Sejm passes Senate amendments to new commercial code to take effect 2001

Sejm passes Senate amendments to new commercial code to take effect 2001 On Friday Sejm passed all the Senate's amendments on new commercial code. It should take effect on Jan. 1, 2001. The new code anticipates that limited liability partnerships will be obliged to increase their initial capital to zl. 25,000 and joint stock partnerships need to increase that amount to zl. 250,000 within three years from that date. Moreover after five years from the enactment of the new code, the initial capital of limited liability partnerships would have to be a minimum of zl. 50,000, and joint stock partnership would have to raise the amount of their initial capital to zl. 500,000. The new regulation also introduces new instruments such as non-voting rights shares. The new code still awaits the President's signature. (Parkiet, Sept. 16-18, page 7)