where they have outstanding debts within 60 days to maturity-except salaries-which, added together, exceed 50% of the assets.

(2) Notwithstanding the provisions of the preceding paragraph, no later than 1 January 2000, the provisions of this article shall apply only to companies that have outstanding debts within 60 days to maturity-except salaries-which, added together, exceeding 120%, and in the period 1 January to 1 august 2000, only companies whose above-mentioned debts exceed 85% of the assets.
  

(3) within 10 days after the date of entry into force of this emergency Ordinance, i.e. from 1 January 2000 times 1 august 2000, in accordance with the distinctions laid down in paragraph 1. (2) the representatives of the public institutions involved in the general meeting of shareholders shall request the Audit Committee to draw up and submit to the Board of Directors of the company, within 30 days, a report on the situation of its outstanding debt.
  

(4) within 20 days after receipt of the report of the Audit Committee the Board of Directors shall convene the general meeting of shareholders for the purpose of ensuring the company's winding-up of commercial law and the commencement of insolvency proceedings. Provisions of art. 32 ^ 9 para. (3) to (6) shall apply accordingly.
  

(5) in the case of companies of strategic interest or those which are at an advanced stage of the privatization process, the Government will be able to decide, on a proposal from the public institution concerned, continuation of the activity of the company until a later date.
  

Art. 32 ^ 11. -Within 30 days after the date on which the General Assembly approved the merger or Division of a voluntary dissolution or times found that occurs as the dissolution of the society, the Board of Directors will finalise the required documents. The judgment of the Board of Directors issued to this end will include the term referred to in art. 32 ^ 29, minority shareholders in and/or commercial lenders may request or, where appropriate, to the opposition.
Art. 32 ^ 12. -(1) a judgment of the Administrative Council referred to in article 1. 32 ^ 11 and, where appropriate, additional laws or incorporation, signed by the Chairman, shall be submitted to the commercial register, together with the other documents required for the registration, in a single step, the particulars relating to a merger or Division, i.e. the indication concerning the dissolution of the company.

(2) a judgment referred to in paragraph 1. (1) shall be published according to art. 32 ^ 9 para. (6), which shall apply accordingly.
  


Section III-of the Liquidation Art. 32 ^ 13. (1) within 5 days after the publication of the judgment of dissolution and liquidation, as referred to in art. 32 ^ 9 para. (6) times, where appropriate, in article 19. 32 ^; (4) the Management Board shall be obliged to notify via courier post quickly, with an acknowledgment of receipt to known creditors of the company and to publish two consecutive ads in a widely circulated daily national and, where appropriate, into a daily newspaper, as well as by electronic means. In the notification and the announcements specify the total amount of debt of the company, as it results from its financial and accounting records, claims which shall be compensated for all or part of the debt with creditor towards society, the order of preference of the claims determined in accordance with article 4. 32 ^ 21. (1) as well as the time limit within which creditors can manifest intent to assert claims under the provisions of this chapter, by filing a statement of claims, before reaching maturity. This time limit shall not be less than 15 days and you will not be able to exceed 20 days from the date of publication of the last notice.

(2) Creditors who submit claims statements make up the Association of creditors, at which decisions are taken by absolute majority of votes. The vote of each lender is proportional to the weight of his claim in the totality of claims belonging to creditors associated with them. Association of creditors do not constitute a legal person. Organization and functioning of the Association's creditors will be covered by the methodological norms issued in pursuance of this emergency Ordinance.
  

(3) the right to challenge the existence or extent of a debt times the rank order of preference shall be extinguished within 20 days from the publication of the last notice.
  

Art. 32 ^ 14. -(1) the provisions of this section shall also apply to undertakings laid down in articles. 20 of law No. 64/1995, unless the Tribunal recognizes in principle the liquidation of the company and the asset allocation according to law nr. 64/1995, at the request of creditors who together or separately hold claims representing at least 51% of the total debt in the financial statements of the company and who have filed statements of claim. The request is inserted within 20 days from the date of publication of the last notice referred to in article 1. 32 ^ 13(2). (1) under penalty of cancellation. In such situations the provisions relating to the reorganization of the insolvent company shall not apply.


(2) the day following the expiry of the period referred to in the preceding paragraph is subject to liquidation of the company will be submitted to the Court in whose territorial jurisdiction, is the situation of all debts recorded in its accounting records, regardless of their maturity date, and the situation of all centralized claims declarations, submitted in accordance with the provisions of art. 32 ^ 13(2). (1) and (3) within 15 days after the expiry of the period referred to in paragraph 1. (1) the President of the Court or, where appropriate, the judge designated for this purpose will be decided in the Council Chamber, without summoning the parties, on the admissibility of the application in principle creditors. The judgement shall state the reasons in all cases and can be attacked with appeal within 5 days of receipt.
  

Art. 32 ^ 15. -(1) any interest, penalties, delay or similar expenses will be added to the unsecured unsecured receivables or receivables secured, as from the date of the judgment of dissolution to the commercial register.

(2) on the same date will be suspended all actions judgment in judicial or extra-judicial claims, against the company, the terms of the limitation of actions for the realization of its creditors claims belonging to, and any enforcement proceedings initiated against them, they will be replayed if the general meeting of shareholder returns over the decision. The General Assembly will not be able to revert the measure winding, if decided the closure total operational company or if the company was dissolved by operation of law, under art. 32 ^ 10.
  

Art. 32 ^ 16. -(1) the liquidator shall be called by the public institution concerned, on the basis of invitation to tender, within 60 days of the date of the judgment of dissolution at the trade register.

(2) the privatisation that exercise the powers laid down in articles. 4 ^ 3 para. (2) in respect of the company subject to winding-up may perform the function of liquidator according to mandate or on the basis of a request addressed to the public institution concerned, without it being necessary for the organisation of auctions.
  

(3) the contract of employment of the liquidator will be signed and will enter into force within two days of auction award, on pain of nullity.
  

(4) the liquidator shall enter depending on deposit at the registry of trade and signature specimen of signature Bank, on the following day of signing the contract or of employment.
  

(5) within 30 days after the date of entry of the liquidator will be handing-taking over the documentary heritage and society, in accordance with article 11. 247 paragraph 3. (4) of law No. 31/1990 on the companies, republished, which will be certified by the censors. At the time of completion of this formality is terminated. administrators function
  

(6) in the case of acceptance in principle of the application made by the creditor pursuant to art. 32 ^ 14. (1) the appointment of the liquidator according to this article will be subject to validation by the appointed judge.
  

Art. 32 ^ 17. -The liquidator is required as, within 15 days of the date according to the table, claims shall be filed at the headquarters of what society can be consulted by lenders.
Art. 32 ^ 18. -(1) where there is a cause for termination of the contract of employment of the liquidator, it shall, where appropriate, his successor in title shall be obliged to notify without delay the situation formed the public institution involved, unless it has notified the cause for termination of the contract.

(2) in the case of dissolved law according to art. 32 ^ 10, public institution concerned will be able to ask for termination of the contract of employment of the liquidator and the duly substantiated request of the creditors.
  

(3) in the event of termination of the contract of employment of the liquidator, the public institution concerned will be appointed as the liquidator of the next ranked following an invitation to tender organized under the provisions of art. 32 ^ 16, either the appointment of a special trustee to manage the assets of the society until the appointment of a new liquidator in accordance with article 4. 32 ^ 16 but not more than 60 days from the date of termination of the liquidator whose mandate ceased.
  

(4) the provisions of article 4. 32 ^ 16(1). (4), (5) and (6) shall apply in the situations referred to in paragraph 1. 3. (5) the liquidator whose contract has ended up teaching the heritage trustee or liquidator, the new times, special agent on the performance of its function, may not carry out any act of liquidation and no operation on the heritage society, with the exception of acts of conservation and management.
  

Art. 32 ^ 19. -(1) the sale of goods is done on the basis of open outcry auction, under the conditions laid down in the detailed rules issued pursuant to this Ordinance.

(2) goods shall award to the highest price offered.
  

(3) the contract of sale of the asset in question is concluded, on pain of nullity, within 5 days from the date of award of the auction. The liquidator may extend this time limit by a maximum of 5 days.
  

(4) the contract will be able to provide payment in instalments, the price of the goods provided that the installment payment is ensured under the conditions laid down in the detailed rules issued pursuant to this Ordinance.
  

(5) the provisions of art. 32 ^ 7 para. (2) shall apply accordingly.
  

Art. 32 ^ 20. -(1) creditors, except for shareholders, they may submit a claim right in terms of the methodological norms issued in pursuance of this emergency Ordinance.

(2) the assets or the assets of which wears a privilege, a right of pledge or mortgage may be awarded only in privileged claim or account secured by pledge or mortgage, apart from cases where the creditor is given the rank and unquestionable right to waive in writing.
  

(3) the award of property claims in cannot affect the order of preference provided for in this emergency Ordinance.
  

Art. 32 ^ 21. -(1) in order to cover social liabilities will disburse liquidator on behalf of creditors ' claims, whether they are or not held to maturity, the amount obtained from the sale of movable and immovable property of the society and to assert claims against third parties in the following order of preference: a) to cover the costs incurred in the completion of the sale or winding-up proceedings;
  

(b) to pay wages);
  

c) for achievement in favour of creditors claims which the undertaking constituted a lien or mortgage over his property movable or immovable, of the amounts obtained by selling those goods; These provisions shall also apply in respect of special privileges;
  

d) claims in State or local public administration authorities from taxes, duties, and other fiscal obligations established by law, of contributions to the State social insurance budget, and special funds;
  

e) claims in the State, coming from the sums paid by the Ministry of finance for loan guarantees, internal and external, as well as for external loans contracted directly by the State, of which subîmprumuturi were made;
  

f) claims in respect of loans granted by the State, including claims arising from loans granted for payment of gas and electricity, according to the regulations in force at the date of granting of the loan;
  

g) on behalf of creditors chirografari;
  

h) on behalf of shareholders.
  

(2) Claims arising from contracts of sale of goods in the company with payment in instalments and guarantees that they accompany you can assign appropriate amounts on behalf of creditors thereof; lenders will notify buyer and guarantor takeover contract and warranty.
  

(3) allocation to the creditors referred. a)-g) to launder proceeds of the sale shall be conducted every 3 months, and referred to the lenders. h), only after full satisfaction of all other claims.
  

(4) no distribution amounts the creditors will not be able to make it before the remaining final judgments which have settled claims brought pursuant to art. 32 ^ 13(2). (3) the appeal referred to in art. 32 ^ 14. (3). 32 ^ 22. -The liquidator shall be empowered to carry out expenditure and to lay off staff, within the limits necessary for the functioning of society and aimed at achieving its claims against third parties. Any existing availabilities at the end of the liquidation period, which do not result from the sale of assets at auctions, in the order provided for the allocation of amounts resulting from auctions.

Art. 32 ^ 23. -(1) the creditors may constitute tax-deductible provisions to cover losses resulting from unfilled all or part of the claims of the amounts distributed as a result of the liquidation of the debtor. Reducing or cancelling the provision is carried out on the basis of certificates issued by the liquidator on the closure of the liquidation, creditors neîndestulaţi, which will be included in the difference of remaining uncovered debt instruments.

(2) Creditors whose claims have been submitted after the deadline for the submission of statements of claims, but no later than the closing of the liquidation, will take part in the share proportion only of amounts possibly remaining after payment of claims registered within. In this case the provisions of paragraphs 1 and 2. (1) are not applicable.
  

Art. 32 ^ 24. -(1) after the distribution of the amounts resulting from the sale of all the company's assets, creditors whose claims were not covered in their entirety, the liquidator or the Chamber of Commerce and industry may refer to the territorial competent court for the purpose of cancellation of legal acts or the commitment liability of the members of its governing bodies.

(2) the resolution of these actions will benefit the creditors referred to in art. 32 ^ 23.
  

Art. 32 ^ 25. (1) within 20 days after the last auction and be subject to the approval of the censors shall establish public institution concerned a report on the operations of the liquidation. Approval of the report of the liquidator's release.

(2) After approval, the liquidator will ensure the submission of the report to the headquarters of the company to inform shareholders, after 15 days of the deposit, registration at the trade registry, the date on which it is radiating straight without any further formality.
  

Art. 32 ^ 26. -Acts, records and seal of the company shall be submitted for the public institution involved, the liquidator may continue, on their own and in their own interest, tracing the company's claims against third parties, at the time of the liquidation of the remaining unexecuted.
Art. 32 ^ 27. -The date of removal of the company from the commercial register law cease any action directed against it.


