LAW OF THE REPUBLIC OF MOLDOVA

of November 23, 2017 No. 242

About modification and amendments in Article 29 of the Insurance law No. 407/2006

The Parliament adopts this organic law.

Art. 1. – In Article 29 of the Insurance law No. 407/2006 (The official monitor of the Republic of Moldova, 2007, No. 47-49, of St. 213), with subsequent changes and amendments to make the following changes and additions:

part (to add 5) after the words "in volume of the belonging property rights." with the offer: "Shares according to which implementation of voting power is suspended are not considered in case of decision making on the questions included in the agenda of general shareholder meeting not taken into consideration in case of establishment of quorum and determination of results of vote and respectively do not join in the voices provided at meeting.";

part (to state 6) in the following edition:

"(6) Persons which broke provisions of parts (3) and (31), shall within three months from the date of acquisition make alienation of the acquired shares of the essential participation belonging to them.";

add Article with parts (6-1)–(6-25) of the following content:

"(6-1) If after the term provided by part (6), shares are not aloof, the executive body of the insurer (overcautious person) in departure from provisions of the Join-stock companies law No. 1134/1997 in 15-day time from the date of the expiration provided to owners of securities for sale of shares of the insurer (overcautious person) makes and represents to supervision body the decision on cancellation of the corresponding shares and additional share issue in the same quantity and the same class.

(6-2) Decision of executive body of the insurer (overcautious person) also shall include price information of sale of again issued shares and procedure for its determination, terms of drawing of shares for sale and about conditions on which original price can be changed, with observance of provisions of this Article.

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