ARMENIAN COMMERCIAL ORGANIZATIONS GRANTED A RIGHT TO DETERMINE THEIR AUTHORIZED CAPITAL

ArmInfo
2008-12-26 12:18:00

ArmInfo. Armenian Parliament adopted a Bill ‘On Amendments to the Civil
Code’ in the first reading, Friday. In addition, parliamentarians
made alterations and amendments to the laws ‘On State Registration
of Legal Entities’, ‘On Joint Stock Companies’, ‘On Limited Liability
Companies’.

Deputy Minister of Justice Gagik Malkhasyan said the package
of bills that has been submitted by the Government aims to boost
ntrepreneurship. At present, the minimal size of authorized capital
for LLCs is 50,000 drams, for CJSCs – 100,000 drams and for OJSCs –
1 million drams. The government proposes exempted these companies of
compulsory standards of authorized and allowing them to determine
their authorized capitals. The bill liquidates another provision
pursuant to which the whole authorized capital is to be invested in
these companies. In addition, the present law stipulates that the
state register audits the documents of an enterprise to reveal the
compliance of the regulations of commercial organizations to the
effective legislation. This provision is liquidated as well. An
organization from now and on will be reorganized in a facilitated
regime. Liquidation of an organization requires just a reference on
social and tax payments.

Registration of liquidated organizations takes a day. The provision
on compulsory seals on documents is liquidated as well.