Chapter V ^ 3 settlement of disputes Art. 32 ^ 28. -The Statute of limitations for placing application whereby attacking an operation or an act referred to in this emergency Ordinance or claim a right granted by this is 3 months from the date on which the complainant knew, or ought to know of the existence of the transaction or act attacked times from date of birth right.
Art. 32 ^ 29. -The limitation period for submission of applications and the cancellation of opoziţiilor against judgments referred to in art. 32 ^ 9 is 10 days from the date of publication of the decision of the Board of Directors, adopted on the basis thereof. In the case of decisions referred to in articles. 32 ^ 10, the term shall run from the date of their publication in accordance with article 4. 32 ^ 9 para. (6). 32 ^ 30. -(1) the application for cancellation and opposition shall not suspend the execution of the judgment appealed against. Upon request, for good reason, the Court may decide to suspend, if you submit a bail equal to 1% of the share capital of the company subject to the merger, Division or liquidation of the time, as appropriate, equal to one-quarter of the value of the claim, but no more than 200,000,000 lei. The security shall be released only if the admission of the action. The maximum ceiling of caution will be refreshed periodically through the determination of the Government.

(2) the provisions of paragraphs 1 and 2. (1) apply and applications referred to in article 1. 32 ^ 13(2). (3). In this case the deposit is a quarter of the value of the claim, without exceeding the ceiling laid down in paragraph 1. (1). 32 ^ 31. — (1) applications under article 11. 32 ^ 13(2). (3) in article 19. 32 ^ 28 and at art. 32 ^ 29 are of the competence of the Court of appeal shall judge and emergency and in particular.

(2) if there are reasonable grounds for which the parties are not in a position to submit their defence as fully, the Court will be able to, by way of exception, grant a term knowingly not more than 7 days.
  

(3) the Court shall pronounce judgement within 5 days from the closure of the debate and reasoned judgment to inform the parties within 10 days of the pronouncement.
  

(4) a judgment of the Court may be appealed only by appeal. "
  

44. Article 33 shall read as follows: Art. 33. — (1) the rules shall constitute contraventions of this emergency Ordinance the following facts, if, under the law, do not constitute criminal offences: a) noncompliance of advertising for the sale of shares and assets;
  

(b) the failure of environmental balance) within the period prescribed by law;
  

(c) prohibition of certain assets) of a company in the sale and in the evaluation report of the time including fictitious goods in the offer for sale and in the evaluation report, in order clearly to influence the offer price;
  

d) failure on the raising of capital within the period prescribed by law;
  

e) assigning a package of shares to a person at the expense of others who have formulated a more advantageous offer, according to the criteria set out in the offer of sale;
  

(f) disclosure of confidential information) to third parties with the intention of selling a portfolio of shares, in order to influence the bid price or to promote a potential buyer at the expense of other persons;
  

failure to comply with time limits) and of the procedure for drawing up and issuing the certificate of tax burden;
  

(h) failure to comply with the obligation to) notify acts and the acts referred to in article 1. 14. (10);
  

I) breaking the time limit laid down in article 21. 32 ^ 6 para. (2) for the publication of the notice of sale of unprofitable assets;
  

j) failure to convene the general meeting of shareholders within the period provided for in art. 32 ^ 9 para. (2) or article 10. 32 ^; (4);
  

k) failure to comply with the deadline set in article 17. 32 ^; (3) to request a report from the Audit Committee or to the time limit laid down in article 21. 32 ^ 9 para. (4) in article 11. 32 ^; (3) or in article 10. 32 ^ 14. (2) for the submission of the situation regarding the debts of the company;
  

l) non-disclosure of decisions of the General Assembly of shareholders of the times Board of Directors under art. 32 ^ 9 para. (6), art. 32 ^; (4) or article 16. 32 ^ 12;
  

m) failure to submit under article 13. 32 ^ 11 to finalize the documents required the dissolution of the merger or Division of the company;
  

n) failure to submit the appointment of liquidator;
  

failure to submit a notification) to the creditors and the publication of notices in accordance with the provisions of art. 32 ^ 13(2). (1);
  

p) failure by the liquidator or, where appropriate, by the special agent of the time limits laid down in article 21. 32 ^ 16(1). (4) and (5) and in article 8. 32 ^ 17.
  

(2) the Offences referred to in paragraph 1. (1) shall be imposed as follows: (a) those referred to). a) fine of 5,000,000 to 10,000,000 at lei lei;
  

b) those referred. b)-f), with a fine of MDL to 10,000,000 to 20,000,000 lei;
  

c) those referred. (g))-p), with a fine from 50,000,000 lei to 100,000,000 lei.
  

(3) For the situations described in paragraphs 3 and 4. (1) the penalties shall apply to individual public institution personnel involved, assessors or the competent environmental authority personnel, the Ministry of Finance Ministry, or of the Directorate General of public finance and financial control of the State, managers or agents, auditors or liquidators, special companies.
  

(4) in the case of brokers and agents, the fine will be at lei lei 1,000,000,000 2,000,000,000.
  

(5) the finding of violations and penalties referred to in paragraph 1. (1) (a). a)-e) and (h))-p) are carried out by the Ministry of finance together with the competent environmental authority staff, if you have not made a environmental assessment, or, where appropriate, by the National Securities Commission, mentioned in paragraph 1 for that offence. (1) (a). (f)), or by the Department for the Control of the Government, for the offence referred to in paragraph 1. (1) (a). g) (6) the fines provided for in paragraph 1. (2) the decision shall be periodically up to the Government.
  

(7) the Offences referred to in this article shall be subject to the provisions of law No. 32/68 on the establishment and sanctioning violations, with subsequent amendments, with the exception of art. 25, 26 and 27. "
  

45. The title of Chapter VII shall read as follows: "special rules concerning the privatisation of certain companies ' 46. (1) of article 34 shall read as follows: Art. 34. — (1) in the case of privatization of companies arising as a result of the reorganization of companies and other companies of strategic interest, the Government has the option to retain a registered action state control, establishing at the same time and who will exercise the rights arising from this. "
47. According to article 34 article 34 shall enter ^ 1 with the following content: "Art. 34 ^ 1. -(1) the privatization of banks is carried out according to the provisions of law No. 83/1997 for privatization of banking companies in which the State is a shareholder. The sale of shares issued by banking companies in which the State is a shareholder will run under any method provided for by this emergency Ordinance.


(2) the privatization of companies in tourism is conducted according to Government Emergency Ordinance nr. 32/1998 concerning the privatization of companies in tourism. "
  

48. After Chapter VII Chapter VII is inserted: ^ 1 with the following content: "CHAPTER VII ^ 1 privatization Agencies Art. 34 ^ 2. -(1) for the purpose of expediting the process of privatization, public institutions involved may delegate the exercise of certain agents of the privatization of certain rights, including any responsibility under article 9. 4 ^ 3 para. (2) except for the conclusion of a contract of sale of shares. Privatization agencies will present, at the request of the public institution concerned mandante, reports on the activities carried out and will pursue exclusively during the mandate delegated powers. The mandate is granted in connection with the privatization of a company or group of companies, listed in the special programs of privatization of the Government chosen in accordance with the methodological norms issued in pursuance of this emergency Ordinance.

(2) within 15 days of receipt of the proposed sale of shares, with a shard of the privatization, the public institution concerned is obliged to conclude mandantă the contract of sale of shares or to communicate the reason for the refusal. In the case of failure to comply with this term, draft contract shall be deemed to have been accepted and the privatization is empowered to succeed.
  

(3) privatization Agencies may group under a temporary contract of association the object or of a limited liability company stock times. In the case of temporary joint ventures, associates appoints associate coordinator, empowered to participate in the selection procedure in order to receive the mandate in this chapter.
  

Art. 34 ^ 3. -In exercising the functions delegated to them under the provisions of this Ordinance, in relation to a company or group of companies, privatisation agencies acting in the name and on behalf of public institutions involved and also, according to the mandate, all rights attaching to the shares of these companies, including the exercise of powers and special benefits granted to public institutions involved in this emergency Ordinance and through the methodological norms issued in connection with its application with the exception of the right to dividends and to any right of preference.
Art. 34 ^ 4. -(1) the public institution concerned will hold, in terms of advertising nationally and internationally, through the selection of the privatization auction, that will enter into contracts of mandate, according to the methodological norms issued in pursuance of this emergency Ordinance.

(2) whether acting singly, fold the privatization agencies assign must meet certain minimum qualifications, including experience in privatisations and/or in other transactions or in privatizations from Romania, taking into account the gross income or, in the case of associations, the consolidated gross revenues of the members in the year prior to the date of issue of the demand.
  

(3) the Government will appoint a Commission for technical and economic assessment of tenders submitted by privatization agencies. The evaluation of tenders will be considered, among others, and the level of fees required by the privatization agencies. The Commission has to draw up the minutes of the auction and tender selection more convenient.
  

(4) in the case of companies of strategic interest, the essential elements of the contract of mandate are subject to approval by the Government.
  

(5) the public institution concerned concludes the contract mandate within 15 days from the date of the decision of the Commission referred to in paragraph 1. (3). 34 ^ 5. -(1) the fee advertisers include a fixed component of privatization and variable components depending on the actual costs and to comply with the mandate, according to the methodological norms issued in pursuance of this emergency Ordinance.

(2) associate members are jointly and severally liable for failure to perform or improper performance of the delay of obligations under the contract of mandate. "
  

49. Article 35 shall be repealed.
50. Article 37 shall be repealed.
51. Article 38 shall be repealed.
52. Article 40 shall be repealed.
53. Article 41 shall read as follows: Art. 41. — (1) the provisions of cap. IV also applies to private limited-liability companies in which the State or a local government authority are members, with the exception of art. 13(2). (1) (a). a), b), d), (e) and (f))).

(2) the provisions of this emergency Ordinance on the sale of assets of the autonomous companies and public corporations shall also apply in case of sale of assets other legal entities with majority state capital, established by decision of the Government. "
  


Article 2 1. Sales of shares and asset sales that are in progress at the date of entry into force of this law shall be continued under the provisions of the latter's recognition of the validity of acts and steps.
2. The privatization of companies of strategic interest, and the company established under the law on local public administration no. 69/1991, whose actions are in the portfolio of the privatisation Authority and management of State Holdings after the entry into force of this law, shall be made by the appropriate authority for further Privatisation and management of State Holdings, unless the Government decides otherwise.
3. in the case of companies resulting from the reorganization until the date of entry into force of this law, the autonomous public corporations of local interest, the powers referred to in articles. 4 ^ 3 para. (2) shall be exercised by the public institution involved in whose portfolio lies shares issued by them.
4. company Administrators to whom it was issued the certificate of the right of ownership of land are required to register with the commercial register law to increase share capital under art. 32 ^ 2 (2). (1) within 60 days after the date of entry into force of this law, the company being exempted from payment of taxes and any other obligations related to this operation.
5. All companies, regardless of the company's capital structure, which have not been issued the certificate of the right of ownership of land, will prepare and forward the relevant ministries, within 90 days from the date of entry into force of this law, the documentation necessary for the issuance of the certificate.
6. the ministries will release the companies referred to in point 5 of the attestation of certificates of ownership of land and will be transmitted to the authority for privatization and management of State Holdings a copy of the certificate within 5 days from the date of issue thereof.
7. the provisions of section III of the head. V ^ 2 of Government Emergency Ordinance nr. 88/97 shall also apply to undertakings which at the entry into force of this law, is under voluntary liquidation procedure according to the law. 31/1990.
8. the following acts Constitute offences, if the law does not constitute criminal offences: a) the means of raising of capital within the period referred to in point 4;
  

b) neremiterea necessary for drawing up documentation of the certificate attesting the right to ownership of land within the period referred to in point 5;
  

c) failure and/or failure to include the certificate of attestation of the right of ownership of land within the period specified in paragraph 6.
  

Finding and sanctioning of such contraventions shall be carried out according to art. 33 from Government Emergency Ordinance nr. 88/1997.
9. the provisions of this title shall not apply to land that fall under art. 9, art. 22, art. 35 para. (2), art. articles 22 to 38. 39, art. 44 para. (1), art. 45, art. 46 and article. 48 Land Fund Act No. 18/1991, republished in the Official Gazette of Romania, part I, no. 1 of 5 January 1998.


Article 3 1. Date of entry into force of this title are hereby repealed art. 7-9 of the Government Emergency Ordinance nr. 10/1997, approved and amended by law No. 151/1997, and any other provisions contrary to this law.
2. Within 30 days after the date of publication of this law in the Official Gazette, the Government will approve the methodological norms, rules of organization and functioning of authority for privatization and management of State Holdings, as well as the privatisation strategy for the year 1999.
3. within three months of the effective date of this title, the Government will approve the list of companies of strategic interest.
4. This title take effect after 30 days from the date of publication of this law in the Official Gazette of Romania, with the exception of art. III (2) which enter into force on the date of publication of the law.

