NoC99/40 OfficialJournaloftheEuropeanCommunities 21.4.92
ProposalforaCouncilRegulationonthestatuteforaEuropeanmutualsociety
(92/C99/05)
COM(91)273final—SYN390
(SubmittedbytheCommissionon6March1992)
2137/85(4),doesallowgroupingstopromotecertainof
theiractivitiesincommon,whileneverthelesspreserv­
ingtheirindependence ,butitdoesnotmeetthespe­
cificrequirementsofmutualsocieties;
Whereasrespectfortheprincipleofthepnmacyofthe
individualisreflectedinthespecificrulesonmember­
ship,resignationandexpulsion,wheretheone-man,
one-voteruleislaiddownandtherighttovoteis
vestedintheindividual,withtheimplicationthat
memberscannotexerciseanyrightsovertheassetsof
thesociety;
Whereasmutualsocietiesareessentiallygroupsofper­
sonsoperatinginaccordancewiththeirownprinciples,
whicharedifferentfromthoseapplyingtootherbusi­
nesses;THECOUNCILOFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishingtheEuropean
EconomicCommunity ,andinparticularArticle100a
thereof,
HavingregardtotheproposalfromtheCommission ,
IncooperationwiththeEuropeanParliament,
HavingregardtotheopinionoftheEconomicand
SocialCommittee ,
WhereastheCommissionadoptedacommunication to
theCouncilof18December1989(');whereasthe
EconomicandSocialCommitteegaveitsopinionon
thatcommunication on19September1990(2);
Whereasthecompletionoftheinternalmarketmeans
thattheremustbefullfreedomofestablishment forall
activitieswhichcontributetotheobjectivesofthe
Community ,irrespectiveoftheformtakenbythebody
whichcarriesthemon;
Whereas,therefore,theCommunity ,whichiscon­
cernedtorespectequaltermsofcompetitionandto
contributetoitseconomicdevelopment ,shouldpro­
videmutualsocieties,whichareaformoforganization
generallyrecognizedinmostMemberStates,withade­
quatelegalinstrumentscapableoffacilitatingthe
developmentoftheirtransnationalactivities;
Whereasbytheattainmentoftheirobjectivesandthe
formoftheiroperationsmutualsocietiesplayafull
partinthelifeoftheeconomy;
WhereasthestatuteforaEuropeancompany,asprov­
idedforinRegulation(EEC)No.../...(3),isnotan
instrumentwhichissuitedtothespecificfeaturesof
mutualsocieties;
WhereastheEuropeanEconomicInterestGrouping
(EEIG),asprovidedforinRegulation(EEC)NoWhereascross-border cooperationbetweenmutual
societiesintheCommunityiscurrentlyhamperedby
legalandadministrative difficultieswhichshouldbe
eliminatedinamarketwithoutfrontiers;
WhereastheintroductionofaEuropeanformoforgan­
izationwhichwouldbeavailabletomutualsocieties,
basedoncommonprinciplesbuttakingaccountof
theirspecificfeatures,andinparticularofthefactthat
theymayoperateinthegeneralinterest,shouldenable
themtooperateoutsidetheirownnationalbordersin
allorpartoftheterritoryoftheCommunity ;
Whereastheessentialaimofthelegalrulesgoverning
theEuropeanmutualsocietyimpliesthatsuchasociety
maybesetupbylegalentitiesfromdifferentMember
States,orbytransformation ofanationalmutual
societyintothenewform,withoutfirstbeingwound
up,solongasthemutualsocietyhasitsregisteredoff­
iceandcentraladministration intheCommunityand
anestablishment orsubsidiaryinaMemberStateother
thanthatinwhichithasitscentraladministration ;in
thislastcase,themutualsocietymustengageingen­
uineandeffectivecross-borderactivity; (')Businessesinthe'économiesociale'sector—Europes
frontier-freemarket:SEC(89)2187final,18.12.1989.0OJNoC332,31.12.1990,p.81.
(3)OJNoL... (4)OJNoL199,31.7.1985,p.1.

21.4.92 OfficialJournaloftheEuropeanCommunities NoC99/41
guardsequivalentthroughouttheCommunity (2),
aslastamendedbytheActofAccessionofSpain
andPortugal,
—CouncilDirective78/660/EECof25July1978
basedonArticle54(3)(g)oftheTreatyonthe
annualaccountsofcertaintypesofcompanies(3),
aslastamendedbyDirectives90/604/EEC(4)and
90/605/EEC(5),
—CouncilDirective83/349/EECof13June1983
basedonArticle54(3)(g)oftheTreatyonconsoli­
datedaccounts(6),aslastamendedbyDirectives
90/604/EECand90/605/EEC,
—CouncilDirective84/253/EECof10April1984
basedonArticle54(3)(g)oftheTreatyonthe
approvalofpersonsresponsibleforcarryingout
thestatutoryauditsofaccountingdocuments(7),
—CouncilDirective89/48/EECof21December
1988onageneralsystemfortherecognitionof
higher-education diplomasawardedoncompletion
ofprofessionaleducationandtrainingofatleast
threeyears'duration(8),
—CouncilDirective89/666/EECof21December
1989concerningdisclosurerequirementsinrespect
ofbranchesopenedinaMemberStatebycertain
typesofcompanygovernedbythelawofanother
State(9);WhereasEuropeanmutualsocietiesshouldholdafor­
mationfund;
Whereastherulesonaccountingareintendedtoensure
moreeffectivemanagementandtoforestallanypossi­
bledifficulty;
WhereasthisRegulationdoesnotaffectbasicobliga­
torysocialsecurityschemesmanagedincertainMem­
berStatesbymutualprovidentsocietiesandtheliberty
ofMemberStatestodecidewhetherornotandunder
whatconditionstoentrustthemanagementofthese
schemestomutualsocieties;
Whereas,onmattersnotcoveredbythisRegulation,
theprovisionsofthelawoftheMemberStatesandof
Communitylawareapplicable,forexamplewith
regardto:
—rulesonemployeeinvolvementinthedecision­
makingprocess,
—employmentlaw,
—taxationlaw,
—competitionlaw,
—intellectualandindustrialpropertylaw,
—rulesoninsolvencyandsuspensionofpayments;
WhereastheapplicationofthisRegulationmustbe
deferredsoastoenableeachMemberStatetoincor­
porateintoitsnationallawtheprovisionsofCouncil
Directive.../.../EECsupplementing theStatutefor
aEuropeanmutualsocietywithregardtotheinvolve­
mentofemployees(')andtoputinplaceinadvance
thenecessarymachineryforsecuringtheformationand
operationofEuropeanmutualsocietieshavingtheir
registeredofficeinitsterritory,sothattheRegulation
andtheDirectivemaybeappliedconcomitantly ;
Whereasworkontheapproximation ofnationalcom­
panylawhasmadesubstantialprogresssothatrefer­
encemaybemadetocertaindispositionsmadebythe
MemberStatewheretheEuropeanmutualsocietyhas
itsregisteredofficeforthepurposeofimplementing
directivesoncompanies ,byanalogyfortheEuropean
mutualsocietyinareaswherethefunctioningofthe
societydoesnotrequireuniformCommunityrules,
suchdispositionsbeingappropriatetothearrange­
mentsgoverningtheEuropeanmutualsociety:
—CouncilDirective68/151/EECof9March1968
oncoordinationofsafeguardswhich,forthepro­
tectionoftheinterestsofmembersandothers,are
requiredbyMemberStatesofcompanieswithin
themeaningofthesecondparagraphofArticle58
oftheTreaty,withaviewtomakingsuchsafe­Whereastheactivitiesinthefieldoffinancialservices
andnotablyastheyconcernestablishments andinsur­
anceenterpriseshavebeenthesubjectoflegislative
measurespursuanttothefollowingDirectives :
—CouncilDirective86/635/EECof8December
1986ontheannualaccountsandconsolidated
accountsofbanksandotherfinancialinstitutions
(10),
—CouncilDirective89/646/EECof15December
1989onthecoordinationoflaws*regulationsand
administrative provisionsrelatingtothetakingup
andpursuitofthebusinessofcreditinstitutions
andamendingDirective77/780/EEC(ll),
—CouncilDirective../.../EECof...onthecoor­
dinationoflaws,regulationsandadministrative
(2)OJNoL65,14.3.1968,p.8.0OJNoL222,14.8.1978,p.11.
(4)OJNoL317,16.11.1990,p.57.
OOJNoL317,16.11.1990,p.60.
(6)OJNoL193,18.7.1983,p.1.
(7)OJNoL126,12.5.1984,p.20.
(»)OJNoL19,24.1.1989,p.16.
(9)OJNoL395 ,30.12.1989,p.36.
(I0)OJNoL372,31.12.1986,p.1.
(»)OJNoL386,30.12.1989,p.1. (')Seepage57ofthisOfficialJournal—Proposal.

