Page 150 - Albanian law on entrepreuners and companies - text with with commentary

of 20,000,000 Lekë, the shareholder will be liable to repay the company for the entire loan in
the event that the basic capital is greater than the minimum basic capital minimum. If the loan
was badly negotiated by individuals who are liable to compensate the company if fraud is
detected, Article 16 could be activated. As well as this, Articles 151 and 152 might be
appropriate to cover this situation.

Article 132
Liability for Repaid Credits
(1) If, in cases referred to in Article 131, the company has repaid the credit to the
shareholder in the year preceding the opening of insolvency proceedings, the
shareholder to whom the credit has been repaid or who has given surety, shall refund
the company the amount of repaid credit. The shareholder concerned shall be liable only
up to the value of the surety at the time of credit repayment. The liability shall cease if
the items which served as surety have been placed at the disposal of the company.
(2) The provisions of paragraph 1 shall also apply to other legal transactions of a
shareholder or third party, if these transactions economically correspond to a credit as
of paragraph 1.

Article 133
Prohibition of the Company Subscribing or Purchasing Its Own Shares
(1) The company may not subscribe its own shares. The purchase of its own shares
is only allowed where this law so provides.
(2) A subsidiary company may not subscribe or purchase the shares of its parent
company.
(3) If, during formation or increase of basic capital, somebody has acquired the
shares on behalf of a company or its subsidiary as of paragraph 2, he shall be deemed to
be subscribing for them on their account.
(4) Shares acquired in conformity with paragraph 1 shall be sold within one year
from the date of acquisition. If the company fails to sell its own shares within this period,
it shall withdraw them in conformity with Article 186 and cancel them from its share
register.
(5) The company cannot avail itself of any rights attached to its own shares.
(6) The shares of a company owned by another company, which at the time such
shares were acquired was not a subsidiary of the first company, but later becomes its
subsidiary, must alternatively, be sold by the subsidiary company or withdraw by the
parent company and within one year from the date the parent-subsidiary relationship
was established between these companies pursuant to this law. 141

Comments:

141 Added by Law No. 129/2014, Article 21.
149