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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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LEGE no. 99 99 of 26 May 1999 (* updated *) on some measures to accelerate economic reform ((updated until 1 October 2011 *)
ISSUER PARLIAMENT




-------------- The Romanian Parliament adopts this law + Title I Modification and completion Government Emergency Ordinance no. 88/1997 on the privatisation of companies *) -------------- + Article 1 Government Emergency Ordinance no. 88/1997 on the privatization of companies, published in the Official Gazette of Romania, Part I, no. 381 381 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, shall be amended and supplemented as follows: 1. Article 1 shall read as follows: "" Art. 1. -This emergency ordinance establishes the legal framework for the acceleration and completion of the privatization process, based on the following principles: a) ensuring transparency of the privatization process; b) the formation of the sales price, based on the ratio between supply and demand; c) ensuring equal treatment between buyers; d) reconsidering the debts of companies, in order to increase the attractiveness of the privatization offer. " 2. Article 2 shall read as follows: "" Art. 2. -The provisions of this emergency ordinance shall apply: a) the sale of shares in companies to which the State or an authority of the local public administration is a shareholder, regardless of the number of shares it holds, including national companies, national and other companies companies resulting from the reorganisation of autonomous regions of national or local interest; b) the sale of assets of autonomous regions and companies to which the State or an authority of the local public administration is a majority shareholder, including national companies and national companies or the other companies resulting from the reorganisation of an autonomous country of national or local interest. " 3. Article 3 shall read as follows: "" Art. 3. -Within the meaning of this emergency ordinance the terms and expressions below have the following meanings: a) companies means the companies established on the basis of the provisions Law no. 15/1990 on the reorganization of state economic units in autonomous kings and commercial companies, as amended, the companies that were constituted by the local public administration authorities on the basis of Local public administration law no. 69/1991 , republished, as amended, national companies, national companies and other companies resulting from the reorganization of autonomous regions of national or local interest; b) commercial companies of strategic interest mean national companies and national companies; other companies with majority state capital can be declared of strategic interest by Government decision; c) shares means securities issued by companies; shares may be ordinary or preferential, in accordance with the provisions of Law no. 31/1990 on companies, republished, as amended; d) assets means goods or ensembles of assets of a trading company or autonomous kings, which can be separated and organized to operate independently, distinct from the rest of the business of the company or direction, such as units and production, trade or service subunits, departments, workshops, farms, commercial premises, accommodation or food, office space or other goods of the same kind, including their land; e) buyer means any natural or legal person, Romanian or foreign. The buyer cannot be a Romanian legal person governed by public law or a company in which the Romanian state or a local public administration authority holds more than 33% of the total voting shares in the general meeting of the shareholders; f) competent ministry means the ministry or body of the central public administration in whose specialized field the main activity of the commercial company or under whose authority operates the autonomous direction; g) public institution involved means the Authority for Privatization and Administration of State Participation or any relevant ministry or, as the case may be, an authority of the local public administration, which has powers of privatization of a company commercial; h) the competent environmental authority is the Ministry of Water, Forestry and Environmental Protection or a local environmental protection agency subordinated to this ministry; i) the presentation dossier means the data collection and information relating to a company or to an asset, provided in writing to potential purchasers of shares or assets; j) environmental obligations are a minimum set of obligations incumbent on companies that are privatised or transmitted with the sale of an asset, resulting in the obligation to comply with environmental protection legislation and which include by the public institution involved in the presentation file or, as the case may be, in the public offering prospectus. These obligations shall be established by the competent environmental authority, on the basis of the environmental balance sheet drawn up in the process of the privatisation or sale of an asset the use of which has an impact on the environment. The balance sheet will be elaborated under the conditions established by the methodological norms issued under this emergency ordinance; k) privatization agent means any legal person, Romanian or foreign, specialized in financial activities, such as: banks, companies and investment funds, financial companies, companies that provide accounting services, consultancy, intermediation on the securities market or liquidation and distribution of the social patrimony, etc., as well as offices or professional law firms, whether they act individually or in association, with the mention that persons Foreign legal may associate with a legal person or Romanian firm from the above-mentioned categories; l) operational closure means the entire technical and organizational operations undertaken by the administrators or, as the case may be, the liquidators of the companies with majority state capital, from the empowerment of the general meeting of to the shareholders or the board of directors, having as its purpose the cessation of the economic activity of the company and the preservation of its assets and other assets until their sale according to the provisions of this emergency ordinance; operational may be total or partial, temporary or final; m) budgetary obligations means obligations resulting from taxes, duties, contributions or other budgetary revenues, including late increases or penalties related to them and interest on loans guaranteed by the state, due to the state budget, the state social insurance budget, local budgets and special fund budgets; n) the budgetary creditor shall be the holder of the right of budgetary obligation 4. The title of Chapter II shall read as follows: "The powers and powers of the Government, the Romanian Development Agency and the public institutions involved" 5. Article 4 shall read as follows: "" Art. 4. -The competences and powers related to the privatization process belong to the Government, to the Romanian Development Agency and to the public institutions involved. " 6. After Article 4, Articles 4 ^ 1, 4 ^ 2 and 4 ^ 3 are inserted with the following contents: "" Art. 4 4 ^ 1. -(1) The government ensures the implementation of the privatization policy, coordinates and controls the activity of ministries and public institutions, which have powers and powers in carrying out privatization, take mandatory measures to accelerate and complete the privatisation process and is accountable to Parliament for the fulfilment of these obligations. (2) For this purpose the Government: a) approves the national privatization strategy; b) approve the essential elements of the mandate contract, including the sales method and the main conditions of the contract to be concluded by the public institutions involved, respectively by the companies, for the sale of shares or assets of a trading company of strategic interest; c) grant, on a case-by-case basis, exemptions, discounts, deferrals and/or instalments to the payment of budgetary obligations, on the basis of proposals submitted by the budgetary creditors or by the public institution involved; d) take any other measures as the central authority for the application of this emergency ordinance. Article 4 ^ 2. -(1) The Romanian Development Agency elaborates and promotes the privatization strategy. (2) For this purpose the Romanian Development Agency: a) develop and submit to the Government for approval the national privatization strategy provided for in art. 4 ^ 1 para. ((2) lit. a), based on the proposals of the public institutions involved, in order to ensure the correlation with the development strategies they develop; b) develop and submit to the Government for approval draft normative acts in the field of privatization; c) may provide technical assistance in connection with the privatisation; d) attract and promote foreign investments for the purpose of privatization of companies; e) prepare and submit to the Government's approval the annual report on the stage of the privatization process, based on the activity reports elaborated by the public institutions involved; f) centralizes the data on the conduct of sales contracts-purchase of shares owned by the state or by an authority of the local public administration and informs the Government in this regard. (3) In order to achieve the tasks provided in par. (2) The Romanian Development Agency may conclude consulting contracts with natural or legal persons, as well as collaboration contracts with individuals. (4) The Romanian Development Agency also has the right to request, in writing, the information necessary for the performance of the tasks provided for in this Article, from the public institutions involved, as well as from any other public institution central or local, from independent registers of shareholders, from national companies, national companies and companies to which the state is a shareholder and from autonomous regions. Article 4 ^ 3. -(1) The public institution involved carries out the entire privatization process. (. To that end, the public institution concerned shall: A. exercises all rights arising from the status of shareholder of the state or local public administration authorities, having the capacity to empower its representatives in the general meeting of shareholders to act for: a) the efficient administration of companies/national companies and companies that it has in its portfolio, in order to increase attractiveness, taking measures regarding: -preparing and carrying out organizational, technical, technological, managerial and financial operations, intended to ensure the growth of the technical-economic achievements of the company and the reduction of budgetary or other obligations; -the restructuring of companies by merger, division, sale of assets and conversion into shares of debts to commercial creditors, as well as by operational, total or partial closure; -request the granting of facilitations to the payment of budgetary obligations and negotiation of proposals in this regard, which will be subject to approval according to the law; b) liquidation of unprofitable companies; B. shall take all necessary measures to carry out the process of privatisation of companies: a) establish the appropriate method of privatisation and change it to the extent necessary; b) publish in the written press and/or in electronic system, locally, nationally and/or internationally, the lists comprising the companies that are privatized; c) prepare the presentation file, the evaluation report, the public offer prospectus or other documents that are relevant in the privatization process, according to the present emergency ordinance and the methodological norms issued in its application; d) make the sale, at the market price, of the shares issued by the companies; e) initiates or, as the case may be, approves, under the law, the sale at the market price of assets of the assets of the companies and autonomous regions, except those necessarily subject to the sale procedure, according to the provisions this emergency ordinance. ((3) Litigies on contracts, conventions, protocols and any other acts or agreements, concluded by the public institutions involved in order to prepare, carry out or complete the process of privatization of some companies or groups of companies, are the competence of the commercial sections of the courts. " 7. Article 5 shall read as follows: "" Art. 5. -(1) The Authority for Privatization and Administration of State Participation is an institution of public interest, with legal personality, subordinated to the Government, which acts to reduce the involvement in the economy of the state and local public administration authorities, by selling their shares. The budget of the Authority for Privatization and Administration of State Participation is fully formed by the revenues resulting from the privatization of companies, from dividends and interest related to its cash availability, approves by the Government and is managed in extra-budgetary regime. (2) The Authority for Privatization and Administration of State Participations shall exercise the powers provided in 4 ^ 3 para. ((2) with regard to companies other than those of strategic interest, where these powers are exercised by the relevant ministries. The Government may decide that also in the case of such companies the Authority for Privatization and Administration of State Participations to exercise the powers provided in art. 4 ^ 3 para. ((2). In the case of companies established on the basis Local public administration law no. 69/1991 , the tasks provided in art. 4 ^ 3 para. (2) shall be exercised by the local public administration authorities. " 8. Paragraph 1 of Article 6 shall read as follows: "" Art. 6. -(1) The management of the Authority for Privatization and Administration of State Participation is provided by a board of directors consisting of the President, Vice President and 9 members, appointed by the Prime Minister, persons with training and with experience in the commercial, financial, legal or technical field, one of which is the president of the Romanian Development Agency. " 9. Paragraph 2 of Article 6 shall be repealed. 10. Paragraph 4 of Article 6 shall read as follows: "(4) The Regulation on organization and functioning of the Authority for Privatization and Administration of State Participation is approved by Government decision." 11 paragraphs 1 and 2 of Article 8 shall be repealed. 12. Paragraph 3 of Article 8 shall read as follows: " (3) The activity of the Authority for Privatization and Administration of State Participations shall be carried out on the For this purpose, companies belonging to the category of small and medium-sized enterprises can be privatized at the level of territorial branches and county territorial departments of the Authority for Privatization and Administration State Participation. " 13. The paragraphs (1) to (4) of Article 9 shall read as follows: "" Art. 9. --(1) The revenue received by the public institutions involved from the sale of shares issued by the companies and dividends shall be paid to the state budget or, as the case may be, to the local budgets, after deducting the expenses provided for in the budgets institutions and carried out in accordance with the provisions of this emergency ordinance. The own budgets on the privatization activity of the relevant ministries are approved by the Government and are administered in extra-budgetary regime. (. The expenditure shall include: a) the own expenses of organization and operation, which, in the case of public institutions involved, other than the Authority for Privatization and Administration of State Participation, are limited only to those carried out for the purpose of privatization; b) expenses related to the payment of fees for consultants, privatization agents or law firms and those for the preparation and realization of privatization of companies; c) the costs involved in the operational closure, dissolution and liquidation of companies; d) the amounts actually paid to buyers in the execution of the guarantees granted to them by the public institutions involved and/or the expenses incurred to combat or extinguish the claims made by the buyers, as well as the due under art. 31 31 para. ((4) and art. 32 32 ^ 4; e) the amounts with which the public institutions involved participate in the increase of the share capital of some companies in the cases provided by law ((3) The expenditure referred to in point a), b) and e) of the previous paragraph are planned at 20% of the proceeds of the sales. If the remaining amounts at the disposal of the public institution involved are not indestulating to cover the expenses provided in par. (2), the increase of their ceiling will be made by Government decision. (4) Of the amounts paid to the state budget according to par. (1) is constituted a fund at the disposal of the Government, from which programs for the retraining and professional reintegration of redundant employees, regional development programs, programs for the development of small and medium-sized enterprises are financed, as well as other development programs, which are established by Government decision. " 14. After paragraph 4 of Article 9, paragraph 4 is inserted as follows: "" (4 ^ 1) Companies or national companies benefiting from external loans from international bodies, contracted by the State, which on repayment of capital ratios, interest rates and other costs in foreign currency do not meet their payment obligations according to the subsidiary loan agreements concluded with the Ministry of Finance, can request, under the conditions established by Government decision, to be borne from the funds made from privatization. " 15. Paragraph 5 of Article 9 shall read as follows: " (5) If the companies established by decision of the local public administration authorities shall be privatized by the Authority for Privatization and Administration of State Participations, the revenues received from the sale the shares shall be paid to the local budget, after deduction of a 10% quota, which shall remain available to the Authority for Privatisation and Administration of State Participations to cover the expenses related to privatisation. " 16. After paragraph 5 of Article 9, paragraph 5 ^ 1 is inserted as follows: "" (5 ^ 1) The revenues received by the public institutions involved, other than the Authority for Privatization and Administration of State Participation, from the sale of shares issued by companies established by decision of the authorities local public administration, shall be paid to the local budget after deducting the expenses provided in par. (2), in compliance with the provisions of para. ((3). ' 17. paragraphs 6 and 6 ^ 1 of Article 9 shall read as follows: " (6) Public institutions involved cannot allocate funds and cannot grant loans to companies; they also cannot buy shares issued by commercial or active companies, except as required by law. (6 ^ 1) The public institutions involved have the obligation to carry out the funds resulting from privatization operations through accounts opened with the state treasury. " 18. Article 10 shall read as follows: "" Art. 10. -(1) The control of compliance by the public institution concerned with the applicable legal framework in the matter of privatization, the finding of contraventions and the establishment of sanctions shall be carried out by the Ministry of Finance, the methodological norms issued in the application of this emergency ordinance. (2) The determination of the privatization method and the choice of the privatization agent and/or the buyer, the operations provided in art. 4 ^ 3 para. ((2) lit. A, as well as the legality of the clauses in the contracts concluded by the Authority for Privatization and Administration of State Participation, including, among other things, the clauses regarding the sale price, are not subject to the control of the Court of Auditors. The Court of Auditors controls only the collection and use, according to the destinations provided by law, of the revenues due to the Authority for Privatization and Administration of State Participation. (3) The members of the Board of Directors and employees of the Authority for Privatization and Administration of State Participation shall not be responsible for its operations, unless their acts constitute crimes or civil offences. The members of the Board of Directors and employees of the Authority for Privatization and Administration of State Participation do not respond to the actions or inactions of privatization (4) The provisions of par. ((2) and (3) shall apply, accordingly, to the other public institutions concerned. " 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) The public institutions involved shall sell the shares by: a) public offer; b) sales methods specific to the capital market; c) negotiation; d) auction with call or in sachet; e) certificates of deposit issued by investment banks on the international capital market; f) any combination of the methods referred to in lett. a)-e). ((2) If the public institution concerned decides to make an offer for sale, the offer price will, as a rule, be equal to the nominal value of the shares, with the stipulation that the sale is made at the market price resulting from the ratio between the request and the offer, regardless of the method of privatization used, without there being a minimum selling price. (3) In order to determine the main elements of the sale of shares, the public institution involved will be able to provide an evaluation report. ((4) The shares will be sold at the market price resulting from the ratio between supply and demand, even if this price is lower than that resulting from the assessment report. (5) The Ministry of Finance, on behalf of and on behalf of the State, may, with