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Law on Commercial Enterprises


LAW ON COMMERCIAL ENTERPRISES



Chapter 1 – General Provisions



Article 1: Scope

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Article 2: Definitions

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5HJLVWHU    "Registrar's Office"PHDQVWKHRIILFH FUHDWHGSXUVXDQWWRWKH/DZRQ&RP PHUFLDO5XOHVDQG

5HJLVWHU    "subsidiary"PHDQVDSDUWQHUVKLSRUFRPSDQ\FRQWUROOHGE\DQRWKHUSDUWQHUVKLSRUFRPSDQ\

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Article 3: Registered agent and registered office

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Article 4: Delivery of documents

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Article 5: Use of Khmer name

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Article 6: Non-payment of fees, fines, interest and penalties

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Article 7: Annual declaration

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Chapter 2 – General Partnerships Part 1. General Provisions

A. The Establishment of a General Partnership



Article 8: Nature of partnership

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Article 9: Form of contract

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Article 10: Rules of determining existence of partnership

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Article 11: Date of creation

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Article 12: Legal personality

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Article 13: Nationality

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Article 14: Name of partnership

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Article 15: Liability for registration, filing and publication

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B. Relations of Partners to One Another



Article 16: Nature of partner’s contribution

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Article 17: Partner’s debt for contribution

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Article 18: Contribution of property

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Article 19: Monetary contribution

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Article 20: Contribution of knowledge or activities

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Article 21: Capital of the partnership

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Article 22: Currency of capital

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Article 23: Participation in profits and losses

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Article 24: Allocation of partner’s interest

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Article 25: Partner accountable to partnership

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Article 26: Partner’s entitlement to wages

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Article 27: Liability for damage

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Article 28: Disbursement on behalf of the partnership

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Article 29: Receipt of amount by a partner

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Article 30: Partner and partnership’s property

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Article 31: New partner

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Article 32: Transferability of partner’s interest

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Article 33: Partner’s interest as guarantee

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Article 34: Management of partnership – general

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Article 35: Appointment of manager

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Article 36: More than one manager

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Article 37: Partner’s power to manage

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Article 38: Decision making process of the partners

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Article 39: Right to information

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 C. Relation of General Partnership with Third Parties
Article 40:  Partner as agent

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Article 41: Partnership bound by contracts of partner

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Article 42: Partner’s liability

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Article 43: New partner’s liability

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Article 44: Knowledge of partnership

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Article 45: Misrepresentation

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Article 46: Silent partner

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Article 47: Distribution of security

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D. When a Person Ceases to be a General Partner



Article 48: When a person ceases to be a partner

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Article 49: Effect on partnership

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Article 50: Right of a person who ceases to be a partner

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Article 51: Right of withdrawal

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Article 52: Expulsion of a partner

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 E. Dissolution and Liquidation of the General Partnership
Article 53: Cause of dissolution


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Article 54: Continuation of partnership with a fixed term

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Article 55: One partner

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Article 56: Rights of partners upon dissolution

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Article 57: Rights of third parties upon dissolution

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Article 58: Legal personality of partnership

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Article 59: Notice of dissolution

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Article 60: Powers of the liquidator

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Article 61: Order of payment in liquidation

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Article 62: Books and records

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Article 63: Closing of liquidation and legal personality

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Part 2. Limited Partnerships



Article 64: Nature of Limited Partnership

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Article 65: One person as both limited and general partner

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Article 66: Form of contract

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Article 67: Date of creation

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Article 68: Name

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Article 69: Record of limited partners

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Article 70: Nature of partners’ contribution

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Article 71: Participation of limited partner in profits and losses

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Article 72: Liability of limited partner

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Article 73: Name of limited partner used in limited partnership’s name

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Article 74: Powers, rights, obligations of general partner

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Article 75: Liability of general partner

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Article 76: Limited partner’s entitlement to wages

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Article 77: Limited partner’s right to withdraw

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Article 78: Transferability of limited partner’s interest

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Article 79: Management – limited partner

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Article 80: When general partners not able to act

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Article 81: Law suit against the partnership

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Article 82: Insufficiency of partnership’s assets – third parties

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Article 83: Insufficiency of partnership’s assets – limited partners

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Article 84: Application of provisions dealing with general partnership

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Chapter 3 – Limited Company and Public Limited Company



Part 1. General provisions



Article 85: Application

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Article 86: Nature of Private Limited Company



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Article 87: Nature of Public Limited Company

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Article 88: Interpretation



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Article 89:  Affiliate - interpretation

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Article 90: Liability for registration, filing and publication

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Part 2.

