1 By application lodged at the Court Registry on 15 May 1998, the Commission of the European Communities brought an action under Article 169 of the EC Treaty (now Article 226 EC) in which it sought a declaration that, by failing to adopt and, in the alternative, by failing to communicate to the Commission, within the period prescribed, the laws, regulations and administrative provisions necessary to comply with Council Directive 92/101/EEC of 23 November 1992 amending Directive 77/91/EEC on the formation of public limited-liability companies and the maintenance and alteration of their capital (OJ 1992 L 347, p. 64) (`the directive'), the Hellenic Republic had failed to fulfil its obligations under the EC Treaty and that directive.
2 Under Article 3 of the directive, Member States were required to adopt before 1 January 1994 the laws, regulations and administrative provisions necessary to comply with that directive and forthwith to inform the Commission thereof.
3 Having received no notification from the Greek Government that it had transposed the directive, the Commission put that Government on formal notice, by letter of 13 April 1994, to submit its observations on the matter.
4 Since the Greek Government did not reply to that letter, the Commission sent to it, on 28 May 1996, a reasoned opinion restating the observations contained in its letter of formal notice and calling on it to comply within two months of notification.
5 By letter of 13 March 1997, the Greek authorities replied to the reasoned opinion, informing the Commission that the Presidential Decree intended to transpose the directive was ready and required nothing more than to be signed by the ministers responsible and examined by the Council of State.
6 Having received no subsequent information on the transposition of the directive, the Commission decided to bring the present action.
7 The Commission submits that the Hellenic Republic did not transpose the directive within the period prescribed and that it has accordingly failed to fulfil its obligations under the Treaty and the directive.
8 The Hellenic Republic does not deny that the directive was not fully transposed within the period prescribed. It does, however, point out that the text of the Presidential Decree adapting national legislation to the directive was awaiting only the opinion of the Council of State, following which it was to be submitted to the President of the Republic for his signature.
9 In view of the fact that the directive was not transposed within the period prescribed, the action brought by the Commission must be regarded as being well founded.
10 It must accordingly be held that, by failing to adopt, within the period prescribed, the laws, regulations and administrative provisions necessary to comply with the directive, the Hellenic Republic has failed to fulfil its obligations under that directive.