the agreement of the parties, extinguish its obligations under contracted external loans, by transmitting state-owned shares to commercial companies to State bond holders. The modalities for carrying out this operation will be determined by the methodological norms that will be elaborated in the application of this emergency ordinance. (6) The public institutions concerned may receive, in exchange for the shares issued by the companies, bonds or other instruments guaranteed by the state, under the conditions established by the Government. " 22. Article 14 shall read as follows: "" Art. 14. -(1) The sale will be preceded by the publication of a sales notice or the formulation of an irrevocable offer, valid for at least 30 days, but not more than 180 days from the date of publication. In case of sale of shares of shares in the share capital of large banks or companies, at the proposal of the public institution involved, the Government may order the extension of the validity of the offer. (2) The public institutions involved shall ensure the publication of notices and tenders for sale in the local, national and/or electronic media and, where appropriate, in an international journal, under the conditions laid down by the rules methodological to be elaborated in the application of this emergency ordinance. (3) The sale will be preceded by the preparation of a presentation file, in the cases provided for in the methodological norms issued in application of this emergency ordinance. For companies listed on stock exchanges or other organized, domestic or international markets, the offer will be drawn up on a prospectus basis, in accordance with the rules and instructions of the National Securities Commission or the competent authorities, as appropriate. The presentation file will also include industrial property rights. (4) At the request of the public institution concerned or of the privatization agent, in order to determine the situation of the due budgetary obligations of the companies subject to privatization, the Ministry of Finance will empower the general the public and state financial control in whose territorial area the headquarters of that company is to initiate the procedure of drawing up a report on the nature and amount of all these budgetary obligations. (5) Based on this report the Ministry of Finance will issue a certificate of fiscal tasks, which will specify the nature and amount of all budgetary obligations at the date of the report. (6) The privatized commercial company will be exempt from the right of payment of any other budgetary obligation, due at the date of the report and not highlighted in the certificate of fiscal tasks issued in accordance with par. ((5). (7) The terms and stages of the procedure for drawing up the report and issuing the certificate of fiscal tasks will be subject to the regulation of the methodological norms issued in application of this emergency ordinance. (8) The provisions of par. ((4)-(7) shall apply irrespective of the percentage of the shares covered by the sale in the capital of the commercial company subject to privatisation. (9) At the request of the potential purchaser, under the conditions laid down in the methodological norms issued in application of this emergency ordinance, the public institution involved and the commercial company subject to privatization shall be obliged to provide all data and information on the activity and patrimonial situation of the company, for the purpose of drawing up by him his own report of expertise on the company. It does not exclude the possibility that the public institution involved will negotiate and agree to grant purchaser guarantees for specific damages, including, inter alia, damages caused to the buyer by the company being held to fulfil any obligations, including vis-à-vis third parties, or incur any loss as a result of acts, acts and operations which have not been disclosed or whose delivery would entail costs exceeding the level provided for in the contract of sale-purchase and whose cause existed on the date of conclusion of the contract. The liability of the public institution concerned is limited in all cases to the price actually paid by the The State guarantees that the public institution's payment obligations are fulfilled. (10) During the course of the privatization process, the administrators of the company are obliged to notify immediately to the public institution involved the production of any act or fact of nature to modify the data contained in the presentation file or engage the company's liability. " 23. Article 15 shall read as follows: "" Art. 15. -The public institutions involved have the right to contract with natural or legal persons, Romanian or foreign, specialized assistance services in the field of privatization, restructuring and liquidation. Also, the public institutions involved may conclude contracts with securities companies, for the sale of shares in stock exchanges or other organized, national or international markets, as well as with investment banks, for the transfer and sale of a portfolio of shares in the international capital market on the basis of certificates of deposit or other financial instruments used in that market. '; 24. After Article 15, Articles 15 ^ 1 and 15 ^ 2 are inserted with the following contents: "" Art. 15 15 ^ 1. -(1) In order to increase the chances of privatization of companies, the public institutions involved may accept the payment in installments of the share price sold, under the conditions set out in the methodological norms issued in application of this ordinance Emergency. (2) In the case of sale with payment in installments of the share price of a commercial company of strategic interest, the advance will not be less than 35% of the sales price, and the payment of the instalments will be staggered for a maximum period of 3 years. ((3) On the shares sold with payment in instalments, a right of pledge shall be constituted. (4) If the buyer does not pay at the maturity of two successive installments, the contract may be resolved. Article 15 ^ 2. -(1) In fulfilling the attribution provided in art. 4 ^ 3 para. ((2) lit. A. a) the public institution concerned shall submit to each budget creditor an application for the granting of facilitation, such as: exemptions, reductions, deferrals or instalments on payment of budgetary obligations, due by companies subject to privatization to the budget administered by that budget creditor. (2) Each budgetary creditor shall be obliged to negotiate with the public institution concerned the possibility of granting the requested facilitation. If the granting of these facilitations is not within the competence of the budget creditor, he is obliged to submit to the Government the result of the negotiation within 30 days from the date of registration of such a request and to notify the public institution concerned fulfilling that obligation. (3) The public institution concerned shall be empowered by the right to submit to the Government approval the outcome of the negotiations if the budget creditor does not meet the deadline provided in par. (2) to fulfil this obligation. (4) The Government shall decide on the granting of the requested facilitation 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 ordinary or preferential shares issued by a company of those listed in art. 2. ((2) The sale shall be made at the market price, based on the ratio between supply and demand, by one of the methods provided in art. 13 13 para. ((1) lit. 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: "" Sale of assets of companies and autonomous regions " 31. The title of Section I of Chapter IV shall be repealed. 32. Article 24 shall read as follows: "" Art. 24. -(1) The commercial companies in which the state or a local public administration authority is a majority shareholder may sell or conclude real estate leases for assets owned by them, with the approval of the general meeting of to the shareholders or the board of directors, as the case may be, under the conditions laid down by the methodological norms issued in application of this (2) Provisions of para. (1) shall also apply to autonomous regions, with the prior approval of the relevant ministry or, as the case may be, of the local public administration authority. (3) The sale of assets shall be made by open auction with an invitation to the highest price obtained on the market. (4) The provisions of art. 14 14 para. (9) shall also apply to commercial companies that are active sellers. (5) The provisions of this Article shall also apply to the completion of a real estate leasing contract with an irrevocable sale clause, having as its object the use of assets belonging to companies to which the State or an authority of the local public administration is a majority shareholder, if in the real estate leasing contract it was not provided otherwise. " 33. Article 25 shall be repealed. 34. Article 26 shall read as follows: "" Art. 26. -(1) When buying assets according to art. 24 the representatives of the public institutions involved in the general meetings of the shareholders, the members of the board of directors and the executive directors of the companies or of the selling autonomous regions are not entitled to participate. ((2) The amounts resulting from the sale of assets under art. 24 will be used, in the following order, for: a) payment of debts to the state budget and local budgets, including debts arising from payments made by the Ministry of Finance to the account of guarantees executed for internal and external credits, as well as from external loans contracted direct state from which sub-loans were made; b) payment of debts to the state social insurance budget and budgets of special funds; c) payment of other debts; d) making investments; e) the financing of activities covered by the activity; f) the performance of expenses related to the fulfilment of legal obligations to comply with environmental protection requirements, as the case may be; 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 claim is secured by mortgage, pledge or privilege on the asset subject to sale. (4) The amounts referred to in par. (2) may not be used to pay the salary rights of the staff of the companies, except as provided for in the international conventions to which Romania is a party. " 35. Article 27 shall read as follows: "" Art. 27. -(1) Commercial companies and autonomous regions, which have ongoing management, rental or joint venture contracts, may sell or enter into real estate leases with the irrevocable sale clause, by negotiation. direct with residents or associations in situations where they have made investments in the assets they use accounting for more than 15% of the value of these assets. In this case, the value of the investments on the basis of the assessment report accepted by the parties shall be reduced. ((. The sale shall be 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 regions and companies in which the state or an authority of the local public administration is a majority shareholder, with the consent of the public institution involved, can sell assets with payment in installments to traders-individuals, associations Authorised family based Decree-Law no. 54/1990 ,, as amended, or companies incorporated under the Law no. 31/1990 , as amended, falling within the category of small and medium-sized enterprises, under 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) If, as a result of the transmission of ownership of the stake, the buyer would acquire control over the company, that company must draw up, in accordance with the provisions of the rules methodological issued in the application of this Emergency Ordinance, an environmental review which is subject to the approval of the competent environmental authority. The opinion will cover the environmental obligations of the company. (. The competent environmental authority shall issue and communicate the opinion within 15 days from the date of receipt of the environmental review. In the case of non-communication of the opinion within the legal period, the company is considered to be operating in full compliance with the legal requirements in force on environmental protection. (3) Based on the average balance sheet approved according to par. (2) the public institution concerned has the obligation to include in the presentation file or, as the case may be, in the prospectus of public offer the environmental obligations to be fulfilled by the company. (4) The public institutions involved are obliged to compensate the purchaser, within the price paid by him, namely the company, as the case may be, for damages suffered as a result of the establishment of obligations of compliance with the rules on the protection of the environment or of liabilities due to environmental pollution from past activities, which were not provided for in the presentation file or in the public offering prospectus. The State guarantees the payment by the public institutions involved in the compensation provided above. (5) Provisions of para. (1)-(3) are also applicable in the case of the sale of assets, as long as such assets are part of the patrimony of a trading company or autonomous kings carrying out 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 obliged to compensate the purchaser for the damage suffered as a result of the determination of compliance obligations with the environmental protection rules which were not provided in the presentation file of the asset. " 42. Article 32 shall read as follows: "" Art. 32. --(1) The employees of the companies whose shares are subject to the transfer of ownership benefit from the social protection measures provided for by Government Ordinance no. 48/1997 , approved and amended by Law no. 51/1998 . (2) In the case of companies that are privatized and which, according to the contract of sale-purchase of shares, apply restructuring measures that determine collective redundancies, the compensatory rights due to the employees made redundant shall be supports, within and in the manner provided by law, from the Fund for the payment of unemployment benefits. (3) Benefit from the protection measures provided in par. ((2) and the employees of the companies in which the privatized companies hold holdings of at least 50% of the total number of shares. (4) Employees made redundant from private companies at the time of the present law, which apply restructuring measures approved by judgments of general shareholders ' meetings, benefit from compensatory payments from the Fund for payment unemployment benefits, under the conditions laid down in art. 2 and 19-22 of Government Emergency Ordinance no. 9/1997 , approved and amended by Law no. 108/1997 ,, amended and supplemented by Government Emergency Ordinance no. 52/1998 . (5) Provisions of para. ((2) applies also to companies to which the public institutions involved sell no less than one third of the total number of shares in the capital markets organized, only if the prospectus of the offer contains information relating to staff redundancies. (6) The dismissed employees will benefit from the measures provided for in the retraining and reintegration programs financed from the special fund constituted for this purpose at the disposal of the Government, according to art. 9 9 para. ((4). ' 43. After Chapter V, the chapters V ^ 1-V ^ 3 are inserted with the following contents: "" CHAPTER V ^ 1 The situation of real estate owned by the companies subject to privatisation Art. 32 ^ 1. -(1) Commercial companies holding land that are required for carrying out the activity in accordance with their object of activity and whose legal regime is to be clarified will continue to use these lands until clarification of their legal regime. (2) Commercial companies shall be privatized without including in the share capital the value of the land referred to in par. ((1). (3) After clarifying the legal regime the land classified as belonging to the public domain of the state or administrative-territorial units, as the case may be, shall remain in the use of privatized companies or to be privatized, on the basis of a concession granted by the competent authority, for the maximum period provided by law. By way of derogation from provisions Law no. 219/1998 on the concession regime, the method, the procedure and the documentation necessary for the granting of concessions will be provided for in the methodological norms issued in application of this emergency ordinance. Land classified as belonging to the private domain of the state or administrative-territorial units, as the case may be, may be leased under the conditions set out above, rented or offered to the commercial company to be bought. (4) The general criteria for determining the royalty, rent and sales price shall be determined by the methodological norms issued in application of this emergency ordinance. Art. 32 ^ 2. -(1) The social capital of the companies to which the certificate of attestation of ownership of land has been issued shall be increased by right with the value of the land mentioned in the certificate. (2) Administrators are obliged to register the increase of the share capital at the trade register within 60 days from the date of issue of the certificate, the company being exempt from the payment of taxes and any other obligations related to this operation. ((3) If the issuance of the certificate of attestation of ownership of land has not been followed, prior to privatization, by the corresponding increase of the share capital or if the certificate is issued after privatization, the share capital is increased by right with the value of the land, which will be considered as a contribution in the nature of the State or of an administrative-territorial unit, as the case may be, in exchange for which additional actions will be issued public institution involved. The buyer has an option right to purchase from the public institution involved, at a price agreed in the original contract of sale of the shares or, in the absence of a clause in this regard, at the price paid by the buyer for the initial package of actions, updated in accordance with the provisions of the methodological norms issued in application of this emergency ordinance, of a number of additional shares representing a percentage of the newly issued shares equal to the share of the buyer's participation to the share capital on the date when the certificate was issued or the date of purchase of the package initial actions, as appropriate. The buyer may exercise this option within two months from the date of registration of the increase of the share capital. The transfer of ownership of the newly-issued shares takes place upon full payment of the shares. (4) Until the expiry of the term of exercise of the right of option, the voting rights conferred by the shares issued in accordance with the provisions of par. (3) are suspended. (5) The general meeting which decides to issue the additional shares corresponding to the value of the land may decide to convert them automatically into preferential shares, with priority dividend, without the right to vote, on the expiry date of the exercise of the right of option or, as the case may be, on the date of termination of the contract of sale-purchase of shares. Art. 32 ^ 3. -Any other shareholder of the company, which is not party to a contract for sale-purchase of shares to provide otherwise, may exercise the right of option provided for in art. 32 ^ 2 para. (3) under the same conditions and in exchange for the same price as the buyer. Art. 32 ^ 4. -(1) The public institutions involved ensure the repair of damages caused to privatized or privatized companies by the restitution to the former owners of the real estate taken over by the state. (2) The public institutions involved will pay the companies provided in par. (1) an indemnity to represent the monetary equivalent of the damage caused by the restitution in kind of buildings owned by the company to the former owners by the effect of a final and irrevocable court decision. (3) The compensation provided in par. (2) it shall be established in agreement with the companies, and in the event of divergence, by justice. ((4) Imobiles taken over by the State on the basis of laws, administrative acts or confiscation judgments, consisting of land and buildings highlighted in the patrimony of privatised or privatised companies, in the absence of which the achievement of the business object of these companies is hindered to such an extent that, as a result of that refund, the company would no longer be able to continue its business and would be subject to dissolution and liquidation, will not be returned to nature. (5) If by final and irrevocable court decision the companies are obliged to pay the money equivalent of the buildings, the public institutions involved will pay directly to the former owner the amount provided for in the decision. (6) The State shall ensure that the public institutions concerned fulfil the obligations laid down in this Article. + Chapter V ^ 2 Special provisions on the operational closure and sale of unprofitable assets, merger, division, dissolution and liquidation of companies subject to privatisation + Section I Operational closure and sale of unprofitable assets Art. 32 ^ 5. -All the assets for which from the process of exploitation and recovery of the products and services they carry out cannot be recovered at least the related expenses, except those whose exploitation is not can be stopped under legal provisions or which are integrated into a complex technological process, if profit is made on the whole of its exploitation. For this purpose it is forbidden to compensate losses in a sector of activity of the company with the revenues obtained from another sector. It is not considered to be the share compensation with which the loss-making sector contributed to the achievement of these revenues. Art. 32 ^ 6. -(1) Operational