5. Government Emergency Ordinance nr. 88/1997 concerning the privatization of companies, published in the Official Gazette of Romania, part I, no. 381 of 29 December 1997, approved by law No. 44/1998, published in the Official Gazette of Romania, part I, no. 88 of 25 February 1998, as amended and supplemented, and with those made by this Bill, will be republished in the Official Gazette of Romania, giving it a new texts.


Title II amendment of Ordinance No. 51/1997 on leasing operations and leasing companies *) — — — — — — — — — — — — — — — — Article 4 of Government Ordinance No. 51/1997 on leasing operations and leasing companies, published in the Official Gazette of Romania, part I, no. 224 of 30 august 1997, approved and amended by law No. 90/98 shall be amended and shall be completed as follows: 1. Article 1 shall read as follows: Art. 1.-(1) this Ordinance applies to leasing operations whereby one party, called the lessor/financier, for a specified period right of use of an asset is owned by the other party, called the user, at its request, against payment, called a lease rate, and at the end of the lease term, the lessor/funder undertakes to respect the right of option to purchase common , to extend the lease or to terminate contractual relations. The user can opt to purchase the asset before the end of the lease term, unless the parties so agree and if the user pay all obligations under the contract.

(2) leasing operations may be immovable, movable and durable in the civil circuit, excluding recordings on audio and video tape of plays, manuscripts, patents and copyrights. "
  

2. Article 1 shall be inserted After article 1 ^ 1 ^ 1 and 2 with the following content: "Art. 1 ^ 1. -For the purposes of this Ordinance, the terms and expressions below have the following meaning: a) input value represents the amount at which the property was purchased by financier, respectively acquisition cost;
  

b) total value represents the value of the total leasing rates plus residual value;
  

(c) residual value) value at which, on the expiry of the leasing contract, the transfer of ownership of the asset by the user;
  

d) leasing rate shall be:-in the case of financial leasing, the share of the value of the asset and the lease interest. Leasing interest represents the average rate of bank interest on the Romanian market;
-in the case of operational leasing depreciation, calculated in accordance with the normative acts in force and a benefit determined by the Contracting Parties;

e) financial leasing is the leasing operation that meets one or more of the following conditions are met: 1. the related risks and benefits of ownership pass over the end user from the leasing contract;
2. the parties have expressly provided that at the expiry of the leasing contract shall be transferred to the user ownership of the asset;
3. the user has the option to purchase the asset, and the purchase price will be a maximum of 50% of the input value (the market) which he has at the date on which the option can be expressed;
4. the period of use of the object of leasing system covering at least 75% of the normal duration of use of the goods, even if, ultimately, ownership is not transferred;

f) operating lease is a leasing operation which does not meet any of the conditions referred to in points. (e)). 1 ^ 2. -(1) under a lease funder may have the status of a legal person, Romanian or foreign.

(2) the quality of the user can be any natural or legal person, Romanian or foreign. "
  

3. Article 3 shall read as follows: Art. 3. within the context of leasing operations user has the right to elect, with the consent of the leasing company, supplier, as well as the company that will provide good. "
4. After article 3 of chapter I is inserted: ^ 1 "leasing contract" with items 1-3 ^ 3 ^ 3, with the following content: "Chapter ^ 1 leasing contract Art. 3 ^ 1. -(1) the lease shall contain at least the following elements: a) the parties to the contract of lease:-lessor/funder;
-user;

b) the exact description of the asset covered by the leasing contract;
  

c) total amount of leasing contract;
  

d lease rates) amount and timing of their payment;
  

e) period of use in the system of leasing object;
  

f) clause requirement to ensure the asset.
  

(2) financial leasing Contract must contain, in addition to the particulars referred to in paragraph 1. (1) the following: (a) the original value of the asset);
  

b) clause the right option of the user with respect to the purchase of the asset and the conditions under which it may be exercised.
  

(3) the parties may agree and other clauses.
  

Art. 3 ^ 2. -The lease cannot be terminated for a period less than one year. 3 ^ 3. -Leasing contracts shall be enforceable, if the user does not teach common in the following situations:-at the end of the lease term, if the user has not formulated the purchase of property or the option of an extension to the contract;
-in the case of termination of the user's exclusive fault. "
5. Article 4 shall read as follows: Art. 4.-the lessor/funder undertakes: a) comply with the user's right to choose the supplier according to needs;
  

b) to conclude a contract of sale and purchase with the supplier designated by the user, under the terms expressly formulated by him;
  

c) to enter into leasing contracts with the user, and to submit to the latter, pursuant to the leasing contract, all rights deriving from the contract of sale and purchase, with the exception of the right of disposition;
  

d) to respect the right of option, which consists in the possibility to opt for the extension of the contract or purchase order return of the times;
  

e) to guarantee the user's use of the property, given that it has complied with all the terms of the contract;
  

f) ensure, by means of an insurance undertaking, the assets offered in leasing. "
  

6. Article 5 shall read as follows: Art. 5.-the user undertakes: a) to carry out and to receive good reception to the term stipulated in the lease;
  

b) to exploit the good according to the instructions drawn up by the supplier and to provide training of personnel appointed to exploit;
  

c) it shall not impose an additional burden of common tasks that is the subject of the lease without the consent of the donor;
  

d) disburse payments by way of leasing rate in the amount of the value set and the time limits specified in the lease;
  

e) to bear the costs of maintenance and other expenses arising from the leasing contract;
  

f) assume for the entire period of the contract, in the absence of a stipulation to the contrary, all obligations arising out of the use of the asset itself or by its prepuşii, including the risk of loss, destruction or damage of the property used, fortuitous reasons and continuity of payments by way of leasing rate until payment of the full value of the leasing contract;
  

g) allow periodic status checking the funder and the manner of operation of the asset covered by the leasing contract;
  

h) to notify the financier, in a timely manner about any disorder of the property right, come from a third party;
  

I should not make any changes) of the property without the consent of the donor;
  

j) to return the property in accordance with the provisions of the lease. "
  

7. Article 6 shall be repealed.
8. Article 7 shall read as follows: Art. 7.-pursuant to the leasing contract, the user has the following rights: a) the supplier of direct action, in the case of complaints concerning the delivery, quality, technical support, service required in the guarantee and post-guarantee period;
  

b) to pursue actions against third parties owners. "
  

9. Article 8 shall read as follows: Art. 8.-(1) the rights in rem of the donor over the goods used under a leasing contract be relied on judge appointed in the event that the user is in reorganization and/or bankruptcy, in accordance with the provisions of law No. 64/1995, as amended.

(2) if the user is in dissolution, liquidation and/or the provisions of the preceding paragraph shall also apply to the liquidator appointed according to law No. 31/1990 on the companies, republished. "
  

10. Article 9 shall read as follows: Art. 9. — (1) if the user refuses to receive the property at the time stipulated in the lease, or if they are in a State of reorganization and/or bankruptcy leasing company has the right to unilaterally terminate the lease with damages.

(2) the sponsor is not responsible if the item of property which is the subject of the lease is not delivered to the user. "
  


11. Article 10 shall read as follows: Art. 10.-In case the user does not perform the obligation to pay the lease rate for two consecutive months, the sponsor has the right to terminate the lease, and the user is obliged to return the property, pay the overdue rates, with damages, whether in contract not otherwise. "
12. Article 11 shall read as follows: Art. 11.-If the sponsor does not comply with the right of option of the user, the latter due to damages in an amount equal to the residual value of the asset or the amount of traffic to be calculated from the expiry date of the lease. "
13. Article 12 shall read as follows: Art. 12.-If in the course of the lease funder shall sell the property which is the subject of the contract to another investor, the financier is tied to the same contractual obligations as well as the seller, who remains the guarantor of the fulfilment of obligations by the user. "
14. Article 13 shall read as follows: Art. 13.-from the moment of conclusion of the contract of lease and until the expiry of its re-entry into the possession of the property financier is exempted from any liability towards third parties for any damage caused through use of the asset by the user. "
15. Article 14 shall read as follows: Art. 14.-(1) leasing companies, legal entities, shall be established and operate according to law. 31/1990 on the companies, republished.

(2) leasing companies are companies that have the object of activity of leasing operations and a minimum share capital, subscribed and paid up in full, its 500 million. "
  

16. (a)), b) and (c)) of article 15 shall read as follows: ' a) input value of the goods at the time of conclusion of the contract;

b) total amount of leasing contract rates in one financial year, including their amount indexed, if the parties have provided for in contract updating of rates:-for financial leasing leasing rate will be calculated taking into account the input value and interest rate related leases, instalments during the period of the contract; purchases of fixed assets are treated as investment, being subject to depreciation in accordance with the normative acts in force;
-for operational leasing leasing rate will be calculated taking into account the value of the input property for the benefit of established parties and the depreciation of the value of entry; depreciation regime will be established by the parties, by mutual agreement, in accordance with the provisions of law No. 15/1994 concerning the depreciation of capital restrained in tangible and intangible fixed assets, as amended;

(c) calculation of depreciation) and emphasizing asset to which the contract will be carried out, in the case of operational leasing, the financier, and in the case of financial leasing, by the user. "
  

17. Paragraph 2 of article 16 shall read as follows: "(2) where changes in regards to user or donor headquarters times changes with regard to the legal situation of the asset, the sponsor and the user must carry out rectification in the land registry office and the trade."
18. Paragraph 3 of article 16 is hereby repealed.
19. Article 24 shall read as follows: Art. 24.-leasing companies who perfected a lease involving the use of a building or construction and the use of a construction can acquire: the right of use) or the acquisition of the land on which the work is carried out by the contractor;
  

b) irrevocable purchase of construction upon the expiry of the lease. "
  

20. After article 24 shall be included in articles 24 and 24 ^ 2 ^ 1 with the following content: "Art. 24 ^ 1. -The proceeds of non-residents in the form of interest or royalty (leasing rate) established by the Contracting Parties, in the case of contracts for financial leasing or operational, in Romania, through the retention at source under the provisions of the conventions for the avoidance of double taxation or of the domestic laws, as appropriate. In the case of operating lease contracts concluded with non-residents, benefit means established by royalty parts or all of the leasing quota (leasing rate) if the contract does not identify the portion of the benefit.
Art. 24 ^ 2. -Insurance of movable property subject to a lease are tax deductible by the person obliged to pay insurance premiums. "
21. Article 25 shall read as follows: Art. 25. — (1) movable property which are placed by users in the country, Romanian natural or legal persons, on the basis of leasing contracts concluded with leasing companies, foreign legal persons fall under customs regime of temporary admission, throughout the duration of the leasing contract, with total exemption from the obligation to pay the amounts of the import duties relating thereto, including customs guarantees.

(2) the movable property which are introduced into the country by the leasing companies, legal persons, on the basis of leasing contracts concluded with users physical or juridical persons Romanian falls in customs import regime, with exemption from the payment of all amounts of import duties.
  

(3) where the user of the fault of the leasing company or supplier, has not exercised the right of option provided for in the contract, concerning the extension of the lease or purchase of the property, and the property was not returned, the user is obliged to pay customs duties on the residual value of the asset, which may not be less than 20% of the value of the asset.
  

(4) in the case of purchase of goods brought into the country under the terms of paragraph 1. (1) and (2) the user is obliged to pay the customs duty calculated on the residual value of the asset from the moment of conclusion of the contract of sale, which may not be less than 20% of the value of the asset.
  

(5) the period within which goods are to be returned or to receive a new customs-approved treatment is the one agreed between the parties through the leasing contract, but may not exceed 7 years from the date of introduction of the goods into the country.
  

(6) Units and components placed in the land of the leasing companies to produce goods that will be the subject of leasing contracts are exempt from customs duties and value added tax. "
  


Article 5 1. Contracts concluded prior to the entry into force of this law shall remain valid.
2. Within 12 months of the publication of this law in the Official Gazette of the leasing companies have an obligation to raise capital, so that they have a minimum subscribed capital and paid-up at least 500 millions lei.
3. In the case of non-compliance with the provisions laid down in paragraph 1. 2 leasing company responsible will no longer be allowed to carry out operations.


Article 6 the Ministry of finance will elaborate guidelines concerning the accounting of leasing operations within 30 days after the publication of this law in the Official Gazette of Romania.


Article 7 of the Government Ordinance No. 51/1997 on leasing operations and leasing companies, with the subsequent amendments and to those brought under this title, it will be republished in the Official Gazette of Romania, giving it a new texts.


