OREANDA-NEWS. January 18, 2012. A package of amendments into a number of legislative acts, concerning the sphere of banks and finance and aimed at prevention from illegal raiders takeovers of banks properties, was adopted by the government as early as in the end of August of 2011.

At that time the government undertook the responsibility before the parliament in accord with Article 106 of the Constitution of Moldova, which runs that if the parliament does not speak against within 3 days and does not express non-confidence vote to the cabinet, the respective law is considered definitely passed. Later the Constitutional Court declared the amendments adopted by the cabinet unconstitutional due to infringement in the procedure of the law’s adoption. As the Constitutional Court explained, the resolution of the government was not announced at the plenary session of the parliament because there was the summer parliamentary recess.

The following day after the resolution of the Constitutional Court again adopted the respective amendments in the standard working mode and directed them into the parliament. According to the minister of Justice, Oleg Efrim, the amendments well define that the equity interest in the capital of a commercial bank may be transmitted from one individual to another only with the prior written consent of the National Bank of Moldova and on the basis of the ultimate decision of the court. Before this, cases were recorded when the shares transmissions were carried out on the basis the decisions made by courts of primary jurisdiction.

The voting right of a shareholder, not authorized by the consent of the National Bank of Moldova, is suspended with the receipt of the NBM’s notification and in the size of a share he or she has possessed without the preliminary approval of NBM. Besides, a special Disciplinary Board is to be established to monitor activity of executors in case of compulsory acquisition of securities.

The Disciplinary Board is acting for 4 years under the order of the minister of Justice. The Board is to comprise 9 individuals – three executors delegated by the National Union of Executors, three representatives appointed by the ministry of justice, a judge from the Supreme Council of Magistracy, a representative of the academic legal surroundings and a representative of the civil society, selected as the result of a competition.

A judicial instance, examining the petition to declare the decision of a foreign judicial instance to alienate ownership of a bank of Moldova to another person, is to mandatory inform about this the Ministry of Justices of Moldova and, if necessary, the National Bank of Moldova. In this case a representative of the ministry of justice and, if necessary, of NBM is to be present at the sitting of the judicial instance. At the same time, their baseless absence will not be an obstacle to investigate the case and to deliver the final judgment.