Company Law - Act No 159/1994 on the European Economic Interest Grouping as amended (1 November 2006)
[TRANSLATED FROM THE ICELANDIC]
The provisions of the EEC Council Regulation No. 2137/85 on European Economic Interest Groupings (EEIG - efjh.) shall have the force of Law in this Country in conformity with Protocol 1 on the horizontal adaptations to the Treaty on the European Economic Area, cf. the Act respecting the European Economic Area No. 2/1993 with amendments effected thereto whereby the Protocol is given the force of law. Citizens and other legal persons of Member States of the Convention Establishing the European Free Trade Association as well as the Faroese and legal persons in the Faroe Islands enjoy the same rights as those contained in the provisions provided that there be a case of mutuality.
The Regulation is printed as an appendix to the present Act.
Individuals under legal age and those having applied for moratorium or having their estate subject to bankruptcy administration cannot be parties to European Economic Interest Groupings.
European Economic Interest Groupings may not engage in activities which individuals alone may attend under Laws.
The Register of Firms may request a District Court that an Interest Grouping be dissolved if the Grouping does not have the Board of Directors stipulated in the aforementioned EEC Council Regulation or the Grouping's Memorandum of Association, provided an amendment has not been effected of that shortcoming prior to the end of the respite laid down by the Register of Firms.
The Register of Firms may also request a District Court that an Interest Grouping be wound up if the provisions of Art. 2 apply.
The provisions concerning the Winding-up Committee procedure contained in Section XIV of the Act respecting Public Limited Companies also apply to European Economic Interest Groupings as applicable.
As it pertains to a charge for the registration of Interest Groupings, as well as publication fees et al., these will be subject to the provisions of the Act respecting the Treasury's Extra Revenues concerning foreign Companies.
In case no heavier penalties be stipulated in Laws a fine shall be imposed for violations of Art. 7, 8, 10 or 25 of the aforementioned EEC Council Regulation.
In case a violation be committed by a Public or Private Limited Company, a Co-operative Society or other legal person the party concerned may be fined as such.
In case an administrator, a Winding-up Committee member or a party to an Interest Grouping does not in due time fulfil his duties on the basis of the present Act or Regulation on the basis thereof the Register of Firms may apply daily fines.
The Minister may by means of Regulation lay down further rules about the implementation of the present Act.
Fines on account of violations of the provisions of the Regulation may be determined therein.
The present Act enters into force forthwith.