Page 147 - Albanian law on entrepreuners and companies - text with with commentary

Article 123
Obligation of Payment of Contributions
Shareholders shall pay the par value or higher price of their shares to the
company's account, and transfer their contributions in kind to the company in a manner
which depends on the character of contributions in kind or as provided by the Statute.
Articles 112 and 113 on founders’ obligations apply accordingly.

Article 124
Consequences of Untimely Payment
(1) In case of untimely payment of cash-contributions, the shareholder concerned
will be obliged to pay 4% annual interest from the moment the payment was due. The
company may ask for further compensation in damages. The Statute may provide
additional payments for untimely payment.
(2) A 30 day deadline for payment may be announced to shareholders who have
not paid the amount in time. If the shareholders do not respond by the deadline, they
lose their right to be present and vote at General Meetings and are not taken into
account in the calculation of a quorum. The right to receive dividends and any other
right attaching to their shares are discontinued.
(3) If any outstanding payment is not made within 3 months after the deadline
referred to in paragraph 2, the company may reduce its basic capital by the unpaid
amount and withdraw the share in accordance with Article 186.

Article 125
No Release from Obligation to Bring In Contributions
(1) The company may not release shareholders from their obligation to pay sums
due to the company in respect of their shareholdings nor from their obligation to bring
in a contribution in kind, nor from any liability resulting from non-fulfilment of these
obligations.
(2) Shareholders may not offset any claims they have against the company against
the payment for shares, nor may they bring in contributions in kind subject to a pledge.
(3) Shareholders may be released from their obligation to make contributions only
by ordinary capital reduction in conformity with Articles 181 to 184 up to the amount
the capital reduction is carried out, or by capital reduction through withdrawal of
shares in conformity with Article 186.

Article 126
Prohibition of Return of Contributions
Contributions may not be returned to the shareholders, except in cases set out in
this law.

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