LAW OF THE REPUBLIC OF MOLDOVA

of April 25, 2002 No. 1007-XV

About production cooperatives

The parliament adopts this organic law.

Chapter I General provisions

Article 1. Production cooperative

(1) the Production cooperative (further - cooperative) is the company created by five or more physical persons for implementation jointly of the productive and other economic activity based mainly on personal labor of his members and cooperation of shares in the capital of cooperative (further - share).

(2) the Cooperative is the company of private law with the status of the legal entity pursuing revenue generating purpose (including commercial).

Article 2. Principles of the organization and activities

The organization and activities of cooperative are performed on the basis of the following principles:

a) voluntariness of the accession to cooperative and free exit from it;

b) the management of activities of cooperative based on democratic principles;

c) community of labor interests, economic assistance and mutual assistance of his members;

d) open entry to information on activities of cooperative.

Article 3. Regulation of activities of production cooperative

(1) Activities of production cooperative are regulated by the laws and regulations of the Government.

(2) Provisions of this law are applied to production cooperatives with the status of the social company or integration social company in that measure in what they do not contradict provisions of Chapter VI-1 of the Law on entrepreneurship and the companies No. 845/1992.

Article 4. Property of cooperative

(1) the Cooperative has own property isolated from property of his members.

(2) the Property of cooperative is formed of the money and property transferred to its equity, profits, donations, the credits and loans and also of other property acquired according to the law.

Article 5. Membership in cooperative

The physical persons which reached 16-year age, corresponding to provisions of the charter of cooperative and made contribution to the account of share can be members of cooperative.

Article 6. Obligations and responsibility of cooperative

(1) the Cooperative shall:

a) fulfill the obligations to the members determined by this law, the charter and regulations of cooperative;

b) submit to authorized state bodies the annual specialized statement according to this law;

c) carry out other obligations according to the law.

(2) the Cooperative bears responsibility according to the obligations all property belonging to it on the property right.

(3) the Cooperative does not answer for obligations the members.

Chapter II Organization and registration of cooperative

Article 7. Constituent document

The constituent document of cooperative is the charter.

Article 8. Constituent assembly

(1) Constituent assembly:

a) chooses (appoints) governing bodies of cooperative;

b) designates person who will be engaged in state registration of cooperative;

c) resolves other issues connected with organization and the beginning of activities of cooperative.

(1-1) Constituent assembly is the body created by founders for the solution of the questions connected with organization of cooperative. After goal achievement - the beginning of activities of cooperative - the constituent assembly gets out of hand.

(2) at the constituent assembly persons which signed the charter of cooperative (founders) have the Voting power.

(3) At the constituent assembly each founder has one voice.

(4) the Solution of the constituent assembly is recognized valid if at least two thirds of total number of founders voted for it.

(5) the Protocol of the constituent assembly is signed by the chairman and the secretary of meeting.

Article 9. Charter of cooperative

(The Charter of cooperative shall contain 1):

a) name of cooperative, its location;

b) purpose and object of activity of cooperative;

c) conditions and procedure for acceptance in cooperative and exceptions of cooperative, and also the basis and the procedure of exception;

d) form of labor participation of members of cooperative in its activities;

e) payment procedure of work of members of cooperative;

f) the minimum size of share, condition and terms of implementation of deposits to the account of share, responsibility for violation of obligations on implementation of these deposits, and also evaluation procedure of cost of property deposits to the account of share;

g) deposits of members of cooperative to the authorized capital, procedure and terms of their introduction;

h) method of representative office of cooperative;

i) procedure for alienation of share;

j) competence of general meeting and procedure for its convocation, quorum and other conditions necessary for recognition of its decisions valid;

k) competence, structure, procedure for election (appointment) and activities of council of cooperative, audit committee, chairman of cooperative and other governing bodies of cooperative;

l) procedure for forming of the authorized capital and reserves (funds) of cooperative;

m) procedure for distribution of net profit of cooperative among his members;

n) procedure for covering of balance sheet losses of cooperative;

o) list of affiliated enterprises, branches and representative offices of cooperative;

p) procedure for provision of information to members of cooperative;

q) procedure for reorganization and liquidation of cooperative.

(2) the Charter of cooperative may contain also other provisions which need is caused by this law or other legal acts.

(3) the Provisions of the charter of cooperative contradicting the legislation are recognized invalid from the date of their acceptance.

(4) the Charter is signed by all founders.

(5) Provisions of the charter of cooperative are obligatory for execution by members and officials of cooperative.

(6) Any changes and additions made to the charter of cooperative are recognized valid from the date of their state registration according to the procedure, established by the law. In case of input in the authorized capital of cooperative of the real estate transferred to the account of cost shares from property of agricultural enterprises, changes in the charter of cooperative are not obligatory.

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