closed assets are compulsorily subject to sale and employees will be made redundant, with the granting of severance rights provided by law. (2) The Board of Directors has the obligation to publish the sales notice and the date of the young auction for the sale of the asset, no later than 60 days from the date of the decision of the operational closure, under penalty of liability for damage to the company. Art. 32 ^ 7. -(1) The sale of the asset shall be made on the basis of public auction with call, according to the provisions of the methodological norms issued in application of this emergency ordinance (2) If the asset cannot be sold, it will be scrapped and/or scrapped. ((3) The amounts resulting from the sale of the asset at auction or from the sale following the dismantling and/or scrapping shall be used according to art. 26 26 para. ((2) and (3). + Section II Common provisions on merger, division, dissolution and liquidation Art. 32 ^ 8. -In order to accelerate the privatization process of companies to which the state or a local public administration authority holds at least 50% + 1 of the share capital, merger, division, voluntary dissolution and liquidation are subject to the provisions of this Chapter. Art. 32 ^ 9. -(1) Representatives of public institutions involved in the general meeting of shareholders in the companies provided in art. 32 ^ 8 will require the board to prepare and submit to the general meeting an assessment of the possibilities and economic consequences of the merger, division or dissolution and liquidation of the company, as well as the project the decision of merger, division or dissolution. (2) The Board of Directors shall convene the general meeting of the shareholders, which shall meet within a maximum of 60 days from the date of the request referred to in par. ((1) in order to decide on the merger or division or within no more than 30 days from the same date to decide on dissolution and liquidation, as well as to approve, in each case, the projects of additional or constitutive acts necessary. ((3) The convocation will be published in a national broadcast daily and in one of the newspapers of wide spread in the locality where the company is located, at least 15 days before the date of the meeting of the general meeting. (4) If on the agenda is the dissolution and liquidation of the company, the board of directors is obliged to prepare and make available to the shareholders, at the company's headquarters, at least 3 days before the date of the young general meeting, the detailed situation of all the debits of the company, with the indication of creditors and of the term at which their claims have become or will become due. (5) For the validity of the deliberations of the general meeting, it is necessary to present the shareholders representing at least half of the participation in the share capital, and the decisions shall be taken with the absolute majority (6) Within two days from the date of its adoption, the decision of the general meeting of shareholders shall be filed with the commercial register and shall be published in a national daily broadcast and, as the case may be, in an international daily, as well as by electronic means. Art. 32 ^ 10. -(1) The commercial companies referred to in art. 32 ^ 8 dissolves by law if they have unhonored debts within 60 days of maturity-except those in salaries-and which, summed up, exceed 50% of the asset. (2) By way of exception to the provisions of the preceding paragraph, by 1 January 2000 the provisions of this Article shall apply only to companies which have unhonoured debts within 60 days of maturity-except those of salaries-and which, summed up, exceed 120% of the asset, and in the period from 1 January to 1 August 2000, only to companies whose above-mentioned debts exceed 85% of the asset. (3) Within 10 days from the date of entry into force of this emergency ordinance, respectively from January 1, 2000 or August 1, 2000, according to the distinctions established in par. (2), representatives of public institutions involved in the general meeting of shareholders will ask the censor committee to draw up and submit to the company's board of directors, within 30 days, a report on the situation of its outstanding debts. (4) Within 20 days from the receipt of the report of the censor committee the board of directors shall convene the general meeting of the shareholders in order to ascertain the dissolution of company law and the commencement of the liquidation procedure. Art. 32 ^ 9 para. ((3)-(6) shall apply accordingly. (5) In the case of companies of strategic interest or those at an advanced stage of the privatization process, the Government will be able to decide, on the proposal of the public institution involved, to continue the activity of the company until a later date. Art. 32 ^ 11. -Within 30 days from the date on which the general meeting approved the merger or division or the voluntary dissolution or found the dissolution of the company's right, the board of directors shall finalize the necessary documents. The decision of the board of directors issued for this purpose shall also mention the term provided for in 32 ^ 29, in which minority shareholders and/or commercial creditors may apply for cancellation or, as the case may be, opposition. Art. 32 ^ 12. -(1) The decision of the board provided for in art. 32 ^ 11 and, where applicable, the additional or constituent acts signed by the President of the Council shall be submitted to the Trade Register, together with the other necessary documents, with a view to recording, in a single step, the terms of the merger or the division, respectively, of the company's dissolution. (2) The decision provided in par. (1) is published according to art. 32 ^ 9 para. ((6), which shall apply accordingly. + Section III Liquidation Art. 32 ^ 13. -(1) Within 5 days from the publication of the dissolution and liquidation decision, provided for in art. 32 ^ 9 para. (6) or, as the case may be, art. 32 ^ 10 para. (4), the board of directors is obliged to notify it, by postal courier quickly, with acknowledgement of receipt, to the known creditors of the company and to publish two consecutive notices in a national daily broadcast and, as the case may be, in a international daily, as well as by electronic means. The notice and notices state the total amount of the company's debts, as follows from its financial-accounting records, the claims that are totally or partially offset by the creditor's debits to the company, the order of preference of claims established according to art. 32 ^ 21 para. ((1), as well as the deadline within which creditors may show their intention to capitalize on the claims according to the provisions of this chapter, by submitting a declaration of receivables, even before they reach maturity. This term will not be less than 15 days and will not be able to exceed 20 days from the date of publication of the last announcement. ((2) Creditors who submit statements of claims make up the association of creditors, in which the decisions are adopted by an absolute majority of votes. The vote of each creditor is proportional to the share of its claim in the totality of claims belonging to The creditors ' association does not constitute the The organization and functioning of the creditor association will be regulated by the methodological norms issued in application of this emergency ordinance. ((3) The right to contest the existence or extent of a claim or its rank in the order of preference shall be extinguished within 20 days of publication of the last notice. Art. 32 ^ 14. -(1) The provisions of this Section shall also apply to the companies art. 20 20 of Law no. 64/1995 ,, unless the tribunal accepts in principle the liquidation of the company and the distribution of the asset under the conditions Law no. 64/1995 , at the request of creditors who, together or separately, hold claims representing at least 51% of the total debts highlighted in the financial-accounting statements of the company and which have submitted statements of receivables. The application shall be entered within 20 days from the date of publication of the last notice provided for in art. 32 ^ 13 para. (1), under penalty of decay. In such situations, the provisions regarding the reorganization of insolvent society do not apply. ((2) On the day following the expiry of the period provided for in the preceding paragraph, the company subject to liquidation shall submit to the tribunal in whose territorial constituency the up-to-date situation of all the debits registered in its records financial-accounting, regardless of the date of their maturity, as well as the centralized situation of all claims of claims, submitted in accordance with the provisions of art. 32 ^ 13 para. ((1). (3) Within 15 days from the expiry of the term provided in par. (1) the president of the tribunal or, as the case may be, the judge appointed for this purpose shall decide in the council chamber, without citing the parties, on the admissibility in principle of the creditors ' The judgment is motivated in all cases and can be appealed within 5 days of communication. Art. 32 ^ 15. -(1) No interest, penalty, delay increase or similar expense may be added to unsecured claims or unsecured parts of the secured claims, as of the date of filing of the dissolution decision to the trade register. (2) On the same date, the judgment of all claims, judicial or extrajudicial proceedings, directed against the company, the limitation periods of the claims of claims belonging to its creditors, as well as any the enforcement procedure started against it, which will be resumed if the general meeting of the shareholders returns to the liquidation decision. The general meeting will not be able to return to the liquidation measure, if it decided to close the company's total operational closure or if the company dissolved itself by right, according to art. 32 32 ^ 10. Art. 32 ^ 16. --(1) The liquidator shall be appointed by the public institution concerned, on the basis of auction, within 60 days from the date of submission of the dissolution decision to the trade register. (2) The privatization agent exercising the powers provided for in art. 4 ^ 3 para. ((2) in respect of the commercial company subject to liquidation may perform the function of liquidator, according to the mandate granted or on the basis of a request addressed to the public institution involved, without the need to organize an auction. (3) The contract of employment of the liquidator will be signed and will enter into force within two days from the tender, under penalty of nullity. ((4) The liquidator shall enter into office after the signature of the trade register and the specimen of signature in the bank, on the day following the signing of his employment contract. (5) Within 30 days from the date of entry into office of the liquidator the surrender-taking of the patrimony and the documents of the company will be performed, according to the provisions art. 247 247 para. ((4) of Law no. 31/1990 on companies, republished, which will be certified by the censors. On the date of fulfilment of this formalities the function of the administrators (6) In the case of admission in principle of the application made by creditors pursuant to art. 32 ^ 14 para. (1), the appointment of the liquidator according to this article shall be subject to validation by the syndic judge. Art. 32 ^ 17. -The liquidator has the obligation that, no later than 15 days from the date of entry into office, he shall draw up the table of receivables that are submitted at the company's headquarters in order to be consulted by the creditors. Art. 32 ^ 18. -(1) If a cause of termination of the contract of employment of the liquidator occurs, it or, as the case may be, its successor in rights shall immediately notify the situation arising to the public institution concerned, unless which notified him of the cause of termination of the contract. (2) In the case of companies dissolved by law according to art. 32 ^ 10, the public institution involved will be able to ask for the termination of the liquidator's employment contract and at the duly justified request of the creditors ' association. (3) In case of termination of the contract of employment of the liquidator, the public institution involved will proceed either to the appointment as liquidator of the next ranked following the auction organized according to the provisions of art. 32 32 ^ 16, or the appointment of a special trustee to administer the company's patrimony until the appointment of a new liquidator in accordance with the provisions of art. 32 32 ^ 16, but not more than 60 days from the date of termination of the position of the liquidator whose mandate has ceased. (4) Provisions art. 32 ^ 16 para. ((4), (5) and (6) shall apply accordingly in the situations referred to in par. ((3). ((5) The liquidator whose contract has ceased, until the handover of the estate to the special trustee or to the new liquidator, or the special trustee, during the performance of his office, cannot perform any winding-up act and no operation on the assets of the company, except for acts of preservation and administration Art. 32 ^ 19. -(1) The sale of the goods shall be made on an open auction basis, under the conditions laid down in the methodological norms issued in application of this emergency ordinance. (2) The goods shall be adjudicated at the highest price offered. (3) The contract for the sale of the adjudicated property ends, under penalty of nullity, within 5 days from the date of the tender. The liquidator may extend this term by no more than 5 days. (4) The contract may provide for the payment of the price of the goods in installments, provided that the payment of the instalments is ensured under the conditions provided for in the methodological norms issued in application (5) The provisions of art. 32 ^ 7 para. ((2) shall apply accordingly. Art. 32 ^ 20. -(1) Creditors, with the exception of shareholders, may submit their claim as a price, under the conditions provided by the methodological norms issued in application of this emergency ordinance. (2) Goods or assets over which a lien is carried, a lien or a mortgage may be awarded only to the account of the privileged claim or secured by pledge or mortgage, unless the creditor having a useful and undisputed rank. give up in writing to his right. (3) By the adjudication of the goods on the account of the receivables, the order of preference provided for in this emergency ordinance cannot be Art. 32 ^ 21. -(1) For the coverage of the social liability the liquidator will make payments on the account of creditors ' claims, whether or not they are matured, from the amounts obtained from the sale of movable and immovable property of the company and the recovery of claims against third parties, in the following order of preference: a) to cover the expenses related to the sale or performance of the liquidation b) for payment of salaries; c) for the realization of creditors ' claims in favour of which the company constituted a right of pledge or mortgage on its movable or immovable property, from the amounts obtained by the sale of these goods; these provisions also apply in what it concerns special privileges; d) in the account of the claims of the state or local public administration authorities, arising from taxes, taxes and other tax obligations established according to the law, from contributions to the state social insurance budget, as well as to special funds; e) in the account of state claims, arising from the amounts paid by the Ministry of Finance for guarantees on internal and external loans executed, as well as for external loans contracted directly by the state, from which underloans were made; f) in the account of receivables resulting from loans granted by the state, including in the account of receivables resulting from loans granted for payment of gas and electricity, according to the regulations in force at the time of granting g) to the account of the chirographic creditors; h) on behalf of shareholders. (2) The claims resulting from the contracts for the sale of goods of the company with payment in instalments and the guarantees accompanying them may assign to the creditors in the account of their due amounts; the creditors will notify the buyer and the guarantor of the takeover the contract and the guarantee. ((3) The distribution to the creditors referred to in lett. a)-g) of the amounts resulting from the sale shall be made every 3 months, and to the creditors mentioned in lett. h), only after the full satisfaction of all other claims. (4) No distribution of amounts to creditors will be possible before the final stay of the decisions by which the requests made in accordance with art. 32 ^ 13 para. (3) or from the resolution of the appeal provided for in art. 32 ^ 14 para. ((3). Art. 32 ^ 22. -The liquidator is empowered to carry out expenses and to lay off staff within the limits necessary for the functioning of the company and to pursue its claims to third parties. Any available availabilities at the end of the liquidation period, which do not result from the sale of the goods at the auctions, shall be divided into the order provided for the distribution of the amounts Art. 32 ^ 23. -(1) Creditors may constitute tax deductible provisions to cover losses resulting from the total or partial non-realization of receivables from the amounts assigned following the liquidation of the debtor. The decrease or cancellation of the provisions shall be made on the basis of certificates issued by the liquidator, at the closing of the liquidation, to the unsold creditors, who will have the difference in the debt remaining uncovered. ((2) Creditors whose claims were presented after the expiry of the deadline for filing claims, but no later than the closing of the liquidation, will take part in the distribution proportionally only from the amounts eventually left after payment receivables recorded within. In this case the provisions of para. ((1) are not applicable. Art. 32 ^ 24. -(1) After the distribution of the amounts resulting from the recovery of all assets of the company, creditors whose claims have not been fully covered, the liquidator or chamber of commerce and territorial industry may refer the matter to the competent court for the cancellation of legal acts of the company or the liability of the members of its governing bodies. (2) The settlement of these shares will take advantage of the creditors provided in art. 32 ^ 23. Art. 32 ^ 25. --(1) Within 20 days from the last auction the censors shall draw up and submit to the approval of the public institution concerned a report on the whole of the liquidation operations. The approval of the report shall have the effect of liberating (2) After approval, the liquidator will ensure the submission of the report at the company's headquarters for the information of the shareholders, and after 15 days from the filing, its registration at the trade register, the date on which the company radiates itself of right other formality. Art. 32 ^ 26. -The documents, registers and stamp of the company shall be handed over by the liquidator to the public institution involved, which can continue, on its own and in its own interest, the pursuit of the company's claims against third parties, left unexecuted at the Art. 32 ^ 27. -On the date of removal of the company from the commercial register, any action directed against it shall cease + Chapter V ^ 3 Dispute resolution Art. 32 ^ 28. -The limitation period for the introduction of the application by which an operation or act provided for in this emergency ordinance is attacked or a right conferred by it shall be 3 months from the date on which the applicant met or had to know the existence of the operation or the act attacked or from the date of birth Art. 32 ^ 29. -The limitation period for the introduction of applications for cancellation and oppositions against the decisions provided in art. 32 ^ 9 is 10 days from the date of publication of the decision of the board of directors, adopted pursuant to them. In the case of decisions provided in art. 32 ^ 10, the term flows from the date of their publication in accordance with the provisions of art 32 ^ 9 para. ((6). Art. 32 ^ 30. -(1) The request for cancellation and the opposition shall not suspend the execution of the judgment On request, for good reasons, the court may decide to suspend, if a bail equal to 1% of the amount of the share capital of the company subject to merger, division or liquidation, or, as the case may be, equal to one fourth of the value of the claim, but not more than 200,000,000 lei. Bail shall be returned only in case of admission of the action. The maximum ceiling of bail can be periodically updated by Government decision. (2) Provisions of para. (1) shall also apply to the applications provided in art. 32 ^ 13 para. ((3). In this case the bail is one-fourth of the value of the contested claim, without exceeding the maximum ceiling provided in par. ((1). Art. 32 ^ 31. -(1) Applications provided for in art. 32 ^ 13 para. (3), in art. 32 ^ 28 and in art. 32 ^ 29 are of the jurisdiction of the court of appeal and are adjudicated urgently and in particular. (. If there are reasonable grounds for which the parties are not able to present their defences completely, the court will be able, exceptionally, to grant a term of notice of not more than 7 days. (3) The court is obliged to pronounce the judgment within 5 days after the closing of the debates and to communicate to the parties the reasoned decision no later than 10 days after the ruling. (4) The judgment of the court may be appealed only. " 44. Article 33 shall read as follows: "" Art. 33. -(1) It constitutes contraventions to the norms of this emergency ordinance the following facts, if, according to the criminal law, it does not constitute crimes: a) non-compliance with advertising rules for the