The Roumanian State Sample Clauses

The Roumanian State establishes a State commercial monopoly for mineral oils and transfers the exploitation of the monopoly right to a commercial monopoly company to be established on the part of the German Government and of the Imperial and Royal Joint Austro-Hungarian Government by a financial group to be designated to the Roumanian Government, in accordance with the following principles: the company will be established as a joint stock company in Roumania with its chief seat in Bucharest. The capital stock of the company will, in a major part, consist of common-stock shares with the right of one vote, and to a lesser degree of preferred-stock shares with fiftyfold right of vote. The share in the earnings of the preferred stock shares shall simply consist in a preferred dividend of 6 per cent which increases correspondingly in the following years if in one year the entire net earnings should not attain the necessary amount for the distribution of this preferred dividend. The remainder of the net earnings in-tended for distribution will be equally a portioned to the common-stock shares. The total amount of preferred shares to be issued is determined by the German Government: it may not exceed ten cent of the entire capital. The right to dispose of the preferred shares belongs exclusively to Germany, Austria and Hungary on the basis of an agreement to be reached between the Governments of these States. The common-stock shares will, to the amount of one-quarter of the entire amount, be placed at the disposal of the Roumanian Government with the right to distribute them, at its pleasure, even to private interests. In so far as the Roumanian legislation decrees that up to a certain per cent the administrators and other agencies of the joint stock company must be of Roumanian nationality, these provisions do not apply to the Commercial Monopoly Company. In all other respects the Commercial Monopoly Company is subject to all the legal prescriptions anent joint stock companies which are actually in force in Roumania. but, in so far as these provisions are compatible with the provisions of the present treaty. Subsequent modifications of the Roumanian legislation which affect the legal relations of joint stock companies shall be applicable to the Commercial Monopoly Company only in so far as an understanding with regard to the application of these modifications to the Commercial Monopoly Company may be reached between Germany and Austria-Hungary on the one hand, and Roumania on the o...
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