NoC99/42 OfficialJournaloftheEuropeanCommunities 21.4.92
provisionsrelatingtodirectinsuranceotherthan
lifeinsuranceandamendingDirectives73/239/
EECand88/357/EEC0;Whereasthisformoforganizationshouldbeoptional,
HASADOPTEDTHISREGULATION :
TITLEI
GENERALPROVISIONS
Article2
(Formation)
1.AnMEmaybeformedby:
(a)eitheranytwoormoreofthelegalentitieswhich
arelistedinAnnexIwhichareformedunderthe
lawofaMemberStateprovidedthatatleasttwoof
themhavetheirregisteredofficeandcentral
administration indifferentMemberStates;inthis
case,theMEwillbeabletoexerciseallactivities
appropriatetoamutualsocietyofthetypeofthose
mentionedinArticle1(1);
(b)oranytwoormoreofthelegalentitieswhichare
listedinAnnex2andwhichareformedunderthe
lawofaMemberStateprovidedthatatleasttwoof
themhavetheirregisteredofficeandcentral
administration indifferentMemberStates;inthis
case,inconformitywithArticle1(5),theMEwill
notbeabletobeformedandcarryoutitsactivities
excepttotheextentallowedbyMemberStatesto
thefoundingentities.
2.Amutualsocietywhichhasbeenformedinaccord­
ancewiththelawofaMemberStateandhasitsregis­
teredofficeandcentraladministration intheCom­
munitymayformanMEbyconvertingintoMEform
ifithasanestablishment orsubsidiaryinaMember
Stateotherthanthatofitscentraladministration ,and
candemonstratethatitiscarryingongenuineand
effectivecross-border activities.CHAPTER I
FORMATION OFTHEEUROPEAN MUTUAL
SOCIETY
Article1
(FormoftheEuropeanmutualsociety)
1.Mutualsocietiesmaybeformedthroughoutthe
CommunityintheformofaEuropeanmutualsociety
(ME)ontheconditionsandinthemannersetoutin
thisRegulation .ThenameofanMEshallspecifythe
natureoftheactivityengagedin,whetherconcerned
withprovidence ,insurance,healthassistance,credit,or
otherwise .
2.AnME:
—shallguaranteeitsmembers,inreturnforasub­
scription,fullsettlementofcontractualundertak­
ingsenteredintointhecourseoftheactivities
authorizedbyitsstatutes;and
—shallnotremunerateitsmanagersoradministra­
tors,unlessotherwiseprovidedinitsstatutes.
3.AnMEshalloperatewithaformationfundand
reserveswhichshallserveexclusivelytocoveritsdebts.
4.AnMEshallhavelegalpersonality .Itshallacquire
itonthedayofitsregistrationintheMemberStatein
whichithasitsregisteredoffice ,intheregisterdesig­
natedbythatStateinaccordancewithArticle8(3).
5.ThisRegulationdoesnotprejudicethecompetence
ofeachMemberStatetoregulateaccessonitsterritory
tothemanagementofbasicobligatorysocialsecurity
schemesaswellastheoperationsofprovidentor
assistanceorganizations theservicesofwhichwillvary
accordingtoavailableresourcesandinwhichthecon­
tributionsofmembersisdeterminedbycontract,as
wellasthecarryingoutoftheactivitiesandoperations.Suchconversionshallnotresultinthesocietybeing
wounduporinthecreationofanewlegalperson.
Theadministrative ormanagementboardofsucha
societyshalldrawupaproposalforconversioncover­
ingthelegalandeconomicaspectsoftheconversion .
TheconversiontoMEformandtheME'sstatutesshall
beapprovedbythegeneralmeetingofmembersin
accordancewiththerequirements laiddownfor
amendmentofitsstatutesbyArticle22. (')CQM(90)348final—SYN291.

21.4.92 OfficialJournaloftheEuropeanCommunities NoC99/43
Article5
(Registeredoffice)
TheregisteredofficeofanMEshallbesituatedatthe
placespecifiedinitsstatutes,whichmustbewithinthe
Community .Itmustbethesameastheplacewherethe
MEhasitscentraladministration .Article3
(ThestatutesoftheME)
1.ThestatutesoftheMEmustinclude:
—thenameoftheME,specifyingthenatureofthe
activityengagedin,andprecededorfollowedby
theabbreviation 'ME',
—aprecisestatementoftheobjectsoftheME,
—thename,objectsandregisteredofficesofthe
foundermembers,wherethesearelegalentities;
—theaddressoftheME'sregisteredoffice;
—theconditionsandproceduresfortheadmission,
expulsionandresignationofmembers,
—therightsandobligationsofmembersandofthe
ME,
—thesubscriptionspayablebynaturalorlegalper­
sons,and,whereappropriate ,provisionsasto
arrears,
—themanagementstructure,
—thepowersandresponsibilities ofeachofthegov­
erningbodiesoftheME,
—provisionsgoverningtheappointmentandremoval
ofthemembersofthegoverningbodies,
—themajorityandquorumrequirements ,
—adefinitionofthegoverningbodies,ormembersof
thosebodies,havingauthoritytorepresenttheME
indealingswiththirdparties,
—theconditionsfortheinitiationofproceedingson
behalfoftheMEunderArticle42,
—thegroundsforwindingup.
2.ForthepurposesofthisRegulationthe'statutes'of
theMEcompriseboththeinstrumentofincorporation
and,wheretheyaresetoutinaseparatedocument,the
ME'sstatutesproperlyso-called.
3.ForthepurposesofthisRegulationa'member'of
anyMEmeansanylegalpersonwhotookpartinthe
foundationoftheMEorwhoacquiredmembership
later.Article6
(Transferofregisteredoffice)
1.TheregisteredofficeofanMEmaybetransferred
withintheCommunity .Suchtransfershallnotresultin
theMEbeingwounduporinthecreationofanew
legalperson.
2.Wherethetransferoftheregisteredofficeresultsin
achangeofthelawapplicablepursuanttoArticle7(1)
(b),atransferproposalshallbepublishedinaccord­
ancewithArticle9.
Nodecisiontotransfermaybetakenfortwomonths
afterpublicationoftheproposal.Anysuchdecision
mustbetakenundertheconditionslaiddownforthe
amendmentofthestatutes.Thetransferoftheregis­
teredofficeoftheMEandtheresultingamendmentto
itsstatutesshalltakeeffectfromthedateofregistration
oftheME,inaccordancewithArticle8(3),intheregis­
terforthenewregisteredoffice .Thatregistrationmay
notbeeffecteduntilevidencehasbeenproducedthat
theproposedtransferoftheregisteredofficehasbeen
published.
3.TheremovaloftheMEfromtheregisterforitspre­
viousregisteredofficemaynotbeeffecteduntilevi­
dencehasbeenproducedthattheMEhasbeenregis­
teredintheregisterforitsnewregisteredoffice .
4.Thefactofthenewregistrationandthefactofthe
removaloftheoldregistrationshallbothbepublished
intheMemberStatesconcernedinaccordance with
Article9.
5.Thenewregistrationoftheregisteredofficeofthe
MEmaybereliedonasagainstthirdpartiesfrompub­
lication.However,untiltheremovaloftheMEfrom
theregisterforitspreviousregisteredofficehasbeen
publishedthirdpartiesmaycontinuetorelyontheold
registeredofficeunlesstheMEprovesthatsuchthird
partieswereawareofthenewregisteredoffice .
Article7
(Applicablelaw)
1.AnMEshallbegoverned :
(a)—bytheprovisionsofthisRegulation,
—whereexpresslyauthorizedbythisRegulation,
bytheprovisionsfreelydeterminedbythepar­
tiesinthestatutesoftheME;Article4
(Formationfund)
1.Theformationfundshallbenotlessthanecu
100000ortheequivalentinnationalcurrency.
2.WherethelawofaMemberStaterequiresahigher
amountinthecaseofmutualsocietiesengagedincer­
taintypesofactivity,thesamerequirementshallapply
toMEswhichhavetheirregisteredofficeinthatState.

