State Gazette No. 100/31.10.1997

TRANSITIONAL AND CONCLUDING PROVISIONS

In respect of pending applications for registration the court shall, where necessary, fix a period of time for the parties concerned to bring their Articles of Incorporation, Articles of Association respectively, in compliance with the provisions of this Law.

(1)

(Amended - SG 39/1998)Where a company has been incorporated for the exclusive purpose to participate in a privatisation transaction concluded by persons under Article 25, paragraph (3) and Article 31 paragraph (1) of the Law on Transformation and Privatisation of State-Owned and Municipal-Owned Enterprises, the required minimum capital shall be as follows:

1.

for a limited liability company - BGN 500, where the shares may not be less than BGN 1 each;

2.

for a joint-stock company and partnership limited by shares, where formed by subscription - BGN 10,000, where formed without subscription - BGN 5,000.

(2)

A company under paragraph (1) above may not conclude transactions other than such necessary for participation in the privatisation.

(3)

After completion of the privatisation transaction a company under paragraph (1) should forthwith bring its capital in compliance with the requirements of Article 117, paragraph (4), and Article 161, paragraph (2) respectively.

(4)

Where the company under paragraph (1) fails to conclude the privatisation transaction, it shall be dissolved within three months following the completion of the privatisation procedure.

(1)

The existing limited liability companies, joint-stock companies and partnerships limited by shares shall be bound to bring their capital in compliance with the minimum required by law and to request registration of such circumstances in the commercial register within one year following the coming of this Law into force.

(2)

In the cases under paragraph (1), for the purposes of entering in the commercial register a decision about increase of joint stock company capital, it shall be required not less than 25 percent of the capital amount after the increase to be paid in.

Where a company fails to meet its obligations under § 7, the provisions of Article 155, item 2, and Article 252, item 5, respectively, shall apply.

This Law was adopted by the 38th National Assembly on 22 October 1997 and the State Seal has been affixed to it.

Chairman of the National Assembly: Yordan Sokolov

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