A. Formation of a Limited Company



Article 91: Creation of Limited Company

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Article 92: Name of company

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Article 93: Articles of Incorporation, required contents



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Article 94: Additional provisions in articles

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Article 95: Signature of articles

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Article 96: Delivery of articles

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Article 97: Certificate of incorporation

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Article 98: Effect of certificate

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B. Capacity and Rights of the Company



Article 99: Capacity of a company

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Article 100: Extra-territorial capacity

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Article 101: Nationality

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Article 102: Bylaws

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Article 103: Restricted business or powers

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Article 104: Rights preserved

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Article 105: No constructive notice

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Article 106: Protections for third persons

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C. Registered Office, Books and Records

Article 107: Registered office

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Article 108: Notice of registered office

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Article 109: Corporate records

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Article 110: Access to corporate records

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Article 111: Use of shareholder lists

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Article 112: Directors records

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Article 113: Accounting records

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Article 114: Company’s duty to preserve records

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Article 115: Corporate seal

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D. Directors and Officers

Article 116: Initial directors


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Article 117: Shareholders’ Organizational Meeting

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Article 118: Number of Directors

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Article 119: Powers of Directors

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Article 120: Qualifications of Directors

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Article 121: Term of Office for Director

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Article 122: Staggered terms for directors

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Article 123: Classes of directors

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Article 124: Removal of director

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Article 125: Resignation of director

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Article 126: Continuation in office

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Article 127: Chairman of the Board

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Article 128: Calling meetings

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Article 129: Notice of meetings

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Article 130: Board consultations

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Article 132: Conduct of meetings

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Article 134: Disclosure by director or officer

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Article 137: Voting after disclosure



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Article 138: Officers



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Article 139: Pre incorporation contracts

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Article 140: Directors' liability – consideration for share

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Article 141: Others liability of directors

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Article 142: Director’s dissent

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Article 143: Shares

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Article 144: Number, value and rights attached to shares

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Article 145: Rights to classes of shares

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Article 146: Issue of shares – consideration for shares

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Article 147: Liability of shareholder

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Article 148: Shares in series

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Article 149: Stated capital account

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Article 150: Constraints on addition or reduction to a stated capital account

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Article 151: Pre-emptive right

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Article 152: Options and rights

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Article 153: Share certificate

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Article 154: Transfer of share

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Article 155: Acquisition of company's own shares

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Article 156: Reduction of stated capital on redemption or purchase

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Article 157: Dividend declaration

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Article 158: Restriction to declaration of dividends

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Article 159: Form of dividend

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Article 160: Adjustment of stated capital account

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Article 161: Definitions



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Article 162: Securities are negotiable instruments

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Article 163: Distribution document

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Article 164: Securities in registered form

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Article 165: Debt obligation in order form

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Article 166: Securities in bearer form

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Article 167: Rights of holder

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Article 168: Signatures on the securities certificate

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Article 169: Contents of share certificate

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Article 171: Dealings with registered holder

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Article 172: Minors

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Article 173: Transmission of securities

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Article 174: Burden of proof

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Article 175: Securities fungible

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Article 176: Notice of defect

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Article 177: Unauthorized signature

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Article 178: Completion or alteration

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Article 179: Warranties of agents

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Article 180: Title of purchaser

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Article 181: Warranties to purchaser

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Article 182: Right to compel endorsement

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Article183: Endorsement

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Article 184: Immunity of endorser

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Article 185: Effect of endorsement without delivery

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Article 186: Endorsement in bearer form

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Article 187: Effect of unauthorized endorsement

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Article 188: Liability of issuer

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Article 189: Warranties of guarantor of signature

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Article 191: Delivery to broker



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Article 192: Right to reclaim possession

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Article 193: Right to require registration

