sixth council direct decemb base articl treati divis public limit liabil compani eec council european commun regard treati establish european econom commun articl thereof regard propos commiss regard opinion european parliament regard opinion econom social committe coordin provid articl gener programm abolit restrict freedom establish begun direct eec coordin continu format public limit liabil compani mainten alter capit direct eec annual account type compani direct eec merger public limit liabil compani direct eec direct eec dealt merger public limit liabil compani oper treat merger commiss propos cover divis oper opinion european parliament econom social committe favour regul oper similar exist merger divis oper risk guarante regard merger direct eec circumv avoid provis made equival protect event divis protect interest member parti requir law member state relat divis public limit liabil compani coordin member state permit oper context coordin import sharehold compani involv divis adequ inform object manner right suitabl protect protect employe right event transfer undertak busi part busi present regul direct eec creditor includ debentur holder person claim compani involv divis protect divis advers affect interest disclosur requir direct eec extend includ divis parti adequ inform safeguard afford member parti connect divis extend cover legal practic import respect similar divis oblig provid protect evad ensur certainti law relat compani involv divis parti member case nulliti aris limit provid defect oj oj oj oj oj oj oj oj oj oj remedi restrict period nullif proceed commenc adopt direct articl member state permit compani refer articl direct eec come law carri divis oper acquisit defin articl direct subject oper provis chapter direct member state permit compani refer paragraph carri divis oper format compani defin articl subject oper provis chapter ii direct member state permit compani refer paragraph carri oper divis acquisit defin articl combin divis format compani defin articl subject oper provis chapter articl articl direct eec appli chapter divis acquisit articl purpos direct quot divis acquisit quot oper wound liquid compani transfer compani asset liabil exchang alloc sharehold compani divid share compani receiv contribut result divis hereinaft refer quot recipi compani quot possibl cash payment exceed nomin share alloc nomin account par articl direct eec appli direct refer direct eec express quot merg compani quot quot compani involv divis quot express quot compani acquir quot quot compani divid quot express quot acquir compani quot quot recipi compani quot express quot draft term merger quot quot draft term divis quot articl administr manag bodi compani involv divis draw draft term divis write draft term divis type regist offic compani involv divis share exchang ratio amount cash payment term relat allot share recipi compani date hold share entitl holder particip profit special condit affect entitl date transact compani divid treat account purpos recipi compani right confer recipi compani holder share special right attach holder secur share measur propos special advantag grant expert refer articl member administr manag supervisori control bodi compani involv divis precis descript alloc asset liabil transfer recipi compani alloc sharehold compani divid share recipi compani criterion alloc base asset alloc draft term divis interpret term make decis alloc asset consider therefor alloc recipi compani proport share net asset alloc compani draft term divis liabil alloc draft term divis interpret term make decis alloc recipi compani jointli sever liabl member state provid joint liabil limit net asset alloc compani articl draft term divis publish manner prescrib law member state accord articl direct eec compani involv divis month date gener meet decid thereon articl divis requir approv gener meet compani involv divis articl direct eec appli regard major requir decis scope separ vote share recipi compani alloc sharehold compani divid proport right capit compani member state provid minor sharehold compani exercis share purchas case entitl receiv consider share event disput consider consider determin court articl law member state requir approv divis gener meet recipi compani condit fulfil public provid articl effect recipi compani month date fix gener meet compani divid decid draft term divis month date point sharehold recipi compani entitl inspect document articl regist offic compani sharehold recipi compani hold minimum percentag subscrib capit entitl requir gener meet recipi compani call decid approv divis minimum percentag fix member state provid exclus nonvot share calcul articl administr manag bodi compani involv divis draw detail written report explain draft term divis set legal econom ground share exchang ratio criterion determin alloc share report describ special valuat difficulti arisen disclos prepar report consider cash refer articl direct eec recipi compani regist report lodg administr manag bodi compani divid inform gener meet compani administr manag bodi recipi compani inform respect gener meet materi chang asset liabil date prepar draft term divis date gener meet compani divid decid draft term divis oj oj articl expert act behalf compani involv divis independ appoint approv judici administr author examin draft term divis draw written report sharehold law member state provid appoint independ expert compani involv divis appoint made judici administr author joint request compani expert depend law member state natur legal person compani firm articl direct eec appli member state provid report consider cash refer articl direct eec report draft term divis drawn accord paragraph drawn expert expert articl sharehold entitl inspect document regist offic month date gener meet decid draft term divis draft term divis annual account annual report compani involv divis preced financi year account statement drawn date earlier dai month preced date draft term divis latest annual account relat financi year end month date report administr manag bodi compani involv divis provid articl report provid articl account statement provid paragraph drawn method layout annual balanc sheet law member state provid fresh physic inventori valuat shown balanc sheet alter reflect entri book account account interim depreci provis materi actual shown book sharehold entitl obtain request free charg full desir partial copi document refer paragraph articl member state permit applic articl articl sharehold holder secur give vote compani involv divis agre articl protect right employe compani involv divis regul accord direct eec articl law member state provid adequ system protect interest creditor compani involv divis claim anted public draft term divis fallen due time public end law member state provid creditor entitl obtain adequ safeguard financi situat compani divid compani oblig transfer accord draft term divis make protect creditor safeguard oj creditor compani oblig transfer accord draft term divis obtain satisfact recipi compani jointli sever liabl oblig member state