NoC99/44 OfficialJournaloftheEuropeanCommunities 21.4.92
failingthis:
(b)—bytheprovisionsofthelawoftheMember
StateinwhichtheMEhasitsregisteredoffice
governingdomesticmutualsocietiesengaging
incomparableactivities,
—bytheprovisionsfreelydeterminedbythepar­
tiesinthestatutesoftheME,inaccordance
withthesameconditionsasformutualsocie­
tiesengagingincomparableactivitiesandgov­
ernedbythelawoftheMemberStateinwhich
theMEhasitsregisteredoffice .
2.WhereaStatecomprisesseveralterritorialunits,
eachofwhichhasitsownrulesoflawapplicabletothe
mattersreferredtoinparagraph 1,eachterritorialunit
shallbeconsideredaStateforthepurposesofidentify­
ingthelawapplicableunderpoint(b)ofparagraph 1.
3.IneachMemberStateandsubjecttotheexpress
provisionsofthisRegulation,anMEshallhavethe
samerights,powersandobligationsasamutualsociety
formedunderthelawoftheStateinwhichtheMEhas
itsregisteredoffice .
4.ThefollowingshallapplytoanME:
—theprovisionsofCommunitylawandnationallaw
adoptedinconformitywiththem,
and
—intheabsenceofcommunitylegislation,national
provisionsregulatingaccessortheexerciseofcer­
tainactivitiessuchascreditorinsurance .ingtheME'sstatutes.NoMEmayberegistereduntil
themeasuresrequiredbyDirective.../.../EEC[sup­
plementingthestatuteforaEuropeanmutualsociety
withregardtotheinvolvementofemployees]have
beenadopted.
4.MemberStatesshalltakethemeasuresrequiredto
ensurethatthefollowingdocumentsandparticulars
aredisclosedasprovidedforinparagraph3:
(a)thestatutesoftheME,anyamendmentstothem,
andthecompletetextofthestatutesinitsup-to­
dateform;
(b)theopeningorclosingofanyestablishment ;
(c)theappointment ,terminationofofficeandparticu­
larsofthepersonswhoeitherasabodyconstituted
pursuanttolaworasmembersofanysuchbody:
—areauthorizedtorepresenttheMEindealings
withthirdpartiesandinlegalproceedings ,
—takepartintheadministration ,supervisionor
controloftheME;
(d)atleastonceayear,theamountoftheformation
fund,unlessanyincreaseintheformationfund
requiresanamendmenttotherules;
(e)thebalancesheetandtheprofitandlossaccount
foreachfinancialyear;thedocumentcontaining
thebalancesheetshallgiveparticularsoftheper­
sonswhoarerequiredbylawtocertifyit;
(f)anyproposaltotransfertheregisteredofficeas
referredtoinArticle6(2);
(g)thewinding-upandliquidationoftheMEandthe
decisiontocontinuetheME'sactivitiestaken
underArticle49;
(h)anydeclarationofnullityoftheMEbyacourt;
(i)theappointmentofliquidators,particularsofsuch
liquidators,andtheirrespectivepowers,thetermi­
nationoftheiroffice;
0)theconclusionoftheliquidationoftheMEand
theremovaloftheMEfromtheregister.
5.If,priortoitsacquisitionoflegalpersonality,steps
havebeentakeninthenameofanME,andtheME
doesnotassumetheobligationsarisingfromthose
steps,thepersonswhotookthemshallbejointlyand
severallyliabletherefor,unlessotherwiseagreed.Article8
(Registrationanddisclosurerequirements )
1.Thefoundermembersshalldrawupthestatutesof
theMEinaccordancewiththeprovisionsforthefor­
mationofmutualsocietieslaiddownbythelawofthe
StateinwhichtheMEhasitsregisteredoffice.Thesta­
tutesmustatleastbeinwritingandsignedbythefoun­
dermembers .
2.InthoseMemberStateswhoselegislationdoesnot
provideforanyprecautionary supervision,whether
administrative orjudicial,atthetimeofformation,the
statutesshallbeadoptedbynotarialact.Thesupervi­
soryauthorityshallseektoensurethatthisactcomplies
withtherequirementsfortheformationofanME,and
inparticularthosesetoutinArticles1,2,3and5.
3.MemberStatesshalldesignatetheregisterinwhich
MEsmustberegisteredandshalldeterminetherules
governingit.Theyshalllaydowntheproceduresforfil­Article9
(Publicationofdocumentsandparticularsrelatingto
theMEintheMemberStates)
1.MemberStatesshallensurethatthedocumentsand
particularsreferredtoinArticle8(4)aredisclosedin