Title III the amendment of law No. 31/1990 on the companies, republished *) — — — — — — — — — — — — — — article 8 of law No. 31/1990 on the companies, republished in the Official Gazette of Romania, part I, no. 33 of 29 January 1998, be amended and completed as follows: 1. The letter i) article 8 shall read as follows: "i) clauses on leadership, management, operation and control of the management of the company's statutory bodies, inspection by the shareholders, and the documents to which they will be able to have access to information and to exercise control;"
2. are inserted after article 133 articles 132 and 133 ^ 1 ^ 2 with the following content: "Art. 133 ^ 1. -(1) General meetings Between sessions, no more than twice in the course of a financial year, the shareholders have the right to inform herself about the management of the company, referring to the documents referred to in the articles of incorporation in accordance with art. 8 lit. I). They will be able to ask at their expense, certified copies of them. In consultation with shareholders will be able to refer the matter in writing to the Board of Directors, who will have to answer them all in writing, within 15 days from the registration of the referral.

(2) If the Board of Directors will not respond within the time limit laid down in paragraph 1. (1) shareholders may address the competent court which will be able to compel the company to pay a sum of money for each day of delay.
  


Art. 133 ^ 2. (1) one or more shareholders holding at least 10% of the shares representing the share capital, will be able to ask individually or together-to the Court to appoint one or more experts tasked to review certain operations from the management of the company and to prepare a report, to be handed out and handed over to the official classification society to be analysed and proposes appropriate measures.

(2) experts ' fees shall be borne by the company, except in cases in which the appeal was submitted in bad faith. "
  

3. According to paragraph 2 of article 277 shall be inserted (2 ^ 1) with the following contents: (2 ^ 1) in existing societies, associations may change the articles of Association, laying down, in it the documents they are to have access, within the meaning of art. 8 lit. I). "


Title IV amending and completing law No. 64/1995 concerning the procedure of bankruptcy to reorganise and *) — — — — — — — — — — — — — — — — Article 9 Law nr. 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, as amended and supplemented by Government Emergency Ordinance nr. 58/97, published in the Official Gazette of Romania, part I, no. 265 of 3 October 1997, are hereby amended and shall be completed as follows: 1. the title of the law shall read as follows: "the law on the procedure of judicial reorganization and bankruptcy" 2. Article 2 shall read as follows: Art. 2.-the purpose of the law is to establish a procedure for the payment of the liabilities of the debtor, the cessation of payments, either through reorganization of the enterprise and its activity or through liquidation of property from his wealth up to cover liabilities, either through bankruptcy. "
3. After article 3 is inserted in article 3 ^ 1 with the following content: "Art. 3 ^ 1. -(1) All expenses related to the procedure established by this law, shall be borne by the debtor.

(2) payments shall be made from an account at a unit of a company, on the basis of provisions issued in the course of reorganisation proceedings, the debtor or trustee, and the judge during bankruptcy, but judge appointed.
  

(3) if there is no availability in the debtor will utilize the liquidation fund set up by the fees paid by physical persons and/or legal trade register for services rendered by him.
  

(4) the Fund referred to in paragraph 1. (3) will be set up by 10% increase in charges for trade register offices.
  

(5) the costs of the winding up of companies in which the State holds the controlling package will be made by the administrative body of the State Administration and Privatization revenue from privatisation. "
  

4. Article 4 shall be added to paragraph (2) with the following contents: "(2) the Tribunal and judge-appointed duty to ensure they promptly to acts and transactions provided for in this law, and in accordance with the law of the rights and obligations of participants in these acts and operations."
5. Article 5 shall read as follows: Art. 5.-All the procedures provided for in this law, with the exception of the appeal referred to in art. 6, are of exclusive competence of the Court in whose jurisdiction the registered office of the debtor, which is listed in the commercial register, and shall be exercised by a judge appointed by the trustee-President of the Tribunal, pursuant to article. 8. "6. Article 6 shall read as follows: Art. 6. — (1) the appellate court will be the Court of appeal for decisions given by judge appointed, pursuant to article 13. 10. (2) the notice of appeal will be arraigned within 30 days of the registration dossier to appellate court, citing the parties are to be made through advertising, under article 4. 95 of the code of civil procedure.
  

(3) by way of derogation from article. 300 para. 3 and 4 of the code of civil procedure, the judge's decisions-trustee, except to reject the appeal of the debtor-submitted pursuant to article 1. 26 para. 5th, may not be suspended by the Court of appeal. "
  

7. Article 7 is hereby repealed.
8. Article 8 shall read as follows: Art. 8.-the judge-trustee is nominated, in each case, the President of the Tribunal, of the judges appointed as judges-sindici, pursuant to art. 12(3). 3 of law No. 92/1992 for the judiciary. "
9. Article 9 shall read as follows: Art. 9.-in the performance of his duties the judge-appointed will be able to nominate, through termination, specialty, and treatment. Their wages will be paid in accordance with article 5. 3 ^ 1. "
10. Article 10 shall read as follows: Art. 10. The main tasks of judge appointed under this law are: to) the judgment opening the proceedings;
  

(b) the judgment debtor) against the opposition demand of creditors to begin introductory procedure;
  

c) designation, through determination of the administrator or liquidator, establishing their powers, control over their work and, where appropriate, their replacement;
  

d) prosecuting applications to raise the debtor the right to even drive business;
  

e) judgment of actions brought by the liquidator or administrator canceling patrimonial character transfers, previous introductory application;
  

(f) appeals the judgment debtor) times of creditors against the measures taken by the administrator or liquidator;
  

g) confirming the reorganization plan or, where appropriate, liquidation, after voting by creditors;
  

h) resolve to continue the activity of the debtor in case of reorganization;
  

I) settlement of objections to six-monthly reports and at the end of the administrator or the liquidator;
  

j) decision closing the procedure. "
  

11. Article 11 shall read as follows: Art. 11.-judge Rulings are final and enforceable trustee and shall include, by way of derogation from article. 261 para. 4 of the code of civil procedure, and motivating. According to the law they could be subject to appeal. "
12. Article 13 shall read as follows: Art. 13.-(1) the known creditors will be summoned by the administrator or liquidator whenever necessary; creditors ' meetings will be convened at the request of the creditors holding claims amounting to at least 50% of their total value. At the first session they will be summoned by the judge appointed, under the conditions laid down in article 21. 28. (2) The sessions of the Assembly will be attended by creditors of the debtor and 2 delegates voting for its employees, the claims representing the salaries and other pecuniary rights.
  

(3) Furthermore, the creditors will be able to participate in a representative of the Chamber of Commerce and industry.
  

4. the first session of the Assembly of creditors will be presided over by judge, and trustee, administrator or liquidator. "
  

13. Article 14 shall read as follows: Art. 14. — (1) In the framework of the meetings of the Assembly of creditors they shall have the right to study the situation of the debtor, the measures taken by the administrator or liquidator and their effects and propose, motivated, and other measures.

(2) the plan of reorganization or winding-up will be subject to a vote of the Assembly of creditors, in the conditions laid down in article 21. 63 of this law. "
  

14. Paragraph 1 of article 15 shall read as follows: Art. 15. — (1) at the first creditors ' meeting shall elect, with simple majority, a Committee consisting of 3-5 of those creditors with secured and unsecured claims, which will be offered on a voluntary basis. If you will get this majority, the Committee will be appointed by the judge appointed. "
15. Article 16 shall read as follows: Art. 16. — (1) the Committee of creditors is part of the justified that, when it has not been proposed by the debtor or was not confirmed a reorganization plan, to wax judge appointed to raise the debtor the right to and may lead the work.

(2) creditors ' Committee may be authorised by the judge appointed to bring actions for the annulment of a patrimonial character transfers-made by debtor in fraud of creditors, when such actions have been brought by the liquidator or administrator. "
  

16. Article 17 shall read as follows: Art. 17. — (1) at the first meeting of the Assembly of creditors creditors who hold at least 50% of the total value of the claims administrator may decide hiring a-individual or company-fixing and treatment, whether through the judgment opening the proceedings, the judge-trustee has appointed an administrator.

(2) Creditors dissatisfied with the decision may, within 5 days from trustee, which judge will settle, and suddenly, all complaints through a sentence, that you designate the administrator proposed by creditors or, where applicable, will keep the administrator designated by the judgment opening the proceedings.
  

(3) If within the time limit laid down in paragraph 1. (2) the decision of the Assembly of creditors is not contested, the judge appointed by means of a termination, the administrator shall designate proposed by creditors at the same time, the administrator on the termination of duties designated by the decision opening the proceedings.
  


(4) the administrator, natural, permanent delegate, or natural person of company administrator will need to be certified public accountant, chartered accountant, Bachelor's degree in economics or in law times and to have the engineer at least 5 years of practice and economic or legal.
  

(5) If the creditors decide hiring a Manager, appointed judge may order, on the same day, by a closing administrator, if an appointment had not been appointed an administrator through the judgment opening the proceedings. "
  

17. After article 17 shall be included in articles 17-17 ^ 1 ^ 4 with the following content: "Art. 17 ^ 1. -The main tasks of the administrator under this law are: the examination of debtor's activity) in relation to the facts and drawing up a detailed report on the causes and circumstances that led to the cessation of payments, with an indication of the persons for whom they would be responsible for the submission of that report, and the judge appointed within 30 days of its designation;
  

(b) operations management supervision) of the debtor's assets and liabilities;
  

c) lead in whole or in part of the activity of the debtor;
  

d) establishing data Assembly meetings of creditors;
  

e) introduction of actions for annulment of fraudulent borrower concluded at the expense of creditors ' rights and patrimonial character transfers, commercial operations entered into by the debtor and to the establishment of guarantees granted by it, likely to be prejudicial to the rights of creditors;
  

f) maintenance or denunciation of contracts entered into by the debtor;
  

g) examination of the claims and, where appropriate, the formulation of objections to them;
  

h) pursuing claims relating to collection of assets of the debtor or the amount of cash transferred by the debtor before commencement;
  

I) provided confirmation by the judge appointed, on-line transactions, unloading, reloading fidejusorilor debt, giving up valuable security;
  

j) referral to judge appointed in respect of any problem that would require a resolution by the latter;
  

k) any other powers established by the termination of the judge appointed, except as provided by law, the exclusive competence.
  

Art. 17 ^ 2. -The debtor and creditors can do any of the opposition against the measures taken by the administrator. Such a review will have to be registered within 10 days of the date on which the measure was taken. Appointed judge will settle the appeal within 30 days of registering them in the Council Chamber, and may, if it considers it necessary, to cite authors and administrator.
Art. 17 ^ 3. -At any stage of the proceedings, for good reasons-dol or serious guilt-and under the conditions laid down for the appointment of the administrator, judge appointed by him may be substituted.
Art. 17 ^ 4. -In order to carry out its duties the administrator will be able to appoint people. Appointment and level of remittances of such persons will be subject to approval by judge appointed. "
18. Insert the 5th section "Liquidator" to article 18.
19. Article 18 shall read as follows: Art. 18.-in the case of acceptance of a plan of liquidation or bankruptcy proceedings commencement, the judge will appoint a trustee-liquidator, by applying, as appropriate, article 2. 17, art. 17 ^ 2, art. 17 ^ 3, art. 17 ^ 4 and art. 65 paragraph 1. (4) the administrator shall cease. duties establishing the powers of the liquidator appointed by the judge. "
20. According to article 18 shall be inserted in article 18 ^ 1 with the following content: "Art. 18 ^ 1. -The main tasks of the liquidator under this law are: the examination of debtor's activity) in relation to the facts and drawing up a detailed report on the causes and circumstances that led to the cessation of payments, with an indication of the persons for whom they would be responsible for the submission of that report, and the judge appointed within 30 days of its designation;
  

b) leadership in whole or in part of the activity of the debtor;
  

c) action introduction the annulment of fraudulent acts entered into by the debtor, at the expense of creditors ' rights and patrimonial character transfers, commercial operations entered into by the debtor and to the establishment of guarantees granted by it, likely to be prejudicial to the rights of creditors;
  

d) applying seals, inventorying and taking the appropriate measures for their conservation;
  

e) maintenance or denunciation of contracts entered into by the debtor;
  

f) examining claims and, where appropriate, the formulation of objections to them;
  

g) pursuing collection of debtor, debts resulting from the transfer of property or sums of money made by him prior to the opening of the procedure;
  

h) receipt of payments on account of the debtor and their consignation on behalf of the estate of the debtor;
  

(I) the goods sale) debtor in accordance with the provisions of this law;
  

j) conclusion of transactions, Payables, downloading fidejusorilor downloading, quitting real guarantees provided confirmation by judge-trustee;
  

k) referral to judge with any issue that the trustee would ask the settlement;
  

l) any other duties as determined by termination by the judge appointed. "
  

21. The letter f) of paragraph 1 of article 21 shall read as follows: "(f)) a declaration by which the debtor of its intention to show and reorganize its activities or to liquid wealth, according to a plan, with a view to the payment of its debt; If this statement will not be filed until the expiry of the period laid down in paragraph 1. (2), it shall be considered that the borrower agrees to the initiation of bankruptcy. "
22. Article 25 shall read as follows: Art. 25.-after the Tribunal's introductory requests the President will nominate judge immediately appointed according to art. 8. "23. After article 25 insert the following subtitle: "Section 2 of the proceedings". Article 26(2) shall read as follows: Art. 26. — (1) If a debtor application corresponds to the conditions laid down in articles 81 and 82. 20, 21 and 23, the judge appointed will give a few remarks for the opening of the procedure, which you will notice pursuant to article. 27. Where creditors are opposed to such a request within 15 days of issuance of notification, the judge appointed will quote along with the debtor at a meeting that will settle, suddenly, through a sentence, all oppositions.

