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  Legal Flash September 2012
   
Amendment to Companies Law no. 31/1990
As of 6 September 2012, in the event of non-payment of dividends within 6 months from the date of approval of a company’s annual financial statements for the previous financial year, the company in question will be charged a penalty interest rate of 9.25% per annum. The company’s articles of association or a shareholders’ decision may be used to modify the amount of interest due, but only in the sense of increasing it (not reducing or eliminating it).

The aim of the new regulation is to clarify the issue of interest payments on unpaid dividends due to shareholders.

(Reference: Emergency Ordinance no. 47/2012 to amend certain laws and regulations concerning fiscal and budgetary measures, published in the Official Gazette no. 635/06.09.2012).
For individual advice on how it affects your business, please contact a member of our team.

Jan Glas (Managing Partner): jan.glas@tpa-horwath.ro
Cristina Gheorghita (Legal Partner): cristina.gheorghita@tpa-horwath.ro
Klaus Krammer (Partner): klaus.krammer@tpa-horwath.ro
TPA Horwath | www.tpa-horwath.ro | 46 Cobalcescu St., Bucharest | Tel: +40 21 310 0669 | Fax: +40 21 310 0668
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