council direct decemb coordin safeguard protect interest member requir member state compani mean paragraph articl treati respect format public limit liabil compani mainten alter capit view make safeguard equival 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 import relat public limit liabil compani activ predomin economi member state frequent extend nation boundari order ensur minimum equival protect sharehold creditor public limit liabil compani coordin nation provis relat format mainten increas reduct capit import territori commun statut instrument incorpor public limit liabil compani make interest person acquaint basic particular compani includ exact composit capit commun provis adopt maintain capit constitut creditor secur prohibit reduct thereof distribut sharehold entitl impos limit compani acquir share regard object articl member state law relat increas reduct capit ensur principl equal treatment sharehold posit protect creditor claim exist prior decis reduct observ harmon oj oj oj adopt direct articl coordin measur prescrib direct appli provis laid law regul administr action member state relat type compani belgium la société anonym de naamloz vennootschap denmark aktieselskabet franc la société anonym germani die aktiengesellschaft ireland public compani limit share public compani limit guarante share capit itali la società azioni luxembourg la société anonym netherland de naamloz vennootschap unit kingdom public compani limit share public compani limit guarante share capit compani type compris accompani descript distinct descript requir type compani member state decid appli direct invest compani variabl capit cooper incorpor type compani list paragraph law member state make option requir compani includ word quot invest compani variabl capit quot quot cooper quot document articl direct eec express quot invest compani variabl capit quot mean direct mean compani exclus object invest fund stock share land asset sole aim spread invest risk give sharehold benefit result manag asset offer share subscript public statut provid limit minimum maximum capit time issu redeem resel share articl statut instrument incorpor compani give inform type compani object compani compani author capit amount subscrib capit compani author capit amount thereof amount capit subscrib time compani incorpor author commenc busi time chang author capit prejudic articl direct eec legal determin rule govern number procedur appoint member bodi respons repres compani regard parti administr manag supervis control compani alloc power bodi durat compani indefinit articl inform statut instrument incorpor separ document publish accord procedur laid law member state accord articl direct eec regist offic nomin share subscrib year number thereof number share subscrib state nomin share issu nation law special condit limit transfer share class share inform class right attach share class share regist bearer nation law type provis relat convers share procedur laid law amount subscrib capit paid time compani incorpor author commenc busi nomin share nomin number share issu consider cash natur consider person provid consider ident natur legal person compani firm statut instrument incorpor compani form time draft document sign total amount estim cost payabl compani chargeabl reason format compani author commenc busi special advantag grant time compani form time receiv author commenc busi part format compani transact lead grant author articl law member state prescrib compani commenc busi author make provis respons liabil incur behalf compani period author grant refus paragraph appli liabil contract conclud compani condition grant author commenc busi articl law member state requir compani form member fact share held person number member fallen legal minimum incorpor compani lead automat dissolut compani case refer paragraph law member state permit compani wound order court judg jurisdict give compani suffici time regular posit wind order made compani enter liquid articl law member state requir order compani incorpor obtain author commenc busi minimum capit subscrib amount european unit account european unit account defin commiss decis ecsc equival nation currenc calcul initi rate applic date adopt direct equival european unit account nation currenc alter minimum capit nation currenc remain european unit account period year commiss inform member state concern amend legisl compli paragraph oj month expiri period member state provid amend legisl appli compani exist month entri forc year council act propos commiss examin revis amount express articl european unit account light econom monetari trend commun tendenc allow larg medium size undertak opt type compani list articl articl subscrib capit form asset capabl econom assess undertak perform work suppli servic form part asset articl share issu price lower nomin nomin account par member state undertak place share exercis profess pai total price share subscrib transact articl share issu consider paid time compani incorpor author commenc busi nomin absenc nomin account par share issu consider cash time compani incorpor author commenc busi consider transfer full year time articl report consider cash drawn compani incorpor author commenc busi independ expert appoint approv administr judici author expert natur person legal