21.4.92 OfficialJournaloftheEuropeanCommunities NoC99/45
theappropriateofficialgazetteintheMemberStatem
whichtheMEhasitsregisteredoffice,andshalldeter­
minebywhichpersonsthedisclosureformalitiesareto
becarriedout.Disclosureshallbeeffectedbypublica­
tioneitherofanextractorofareferencetotheentryin
theregister.
MemberStatesshallalsoensurethatanyonemaycon­
sultthedocumentsreferredtoinArticle8(4)inthe
registerreferredtoinArticle8(3),andmayobtaina
copyofthewholeoranypart,bypostifrequested.forwardedtotheOfficeforOfficialPublicationsofthe
EuropeanCommunities withinonemonthofthedate
ofthepublicationintheofficialgazetteoftheMember
StateinwhichtheMEhasitsregisteredofficepursuant
toArticle9(1).
WheretheregisteredofficeoftheMEistransferredin
accordancewithArticle6(2)anoticeshallbepub­
lishedcontainingtheinformationprovidedforinthe
firstparagraph,togetherwiththatrelatingtothenew
registration .
Article11
(ParticularstobestatedintheME'sdocuments)
Lettersanddocumentssenttothirdpartiesshallstate
legibly:
(a)thenameoftheME,precededorfollowedbythe
abbreviation 'ME';
(b)theplaceoftheregisterinwhichtheMEisregis­
teredinaccordancewithArticle8(3),andthenum­
beroftheME'sentryinthatregister;
(c)theaddressoftheME'sregisteredoffice ;
(d)thefactthattheMEisinliquidationorunderthe
administration ofthecourtsifthatisso.MemberStatesshalltakethenecessarymeasuresto
avoidanydiscrepancybetweenwhatisdisclosedby
publicationandwhatappearsintheregister.However,
incasesofdiscrepancy ,thetextpublishedmaynotbe
reliedonasagainstthirdparties;thelattermaynever­
thelessrelythereon,unlesstheMEprovesthatthey
hadknowledgeofthetextenteredintheregister.
MemberStatesmayrequirepaymentofafeeforthe
servicesreferredtointheprecedingsubparagraphs ,but
thefeemaynotexceedtheadministrative cost.
2.ThenationalrulesadoptedpursuanttoDirective
89/666/EECshallapplytobranchesofaMEopened
inaMemberStateotherthanthatinwhichithasits
registeredoffice .
3.Documentsandparticularsmaybereliedonbythe
MEasagainstthirdpartiesonlyaftertheyhavebeen
disclosedinaccordancewithparagraph 1,unlessthe
MEprovesthatthethirdpartyhadknowledgethereof.
However,theymaynotbereliedoninrespectoftrans­
actionswhichtakeplacebeforethe16thdayafterpub­
licationasagainstthirdpartieswhoprovethatthey
couldnothavehadknowledgethereof.CHAPTER II
GENERALMEETING
Article12
(Competence )
Thegeneralmeetingshalldecideon:
(a)mattersforwhichithassoleresponsibilityunder
thisRegulation ;
(b)mattersforwhichthemanagementboard,supervi­
soryboardoradministrative boarddonothave
soleresponsibility asaresultof:
—thisRegulation,
—Directive ...[supplementing theStatutefora
Europeanmutualsocietywithregardtothe
involvementofemployees],
—thelawoftheStatewheretheMEhasitsregis­
teredoffice ,
—thestatutesoftheME.4.Thirdpartiesmayrelyonanydocumentsandparti­
cularsinrespectofwhichthedisclosureformalities
havenotyetbeencompleted,savewherenon-disclo­
surecausesthemnottohaveeffect.
Article10
(NoticeintheOfficialJournal)
MemberStatesshallensurethatanoticestatingthatan
MEhasbeenregisteredorthattheliquidationofan
MEhasbeenconcludedispublishedforinformation
purposesintheOfficialJournaloftheEuropeanCom­
munities,statingthenumber,dateandplaceofregistra­
tionoftheME,thedateandplaceofpublicationand
thetitleofthepublication ,theaddressoftheMEanda
summaryofitsobjects,andthattheseparticularsareArticle13
(Holdingofgeneralmeeting)
1.Ageneralmeetingshallbeheldatleastoncea
year,notlaterthansixmonthsaftertheendofthe
ME'sfinancialyear.

NoC99/46 OfficialJournaloftheEuropeanCommunities 21.4.92
2.Generalmeetingsmaybeconvenedatanytimeby
themanagementboardortheadministrative board.
Themanagementboardisboundtoconvenethegen­
eralmeetingattherequestofthesupervisoryboard.
3.Theagendaforthegeneralmeetingheldafterthe
endofthefinancialyearshallincludeatleastthe
approvaloftheannualaccountsandoftheappropria­
tionoftheprofitortreatmentofthelossandthe
approvaloftheannualreportreferredtoinArticle46
ofDirective78/660/EEC,tobesubmittedbytheman­
agementoradministrative board.
4.ThestatutesofanMEwithamanagementboard
andasupervisoryboardmayprovidethatadecisionon
approvaloftheannualaccountsistobetakenjointly
bythetwoboards,inseparatevotes,andthatthegen­
eralmeetingistopassaresolutiononlyiftheboards
areunabletoreachagreement .—byanoticepublishedinoneormorenewspapers
withalargecirculationintheMemberStates,
—orbyanoticeinwritingsenttoeverymemberof
theMEbyanyavailablemeans.
2.Thenoticecallingthegeneralmeetingshallcontain
thefollowingparticulars,atleast:
—thenameandtheregisteredofficeoftheME,
—theplaceanddateofthemeeting,
—thetypeofgeneralmeeting(ordinary,extraordi­
naryorspecial),
—astatementoftheformalities,ifany,prescribedby
therulesforattendanceatthegeneralmeetingand
fortheexerciseoftherighttovote,
—theagenda,showingthesubjectstobediscussed
andtheproposalsforresolutions .
3.Theperiodbetweenthedateofpublicationofthe
noticeorthedateofdispatchofthecommunication
referredtoinparagraph 1andthedateoftheopening
ofthegeneralmeetingshallbenotlessthan30days.
Article16
(Additionofitemstotheagenda)
Notlessthan25%ofthemembersoftheME,which
proportionmaybereducedbythestatutes,may,within
tendaysofreceiptofthenoticeconveningageneral
meeting,requesttheadditionofoneormoreitemsto
theagenda.Article14
(Meetingcalledbyaminorityofmembers)
1.Notlessthan25%ofthemembersoftheME,
whichproportionmaybereducedbythestatutes,may
requestthatthegeneralmeetingbeconvenedandits
agendaset.
2.Therequestforameetingshallgivethereasonsfor
conveningitandtheitemstobeincludedonthe
agenda.
3.If,followingarequestmadeunderparagraph 1,the
necessarystepshavenotbeentakenwithinonemonth,
thecourtorcompetentauthoritywithintheStatewhere
theME'sregisteredofficeissituatedmayorderthe
conveningofageneralmeetingorauthorizeeitherthe
memberswhohaverequesteditortheirrepresentative
toconvenethemeeting.
4.Ageneralmeetingmayduringameetingdecide
thatafurthermeetingbeconvenedandsetthedateand
theagenda.Article17
(Attendanceandproxies)
1.Onlymembersshallbeentitledtospeakandvote
atthegeneralmeeting.
2.Personsentitledtovoteshallbeentitledtoappoint
aproxytorepresentthematthegeneralmeetingin
accordancewithprocedurestobelaiddowninthesta­
tutes.
3.Thestatutesmaypermitpostalvoting,inwhich
casetheyshalllaydownthenecessaryprocedures .
Article15
(Noticeofmeeting)
1.Thegeneralmeetingshallbeconvened:
—byanoticepublishedinthenationalgazette
appointedbytheMemberStateinwhichtheME
hasitsregisteredofficeinaccordancewithArticle3
(4)ofDirective68/151/EEC,Article18
(Sectionalmeetings)
WheretheMEhasseveralestablishments ,orwhereits
activitiesspanmorethanoneterritorialunit,thesta­
tutesmayprovidefortheholdingofsectionalmeetings
toconsiderthesameagendaseparatelybeforethegen­
eralmeetingisheld.Thesemeetingsshallelectdele­
gates,whoshallintheirturnbeconvenedasthegen­