(2) within 48 hours after registration, creditors/Chamber of Commerce and industry, the territorial judge appointed will communicate the request, in the review, the debtor and will have a display at the door of the Court.
  

(3) If, within 5 days after receiving the copy of the judgment debtor is disputing that it would be ceasing payment under the conditions laid down in article 21. 24, the judge appointed will keep you within 10 days, a meeting at which they will be subpoenaed lenders who entered the request, the borrower and the Chamber of Commerce and industry.
  

(4) at the request of the debtor's trustee in judge may compel lenders who entered the request to record, within 5 days, a commercial bank, a bail of no more than 30% of the value of claims. The deposit will be refunded if the request their creditors will be permitted. If the application will be rejected, the deposit can be used to cover damages sustained by the debtor. If it is not recorded within the application security introduction will be rejected.
  

(5) if the Syndic determines that the debtor is in cessation of payments, we will reject the opposition and will open the proceedings by a ruling.
  

(6) if the judge determines that the trustee the debtor is not injunction, rejects the request of creditors and that the sentence should be displayed on the door of the Court. In case of rejection of the application, it will be considered as devoid of any effect even from registering them.
  

(7) if the debtor does not contest the time limit referred to in paragraph 1. (3) that it would be ceasing of payments, appointed judge will give a few remarks opening the proceedings.
  

(8) Through the conclusion or, where appropriate, the sentence proceedings against judge appointed shall designate, if necessary, an administrator, settling her powers, under art. 17 ^ 1, and treatment.
  

25. Subtitle section 2 "further proceedings" shall be repealed.
26. Article 27(2) shall read as follows: Art. 27. following the opening of proceedings the judge appointed will send a notice to all the creditors mentioned in the list filed by the debtor in accordance with art. 21, the debtor and the trade register Office where the debtor is registered, for making the statement. "
27. Paragraph 1 of article 28 shall read as follows: Art. 28. — (1) the notification will include the convening of the meeting of the Assembly of creditors, who will have to take place within 30 days of the initiation of the proceeding, the deadline for the registration of claims on the estate of the debtor and the requirements for a registered debt instruments to be considered valid. "
28. Article 29(3) shall read as follows:

"Art. 29. — (1) the debtor will have to submit the dossier of the case acts required by art. 21. (1) within 10 days after the opening of the procedure, according to art. 26 para. (5) or (7).

(2) Failure of the provision without reasonable grounds referred to in paragraph 1. (1) shall be imposed with a fine 200,000 lei on the civil day, the fine which will be attributed to the persons legally representing it on the debtor.
  

(3) the amount of the fine set out in paragraph 1. (2) will change periodically, by decision of the Government, according to the index of inflation. "
  

29. Article 30 shall be repealed.
30. Article 31 shall read as follows: Art. 31.-from the date of the opening of proceedings shall be suspended all legal or extralegal actions for achieving advances debtor or his property. "
31. Article 32 shall read as follows: Art. 32.-proceedings suspended any time-limits for prescription of actions referred to in article 1. 31. Time limits shall start to run after 30 days of the termination of the proceeding. "
32. After article 32 shall be entered in articles 32 to 32 ^ 1 ^ 2 with the following content: "Art. 32 ^ 1. -No interest expense times will be posted by unsecured unsecured receivables or receivables-backed parties, from the date of the opening of proceedings, except where, through the payment of the claims contained in the plan of reorganization, it derogates from the provisions of the above. "
"Art. 32 ^ 2. -(1) after the commencement of the ordered under art. 26, company administrators is prohibited, on pain of nullity, dispose of, without the agreement of the judge-appointed, the shares of stock of their debtor, subject to the insolvency proceedings.

(2) the judge shall order the unavailability of trustee in shares or social parties, pursuant to paragraph 1. (1) in the books of the book-keeping or special accounts recorded electronically. "
  

33. Article 33 shall read as follows: Art. 33.-the debtor is required to make available the trustee and the administrator judge, in the case of reorganization, or the liquidator, in case of liquidation or bankruptcy, all the information required by them concerning his activity and wealth, as well as the list of payments and transfers of property made in the 90 days preceding the initiation of the proceeding. "
34. Article 34 shall read as follows: Art. 34.-Apart from the cases provided for in this law or those authorised by the judge appointed, any formation of personal or real guarantees, after the opening of the procedure, will be null and void. "
35. Article 35 shall read as follows: Art. 35.-an administrator or liquidator shall draw up and submit to the judge appointed will, within 30 days of his appointment, a detailed report on the causes and circumstances that led to the cessation of payments, with an indication of the persons for whom they would be responsible. "
36. Article 36 shall read as follows: Art. 36.-Actions brought by the administrator/liquidator pursuant to the provisions of this section shall be exempt from stamp charges. "
37. Article 37 shall be repealed.
38. Article 38 shall read as follows: Art. 38. The measures provided for in this-section applies both in cases of reorganization or liquidation in accordance with a plan and the bankruptcy. "
39. Article 39 shall read as follows: Art. 39.-the administrator/liquidator may bring to court action to annul the fraudulent acts of the debtor at the expense of creditors ' rights, in the 3 years prior to the initiation of the proceeding. "
40. Article 40 shall read as follows: Art. 40. — (1) the administrator/liquidator may bring actions in court to set aside or transfers of constituirilor property rights by third parties and for the restitution of the property conveyed and the amount of other benefits, made by the debtor in the following acts: acts of transfer) free of charge, over the 3 years prior to the initiation of the proceeding; exempted humanitarian sponsorship;
  

(b) commercial operations) the benefit of the debtor that outweighs deception's, performed in the 3 years prior to the initiation of the proceeding;
  

c) acts concluded in those 3 years prior to the opening of proceedings, with the intention of all parties involved in them to steal supplies from the pursuit by the lenders or to otherwise infringe on rights;
  

d) acts of transfer of ownership by a creditor to extinguish a debt or for the benefit of the latter, performed in the 120 days prior to the opening of proceedings, if the amount that the lender might obtain in the event of bankruptcy of the debtor is less than the amount of the transfer;
  

(e) preparation of a times) the creation of real guarantees for a debt that was chirografară in the 120 days prior to the opening of proceedings.
  

(2) the following commercial operations, concluded in the year before the opening of proceedings, with dependents in legal relationships with the debtor, may also be canceled and benefits when they are recovered, damage to the interests of creditors: a) with an associated full partners or with a partner holding at least 20% of the company's capital, when the debtor is the management company in limited partnership, i.e. a collective name society;
  

b) with a shareholder holding at least 20% of the shares of the debtor when the debtor is that joint-stock company;
  

c) with an administrator, director, or a member of the supervisory bodies of the debtor company;
  

d) with any other legal or natural person holding a dominant position on the debtor or his business;
  

e) with a coindivizar of a common good. "
  

41. Article 41 shall read as follows: Art. 41. — (1) the action for the annulment of a transfer with a patrimonial character, according to art. 39 or 40, can be entered by the administrator/liquidator, within one year of the initiation of the proceeding.

(2) the judge may authorize the creditors Committee appointed to bring such an action, if the administrator/liquidator don'ts. "
  

42. Article 42 shall read as follows: Art. 42.-Notwithstanding the provisions of art. 40 is not going to be able to ask for the annulment of a transfer with a patrimonial character, made by the borrower in the course of carrying out its normal activity. "
43. Article 44 shall read as follows: Art. 44. The administrator, liquidator or creditors ' Committee will be able to take legal action to recover the value of the property subdobanditor good times transferred by the debtor only if subdobanditorul has not paid the amount of the asset and knew that the initial transfer is likely to be cancelled. "
44. paragraphs (1), (2), (3), (5) and (6) of article 46 shall read as follows: Art. 46. — (1) in order to increase the value of the debtor's property, the administrator/liquidator may maintain or denounce any unexpired contract, leases or other contracts on a long-term basis, as long as these contracts will not have been executed entirely times substantially by all parties involved. The administrator/liquidator must respond within 30 days, a notice to the contractor, through which it is required to opt for maintaining the times denouncing the contract; in the absence of such a response, the administrator/liquidator will no longer be able to ask for performance of the contract, which is reckoned denounced.

(2) in the case of termination of a contract, an action for damages may be brought against the debtor by the sign.
  

(3) with the consent of the creditors, the administrator/liquidator will be able to maintain its credit agreements and will be able to modify their clauses, so as to ensure equivalent future benefits of the debtor. The changes will be subject to approval by the judge, to be appointed, and in particular if they are both for the benefit of the estate of the debtor and the creditors.
  

..

(5) an employment contract or lease as a lessee, will be denounced only by legal deadlines;
  

(6) in a contract providing for the payment from the debtor, the maintenance contract will not oblige the administrator/liquidator to make overdue payments for previous periods the opening of proceedings. Such payments may be made against the debtor requests. "
  

45. Article 47 shall read as follows: Art. 47.-If a debtor's movable, and unpaid, was in transit at the time of the opening of the procedure and is not yet available to the debtor and any other parties have acquired his rights, then the seller can take back the property. In this case, all costs will be borne by the seller and he will have to repay any advance on the borrower. If the seller acknowledges that the property to be delivered, it will be able to recover the price by entering his claim in the claim. If the administrator/liquidator requires that the property to be delivered, he will have to take measures to pay the entire price due to the debtor under contract. "
46. Article 51 shall read as follows:

"Art. 51.-the fact that an owner of a building is leased to the borrower in this procedure will not abolish the lease, unless you have been stipulated. However, the administrator/liquidator may refuse to insure the provision of any services due from the tenant's landlord during the lease. In this case the tenant can evacuate the building and may be appealed or may hold further building, dropping from the rent that you paid the cost of services due to the owner. If the tenant chooses to continue to own the property, he shall not be entitled to any action for damages against the debtor, but will only have the right to deduct from the rent that you paid the cost of services due to the owner. "
47. Article 52 shall read as follows: Art. 52.-Administrator/liquidator may denounce a contract whereby the debtor was obliged to perform certain specialized services or strictly personal nature, except for cases where the creditor accepts making benefit by a person designated by the administrator/liquidator. "
48. Article 53 shall be repealed.
49. paragraphs (2) to (5) Article 55 shall read as follows: "(2) the plan will provide for either reorganization and continuation of the activity of the debtor, either liquidate some of its goods.

(3) a natural person debtor's declaration made pursuant to article. 21. (1) (a). f), of the intention to reorganize its business, will not be accepted and no plan proposed by him will not be admitted pursuant to article. 62 if he has ever been in the past 5 years the debtor in a proceeding under this Act or has been definitively convicted for fraudulent discharge: fraudulent, bancrută, abuse of trust, forgery, fraud, embezzlement, perjury, or bribery, offences against public or private property offences incriminated by law times no. 21/1996.
  

(4) the plan should be proposed within 30 days from the date of initiation of the proceeding. The term may be extended by the judge appointed for not more than 60 days.
  

(5) failure to observe the time limits provided for in paragraph 1. (4) leads to the downfall of the parties of the right to file a plan of reorganization or liquidation, and as a result, the passage, the order of the Court of first instance, the procedure of bankruptcy. "
  

50. Paragraph 2 of article 56 shall read as follows: "(2) the draft reorganisation plan shall indicate the procedures for liquidation of liabilities."
51. Article 58 shall read as follows: Art. 58. the reorganisation plan by continuing activity may provide and increase the registered capital. In this case, the Syndic shall convene the extraordinary general meeting of shareholders/members, to decide on any such measures. "
52. Article 59 shall read as follows: Art. 59. — (1) where the debtor's recovery depends on the replacement of one or more of its leaders, appointed judge may order it at the request of the administrator, the Committee of creditors or ex officio.

