Page 184 - Albanian law on entrepreuners and companies - text with with commentary

according to the rule set in Article 105 (1) in order make the increase successful. As the
Second Directive only applies a minimum standard (see above Comments to Article 133),
stricter national rules are acceptable. So by not implementing the permission of Article 28
Albanian Law has a stricter regime and is in line with the Second Directive.

Article 169
Registration and Publication of the Capital Increase
(1) The decision to increase the basic capital shall be submitted to the National
Registration Centre by the Managing Director in accordance with Article 43 of Law No.
9723 on the National Registration Centre. It shall also be published on the company’s
website.
(2) The report of an authorized expert verifying the value of any contribution in
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kind in accordance with Article 112 shall be attached to the application for
registration of the decision referred to in paragraph 1.
(3) Once the capital increase has been achieved, it shall be submitted for
registration to the National Registration Centre by the Managing Director. Information
supplied must include the list of the subscribers signed by the Managing Director and
amounts paid up.
(4) The capital increase shall be effective from the date of its entry in the National
Registration Centre.

Article 170
Prohibition on the Issue of Shares
Before the capital increase has been registered, rights connected to the new shares
cannot be transferred, and shares may not be issued. Shares issued contrary to this
provision are invalid. The issuers are jointly and severally liable as against the holders
for any damage caused by such invalid issuing.

Article 171
Start of Profit-Sharing
(1) Where new shares are issued, they participate in the profits of the entire
business year in which the decision on capital increase was made, unless otherwise
provided by that decision.
(2) The decision on capital increase may provide that the new shares will already
participate in the profits of the business year proceeding the year in which the decision
on capital increase was made.

159 Former reference to Article 113 corrected to Article 112 by Law No. 129/2014, Article 26.
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