Page 135 - Albanian law on entrepreuners and companies - text with with commentary

Article 110
Value of issued shares
(1) The total par value of issued shares may not be less than the initial capital.
Therefore, a company may not issue and offer for subscription shares below their par
value.
(2) A company may issue and offer for subscription shares above their par value.

Article 111
Formation Costs
(1) The founders may request the company to reimburse formation costs up to the
maximum formation amount set by the statute.
(2) The formation costs shall be paid from profits generated by the company.
Shareholders may decide to give them priority when profits are distributed, unless
otherwise provided by the statute.

Article 112
Contributions in Kind
(1) In case of contributions in kind, one or more licensed independent experts
appointed by the competent court shall draw up a report before the company is
registered. Such experts may be natural persons as well as companies authorized for
auditing by special regulations.
(2) The experts’ report shall contain a description of each of the assets comprising
the contribution as well as of the methods of valuation used and shall state whether the
values arrived at by the application of these methods correspond at least to the number
and nominal value par and, where appropriate, to the premium on the shares to be
issued for them.
(3) A company’s assets or shares may only be brought in as a contribution, if the
company has been registered for at least 2 years. In such a case, the balance sheets for
the preceding two business years of the company concerned, as well as documents
relating to the appraisal of its value, shall be submitted together with the report referred
to in paragraph 2.
(4) The report mentioned in the previous paragraphs shall be submitted to the
National Registration Centre together with the application for registration.
(5) The provisions of the previous paragraphs also apply if the company is buying
property or rights from a founder within two years from its formation.
(6) The evaluation report mentioned in the above paragraphs shall not be
compulsory in the following cases: 135

135 Added by Law No. 129/2014.
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