sale of shares and assets b) failure to prepare the environmental balance sheet within the time stipulated by law; c) non-inclusion of certain goods of the patrimony of a company in the offer of sale and in the evaluation report or the inclusion of fictitious goods in the offer of sale and in the evaluation report, with the obvious purpose of influencing the offer price; d) non-registration of the capital increase within the period stipulated by law; e) the award of a stake to a person at the expense of other persons who have made a more advantageous offer, according to the criteria set out in the offer of sale; f) disclosure of confidential information to third parties regarding the intention to sell a portfolio of shares, in order to influence the offer price or to favor a potential buyer at the expense of other persons; g) non-compliance with the deadlines and the procedure for drawing up and issuing the certificate of fiscal tasks; h) failure to comply with the obligation to notify the acts and deeds provided in art. 14 14 para. ((10); i) non-compliance with the deadline provided 32 ^ 6 para. (2) for the publication of the notice of sale of non-profitable assets; j) omission to convene the general meeting of shareholders within the period provided in art. 32 ^ 9 para. ((2) or in art. 32 ^ 10 para. ((4); k) non-compliance with the deadline provided 32 ^ 10 para. (3) for the request of the report of the censors committee or the deadline provided for in 32 ^ 9 para. (4), in art. 32 ^ 10 para. ((3) or in art. 32 ^ 14 para. (2) for the submission of the situation regarding the debits l) non-publication of decisions of the general meeting of shareholders or of the board of directors according to 32 ^ 9 para. ((6), art. 32 ^ 10 para. ((4) or art. 32 32 ^ 12; m) non-compliance with the deadline provided 32 ^ 11 for the completion of the documents necessary for the merger, division or dissolution of the company; n) non-compliance with the deadline for the appointment of o) non-compliance with the deadline for notifying creditors and publishing notices in accordance with the provisions of art 32 ^ 13 para. ((1); p) non-compliance by the liquidator or, as the case may be, by the special trustee of the deadlines provided in art. 32 ^ 16 para. ((4) and (5) and in art. 32 32 ^ 17. (2) Contraventions provided in par. ((1) shall be sanctioned as follows: a) those referred to in lett. a), with a fine of 5,000,000 lei to 10,000,000 lei; b) those referred to in lett. b)-f), with a fine from 10,000,000 lei to 20,000,000 lei; c) those referred to in lett. g)-p), with a fine of 50,000,000 lei to 100,000,000 lei. (3) For the situations referred to in par. (1) the sanctions shall be applied individually to the staff of the public institution concerned, to the evaluators or to the staff of the competent environmental authority, the competent ministry, the Ministry of Finance or the general Directorate competent state financial control, administrators, censors, special trustees or liquidators of companies. (4) In the case of broker companies and privatization agents, the fine will be from 1,000,000,000 lei to 2,000,000,000 lei. (5) The finding of contraventions and the application of sanctions provided in par. ((1) lit. a)-e) and h)-p) shall be made by the Ministry of Finance together with the staff of the competent environmental authority, if an environmental review has not been drawn up, or, as the case may be, by the National Securities Commission, for the contravention provided in par. ((1) lit. f), or by the Government Control Department, for the contravention provided in par. ((1) lit. g). (6) The fines provided in par. (2) shall be periodically updated by Government decision. ((7) The provisions of this Article shall apply to the provisions of this Article. Law no. 32/1968 on the establishment and sanctioning of contraventions, with subsequent amendments, except art. 25 25, 26 and 27. " 45. The title of Chapter VII shall read as follows: " Special rules on the privatisation of certain companies ' 46. Paragraph 1 of Article 34 shall read as follows: "" Art. 34. --(1) In the case of privatization of commercial companies resulting from the reorganization of autonomous regions and in the case of other commercial companies of strategic interest, the Government has the option to keep a nominative action of state control, at the same time, who will exercise the rights arising from this quality. " 47. Article 34 shall be inserted after Article 34, with the following contents: "" Art. 34 34 ^ 1. -(1) The privatization of banks shall be carried out Law no. 83/1997 for the privatisation of banking companies to which the State is a shareholder The sale of shares issued by banking companies to which the state is a shareholder will take place according to any method provided by this emergency ordinance. (2) The privatization of tourism companies is carried out according to Government Emergency Ordinance no. 32/1998 on the privatisation of tourism companies. " 48. Chapter VII shall be inserted after Chapter VII 1 with the following contents: "" CHAPTER VII ^ 1 Privatisation agencies Art. 34 ^ 2. -(1) In order to accelerate the privatization process, the public institutions involved may delegate to privatization agents the exercise of certain rights, including any attribution provided in art. 4 ^ 3 para. ((2), except for the conclusion of the sales contract. The privatization agents will present, at the request of the public institution involved mandating, reports on the activities carried out and will exercise exclusively during the mandate the delegated powers. The mandate is granted in connection with the privatization of a company or a group of companies, contained in special privatization programs by Government decision or selected in accordance with the provisions of the methodological norms issued in the application of this emergency ordinance. ((2) Within 15 days from the receipt of the proposed sale of shares, formulated by the privatization agent, the authorized public institution shall be obliged to conclude the contract of sale of shares or to communicate the reason for the refusal. In case of non-compliance with this deadline, the contract proposal is considered accepted and the privatization agent is empowered to conclude the contract. (3) The privatization agents may group on the basis of a temporary association contract on the subject or of a limited liability company contract or on shares. In the case of temporary associations on the subject, the associations shall designate the coordinating associate, empowered to participate in the selection procedure in order to grant the mandate provided for in this Chapter. Art. 34 ^ 3. -In the exercise of their duties, according to the provisions of this emergency ordinance, in connection with a commercial company or a group of companies, privatization agents act on behalf of and on behalf of public institutions involved and have, according to the mandate granted, all rights related to the actions of these companies, including the exercise of powers and special benefits granted to public institutions involved by this emergency ordinance and by the methodological rules issued in its application, except for the right to dividends and any right of preference. Art. 34 ^ 4. -(1) The public institution involved shall organize, under conditions of publicity at national and international level, the selection by auction of privatization agents, with which the mandate contracts will be concluded, according to the methodological norms issued in the application of this emergency ordinance. ((2) Regardless of acting individually or associates, privatization agents must meet certain minimum qualification requirements, including experience in international privatizations and/or in privatizations or other transactions in Romania, with the consideration of gross income or, in the case of associations, consolidated gross income of members in the year before the date of issue of the offer. (3) The government will appoint a commission for the technical and economic evaluation of the bids submitted by the privatization agencies. The evaluation of the offers will be considered, among other things, the level of fees requested by privatization agencies. The Commission shall have the power to draw up the tender minutes and the decision to select the most convenient tender. (4) In the case of companies of strategic interest, the essential elements of the mandate contract shall be submitted for approval to the Government. (5) The public institution involved shall conclude the mandate contract within 15 days from the date of the decision of the commission provided in par. ((3). Art. 34 ^ 5. -(1) The fee of the privatization agents includes a fixed component and variable components according to the actual costs and the fulfilment of the mandate, according to the methodological norms issued in application of this emergency ordinance. (. Associate members shall be jointly and severally liable for failure to execute or execute improper or late performance of the obligations provided for in the mandate contract. " 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 head provisions. IV shall also apply to companies with limited liability to which the State or an authority of the local public administration are associated, with the exception of art. 13 13 para. ((1) lit. a), b), d), e) and f). (2) The provisions of this emergency ordinance on the sale of assets of commercial companies and autonomous regions shall also apply to the sale of assets of other legal entities with majority state capital, established by Government decision. " + Article 2 1. Sales of shares and sales of assets under way on the date of entry into force of this law will continue, according to its provisions, with the recognition of the validity of the acts and stages consumed. 2. Privatization of commercial companies of strategic interest, as well as of companies established according to Local public administration law no. 69/1991 , whose actions are in the portfolio of the Authority for Privatization and Administration of State Participation on the date of entry into force of this Law, will continue to be carried out by the Authority for Privatization and Administration State's 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, of the autonomous regions of local interest, the powers provided in art. 4 ^ 3 para. (2) shall be exercised by the public institution involved in whose portfolio the shares issued by them. 4. The administrators of the commercial company to whom the certificate of attestation of the ownership of land has been issued shall be obliged to register at the commercial register the increase of the right of social capital according to art. 32 ^ 2 para. (1), within 60 days from the date of entry into force of this law, the company being exempt from the payment of taxes and any other obligations related to this operation. 5. All companies, regardless of the structure of the social capital, to which the certificate of attestation of ownership of land has not been issued, will draw up and submit to the relevant ministries, within 90 days of the date of entry into force of this Law, the necessary documentation for the issue of the certificate 6. The relevant ministries shall issue to the companies referred to in point 5 certificates of attestation of the ownership of land and will transmit to the Authority for Privatization and Administration of State Participation a copy of the certificate within 5 days from the date of its issuance. 7. The provisions of Section III of the Head. V ^ 2 of Government Emergency Ordinance no. 88/1997 applies also to companies to which, on the date of entry into force of this Law, the right voluntary liquidation procedure is under way Law no. 31/1990 . 8. It constitutes the following facts, if, according to the criminal law, it does not constitute crimes: a) failure to register the capital increase within the period stipulated in item 4 4; b) non-issuance of the necessary documentation for the preparation of the certificate of attestation of the ownership of the land within the period provided 5 5; c) non-preparation and/or non-communication of the certificate of attestation of the ownership of land within the period provided for in item 6. The finding and sanctioning of these contraventions is made according to art. 33 of Government Emergency Ordinance no. 88/1997 . 9. The provisions of this Title shall not apply to land covered by art. 9 9, art. 22 22, art. 35 35 para. ((2), art. 38 38, art. 39 39, art. 44 44 para. ((1), art. 45 45, art. 46 46 and art. 48 of the Land Fund Law no. 18/1991 , republished in the Official Gazette of Romania, Part I, no. 1 1 of 5 January 1998. + Article 3 1. The date of entry into force of this Title shall be repealed art. 7-9 of Government Emergency Ordinance no. 10/1997 , approved and amended by Law no. 151/1997 , as well as any other provisions contrary to this law. 2. Within 30 days from the date of publication of the present law in the Official Gazette of Romania the Government will approve the methodological norms, the regulation of organization and functioning of the Authority for Privatization and Administration of State Participation, as well as the privatization strategy for 1999. 3. Within 3 months from the date of entry into force of this title, the Government will approve the list of companies of strategic interest. 4. This title shall enter into force after 30 days from the date of publication of the present law in the Official Gazette of Romania, except art. III point 2 which takes effect on the date of publication of the law 5. Government Emergency Ordinance no. 88/1997 on the privatization of companies, published in the Official Gazette of Romania, Part I, no. 381 381 of 29 December 1997, approved by Law no. 44/1998 , published in the Official Gazette of Romania, Part I, no. 88 of February 25, 1998, with subsequent amendments and completions and with those brought by this law, will be republished in the Official Gazette of Romania, giving the texts a new numbering. + Title II Modification and completion Government Ordinance no. 51/1997 on leasing operations and leasing companies *) ---------------- + Article 4 Government Ordinance no. 51/1997 on leasing operations and leasing companies, published in the Official Gazette of Romania, Part I, no. 224 224 of 30 August 1997, approved and amended by Law no. 90/1998 ,, amend and supplement as follows: 1. Article 1 shall read as follows: "" Art. 1. -(1) This ordinance applies to leasing operations by which a party, called lessor/financier, transmits for a fixed period the right of use on a good whose owner is the other party, referred to as user, to its request, against a periodic payment, called the leasing rate, and at the end of the lease period, the lessor/financier undertakes to respect the user's right of option to buy the good, to extend the lease or to terminate contractual relations. The user can opt for the purchase of the property before the end of the lease period, if the parties so agree and if the user pays all the obligations assumed by the contract (2) The leasing operations may have as object immovable property, as well as long-term movable property, in the civil circuit, with the exception of recordings on audio and video tape, of plays, manuscripts, patents and copyright. " 2. After Article 1, Articles 1 ^ 1 and 1 ^ 2 shall be inserted as follows: "" Art. 1 1 ^ 1. -Within the meaning of this ordinance, the following terms and expressions have the following meanings: a) entry value represents the value at which the asset was purchased by the financier, namely the purchase cost; b) the total value of the lease rates plus the residual value; c) residual value represents the value at which, at the expiry of the lease, the transfer of ownership of the property to the user is made; d) the leasing rate represents: -in the case of financial leasing, the share of the entry value of the property and the leasing interest. The leasing interest represents the average rate of bank interest on the Romanian market; -in the case of operational leasing, the depreciation rate calculated in accordance with the normative acts in force and a benefit established by the contracting parties; e) financial leasing is the leasing operation that meets one or more of the following conditions: 1. the risks and benefits related to the ownership pass on the user from the moment of conclusion of the lease; 2. the parties expressly provided that upon expiry of the leasing contract the right of ownership of the property is transferred to the user; 3. the user can opt for the purchase of the good, and the purchase price will represent no more than 50% of the entry value (market) that he has on the date on which the option can be expressed; 4. the period of use of the asset in the leasing system covers at least 75% of the normal duration of use of the property, even if, in the end, the ownership is not transferred; f) operational leasing is the leasing operation that does not meet any of the conditions laid down in lett. e). Article 1 ^ 2. -(1) In the framework of a leasing operation, a leasing company, Romanian or foreign legal entity, can be financed. (2) User quality may have any natural or legal person, Romanian or foreign. " 3. Article 3 shall read as follows: "" Art. 3. -In leasing operations the user has the right to choose, with the agreement of the leasing company, the supplier, as well as the company that will ensure the good. " 4. After Article 3, Chapter I ^ 1 "Leasing Contract" is inserted, with Articles 3 ^ 1-3 ^ 3, with the following contents: "" CHAPTER I ^ 1 Lease agreement Art. 3 ^ 1. -(1) The lease agreement shall contain at least the following elements: a) the parties in the lease: -the lessor/financier; -user; b) the exact description of the property subject to the lease; c) the total value of the lease; d) the value of the leasing rates and their payment term; e) the period of use in the leasing system of the property; f) clause on the obligation to ensure the property (2) The financial leasing contract must include, in addition to the elements provided in par. (1), the following: a) the initial value of the good; b) the clause on the user's right of option regarding the purchase of the property and the conditions under which it can be exercised. (3) Other clauses may agree. Art. 3 ^ 2. -The lease agreement cannot be concluded for a period of less than one year. Art. 3 ^ 3. -The leases constitute enforceable title, if the user does not teach the good in the following situations: -at the end of the lease period, if the user did not make the option of buying the property or extending the contract; -in the event of termination of the user's exclusive fault contract. " 5. Article 4 shall read as follows: "" Art. 4. -The locator/financier undertakes: a) respect the user's right to choose the supplier according to the needs; b) to conclude a sales contract with the supplier designated by the user, under the express conditions formulated by him; c) to conclude a lease with the user and to transmit to him, under the lease agreement, all rights deriving from the sale-purchase contract, except for the right of disposition; d) respect the right of option of the user, which consists of the possibility to opt for the extension of the contract or for the purchase or refund of the good; e) to guarantee the user's quiet use of the good, given that he has complied with all the contractual clauses; f) to provide, through an insurance company, the goods offered on lease. " 6. Article 5 shall read as follows: "" Art. 5. -The user undertakes: a) to carry out the reception and to receive the good at the term stipulated in the lease; b) to exploit the good according to the instructions drawn up by the supplier and to ensure the training of the personnel assigned to exploit it; c) not to encumbered the good that is the subject of the lease without the consent of the financier; d) to make the payment by way of the lease rate in the established value and at the time limits laid down in the lease; e) bear the maintenance expenses and other expenses arising from the lease; f) to assume for the entire period of the contract, in the absence of a contrary stipulation, the totality of the obligations arising from the use of the direct good or through its prepusii, including the risk of loss, destruction or damage to the good used, from fortuité cases, and the continuity of payments by way of leasing rate until the full payment of the value of the lease; g) allow the financier to verify periodically the condition and the manner of exploitation of the good that is the subject of the lease; h) to inform the financier, in due time, about any disorder of the right of ownership, coming from a third party; i) not to make changes to the good without the consent of the financ j) to refund the property in accordance with the provisions of the leasing contract. " 7. Article 6 shall be repealed. 