Page 132 - Albanian law on entrepreuners and companies - text with with commentary

a listed company and issue securities through a private or public offer. The Company Law
provisions on shares shall also always apply if the JSC wants to become listed and issue
shares under the Securities Law. In such case, the provisions of the Securities Law will also
apply. Therefore, as a conclusion with respect to the interlink between the Company Law and
those of the Securities Law, the rule is that provisions of the Company Law always apply,
while the provisions of the Securities Law are only applied, if the JSC wants to become a
listed company.

Article 106
Registration
(1) Joint stock companies register in accordance with Articles 26, 28, 32 and 36 of
Law No. 9723 on the National Registration Centre.
(2) All data reported to the National Registration Centre shall be placed on the
company’s website and be available to every interested person.

Comments:

It should be remarked here that website communication is mandatory for JSC while it is
optional for the other company forms. As EU legislation requires this company type to avail
itself of the most advanced communication technologies, a mandatory website is used for
JSC.

Article 107
Basic Capital
(1) The basic capital of a joint stock company with private offer shall not be less
than 3.500.000 Lekë. 134
(2) The basic capital of a joint stock company with public offer shall not be less
than 10.000.000 Lekë.

Comments:

1. First, we would like to refer to our earlier Comments before Article 105 and Article 70
regarding recent developments in the EU with respect to the legal minimum capital
requirement. The capital requirements of Article 107 are 3.5 million Lekë (around 25,000
Euro) for companies with private offer and of 10 million Lekë (around 71,500 Euro) for those
with public offer are higher than those of other laws in the region and comply with the
minimum requirement of Article 6 (1) of the Second Directive (25,000 Euro).

134 Amended by Law No. 10475/2011 “On an amendment to the Company Law”.
131