21.4.92 OfficialJournaloftheEuropeanCommunities NoC99/47
eralmeeting.Thestatutesshalllaydownthedivision
intosections,thenumberofdelegatesforeachsection,
andtheprocedurestobefollowed.
Article19
(Righttoinformation)
AllmembersoftheMEshallhaveanequalrightof
accesstoinformationbothbeforeandatgeneralmeet­
ings.
Thisinformationshallbemadeavailabletomembers
attheME'sregisteredofficeatleastonemonthbefore
theholdingofthemeeting.
Inparticular,beforethegeneralmeetingthatfollows
theendofthefinancialyear,membersmayexamine
anyaccountingdocumentsthatmustbedrawnupin
accordancewiththenationalmeasuresadoptedpur­
suanttoDirectives78/660/EECand83/349/EEC.—anactionforsuchadeclarationmaybebroughtby
anymemberprovidedhecanshowthathehasan
interestinhavingtheinfringedprovisionobserved,
—theactionforsuchadeclarationshallbebrought
withinthreemonths,beforethecourtwithinwhose
jurisdictiontheMEhasitsregisteredoffice;the
procedureintheactionshallbegovernedbythe
lawoftheStateinwhichtheMEhasitsregisteredoffice,
—havingheardtheME,thecourtmaysuspendappli­
cationofthecontestedresolution;itmayalso
requiretheapplicanttolodgesecurityforthedam­
agewhichmayresultfromthesuspensionofappli­
cationoftheresolution,iftheapplicationisulti­
matelydismissedasinadmissibleorunfounded ;
judgmentsdeclaringaresolutionvoidorordering
thatitsapplicationbesuspendedshallbeeffective
ergaomnes,withoutprejudicetoclaimsontheME
acquiredingoodfaithbythirdparties.
Article24
(Disclosureofdecisionsofacourt)
Decisionsofacourtdeclaringaresolutionofthegen­
eralmeetingvoidornon-existentshallbethesubjectof
disclosureinaccordancewithArticle9.Article20
(Votingrights)
EachmemberoftheMEshallhaveonevote.
Article21
(Normalmajority)
ExceptwherethisRegulationorthestatuteslaydown
majorityrequirements ,decisionsofthegeneralmeeting
shallbetakenbyamajorityofthevotesofthemem­
berspresentorrepresented .
Article22
(Specialmajority)
Thegeneralmeetingshallhavesolepowertoamend
thestatutesoftheME;anysuchresolutionshallbe
passedbyamajorityoftwo-thirdsofthevotesofthe
memberspresentorrepresented .
AMemberStatemayprovidethatthemanagementor
administrative boardistoamendthestatuteswhereitis
orderedtodosobyacourtoradministrative authority
whoseauthorization isrequiredforamendmentstothe
statutes .CHAPTER III
MANAGEMENT ,SUPERVISORY AND
ADMINISTRATIVE BODIES
Article25
(Structure)
UndertheconditionslaiddownbythisRegulationthe
statutesoftheMEshallorganizethestructureofthe
MEeitheraccordingtoatwo-tiersystem(management
boardandsupervisoryboard)oraccordingtoaone-tier
system(administrative board);aMemberStatemay,
however,requirethatMEshavingtheirregisteredoffice
initsterritoryadopteitherthetwo-tierortheone-tier
systemasitshalldetermine .
SectionI
Two-tiersystem
Subsection 1
Managementboard
Article26
(Functionsofthemanagementboard;appointmentof
members)
1.ThemanagementboardshallmanagetheME.The
memberormembersofthemanagementboardshallArticle23
(Actionstohaveresolutionsofgeneralmeetingdeclared
void)
Resolutionsofthegeneralmeetingmaybedeclared
voidonthegroundsthattheyinfringethisRegulation
orthestatutesoftheMEinthefollowingmanner:

NoC99/48 OfficialJournaloftheEuropeanCommunities 21.4.92
appointedinthestatutes.Thisprovisionshallapply
withoutprejudicetonationallawpermittingaminority
ofshareholderstoappointsomeofthemembersofa
board.
3.Thenumberofmembersofthesupervisoryboard
shallbelaiddowninthestatutes.AMemberState
may,however,stipulatethenumberofmembersofthe
supervisoryboardforMEsregisteredinitsterritory.havethepowertorepresenttheMEindealingswith
thirdpartiesandinlegalproceedingsinaccordance
withthemeasuresadoptedpursuanttoDirective68/
151/EECbytheMemberStateinwhichtheMEhasits
registeredoffice.
2.Thememberormembersofthemanagementboard
shallbeappointedandremovedbythesupervisory
board.
3.Nopersonmayatthesametimebeamemberof
themanagementboardandofthesupervisoryboard.
However,thesupervisoryboardmaynominateoneof
itsmemberstoexercisethefunctionofmemberofthe
managementboardintheeventofavacancy.During
suchaperiodthefunctionofthepersonconcernedas
memberofthesupervisoryboardshallbesuspended .
4.Thenumberofmembersofthemanagementboard
shallbelaiddowninthestatutesoftheME.Article29
(Righttoinformation)
1.Themanagementboardshallreporttothesupervi­
soryboardatleastonceeverythreemonthsonthestate
andforeseeableprospectsoftheME'saffairs,taking
particularaccountofanyinformationrelatingto
undertakingscontrolledbytheMEthatmaysignifi­
cantlyaffectthoseaffairs.
2.Themanagementboardshallcommunicate tothe
supervisoryboardwithoutdelayanyinformationwhich
mayhaveanappreciableeffectontheME.
3.Thesupervisoryboardmayatanytimerequirethe
managementboardtoprovideinformationoraspecial
reportonanymatterconcerningtheME.
4.Thesupervisoryboardmayundertakeallinvestiga­
tionsnecessaryfortheperformanceofitsduties.Itmay
appointoneormoreofitsmemberstocarryoutthis
taskandmaycallinthehelpofexperts.
5.Eachmemberofthesupervisoryboardshallbe
entitledtoexamineallinformationcommunicated by
themanagementboardtothesupervisoryboard.Article27
(Chairmanship ,conveningofmeetings)
1.Thestatutesmayprovidethatthemanagement
boardistoelectachairmanfromamongitsmembers.
2.Meetingsofthemanagementboardshallbecon­
venedinaccordancewiththestatutesoftheMEorthe
rulesofprocedureoftheboard.Inanyeventanymem­
beroftheboardmayconveneameetingwhereurgency
requires,statinghisreasons.
Subsection 2
Supervisoryboard
Article28
(Functionsofthesupervisoryboard;appointmentof
members)
1.Thesupervisoryboardshallsupervisetheduties
performedbythemanagementboard.Itmaynotitself
exercisethepowertomanagetheME.Thesupervisory
boardmaynotrepresenttheMEindealingswiththird
parties.ItshallrepresenttheMEindealingswithmem­
bersofthemanagementboard,oroneofthem,inres­
pectoflitigationortheconclusionofcontracts.
2.Themembersofthesupervisoryboardshallbe
appointedandremovedbythegeneralmeeting.How­
ever,themembersofthefirstsupervisoryboardmaybeArticle30
(Chairmanship ,callingofmeetings)
1.Thesupervisoryboardshallelectachairmanfrom
amongitsmembers.
2.Thechairmanshallconveneameetingofthe
supervisoryboardundertheconditionslaiddownin
thestatutes,onhisowninitiative,orattherequestofat
leastonethirdofthemembersofthesupervisory
board,orattherequestofthemanagementboard.The
requestmustindicatethereasonsforcallingthemeet­
ing.Ifnoactionhasbeentakeninrespectofsucha
requestwithinfifteendaysthemeetingofthesupervi­
soryboardmaybecalledbythosewhomadethe
request.