8. Article 7 shall read as follows: "" Art. 7. -Under the lease the user has the following rights: a) direct action on the supplier, in the case of complaints regarding the delivery, quality, technical assistance, service required during the warranty and post-warranty period; b) to exercise the shares of the owners towards third parties. " 9. Article 8 shall read as follows: "" Art. 8. -(1) The real rights of the financier on the good used under a lease are opposable to the syndic judge, in the event that the user is in judicial reorganization and/or bankruptcy, in accordance with the provisions Law no. 64/1995 ,, as amended. (2) If the user is in dissolution and/or liquidation, the provisions of the preceding paragraph shall also apply to the liquidator appointed according to Law no. 31/1990 on companies, republished. " 10. Article 9 shall read as follows: "" Art. 9. -(1) If the user refuses to receive the good at the term stipulated in the lease or if he is in a state of judicial reorganization and/or bankruptcy, the leasing company has the right to unilaterally terminate the contract of lease with damages. ((2) The financier does not respond if the property subject to the lease is not delivered to the user. " 11. Article 10 shall read as follows: "" Art. 10. -If the user does not execute the lease payment obligation for two consecutive months, the financier has the right to terminate the lease, and the user is obliged to refund the property, to pay the due rates, with damages, if in the contract it is not provided otherwise. " 12. Article 11 shall read as follows: "" Art. 11. -If the financier does not comply with the user's right of option, it owes damages in the amount equal to the residual value of the property or its circulation value, calculated at the expiry date of the lease. " 13. Article 12 shall read as follows: "" Art. 12. -If during the course of the lease the financier sells the good that is the subject of the contract of another financier, the new financier is related to the same contractual obligations as the seller, who remains guarantor of the fulfillment obligations to the user. " 14. Article 13 shall read as follows: "" Art. 13. -From the moment of conclusion of the lease and until its expiration and the reentry into possession of the good the financier is exonerated by any liability to third parties for the damage caused by the use of the good by the user. " 15. Article 14 shall read as follows: "" Art. 14. -(1) Leasing companies, Romanian legal entities, shall be established and operated according to Law no. 31/1990 on companies, republished. (2) The leasing companies are commercial companies that are in the object of activity carrying out leasing operations and a minimum, subscribed and fully paid social capital at the establishment of 500 million lei. " 16 16. Letters a), b) and c) of Article 15 shall read as follows: " a) the entry value of the goods at the time of conclusion of the lease; b) the total amount of the lease rates related to the contract in a financial year, including their indexed amount, if the parties have provided for the periodic updating of the rates: -for the financial leasing the leasing rate will be calculated taking into account the entry value and the related leasing interest, staggered during the period of the contract; the purchases of fixed assets are treated as investments, being subject depreciation in accordance with the normative acts in force; -for operating lease the lease rate will be calculated taking into account the input value of the good, the benefit set by the parties and the amortization of part of its entry value; the amortization regime will be determined by parties, by mutual agreement, in accordance with the provisions of Law no. 15/1994 on the depreciation of capital immobilized in tangible and intangible assets, as amended; c) the calculation and highlighting of the depreciation of the good that is the subject of the contract will be carried out, in the case of operational leasing, by the financier, and in the case of financial leasing, by the user. " 17. Paragraph 2 of Article 16 shall read as follows: " (2) If changes occur regarding the premises of the user or the financier or changes with regard to the legal situation of the good, the financier and the user must proceed to rectification in the Land Registry and to the the trade register office. ' 18. Paragraph 3 of Article 16 shall be repealed. 19. Article 24 shall read as follows: "" Art. 24. -Leasing companies that perfect a lease on the use of a construction or the realization and use of a construction may acquire: a) the right of use or acquisition of the land on which the work is carried out by the entrepreneur; b) the irrevocable right to purchase the construction at the expiration of the lease. " 20. After Article 24, Articles 24 ^ 1 and 24 ^ 2 are inserted with the following contents: "" Art. 24 24 ^ 1. -The income obtained by non-residents in the form of interest or royalty (lease rate) established by the contracting parties, in the case of financial or operational leasing contracts, is required in Romania, by withholding, according to the provisions of the double taxation conventions or internal legislation, as the case may be. In the case of operating leases concluded with non-resident persons, the royalty means the benefit established by the parties or all the lease (lease rate), if the contract does not identify the benefit side. Art. 24 ^ 2. -The insurance expenses of the property subject to a lease are tax deductible by the contractually obligated party to pay the insurance premiums. " 21. Article 25 shall read as follows: "" Art. 25. -(1) Mobile goods that are introduced into the country by Romanian users, natural or legal persons, on the basis of leases concluded with leasing companies, foreign legal entities, fall under the customs procedure of admission temporary, for the duration of the lease, with the total exemption from the obligation to pay the amounts related to import rights, including customs guarantees. (2) Mobile goods which are introduced into the country by leasing companies, Romanian legal entities, on the basis of leases concluded with Romanian users, natural or legal persons, fall within the customs import regime, except from the payment of the amounts related to all import duties. (3) If the user, from the fault of the leasing company or the supplier, has not exercised the right of option provided in the contract, regarding the extension of the lease term or the acquisition of the property, and the good has not been returned, the user is obliged to pay the customs duties on the residual value of the good, which may not be less than 20% of the entry value of the property. (4) In case of purchase of goods introduced in the country under the conditions of para. ((1) and (2), the user is obliged to pay the customs duty calculated at the residual value of the good from the moment of conclusion of the sales contract, which cannot be less than 20% of the entry value of the property. (5) The term under which the goods are to be returned or receive a new customs destination shall be the one agreed between the parties by the lease, but may not be more than 7 years from the date of introduction into the country of the good. ((6) Subassemblies and components introduced into the country by leasing companies for the purpose of producing goods which will be subject to leases shall be exempted from the payment of customs duties and value added tax. " + Article 5 1. Contracts concluded before the entry into force of this Law shall retain its validity. 2. Within 12 months from the publication of the present law in the Official Gazette of Romania the leasing companies have the obligation to increase their share capital, so as to have a minimum subscribed capital and shed of at least 500 million lei. 3. In case of non-compliance with the provisions provided in 2 the leasing company responsible will no longer have the right to carry out leasing operations. + Article 6 The Ministry of Finance will develop methodological norms on the accounting of leasing operations within 30 days from the publication of this law in the Official Gazette of Romania. + Article 7 Government Ordinance no. 51/1997 on leasing operations and leasing companies, as amended and with those brought by this title, will be republished in the Official Gazette of Romania, giving the texts a new numbering. + Title III Modification and completion Law no. 31/1990 on companies, republished *) -------------- + Article 8 Law no. 31/1990 on companies, republished in the Official Gazette of Romania, Part I, no. 33 of 29 January 1998, shall be amended and supplemented as follows: 1 1. Letter i) of article 8 shall read as follows: "" i) clauses regarding the management, administration, operation and control of the management of the company by the statutory bodies, its control by the shareholders, as well as the documents to which they will be able to have access to inform themselves and exercise control; ' 2. After Article 133, Articles 133 ^ 1 and 133 ^ 2 are inserted with the following contents: "" Art. 133 133 ^ 1. -(1) Between the meetings of the general meetings, at most twice during a financial year, the shareholders have the right to inform themselves on the management of the company, consulting the documents provided for in the articles of association, in accordance with art. 8 lit. i). They will be able to ask, at their expense, legalized copies of these. After consulting the shareholders will be able to refer, in writing, the board of directors, who will have to answer them all in writing, within 15 days of the registration of the complaint. (2) If the board of directors does not respond within the deadline set out in par. (1), the shareholders will be able to address the competent court, which will be able to oblige 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-the court to designate one or more experts, commissioned to analyze certain operations in the management of the company and to draw up a report, to be presented to them and, at the same time, officially handed over to the censors of the company, to be analyzed and proposed appropriate measures. (2) The fees of the experts will be borne by the company, except in cases where the referral was made in bad faith. " 3. After paragraph 2 of Article 277, paragraph 2 ^ 1 is inserted as follows: " (2 ^ 1) In existing companies, associations may modify the articles of association, providing in it the documents to which they are to have access, within the meaning of art. 8 lit. i). " + Title IV Modification and completion Law no. 64/1995 on the procedure of judicial reorganisation and bankruptcy *) ---------------- + Article 9 Law no. 64/1995 on the procedure of reorganization and judicial liquidation, published in the Official Gazette of Romania, Part I, no. 130 130 of 29 June 1995, amended and supplemented by Government Emergency Ordinance no. 58/1997 , published in the Official Gazette of Romania, Part I, no. 265 of 3 October 1997, shall be amended and supplemented as follows: 1. The title of the law will read: "" 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 debtor's liability, in cessation of payments, either by reorganizing the enterprise and its activity or by liquidating some goods from his fortune until the liability is covered, or by bankruptcy. " 3. After Article 3, insert Article 3 ^ 1 with the following contents: "" Art. 3 3 ^ 1. -(1) All expenses related to the procedure established by this law shall be borne by the debtor's property. ((2) The payments will be made from an account opened at a unit of a banking company, on the basis of provisions issued, during the reorganization procedure, by the debtor or the syndic judge, and in the course of bankruptcy, only by the syndic judge. (3) In the absence of availability in the debtor's account, the liquidation fund shall be used, consisting of the fees paid by the individuals and/or legal entities of the trade register for the services provided by him. (4) The Fund provided in par. (3) will be constituted by the 10% increase of the fees charged by the offices of the trade register. (5) The coverage of the expenses of liquidation of the companies in which the state holds the control package will be made by the Authority for Privatization and Administration of State Participations from the revenues made from privatization. " 4. Article 4 shall be supplemented by paragraph 2 with the following contents: " (2) The Tribunal and the syndic judge have the duty to ensure expeditiously the acts and operations provided for by this Law, as well as the realization under the law of the rights and obligations of the participants in these acts and operations. " 5. Article 5 shall read as follows: "" Art. 5. -All the procedures provided for by this law, except for the appeal provided for in art. 6, are of exclusive competence of the tribunal in whose jurisdiction the debtor's seat is located, which is listed in the commercial register, and are exercised by a syndic judge appointed by the president of the tribunal, under the conditions of art. 8 8. " 6. Article 6 shall read as follows: "" Art. 6. -(1) The appeal court will be the court of appeal, for the decisions given by the syndic judge, based on art. 10. (2) The appeal will be tried within 30 days from the registration of the file to the court of appeal, the citation of the parties to be made by advertising, under the conditions of art. 95 of the Code of Civil Procedure. (3) By way of derogation from art. 300 300 para. 3 and 4 of the Code of Civil Procedure, the decisions of the syndic judge, except for the rejection of the debtor's appeal-made pursuant to art. 26 26 para. 5-, will not be able to be suspended by the court of appeal. " 7. Article 7 shall be repealed. 8. Article 8 shall read as follows: "" Art. 8. -The syndic judge is nominated, in each case, by the president of the tribunal, among the judges appointed as judge-sindices, pursuant to art. 12 12 para. 3 3 of Law no. 92/1992 for the judicial organization. " 9. Article 9 shall read as follows: "" Art. 9. -In the performance of his duties the syndic judge will be able to designate, by conclusion, specialized persons, establishing their retribution. The fees will be paid in accordance with art. 3 3 ^ 1. " 10. Article 10 shall read as follows: "" Art. 10. -The main duties of the syndic judge, within the framework of this law, are: a) the opening decision of the proceedings; b) to judge the debtor's appeal against the application of the creditors for the commencement of the c) the appointment, by decision, of the administrator or the liquidator, the establishment of their duties, the control over their activity and, if applicable, their replacement; d) the adjudication of requests to raise the debtor the right to conduct his/her activity; e) to judge the actions introduced by the administrator or liquidator for the cancellation of transfers of a patrimonial nature, prior to the application; f) to judge the appeals of the debtor or creditors against the measures taken by the administrator or the liquidator; g) confirmation of the reorganization plan or, as the case may be, liquidation, after its vote by creditors; h) the decision to continue the activity of the debtor, in case of reorganization; i) the settlement of objections to the semi-annual and final reports of the administrator or the liquidator; j) giving the decision to close the procedure. " 11. Article 11 shall read as follows: "" Art. 11. -The decisions of the syndic judge are final and enforceable and will include, by way of derogation from art. 261 261 para. 4 of the Code of Civil Procedure, and the motivation. Under the law they will be able to be attacked with appeal. " 12. Article 13 shall read as follows: "" Art. 13. -(1) The known creditors will be summoned by the administrator or liquidator whenever necessary; the creditors ' meeting will be convened, however, and at the request of the creditors holding claims amounting to at least 50% of the total value of the to them. At the first meeting they will be convened by the syndic judge, under the conditions provided in art. 28. (2) At the meetings of the meeting of creditors will be attended by the debtor and 2 delegates of its employees, voting for the receivables representing salaries and other money rights. (3) A representative of the chamber of commerce and territorial industry will also be able to attend the meeting of creditors. (4) The first meeting of the creditors ' meeting shall be presided over by the syndic judge and the other by the administrator or liquidator. " 13. Article 14 shall read as follows: "" Art. 14. -(1) During the meetings of the meeting of creditors they shall have the right to analyze the debtor's situation, the measures taken by the administrator or the liquidator and their effects and to propose, motivated, and other measures. (2) The reorganization or liquidation plan will be submitted to the vote of the creditors ' meeting, under the conditions established in art. 63 63 of this law. " 14. Paragraph 1 of Article 15 shall read as follows: "" Art. 15. -(1) During the first meeting the meeting of creditors will elect, by simple majority, a committee consisting of 3-5 creditors among those with guaranteed receivables and the chirographers, who will be offered voluntarily. If this majority is not achieved, the committee will be designated by the syndic judge. " 15. Article 16 shall read as follows: "" Art. 16. -(1) The creditors ' committee is among those entitled that, when it was not proposed by the debtor or a reorganization plan was not confirmed, to ask the syndic judge to raise the debtor the right to conduct his or her activity. (2) The creditors ' committee may be authorized by the syndic judge to introduce actions for the cancellation of transfers of a patrimonial nature-made by the debtor in the fraud of creditors-, when such shares have not been entered by administrator or liquidator. ' 16. Article 17 shall read as follows: "" Art. 17. --(1) At the first meeting of the creditors of creditors creditors holding at least 50% of the total value of the claims may decide to hire an administrator-a natural person or a trading company-, establishing and retribution, regardless of whether, by the opening decision, the syndic judge appointed an administrator. (2) Dissatisfied creditors may challenge this decision within 5 days at the syndic judge, which will, as a matter of urgency and at once, resolve all appeals by a sentence, by which it will designate the administrator proposed by creditors or, as the case may be, maintains the administrator appointed by the opening decision. (3) If within the time limit set in par. (2) the decision of the creditors ' meeting is not challenged, the syndic judge, by a conclusion, will designate the administrator proposed by the creditors, while having the termination of the duties of the administrator he appointed by the opening decision of procedure. (4) The administrator, the natural person, or the permanent delegate, the natural person, of the administrative company will have to be an authorized accountant, an accounting expert, licensed in economic studies or as an engineer and to have at least 5 years of practical-economic or legal activity. (5) If the creditors do not decide to hire an administrator, the syndic judge may, on the same day, by a conclusion, appoint an administrator, if an administrator had not been appointed by the decision to open the procedure. " 17. After Article 17, Articles 17 ^ 1-17 ^ 4 are inserted with the following contents: "" Art. 17 17 ^ 1. -The main duties of the administrator, under this law, are: a) the examination of the debtor's activity in relation to the factual situation and the preparation of a detailed report on the causes and circumstances that led to the cessation of payments, with the mention of the persons to whom it would be imputable, and the submission of that report the syndic judge within 30 days of his designation; b) supervision of the debtor's patrimony management operations; c) management in whole or in part of the debtor's activity; d) determining the dates of meeting of creditors; e) the introduction of actions for the cancellation of fraudulent acts concluded by the debtor at the expense of creditors ' rights, as well as transfers of patrimonial nature, commercial operations concluded by the debtor and the establishment of guarantees granted by him, liable to prejudice the rights of creditors; f) maintaining or denouncing contracts concluded by the debtor; g) the examination of claims and, where appropriate, the wording of objections thereto; h) the pursuit of the collection of claims relating to the assets of the debtor's estate or to the amounts of money transferred by the debtor before the opening of the i) on condition of confirmation by the syndic judge, the conclusion of transactions, the discharge of debts, the discharge of the fidejusors, the renunciation of real guarantees; j) referral of the syndic judge in relation to any problem that would require a resolution by him; k) any other duties established by conclusion by the syndic judge, except those provided by law in its exclusive competence. Article 17 ^ 2. -The debtor and any of the creditors may appeal against the measures taken by the administrator. Such an appeal will have to be registered within 10 days of the date on which the measure was taken. The syndic judge will settle the appeal within 30 days of her registration, in the council chamber, being able, if she considers it necessary, to quote the objector and the administrator. Art. 17 ^ 3. -At any stage of the procedure, for thorough reasons-dol or serious fault-and under the conditions set for the appointment of the administrator, the syndic judge can replace him by conclusion. Article 17 ^ 4. -In order to fulfill his duties the administrator will be able to designate specialized persons. The appointment and level of retribution of these persons will be subject to the approval of the syndic judge. " 18. The 5th "Liquidator" shall be inserted before Article 18. 