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Definition
Article 158
- (1)
- A joint stock company is a company the capital stock of which is divided into shares. The company shall be liable before its creditors with its assets.
- (2)
- The trade name of the joint stock company shall include the extension "aktsionerno druzhestvo" [joint stock company] or the abbreviation "AD".
Number of Founders
Article 159
- (1)
- The founders of a joint stock company might be one or more than one natural or legal persons.
- (2)
- In certain cases provided by law a joint stock company may be formed by one person. The constitutive deed shall approve the by-laws, specify the system of management and appoint the first supervisory board or board of directors and set their mandate.
Founders
Article 160
- (1)
- Founders are those persons who have registered shares at the constitutive deed of the company.
- (2)
- Persons declared bankrupt may not be founders.
Capital and Shares
Article 161
- (1)
- The capital stock and the value of the shares shall be designated in BGN.
- (2)
- The minimum value of the capital stock shall be 50,000 BGN.
- (3)
- The minimum amount of the capital stock required for performing banking or insurance activities shall be determined by a separate law.
- (4)
- The capital stock must be fully subscribed.The company cannot subscribe shares from its capital stock. In case the said prohibition is violated, the founders shall be jointly liable for the installments for the registered stocks.
Nominal Value of a Share
Article 162
The minimum nominal value of a share shall be 1 BGN . Larger nominal values of shares must be determined in integer BGN.
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