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The document ceased to be valid since  December 22, 2017 according to article 19 of the Law of the Republic of Moldova of  November 23, 2017 No. 246, except for:

- parts (2) – (4) Articles 7, which are applied before the end of procedure of reorganization of the state companies

LAW OF THE REPUBLIC OF MOLDOVA

of June 16, 1994 No. 146-XIII

About the state company

(as amended on 21-07-2017)

The parliament of the Republic of Moldova adopts this law.

This law determines legal, organizational and economic conditions of creation, functioning and termination of activities of the state company.

Chapter I General provisions

Article 1. State company

(1) the company at which 100 percent of the authorized capital belong to the state is State.

(2) the State company (further - the company) is independent business entity with the right of the legal entity which performs business activity on the basis of the state-owned property transferred to its economic jurisdiction.

(3) Control of activities of the company is exercised by state bodies according to the Law on entrepreneurship and the companies, this law and other legal acts.

(4) the Company answers for the obligations all the property. The state body does not answer for obligations the company created by it. The company does not answer for obligations the state body which founded it.

(5) the Company acquires the rights of the legal entity from the date of its registration in body of state registration. The company has the firm (name) with indication of "the state company" or reducings "I.S". and core activity, address, settlement accounts. On the letterhead of the company its state identification number is specified.

(6) the Company has the right to open branches and representations, and also with the permission of the state body and body controlling observance of the antitrust law which founded it to be part of associations, concerns, consortia and other national associations of the companies based on contracts with other business entities.

Article 2. Procedure for creation and registration of the company

(1) the Resolution on creation of the company is accepted by the Government according to the offer of the central industry or other administrative authority. Functions of the founder of the company are performed on behalf of the Government by the body specified in the order of the Government.

(2) Constituent documents of the company are the decision of the founder on its creation and the charter of the company. The approximate charter of the state company affirms the Government.

(3) the Charter of the company affirms the founder and contains the following data:

a) the firm (name) including reduced and the company location;

b) date and number of the decision of the founder on creation of the company, location of the founder;

c) types of activity;

d) the term of activities of the company (in the absence of these terms the company is considered created sine die);

e) structure of the property transferred to the economic jurisdiction to the company and the size of the authorized capital;

f) the plan and the size of the parcel of land occupied by the company;

g) responsibility of the company for the obligations;

h) governing bodies and control, their competence, procedure for forming and activities;

i) procedure for distribution and use arrived, and also coverings of losses;

j) procedure for reorganization and liquidation of the company.

(4) the charter can include also other conditions of creation and activities of the company which are not contradicting the legislation.

(5) Registration and re-registration of the company is made according to the legislation.

Chapter II Property of the company

Article 3. Structure of property and procedure for its use

(1) the parcel of land, the main and current assets, and also other values which cost is reflected in separate balance of the company enter Into structure of the property transferred to the company to the economic jurisdiction.

(2) the Procedure for ownership, use and order of property of the company is determined by the legislation and the charter of the company.

(The Company keep 3), it shall is rational to use and increase the property which is available for it and to insure it.

(The Company cannot lease 4) without the permission of the founder, property employment or free use or pledge the property, participate this property in activities of non-state structures and perform investment in other state.

Article 4. Authorized capital

(1) the Size of the authorized capital and procedure for its change are determined by the charter of the company.

(2) Sources of forming of the authorized capital are:

a) material fees of the founder;

b) capital investments at the expense of grants and profit;

c) voluntary conveyances of property;

d) other sources which are not forbidden by the legislation.

Chapter III Enterprise management

Article 5. Bases of management

Enterprise management is exercised according to this law, other regulations and the charter of the company.

Article 6. Founder and his powers

(1) the Founder performs the rights on enterprise management through administrative board and the managing director of the company (executive body).

(2) Founder:

a) approves the charter of the company, change and amendment to it;

b) brings economic indicators to the company;

c) pursues single industry technical policy;

d) appoints and recalls members of administrative board;

e) appoints and dismisses the managing director of the company for the offer of administrative board;

f) delegates property and the powers on implementation of business activity to the managing director on the basis of the agreement (contract).

(3) the Agreement regulates the relations between the founder and the managing director, determines the rights and obligations of the parties, including restriction of rights to use and the order with property, provides procedure and payment terms of work of the managing director and financial responsibility of the parties, agreement cancelation conditions. The standard agreement (contract) between the founder and the managing director - the head of the state company is established by the Government.

(4) the Founder has no right to interfere with activities of the company after the conclusion of the contract with the managing director, except as specified, stipulated by the legislation and the agreement.

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