Slovak Financial Law News 2004

Act on European Economic Interest Grouping

Act No. 177/2004 Coll. on the European Economic Interest Grouping amending and supplementing the Act No. 595/2003 Coll. on Income Tax

The act regulates the position and legal relationships of the European Economic Interest Groupings (the ``Grouping'') having its registered seat in the territory of the Slovak Republic if they are not regulated by the special law. The Council Regulation (EEC) No. 2137/85 on the European Economic Interest Grouping is thus implemented by this act. The aim of the Grouping is association of entrepreneurs for the purpose of performance of a certain supplementary, auxiliary activity alongside their main business activities.

The Grouping is a legal entity which is registered in the Commercial Registry. The business name of the Grouping must contain the designation ``European Economic Interest Grouping or the abbreviation ``EEIG (in Slovak: EZHZ''). The Grouping is established by the Foundation Agreement and shall be incorporated on the date when it is registered in the Commercial Registry and shall expire on the date of deletion from the Commercial Registry. The statutory body of the Grouping is one or more executives.

The Act came into force on 1 May 2004.