LAW OF THE REPUBLIC OF MOLDOVA

of August 27, 2011 No. 184

About modification and amendments in some legal acts

This organic law is adopted based on provisions of article 1061 of the Constitution by acceptance on itself the Government of responsibility to Parliament. Art. I. - Part (1) article 15 of the Law on financial institutions No. 550-XIII of July 21, 1995 (repeated publication: 2011, 199) to state the official monitor of the Republic of Moldova to No. 78-81, of the Art. in the following edition: "(1) Transfer of share in the capital of bank is made only with the preliminary written permission of National Bank, under the threat of negligibility, as follows:

a) by means of transactions or other legal acts if as a result of this transfer any person or any persons acting jointly have directly or indirectly essential equity interest of this bank and also if as a result of increase in such share limits of 25 percent, 33 percent and 50 percent will be reached or exceeded;

b) based on the judgments or transactions or other legal acts made owing to such decisions which took legal effect;

c) by means of transactions or other legal acts if transfer is made between resident persons of the offshore countries and/or zones and/or the groups jointly characters incorporating the person from the offshore countries and/or zones or between resident person of the offshore country and/or zone and other persons, irrespective of the size of the share which is subject of the transaction. The decision on such preliminary permission is made according to part (2) Article 7. Implementation of voting power by the shareholders who did not get preliminary permission of National Bank or received the share which led to exceeding of the maximum limit provided by part (2), stops from the moment of receipt of the notification from National Bank, in the amount of share which they have without preliminary permission of National Bank. The corresponding persons shall get permission of National Bank in three-months time or sell shares on which the voting power, to person who got preliminary permission of National Bank is suspended. After this term if shares were not sold or permission of National Bank was not got, the National Bank disposes about cancellation of these shares by bank, implementation of issue of new shares in the same quantity and the same class and their sale, with the subsequent transfer of the sum realized from sale to the initial holder after deduction of all expenses connected with sale. In case of lawsuit the National Bank disposes about cancellation of shares by bank and implementation of above-mentioned measures only after pronouncement of the judgment which took legal effect.". Art. II. - In the Law on the security market No. 199-XIV of November 18, 1998 (repeated publication: The official monitor of the Republic of Moldova, 2008, No. 183-185, of the Art. 655), with subsequent changes to make the following changes:

1. Part (Article 24 to state 5) in the following edition: "(5) Share transfer of banks in accordance with the terms, established in part (1) article 15 of the Law on financial institutions, is registered only after submission of the preliminary written permission of the National Bank of Moldova issued according to the specified law under the threat of negligibility of registration of the transaction.".

2. In Article 261: in Item f) parts (1) words "resolutions of degree of jurisdiction;" shall be replaced with words "the decision of degree of jurisdiction which took legal effect;"; part (to state 4) in the following edition: "(4) Observance of provisions of this Article is within the competence of persons keeping the register of securities, and/or the nominal owners keeping the register of owners of securities of clients in the cases provided by Items b), g) and j) parts (1), under the threat of negligibility of transfer of property on securities.". Art. III. - In the Code of civil procedure of the Republic of Moldova No. 225-XV of May 30, 2003 (Official monitor of the Republic of Moldova, 2003, No. 111-115, of the Art. 451), with subsequent changes, to make the following change and addition:

1. Recognize Article 257 invalid.

2. Add Article 470 with part (11) the following content: "(11) the Degree of jurisdiction considering the petition for recognition of the decision of foreign degree of jurisdiction informs on it without fail and without delay the Ministry of Justice and if necessary National Bank of Moldova - if case concerns the financial institution licensed by it, with transfer at the same time of the statement and the enclosed documents. Presence of the representative of the Ministry of Justice and in need of National Bank of Moldova in judicial session in which the petition for recognition of the decision of foreign degree of jurisdiction, surely is considered.". Art. IV. - In the Executive code of the Republic of Moldova No. 443-XV of December 24, 2004 (repeated publication: The official monitor of the Republic of Moldova, 2010, No. 214-220, of the Art. 704), with subsequent changes to make the following changes and additions:

1. Part (Article 12 to add 1) with words ", and in case of transfer of property on securities - after entry of decision into legal force.".

2. In Article 60: part (to state 3) in the following edition: "(3) the Legal executive in 3-day time from the date of receipt of the executive document takes out determination about excitement of enforcement proceeding and sends it to the parties of enforcement proceeding not later than to 3-day time from the date of its removal with the offer on voluntary execution of the executive document in 15-day time. The sheet of calculation of the expenses for execution connected with introduction of payment for the beginning and archiving of executive case is attached to determination about excitement of enforcement proceeding."; add Article with part (31) the following content: "(31) In case of refusal the debtor from voluntary execution of the executive document in time, specified in part (3), the legal executive continues enforcement proceeding, having directed to the parties the corresponding determination with appendix of the sheet of calculation of other expenses to it for execution and with mark that the amount collected from the debtor is subject to determination afterwards according to the law, and to the debtor the copy of the executive document which is also certified by the legal executive goes.". Art. V. - In the Law on legal executives No. 113 of June 17, 2010 (The official monitor of the Republic of Moldova, 2010, No. 126-128, of the Art. 406) to make the following changes and additions:

1. In Article 18: part (to add 1) with Item with 1) of the following content: "with 1) gross violation of the legislation - before imposing of authority punishment;"; add Article with part (51) the following content: "(51) In case, stipulated in Item with 1) parts (1), activities of the legal executive stop based on the order of the Minister of Justice published on the initiative.".

2. Part (Article 21 to add 2) with the Item b 1) of the following content: "b 1) gross violation of the legislation;".

3. In Article 22: in part (the words "under National union of bailiffs" shall be replaced with words 1) "under the Ministry of Justice"; in part (the word of "five" to replace 2) with the word of "nine", and words "one representative appointed by the Ministry of Justice," - words of "five representatives appointed by the Ministry of Justice"; in part (the word "five" to replace 3) with the word "nine", and the word "board". - the words "from structure of central office order of the Minister of Justice."; part (to state 5) in the following edition: "(5) Decisions of Disciplinary board are made in the presence of at least two thirds of members by a majority vote of attendees.".

4. In Article 24: Item d) parts (to state 1) in the following edition: "d) suspension of operations;"; in part (3) words "disciplinary violation, stipulated in Item i) parts (2) Articles 21," shall be replaced with words "the disciplinary violations provided by the Items b 1) and i) parts (2) Articles 21,".

5. In Article 33: in part (the words "together with" to replace 1) with the word "and"; part (2) after words of "enforcement proceedings", to add with words "procedure of payments of expenses on execution,". Ст.VI. - (1) the Members of Disciplinary board appointed based on article 22 of the Law on legal executives No. 113 of June 17, 2010 continue to fulfill the duties before the expiration of four-year term of office. (2) In 30-day time from the date of entry into force of this law to the Ministry of Justice to appoint four members of Disciplinary board to the period which remained before the expiration of four-year term of office of the acting members of Disciplinary board. (3) from the date of entry into force of this law to transfer to National union of legal executives all materials which are under authority of Disciplinary board, to the Ministry of Justice To 30-day time. (4) to the Government in three-months time from the date of entry into force of this law to bring the regulations into accord with it.

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