II — COURT INVESTIGATION :
The second stage of the formation ends with the court approval. Here, the difference…
If it is a simultaneous formation the bank certificate stating that the legal portion…
In practice, before the application to the court, the Ministry requires an experts…
The duties of the court are to investigate the legality of such documents in general…
The court will also enquire whether the required portion of the capital stock is…
The court may hear the incorporators, or when it finds it necessary, instigate an…
At the end of enquiries the court usually gives its approval. In the case of illegality…
The formalities are more complicated when public subscription is required. In this case, the founders guarantee only one tenth of the capital stock…
For the rest of the capital stock the public should be invited to buy shares of stock…
In order to receive public subscription an invitation to subscribe must be made by…
A valid subscription must be made in two written copies, and must include the contents…
Conditional subscriptions or subscriptions which are not in accordance with the formal…
The subscriptions are legally considered as offers made by the subscribers to the…
After the subscription has been closed and the required payments are being effected,…
1. That the whole capital has been subscribed and that the amount payable by law…
2. The appointment of an expert to estimate the value of the contribution in kind…
3. Special benefits suggested for the incorporators. (No expert report is requir…
4. The election of directors, if the first members of the board of directors are…
5. The election of controllers (controllers may not be appointed by the incorpor…
6. They approve the undertakings, transactions effected and expenses of the incorporators…
After the submission of a report by the experts who examine and evaluate the contributions…
During this stage there is no specific governmental control as to the veracity of…
As the next step of this stage during the formation a court approval should be obtained,…
The court then approves or disapproves the formation of the corporation upon its…
A suit of nullity against a ratified corporation may only be bronicht if the interests…
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