Act No. 142 / 1996 Coll.
Act amending and supplementing Act No. 513 / 1991 Coll., Commercial Code, as amended, and amending Act No. 99 / 1963 Coll., Civil Code, as amended
Valid
Law
Effective from 01.07.1996
142
THE LAW
of 25 April 1996
amending and supplementing Act No. 513 / 1991 Coll., Commercial Code, as amended, and amending Act No. 99 / 1963 Coll., Civil Code, as amended
Parliament has decided on this law of the Czech Republic:
Transitional provisions
1. Stock companies registered on the date of entry into force of this Act are obliged to adapt their statutes to the new legislation by 30 June 1997. The provisions of the Statutes which are contrary to Article I of this Act shall cease to apply on the date of its application.
2. If, on the date of application of this law, proceedings have already been initiated in matters of registration, the application shall be completed in accordance with the existing rules unless the applicant removes the application or changes the proposal.
3. Where the general meeting of a public limited liability company has decided to increase or reduce the capital, to abolish the public tradeability of shares, to change the form of shares or to restrict the transferability before the date of application of this law, it shall be treated in accordance with the existing rules, unless the general meeting decides otherwise.
4. If that law requires a public limited liability company to establish a reserve fund on the basis of the acquisition of its own shares, it shall be obliged to set up that reserve fund in respect of shares held by it at the date of its effective application by 30 June 1997 at the latest, otherwise it shall sell its own shares or provisional notes or reduce the capital by their nominal value. If the company fails to fulfil this obligation, the court may, on its own motion, revoke it and order its liquidation.
5. Persons who, at the date of the effectiveness of this Act, have a share of the voting rights referred to in Paragraph 183d shall be obliged to comply with the notification requirement set out in that provision within 60 days of the date of application of this Act.
6. If, on the date of application of this law, the controlled person or person controlled by the controlled person in his property holds shares of the controlling person, the latter shall be subject to the provisions of Paragraph 161f as from 1 January 1997. From that date, the periods in which the controlled person is obliged to dispose of the shares of the controlling person shall also be calculated.
7. If, on the date of application of this Act, the shareholder has a stake in the publicly marketable shares of the company to the extent that it is obliged to make a public proposal for a share purchase agreement pursuant to Paragraph 183b, he shall not be obliged to make a public proposal for a share purchase agreement unless, after the entry into force of this Act, the assumptions establishing the obligation under Paragraph 183b arise.
9. Where that law requires the entry of certain information in the Commercial Register, persons registered in the Commercial Register shall be required to submit an application for authorisation to enter such information by 31 December 1996.
10. If the directors, board members and supervisory board do not comply with the requirements set out in Paragraph 194 (7) at the date of application of this Act, their duties shall cease on 31 December 1996 unless they fulfil those requirements by that date.
11. Persons registered in the Commercial Register on the date of application of this Act shall be required to deposit in the collection of documents the full text of social agreements and statutes and to submit a proposal for the entry of the data required by this Act by 30 June 1997 at the latest. For the first time, the accounts for the 1996 financial year shall be deposited in a collection of documents.
12. Where a notice of the general meeting has been published at the date of application of this Act or an invitation to the general meeting has been sent, it shall be assessed whether the convening of the general meeting is proper, in accordance with existing rules.
13. If, on the date of application of this Act, a merger, merger, division or transformation has been decided, it shall be carried out in accordance with the existing rules.
Section 200c of Act No. 99 / 1963 Coll., Civil Code, as amended by Act No. 36 / 1967 Coll., Act No. 158 / 1969 Coll., Act No. 49 / 1973 Coll., Act No. 20 / 1975 Coll., Act No. 133 / 1982 Coll., Act No. 180 / 1990 Coll., Act No. 328 / 1991 Coll., Act No. 152 / 1994 Coll., Act No. 216 / 1994 Coll., Act No. 84 / 1995 Coll., Act No. 118 / 1995 Coll., Act No. 171 / 1995 Coll., Act No. 238 / 1995 Coll., Act No. 152 / 1994 Coll., Act No. 247 / 1995 Coll.
This Law shall take effect on 1 July 1996, with the exception of Articles I (75), (79) and II (5), which shall take effect on the date of its publication.
Uhde v. r.
Havel v. r.
Klaus v. r.
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Regulation Information
| Citation | Act No. 142 / 1996 Coll., amending and supplementing Act No. 513 / 1991 Coll., Commercial Code, as amended, and amending Act No. 99 / 1963 Coll., Civil Code, as amended |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 30.05.1996 |
|---|---|
| Effective from | 01.07.1996 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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