Commercial Code

Issuer: Riigikogu
Type: act
In force from: 01.08.2016
In force until: 31.12.2019
Translation published: 13.07.2016

Commercial Code1

Passed 15.02.1995

RT I 1995, 26, 355

Entry into force 01.09.1995

Amended by the following acts Passed	Published	Entry into force
28.05.1996	RT I 1996, 40, 773	08.06.1996
26.06.1996	RT I 1996, 51, 967	29.07.1996
consolidated text on paper RT	RT I 1996, 52, 993
11.02.1997	RT I 1997, 16, 258	16.03.1997
05.06.1997	RT I 1997, 48, 774	10.07.1997
21.10.1997	RT I 1997, 77, 1313	12.11.1997
17.12.1997	RT I 1998, 2, 48	09.01.1998
17.02.1998	RT I 1998, 23, 322	22.03.1998
11.03.1998	RT I 1998, 30, 410	01.10.1998
25.03.1998	RT I 1998, 36, 552	01.05.1998
17.06.1998	RT I 1998, 59, 941	10.07.1998
consolidated text on paper RT	RT I 1998, 91, 1500
20.01.1999	RT I 1999, 10, 155	01.01.2000
17.02.1999	RT I 1999, 23, 355	19.03.1999
10.02.1999	RT I 1999, 24, 360	01.07.1999
16.06.1999	RT I 1999, 57, 596	17.07.1999
15.12.1999	RT I 1999, 102, 907	10.01.2000
22.03.2000	RT I 2000, 29, 172	17.04.2000
06.06.2000	RT I 2000, 49, 303	08.07.2000
14.06.2000	RT I 2000, 57, 373	01.01.2001
20.06.2000	RT I 2000, 55, 365	12.07.2000
13.03.2001	RT I 2001, 34, 185	10.04.2001
05.06.2001	RT I 2001, 56, 332	01.10.2001
06.06.2001	RT I 2001, 56, 336	07.07.2001
17.10.2001	RT I 2001, 89, 532	01.01.2002
14.11.2001	RT I 2001, 93, 565	01.02.2002, partially14.12.2001
19.12.2001	RT I 2002, 3, 6	01.02.2002
27.03.2002	RT I 2002, 35, 214	01.06.2002
05.06.2002	RT I 2002, 53, 336	01.07.2002
19.06.2002	RT I 2002, 61, 375	01.08.2002
19.06.2002	RT I 2002, 63, 387	01.09.2002
19.06.2002	RT I 2002, 63, 388	29.07.2002
06.11.2002	RT I 2002, 96, 564	01.01.2003
20.11.2002	RT I 2002, 102, 600	01.01.2003, partially26.12.2002
17.12.2002	RT I 2002, 110, 657	31.12.2002
18.12.2002	RT I 2003, 4, 19	01.02.2003
15.01.2003	RT I 2003, 13, 64	01.07.2003
29.01.2003	RT I 2003, 18, 100	07.03.2003
19.11.2003	RT I 2003, 78, 523	27.12.2003

Commercial Code Page 1 / 160

17.12.2003	RT I 2003, 88, 591	01.01.2004
25.11.2004	RT I 2004, 86, 582	01.01.2005
16.12.2004	RT I 2004, 89, 613	07.01.2005
22.02.2005	RT I 2005, 15, 85	01.01.2006
12.10.2005	RT I 2005, 57, 449	01.01.2006
12.10.2005	RT I 2005, 57, 450	01.01.2006
12.10.2005	RT I 2005, 57, 451	18.11.2005
27.10.2005	RT I 2005, 61, 478	01.12.2005
consolidated text on paper RT	RT I 2005, 63, 481
08.12.2005	RT I 2005, 68, 525	01.01.2006
26.01.2006	RT I 2006, 7, 42	04.02.2006
10.05.2006	RT I 2006, 25, 186	01.07.2006
15.11.2006	RT I 2006, 55, 407	01.01.2007
23.11.2006	RT I 2006, 55, 412	01.01.2007
06.12.2006	RT I 2006, 61, 456	01.01.2007
24.01.2007	RT I 2007, 12, 66	01.01.2008
24.10.2007	RT I 2007, 58, 380	19.11.2007
21.11.2007	RT I 2007, 65, 405	15.12.2007
21.11.2007	RT I 2007, 67, 413	28.12.2007
20.03.2008	RT I 2008, 16, 116	15.04.2008
04.06.2008	RT I 2008, 27, 177	10.07.2008
04.06.2008	RT I 2008, 27, 177	01.01.2009
04.06.2008	RT I 2008, 27, 177	01.01.2010
19.11.2008	RT I 2008, 52, 288	22.12.2008
10.12.2008	RT I 2008, 59, 330	01.01.2009
11.12.2008	RT I 2008, 60, 331	01.01.2009
17.12.2008	RT I 2009, 5, 35	01.07.2009
28.01.2009	RT I 2009, 12, 71	27.02.2009
29.01.2009	RT I 2009, 13, 78	01.07.2009
06.05.2009	RT I 2009, 27, 164	08.06.2009
20.05.2009	RT I 2009, 29, 175	01.07.2009
21.05.2009	RT I 2009, 30, 178	01.07.2009
21.10.2009	RT I 2009, 51, 349	15.11.2009
29.10.2009	RT I 2009, 54, 363	01.01.2010
11.11.2009	RT I 2009, 57, 381	01.01.2010
26.11.2009	RT I 2009, 62, 405	01.01.2010
16.12.2009	RT I 2009, 67, 460	01.01.2010
27.01.2010	RT I 2010, 9, 41	08.03.2010
22.04.2010	RT I 2010, 20, 103	01.07.2010, partially 01.01.2011, enters into force on the date which has been determined in the Decision of the Council of the European Union regarding the abrogation of the derogation established in respect of the Republic of Estonia on the basis provided for in Article 140 (2) of the Treaty on the Functioning of the European Union, Council Decision 2010/416/EU of 13 July 2010 (OJ L 196, 28.07.2010, p. 24 - 26).
17.06.2010	RT I 2010, 38, 231	01.07.2010
29.09.2010	RT I 2010, 77, 589	01.01.2011
16.12.2010	RT I, 30.12.2010, 2	01.01.2011
16.02.2011	RT I, 14.03.2011, 1	01.01.2012
23.02.2011	RT I, 25.03.2011, 1	01.01.2014; date of entry into force changed to 01.07.2014 [RT I, 22.12.2013, 1]
12.10.2011	RT I, 02.11.2011, 1	12.11.2011
07.12.2011	RT I, 28.12.2011, 1	01.01.2012
02.05.2012	RT I, 25.05.2012, 8	04.06.2012
10.10.2012	RT I, 25.10.2012, 1	01.12.2012

Page 2 / 160 Commercial Code

05.12.2012	RT I, 18.12.2012, 3	19.12.2012, partially01.01.2013
13.06.2013	RT I, 02.07.2013, 3	01.09.2013, partially12.07.2013
05.12.2013	RT I, 22.12.2013, 1	01.01.2014
11.12.2013	RT I, 23.12.2013, 1	01.01.2014, partially01.01.2015 and 01.01.2020
21.01.2014	RT I, 31.01.2014, 6	01.02.2014, partially01.04.2014
27.02.2014	RT I, 21.03.2014, 3	31.03.2014, partially01.04.2014 and 01.01.2015
11.06.2014	RT I, 21.06.2014, 8	01.01.2015, throughout the text of the Code, the words "in the register of the registered office" replaced with the words "on the registry card"
19.06.2014	RT I, 12.07.2014, 1	01.01.2015
19.06.2014	RT I, 29.06.2014, 109	01.07.2014, the titles of ministers substituted on the basis of subsection 107³ (4) of the Government of the Republic Act.
11.02.2015	RT I, 04.03.2015, 4	01.07.2015
18.02.2015	RT I, 19.03.2015, 3	29.03.2015
10.12.2015	RT I, 30.12.2015, 4	01.01.2016
07.06.2016	RT I, 22.06.2016, 21	01.08.2016

Part I GENERAL PART

Chapter 1

GENERAL PROVISIONS

§ 1. Undertaking

An undertaking for the purposes of this Code is a natural person who offers goods or services for charge in his or her own name and for whom the sale of goods or provision of services is permanent activity, or a company specified in this Code.
[RT I, 25.03.2011, 1 - entry into force 01.07.2014 (entry into force amended - RT I, 22.12.2013, 1)]

§ 2. Classification of companies

(1) A company is a general partnership, limited partnership, private limited company, public limited company or commercial association. Other companies may also be prescribed by law.
(2) A company shall be entered in the commercial register.
(3) The passive legal capacity of a company shall commence as of its entry in the commercial register and shall terminate as of its deletion from the commercial register.
(4) Companies may merge, divide or be transformed into a company of other type only in the cases and pursuant to the procedure provided by law.
(5) In the cases provided by law, the permission of a competent agency is required for merger, division or transformation.

§ 3. Sole proprietorship

(1) Any natural person may be a sole proprietor.
(2) A sole proprietor shall submit a petition for his or her entry in the commercial register before the commencement of the activity.
[RT I 2008, 60, 331 - entry into force 01.01.2009]
(3) A sole proprietor may notify the registrar of the commercial register of the suspension of the activities
of his or her enterprise in advance specifying the period of time when the enterprise does not operate. A sole

Commercial Code Page 3 / 160

proprietor, the activity of whose enterprise due to the nature of the area of activity is seasonal, may notify
the registrar of the commercial register of the starting date and final date of the activity of the enterprise. The
notification of the starting date and final date of the activity of the enterprise may also be provided in case of
temporary activity.
[RT I 2008, 27, 177 - entry into force 01.01.2009]

§ 4. Areas of activity of undertaking

(1) An undertaking may operate in areas of activity in which operation is not prohibited by law.
(2) Areas of activity for which a licence is required or in which only a particular class of undertaking may operate may be provided by law.
(3) [Repealed - RT I 2006, 61, 456 - entry into force 01.01.2007]
(4) A farmer is an undertaking engaging in at least one activity which can be classified as production of agricultural products and who uses a farm for such purpose in the capacity of an owner, usufructuary or commercial lessee.
[RT I 2006, 61, 456 - entry into force 01.01.2007]
(5) Upon entry in the commercial register, an undertaking shall specify its planned principal activity and shall keep the register informed of any changes to the principal activity. A company required to file the annual report with the commercial register, shall indicate the areas of activity of the year ended and the areas of activity intended for the new accounting year in its annual report and shall not make a separate announcement of any change in these. Upon notification the commercial register of areas of activity and specification of areas of activity in annual reports, the Estonian Classification of Economic Activities is used.
[RT I 2006, 61, 456 - entry into force 01.01.2007]
(6) The Classification of Economic Activities shall be established by a regulation of the minister responsible for the area. The minister responsible for the area may determine the level of classification to be used upon giving the commercial register notice of activities and upon specifying activities in annual reports.
[RT I 2006, 61, 456 - entry into force 01.01.2007]

§ 5. [Repealed - RT I, 2009.5, 35 - entry into force 01.07.2009]

§ 6. Group

(1) If a company is a partner or shareholder of another company and owns a majority voting interest therein, the participating company shall be called the parent undertaking, and the company in which it participates
shall be called a subsidiary. A company in which another subsidiary or subsidiaries, with or without the parent undertaking, have a majority voting interest is also a subsidiary of the parent undertaking.
(2) A subsidiary is also a company in which another company (parent undertaking) has control as a partner or shareholder, on the basis of an agreement or without an agreement.
(3) A parent undertaking together with its subsidiaries forms a group.

Chapter 2

BUSINESS NAME

§ 7. Definition of business name

A business name or firm is the name entered in the commercial register under which an undertaking operates.

§ 8. Business name of sole proprietorship

(1) The business name of a sole proprietorship shall contain the given name and surname of the sole proprietor, and shall not contain an appendage or abbreviation referring to a company.
(2) The business name of a farmer who is a sole proprietor need not contain the given name and surname of the sole proprietor if the name of the farm is contained in the business name.
(3) If a sole proprietor transfers the enterprise to another natural person, the transferee may continue to operate under the existing business name with the written consent of the transferor.
(4) If a natural person acquires an enterprise by way of succession, the transferee may continue to operate under the existing business name.
(5) If a name contained in the business name of a sole proprietorship is changed, the sole proprietor may continue to operate under the existing business name.

Page 4 / 160 Commercial Code

(6) A sole proprietor may have several business names as long as such names are used with regard to different enterprises.

§ 9. Business name of company

(1) A company may only have one business name.
(2) The business name of a general partnership shall contain the appendage “täisühing” [general partnership]; a limited partnership, the appendage “usaldusühing” [limited partnership]; a private limited company, the appendage “osaühing” [private limited company]; a public limited company, the appendage “aktsiaselts” [public limited company]; and a commercial association, the appendage “ühistu” [association].
(3) Instead of the appendages specified in subsection (2) of this section, a general partnership may use the abbreviation “TÜ”; a limited partnership, the abbreviation “UÜ”; a private limited company, the abbreviation “OÜ”; and a public limited company, the abbreviation “AS” in its business name.
(4) The appendages and abbreviations specified in subsections (2) and (3) may only be used at the beginning or end of the business name.

§ 10. Transfer of business name

A business name shall not be transferred without the enterprise, except if the business name is transferred upon liquidation or in the bankruptcy proceedings of an undertaking.

§ 11. Distinctiveness of business name

(1) The business name of a sole proprietorship shall be clearly distinguishable from other business names entered in the commercial register.
[RT I, 21.06.2014, 8 - entry into force 01.01.2015]
(2) The business name of a company shall be clearly distinguishable from other business names entered in the commercial register in Estonia.
(21) [Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]
(3) If the given name and surname of a sole proprietor for which an application for entry in the register is made are the same as a given name and surname already entered in the register as a business name or as a part thereof, the applicant of the entry shall render his or her business name clearly distinguishable by adding or omitting appendages.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 12. Restrictions on choice of business name

(1) A business name shall not be misleading with regard to the legal form, area of activity or scope of activity of the undertaking.
(2) A business name shall not be contrary to good morals.
(3) A sign or combination of signs which consists of letters, words or numerals and is protected as a trade mark in Estonia shall not be used in a business name without the consent of the owner of the trade mark certified
by a notary, unless the undertaking is engaged in an area of activity in respect of which the trade mark is not protected. Subsection 33 (11) of this Code applies to such consent.
(31) A person who does not have the right to use a geographical indication is prohibited from using a registered geographical indication in the business name, except if the person operates in the area of activity concerning which the geographical indication is not protected.
(32) Subsections (3) and (31) also apply upon changing of activities after the entry of the business name in the commercial register.
[RT I 2006, 61, 456 - entry into force 01.01.2007]
(4) The Government of the Republic may establish restrictions on the use of the word “Eesti” [Estonia] in a business name in all expressions and foreign language equivalents, except in the business name of the branch of a foreign company pursuant to the provisions of § 14 of this Code.

Commercial Code Page 5 / 160

(5) If a business name contains the name of a state or administrative unit or other place-name in addition to the appendage referring to the company, the business name shall contain an appendage which distinguishes it from the name of the state or administrative unit or other place-name.
(6) The names of state and local government bodies and agencies shall not be used in a business name.
(7) The words “riigi” [state], “linna” [city] and “valla” [rural municipality], and other words which refer to the participation of a local government may be used in the business name of a company only if the state or local government holds more than one-half of the shares of the company.
(8) A business name shall be written in the Estonian-Latin alphabet. (9) [Omitted - RT I 1996, 40, 773 - entry into force 08.06.1996]

§ 13. Use of name in business name

(1) [Omitted - RT I 1996, 40, 773 - entry into force 08.06.1996] (2) [Omitted - RT I 1996, 40, 773 - entry into force 08.06.1996]
(3) The name of a person who is not the sole proprietor shall not be used in the business name of a sole proprietorship, the name of a person who is not a partner shall not be used in the business name of a general partnership, and the name of a person who is not a general partner shall not be used in the business name of a limited partnership.
(4) The provisions of subsection (3) of this section shall not apply if the sole proprietor transfers the enterprise, or if a partner of a general partnership or a general partner of a limited partnership departs or is excluded from the company.

§ 14. Business name of branch of foreign company

The business name of the branch of a foreign company shall consist of the business name of the company and the words “Eesti filiaal” [Estonian branch].

§ 15. Use and protection of business name

(1) An undertaking has the exclusive right to the business name of the undertaking. A court may prohibit, in proceedings on petition, the use of a business name which does not conform to the requirements of this Chapter or which a person has no right to use and, if such prohibition is violated, to impose a fine on the violator. The above shall not preclude the protection of the business name in the proceeding of an action.
[RT I 2008, 59, 330 - entry into force 01.01.2009]
(2) The commercial documents of the undertaking and its website shall indicate the business name, registered office and commercial registry code of the undertaking. If the commercial documents and website of a private limited company or public limited company contain reference to the company's capital, the amount of the share capital and, in case contribution for shares has not been completely paid, the amount of outstanding
contributions shall also be specified. The commercial documents of the branch of a foreign undertaking and its website shall include the information specified in the first and the second sentence of this subsection regarding both the undertaking and its branch, if it is relevant. In addition, the commercial documents of the branch and its website shall indicate the legal form of the foreign undertaking and the register where the undertaking is registered. If the foreign undertaking is being liquidated, a reference to this fact shall be provided.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(3) [Repealed - RT I 2002, 53, 336 - entry into force 01.07.2002]

Chapter 3

PROCURATION

§ 16. Definition of procuration

(1) Procuration is an authorisation which grants the representative of the undertaking (procurator) the right to represent the undertaking in concluding all transactions related to economic activities.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(2) The procurator may transfer or encumber an immovable of the undertaking only if the undertaking grants this right to him or her in the procuration, and this is noted in the commercial register.
(3) If the undertaking restricts a procuration, the restriction shall not apply with regard to third persons, except the restrictions provided for in this Act.

Page 6 / 160 Commercial Code

(4) The provisions concerning representation in the General Part of the Civil Code Act apply to procuration unless otherwise provided for in this Code.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 17. Grant of procuration

(1) Procuration may be granted by a company, a sole proprietor entered in the commercial register or a legal representative of a sole proprietor. Upon entry of an undertaking in the commercial register, procuration shall be granted by a sole proprietor; upon foundation of a general partnership or limited partnership, procuration shall
be jointly granted by all managing partners and, upon foundation of a private limited company, public limited company or commercial association, procuration shall be jointly granted by the founders by the memorandum of association of the company.
(2) Procuration may only be granted to a natural person. An undertaking may have one or several procurators. (3) Procuration may be granted to several persons in such a manner that all or some of the procurators are only
entitled to represent the undertaking jointly (joint procuration). Procuration may be granted in such a manner
that the procurator may represent the undertaking only jointly with a member of the management board or with a
partner who is entitled to represent the company.
(4) A foreign company may grant a procuration for the representation of a branch.
(5) A partner of the same general partnership or limited partnership, a member of the supervisory board of the same company or the auditor of the same company shall not be a procurator.

§ 18. Signature of procurator

A procurator shall sign such that he or she adds the word “prokurist” [procurator] or the abbreviation “p.p.” (per procura) to his or her signature.

§ 19. Bases for termination of procuration

(1) An undertaking may terminate a procuration at any time.
(2) A procurator may demand that the undertaking terminate the procuration if the legal relationship which is the basis for the procuration terminates.
(3) A procuration shall not terminate upon the death of a sole proprietor. [RT I 2002, 53, 336 - entry into force 01.07.2002]

§ 20. Prohibition on transfer of procuration

A procurator shall not transfer a procuration.

§ 21. Entry of procuration

(1) An entry concerning a procuration shall be entered in the commercial register based on the petition of
the undertaking. In the case of a company, the resolution of the body which appointed the procurator shall be
appended to the petition.
(2) An entry concerning a procuration shall set out the name and personal identification code of the procurator. If a procuration is granted to several procurators, the entry shall contain a notation concerning if and to which of them joint procuration is granted.
[RT I 2006, 61, 456 - entry into force 01.01.2007]
(3) [Repealed - RT I 1998, 59, 941 - entry into force 10.07.1998]

Part II COMMERCIAL REGISTER

Chapter 4

Commercial Code Page 7 / 160

GENERAL PROVISIONS REGARDING REGISTER

§ 22. Maintenance of commercial register and judicial proceedings

(1) The registration department of Tartu County Court (hereinafter registrar) shall maintain the commercial register of the enterprises of sole proprietors and companies located in Estonia.
[RT I, 21.06.2014, 8 - entry into force 01.01.2015]
(2) [Repealed - RT I, 21.06.2014, 8 - entry into force 01.01.2015] (3) [Repealed - RT I 2005, 15, 85 - entry into force 01.01.2006]
(4) Documents submitted to a registrar shall be processed and rulings shall be made pursuant to the procedure provided for the registration proceedings in the Code of Civil Procedure unless otherwise provided by this Code. [RT I, 21.03.2014, 3 - entry into force 31.03.2014]
(5) [Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]
(6) The provisions of the Public Information Act concerning databases apply to the commercial register and the maintenance thereof with the specifications provided for in this Code.
[RT I 2007, 12, 66 - entry into force 01.01.2008]

§ 23.–§ 25.[Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 26. Registration department seal

(1) The registration department of a court shall have a seal bearing the national coat of arms.
(2) A court officer engaged in the performance of acts of attestation on the registration department may have a seal bearing his or her name and the national coat of arms.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 27. Working language

(1) The commercial register shall be maintained in Estonian.
(2) Documents in a foreign language shall be submitted to the registrar together with translations into Estonian certified by a sworn translator or a notary or translations into Estonian where a notary certified the authenticity of a translator's signature.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]
(3) An undertaking shall not rely on a translation which differs from the original document. A third person
may rely on the translation of a document submitted to the registrar unless the undertaking proves that the third
person was aware of the inaccuracy of the translation.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(4) Upon submission of documents completely or partially in a foreign language which do not meet the requirements of subsection (2) of this section, the registrar shall be guided exclusively by the documents or text parts in the Estonian language submitted to him or her. The undertaking and third parties shall not rely on documents or text parts in a foreign language.
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]

§ 28. Access to commercial register

(1) Entries in the commercial register are public. Everyone has the right to examine the registry cards and the business files, and to obtain copies of registry cards and of documents in the business files.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]
(2) Registry data and files are available for examination in registration departments, notaries’ offices or through a relevant website. Certified print-outs from the commercial register can be obtained from registration departments or notaries' offices.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]
(3) A registry file may be examined by a competent state agency including by the court in the course of a proceeding, a bailiff or a person with a legitimate interest in the matter.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(4) At the request of a person, a registrar or notary shall issue a certificate that an entry has not been amended or that a particular entry is not in the register.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]

Page 8 / 160 Commercial Code

§ 29. [Repealed - RT I 2003, 4, 19 - entry into force 01.02.2003]

§ 30. [Repealed - RT I 1999, 10, 155 - entry into force 01.01.2000]

§ 31. Information to be entered in commercial register

Only information prescribed by law shall be entered in the commercial register.

§ 32. Documents to be submitted to registrar

(1) An undertaking is required to submit the documents which are the basis for an entry, other documents provided by law and specimen signatures to the registrar. Specimen signatures shall be certified by a notary. The registrar may also demand supplementary documents from the undertaking if these are necessary to determine the facts which are the basis for an entry.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(2) An excerpt from the minutes, which contains only the resolution providing the basis for the registry data, may be submitted to the registrar instead of the minutes of the meeting of a body. A dissenting opinion, written proposals and declarations of a person who maintains a dissenting opinion with regard to a resolution need not be appended to the excerpt. The excerpt from the minutes shall be notarised if the minutes prepared with regard to the same meeting are notarised. In the remaining part, the content of the excerpt from the minutes, signing and documents appended to the minutes shall be governed by the provisions concerning the minutes of the meeting of a respective body.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(3) The annual report and documents submitted together with the above, as well as data concerning the distribution of profit or covering of loss that are specified in this Code and the authorisation for the submission of the above documents and data shall be submitted to the commercial register in electronic format pursuant to the procedure established by the regulation of the minister responsible for the area on the basis of clause 67 (4)
1) of this Code.
[RT I 2009, 54, 363 - entry into force 01.01.2010]

§ 321. Notarial acts and additional services of notaries

(1) A petition submitted to a registrar and an authorisation document provided for signature of the petition shall be certified by a notary.
(2) A specimen signature submitted to a registrar shall be certified by a notary and the Estonian translation of a document in a foreign language shall be made by a sworn translator or certified by a notary. A specimen signature of an undertaking or a legal representative thereof need not be submitted if the same person has signed a petition for a corresponding entry or a memorandum of association which contains a petition in the presence of a notary.
[RT I, 23.12.2013, 1 - entry into force 01.01.2014]
(3) The following shall be authenticated by a notary:
1) memorandums of association of private limited companies and public limited companies;
2) merger agreements, division agreements and division plans of companies;
3) authorisation documents issued for the signature of documents specified in clauses 1) and 2).
(4) A notarised memorandum of association may also contain a petition from a legal person for entry in the register.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(41) Based on the application of a legal person, a notary shall forward the annual report of the legal person to the registrar in electronic format.
[RT I 2008, 27, 177 - entry into force 01.01.2010]
(5) [Repealed - RT I 2006, 7, 42 - entry into force 04.02.2006]
(6) [Repealed - RT I 2003, 18, 100 - entry into force 07.03.2003] (7) [Repealed - RT I 2006, 7, 42 - entry into force 04.02.2006]
(8) [Repealed - RT I 2006, 7, 42 - entry into force 04.02.2006]

Commercial Code Page 9 / 160

§ 33. Entry in commercial register

(1) An entry in the commercial register shall be made on the petition of the undertaking, on the basis of a court decision or on another basis provided by law. A person entitled to submit a petition or other documents to the commercial register is required to do so.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(11) A court decision shall substitute for a petition if an obligation concerning the person entitled or obliged to submit a petition to the registrar or a legal relationship due to which an entry must be made has been established by the court decision and such court decision has entered into force or is subject to immediate execution.
(12) If a court decision which has entered into force or is subject to immediate execution prohibits the submission of a petition for an entry, the entry may be made only if the person on whose request such court decision was made agrees to the making of the entry.
(2) A petition submitted to the registrar shall be certified by a notary. Certification by a notary may substituted by certification of the signatures on the petition by an official of a foreign state who has the right to attest the identity of the undersigned. A document attested in a foreign state shall be legalised or authenticated by a certificate (apostille), unless otherwise provided by an international agreement.
[RT I 2009, 29, 175 - entry into force 01.07.2009]
(3) A person entitled to sign a petition submitted to the registrar may authorise another person to sign. An authorisation document provided for signature of a petition shall be certified by a notary.
(4) The registrar shall make an entry not later than on the fifth working day after signing a ruling on entry. The registrar shall promptly notify the petitioner of making or refusal to make the entry but not later than within ten working days after making the entry in the register or making the decision to deny the petition for an entry.
(41) [Repealed - RT I 2006, 7, 42 - entry into force 04.02.2006]
(5) The registrar shall not make an entry in the register if the petition or documents appended thereto do not comply with the law or are submitted prior to the term permitted or after the term prescribed by law.
(6) The registrar shall not have the right to decline to make an entry if all documents required by law are submitted, and they comply with the requirements of law.
(7) A petition for amendment of registry information shall be immediately submitted to the commercial register if the data entered in the commercial register change, including in the case of appointment, removal or change of the right of representation of a member of the management board of a company or a liquidator, or dissolution of
a company.
[RT I 2006, 61, 456 - entry into force 01.01.2007]
(71) Upon amending information in the commercial register, a registrar of the commercial register is required to make the corresponding necessary amendments in the commercial pledges register within 15 days. The provisions of the second sentence of 599 of the Code of Civil Procedure shall not apply.
(72) Correction of the name and personal identification code of a natural person in an entry of the commercial register is carried out exempt from state fees on the basis of a corresponding notice and the amendment to the population register. This provision also applies in the case of deletion of a deceased person's data from the commercial register unless the entry includes inheritable shareholder's rights or other such rights.
(73) Amendment of the name of a legal person, legal form or registry code in an entry in the commercial register concerning another person is carried out exempt from state fees on the basis of a corresponding notice and the amendment to the corresponding register This provision also applies to the merger of legal persons.
(74) Before amending personal data, the registrar shall check the existence, in the corresponding register, of the amendment on the basis of which the entry is to be made.
(75) If the registrar has no electronic access necessary for checking the existence, in the corresponding register, of the amendment on the basis of which the entry in the commercial register is to be made, the personal data may be amended on the basis of a notice to such effect and a certified extract from the appropriate register, or based on other reliable evidence. A document issued by a foreign state shall be legalised or authenticated by a certificate replacing legalisation (apostille), unless otherwise provided by an international agreement.
(76) If the technical capacity exists, the correction of an entry specified in subsection (72) of this section shall be carried out automatically.
[RT I, 22.06.2016, 21 - entry into force 01.08.2016]
(8) If incorrect information is submitted to the commercial register, the persons who signed the petition shall be solidarily liable for any damage wrongfully caused.

Page 10 / 160 Commercial Code

(9) A person who is authorised to file a petition may withdraw the petition until a ruling on entry is made. In order to withdraw a petition, a petition certified by a notary which sets out the reason for withdrawal shall be submitted to the registrar. Upon the withdrawal of a petition, the petition and the documents submitted with it shall not be returned.
(10) In the case specified in subsection (9), all the submitted paper documents shall be returned to the petitioner in a registration department or by ordinary mail. In such case, the digitized documents shall be included in the registry file.
[RT I, 21.03.2014, 3 - entry into force 01.04.2014]
(11) A digitally signed petition and authorisation document for submission of petition is deemed to be equivalent to a petition certified by a notary and authorisation document for submission of petition. [RT I, 21.03.2014, 3 - entry into force 31.03.2014]
(12) A petition shall not be submitted by e-mail if it is possible to submit the digitally signed petition directly into the information system of the commercial register maintained using electronic means. Otherwise, the registrar shall return the petition submitted by e-mail and specify the reasons for return of petition.
[RT I, 21.03.2014, 3 - entry into force 31.03.2014]
(121) A petition certified by a notary shall be submitted together with the documents necessary for making an entry to the registrar through the electronic information system of notaries (hereinafter e-notary) through the notary having attested the petition. With good reason, the petition and the documents necessary for making an entry may be submitted through another notary. The notary shall explain to the person which documents shall be appended to the petition and which requirements apply thereto.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]
(13) If submitting petitions directly into the information system of the commercial register maintained using electronic means is impossible due to permanent technical breakdown of the information system, petitions and documents appended thereto may be submitted on paper or by e-mail. The submitted documents shall
be transferred to the information system of the commercial register maintained using electronic means at the earliest opportunity following the elimination of the breakdown and the petitions shall be reviewed within five working days.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]
(14) The conditions and procedure for submitting the documents described in subsection (13) of this section shall be established by a regulation of the minister responsible for the area.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]

§ 34. Legal effect of entry

(1) An entry in the commercial register shall enter into force upon signature by the person enforcing the ruling on entry and by the person who is competent to make the ruling on entry.
(2) An entry shall be held as correct with regard to a third person, except if the third person knew or should have known that the entry is not correct. An entry shall be deemed not to apply with regard to transactions
which are concluded within fifteen days after the entry is made if a third person proves that the third person was not aware nor should have been aware of the content of the entry.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(3) If facts which must be entered in the register are not entered in the register, such facts shall have legal effect with regard to a third person only if the third person knew or should have known about them.
(4) [Repealed - RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 35. Notification obligation of administrative agencies

The courts, state and local government agencies, the registrar of the Estonian Central Register of Securities, notaries, bailiffs and auditors are required to notify the registrar of any incorrect information in the commercial register or of any information which has not been submitted to the register that they become aware of.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]

Chapter 5

Commercial Code Page 11 / 160

CONTENT OF COMMERCIAL REGISTER

§ 36. Composition of commercial register

The commercial register shall include:
1) the registry card;
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]
2) the business files;
3) the registry files.

§ 37. Registry card

[RT I, 18.12.2012, 3 - entry into force 19.12.2012]
(1) A separate registry card shall be opened for each undertaking entered in the register. (2) [Repealed - RT I, 18.12.2012, 3 - entry into force 19.12.2012]
(3) [Repealed - RT I, 18.12.2012, 3 - entry into force 19.12.2012] (4) [Repealed - RT I, 18.12.2012, 3 - entry into force 19.12.2012]

§ 38. Business file

(1) A business file shall be opened for each undertaking entered in the register.
(2) Documents which are submitted to the registrar by the undertaking according to the law or which are forwarded to the registrar by a court or a trustee in bankruptcy on the basis of the Bankruptcy Act shall be maintained in the business file.
(3) Documents submitted to the registrar shall be originals, notarised copies or officially certified copies. Officially certified copies may be electronic. In such case the name and signature of the person certifying the copy and the seal of the agency shall be substituted by the digital signature of the person or the digital seal of the agency.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]
(4) In an electronic folder, the original document on paper or notarised or officially certified transcript shall be substituted by a digitized document.
[RT I, 21.03.2014, 3 - entry into force 31.03.2014]

§ 39. Registry file

(1) A registry file shall be opened for each undertaking entered in the register.
(2) Proof of payment of state fees and other documents concerning the undertaking which are not maintained in the business file shall be maintained in the registry file.
[RT I 2003, 4, 19 - entry into force 01.02.2003]
(3) The provisions of subsection 38 (4) of this Code shall apply to an electronic folder. [RT I, 21.03.2014, 3 - entry into force 31.03.2014]

§ 40. Registry journal

[Repealed - RT I, 21.03.2014, 3 - entry into force 31.03.2014]

§ 41. Alphabetical card index

[Repealed - RT I, 18.12.2012, 3 - entry into force 19.12.2012]

Chapter 6

FORM OF ENTRY

§ 42. Registry code

Every undertaking shall be given a non-recurrent registry code upon entry in the commercial register.

§ 43. Entries

(1) Each entry on a registry card shall have a consecutive number.

Page 12 / 160 Commercial Code

[RT I, 18.12.2012, 3 - entry into force 19.12.2012]
(2) A notation shall be made beside each entry regarding the date it is made.
(3) Entries shall be written legibly. Only common abbreviations shall be used in entries.

§ 44. Entry amendment

(1) Upon amendment of an entry, the new entry shall be entered in the register under a new consecutive number. An entry which loses its significance due to a later entry shall be displayed in the system underlined and in red. [RT I, 18.12.2012, 3 - entry into force 19.12.2012]
(2) [Repealed - RT I 1998, 59, 941 - entry into force 10.07.1998]

§ 45. Correction of entry

[RT I, 21.03.2014, 3 - entry into force 31.03.2014]
(1) If an entry does not comply with the ruling on entry on which it is based, the entry shall be corrected on the basis of a ruling of an assistant judge with a notation in the notations section of the registry card.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]
(2) The person who submitted the petition for the entry shall promptly be notified of the correction of the entry. (3) [Repealed - RT I, 18.12.2012, 3 - entry into force 19.12.2012]

§ 451. Opening of replacement card

[Repealed - RT I, 18.12.2012, 3 - entry into force 19.12.2012]

§ 46. Entry made on basis of court decision

If an entry is made on the basis of a court decision, a notation to this effect shall be made in the entry. A notation concerning the amendment or annulment of the court decision shall be made in the same entry. [RT I, 18.12.2012, 3 - entry into force 19.12.2012]

§ 47. Invalidity of registry card entries

[Repealed - RT I, 18.12.2012, 3 - entry into force 19.12.2012]

§ 48. [Repealed - RT I 2001, 56, 336 - entry into force 07.07.2001]

Chapter 7

MAKING OF ENTRY

§ 49. Content of document submitted to registrar

A document submitted to the registrar shall contain the information prescribed by law.

§ 50. Receipt of documents

[RT I 2003, 4, 19 - entry into force 01.02.2003]
(1) Upon submission of a petition, the registrar shall inscribe on the petition the date of receipt of the petition, a list of documents appended to the petition and the number of pages in each document. The inscription shall be signed by the person who receives the petition. A petition submitted on paper and the documents appended thereto shall be digitized and saved in an electronic folder, and petitions submitted by e-mail or through the information system and the documents appended thereto shall also be saved therein.
[RT I, 21.03.2014, 3 - entry into force 31.03.2014]
(2) [Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]
(3) The registration and saving of a petition and the documents appended thereto shall be performed pursuant to the procedure established on the basis of subsection 33 (14) of this Act.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]

Commercial Code Page 13 / 160

(4) Paper documents shall be returned to the petitioner in a registration department or by ordinary mail to the address of the undertaking.
[RT I, 21.03.2014, 3 - entry into force 01.04.2014]

§ 51. [Repealed - RT I 2006, 61, 456 - entry into force 01.01.2007]

§ 52. Business name verification

The registrar shall verify that the business name is in conformity with the requirements of law. If the business name is not in conformity with the requirements of law, the registrar shall propose that a new business name be chosen during the term designated by the registrar.

§ 53. Terms in proceedings

(1) A petition for entry shall be reviewed within five working days after receipt of the petition. The time for submission of a petition received by the registration department after the end of a working day, but before 00:00, on a day off or public holiday is deemed to be the working day following the receipt. In case of amendment of
a petition for entry or submission of an additional document, the term in proceedings shall commence as of the amendment of the petition for entry or submission of the document.
[RT I, 21.03.2014, 3 - entry into force 31.03.2014]
(2) If the petitioner has been given a term for elimination of deficiencies by an order and the petitioner has eliminated all the differences then the petition for entry shall be reviewed once again within the period of five days.
(3) The court may, on the existence of circumstances requiring special investigation, extend the term for review by up to three months.
(4) In expedited procedure, a petition for entry shall be reviewed not later than during the next working day after the date of receipt of the petition. The time for submission of a petition received by the registration department after the end of a working day, but before 00:00, on a day off or public holiday is deemed to be the working day following the receipt.
[RT I, 21.03.2014, 3 - entry into force 31.03.2014]
(5) A petition for entry shall be accepted for expedited procedure at the request of the petitioner if:
1) the petition and other documents required pursuant to law (entry documents) are submitted in compliance
with the requirements established on the basis of clause 67 (4) 1) of this Code and such documents bear the
digital signature of the persons who are required, pursuant to law, to sign them;
2) the statutes provided in § 1391of this Code are annexed to the application if the statutes, together or without the memorandum of association, must be annexed to the application;
3) the registrar is able to automatically verify the personal data of a sole proprietor, founder of a company, limited or general partner or, in the case of a legal person, also the legality of the right of representation of a representative, and the personal data of a member of the management or supervisory board, auditor or procurator of an undertaking through a computer network pursuant to the procedure established on the basis of clause 67
(4) 1) of this Code;
4) only monetary contributions are made into the share capital upon foundation or upon the increase of share
capital, and in the case of foundation, such contributions have been transferred as deposit to the account of
the registrar or the account specified in subsection 15 (41) of the Money Laundering and Terrorist Financing Prevention Act, excluding the case when the foundation procedure specified in § 140 1of this Code was chosen for the foundation of a private limited company;
[RT I, 31.01.2014, 6 - entry into force 01.04.2014]
5) the shares of a private limited company who is to be entered in the commercial register or whose share
capital is to be increased or decreased have not been registered in the Estonian Central Register of Securities;
6) the state fee for making the entry in the commercial register has been transferred to the bank account
prescribed for such purposes in the amount provided by the State Fees Act;
7) the foundation number specified in subsection 520 (1) of this Code or, if the undertaking is already entered
in the register, the registry code of the undertaking has been used upon payment of the share capital and
payment of the state fee for the commercial register entry;
[RT I 2008, 27, 177 - entry into force 10.07.2008]
8) the person himself or herself or, in the case of a legal person, the person's representative has signed the entry
documents;
9) the activity has been indicated pursuant to subsections 4 (5) and (6) of this Code;
10) entry in or deletion from the commercial register of a merger, division, transformation, or dissolution of a
company, or entry in the commercial register of a company by the state or a local government is not applied for
in the petition.
[RT I, 21.06.2014, 8 - entry into force 01.01.2015]
11) entry of a branch of a foreign company is not applied for in the petition.
(6) A petition for entry or other entry documents are not accepted for expedited procedure if these do not conform to the requirements of subsection (5) of this section or if these contain essential deficiencies. In such case, the reason for impossibility of submission is displayed for the petitioner.

Page 14 / 160 Commercial Code

[RT I, 18.12.2012, 3 - entry into force 19.12.2012]

§ 54. [Repealed - RT I 2006, 61, 456 - entry into force 01.01.2007]

§ 541. [Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 55. Content of ruling on entry

A ruling on entry shall set out:
1) the court and the name and title of the person competent to make the ruling;
[RT I 2008, 59, 330 - entry into force 01.01.2009]
2) the time and place of making the ruling;
[RT I 2008, 59, 330 - entry into force 01.01.2009]
3) the text of the entry with reference to the registry card and the section of the card in which the entry shall be
made;
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]
4) if the petition is denied, the reasons and legal basis for the ruling;
[RT I 2008, 59, 330 - entry into force 01.01.2009]
5) the procedure and term for an appeal against the ruling;
[RT I 2008, 59, 330 - entry into force 01.01.2009]

§ 56. Implementation of ruling on entry

(1) After a ruling on entry is made, the registrar shall enter the text of the entry on the registry card. The text of the entry shall be signed by the person enforcing the ruling and by the person competent to decide on making the entry.
(2) A copy of the ruling on entry shall be given or sent to the undertaking with regard to whom the ruling is made during the term specified in subsection 33 (4).
[RT I 2008, 59, 330 - entry into force 01.01.2009]

§ 57. Change of registered office of undertaking

[Repealed - RT I, 21.06.2014, 8 - entry into force 01.01.2015]

§ 58. Registration proceedings in case of bankruptcy, prohibition on business and prohibition to engage in enterprise

[RT I 2008, 52, 288 - entry into force 22.12.2008]
(1) The following shall be entered in the commercial register on the basis of a court decision:
1) the abatement of bankruptcy proceedings without a declaration of bankruptcy – if the court terminates the
proceedings because the debtor's assets are insufficient to cover the costs of the bankruptcy proceedings. The
name and personal identification code of the interim trustee in bankruptcy of the company shall be entered in the
commercial register together with the entry concerning the abatement and it shall be indicated that the interim
trustee organises the liquidation of the company and represents the company. If the bankrupt is a sole proprietor,
he or she shall be deleted from the commercial register immediately;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
2) a declaration of bankruptcy together with the name and personal identification code of the trustee in
bankruptcy, and a notation indicating that the trustee represents the undertaking;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
3) the abatement of bankruptcy proceedings after a declaration of bankruptcy together with an entry concerning
the continuation of activities of the undertaking – if the court terminates the proceeding because a third
person satisfies the claims of creditors or gives a pledge to secure the claims. The notation indicating that the
undertaking is represented by the trustee in bankruptcy shall be deleted;
4) the abatement of bankruptcy proceedings after the declaration of bankruptcy together with the deletion
of the undertaking from the register – if the court terminates the proceedings because the bankruptcy estate is
not sufficient to make payments related to the bankruptcy proceedings. Unless the trustee in bankruptcy states
otherwise, he or she shall be indicated in the commercial register as the depositary of the documents of the
company deleted from the commercial register;
5) the termination of a bankruptcy proceedings together with the deletion of the undertaking from the register
or continuation of the activities of the undertaking – if the court approves the final report of the trustee in
bankruptcy. In the case of deletion of the undertaking from the register, the trustee in bankruptcy shall be
indicated in the commercial register as the depositary of the documents of the company deleted from the
commercial register, unless the trustee in bankruptcy states otherwise. In the case of continuation of activities,
the notation indicating that the undertaking is represented by the trustee in bankruptcy shall be deleted;
6) a compromise and the term thereof together with an entry concerning the continuation of activities – if
the court had previously declared bankruptcy. A concurrent notation shall be made in the commercial register

Commercial Code Page 15 / 160

indicating that the trustee in bankruptcy performs the functions specified in §§ 188–190 of the Bankruptcy Act. The notation indicating that the trustee in bankruptcy represents the undertaking shall be deleted;
7) the annulment of a compromise and restoration of bankruptcy proceedings after a declaration of bankruptcy. A notation shall be made in the register indication that the undertaking is represented by the trustee in bankruptcy;
8) the termination of a compromise due to expiry of the compromise term and release of the trustee in bankruptcy.
(2) No entry shall be made in the commercial register concerning a prohibition on business of a debtor or a person with the right to represent the debtor and a prohibition to engage in enterprise imposed on a person. [RT I 2008, 52, 288 - entry into force 22.12.2008]
(3) No entry shall be made in the commercial register if the person under a prohibition on business or the person who has received a prohibition to engage in enterprise, except for a shareholder of a private limited company who is not simultaneously a member of a managing body of a legal person, has signed the petition for an entry or has issued an authorisation document to do so or if the person participated in adopting the resolution of the supervisory board which is the basis of the petition, or if entry of the person in the commercial register as a member of the management board, general partner, procurator, liquidator or trustee in bankruptcy of a legal person is applied for.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(4) In the case specified in clause (1) 1) of this section, a member of the management board of a legal person which is the debtor in bankruptcy proceedings shall be the depositary of documents after the deletion of the legal person from the register and he or she shall be indicated as the depositary of documents in the register unless otherwise agreed or otherwise determined on the basis of a court decision.