limit liabil net asset alloc compani oblig transfer appli paragraph divis oper subject supervis judici author accord articl major number repres fourth creditor class creditor compani divid agre forego joint liabil meet held pursuant articl articl direct eec appli prejudic rule govern collect exercis right paragraph appli debentur holder compani involv divis divis approv meet debentur holder meet provid nation law debentur holder individu member state provid recipi compani jointli sever liabl oblig compani divid case appli forego paragraph member state combin system creditor protect set paragraph joint liabil recipi compani refer paragraph limit joint liabil net asset alloc compani articl holder secur share special right attach right recipi compani secur invok accord draft term divis equival right possess compani divid alter right approv meet holder secur meet provid nation law holder secur individu holder entitl secur repurchas articl law member state provid judici administr prevent supervis legal divis supervis extend legal act requir divis articl direct eec appli articl law member state determin date divis take effect articl divis publish manner prescrib law member state accord articl direct eec respect compani involv divis recipi compani carri public formal relat compani divid articl divis consequ ipso jure simultan transfer compani divid recipi compani parti recipi compani asset liabil compani divid transfer effect asset liabil divid accord alloc laid draft term divis articl sharehold compani divid sharehold recipi compani accord alloc laid draft term divis compani divid ceas exist share recipi compani exchang share held compani divid recipi compani person act behalf compani divid person act behalf forego affect law member state requir complet special formal transfer asset right oblig compani divid effect parti recipi compani compani asset right oblig transfer accord draft term divis articl carri formal law member state permit compani divid continu carri formal limit period save except circumst fix month date divis take effect articl law member state lai rule govern civil liabil member administr manag bodi compani divid sharehold compani respect misconduct part member bodi prepar implement divis civil liabil expert respons draw compani report provid articl respect misconduct part expert perform duti articl law member state lai nulliti rule divis accord condit nulliti order court judgment divis effect pursuant articl declar void judici administr prevent supervis legal drawn certifi due legal form shown decis gener meet void voidabl nation law nullif proceed initi month date divis effect person alleg nulliti situat rectifi remedi defect liabl render divis void compet court grant compani involv period time rectifi situat judgment declar divis void publish manner prescrib law member state accord articl direct eec law member state permit parti challeng judgment month public judgment manner prescrib direct eec judgment declar divis void affect valid oblig ow relat recipi compani aros judgment publish date refer articl recipi compani liabl oblig aris date divis effect date decis pronounc nulliti divis publish compani divid liabl oblig member state provid liabil limit share net asset transfer recipi compani account oblig aros derog paragraph law member state provid nulliti divis order administr author appeal decis li court subparagraph appli analog administr author nullif proceed initi month date refer articl forego affect law member state nulliti divis pronounc supervis legal articl prejudic articl member state requir divis approv gener meet compani divid recipi compani hold share compani divid secur confer vote gener meet compani divid condit fulfil compani involv oper carri public provid articl month oper take effect month oper take effect sharehold compani involv oper entitl inspect document articl compani regist offic articl appli sharehold compani divid hold minimum percentag subscrib capit entitl requir gener meet compani divid call decid approv divis minimum percentag fix member state provid exclus nonvot share calcul gener meet compani divid requir approv divis summon inform provid articl cover materi chang asset liabil date prepar draft term divis chapter ii divis format compani articl purpos direct quot divis format compani quot mean oper wound liquid compani transfer newli form compani asset liabil exchang alloc sharehold compani divid share recipi compani possibl cash payment exceed nomin share alloc nomin account par articl direct eec appli articl articl direct appli prejudic articl direct eec divis format compani purpos express quot compani involv divis quot refer compani divid express quot recipi compani quot refer compani addit inform articl draft term divis form regist offic compani draft term divis contain separ document memorandum draft memorandum associ articl draft articl associ compani approv gener meet compani divid member state provid report consider cash refer articl direct eec report draft term divis refer articl drawn expert expert member state provid articl articl expert report appli share compani alloc sharehold compani divid proport right capit compani chapter iii divis supervis judici author articl member state appli paragraph divis oper subject supervis judici author power call gener meet sharehold compani divid order decid divis ensur sharehold compani involv divis receiv obtain document refer articl time examin date gener meet compani call decid divis member state make option provid articl period long sharehold recipi compani exercis right confer articl call meet creditor compani involv divis order decid divis ensur creditor compani involv divis receiv obtain draft term divis time examin date refer approv draft term divis judici author establish condit refer paragraph fulfil prejudic caus sharehold creditor reliev compani involv divis appli articl condit adequ system protect interest creditor refer articl cover claim date condit refer articl member state make option provid articl articl period manner prescrib inspect document refer chapter iv oper treat divis articl case oper articl law member state permit cash payment exce chapter ii iii appli articl law member state permit oper articl compani divid ceas exist chapter ii iii appli articl chapter final provis articl member state bring forc januari law regul administr provis compli direct provid date permit oper direct appli immedi inform commiss thereof date mention paragraph member state permit divis oper bring forc provis mention paragraph date permit oper immedi inform commiss thereof provis made period year entri forc provis refer paragraph applic provis unregist compani unit kingdom ireland member state appli articl holder convert debentur secur convert share time provis refer paragraph forc posit holder event divis previous determin condit issu member state appli direct divis oper treat divis prepar execut act formal requir nation law complet provis refer paragraph enter forc articl direct address member state brussel decemb council presid christophersen