NoC99/49 21.4.92 OfficialJournaloftheEuropeanCommunities
2.Thechairmanshallconveneameetingofthe
administrative boardundertheconditionslaiddownin
thestatutes,eitheronhisowninitiativeoratthe
requestofatleastone-thirdofthemembers.The
requestmustindicatethereasonsforcallingthemeet­
ing.Iftherequestisnotsatisfiedwithinfifteendays,
themeetingoftheadministrative boardmaybecalled
bythosewhomadetherequest.SectionII
Theone-tiersystem
Article31
(Functionsoftheadministrativeboard;appointmentof
members)
1.Theadministrative boardshallmanagetheME.
Thememberormembersoftheadministrative board
shallhavethepowertorepresenttheMEindealings
withthirdpartiesandinlegalproceedingsinaccord­
ancewiththemeasuresadoptedpursuanttoDirective
68/151/EECbytheMemberStateinwhichtheME
hasitsregisteredoffice.
2.Theadministrative boardshallhaveatleastthree
memberswithinlimitsfixedbythestatutes.
3.Theadministrative boardmaydelegatetooneor
moreofitsmembersthepowerofmanagement .Itmay
alsodelegatecertainmanagementresponsibilities to
oneormorepersonsnotmembersoftheboard;such
managementresponsibilities mayberevokedatany
time.Thestatutes,orifthestatutesaresilentthegen­
eralmeeting,shalllaydowntheconditionswithin
whichsuchdelegationshalloperate.
4.Thememberormembersoftheadministrative
boardshallbeappointedandremovedbythegeneral
meeting.
Article32
(Holdingofmeetingsandrighttoinformation)
1.Themanagementboardshallmeetatleastonce
everythreemonths,atintervalslaiddownbythesta­
tutestodiscusstheprogressandforeseeableprospects
oftheME'saffairs,takingparticularaccountofany
informationrelatingtoundertakingscontrolledbythe
MEthatmaysignificantlyaffecttheprogressofthe
ME.
2.Theadministrative boardshallmeettodeliberate
ontheoperationsreferredtoinArticle38.
3.Eachmemberoftheadministrative boardshallbe
entitledtoexamineallreports,documentsandinfor­
mationsuppliedtotheboardconcerningthematters
referredtoinparagraph 1.SectionIII
Rulescommontotheone-tierandtwo-tierboardsystems
Article34
(Termofoffice)
1.Membersofthegoverningbodiesshallbe
appointedforaperiodlaiddowninthestatutesnot
exceedingsixyears.
2.Boardmembersmaybereappointedoneormore
timesfortheperiodlaiddowninaccordancewithpara­
graph1.
Article35
(Conditionsofmembership )
1.Amutualsocietywhichisamemberofaboard
shalldesignateanaturalpersonasitsrepresentative to
exerciseitsfunctionsontheboardinquestion.The
representative shallbesubjecttothesameconditions
andobligationsasifhewerepersonallyamemberof
theboard.
2.Nopersonmaybeamemberofamanagement ,
supervisoryoradministrative boardnorarepresenta­
tiveofamemberwithinthemeaningofparagraph 1,
norhaveconferredonhimpowersofmanagementor
representation ,who:
—underthelawapplicabletohim,or
—underthelawoftheStateinwhichtheMEhasits
registeredoffice,or
—asaresultofajudicialoradministrative decision
deliveredorrecognizedinaMemberState,
isdisqualifiedfromservingonthemanagement ,super­
visoryoradministrative boardofanylegalperson.
Article36
(Rulesofprocedure)
Eachgoverningbodymaydrawuprulesofprocedure
undertheconditionslaiddownbythestatutesofthe
ME.AnymemberoftheMEorcompetentauthority
mayconsultthoserulesofprocedureattheregistered
officeoftheME.Article33
(Chairmanship ,callingofmeetings)
1.Theadministrative boardshallelectachairman
fromamongitsmembers.

NoC99/50 OfficialJournaloftheEuropeanCommunities 21.4.92
Article37
(Powerofrepresentation ;liabilityoftheME)
1.WheretheauthoritytorepresenttheMEindeal­
ingswiththirdparties,inaccordancewithArticles26
(1)and31(1),isconferredontwoormoremembersof
governingbodies,thosepersonsshallexercisethat
authoritycollectively .
2.However,thestatutesoftheMEmayprovidethat
theMEshallbevalidlyboundeitherbyeachofthe
membersactingindividuallyorbytwoormoreofthem
actingjointly.Suchaclausemayberelieduponagainst
thirdpartieswhereithasbeendisclosedinaccordance
withArticle9.
3.Actsperformedbymembersofthegoverningbod­
iesoftheMEshallbindtheMEvis-a-visthirdparties,
evenwheretheactsinquestionarenotinaccordance
withtheobjectsoftheME,providingtheydonot
exceedthepowersconferredonthembylaworwhich
thelawallowstobeconferredonthem.activitiesoftheME,orterminatingsuchcoopera­
tion;
(e)raisingloansinrespectofoperationsinexcessof
theceilinglaiddowninthestatutes,issuingsecuri­
tiesandassumingorguaranteeingliabilitiesofa
thirdparty.
2.ThestatutesoftheMEmayprovidethatparagraph
1shallalsoapplytootheroperations .
3.AMemberStatemaydeterminethecategoriesof
operationreferredtoinparagraph 1forMEsregistered
initsterritoryunderthesameconditionsasthose
applyingtomutualsocietiesgovernedbythelawof
thatState.
4.AMemberStatemayprovidethatthesupervisory
oradministrative boardofMEsregisteredinitsterri­
torymayitselfmakecertaincategoriesofoperation
subjecttoauthorizationordeliberationunderthesame
conditionsasthoseapplyingtomutualsocietiesgov­
ernedbythelawofthatState.
However,MemberStatesmayprovidethattheME
shallnotbeboundwheresuchactsareoutsidethe
objectsoftheMEifitprovesthatthethirdpartyknew
thattheactwasoutsidethoseobjectsorcouldnotin
viewofthecircumstances havebeenunawareofit;dis­
closureofthestatutesshallnotofitselfbesufficient
proofthereof.
4.Theappointment ,terminationofofficeandparti­
cularsofthepersonswhomayrepresentanMEmust
bedisclosedinaccordancewithArticle9.Theinforma­
tiondisclosedmuststatewhetherthesepersonsare
authorizedtobindtheMEindividuallyorwhetherthey
mustactjointly.Article39
(Rightsandobligations)
1.Withinthescopeofthefunctionsattributedto
thembythisRegulation,eachofthemembersofa
boardshallhavethesamerightsandobligationsasthe
othermembersoftheboardofwhichheisamember.
2.Allboardmembersshallcarryouttheirfunctions
intheinterestsoftheME,havingregardinparticular
totheinterestsofthemembersandtheemployees .
3.Allboardmembersshallexerciseaproperdiscre­
tion,evenaftertheyhaveceasedtoholdoffice,inres­
pectofinformationofaconfidentialnatureconcerning
theME.
Article38
(Operationsrequiringauthorization )
1.Thefollowingoperationsshallrequiretheauthori­
zationofthesupervisoryboardorthedeliberationof
theadministrative board:
(a)closingortransferringalargeestablishment ora
substantialpartofsuchanestablishment ;
(b)substantiallyreducing,extendingoralteringthe
activitiesoftheME;
(c)makingsubstantialorganizational changeswithin
theME;
(d)establishingcooperationwithotherlegalentities
whichisbothlong-termandofimportancetotheArticle40
(Conductofbusinessonboards)
1.BoardsoftheMEshallconductbusinessunderthe
conditionsandinthemannersetoutinthestatutesof
theME.
Wherethesestatutesaresilent,aboardshallnotcon­
ductbusinessvalidlyunlessatleasthalfofitsmembers
arepresentatthediscussions .Decisionsshallbetaken
bymajorityofthevotesofthememberspresentor
represented .
2.Thechairmanofeachboardshallhaveacasting
voteintheeventofatie.

