Law on Agricultural Companies (No. I-1222).

This Law shall regulate the formation, administration, and activities of agricultural companies, the rights and duties of their members, and the formation and distribution of the company capital, as well as the liquidation of companies. An agricultural company shall be an enterprise formed by natural persons by joining their property into jointly owned property for production and commercial activities in agriculture. An agricultural company is a former agricultural enterprise privatized by natural persons in accordance with the Law on Privatization of the Assets of Agricultural Enterprises or an enterprise established by natural and legal persons upon concluding a founding transaction. The company must have at least 2 members. The maximum number of members is not limited. The company is a legal entity with limited liability. Its assets are separated from those of its members and shareholders. The obligations of the company are fulfilled from its assets. The Company is not liable for the obligations of its members and shareholders that are not related to the Company's operations. An agricultural enterprise is an enterprise established for production and commercial activities, in which the income during the financial year for agricultural production and services provided to agriculture makes up more than 50 per cent of the total sales income. The company must have its own name, which distinguishes it from other legal entities. Chapter II provides for the formation of the company, whereas other provisions of this Act deal with financial matters, company management, auditing, winding up, and define rights and duties of members of the company. No later than one month from the date of adoption of the resolution of the founding meeting to establish the company, the founders (authorized) of the company submit to the local municipality an application to register the company in accordance with the procedure established by the Law on the Register of Companies, and after the registration of legal entities begins to operate, in accordance with the procedure established by the Civil Code.