§ 59. Deletion of undertaking from commercial register

(1) Upon dissolution of a company, the company shall be deleted from the commercial register on its own petition or on another basis provided by law.
(2) If a petition for deletion from the commercial register is not submitted upon completion of the liquidation of a company, the registrar has the right to delete the company from the register.
(3) A sole proprietor shall be deleted from the commercial register on his or her petition or on another basis provided by law. A sole proprietor shall not be deleted from the register on his or her petition if he or she must be entered in the register by law.
(31) A sole proprietor who acts on a temporary basis shall be deleted from the commercial register automatically after the expiry of the final date specified in clause 3 (3) of this Code.
[RT I 2008, 27, 177 - entry into force 01.01.2009]
(32) The registrar may delete a sole proprietor from the commercial register if the person does not comply with the concept of an undertaking specified in § 1 of this Code and the sole proprietor has not notified of the suspension or termination of the activity.
[RT I 2008, 27, 177 - entry into force 01.01.2009]
(4) A company shall not be deleted from the commercial register upon voluntary dissolution without the written consent of the Tax and Customs Board except if it has submitted a petition for deletion of the company from
the commercial register. In order to obtain the consent, the registrar shall submit a written request to the Tax and Customs Board. The Tax and Customs Board shall not refuse the consent unless it has claims against the company. If the consent is not received within ten working days after sending a request, the Tax and Customs Board shall be deemed to consent to deletion from the register.
[RT I, 21.03.2014, 3 - entry into force 01.01.2015]
(5) If the articles of association of a company entered in the commercial register do not contain provisions required by law or if any of the provisions of the articles of association are in conflict with the law, the registrar shall set a term for the elimination of omissions by the company, which shall not be less than six months. If
the company fails to eliminate the omissions during the set term, the registrar may decide on the compulsory dissolution of the company.
(6) If the membership of the management board of a company does not comply with the requirements of the law or the articles of association, the registrar shall set a term for the company to bring the membership of the management board into accordance with the requirements of the law or the articles of association; the term shall not be less than one month. If the company fails to bring the membership of the management board into accordance with the requirements of the law or the articles of association during the set term, the registrar shall decide on the compulsory dissolution of the company.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 60. Failure to submit annual report

[RT I 2006, 7, 42 - entry into force 04.02.2006]

Page 16 / 160 Commercial Code

(1) If a private limited company, public limited company or commercial association fails to submit the requisite annual report to the registrar within six months after the expiry of the term specified by law, the registrar shall issue a warning on deletion from the register to such person and obligate the person to submit the annual report within a specified term which shall be at least six months.
[RT I 2006, 7, 42 - entry into force 04.02.2006]
(2) If a company fails to submit an annual report within the term specified in subsection (1) of this section and has not notified the registrar of a justified good reason which hinders the company from submitting the report, the registrar may publish a notice concerning the company's failure to submit the annual report within
the prescribed term in the publication Ametlikud Teadaandedand invite the creditors of the company to notify of their claims against the company and to request the conduct of a liquidation proceeding within six months after the date of publication of the notice, with a warning that if they fail to do so, the company may be deleted from the register without a liquidation proceeding.
[RT I 2006, 7, 42 - entry into force 04.02.2006]
(3) If, within six months after publication of the notice specified in subsection (2) of this section, the company has failed to submit the annual report to the registrar and failed to provide the registrar with justification for
the reason which hinders the company from submitting the report, and the creditors of the company have not requested the liquidation of the company, the registrar may delete the company from the commercial register in adherence to the provisions of subsection 59 (4) of this Code.
[RT I 2006, 7, 42 - entry into force 04.02.2006]
(31) The court ruling on deletion of a company from the commercial register specified in subsection (3) of this section shall be served on the company. The company has the right to file an appeal against the ruling within thirty days after the service thereof. An entry on deletion of a company from the register shall not be made before the term prescribed for contestation of the court ruling or ruling on entry expires or, if such ruling is
contested, before the court proceeding terminates. The provisions of the second sentence of § 599 of the Code of
Civil Procedure do not apply to the case prescribed in this subsection.
[RT I 2008, 59, 330 - entry into force 01.01.2009]
(4) If, within six months after publication of the notice specified in subsection (2) of this section, a creditor of the company or the company submits a petition for liquidation of the company, the registrar shall make a decision on compulsory dissolution of the company.
[RT I 2006, 7, 42 - entry into force 04.02.2006]
(5) If after deletion from the company from the register, it becomes evident that the company has the means necessary for liquidation, the registrar may decide on the liquidation of the company. A company may be liquidated at the request of a creditor thereof after it has been deleted from the commercial register only if the registrar restores the term for submission of a petition for liquidation for the creditor pursuant to the procedure provided in the Code of Civil Procedure.
[RT I 2006, 7, 42 - entry into force 04.02.2006]

§ 61. Making entry without petition

(1) If the registrar has information concerning the incorrectness of an entry or that an entry is missing, the registrar may make the appropriate inquiries.
(2) Upon ascertaining that an entry is incorrect or missing, the registrar shall notify the undertaking on the basis of whose petition the entry should be made. If no objection to making or correcting the entry is made within two weeks after the notice, the registrar shall make or correct the entry. Upon receipt of an objection the registrar shall decide whether the objection is justified by issuing a ruling on entry.
(3) Failure to submit a petition shall not exempt an undertaking who is required to submit a petition from the obligation to pay the prescribed state fee for an entry. If the incorrectness of an entry is the result of the activities of the registrar, the registrar shall, by a ruling on entry, exempt the undertaking from payment of the state fee.
(4) If the making of an entry pursuant to subsection (2) of this section would result in the deletion of a company from the register, the registrar shall decide on the compulsory dissolution of the company.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 62. Personal data submitted to registrar

(1) If by law a personal identification code must be set out in a document submitted to a registrar, the Estonian personal identification code shall be submitted to the registrar and, in the absence thereof, a foreign personal identification code or other code substituting for the personal identification code and the day, month and year of birth of the person shall be submitted to the registrar. If a person has no Estonian personal identification code, the foreign personal identification code and the day, month and year of birth of the person shall entered in the register.

Commercial Code Page 17 / 160

[RT I, 18.12.2012, 3 - entry into force 19.12.2012]
(2) A legal person in public law shall, in a document submitted to a registrar, set out its registry code and reference to the Act or agreement pursuant to which the person is founded. A legal person is not required to submit its registry code or other registration number to a registrar if the legal person is not subject to entry in a public register.
(3) The name of the local government in which a natural person lives shall be submitted to a registrar and entered in the register as his or her residence.
(4) The name of the local government in which the registered office of a legal person is located shall be submitted to a registrar and entered in the register as the registered office of the legal person.
(5) Specific data concerning the address of a person’s residence or registered office (street number, apartment number, street name or name of the farm, settlement, local government and county, postal code) shall be submitted to a registrar as the person’s address. If the person is a subject of the population register, the person's residence data entered in the population register shall be entered in the register.
[RT I, 14.03.2011, 1 - entry into force 01.01.2012]
(51) In the case of a foreign country, also the state, province or other administrative unit if it exists, and the name of the country shall be specified in the data of the residence or registered office.
(6) [Repealed - RT I 2010, 77, 589 - entry into force 01.01.2011]
(7) A sole proprietor, a member of the management board or the chairman of the supervisory board of a company, a partner of a general partnership or limited partnership and a shareholder of a private limited company or a head of a foreign branch of a company who is not a subject of the Estonian population register and who was not issued an Estonian identity card shall also submit his or her address and e-mail address to the registrar and notify the registrar of any changes in such address. The above also applies to partners in a general or limited partnership and shareholders of a private limited company who are not natural persons and have not been entered in the Non-profit Associations and Foundations Register of Estonia.
[RT I, 14.03.2011, 1 - entry into force 01.01.2012]

§ 63. Information on telecommunications of undertaking

An undertaking shall submit the telecommunications numbers (telephone number and fax number, e-mail address, etc.) of the undertaking to the registrar and may submit the address of the web-site of the undertaking. The national area code shall be indicated in front of telephone and fax numbers. Telecommunications numbers shall also be indicated in the annual report which is submitted to the registrar.

§ 631. Person competent to receive documents

(1) An undertaking, inter alia, the branch of a foreign company, may in addition to its address submit to the registrar the Estonian address of one person, which can be used for the delivery to such person of the procedural documents of the undertaking and the declarations of intent addressed to the undertaking. The right of the above person to receive on behalf of the undertaking the procedural documents of the undertaking and the declarations of intent addressed to the undertaking applies in regard to third parties pursuant to the provisions of subsection
34 (2) of this Code.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(2) If the residence of at least half of the members of the management board of a private limited company, a public limited company or a branch is not in Estonia, in another Member State of the European Economic Area or in the Swiss Confederation, the private limited company, the public limited company or the foreign company shall appoint the person specified in subsection (1) of this section.
[RT I, 02.07.2013, 3 - entry into force 12.07.2013]

Chapter 8

REGISTRY CARD

[RT I, 18.12.2012, 3 - entry into force 19.12.2012]

§ 64. Registry card information

The following shall be entered on a registry card:
1) the business name and registry code of the undertaking or company;
2) the residence or registered office, and address of the undertaking or company;
3) information on the sole proprietor;
4) information on the suspension of the activity, seasonal or temporal activity of the enterprise of the sole
proprietor;

Page 18 / 160 Commercial Code

5) information on general partners and liquidators of the company and persons who are granted right of representation specified in subsection 98 (3) and § 131 of this Code or information on members of the management board and liquidators of the company;
6) information on procurators;
7) the legal form of the undertaking or class of company;
8) the date of approval of the articles of association of the company;
9) the agreements on the right of representation of the partners or the authority of the members of the
management board and of the liquidators of the company in representing the company;
10) information on the limited partners of the undertaking and the amounts of their contributions;
11) the monetary amount of the share capital of the company;
12) a notation concerning foundation of the private limited company without making contributions;
13) a notation concerning entry of the shares of the company in the Estonian Central Register of Securities;
14) the beginning and end of the financial year;
15) information on bankruptcy according to § 58 of this Code;
16) a notation concerning the merger, division and transformation, and the dissolution and deletion of the
company;
17) reference to entries made by the registrar as provided by law without a petition of the undertaking;
18) information on the depositary of documents of a liquidated company;
19) the date of entry;
20) reference to later entries and other notations.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]

§ 65. Registry card information of part B of card register

[Repealed - RT I, 18.12.2012, 3 - entry into force 19.12.2012]

§ 66. Entry concerning invalidation of resolution of company

If a court declares invalid the resolution of a body of a company on the basis of which an entry was made in the commercial register, an entry concerning the court judgment shall be made in the same place of a registry card
as the entry made on the basis of the resolution which is declared invalid. [RT I, 18.12.2012, 3 - entry into force 19.12.2012]

Chapter 9

MAINTENANCE OF COMMERCIAL

REGISTER USING ELECTRONIC MEANS

[RT I, 18.12.2012, 3 - entry into force 19.12.2012]

§ 67. Conditions for maintenance of commercial register using electronic means

[RT I, 18.12.2012, 3 - entry into force 19.12.2012]
(1) The commercial register shall be maintained using electronic means. [RT I, 18.12.2012, 3 - entry into force 19.12.2012]
(2) [Repealed - RT I 2006, 61, 456 - entry into force 01.01.2007]
(3) A copy of the commercial register maintained using electronic means shall be substituted by a print-out,
the authenticity of which shall be certified by a competent court official if so requested by a person. A print-out
issued to a person shall contain invalid data only if such data were requested.
[RT I, 22.06.2016, 21 - entry into force 01.08.2016]
(4) The minister responsible for the area may establish by a regulation:
1) formal requirements for documents submitted to the registrar and technical requirements for their
submission which are necessary for computerised data processing;
2) a requirement that petitions to be submitted to the registrar be prepared by a notary;
3) a procedure based on which the registrar and all interested persons can verify whether the business name
applied for is distinguishable from previous business names;
4) a procedure for maintenance of the central electronic database of the commercial register.
[RT I 2005, 57, 450 - entry into force 01.01.2006]

§ 68. Validity of electronic entry

[RT I, 18.12.2012, 3 - entry into force 19.12.2012]

Commercial Code Page 19 / 160

(1) An entry in the commercial register maintained using electronic means is made if it is saved in the database assigned for commercial register entries.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]
(2) An entry has legal effect provided for in subsections 34 (2) and (3) of this Code as of the moment when a reference concerning the making of the entry is published in public computer network.

§ 69. Access to commercial register through computer network

(1) The procedure for accessing data in the commercial register through a computer network shall be established by the minister responsible for the area.
(2) The minister responsible for the area may require, by a regulation, that notaries ensure the connection with the electronic commercial register through the e-notary information system. In such case, all persons have the right to obtain authenticated print-outs from the commercial register from notaries’ offices.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]

§ 691. Information concerning prohibitions on business and prohibitions to engage in enterprise

[RT I 2008, 52, 288 - entry into force 22.12.2008]
Information concerning valid prohibitions on business imposed on the basis of the Bankruptcy Act and valid
prohibitions to engage in enterprise imposed on the basis of the Penal Code shall be made available through a
computer network.
[RT I, 21.03.2014, 3 - entry into force 31.03.2014]

§ 70. Payment procedure for issuing of information in electronic register

(1) The issuing of information from the electronic commercial register, non-profit associations and foundations register and commercial pledge register is subject to a fee.
(2) The minister responsible for the area shall establish, by a regulation, the rates of fees of up to two euros for one inquiry or object of inquiry.
(3) A person making an Internet inquiry concerning himself or herself or making an Internet inquiry concerning effective entry data and the persons determined by the minister responsible for the area on the basis of
subsection (4) of this section for the performance of the public law functions shall be exempt from payment of fees for the issuing of information from the electronic commercial register, non-profit associations and foundations register and commercial pledge register.
(4) The minister responsible for the area shall establish, by a regulation, the list of legal persons in public law and other persons who shall be issued without charge the information for the performance of the public law functions prescribed by law.
[RT I, 18.12.2012, 3 - entry into force 01.01.2013]

Chapter 10

LIABILITY

§ 71. Liability of undertaking

(1) The registrar may, pursuant to the procedure provided by the Code of Civil Procedure, impose a fine on an undertaking and any other person required to submit the information to the register who fails to submit information provided by law or submits incorrect information to the registrar, regardless of whether or not such information is subject to entry in the register.
(2) If a person fails to submit information to the registrar within the term prescribed by law, the registrar may impose a fine on the person without first issuing the ruling of warning specified in the Code of Civil Procedure.
(21) A fine is imposed in the amount specified in the Code of Civil Procedure, but no less than 200 euros. [RT I, 18.12.2012, 3 - entry into force 19.12.2012]
(3) This section also applies to violations of the requirements provided in subsection 15 (2) of this Code and the violations specified in subsection 42 (7) of the Estonian Central Register of Securities Act.
[RT I 2006, 55, 407 - entry into force 01.01.2007]

§ 72. [RT I 2005, 57, 449 - entry into force 01.01.2006]

Chapter 11

Page 20 / 160 Commercial Code

COMPLAINTS

§ 73.–§ 74.[Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]

Part III

SOLE PROPRIETORSHIP

§ 75. Petition for entry in commercial register and information to be entered in commercial register

(1) The enterprise of a sole proprietor shall be entered in the commercial register on his or her petition, or on another basis provided by law. The petition shall set out the data specified in subsection (2) of this section and, additionally, the data pertaining to the person's telecommunications (telephone and fax numbers, e-mail and Internet website addresses, etc.) and information on the planned principal activity.
[RT I, 21.03.2014, 3 - entry into force 31.03.2014]
(2) The following shall be entered in the commercial register with regard to the enterprise of a sole proprietor: [RT I, 21.03.2014, 3 - entry into force 31.03.2014]
1) the business name of the enterprise of a proprietor, the registered office and address of the enterprise, and the beginning and end of the financial year of the enterprise;
[RT I, 21.03.2014, 3 - entry into force 31.03.2014]
2) name and personal identification code of the undertaking;
3) other information provided by law.
[RT I 2006, 61, 456 - entry into force 01.01.2007]

§ 76. [Repealed - RT I 2008, 60, 331 - entry into force 01.01.2009]

§ 77. Accounting

A sole proprietor shall organise his or her accounts pursuant to the Accounting Act.

§ 78. Liability

A sole proprietor shall be liable for his or her obligations with all of his or her assets.

Part IV GENERAL PARTNERSHIP

Chapter 12

DEFINITION AND FOUNDATION

OF GENERAL PARTNERSHIP

§ 79. Definition of general partnership

A general partnership is a company in which two or more partners operate under a common business name and are solidarily liable for the obligations of the general partnership with all of their assets.

§ 80. Partner

(1) A natural person or legal person may be a partner in a general partnership. (2) A local government shall not be a partner in a general partnership.
[RT I 2009, 57, 381 - entry into force 01.01.2010]
(3) A new partner may be admitted into a general partnership only with the consent of all partners.

§ 81. Registered office

(1) The registered office of a general partnership shall be the place from which the general partnership is managed or the place the general partnership operates.
(2) The registered office of a general partnership shall be determined by the partnership agreement.

Commercial Code Page 21 / 160

§ 82. Partnership agreement

(1) A general partnership shall operate on the basis of a partnership agreement entered into by the partners. The partners shall agree on:
1) the business name and registered office of the general partnership;
2) [repealed - RT I 2006, 61, 456 - entry into force 01.01.2007]
3) the amount of the contributions of the partners;
4) other obligatory terms and conditions provided by law.
(2) The partners may also agree on other terms and conditions which are not in conflict with the law. If agreed terms and conditions are in conflict with the law, the provisions of law shall apply.
(3) The partnership agreement may be amended only with the consent of all partners. The partnership agreement may prescribe cases in which the partnership agreement may be amended by a majority vote. The partnership agreement shall not be amended by a majority vote of less than three-quarters of all votes.
(4) The partnership agreement may prescribe that a partner has different rights and obligations than the other partners, with the consent of the partner. These rights and obligations may be amended or terminated only with the consent of the partner.

§ 83. Petition for entry in commercial register

(1) A petition for entry in the commercial register shall set out the information specified in § 84 of this Code. The petition shall be signed by all partners.
(2) The petition shall additionally set out the data pertaining to the general partnership's telecommunications (telephone and fax numbers, e-mail and Internet website addresses, etc.) and information on the planned principal activity.
[RT I 2006, 61, 456 - entry into force 01.01.2007]
(3) Any other petition submitted to the commercial register shall be signed by a partner entitled to represent the general partnership. If the partners are only entitled to represent the general partnership jointly, the petition shall be signed by all partners entitled to represent the general partnership jointly.
(4) If an amendment to an entry or a new entry is applied for by a petition submitted to the commercial register, the corresponding resolution of the partners shall be appended to the petition. Upon entry or deletion from the register of a new partner, such partner shall also sign the petition submitted to the registrar unless the partner has been excluded from the partnership or is deceased.

§ 84. Information to be entered in commercial register

The following shall be entered in the commercial register:
1) the business name of the general partnership;
2) the registered office and address of the general partnership;
3) the beginning and end of the financial year of the general partnership;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
4) the names, personal identification codes or registry codes of the partners;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
5) the partners authorised to represent the general partnership and which of them are entitled to represent the
general partnership jointly;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
6) other information prescribed by law.

Chapter 13

RELATIONS AMONG PARTNERS

§ 85. Equality of partners

The partners shall be treated equally under equal circumstances.

§ 86. Contributions

(1) The partners shall make contributions in the amount prescribed by the partnership agreement. (2) Contributions shall be equal unless the partnership agreement prescribes otherwise.
(3) A contribution may be monetary or non-monetary. A non-monetary contribution may also be the provision of services to the general partnership, or the transfer to or use of assets by the general partnership. The monetary value of a non-monetary contribution shall be determined by the partnership agreement. Unless otherwise

Page 22 / 160 Commercial Code

prescribed by the partnership agreement, assets shall be deemed to be transferred to the ownership of the general partnership, not to its use.
(4) The contribution of a partner may be increased or reduced only with the consent of the partner.

§ 87. Payment of contribution

(1) A partner shall pay the contribution during the term determined by the partnership agreement.
(2) If the term for payment of the contribution is not specified by the partnership agreement, a partner shall pay it promptly after conclusion of the partnership agreement.

§ 88. Management of partnership

(1) Each partner has the right and the obligation to participate in the management of the general partnership.
(2) The right to manage may be granted by the partnership agreement to one or several partners. In this case, the other partners shall not participate in the management of the general partnership.
(3) If several partners are entitled to manage the general partnership, each of them may act independently unless the partnership agreement prescribes otherwise. A managing partner shall not perform an act if another managing partner objects to it.
(4) If the partnership agreement prescribes that the managing partners of the general partnership may only act jointly, an act may be performed with the consent of all managing partners. An act may be performed without the consent of the other partners if a delay in performance would cause damage to the general partnership.
(5) The managing partners may jointly grant the right to manage the general partnership to a third person. Each managing partner may cancel the right granted to a third person.
(6) If there is reason to presume that damage will be caused to the general partnership, a partner who, pursuant to subsection (2) of this section, is not entitled to manage the general partnership may also manage the general partnership to avoid such damage.

§ 89. Scope of competence

In managing the general partnership, a managing partner may perform acts which are necessary for the everyday economic activities of the general partnership. A resolution of the partners is required for the performance of acts which are beyond everyday economic activities.

§ 90. Deprivation of management right

A court may deprive a managing partner of the management right at the request of the other partners if there is good reason. The primary good reason shall be non-performance of a material obligation by the partner or inability to manage the general partnership.

§ 91. Relinquishment of management right

A managing partner may relinquish the management right with good reason by notifying the other managing partners thereof in advance if the relinquishment does not damage the interests of the general partnership.

§ 92. Compensation for expenditure and damage

(1) The general partnership shall compensate a partner for necessary expenditure made, including expenditure for performance of the general partnership’s obligations, and losses incurred in acting in the interests of the general partnership unless the partnership agreement prescribes otherwise.
(2) Monetary expenditure made in the interests of the general partnership shall be compensated for to a partner together with interest in an amount provided by law unless the partnership agreement prescribes otherwise.

§ 93. Adoption of resolution of partners

(1) A resolution of the partners shall be adopted if over one-half of the votes of all partners are in favour unless the law or the partnership agreement prescribes a greater majority requirement. The partners may adopt a resolution only if all partners are notified of the voting in advance.
(2) The number of votes of a partner shall correspond to the amount of the contribution of the partner unless the partnership agreement prescribes otherwise. If the number of votes of a partner is calculated according to the

Commercial Code Page 23 / 160

amount of the contribution of the partner, each one euro of the contribution shall give the partner one vote unless the partnership agreement prescribes otherwise.
[RT I 2010, 20, 103 - entry into force 01.01.2011]
(3) A partner shall not participate in voting and the partners votes shall be subtracted from the quorum if release of the partner from an obligation or liability, entry into a transaction with the partner or assertion of a claim against the partner is being decided.
(4) A resolution which is in conflict with the law or the partnership agreement shall be declared invalid by a court at the request of a partner if the request is submitted within three months after adoption of the resolution.

§ 94. Right of partner to information

(1) A partner has the right to obtain information concerning the activities of the general partnership, to examine all documents of the general partnership and to demand a copy of the approved annual report. Upon a resolution of the partners, the right of a partner to obtain information and examine documents may be restricted if there is reason to believe that this may damage the interests of the partnership.
(2) A partner shall preserve the secrecy of information received concerning the activities and documents of the general partnership unless otherwise decided by the partners or unless the law provides that the information and documents are subject to public disclosure.

§ 95. Prohibition on competition

(1) Without the consent of the other partners, a partner shall not compete with the general partnership in the same area of activity or participate in a company which competes with the general partnership in the same area of activity, in a capacity which affects the commercial activities of such company. If upon foundation of the general partnership or upon the partner becoming a partner the above circumstances are known to the other partners but no objections are raised, the consent of the other partners shall be deemed to be given.
(2) The partnership agreement may prescribe a term during which the prohibition on competition specified in subsection (1) of this section is valid with regard to a former partner of the general partnership. The specified term shall not be longer than five years from the departure or exclusion of the partner from the general partnership.
(3) If the partnership agreement does not prescribe a prohibition on competition with regard to a former partner but the interests of the general partnership require such prohibition, a court may, at the request of the general partnership, impose a prohibition on competition for the term specified in subsection (2) of this section.

§ 96. Violation of prohibition on competition

(1) Upon violation of the prohibition on competition provided for in § 95 of this Code, the general partnership may demand termination of the prohibited activity, transfer of the income received from the prohibited activity to the general partnership and compensation for damage to the extent exceeding the claimed income.
(2) A partner who violates the prohibition on competition shall not participate in the adoption of a resolution on assertion of the claim specified in subsection (1) of this section.
(3) The limitation period for the claim specified in subsection (1) of this section shall be three months from the date the other partners become aware of the violation of the prohibition on competition but not longer than three years from violation of the prohibition on competition. The general limitation period shall apply to a claim for compensation of damage.

§ 97. Profit and loss

(1) The amount of the share of profit to be distributed among the partners shall be decided by the partners after the end of the financial year on the basis of the approved annual report. If a general partnership compiles the annual report of a consolidation group, the partners shall decide on the amount of the share of profit to be distributed on the basis of the consolidated reports of the consolidation group.
[RT I 2009, 54, 363 - entry into force 01.01.2010]
(11) [Repealed - RT I 2009, 54, 363 - entry into force 01.01.2010]
(12) If a company capitalises the development-related expenditure as intangible assets and the development expenditure has not completely depreciated, profit cannot be distributed unless the sum of the reserves which can be used for the distribution of profit and the retained profit from previous periods at least equals the undepreciated development expenditure.
[RT I, 30.12.2015, 4 - entry into force 01.01.2016]
(2) Each partner shall receive a part of the share of profit to be distributed corresponding to the amount of the contribution of the partner unless the partnership agreement prescribes otherwise.

Page 24 / 160 Commercial Code

(3) If a partner has not paid the contribution, the contribution shall be recovered from the share of profit apportioned to the partner.
(4) Losses shall be covered by the partners in proportion to their contributions unless the partnership agreement prescribes otherwise.
[RT I 2005, 61, 478 - entry into force 01.12.2005]

§ 971. Approval of annual report and submission to commercial register

(1) The annual report shall be approved by the partners. If a general partner is a private limited company, a public limited company, a commercial association or a non-profit association, the annual report shall be submitted to the commercial register together with the sworn auditor’s report, if auditing is compulsory, the proposal for the distribution of profit or the covering of loss and the division of the sales revenue within six months as of the end of the financial year.
[RT I 2010, 9, 41 - entry into force 08.03.2010]
(11) A general partnership exempt from the preparation of the annual report of the consolidation group pursuant to subsection 29 (5) or (6) of the Accounting Act shall submit to the commercial register within six months as
of the end of the financial year the annual report of the consolidation group prepared by the parent undertaking together with the sworn auditor’s report, if auditing is compulsory. Neither the annual report of the consolidation group nor the sworn auditor’s report need to be submitted to the commercial register if the parent undertaking is
a legal person registered in Estonia.
[RT I, 30.12.2015, 4 - entry into force 01.01.2016]
(2) Together with the annual report, the commercial register shall be submitted the information regarding the amount of the share of profit to be distributed that was decided pursuant to subsection 97 (1) of this Code or the information regarding the amount of losses covered pursuant to subsection 97 (1) of this Code if the above
information is not manifested by the annual report. If the resolution on the distribution of profit or the covering of loss is adopted after the submission of the annual report, the aforementioned information shall be submitted together with the next annual report.
[RT I 2009, 54, 363 - entry into force 01.01.2010]
(3) The division of the sales revenue shall contain information regarding the sales revenue for the accounting year in up to ten major areas of activity pursuant to the Classification of Economic Activities established on the basis of subsection 4 (6) of this Code. In case of the annual report of a consolidation group, the division of the sales revenue is submitted on the basis of the respective information in the unconsolidated income statement of the consolidating entity.
[RT I 2009, 54, 363 - entry into force 01.01.2010]

Chapter 14

RELATIONS OF GENERAL

PARTNERSHIP WITH THIRD PERSONS

§ 98. Representation of general partnership

(1) Each partner may represent the general partnership in making all transactions unless the partnership agreement prescribes otherwise.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(2) The partnership agreement may provide that the general partnership may be represented by all or some of the partners jointly. These partners may authorise one or several partners among themselves to perform a certain transaction or act. Each partner who grants an authorisation may cancel the authorisation. Joint representation shall apply with regard to third persons only if it is entered in the commercial register.
(3) The managing partners may jointly grant the right of representation of the general partnership to a third person. Each managing partner may cancel the right granted to a third person.
(4) A person entitled to represent the general partnership may represent the general partnership in all relations with third persons. A restriction on the right of representation shall be invalid with regard to third persons.

§ 99. Procurator of general partnership

A procurator of a general partnership shall be appointed jointly by the managing partners. Each managing partner may cancel the procuration.

Commercial Code Page 25 / 160

§ 100. Deprivation of right of representation

A court may deprive the right of representation of a partner at the request of all the other partners if there is good reason. The primary good reason shall be non-performance of an obligation to a material extent by the partner or inability to represent the general partnership.

§ 101. Liability

(1) A general partnership shall be liable for its obligations with all of its assets.
(2) The partners shall be solidarily liable for the obligations of the general partnership with all of their assets. A
partner may be required to perform obligations only in money.
(3) An agreement which is in conflict with the provisions of subsection (2) of this section shall not apply with regard to third persons.
(4) A partner has the right to present all objections against the claim of a creditor which the partner may present themselves or which the general partnership could present. A partner shall not lose the right to the objections even if the general partnership waives them or recognises its obligation.
(5) A partner may refuse to perform the obligations of the general partnership until a creditor has filed a claim against the general partnership which is not satisfied or as long as the general partnership has rights in respect of the creditor which may allow for the claim to be dismissed. Compulsory enforcement shall not be imposed on a partner pursuant to an enforcement document against the general partnership.

§ 102. Liability of partner joining or departing from general partnership

(1) A person who becomes a partner of a general partnership shall also be liable for the obligations of the general partnership which arose before the person became a partner.
(2) A former partner of the general partnership shall also be solidarily liable with the other partners for an obligation of the general partnership which arose before entry of the departure or exclusion of the partner in the commercial register if the due date for performance of the obligation has arrived or arrives within five years after departure or exclusion.
(3) An agreement which is in conflict with the provisions of subsections (1) or (2) of this section shall not apply with regard to third persons.
(4) [Repealed - RT I 1998, 59, 941 - entry into force 10.07.1998]

Chapter 15

DISSOLUTION OF GENERAL PARTNERSHIP

AND DEPARTURE OF PARTNER

§ 103. Bases for dissolution of general partnership and continuation of activities

(1) A general partnership shall be dissolved:
1) by a resolution of the partners;
2) by a court ruling;
[RT I 2008, 59, 330 - entry into force 01.01.2009]
3) upon expiry of a term or achievement of an object;
4) on another basis provided by law.
(2) The partnership agreement may prescribe that the general partnership shall also be dissolved upon departure of a partner from the general partnership, the bankruptcy of a partner or upon the death of a partner who is a natural person, or dissolution of a partner who is a legal person.
(3) If dissolution of the general partnership is prescribed by the partnership agreement or if the general partnership is dissolved upon expiry of a term or achievement of an object, the partners may decide on continuation of the activities of the general partnership, or on merger, division or transformation of the general partnership. A resolution on continuation of activities shall be adopted if more than three-quarters of the votes of the partners are in favour unless the partnership agreement prescribes a greater majority requirement.
(4) The partners shall submit a joint petition for entry of the continuation of activities in the commercial register. The resolution on continuation shall enter into force as of its entry in the commercial register.

§ 104. Dissolution of general partnership by resolution of partners

A general partnership may be dissolved by a resolution of the partners if more than three-quarters of the votes of the partners are in favour unless the partnership agreement prescribes a greater majority requirement.

Page 26 / 160 Commercial Code

§ 105. Dissolution of general partnership by court judgment

(1) At the request of a partner, a court may decide on dissolution of the general partnership if there is good reason. The primary good reason shall be non-performance of a material obligation by a partner or the impossibility of its performance.
(2) An agreement which is in conflict with the provisions of subsection (1) of this section shall be void.

§ 106. Successor joining general partnership

(1) Upon the death of a partner, his or her successors have the right to join the general partnership if prescribed by the partnership agreement or if all the partners agree to it.
(2) If the partnership agreement prescribes that only one successor may become a partner but neither this person nor the procedure for selecting him or her is specified, the person may be specified by the will of the bequeather. The partnership agreement may prescribe that a successor may join the general partnership only with the consent of the other partners.
(3) Upon the consent of the other partners, a successor or successors may be granted the status of a limited partner by which the general partnership shall be deemed to be transformed into a limited partnership. A partner who is a successor has the right to the same share of profit as the deceased general partner. The partnership agreement may prescribe a reduction in the share of profit of a successor if the share of profit of the bequeather was increased in consideration of his or her activities or increased responsibility.
(4) If a successor does not wish to or cannot join the general partnership or if the partners do not agree to the successor joining the general partnership, the successor has the right to receive a share of the compensation, corresponding to his or her share of the succession, which the deceased partner would have received upon departure from the general partnership.
(5) If one of the successors joins the general partnership, the corresponding share of the compensation which the deceased partner would have received shall be taken into account in calculating the successor’s share of the succession.
(6) A successor may submit a petition to join the general partnership within three months from the date the successor becomes aware of the successor’s right of succession.
(7) If a partner who is a successor departs or is excluded from the general partnership, or the general partnership is dissolved, or the partner is given the status of a limited partner during the term specified in subsection (6) of this section, the partner who is a successor shall be liable for the obligations of the general partnership which exist at that moment to the extent of his or her share of the succession.

§ 107. Departure of partner from general partnership

A partner may depart from the general partnership at the end of the financial year by giving at least six months’
advance notice thereof unless the partnership agreement prescribes a shorter term.

§ 108. Exclusion of partner at request of other partners

If the bases for dissolution of a general partnership provided for in § 105 of this Code become evident, a court may, at the request of the other partners, decide on exclusion from the general partnership of the partner who caused these circumstances.

§ 109. Exclusion of partner at request of creditor

If satisfaction of the claim of a creditor of a partner from the assets of the partner is unsuccessful, the creditor of the partner may request within six months after the failure of the execution, that a court exclude the partner from the general partnership and that the claim of the creditor be satisfied from the compensation payment to be paid. [RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 110. Assumption

If a general partnership has two partners and one of them has left or is excluded from the general partnership pursuant to §§ 107-109 of this Code, a court may, at the request of the other partner, decide that this partner
shall continue activities as the legal successor of the general partnership as a sole proprietor and that the general partnership shall be dissolved without liquidation.

Commercial Code Page 27 / 160

§ 111. Compensation

(1) Upon departure or exclusion of a partner from the general partnership, the partner shall be paid as compensation the share of the assets of the general partnership which the partner would receive if the company were dissolved on the date of departure or exclusion of the partner. The partnership agreement may prescribe a different procedure for the calculation of compensation.
(2) Compensation shall be paid not later than six months after departure or exclusion of the partner unless otherwise agreed. Compensation shall be paid with interest in an amount provided by law.

§ 112. Making of entry concerning dissolution of general partnership and exclusion of partner

The partners shall submit a joint petition for entry of the dissolution of the general partnership in the commercial register. An entry concerning the exclusion of a partner shall be made on the basis of a court judgment.

§ 1121. Duty to submit bankruptcy petition

(1) In the case of the permanent insolvency of a general partnership, the legal representatives of the general partnership shall submit the bankruptcy petition of the general partnership promptly but not later than within twenty days after the date on which the insolvency of the general partnership became evident.
(2) If it becomes evident that a general partnership has become insolvent, only the payments necessary under the circumstances shall be made on account of the general partnership.
(3) In the case of violation of a requirement provided in subsection (1) or (2) of this section, the persons obligated to submit the petition are solidarily liable for the damage caused by the violation. The persons obligated to submit the petition are required to compensate any payments made after the date on which the insolvency became evident to the general partnership, except in the case where making the payments under the circumstances in question conforms to the due diligence requirements. The limitation period of the claim is five years after the violation of the obligation.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

Chapter 16

LIQUIDATION OF GENERAL PARTNERSHIP

§ 113. Basis for liquidation

A general partnership shall be liquidated upon dissolution unless otherwise provided by law.

§ 114. Appointment of liquidators

(1) The liquidators of a general partnership shall be the partners unless the partnership agreement or a resolution of the partners prescribes otherwise. The legal successors of a partner shall appoint one liquidator to jointly represent them.
(2) Upon agreement of the partners, a third person may be appointed as a liquidator. At the request of a partner, a court may, with good reason, appoint a person who is not a partner as a liquidator.
(3) Upon the bankruptcy of a partner, the trustee in bankruptcy shall participate in the liquidation instead of the partner.
(4) [Repealed - RT I 1998, 59, 941 - entry into force 10.07.1998]
(5) The partners shall specify the procedure for and amount of remuneration of liquidators. If the partners do not reach an agreement on the procedure for and amount of remuneration, a court may be requested to specify them.

§ 115. Removal of liquidators

(1) The partners may remove a liquidator if all partners vote in favour of the removal.
(2) A court may remove a liquidator with good reason at the request of a partner or other interested person.

§ 116. Entry of liquidator

(1) The partners shall submit a joint petition for entry of the first liquidators in the commercial register.
A petition for entry in the commercial register of a change of liquidator or the right of representation of a
liquidator shall be submitted by the liquidators. The resolution which constitutes the basis for the change of a

Page 28 / 160 Commercial Code

liquidator or the right of representation of a liquidator shall be appended to the petition. All liquidators shall submit to the registrar a written confirmation concerning their right pursuant to law to act as liquidators.
(2) The appointment or removal of a liquidator on the basis of a court judgment shall be entered in the commercial register by the registrar on the basis of the court judgment.
(3) The names and personal identification codes of the liquidators shall be entered in the commercial register. [RT I 2006, 61, 456 - entry into force 01.01.2007]

§ 117. Rights and obligations of liquidators

(1) The liquidators shall terminate the activities of the general partnership, collect debts, sell the assets of the general partnership and satisfy the claims of creditors.
(2) The liquidators only have the right to conclude transactions which are necessary for liquidation of the general partnership.
(3) The liquidators shall represent the general partnership.
(4) If the general partnership has several liquidators, the liquidators only have the right to represent the general partnership jointly. The liquidators may authorise one or several from among themselves to perform a certain transaction or certain type of activity.
(41) The right of one liquidator or some of the liquidators to represent the general partnership separately may be prescribed by the partnership agreement, a resolution of the partners or a court decision. The right of sole representation applies with regard to third persons only if it is entered in the commercial register.
(5) A restriction on the authority of the liquidators shall be invalid with regard to third persons.
(6) During a liquidation proceeding, the notation “likvideerimisel” [in liquidation] shall be appended to the business name of the general partnership.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 118. Accounting during liquidation

(1) A general partnership undergoing liquidation shall organise its accounting pursuant to the procedure provided by the Accounting Act unless otherwise provided by the law or the nature of liquidation.
(2) Within three months after the date of the dissolution resolution, the liquidators shall prepare, taking account of the provisions concerning the balance sheet contained in the annual report, the opening balance sheet of the liquidation and a report explaining such balance sheet which shall contain the information subject to inclusion in the annexes of the annual accounts.
(3) With the adoption of the dissolution resolution, the current financial year of the general partnership shall end and a new financial year shall begin. The liquidators shall prepare the annual accounts of the general partnership as at the end of the financial year which ends at the time of dissolution of the general partnership and as at the end of every financial year following dissolution.
(4) The partners shall approve the opening balance sheet of the liquidation and the annual report by a resolution. After approval, the opening balance sheet of the liquidation and the annual report shall be immediately
submitted to the commercial register.
(5) After completion of the liquidation, the liquidators shall prepare the final balance sheet. [RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 119. Distribution of assets of general partnership

After satisfaction of the claims of creditors, the liquidators shall distribute the remaining assets among
the partners corresponding to the contributions of the partners unless the partnership agreement prescribes
otherwise.

§ 120. Liability of partners upon liquidation of general partnership

(1) If the assets of a general partnership are not sufficient to cover the claims of creditors, the partners shall be liable for the obligations of the general partnership in proportion to the amounts of their contributions unless the partnership agreement prescribes otherwise.

Commercial Code Page 29 / 160

(2) If the part to be paid by a partner provided for in subsection (1) of this section cannot be collected from a partner, the other partners shall cover the deficit in proportion to their contributions unless the partnership agreement prescribes otherwise. The partner whose part of the debt is paid by the other partners shall compensate this part of the debt to them.
(3) If the claims of creditors can also not be satisfied pursuant to the procedure provided for in subsection (2) of this section, the liquidators shall submit a bankruptcy petition for the general partnership.
(4) The provisions of § 101 of this Code shall apply to the right of a creditor to demand satisfaction of the creditor’s claim.

§ 121. Relations among partners and relations with third persons

During liquidation, the provisions of §§ 85-102 of this Code shall apply to relations among partners and to relations between the general partnership and third persons. If satisfaction of the claim of a creditor of a partner from the assets of the partner is unsuccessful, the creditor of the partner may request that a court exclude the partner from the general partnership and that the claim of the creditor be satisfied from the compensation payment to be paid unless the provisions for liquidation provide otherwise.

§ 122. Deletion from commercial register and deposit of documents

(1) After completion of liquidation, the liquidators shall submit a petition to the commercial register for deletion of the general partnership from the commercial register. The final balance sheet shall be appended to the
petition.
(2) The liquidators shall deposit the documents of the general partnership with a liquidator or, based on the resolution of the partners, with a third person or an archive. If the liquidators have not assigned the depositary of documents, the depositary shall be appointed by the court.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(3) The name, residence or registered office, and personal identification code or registry code of the depositary of documents shall be entered in the commercial register on the petition of the liquidators or, in the case of a court-appointed depositary, on the basis of the court ruling. Upon a change of depositary, the transferor shall notify the registrar before the transfer in order to allow for the entry of new information in the register.
[RT I 2008, 59, 330 - entry into force 01.01.2009]
(4) Partners and their successors have the right to examine and use deposited documents. Third persons may examine the documents only if they have a legitimate interest.
(5) A general partnership is responsible for the preservation of documents created or received as a result of its activities during the term prescribed by law. Upon liquidation of a general partnership, the documents of the general partnership which are to be preserved may be transferred to an archives upon agreement with the archives. Upon a transfer of documents to an archives, the responsibility for preservation of the documents transfers to the archives.

§ 123. Distribution of assets without liquidation proceeding

(1) If the partners decide to dissolve the general partnership without a liquidation proceeding, the claims of a third person shall be satisfied pursuant to the provisions for liquidation of the general partnership. A majority of over three-quarters of the votes of the partners is required to adopt a resolution on dissolution without a liquidation proceeding unless the partnership agreement prescribes a greater majority requirement.
(2) If a general partnership is dissolved due to the exclusion of a partner at the request of a creditor (§ 109), the general partnership may be dissolved without liquidation only with the consent of the creditor who petitioned for the exclusion of the partner.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 124. Claims asserted against partner

If a general partnership is dissolved, a partner shall be solidarily liable with the other partners for the obligations of the general partnership for five years after dissolution of the general partnership. Agreements which derogate from this requirement shall not be applicable with regard to third persons.

Part V LIMITED PARTNERSHIP

§ 125. Definition of limited partnership

(1) A limited partnership is a company in which two or more persons operate under a common business name, and at least one of the persons (general partner) is liable for the obligations of the limited partnership with all of

Page 30 / 160 Commercial Code

the general partner’s assets, and at least one of the persons (limited partner) is liable for the obligations of the limited partnership to the extent of the limited partner’s contribution.
(2) The provisions concerning general partnerships shall apply to limited partnerships unless otherwise provided for in Part V of this Code.
(3) A share certificate shall not be issued with regard to a limited share.

§ 126. Partner

The provisions concerning partners of general partnerships shall apply to general partners and limited partners unless otherwise provided for in Part V of this Code.

§ 127. Petition for entry in commercial register

[RT I 2003, 4, 19 - entry into force 01.02.2003]
(1) In addition to the provisions of § 83 of this Code, the amount of the contribution of a limited partner, which shall be entered in the commercial register, shall be set out in a petition for entry in the commercial register.
(2) [Repealed - RT I 2003, 4, 19 - entry into force 01.02.2003]

§ 128. Management

(1) A limited partner shall not have the right to manage the limited partnership (§ 88) unless the partnership agreement prescribes otherwise.
(2) A limited partner shall participate as a general partner in the adoption of resolutions of the partners of the limited partnership.

§ 129. Prohibition on competition

The provisions of §§ 95 and 96 of this Code shall apply to a limited partner only if the limited partner is granted the right to manage the limited partnership by the partnership agreement.

§ 130. Right of limited partner to information

A limited partner has the rights specified in § 94 of this Code.

§ 131. Representation of limited partnership

(1) A limited partner shall not have the right to represent the limited partnership unless the partnership agreement prescribes otherwise. The provisions of subsection 98 (3) of this Code shall apply to the right of representation of a limited partner.
(2) The right to represent the limited partnership granted to a limited partner shall be entered in the commercial register.

§ 132. Extent of liability of limited partner

(1) A limited partner who has paid a contribution in full shall not be liable for the obligations of the limited partnership. If a limited partner has not paid a contribution in full, the limited partner shall be liable for the obligations of the limited partnership to the extent of the unpaid contribution.
(2) If a contribution is refunded to a limited partner without observing the provisions of § 133 of this Code, the limited partner shall be liable for the obligations of the limited partnership to the extent of the refunded contribution.
(3) The provisions of subsection (2) of this section shall also apply if a limited partner is paid the limited partner’s share of profit before the share of loss and contribution of the limited partner are covered.
(4) An agreement which is in conflict with the provisions of this section and an agreement which exempts a limited partner from payment of a contribution shall not apply with regard to third persons.

§ 133. Reduction of contribution

(1) The reduction of a contribution of a limited partner shall apply with regard to third persons as of entry in the commercial register.

Commercial Code Page 31 / 160

(2) The reduction of a contribution shall not apply with regard to a creditor whose claim against the limited partnership arises before entry of the reduction of contribution in the commercial register.

§ 134. Transformation

(1) If a limited partner joins a general partnership or in the case provided for in subsection 106 (3) of this Code, the general partnership shall be deemed to be transformed into a limited partnership without dissolution. If all the limited partners depart or are excluded from a limited partnership and at least two general partners remain, the limited partnership shall be deemed to be transformed into a general partnership without dissolution.
(2) Transformation shall be entered in the commercial register on the initiative of the registrar or on a petition of the general partnership.

Part VI

PRIVATE LIMITED COMPANY

Chapter 17

GENERAL PROVISIONS

§ 135. Definition of private limited company

(1) A private limited company is a company which has share capital divided into private limited company shares.
(2) A shareholder shall not be personally liable for the obligations of the private limited company. (3) A private limited company shall be liable for performance of its obligations with all of its assets.

§ 136. Share capital

Share capital shall be denominated in euros. Share capital shall be at least 2500 euros. [RT I 2010, 20, 103 - entry into force 01.07.2010]

Chapter 18

FOUNDATION

§ 137. Founder

(1) A private limited company may be founded by one or several persons. (2) A founder may be a natural person or a legal person.

§ 138. Memorandum of association

(1) In order to found a private limited company, the founders shall conclude a memorandum of association. (2) The memorandum of association shall set out:
1) the business name, registered office and address of the private limited company being founded;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
2) the names and residences or registered offices of the founders;
3) the proposed amount of share capital;
4) the nominal value and number of shares, and their division among the founders;
5) the amount to be paid for shares and the procedure, time and place of payment;
6) if a share is paid for by a non-monetary contribution, the item of the non-monetary contribution and its
valuation method;
7) the information on the members of the management board and, if a supervisory board is formed, on its
members;
8) the information on procurators or auditors, if appointed;
9) the projected costs of foundation and the procedure for payment thereof.
(3) Upon conclusion of a memorandum of association, the founders shall also approve the articles of association of the private limited company as an annex to the memorandum of association.
(4) The memorandum of association and the articles of association approved thereby shall be notarised and signed by all founders. A representative of a founder may sign the memorandum of association and the articles of association approved thereby if the authorisation document granted to the representative is certified by

Page 32 / 160 Commercial Code

a notary. The articles of association shall be amended after entry in the commercial register pursuant to the procedure provided for in § 175 and shall not require amendment of the memorandum of association.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(5) If the private limited company has one founder, the memorandum of association shall be substituted by a notarised foundation resolution signed by the founder.

§ 139. Articles of association

(1) The articles of association of a private limited company shall set out:
1) the business name and registered office of the private limited company;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
2) the amount of share capital which may be specified as a specific amount or as a minimum and maximum
capital such that the minimum capital shall be at least one-quarter of the maximum capital;
3) [Omitted - RT I 1996, 40, 773 - entry into force 08.06.1996]
4) the procedure for payment for shares;
5) the specific rights attaching to a share, or of a shareholder, whereas in case the specific rights attaching
to a share are envisaged and various classes of shares are issued the articles of association shall specify the
designation of the various classes of shares and the specific rights attaching to the class of shares;
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]
6) if a share is paid for by a non-monetary contribution, the valuation method of the non-monetary
contribution;
7) the formation and amount of legal reserve;
[RT I 2010, 77, 589 - entry into force 01.01.2011]
71) if there is a management board and supervisory board, the number of members thereof, which may be expressed as a specific number or a maximum and minimum number, and if necessary, also the specifications for the right of representation of the members of the management board;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
8) other obligatory terms and conditions provided by law.
(2) The articles of association may also prescribe other terms and conditions which are not in conflict with the law. If a provision of the articles of association is in conflict with a provision of law, the provision of law shall apply.
(3) All founders shall sign the articles of association approved by the memorandum of association. The articles of association which are amended after entry in the commercial register shall be signed by at least one member of the management board or, if the members of the management board are only authorised to represent the private limited company jointly, by all the members of the management board authorised to represent the private limited company jointly.