(2) for the same purpose and under the same conditions Syndic may suspend the right to vote for the leaders of the debtor, whether or not remunerated. In these cases the Syndic shall order the appointment of a trustee to exercise that right to vote. "
  

53. Article 60 shall read as follows: Art. 60. — (1) Any provider of services-electricity, gas, water, telephone service or the like-not entitled during the period of reorganization, to alter, refuse or discontinue temporarily such a service by the debtor, or the debtor, because of the opening of proceedings or because it has not paid for services rendered the previous opening.

(2) by way of derogation from paragraph 1. (1) the judge may, at the request of the trustee, the debtor may submit to a commercial bank a bail as a condition to the obligation of the supplier to provide its services, during the procedure laid down in this law. Such bond shall not exceed 30% of the cost of the services rendered to the debtor and unpaid. "
  

54. The letters c-e)) of article 61 shall read as follows: "(c)) what compensation will be offered to all categories of creditors, compared to what you get with the distribution, if it could be done in the event of bankruptcy;

d) how and by whom will be able to be sold partially or wholly-separate or bulk-debtor and what effects can be obtained with it, especially as regards the continued use of certain parts of the debtor undertaking, the use of employees, meeting of creditors and financial projects building on the possibility of implementing the plan;
  

e) may, by way of derogation from article. 18, the liquidation operations to be carried out. "
  

55. Article 62 shall read as follows: Art. 62. — (1) After the filing of the plan by those entitled under art. 55 paragraph 1. (1) the judge shall order convening trustee the creditors within 30 days.

(2) the judge shall order, appointed within 48 hours of posting, publication of the plan in the Official Gazette of Romania, part IV-a, indicating one who proposed it, the date when it will vote Yes to the plan and the fact that it is admissible to the vote by letter, with the legalization of the signature of the creditor by the notary public, communicated by any means and registered with the tribunal at least 5 days before the date fixed for the vote to the plan. In the case of a plan that would exceed 100 pages, judge appointed will be able to approve the publication of an extract, provided the debtor insurance has the possibility of consulting the plan at its headquarters.
  

(3) from the moment of publication of all stakeholders will be counted that they had knowledge of the plan. "
  

56. In paragraphs (1), (2), (4), (5) and (6) of article 63 shall read as follows: Art. 63. (1) within 30 days after the publication of the plan according to art. 62 para. (2) the judge appointed will hold a meeting with creditors with security, with creditors with claims with unsecured and privileged; the debtor and the administrator will be summoned in writing. Shareholders and Associates participate in the meeting, if the debtor's creditors are and.

(2) If there are several, all plans will be subject to voting in the same session.
  



(4) the following categories of creditors will vote separately: a) creditors having valuable security;
  

b) creditors referred to in art. 106 point 3 and 6;
  

c) lenders chirografari.
  

(5) at the start of the voting trustee judge will inform the creditors present about valid votes received in writing.
  

(6) a plan will be considered accepted by the creditors, the holders of each class whether a majority vote for acceptance of claims by the value plan. "
  

57. Article 64 shall read as follows: Art. 64. — (1) a plan will be confirmed by judge appointed, if at least two of the three categories of creditors referred to in art. 63 para. (4) accept the plan.

(2) where, pursuant to paragraph 1. (1) can be confirmed more plans, judge appointed will confirm the debtor's plan. If the debtor's plan does not meet the condition set out in paragraph 1. (1), the judge-appointed will confirm the plan voted on by lenders who hold the largest portion of the total value of the claims.
  

(3) once confirmation judge appointed may impose some conditions or limitations on the debtor, concurring with the plane confirmed for activity. "
  

58. Article 65 shall read as follows: Art. 65. — (1) where a judgment that confirms the plan go into effect, the debtor's activity is reorganised accordingly; the claims and the rights of creditors and other stakeholders shall be amended as set out in the plan. In the case of judicial enforcement, plan confirmed will be counted as a final judgment against the debtor.

(2) where no plan is not confirmed, the Court will order that the judge appointed to begin as soon as insolvency proceedings, pursuant to article. 72 and following.
  

(3) Granting persons engaged pursuant to art. 9, art. 17 para. (1) of article 1. 17 ^ 4 and art. 18 and other administrative expenses will be paid at the time laid down, as appropriate, by the law, except in cases in which stakeholders would accept, in writing, other payment terms. The plan should specify how this will be ensured.
  

(4) payment will be made quarterly on the basis of legal acts. "
  

59. Article 66 shall read as follows: Art. 66.-the debtor will be forced to meet without delay to changes to the structure set out in the plan. Appointed judge will be able to provide that the administrator to oversee the activity of the debtor until the completion of such measures, but not more than one year after the confirmation of the plan. "
60. Article 67 shall read as follows:

"Art. 67. — (1) if the debtor declared, according to its article 1. 21. (1) (a). f) intention to reorganize and then plan of reorganization is confirmed, according to art. 64, appointed judge, he will be able to lead and manage their wealth, under the supervision of the Manager, until appointed judge shall order, motivated, as reorganization and to cease to make the liquidation of property of the debtor, the conditions under art. 72 and following.

(2) in case of reorganization of a company, it will be headed by persons legally authorized to represent, under the supervision of the administrator. Shareholders and limited liability associations have no right to interfere in the conduct of the activity or in debtor's wealth management. "
  

61. In the 5th section "Reorganization," shall be inserted after article 67 article 67 ^ 1 with the following content: "Art. 67 ^ 1. (1) within 30 days of the opening of all creditors whose claims are prior to the date of the opening of the procedure, with the exception of employees, shall deposit the statement of claims in creditors ' meetings.

(2) statement of claims must be made even if they are not determined by a headline. "
  

62. Article 68 shall read as follows: Art. 68. — (1) if the debtor does not comply with the plan, the administrator or any of the creditors may request, in writing, the judge appointed to approve the commencement of bankruptcy proceedings, pursuant to article. 72 and following.

(2) if the judge approves a trustee in such request, changes claims, stakeholders ' rights times through reorganisation plan, remain definitive. "
  

63. Article 69 shall read as follows: Art. 69.-However, if a recovery in activity and an increase in the amount of the amounts to be distributed to creditors, the judge may order the trustee, through termination, extension of the period of reorganization for a period not exceeding one year, however an administrator under the present law, if such an appointment had not been made already. "
64. Article 70 shall read as follows: Art. 70. — (1) the administrator who was entrusted with the leadership of the continuing activity of the debtor will have to submit monthly reports, judge, trustee on the financial situation of the debtor's property.

(2) the administrator shall submit the expenses incurred for the smooth running of the activity, in order to recover them, under art. 65 paragraph 1. (3) Upon such application. judge will rule through the trustee.
  

(3) creditors will be summoned at the end of each quarter in order to listen to the report and the minutes into account accounting. "
  

65. Article 71 shall read as follows: Art. 71. Where the judge has ordered, appointed pursuant to article. 69, continuation of the activity of the debtor, the creditors may nevertheless oppose later-no more often than every 60 days-the continuation of the activity, if the conduct of such activities bring losses of property of the debtor. Registration of such oppositions shall not suspend the continuation of activity until the judge decides upon her trustee, in a sentence. "
66. The title of section 6 shall read as follows: "Bankruptcy" 67. Article 72 shall read as follows: Art. 72.-in cases covered by art. 55 paragraph 1. (5), art. 65 paragraph 1. (2), art. 67 para. (1), art. 68 para. (1) and in article 8. 75 para. (3) shall apply to the provisions of this section. "
68. Article 73 shall read as follows: Art. 73.-proceedings of the debtor the right to raise and manage the assets of the estate and to dispose of them, if not declared, pursuant to article. 21. (1) (a). f) intention of reorganizing.
69. Article 74 is hereby repealed.
70. Article 75 shall read as follows: Art. 75. — (1) in the absence of a plan of reorganization confirmed by judge appointed pursuant to article. 64, the debtor, a creditor or creditors Committee, Chamber of Commerce and industry of the territorial judge may address a request to the receiver of the debtor's right to conduct business.

(2) the judge shall examine the trustee, within 10 days, such a claim, in a meeting at which they will be subpoenaed the debtor, the creditors, the creditors Committee Administrator and Chamber of Commerce and industry. The request will be allowed only motivated, among reasons given continuous losses of the debtor or the likelihood of achieving a rational plan.
  

(3) if the application is allowed, the judge appointed will immediately provide the application of the provisions of this section. "
  

71. Article 76 shall read as follows: Art. 76. — (1) as soon as possible after the initiation of the proceeding, if the debtor has declared its intention to judge, trustee will have the sealing property belonging to the debtor. When the debtor has goods and in other counties, the judge appointed will be able to send notifications to courts in those counties, in order to seal off the emergency goods.

(2) courts in other counties can seal assets of a debtor and of its own motion, after learning that it has recorded a request that has declared its intention to liquid. Documents prepared by other courts, to the effect that the seals have been applied, shall be sent to the judge appointed. "
  

72. In subparagraph (d)) of paragraph (2) of article 77 shall read as follows: "d) cash which the liquidator shall submit to the Bank on behalf of the estate of the debtor."
73. Article 78 shall read as follows: Art. 78.-If the debtor can be listed completely in a single day, the liquidator will be able to proceed immediately to the inventory without having to apply to the seals. In all other cases he will assess the inventory in the shortest possible time. The debtor will have to be present and to assist in inventory, if the judge so appointed has. If the debtor will not be present, he will not be able to challenge the data from inventory. "
74. Article 79 shall read as follows: Art. 79. — (1) the inventory you'll need to describe all the debtor's assets, even those not enacted under seal, and to indicate their approximate value at the date of the inventory. At the request of the Committee of creditors or of the liquidator, appointed judge may appoint an expert, at the expense of property of the debtor, for property valuation.

(2) the Act of inventory will be signed by the liquidator, the borrower and the expert, if any. "
  

75. In paragraphs (1) to (3) of article 80 shall read as follows: Art. 80. — (1) during the action of sealing the liquidator will take measures necessary for the conservation of the goods.

(2) the liquidator may sell perishable goods or those at any time subject to imminent devaluation. Goods that involve conservation expenses will be sold with the approval of the creditors ' Committee or, where it does not exist, with the approval of the Assembly of creditors.
  

(3) the trustee will be able to judge its disposal sale of property of debtor-land, factories, plant only with the prior consent of the Assembly of creditors, a majority of two-thirds of the value of claims verified. "
  

76. Article 81 shall read as follows: Art. 81. — (1) the judge appointed will have to notify the bankruptcy proceedings as soon as possible, offices, railway stations, warehouses, port deposit and other storage places in Vienna where the debtor has its registered office or branch and subsidiary times to wax them to be handed over to the debtor's correspondence, and any other communications sent to it. Appointed judge will give all the provisions to which the debtor has banks available in the accounts shall not dispose of or without an order or of the liquidator.

(2) if the debtor has goods subject to transcripţiei, inscripţiei or recording in the register of real estate advertising, appointed judge will send the courts or authorities shall keep such records a copy of the judgment opening the proceedings-stating the debtor-to make mention of it. "
  

77. Article 82 shall read as follows: Art. 82.-If the debtor did not submit the information required in article 8. 21. (1) (a). b)-d) or improperly presented, the liquidator may, at the expense of its property, to hire an expert in accounting, which, using the balance sheet, the books and records of the debtor, and extracontabile to compile them or, if necessary, to correct it. "
78. Article 83 shall read as follows: Art. 83. — (1) the liquidator shall send each creditor a notice that will specify the deadline for the registration of claims against the debtor and legal requirements to ensure that they can be taken into account.

(2) If lenders headquartered or domiciled abroad have representatives in the country, the notification will be sent to the latter.
  

(3) at the same time he will ask public notary or Court of the territory of the district in which the debtor's estate a list indicating the tasks a burden. "
  

79. paragraphs (2) and (4) of article 84 shall read as follows:

"(2) the claims shall be submitted with a request, within 30 days from the date of dispatch of the notification by the liquidator of the creditors referred to in articles. 83 para. (1) the claims shall be recorded. in a register that will keep you at the registry of the Tribunal.
.