person compani firm law member state expert report descript asset compris consider method valuat state valu arriv applic method correspond number nomin nomin account par premium share issu expert report publish manner laid law member state accord articl direct eec member state decid appli articl nomin nomin account par share issu compani consider cash requir met regard compani receipt consider person refer articl agre dispens expert report agreement publish provid paragraph compani furnish consider reserv distribut law statut equal nomin nomin account par share issu consider cash compani furnish consider guarante amount equal paragraph debt recipi compani aris time share issu consider cash year public compani annual account financi year consider furnish transfer share prohibit period guarante refer publish provid paragraph compani furnish consider place sum equal reserv distribut year public annual account recipi compani financi year consider furnish date claim relat guarante refer submit period settl articl expiri time limit laid nation law year time compani incorpor author commenc busi compani acquir asset belong person compani firm refer articl consider tenth subscrib capit acquisit examin detail publish manner provid articl submit approv gener meet member state requir provis appli asset belong sharehold person paragraph appli acquisit effect normal compani busi acquisit effect instanc supervis administr judici author stock exchang acquisit articl subject provis relat reduct subscrib capit sharehold releas oblig pai contribut articl pend coordin nation law subsequ date member state adopt measur requir provis safeguard laid articl event convers type compani public limit liabil compani articl articl prejudic provis member state compet procedur relat modif statut instrument incorpor articl case reduct subscrib capit distribut sharehold made close date financi year net asset set compani annual account distribut lower amount subscrib capit reserv distribut law statut uncal part subscrib capit includ asset shown balanc sheet amount deduct amount subscrib capit refer paragraph amount distribut sharehold exce amount profit end financi year profit brought forward sum drawn reserv purpos loss brought forward sum reserv accord law statut express quot distribut quot subparagraph includ payment dividend interest relat share law member state payment interim dividend condit appli interim account drawn show fund distribut suffici amount distribut exce total profit made end financi year annual account drawn profit brought forward sum drawn reserv purpos loss brought forward sum reserv pursuant requir law statut paragraph affect provis member state increas subscrib capit capit reserv law member state provid derog paragraph case invest compani fix capit express quot invest compani fix capit quot mean paragraph mean compani exclus object invest fund stock share land asset sole aim spread invest risk give sharehold benefit result manag asset offer share subscript public law member state make option requir compani includ express quot invest compani quot document articl direct eec permit compani net asset fall amount paragraph make distribut sharehold close date financi year compani total asset set annual account distribut half time amount compani total liabil creditor set annual account requir compani make distribut net asset fall amount paragraph includ annual account note effect articl distribut made contrari articl return sharehold receiv compani prove sharehold knew irregular distribut made view circumst unawar articl case loss subscrib capit gener meet sharehold call period laid law member state compani wound measur amount loss deem mean paragraph set law member state figur higher half subscrib capit articl share compani subscrib compani share compani subscrib person act behalf compani subscrib deem subscrib account person compani firm refer articl case increas subscrib capit member administr manag bodi liabl pai share subscrib contravent articl law member state provid person releas oblig prove fault attribut person articl law member state permit compani acquir share person act compani behalf make acquisit subject condit author gener meet determin term condit acquisit maximum number share acquir durat period author exce month case acquisit maximum minimum consider member administr manag bodi requir satisfi time author acquisit effect condit refer subparagraph respect nomin absenc thereof account par acquir share includ share previous acquir compani held share acquir person act compani behalf exce subscrib capit acquisit effect reduc net asset amount mention articl fulli paid share includ transact law member state provid derog sentenc paragraph acquisit compani share prevent immin harm compani case gener meet inform administr manag bodi reason natur acquisit effect number nomin absenc nomin account par share acquir proport subscrib capit repres consider share member state decid appli sentenc paragraph share acquir compani person act compani behalf distribut compani employe employe associ compani share distribut month acquisit articl member state decid appli articl share acquir carri decis reduc capit circumst refer articl share acquir result univers transfer asset fulli paid share acquir free charg bank financi institut purchas commiss