§ 1391. Articles of association used upon expedited procedure

(1) The articles of association of a private limited company used upon expedited procedure, and the selection of data to be specified therein shall be established by a regulation of the minister responsible for the area.
(2) The articles of association used upon expedited procedure shall provide for at least the information specified in clauses 139 (1) 1), 2), 4) and 7 of this Code. Share capital shall be set out as a specific amount. The private limited company itself is not allowed to add additional provisions to the articles of association used upon expedited procedure.
(3) The articles of association used upon expedited procedure substitutes for the memorandum of association and the articles of association provided in § 139 of this Code.
(4) The articles of association used upon expedited procedure shall be digitally signed by all the founders, indicating the nominal value of the share of each founder.
(5) The articles of association used upon expedited procedure shall not be used by a private limited company operating in an area of activity subject to special requirements if, in addition to the data provided by this Code, the law requires the presentation of additional information in the articles of association of such company.
(6) Otherwise, the general provisions of this Code regarding the articles of association of a private limited company apply to the articles of association used upon expedited procedure.
[RT I 2006, 61, 456 - entry into force 01.01.2007]

Commercial Code Page 33 / 160

§ 140. Payment for share

(1) A contribution may be monetary or non-monetary. A share shall be paid for in money unless the articles of association prescribe payment by a non-monetary contribution.
(2) The founders shall pay for the shares in full before submission of a petition for entry of the private limited company in the commercial register unless the memorandum of association prescribes otherwise.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(3) The sum to be paid for a share shall not be set off against salary, fees or other such payments by the private limited company being founded or against other claims against the private limited company being founded.

§ 1401. Foundation without making contributions

(1) If the planned share capital of a private limited company is not larger than 25,000 euros, the memorandum of association may prescribe that the founders are not required to pay for the share upon the foundation of the private limited company. The founder of the private limited company specified in the first sentence of this subsection may be exclusively a natural person.
(2) Until the shareholder has completely paid the contribution under the agreement specified in subsection (1) of this section, the shareholder shall be liable to the private limited company for the obligations of the private limited company in the amount of the outstanding contribution, unless the obligation of the private limited company can be performed on the account of the assets of the private limited company.
(3) In case of the declaration of bankruptcy of the private limited company, the claim specified in subsection (2)
of this section may be filed on behalf of the private limited company exclusively by the trustee in bankruptcy.
(4) Until the complete payment of the contributions by all the shareholders, the private limited company shall neither increase nor decrease the share capital, and in addition the private limited company shall not make any disbursements to the shareholders. The prohibition on disbursements shall not comprise the salary and other remuneration paid to the shareholder.
(5) Contributions to the share capital shall be governed by the provisions of § 140, §§ 142–143, subsection 144 (2) and subsections 520 (2), (4) and (5) of this Code.
(6) An agreement which is in conflict with the provisions of this section and an agreement which exempts a shareholder from payment of a contribution shall not apply with regard to third persons.
[RT I 2010, 77, 589 - entry into force 01.01.2011]

§ 141. Payment of monetary contribution

Upon foundation, the founders shall open a bank account in the name of the private limited company being founded, into which they shall pay their monetary contributions.

§ 142. Non-monetary contribution

(1) A non-monetary contribution may be any thing which is monetarily appraisable and transferable to the private limited company or a proprietary right which may be the object of a claim.
(2) A non-monetary contribution shall not be service or work provided to the private limited company or the activities of the founders in the foundation of the private limited company.
(3) A shareholder shall give notice of the rights of third persons with regard to a non-monetary contribution.
(4) If, at the time of entry in a commercial register of a private limited company or increase of share capital, the value of a non-monetary contribution is lower than the nominal value of the share received on account of the contribution or the share to be increased, the private limited company may demand payment by a shareholder of the contribution in money to the extent to which the value of the contribution was lower than the nominal value. The limitation period of the claim is five years after the entry in the commercial register of a private limited company or increase of share capital.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 143. Valuation of non-monetary contribution

(1) In case of a non-monetary contribution, the sufficiency of the value of the object of the contribution for the nominal value of the share of the shareholder obliged to make the non-monetary contribution shall be valuated by the management board of a private limited company.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(2) The usual value of a thing or right shall be taken as the basis for the valuation of a non-monetary contribution.

Page 34 / 160 Commercial Code

(3) If the share capital of a private limited company is at least 25,000 euros and the value of a non-monetary contribution exceeds 1/10 of the share capital or if all non-monetary contributions of such private limited company collectively form more than one-half of the share capital, the valuation of the sufficiency of the value of the non-monetary contribution in regard to compliance with the requirements specified in § 142 of this Code shall be verified by an auditor. The liability of an auditor shall be governed respectively by the provisions concerning the valuation of a non-monetary contribution of a public limited company and the liability of an auditor.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(31) [Repealed - RT I 2010, 77, 589 - entry into force 01.01.2011]
(4) The members of the management board and the person obliged to make a contribution shall be solidarily liable for any damage incurred as a consequence of an inaccurate valuation of the non-monetary contribution. [RT I 2010, 77, 589 - entry into force 01.01.2011]
(5) Within one year after entry of the private limited company in the commercial register, the private limited company may acquire assets with a value exceeding one-tenth of the share capital from a shareholder or a person with an economic interest equivalent to that of the shareholder on the basis of a contract only by a resolution of the shareholders.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(6) The assets specified in subsection (5) of this section shall be valuated pursuant to the procedure provided for in this section.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(7) The management board shall, immediately after valuation of the assets specified in subsection (5) of this section, submit the contract for transfer of the assets together with the documents in proof of the value of the assets to the commercial register. In the cases specified in subsection (3) of this section, the documents specified in the previous sentence and a signed opinion by an auditor concerning the valuation of the assets shall be submitted to the commercial register immediately after the auditor has inspected the valuation of the assets.
[RT I 2008, 16, 116 - entry into force 15.04.2008]

§ 1431. [Repealed - RT I 2010, 77, 589 - entry into force 01.01.2011]

§ 144. Petition for entry in commercial register

(1) In order to enter a private limited company in the commercial register, the management board shall submit a petition to the commercial register which shall set out the information specified in § 145 of this Code. The following shall be appended to the petition:
[RT I 2010, 77, 589 - entry into force 01.01.2011]
1) the memorandum of association;
2) the articles of association;
3) a bank notice concerning the payment of share capital if pursuant to the memorandum of association the
contributions shall be made before the entry of the private limited company in the commercial register;
[RT I 2010, 77, 589 - entry into force 01.01.2011]
31) names, personal identification codes or registry codes and addresses of shareholders, and the nominal value of the share of each shareholder. Section 62 of this Code applies to the addresses and personal identification codes or registry codes;
[RT I 2010, 77, 589 - entry into force 01.01.2011]
4) the names and personal identification codes of the members of the supervisory board, and of auditors,
if the company has auditors and, in the case of expedited procedure, their digitally signed consent regarding
assumption of the position of a member of the supervisory board or an auditor;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
41) consent of all members of the management board to becoming a member of the management board, which is certified by a notary, and a certification that no circumstances arise, which pursuant to law preclude being a member of the management board;
[RT I 2010, 77, 589 - entry into force 01.01.2011]
5) [repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]
51) the information on the planned principal activity; [RT I 2006, 61, 456 - entry into force 01.01.2007]
6) upon payment of a non-monetary contribution – if pursuant to the memorandum of association the contributions shall be made before the entry of the private limited company in the commercial register, the agreement for transfer of the contribution to the private limited company and the certification of the
management board regarding the fact that the contribution has been transferred to the private limited company and its value covers the nominal value of the share, and also, in the cases specified in subsection 143 (3) of this Code, a sworn auditor's report concerning the verification of the valuation of the sufficiency of the value of the non-monetary contribution;

Commercial Code Page 35 / 160

[RT I 2010, 77, 589 - entry into force 01.01.2011]
61) [repealed - RT I 2010, 77, 589 - entry into force 01.01.2011]
7) data on the telecommunications of the private limited company (telephone and fax numbers, e-mail and
Internet home page address, etc.);
[RT I 2006, 61, 456 - entry into force 01.01.2007]
8) other documents provided by law.
(2) If the non-monetary contribution is an immovable or a movable subject to registration, an extract from the land register or the register in which the movable is registered shall be appended to the petition.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(3) Any other petition submitted to the commercial register shall be signed by a member of the management board. A petition for the entry of a new member of the management board in the commercial register shall be signed by the new member of the management board, who shall certify in the petition that he or she has the rights to be a member of the management board pursuant to law. A petition for the entry of a member of the management board in the commercial register shall indicate the final date of the period of office if pursuant to the articles of association the member of the management board shall be appointed to office for a fixed term. If foundation is done by way of expedited procedure, a member of the management board shall also confirm his or her right, according to law, to act as a board member in the petition for entry of the private limited company
in the commercial register. If the members of the management board only have the right to represent the private limited company jointly, all the members of the management board entitled to represent the private limited company jointly shall sign the petition submitted to the register.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(31) [Repealed - RT I 2009, 13, 78 - entry into force 01.07.2009]
(4) A private limited company is not entered in the commercial register if the petition for entry in the register
is submitted later than one year after the date of conclusion of the memorandum of association or receipt of the
foundation number specified in subsection 520 (1) of this Code.
[RT I 2006, 61, 456 - entry into force 01.01.2007]

§ 145. Information to be entered in commercial register

(1) The following shall be entered in the commercial register:
1) the business name of the private limited company;
2) the registered office and address of the private limited company;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
3) the amount of share capital;
31) the foundation without making the contribution; [RT I 2010, 77, 589 - entry into force 01.01.2011]
4) the date of conclusion of the memorandum of association;
5) the names and personal identification codes of the members of the management board;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
6) the members of the management board entitled to represent the private limited company differently than
provided for in subsection 181 (1) of this Code;
7) the beginning and end of the financial year of the private limited company;
8) other information provided by law.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(2) The following shall be appended to a petition for the deletion of the entry specified in clause (1) 31) of this section:
1) a bank notice concerning the payment of share capital;
2) upon payment of a non-monetary contribution – the agreement for transfer of the contribution to the private
limited company and the certification of the management board regarding the fact that the contribution has been
transferred to the private limited company and its value covers the nominal value of the share, and also, in the
cases specified in subsection 143 (3) of this Code, a sworn auditor's report concerning the verification of the
valuation of the sufficiency of the value of the non-monetary contribution.
[RT I 2010, 77, 589 - entry into force 01.01.2011]

§ 146. Liability of founders and members of management board and supervisory board upon foundation of private limited companies

(1) The founders of a private limited company, the members of the management board and supervisory board shall be solidarily liable for damage caused to the private limited company by submission of inaccurate or incomplete information, incorrect valuation of contribution or foundation expenses or making contributions using the assets specified in subsection 4 (1) of the Money Laundering and Terrorist Financing Prevention Act
or breach of other obligations upon the foundation of the private limited company, unless a founder or a member of the management board or supervisory board proves that he or she was not aware nor should have been aware of the circumstances which caused the damage.
[RT I 2008, 27, 177 - entry into force 10.07.2008]

Page 36 / 160 Commercial Code

(11) A claim for payment of compensation to a private limited company for damage specified in subsection (1) of this section may also be submitted by a creditor of the private limited company if the assets of the private limited company are not sufficient to satisfy the claims of the creditor. In the case of declaration of bankruptcy of a private limited company, only a trustee in bankruptcy may file a claim on behalf of the private limited company.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(2) In addition to shareholders, the persons on whose account a private limited company was founded are also liable on the basis provided in subsection (1) of this section. A person is not released from liability regardless of whether or not he or she was aware of circumstances if a shareholder acting on the behalf thereof was or should have been aware of such circumstances.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(3) An agreement which derogates from the provisions of subsections (1), (11) and (2) of this section shall only be valid with respect to the creditors of a private limited company if such agreement was entered into in the course of bankruptcy proceedings of the private limited company.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(4) The claims provided for in subsections (1), (11) and (2) of this section shall expire after five years of the entry of a private limited company in the commercial register and, in the case the act which constituted the basis for the causing of damage was committed at a later time, five years after the commission of such act.
[RT I 2010, 77, 589 - entry into force 01.01.2011]

§ 147. Transactions concluded before entry in commercial register

(1) Persons who conclude a transaction in the name of a private limited company being founded before entry of the private limited company in the commercial register shall be solidarily liable for performance of the obligations arising from the transaction.
(2) The obligations specified in subsection (1) of this section shall transfer to the private limited company as of entry of the private limited company in the commercial register if the person who concluded the transaction had the right to conclude the transaction.
(3) If a person does not have the right to conclude a transaction, the obligations arising from the transaction shall transfer to the private limited company if the shareholders approve the transaction by a resolution.
(4) If the assets of the private limited company are not sufficient to satisfy the claim of a creditor of the private limited company, the founders shall be personally and solidarily liable to the creditor of the private limited company for the obligations of the private limited company to the extent that the assets of the private limited company are decreased due to the obligations incurred for the private limited company before entry of the
private limited company in the commercial register. The limitation period for such claim shall be five years from entry of the private limited company in the commercial register.

Chapter 19

SHARE AND SHAREHOLDER

§ 148. Share

(1) The minimum nominal value of a share shall be one euro. [RT I 2010, 20, 103 - entry into force 01.07.2010]
(2) If the nominal value of a share is greater than one euro, the nominal value shall be a multiple of one euro. [RT I 2010, 20, 103 - entry into force 01.07.2010]
(3) Shares may have the same or different nominal values. Pursuant to articles of association, different rights may arise from shares. Shares with the same rights form one class of shares.
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]
(4) Each shareholder may have one share of the same class, unless otherwise provided by law. In case of acquisition of an additional share of the same class, the nominal value of the share of this class shall increase accordingly. The merger of the shares shall not take place in case the initial share and the additional share acquired by the shareholder are encumbered by different rights and the parties concerned do not agree in a notarially authenticated form on the type of further effect of the rights encumbering the shares.
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]

Commercial Code Page 37 / 160

(5) A share shall grant the shareholder the right to participate in the management of the private limited company and in the distribution of profit and of remaining assets on dissolution of the private limited company, and other rights prescribed by law or the articles of association.
(6) A certificate shall not be issued for a share.
(7) The shares of a private limited company may be entered in the Estonian Central Register of Securities.

§ 149. Transfer of share

(1) A shareholder may freely transfer a share to another shareholder.
(2) Upon transfer of a share to a third person, the other shareholders have a right of pre-emption for one month after presentation of the transfer agreement. The seller shall submit the sales contract to the management board of the company that shall promptly notify the other shareholders of entry into the sales contract. The provisions of the Law of Obligations Act concerning the right of pre-emption shall otherwise apply to the right of pre- emption.
(3) The articles of association may prescribe that the transfer of a share shall be permitted exclusively in case of the fulfilment of an additional condition, primarily that a resolution of the other shareholders, the management board, the supervisory board or another person is required to transfer a share. In this case, the provisions of subsection (2) of this section do not apply to the private limited company. The articles of association may prescribe that the right of pre-emption shall not apply upon the transfer of a share. A transaction performed without the condition specified in the first sentence of this subsection shall be null and void. With good reason, the shareholder may demand from the person specified in the first sentence to grant the consent for the transfer of the share.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(4) A transaction constituting an obligation to transfer a share and a disposition must be notarised. The notary who authenticates a disposition for the transfer of a share shall send a notice concerning the transfer of the share in the format established by the minister responsible for the area to the registrar of the commercial register within two days after authentication of the contract.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(5) The provisions of subsection (4) of this section do not apply to the transfer of shares entered in the Estonian
Central Register of Securities.
[RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 150. Notification of transfer

(1) The transfer of a share is deemed to be effected and a shareholder is deemed to have changed with respect to the private limited company after notification of the private limited company of the transfer of the share and certification of the transfer of the share.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(2) Transactions between the transferor and the company made before notifying the company of the transfer of the share and related to the relationship between the shareholder and the company shall apply to the transferee of the share.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(3) Upon receiving a notice of transfer, the management board of the private limited company shall promptly amend the entries in the list of shareholders as appropriate arising from the transfer. The above also applies to amending other information in the list of shareholders which has been submitted to the management board. [RT I 2005, 57, 449 - entry into force 01.01.2006]
(4) [Repealed - RT I 2009, 51, 349 - entry into force 15.11.2009]
(5) If only one shareholder remains in a private limited company as a result of a transfer of a share or if, in addition to one shareholder, only the private limited company itself has a share in the private limited company, the management board of the private limited company must submit a written notice to this effect to the registrar of the commercial register. Data concerning the single shareholder specified in subsection 182 (1) of this Code shall be set out in the notice. The notice shall be preserved in the business file.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(6) The provisions of subsection (1) and (3) of this section do not apply to a private limited company the shares of which are entered in the Estonian Central Register of Securities.
[RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 151. Pledging of shares

(1) A share may be pledged unless the articles of association prescribe otherwise. [RT I 2005, 57, 449 - entry into force 01.01.2006]

Page 38 / 160 Commercial Code

(2) A transaction constituting an obligation pledge a share and a disposition must be notarised. The notary who authenticates a disposition for the pledge of a share shall send a notice concerning the pledging of the share in the format established by the minister responsible for the area to the registrar of the commercial register within two days after authentication of the contract.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(3) Upon pledge of a share, the pledgor shall exercise the rights attaching to the share. [RT I 2005, 57, 449 - entry into force 01.01.2006]
(4) At the request of a shareholder, the management board of the private limited company shall enter a notice concerning a pledge in the list of shareholders. Notification of the pledge of a share to a private limited company or entry of a pledge in the list of shareholders does not affect the validity of the pledge.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(5) Upon transfer of a pledged share, the right of security shall remain valid with respect to the share unless the acquirer of the share proves that the registrar of the commercial register had not been informed of the right of security at the time of the transfer and the acquirer was not aware nor should have been aware of the right of security.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(6) The provisions of subsections (2), (4) and (5) of this section do not apply to the pledging of shares entered in the Estonian Central Register of Securities.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 152. Share division

(1) A share may be divided if the shareholder wishes to transfer or pledge a part of the shareholder’s share. The resolution of the shareholders shall be required for the division of the share, unless the articles of association prescribe otherwise.
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]
(2) The provisions of § 149 of this Code apply to the partial transfer of a share and the provisions of § 151 of this Code apply to the partial pledging of a share.
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]
(3) The provisions of § 148, subsection 149 (4) and § 150 of this Code shall be observed in share division.
(4) The rights encumbering a share shall remain effective upon the division of the share. If the continuation of the effect of the rights in the existing form is impossible, the rights encumbering the share shall remain effective upon the division of the share according to a notarised agreement between the parties concerned.
[RT I 2010, 77, 589 - entry into force 01.01.2011]

§ 153. Share transfer to successor

(1) Upon the death of a shareholder, the share shall transfer to his or her successors unless the law or the articles of association prescribe otherwise.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(2) A prohibition or restriction on transfer of a share to a successor in the articles of association shall not be valid unless the articles of association prescribe a term and procedure for payment of appropriate compensation to the successor.
(3) The articles of association may prescribe that the consent specified in § 152 of this Code shall not be required for division of a share between the successors of a shareholder.

§ 154. Equality of shareholders

(1) The shareholders shall be treated equally under equal circumstances.
(2) A shareholder shall not be required to pay a contribution exceeding the nominal value and premium of the share without the consent thereof.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 1541. Specific rights attaching to shares and specific rights of shareholders

(1) The articles of association may prescribe the specific rights attaching to a share or the specific rights of a shareholder, primarily upon adoption of resolutions of the shareholders, distribution of profit and division

Commercial Code Page 39 / 160

of remaining assets upon liquidation of the private limited company (specific rights attaching to a share and specific rights of a shareholder).
(2) The adoption of a resolution for amendment of the articles of association, which annuls or changes the specific right attaching to a share or the specific right of a shareholder, shall require the consent of all the shareholders who have such specific right, unless the articles of association prescribe otherwise.
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]

§ 155. Amount of contribution

(1) A shareholder is required to make a contribution corresponding to the nominal value of the shareholder’s share.
(2) The articles of association may prescribe the right of the private limited company to issue shares for a price exceeding their nominal value (premium). In this case, the shareholder is also required to pay the premium. A premium is adjusted in the cases prescribed by the applied accounting practices. A premium may be used:
1) to cover a loss of the private limited company if such loss cannot be covered by retained profit from
previous periods, legal reserve prescribed in the articles of association or other reserves prescribed in the articles
of association;
2) to increase share capital by a bonus issue.
[RT I 2005, 61, 478 - entry into force 01.12.2005]

§ 156. Consequences of delay of contribution

(1) A shareholder who fails to pay for the shareholder’s share or for the increase of the nominal value of the shareholder’s share on time is required to pay a fine on delay in the amount provided by law to the private limited company unless otherwise provided by the articles of association. The above does not preclude or restrict the right to file a claim for compensation of damages exceeding the amount of the fine for delay.
(2) The management board shall send a notice to a shareholder who delays in payment demanding payment by the term specified in the letter, indicating that the shareholder will lose the shareholder’s share if payment is not made. The term for payment shall be at least one month after the notice is sent.
(3) If the shareholder does not pay the deficient sum during the term specified in the notice, the shareholder shall lose the shareholder’s share or the increase of the shareholder’s share, and the private limited company
has the right to transfer the share to other shareholders or third persons. A sum paid by the shareholder or a part thereof which does not exceed one-fifth of the nominal value shall not be refunded to the shareholder.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(4) If the shareholder who acquired the share in the case specified in subsection (3) of this section fails to pay for the share or the increase of the nominal value of the share in due time, the person who lost the share or
the increase of the nominal value of the share shall be solidarily liable to the private limited company for the outstanding contribution to the private limited company.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(5) If in the case specified in subsection (3) of this section the private limited company fails to transfer the share to the other shareholders or third persons, the other shareholders shall be solidarily liable for the deficient contribution. In the mutual relations among the shareholders, the shareholders shall be liable according to the nominal values of their shares.
[RT I 2010, 77, 589 - entry into force 01.01.2011]

§ 157. Payment of dividends

(1) Dividends may be paid to the shareholders from net profit or from retained profit from previous years from which losses from previous years have been deducted, on the basis of the approved annual report.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(2) A shareholder shall be paid a share of profit (dividend) in proportion to the nominal value of the shareholder’s share unless the articles of association prescribe otherwise.
(3) Payments shall not be made to shareholders if the net assets of the private limited company, as apparent from the annual report approved at the end of the previous financial year of the private limited company, are less than or would be less than the total of share capital and reserves which pursuant to law or the articles of association shall not be paid out to shareholders.
(31) If a company capitalises the development-related expenditure as intangible assets and the development expenditure has not completely depreciated, profit cannot be distributed unless the sum of the reserves which can be used for the distribution of profit and the retained profit from previous periods at least equals the undepreciated development expenditure.
[RT I, 30.12.2015, 4 - entry into force 01.01.2016]
(4) A shareholder has the right to demand payment of a dividend prescribed by a resolution of the shareholders.

Page 40 / 160 Commercial Code

(5) The dividend shall be paid in money. With the consent of the shareholder, the dividend may also be paid in other assets.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 158. Return of illegal dividend

(1) If a shareholder receives a dividend which the shareholder does not have a right to receive, the shareholder shall return the dividend which is received without basis.
(2) If upon receipt of the dividend, the shareholder did not know nor should have known that it was paid to
the shareholder without basis, return of the dividend may be demanded only if it is necessary for satisfying the
claims of the creditors of the private limited company.
(3) A claim for return of the payment specified in subsection (1) of this section may also be submitted by a creditor of the private limited company if the assets of the private limited company are not sufficient to satisfy the claims of the creditor. In the course of bankruptcy proceedings of a private limited company, only a trustee in bankruptcy may file a claim on behalf of the private limited company.
(4) An agreement which derogates from the provisions of subsections (1)–(3) of this section shall only be valid with respect to the creditors and trustees in bankruptcy of a private limited company if such agreement was entered into in the course of liquidation proceedings of the private limited company. Set-off of claims is prohibited.
(5) The claims specified in subsections (1)–(3) of this section expire after five years of payment of the dividends.
(6) The members of the management board and supervisory board who caused the payment of the illegal dividend shall be liable for the return of the payment solidarily with the shareholder who received such dividend.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 159. Prohibited loans

(1) A private limited company shall not grant a loan:
1) to one of its shareholders whose share represents more than 5 per cent of the share capital;
2) to a shareholder or member of its parent undertaking, whose share represents more than 5 per cent of the
share capital of the parent undertaking;
3) to a person to acquire a share of the private limited company;
4) to a member of its management board or supervisory board or its procurator.
(2) A subsidiary may grant a loan to its parent undertaking or a parent undertaking to a shareholder or a member who forms the same group as the subsidiary if this does not harm the financial status of the private limited company or the interests of creditors. A subsidiary shall not grant a loan for acquiring a share of the private limited company to the persons specified in the first sentence of this subsection.
[RT I 2008, 16, 116 - entry into force 15.04.2008]
(3) A private limited company shall also not guarantee a loan taken by the persons specified in subsection (1) of this section. The prohibition does not apply to guaranteeing a loan taken by the parent undertaking or guaranteeing a loan taken by a shareholder or member of the parent undertaking that forms the same group as the subsidiary if this does not harm the financial status of the private limited company or the interests of
creditors. A private limited company shall not guarantee a loan taken for acquisition of a share of the private limited company.
[RT I 2008, 16, 116 - entry into force 15.04.2008]
(4) Transactions in violation of the provisions of subsections (1) and (2) of this section are void. Violation of the provisions of subsection (3) of this section does not result in the nullity of the transaction but the person whose loan was secured must compensate for the damage caused to the private limited company by the provision of the security.
(5) The provisions of subsections (1)–(4) of this section correspondingly apply to credit agreements and other economically equivalent transactions.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 160. Legal reserve

(1) Legal reserve shall be formed from annual net profit transfers and other transfers entered in the legal reserve pursuant to law or the articles of association.

Commercial Code Page 41 / 160

(2) If the articles of association prescribe the formation of the legal reserve, it shall not be less than one-tenth of the share capital.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(3) During each financial year, at least one-twentieth of the net profit shall be entered in the legal reserve. When the legal reserve reaches the amount prescribed in the articles of association, the increase of the legal reserve on the account of net profit shall be terminated.

§ 161. Use of legal reserve

(1) Upon a resolution of the shareholders, legal reserve may be used to cover a loss if it is not possible to cover the loss from available shareholders’ equity of the private limited company (from retained profit from previous periods and legal reserve prescribed by the articles of association), or may be used to increase share capital.
(2) Payments shall not be made to shareholders from legal reserve.

§ 162. Acquisition or taking as security of own shares

(1) A private limited company shall not acquire or take as security its own shares unless otherwise provided by law.
(2) The acquisition or taking as security of its own shares by the private limited company shall be permitted if:
1) this occurs within five years after adoption of a resolution of the shareholders which specifies the terms and
conditions and term for the acquisition or taking as security of shares and the minimum and maximum amounts
to be paid for the shares;
[RT I 2008, 16, 116 - entry into force 15.04.2008]
11) the nominal value of the share belonging to the private limited company does not exceed one third of the share capital, and
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]
2) acquisition of the share does not cause the net assets to become less than the total of share capital and
reserves which pursuant to law or the articles of association shall not be paid out to shareholders.
[RT I 2008, 16, 116 - entry into force 15.04.2008]
(3) The private limited company may acquire its own share without the restrictions provided for in subsection
(2) of this section if the share is acquired by succession.
(4) The private limited company’s own share shall not grant the private limited company any rights of a shareholder.
(5) A private limited company shall not itself or through a third person acting in its own name but at the expense of the private limited company acquire its own shares upon foundation of the private limited company or an increase of share capital.
(6) A company shall not acquire a share of its parent undertaking which is a private limited company upon an increase of the share capital of such parent undertaking.
(61) A private limited company shall neither acquire nor take as security its own share, the contribution for which has not been completely paid.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(7) A transaction constituting an obligation which is in conflict with the provisions of subsections (1), (2), (5), (6) or (61) of this section is void. The above does not affect the validity of the acquisition of a share or taking of a share as security.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 163. Transfer of own share

(1) If a private limited company acquires or takes as security its own shares based on subsection 162 (3) of
this Code, and the total of the nominal values thereof, including the sum total of the nominal values of the own
shares belonging to or taken as security by the private limited company is higher than 1/3 of the share capital,
then the shares acquired or taken as security in such manner which exceed the 1/3 shall be transferred or taking
them as security shall be terminated within three years after the transfer or taking as security.
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]
(2) If a private limited company acquires or takes as security its own shares illegally, the shares shall be transferred or the taking as security shall be terminated within one year after the acquisition or taking as security. [RT I 2008, 16, 116 - entry into force 15.04.2008]
(3) If the shares are not transferred or the taking as security is not terminated during the term specified in subsections (1) and (2) of this section, the shares shall be cancelled and the share capital shall be reduced accordingly.

Page 42 / 160 Commercial Code

[RT I 2008, 16, 116 - entry into force 15.04.2008]

§ 164. Mutual acquisition or taking as security of shares

A subsidiary may acquire or take as security shares of its parent undertaking under the same terms and conditions as its own shares. If a subsidiary acquires or takes as security shares of its parent undertaking, it shall be deemed, for the purposes of this Code, that the parent undertaking has acquired or taken as security such shares.

§ 165. Jointly held share

(1) If a share is held by several persons jointly, these persons may only exercise the rights attaching to the share jointly. The above does not apply to a private limited company if the private limited company has not been notified of the joint ownership of the share. A person who holds a share jointly has the right to demand to be entered in the list of shareholders.
(2) If a share is held by several persons jointly, these persons shall be solidarily liable for performance of the obligations attaching to the share.
3) If the shareholders have not appointed a common representative for performance of the rights arising from the share, a transaction concluded by the private limited company with respect to the joint owners is deemed to be valid even if such act was performed with respect to only one shareholder.
[RT I 2010, 77, 589 - entry into force 01.01.2011]

§ 166. Right of shareholder to information

(1) The shareholders have the right to receive information from the management board on the activities of the private limited company and to examine the documents of the private limited company.
(2) The management board may refuse to give information or to present documents if there is a basis to presume that this may cause significant damage to the interests of the private limited company.
(3) If the management board refuses to give information or refuses to allow documents to be examined, the shareholder may demand that the legality of the shareholder's demand be decided by the meeting of shareholders or to submit, within two weeks after receiving the refusal of the management board or, within four weeks after submission of the request if the management board has not responded to the request, a petition to a court in a proceeding on petition in order to obligate the management board to give information or to allow documents to be examined.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 167. Exclusion of shareholder

(1) Based on an action of a private limited company, a court may exclude a shareholder from the private limited company if the shareholder fails, without good reason, to perform the shareholder’s obligations to a material extent or in any other way significantly damages the interests of the private limited company, or does not perform obligations or terminate damage regardless of a written caution from the private limited company.
(2) An action for exclusion of a shareholder may be filed on behalf of the private limited company by shareholders whose shares represent more than one-half of the share capital unless the articles of association prescribe a greater representation requirement.
(3) Upon exclusion of a shareholder, the shareholder’s share shall be sold by public auction or in another way determined by the court. Money received from the sale, from which reasonable expenses related to the sale have been deducted, shall be returned to the shareholder.
[RT I 2008, 59, 330 - entry into force 01.01.2009]

§ 1671. Liability for damaging private limited company by influencing activity of private limited company

(1) A person who, by misusing his or her influence, influences a member of the management board or supervisory board to act contrary to the interests of the private limited company, is liable to compensate any damage incurred thereby to the private limited company.
(2) In the event specified in subsection (1) of this section, a member of the management board or supervisory board who violated his or her obligations shall be solidarily liable with the person who influenced him or her unless he or she proves that he or she has performed his or her obligations with due diligence.
(3) In the case specified in subsection (1) of this section, the persons who derived gains from such damage shall also be held liable solidarily with the person who misused his or her influence.

Commercial Code Page 43 / 160

(4) The limitation period for the claims specified in subsections (1)–(3) of this section is five years.
(5) A claim for payment of compensation to a private limited company for damage specified in subsection (1)- (3) of this section may also be submitted by an creditor of the private limited company if the assets of the private limited company are not sufficient to satisfy the claims of the creditor. In the case of declaration of bankruptcy
of a private limited company, only a trustee in bankruptcy may file a claim on behalf of the private limited company.
(6) A creditor or trustee in bankruptcy has the right to file the claim specified in subsection (5) of this section also if the private limited company has waived the claim or has entered into a contract of compromise with such member or resulting from an agreement, has limited the claim or filing thereof in another manner or reduced the limitation period.
[RT I 2007, 67, 413 - entry into force 28.12.2007]

§ 1672. Convertible bond

(1) If prescribed in the articles of association, a private limited company may issue, for a conditional increase of the share capital, bonds by a resolution of the shareholders, the holders of which have the right to convert their bonds to shares (convertible bond).
(2) A convertible bond shall be registered. A convertible bond may be transferred under the same terms and conditions as a share.
(3) Convertible bonds may be issued after entry of the private limited company in the commercial register. (4) The shareholders shall have the pre-emptive right to subscribe for convertible bonds pursuant to the
procedure provided for in § 193 of this Code.
(5) At least the nominal value of a convertible bond shall be paid for the convertible bond, in money. The nominal value of a share issued for the bond may be greater than the nominal value of the bond only if this difference is paid for in money.
(6) The sum of the nominal values of convertible bonds shall not be greater than one-half of the share capital. [RT I, 04.03.2015, 4 - entry into force 01.07.2015]

Chapter 20

MANAGEMENT

§ 168. Competence of shareholders

(1) The shareholders are competent to:
1) amend the articles of association;
2) increase and reduce share capital;
3) elect and remove members of the supervisory board;
4) elect and remove members of the management board, if the company does not have a supervisory board;
[RT I 2008, 16, 116 - entry into force 15.04.2008]
5) approve the annual report and distribute profit;
6) divide shares, unless the articles of association prescribe otherwise;
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]
7) elect an auditor;
8) designate a special audit;
9) if the company does not have a supervisory board, appoint and remove procurators;
10) decide on conclusion and terms and conditions of transactions with the members of the supervisory board
or, if the company does not have a supervisory board, with the members of the management board, decide on the
conduct of legal disputes with the members of the management board or supervisory board, and appointment of
the representative of the private limited company in such transactions and disputes;
[RT I 2008, 16, 116 - entry into force 15.04.2008]
11) decide on dissolution, merger, division or transformation of the private limited company;
12) decide on other matters placed in the competence of the shareholders by law or the articles of association.
(2) The shareholders may also adopt resolutions on matters within the competence of the management board or supervisory board. In such case, the shareholders shall be liable in the same manner as members of the management board or supervisory board.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 169. Number of votes of shareholder

(1) The number of votes of a shareholder shall be proportional to the amount of the shareholder’s share, unless the articles of association prescribe otherwise.
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]

Page 44 / 160 Commercial Code

(2) Each one euro of a share shall grant one vote unless the articles of association prescribe otherwise. [RT I 2010, 20, 103 - entry into force 01.07.2010]

§ 170. Meeting of shareholders

(1) The shareholders shall adopt resolutions at a meeting or pursuant to the procedure provided for in §
173 of this Code. In the cases provided by law, the shareholders may only adopt resolutions at a meeting of
shareholders.
(2) A meeting of shareholders is competent to adopt resolutions if the represented votes represent over one-half of the shares unless the articles of association prescribe a greater representation requirement.
(3) A shareholder may participate in a meeting personally or through a representative, the availability of whose right of representation shall be certified by a document in a format which can be reproduced in writing.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(4) The costs of organising a meeting of shareholders shall be borne by the private limited company. If a meeting of shareholders is called at the request of the shareholders or if shareholders themselves call a meeting, the shareholders who requested the calling of the meeting or called the meeting may be required to cover the costs of the general meeting by a resolution of the meeting of shareholders which receives at least two thirds of the votes represented at the general meeting.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(5) The articles of association of a private limited company may prescribe that the shareholder may vote on the draft resolutions prepared in respect to the items on the agenda of a meeting of shareholders by submitting his
or her vote to the private limited company prior to the meeting of shareholders by mail in writing. Subsections
2982(2)–(4) of this Code are applied respectively. [RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 1701. Electronic voting

(1) The articles of association of a private limited company may prescribe that the shareholders may vote on
the draft resolutions prepared in respect to the items on the agenda of a meeting of shareholders using electronic
means prior to the meeting or during the meeting if it is possible in a technically secure manner.
(2) The shareholder who voted using electronic means shall be deemed to have taken part in the meeting and the votes represented by the shareholder's share shall be accounted as part of the quorum of the meeting unless otherwise provided by law. If only draft resolutions that were not disclosed before a meeting are voted on during the meeting, in respect to which the shareholder did not submit any votes, the shareholder shall not be deemed to have taken part in the meeting.
(3) The articles of association prescribe the precise procedure of the organisation of the electronic voting.
The articles of association may prescribe that the procedure of the electronic voting shall be determined by the
management board. The procedure determined by the articles of association or the management board shall
ensure the identification of the shareholders and the security and reliability of the electronic voting and be
proportionate for the achievement of the above objectives.
(4) Electronic voting shall take place in electronic format. The articles of association may prescribe the moment of time until which it is possible to vote using electronic means prior to the meeting or during the meeting.
(5) The articles of association or a resolution of the management board or the supervisory board may prescribe that the meeting shall be transmitted in full or in part in real time via the Internet, using two-way communication or any other technically secure manner. Watching the transmission shall not be considered participation in the meeting for the purposes of this Code.
[RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 171. Calling meeting of shareholders

(1) A meeting of shareholders shall be called by the management board.
(2) The management board shall call a meeting of shareholders if this is necessary in the interests of the private limited company, or if:
[RT I 2005, 57, 449 - entry into force 01.01.2006]
1) the net assets (total assets minus total obligations shown under liabilities on a balance sheet) of the private
limited company are less than one-half of the share capital or less than the amount of share capital specified in §
136 of this Code or other minimum amount of share capital provided by law, or
[RT I 2005, 57, 449 - entry into force 01.01.2006]

Commercial Code Page 45 / 160

2) this is demanded by the supervisory board or auditor; or
3) this is demanded by shareholders whose shares represent at least one-tenth of the share capital.
(3) If the management board does not call a meeting of shareholders within one month after receipt of a demand from the supervisory board, auditor or shareholders, the supervisory board, auditor or shareholders have the
right to call the meeting themselves.
(4) A list of the shareholders participating in a meeting of shareholders shall be compiled at the meeting of shareholders, which shall set out their names, the number of votes arising from their shares and the way of participation in the meeting, and also the names of the representatives of shareholders. If the shareholder has voted prior to the meeting using electronic means or by mail, the list shall also specify the voting date. The list shall be signed by the chairman of the meeting and the recording secretary, and any shareholder or the shareholder's representative who physically attended the meeting.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(5) Minutes shall be taken of the meetings of shareholders. The provisions of subsections 304 (1)–(6), respectively, apply to the minutes of the meetings of shareholders.
(6) If the votes specified in subsection 170 (2) of this Code are not represented at a meeting of shareholders and the meeting has no quorum due to the above, the management board shall call a new meeting without changing the agenda, which is competent to adopt resolutions regardless of the number of votes represented at the meeting. The above applies exclusively in case the notice for calling the new meeting has been sent to
the shareholders no earlier than two days after the first meeting and no later than on the tenth day after the first meeting.
[RT I 2010, 77, 589 - entry into force 01.01.2011]

§ 1711. Agenda of meeting of shareholders

[RT I 2005, 57, 449 - entry into force 01.01.2006]
(1) The agenda of a meeting of shareholders shall be determined by the management board unless the articles of association prescribe otherwise. If a meeting of shareholders is called by the shareholders, the supervisory board or an auditor, such persons shall also determine the agenda of the meeting.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(2) Shareholders whose shares represent at least one-tenth of the share capital may demand the inclusion of additional issues on the agenda. The agenda shall not be changed prior to the meeting if the respective demand is submitted later than three days before holding the meeting of shareholders.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(3) An issue which is initially not on the agenda of a meeting of shareholders may be included on the agenda with the consent of at least nine-tenths of the shareholders who participate in the meeting of shareholders if their shares represent at least two-thirds of the share capital. The votes represented by the shares of the shareholder participating in the way specified in subsection 1701(1) of this Code shall not be accounted as part of the
meeting quorum.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(4) A meeting of shareholders may decide on calling the next meeting and settle submissions concerning operational issues related to the agenda or to the procedure for holding the meeting without including such matters in the agenda beforehand, and to discuss other matters at the meeting of the shareholders without passing a decision on such matters.
[RT I 2008, 16, 116 - entry into force 15.04.2008]

§ 1712. Draft of resolution

(1) The person who calls the meeting shall prepare a draft of the resolution in respect to each item on the agenda unless the articles of association prescribe otherwise.
(2) If a meeting of shareholders is called by the shareholders, the supervisory board or an auditor, such persons shall submit the prepared drafts of the resolutions to the management board prior to the notification about calling the meeting of shareholders. The drafts of the resolutions may be additionally included in the notice on calling the meeting.
(3) If the shareholders demand the inclusion of additional issues on the agenda, they shall simultaneously with the demand on the modification of the agenda submit to the private limited company a draft of the resolution or substantiation regarding each additional issue.
(4) The private limited company shall make the drafts of the resolutions and substantiations prepared by the management board and submitted by the shareholders, the supervisory board or an auditor available to the shareholders in the location determined by the private limited company or on the homepage of the private

Page 46 / 160 Commercial Code

limited company. It shall be possible to examine the drafts of the resolutions at least as of the notification about a meeting until the day of holding the meeting of shareholders unless otherwise provided by law.
(5) The private limited company shall make the drafts of the resolutions and substantiations specified in subsection (3) of this section available to the shareholders immediately after the submission thereof to the private limited company if these are submitted to the private limited company after the notification about the meeting of shareholders.
(6) Failure to make the drafts of the resolutions specified in subsection (2) of this section available shall not constitute a material violation of the procedure of calling a meeting of shareholders.
[RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 172. Notice calling meeting of shareholders

(1) The management board shall send a notice of a meeting of shareholders to all shareholders. The notice shall be sent to the address or e-mail address entered in the list of shareholders. If a private limited company is aware or should be aware that the address of a shareholder differs from the address entered in the list of shareholders, the notice shall also be sent to that address. The notice shall be sent in such manner that, under normal conditions of delivery, it would reach the addressee at least one week before the meeting takes place. [RT I 2010, 77, 589 - entry into force 01.01.2011]
(2) A notice shall indicate the time, place and agenda for the meeting of shareholders and the location or homepage address of the private limited company, where it is possible to examine the drafts of the resolutions and substantiations, and also other important circumstances related to the meeting. If the private limited company provides an opportunity to vote using electronic means or by mail, the information regarding the procedure and term for voting using electronic means or by mail shall be specified in the notice.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(3) If, after dispatching the notice on calling a meeting of shareholders, the agenda of the meeting is changed
at the request of the shareholders, such changes to the agenda must be communicated before the meeting of the
shareholders takes place pursuant to the same procedure and within the same term as prescribed for the dispatch
of the notice on calling a meeting of shareholders.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(4) If the share is jointly owned by several persons and the shareholders did not appoint a joint representative for exercising the rights arising from the share, the notice on calling a meeting of shareholders shall be considered sent to all the persons who jointly own the share also in case it has been sent exclusively to the shareholders who are entered as the shareholders in the list of shareholders. If the private limited company is aware or should be aware that not all persons who own the share are entered in the list of shareholders, the notice shall be sent to all the shareholders.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(5) If in the case specified in subsection (4) of this section the notice has been sent to all the shareholders and only one of the persons who jointly own the share participates in the meeting, it shall be presumed that the attending shareholder is entitled to represent the other joint shareholders. The above does not apply if a resolution is adopted without calling a meeting.
[RT I 2010, 77, 589 - entry into force 01.01.2011]

§ 1721. Violation of procedure for calling of meeting of shareholders

If the requirements of law or the articles of association are materially violated in calling a meeting of shareholders, the meeting of shareholders shall not have the right to adopt resolutions except if all shareholders participate in or are represented at the meeting. Resolutions adopted at such meeting are void unless the shareholders with respect to whom the procedure for calling the meeting was violated approve of the resolutions.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 173. Adoption of resolution without calling meeting

(1) Shareholders have the right to adopt resolutions without calling a meeting of shareholders.
(2) The management board shall send a draft of the resolution specified in subsection (1) of this section in a format which can be reproduced in writing to all shareholders, specifying the term during which the shareholder must present the shareholder’s position on it in a format which can be reproduced in writing. If a shareholder does not give notice of whether the shareholder is in favour of or opposed to the resolution during this term, it shall be deemed that the shareholder votes against the resolution.
[RT I 2010, 77, 589 - entry into force 01.01.2011]

Commercial Code Page 47 / 160

(3) The management board shall prepare a record of voting concerning the voting results and shall promptly send it to the shareholders. A record of voting shall set out:
1) the business name and registered office of the private limited company;
2) the name of the recording secretary;
3) the adopted resolution together with the voting results (including the shareholders who voted for the
resolutions by name);
4) at the request of a shareholder who maintains a dissenting opinion with regard to a resolution, the content of
the shareholder’s dissenting opinion;
5) other circumstances of importance with regard to the vote.
(4) The positions of shareholders specified in subsection (2) of this section that were submitted in a format which can be reproduced in writing shall be an integral part of the record of voting.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(41) If the resolution of the shareholders provides the basis for the election of a member of the management board, the record of voting shall be signed by the member of the management board, in whose respect an entry has been made in the commercial register, or a shareholder of the private limited company. The signature under the record of voting by a person specified in the previous sentence shall be certified by a notary. The notarial certification of the signature shall be substituted by the digital signing of the record of voting by the person specified in the first sentence of this subsection.
[RT I 2008, 52, 288 - entry into force 22.12.2008]
(42) The provisions of subsection (41) of this section need not be observed if the extension of the term of office of a member of the management board is decided. The provisions of subsection (41) of this section need not be observed also in case the petition for the entry of a member of the management board in the register is signed by the member of the management board, in whose respect an entry has been made in the commercial register, or a shareholder of the private limited company.
[RT I 2008, 52, 288 - entry into force 22.12.2008]
(5) [Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]
(6) If a private limited company has a single shareholder or if, in addition to such shareholder, only the private limited company is a shareholder, resolutions may be adopted without observing the provisions of § 170, subsections 171 (4)–(6), § 172 and subsections (1)–(41) of this section. In such event, a resolution shall be prepared in writing and signed by the shareholders and such resolution shall set forth, among other, the names of the shareholders, the number of votes and the time of passing the resolution. If the resolution of the shareholders provides the basis for the election of a member of the management board, the signature of one shareholder shall be certified by a notary. The notarial certification of the signature shall be substituted by the digital signing
of the resolution by the person specified in the previous sentence. Subsection (42) of this section shall be implemented to the election of a member of the management board respectively.
[RT I 2008, 52, 288 - entry into force 22.12.2008]
(7) The provisions of subsection (6) of this section also apply in the case where there are more shareholders provided that they all agree to the resolution and sign it.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 174. Resolution of shareholders

(1) A resolution of the shareholders shall be adopted if over one-half of the votes represented at the meeting of shareholders are in favour unless the law or the articles of association prescribe a greater majority requirement.
(2) If a resolution is made pursuant to the procedure provided for in subsection 173 (2) of this Code, the resolution shall be adopted if over one-half of the votes of the shareholders are in favour unless the law or the articles of association prescribe a greater majority requirement.
[RT I 2008, 16, 116 - entry into force 15.04.2008]
(3) In the election of a person, the candidate who receives more votes than the others shall be deemed to be elected. Upon an equal division of votes, lots shall be drawn unless the articles of association prescribe otherwise.
(4) If the minutes of a meeting of shareholders, the record of votes or a resolution of shareholders is submitted to the commercial register, such document shall include a complete list of shareholders which sets out the number of votes of each shareholder.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 175. Resolution on amendment of articles of association

(1) A resolution on amendment of the articles of association shall be adopted if at least two-thirds of the votes of the shareholders who participate in the meeting or, in the case specified in subsection 174 (2) of this Code, at least two-thirds of the votes of the shareholders are in favour, unless the articles of association prescribe a greater majority requirement.