19. Article 18 shall read as follows: "" Art. 18. -In case of admission of a liquidation plan or the commencement of bankruptcy proceedings, the syndic judge will designate a liquidator, applying, accordingly, art. 17 17, art. 17 ^ 2, art. 17 ^ 3, art. 17 17 ^ 4 and art. 65 65 para. ((4). The duties of the administrator shall cease at the time of determining the liquidator's duties by the syndic 20. Article 18 shall be inserted after Article 18 ^ 1 with the following contents: "" Art. 18 18 ^ 1. -The main duties of the liquidator, under this law, are: a) examination of the debtor's activity in relation to the factual situation and with the preparation of a detailed report on the causes and circumstances that led to the cessation of payments, with the mention of the persons to whom it would be imputable, and the submission of that the report of the syndic judge within 30 days of his appointment; b) management in whole or in part of the debtor's activity; c) the introduction of actions for the cancellation of fraudulent acts concluded by the debtor at the expense of creditors ' rights, as well as of transfers of a patrimonial nature, of commercial operations concluded by the debtor and of the establishment of guarantees granted by him, liable to prejudice the rights of creditors; d) application of seals, inventory of goods and taking appropriate measures for their conservation; e) maintaining or denouncing contracts concluded by the debtor; f) the examination of claims and, where appropriate, the wording of objections thereto; g) tracking the collection of debts from the debtor's property, resulting from the transfer of goods or money made by him before the opening of the procedure; h) receipt of payments on account of the debtor and their record in the account of the debtor's estate; i) sale of goods from the debtor's property in accordance with the provisions of this law j) the conclusion of transactions, the discharge of debts, the discharge of fidejusors, the renunciation of real guarantees provided confirmation by the trade union judge; k) referral to the syndic judge with any problem that would require a resolution by him; l) any other duties established by conclusion by the syndic judge. " 21 21. The letter f) of paragraph 1 of Article 21 shall read as follows: " f) a declaration by which the debtor shows his intention to reorganize his or her business or to liquidate his wealth, according to a plan, in order to pay his debts; if this declaration is not submitted by the expiry of the deadline set at para. ((2), the debtor shall be deemed to agree with the commencement of bankruptcy proceedings. " 22. Article 25 shall read as follows: "" Art. 25. -After the registration of an introductory request the president of the tribunal will immediately nominate the syndic judge, according to art. 8 8. " 23. the following subtitle shall be inserted after Article 25: " Section 2 Opening of proceedings 24. Article 26 shall read as follows: "" Art. 26. -(1) If the debtor's request corresponds to the conditions established in art. 20, 21 and 23, the syndic judge will give an opening conclusion of the procedure, which he will notify under the conditions of art. 27. If the creditors object to this request within 15 days of the issuance of the notification, the syndic judge will quote them, together with the debtor, at a meeting as a result of which he will settle, at once, by a sentence, all the oppositions. (2) Within 48 hours from the registration of the request of the creditors/chamber of commerce and territorial industry the syndic judge will communicate the request, in copy, to the debtor and will order the display of a copy at the door of the court. (3) If within 5 days from the receipt of the copy the debtor disputes that it would be in cessation of payments, under the conditions set out in art. 24, the syndic judge will hold, within 10 days, a meeting at which the creditors who introduced the request, the debtor and the chamber of commerce and territorial industry will be quoted. (4) At the request of the debtor the syndic judge may oblige the creditors who have entered the application to record, within 5 days, at a commercial bank, a bail of no more than 30% of the value of the receivables. Bail will be returned to creditors if their application is upheld. If the application is rejected, bail can be used to cover the damage suffered by the debtor. If the bail is not recorded, the application will be rejected. (5) If the syndic judge determines that the debtor is in cessation of payments, he will reject his appeal and open the procedure by a sentence. (6) If the syndic judge determines that the debtor is not in cessation of payments, he rejects the creditors ' request and orders that the sentence be displayed at the door of the court. In the event of the rejection of the application, it shall be regarded as devoid of any effect from its registration itself. (7) If the debtor does not contest within the period provided in par. (3) that it would be in cessation of payments, the syndic judge will give an opening conclusion of the procedure. (8) By concluding or, as the case may be, the opening sentence of the procedure the syndic judge will designate, if necessary, an administrator, establishing his duties, according to art. 17 ^ 1, as well as retribution. 25 25. Subheading of Section 2 'Continuation of the procedure' is hereby repealed. 26. Article 27 shall read as follows: "" Art. 27. -Following the opening of the procedure the syndic judge will send a notification to all the creditors mentioned in the list submitted by the debtor in accordance with art. 21, to the debtor and the office of the trade register where the debtor is registered, to make the claim. " 27. Paragraph 1 of Article 28 shall read as follows: "" Art. 28. -(1) The notification shall include the convening of the meeting of the creditors ' meeting, which shall take place no later than 30 days after the opening of the proceedings, the deadline for the registration of claims on the debtor's estate and the requirements for a the registered claim is valid. '; 28. Article 29 shall read as follows: "" Art. 29. -(1) The debtor will have to submit to the case file the documents required by art. 21 21 para. (1), within 10 days from the opening of the procedure, according to art. 26 26 para. ((5) or (7). (2) Non-compliance without valid reasons for the provision provided in par. (1) is sanctioned with a civil fine of 200,000 lei per day of delay, a fine that will be charged to persons who legally represent the debtor. (3) The amount of the fine set out in par. (2) will be amended periodically, by Government decision, depending on the inflation index. " 29. Article 30 shall be repealed. 30. Article 31 shall read as follows: "" Art. 31. -From the date of opening of the proceedings all judicial or extrajudicial actions shall be suspended for the realization of claims on the debtor or his assets. " 31. Article 32 shall read as follows: "" Art. 32. -The opening of the procedure suspends any limitation periods of actions provided in art. 31. The terms will restart to run after 30 days after the closure of the procedure. " 32. After Article 32, Articles 32 ^ 1 and 32 ^ 2 are inserted with the following contents: "" Art. 32 32 ^ 1. -No interest or expense shall be added to the unsecured claims or unsecured parts of the secured claims, from the date of the opening of the proceedings, unless, through the payment schedule of the claims contained in the reorganization, derogate from the above provisions. " "" Art. 32 32 ^ 2. -(1) After the opening of the procedure was ordered according to art. 26, it is forbidden to the administrators of the company, under penalty of nullity, to dispose, without the consent of the syndic judge, the shares or their social parts, held at the debtor who is the subject of this procedure. (2) The syndic judge will order the preservation of shares or social parts, according to par. ((1), in special record books or electronically recorded accounts. " 33. Article 33 shall read as follows: "" Art. 33. -The debtor has the obligation to provide the syndic judge and administrator, in the case of reorganization, or the liquidator, in the case of liquidation or bankruptcy, all the information required by them regarding his activity and wealth, as well as the list of payments and patrimonial transfers made by him in the 90 days preceding the opening of the procedure. " 34. Article 34 shall read as follows: "" Art. 34. -Apart from the cases provided by this law or those authorized by the syndic judge, any establishment of personal or real guarantees, carried out after the opening of the procedure, will be void. " 35. Article 35 shall read as follows: "" Art. 35. -The administrator or liquidator will draw up and submit to the syndic judge, within 30 days of his appointment, a thorough report on the causes and circumstances that led to the termination of payments, with the mention of the persons to whom they would be imputable. " 36. Article 36 shall read as follows: "" Art. 36. -The actions introduced by the administrator/liquidator in application of the provisions of this section shall be exempt from stamp duty. " 37. Article 37 shall be repealed. 38. Article 38 shall read as follows: "" Art. 38. -The measures provided for in this Section shall apply both in cases of reorganisation or winding-up under a plan and in bankruptcy. " 39. Article 39 shall read as follows: "" Art. 39. -The administrator/liquidator may bring to court actions for the cancellation of fraudulent acts concluded by the debtor at the expense of creditors ' rights, in the 3 years prior to the opening of the procedure. 40. Article 40 shall read as follows: "" Art. 40. -(1) The administrator/liquidator may bring to the court actions for the cancellation of the constitutions or transfers of patrimonial rights to third parties and for their restitution of the transmitted goods and the value of other benefits executed, made by the debtor by the following acts: a) free transfer documents, carried out in the 3 years prior to the opening of the procedure; sponsorships for humanitarian purposes are exempted; b) commercial operations in which the debtor's performance exceeds the one received, carried out in the 3 years prior to the opening of the procedure; c) completed acts, in the 3 years preceding the opening of the procedure, with the intention of all parties involved in them to evade goods from the pursuit by creditors or to deny them in any other way the rights; d) acts of transfer of ownership to a creditor for extinguishing a previous debt or for its benefit, carried out in the 120 days prior to the opening of the procedure, if the amount that the creditor could obtain in case of bankruptcy of the debtor is less than the value of the transfer act; e) the establishment or completion of a real guarantee for a claim that was chirographic, in the 120 days prior to the opening of the procedure. ((2) The following commercial operations, concluded, in the year before the opening of the proceedings, with persons in legal relations with the debtor, will also be able to be cancelled and the benefits recovered, if they are in damage to the interests Creditors: a) with an associate or an associate holding at least 20% of the capital of the company, when the debtor is the respective company in the order, namely a company in the collective name; b) with a shareholder holding at least 20% of the debtor's shares, when the debtor is the respective joint-stock company; c) with an administrator, director or a member of the supervisory bodies of the debtor company on shares; d) with any other natural or legal person, holding a dominant position on the debtor or his/her activity; e) with a coindiviary on a common good. " 41. Article 41 shall read as follows: "" Art. 41. -(1) The action to cancel a transfer of a patrimonial character, according to art. 39 or 40, may be introduced by the administrator/liquidator within one year of the opening of the procedure. (2) The syndic judge may authorise the committee of creditors to bring such action, if the administrator/liquidator does not. " 42. Article 42 shall read as follows: "" Art. 42. -By exception to the provisions of art. 40 it will not be possible to request the cancellation of a transfer of patrimonial character, made by the debtor during the normal conduct of his activity. " 43. Article 44 shall read as follows: "" Art. 44. -The administrator, the liquidator or the creditors ' committee will be able to take action to recover from the subacquirer the good times the value of the good transferred by the debtor only if the undertaker has not paid the corresponding value of the good and knew that the initial transfer was 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 debtor's wealth to the maximum, the administrator/liquidator may maintain or denounce any contract, non-expired rentals or other long-term contracts, as long as these contracts will not have been fully or substantially executed by all parties concerned. The administrator/liquidator must respond, within 30 days, to a notice of the contractor, asking him to opt for the maintenance or termination of the contract; in the absence of such an answer, the administrator/liquidator will not he could still ask for the execution of the contract, which was counted (2) In case of denunciation of a contract, an action for damages may be brought by the co-contractor against the debtor. (3) With the agreement of creditors, the administrator/liquidator will be able to maintain the credit agreements and will be able to modify their clauses, so that they ensure the equivalence of future benefits of the debtor. The changes will be subject to the approval of the syndic judge, who will consider whether they are both for the benefit of the debtor's estate and in that of creditors. ....................................................................... (5) A contract of employment or rental, as a lessee, can be denounced only in compliance with the legal notice periods. (6) In a contract providing periodic payments from the debtor, the maintenance of the contract will not oblige the administrator/liquidator to make outstanding payments for the periods prior to the opening of the procedure. Requests against the debtor may be made for such payments. " 45. Article 47 shall read as follows: "" Art. 47. -If a movable property, sold to the debtor and not paid by him, was in transit at the time of the opening of the proceedings and the good is not yet available to the debtor and no other parties have acquired rights to him, then the seller can take back Good. In this case all expenses will be borne by the seller and he will have to refund the debtor any advance in the price. If the seller admits that the good will be delivered, he will be able to recover the price by enrolling his claim in the debt table. If the administrator/liquidator requests that the property be delivered, he will have to take measures to pay from the debtor's wealth the entire price due under the contract. " 46. Article 51 shall read as follows: "" Art. 51. -The fact that an owner of a rented building is debtor in this procedure will not abolish the lease, unless it will have been stipulated thus. However, the administrator/liquidator may refuse to provide the provision of any services owed by the landlord to the tenant during the rental. In this case the tenant can evacuate the building and introduce an action or still hold the property, falling from the rent that the cost of the services owed by the owner pays. If the tenant chooses to continue to own the property, he will not be entitled to any action in compensation against the debtor, but will only have the right to decrease the rent he pays the cost of the services owed by the owner. " 47. Article 52 shall read as follows: "" Art. 52. -The administrator/liquidator may denounce a contract by which the debtor has obliged to carry out certain specialized or strictly personal services, unless the creditor accepts the performance by a person designated by the administrator/liquidator. ' 48. Article 53 shall be repealed. 49. paragraphs 2 to 5 of Article 55 shall read as follows: " (2) The plan will provide for the reorganization and continuation of the debtor's activity, or the liquidation of some assets from its wealth. (3) Statement of the debtor natural person, made under the conditions of art. 21 21 para. ((1) lit. f), regarding the intention to reorganize its activity, will not be accepted nor a plan proposed by it will be accepted under the conditions of art. 62, if he has been in the last 5 years debtor in a procedure in accordance with this law or has been definitively convicted of: fraudulent banknote, fraudulent management, abuse of trust, forgery, deception, embezzlement, false testimony, giving or taking bribes, crimes against public or private property or crimes criminalized by Competition law no. 21/1996 . (4) The plan will have to be proposed within 30 days from the date of opening of the procedure. The term may be extended by the syndic judge by no more than 60 days. (5) Failure to comply with the deadlines provided in par. ((4) leads to the fall of the parties on the right to submit a reorganization or liquidation plan and, as a result, to the passage, from the disposition of the tribunal, to the bankruptcy procedure. " 50. Paragraph 2 of Article 56 shall read as follows: "(2) The reorganization plan project will indicate the ways to liquidate the liability." 51. Article 58 shall read as follows: "" Art. 58. -The reorganization plan by continuing the activity can also provide for the increase of social capital. In this case the syndic judge will convene the extraordinary general meeting of shareholders/associates, in order to decide on this measure. " 52. Article 59 shall read as follows: "" Art. 59. -(1) If the debtor's recovery depends on the replacement of one or more of its leaders, the syndic 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 the syndic judge may suspend the right to vote for the debtor's leaders, whether or not they are repaid. In these cases the syndic judge will order the appointment of a trustee to exercise the right to vote. " 53. Article 60 shall read as follows: "" Art. 60. -(1) Any service provider-electricity, natural gas, water, telephone services or the like-does not have the right, during the reorganization period, to change, refuse or temporarily interrupt such a service to the debtor or to the debtor's estate, because of the opening of the proceedings or because it did not pay for such services as previously provided for the opening (2) By way of derogation from paragraph (1) the syndic judge may, at the request of the supplier, order that the debtor submit to a commercial bank a bail, as a condition for the supplier's duty to provide him with his services, during the conduct of the procedure provided for in present law. Such bail will not be able to exceed 30% of the cost of services rendered to the debtor and unpaid. " 54. Letters c)-e) of Article 61 shall read as follows: " c) what compensation is to be offered to all categories of creditors, compared to what they would receive by distribution, if they could be made, in case of bankruptcy; d) how and to whom it will be able to be sold-partially or totally, separately or in block-the debtor's estate and what effects will be able to be obtained through this, especially in terms of continuing the use of parts of the debtor's enterprise, the use of employees, the satisfaction of creditors and the financial projects on which the possibility of carrying out the plan e) the possibility that, by way of derogation from art. 18, the liquidation operations shall be carried out by the debtor. " 55. Article 62 shall read as follows: "" Art. 62. -(1) After the submission of the plan by those entitled according to art. 55 55 para. (1) the syndic judge will order the convocation of the creditors ' meeting within 30 days. (2) The syndic judge will order, within 48 hours from the registration, the publication of the plan in the Official Gazette of Romania, Part IV, with the indication of the one who proposed it, the date when the vote will be given on the plan and the fact that it is admissible the voting by letter, with the legalization of the creditor's signature by the notary public, communicated by any means and registered with the court at least 5 days before the date fixed for the expression of the vote on the plan. In the case of a plan that would exceed 100 pages, the syndic judge will be able to approve the publication of an extract, provided that the debtor is provided with the possibility to consult the plan at its headquarters. ((3) From the moment of publication all interested parties will be considered to be aware of the plan. " 56 paragraphs (1), (2), (4), (5) and (6) of Article 63 shall read as follows: "" Art. 63. -(1) Within 30 days of the publication of the plan according to art. 62 62 para. (2) the syndic judge will hold a meeting with creditors with guarantees, with creditors with privileged claims and with the chirographers; the debtor and administrator will be quoted in writing. Shareholders and associates attend the meeting, if they are also creditors of the debtor. (2) If there are several plans, all will be subject to voting at the same meeting. ........................................................................ (4) The following categories of creditors shall vote separately: a) creditors having collateral; b) the creditors mentioned in art. 106 106 section 3 3 and 6; c) chirographic creditors. (5) At the beginning of voting the syndic judge shall inform the creditors present of the valid votes received in writing. (6) A plan shall be considered accepted by a category of creditors, if in each category the holders of a majority by the value of the receivables vote to accept the plan. " 57. Article 64 shall read as follows: "" Art. 64. -(1) A plan shall be confirmed by the syndic judge, if at least two of the categories of creditors referred to in art. 63 63 para. ((4) accept the plan. (2) If, according to par. (1), several plans may be confirmed, the syndic judge will confirm the debtor's plan. If the debtor's plan does not meet the condition provided in par. (1), the syndic judge will confirm the plan voted by the holders of the largest party of the total value of the claims. (3) A date with the confirmation of the syndic judge may impose on the debtor some conditions or limitations, consistent with the confirmed plan, for carrying out the activity. " 58. Article 65 shall read as follows: "" Art. 65. -(1) When the decision confirming a plan takes effect, the debtor's activity is reorganized accordingly; the claims and rights of creditors and other interested parties are amended as set out in the plan. In the case of a foreclosure, the confirmed plan will be counted as a final judgment against the debtor. (2) If no plan is confirmed, the court will order the syndic judge to start immediately the bankruptcy procedure, under the conditions of art. 72 72 and the following. ((3) Retribution of persons employed pursuant to art. 9 9, of art. 17 17 para. (1), of art. 17 ^ 4 and art. 18 and other administrative expenses will be paid at the time provided, as the case may be, by law, except in cases where interested parties would accept, in writing, other payment terms. The plan must state how this payment will be ensured. (4) The payment will be made quarterly, on the basis of legal documents. " 59. Article 66 shall read as follows: "" Art. 66. -The debtor will be obliged to perform without delay, the structure changes provided in the plan. The syndic judge will be able to order the administrator to supervise the debtor's activity until such measures are met, 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 declares, according to art. 21 21 para. ((1) lit. f), the intention to reorganize its activity and then the reorganization plan is confirmed, according to art. 64, by the syndic judge, he will be able to conduct his activity and manage his wealth, under the supervision of the administrator, until the syndic judge has, motivated, that the reorganization stops and the liquidation of the estate debtor, under the conditions of art. 72 72 and the following. (2) In the case of reorganization of a company, it will be led by the legally empowered persons to represent it, under the supervision of the administrator. Shareholders and associates with limited liability do not have the right to intervene in the management of the activity or in the administration of the debtor's estate. 61. In section 5 "Reorganization", Article 67 shall be inserted after Article 67 with the following contents: "" Art. 67 67 ^ 1. --(1) Within 30 days from the opening of the procedure all creditors whose claims are prior to the date of opening of the proceedings, with the exception of employees, shall submit the declaration of claims in the meeting of creditors. (2) The declaration of claims must be made even if they are not established by a title. " 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 syndic judge to approve the commencement of bankruptcy proceedings, under the terms of art. 72 72 and the following. (2) If the syndic judge approves such an application, the changes to the claims or rights of the interested parties, by the reorganization plan, shall remain final. " 63. Article 69 shall read as follows: "" Art. 69. -However, if there is a recovery in activity and an increase in the amount of the amounts to be distributed to creditors, the syndic judge may order, by conclusion, the extension of the reorganization period for a duration of that one year, however, designating an administrator under the conditions of this law, if such a designation had not already been made. " 64. Article 70 shall read as follows: "" Art. 70. -(1) The administrator who was entrusted with the management of the continuation of the debtor's activity will have to present, monthly, reports to the syndic judge on the financial situation of the debtor's estate. (2) The administrator will also present the situation of expenses incurred for the smooth running of the activity, in order to recover them, according to art. 65 65 para. ((3). On this request the syndic judge will rule by conclusion. ((3) Creditors shall be convened at the end of each quarter to hear the report and the accounting report. " 65. Article 71 shall read as follows: "" Art. 71. -If the syndic judge ordered, under the conditions of art. 69, the continuation of the debtor's activity, the creditors can still oppose it later-not more often than every 60 days-to the continuation of the activity, if the conduct of such an activity brings losses to the debtor's wealth. The registration of such an opposition shall not suspend the continuation of the activity until the syndic judge decides on it by a sentence. " 66. The title of section 6 will read as follows: "Bankruptcy" 67. Article 72 shall read as follows: "" Art. 72. -In the cases provided in art. 55 55 para. ((5), art. 65 65 para. ((2), art. 67 67 para. ((1), art. 68 68 para. ((1) and in art. 75 75 para. (3) the provisions of this section shall apply. " 68. Article 73 shall read as follows: "" Art. 73. -The opening of the procedure raises the debtor the right to manage his assets from his wealth and to dispose of them, if he has not declared himself, under the conditions of art. 21 21 para. ((1) lit. f), the intention of reorganization. 69. Article 74 shall be repealed. 70. Article 75 shall read as follows: "" Art. 75. -(1) In the absence of a reorganization plan, confirmed by the syndic judge under the conditions of art. 64, the debtor, a creditor, the committee of creditors or the chamber of commerce and territorial industry may address the syndic judge a request to raise the debtor the right to conduct his activity. (2) The syndic judge shall examine, within 10 days, such a request, in a meeting to which the debtor, creditors, administrator, creditors ' committee and the chamber of commerce and territorial industry will be quoted. The application can be admitted only motivated, among the reasons being the continuous losses from the debtor's wealth or the lack of probability of realization of a rational plan of activity. (3) If the application is admissible, the syndic judge shall also order the application immediately of the provisions of this section. " 71. Article 76 shall read as follows: "" Art. 76. -(1) Ingiven what is possible, after the opening of the procedure, if the debtor declares his intention to liquidate, the syndic judge will order the sealing of the goods belonging to the debtor's estate. When the debtor has assets in other counties, the syndic judge will be able to send notifications to the courts in those counties, in order to urgently seal the goods. ((2) The courts of other counties may seal the goods of a debtor and ex officio, after they have been found out that he has registered an application declaring his intention to liquidate. The documents drawn up by other courts, certifying that the seals were applied, will be sent to the syndic judge. " 72 72. The letter d) of paragraph 2 of Article 77 shall read as follows: "d) the cash that the liquidator will deposit with the bank on account of the debtor's estate." 73. Article 78 shall read as follows: "" Art. 78. -If the debtor's estate can be completely inventoried in a single day, the liquidator will be able to proceed immediately to the inventory, without applying the seals. In all other cases he will proceed to inventory as soon as possible. The debtor will have to be present and assist in the inventory, if the syndic judge thus has. If the debtor does not appear, he will not be able to challenge the data in the inventory. " 74. Article 79 shall read as follows: "" Art. 79. -(1) The inventory shall describe all the goods of the debtor, even those not placed under seal, and indicate their approximate value on the date of the inventory. At the request of the committee of creditors or liquidator, the syndic judge may appoint an expert, at the expense of the debtor's estate, for the valuation of the goods (2) The inventory act shall be signed by the liquidator, the debtor and the expert, if any. " 75. The paragraphs (1) to (3) of Article 80 shall read as follows: "" Art. 80. -(1) During the sealing action the liquidator will take the necessary measures for the preservation of the goods. ((2) The liquidator may at any time sell the perishable goods or those subject to imminent depreciation. Goods involving conservation expenses will be able to be sold with approval of the creditors 'committee or, in cases where it does not exist, with the approval of the creditors' meeting (3) The syndic judge will be able to order the sale of important goods from the debtor's estate-land, factories, installations-only with the prior agreement of the creditors ' meeting, given by a majority of two thirds of the value of the verified claims. " 76. Article 81 shall read as follows: "" Art. 81. -(1) The syndic judge will have to notify the opening of the bankruptcy procedure, as soon as possible, to post offices, railway stations, warehouses, port warehouses and other storage places in the constituency where they are located. the debtor has its registered office or branches or branches and asks them to be handed over to the debtor and any other communications sent to him. The syndic judge will give provisions to all banks to which the debtor has available in the accounts not to dispose of them without an order of his or the liquidator. (2) If the debtor has goods subject to transcription, inscription or registration in the real estate advertising registers, the syndic judge shall send to the courts or authorities holding these registers a copy of the opening decision of the the procedure-stating the debtor's estate-, to be made mention. " 77. Article 82 shall read as follows: "" Art. 82. -If the debtor has not presented the information required in art. 21 21 para. ((1) lit. b)-d) or improperly presented them, the liquidator may, at the expense of its wealth, hire an expert-accountant, who, using the balance sheet, accounting books and accounting and extracontable documents of the debtor, shall draw up or, as the case may be, correct them. ' 78. Article 83 shall read as follows: "" Art. 83. -(1) The liquidator will send each creditor a notification stating the deadline for the registration of claims against the debtor and the legal requirements so that they can be considered. (2) If creditors with their domicile abroad have representatives in the country, the notification will be sent to the latter. ((3) At the same time the liquidator shall ask the public notary or the court of the territorial area of the constituency in which the real estate of the debtor is located a list of the tasks that encumber it. " 79 paragraphs 2 and 4 of Article 84 shall read as follows: " (2) The claims will be presented with an application, within 30 days from the date of sending by the liquidator to the creditors of the notification provided for in art. 83 83 para. ((1). The claims will be recorded in a register that will be held at the court Registry. ................................................................ (4) All claims recorded at the court Registry will be counted valid and correct, as long as the debtor, liquidator or a creditor does not contest them, in which case the syndic judge will determine them, by sentence, validity, value, priority and guarantees. " 80. Paragraph 1 of Article 86 shall read as follows: "" Art. 86. -(1) After the expiry of the deadline for the registration of receivables the liquidator will examine as soon as possible all the receivables and the registered documents and carry out appropriate research to establish the legitimacy, the exact value and the priority of each claim. ' 81. Article 87 shall be repealed. 82. Article 90 shall read as follows: "" Art. 90. -The claims consisting of obligations, which were not calculated in monetary value or whose value is subject to change, will be calculated by the liquidator and entered in the table of receivables with the nominal value they had on the date Application registration The syndic judge will decide, by sentence, on any challenge 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 the liquidator will draw up and register at the court a preliminary table including all the obligations of the debtor, stating that they are: chirography, guaranteed, with priorities, under condition. " 84. Article 94 shall read as follows: "" Art. 94. -All creditors whose claims will have been challenged by the debtor, liquidator or another creditor will be communicated, by notification, the deadline set by the syndic judge for the meeting in which he will settle, at once, through a sentence, all appeals. The deadline shall not exceed 20 days after the notification has been issued. " 85. Article 97 shall be repealed. 86. Article 98 shall read as follows: "" Art. 98. -(1) The liquidation of the goods from the debtor's property shall be effected by the liquidator under the control of the syndic judge. (2) It shall begin immediately after the display of the table containing the obligations, mentioned in art. 95. The goods will be able to be sold in the block-as an assembly in working order-or individually. ((3) The liquidator may hire an expert-accountant to assist him in determining the prices of the goods from the debtor's estate. " 87. Article 99 shall read as follows: "" Art. 99. -(1) In case of necessity or invedered utility of the block sale, the syndic judge will designate, as the case may be, an expert or commission composed of 3 experts among those appearing on the tribunal table, who, within no more than 30 days, will file a report in which the goods to be sold together will be indicated, described and assessed, and the tasks of which, possibly, are encumbered, and the modalities of the sale will be proposed. (2) If the syndic judge has objections to the report, he will return it to the committee of experts, who will have to present it, reworked, within 15 days. (3) If the syndic judge agrees to the contents of the report, he shall immediately submit to the vote of the creditors ' meeting. If the meeting of creditors will endorse him favorably, by voting of all creditors with secured debts and with the simple majority, as the value of the receivables, of the chirographic creditors-, the syndic judge will give, through a conclusion, provision the liquidator shall carry out the liquidation acts and operations under the conditions proposed by the report. ' 88. Article 100 shall be repealed. 89. Article 101 shall read as follows: "" Art. 101. -(1) The furniture will be able to be sold directly, following the proposal of the liquidator, approved by the syndic judge. (2) The liquidator's proposal will have to identify the property through the situation on the ground and through the data in the real estate advertising registers and show the tasks it is encumbered. Before being subject to the syndic judge, the proposal will be notified to the debtor and creditors with real guarantees on the good, who will be able to make their objections within 10 days of receiving the notification. (3) The syndic judge will analyze, at once, within 15 days, the objections in a meeting, to which the liquidator, the debtor and the creditors with real guarantees on the good will be quoted, and will settle them by a sentence. (4) The sentence of the syndic judge will be notified to those mentioned in par. (3), if not following the citation, displayed at the building to be sold and published in two local newspapers of wide broadcast. ((5) The sale can be made, under penalty of nullity, only after 20 days from the date of the last publication in the newspaper. " 90. After Article 102, Article 102 ^ 1 is inserted as follows: " Art. 102 ^ 1. -The securities will be sold under the terms of Law no. 52/1994 on securities and stock exchanges. " 91. Article 103 shall read as follows: "" Art. 103. -The liquidator will conclude sales contracts; the amounts made from sales will be deposited in the account provided in art. 3 ^ 1 para. (2) and the reefs shall be handed over to the syndic judge. " 92. Article 104 shall read as follows: "" Art. 104. -(1) The funds obtained from the sale of assets from the debtor's property, constituted as mortgages or as other collateral in favor of creditors, shall be distributed in the following order: 1. taxes, stamps and any other expenses related to the sale of the respective goods, including the expenses necessary for the preservation and administration of these goods, as well as the payment of the fees of persons employed under the 18 18; 2. claims of secured creditors, comprising all capital and interest. (2) If the amounts made from the sale of these goods will be insufficient for the payment in full of the respective guaranteed claims, the creditors will have, for the difference, the chirographic claims that will come in competition with those provided for in art. 106 106 section 9 and will be subject to art. 32 32 ^ 1. If after payment of the amounts provided in paragraph (1) results in an additional difference, it will be submitted, through the care of the liquidator, to the account of the debtor's estate. (3) A creditor with a guaranteed claim is entitled to participate in any distribution of the amount, made before the sale of the property subject to his guarantee. The amounts received from this kind of distributions will be deducted from those that the creditor would be entitled to subsequently receive from the price obtained by selling the good subject to his guarantee, if it is necessary to prevent such the creditor receives more than it would have received if the good subject to his guarantee had previously been sold to the distribution. ' 93. Article 105 shall read as follows: "" Art. 105. -Every 3 months, calculated from the date of commencement of liquidation, the liquidator will present to the syndic judge a report on the funds obtained from the liquidation and from the collection of receivables and a plan of distribution between creditors. The report will also provide for the payment of its fee and the other expenses, referred to in art. 106 106 section 1. The syndic judge may extend by no more than one month the deadline for the presentation of the report and the distribution plan. The distribution plan will be registered at the court Registry and the liquidator will notify it to each creditor. One copy of the report and the distribution plan will be displayed at the courthouse door. Any creditor may object to the report and plan within 10 days of the display. Between 20 and 30 days after the notification to creditors, the syndic judge will hold, with the liquidator, the debtor and creditors, a meeting in which he will settle, at once, by sentence, all objections. " 94. Article 106 shall read as follows: "" Art. 106. -The claims will be paid, both in the case of the liquidation of some goods from the debtor's estate on the basis of the plan, and in the case of bankruptcy, in the following order: 1. fees, stamps and any other expenses related to the procedure established by this law, including the expenses necessary for the preservation and administration of goods from the debtor's estate, as well as the payment of retributions to persons employed Art. 9 9, art. 17 17 para. ((1), art. 17 ^ 4 and art. 18, subject to those provided in art. 65 65 para. ((3); 2. receivables representing loans, with interest and related expenses, granted by banking companies during the reorganization period, as well as receivables resulting from the continuation of the debtor's activity, under the conditions of art. 69 69; 3. receivables arising from employment contracts, for no more than 6 months prior to the opening of the procedure; 4. claims of the state from taxes, fees, fines and other amounts representing public revenues, according to Law no. 72/1996 on public finances; 5. under the conditions of art 104 104 para. ((3), claims secured by collateral on the goods; 6. the claims representing the amounts due by the debtor to third parties on the basis of maintenance obligations, allowances for minors or payment of periodic amounts intended to ensure the means of existence; 7. the claims representing the amounts set by the syndic judge for the maintenance of the debtor and his family, if he is a natural person; 8. receivables representing bank loans, with the related expenses and interest, of those resulting from deliveries of products, services or other works, as well as from rents; 9. other chirographic receivables. " 95. Article 107 shall read as follows: "" Art. 107. -(1) If the value of the goods from the debtor's property is less than the value of the receivables provided in art. 106 106 section 4, the syndic judge will authorize the state to exercise its rights according to the provisions Government Ordinance no. 11/1996 on the execution of budgetary claims, approved and amended Law no. 108/1996 ,, as amended. ((2) Following the sale of the goods according to Government Ordinance no. 11/1996 will be paid first the amounts of money provided in art. 106 106 section 1 1, related to the procedure for liquidation 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 goods of the debtor's estate will have been liquidated and all appeals regarding the claims will have been resolved, the liquidator will submit to the syndic judge a final report together with a general balance sheet; copies thereof will be communicated to all creditors and the debtor and will be displayed at the courthouse door. Creditors may object to the final report within 10 days of its display. Between 20 and 30 days after the communication of children to creditors and debtor, the syndic judge will hold, with the liquidator, the debtor and the creditors, a meeting in which he will consider the objections to the report, for his approval, by a sentence or, if there have been no objections, by a conclusion. " 98. Article 115 shall read as follows: "" Art. 115. -After the syndic judge approves the final report of the liquidator, he will have to make the final distribution of all funds from the debtor's estate. The funds not cleared within 90 days by those entitled to them will be deposited by the liquidator at the bank, in the account of the debtor's estate, and the statement of account, at the court. They can be used under the conditions of art. 3 ^ 1 para. ((3). ' 99. Paragraph 1 of Article 116 shall read as follows: "" Art. 116. -(1) A judicial liquidation procedure will be closed when the syndic judge has approved the final report, when all funds or assets in the debtor's estate will have been distributed and when the unsecured funds have been deposited