share acquir virtu legal oblig result court rule protect minor sharehold event merger chang compani object form transfer abroad regist offic introduct restrict transfer share share acquir sharehold event failur pai share acquir order indemnifi minor sharehold compani fulli paid share acquir sale enforc court order payment debt ow compani owner share fulli paid share issu invest compani fix capit defin subparagraph articl acquir investor request compani associ compani articl appli acquisit effect reduc net asset amount subscrib capit reserv distribut forbidden law share acquir case list paragraph dispos year acquisit nomin absenc nomin account par share acquir includ share compani acquir person act compani behalf exce subscrib capit share dispos period laid paragraph cancel law member state make cancel subject reduct subscrib capit reduct prescrib acquisit share cancel result net asset fallen amount articl articl share acquir contravent articl dispos year acquisit dispos period articl appli articl law member state permit compani acquir share person act compani behalf make hold share time subject condit right attach share vote attach compani share event suspend share includ asset shown balanc sheet reserv amount unavail distribut includ liabil law member state permit compani acquir share person act compani behalf requir annual report state reason acquisit made financi year number nomin absenc nomin account par share acquir dispos financi year proport subscrib capit repres case acquisit dispos consider share number nomin absenc nomin account par share acquir held compani proport subscrib capit repres articl compani advanc fund make loan provid secur view acquisit share parti paragraph appli transact conclud bank financi institut normal busi transact effect view acquisit share compani employe employe associ compani transact effect reduc net asset amount articl paragraph appli transact effect view acquisit share articl articl accept compani share secur compani person act compani behalf treat acquisit purpos articl member state decid appli paragraph transact conclud bank financi institut normal busi articl increas capit decid gener meet decis increas subscrib capit publish manner laid law member state accord articl direct eec statut instrument incorpor gener meet decis publish accord rule refer paragraph author increas subscrib capit maximum amount fix due regard maximum amount provid law increas subscrib capit decid limit amount fix compani bodi empow power bodi respect maximum period year renew time gener meet time period exceed year class share decis gener meet increas capit refer paragraph author increas capit refer paragraph subject separ vote class sharehold right affect transact articl appli issu secur convert share carri subscrib share convers secur exercis subscrib articl share issu consider increas subscrib capit paid nomin absenc nomin account par provis made issu premium paid full articl share issu consider cash increas subscrib capit consider transfer full period year decis increas subscrib capit consider refer paragraph subject report drawn increas capit made expert independ compani appoint approv administr judici author expert natur person legal person compani firm law member state articl appli member state decid appli paragraph event increas subscrib capit made order give effect merger public offer purchas exchang share pai sharehold compani absorb object public offer purchas exchang share member state decid appli paragraph share issu increas subscrib capit issu consider cash compani condit sharehold compani receiv consider agre expert report drawn requir articl met articl increas capit fulli subscrib capit increas amount subscript receiv condit issu provid articl capit increas consider cash share offer pre emptiv basi sharehold proport capit repres share law member state appli paragraph share carri limit particip distribut mean articl compani asset event liquid permit subscrib capit compani class share carri right regard vote particip distribut mean articl asset event liquid increas issu share class pre emption sharehold class exercis exercis sharehold class share issu offer subscript pre emptiv basi period exercis publish nation gazett appoint accord direct eec law member state provid public compani share regist case compani sharehold inform write pre emption exercis period dai date public offer date dispatch letter sharehold pre emption restrict withdrawn statut instrument incorpor decis gener meet administr manag bodi requir present meet written report indic reason restrict withdraw pre emption justifi propos issu price gener meet act accord rule quorum major laid articl decis publish manner laid law member state accord articl direct eec law member state provid statut instrument incorpor gener meet act accord rule quorum major public set paragraph give power restrict withdraw pre emption compani bodi empow decid increas subscrib capit limit author capit power grant longer period power provis made articl paragraph appli issu secur convert share carri subscrib share convers secur exercic subscrib pre emption exclud purpos paragraph accord decis increas subscrib capit share issu bank financi institut view offer sharehold compani accord paragraph articl reduct subscrib capit court order subject decis gener