The inspection of the activity carried out by the administration and management bodies organized in the entities regulated by the Law number 297/2004 and the Emergency Decree of the Government number 32/2012 is ensured by a number of institutions functioning with these bodies: the auditors of the company, statutory and internal, with the mission of exerting a permanent control of the bodies responsible with the management of the company; the ...

In the field of Romanian stock markets nowadays, the RASDAQ market presents itself as problematic in two regards: on an economic level, due to reduced trading activity, and on a legal level, due to uncertainty regarding its legal nature, low standards of shareholder protection, and the National Securites Comission’s plans of closing it down.This paper adresses the legal side of the issue. It takes a brief look at the European regulation...

There are traditional connections between the Italian and Romanian legal systems, including in the matter of corporate groups law. Within the substantial reform of the Italian Civil Code 2004 as of 2004, there were introduced legal provisions aiming to regulate the relations between the companies belonging to the same corporate group. Given that the Romanian legislation does not have such a regulation yet, we think a comparative approach with...

The judge has the power to revise the amount of what is provided for in a penalty clause, in the case where this amount is “manifestly excessive” (art. 1541 Romanian Civil Code). In the legal system French we speak of a “manifestly excessive or derisory amount” (art. 1152 C. civ. français).So it is not only a question of allowing the judge to reduce a penalty, but also of increase it. However, as in other foreign systems, it is necessar...

The right of any person to invoke the illegality of an administrative or fiscal act is clearly stipulated in art. 4 parag. 1 of Law no. 554/2004. However, some authors and, moreover, the Romanian High Court of Cassation and Justice have imposed a series of admissibility conditions in order for this right to be allowed. Some consider that the illegality of such acts can only be accepted as a defence when invoked within the one year term, stipu...

With regard to the law applicable to the legal person, the new Civil Code sets out a new regulation, partly taking over the former dispositions of Law no. 105/1992 establishing a regulatory framework for private international law relations. Thus, Section 2 – in Book VII of the new Civil Code, Dispositions of private international law, in the special part on the Conflict of Laws, Chapter I Persons – deals with the law applicable to legal ...

Along with the coming into force of the Rome Convention in Romania, the practitioner was confronted with the issue of determining the law applicable in international contractual relations, and was unwillingly transformed in a sort of a political buffoon, puzzled by the importance of the revision, but still a patriot resisting globalization. The emergence of the Rome Convention in Romanian positive law generated a pro-active reaction for the pr...

The regulatory framework on European structural and cohesion funds still raises many controversies from the standpoint of the practical applicability at a national level.There was created, within the application of the regulatory framework on European structural and cohesion funds, a new structure at an inter-institutional level, which doubled the functions and competences of the existing institutions in the system of pre-accession funds....

The purpose of this paper is to determine the scope of art. 15 letter j) of Law no. 146/1997 on the judicial stamp duty, more precisely the persons exempted from this duty. We shall demonstrate that the previously described actions are exempted from the judicial stamp duty.

The present article is the first installment of a third part discussion related to the electronic bill of lading. In the present article the author introduce the historical evolution of the bill of lading, respectively its transformation in the electronic bill of lading. The author also discusses the reasons why the electronic format of the bill of lading din not become the leading instrument used in transportation matters, in spite of the ob...