21.4.92 OfficialJournaloftheEuropeanCommunities NoC99/51
annualreportaccompanying themandtheirauditing
anddisclosure,theMEshallbesubjecttothemeasures
adoptedintheStateinwhichithasitsregisteredoffice
underDirectives78/660/EECand83/349/EEC.
2.TheMEmaydrawupitsannualaccounts,andits
consolidatedaccountsifany,inecus.Inthisevent,the
basesofconversionusedtoexpressinecusthoseitems
includedintheaccountswhichareorwereoriginally
expressedinanothercurrencymustbedisclosedinthe
notestotheaccounts.Article41
(Civilliability)
1.Membersofthemanagement ,supervisoryor
administrative boardshallbeliableforlossordamage
sustainedbytheMEasaresultofbreachoftheobliga­
tionsattachedtotheirfunctions .
2.Wheretheboardconcernediscomposedofmore
thanonemember,allthemembersshallbejointlyand
severallyliableforlossordamagesustainedbythe
ME;however,amembermayberelievedofliabilityif
hecanprovethatheisnotinbreachoftheobligations
attachedtohisfunctions .
Article42
(ProceedingsonbehalfoftheME)
1.Thegeneralmeeting,byamajorityofthevotesof
thememberspresentorrepresented,shalltakethedeci­
siontoinitiateproceedings ,inthenameandonbehalf
oftheME,toestablishliabilitypursuanttoArticle40Article46
(Auditing)
TheannualaccountsoftheME,anditsconsolidated
accountsifany,shallbeauditedbyoneormoreper­
sonsauthorizedtodosointheMemberStateinwhich
theMEhasitsregisteredofficeinaccordancewiththe
measuresadoptedinthatStatepursuanttoDirectives
84/253/EECand89/48/EEC.Thosepersonsshallalso
verifythattheannualreportisconsistentwiththe
annualaccounts,andtheconsolidatedaccountsifany,
forthesamefinancialyear.(1).
Thegeneralmeetingshallappointaspecialrepresenta­
tivetoconducttheaction.
2.Notlessthanone-fifthofthemembersmaylike­
wisedecidetoinitiateproceedingstoestablishliability
inthenameandonbehalfoftheME.Theyshall
appointaspecialrepresentative toconducttheaction.
Article43
(Limitationofactions)
NoproceedingsontheME'sbehalftoestablishliabil­
itymaybeinitiatedmorethanfiveyearsaftertheact
givingrisetolossordamage.Article47
(Disclosureofaccounts)
Theannualaccounts,theconsolidatedaccountsifany,
dulyapproved,andtheannualreportandauditreport
shallbedisclosedinaccordancewiththemeasures
adoptedbytheMemberStateinwhichtheMEhasits
registeredofficepursuanttoArticle3ofDirective68/
151/EEC.
CHAPTER IV
FINANCING ,ANNUALACCOUNTS AND
CONSOLIDATED ACCOUNTS
Article44
(Financing)
AnMEmaymakeuseofallformsoffinancinginthe
Stateinwhichithasitsregisteredofficeunderthesame
conditionsasthoseapplyingtothelegalentitieswhich
foundedit.
Article45
(Preparationofannualaccountsandconsolidated
accounts)
1.Forthepurposesofdrawingupitsannualaccounts
anditsconsolidatedaccountsifany,includingtheArticle48
(Creditorfinancialinstitutionsandinsurance
undertakings )
MEswhicharecreditorfinancialinstitutionsorinsur­
anceundertakingsshallcomply,asregardsthedraw­
ing-up,auditinganddisclosureofannualaccountsand
consolidatedaccounts,withtheruleslaiddownbythe
measuresadoptedintheMemberStateinwhichthe
MEhasitsregisteredofficepursuanttoDirective86/
636/EECor,asthecasemaybe,pursuanttoCouncil
Directive.../.../EECof...[ontheannualaccounts
andconsolidatedaccountsofinsuranceundertakings ]
(')•
(')OJNoL...

2.4.92 NoC99/52 OfficialJournaloftheEuropeanCommunities
intheMemberStateinwhichtheMEhasitsregisteredoffice ,orinbreachofArticles1,2(1)or4.
ThecourtmaygranttheMEaperiodoftimetorectify
thesituation.Ifitfailstodosowithinthetimeallowed
thecourtshallorderittobewoundup.
SectionII
Liquidation
Article51
(Liquidation)
1.ThewindingupofanMEshallentailitsliquida­
tion.
2.TheliquidationofanMEandtheconclusionofits
liquidationshallbegovernedbythelawoftheStatein
whichithasitsregisteredoffice .
3.AnMEinliquidationshallcontinuetohavelegal
personalityuntiltheconclusionoftheliquidation .
4.Followingtheliquidation,thebooksandrecords
relatingtotheliquidationshallbelodgedattheregister
referredtoinArticle8(3).Anyinterestedpartymay
examinesuchbooksandrecords.
Article52
(Distribution)
Afterthecreditorshavebeenpaidinfull,andanything
duetobeneficiariesdesignatedintheruleshasbeen
distributed,theassetsoftheMEshall,exceptwhere
otherwisestatedinthestatutes,bedistributedbydeci­
sionofthegeneralmeetingeithertootherMEsor
mutualsocietiesgovernedbythelawofaMember
Stateortooneormorebodieshavingastheirobject
thesupportandpromotionofmutualsocieties.CHAPTER V
WINDINGUPANDLIQUIDATION
SectionI
Windingup
Article49
(Windingupbythegeneralmeeting)
1.AnMEmaybewoundupbyadecisionofthegen­
eralmeetingorderingitswindingup,takeninaccord­
ancewiththeruleslaiddowninthefirstparagraphof
Article22.
However,thegeneralmeetingmaydecideinaccord­
ancewiththesamerules,toannulthedecisiontowind
up,aslongastherehasbeennodistributiononthe
basisoftheliquidation .
2.Themanagement oradministrative boardmust
conveneageneralmeetingtotakeadecisiononthe
windingupoftheME:
—wheretheperiodfixedinthestatuteshasexpired,
—wherethesubscribedformationfundhasbeen
reducedbelowtheminimumlaiddowninthesta­
tutes,
—wherethedisclosureofaccountshasnottaken
placeintheME'slastthreefinancialyears,
—wherethenumberofmembersisbelowthemini­
mumrequiredbythisRegulationorbytheME's
statutes,
—onanygroundslaiddowneitherinthelawgovern­
ingthelegalentitieswhichfoundedtheME,inthe
StateinwhichtheMEhasitsregisteredoffice,or
inthestatutes.
Thegeneralmeetingshalldecide:
—eithertowinduptheMEinaccordancewith
Article21,
—or,inaccordancewiththefirstparagraphofArticle
22,thattheMEshallcontinueitsactivities.CHAPTER VI
INSOLVENCY ANDSUSPENSION OFPAYMENTS
Article53
(Insolvencyandsuspensionofpayments)
1.TheMEshallbesubjecttothelawoftheStatein
whichithasitsregisteredofficeinrespectofinsol­
vencyandsupensionofpayments.
2.Theopeningofinsolvencyorsuspensionofpay­
mentproceedingsshallbenotifiedbytheperson
appointedtoconducttheproceedingsforentryinthe
registerreferredtoinArticle8(3).Theentryinthe
registershallshowthefollowing :
(a)thenatureoftheproceedings ,thedateoftheorder,
andthecourtmakingit;Article50
(Windingupbythecourt)
Onanapplicationbyanypersonconcernedorany
competentauthority,thecourtoftheplacewherethe
MEhasitsregisteredofficemustorderittobewound
upwhereitfindsthattheregisteredofficehasbeen
transferredoutsidetheCommunity ,orthattheME's
activitiesarebeingcarriedoncontrarytopublicpolicy