(4) All claims registered with the registry of the Court of first instance shall be considered valid and accurate as long as the debtor, a creditor or the liquidator does not dispute them, in which case the Syndic will determine, by sentence, the validity, value, priority and guarantees. "
  

80. Paragraph 1 of article 86 shall read as follows: Art. 86. — (1) After expiry of the period for registering claims the liquidator shall examine as soon as possible all the claims and records recorded and can conduct a proper research to establish legitimacy, the exact value and priority of each receivable. "
81. Article 87 shall be repealed.
82. Article 90 shall read as follows: Art. 90.-Claims consisting of obligations that have not been calculated in monetary value or value of which is subject to change, will be managed by the liquidator and entered in the nominal value of receivables with which they had from the date of the application. Appointed judge will decide, by sentence, on any appeal against the calculation made by the liquidator for such claims. "
83. Article 93 shall read as follows: Art. 93.-as a result of the checks made shall be drawn up and the liquidator will record to court a preliminary table covering all the obligations of the debtor, stating that they are guaranteed: unsecured, with priorities, under the condition. "
84. Article 94 shall read as follows: Art. 94.-all the creditors whose claims have been contested by the debtor, liquidator or another lender shall communicate, through the notification period laid down by the judge appointed for the meeting in which it will settle, suddenly, through a sentence, all appeals. The term shall not exceed 20 days after the issuance of the notification. "
85. Article 97 shall be repealed.
86. Article 98 shall read as follows: Art. 98. (1) the liquidation of the debtor's assets will be carried out by the liquidator under the supervision of the judge-trustee.

(2) It will start immediately after displaying the table containing the obligations referred to in article 21. 95. The goods may be sold in bulk as a whole running-or individually.
  

(3) the liquidator may engage an expert-accountant to assist him in fixing the prices of assets of the debtor. "
  

87. Article 99 shall read as follows: Art. 99. (1) In case of necessity or utility învederată to block the sale, judge appointed shall designate, where appropriate, by an expert or a Commission composed of 3 experts of those shown on the table of the Tribunal, which, in a period not exceeding 30 days, will submit a report in which it shall be indicated as described and evaluated the assets to be sold together its tasks and which, where applicable, are subject to the proposed arrangements for the sale.

(2) if the judge is going to have objections to the trustee in the table of contents of the report, you will return to the Commission of experts, who will have to present, restored within 15 days.
  

(3) if the judge appointed will be agreed with the report's contents, you will be subject to, without delay, the Assembly vote of creditors. If creditors will approve, by a vote of all creditors with claims secured with simple majority, as the value of the claims of creditors, chirografari, judge, will give to the trustee by a termination provision, the liquidator to perform acts and winding operations under the conditions proposed by the report. "
  

88. Article 100 shall be repealed.
89. Article 101 shall read as follows: Art. 101. (1) Buildings may be sold directly, following the proposal of the liquidator, trustee approved by the judge.

(2) the proposal of the liquidator will have to identify the property by situation on the ground and through the data from the register of real estate advertising and showing the tasks to which it is encumbered. Before being appointed judge, subject to the proposal will be notified to the debtor and creditors with real guarantees on the property, which will be able to formulate objections within ten days of receipt of the notification.
  

(3) the trustee will review judge, suddenly, within 15 days, the objections in a meeting, at which he will be subpoenaed, the debtor and creditors with real guarantees on the property and they will settle through a sentence.
  

(4) the judge's sentence will be notified to the trustee of those mentioned in paragraph 1. (3), unless they are given a result of quoting, displayed at the property to be sold and published in two local newspapers widely circulated.
  

(5) the sale will be made, on pain of nullity, but after 20 days from the date of the last publication in the newspaper. "
  

90. After article 102 shall be inserted in article 102 ^ 1 with the following content: "Art. 102 ^ 1. -Securities will be sold according to law nr. 52/1994 on securities and stock exchanges. "
91. Article 103 shall read as follows: Art. 103.-Liquidator will conclude contracts of sale and purchase; the sums realized from sales shall be deposited into the account referred to in article 1. 3 ^ 1 (1). (2) receipts and will be handed over to the judge appointed. "
92. Article 104 shall read as follows: Art. 104. (1) the funds derived from the sale of the debtor's assets, which are mortgages or other real guarantees in favour of creditors, will be distributed in the following order: 1. fees, stamps and any other expenses incurred in the sale of those assets, including the expenditure necessary for the preservation and administration of these goods, as well as advance payment to persons engaged pursuant to article. 18;
2. the claims of all creditors, including the guaranteed capital and interest.

(2) where the amounts derived from the sale of these goods will be insufficient to pay in full the claims secured, lenders will have unsecured claims for difference, which will come into competition with those laid down in article 21. 106 point 9 and will be subject to the provisions of art. 32 ^ 1. If after the payment of the amounts referred to in paragraph 1. (1) results in a difference in addition, it will be filed, by the liquidator on behalf of the estate of the debtor.
  

(3) a lender with guaranteed claim shall be entitled to participate in any distribution of the sum, made before the sale of the asset subject to the warranty's. The sums received in this way of working will be deducted from the creditor would be entitled to receive them later from the price obtained by the sale of the property subject to its warranty, if this is necessary in order to prevent such a creditor to receive more than they would have received if the property subject to its collateral had been sold previously distributed. "
  

93. Article 105 shall read as follows: Art. 105.-every 3 months, calculated from the date of commencement of the liquidation, the liquidator shall submit to the judge a report on trustee funds raised from liquidation and from the proceeds of receivables and a plan of distribution among creditors. The report will include the payment of its fee and other expenses, as referred to in art. 106 section 1. Appointed judge may be extended by a maximum of one month the deadline for the submission of the report and plan of distribution. The distribution plan will be registered at the registry of the Court and the liquidator shall notify this to each creditor. A copy of the report and on the distribution plan will be posted at the courthouse door. Any lender may make objections to the report and the plan within 10 days of the show. Between 20 and 30 days after notification to the creditors, addressing judge appointed will hold with the liquidator, the debtor and creditors, a meeting that will settle, suddenly, by sentence, all the objections. "
94. Article 106 shall read as follows: Art. 106.-Claims will be paid, so in the event of the liquidation of the debtor's goods on the basis of the plan, and in the case of bankruptcy, in the following order: 1. fees, stamps and any other expenses incurred in the procedure established by this law, including the expenses necessary for the conservation and management of the assets of the debtor, as well as advance payment to persons engaged pursuant to article. 9, art. 17 para. (1), art. 17 ^ 4 and art. 18, subject to those referred to in article 1. 65 paragraph 1. (3);
2. the claims representing the interest credits, and charges granted by banking companies during the period of reorganization, and claims resulting from the continuation of the activity of the debtor, the conditions under art. 69;
3. claims arising from contracts of employment, not more than 6 months prior to the opening of proceedings;
4. claims arising from State taxes, fees, fines and other amounts that represent public revenue, according to law No. 72/1996 on public finances;
5. pursuant to article. 104 paragraphs 1 and 2. (3) claims secured by real guarantees of property;
6. loans and advances amounts owed by representing the debtor to third parties under obligations of maintenance, allowances for minors or for paying periodic amounts intended to ensure livelihoods;
7. amounts set out in the claims representing the judge appointed for the maintenance of the debtor and his family, if he is a natural person;

8. claims representing Bank loans, with interest and expenses, resulting from deliveries of products, services, or other works as well as rental;
9. other unsecured claims. "
95. Article 107 shall read as follows: Art. 107. (1) where the value of the property of the debtor is less than the value of the claims referred to in articles. 106 (4), the judge appointed will authorize the State to exercise their rights according to the provisions of Ordinance No. 11/1996 concerning execution of claims approved and the budget, as amended by law No. 108/1996, as amended.

(2) following the sale of the goods according to the provisions of Ordinance No. 11/1996 will be paid first moneys referred to in art. 106 section 1 relating to the winding-up proceedings on the basis of a plan or bankruptcy. "
  

96. Article 108 shall be repealed.
97. Paragraph 1 of article 114 shall read as follows: Art. 114. — (1) after the assets of the debtor will have been settled and all appeals regarding claims will have been resolved, the liquidator will submit a report to the judge the final receiver together with a general balance; copies of these will be communicated to all the creditors and the debtor and will be posted at the courthouse door. Creditors may object to the final report within 10 days of showing it. Between 20 and 30 days of the notification of the debtor's creditors and children, appointed judge will hold with the liquidator, with the debtor and with creditors, a meeting which will consider the objections to the report, for approval, by means of his sentence or, if no objections have been through a few remarks. "
98. Article 115 shall read as follows: Art. 115.-after the judge approves the final report of the appointed liquidator, it will have to do the final distribution of all funds of the debtor. Go unreported funds within 90 days by those entitled to them will be deposited by the liquidator to the Bank, on behalf of the estate of the debtor, and the bank statement, at the courthouse. They will be able to be used in the article. 3 ^ 1 (1). (3)."
99. Paragraph 1 of article 116 shall read as follows: Art. 116. — (1) a judicial winding-up procedure will be closed when the judge-trustee approved the final report, when all funds or assets of the debtor will be distributed when the funds have been deposited will go unreported to the Bank. Following a request from the liquidator, appointed judge will give a few remarks, closing the procedure. The conclusion will be communicated in writing to all the creditors and the debtor, the Chamber of Commerce and industry. "
100. Article 117 shall read as follows: Art. 117.-at any stage of the proceedings the judge can give a trustee-sale closing the proceedings, if it finds that the existing assets are not sufficient to cover administrative expenses and no lender shall not offer to advance sums. "
101. Article 118 shall read as follows: Art. 118.-the judge-practitioner will give a closing remarks the procedure even before the debtor assets have been liquidated in its entirety, if the claims have been completely covered by distributions made. "
102. Article 119 shall read as follows: Art. 119.-If on expiry of registration applications for claims for judge appointed that he lodged any application, will give a closing remarks the procedure. "
103. Article 120 shall read as follows: Art. 120.-termination of the proceeding will be notified to the judge all creditors of the debtor, the trustee, and the Chamber of Commerce and industry. Within 10 days of receipt of notification of interested parties will be able to formulate objections, which the judge appointed will settle, at once, in a sentence, in a meeting held not later than 30 days after the issuance of the notification. "
104. Article 121 shall read as follows: Art. 121.-termination of the proceeding judge-appointed liquidator/administrator and all those who have assisted are download any duties or responsibilities with respect to the proceedings, the debtor and his creditors, wealth holders, shareholders or members. "
105. Article 122 shall read as follows: Art. 122. (1) by termination of the proceeding of the debtor will be discharged the obligations which they have before them, but the subject of not being found guilty of fraudulent bancrută or fraudulent transfers payment times; in such situations it will be downloaded from the obligations only to the extent that they have been paid under the procedure.

(2) the provisions of paragraphs 1 and 2. (1) does not apply to borrowers in the past 5 years have been subject to this proceeding and have benefited from the provisions of this paragraph. Compared with these borrowers every lender will keep the right to pay the rest of his claims, according to the common law. "
  

106. Article 127 shall read as follows: Art. 127.-the provisions of this law shall be completed, as far as their compatibility with those of the civil procedure code and the commercial code. "


Article 10 (1) this Act enters into force within 30 days from its publication in the Official Gazette of Romania.
  

(2) on the date of entry into force of this law shall be repealed Government Emergency Ordinance nr. 58/97 for the modification and completion of the law #. 64/1995 on judicial procedure of reorganization and liquidation.
  


Article 11, law No. 64/1995 on the procedure for judicial reorganization and liquidation, with changes and additions made to this law, will be republished in the Official Gazette of Romania, giving it a new texts.


Title V *) amending and completing law No. 94/1992 concerning the Organization and functioning of the Court of Auditors — — — — — — — — — — — — — — article 12, law No. 94/1992 concerning the Organization and functioning of the Court of Auditors, published in the Official Gazette of Romania, part I, no. 224 of 9 September 1992, is hereby amended and shall be completed as follows: 1. Paragraph 1 of article 1 shall read as follows: Art. 1. — (1) the Court of Auditors shall be independent of the administrative authority the financial control which exercise jurisdictional and the ways of creating, administration and use of financial resources of the State and the public sector. "
2. After paragraph 1 of article 1 shall be inserted (1 ^ 1) reads: "(1 ^ 1) Court of Auditors operates in addition to the Romanian Parliament and operate independently, in accordance with the provisions laid down in the Constitution and in the laws of the country."
3. Paragraph 1 of article 8 shall read as follows: Art. 8. — (1) the Court of Auditors shall consist of: control Section later, jurisdictional Section, Court of jurisdiction, College boards of Auditors and the secretariat-general. "
4. Paragraph 2 of article 11 is hereby repealed.
5. Paragraph 2 of article 16 shall read as follows: "(2) Through the control of the Court of Accounts aims at keeping the law in managing money and material assets".
6. the letter "e") of article 17 shall read as follows: "(e) the setting up, administration and) use of public funds by the autonomous administrative authorities and public institutions established by law, as well as self-regulatory bodies of the social security of the State."
7. The letter f) article 17 shall read as follows: "(f)), the evolution of the situation and the way of managing public and private patrimony of the State and administrative-territorial units of the autonomous public institutions, administrations, companies and societies, as well as concession or leasing of property belonging to public property."
8. Subparagraphs (c) and (d))) of article 19 is hereby repealed.
9. Article 20 shall read as follows: Art. 20. — (1) the control of execution of the budget of the Presidency, the Government, the Supreme Court of Justice and the Constitutional Court shall be exercised exclusively by the Court of Auditors.