meet act accord rule quorum major laid articl prejudic articl decis publish manner laid law member state accord articl direct eec notic conven meet purpos reduct carri articl class share decis gener meet reduct subscrib capit subject separ vote class sharehold right affect transact articl event reduct subscrib capit creditor claim anted public decis make reduct entitl obtain secur claim fallen due date public law member state lai condit exercis set creditor adequ safeguard view asset compani law member state stipul reduct void payment made benefit sharehold creditor obtain satisfact court decid applic acced articl appli reduct subscrib capit brought total partial waiv payment balanc sharehold contribut articl member state appli articl reduct subscrib capit purpos offset loss incur includ sum monei reserv provid oper amount reserv reduc subscrib capit event reduct subscrib capit reserv distribut sharehold offset loss incur increas subscrib capit capit reserv member state permit oper case refer paragraph law member state provid measur ensur amount deriv reduct subscrib capit make payment distribut sharehold discharg sharehold oblig make contribut articl subscrib capit reduc amount minimum capit laid accord articl member state permit reduct provid decis reduc subscrib capit effect subscrib capit increas amount equal prescrib minimum articl law member state author total partial redempt subscrib capit reduct requir condit observ statut instrument incorpor provid redempt decid gener meet vote usual condit quorum major statut instrument incorpor provid redempt decid gener meet act condit quorum major laid articl decis publish manner prescrib law member state accord articl direct eec sum distribut mean articl redempt purpos sharehold share redeem retain right compani except right repay invest particip distribut initi dividend unredeem share articl law member state compani reduc subscrib capit compulsori withdraw share requir condit observ compulsori withdraw prescrib author statut instrument incorpor subscript share withdrawn subscrib compulsori withdraw author statut instrument incorpor decid gener meet unanim approv sharehold concern compani bodi decid compulsori withdraw fix term manner thereof fix statut instrument incorpor articl appli case fulli paid share made compani free charg withdrawn sum distribut accord articl case amount equal nomin absenc thereof account par withdrawn share includ reserv event reduct subscrib capit reserv distribut sharehold offset loss incur increas subscrib capit capit reserv member state permit oper decis compulsori withdraw publish manner laid law member state accord articl direct eec articl appli case paragraph refer articl case reduct subscrib capit withdraw share acquir compani person act behalf compani withdraw decid gener meet articl appli share fulli paid acquir free charg sum distribut accord articl case amount equal nomin absenc thereof account par share withdrawn includ reserv event reduct subscrib capit reserv distribut sharehold offset loss incur increas subscrib capit capit reserv member state permit oper articl appli case paragraph refer articl case cover articl class share decis gener meet redempt subscrib capit reduct withdraw share subject separ vote class sharehold right affect transact articl law member state author compani issu redeem share requir condit compli redempt share redempt author compani statut instrument incorpor redeem share subscrib share fulli paid term manner redempt laid compani statut instrument incorpor redempt effect sum distribut accord articl proce issu made view effect redempt amount equal nomin absenc thereof account par redeem share includ reserv distribut sharehold event reduct subscrib capit purpos increas subscrib capit capit reserv subparagraph appli redempt proce issu made view effect redempt provis made payment premium sharehold consequ redempt premium paid sum distribut accord articl reserv refer distribut sharehold event reduct subscrib capit reserv purpos increas subscrib capit capit reserv cover cost refer articl cost issu share debentur payment premium holder redeem share debentur notif redempt publish manner laid law member state accord articl direct eec articl law member state provid decis refer articl major third vote attach secur subscrib capit repres law member state lai simpl major vote paragraph suffici half subscrib capit repres articl member state derog articl articl sentenc articl extent derog adopt applic provis design encourag particip employe group person defin nation law capit undertak member state decid appli articl sentenc articl compani incorpor special law issu capit share worker share issu compani employe bodi repres gener meet sharehold deleg vote articl purpos implement direct law member state ensur equal treatment sharehold posit articl member state bring forc law regul administr provis need order compli direct year notif forthwith inform commiss thereof member state decid appli articl compani exist date entri forc provis refer paragraph provid provis direct appli compani month date time limit year case articl year case unregist compani unit kingdom ireland member state ensur commun commiss text main provis nation law adopt field cover direct articl direct address member state brussel decemb council presid van der stoel