OfficialJournaloftheEuropeanCommunities NoC99/53 21.4.92
(b)thedateonwhichpaymentsweresuspended,ifthe
courtorderprovidesforthis;
(c)thenameandaddressoftheadministrator ,trustee,
receiver,liquidatororanyotherpersonhaving
powertoconducttheproceedings,orofeachof
themwheretherearemorethanone;
(d)anyotherinformationconsiderednecessary .3.Whereacourtfinallydismissesanapplicationfor
theopeningoftheproceedingsreferredtoinparagraph
2owingtowantofsufficientassets,itshall,eitherofits
ownmotionoronapplicationbyanyinterestedparty,
orderitsdecisiontobenotedintheregisterreferredto
inArticle8(3).
4.Particularsregisteredpursuanttoparagraphs2and
3shallbedisclosedinthemannerreferredtoin
Article9.
TITLEII
FINALPROVISIONS
Article55 Article54
(Penalties)
EachMemberStateshallspecifypenaltiestobe
imposedinthecaseofbreachoftheprovisionsofthis
Regulationand,whereappropriate,ofanyrelevant
nationalmeasures;thepenaltiesmustbeeffective,pro­
portionateanddissuasive .ThisRegulationshallenterintoforceon1January
1993.
EachMemberStateshalltakethenecessarymeasures
before1January1993andshallforthwithinformthe
Commissionthereof.ThisRegulationshallbebindingmitsentiretyand
directlyapplicableinallMemberStates.

NoC99/54 OfficialJournaloftheEuropeanCommunities 21.4.92
ANNEXI
LegalentitiesmentionedinArticle2(1)(a)
ForBelgium
Associationofmutualinsurance,comingunderArticle2oftheLawof11June1874oninsuranceand
Article11oftheLawof9July1975onthecontrolofinsuranceenterprises;cooperativesocietiescom­
ingunderArticles141to164oftheconsolidatedlawoncommercialcompaniesasitaffectscooperative
societies
ForDenmark
Fortsaettelsessygekasse ;Gensidigeselskaber
ForGermany
Versicherungsverein aufGegenseitigkeit (WaG),comingunderthelawof6June1931onthecontrolof
insuranceenterprises,intheversionof1July1990
ForFrance
MutualscomingundertheCodedelamutuality(theLawof25July1985);mutualinsurancesocieties
comingundertheCodedesAssurances ;CaissedeMutualitéAgricole,regulatedbytheCodeRural
ForIreland
VoluntaryHealthInsuranceBoardcomingundertheVoluntaryHealthInsuranceActof5February
1957;companieslimitedbyguarantee;societiesregisteredundertheIndustrialandProvidentSocieties
Acts;societiesregisteredundertheFriendlySocietiesActs
ForItaly
MutualscomingundertheLawof15April1886;cooperativesocieties,comingunderSectionVIofthe
CivilCoderelatingtocooperativeandmutualsocietiesaswellasthecooperativesandmutualscovered
bylegislationorregulationsforcertaincategories
ForLuxembourg
SocietiesofmutualassistanceandmutualscomingundertheLawof7July1961andGrandDuchy
Regulationof31July1961;associationsofmutualinsurancecomingunderArticle2oftheLawof16
May1891
FortheNetherlands
EntitiescomingunderSection3'association'(vereniging)ofthesecondBookoftheBurgerlijkWetboek
oncooperativeunion
FortheUnitedKingdom
Companieslimitedbyguaranteehavingastheirprincipalobjectthemaintenanceofaprovidentfund;
mutualcompanies;societiesregisteredundertheIndustrialandProvidentSocietiesActs;societiesregis­
teredundertheBuildingSocietiesActs;societiesregisteredundertheFriendlySocietiesAct

21.4.92 OfficialJournaloftheEuropeanCommunities NoC99/55
ForGreece
Entitiescomingunderthelawformutuals;Allelasphalistikos Sunetairismos
torSpain
EntidadesdePrevisionSocial,comingundertheLawof2August1984establishingtheregulationof
privateinsurance;MutuasdesAcc.deTrabajo,comingundertheLawof2August1984establishingthe
regulationofprivateinsurance;Sociedadmutua,comingundertheLawof2August1984establishing
theregulationofprivateinsurance;Sociedadcooperativa ,comingundertheLawof2April1987and
regionallaws
ForPortugal
Mutualidades ,AssociatesMutualistas ,comingunderthedecreelawNo72/90of3March1990;Mis­
ericordias,comingunderArticles167to194oftheCivilCoderelatingtoassociationsandfoundations ;
Mutuadeseguros

NoC99/56 OfficialJournaloftheEuropeanCommunities 21.4.92
ANNEXII
LegalentitiesreferredtoinArticle2(1)(b)whichmanageobligatorysocialsecurityschemesaswellas
providentandmutualassistanceorganizations,theservicesofwhichvaryaccordingtotheresourcesavailable
andinwhichthecontributionofmembersisdeterminedbycontract
ForBelgium
MutualscomingundertheLawof6August1990relatingtomutualsandtonationalunionsofmutuals
ForDenmark
Fortsaettelsessygekasse
ForFrance
MutualscomingundertheCodedelaMutuality(Lawof25July1985)
ForIreland
VoluntaryHealthInsuranceBoardcomingundertheVoluntaryHealthInsuranceActof5February1957
ForItaly
MutualscomingundertheLawof15April1886
ForLuxembourg
MutualassistancesocietiesandmutualscomingundertheLawof7July1961andGrandDuchyRegu­
lationof31July1961
FortheNetherlands
Ziekenfonds (VerenigingvanNederlandseZorgverzekeraars —VNZ—andZilverenkruis)coming
undertheLawof1January1966ortheAlgemeneWetBijzondereZiektekosten
ForGreece
Entitiescomingunderthelawformutuals
ForSpain
EntidadesdePrevisionSocial,comingundertheLawof2August1984establishingtheregulationof
privateinsurance
ForPortugal
Mutualidades ,AssociacoesMutualistascomingundertheDecree-LawNo72/90of3March1990/90