(2) the Court of Auditors shall monitor the implementation of the budgets of the Chamber of Deputies and the Senate only at the request of the permanent Bureau of each Chamber. Control results are submitted to the permanent Bureau to decide.
  

(3) the Court of accounts budget Control is exercised by a Committee established for this purpose by the two houses of Parliament.
  

(4) the Court of Auditors shall submit to the Parliament for approval, implementation of the budget proposed in the first session of each year, with the opinion of the Commission referred to in paragraph 1. (3)."
  

10. Article 21 shall read as follows: Art. 21.-Control exercised by the Court of Auditors is subsequently and compliance with legal provisions relating to the management and use of public funds. "
11. Articles 22-26 contained in section 2 of "preventive supervision" in the context of chapter III "Tasks" is repealed.
12. The letter a) article 31 shall read as follows: ' a) legality or hire of goods concessionaires public property; "
13. Article 49 shall be repealed.
14. Article 50 shall read as follows:

"Art. 50.-judicial review of College Board of County Auditors and Bucharest judge causes covered by art. 45-48 concerning the territorial-administrative units and public institutions, the autonomous administrations of local interest, as well as branches or subsidiaries of the autonomous national companies which have their registered office on the territory of the County Board of County Auditors. "
15. Paragraph 2 of article 54 shall read as follows: "(2) the judicial Department also judge the Appeals Court, in the interest of the law, declared against the final decisions of the judicial colleges, data on the cases referred to in article 1. 48.16. (1) of article 57 shall read as follows: Art. 57. (1) Judicial College is investing by bringing cases to the Panel set up under art. 36 para. (1) the document instituting the Prosecutor, by the opposition entered by the person ordered to pay against the Act of imputaţie and through the meeting brought against the ruling, according to art. 94 para. (1) heads of control compartments of County accounts. "
17. Chapter IV "jurisdictional" shall be added after the 5th section, section 5 ^ 1 "and remedies from the courts."
18. are inserted after article 84 articles 84-82 ^ ^ 1 with the following content: "Art. 84. ^ 1. -(1) against the judgments given in first and last instance court jurisdiction of the colleges Board of County Auditors and Bucharest, and the discharges referred to in art. 67 para. (3) may be appealed to the Administrative Court of appeal in whose constituency are established boards of Auditors and of the municipality of Bucharest.

(2) against the judgments given in first and last instance court judicial College of the Court of Auditors may appeal to the Administrative Court of Bucharest Court of appeal.
  

Art. 84. ^ 2. -Against the judgments of the Court in the last Section of the jurisdictional court of Auditors may appeal to the Administrative Court of the Supreme Court of Justice. At the same section of the Supreme Court of Justice may appeal against decisions handed down by the Court of Auditors, the Panel of five Councillors.
Art. 84 ^ 3. -Appeals under article 4. 84. ^ 1 ^ 2 and 84 to formulate within 15 days of the notification of the judgment handed down by the courts of the above jurisdiction.
Art. 84. ^ 4. (1) sections Addressing appeals brought by the competent administrative court may accept or reject them.

(2) in the case of acceptance of the appeal, the competent administrative departments may retain the causes for judging in the background or you can send to settle again, Court of jurisdiction of the Court of Auditors which has pronounced decisions against which appeals were brought to administrative courts.
  

Art. 84. ^ 5. -Irrevocable Decisions of administrative courts shall be transmitted to the judicial courts of enforcement of the Court of Auditors. '
19. Paragraph 2 of article 86 shall read as follows: "(2) on the basis of decisions of bodies and final jurisdiction in the Court of Auditors or, where appropriate, on the basis of irrevocable decisions handed down by courts of administrative law enforcement court shall immediately communicate to the competent territorial bodies of the Ministry of Finance or, where applicable, the creditor an order entity for the implementation of civil damages and interest and any other amounts owed to the State , administrative-territorial units or public institutions and spending, this order being enforceable. "
20. Article 87 shall read as follows: Art. 87.-throughout the duration of execution, on the basis of enforcement under article 13. 86, such persons may make opposition to run according to the provisions of the code of civil procedure. "
21. two article Texa 89 "non-target preventive operations and executed on the basis of the Government's decisions" are removed.
22. The first phrase of article 92 shall read as follows: Art. 92.-the Court of Auditors, as financial supervisory body, fulfilling the law, conferring competence: "23. Letter b) of article 92 shall be repealed.
24. The letter g) article 121 shall read as follows: ") to issue binding instructions for the financial control of the Court of Auditors are also required to exercise in good condition of its competence."
25. Article 131 shall read as follows: Art. 131.-Through acts of imputaţie, within the meaning of this Act, means the decisions of imputation and payment commitments taken in writing as a result of acts of control, drawn up by members of the Court of Auditors. '


Article 13 concerning the Causes of complaints introduced against verbal finding and sanctioning violations, concluded by the control of the Court of Auditors, the date of entry into force of this law the judicial colleges, will be transmitted to the competent courts.


Article 14 the term appeal in law is replaced by the notion of courts, and appeal to the notion of law is replaced by the notion of further appeal tribunal.


Article 15 the provisions contained in article 11. I, points 3, 4, 10, 11 and 21 become applicable from the date of entry into force of the law on internal financial control of public institutions and the use of public funds.


Article 16, law No. 94/1992 concerning the Organization and functioning of the Court of Auditors, published in the Official Gazette of Romania, part I, no. 224 of 9 September 1992, as amended and supplemented by law No. 59/1993, as well as with the amendments and additions of this law, will be republished in the Official Gazette of Romania, part I, posing a new numbered items.


Title VI Repealed — — — — — — — — — — — was repealed title VI c. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Chapter I Repealed--------head. I of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 1 Repealed.
-----------
Art. 1 Head. I of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 2 Repealed.
-----------
Art. 2, chap. I of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 3 Repealed.
-----------
Art. 3, chap. I of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 4 Repealed.
-----------
Art. 4, chap. I of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 5 Repealed.
-----------
Art. 5, chap. I of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 6 Repealed.
-----------
Art. 6, chap. I of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 7 Repealed.
-----------
Art. 7, chap. I of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 8 Repealed.
-----------
Art. 8, chap. I of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 9 Repealed.
-----------
Art. 9, Cap. I of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 10 Repealed.
-----------
Art. 10, chap. I of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 11 Repealed.
-----------
Art. 11, chap. I of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 12 Repealed.
-----------
Art. 12, Cap. I of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Chapter II Repealed-— — — — — — — — —-head. Of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 13 Repealed.
-----------
Art. 13, Cap. Of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 14 Repealed.
-----------
Art. 14, Cap. Of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 15 Repealed.
-----------

Art. 15, Cap. Of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 16 Repealed.
-----------
Art. 16, Cap. Of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 17 Repealed.
-----------
Art. 17, Cap. Of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 18 Repealed.
-----------
Art. 18, Cap. Of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 19 Repealed.
-----------
Art. 19, Cap. Of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 20 Repealed.
-----------
Art. 20, chap. Of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 21 Repealed.
-----------
Art. 21, chap. Of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 22 Repealed.
-----------
Art. 22, chap. Of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 23 Repealed.
-----------
Art. 23, chap. Of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 24 Repealed.
-----------
Art. 24, chap. Of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 25 Repealed.
-----------
Art. 25, chap. Of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 26 Repealed.
-----------
Art. 26, chap. Of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 27 Repealed.
-----------
Art. 27, chap. Of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Chapter III Repealed--------head. III of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 28 Repealed.
-----------
Art. 28, chap. III of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 29 Repealed.
-----------
Art. 29, chap. III of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 30(1) Repealed.
-----------
Art. 30, chap. III of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 31 Repealed.
-----------
Art. 31, chap. III of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 32 Repealed.
-----------
Art. 32, chap. III of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 33 be repealed.
-----------
Art. 33, chap. III of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 34 Repealed.
-----------
Art. 34, Cap. III of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 35 Repealed.
-----------
Art. 35, Cap. III of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 36 Repealed.
-----------
Art. 36, Cap. III of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 37 Repealed.
-----------
Art. 37, Cap. III of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 38 be repealed.
-----------
Art. 38, chap. III of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 39 Repealed.
-----------
Art. 39, Cap. III of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 40 Repealed.
-----------
Art. 40, Cap. III of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 41 Repealed.
-----------
Art. 41, chap. III of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 42 Repealed.
-----------
Art. 42, Cap. III of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 43 Repealed.
-----------
Art. 43, chap. III of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 44 Repealed.
-----------
Art. 44, chap. III of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Chapter IV Repealed — — — — — — — — —-head. IV of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 45 be repealed.
------------
Art. 45, Cap. IV of title VI was repealed by article. ORDINANCE NO. 34 from No. 89 of 29 august 2000, published in MONITORUL OFICIAL nr. 423 from September 1, 2000.


Article 46 Repealed.
------------
Art. 46, Cap. IV of title VI was repealed by article. ORDINANCE NO. 34 from No. 89 of 29 august 2000, published in MONITORUL OFICIAL nr. 423 from September 1, 2000.


Article 47 Repealed.
------------
Art. 47, Cap. IV of title VI was repealed by article. ORDINANCE NO. 34 from No. 89 of 29 august 2000, published in MONITORUL OFICIAL nr. 423 from September 1, 2000.


Article 48 Repealed.
------------
Art. 48, chap. IV of title VI was repealed by article. ORDINANCE NO. 34 from No. 89 of 29 august 2000, published in MONITORUL OFICIAL nr. 423 from September 1, 2000.


Article 49 Repealed.
-----------
Art. 49, Cap. IV of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 50 Repealed.
-----------
Art. 50, Head. IV of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 51 be repealed.
------------
Art. 51, Cap. IV was repealed by article. ORDINANCE NO. 34 from No. 89 of 29 august 2000, published in MONITORUL OFICIAL nr. 423 from September 1, 2000.


Article 52 Repealed.
------------
Art. 52, Cap. IV was repealed by article. ORDINANCE NO. 34 from No. 89 of 29 august 2000, published in MONITORUL OFICIAL nr. 423 from September 1, 2000.


Article 53 Repealed.
-----------
Art. 53, Cap. IV of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 54 Repealed.
-----------
Art. 54, Cap. IV of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 55 Repealed.
-----------
Art. 55, Cap. IV of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 56 Repealed.
-----------
Art. 56, Cap. IV of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 57 Repealed.
-----------
Art. 57, Cap. IV of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 58 Repealed.
-----------
Art. 58, Cap. IV of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 59 Repealed.
-----------
Art. 59, Cap. IV of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 60 Repealed.
-----------

Art. 60, chap. IV of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 61 Repealed.
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Art. 61, Cap. IV of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Chapter VI Repealed-— — — — — — — — —-head. Vi of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 90 Repealed.
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Art. 90, chap. Vi of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 91 Repealed.
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Art. 91, head. Vi of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 92 Repealed.
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Art. 92, Cap. Vi of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 93 Repealed.
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Art. 93, Cap. Vi of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 94 Repealed.
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Art. 94, head. Vi of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 95 Repealed.
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Art. 95, Cap. Vi of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 96 Repealed.
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Art. 96, Cap. Vi of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Chapter VII Repealed-— — — — — — — — —-head. VII of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 97 Repealed.
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Art. 97, chap. VII of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 98 Repealed.
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Art. 98, Cap. VII of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 99 Repealed.
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Art. 99, Cap. VII of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 100 Repealed.
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Art. 100, Cap. VII of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 101 be repealed.
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Art. 101, Cap. VII of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 102 Repealed.
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Art. 102, chap. VII of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 103 Repealed.
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Art. 103, Cap. VII of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 104 Repealed.
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Art. 104, Cap. VII of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.


Article 105 Repealed.
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Art. 105, Cap. VII of title VI was repealed by lit. u) of art. 230, Cap. X of law No. 71 in June 2011, published in MONITORUL OFICIAL nr. 409 of 10 June 2011.

This law was adopted pursuant to article 113 of the Constitution of Romania, following the commitment in the joint meeting of 20 May 1999, the Government's responsibility before the Chamber of Deputies and the Senate.
PRESIDENT Of The CHAMBER Of DEPUTIES ION DIACONESCU SENATE PRESIDENT PETRE ROMAN----------