of July 30, 1997 No. 717
About approval of the Regulations on procedure for release, the address and repayment of debentures
In pursuance of the Law on restructuring of the N 958-XIII companies of July 19, 1996 and for the purpose of streamlining of process of debt restructuring of economic agents and establishment of single procedure for release, the address and repayment of debentures the Government of the Republic of Moldova DECIDES:
1. Approve Regulations on procedure for release, addresses and repayments of debentures (are attached).
2. Determine that the economic agents who concluded with Board of creditors memorandums agreements on restructuring issue debentures according to the specified provision.
3. Impose control of observance of this resolution by the companies which concluded memorandums agreements on restructuring on Board of creditors.
Prime Minister of the Republic of Moldova
Regulations on procedure for release, the address and repayment of debentures (further - provision) are developed in pursuance of the Law on restructuring of the N 958-XIII companies of July 19, 1996; it establishes single procedure for release, the address and repayment in the territory of the Republic of Moldova of debentures.
The debenture - the credit document representing the commitment debt obligation constituted according to requirements of this provision and granting to its owner the right after term to demand from the debtor of payment of the amounts of debt and percent specified in it (if percent are provided by issue conditions).
Without being security, the debenture represents the tool necessary for accomplishment of technical and financial transaction on prolongation of debts by the companies performing restructuring based on memorandums agreements.
The procedure for the address in the territory of the Republic of Moldova of debentures is regulated according to the Civil code and other existing legal acts.
The issuer of debentures is legal entity who on its own behalf issues debentures and shall fulfill the obligations determined by conditions of their issue.
Issue conditions, other data given in the appendix N 1 to this provision without fail come down in the single document - the prospectus of the issue published by the issuer in the form of the separate brochure the circulation necessary for acquisition by all potential holders of debentures for the purpose of acquaintance.
The prospectus of the issue shall join only reliable data.
Responsibility for completeness and accuracy of the data, included in the prospectus of the issue the issuer bears.
The register of holders of debentures is the unified system of records containing data on each registered owner. Maintaining the specified register is included into competence of the issuer.
The debenture has cash equivalent and is issued with any nominal value provided by the prospectus of the issue.
The form of the debenture is made by typographical method according to the sample given in the appendix N 2 to this provision and shall be protected from unauthorized replication.
Debentures are issued and transferred only to legal entities registered in the territory of the Republic of Moldova.
The potential holder of the debenture before its transfer shall be informed of the prospectus of the issue.
The concession to other person is allowed by the holder of the debenture if it does not contradict the current legislation or the prospectus of the issue or is not connected with physical person.
With acquisition of the debenture the rights providing accomplishment of obligations according to the debenture are transferred.
The holder of the receipt (creditor) who yielded debt obligation to other person shall transfer it the debenture after entering of corresponding changes into the register and certificates by the issuer on the form of the debenture of the deed of conveyance (seal and the signature of the head and chief accountant of the issuer).
The initial holder (creditor) answers to the new creditor for invalidity of the obligation transferred to him and is not responsible for non-execution by the issuer (debtor) of this debt obligation, except cases when the initial creditor assumed the guarantee for the debtor before the new creditor.
Transfer by the issuer of the debt on other person is allowed only with the consent of the holder of the debenture (creditor).
Debentures are not subject to export from the territory of the Republic of Moldova.
Circulation period of debentures shall not exceed 5 years and there cannot be more effective period of the concluded memorandums agreements.
After receipt circulation period the opportunity of acquisition of the shares issued by the issuer can be given to its owner if it is provided by the prospectus of the issue.
Payment of the debentures issued by the debtor begins with the repayment date specified in the text of the receipt and in the prospectus of the issue. Payment (repayment in time) is made based on the shown receipt.
If debentures are not shown for payment in the established day, percent on amount of debt for the overdue period are not charged. In similar case the debtor (issuer) has the right to transfer the debenture amount on on-demand deposit addressed to the owner of the receipt with reference of percent on the income of the issuer.
The debtor performs repayment of debentures at the expense of the money accumulated on the settlement account by means of the payment order, specifying purpose of payment - "for repayment of the debenture", date, month and year - figures.
In case of default of debentures in the established day because of the debtor (issuer) the penalty fee for each day of delay according to the current legislation shall be provided in the prospectus of the issue.
The issuer can settle ahead of schedule the receipts if it is provided by the prospectus of the issue.
to Regulations on procedure for release, the address and repayment of debentures
Information included in the prospectus of the issue of debentures
I. Data on the issuer
1. Full and abbreviated name of the issuer and his form of business.
2. Date and number of state registration of the issuer as legal entity, name of the body responsible for registration.
3. Legal address of the issuer.
4. Core activities of the issuer and share of each type in the amount of completed work (services) and in profit (income) of the issuer.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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