Page 48 / 160 Commercial Code

(2) A resolution on amendment of the articles of association shall enter into force as of the making of a corresponding entry in the commercial register. The resolution of the shareholders on amendment of the articles of association, the minutes of the meeting of shareholders or the record of voting, and the new text of the articles of association shall be appended to the petition submitted to the commercial register.

§ 176. Decrease of assets

If the net assets of a private limited company are less than one-half of the share capital, or less than the amount of share capital specified in § 136 of this Code or another minimum amount of share capital provided by law, the shareholders shall decide on:
1) a reduction or increase of share capital on the condition that the net assets would thereby form at least one- half of the share capital and at least the share capital specified in § 136 of this Code or other minimum capital provided by law; or
11) the implementation of other measures as a result of which the net assets of the private limited company would form at least one-half of the share capital specified in § 136 of this Code or other minimum capital provided by law; or
2) dissolution, merger, division or transformation of the private limited company; or
3) submission of a bankruptcy petition.

§ 177. Restriction on right to vote

(1) A shareholder shall not vote if release of the shareholder from obligations or liabilities, consent for the transfer of the shareholder's share, conclusion of a transaction between the shareholder and the private limited company, or conduct of a legal dispute with the shareholder or appointment of a representative of the private limited company in such legal dispute or transaction, or issues related to the monitoring or evaluation of the activities of a shareholder or representative thereof in the capacity of a member of the management board
or supervisory board, is being decided. The votes of the shareholder shall not be taken into account in the determination of representation.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(2) The provisions of subsection (1) of this section do not apply if a private limited company has only one shareholder or if, in addition to such shareholder, only the private limited company itself is a shareholder. In such case all transactions between the private limited company and the sole shareholder shall be formalised in writing or, a document signed by the shareholder which sets out the main terms and conditions of a transaction shall be promptly prepared.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(3) Irrespective of the provisions specified in subsection (1) of this section, the shareholder may vote upon the shareholder's election as a member of the management board, extension of the term of office and removal.
[RT I 2010, 77, 589 - entry into force 01.01.2011]

§ 1771. Nullity of resolution of shareholders

(1) A resolution of the shareholders is void if it violates a provision of law established for the protection of the creditors of the private limited company or due to other public interest, of if it is contrary to good morals, or if the procedure for calling the meeting of shareholders which made the resolution or making the resolution was materially violated. A resolution is also void in other cases provided by law.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(2) The nullity of a resolution may be relied on in court proceedings by filing an action or an objection. [RT I 2005, 57, 449 - entry into force 01.01.2006]
(3) The nullity of a resolution cannot be relied upon if an entry has been made in the commercial register based on the resolution and two years have passed from the date making the entry.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(4) Subsections 178 (5) and (6) correspondingly apply to a court proceeding for establishment of the nullity of a resolution.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 178. Contestation of resolution of shareholders

(1) Based on an action filed against a private limited company, a court may revoke a resolution of shareholders which is in conflict with the law or the articles of association. The limitation period for the claim is three years after the date of adopting the resolution of the shareholders.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

Commercial Code Page 49 / 160

(2) Revocation of a resolution cannot be demanded if the shareholders have approved the resolution by a new resolution and the action specified in subsection (1) of this section has not been filed against the new resolution within the term specified in the same subsection.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(3) Revocation of a resolution of shareholders may be demanded by the management board or supervisory board if, by performing the resolution, an offence or misdemeanour would be committed or if performance of the resolution would clearly result in an obligation to compensate for damage, and by a shareholder who did not
participate in passing the resolution. A shareholder who participated in the adoption of a resolution may demand the revocation of the resolution only if the shareholder's objection to the resolution has been entered in the
minutes. The shareholder participating in the meeting in the way specified in subsection 1701(1) or subsection
170 (5) of this Code may demand revocation of a resolution also without entering the objection in the minutes.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(4) If an action is filed, the court shall not hear the matter before the expiry of term specified in subsection (1) of this section. Different actions filed in order to revoke the same resolution shall be joined and heard in one proceeding.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(5) A court judgment for revocation of a resolution of the shareholders applies to all shareholders and members of the management board and supervisory board regardless of whether or not they participated in the court proceeding.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(6) In an entry has been made in the commercial register based on a revoked resolution, the court shall send a copy of the judgment to the registrar of the commercial register for amendment of the entry.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 179. Approval of reports

(1) After the end of a financial year, the management board shall prepare the annual report pursuant to the procedure provided for in the Accounting Act.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(2) The management board shall submit the annual report and the profit distribution proposal to the shareholders. The annual report shall be approved and executed pursuant to the provisions of § 25 of the Accounting Act. If the private limited company has an auditor, the sworn auditor's report shall be appended to the annual report. If the private limited company has a supervisory board, the report of the supervisory board shall be appended to the annual report.
[RT I, 25.05.2012, 8 - entry into force 04.06.2012]
(3) Approval of the annual report shall be decided by the shareholders. A shareholder may request the private limited company the presence of the auditor who provided the sworn auditor's report at the decision on the approval of the annual report and provision of explanations concerning the sworn auditor's report by him or her. A corresponding written request shall be submitted at least five days prior to the meeting of the shareholders. [RT I 2010, 9, 41 - entry into force 08.03.2010]
(4) The management board shall submit the approved annual report together with the proposal for the distribution of profit or the covering of loss, the division of the sales revenue and the sworn auditor's report, if auditing is compulsory, to the commercial register within six months after the end of the financial year. Together with the submission of the annual report, the management board shall notify the commercial register in what
way specified in § 176 of this Code the shareholders have decided to cover the loss. If compared to the time of the approval of the previous annual report the shareholders' data have changed, a new list of shareholders shall also be submitted together with the annual report as at the approval of the annual report. The list shall set forth the data specified in subsection 182 (1) whereas only the country of the residence or registered office of the shareholder shall be specified instead of the address of the shareholder.
[RT I 2010, 9, 41 - entry into force 08.03.2010]
(41) [Repealed - RT I 2009, 54, 363 - entry into force 01.01.2010]
(42) The management board of a company exempt from the preparation of the annual report of the consolidation group pursuant to subsection 29 (5) or (6) of the Accounting Act shall submit to the commercial register within six months as of the end of the financial year the annual report of the consolidation group prepared by the parent undertaking together with the sworn auditor’s report, if auditing is compulsory. Neither the annual report of the consolidation group nor the sworn auditor’s report need to be submitted to the commercial register if the parent undertaking is a legal person registered in Estonia.
[RT I, 30.12.2015, 4 - entry into force 01.01.2016]
(5) The information specified in subsection 332 (3) shall be indicated in the profit distribution proposal. The provisions of § 335 shall correspondingly apply to the resolution on profit distribution.

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(6) The division of the sales revenue shall contain information regarding the sales revenue for the accounting year in up to ten major areas of activity pursuant to the Classification of Economic Activities established on the basis of subsection 4 (6) of this Code. In case of the annual report of a consolidation group, the division of the sales revenue is submitted on the basis of the respective information in the unconsolidated income statement of the consolidating entity.
[RT I 2009, 54, 363 - entry into force 01.01.2010]

§ 180. Management board

(1) The management board is a managing body of the private limited company which represents and manages the private limited company.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(2) The management board may have one member (manager) or several members. A member of the management board need not be a shareholder. A member of the management board must be a natural person with active legal capacity.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(3) A member of the supervisory board shall not be a member of the management board. The articles of association may prescribe other persons who shall not be members of the management board.
(31) A person with respect to whom a court has, pursuant to §§ 49 or 491of the Penal Code, imposed a prohibition on acting as a member of the management board or a prohibition to engage in enterprise, a person who is prohibited from operating within the same area of activity as the private limited company, or a person who is prohibited to act as a member of the management board on the basis of law or a court decision shall not be a member of the management board.
[RT I 2008, 52, 288 - entry into force 22.12.2008]
(4) If the private limited company has a supervisory board, the management board shall, in managing, adhere to the lawful orders of the supervisory board. Transactions which are beyond the scope of everyday economic activities may only be concluded by the management board with the consent of the supervisory board. Such restriction shall not apply with regard to third persons.
(5) The management board shall present an overview of the economic activities and economic situation of the private limited company to the supervisory board at least once every four months and shall immediately give notice of any material deterioration of the economic condition of the private limited company or any other
material circumstances related to the economic activities of the private limited company. The management board shall also notify of any circumstances related to other private limited companies belonging to the same group as the private limited company, which may significantly affect the operation of the private limited company.
(51) If a private limited company is insolvent and the insolvency, due to the company's economic situation,
is not temporary, the management board shall promptly but not later than within twenty days after the date on
which the insolvency became evident, submit the bankruptcy petition of the private limited company to a court.
After insolvency has become insolvent, the members of the management board shall no longer make payments
on behalf of the private limited company, except in the case where making the payments in the situation of
insolvency conforms to the due diligence requirements. The members of the management board shall solidarily
compensate to the private limited company for any payments made by the private limited company after the
insolvency of the company became evident which, under the circumstances in question, were not made with due
diligence. The provisions of § 187 of this Act apply to the liability of the members of the management board.
(6) If the management board has more than two members, the members of the management board shall elect a chairman of the management board from among themselves, who shall organise the activities of the management board. If the private limited company has a supervisory board, the articles of association of the private limited company may prescribe that the chairman of the management board shall be appointed by the supervisory board.
(7) [Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]
(8) The specific work procedure of the management board may be prescribed by the articles of association or by a decision of the shareholders, management board or supervisory board.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 1801. Remuneration of members of management board

(1) The amount of remuneration payable to a member of the management board and the procedure for payment shall be determined by a resolution of the shareholders or, in the case there is a supervisory board, by a resolution of the supervisory board.

Commercial Code Page 51 / 160

(2) Upon establishing the procedure for remuneration of the members of the management board and the amount of fees and other benefits, and entry into contracts with the members of the management board, the shareholders or the supervisory board shall ensure that the total amount of the payments made by the private limited company to the members of the management board are in reasonable proportion to the duties of the members of the management board and the economic situation of the private limited company.
(3) If the economic situation of a private limited company significantly deteriorates and further payment to a member of the management board of the fees established for or agreed upon with the member, or further allowing of other benefits to the member would be extremely unfair to the private limited company, the private limited company may demand the decrease of the fees or benefits.
(4) The decrease specified in subsection (3) of this section does not affect other terms and conditions of contracts entered into with the member of the management board. If decrease of fees or other benefits is demanded, the member of the management board may exercise the right to extraordinary cancellation of a contract entered into with him or her upon one month's advance notice of cancellation.
(5) Upon declaration of bankruptcy of a private limited company and termination of the contract of a member of the management board, the member of the management board has the right to demand, in the course of the bankruptcy proceeding, compensation of the damage caused by the termination of the contract within one year after the date of termination of the contract.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 181. Right of representation of management board

(1) Every member of the management board may represent the private limited company in all transactions unless the articles of association prescribe that some or all of the members of the management board shall represent the private limited company jointly. Joint representation shall apply with regard to third persons only if it is entered in the commercial register.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(11) The differences concerning the right of representation of the members of the management board of a private limited company with articles of association used for expedited procedure shall be prescribed by the petition for entry of the company in the register and later, in the resolution of the shareholders. The provisions on § 175 of this Code apply to the approval and entry into force of the resolution of the shareholders.
[RT I 2006, 61, 456 - entry into force 01.01.2007]
(2) Upon concluding transactions on behalf of a private limited company, the members of the management board are required to adhere, with respect to the private limited company, the restrictions prescribed by the articles of association or established by the shareholders, the supervisory board or the management board. A restriction on the right of representation does not apply with regard to third persons.
(3) A transaction concluded between a private limited company and a member of the management board is void if the shareholders or the supervisory board do not agree to the transaction. The above does not apply to transactions concluded in the course of the everyday economic activities of the private limited company or according to the market price of a service.
(4) A member of the management board has no right to represent the private limited company in the performance of transactions for which, pursuant to law, the shareholders or the supervisory board must separately decide on the appointment of representatives.
[RT I 2009, 13, 78 - entry into force 01.07.2009]

§ 182. List of shareholders

(1) The management board shall keep a list of shareholders which shall set out the names, addresses, personal identification codes or registry codes and the nominal value of their shares. Section 62 of this Code applies to the addresses and personal identification codes or registry codes.
[RT I 2006, 61, 456 - entry into force 01.01.2007]
(2) The shareholders, members of the management board and supervisory board, competent state agencies and other persons with a legitimate interest have the right to examine the list of shareholders.
(3) If so decided by the shareholders, shares may be entered in the Estonian Central Register of Securities. In such case, the list of shareholders shall be maintained by the registrar of the Estonian Central Register of Securities. The management board of a private limited company shall ensure timely submission of correct information provided by law to the person maintaining the list of the shareholders.
(4) Upon entry of shares in the Estonian Central Register of Securities, the management board of the private limited company shall promptly submit a notice from the registrar of the Estonian Central Register of Securities concerning registration of the shares to the registrar of the commercial register.

Page 52 / 160 Commercial Code

§ 183. Accounting

The management board shall organise the accounting of the private limited company.

§ 184. Election and removal of members of management board

(1) The members of the management board shall be elected and removed by the shareholders. If the private limited company has a supervisory board, the members of the management board shall be elected and removed by the supervisory board. The resolution of the supervisory board and minutes of the meeting or, if no supervisory board exists, the resolution of the meeting of shareholders and the minutes of the meeting or
record of voting shall be appended to a petition for entry of the termination of the authority of a member of the management board, or for entry of a new member of the management board in the register. In order to elect a member of the management board, his or her consent is required.
(11) If a private limited company has a supervisory board, the chairman of the supervisory board or a person authorised by the chairman shall sign a petition for deletion of a member of the management board from the register or entry of a new member of the management board in the register.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(12) If a member of the management board is elected at a meeting of shareholders, the recording secretary
or the chairman of the meeting shall be the member of the management board, in whose respect an entry has
been made in the commercial register, or a shareholder of the private limited company. The signature under the
minutes of the meeting by a person specified in the previous sentence shall be certified by a notary. The notarial
certification of the signature shall be substituted by the digital signing of the minutes by the person specified in
the first sentence of this subsection.
[RT I 2008, 52, 288 - entry into force 22.12.2008]
(13) The provisions of subsection (12) of this section need not be observed if the minutes of the meeting of shareholders are notarised or if the extension of the term of office of a member of the management board is decided. The provisions of subsection (12) of this section need not be observed also in case the petition for the entry of a member of the management board in the register is signed by the member of the management board, in whose respect an entry has been made in the commercial register, or a shareholder of the private limited company.
[RT I 2008, 52, 288 - entry into force 22.12.2008]
(2) A member of the management board shall be elected for an unspecified term unless the articles of association prescribe a term. Extension of the term of office of a member of the management board shall not be decided earlier than one year before the planned date of expiry of the term of office, and not for a period longer than the maximum term of office prescribed by the articles of association. A resolution for extension of the term of office of a member of the management board entered in the commercial register shall be immediately sent to the registrar of the commercial register.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(3) A member of the management board may be removed upon a resolution of the shareholders regardless of the reason. Rights and obligations arising from contracts entered into with a member of the management board shall terminate pursuant to the contracts. The provisions of the Law of Obligations Act concerning cancellation of authorisation agreement apply to cancellation of the contract of a member of the management board. If the private limited company has a supervisory board, the supervisory board may also remove a member of the management board.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(4) [Repealed - RT I 1998, 59, 941 - entry into force 10.07.1998]
(5) If the private limited company does not have a supervisory board, shareholders whose shares represent at least one-tenth of the share capital may, with good reason, request the removal of a member of the management board by a court.
(6) With good reason, a court may appoint a new member to replace a removed member of the management board at the request of the supervisory board, a shareholder or other interested person. A member of the management board appointed by a court has the right, at the expense of the private limited company, to be compensated for his or her costs to a reasonable extent and to receive a reasonable fee, the amount of which shall be established, in the case of dispute, by a court ruling. The authority of the court-appointed member of the management board shall continue until appointment of a new member of the management board by the shareholders or the supervisory board.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

Commercial Code Page 53 / 160

(7) A member of the management board may resign from the management board regardless of the reason by giving the notice thereof to the body that appointed him or her. Rights and obligations arising from a contract concluded with a member of the management board shall terminate pursuant to the contract. The provisions
of the Law of Obligations Act concerning cancellation of authorisation agreement apply to cancellation of the contract of a member of the management board.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(8) If an entry made in the commercial register concerning a member of the management board becomes incorrect due to the removal, resignation or expiry of the term of office of the member of the management board, the provisions of § 61 of this Code apply.
[RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 185. Prohibition on competition

(1) Without the consent of the shareholders or, if a supervisory board exists, without the consent of the supervisory board, a member of the management board shall not:
1) be a sole proprietor in the area of activity of the private limited company;
2) be a partner of a general partnership or a general partner of a limited partnership which operates in the same
area of activity as the private limited company;
3) be a member of a managing body of a company which operates in the same area of activity as the private
limited company, except if the companies belong to one group.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(2) If the activities of a member of the management board are in conflict with the provisions of subsection (1) of this section, the private limited company may demand that the member of the management board terminate the prohibited activity, transfer the income received from the prohibited activity to the private limited company and compensate for damage to the extent exceeding the claimed income.
(3) The limitation period for a claim to terminate a prohibited activity and to transfer the income received from the prohibited activity shall be three months from the date the private limited company becomes aware of the violation of the prohibition on competition but not longer than three years after the violation of the prohibition on competition. The general limitation period shall apply to a claim for compensation of damage.

§ 186. Preservation of business secrets

(1) The members of the management board shall preserve the business secrets of the private limited company. (2) The private limited company shall not claim compensation for any damage caused by violation of
the obligation specified in subsection (1) of this section if the members of the management board acted in
accordance with a lawful resolution of the meeting of shareholders or of the supervisory board.

§ 187. Liability of members of management board

[RT I 2005, 57, 449 - entry into force 01.01.2006]
(1) A member of the management board shall perform his or her duties with due diligence.
(2) Members of the management board who cause damage to the private limited company by violation of their obligations shall be solidarily liable for compensation for the damage caused. A member of the management board is released from liability if he or she proves that he or she has performed his or her obligations with due diligence.
(3) The limitation period for assertion of a claim against a member of the management board is five years unless the articles of association of the private limited company or an agreement with the member of the management board prescribes another limitation period.
(4) A claim for payment of compensation to a private limited company for damage specified in subsection (2) of this section may also be submitted by a creditor of the private limited company if the assets of the private limited company are not sufficient to satisfy the claims of the creditor. In the case of declaration of bankruptcy of a private limited company, only a trustee in bankruptcy may file a claim on behalf of the private limited company.
(5) A creditor or trustee in bankruptcy has the right to file the claim specified in subsection (4) of this section also if the private limited company has waived the claim against a member of the management board or
has entered into a contract of compromise with such member or, upon agreement with the member of the management board, has limited the claim or filing thereof in another manner or reduced the limitation period.
(6) [Repealed - RT I 2005, 68, 525 - entry into force 01.01.2006]

Page 54 / 160 Commercial Code

§ 188. Liability of shareholders

(1) A shareholder shall be liable for any damage wrongfully caused to the private limited company, another shareholder or a third person, in the capacity of shareholder.
(2) A shareholder shall not be liable for any damage caused if the shareholder did not participate in the adoption of the resolution which was the basis for the cause of damage or if the shareholder voted against the resolution.
In the case provided for in subsection 173 (2) of this Code, a shareholder who does not give notice of whether the shareholder is in favour of or opposed to a resolution shall be deemed to vote against the resolution.
[RT I 2002, 53, 336 - entry into force 01.07.2002]

§ 189. Supervisory board

(1) A private limited company shall have a supervisory board if prescribed by the articles of association of the private limited company.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(2) The provisions of this Code concerning the supervisory board of a public limited company shall correspondingly apply to the competence and activity of the supervisory board unless otherwise provided by law.
(3) The election and removal of members of the supervisory board shall be governed by the provisions concerning the election of the supervisory board of a public limited company, excluding the provisions of subsection 304 (7) of this Code. The minutes and record of voting prepared in respect to a resolution concerning the election of a member of the supervisory board shall be governed by the provisions regarding the minutes and record of voting prepared in respect to the election of a member of the management board of a private limited company.
[RT I 2008, 52, 288 - entry into force 22.12.2008]

§ 190. Auditor

(1) The obligation of auditing the annual accounts of a private limited company shall be stipulated in the
Auditors Activities Act or the articles of association of the private limited company.
[RT I 2010, 9, 41 - entry into force 08.03.2010]
(2) The provisions of §§ 328–3291of this Code shall apply to the competence and activity of the auditor. [RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 191. Special audit

(1) Shareholders whose shares represent at least one-tenth of the share capital may demand a resolution on conduct of a special audit on matters regarding the management or financial situation of the private limited company, and the appointment of an auditor for the special audit by a resolution of the shareholders.
(2) If the shareholders do not decide on conduct of a special audit, shareholders whose shares represent at least one tenth of the share capital may request that a special audit be conducted and that an auditor for the special audit be appointed by a court. The court shall decide on conduct of a special audit only with good reason. If possible, the court shall also hear the members of the management board and supervisory board of the private limited company before deciding on the conduct of a special audit.
(21) The shareholders whose shares represent at least one tenth of the share capital may also demand, pursuant to the procedure provided by subsection (2) of this section, the substitution of the auditor for the special
audit appointed by the shareholders if the person appointed by the shareholders clearly lacks the expertise or experience necessary for the conduct of the special audit or if doubts exist concerning his or her impartiality. The court shall also hear the auditor for the special audit appointed by the shareholders.
(3) Auditors, sworn advocates or companies of advocates may be the auditors for a special audit. If the auditors for a special audit are appointed by the shareholders, the shareholders shall also approve the procedure for their remuneration. The procedure for and amount of remuneration for court-appointed auditors for a special audit shall be specified by the court.
(4) The members of the management board and supervisory board shall enable the auditors for the special audit to examine all documents necessary for conduct of the special audit and shall provide necessary information. The auditors for the special audit also have the above right with respect to companies belonging to the same
group as the private limited company being audited. The auditors for the special audit shall preserve the business secrets of the private limited company. In the case of refusal to allow documents to be examined or information to be given, an auditor for the special audit may submit, within two weeks after the refusal, or within four weeks

Commercial Code Page 55 / 160

after submission of a request to such effect if no response to such request has been received, a petition to a court by way of proceedings on petition in order to obligate the members of the management board or supervisory board to allow documents to be examined or information to be given.
(5) The auditors for the special audit shall prepare a report concerning the results of the special audit, which they shall present to a meeting of shareholders.
(6) The provisions concerning the liability of auditors for mandatory auditing apply to the liability of auditors for special audit. The provisions of the Bar Association Act apply to the liability of sworn advocates and companies of advocates conducting special audits.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

Chapter 21

ALTERATION OF SHARE CAPITAL

Division 1

Increase of Share Capital

§ 192. Adoption of resolution on increase of share capital

(1) A resolution on increase of share capital shall be adopted if at least two-thirds of the votes of the shareholders who participate in the meeting or, in the case specified in subsection 174 (2) of this Code, at least two-thirds of the votes of the shareholders are in favour, unless the articles of association prescribe a greater majority requirement.
(2) If the articles of association must be amended due to the increase of share capital, amendment of the articles of association shall be decided before share capital is increased.
(3) A resolution on increase of share capital shall not be adopted before entry of the private limited company in the commercial register.

§ 1921. Resolution on increase of share capital

The following shall be set out in a resolution on increase of share capital:
1) the number of new shares and their nominal values and the amount of increase of share capital;
11) the persons who have the right of subscription for new shares and the term of exercising the right of subscription;
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]
2) if the nominal values of the shares are increased, the new nominal values of existing shares;
3) specifications for the rights attaching to the new shares;
4) the time and place for payment for the new shares and whether and to what extent the shares are to be
paid by a monetary or non-monetary contribution; in the case of a non-monetary contribution, the item of the
contribution;
5) if the shares are issued at a premium, the amount of the premium;
6) in the case of a bonus issue, reference to the underlying balance sheet and equity categories, and the amount
of each equity category used to carry out the bonus issue.

§ 193. Pre-emptive right of shareholder

(1) Upon increase of share capital, a shareholder has the pre-emptive right of subscription for the shares to
be issued in proportion to the shareholder’s share unless the resolution on increase of share capital prescribes
otherwise. If a private limited company has several classes of shares and new shares of one or several classes are
issued, the holders of the corresponding classes of shares have a pre-emptive right in the subscription for of such
shares before other shareholders.
(2) If a shareholder does not wish to exercise the right specified in subsection (1) of this section, the other shareholders have the right of subscription for the new shares.
(3) The shareholders' pre-emptive right of subscription for shares may be precluded by a resolution of shareholders supported by at least three-quarters of the shares represented at the meeting or, in the case
specified in subsection 174 (2) of this Code, by at least three-quarters of the votes of the shareholders, unless the articles of association prescribe a greater majority requirement. The management board shall provide a written explanation to the shareholders in advance as to why it is necessary to preclude the pre-emptive subscription right and shall also justify the issue price of shares.
(4) In the cases specified in the articles of association, the pre-emptive right of subscription for shares may be precluded in the manner provided for in subsection (3) of this section also with respect to certain shareholders

Page 56 / 160 Commercial Code

only. The consent of all the shareholders is required for the adoption of a resolution for such amendment of the articles of association.
(5) If the shareholders do not wish to exercise the right specified in subsections (1) and (2) of this section or
if such right is precluded pursuant to the provisions of subsection (3), the other persons who have acquired the
right of subscription for a share pursuant to a resolution on increase of the share capital shall have the right of
subscription for new shares.
(6) The management board shall send a resolution on increase of the share capital to the shareholders who have the pre-emptive right of subscription for new shares and who did not participate in the adoption of the resolution.
(7) The right of subscription for a share may be transferred under the same terms and conditions as a share. [RT I, 04.03.2015, 4 - entry into force 01.07.2015]

§ 1931. Undersubscription

(1) A subscription shall be deemed to be an undersubscription if all new shares are not subscribed for within the term specified in the resolution on increase of the share capital.
(2) In case of an undersubscription, all rights of subscribers associated with the subscription shall terminate,
and the increase of the share capital shall not occur. The management board shall promptly refund the payments
made by subscribers. The members of the management board shall be solidarily liable for the refund of
payments.
(3) The management board may, by a resolution of the shareholders, be granted the right to extend a subscription term or to cancel shares which are not subscribed for during the subscription term. The management board may exercise such right within fifteen days after the end of the subscription term. If shares are subscribed for by the new due date provided by the management board, the subscription is deemed to be valid.
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]

§ 194. Application of foundation provisions

The provisions of § 140, §§ 141-143, subsection 144 (2) and subsections 520 (2), (4) and (5) of this Code shall apply to an increase of share capital unless this division prescribes otherwise.
[RT I 2010, 77, 589 - entry into force 01.01.2011]

§ 1941. Set-off of claim

Upon an increase of share capital, payment for a new share or for a share increasing the size of a share may, pursuant to a resolution of shareholders, be set off against a claim of the shareholder or the person acquiring the share against the private limited company if this does not harm the interests of the private limited company or of its creditors. A claim shall be valuated as a non-monetary contribution.

§ 1942. Right of management board or supervisory board to increase share capital

(1) The articles of association may grant the management board or the supervisory board the right to increase the share capital by contributions for up to five years.
(2) The management board or the supervisory board may increase share capital to an amount prescribed in the articles of association. The share capital shall not be increased by more than one-half of the share capital which existed at the time the management board or the supervisory board received the right to increase the share capital.
(3) The management board or the supervisory board shall have the rights specified in subsection 1931(3) of this
Code.
(4) The management board or the supervisory board may pay for issued shares by a non-monetary contribution only if prescribed in the articles of association.
(5) If the right to increase the share capital is granted to the supervisory board, the resolution of the supervisory board and the minutes of the meeting and, in the case provided for in § 323 of this Code, the record of voting, shall be appended to the petition submitted to the commercial register concerning the increase of the share capital. If the right to increase the share capital is granted to the management board, the member of the management board who has filed a petition shall add a confirmation to the petition that the management board has decided to increase the share capital.

Commercial Code Page 57 / 160

[RT I, 04.03.2015, 4 - entry into force 01.07.2015]

§ 195. Bonus issue

(1) A private limited company may increase share capital on account of the shareholders’ equity of the private limited company without making contributions (bonus issue).
(2) After approval of the annual report and adoption of the profit distribution resolution, the shareholders may decide on a bonus issue based on the annual report and the profit distribution resolution. A bonus issue may also be carried out on the basis of the interim balance sheet which must be prepared and approved pursuant to the procedure for the preparation and approval of the balance sheet included in the annual report. Increase of the share capital shall not be entered in the commercial register if the petition for increasing the share capital and
the corresponding resolution are submitted to the registrar of the commercial register eight months after the date as at which the annual report or interim balance sheet, which was the basis for the share capital increase, was prepared.
(3) Upon a bonus issue, the share of a shareholder shall be increased in proportion to the nominal value of the shareholder’s share. Any resolution contrary to the above is void.
(4) Upon a bonus issue, the own shares held by the private limited company shall also be increased. [RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 1951. Conditional increase of share capital

(1) In case of issue of convertible bonds specified in § 1672of this Act, the shareholders may decide on the conditional increase of the share capital to the extent of the sum of the nominal values of the convertible bonds exchangeable for shares. A resolution on the conditional increase of the share capital may prescribe the increase of the share capital to an extent exceeding the sum of the nominal values of the exchangeable convertible bonds, if the difference between the nominal value of the convertible bonds and the nominal value of the shares is covered in money.
(2) The shareholders may also decide on a conditional increase of the share capital to the extent of the performance of the subscription rights if this is necessary for preparing the concentration of the private limited company or for granting the subscription rights to the members or employees of the private limited company or a company related thereto, or other persons related to the private limited company.
(3) A conditional increase of the share capital to an extent of more than one-half of the existing share capital at the time of the adoption of the resolution is prohibited.
(4) A resolution of the shareholders contrary to the conditional increase of share capital is void. (5) A resolution for conditional increase of share capital shall set out:
1) the objective of the conditional increase of share capital;
2) the set of persons entitled to participate in the conditional increase of share capital;
3) the issue price of shares or the bases for determination thereof;
4) the term for performing the subscription rights.
(6) In the event of conditional increase of the share capital, the shares shall be paid for only in money.
(7) Following the adoption of a resolution for conditional increase of the share capital, the management board shall file a petition for entry of the conditional increase of the share capital in the commercial register.
(8) Shares shall not be issued based on a resolution on conditional increase of the share capital before the conditional increase of share capital has been entered in the commercial register.
(9) Based on a resolution on conditional increase of the share capital, the entitled person acquires the share in the same manner as in the event of share subscription, based on a declaration of intention submitted to a private limited company. The management board shall issue the shares only based on a resolution of the shareholders and for compliance with such resolution, and not before the issue price of a share has been paid. In case of conditional increase of the share capital in connection with the issue of convertible bonds, the management board shall issue the share at the request of the holder of a bond within the term specified in the bond and exchange it for a bond.
(10) In case of conditional increase of the share capital, the share capital and number of shares is deemed to be increased as of the issue of the share.
(11) Not later than within one month after the end of the financial year of the private limited company, the management board shall submit a petition to the registrar of the commercial register for entry in the register the number of shares issued based on a resolution on conditional increase of share capital and the corresponding increase of the share capital during the financial year. The members of the management board shall confirm in the petition that the shares were issued only based on a resolution on conditional increase of share capital and that they have been paid for in full.

Page 58 / 160 Commercial Code

[RT I, 04.03.2015, 4 - entry into force 01.07.2015]

§ 196. Submission of petition to commercial register

(1) If share capital is paid in full or a bonus issue is conducted, the management board shall submit a petition to the commercial register for entry of the increase of share capital in the commercial register. The following shall be appended to the petition:
1) the resolution of the shareholders;
2) the new text of the articles of association if the articles of association are amended;
3) the minutes of the meeting of shareholders or, in the case provided for in § 173 of this Code, the record of
voting;
4) upon increase of share capital by new contributions, a bank notice concerning payment of the share capital;
5) upon a bonus issue, the annual report or interim balance sheet on which it is based;
6) upon payment by a non-monetary contribution, documents certifying the value of the contribution and its
transfer;
61) if the shares are entered in the Estonian Central Register of Securities, a notice from the Estonian Central Register of Securities confirming that the management board has notified the register of the increase in share capital;
7) other documents prescribed by law.
(2) The members of the management board shall certify the transfer of a non-monetary contribution to the private limited company by their signatures. If the non-monetary contribution is an immovable, an extract from the land register shall be appended to the petition.
(3) The management board shall submit a petition for entry of the increase of share capital in the commercial register within six months after adoption of the resolution on increase of share capital.
(31) In the case of increase of share capital by a bonus issue, the petition submitted to the registrar shall include a confirmation that the members of the management board who signed the petition are not aware of a decrease
to the assets of the private limited company, during the time between the date of preparation of the balance sheet which was the basis for the increase of the share capital and the date of submission of the petition to the registrar, to an extent which could hinder the adoption of the resolution on the increase of the share capital on the date of submission of the petition.
(32) The registrar need not check the conformity of the content of the balance sheet which was the basis for the increase of the share capital with the law.
(4) Share capital shall be deemed to be increased and the rights arising from the newly issued or increased portion of shares shall be deemed to have arisen as of the making of such entry in the commercial register. [RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 1961. Liability of members of management board upon entry of increase of share capital in register

(1) The members of the management board of a private limited company are solidarily liable for damage caused to the private limited company by submission of incorrect or inaccurate information or incorrect valuation of contributions upon the increase of the share capital unless a member of the management board proves that he or she was not aware and did not have to be aware of the circumstances which caused the damage.
(2) An agreement which derogates from the provisions of subsection (1) of this section shall only be valid with respect to the creditors of a private limited company if such agreement was entered into in the course of bankruptcy proceedings of the private limited company.
(3) The claim provided in subsection (1) of this section expires after five years of the date on which the increase of the share capital was entered in the commercial register.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 1962. Participation in profit distribution

(1) The resolution on increase of share capital may prescribe a date as of which the new shares or the shares whose nominal value was increased grant the right to receive a dividend. Such right does not arise with respect to a dividend payable for a later financial year than the financial year following the year of increase of the share capital.
(2) If the date specified in subsection (1) of this section is not prescribed in a resolution on increase of share capital, the right to receive a dividend shall arise during the financial year in which the entry on increase of share capital is made.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

Commercial Code Page 59 / 160

Division 2

Reduction of Share Capital

§ 197. Adoption of resolution on reduction of share capital

(1) A resolution on reduction of share capital shall be adopted if at least two-thirds of the votes of the shareholders who participate in the meeting or, in the case specified in subsection 174 (2) of this Code, at least two-thirds of the votes of the shareholders are in favour, unless the articles of association prescribe a greater majority requirement.
(11) If upon a reduction of share capital there is a desire to reduce the nominal values of shares or to cancel shares other than proportionally with regard to each share, the corresponding resolution shall be adopted if, in addition to the provisions of subsection (1) of this section, the resolution is supported by the shareholders whose shares are disproportionately cancelled compared with other shares, or the nominal values of whose shares are disproportionately reduced.
(2) If the articles of association must be amended due to the reduction of share capital, amendment of the articles of association shall be decided before share capital is reduced, except if share capital is reduced in the case specified in subsection 198 (2) of this Code.

§ 1971. Resolution on reduction of share capital

The following shall be set out in a resolution on reduction of share capital:
1) the reason for the reduction of share capital;
2) the extent and method of reduction of share capital;
3) the new nominal values of shares.

§ 198. Extent of reduction of share capital

(1) Share capital shall not be reduced below the amount of share capital specified in § 136 of this Code or any other minimum amount of share capital provided by law.
(2) The provisions of subsection (1) of this section shall not apply if an increase of share capital at least to the amount of share capital specified in § 136 of this Code is decided concurrently with a reduction of share capital. The provisions of § 199 shall also not apply if an increase of share capital at least to the current size of the share capital is decided concurrently with a reduction of share capital. Shares which are issued concurrently with
a decrease of the share capital shall only be paid for in money. A resolution on increase or reduction of share capital shall be entered in the commercial register.
[RT I 2009, 13, 78 - entry into force 01.07.2009]

§ 199. Notification of creditors

(1) The management board shall, within fifteen days after adoption of a resolution on reduction of share capital, send a notice concerning the new amount of share capital to the known creditors of the private limited company who have claims against the private limited company which predate the adoption of the resolution on reduction of share capital.
(2) The management board shall publish a notice concerning a resolution on reduction of share capital in the publication Ametlikud Teadaandedand invite all creditors to submit their claims. The notice shall indicate that creditors are to submit their claims within two months.
[RT I 2006, 55, 412 - entry into force 01.01.2007]
(3) The private limited company shall secure the claims of creditors if they are submitted within two months after publication of the notice. If the due date for fulfilment of a claim has arrived or if a claim is not sufficiently secured, the creditor may demand satisfaction or securing the claim. The creditor may demand securing the
claim if the creditor provides proof that decrease in the share capital endangers the satisfaction of the claim. [RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 1991. [Repealed - RT I 2007, 67, 413 - entry into force 28.12.2007]

§ 1992. Simplified reduction of share capital

(1) Share capital may be reduced in order to cover a loss of the private limited company without applying the provisions of § 199 of this Code (simplified reduction of share capital).
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(2) Simplified reduction of share capital may be applied if the profit of the private limited company and the legal reserve are not sufficient to cover a loss and if the private limited company has no other reserves.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

Page 60 / 160 Commercial Code

(3) The resolution on reduction of share capital shall indicate the loss for the coverage of which the share capital is being reduced.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(4) Available capital which arises upon a simplified reduction of share capital may only be used to cover the loss of the private limited company.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(5) In the case of simplified reduction of the share capital, no payments shall be made to the shareholders and no dividends shall be paid to the shareholders during the financial year on which the decrease of the share capital was decided and for the two subsequent financial years.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 200. Submission of petition to commercial register

(1) The management board shall submit a petition for entry of a reduction of share capital in the commercial register not earlier than three months after publication of the notice of share capital reduction, unless a notice on reduction of the share capital need not be published. The following shall be appended to the petition:
[RT I 2006, 55, 412 - entry into force 01.01.2007]
1) the resolution of the shareholders;
2) the new text of the articles of association if the articles of association are amended;
3) the minutes of the meeting of shareholders or, in the case provided for in § 173 of this Code, the record of
voting;
31) if the shares are entered in the Estonian Central Register of Securities, a notice from the Estonian Central Register of Securities confirming that the management board has notified the register of the reduction of share capital;
32) reference to the dates on which notices to the creditors were published in the Ametlikud Teadaanded;
4) other documents prescribed by law.
(2) In the petition, the members of the management board shall confirm that the claims of creditors who submitted their claims during the term or who opposed the reduction are secured or satisfied.
(3) The share capital shall be deemed to be reduced as of the making of such entry in the commercial register.

§ 2001. Payments to shareholders

(1) Payments may be made to the shareholders upon a reduction of share capital if prescribed in the resolution on reduction of share capital.
(2) The payments specified in subsection (1) of this section may be made no earlier than three months after
entry of the reduction of share capital in the commercial register and on the condition that the claims of creditors
submitted during the term are secured or satisfied.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

Chapter 22

DISSOLUTION OF PRIVATE LIMITED COMPANY

§ 201. Bases for dissolution of private limited company

A private limited company shall be dissolved:
1) by a resolution of the shareholders;
2) by a court decision;
21) by declaration of bankruptcy of the private limited company;
22) by abatement of the bankruptcy proceeding of the private limited company without a declaration of bankruptcy;
3) [Omitted - RT I 1996, 40, 773 - entry into force 08.06.1996]
4) on other bases prescribed by law or the articles of association.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 202. Adoption of dissolution resolution of private limited company

(1) A dissolution resolution shall be adopted if at least two-thirds of the votes of the shareholders who participate in the meeting or, in the cases specified in subsection 174 (2) of this Code, at least two-thirds
of the votes of the shareholders are in favour, unless the articles of association prescribe a greater majority requirement.

Commercial Code Page 61 / 160

(2) The management board shall present the preceding annual report and an overview of the economic activities of the private limited company for the current year to the shareholders.
(3) The overview of economic activities shall indicate the term during which the private limited company is able to satisfy the claims of creditors.

§ 203. Compulsory dissolution

(1) A private limited company shall be dissolved by a court ruling if:
1) the shareholders do not adopt a dissolution resolution if its adoption is obligatory pursuant to law or the
articles of association, or if the shareholders do not adopt any of the resolutions prescribed in § 176 or if no
meeting of shareholders is called to adopt a resolution specified in § 176;
2) the term of office of the management board expired more than two years previously and a new management
board has not been elected;
3) in other cases provided by law.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(2) A petition for the compulsory dissolution of a private limited company may be submitted by the management board, the supervisory board, a member of the management board, a shareholder or other persons specified by law. Unless otherwise provided by law, a court may also decide on compulsory dissolution at its own initiative.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(3) If the deficiency or other circumstance that provides the basis for compulsory dissolution can be evidently eliminated, the court shall previously establish a term for the private limited company for the elimination of the deficiency or circumstance.
[RT I 2008, 59, 330 - entry into force 01.01.2009]

§ 204. Petition for dissolution of private limited company

(1) The management board shall submit a petition for entry of the dissolution resolution of the private limited company in the commercial register. The resolution of the shareholders and the minutes of the meeting of shareholders or, in the cases provided for in § 173 of this Code, the record of voting shall be appended to the petition.
(2) If a private limited company is dissolved on the basis of a court decision, the court shall send the decision to the commercial register for entry.
(3) A private limited company is deemed to be dissolved as of the making of the entry on dissolution in the commercial register. Compulsory dissolution enters into force as of the entry into force of the court decision. [RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 205. Liquidation

A private limited company shall be liquidated (liquidation proceeding) upon dissolution unless otherwise provided by law.

§ 206. Appointment of liquidators

(1) The liquidators of a private limited company shall be members of the management board unless the articles of association, a resolution of the shareholders or a court ruling prescribes otherwise. A natural person who is prohibited from acting as a member of the management board shall not be a liquidator.
[RT I 2008, 59, 330 - entry into force 01.01.2009]
(2) The residence of at least one liquidator must be in Estonia.
(3) A court shall appoint the liquidators in a compulsory dissolution or if this is requested by shareholders whose shares represent at least one-tenth of the share capital. The court shall also specify the procedure for and amount of remuneration for the liquidators.

§ 207. Removal of liquidators

(1) A liquidator who is a member of the management board, or who has been appointed in accordance with the articles of association or by a resolution of the shareholders can be recalled at any time by a resolution of the shareholders. In order to adopt such resolution, a majority of votes equal to the majority of votes necessary for appointment of a liquidator is needed.
(2) A court may recall a liquidator appointed by the court, and to appoint a new liquidator. At the request of the shareholders whose shares represent at least one tenth of the share capital, a court may also recall, for a good reason, a liquidator who is a member of the management board, or who has been appointed in accordance with the articles of association or by a resolution of the shareholders, and to appoint a new liquidator.

Page 62 / 160 Commercial Code

(3) A liquidator may resign for the same reasons and pursuant to the same procedure as a member of the management board.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 208. Entry of liquidator

(1) The management board shall submit a petition for entry of the first liquidators in the commercial register. A petition for entry in the commercial register of a change of liquidator or the right of representation of a liquidator shall be submitted by the liquidators. The resolution which constitutes the basis for the change of a liquidator or the right of representation of a liquidator shall be appended to the petition. All liquidators shall submit to the registrar a written confirmation concerning their right pursuant to law to act as liquidators.
(2) If a liquidator is appointed by a court decision, the court shall send the decision to the commercial register for entry.
(3) The names and personal identification codes of the liquidators shall be entered in the commercial register. [RT I 2006, 61, 456 - entry into force 01.01.2007]

§ 209. Rights and obligations of liquidators

(1) Liquidators have the rights and obligations of the management board which are not contrary to the nature of liquidation. Liquidation does not affect the legal relationships between the shareholders or between the shareholders and the private limited company, or the rights of the supervisory board, unless otherwise provided by law and the nature of liquidation.
(2) The liquidators shall terminate the activities of the private limited company, collect debts, sell assets and satisfy the claims of creditors.
(3) The liquidators may only conclude transactions which are necessary for liquidation of the private limited company. The right of representation of liquidators is unrestricted with regard to third persons.
(4) The right of representation of liquidators who are members of the management board does not change upon liquidation unless the articles of association, a decision of the shareholders or a court decision prescribes the changing of the right of representation into joint representation or sole representation. Liquidators appointed
by a resolution of the shareholders or a court decision may represent the private limited company only jointly, unless the resolution of the general meeting or a court decision prescribe that all or some of the liquidators may represent the private limited company alone or together. A division of the right of representation which
differs from the right of representation prescribed by law applies with respect to third persons only if it has been entered in the commercial register.
(5) During a liquidation proceeding, the notation “likvideerimisel” [in liquidation] shall be appended to the business name of the private limited company.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 210. Submission of bankruptcy petition

If the assets of a private limited company being liquidated are insufficient for satisfaction of all claims of creditors, the liquidators shall submit a bankruptcy petition.

§ 211. Accounting during liquidation

(1) A private limited company undergoing liquidation shall organise its accounting pursuant to the procedure provided by the Accounting Act unless otherwise provided by the law or the nature of liquidation.
(2) Within three months after the date of the dissolution resolution, the liquidators shall prepare, taking account of the provisions concerning the balance sheet contained in the annual report, the opening balance sheet of the liquidation and a report explaining such balance sheet which shall contain the information subject to inclusion in the annexes of the annual accounts.
(3) With the adoption of the dissolution resolution, the current financial year of the private limited company shall end and a new financial year shall begin. The liquidators shall prepare the annual accounts of the private limited company as at the end of the financial year which ends at the time of dissolution of the private limited company and as at the end of every financial year following dissolution.
(4) The shareholders shall approve the opening balance sheet of the liquidation and the annual report by a resolution. After approval, the opening balance sheet of the liquidation and the annual report shall be immediately submitted to the commercial register.

Commercial Code Page 63 / 160

(5) A court may release a private limited company from the obligation to audit the opening balance sheet of the liquidation and the annual report if the financial situation of the private limited company is sufficiently clear and auditing is evidently not necessary in the interests of the shareholders and creditors.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 212. Notification of creditors

(1) The liquidators shall promptly publish a notice of the liquidation proceeding of the private limited company in the official publication Ametlikud Teadaanded.
(2) The liquidators shall send a notice of liquidation to the known creditors.
(3) The notice of liquidation shall indicate that creditors are to submit their claims within four months after publication of the notice.