with the bank. Following a request by the liquidator, the syndic judge will give a conclusion, closing the procedure. The conclusion will be communicated in writing to the debtor, to all creditors and the chamber of commerce and territorial industry. " 100. Article 117 will read as follows: "" Art. 117. -At any stage of the proceedings the syndic judge may give closure to the proceedings, if it finds that the existing goods are not sufficient to cover the administrative expenses and no creditor offers to advance the amounts appropriate. ' 101. Article 118 will read as follows: "" Art. 118. -The syndic judge will give an end to the closure of the proceedings even before the goods in the debtor's estate have been fully liquidated, if the claims have been completely covered by the distributions made. " 102. Article 119 will read as follows: "" Art. 119. -If at the expiry of the deadline for the registration of claims on claims the syndic judge finds that no application has been submitted, it will give a closing closure of the procedure. " 103. Article 120 will read as follows: "" Art. 120. -The closure of the procedure will be notified by the syndic judge to the debtor, all creditors and the chamber of commerce and territorial industry. Within 10 days from the receipt of the notification those interested will be able to make objections, which the syndic judge will settle, at once, by a sentence, in a meeting held no later than 30 days after the issuance of the notification. " 104. Article 121 will read as follows: "" Art. 121. -By closing the procedure of the syndic judge, the administrator/liquidator and all persons who have assisted them are discharged from any duties or responsibilities regarding the procedure, debtor and his wealth, creditors, holders of guarantees, shareholders or associates. ' 105. Article 122 will read as follows: "" Art. 122. -(1) By closing the procedure the debtor will be discharged from the obligations it had before its opening, but subject to not being found guilty of the fraudulent banknote or of payments or fraudulent transfers; in such situations he will be discharged only to the extent that they have been paid in the course of the procedure. (2) Provisions of para. ((1) shall not apply to debtors who have been subject to this procedure in the last 5 years and have benefited from the provisions of this paragraph. Compared to these debtors each creditor will retain the right to pay the rest of his claims, according to the common law. " 106. Article 127 will read as follows: "" Art. 127. -The provisions of this law shall be supplemented, in so far as their compatibility, with those of the Code of Civil Procedure and the Romanian Commercial Code. " + Article 10 (1) This law shall enter into force within 30 days from the date of its publication in the Official Gazette of Romania. (2) On the date of entry into force of this Law, the Government Emergency Ordinance no. 58/1997 to amend and supplement Law no. 64/1995 on the procedure of reorganisation and judicial liquidation. + Article 11 Law no. 64/1995 on the procedure of reorganization and judicial liquidation, with the amendments and completions brought by this law, will be republished in the Official Gazette of Romania, giving the texts a new numbering. + Title V*) Modification and completion Law no. 94/1992 on the organisation and functioning of the Court -------------- + Article 12 Law no. 94/1992 on the organization and functioning of the Court of Auditors, published in the Official Gazette of Romania, Part I, no. 224 of 9 September 1992, shall be amended and supplemented as follows: 1. Paragraph 1 of Article 1 shall read as follows: "" Art. 1. -(1) The Court of Auditors shall be the autonomous administrative authority for financial control exercising and judicial powers over the training, administration and use of the financial resources of the State and of the public sector. " 2. After paragraph 1 of Article 1, paragraph 1 shall be inserted with the following contents: "(1 ^ 1) The Court of Auditors operates in addition to the Romanian Parliament and operates 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: The subsequent control department, the Judicial Section, the Judicial College of the Court, the Chambers of County Accounts and the General Secretariat. " 4. Paragraph 2 of Article 11 shall be repealed. 5. Paragraph 2 of Article 16 shall read as follows: "(2) By its control the Court of Auditors shall follow the law in the management of material and monetary means." 6 6. The letter e) of Article 17 shall read as follows: "e) the establishment, administration and use of public funds by the autonomous administrative authorities and public institutions established by law, as well as by the autonomous social security bodies of the State." 7 7. The letter f) of Article 17 shall read as follows: " f) the situation, evolution and administration of public and private assets of the state and administrative-territorial units by public institutions, autonomous regions, companies and national companies, as well as concession or the rental of goods belonging to the public property. '; 8 8. Letters c) and d) of Article 19 shall be repealed. 9. Article 20 shall read as follows: "" Art. 20. -(1) The control of the execution of the budgets of the Presidency, Government, Supreme Court of Justice and Constitutional Court shall be exercised exclusively by the Court of Auditors. (2) The Court of Auditors shall control the execution of the budgets of the Chamber of Deputies and the Senate only at the request of the The result of the check shall be submitted to the Permanent Bureau ((3) The control of the budget of the Court of Auditors shall be exercised by a committee established for that purpose by the two Houses of Parliament. (4) The Court of Auditors shall submit to the Parliament, for approval, the implementation of the proposed budget in the first session of each year, with the opinion of the ((3). ' 10. Article 21 shall read as follows: "" Art. 21. -The control exercised by the Court of Auditors is subsequently and concerns compliance with legal provisions on the management and use of public funds. 11. Articles 22 to 26 of Section 2 "Preventive control" of Chapter III "Control duties" shall be repealed. 12 12. The letter a) of Article 31 shall read as follows: "a) the legality of the concession or lease of public property;" 13. Article 49 shall be repealed. 14. Article 50 shall read as follows: "" Art. 50. -The jurisdictional college of the county accounts chamber and the city of Bucharest judges the cases covered by art. 45-48 on administrative-territorial units and public institutions, autonomous regions of local interest, as well as branches or subsidiaries of autonomous regions of national interest that are based on the territory of the county where the room operates of county accounts. " 15. Paragraph 2 of Article 54 shall read as follows: " (2) Also, the Judicial Section judges, as a last resort, appeals in the interest of the law, declared against the final decisions of the judicial colleges, given in the cases provided in art. 48 48. " 16. Paragraph 1 of Article 57 shall read as follows: "" Art. 57. -(1) The jurisdictional college shall be invested by the conclusion of the complete referral constituted according to art. 36 36 para. (1), by the act of referral of the financial prosecutor, by the appeal introduced by the person liable to pay against the act of imputation and by the welcome introduced against the decision issued, according to art. 94 94 para. (1), by the heads of the control compartments of the county accounts chambers. " 17. Chapter IV "Judicial attributions" shall be completed, after section 5, with section 5 ^ 1 "You shall attack the courts". 18. After Article 84, Articles 84 ^ 1-84 ^ 5 shall be inserted as follows: "" Art. 84 84 ^ 1. -(1) Against the decisions rendered in the first and last instance by the colleges of jurisdiction of the chambers of county accounts and of the city of Bucharest, as well as of the conclusion provided in art. 67 67 para. (3), an appeal may be made to the administrative section of the appeal court in whose constituency the chambers of accounts and the city of Bucharest are based. (2) Against the decisions rendered in the first and last instance by the Judicial College of the Court of Accounts can be appealed to the Administrative Court Section of the Bucharest Court of Appeal. Art. 84 ^ 2. -Against the decisions handed down in the last instance by the Judicial Section of the Court of Auditors can be appealed to the Administrative Court Section of the Supreme Court of Justice. The same section of the Supreme Court of Justice can also appeal against the judgments handed down by the Court of Auditors, in the panel of five accounts advisers. Art. 84 ^ 3. -The appeals provided in art. 84 84 ^ 1 and 84 ^ 2 shall be made within 15 days of the communication of the judgment delivered by the above-mentioned courts of jurisdiction. Art. 84 ^ 4. -(1) Solving the appeals, the competent administrative departments may accept or reject them. ((2) In the case of admission of the appeal, the competent administrative courts may retain the cases for the trial or send them for settlement, again, to the court of jurisdiction of the Court of Auditors system which has ruled the judgments against which appeals have been made to the administrative courts. Art. 84 ^ 5. -The irrevocable decisions of the administrative courts shall be transmitted to the courts of execution in the system of the Court of Auditors. " 19. Paragraph 2 of Article 86 shall read as follows: "" (2) On the basis of the final decisions of the jurisdiction bodies of the Court of Auditors system or, where applicable, on the basis of irrevocable decisions rendered by the administrative courts, the executing court shall immediately communicate to the bodies territorial powers of the Ministry of Finance or, as the case may be, to the creditor legal person an order for the execution of civil damages and interest or other amounts due to the state, administrative-territorial units or public institutions and of the costs, this order constituting an enforceable title. " 20. Article 87 shall read as follows: "" Art. 87. -For the duration of forced execution, based on the enforceable title provided in art. 86 86, interested persons may appeal to the execution according to the provisions of the Code of Civil Procedure. " 21 21. Texa second of Article 89 "operations not preemptively carried out by the Court and executed on the basis of Government decisions" shall be deleted. 22. The first sentence of Article 92 shall read as follows: "" Art. 92. -The Court of Auditors, as a financial control body, in carrying out the tasks conferred on it by the law, also has jurisdiction: " 23 23. Letter b) of Article 92 shall be repealed. 24 24. The letter g) of Article 121 shall read as follows: "g) to issue binding instructions for the financial control bodies of the Court of Auditors necessary for the smooth exercise of its competence." 25. Article 131 shall read as follows: "" Art. 131. -By acts of imputation, within the meaning of this law, it is understood the imputation decisions and the payment commitments made in writing as a result of the control acts prepared by the members of the Court of Auditors. " + Article 13 The cases regarding the complaints brought against the minutes of finding and sanctioning the contraventions, concluded by the control bodies of the Court of Accounts, on the date of entry into force of the present law at the jurisdictional colleges, will be transmitted to the competent courts. + Article 14 The notion of recourse in the law is replaced by the notion of judicial recourse, and the notion of appeal in the interest of the law is replaced by the notion of appeal + Article 15 The provisions of art. I section 3 3, 4, 10, 11 and 21 become applicable on the date of entry into force of the law on the internal financial control of public institutions and the use of public funds. + Article 16 Law no. 94/1992 on the organization and functioning of the Court of Auditors, published in the Official Gazette of Romania, Part I, no. 224 224 of 9 September 1992, as amended and supplemented by Law no. 59/1993 , as well as with the amendments and completions of this law, will be republished in the Official Gazette of Romania, Part I, giving the articles a new numbering. + Title VI Repealed ----------- Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Chapter I Repealed ----------- Head. I of Title VI was repealed by lit. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 1 Repealed. ----------- Art. 1, Cap. I of Title VI was repealed by lit. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 2 Repealed. ----------- Art. 2, Cap. I of Title VI was repealed by lit. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 3 Repealed. ----------- Art. 3, Cap. I of Title VI was repealed by lit. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 4 Repealed. ----------- Article 4, Cap. I of Title VI was repealed by lit. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 5 Repealed. ----------- Art. 5, Cap. I of Title VI was repealed by lit. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 6 Repealed. ----------- Art. 6, Cap. I of Title VI was repealed by lit. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 7 Repealed. ----------- Article 7, Cap. I of Title VI was repealed by lit. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 8 Repealed. ----------- Art. 8, Cap. I of Title VI was repealed by lit. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 9 Repealed. ----------- Art. 9, Cap. I of Title VI was repealed by lit. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 10 Repealed. ----------- Article 10, Cap. I of Title VI was repealed by lit. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 11 Repealed. ----------- Art. 11, Cap. I of Title VI was repealed by lit. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 12 Repealed. ----------- Article 12, Cap. I of Title VI was repealed by lit. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Chapter II Repealed ----------- Head. II of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 13 Repealed. ----------- Art. 13, Cap. II of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 14 Repealed. ----------- Article 14, Cap. II of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 15 Repealed. ----------- Article 15, Cap. II of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 16 Repealed. ----------- Article 16, Cap. II of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 17 Repealed. ----------- Article 17, Cap. II of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 18 Repealed. ----------- Art. 18, Cap. II of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 19 Repealed. ----------- Article 19, Cap. II of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 20 Repealed. ----------- Art. 20, Cap. II of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 21 Repealed. ----------- Art. 21, Cap. II of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 22 Repealed. ----------- Article 22, Cap. II of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 23 Repealed. ----------- Article 23, Cap. II of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 24 Repealed. ----------- Article 24, Cap. II of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 25 Repealed. ----------- Art. 25, Cap. II of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 26 Repealed. ----------- Art. 26, Cap. II of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 27 Repealed. ----------- Article 27, Cap. II of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Chapter III Repealed ----------- Head. III of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 28 Repealed. ----------- Article 28, Cap. III of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 29 Repealed. ----------- Art. 29, Cap. III of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 30 Repealed. ----------- Article 30, Cap. III of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 31 Repealed. ----------- Art. 31, Cap. III of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 32 Repealed. ----------- Art. 32, Cap. III of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 33 Repealed. ----------- Art. 33, Cap. III of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 34 Repealed. ----------- Art. 34, Cap. III of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 35 Repealed. ----------- Art. 35, Cap. III of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 36 Repealed. ----------- Art. 36, Cap. III of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 37 Repealed. ----------- Article 37, Cap. III of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 38 Repealed. ----------- Art. 38, Cap. III of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 39 Repealed. ----------- Art. 39, Cap. III of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 40 Repealed. ----------- Art. 40, Cap. III of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 41 Repealed. ----------- Art. 41, Cap. III of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 42 Repealed. ----------- Art. 42, Cap. III of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 43 Repealed. ----------- Art. 43, Cap. III of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 44 Repealed. ----------- Article 44, Cap. III of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Chapter IV Repealed ----------- Head. IV of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 45 Repealed. ------------ Art. 45, Cap. IV of Title VI was repealed by art. 34 of ORDINANCE no. 89 89 of 29 August 2000 , published in MONITORUL OFFICIAL no. 423 423 of 1 September 2000. + Article 46 Repealed. ------------ Art. 46, Cap. IV of Title VI was repealed by art. 34 of ORDINANCE no. 89 89 of 29 August 2000 , published in MONITORUL OFFICIAL no. 423 423 of 1 September 2000. + Article 47 Repealed. ------------ Article 47, Cap. IV of Title VI was repealed by art. 34 of ORDINANCE no. 89 89 of 29 August 2000 , published in MONITORUL OFFICIAL no. 423 423 of 1 September 2000. + Article 48 Repealed. ------------ Article 48, Cap. IV of Title VI was repealed by art. 34 of ORDINANCE no. 89 89 of 29 August 2000 , published in MONITORUL OFFICIAL no. 423 423 of 1 September 2000. + Article 49 Repealed. ----------- Art. 49, Cap. IV of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 50 Repealed. ----------- Article 50, Cap. IV of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 51 Repealed. ------------ Article 51, Cap. IV was repealed by art. 34 of ORDINANCE no. 89 89 of 29 August 2000 , published in MONITORUL OFFICIAL no. 423 423 of 1 September 2000. + Article 52 Repealed. ------------ Art. 52, Cap. IV was repealed by art. 34 of ORDINANCE no. 89 89 of 29 August 2000 , published in MONITORUL OFFICIAL no. 423 423 of 1 September 2000. + Article 53 Repealed. ----------- Art. 53, Cap. IV of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 54 Repealed. ----------- Art. 54, Cap. IV of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 55 Repealed. ----------- Art. 55, Cap. IV of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 56 Repealed. ----------- Art. 56, Cap. IV of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 57 Repealed. ----------- Art. 57, Cap. IV of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 58 Repealed. ----------- Art. 58, Cap. IV of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 59 Repealed. ----------- Art. 59, Cap. IV of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 60 Repealed. ----------- Art. 60, Cap. IV of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 61 Repealed. ----------- Art. 61, Cap. IV of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Chapter VI Repealed ----------- Head. VI of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 90 Repealed. ----------- Art. 90, Cap. VI of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 91 Repealed. ----------- Art. 91, Cap. VI of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 92 Repealed. ----------- Art. 92, Cap. VI of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 93 Repealed. ----------- Art. 93, Cap. VI of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 94 Repealed. ----------- Art. 94, Cap. VI of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 95 Repealed. ----------- Art. 95, Cap. VI of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 96 Repealed. ----------- Art. 96, Cap. VI of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Chapter VII Repealed ----------- Head. VII of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 97 Repealed. ----------- Art. 97, Cap. VII of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 98 Repealed. ----------- Art. 98, Cap. VII of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 99 Repealed. ----------- Art. 99, Cap. VII of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 100 Repealed. ----------- Art. 100, Cap. VII of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 101 Repealed. ----------- Art. 101, Cap. VII of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 102 Repealed. ----------- Art. 102, Cap. VII of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 103 Repealed. ----------- Art. 103, Cap. VII of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 104 Repealed. ----------- Art. 104, Cap. VII of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. + Article 105 Repealed. ----------- Art. 105, Cap. VII of Title VI was repealed by letter. u) a art. 230, Cap. X of LAW no. 71 71 of 3 June 2011 , published in MONITORUL OFFICIAL no. 409 409 of 10 June 2011. This law was adopted under the conditions of art. 113 of the Romanian Constitution, following the employment, at the joint meeting of May 20, 1999, of the Government's responsibility before the Chamber of Deputies and the Senate. CHAMBER OF DEPUTIES PRESIDENT ION DIACONESCU SENATE PRESIDENT PETRE ROMAN ----------