New law is expected to make it easier for domestic companies to compete

The Sejm yesterday passed the Law on Companies, which should make it easier to create, privatize, merge, divide and transform companies, as well as bring Polish regulations in line with European Union (EU) standards. "This Code will allow Polish companies to operate in the same legal environment as that of the EU. It will improve the competitiveness of Polish companies and their standing in relation to foreign entities," said National Council of Legal Counselors vice-president Zenon Klatka. The new Law is to replace regulations introduced back in 1934, and will introduce two new types of companies: personal partnerships and sleeping-partnership joint-stock companies. The Law is to come into effect on January 1, 2001. (Puls Biznesu, page 3, Prawo i Gospodarka, page 24) T.J.