§ 213. Submission of claims

The creditors shall notify the liquidators of all their claims against the private limited company within four months after publication of the notice. A notice shall set out the content, basis and amount of the claim, and documents substantiating the claim shall be appended thereto. Failure to notify of a claim on time does not
affect the validity of the claim or restrict the right of the creditor to file an action with a court against the private limited company being liquidated.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 214. Satisfaction of claims

(1) Liquidators shall satisfy the claims of creditors of which the private limited company is aware regardless of whether or not notification of such claims has been given.
(2) If a creditor known to the private limited company has not filed a claim and the claim cannot be satisfied for reasons independent of the private limited company, the money which belongs to the creditor shall be deposited if the conditions for depositing exist.
(3) If an obligation cannot be performed during liquidation or if a claim is under dispute, the assets of the private limited company cannot be distributed between the shareholders unless the contested amount of money has been deposited and the creditor has been granted sufficient security.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 215. Final balance sheet

(1) After satisfaction of the claims of all creditors and the deposit of money, the liquidators shall prepare the final balance sheet and distribution plan for the assets remaining upon liquidation.
(2) An auditor shall audit the final balance sheet and asset distribution plan if audit of the annual report of the private limited company by an auditor is prescribed.
(3) The liquidators shall present the final balance sheet and asset distribution plan to all shareholders for examination at the registered office of the private limited company and shall notify the shareholders thereof.
(4) If the provisions of law or of the articles of association, or the resolutions of the meeting of the shareholders are not observed in the preparation of a balance sheet or asset distribution plan, a court may, based on an action by the shareholders whose shares represent at least one tenth of the share capital, order preparation of a new balance sheet or asset distribution plan, or supplementary liquidation. Such action may be filed within two months after the date on which the shareholders were informed that the balance sheet and asset distribution plan are presented to the shareholders for examination. The private limited party shall be the defendant.
[RT I 2008, 16, 116 - entry into force 15.04.2008]

§ 216. Distribution of assets

(1) After satisfying or securing all the creditors' claims and depositing the money, the remaining assets shall be distributed among the shareholders according to the nominal values of their shares pursuant to the asset distribution plan prepared by the liquidators unless the articles of association prescribe otherwise.
(2) Assets may be distributed within six months after the entry of the dissolution of the private limited company in the commercial register and within two months after the date on which the shareholders were informed that
the final balance sheet and asset distribution plan are presented to the shareholders for examination, except in the case where the balance sheet or asset distribution plan have been contested in court, the action has not been heard or has not been satisfied, or if the proceeding in the matter has been concluded.
(3) A court may allow payments to shareholders within six months after publication of the notice of liquidation unless this damages the interests of the creditors.

Page 64 / 160 Commercial Code

(4) Payments shall be made in money unless the articles of association prescribe otherwise.
(5) The liquidators need not sell assets unless this is necessary for satisfaction of the claims of creditors, and if the shareholders consent thereto.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 217. Continuation of activities of dissolved private limited company

(1) If dissolution of a private limited company is prescribed by the articles of association or is decided by the shareholders, the shareholders may, until commencement of the distribution of assets among the shareholders, decide on continuation of the activities of the private limited company or on merger, division or transformation of the private limited company. A resolution on continuation of activities shall be adopted if at least two-thirds of the votes of the shareholders who participate in the meeting or, in the cases specified in subsection 174 (2)
of this Code, at least two-thirds of the votes of the shareholders are in favour, unless the articles of association prescribe a greater majority requirement.
(2) If continuation of activities is decided, the same resolution shall designate the new management board and supervisory board, and shall reduce the share capital to the value of the remaining assets. If the assets have decreased below the amount of share capital specified in § 136 of this Code, increase of share capital shall also be decided.
(3) The liquidators shall submit a petition for entry of the continuation of activities in the commercial register. The resolution on continuation shall enter into force as of its entry in the commercial register.

§ 218. Deletion from commercial register and supplementary liquidation

(1) Liquidators shall submit a petition for deletion of a private limited company from the commercial register after the conclusion of the liquidation, however not earlier than six months after the entry of the liquidation of the private limited company in the commercial register and publication of the liquidation notice and after three months of the date on which the shareholders were informed that the final balance sheet and asset distribution plan are presented to the shareholders for examination, provided that the private limited company is not a party to any court proceedings currently conducted in Estonia. The final balance sheet and asset distribution plan shall be appended to the petition. The petition shall include a confirmation by all the liquidators that the final
balance sheet and asset distribution plan have not been contested in court, or the action has been not been heard or has not been satisfied, or that the proceeding in the matter has been terminated and the claims of the creditors of the private limited company have been satisfied or that the assets necessary to satisfy the claims have been deposited and that the private limited company is not a party to any court proceedings currently conducted in Estonia.
(2) If, after the private limited company has been deleted from the register, it becomes evident that the private limited company has assets which were not distributed and that supplementary liquidation measures are necessary, a court may, at the request of an interested person, order a supplementary liquidation and restore the rights of the former liquidators or appoint new liquidators.
(3) After a private limited company has been deleted from the register, liquidation may be carried out at the request of a creditor only in the case where the creditor proves that the creditor's claim against the private limited company was not satisfied in the liquidation proceeding, that the creditor has no other possibility for the satisfaction of the claim and that, upon restoration of the liquidation proceeding, the claim could be satisfied, or
that the private limited company should not have been deleted from the register because a dispute over the claim existed. Among other, a creditor's demand for supplementary liquidation shall not be satisfied if the creditor has failed, without good reason, to submit the creditor's claim to the liquidators on time.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 219. Preservation of documents

(1) The liquidators shall deposit the documents of a private limited company with a liquidator, a person maintaining an archive or another trustworthy person. If the liquidators have not appointed a depositary of documents, a court shall appoint one if necessary.
(2) The name, residence or registered office, and personal identification code or registry code of the depositary of documents shall be entered in the commercial register on the petition of the liquidators or, in the case of a court-appointed depositary, on the basis of the court ruling. The depositary of documents shall be exchanged and a new depositary shall be appointed based on a court ruling.
(3) The depositary of documents shall be responsible for the preservation, during the term prescribed for by law, of the documents deposited with the depositary.

Commercial Code Page 65 / 160

(4) Shareholders and their legal successors have the right to examine the deposited documents. The creditors
of the private limited company and persons with a legitimate interest in the matter may examine the documents
with the permission of the court.
[RT I 2009, 13, 78 - entry into force 01.07.2009]

§ 220. Liability of liquidators

The liquidators shall be liable in the same manner as members of the management board for any damage caused.

Part VII

PUBLIC LIMITED COMPANY

Chapter 23

GENERAL PROVISIONS

§ 221. Definition of public limited company

(1) A public limited company is a company which has share capital divided into public limited company shares. (2) A shareholder shall not be personally liable for the obligations of the public limited company.
(3) A public limited company shall be liable for performance of its obligations with all of its assets.

§ 222. Share capital

Share capital shall be denominated in euros. Share capital shall be at least 25,000 euros. [RT I 2010, 20, 103 - entry into force 01.07.2010]

§ 2221. Share with nominal value and without nominal value

(1) A share may be issued as share with nominal value or share without nominal value. The simultaneous issue and use of shares with nominal value and without nominal value is prohibited. Any shares issued in contradiction to the requirement specified in the previous sentence shall be null and void. The second sentence of subsection 223 (3) of this Code shall apply respectively.
[RT I 2010, 20, 103 - entry into force 01.07.2010]
(2) An equal part of the share capital shall conform to all shares without nominal value. The part of the share capital corresponding to one share without nominal value (book value of the share) shall be established by dividing the share capital by the number of shares.
[RT I 2010, 20, 103 - entry into force 01.07.2010]
(3) A public limited company, which has issued shares with different nominal value, may introduce shares without nominal value in case the equalisation of the nominal values of the shares is decided prior to the introduction of the share without nominal value.
[RT I 2010, 20, 103 - entry into force 01.07.2010]
(4) The number of shares without nominal value shall be deemed to be effected as of the making of an entry in the commercial register.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

Chapter 24

SHARE

§ 223. Nominal value and book value of share

(1) The minimum nominal value or book value of a share shall be ten cents.
(2) If the nominal value of a share is greater than ten cents, the nominal value shall be a multiple of ten cents.
(3) Shares with a nominal value or book value of less than ten cents shall be void. The issuers shall be solidarily liable for any damage caused by the issue of such shares.
[RT I 2010, 20, 103 - entry into force 01.07.2010]

§ 224. Indivisibility of share

A share shall be indivisible.

Page 66 / 160 Commercial Code

§ 225. Issue price of share

(1) The issue price of a share shall not be less than the nominal value or book value of the share. [RT I 2010, 20, 103 - entry into force 01.07.2010]
(2) The issue price of a share may be greater than the nominal value or book value of the share (premium). A
premium is adjusted in the cases prescribed by the applied accounting practices. A premium may be used:
[RT I 2010, 20, 103 - entry into force 01.07.2010]
1) to cover a loss of the public limited company if such loss cannot be covered by retained profit from previous
periods or the legal reserve prescribed in the articles of association;
[RT I 2005, 61, 478 - entry into force 01.12.2005]
2) to increase share capital by a bonus issue.
[RT I 2005, 61, 478 - entry into force 01.12.2005]
(3) The issue price of a share shall be paid in full by the subscriber upon issue of the share.

§ 226. Rights attaching to share

A share shall grant the shareholder the right to participate in the general meeting of shareholders and in the distribution of profits and, upon dissolution, of the remaining assets of the public limited company, as well as other rights provided by law or prescribed by the articles of association.

§ 2261. Share subscription

(1) By share subscription, a subscriber shall receive the right to receive a share and shall undertake to pay for it. (2) A subscriber may be given a certificate of subscription concerning shares which are subscribed for.
(3) A subscriber may transfer the rights and obligations attaching to a subscription. If the shares are not paid for in full, the subscriber and the transferee shall be solidarily liable for payment. The provisions for transfer of registered shares shall apply to delivery of certificates of subscription.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 227. [Repealed - RT I 2000, 57, 373 - entry into force 01.01.2001]

§ 228. Registered shares

(1) Shares shall be registered. Shares shall be entered in the Estonian Central Register of Securities. Upon foundation of a public limited company, a notice from the registrar of the Estonian Central Register of Securities concerning registration of the shares shall be annexed to the petition to be submitted to the registrar of the commercial register.
(2) The rights attaching to a registered share shall belong to the person who is entered as the shareholder in the share register.
(3) [Repealed - RT I 2000, 57, 373 - entry into force 01.01.2001] (4) [Repealed - RT I 2000, 57, 373 - entry into force 01.01.2001] (5) [Repealed - RT I 2000, 57, 373 - entry into force 01.01.2001]

§ 229. Transfer of registered share

(1) Registered shares may be freely transferred.
(2) The articles of association may prescribe that, upon transfer of shares to third persons, other shareholders have a pre-emptive right which applies to each transfer of shares for charge and the term of which shall not exceed two months as of the presentation of the transfer agreement. The seller shall notify the management board of the public limited company of entry into a contract of sale, which shall promptly notify the other shareholders thereof. The provisions of the Law of Obligations Act concerning the right of pre-emption otherwise apply to the right of pre-emption and exercise thereof.
(21) Shareholders may exercise the right of pre-emption only commonly and to the full extent. If one of the shareholders waives the right of pre-emption, the others have the right to exercise the right of pre-emption jointly and to the full extent.

Commercial Code Page 67 / 160

(22) If the articles of association of a public limited company prescribe the right of pre-emption for the shareholders, a notice concerning the right of pre-emption shall be made in the Estonian Central Register of Securities at the request of the public limited company. The disposal of share after the entry of a notation in the register is void to the extent that this prejudices or restricts the exercise of the right of pre-emption.
(3) [Repealed - RT I 2000, 57, 373 - entry into force 01.01.2001]
(4) The transferee has the right to demand to be entered as a shareholder in the share register. For the purposes of the public limited company, the share shall be deemed to be transferred as of entry of the transferee in the share register.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 230. [Repealed - RT I 2000, 57, 373 - entry into force 01.01.2001]

§ 231. Transfer of share to successor

Upon the death of a shareholder, the share shall transfer to a successor of the shareholder.

§ 232. Pledging of share

(1) A share may be pledged unless the articles of association prescribe otherwise.
(2) In order to pledge a share, a written disposition shall be prepared concerning the establishment of the pledge and a notice concerning the pledge shall be entered in the Estonian Central Register of Securities.
(3) Upon pledge of a share, the pledgor shall exercise the rights attaching to the share. [RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 233. Share register

(1) A share register concerning registered shares shall be maintained which shall set out:
1) the name, address and personal identification code or registry code of the shareholder;
2) the class and nominal value of the shares;
[RT I 2010, 20, 103 - entry into force 01.07.2010]
3) the date of subscription and acquisition of the shares.
4) [repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]
(2) The share register shall be maintained by the registrar of the Estonian Central Register of Securities. The information contained in the share register shall be determined by legislation regulating the maintenance of
the Estonian Central Register of Securities. The management board of the public limited company shall ensure timely submission of correct information provided by law to the person maintaining the share register.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 234. Access to share register

(1) The share register may be examined in accordance to the provisions of the Estonian Central Register of
Securities Act.
[RT I 2006, 55, 407 - entry into force 01.01.2007]
(2) [Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 235. Classes of shares

(1) Rights attaching to shares may be different in the case of distribution of profit according to the articles of association and in the event of division of remaining assets upon liquidation of the public limited company. Shares with the same rights form a class of shares.
(2) Rights attaching to a class of shares may be amended by a resolution of the general meeting by at least a four-fifths majority of votes in favour unless the articles of association prescribe a greater majority requirement. At least nine-tenths of the shareholders whose shares belong to the class of which the rights are amended must vote in favour of the resolution.
(3) The management board shall promptly notify all holders of registered shares in writing of an amendment to the rights attaching to a class of shares.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 236. Right to vote

(1) Each share shall grant a separate vote unless otherwise provided by law.

Page 68 / 160 Commercial Code

(2) Shares with equal nominal values shall grant an equal number of votes. If the public limited company has shares with different nominal values, the difference in votes granted by them shall correspond to the difference in nominal values.
(3) Shares without nominal value shall grant an equal number of votes. [RT I 2010, 20, 103 - entry into force 01.07.2010]

§ 237. Preferred share

(1) A public limited company may issue non-voting shares which grant the preferential right to receive dividends and to participate in the distribution of the remaining assets of the public limited company upon dissolution (preferred shares). The owner of a preferred share has all the rights of a shareholder with the exception of the right to vote.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(2) The sum of the nominal values or book values of preferred shares shall not be greater than one-third of the share capital.
[RT I 2010, 20, 103 - entry into force 01.07.2010]
(3) The articles of association may prescribe that a preferred share shall grant the right to vote in the adoption of certain resolutions (restricted voting right).
(4) The consent of all holders of preferred shares is required to adopt a resolution on cancellation or amendment of the preference of preferred shares, or on cancellation of preferred shares. Upon cancellation of the preferential right, the holders of preferred shares shall acquire the right to vote.

§ 238. Dividend on preferred share

(1) A holder of a preferred share shall be paid a dividend prior to the payment of dividends to other shareholders. The dividend shall be specified in the articles of association as a percentage of the nominal value or book value of the share unless the articles of association prescribe otherwise.
[RT I 2010, 20, 103 - entry into force 01.07.2010]
(2) The holder of a preferred share may be paid a larger dividend than prescribed by the articles of association. (3) If the public limited company does not have distributable profit or if it is insufficient, the dividends to
holders of preferred shares may be left unpaid in whole or in part. The unpaid part shall be added to the dividend
to be paid the following year, including interest in the amount provided by law.

§ 239. Acquisition and loss of right to vote

(1) If the holder of a preferred share is not paid dividends in full during two financial years, the holder of a preferred share shall acquire the right to vote. In case of a share with nominal value, the holder of a preferred share shall acquire the right to vote according to the nominal value of the share; in case of a share without nominal value, the holder of a preferred share shall acquire the right to vote according subsection 236 (3) of this Code. The votes attaching to preferred shares shall be included in the quorum of the general meeting.
[RT I 2010, 20, 103 - entry into force 01.07.2010]
(2) The holder of a preferred share shall lose the right to vote on the last day of the financial year during which a dividend is paid in full.
(3) Acquisition of the right to vote shall not exempt the public limited company from its obligation to pay dividends for the previous years and the interest provided by law, nor cancel the preferential right of the holder of a preferred share to receive dividends and to participate in the distribution of remaining assets upon dissolution.

§ 240. [Repealed - RT I 2000, 57, 373 - entry into force 01.01.2001]

§ 241. Convertible bond

(1) If prescribed in the articles of association, a public limited company may issue, for a conditional increase
of the share capital, bonds by a resolution of the general meeting, the holders of which have the right to convert
their bonds to shares (convertible bond).
(2) A convertible bond may be registered.
(3) Convertible bonds may be issued after entry of the public limited company in the commercial register.

Commercial Code Page 69 / 160

(4) At least the nominal value of a convertible bond shall be paid for the convertible bond, in money. The nominal value or book value of shares issued for the bond may be greater than the nominal value of the bond only if this difference is paid for in money.
[RT I 2010, 20, 103 - entry into force 01.07.2010]
(5) The sum of the nominal values of convertible bonds shall not be greater than one-third of the share capital.

Chapter 25

FOUNDATION

Division 1

Foundation without Share Subscription

§ 242. Founder

(1) A public limited company may be founded by one or several persons. (2) A founder may be a natural person or a legal person.

§ 243. Memorandum of association

(1) In order to found a public limited company, the founders shall conclude a memorandum of association. (2) The memorandum of association shall set out:
1) the business name, registered office and address of the public limited company being founded;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
2) the names and residences or registered offices of the founders;
3) the proposed amount of share capital;
4) the number of shares and the division of shares among the founders, and, in case of shares with nominal
value, the nominal value thereof, and, upon issue of more than one class of shares, their denotation and the
rights attaching to the shares;
[RT I 2010, 20, 103 - entry into force 01.07.2010]
5) the amount to be paid for shares and the procedure, time and place of payment;
6) if a share is paid for by a non-monetary contribution, the item of the non-monetary contribution and its
valuation method;
7) information on the members of the management board and supervisory board, and the auditor;
8) information on procurators, if appointed;
9) the projected costs of foundation and the procedure for payment thereof.
(3) By conclusion of the memorandum of association, the founders shall also approve the articles of association of the public limited company as an annex to the memorandum of association.
(4) The memorandum of association and the articles of association approved thereby shall be notarised and signed by all founders. A representative of a founder may sign the memorandum of association if the authorisation document granted to the representative is notarised. Articles of association shall be amended
after entry in the commercial register pursuant to the procedure provided for in § 300 of this Code and shall not require amendment of the memorandum of association.
(5) If the public limited company has one founder, the memorandum of association shall be substituted by a notarised foundation resolution signed by the founder.

§ 244. Articles of association

(1) The articles of association of a public limited company shall set out:
1) the business name and registered office of the Company;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
2) the amount of share capital which may be specified as a specific amount or as a minimum and maximum
capital such that the minimum capital shall be at least one-quarter of the maximum capital;
3) in case of shares with nominal value, the nominal values of the shares;
[RT I 2010, 20, 103 - entry into force 01.07.2010]
31) in case of shares without nominal value, the number of the shares, which may be specified as certain number or minimum and maximum number;
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
4) [repealed - RT I 2000, 57, 373 - entry into force 01.01.2001]
5) upon issue of more than one class of shares, the denotation of the different classes of the shares and the
rights attaching to the shares, and, in case of the shares with nominal value, the nominal value of each class of
the shares;
[RT I 2010, 20, 103 - entry into force 01.07.2010]

Page 70 / 160 Commercial Code

6) the procedure for calling the general meeting and for adoption of resolutions;
7) the number of members in the management board and supervisory board, which may be expressed as a
specific number or a maximum and minimum number, and if necessary, also the specifications for the right of
representation of the members of the management board;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
8) [Omitted - RT I 1996, 40, 773 - entry into force 08.06.1996]
9) if a share is paid for by a non-monetary contribution, the valuation method of the non-monetary
contribution;
10) the amount of legal reserve;
11) other obligatory terms and conditions provided by law.
(2) The articles of association may also prescribe other terms and conditions which are not in conflict with the law. If a provision of the articles of association is in conflict with a provision of law, the provision of law shall apply.
(3) All founders shall sign the articles of association approved by the memorandum of association. Articles of association which are amended after entry in the commercial register shall be signed by at least one member of the management board or, if the members of the management board are only authorised to represent the public limited company jointly, by all the members of the management board authorised to represent the public limited company jointly.

§ 245. Disallowance of preferences

The founders shall not reserve any rights for themselves which do not arise from the shares.

§ 246. Payment for share

(1) A contribution may be monetary or non-monetary. A share shall be paid for in money unless the articles of association prescribe payment by a non-monetary contribution.
(2) The shareholders shall pay for shares in full before submission of a petition for entry of the public limited company in the commercial register unless the memorandum of association prescribes an earlier due date. Upon a delay of payment, the provisions of § 275 of this Code shall apply.
(3) The sum to be paid for a share shall not be set off against salary, fees or other such payments by a public limited company being founded or against other claims against a public limited company being founded.

§ 247. Payment of monetary contribution

Upon foundation, the founders shall open a bank account in the name of the public limited company being founded into which monetary contributions shall be paid.

§ 248. Non-monetary contribution

(1) A non-monetary contribution may be any thing which is monetarily appraisable and transferable to the public limited company or a proprietary right which may be the object of a claim.
(2) A non-monetary contribution shall not be service or work provided to the public limited company or the activities of the founders in the foundation of the public limited company.
(3) A shareholder shall give notice of the rights of third persons with regard to a non-monetary contribution. (4) If, at the time of entry in the commercial register of a public limited company or increase of share capital,
the value of a non-monetary contribution is lower than the nominal value or book value and the premium of the
share received out of the contribution, the public limited company may demand payment by a shareholder of the
contribution in money to the extent to which the value of the contribution was lower than the nominal value or
book value and the premium. The limitation period of the claim is five years after the entry in the commercial
register of a public limited company or increase of share capital.
[RT I 2010, 20, 103 - entry into force 01.07.2010]

§ 249. Valuation of non-monetary contribution

(1) The valuation method of a non-monetary contribution shall be prescribed in the articles of association. If generally recognised experts are available for valuation of the item of a non-monetary claim, valuation by such experts of the item shall be arranged.
(2) The usual value of a thing or right shall be taken as the basis for the valuation of a non-monetary contribution.

Commercial Code Page 71 / 160

(3) An auditor shall audit the valuation of a non-monetary contribution and shall present an opinion on whether the contribution meets the requirements specified in § 248 of this Code. A sworn auditor's report shall contain a description of a non-monetary contribution and shall set out the method which was used upon valuation of the non-monetary contribution and whether the value of the non-monetary contribution covers the nominal value and the premium of the share paid for by the non-monetary contribution.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(4) The valuators and the auditor who audits the valuation shall be solidarily liable for any damage caused by an inaccurate valuation of the non-monetary contribution.

§ 2491. Securities as item of non-monetary contribution

(1) If the securities specified in subsection 2 (1) of the Securities Market Act which have been admitted for trading on a regulated securities market within the meaning of the Securities Market Act, except for holding units of investment funds and derivative contracts, are used as an item of non-monetary contribution, the valuation of the non-monetary contribution need not be audited by an auditor, provided that the securities which are the item of non-monetary contribution have been valuated based on the weighted average price which has been used for trading on one or several regulated securities markets during three months prior to the date of making the non-monetary contribution.
(2) If a non-monetary contribution is made in the manner provided in subsection (1) of this section, the management board shall publish a notice concerning the making of such contribution in the official publication Ametlikud Teadaandedwithin one month after making the non-monetary contribution and before submitting a petition for entry of the public limited company in the commercial register. Instead of publication in Ametlikud Teadaanded, the notice may be submitted to the commercial register together with the petition for entry of the public limited company in the commercial register within one month after making the contribution. The notice shall contain the following information:
1) number of the shares to be issued out of the non-monetary contribution and, in case of shares with nominal value, the nominal value of the shares;
[RT I 2010, 20, 103 - entry into force 01.07.2010]
2) item of non-monetary contribution, a description thereof and the name of the person who made the
contribution;
3) value of the non-monetary contribution, method of valuation and data of the valuator;
4) a confirmation that the value of the non-monetary contribution equals to the issue price of the shares paid
for by the non-monetary contribution, and that after valuation of the contribution, no new and significant
circumstances have arisen.
(3) In the case of increase of the share capital, the notice specified in subsection (2) shall be submitted to the commercial register.
(4) If a non-monetary contribution is made in the manner provided in subsection (1) of this section in the course of increasing the share capital pursuant to § 349 of this Code, the notice specified in subsection (2) of this
section shall be submitted to the commercial register before the date of making the non-monetary contribution. The notice shall set forth the date of adopting the resolution to increase the share capital.
(5) If a notice concerning the making of a non-monetary contribution is submitted in the manner provided in subsection (4) of this section, the management board shall submit, within one month after making the non- monetary contribution, a notice concerning the making of the non-monetary contribution to the commercial register confirming that after the submission of the notice specified in subsection (4) of this section, no new and significant circumstances have arisen. The notice shall be submitted before or simultaneously with the petition for entry of the increase of the share capital in the commercial register.
(6) If the notice specified in subsection (2) or (5) has not been submitted or published in conformance to the requirements, the non-monetary contribution shall be valuated pursuant to the procedure provided in § 249 of this Code.
(7) If extraordinary circumstances which would significantly change the value of the securities on the date of making the contribution have affected the price specified in subsection (1), the management board shall organise valuation of the securities to which § 249 of this Code shall apply.
[RT I 2008, 16, 116 - entry into force 15.04.2008]

§ 250. Petition for entry in commercial register

(1) In order to enter a public limited company in the commercial register, the management board shall submit a petition which shall set out the information specified in § 251 of this Code and shall be signed by all members of the management board. The following shall be appended to the petition:
1) the memorandum of association;
2) the articles of association;
3) a bank notice concerning the payment of share capital;
4) upon payment of a non-monetary contribution, the agreement for transfer of the contribution to the public
limited company, the documents certifying the value of the contribution, except in the case specified in § 2491of this Code;

Page 72 / 160 Commercial Code

[RT I 2008, 16, 116 - entry into force 15.04.2008]
41) reference to the date of publication of Ametlikud Teadaandedcontaining the notice specified in the first sentence of subsection 2491(2) of this Code, if the non-monetary contribution was made in the manner specified in subsection 2491(1) of this Code before entry of the private limited company in the commercial register;
[RT I 2008, 16, 116 - entry into force 15.04.2008]
5) the names and personal identification codes of the members of the supervisory board and the names and
personal identification codes of the auditors;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
51) the information on the planned principal activity; [RT I 2006, 61, 456 - entry into force 01.01.2007]
6) [repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]
7) data on the telecommunications of the public limited company (telephone and fax numbers, e-mail and
Internet home page address, etc.);
[RT I 2006, 61, 456 - entry into force 01.01.2007]
71) a notice from the registrar of the Estonian Central Register of Securities concerning registration of the shares;
8) other documents provided by law.
(2) Transfer of a non-monetary contribution to the public limited company shall be certified by the members of the management board by their signatures. If the non-monetary contribution is an immovable or a movable subject to registration, an extract from the land register or the register in which the movable is registered shall be appended to the petition.
(3) Any other petition submitted to the commercial register shall be signed by a member of the management board. A petition for entry in the commercial register of a new member of the management board shall be signed by the new member of the management board. The new member shall confirm his or her right to act as a board member in the petition. If the members of the management board only have the right to represent the public limited company jointly, all the members of the management board entitled to represent the public limited company jointly shall sign the petition submitted to the register.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(4) A public limited company shall not be entered in the commercial register if the petition for entry in
the commercial register is submitted after one year has passed since the conclusion of the memorandum of
association or passing of the foundation resolution.

§ 251. Information to be entered in commercial register

The following shall be entered in the commercial register:
1) the business name of the public limited company;
2) the registered office and address of the public limited company;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
3) the amount of share capital;
31) the number of shares without nominal value; [RT I, 02.11.2011, 1 - entry into force 12.11.2011]
4) the date of approval of the articles of association;
5) the names and personal identification codes of the members of the management board;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
6) the members of the management board entitled to represent the public limited company differently than
provided for in subsection 307 (1) of this Code;
7) the beginning and end of the financial year;
8) other information provided by law.

§ 252. Liability of founders and members of management board and supervisory board upon foundation of public limited company

(1) The founders of a public limited company, the members of the management board and supervisory
board shall be solidarily liable for damage caused to the public limited company by submission of inaccurate
or incomplete information, incorrect valuation of contribution or foundation expenses, or breach of other
obligations upon the foundation of the public limited company, unless a founder or a member of the
management board or supervisory board proves that he or she was not aware nor should have been aware of the
circumstances which caused the damage.
(2) In addition to shareholders, the persons on whose account the public limited company was founded are also liable on the basis provided in subsection (1) of this section. A person is not released from liability regardless of whether or not he or she was aware of circumstances if a shareholder acting on the shareholder's behalf was or should have been aware of such circumstances.

Commercial Code Page 73 / 160

(3) An agreement which derogates from the provisions of subsections (1) and (2) of this section shall only be valid with respect to the creditors of a public limited company if such agreement was entered into in the course of liquidation proceedings.
(4) The claims provided by subsections (1) and (2) of this section expire after five years of the entry of a public limited company in the commercial register and, in the case the act which constituted the basis for the causing of damage was committed later, five years after the commission of such act.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 253. Transactions concluded before entry in commercial register

(1) Persons who conclude a transaction in the name of a public limited company being founded before entry of the public limited company in the commercial register shall be solidarily liable for performance of the obligations arising from the transaction.
(2) The obligations specified in subsection (1) of this section shall transfer to the public limited company as of entry of the public limited company in the commercial register if the person who concluded the transaction had the right to conclude the transaction.
(3) If a person does not have the right to conclude a transaction, the obligations arising from the transaction shall transfer to the public limited company if the general meeting approves the transaction.
(4) If the assets of the public limited company are not sufficient to satisfy a claim of a creditor of the public limited company, the founders shall be personally and solidarily liable to the creditor of the public limited company for performance of the obligations of the public limited company to the extent that the assets of the public limited company are decreased due to the obligations incurred for the public limited company before
entry of the public limited company in the commercial register. The limitation period for such claim shall be five years from entry of the public limited company in the commercial register.

§ 254. [Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 255. Validity of contract

(1) Within two years after entry of a public limited company in the commercial register, the public limited company may acquire assets with a value exceeding one-tenth of the share capital from a shareholder or a person with an economic interest equivalent to that of the shareholder on the basis of a contract only by a resolution of the general meeting. The above does not apply for acquisition of assets on exchanges or in the course of everyday business activities.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(2) The assets shall be valuated pursuant to the procedure provided for in § 249 of this Code.
(3) The management board shall, immediately after an auditor has audited the valuation of the assets specified in subsection (1) of this section, submit the contract for transfer of the asset, the documents in proof of the value of the assets and an opinion signed by the auditor on valuation of the assets to the commercial register.
[RT I 2008, 16, 116 - entry into force 15.04.2008]

Division 2

[Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]

Chapter 26

SHAREHOLDER AND PUBLIC LIMITED COMPANY

§ 272. Equality of shareholders

The shareholders shall be treated equally under equal circumstances.

§ 273. Obligation of shareholder to pay contributions

A shareholder shall not be required to pay a contribution exceeding the nominal value or book value and premium of the share without the shareholder's consent.
[RT I 2010, 20, 103 - entry into force 01.07.2010]

§ 274. Prohibition on refund of contribution and on accrual of interest on contribution

(1) A contribution paid by a shareholder shall not be refunded, nor shall any interest be paid on a contribution. (2) Payment of the purchase price by the public limited company upon repurchase of its own shares shall be
deemed not to be a refund of contribution.

Page 74 / 160 Commercial Code

§ 275. Consequences of delay of contribution

(1) A shareholder who fails to pay for the shareholder's share on time is required to pay a fine on delay in the amount provided by law to the public limited company unless otherwise provided by the articles of association. The above does not preclude or restrict the right to file a claim for compensation of damages exceeding the amount of the fine for delay.
(2) The management board shall send a notice to a shareholder who delays in payment demanding payment during the term specified in the letter, indicating that the shareholder shall lose the shareholder’s share if payment is not made. The term for payment shall be at least fifteen days after the notice is sent.
(3) If the shareholder does not pay the deficient sum during the term specified in the notice, the shareholder
shall lose the shareholder’s share and the public limited company has the right to transfer it to other shareholders
or third persons. A sum paid by the shareholder which does not exceed one-fifth of the nominal value or book
value of the share shall be transferred to the legal reserve, and the remainder of the sum shall be refunded to the
shareholder.
[RT I 2010, 20, 103 - entry into force 01.07.2010]

§ 276. Payment to shareholders

(1) A public limited company may only make payments to shareholders from net profit or from retained profits from previous financial years from which uncovered losses from previous years have been deducted, pursuant to law.
(2) A shareholder shall be paid a share of profit (dividend) according to the nominal value or book value of the shareholder’s shares. The articles of association may prescribe different rights attaching to different classes of shares with regard to distribution of profit.
[RT I 2010, 20, 103 - entry into force 01.07.2010]

§ 277. Procedure for payment of dividends

(1) Dividends may be paid on the basis of the approved annual report.
(2) The procedure for payment of dividends shall be prescribed in the articles of association or by a resolution of the general meeting.
(3) The articles of association may give the management board of a public limited company the right to make advance payments to the shareholders with the consent of the supervisory board after the end of a financial year and before approval of the annual report on account of the presumed profit in the amount of up to one half of the amount subject to distribution among the shareholders.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 278. Amount of dividend

The amount of a dividend shall be approved by the general meeting. The management board shall present a proposal concorded with the supervisory board. Payments shall not be made to shareholders if the net assets of the public limited company, as apparent from the annual report approved at the end of the previous financial year of the public limited company, are less than or would be less than the total of share capital and reserves which pursuant to law or the articles of association shall not be paid out to shareholders.

§ 279. Payment of dividend

(1) A shareholder has the right to demand payment of a dividend prescribed by a resolution of the general meeting.
(2) The dividend shall be paid in money. Upon the consent of the shareholder, the dividend may also be paid in other assets.

§ 280. Return of illegal dividend

(1) If a shareholder is made a payment which the shareholder does not have a right to receive, the shareholder shall return the payment which is received without basis.
(2) If upon receipt of the payment, the shareholder did not know nor should have known that it was paid to
the shareholder without basis, return of the payment may be demanded only if it is necessary for satisfying the
claims of the creditors of the public limited company.

Commercial Code Page 75 / 160

(3) A claim for return of the payment specified in subsection (1) of this section may also be submitted by a creditor of the public limited company if the assets of the public limited company are not sufficient to satisfy
the claims of the creditor. In the course of bankruptcy proceedings of a public limited company, only a trustee in bankruptcy may file a claim on behalf of the public limited company.
(4) An agreement which derogates from the provisions of subsections (1)–(3) of this section shall only be valid with respect to the creditors and trustees in bankruptcy of a public limited company if such agreement was entered into in the course of bankruptcy proceedings of the public limited company. Set-off of claims is prohibited.
(5) The claims specified in subsections (1)–(3) of this section expire after five years of payment of the dividends.
(6) The members of the management board and supervisory board who caused the making of the unlawful payment shall be liable for the return of the payment solidarily with the shareholder who received such payment. [RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 281. Prohibited loans

(1) A public limited company shall not grant a loan:
1) to one of its shareholders whose shares represent more than 1 per cent of the share capital;
2) to a shareholder or member of its parent undertaking, whose shares represent more than 1 per cent of the
share capital of the parent undertaking;
3) to a person to acquire shares of the public limited company;
4) to a member of its management board or supervisory board or its procurator.
(2) [Repealed - RT I 2000, 29, 172 - entry into force 17.04.2000]
(21) A subsidiary may grant a loan to its parent undertaking or to a shareholder of the parent undertaking or to a member who forms the same group as the subsidiary if this does not harm the financial status of the public limited company or the interests of creditors. A subsidiary shall not grant a loan for acquiring a share of the public limited company to the persons specified in the first sentence of this subsection.
[RT I 2008, 16, 116 - entry into force 15.04.2008]
(3) A public limited company shall also not guarantee a loan taken by the persons specified in subsection (1) of this section. The prohibition does not apply to guaranteeing a loan taken by the parent undertaking or guaranteeing a loan taken by a shareholder or member of the parent undertaking who forms the same group as the subsidiary if this does not harm the financial status of the public limited company or the interests of creditors. A public limited company shall not guarantee a loan taken for acquisition of a share of the public limited company.
[RT I 2008, 16, 116 - entry into force 15.04.2008]
(4) Transactions in violation of the provisions of subsections (1) and (21) of this section are void. Violation of the provisions of subsection (3) of this section does not result in the nullity of the transaction but the person whose loan was secured must compensate the damage caused to the public limited company by the provision of the security.
(5) The provisions of subsections (1)–(4) of this section correspondingly apply to credit agreements and other economically equivalent transactions.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 282. Subscription for own shares

(1) A public limited company shall not itself or through a third person acting at the expense of the public limited company subscribe for its own shares.
(2) A subsidiary shall not subscribe for shares of its parent undertaking.

§ 283. Acquisition or taking as security of own shares

(1) A public limited company shall not itself or through a third person acting in its own name but at the expense of the public limited company acquire or take as security its own shares unless otherwise provided by law.
(2) The acquisition or taking as security of its own shares by a public limited company shall be permitted if:
1) this occurs within five years after adoption of a resolution of the general meeting which specifies the terms
and conditions and term for the acquisition or taking as security of shares and the minimum and maximum
amounts to be paid for the shares;
[RT I 2008, 16, 116 - entry into force 15.04.2008]
2) the sum of the nominal values or book values of the shares held or taken as security by the public limited
company does not exceed one-tenth of the share capital; and
[RT I 2010, 20, 103 - entry into force 01.07.2010]

Page 76 / 160 Commercial Code

3) acquisition of the shares does not cause the net assets to become less than the total of share capital and reserves which pursuant to law or the articles of association shall not be paid out to shareholders.
[RT I 2008, 16, 116 - entry into force 15.04.2008]
(3) The public limited company may acquire its own shares by a resolution of the supervisory board without a resolution of the general meeting if the acquisition of shares is necessary to prevent significant damage to the public limited company. The shareholders shall be informed of the circumstances surrounding and the details of the acquisition of shares at the next general meeting of shareholders.
[RT I 2008, 16, 116 - entry into force 15.04.2008]
(4) A public limited company may acquire its own shares without the restrictions provided for in subsection (2)
of this section if the shares are acquired by succession.
(5) A public limited company’s own shares shall not grant the public limited company any rights of a shareholder.
(6) In the course of ongoing transactions, a credit institution or another professional securities market participant is permitted to take as security own shares to the extent of up to one-tenth of the share capital.
(7) A transaction constituting an obligation which is in conflict with the provisions of subsections (1), (2) or (6) of this section is void. The above does not affect the validity of the acquisition of a share or taking of a share as security.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 284. Transfer of own shares

(1) [Repealed - RT I 2008, 16, 116 - entry into force 15.04.2008]
(2) If a public limited company has acquired or taken as security its own shares based on subsection 283 (4)
of this Code, and the total of the nominal values or book values thereof, including the sum total of the nominal
values or book values of the own shares belonging to or taken as security by the public limited company is
higher than 1/10 of the share capital, then the shares acquired or taken as security in such manner which exceed
the 1/10 shall be transferred or taking them as security shall be terminated within three years after the transfer or
taking as security.
[RT I 2010, 20, 103 - entry into force 01.07.2010]
(3) If a public limited company acquires or takes as security its own shares illegally, the shares shall be transferred or the taking as security shall be terminated within one year after the acquisition or taking as security. [RT I 2008, 16, 116 - entry into force 15.04.2008]
(4) If the shares are not transferred or the taking as security is not terminated during the term specified in subsections (2) or (3) of this section, the shares shall be cancelled and the share capital reduced accordingly. [RT I 2008, 16, 116 - entry into force 15.04.2008]

§ 285. Mutual acquisition of shares

A subsidiary may acquire or take as security shares of its parent undertaking on the same terms and conditions as its own shares. If a subsidiary acquires or takes as security shares of its parent undertaking, it shall be
deemed, for the purposes of this Code, that the parent undertaking has acquired such shares or taken such shares as security.

§ 286. Jointly held share

(1) If a share is held by several persons jointly, these persons may only exercise the rights attaching to the
share jointly. The above does not apply to a public limited company if the public limited company has not been
informed of the common ownership of the share.
(2) The common owners of a share shall be solidarily liable for the obligations attaching to the share. (3) A common owner of a share has the right to demand the entry of the owner in the share register.
(4) If the shareholders have not appointed a common representative for performance of the rights arising from the share, a transaction performed by the public limited company with respect to the joint owners is deemed to be valid even if such act was performed with respect to only one shareholder or some of the shareholders.
[RT I 2009, 13, 78 - entry into force 01.07.2009]

Commercial Code Page 77 / 160

§ 287. Right of shareholder to information

(1) A shareholder has the right to receive information on the activities of the public limited company from the management board at the general meeting.
(2) The management board may refuse to give information if there is a basis to presume that this may cause significant damage to the interests of the public limited company.
(3) If the management board refuses to give information, the shareholder may demand that the general meeting decide on the legality of the shareholder's request or to file, within two weeks after the general meeting,
a petition to a court by way of proceedings on petition in order to obligate the management board to give information.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 288. [Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 289. Liability of shareholder

(1) A shareholder shall be liable for any damage wrongfully caused to the public limited company, another shareholder or third persons, in the capacity of shareholder.
(2) A shareholder shall not be liable for any damage caused if the shareholder did not participate in the adoption of the resolution of the general meeting which was the basis for the cause of damage or if the shareholder voted against the resolution.
[RT I 2002, 53, 336 - entry into force 01.07.2002]

§ 2891. Public limited company with one shareholder

(1) If all the shares in a public limited company belong to one single shareholder or if, in addition to the single shareholder, the shares of the public limited company are owned only by the public limited company itself, the management board shall immediately submit a corresponding written notice to the registrar of the commercial register. The notice shall set out the name, address and personal identification code or registry code of the single shareholder. The notice shall be preserved in the business file.
(2) The members of the management board shall be solidarily liable for damage caused by violation of the notification requirement provided for in subsection (1) of this section.

§ 2892. Liability for damaging public limited company by influencing activity of public limited company

(1) A person who, by misusing his or her influence, influences a member of the management board or supervisory board to act contrary to the interests of the public limited company, is liable to compensate any damage incurred thereby to the public limited company.
(2) In the event specified in subsection (1) of this section, a member of the management board or supervisory board who violated his or her obligations shall be solidarily liable with the person who influenced him or her unless he or she proves that he or she has performed his or her obligations with due diligence.
(3) In the case specified in subsection (1) of this section, the persons who derived gains from such damage shall also be held liable solidarily with the person who misused his or her influence.
(4) The limitation period for the claims specified in subsections (1)–(3) of this section is five years.
(5) A claim for payment of compensation for the damage specified in subsection (1)–(3) of this section to
a public limited company may also be submitted by a creditor of the public limited company if the assets of
the public limited company are not sufficient to satisfy the claims of the creditor. In the case of declaration of
bankruptcy of a public limited company, only a trustee in bankruptcy may file a claim on behalf of the public
limited company.
(6) A creditor or trustee in bankruptcy has the right to file the claim specified in subsection (5) of this section also if the public limited company has waived the claim or has entered into a contract of compromise with such member or resulting from an agreement, has limited the claim or filing thereof in another manner or reduced the limitation period.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

Chapter 27

MANAGEMENT

Division 1

Page 78 / 160 Commercial Code

General Meeting

§ 290. Nature of general meeting

(1) Shareholders shall exercise their rights in a public limited company at the general meeting of shareholders unless otherwise provided by law.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(2) The general meeting of shareholders is the highest managing body of a public limited company.

§ 2901. Electronic participation in general meeting of listed public limited company

(1) If the shares of a public limited company have been admitted for trading on a regulated securities market (hereinafter listed public limited company), the articles of association of this public limited company may prescribe that the shareholders may participate in the general meeting and exercise their rights using electronic means without physically attending the general meeting and without appointing a representative if it is possible in a technically secure manner (hereinafter electronic participation). The articles of association may prescribe, inter alia, the following ways of electronic participation:
1) participation in a general meeting by means of real-time two-way communication throughout the general meeting or in another similar electronic way, which enables the shareholder to watch the general meeting from a remote location, vote using electronic means throughout the general meeting on each draft of the resolution and address the general meeting at the time determined by the chairman of the meeting;
2) electronic voting pursuant to § 2981of this Code.
(2) Electronic participation shall be governed by subsection 2981(3) of this Code respectively. [RT I 2009, 51, 349 - entry into force 15.11.2009]
(3) The provisions of this Chapter do not apply to the general meeting of a listed public limited company if resolution tools or powers are implemented with regard to the listed public limited company on the basis of the Financial Crisis Prevention and Resolution Act.
[RT I, 19.03.2015, 3 - entry into force 29.03.2015]

§ 291. Annual general meeting

(1) An annual general meeting shall be held at least once a year. The general meeting is annual if its agenda includes the approval of the annual report.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(2) The management board shall call the annual general meeting pursuant to the procedure and at the time prescribed by the articles of association but not later than six months after the end of the financial year. Allowing the term to expire does not affect the validity of the resolutions passed by the meeting.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 292. Special general meeting

(1) The management board shall call a special general meeting in the cases prescribed by the articles of association, and also if:
1) the net assets of the public limited company are less than one-half of the share capital or less than the amount of share capital specified in § 222 of this Code or other minimum amount of share capital provided by law;
2) this is demanded by shareholders whose shares represent at least one-tenth of the share capital, and in case of a listed public limited company, by shareholders whose shares represent at least one-twentieth of the share capital; or
[RT I 2009, 51, 349 - entry into force 15.11.2009]
3) this is demanded by the supervisory board or the auditor;
4) this is clearly in the interests of the public limited company.
(2) If the management board does not call a general meeting within one month after receipt of a demand from the shareholders, the supervisory board or the auditor or the management board does not call a general meeting with the demanded agenda, the shareholders, the supervisory board or the auditor have the right to call the general meeting themselves.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(3) A special general meeting shall not be called if the time between becoming aware of the decrease of assets or submission of the demand and the annual general meeting is less than two months.