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Article 194: Seizure of security

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Article 195: Registration of security in registered form

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Article 196: Limitation of issuer's liability

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Article 197: Notice of lost or stolen security

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Article 198: Duty of issuer to issue a new security

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Article 199: Functions of receiver

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Article 200: Functions of receiver-manager

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Article 201: Directors' powers cease

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Article 202: Powers of receiver

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Article 203: Duties of receiver and receiver-manager



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Article 205:  Place of meetings

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Article 206: Directors calling meetings

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Article 207: Shareholders calling meetings

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Article 208: Meeting called by court

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Article 209: Establishing the record date

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Article 210: Notice of record date

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Article 211: Shareholder list

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Article 212: Effect of list

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Article 213: Examination of list

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Article 214: Notice of meeting

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Article 215: Waiver of notice

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Article 216: Shareholder proposal

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Article 217: Quorum

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Article 219: Proxy and pooling agreements

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Article 220: Voting

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Article 221: Written resolution in lieu of meeting

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Article 222: Court review

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Article 223: Unanimous shareholder agreement

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Article 224:  $WHYHU\DQQXDOJHQ Annual financial statements HUDOPHHWLQJRI VKDUHKRO GHUVWKHGLUH FWRUV VKDOOS UHVHQWDQDQ QXDOILQDQ FLDO

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Article 225: Examination by shareholders

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Article 226: Approval and issuance of financial statements

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Article 227: Copies to shareholders

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Article 228: Copies to Director

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Article 229: Appointment of auditor

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Article 230: Exemption

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Article 231: Remuneration

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Article 232: Removal, vacancies

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Article 233: Court appointed auditor

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Article 234: Powers and duties

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Article 235: Right to amend

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Article 236: Vote

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Article 237: Notice of meeting

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Article 238: Nature of amendments



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Article 239: Filing amendments

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Article 240: Certificate of amendment

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Article 241: Authority to merge

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Article 242: Approval by Directors

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Article 243: Merger Agreement

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Article 244: Notice to shareholders

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Article 245: Vote by shareholders

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Article 246: Votes by Class

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Article 247: Filing Articles of Merger

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Article 248: Effect of merger

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Article 249: Right to demand appraisal

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Article 250: Appraisal Procedure

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 L. Dissolution and Liquidation
Article 251: Dissolution


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Article 252: Proposing liquidation and dissolution

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Article 253: Statement of intent to dissolve

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Article 254: Notice of Intent to Dissolve

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Article 255: Liquidation

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Article 256: Supervision by court

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Article 257: Dissolution

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 M. Director of Companies
Article 259:  Appointment of Director of Companies

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Article 260: Certificate of Director of Companies

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Article 261: Copies

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Article 262: Proof required by Director of Companies

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Article 263: Regulations

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Article 264: Filing of articles and dissolution plans

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Article 265: Date of certificate

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Article 266: Certificate of compliance

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Article 267: Corrections

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Article 268: Inspection and copies of records

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Article 269: Retention of records

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Chapter 4 – Foreign Business



General Provisions



Article 270: Foreign business defined

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Article 271: Forms

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Article 272: Doing business

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Article 273: Subject to local law

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A. Representative Office



Article 274: Authorized activities

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Article 275: Management

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Article 276: Name

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Article 277: Closing representative office

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Article 278: Authorized activities


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Article 279: Liability

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Article 280: Management

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Article 281: Name

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Article 282: Closing branch

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C. Subsidiary

Article 283:

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Article 284:

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Article 286:

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Chapter 5 – Derivative Action

Article 287:



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Article 288: Recovery in derivative action

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Article 289: Duty of care of directors and officers

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Chapter 6 – Offences, Penalties and Remedies



Article 290: False and misleading reports

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Article 291: Order to comply

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Article 292: Limitation period

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Article 293: Civil remedy not affected

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Article 294: Registration, filing and publication

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Article 295: Company books and records

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Article 296: Financial statements to shareholders

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Article 297: Financial statements to Director of Companies

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Article 298: Auditor

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Chapter 7 – Transitional Provisions

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Chapter 8 – Final Provisions

Article 303: Contradiction

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Article 304: Promulgation

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