English
1/ Subject to the general provisions under Article 181 of
this Code, a share company may be dissolved for one
of the following reasons:
a) where the number of shareholders falls below the
legally required minimum and the organ which
registers business organizations decides to
dissolve the company on the application of any
interested party due to failure to make up for the
reduction in number of members within six
months;
b) decision of the organ in charge of registration of
business organization upon application by any
interested party where the company does not have
the required administrative organs;
c) loss of three-quarters of the capital.
2/ Notwithstanding the provisions of Sub-Article 1
(a) and
(b) of this Article, the organ in charge of
registration of business organizations may, where it
thinks necessary, extend the time limit or permit
continued existence of the company by reestablishing
the prescribed organs.
3/ The board of directors shall call an extraordinary
general meeting to consider voluntary dissolution or
continuation of the company where three-quarters of
the capital has been lost as provided in Sub-Article
(1)
(c) of this Article.
4/ Where the directors, supervisory board, if any, or
Auditors fail to call a general meeting the court may,
on the application of any interested party, order
dissolution.
5/ Where shareholders knowingly continue the operations
of the company without the approval of the organ in
charge of registration of business organization per
Sub-Article
(2) of this Article, such shareholders shall
be jointly and severally liable for any debts assumed
thereafter by the company.