Commercial Code Page 79 / 160

§ 293. Agenda of general meeting

(1) If a general meeting is called by the management board or the supervisory board, the agenda of the general meeting shall be determined by the supervisory board. If the general meeting is called by the shareholders or the auditor, they shall determine the agenda of the general meeting.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(2) The management board or the shareholders whose shares represent at least one-tenth of the share capital, and in case of a listed public limited company, the shareholders whose shares represent at least one-twentieth of the share capital, may demand the inclusion of additional issues on the agenda of the general meeting if the respective demand has been submitted no later than 15 days before the general meeting is held.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(21) If a special general meeting is called at the request of the auditor or the shareholders, the auditor or the shareholders, at whose request the general meeting is called, may demand simultaneously with the submission of an application for calling the general meeting the inclusion of an issue on the agenda of the special general meeting.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(3) An issue which is initially not on the agenda of a general meeting may be included on the agenda with the consent of at least nine-tenths of the shareholders who participate in the general meeting if their shares represent at least two-thirds of the share capital. The votes represented by the shares of the shareholders participating in
the general meeting in a way specified in subsection 2981(1) and subsection 2982(1) of this Code shall not be taken into account for the purposes of this subsection as part of the quorum of the general meeting.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(4) A general meeting may decide on calling the next meeting and settle submissions concerning operational issues related to the agenda or to the procedure for holding the meeting without including such matters in the agenda beforehand, and to discuss other matters at the general meeting without deciding on such matters.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 2931. Draft of resolution

(1) If the general meeting is called by the management board, the management board shall prepare a draft of the resolution in respect to each item on the agenda.
(2) If the general meeting is called by the shareholders, the supervisory board or an auditor, they shall prepare
a draft of the resolution in respect to each item on the agenda. The drafts of the resolutions shall be submitted to
the management board prior to the notification about calling the general meeting. The drafts of the resolutions
may be additionally included in the notice on calling the general meeting.
(3) In case of using the rights specified in subsection 293 (2) or (21) of this Code, the shareholders or the auditor shall simultaneously with the demand on the modification of the agenda submit to the public limited company a draft of the resolution or substantiation regarding each additional issue.
(4) The shareholders whose shares represent at least one-tenth of the share capital, and in case of a listed public limited company, the shareholders whose shares represent at least one-twentieth of the share capital may submit to the public limited company a draft of the resolution in respect to each item on the agenda. The right specified in the previous sentence may not be used later than three days before holding a general meeting.
(5) The public limited company shall make the drafts of the resolutions and substantiations prepared by the management board and submitted by the shareholders, the supervisory board or an auditor available to the shareholders in the location determined by the public limited company. Failure to make the drafts of the resolutions specified in subsection (2) of this section available shall not constitute a material violation of the procedure of calling a general meeting.
(6) In the case specified in subsections (3) and (4) of this section, the public limited company shall make the submitted drafts of the resolutions and substantiations together with the drafts of the resolutions prepared by the management board in respect to additional items on the agenda available to the shareholders immediately after the submission thereof to the public limited company if these are submitted to the public limited company after the notification about holding the general meeting.
[RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 294. Notice calling general meeting

(1) The management board shall send a notice of the general meeting to all shareholders. The notice shall be sent to the address entered in the share register by registered mail. If the public limited company has more than
50 shareholders, notices need not be sent to the shareholders, however a notice of the general meeting shall
be published in at least one daily national newspaper. A listed public limited company shall publish the notice
calling the general meeting also in a way that provides the opportunity to quickly access the notice using for this

Page 80 / 160 Commercial Code

purpose the means of information, in case of which the efficient transmission of the information to the public in the entire European Union can be presumed.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(11) The notice specified in subsection (1) of this section may also be forwarded by sending an unregistered letter, fax or by electronic means provided that a notice concerning the obligation to immediately send acknowledgement of receipt of the document is appended to the notice. A notice sent by unregistered
letter, fax or electronic mail is deemed to have been delivered if the recipient sends the management board acknowledgement of receipt of the document in writing, by fax or electronic mail at the recipient's discretion. [RT I 2007, 67, 413 - entry into force 28.12.2007]
(2) [Repealed - RT I 2000, 57, 373 - entry into force 01.01.2001]
(3) Notice of an annual general meeting shall be given at least three weeks in advance unless the articles of association prescribe a longer term. Notice of a special general meeting shall be given at least one week in advance unless the articles of association prescribe a longer term. The first sentence of this subsection shall be applied to the advance notice of a special general meeting of a listed public limited company.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(31) If a public limited company is aware or should be aware that the address of a shareholder differs from the address entered in the share register, the notice shall also be sent to that address. The notice shall be sent in such manner that, under normal conditions of delivery, it would reach the addressee at least by the due date specified in subsection (3) of this section.
(4) A notice calling a general meeting shall set out:
1) the business name and registered office of the public limited company;
2) the time and place of the general meeting;
3) a notation with regard to whether the meeting is annual or special;
4) the agenda of the general meeting;
5) the explanation of the fact as at what date the set of shareholders entitled to take part in a general meeting
shall be determined;
6) the information regarding the procedure and term for exercising the rights specified in § 287, subsections
293 (2) and (21) and subsection 2931(4) of this Code;
7) if the public limited company provides an opportunity for electronic participation in a general meeting
or voting using electronic means or by mail, the information regarding the procedure and term for electronic
participation or voting using electronic means or by mail;
8) if the agenda of a general meeting includes the approval of the annual report, amendments to the articles
of association or consent to a contract, the place where it is possible to examine the annual report, the sworn
auditor's report, the profit distribution proposal, the draft of the articles of association or the contract or draft
thereof and the procedure for the examination of these documents;
[RT I 2010, 9, 41 - entry into force 08.03.2010]
9) the place where it is possible to examine the drafts of the resolutions submitted by the management board,
the supervisory board, the shareholders or an auditor and the substantiations submitted by the shareholders in
respect to the items on the agenda and the procedure for the examination of these documents;
10) the place where it is possible to examine other documents submitted to the general meeting pursuant to law
and the procedure for the examination of these documents;
11) in case of a listed public limited company, the homepage address of the public limited company where the
information specified in § 2941of this Code shall be published;
12) in case of a listed public limited company, the information regarding the participation in a general
meeting by proxy, including the information on the blanks, which have to be used when voting on the basis of
authorisation if the use of such blanks is necessary pursuant to law, the articles of association or the resolution
of the supervisory board or the management board, and the information regarding the notification procedure of
the public limited company of the appointment of a representative and revocation of the authorisation pursuant
to subsection 297 (41) of this Code;
13) other important circumstances related to the general meeting.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(41) The notice calling the general meeting need not specify the procedure for exercising the rights specified in clause (4) 6) of this section if this procedure can be examined under the procedure specified in subsection (43) of this section on the homepage of the public limited company, and the notice contains the reference to this opportunity and the homepage address of the public limited company.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(42) If the documents specified in clauses (4) 8)–10) of this section have been made available to the
shareholders on the homepage of the public limited company and the notice calling the general meeting contains

Commercial Code Page 81 / 160

the reference to this opportunity and the homepage address, the public limited company need not provide an opportunity to examine the documents in any other way.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(43) It shall be possible to examine the documents specified in clauses (4) 8)–10) of this section at least as of the notification of the general meeting until the date of holding the general meeting unless otherwise provided by law.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(5) Concerning each item on the agenda, the supervisory board shall present its proposal which shall be entered in the notice calling the general meeting. Failure to include the proposal in the notice shall not constitute a material violation of the procedure of calling the general meeting.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(6) If following the notification about calling the annual general meeting the agenda is amended at the request
of the management board or the shareholders, the notice of the amendments to the agenda shall be given prior to
holding the annual general meeting under the same procedure as calling the general meeting. The notice of the
amendments to the agenda before holding the general meeting shall be given at least one week in advance unless
the articles of association prescribe a longer term.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(61) The provisions of subsection (6) of this section do not apply if resolution tools or powers are implemented with regard to the listed public limited company on the basis of the Financial Crisis Prevention and Resolution Act.
[RT I, 19.03.2015, 3 - entry into force 29.03.2015]
(62) In case of a listed public limited company, a term for advance notice of a general meeting which is shorter than that provided for in subsection (3) of this section may be prescribed if the shareholders who represent at least 2/3 of the share capital agree thereto and if it is decided to increase the share capital to avoid the public limited company experiencing solvency problems pursuant to the provisions of the Financial Crisis Prevention and Resolution Act.
[RT I, 19.03.2015, 3 - entry into force 29.03.2015]
(7) The costs of sending or publishing the notice calling the general meeting shall be borne by the public limited company.
[RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 2941. Publication of information related to general meeting on homepage of listed public limited company

(1) A listed public limited company shall publish the following on its homepage:
1) the notice calling the general meeting;
2) the documents specified in clauses 294 (4) 8)-10) of this Code;
3) the total number of shares and voting rights related to shares, and, if the public limited company has several
classes of shares, the total number of shares and voting rights related to shares in the cross-section of the classes
of shares on the day of sending or publishing the notice calling the general meeting;
4) the blanks specified in clause 294 (4) 12) and subsection 2982(3) of this Code, excluding the case when the public limited company has send these together with the notice calling the general meeting to all the shareholders.
(2) If the blanks specified in clause (1) 4) of this section cannot be published on the homepage of the public limited company due to technical reasons, the public limited company shall specify on its homepage under what procedure the shareholders have the opportunity to receive the blanks on paper. In such case, the public
limited company shall immediately send the blanks by mail to each shareholder who has requested it. The costs of sending the blanks shall be borne by the public limited company.
(3) The information and documents specified in subsections (1) and (2) of this section shall be available to the shareholders on the homepage of the public limited company for three weeks prior to holding the general meeting and on the day of holding the general meeting unless a longer term is prescribed by law. If the notice
on calling the general meeting is provided pursuant to subsection 1711(3) of the Securities Market Act less than three weeks in advance, the term specified in the previous sentence shall be reduced respectively.
[RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 295. Place of general meeting

A general meeting shall be held at the registered office of the public limited company unless the articles of association prescribe otherwise.

Page 82 / 160 Commercial Code

§ 296. Violation of procedure for calling general meeting

If the requirements of law or of the articles of association for calling a general meeting are materially violated, the general meeting shall not have the right to adopt resolutions except if all the shareholders participate in
or all the shareholders are represented at the general meeting. Resolutions adopted at such meeting are void unless the shareholders with respect to whom the procedure for calling the meeting was violated approve of the resolutions.
[RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 297. Procedure of general meeting

(1) A general meeting may adopt resolutions if shareholders who own over one-half of the votes represented by shares participate in the general meeting unless the articles of association prescribe a greater participation requirement.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(2) If the shareholders specified in subsection (1) of this section do not participate in the general meeting, the management board shall, within three weeks but not earlier than after seven days, call another meeting with the same agenda. The new general meeting is competent to adopt resolutions regardless of the votes represented at the meeting.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(3) A list of shareholders who participate in the general meeting which shall set out the names of the shareholders who participate in the general meeting, the number of votes attaching to their shares, the way of participation in the general meeting and the names of the representatives of shareholders shall be prepared at a general meeting. If a shareholder has voted prior to the general meeting using electronic means or by mail, the list shall also specify the voting date. The list shall be signed by the chairman of the meeting and the recording secretary, and by each shareholder physically attending the general meeting or the shareholder's representative. [RT I 2009, 51, 349 - entry into force 15.11.2009]
(4) A shareholder in person or a representative of a shareholder, the availability of whose right of representation shall be certified by a written document, may participate in a general meeting unless otherwise provided by law. The participation of a representative shall not deprive the shareholder of the right to participate in the general meeting.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(41) A listed public limited company shall provide a shareholder with an opportunity to notify the public limited company about the appointment of a representative and the withdrawal by the principal of the authorisation in
a secure manner that ensures the identification of shareholders in a format which can be reproduced in writing. The articles of association may establish a precise procedure of the notification about the appointment of a
representative and the withdrawal of the authorisation. The second and third sentence of subsection 2981(3) of this Code shall apply respectively.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(5) Unless a shorter term is provided by the articles of association, the set of shareholders entitled to take part
in a general meeting shall be determined as at seven days before the date of holding the general meeting. The set
of shareholders entitled to take part in a general meeting of a listed public limited company shall be determined
as at seven days before the date of holding the general meeting, unless the articles of association prescribe that
the set of shareholders entitled to take part in the general meeting shall be determined on the day of the general
meeting prior to the beginning of the general meeting.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(6) The costs of organising a general meeting of shareholders shall be borne by the public limited company. If a general meeting is called at the request of shareholders or if shareholders themselves call the meeting, or the meeting is called by a resolution of a general meeting which receives at least two thirds of the votes represented at the general meeting, the shareholders who called the meeting or requested the calling of the meeting may be required to cover the costs of the general meeting unless otherwise provided by law.
[RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 298. Competence of general meeting

(1) A general meeting is competent to:
1) amend the articles of association;
2) increase and reduce share capital;
3) issue convertible bonds;
4) elect and remove members of the supervisory board;
5) elect an auditor;

Commercial Code Page 83 / 160

6) designate a special audit;
7) approve the annual report and distribute profit;
8) decide on dissolution, merger, division or transformation of the public limited company;
9) decide on conclusion and terms and conditions of transactions with the members of the supervisory board,
decide on the conduct of legal disputes with the members of the management board or supervisory board, and
appointment of the representative of the public limited company in such transactions and disputes;
10) decide on other matters placed in the competence of the general meeting by law.
(2) A general meeting may adopt resolutions on other matters related to the activities of the public limited company at the request of the management board or supervisory board. The shareholders shall be solidarily liable in the same manner as members of the management board or supervisory board for damage caused by resolutions adopted under such conditions.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 2981. Electronic voting

(1) The articles of association of a public limited company may prescribe that the shareholders may vote on the draft resolutions prepared in respect to the items on the agenda of a general meeting using electronic means prior to the general meeting or during the general meeting if it is possible in a technically secure manner.
(2) The shareholder who voted using electronic means shall be deemed to have taken part in the general meeting and the votes represented by the shareholder's shares shall be accounted as part of the quorum of the general meeting unless otherwise provided by law. If only draft resolutions that were not disclosed before a general meeting are voted on during the general meeting, in respect to which the shareholder did not submit any votes, the shareholder shall not be deemed to have taken part in the general meeting.
(3) The articles of association prescribe the precise procedure of the organisation of the electronic voting.
The articles of association may prescribe that the procedure of the electronic voting shall be determined by the
management board. The procedure determined by the articles of association or the management board shall
ensure the identification of the shareholders and the security and reliability of the electronic voting and be
proportionate for the achievement of the above objectives.
(4) Electronic voting shall take place in electronic format. In case of a listed public limited company, the electronic voting shall be conducted in a format which can be reproduced in writing. The articles of association may prescribe the moment of time until which it is possible to vote using electronic means prior to the general meeting or during the general meeting.
(5) The articles of association or a resolution of the management board or the supervisory board may prescribe that the general meeting shall be transmitted in full or in part in real time via the Internet, using two-way communication or any other technically secure manner. Watching the transmission shall not be considered participation in the general meeting for the purposes of this Code unless otherwise provided by law.
[RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 2982. Voting by mail

(1) The articles of association of a public limited company may prescribe that the shareholder may vote on the draft resolutions prepared in respect to the items on the agenda of a general meeting by submitting his or her vote to the public limited company prior to the general meeting by mail in writing.
(2) The shareholder who voted by mail shall be deemed to have taken part in the general meeting and the votes represented by the shares owned by the shareholder shall be accounted as part of the quorum of the general meeting unless otherwise provided by law. If only draft resolutions that were not disclosed before a general meeting are voted on during the general meeting, in respect to which the shareholder did not submit any votes, the shareholder shall not be deemed to have taken part in the general meeting.
(3) A blank shall be used for voting by mail, which shall be delivered to the shareholder pursuant to clause
2941(1) 4) of this Code. The articles of association may prescribe more detailed requirements towards the blank, which is necessary for voting by mail.
(4) The articles of association shall prescribe the precise procedure for voting by mail, inter alia, the term, by which the votes may be sent by mail, and the procedure for changing or cancelling the votes sent by mail and the term before holding the general meeting. The procedure determined by the articles of association shall ensure
the identification of the shareholders and the security and reliability of voting by mail and be proportionate for the achievement of the above objectives.
[RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 299. Resolution of general meeting

(1) A resolution of a general meeting shall be adopted if over one-half of the votes represented at the general meeting are in favour unless the law or the articles of association prescribe a greater majority requirement. In the cases provided by law or prescribed by the articles of association, the support of the owners of special classes of

Page 84 / 160 Commercial Code

shares, to the extent prescribed by law or the articles of association, shall also be required for the adoption of a resolution.
(2) In the election of a person at a general meeting, the candidate who receives more votes than the others shall be deemed to be elected. Upon an equal division of votes, lots shall be drawn unless the articles of association prescribe otherwise.
(3) The list of shareholders referred to in subsection 297 (3) of this Code shall serve as the basis for the calculation of votes.

§ 300. Resolution on amendment of articles of association

(1) A resolution on amendment of the articles of association shall be adopted if at least two-thirds of the votes represented at a general meeting are in favour unless the articles of association prescribe a greater majority requirement. If a public limited company has several classes of shares, a resolution on amendment of the articles of association shall be adopted if, in addition to the provisions of the first sentence, at least two-thirds of the votes represented at the general meeting of each class of share are in favour unless the articles of association prescribe a greater majority requirement.
(2) A resolution on amendment of the articles of association shall enter into force as of the making of a corresponding entry in the commercial register. The resolution of the general meeting on amendment of
the articles of association, the minutes of the general meeting and the new text of the articles of association shall be appended to the petition submitted to the commercial register. In case of introducing a share without nominal value or with nominal value, the notice from the registrar of the Estonian Central Register of Securities regarding the fact that the public limited company has notified the registrar about the introduction of the share without nominal value or with nominal value shall also be enclosed to the petition filed with the commercial register in addition to the documents specified in the previous sentence. In case of introducing a share without nominal value, the petition shall also indicate the number of shares.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 301. Decrease of assets

If the net assets of a public limited company are less than one-half of the share capital, or less than the amount
of share capital specified in § 222 of this Code or another minimum amount of share capital provided by law, the
general meeting shall decide on:
1) a reduction or increase of share capital on the condition that the net assets would thereby form at least one-
half of the share capital and at least the share capital specified in § 222 of this Code or other minimum share
capital provided by law; or
11) the implementation of other measures as a result of which the net assets of the public limited company would form at least one-half of the share capital specified in § 222 of this Code or other minimum share capital provided by law;
2) dissolution, merger, division or transformation of the public limited company; or
3) submission of a bankruptcy petition.

§ 3011. Nullity of resolution of general meeting

(1) The resolution of the general meeting of shareholders is void if:
1) it violates a provision of law established for the protection of the creditors of the public limited company or
due to other public interest;
2) it is contrary to good morals;
3) the minutes of the general meeting which passed the resolution has not been notarised in the case prescribed
by law;
4) the procedure for calling a meeting was materially violated upon calling of the general meeting which
passed the resolution.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(2) A resolution is also void in other cases provided by law.
(3) Nullity of a resolution may be relied upon in court proceedings by filing an action or objection.
(4) The nullity of a resolution cannot be relied upon if an entry has been made in the commercial register based on the resolution and two years have passed from the date making the entry.
(5) Subsections 302 (5) and (6) correspondingly apply to a court proceeding for establishment of the nullity of a resolution.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

Commercial Code Page 85 / 160

§ 302. Invalidation of resolution of general meeting

(1) Based on an action filed against a public limited company, a court may revoke a resolution of the general meeting of shareholders which is in conflict with the law or the articles of association. The limitation period for the claim is three years after the date of adopting the resolution of the general meeting.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(2) Revocation of a resolution cannot be demanded if the general meeting has approved the resolution by a new resolution and the new resolution has not been contested within the term specified in the same subsection or the action has not been satisfied.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(3) Revocation of a resolution of the general meeting may be demanded by the management board or supervisory board if, by enforcing the resolution, an offence or misdemeanour would be committed or if enforcement of the resolution would clearly result in an obligation to compensate for damage, and by a shareholder who did not participate in the general meeting. A shareholder who participated in the general meeting may demand the revocation of the resolution only if the shareholder's objection to the resolution has been entered in the minutes of the general meeting. The shareholder participating in the general meeting in the way specified in subsection 2981(1) or subsection 2982(1) of this Code may demand revocation of a resolution also without entering the objection in the minutes.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(4) If an action has been filed with a court then the court shall not hear the action before the term for contestation of the resolution has expired. Different actions filed in order to revoke the same resolution shall be joined and heard in one proceeding.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(5) A court judgment for revocation of a resolution of the general meeting applies to all shareholders and members of the management board and supervisory board regardless of whether or not they participated in the court proceeding.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(6) In an entry has been made in the commercial register based on a revoked resolution, the court shall send a copy of the judgment to the registrar of the commercial register for amendment of the entry.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 303. Restriction on right to vote

(1) A shareholder shall not vote if release of the shareholder from obligations or liabilities, conclusion of a transaction between the shareholder and the public limited company, or conduct of a legal dispute with the shareholder or appointment of a representative of the public limited company in such legal dispute or
transaction, or issues related to the monitoring or evaluation of the activities of a shareholder or representative thereof in the capacity of a member of the management board or supervisory board, is being decided. The votes of such shareholder shall not be taken into account in the determination of representation.
(2) The provisions of subsection (1) of this section do not apply if a public limited company has only one shareholder or if, in addition to such shareholder, only the public limited company itself is a shareholder. In such case all transactions between the public limited company and the sole shareholder shall be formalised in writing or, a document signed by the shareholder which sets out the main terms and conditions of a transaction shall be promptly prepared.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 304. Minutes of general meeting

(1) Minutes shall be taken of a general meeting. The minutes shall set out:
1) the business name and registered office of the public limited company;
2) the time and place of the meeting;
3) the names of the chair and secretary of the meeting;
4) the agenda of the meeting;
5) the resolutions adopted at the meeting together with the voting results, inter alia, the number of shares that
gave the votes, the proportion of the share capital of the shares represented by votes, the total number of votes,
the number of votes given in favour of and against each resolution and the number of abstained votes;
[RT I 2009, 51, 349 - entry into force 15.11.2009]
6) at the request of a shareholder who maintains a dissenting opinion with regard to a resolution of the meeting,
the content of the shareholder’s dissenting opinion;
7) material circumstances at the general meeting.
(2) Written proposals and applications submitted to the general meeting and the list of shareholders who participate in the meeting shall be appended to the minutes. The documents certifying the right of representation of the representatives or transcripts thereof shall be appended to the minutes of the general meeting. The minutes shall be signed by the chairman and the recording secretary of the meeting. A dissenting opinion shall be signed by the person who presents the opinion if this person is physically present at the general meeting.

Page 86 / 160 Commercial Code

[RT I 2009, 51, 349 - entry into force 15.11.2009]
(3) The minutes shall be made accessible to the shareholders after seven days after the end of the general meeting at the registered office of a public limited company or the homepage of a public limited company. If the public limited company publishes the minutes exclusively on its homepage, the notice calling the general meeting shall contain reference to this fact and the homepage address. A listed public limited company shall publish the minutes on its homepage.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(4) A shareholder has the right to obtain a copy of the minutes of the general meeting or a copy of a part thereof if the minutes are not available on the homepage of the public limited company.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(5) [Omitted - RT I 2001, 93, 565 - entry into force 14.12.2001]
(6) At the request of the management board, supervisory board or shareholders whose shares represent at least one-tenth of the share capital, the minutes of the general meeting shall be notarised. A corresponding written request shall be submitted at least three days prior to the meeting of the shareholders.
[RT I 2006, 61, 456 - entry into force 01.01.2007]
(7) The minutes of the general meeting of a public limited company shall be notarised if a resolution of the general meeting is the basis for the election or removal of a member of the supervisory board, or for amendment of the articles of association with regard to the supervisory board. This requirement shall not apply if the public limited company has a single shareholder.

§ 305. General meeting of single member public limited company

(1) If a public limited company has a single shareholder or if, in addition to such shareholder, only the public limited company is a shareholder, resolutions may be adopted without observing the provisions of § 291, 293–
297 and 304 of this Code. In such event, a resolution shall be prepared in writing and signed by the shareholders and such resolution shall set forth, among other, the names of the shareholders, the number of votes and the
time of the adoption of the resolution. If a resolution of the shareholders provides the basis for the election of a member of the supervisory board, excluding in case of extension of the term of office of a member of the supervisory board, the signature of one of the shareholders shall be certified by a notary. The notarial
certification of the signature shall be substituted by the digital signing of the resolution by the person specified in the previous sentence.
[RT I 2008, 52, 288 - entry into force 22.12.2008]
(2) The provisions of subsection (1) of this section also applies in the case where there are more shareholders provided that they all agree to the resolution and sign it.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

Division 2

Management Board

§ 306. Competence of management board

(1) The management board is a managing body of the public limited company which represents and manages the public limited company.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(2) The management board shall, in managing, adhere to the lawful orders of the supervisory board. Transactions which are beyond the scope of everyday economic activities may only be concluded by the management board with the consent of the supervisory board. The management board is required to act in the most economically purposeful manner.
(3) The management board shall present an overview of the economic activities and economic situation of the public limited company to the supervisory board at least once every four months and shall immediately give notice of any material deterioration of the economic condition of the public limited company or of any other material circumstances related to the economic activities of the public limited company. The management board shall also notify of any circumstances related to the companies connected to the public limited company, which may significantly affect the operation of the public limited company. The management board's reports and notices to the supervisory board shall be comprehensive and clear and shall be submitted in good time and in a format which can be reproduced in writing. The members of the members of the supervisory board may demand copies of reports and documents unless the supervisory board decides otherwise.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

Commercial Code Page 87 / 160

(31) If a public limited company is insolvent and the insolvency, due to the company's economic situation, is not temporary, the management board shall promptly but not later than within twenty days after the date on which the insolvency became evident, submit the bankruptcy petition of the public limited company to
a court. After insolvency has become evident, the members of the management board shall no longer make payments on behalf of the public limited company, except in the case where making the payments in the situation of insolvency conforms to the due diligence requirements. The members of the management board shall solidarily compensate to the public limited company any payments made by the public limited company after the insolvency of the company became evident which, under the circumstances, were not made with due diligence. The provisions of § 315 of this Act apply to the liability of the members of the management board. [RT I 2005, 57, 449 - entry into force 01.01.2006]
(4) The management board shall organise the accounting of the public limited company.
(5) The specific work procedure of the management board may be prescribed by the articles of association or by a resolution of the management board or supervisory board.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(6) The management board shall prepare the matters to he discussed at a general meeting, prepare the drafts of resolutions and necessary drafts and guarantee the enforcement of the resolutions of a general meeting.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(7) The management board shall guarantee the application of necessary measures and above all, the organisation of internal audit in order to detect, as early as possible, any circumstances which likely to pose endanger the operation of the public limited company.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 307. Right of representation of management board

(1) Every member of the management board may represent the public limited company in performing all transactions unless the articles of association prescribe that all or some of the members of the management board may represent the public limited company jointly. Joint representation shall apply with regard to third persons only if it is entered in the commercial register.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(2) Upon concluding transactions on behalf of a public limited company, the members of the management board are required to adhere, with respect to the public limited company, the restrictions prescribed by the articles of association or established by the general meeting, the supervisory board or the management board. A restriction on the right of representation does not apply with regard to third persons.
(3) A transaction concluded between a public limited company and a member of the management board is void if the supervisory board does not agree to the transaction. The above does not apply to transactions concluded in the course of the everyday economic activities of the public limited company or based on the market price of a service.
(4) A member of the management board has no right to represent the public limited company in the performance of transactions for which, pursuant to law, the shareholders or the supervisory board must separately decide on the appointment of representatives.
[RT I 2009, 13, 78 - entry into force 01.07.2009]

§ 308. Members of management board

(1) A member of the management board need not be a shareholder. The management board may have one member (manager) or several members.
(2) A member of the management board must be a natural person with active legal capacity.
(3) A member of the supervisory board shall not be a member of the management board. The articles of association may prescribe other persons who shall not be members of the management board.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(31) A person with respect to whom a court has, pursuant to §§ 49 or 491of the Penal Code, imposed a prohibition on acting as a member of the management board or a prohibition to engage in enterprise, a person who is prohibited from operating within the same area of activity as the public limited company, or a person who is prohibited to act as a member of the management board on the basis of law or a court decision shall not be a member of the management board.
[RT I 2008, 52, 288 - entry into force 22.12.2008]
(4) [Repealed - RT I 2010, 77, 589 - entry into force 01.01.2011]

Page 88 / 160 Commercial Code

§ 309. Election and removal of members of management board

(1) The members of the management board shall be elected and removed by the supervisory board. In order to elect a member of the management board, his or her consent is required.
(2) A member of the management board shall be elected for a specified term of three years unless the articles of association prescribe another term. The articles of association shall not prescribe a term of office longer than five years for the members of the management board Extension of the term of office of a member of the management board shall not be decided earlier than one year before the planned date of expiry of the term of
office, and not for a period longer than the maximum term of office prescribed by the articles of association. A resolution for extension of the term of office of a member of the management board entered in the commercial register shall be immediately sent to the registrar of the commercial register.
(3) The supervisory board may remove a member of the management board regardless of the reason. Rights and obligations arising from contracts entered into with a member of the management board shall terminate pursuant to the contracts. The provisions of the Law of Obligations Act concerning cancellation of authorisation agreement apply to cancellation of the contract of a member of the management board.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(4) The chairman of the supervisory board or a person authorised by him or her shall sign a petition for entry of expiry of the authority of a member of the management board or for entry of a new member of the management board in the register. The corresponding minutes of the meeting of the supervisory board shall be appended to the petition.
(5) A member of the management board may resign from the management board regardless of the reason by giving the notice thereof to the supervisory board. Rights and obligations arising from a contract concluded with a member of the management board shall terminate pursuant to the contract. The provisions of the Law of Obligations Act concerning cancellation of authorisation agreement apply to cancellation of the contract of a member of the management board.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(6) If an entry made in the commercial register concerning a member of the management board becomes incorrect due to the removal, resignation or expiry of the term of office of the member of the management board, the provisions of § 61 of this Code apply.
[RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 310. Substitute members

With good reason, a court may appoint a new member of the management board to replace a withdrawn member of the management board at the request of the supervisory board, a shareholder or other interested person. The authority of the court-appointed member of the management board shall continue until appointment of a new member of the management board by the supervisory board. A member of the management board appointed by a court has the right, at the expense of the public limited company, to be compensated for his or
her costs to a reasonable extent and to receive a reasonable fee, the amount of which shall be established, in the case of dispute, by a court ruling.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 311. Chairman of management board

If the management board has more than two members, the members of the management board shall elect a chairman of the management board from among themselves, who shall organise the activities of the management board. The articles of association may grant the right to appoint the chairman of the management board to the supervisory board.

§ 312. Prohibition on competition

(1) Without the consent of the supervisory board, a member of the management board shall not:
1) be a sole proprietor in the area of activity of the public limited company;
2) be a partner of a general partnership or a general partner of a limited partnership which operates in the same
area of activity as the public limited company;
3) be a member of a managing body of a company which operates in the same area of activity as the public
limited company, except if the companies belong to one group.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(2) If the activities of a member of the management board are in conflict with the provisions of subsection (1)
of this section, the public limited company may demand that the member of the management board terminate the
prohibited activity, transfer the income received from the prohibited activity to the public limited company and
compensate for damage to the extent exceeding the claimed income.

Commercial Code Page 89 / 160

(3) The limitation period for a claim to terminate a prohibited activity and to transfer the income received from the prohibited activity shall be three months from the date the public limited company becomes aware of the violation of the prohibition on competition but not longer than three years after the violation of the prohibition on competition. The general limitation period shall apply to a claim for compensation of damage.

§ 313. Preservation of business secrets

(1) The members of the management board shall preserve the business secrets of the public limited company. (2) The public limited company shall not claim compensation for any damage caused by violation of the
obligation specified in subsection (1) of this section if the members of the management board acted in
accordance with a lawful resolution of the general meeting or of the supervisory board.

§ 314. Remuneration of member of management board

(1) The amount of remuneration payable to a member of the management board and the procedure for payment shall be determined by a resolution of the supervisory board.
(2) Upon determining the procedure for remuneration of the members of the management board and the amount of fees and other benefits, and upon entry into contracts with the members of the management board, the supervisory board shall ensure that the total amount of the payments made by the public limited company to the members of the management board are in reasonable proportion to the duties of the members of the management board and the economic situation of the public limited company.
(3) If the economic situation of a public limited company significantly deteriorates and further payment to a member of the management board of the fees established for or agreed upon with the member, or further allowing of other benefits to the member would be extremely unfair to the public limited company, the public limited company may require the decrease of the fees or benefits.
(4) The decrease specified in subsection (3) of this section does not affect other terms and conditions of contracts entered into with the members of the management board. If decrease of fees or other benefits is demanded, the member of the management board may exercise the right to extraordinary cancellation of a contract entered into with him or her upon one month's advance notice of cancellation.
(5) Upon declaration of bankruptcy of a public limited company and termination of the contract of a member of the management board, the member of the management board has the right to demand, in the course of the bankruptcy proceeding, compensation of the damage caused by the termination of the contract within one year after the date of termination of the contract.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 315. Liability of members of management board

(1) A member of the management board shall perform his or her duties with due diligence.
(2) Members of the management board who cause damage to the public limited company by violation of their obligations shall be solidarily liable for compensation for the damage caused. A member of the management board is released from liability if he or she proves that he or she has performed his or her obligations with due diligence.
(3) The limitation period for assertion of a claim against a member of the management board is five years unless the articles of association of the public limited company or an agreement with the member of the management board prescribes another limitation period.
(4) A claim for payment of compensation to a public limited company for damage specified in subsection (2) of this section may also be submitted by a creditor of the public limited company if the assets of the public limited company are not sufficient to satisfy the claims of the creditor. In the case of declaration of bankruptcy of a public limited company, only a trustee in bankruptcy may file a claim on behalf of the public limited company.
(5) A creditor or trustee in bankruptcy has the right to file the claim specified in subsection (4) of this section also if the public limited company has waived the claim against a member of the management board or
has entered into a contract of compromise with such member or, upon agreement with the member of the management board, has limited the claim or filing thereof in another manner or reduced the limitation period. [RT I 2005, 57, 449 - entry into force 01.01.2006]

Division 3

Page 90 / 160 Commercial Code

Supervisory board

§ 316. Competence of supervisory board

The supervisory board shall plan the activities of the public limited company, organise the management of
the public limited company and supervise the activities of the management board. The supervisory board shall
notify the general meeting of the results of a review.

§ 317. Rights of supervisory board

(1) The supervisory board shall give orders to the management board for organisation of the management of the public limited company. The consent of the supervisory board is required for conclusion of transactions which are beyond the scope of everyday economic activities and, above all, for conclusion of transactions which bring about:
1) the acquisition or termination of holdings in other companies; or
11) the foundation or dissolution of subsidiaries; or
2) the acquisition or transfer of an enterprise, or the termination of its activities; or
3) the transfer or encumbrance of immovables or registered movables; or
4) the foundation or closure of foreign branches; or
5) the making of investments exceeding a prescribed sum of expenditure for the current financial year; or
6) the assumption of loans or debt obligations exceeding a prescribed sum for the current financial year; or
7) the granting of loans or the guarantee of debt obligations if this is beyond the scope of everyday economic
activities.
(2) The articles of association may prescribe that the consent of the supervisory board shall not be required, or is only required in the cases specified in the articles of association, for conclusion of transactions specified in subsection (1) of this section, and may prescribe other transactions for the conclusion of which the consent of the supervisory board is required. The articles of association may also grant the supervisory board the right to decide on other issues which are not placed within the competence of the management board or the general meeting pursuant to law or the articles of association.
(3) The consent specified in subsections (1) and (2) of this section shall not be required for conclusion of a transaction if a delay in conclusion of the transaction would bring about significant damage to the public limited company.
(4) The restrictions provided for in subsections (1) and (2) of this section shall not apply with regard to third persons.
(5) The supervisory board shall appoint and remove procurators.
(6) In order to fulfil its tasks, the supervisory board has the right to examine all documents of the public limited company and to audit the accuracy of accounting, the existence of assets and the conformity of the activities of the public limited company with the law, the articles of association and resolutions of the general meeting.
(7) The supervisory board has the right to obtain information concerning the activities of the public limited company from the management board and to demand an activity report and preparation of a balance sheet from the management board. Every member of the supervisory board has the right to demand the submission of reports and information to the supervisory board. The supervisory board shall also approve the annual budget
of the public limited company unless the articles of association place this within the competence of the general meeting.
(8) The supervisory board shall decide on conclusion and terms and conditions of transactions with members of the management board and it shall also decide on the conduct of legal disputes with the members of the management board. The supervisory board shall appoint a representative of the public limited company for the conclusion of the transactions and conduct of the legal disputes.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(9) The supervisory board also has other rights provided by law.
(10) The supervisory board shall request the calling of a general meeting from the management board if this is clearly in the interests of the public limited company.
(11) The specific work procedure of the supervisory board may be prescribed by the articles of association or by a resolution of a general meeting or supervisory board.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

Commercial Code Page 91 / 160

§ 318. Members of supervisory board

(1) The supervisory board shall have three members unless the articles of association prescribe a greater number of members. A member of the supervisory board must be a natural person with active legal capacity.
(2) A member of the supervisory board need not be a shareholder. (3) [Omitted - RT I 1996, 40, 773 - entry into force 08.06.1996]
(4) A member of the management board, a procurator, auditor, or a member of the management board of
a subsidiary of the public limited company shall not be a member of the supervisory board. The articles of
association may prescribe other persons who shall not be members of the supervisory board.
(41) A person with respect to whom a court has, pursuant to §§ 49 or 491of the Penal Code, imposed a prohibition on acting as a member of the supervisory board or a prohibition to engage in enterprise, a person who is prohibited from operating within the same area of activity as the public limited company, or a person
who is prohibited to act as a member of the supervisory board on the basis of law or a court decision shall not be a member of the supervisory board.
[RT I 2008, 52, 288 - entry into force 22.12.2008]
(5) The management board shall submit the commercial register a list of members of the supervisory board which shall set out the names, personal identification codes, dates of entry into force of authorisations and, in the case specified in subsection 26 (7) of this Code, also the addresses of the members. Upon a change of
the members of the supervisory board, the management board shall, within five days, submit a new list of the members of the supervisory board to the commercial register. The minutes of the general meeting at which the members were elected or other resolutions on the appointment of members of the supervisory board and
the consent of each new member of the supervisory board specified in subsection 319 (1) of this Code shall be appended to the list of the members of the supervisory board.
[RT I 2006, 61, 456 - entry into force 01.01.2007]
(51) If the minutes prepared in respect to a resolution of the general meeting of shareholders concerning the election or removal of a member is notarised then, instead of the management board, the notary who authenticates the minutes shall submit the amendments to the list of the members of the supervisory board to the commercial register pursuant to the procedure established by the minister responsible for the area after having previously verified the consents specified in subsection 318 (1) of this Code.
[RT I 2009, 27, 164 - entry into force 08.06.2009]
(6) A transaction concluded between a public limited company and a member of the supervisory board is void if a general meeting does not agree to the transaction. The above does not apply to transactions concluded in the course of the everyday economic activities of the public limited company or based on the market price of a service.

§ 319. Election and removal of members of supervisory board

(1) The members of the supervisory board shall be elected and removed by the general meeting. In order to elect a member of the supervisory board, his or her written consent is required.
(2) The law or the articles of association may prescribe that not more than half of the members of the supervisory board shall be elected or appointed and removed in a manner different than provided for in subsection (1) of this section.
(3) A member of the supervisory board shall be elected for a term of five years unless the articles of association prescribe a shorter term of authority.
(4) Upon a resolution of the general meeting, a member of the supervisory board elected by the general meeting may be removed regardless of the reason. A resolution on removal of a member of the supervisory board
before expiry of his or her term of authority shall be adopted if at least two-thirds of the votes represented at the general meeting are in favour. Members of the supervisory board who are not elected by the general meeting may be removed before the term provided for in the resolution on their election or appointment by a resolution of their elector or appointer. Rights and obligations arising from a contract entered into with a member of
the supervisory board shall terminate pursuant to the contract. The provisions of the Law of Obligations Act concerning cancellation of authorisation agreement apply to cancellation of the contract of a member of the supervisory board.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(5) Shareholders whose shares represent at least one-tenth of the share capital may, with good reason, request the removal of a member of the supervisory board by a court.
(6) At the request of the management board, supervisory board, a shareholder or other interested person, a court may, with good reason, appoint a new member to replace a removed member of the supervisory board. The authority of the court-appointed member of the supervisory board shall continue until the election or appointment of a new member of the supervisory board by the general meeting. A member of the supervisory

Page 92 / 160 Commercial Code

board appointed by a court has the right to be compensated, to a reasonable extent, for his or her costs and to receive a reasonable fee at the expense of the public limited company, the amount of which shall be established, in the case of dispute, by a court ruling.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(7) A member of the supervisory board may resign from the supervisory board regardless of the reason notifying thereof the general meeting or his or her appointer. Rights and obligations arising from a contract entered into with a member of the supervisory board shall terminate pursuant to the contract. The provisions of the Law of Obligations Act concerning cancellation of authorisation agreement apply to cancellation of the contract of a member of the supervisory board.
[RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 320. Chairman of supervisory board

The members of the supervisory board shall elect a chairman from among themselves, who shall organise the activities of the supervisory board. The registrar of the commercial register shall be notified of the election and exchange of the chairman of the supervisory board within five days. For notification, the relevant resolution of the supervisory board shall be submitted.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 321. Meeting of supervisory board

(1) Meetings of the supervisory board shall be held when necessary but not less frequently than once every three months. A meeting shall be called by the chairman of the supervisory board or by a member of the supervisory board substituting for the chairman. Advance notice of at least one day shall be given of the holding of a meeting and of its agenda unless the articles of association prescribe a longer term.
(2) A meeting of the supervisory board has a quorum if more than one-half of the members of the supervisory board participate. The articles of association may prescribe a greater representation requirement. A member of the supervisory board shall not be represented by another member of the supervisory board or by a third person at a meeting or in the adoption of a resolution. A member of the supervisory board may participate in a meeting of the supervisory board and exercise his or her rights using electronic means without physically attending the meeting, by means of real-time two-way communication or in another similar electronic way, which enables a member of the supervisory board to watch the meeting from a remote location and address the meeting, and to vote upon adoption of resolutions.
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]
(3) A meeting of the supervisory board shall be called if this is demanded by a member of the supervisory board, the management board, an auditor or shareholders whose shares represent at least one-tenth of the share capital. If the meeting is not called within two weeks after the date of receipt of the relevant request, a member of the supervisory board, the management board, auditors or shareholders have the right to call the meeting themselves.
(31) An issue which is not included on the agenda in the notice may be added to the agenda by the supervisory board only if all members of the supervisory board participate in the meeting and at least three-quarters of the members of the supervisory support including the issue on the agenda.
(4) Minutes shall be taken of a meeting of the supervisory board. The minutes shall be signed by all the members of the supervisory board who participate in the meeting and the recording secretary of the meeting. The dissenting opinion of a member of the supervisory board shall be entered in the minutes, which shall be confirmed by his or her signature.
(5) If the requirements of law or of the articles of association are violated in the calling of a meeting of the supervisory board, the supervisory board shall not be authorised to adopt resolutions unless all the members of the supervisory board participate in the meeting. Resolutions adopted at such meeting of the supervisory
board are void unless the members of the supervisory board with respect to whom the procedure for calling the meeting was violated approve of the resolutions.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 322. Resolution of supervisory board

(1) A resolution of the supervisory board shall be adopted if more than one-half of the members of the supervisory board who participate in the voting vote in favour. The articles of association may prescribe a greater representation requirement.
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]

Commercial Code Page 93 / 160

(11) The quorum of the supervisory board or the validity of a resolution is not affected by the fact that less members than prescribed by the articles of association belong to the supervisory board.
(12) The members of the supervisory board absent from a meeting may participate in voting if they communicate their vote in a form which can be reproduced in writing.
(2) Each member of the supervisory board shall have one vote. A member of the supervisory board does not have the right to abstain from voting or to remain undecided. The chairman of the supervisory board shall have the deciding vote upon an equal division of votes if so prescribed by the articles of association.
(3) A member of the supervisory board shall not participate in voting if approval of the conclusion of a transaction between the member and the public limited company is being decided, or if approval of the conclusion of a transaction between a third person and the public limited company is being decided if the interests of the member of the supervisory board arising from such transaction are in conflict with the interests of the public limited company.
(4) Based on an action filed against a public limited company, a court may revoke a resolution of the supervisory board which is in conflict with the law or the articles of association. The limitation period for the claim is three years after the date of adopting the resolution of the supervisory board.
(5) Revocation of a resolution of the supervisory board cannot be demanded if the supervisory board has approved the resolution by a new resolution and the new resolution has not been contested within the term specified in the same subsection or the action has not been satisfied.
(6) Revocation of a resolution of the supervisory board may be demanded by the management board or a shareholder if, by enforcing the resolution, an offence or misdemeanour would be committed or if enforcement of the resolution would clearly result in an obligation to compensate for damage, and by a member of the supervisory board who did not participate in the adoption of the resolution. A member of the supervisory
board who participated in the adoption of a resolution may demand the revocation of the resolution only if the objection of the member of the supervisory board to the resolution has been entered in the minutes.
(7) A resolution of the supervisory board is void if he requirements of law or the articles of association are violated in calling the supervisory board or if it violates a provision of law established for the protection of the creditors of the public limited company or due to other public interest, or if it is contrary to good morals, or other cases prescribed by law.
(8) The provisions of subsections 302 (4)–(6) otherwise apply to revocation of resolutions of the supervisory board and the provisions of subsections 3011(3)–(5) otherwise apply to the nullity of resolutions.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 323. Adoption of resolution without calling meeting

(1) The supervisory board has the right to adopt resolutions without calling a meeting, unless the articles of association prescribe otherwise and if prescribed by the work procedure of the supervisory board, or if all of the members of the supervisory board consent to it.
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]
(2) The chairman of the supervisory board shall send a draft of the resolution specified in subsection (1) of this section to all members of the supervisory board and specify the term by which the member of the supervisory board must present his or her position on it. The position of a member of the supervisory board shall be expressed in writing, unless the articles of association or work procedure of the supervisory board prescribe otherwise. If a member of the supervisory board does not give notice of whether the member is in favour of or opposed to the resolution during this term, it shall be deemed that he or she votes against the resolution.
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]
(3) If a resolution is made pursuant to the procedure provided for in this section, the resolution shall be adopted if more than one-half of the votes of the members of the supervisory board are in favour unless the law or the articles of association prescribe a greater majority requirement.
(4) The chairman of the supervisory board shall prepare a record of voting on the results of voting in lieu of minutes of the meeting and shall send the record promptly to the members of the supervisory board and management board. A record of voting shall set out:
1) the business name and registered office of the public limited company;
2) the adopted resolutions and the number of votes in favour (including the names of the members of the
supervisory board who voted in favour of each resolution);
3) other circumstances of importance with regard to the vote.
(5) The opinions of members of the supervisory board specified in subsection (2) of this section shall be an integral part of the record of voting.
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]

Page 94 / 160 Commercial Code

(6) A resolution may be formalised also without advance notice and record of vote if all the members of the supervisory board agree to and sign the resolution. A resolution shall set out the names of the members of the supervisory board and the time of passing the resolution.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 324. Prohibition on competition

(1) Without a resolution of the general meeting, a member of the supervisory board shall not:
1) be a sole proprietor in the area of activity of the public limited company;
2) be a partner of a general partnership or a general partner of a limited partnership which operates in the same
area of activity as the public limited company;
3) be a member of a managing body of a company which operates in the same area of activity as the public
limited company, except if the companies belong to one group.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(2) If the activities of a member of the supervisory board are in conflict with the provisions of subsection (1)
of this section, the public limited company may demand that the member of the supervisory board terminate the
prohibited activity, transfer the income received from the prohibited activity to the public limited company and
compensate for damage to the extent exceeding the claimed income.
(3) The limitation period for a claim to terminate a prohibited activity and to transfer the income received from the prohibited activity shall be three months from the date the public limited company becomes aware of the violation of the prohibition on competition but not longer than three years after the violation of the prohibition on competition. The general limitation period shall apply to a claim for compensation of damage.

§ 325. Preservation of business secrets

(1) The members of the supervisory board shall preserve the business secrets of the public limited company. (2) The public limited company shall not claim compensation for any damage caused by violation of the
obligation specified in subsection (1) of this section if the members of the supervisory board acted in accordance
with a lawful resolution of the general meeting.

