| Q3-2010 Amendments to the regulation regarding organized industrial zones |
|
Certain provisions of the Regulation Regarding the Implementation of Organized Industrial Zones (published in the Official Gazette dated 22 August 2009 and numbered 27327) were amended on 12 August 2010. According to the amendments, if two-thirds of the total number of enterprises to be established in an Organized Industrial Zone ( “OIZ”) obtain an occupancy permit and at least half of them certify the manufacturing with a business opening certificate, the general assembly process of the OIZ shall be initiated. The first general assembly shall be held within six months of the obtainment of said certificates when the duty of delegation of entrepreneurs, board of directors and auditors ends. The Regulation also sets forth new conditions, such as the obtainment of an Environmental Impact Assessment Report and approval of the construction project by the OIZ for cancellation of the land allocations.
|

