(1) Securities acquired by local authorities at the floating of corporations or through shareholding in State enterprises or private companies shall be issued either in the form of registered shares or certificates.
(2) They shall be acquired on the basis of a resolution of the deliberative organ of the local authority concerned and kept by the treasurer of the said authority, even when they have been used as management collateral of the board of directors.
Official text
Transcription: Spot-checked
In force from 24-12-2019
Source page 12
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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Section 53 of the Law No 2019/024 of 24 december 2019 bill to institute the general code of regional and local authorities/akn/cm/act/loi/2019-12-24/2019-024
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