§ 326. Remuneration for work by member of supervisory board

(1) The general meeting shall specify the procedure for and amount of remuneration for the members of the supervisory board. The founders shall decide on remuneration of the first members of the supervisory board.
(2) Upon determining the procedure for remuneration of the members of the management board and the amount of fees and other benefits, and upon concluding contracts with the members of the supervisory board, it shall
be ensured that the total amount of the payments made by the public limited company to the members of the supervisory board are in reasonable proportion to the duties of the members of the supervisory board and the economic situation of the public limited company.
(3) If the economic situation of a public limited company significantly deteriorates and further payment to a member of the supervisory board of the fees established for or agreed upon with the member, or further allowing of other benefits to the member would be extremely unfair to the public limited company, the public limited company may require the decrease of the fees or benefits.
(4) The decrease specified in subsection (3) of this section does not affect other terms and conditions of contracts entered into with the member of the supervisory board. If decrease of fees or other benefits is demanded, the member of the supervisory board may exercise the right to extraordinary cancellation of a contract entered into with him or her upon one month's advance notice of cancellation.
(5) Upon declaration of bankruptcy of a public limited company and termination of the contract of a member of the supervisory board, the member of the supervisory board has the right to demand, in the course of the bankruptcy proceeding, compensation of the damage caused by the termination of the contract within one year after the date of termination of the contract.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 327. Liability of members of supervisory board

(1) A member of the supervisory board shall perform his or her duties with due diligence.
(2) Members of the supervisory board who cause damage to the public limited company by violation of their obligations shall be solidarily liable for compensation for the damage caused. A member of the supervisory board is released from liability if he or she proves that he or she has performed his or her obligations with due diligence.

Commercial Code Page 95 / 160

(3) The limitation period for assertion of a claim against a member of the supervisory board is five years unless the articles of association of the public limited company or an agreement with the member of the management board prescribes another limitation period.
(4) A claim for payment of compensation to a public limited company for damage specified in subsection (2) of this section may also be submitted by a creditor of the public limited company if the assets of the public limited company are not sufficient to satisfy the claims of the creditor. In the case of declaration of bankruptcy of a public limited company, only a trustee in bankruptcy may file a claim on behalf of the public limited company.
(5) A creditor or trustee in bankruptcy has the right to file the claim specified in subsection (4) of this section also if the public limited company has waived the claim against a member of the supervisory board or has entered into a contract of compromise with such member or, upon agreement with the member of the supervisory board, has limited the claim or filing thereof in another manner or reduced the limitation period. [RT I 2005, 57, 449 - entry into force 01.01.2006]

Division 4

Auditor and Special Audit

§ 328. Appointment of auditor

(1) The number of auditors shall be specified and auditors shall be appointed by the general meeting, which shall also specify the procedure for remuneration of auditors. The written consent of a person shall be required for appointment of the person as auditor.
(2) [Omitted - RT I 1999, 24, 360 - entry into force 01.07.1999]
(3) The management board shall submit a list of auditors to the commercial register, which shall set out the names and personal identification codes of the auditors, and the legal basis for their activities as auditors. Upon a change of auditors, the management board shall, within five days, submit a new list of auditors to the
commercial register. The consent of auditors specified in subsection (1) of this section shall be appended to a list of auditors submitted to the commercial register.
[RT I 2006, 61, 456 - entry into force 01.01.2007]
(4) At the request of the management board, supervisory board, a shareholder or other interested person, a court may, with good reason, appoint a new auditor to replace a withdrawn auditor. The authority of a court-appointed auditor shall continue until election of a new auditor by the general meeting. The court shall also specify the procedure for and amount of remuneration for the auditors it appoints.

§ 329. Term of authority of auditor

An auditor may be appointed to conduct a single audit or for a specified term.

§ 3291. Change and replacement of auditor by court

(1) The management board, supervisory board, another person specified in the law or the shareholders whose shares represent at least one tenth of the share capital may request the change of an auditor appointed by the general meeting from a court if doubt exists concerning the impartiality of the person appointed by the general meeting. The court shall hear the auditor appointed by the general meeting.
(2) The request specified in subsection (1) of this section may be submitted within two weeks after the appointment of an auditor or becoming aware of the respective circumstances.
(3) A court shall also decide on the procedure for and amount of remuneration for the auditors appointed by the court.
[RT I 2010, 9, 41 - entry into force 08.03.2010]

§ 330. Special audit

(1) At the general meeting of shareholders, shareholders whose shares represent at least one-tenth of the share capital may demand a resolution on conduct of a special audit on matters regarding the management or financial situation of the public limited company, and the appointment of an auditor for the special audit.
(2) If the general meeting does not decide on conduct of a special audit, shareholders whose shares represent at least one tenth of the share capital may request that a special audit be conducted and that an auditor for the special audit be appointed by a court. The court shall decide on conduct of a special audit only with good reason. If possible, the court shall also hear the members of the management board and supervisory board of the public limited company before deciding on the conduct of a special audit.
(21) The shareholders whose shares represent at least one tenth of the share capital may also demand, pursuant to the procedure provided by subsection (2) of this section, the substitution of the auditor for the special audit

Page 96 / 160 Commercial Code

appointed by the general meeting of shareholders if such person clearly lacks the expertise or experience necessary for the conduct of the special audit or if doubts exist concerning his or her impartiality. The court shall also hear the auditor for the special audit appointed by the general meeting of shareholders.
(3) Auditors, sworn advocates or companies of advocates may be the auditors for a special audit. If the auditors for a special audit are appointed by the general meeting, the general meeting shall also approve the procedure
for their remuneration. The procedure for and amount of remuneration for court-appointed auditors for a special audit shall be specified by the court.
(4) The members of the management board and supervisory board shall enable the auditors for the special audit to examine all documents necessary for conduct of the special audit and shall provide necessary information. The auditors for the special audit also have the above right with respect to companies belonging to the same group as the public limited company being audited. The auditors for the special audit shall preserve the business secrets of the public limited company. In the case of refusal to allow documents to be examined or information
to be given, an auditor for the special audit may submit, within two weeks after the refusal, or within four weeks after submission of a request to such effect if no response to such request has been received, a petition to a court by way of proceedings on petition in order to obligate the members of the management board or supervisory board to allow documents to be examined or information to be given.
(5) The auditors for the special audit shall prepare a report concerning the results of the special audit, which they shall present to the general meeting of shareholders. Clause 294 (4) 8) and subsection 294 (42) of this Code shall respectively apply to making the report available.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(6) The provisions concerning the liability of auditors for mandatory auditing apply to the liability of auditors for special audit. The provisions of the Bar Association Act apply to the liability of sworn advocates and companies of advocates conducting special audits.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

Chapter 28

REPORTING AND DISTRIBUTION OF PROFITS

§ 331. Preparation of annual report

After the end of the financial year, the management board shall prepare the annual accounts and activity report pursuant to the procedure provided for in the Accounting Act.
[RT I 2009, 13, 78 - entry into force 01.07.2009]

§ 332. Presentation of reports

(1) After the preparation of the annual report, the management board shall promptly present it to the auditor. [RT I 2009, 13, 78 - entry into force 01.07.2009]
(2) The management board shall present the annual report, the sworn auditor's report and the profit distribution proposal to the general meeting.
[RT I 2010, 9, 41 - entry into force 08.03.2010]
(3) A profit distribution proposal shall set out:
1) the net profit;
2) the transfers to legal reserve;
3) the transfers of profit to other reserves prescribed by law or the articles of association;
4) the share of profit to be paid to shareholders;
5) the use of profit for other purposes.
(4) The management board shall provide the shareholders with an opportunity to examine the annual report approved and signed pursuant to the provisions of § 25 of the Accounting Act for at least two weeks before the general meeting.
[RT I, 25.05.2012, 8 - entry into force 04.06.2012]

§ 333. Rights of supervisory board in preparation of reports

(1) The supervisory board shall review the annual report and shall prepare a written report concerning the
annual report, which shall be presented to the general meeting. The supervisory board shall indicate in the report
whether it approves the annual report prepared by the management board. In addition, the report shall indicate
how the supervisory board has organised and managed the activities of the public limited company.
[RT I 2009, 54, 363 - entry into force 01.01.2010]

Commercial Code Page 97 / 160

(2) The supervisory board has the right to make amendments to the profit distribution proposal before its presentation to the general meeting.

§ 334. Approval of annual report and submission to commercial register

(1) An annual report shall be approved by the general meeting. The shareholders whose shares represent at least one tenth of the share capital may request of the private limited company that the auditor who prepared
the sworn auditor's report participate in the adoption of the resolution to approve the annual report, and provide explanations concerning the sworn auditor's report if the shareholders have submitted the corresponding written request at least five days before the general meeting.
[RT I 2010, 9, 41 - entry into force 08.03.2010]
(2) The management board shall submit the approved annual report together with the proposal for the distribution of profit or the covering of loss, the division of the sales revenue and the sworn auditor's report to the commercial register within six months after the end of the financial year. Together with the submission of the annual report, the management board shall notify in what way specified in § 301 of this Code the general meeting have decided to cover the loss.
[RT I 2010, 9, 41 - entry into force 08.03.2010]
(21) The management board of a company exempt from the preparation of the annual report of the consolidation group pursuant to subsection 29 (5) or (6) of the Accounting Act shall submit to the commercial register within six months as of the end of the financial year the annual report of the consolidation group prepared by the parent undertaking together with the sworn auditor’s report, if auditing is compulsory. Neither the annual report of the consolidation group nor the sworn auditor’s report need to be submitted to the commercial register if the parent undertaking is a legal person registered in Estonia.
[RT I, 30.12.2015, 4 - entry into force 01.01.2016]
(3) The division of the sales revenue shall contain information regarding the sales revenue for the accounting year in up to ten major areas of activity pursuant to the Classification of Economic Activities established on the basis of subsection 4 (6) of this Code. In case of the annual report of a consolidation group, the division of the sales revenue is submitted on the basis of the respective information in the unconsolidated income statement of the consolidating entity.
[RT I 2009, 54, 363 - entry into force 01.01.2010]

§ 335. Profit distribution resolution

(1) A profit distribution resolution shall be adopted by the general meeting on the basis of the approved annual report.
[RT I 2009, 13, 78 - entry into force 01.07.2009]
(11) A parent undertaking who prepares the annual report of the consolidation group shall approve the profit distribution resolution based on the consolidated reports of the consolidation group. Profit as apparent from the consolidated reports shall not be distributed in so far as this would decrease the net assets of the parent undertaking to a level below the total of share capital and reserves which pursuant to law or the articles of association shall not be paid out to shareholders.
(12) If a company capitalises the development-related expenditure as intangible assets and the development expenditure has not completely depreciated, profit cannot be distributed unless the sum of the reserves which can be used for the distribution of profit and the retained profit from previous periods at least equals the undepreciated development expenditure.
[RT I, 30.12.2015, 4 - entry into force 01.01.2016]
(2) A profit distribution resolution shall set out:
1) the amount of net profit;
2) the transfers to legal reserve;
3) the transfers to other reserves prescribed by law or the articles of association;
4) the share of profit to be distributed among the shareholders;
5) the use of profit for other purposes.
[RT I 2005, 61, 478 - entry into force 01.12.2005]
(3) The management board shall submit the information regarding the profit distribution resolution specified in subsection (2) of this section to the commercial register together with the annual report if this information is not manifested by the annual report. If the profit distribution resolution is adopted after the submission of the annual report, the aforementioned information shall be submitted together with the next annual report.
[RT I 2009, 54, 363 - entry into force 01.01.2010]

§ 336. Formation of legal reserve

(1) Legal reserve shall be formed from annual net profit transfers and other transfers entered in the legal reserve pursuant to law or the articles of association.

Page 98 / 160 Commercial Code

(2) The amount of legal reserve shall be prescribed in the articles of association and shall not be less than one- tenth of the share capital.
(3) During each financial year, at least one-twentieth of the net profit shall be entered in the legal reserve. When the legal reserve reaches the amount prescribed in the articles of association, the increase of the legal reserve on the account of net profit shall be terminated.

§ 337. Use of legal reserve

(1) Upon a resolution of the general meeting, legal reserve may be used to cover a loss if it is not possible to cover the loss from available shareholders’ equity of the public limited company (from retained profit from previous periods and legal reserve prescribed by the articles of association), or may be used to increase share capital.
(2) Payments shall not be made to shareholders from legal reserve.

Chapter 29

ALTERATION OF SHARE CAPITAL

Division 1

Increase of Share Capital

§ 338. Methods of increase of share capital

(1) Share capital may be increased by the issue of new shares or the increase of the nominal value or book value of existing shares.
[RT I 2010, 20, 103 - entry into force 01.07.2010]
(2) Share capital shall be increased with or without supplementary contributions.
(3) If the share capital is increased by issuing new shares without nominal value, the number of the shares shall be increased proportionally to the increase of the share capital. Any shares issued in violation of the requirement specified in the previous sentence shall be null and void.
[RT I 2010, 20, 103 - entry into force 01.07.2010]

§ 339. Notice calling general meeting

In order to increase share capital, the notice calling the general meeting shall set out:
1) the reason and method for the increase of share capital;
2) the new amount of share capital;
3) the number of new shares and their nominal value of shares with nominal value or the new nominal values
of existing shares;
[RT I 2010, 20, 103 - entry into force 01.07.2010]
4) the pre-emptive right to subscribe for new shares and the term for its exercise;
5) if share capital is increased by the issue of new shares, the term and place for subscription;
6) if a new class of shares is issued, the rights attaching to such shares.

§ 340. Documents presented to special general meeting

If an increase of share capital is decided by a special general meeting, the management board shall present the preceding annual report, approved by the general meeting, and an overview of the economic activities of the public limited company for the current year to the general meeting. Clause 294 (4) 8) and subsection 294 (42) of this Code shall respectively apply to making the documents specified in the previous sentence available.
[RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 341. Adoption of resolution to increase share capital

(1) A resolution on increase of share capital shall be adopted if at least two-thirds of the votes represented at the general meeting are in favour. The articles of association may prescribe a greater majority requirement.
(2) If the public limited company has several classes of shares, a resolution on increase of share capital shall be adopted if, in addition to the provisions of subsection (1) of this section, at least two-thirds of the votes represented of each class of shares at the general meeting are in favour. The articles of association may prescribe a greater majority requirement.

Commercial Code Page 99 / 160

(3) If the articles of association must be amended due to the increase of share capital, amendment of the articles of association shall be decided before share capital is increased.
(4) A resolution on increase of share capital shall not be adopted before entry of the public limited company in the commercial register.

§ 342. Resolution on increase of share capital

A resolution on increase of share capital shall set out:
1) the number of new shares and their nominal value of shares with nominal value, and also the amount of the
increase of the share capital;
[RT I 2010, 20, 103 - entry into force 01.07.2010]
2) the classes of shares to be issued if the public limited company has or issues several classes of shares;
3) the pre-emptive right to subscribe for new shares and the term for its exercise, and the date as of which
shareholders have a pre-emptive right to subscribe;
4) the share subscription term;
5) the time and place for payment of shares, and whether and to what extent the shares shall be paid for by
a monetary or non-monetary contribution; in the case of a non-monetary contribution, the item of the non-
monetary contribution;
6) if the nominal values of shares are increased, the new nominal values of existing shares;
7) if shares are issued with a premium, the premium amount, which may be specified either as a specific
amount or a maximum premium; the supervisory board may determine a higher premium until the subscription
commences;
8) [repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]
9) in the case of a bonus issue, also reference to the underlying balance sheet and equity categories, and the
amount of each equity category used to carry out the bonus issue.

§ 343. Entry in commercial register

(1) If share capital is paid in full or a bonus issue is conducted, the management board shall submit a petition to the commercial register for entry of the increase of share capital in the commercial register. The following shall be appended to the petition:
1) the resolution of the general meeting;
2) the minutes of the general meeting;
3) the new text of the articles of association if the articles of association are amended;
4) upon an increase of share capital by new contributions, a bank notice concerning payment of the share
capital;
5) upon a bonus issue, the annual report or interim balance sheet on which it is based;
6) upon payment by a non-monetary contribution, documents certifying the value of the contribution and its
transfer;
61) a notice from the registrar of the Estonian Central Register of Securities confirming that the management board has informed the registrar of the increase in share capital;
7) other documents provided by law.
(2) [Repealed - RT I 2008, 16, 116 - entry into force 15.04.2008]
(3) The members of the management board shall certify the transfer of a non-monetary contribution by
their signatures. If the non-monetary contribution is an immovable, an extract from the land register shall be
appended to the petition.
(4) The management board shall submit a petition for entry of the increase of share capital in the commercial register within six months after adoption of the resolution on increase of share capital.
(41) In the case of increase of share capital by bonus issue, the petition submitted to the registrar shall include a confirmation that the members of the management board who signed the petition are not aware of a decrease to the assets of the public limited company, during the time between the date of preparation of the balance sheet which was the basis for the increase of the share capital and the date of submission of the petition to the registrar, to an extent which could hinder the adoption of the resolution on the increase of the share capital on the date of submission of the petition.
(42) The registrar need not check the conformity of the content of the balance sheet which was the basis for the increase of the share capital with the law.
(5) The share capital shall be deemed to be increased and the rights arising from the new shares, the increased nominal values of the shares or the increased book value of the shares without nominal value shall be deemed to have arisen as of the making of such entry in the commercial register.
[RT I 2010, 20, 103 - entry into force 01.07.2010]

Page 100 /

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§ 3431. Liability of members of management board upon entry of increase of share capital in register

(1) The members of the management board of a public limited company are solidarily liable for damage caused to the public limited company by submission of incorrect or inaccurate information or incorrect valuation of contributions upon the increase of the share capital unless a member of the management board proves that he or she was not aware and did not have to be aware of the circumstances which caused the damage.
(2) An agreement which derogates from the provisions of subsection (1) of this section shall only be valid with respect to the creditors of a public limited company if such agreement was entered into in the course of liquidation proceedings of the public limited company.
(3) The claim provided in subsection (1) of this section expires after five years of the date on which the increase of the share capital was entered in the commercial register.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 344. Application of foundation provisions

The provisions for payment of contributions on the foundation of a public limited company and for the subscription of shares shall apply to an increase of share capital by contributions unless otherwise provided for in this chapter.

§ 345. Pre-emptive right of shareholder

(1) A shareholder has a pre-emptive right to subscribe for the new shares in proportion to the sum of the nominal value or book value of the shareholder’s shares. The pre-emptive right of the shareholders may be barred by a resolution of the general meeting which receives at least three-quarters of the votes represented at the general meeting. The management board shall provide a written explanation to the shareholders in advance as to why it is necessary to bar the pre-emptive subscription right and shall also justify the issue price of shares. [RT I 2010, 20, 103 - entry into force 01.07.2010]
(11) A shareholder may transfer the shareholder’s pre-emptive right to subscribe for shares under the same terms and conditions as a transfer of shares.
(2) If a public limited company has several classes of shares and new shares of one or some classes are issued, the holders of the corresponding classes of shares have a pre-emptive right in the subscription of such shares before other shareholders.
(3) The management board shall send the resolution of the general meeting to the shareholders who have the pre-emptive right of subscription and who did not participate in the general meeting.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(4) The term for subscription of shares with a pre-emptive right shall be two weeks from the adoption of a resolution on increase of share capital unless the resolution of the general meeting prescribes a longer term.

§ 346. Set-off of claim

A claim of a shareholder or of any other person who wishes to subscribe for share against the public limited company may, by a resolution of the general meeting, be set off against a payment for new shares if this does not damage the interests of the public limited company or of its creditors. A claim shall be valuated as a non- monetary contribution.

§ 3461. Oversubscription

(1) If upon an increase of share capital shares are subscribed for to the full extent of the increase of share capital, the supervisory board may decide to terminate the share subscription before the end of the term prescribed in the resolution on increase of share capital.
(2) If it becomes evident that shares are subscribed for in excess of the planned increase of share capital, the supervisory board shall decide on the distribution of shares based on the number of subscribed for shares and on the cancellation of oversubscribed shares unless the resolution on increase of share capital prescribes otherwise. Payments for oversubscribed shares shall be returned to the subscribers promptly at the expense of the public limited company.

§ 347. Undersubscription

(1) A share subscription shall be deemed to be an undersubscription if all new shares are not subscribed for during the term indicated in the resolution on increase of share capital.

Commercial Code Page 101 /

160

(2) Upon undersubscription, all rights of subscribers associated with the subscription shall terminate, and the increase of share capital shall not occur. The management board shall promptly refund the payments made by subscribers. The members of the management board shall be solidarily liable for the refund of payments.
(3) The management board may, by a resolution of the general meeting, be granted the right to extend a subscription term or to cancel shares which are not subscribed for during the subscription term. The management board may exercise such right within fifteen days after the end of the subscription term. If shares are subscribed for by the new due date provided by the management board, the subscription is deemed to be valid.

§ 348. Participation in profit distribution

(1) A resolution on increase of share capital may prescribe a date as of which shares grant the right to receive a dividend. This right shall not arise later than for the financial year following the increase of share capital.
(2) If the date specified in subsection (1) of this section is not prescribed in a resolution on increase of share capital, the right to receive a dividend shall arise during the financial year in which the entry on increase of share capital is made.

§ 349. Right of supervisory board to increase share capital

(1) The articles of association may grant the supervisory board the right to increase share capital by contributions for up to three years.
(2) The supervisory board may increase share capital to an amount prescribed in the articles of association. Share capital shall not be increased by more than one-half of the share capital which existed at the time the supervisory board received the right to increase share capital.
(21) The supervisory board shall have the rights specified in subsection 347 (3) of this Code.
(3) The supervisory board may pay for issued shares by a non-monetary contribution only if prescribed in the articles of association.
(4) The resolution of the supervisory board and the minutes of the meeting and, in the case provided for in §
323 of this Code, the record of voting, shall be appended to the petition submitted to the commercial register
concerning the increase of share capital.

§ 350. Bonus issue

(1) A public limited company may increase share capital from the shareholders’ equity of the public limited company without making contributions (bonus issue).
(2) After approval of the annual report and passing of the profit distribution resolution, the general meeting
may decide on a bonus issue based on the annual report and the profit distribution resolution. A bonus issue may
also be carried out on the basis of the interim balance sheet which must be prepared and approved pursuant to
the procedure for the preparation and approval of the balance sheet included in the annual report. Increase of
the share capital need not be entered in the commercial if the petition for increasing the share capital and the
corresponding resolution are submitted to the registrar of the commercial register within eight months after the
date as at which the annual report or interim balance sheet which was the basis for the share capital increase was
prepared.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(3) [Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]
(4) Upon a bonus issue, a shareholder’s part of the share capital shall increase in proportion to the nominal value or book value of the shareholder’s shares. Any resolution contrary to the above is void.
[RT I 2010, 20, 103 - entry into force 01.07.2010]
(5) Own shares held by the public limited company shall also participate in the bonus issue.
(6) Share capital shall be increased by the bonus issue to the extent of the sum of the nominal values or book values of new shares or to the extent of the increase of the nominal value or book value of existing shares. [RT I 2010, 20, 103 - entry into force 01.07.2010]

§ 351. Conditional increase of share capital

(1) If a public limited company issues convertible bonds (§ 241), the management board may increase share capital to the extent of the sum of the nominal values of the convertible bonds exchangeable for shares. The management board may also increase share capital to a greater extent if such possibility in prescribed in a resolution on a conditional increase of share capital and the difference between the nominal value of convertible bonds and nominal value or book value of shares is covered in money.
[RT I 2010, 20, 103 - entry into force 01.07.2010]

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(2) At the request of the holder of a bond, the management board shall issue shares and exchange them for bonds during the term specified in the bond.
(3) If the public limited company issues convertible bonds, the shareholders have the pre-emptive right to subscribe for them pursuant to the procedure provided for in § 345 of this Code.
(4) The general meeting may also decide on a conditional increase of the share capital to the extent of the performance of the subscription rights if this is necessary for preparing the concentration of the public limited company or for granting the subscription rights to the members or employees of the public limited company or a company related thereto.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(5) A conditional increase of the share capital to an extent of more than one third of the share capital at the time of the adoption of the resolution is prohibited.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(6) A resolution of the general meeting contrary to the conditional increase of share capital is void. [RT I 2005, 57, 449 - entry into force 01.01.2006]
(7) A resolution for conditional increase of share capital shall set out:
1) the objective of the conditional increase of share capital;
2) the set of persons entitled to participate in the conditional increase of share capital;
3) the issue price of shares or the bases for determination thereof;
4) the term for performing the subscription rights.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(8) In the event of conditional increase of share capital, the shares shall be paid for only in money. [RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 3511. Conduct of conditional increase of share capital

(1) The management board shall submit a petition for conditional increase of share capital to the commercial register.
(2) Shares shall not be issued based on a resolution on conditional increase of share capital before the conditional increase of share capital has been entered in the commercial register.
(3) Based on a resolution on conditional increase of share capital, the recipient of a share acquires the share
in the same manner as in the event of share subscription, based on a declaration of intention. The management
board shall issue the shares only based on a resolution of the general meeting and for compliance with such
resolution, and not before the issue price of a share has been paid.
(4) In the event of the conditional increase of share capital, the share capital and number of shares is deemed to be increased as of the issue of the share.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(5) Not later than within one month after the end of the financial year of the public limited company, the management board shall submit a petition to the registrar of the commercial register for entry in the register the number of shares issued based on a resolution on conditional increase of share capital and the corresponding increase of the share capital during the financial year. The members of the management board shall confirm in the petition that the shares were issued only based on a resolution on conditional increase of share capital and that they have been paid for in full.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 3512. Conditional increase of share capital in case of issuing shares admitted for trading on regulated securities market and admittance of shares for trading on such market

(1) The general meeting may decide on the conditional increase of the share capital to the extent of the performance of the subscription rights also in case the shares issued upon the increase of the share capital are admitted for trading on a regulated securities market or an application for the admittance for trading on such market has been filed in respect to the shares.
(2) In the case specified in subsection (1) of this section the general meeting may decide on the conditional increase of the share capital to a greater extent than one third of the share capital at the time of the adoption of the resolution if at least three-fourths of the votes represented at the general meeting are in favour.

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(3) Based on the resolution on the conditional increase of the share capital specified in subsection (1) of this section, the shares may be issued within two months following the adoption of the resolution of the general meeting and on the condition that the conditional increase of the share capital is entered in the commercial register and the issue price of the share is paid.
(4) Upon the conditional increase of the share capital in the case specified in subsection (1) of this section, the management board shall submit within 10 days following the issue of the shares to the registrar of the commercial register a petition for entry regarding the fact to what extent the shares have been issued and the share capital has increased on the basis of the resolution on the conditional increase of the share capital. The members of the management board shall confirm in the petition that the shares were issued only based on a resolution on conditional increase of share capital and that they have been paid for in full.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(5) In this section, the regulated securities market shall denote the regulated securities market and multilateral trading facility for the purposes of the Securities Market Act.
[RT I 2009, 12, 71 - entry into force 27.02.2009]

Division 2

Reduction of Share Capital

§ 352. Methods of reduction of share capital

(1) Share capital may be reduced by a reduction of the nominal value or book value of shares or by the cancellation of shares.
(11) If share capital is reduced by a reduction of the book value of shares, the book value of shares shall be reduced proportionately to the reduction of the share capital.
(2) The provisions of subsections 223 (1) and (2) of this Code shall be observed in a reduction of the nominal value or book value of shares.
[RT I 2010, 20, 103 - entry into force 01.07.2010]

§ 353. Extent of share capital reduction

(1) Share capital shall not be reduced below the amount of share capital specified in § 222 of this Code or any other minimum amount of share capital provided by law.
(2) Share capital shall first be reduced on account of own shares held by the public limited company.
(3) Share capital may be reduced by way of preferred shares only if dividends are paid in full to the holders of such shares. The provisions of the previous sentence shall not apply in case of shares without nominal value. [RT I 2010, 20, 103 - entry into force 01.07.2010]
(4) The provisions of subsection (1) of this section shall not apply if an increase of share capital at least to the amount of share capital specified in § 222 of this Code is decided concurrently with a reduction of share capital. The provisions of § 358 shall also not apply if an increase of share capital at least to the current size of the share capital is decided concurrently with a reduction of share capital. Shares which are issued concurrently with
a decrease of the share capital shall only be paid for in money. A resolution on increase or reduction of share capital shall be entered in the commercial register.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 354. Notice calling general meeting

In order to reduce share capital, the notice calling the general meeting shall set out:
1) the reason and method for reduction of share capital;
2) the extent of the reduction of share capital;
3) in case of the cancellation of shares, the number and class of shares to be cancelled, and in case of the
reduction of the nominal value of shares, the extent of the reduction of the nominal value of shares.
[RT I 2010, 20, 103 - entry into force 01.07.2010]

§ 355. Documents presented to special general meeting

If reduction of share capital is decided by a special general meeting, the management board shall present the preceding annual report, approved by the general meeting, and an overview of the economic activities of the public limited company for the current year to the special general meeting.

§ 356. Adoption of resolution on reduction of share capital

(1) A resolution on reduction of share capital shall be adopted if at least two-thirds of the votes represented at the general meeting are in favour. The articles of association may prescribe a greater majority requirement.

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(2) If the public limited company has several classes of shares, a resolution on reduction of share capital shall be adopted if, in addition to the provisions of subsection (1) of this section, at least two-thirds of the votes represented of each class of shares at the general meeting are in favour. The articles of association may prescribe a greater majority requirement.
(21) If there is a wish to reduce the nominal values of shares or cancel shares other than proportionally from
each class of shares in the course of a reduction of share capital, such a resolution shall be adopted if, in addition
to the provisions of subsections (1) and (2) of this section, the shareholders whose shares are disproportionately
cancelled or the nominal values of which are disproportionately reduced vote in favour of the resolution.
(3) If the articles of association must be amended due to the reduction of share capital, amendment of the
articles of association shall be decided before the reduction of share capital, except if the share capital is reduced
in the case specified in subsection 353 (4) of this Code.

§ 357. Resolution on reduction of share capital

A resolution on reduction of share capital shall set out:
1) the reason for the reduction of share capital;
2) the extent and method of reduction of share capital;
3) the number and class of shares to be cancelled or, in case of shares with nominal value, the extent of the
reduction of the nominal value of shares;
[RT I 2010, 20, 103 - entry into force 01.07.2010]
4) [repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 358. Notification of creditors

(1) The management board shall, within fifteen days after adoption of the resolution on reduction of share capital, send notice concerning the new amount of share capital to the known creditors of the public limited company who have claims against the public limited company which predate the adoption of the resolution on reduction of share capital.
(2) The management board shall publish a resolution on reduction of share capital in the publication Ametlikud Teadaandedand invite all creditors to submit their claims. The notice shall indicate that creditors are to submit their claims within two months.
[RT I 2006, 55, 412 - entry into force 01.01.2007]
(3) The public limited company shall secure the claims of creditors if they are submitted within two months
after publication of the notice. If the due date for fulfilment of a claim has arrived or if a claim is not sufficiently
secured, the creditor may demand satisfaction or securing the claim. The creditor may demand securing the
claim if the creditor provides proof that decrease in the share capital endangers the satisfaction of the claim.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 359. Submission of petition to commercial register

(1) The management board shall submit a petition for entry of the reduction of share capital in the commercial register not earlier than three months after publication of the second reduction of share capital notice, except if the notice on reduction of share capital need not be published.. The following shall be appended to the petition: [RT I 2006, 55, 412 - entry into force 01.01.2007]
1) the resolution of the general meeting;
2) [repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]
21) a notice from the registrar of the Estonian Central Register of Securities confirming that the management board has notified the registrar of the reduction of share capital;
22) reference to the dates on which notices to the creditors were published in the Ametlikud Teadaanded;
3) other documents provided by law.
(2) In the petition, the members of the management board shall confirm that the claims of creditors who submitted their claims during the term or who opposed the reduction are secured or satisfied.
(3) The share capital shall be deemed to be reduced as of the making of such entry in the commercial register.

§ 360. [Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 361. Payment to shareholders

(1) Payments may be made to the shareholders upon a reduction of share capital if prescribed in the resolution on reduction of share capital.

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(2) The payments specified in subsection (1) of this section may be made no earlier than three months after
entry of the reduction of share capital in the commercial register and on the condition that the claims of creditors
submitted during the term are secured or satisfied.

§ 362. Simplified reduction of share capital

(1) Share capital may be reduced in order to cover a loss of the public limited company without applying the provisions of § 358 of this Code (simplified reduction of share capital).
(2) A simplified reduction of share capital may be conducted if the reserve fund of the public limited company is insufficient to cover the loss and if the public limited company also does not have other reserves.
(3) The resolution on reduction of share capital shall indicate the loss for the coverage of which the share capital is being reduced.
(4) Available capital which arises upon a simplified reduction of share capital may only be used to cover the loss of the public limited company. If the amount of available capital which arises is greater than the loss, the amount exceeding the loss shall be transferred to the legal reserve.

§ 363. Restriction on profit distribution

(1) In the case of simplified reduction of the share capital, no payments shall be made to the shareholders and no dividends shall be paid to the shareholders during the financial year on which the decrease of the share capital was decided and for the two subsequent financial years.
(2) The restriction specified in subsection (1) of this section shall not apply to preferred shares. [RT I 2005, 57, 449 - entry into force 01.01.2006]

Chapter 291

TAKEOVER OF SHARES FOR

MONETARY COMPENSATION

§ 3631. Application for takeover of shares

(1) Based on the application of a shareholder whose shares represent at least 9/10 of the share capital of a public limited company (majority shareholder), the general meeting of shareholders may decide in favour of the shares belonging to the remaining shareholders of the public limited company (minority shareholders) being taken over by the majority shareholder in return for fair monetary compensation.
(2) Upon determination of the size of the share capital represented by the shares of the majority shareholder,
own shares of the public limited company shall not be taken into account. The shares of the majority shareholder
within the meaning of subsection (1) of this section are also deemed to include the shares of its parent
undertaking or subsidiary, provided the parent undertaking or subsidiary has granted its consent to this effect.
(3) The application specified in subsection (1) of this section shall be submitted to the management board of the public limited company. The documents specified in § 3634of this Code shall be appended to the application.
The management board is required to call a general meeting to decide on the takeover of shares.
(4) The application specified in subsection (1) of this section may not be withdrawn and its conditions may not be amended to the disadvantage of minority shareholders.

§ 3632. Determination of amount of compensation

(1) The majority shareholder shall determine the amount of compensation payable to minority shareholders. The amount of compensation shall be determined on the basis of the value of the shares to be taken over that these shares had ten days prior to the date on which the notice calling the general meeting was sent out. The management board shall provide the majority shareholder with all the necessary data and documents therefor and with information.
(2) [Repealed - RT I 2007, 58, 380 - entry into force 19.11.2007]

§ 3633. Notice calling general meeting

The notice calling the general meeting at which a resolution is to be adopted regarding the takeover of shares belonging to minority shareholders shall, in addition to the information specified in subsection 294 (4) of this Code, also set out:
1) the name, residence or registered office and address thereof, and the personal identification code or registry code of the majority shareholder;

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2) the amount of compensation to be paid to minority shareholders per share.
3) [repealed - RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 3634. Takeover report and audit

(1) The majority shareholder shall submit a written report (takeover report) to the general meeting explaining and justifying the conditions of taking over shares belonging to minority shareholders and the bases for determining the amount of compensation payable for the shares.
(2) The takeover report shall be audited by an auditor. The auditor shall prepare a written report of the audit, stating in particular whether the amount of compensation determined by the majority shareholder meets the provisions of § 3632of this Code.
[RT I 2007, 58, 380 - entry into force 19.11.2007]
(21) Additionally, the auditor's report shall set out the method which was used upon determination of the amount of compensation, the difficulties relating to determination of the amount of compensation, whether the used method is appropriate for determination of the amount of compensation and other methods for determination of the compensation. If different methods are used upon determination of the amount of
compensation, the amount of compensation in each method and the importance of results obtained on the basis of each method upon determination of the amount of compensation shall be set out.
(3) The majority shareholder shall appoint the auditor and cover the costs of the audit.
(4) The auditor shall be liable for any damage wrongfully caused by an inaccurate audit of the takeover report.

§ 3635. Preparation of general meeting

(1) At least one month before a general meeting to decide on the takeover of shares belonging to minority shareholders, the management board shall present the following to the shareholders for examination at the location of the public limited company:
1) the draft resolution of the general meeting to decide on the takeover of shares belonging to minority shareholders;
[RT I 2009, 51, 349 - entry into force 15.11.2009]
2) the three preceding annual reports of the public limited company;
[RT I 2009, 13, 78 - entry into force 01.07.2009]
3) the takeover report;
4) the auditor's report.
(11) Clause 294 (4) 8) and subsection 294 (42) of this Code shall respectively apply to making the documents specified in subsection (1) of this section available.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(2) Copies of the documents specified in subsection (1) of this section shall be promptly given to a shareholder at the request of the shareholder. Clause 294 (4) 8) and subsection 294 (42) of this Code shall respectively apply to making the documents specified in the previous sentence available.
[RT I 2009, 51, 349 - entry into force 15.11.2009]

§ 3636. Organisation of general meeting

The majority shareholder is required to explain to the minority shareholders at the general meeting the conditions of taking over the shares belonging to the minority shareholders and the bases for determining the amount of compensation payable for the shares.

§ 3637. Resolution of general meeting

(1) A resolution on the takeover of shares belonging to minority shareholders shall be adopted if at least 95/100 of the votes represented by shares are in favour.
(2) The minutes of a general meeting at which a resolution is adopted on the takeover of shares belonging to minority shareholders shall be notarised.

§ 3638. Contestation of takeover resolution

(1) At the request of a shareholder, a court may declare a takeover resolution which is in conflict with law to be invalid if the request is submitted within one month as of the resolution being made.

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(2) A takeover resolution shall not be declared invalid on the basis that the compensation payable to minority shareholders is set too low.
(3) If the compensation payable to minority shareholders is set too low, the court may, at the request of a minority shareholder, determine a fair rate of compensation.
(4) [Repealed - RT I 2007, 58, 380 - entry into force 19.11.2007]
(5) As of the adoption of the takeover resolution, the majority shareholder shall pay a fine for delay on unpaid compensation in the amount established by law.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 3639. Transfer of shares

(1) Within one month as of the adoption of the resolution of the general meeting specified in § 3637of this Code, the management board of the public limited company shall submit a petition to the registrar of the Estonian Central Register of Securities for the shares of minority shareholders to be transferred to the majority shareholder. A copy of the resolution of the general meeting specified in § 3637of this Code, which is certified by a notary, shall be appended to the petition.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(2) The registrar of the Estonian Central Register of Securities shall arrange for the transfer of the shares to the account of the majority shareholder on the basis of a petition specified in subsection (1) of this section against payment the size of which corresponds to the compensation payable for the shares.

§ 36310. Forwarding of takeover resolution to commercial register

The management board of the public limited company shall submit the notice specified in § 2891of this Code
to the registrar of the commercial register immediately after transfer of the shares to the account of the majority
shareholder. The following shall be appended to the notice:
1) a copy of the resolution of the general meeting specified in § 3637of this Code, which is certified by a notary;
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
2) the takeover report;
3) the auditor's report provided for in subsection 3634(2) of this Code;
4) a statement issued by the registrar of the Estonian Central Register of Securities regarding the transfer of the
shares.

Chapter 30

DISSOLUTION OF PUBLIC LIMITED COMPANY

§ 364. Bases for dissolution of public limited company

A public limited company shall be dissolved:
1) by a resolution of the general meeting;
2) by a court decision;
21) by declaration of bankruptcy of the public limited company;
22) by abatement of the bankruptcy proceeding of the public limited company before declaration of bankruptcy;
3) [Omitted - RT I 1996, 40, 773 - entry into force 08.06.1996]
4) on other bases prescribed by law or the articles of association.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 365. Resolution on dissolution of public limited company at general meeting

(1) A dissolution resolution shall be adopted if at least two-thirds of the votes represented at the general meeting are in favour unless the articles of association prescribe a greater majority requirement. If a public limited company has several classes of shares, in order to adopt a dissolution resolution it shall also be necessary that at least two-thirds of the votes represented by shares of each class are in favour of the resolution unless the articles of association prescribe a greater majority requirement.
(2) If dissolution of the public limited company is decided by a special general meeting, the management board shall present the preceding annual report, approved by the general meeting, and an overview of the economic activities of the public limited company for the current year to the special general meeting. Clause 294 (4) 8)
and subsection 294 (42) of this Code shall respectively apply to making the documents specified in the previous sentence available.
[RT I 2009, 51, 349 - entry into force 15.11.2009]

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(3) The overview of economic activities shall indicate the term during which the public limited company is able to satisfy the claims of creditors.

§ 366. Compulsory dissolution

(1) A public limited company shall be dissolved by a court ruling if:
1) the general meeting does not adopt a dissolution resolution if its adoption is obligatory pursuant to law or
the articles of association, the shareholders have not adopted any of the resolutions prescribed in § 301 or the
general meeting has not been called to adopt such a resolution;
2) the general meeting has not been held during the last two financial years;
3) the term of office of the management board expired more than two years previously and a new management
board has not been elected;
4) in other cases provided by law.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(2) A petition for the compulsory dissolution of a public limited company may be submitted by the management board, the supervisory board, a member of the management board, a shareholder or other persons specified by law. Unless otherwise provided by law, a court may also decide on compulsory dissolution at its own initiative. [RT I 2005, 57, 449 - entry into force 01.01.2006]
(3) If the deficiency or other circumstance that provides the basis for compulsory dissolution can be evidently eliminated, the court shall previously establish a term for the public limited company for the elimination of the deficiency or circumstance.
[RT I 2008, 59, 330 - entry into force 01.01.2009]

§ 367. Petition for dissolution of public limited company

(1) The management board shall submit a petition for entry of the dissolution resolution of the public limited company in the commercial register. The resolution of the general meeting and the minutes of the general meeting shall be appended to the petition.
(2) If a public limited company is dissolved on the basis of a court decision, the court shall send the decision to the commercial register for entry.
(3) A public limited company is deemed to be dissolved as of the making of the entry on dissolution in the commercial register. Compulsory dissolution enters into force as of the entry into force of the court decision. [RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 368. Liquidation

A public limited company shall be liquidated (liquidation proceeding) upon dissolution unless otherwise provided by law.

§ 369. Appointment of liquidators

(1) The liquidators of a public limited company shall be members of the management board unless the articles
of association, a resolution of the general meeting or a court ruling prescribes otherwise. A natural person who is
prohibited from acting as a member of the management board shall not be a liquidator.
[RT I 2008, 59, 330 - entry into force 01.01.2009]
(2) The residence of at least one liquidator must be in Estonia.
(3) A court shall appoint the liquidators in a compulsory dissolution or if this is requested by shareholders whose shares represent at least one-tenth of the share capital. The court shall also specify the procedure for and amount of remuneration for the liquidators.

§ 370. Removal of liquidators

(1) A liquidator who is a member of the management board, or who has been appointed in accordance with the articles of association or by a resolution of the general meeting can be recalled at any time by a resolution of the general meeting. In order to adopt such resolution, a majority of votes equal to the majority of votes necessary for appointment of a liquidator is needed.
(2) A court may recall a liquidator appointed by the court, and to appoint a new liquidator. At the request of the shareholders whose shares represent at least one tenth of the share capital, a court may also recall, for a good reason, a liquidator who is a member of the management board, or who has been appointed in accordance with the articles of association or by a resolution of the general meeting, and to appoint a new liquidator.

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(3) A liquidator may resign for the same reasons and pursuant to the same procedure as a member of the management board.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 371. Entry of liquidator

(1) The management board shall submit a petition for entry of the first liquidators in the commercial register. A petition for entry in the commercial register of a change of liquidator or the right of representation of a liquidator shall be submitted by the liquidators. The resolution which constitutes the basis for the change of a liquidator or the right of representation of a liquidator shall be appended to the petition. All liquidators shall submit to the registrar a written confirmation concerning their right pursuant to law to act as liquidators.
(2) If a liquidator is appointed by a court decision, the court shall send the decision to the commercial register for entry.
(3) The names and personal identification codes of the liquidators shall be entered in the commercial register. [RT I 2006, 61, 456 - entry into force 01.01.2007]

§ 372. Rights and obligations of liquidators

(1) Liquidators have the rights and obligations of the management board which are not contrary to the nature of liquidation. Liquidation does not affect the legal relationships between the shareholders or between the shareholders and the public limited company, or the rights of the supervisory board, unless otherwise provided by law and the nature of liquidation.
(2) The liquidators shall terminate the activities of the public limited company, collect debts, sell assets and satisfy the claims of creditors.
(3) The liquidators may only conclude transactions which are necessary for liquidation of the public limited company. The right of representation of liquidators is unrestricted with regard to third persons.
(4) The right of representation of liquidators who are members of the management board does not change upon liquidation unless the articles of association, a resolution of the general meeting or a court decision prescribes the changing of the right of representation into joint representation or sole representation. Liquidators appointed by a resolution of the general meeting or a court decision may represent the private limited company only jointly, unless the resolution of the general meeting or a court decision prescribe that all or some of the liquidators may represent the public limited company alone or together. A division of the right of representation which differs from the right of representation prescribed by law applies with respect to third persons only if it has been entered in the commercial register.
(5) During a liquidation proceeding, the notation “likvideerimisel” [in liquidation] shall be appended to the business name of the public limited company.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 373. Submission of bankruptcy petition

If the assets of a public limited company being liquidated are insufficient for satisfaction of all claims of creditors, the liquidators shall submit a bankruptcy petition.

§ 374. Accounting during liquidation

(1) A public limited company undergoing liquidation shall organise its accounting pursuant to the procedure provided by the Accounting Act unless otherwise provided by the law or the nature of liquidation.
(2) Within three months after the date of the dissolution resolution, the liquidators shall prepare, taking account of the provisions concerning the balance sheet contained in the annual report, the opening balance sheet of the liquidation and a report explaining such balance sheet which shall contain the information subject to inclusion in the annexes of the annual accounts.
(3) With the adoption of the dissolution resolution, the current financial year of the public limited company shall end and a new financial year shall begin. The liquidators shall prepare the annual accounts of the public limited company as at the end of the financial year which ends at the time of dissolution of the public limited company and as at the end of every financial year following dissolution.
(4) The general meeting of shareholders shall approve the opening balance sheet of the liquidation and the annual report by a resolution. After approval, the opening balance sheet of the liquidation and the annual report shall be immediately submitted to the commercial register.
(5) A court may release a public limited company from the obligation to audit the opening balance sheet of the liquidation and the annual report if the financial situation of the public limited company is sufficiently clear and auditing is evidently not necessary in the interests of the shareholders and creditors.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

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§ 375. Notification of creditors

(1) The liquidators shall promptly publish a notice of the liquidation proceeding of the public limited company in the official publication Ametlikud Teadaanded.
(2) The liquidators shall send a notice of liquidation to the known creditors.
(3) The notice of liquidation shall indicate that creditors are to submit their claims within four months after publication of the notice.

§ 376. Submission of claims

The creditors shall notify the liquidators of all their claims against the public limited company within four months after publication of the notice. A notice shall set out the content, basis and amount of the claim, and documents substantiating the claim shall be appended thereto. Failure to notify of a claim on time does not affect the validity of the claim or restrict the right of the creditor to file an action with a court against the public limited company being liquidated.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 377. Satisfaction of claims

(1) Liquidators shall satisfy the claims of creditors of which the public limited company is aware regardless of whether or not notification of such claims has been given.
(2) If a creditor known to the public limited company has not filed a claim and the claim cannot be satisfied for reasons independent of the public limited company, the money which belongs to the creditor shall be deposited if the conditions for depositing exist.
(3) If an obligation cannot be performed during liquidation or if a claim is under dispute, the assets of the public limited company cannot be distributed between the shareholders unless the contested amount of money has been deposited and the creditor has been granted sufficient security.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 378. Final balance sheet

(1) After satisfaction of the claims of all creditors and the deposit of money, the liquidators shall prepare the final balance sheet and distribution plan for the assets remaining upon liquidation.
(2) An auditor shall audit the final balance sheet and asset distribution plan.
(3) The liquidators shall present the final balance sheet and asset distribution plan to all shareholders for examination at the registered office of the public limited company and shall notify the shareholders who hold registered shares thereof. If the public limited company has bearer shares, the liquidators shall publish a notice in a newspaper concerning the examination of the balance sheet and asset distribution plan.
(4) If the provisions of law or of the articles of association, or the resolutions of the general meeting are not observed in the preparation of a balance sheet or asset distribution plan, a court may, based on an action by the shareholders whose shares represent at least one tenth of the share capital, order preparation of a new balance sheet or asset distribution plan, or supplementary liquidation. Such action may be filed within two months after the date on which the shareholders were informed that the balance sheet and asset distribution plan are presented to the shareholders for examination. The public limited party is the defendant.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 379. Distribution of assets

(1) After satisfying or securing all the creditors' claims and depositing the money, the remaining assets shall be distributed among the shareholders according to the nominal value or book value of their shares pursuant to the asset distribution plan prepared by the liquidators unless the articles of association prescribe otherwise.
[RT I 2010, 20, 103 - entry into force 01.07.2010]
(2) Assets may be distributed within six months after the entry of the dissolution of the public limited company in the commercial register and within two months after the date on which the shareholders were informed that the final balance sheet and asset distribution plan are presented to the shareholders for examination, except in the case where the balance sheet or asset distribution plan have been contested in court, the action has not been heard or has not been satisfied, or if the proceeding in the matter has been concluded.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

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(3) A court may allow payments to shareholders within six months after publication of the notice of liquidation unless this damages the interests of the creditors.
(4) Payments shall be made in money unless the articles of association prescribe otherwise.
(5) The liquidators need not sell assets unless this is necessary for satisfaction of the claims of creditors, and if the general meeting consents thereto.

§ 380. Continuation of activities of dissolved public limited company

(1) If dissolution of a public limited company is prescribed by the articles of association or is decided by a resolution of the general meeting, the general meeting may, until commencement of the distribution of assets among the shareholders, decide on continuation of the activities of the public limited company or on merger, division or transformation of the public limited company. A resolution on continuation of activities shall be adopted if at least two-thirds of the votes represented at the general meeting are in favour.
[RT I 2009, 51, 349 - entry into force 15.11.2009]
(2) If continuation of activities is decided, the same resolution shall designate the new supervisory board and management board, and shall reduce the share capital to the value of the remaining assets. If the assets have decreased below the amount of share capital specified in § 222 of this Code, increase of share capital shall also be decided.
(3) The liquidators shall submit a petition for entry of the continuation of activities in the commercial register. The resolution on continuation shall enter into force as of its entry in the commercial register.

§ 381. Deletion from commercial register and supplementary liquidation

(1) Liquidators shall submit a petition for deletion of a public limited company from the commercial register after the conclusion of the liquidation, however not earlier than six months after the entry of the liquidation of the public limited company in the commercial register and publication of the liquidation notice and after three months of the date on which the shareholders were informed that the final balance sheet and asset distribution plan are presented to the shareholders for examination, provided that the public limited company is not a party
to any court proceedings currently conducted in Estonia. The final balance sheet and asset distribution plan shall be appended to the petition. The petition shall include a confirmation by all the liquidators that the final balance sheet and asset distribution plan have not been contested in court, or the action has been not been heard or has not been satisfied, or that the proceeding in the matter has been terminated and the claims of the creditors of the public limited company have been satisfied or that the assets necessary to satisfy the claims have been deposited and that the public limited company is not a party to any court proceedings currently conducted in Estonia.
(2) If, after the public limited company has been deleted from the register, it becomes evident that the public limited company has assets which were not distributed and that supplementary liquidation measures are necessary, a court may, at the request of an interested person, order a supplementary liquidation and restore the rights of the former liquidators or appoint new liquidators.
(3) After a public limited company has been deleted from the register, liquidation may be carried out at the request of a creditor only in the case where the creditor proves that the creditor's claim against the public
limited company was not satisfied in the liquidation proceeding, that the creditor has no other possibility for the satisfaction of the claim and that, upon restoration of the liquidation proceeding, the claim could be satisfied, or that the public limited company should not have been deleted from the register because a dispute over the claim existed. Among other, a creditor's demand for supplementary liquidation shall not be satisfied if the creditor has failed, without good reason, to submit the creditor's claim to the liquidators on time.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 382. Preservation of documents

(1) The liquidators shall deposit the documents of a public limited company with a liquidator, a person maintaining an archive or another trustworthy person. If the liquidators have not appointed a depositary of documents, a court shall appoint one if necessary.
(2) The name, residence or registered office, and personal identification code or registry code of the depositary of documents shall be entered in the commercial register on the petition of the liquidators or, in the case of a court-appointed depositary, on the basis of the court ruling. The depositary of documents shall be exchanged and a new depositary shall be appointed based on a court ruling.
(3) The depositary of documents shall be responsible for the preservation, during the term prescribed for by law, of the documents deposited with the depositary.
(4) Shareholders and their legal successors have the right to examine the deposited documents. The creditors of the public limited company and persons with a legitimate interest in the matter may examine the documents with the permission of the court.
[RT I 2009, 13, 78 - entry into force 01.07.2009]

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§ 383. Liability of liquidators

The liquidators shall be liable in the same manner as members of the management board for any damage caused.

Part VIII BRANCH

§ 384. Branch of foreign company

(1) If a foreign company wants to permanently offer goods or services in its own name in Estonia, it shall enter a branch in the commercial register.
(2) A branch is not a legal person. The company shall be liable for the obligations arising from the activities of the branch.
(3) In the cases provided by law, a company shall obtain a licence in order to found a branch in Estonia.

§ 385. Director of branch

(1) A foreign company shall appoint a director or directors for the branch. A director must be a natural person with active legal capacity. A person with respect to whom a court has, pursuant to §§ 49 or 491of the Penal Code, imposed a prohibition on acting as a member of the management board or a prohibition to engage in enterprise, a person who is prohibited from operating within the same area of activity as the branch, or a person who is prohibited to act as a member of the management board on the basis of law or a court decision shall not be a director.
[RT I, 02.07.2013, 3 - entry into force 12.07.2013]
(2) A director shall direct and represent the branch and shall organise the accounting of the branch. A director may grant a procuration.
(3) If several directors are appointed for a branch, each of them may represent the branch unless it is specified that the directors or some of them may represent the branch jointly.
(4) A restriction on the right of a director to represent the branch shall not apply with regard to third persons. (5) The provisions of §§ 310 and 312–315 of this Code shall apply to directors.

§ 386. Entry of branch in register

(1) The branch of a foreign company shall be entered in the commercial register of its location on the petition of the director of the branch. The information provided for in § 387 of this Code shall be set out in the petition.
(2) The following shall be appended to the petition:
1) an official certificate concerning the existence of the company in its home country (extract from a
commercial register or a copy of a registration certificate);
2) the permission to found the branch if this is provided by law;
3) an authorisation document certifying the authority of the director of the branch or a copy of a resolution
appointing the director;
4) a copy of the articles of association or partnership agreement of the company, authenticated according to the
laws of the home country, if submission of the articles of association or partnership agreement to a register is
also required in the home country of the company;
41) information on the planned principal activity of the branch; [RT I 2006, 61, 456 - entry into force 01.01.2007]
5) data on the telecommunications of the company and the branch (telephone and fax numbers, e-mail and
Internet home page address, etc.);
[RT I 2006, 61, 456 - entry into force 01.01.2007]
6) [repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]
7) other documents provided by law.
(3) [Repealed - RT I 1998, 59, 941 - entry into force 10.07.1998]
(4) The petition for entry of a branch in the commercial register and other petitions submitted to the commercial register shall be signed by the director of the branch. If a branch has several directors, several directors shall
sign the petition if they only have the right to represent the branch jointly.

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(5) A branch shall be deemed to be founded as of its entry in the commercial register and dissolved as of its deletion from the commercial register.

§ 387. Information to be entered in commercial register

The following shall be entered in the commercial register:
1) the business names of the branch and company;
2) the location and address of the branch and of the company;
3) [repealed - RT I 2006, 61, 456 - entry into force 01.01.2007]
4) the register in which the company is entered and the registration number if entry in a register is prescribed
by the law of the home country;
5) the legal form of the company;
6) the country under whose law the company operates in the home country;
7) the amount of share capital of the company if this is entered in a register of the home country of the
company;
8) the date of adoption of the articles of association of the company and of amendments to the articles of
association if these are entered in a register of the home country of the company;
9) [Omitted - RT I 1996, 40, 773 - entry into force 08.06.1996]
10) the names and personal identification codes of the managers of the branch;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
11) the directors who may represent the branch differently from the provisions of subsection 385 (3) of this
Code;
111) the names and personal identification codes of the legal representatives of the foreign company and the time for creation and extinguishment of the right of representation;
[RT I 2006, 61, 456 - entry into force 01.01.2007]
12) the beginning and end of the financial year of the company and whether the company must publish an
annual report;
13) other information provided by law.

§ 388. Accounting and submission of annual reports

[RT I 2009, 54, 363 - entry into force 01.01.2010]
(1) A foreign company shall maintain separate accounts concerning the branch. Accounts concerning the branch shall be maintained pursuant to the requirements of the Accounting Act.
(2) The director of a branch of a foreign company shall submit the audited and approved annual report of the company to the commercial register of the registered office of the branch within one month after approval
of the annual report of the company or seven months after the end of the financial year. The requirement for submission of reports does not apply to companies of the states which are Contracting Parties to the EEA Agreement if the legislation of the country of the registered office of the company does not require the annual report to be disclosed.
[RT I 2009, 54, 363 - entry into force 01.01.2010]
(3) [Repealed - RT I 2009, 54, 363 - entry into force 01.01.2010] (4) [Repealed - RT I 2009, 54, 363 - entry into force 01.01.2010]
(5) The report specified in subsection (2) of this section shall be prepared in compliance with the accounting frameworks specified in clause 17 (1) 2) of the Accounting Act. This requirement does not apply to companies of the Member States of the European Economic Area and the Organization for Economic Cooperation and Development (OECD).
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 389. Bankruptcy or liquidation of company

Within fourteen days after commencement of bankruptcy proceedings or liquidation of the company, the director of the branch shall notify the registrar, who shall make a corresponding notation in the commercial register.
[RT I, 21.06.2014, 8 - entry into force 01.01.2015]

§ 390. Liquidation and deletion of branch from register

(1) A branch shall be deleted from the commercial register if:
1) the company is dissolved;
2) the company applies therefor;
3) the branch does not have a director and a director is not appointed within three months after a caution by the
registrar;
4) the director of the branch does not submit the required annual report during the terms specified in § 388 of
this Code and also does not do so during an additional term specified by the registrar.
[RT I 2009, 54, 363 - entry into force 01.01.2010]

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(2) A branch shall be deleted from the commercial register on the basis of a court ruling at the request of a person or agency entitled by law or any other interested person if the object of the activities or the activities of the branch are in conflict with the law, the constitutional order or good morals, or at the request of a creditor who proves that the creditor cannot satisfy the creditor’s claim which arises from operation of the company in Estonia by means of the assets of the company in Estonia, or on another basis provided by law.
[RT I 2008, 59, 330 - entry into force 01.01.2009]
(3) After deletion of a branch from the register, the foreign company may continue its activities in Estonia as an undertaking only if it has a new branch entered in the register. Upon deletion of a branch from the register on the petition of a creditor, a new branch may only be entered in the register if the claim of the creditor is satisfied or
if the written consent of the creditor for entry of the branch in the register is submitted.
(4) Before deletion of a branch from the register, the branch shall be liquidated, to which the provisions of §§
369–372, 374–377, subsections 378 (1) and (2) and §§ 381–383 of this Code shall apply. After satisfaction of
the claims of all creditors and the deposit of money, the liquidators shall prepare the final balance sheet, which
shall be appended to the petition for deletion of the branch from the register.

Part IX

MERGER, DIVISION AND TRANSFORMATION

Chapter 31

MERGER

Division 1

General Provisions

§ 391. Methods of merger

(1) A company (company being acquired) may merge with another company (acquiring company). The company being acquired shall be deemed to be dissolved.
(2) Companies may also merge such that they form a new company. In this case, the merging companies shall be deemed to be dissolved.
(3) Merger shall be effected without a liquidation proceeding.
(4) The assets of a company being acquired, including its obligations, shall transfer to the acquiring company upon merger. Upon foundation of a new company, the assets of the merging companies, including their obligations, shall transfer to it.
(5) The partners or shareholders of a company being acquired shall become partners or shareholders of the acquiring company upon merger. Upon foundation of a new company, the partners or shareholders of the merging companies shall become its partners or shareholders.
(6) Merging companies may be of the same class or of different classes of companies entered in the commercial register in Estonia unless otherwise provided by law.
(7) A private limited company or public limited company may, as a company being acquired, merge with the assets of a natural person (acquiring natural person) who is the sole shareholder of the company. The provisions of this Code concerning an acquiring private limited company apply to the acquiring natural person, unless otherwise provided by law.
[RT I, 21.03.2014, 3 - entry into force 01.01.2015]

§ 392. Merger agreement

(1) In order to merge, the management boards of or the partners entitled to represent the companies shall enter into a merger agreement. Rights and obligations shall arise from the merger agreement after approval of the agreement pursuant to the procedure provided for in § 397 of this Code. A merger agreement shall set out:
1) the business names and registered offices of the companies;
11) an agreement to transfer all the assets of the company being acquired to the acquiring company in exchange for a transfer of shares of the acquiring company;
[RT I 2005, 57, 449 - entry into force 01.01.2006]

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2) the share exchange ratio for the companies and the amount of additional payments if additional payments are made;
3) the terms and conditions of transfer of the shares of the acquiring company;
4) the date as of which the transferred shares shall grant the right to a share of profit of the acquiring company
and the special conditions affecting this right;
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
5) the rights which the acquiring company will grant to the partners or shareholders of the company being
acquired, including the holders of preferred shares and convertible bonds of a public limited company;
6) the consequences of merger for the employees of the company being acquired;
7) the date as of which the transactions of the company being acquired shall be deemed to be undertaken by the
acquiring company (merger balance sheet date);
8) the remuneration paid to the auditor who audits the merger agreement and the advantages granted in
connection with the merger to the members of the management boards and supervisory boards of the companies
or the partners entitled to represent the companies.
(2) The sum of additional payments prescribed in the merger agreement which are to be paid by an acquiring private limited company or public limited company to the partners or shareholders of the company being acquired shall not exceed one-tenth of the sum of the nominal values or book values of their exchanged shares. [RT I 2010, 20, 103 - entry into force 01.07.2010]
(3) If all shares of a company being acquired are held by the acquiring company, the merger agreement need not indicate the information specified in clauses (1) 2)–4) of this section.
(4) A merger agreement shall be notarised.
(5) If an approved merger agreement is conditional and a condition is not met within five years after conclusion of the agreement, a company may terminate the agreement by giving at least six months’ advance notice of termination unless the merger agreement prescribes a shorter term for advance notice.

§ 393. Merger report

(1) The management boards of or the partners entitled to represent the merging companies shall prepare a written report (merger report) which shall explain and justify legally and economically the merger and merger agreement, including the share exchange ratio and amount of additional payments if additional payments are to be made. Difficulties relating to valuation shall be referred to separately in the report.
(2) A merger report need not be prepared if the only share or all the shares of the company being acquired
are held by the acquiring company, or if this is agreed to by all the partners of the merging company or all the
shareholders of the merging public limited companies.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(3) Merging companies may prepare a joint merger report. [RT I 2005, 57, 449 - entry into force 01.01.2006]
(4) If the acquiring company belongs to a group, the merger report shall also set out information necessary for the merger concerning the other companies belonging to the group.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(5) A merger report need not set out information, publication of which may result in significant damage to a company being acquired or a company belonging to the same group with such company. In such case, the reason for failure to submit the information shall be set out in the report.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 394. Audit

(1) An auditor shall audit a merger agreement in the cases provided by law.
(2) An auditor need not audit a merger agreement if all shares of the company being acquired are held by the acquiring company, or if all the partners of the merging company or all the shareholders of the merging public limited companies agree that an auditor need not audit the merger agreement.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 395. Appointment of auditor

An auditor shall be appointed by the management board or the managing partners of the merging company. One auditor may be appointed for some or all of the merging companies.

§ 396. Report and liability of auditor

(1) The auditor shall prepare a written report concerning the results of the audit of a merger agreement. The auditors who audit a merger agreement may prepare a joint report for the companies.

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(2) A report shall indicate whether the share exchange ratio and additional payments indicated in the merger agreement are appropriate consideration for the partners or shareholders of the company being acquired, and whether the merger may bring about damage to the interests of the creditors of the company.
(21) Additionally, the auditor's report shall set out the method which was used upon determination of the exchange ratio of shares of the companies, the difficulties relating to determination of the exchange ratio, whether the used method is appropriate for determination of the exchange ratio and other methods for determination of the exchange ratio. If different methods are used upon determination of the exchange ratio, the exchange ratio in each method and the importance of results obtained on the basis of each method upon determination of the exchange ratio shall be set out.
(22) An auditor's report need not set out information, publication of which may result in significant damage to a company being acquired or a company belonging to the same group with such company. In such case, the reason for failure to submit the information shall be set out in the report.
(3) An auditor shall be liable, in the same manner as upon auditing an annual report, for the damage caused by inaccurate auditing of the merger agreement to the company, its shareholders or creditors.
(4) An auditor has the same rights and obligations upon auditing a merger agreement as upon auditing an annual report. An auditor also has the right to obtain information necessary for auditing from other companies which belong to the same group with the company being acquired.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 397. Merger resolution

(1) Rights and obligations shall arise from a merger agreement if the merger agreement is approved by all merging companies. A merger resolution shall be in writing.
(2) The partners or shareholders shall be provided with the opportunity to examine the merger agreement, merger report and auditor’s report at least two weeks before deciding on approval of the merger agreement unless otherwise provided by law.
(3) A partner or shareholder may demand a copy of the merger agreement or resolution.
(4) The management boards of or the partners entitled to represent the merging companies, prior to deciding on the approval of the merger agreement, shall notify the partners or the general meeting of all material changes in the assets of the company which occur in the interim between the entry into the merger agreement and deciding on the approval of the merger agreement. The management boards of or the partners entitled to represent the merging companies shall notify of the changes specified in the previous sentence also the management boards
of or the partners entitled to represent the other merging companies, who shall notify of the above changes the partners or the general meeting of their companies.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(5) The obligations specified in subsection (4) of this section need not be performed if the only share or all the shares of the company being acquired are held by the acquiring company, or if this is agreed to by all the partners or shareholders of the merging company.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 398. Contestation of merger resolution and compensation for damage

(1) At the request of a partner, shareholder or member of the management board or supervisory board, a court may declare invalid a merger resolution which is in conflict with the law, the partnership agreement or the articles of association if the request is submitted within one month after the resolution is made.
(2) The merger resolution of a company being acquired shall not be declared invalid on the basis that the share exchange ratio is fixed too low.
(3) If the share exchange ratio is fixed too low, a partner or shareholder may demand a refund from the acquiring company which may exceed the amount specified in subsection 392 (2) of this Code.
(4) The acquiring company shall pay a fine for delay on an unpaid refund in the amount provided by law as of entry of the merger on the registry card of the acquiring company. The above does not preclude or restrict the filing of claims for compensation for damage exceeding the default interest.
[RT I, 21.06.2014, 8 - entry into force 01.01.2015]

Commercial Code Page 117 /

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§ 399. Protection of creditors

(1) Immediately after a merger has been entered in the commercial register of the registered office of the acquiring company, the acquiring company shall publish a merger notice to the creditors of the merged companies in the publication Ametlikud Teadaanded, informing them of the possibility to submit, within six months after the publication of the notice, their claims to the acquiring company in order to receive a security.
(2) The acquiring company shall secure the claims submitted by the creditors of the companies being acquired within six months after the publication of the notice specified in subsection (1) of this section, if the creditors have no possibility to demand satisfaction of the claims and they prove that the merger may endanger the fulfilment of the claims.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 400. Submission of petition to commercial register

(1) The management board of or the partners entitled to represent a merging company shall submit, nor earlier than after one month of the approval of the merger resolution, a petition for entry of the merger in the commercial register. The following shall be appended to the petition:
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]
1) a copy of the merger agreement certified by a notary;
2) the merger resolution;
3) the minutes of the meeting of the partners or shareholders if the merger resolution is made at a meeting;
4) the permission for merger, if required;
5) the merger report or the agreements not to prepare one;
6) the auditor's report, if required, or the agreements not to prepare one;
7) the final balance sheet of the company being acquired if the company being acquired submits the petition;
8) [repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]
9) resolution of the Competition Board to grant permission for a concentration if the obligation to request such
permission arises from the Competition Act;
10) if the shares of a merging company are registered in the Estonian Central Register of Securities, the
confirmation of the registrar of the Estonian Central Register of Securities that the management board of the
merging company has informed the registrar of the merger;
[RT I 2006, 55, 407 - entry into force 01.01.2007]
11) the interim balance sheet or the agreements not to prepare one.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(2) A registrar may enter a merger in the register only if the final balance sheet of the company being acquired
is prepared as at a date not earlier than eight months before submission of the petition to the commercial register.
The final balance sheet is prepared pursuant to the requirements established for the balance sheet that constitutes
part of the annual report, and the approval of the final balance sheet and conducting the audit thereof is governed
by the provisions concerning the approval of the annual report and conducting an audit. The final balance sheet
shall be prepared using the same accounting policies and presentation which were used in the preparation of the
balance sheet that constitutes part of the latest annual report. The final balance sheet shall be prepared as at the
day preceding the merger balance sheet date.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(3) In a petition, the members of the management board of or the partners entitled to represent the company shall confirm the merger resolution is not contested, or that a corresponding petition has been denied, or that the adoption of the merger resolution was not required.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(4) The members of the management board of or the partners entitled to represent the acquiring company may also submit a petition for entry of the company being acquired in the commercial register.

§ 401. Business name of acquiring company

(1) An acquiring company may continue activities under the business name of the company being acquired. (2) If a partner or shareholder of the company being acquired is a natural person who no longer participates in
the acquiring company, the acquiring company may continue to use his or her name in the business name only
with the written consent of him or her, or of his or her successors.

§ 402. Merger entry

(1) A merger shall be entered in the commercial register of the registered office of the acquiring company if it is entered in the commercial registers of the registered offices of all companies being acquired. Entries in the commercial registers of the registered offices of the companies being acquired shall indicate that the merger shall be deemed to be effected as of entry in the commercial register of the registered office of the acquiring company.
(2) The petitions related to merger shall be joined in one proceeding. [RT I, 21.06.2014, 8 - entry into force 01.01.2015]

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(3) If the shares of a company being acquired are registered with the Estonian Central Register of Securities, the registrar of the commercial register shall promptly notify the registrar of the Estonian Central Register of Securities of the merger.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]

§ 403. Legal effect of entry and compensation for damage caused by merger

(1) The assets of a company being acquired shall transfer to the acquiring company as of entry of the merger in the commercial register of the registered office of the acquiring company. After entry of the merger in the commercial register of the registered office of the acquiring company, entries regarding the transfer of assets shall be made in the registers on the petition of the acquiring company.
(2) A company being acquired shall be deemed to be dissolved as of entry of the merger in the commercial register of the registered office of the acquiring company. The registrar shall delete the company being acquired from the commercial register.
(3) The partners or shareholders of the company being acquired shall become partners or shareholders of the acquiring company as of entry of the merger in the commercial register of the registered office of the acquiring company, and their shares shall be exchanged for shares of the acquiring company. The rights of third persons with regard to the exchanged shares shall remain valid with regard to the shares of the acquiring company.
(4) The shares of a company being acquired which are held by the acquiring company or by the company being acquired itself, or by a person acting in his or her own name but at the expense of the company shall not be exchanged and shall become invalid.
(5) A merger shall not be contested after its entry in the commercial register of the registered office of the acquiring company.
(6) The members of the management board and supervisory board, or the managing partners of a merging company shall be solidarily liable to the company, the partners or shareholders, or the creditors of the company for any damage wrongfully caused by the merger. The provisions of the first sentence do not apply to damage, which is caused by the preparation and conducting of the merger to the shareholders of the public limited company being acquired by the members of the management board or supervisory board of the public limited company being acquired, if all the shares of the public limited company being acquired are held by the acquiring public limited company.
[RT I, 21.03.2014, 3 - entry into force 31.03.2014]
(7) The limitation period for a claim specified in subsection (6) of this section shall be five years from entry of the merger in the commercial register of the registered office of the acquiring company.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 404. Compensation upon merger of different classes of companies

(1) Upon merger of companies of different classes, a partner or shareholder of the company being acquired who opposes the merger resolution may, within two months after entry of the merger in the commercial register of
the registered office of the acquiring company, demand that the acquiring company acquire the exchanged share or shares of the partner or shareholder for monetary compensation. The monetary compensation shall be equal
to the sum of money which the partner or shareholder would have received from the distribution of remaining assets upon liquidation of the company if the company had been liquidated at the time the merger resolution was made.
(2) The provisions of clauses 162 (2) 11) and 283 (2) 2) of this Code shall not apply to acquisition of shares by a company on the bases specified in subsection (1) of this section.
(3) The names of partners or shareholders who oppose the merger resolution and who wish to exercise the rights specified in this section shall be appended to the merger resolution. Opposition to the merger resolution shall be confirmed by each partner or shareholder by the signature of the partner or shareholder.
(4) If the acquiring company is a general partnership or limited partnership, the compensation specified in subsection (1) of this section may be demanded by a partner who departs from the company.
(5) An acquiring company shall pay a fine for delay on compensation in the amount provided by law as of entry of the merger in the commercial register of the registered office of the acquiring company.
(6) If a partner or shareholder who opposes the merger resolution does not demand the compensation specified in this section, the partner or shareholder may transfer a share or shares within two months regardless of the restrictions on disposal provided by law or prescribed by the articles of association.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

Commercial Code Page 119 /

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§ 405. Merger whereby new company founded

(1) The provisions of this chapter together with amendments prescribed by law shall apply to a merger whereby a new company is founded.
(2) The provisions regarding a company being acquired shall apply to the merging companies, and the provisions regarding an acquiring company shall apply to the company being founded. The companies shall be deemed to be merged as of entry of the new company in the register.
(3) In the foundation of a new company, the foundation provisions for the class of company shall apply unless the provisions of this chapter provide otherwise. The founders shall be the merging companies.
(4) In addition to the provisions of subsection 392 (1) of this Code, the merger agreement shall set out the business name and registered office of the new company. The articles of association or partnership agreement of the company being founded, which shall be approved by the merger resolution, shall be appended to the merger agreement.
(5) The management board of or the partners entitled to represent a merging company shall submit a petition for entry of the merger in the commercial register.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]
(6) The management boards of or the partners entitled to represent the merging companies shall submit a joint petition for entry of the new company in the commercial register of its registered office.

Division 2

General Partnership or Limited

Partnership as Merging Company

§ 406. Meaning of contribution

For the purposes of this chapter, the contribution of a partner of a general partnership or limited partnership shall be deemed to be a share.

§ 407. Content of merger agreement

(1) If the acquiring company is a general partnership or limited partnership, the merger agreement shall, in addition to subsection 392 (1) of this Code, set out with regard to each partner or shareholder of the company being acquired whether the partner or shareholder will become a general partner or limited partner of the acquiring company and the amount of the contribution of the partner or shareholder.
(2) A limited partner of a limited partnership, a shareholder of a private limited company or a shareholder of a public limited company being acquired who opposes the merger resolution shall become a limited partner of the acquiring company.

§ 408. Merger report

A merger report need not be prepared if the partners of a merging general partnership or limited partnership are managing partners of the company.

§ 409. Merger resolution

(1) A merger resolution shall be adopted if all the partners vote in favour.
(2) A partnership agreement may prescribe that the merger resolution shall be adopted if more than two-thirds of the partners vote in favour. If a partner of a general partnership or a general partner of a limited partnership being acquired opposes the merger resolution, the partner or general partner shall become a limited partner of the acquiring company.
(3) If a merger resolution may be made by a majority vote pursuant to the partnership agreement, a partner may demand an audit of the merger agreement at the expense of the company.

§ 410. Liability of shareholders

(1) If a general partnership or limited partnership merges with a limited partnership, private limited company or public limited company, a general partner shall be liable for the obligations of the company being acquired for which the due date for performance has arrived or will arrive within five years after entry of the merger in the commercial register of the registered office of the acquiring company.

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(2) If a general partnership or limited partnership merges with a limited partnership in which a general partner of the company being acquired is to become a general partner, the liability restriction prescribed in subsection (1) of this section shall not apply with regard to the general partner.

Division 3

Private Limited Company as Merging Company

§ 411. Audit of merger agreement

A shareholder of a merging private limited company may demand an audit of the merger agreement at the expense of the private limited company. The corresponding written request shall be submitted within ten days as of providing the opportunity to examine the documents specified in subsection 397 (2) of this Code.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 412. Merger resolution

(1) A merger resolution shall be adopted if at least two-thirds of the votes represented at the meeting of shareholders are in favour, and the articles of association do not prescribe a greater majority requirement.
(2) If a merger resolution is made pursuant to the procedure provided for in subsection 173 (2) of this Code, the resolution shall be adopted if at least two-thirds of the votes of the shareholders are in favour unless the articles of association prescribe a greater majority requirement.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(21) If the special rights of a shareholder in managing a company are damaged or restricted by a merger, the consent of such shareholder is necessary for adopting the merger resolution.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(22) If the acquiring company is a private limited company, the contribution for which shares has not been completely paid, the consent of all the partners or shareholders of the company being acquired is necessary for the adoption of the merger resolution. If the company being acquired is a private limited company, the
contribution for which shares has not been completely paid, the consent of all the partners or shareholders of the acquiring company is necessary for the adoption of the merger resolution.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(3) If at least nine-tenths of the share capital of a private limited company or of the share capital of a public limited company being acquired is held by the acquiring private limited company, approval of the merger agreement by a merger resolution of the acquiring private limited company shall not be required for merger. The own shares of the company being acquired shall not be taken into account in the determination of representation. The acquiring private limited company at least two weeks before deciding on the approval of the merger agreement by the company being acquired or, if the merger agreement need not be approved at the meeting of shareholders or the general meeting of the company being acquired, at least two weeks before the creation of the rights and obligations arising from the merger agreement shall perform the disclosure obligations specified in subsection 397 (2) of this Code. A merger resolution is necessary if this is demanded within the term specified
in the previous sentence by shareholders of the acquiring private limited company whose shares represent at least one-twentieth of the share capital and unless the articles of association prescribe a lower representation requirement.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(4) If the only share of the private limited company being acquired is held by the acquiring private limited company or public limited company, the approval of the merger agreement by the merger resolution of the private limited company being acquired is not required for the merger. The own share of the private limited company being acquired shall not be taken into account in the determination of representation.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 413. Increase of share capital of acquiring company

(1) Upon an increase of share capital of an acquiring private limited company in connection with merger, other shareholders shall not have the pre-emptive right to the acquisition of shares (§ 193).
(2) In addition to the documents specified in subsection 196 (1) of this Code, copies of the merger agreement and the merger resolutions of the merging companies certified by a notary shall be appended to the petition for entry of the increase of share capital in the commercial register.

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(3) In case of the increase of the share capital of the acquiring private limited company, the merger shall not be entered on the registry card of the acquiring private limited company before the increase of the share capital has been entered in the commercial register.
[RT I, 21.06.2014, 8 - entry into force 01.01.2015]
(4) The acquiring private limited company shall not increase the share capital for conducting the merger to the extent to which the shares of the company being acquired are held by the acquiring private limited company
or by the company being acquired itself, or by a person acting in his or her own name but at the expense of the company.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 414. Transfer of shares upon merger

(1) An acquiring private limited company shall first transfer its own share of the acquiring private limited company to the partners or shareholders of the company being acquired in the exchange of their shares.
(2) If the own share of an acquiring private limited company is transferred to the partners or shareholders of the company being acquired, it may be divided without observing the restrictions on transfer provided by law and the articles of association and without taking account of the minimum permitted nominal value of a share.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 415. [Repealed - RT I 2007, 65, 405 - entry into force 15.12.2007]

§ 416. Valuation of assets to be transferred

(1) If the acquiring company is a private limited company whose share capital is to be increased in connection with the merger or if a new private limited company is to be founded upon merger, the procedure prescribed
for valuation of a non-monetary contribution of a private limited company (§ 143) shall be used to assess
whether the assets of the companies being acquired are sufficient for the increase of share capital or for the share
capital of the private limited company being founded. Documents certifying the valuation of the assets shall be
submitted to the commercial register together with the merger petition.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(2) The provisions of subsection (1) of this section shall not apply if the merger agreement is audited by an auditor. In auditing the merger agreement, the auditor shall also provide the assessment of the fact whether the assets of the merging companies are sufficient for increasing the share capital or for the share capital of a private limited company being founded.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 4161. Protection of holders of convertible bonds

The provisions of § 426 of this Code shall apply to the holders of convertible bonds of the private limited company being acquired.
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]

§ 417. Merger whereby new private limited company founded

(1) The provisions of § 138 shall not apply to a merger of companies whereby a new private limited company is founded.
(2) Upon a merger whereby a new private limited company is founded, the merger agreement shall, in addition to the provisions of subsections 392 (1) and 405 (4) of this Code, set out the amount of share capital and the members of the management board of the private limited company being founded. If a supervisory board is to be formed, the members of the supervisory board shall also be set out.

Division 4

Public Limited Company as Merging Company

§ 418. Audit

Upon merger of a public limited company, an auditor shall audit the merger agreement.

§ 419. Preparation of general meeting

(1) At least one month before the general meeting to decide on merger, the management board shall present the following to the shareholders for examination at the registered office of the public limited company:
1) the merger agreement;
2) the three preceding annual reports of the merging companies;
[RT I 2009, 13, 78 - entry into force 01.07.2009]
3) the merger reports of merging companies;

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[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
4) the sworn auditor's reports of merging companies.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(2) At the request of a shareholder, he or she shall be immediately provided free of charge either complete
or partial copy, based on the shareholder's wish, of the documents specified in subsections (1) and (3) of this
section. Upon the shareholder's consent, the copy may be sent to his or her e-mail address.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(21) If a public limited company pursuant to § 63 of this Code has provided to the registrar its homepage address, to fulfil the requirements specified in subsections (1) and (2) of this section it may publish the documents on its homepage in a way which provides the opportunity for saving and printing these. The documents shall be available on the homepage of the public limited company within one month prior to the general meeting and until the end of the general meeting.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(3) If the latest annual report of a merging public limited company is prepared in respect to financial year, which ended earlier than six months prior to the entry into the merger agreement, the balance sheet (interim balance sheet) compliant with the requirements established for the balance sheet that constitutes part of the annual report shall be prepared as at no earlier than the first day of the third month preceding the entry into the merger agreement. The interim balance sheet shall be prepared using the same accounting policies and presentation which were used in the preparation of the balance sheet that constitutes part of the latest annual
report. The interim balance sheet shall be submitted to shareholders for examination pursuant to the procedure
specified in subsections (1)–(21) of this section. The interim balance sheet need not be prepared if all the shareholders of the merging public limited companies agree thereto. Instead of the interim balance sheet, the half-yearly report disclosed pursuant to § 18411of the Securities Market Act may be submitted to shareholders for examination.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(4) At least one month prior to the general meeting deciding on the merger, the management board shall submit the merger agreement to the registrar of the commercial register or disclose it on the homepage of the public limited company. Upon the disclosure of the merger agreement on the homepage of the public limited company, it shall be available to the public free of charge until the end of the general meeting. In addition,
the management board shall publish in the official publication Ametlikud Teadaandeda notice concerning the entry into the merger agreement. The notice shall indicate where or at which homepage address it is possible to examine the merger agreement and other documents specified in subsection (1) of this section and receive
copies of these documents. Upon the disclosure of the merger agreement on the homepage of the public limited company, the notice shall also indicate the disclosure date of the merger agreement.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(5) If the public limited company is required to make public the regulated information in the central recording system for information specified in subsection 1846(5) of the Securities Market Act, the merger agreement
may be disclosed in such system instead of the homepage of the public limited company. In the remaining part,
subsection (4) of this section shall apply.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 420. Organisation of general meeting

(1) At the general meeting, the management board shall explain the legal and economic consequences of the merger, including the exchange of shares.
(2) At the general meeting, the supervisory board shall present its opinion concerning the merger.
(3) At the general meeting, information concerning circumstances related to other merging companies shall also be given to a shareholder at the request of the shareholder.

§ 421. Merger resolution

(1) A merger resolution shall be adopted if at least two-thirds of the votes represented at the general meeting are in favour, and the articles of association do not prescribe a greater majority requirement.
(2) If a public limited company has several classes of shares, the merger resolution shall be adopted if, in addition to the provisions of subsection (1) of this section, at least two-thirds of the holders of each class
of shares vote in favour of the resolution, and the articles of association do not prescribe a greater majority requirement. If a resolution is made pursuant to the procedure provided for in subsection 297 (2), at least two-thirds of the votes represented of each class of shares at the general meeting must vote in favour of the resolution unless the articles of association prescribe a greater majority requirement.

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(3) If the acquiring company is not a public limited company, the holders of preferred shares and convertible bonds of the public limited company being acquired shall participate in the determination of representation and in voting on the same bases as the shareholders.
(4) If at least nine-tenths of the share capital of a private limited company or of the share capital of a public limited company being acquired is held by the acquiring public limited company, approval of the merger agreement by a merger resolution of the acquiring public limited company shall not be required for merger. The own shares of the company being acquired shall not be taken into account in the determination of representation. The acquiring public limited company at least one month before deciding on the approval of the merger agreement by the company being acquired or, if the merger agreement need not be approved at the meeting of shareholders or the general meeting of the company being acquired, at least one month before the creation of the rights and obligations arising from the merger agreement shall perform the disclosure obligations specified in §
419 of this Code. A merger resolution is necessary if this is demanded within the term specified in the previous sentence by shareholders of the acquiring public limited company whose shares represent at least one-twentieth of the share capital and unless the articles of association prescribe a lower representation requirement.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(5) If all the shares of the public limited company being acquired are held by the acquiring private limited company or public limited company, the approval of the merger agreement by the merger resolution of the public limited company being acquired is not required for the merger. The own shares of the public limited company being acquired shall not be taken into account in the determination of representation. The public limited company being acquired shall at least one month before the creation of the rights and obligations arising from the merger agreement perform the disclosure obligations specified in subsections 419 (4) and (5) of this Code.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 4211. Takeover of shares for conducting merger

(1) If the acquiring public limited company holds at least nine-tenths of the share capital of the public limited company being acquired, the general meeting of the public limited company being acquired, on the application of the majority shareholder, may decide within three months as of the entry into the merger agreement on the takeover of the shares held by the minority shareholders of the public limited company being acquired by the majority shareholder pursuant to the procedure specified in §§ 3631–36310of this Code taking into account the peculiarities provided for in this section.
(2) In the determining the amount of the share capital represented by the majority shareholder's shares, the second sentence of subsection 3631(2) of this Code shall not apply.
(3) A resolution on the takeover of shares belonging to minority shareholders shall be adopted if at least nine- tenths of the votes represented at the general meeting by shares are in favour.
(4) The merger agreement shall state that due to the merger the takeover of the shares held by the minority shareholders of the public limited company being acquired is taking place.
(5) The merger agreement shall be submitted to shareholders for examination pursuant to the procedure specified in § 3635of this Code.
(6) A copy of the merger agreement certified by a notary shall be enclosed to the notice specified in § 36310of this Code.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 422. Increase of share capital of acquiring public limited company

(1) Upon an increase of share capital of an acquiring public limited company in connection with a merger, other shareholders shall not have the pre-emptive right to the acquisition of shares (§ 345).
(2) In addition to the documents specified in subsection 343 (1) of this Code, copies of the merger agreement and the merger resolutions of the merging companies certified by a notary shall be appended to the petition for entry of the increase of share capital in the register.
(3) In case of the increase of the share capital of the acquiring public limited company, the merger shall not be entered on the registry card of the acquiring public limited company before the increase of the share capital has been entered in the commercial register.
[RT I, 21.06.2014, 8 - entry into force 01.01.2015]
(4) The acquiring public limited company shall not increase the share capital for conducting the merger to the extent to which the shares of the company being acquired are held by the acquiring public limited company or by the company being acquired itself, or by a person acting in his or her own name but at the expense of the company.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

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§ 423. Transfer of shares upon merger

An acquiring public limited company shall first transfer its own shares of the acquiring public limited company to the partners or shareholders of the company being acquired in the exchange of their shares.

§ 424. Valuation of assets to be transferred

(1) If the acquiring company is a public limited company whose share capital is to be increased in connection with the merger or if a new public limited company is to be founded upon merger, the procedure prescribed
for valuation of a non-monetary contribution of a public limited company (§ 249) shall be used to assess
whether the assets of the companies being acquired are sufficient for the increase of share capital or for the share
capital of the public limited company being founded. Documents certifying the valuation of the assets shall be
submitted to the commercial register together with the merger petition.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(2) The provisions of subsection (1) of this section shall not apply if the merger agreement is audited by an auditor. In auditing the merger agreement, the auditor shall also provide the assessment of the fact whether the assets of the merging companies are sufficient for increasing the share capital or for the share capital of a public limited company being founded.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 425. [Repealed - RT I 2000, 57, 373 - entry into force 01.01.2001]

§ 426. Protection of holders of preferred shares or convertible bonds

(1) The rights of holders of preferred shares or convertible bonds of a public limited company being acquired which they had in the public limited company being acquired shall be retained in the acquiring public limited company.
(2) If the acquiring company is not a public limited company, the holders of preferred shares or convertible bonds shall acquire shares of the acquiring company on the same bases as the shareholders of the public limited company being acquired. Upon opposition to the merger agreement, they may claim compensation pursuant to §
404 of this Code.

§ 427. Merger whereby new public limited company founded

(1) The provisions of § 243 of this Code shall not apply to a merger of companies whereby a new public limited company is founded.
(2) Upon a merger whereby a new public limited company is founded, the merger agreement shall, in addition to the provisions of subsections 392 (1) and 405 (4) of this Code, set out the amount of share capital and the members of the management board and supervisory board of the public limited company being founded.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

Division 41

Merger of Private Limited Company or Public

Limited Company with Assets of Natural Person

[RT I, 21.03.2014, 3 - entry into force 01.01.2015]

§ 4271. Right to merge

(1) The merger of a private limited company or public limited company with the assets of the company's shareholder who is a natural person is permitted also in case in addition to this shareholder the shares of a private limited company or public limited company being acquired are held exclusively by the company itself.
(2) The merger is permitted also in case the shares are in the joint ownership of the spouses.
(3) The merger is not permitted if a public limited company being acquired has issued convertible bonds. (4) The merger is not permitted if an acquiring natural person is insolvent.
[RT I, 21.03.2014, 3 - entry into force 01.01.2015]

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§ 4272. Disclosure obligations

Upon the merger of a private limited company or public limited company with the assets of a natural person the disclosure obligations specified in subsection 397 (2) and subsections 419 (4) and (5) of this Code need not be performed.
[RT I, 21.03.2014, 3 - entry into force 01.01.2015]

§ 4273. Protection of creditors

(1) Upon the merger of a private limited company or public limited company with the assets of a natural person, the procedure for protection of creditors provided for in § 399 of this Code does not apply.
(2) The management board of a company being acquired shall send at least one month prior to filing a petition for entry of the merger in the commercial register to the known creditors of the company a notice concerning the merger in a format which can be reproduced in writing. In addition, the management board of a company being acquired shall publish, within the term specified in the first sentence, a notice concerning the merger in the official publication Ametlikud Teadaanded. The notice shall set out that the creditors of a company being acquired have the rights specified in subsections (3) and (4) of this section.
(3) A creditor has the right to demand a security for claims which arise before or within fifteen days after the publication of the notice in the official publication Ametlikud Teadaanded.
(4) A company being acquired shall secure the claims of creditors if these are submitted within one month after publication of the notice in the official publication Ametlikud Teadaandedand only in case the creditors have no possibility to demand satisfaction of the claims and they prove that the merger may endanger the fulfilment of the claims.
[RT I, 21.03.2014, 3 - entry into force 01.01.2015]

§ 4274. Submission of petition to commercial register

(1) A petition for entry of the merger in the register shall set out the personal identification code of an acquiring natural person.
(2) The members of the management board of a company being acquired shall confirm in a petition for entry
of the merger in the register that the creditors of the company have been given a security pursuant § 4273of this
Code.
(3) A written confirmation of an acquiring natural person regarding the fact that he or she is not insolvent shall be enclosed to a petition for entry of the merger in the register.
(4) If the share or shares of a company being acquired are in the joint ownership of the spouses and only one of the spouses entered into a merger agreement, the notarised consent of the other spouse for merger shall be enclosed to a petition for entry of the merger in the register.
(5) If the shares of a company being acquired are pledged, the notarised consent of the pledgee for merger shall be enclosed to a petition for entry of the merger in the register.
(6) The provisions of subsection 400 (4) of this Code do not apply to submission of a petition for entry of the merger in the register.
[RT I, 21.03.2014, 3 - entry into force 01.01.2015]

§ 4275. Merger entry and legal effect of entry

(1) The merger shall be entered exclusively on the registry card of a company being acquired. Upon merger
of several companies being acquired with the assets of a natural person, the entry shall set out the entry on the
registry card of which company being acquired will result in the entry into force of the merger. The entry made
on the registry card of a company being acquired shall also set out the name and personal identification code of
an acquiring natural person.
(2) The merger may be entered in the commercial register exclusively with the written consent of the Tax and Customs Board. Subsection 59 (4) of this Code shall apply to the granting of the consent. The Tax and Customs Board may refuse the consent also in case it has any claims against an acquiring natural person.
(3) The merger shall enter into force upon entry of the merger on the registry card of the last company being acquired.
[RT I, 21.03.2014, 3 - entry into force 01.01.2015]

Division 5

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Commercial Association as Merging Company

§ 428. Commercial association as merging company

A commercial association may only merge with a commercial association.

§ 429. Contribution and membership

(1) For the purposes of this chapter, a contribution to a commercial association shall be deemed to be a share. (2) For the purposes of this chapter, a member of a commercial association shall be deemed to be a shareholder.

§ 430. Audit of merger agreement

A member of a merging commercial association may demand an audit of the merger agreement at the expense of the commercial association. The corresponding written request shall be submitted within ten days as of providing the opportunity to examine the documents specified in subsection 397 (2) of this Code.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 431. Merger resolution

A merger resolution shall be adopted if at least two-thirds of the members who participate in the meeting vote in favour, and the articles of association do not prescribe a greater majority requirement.

§ 432. Valuation of assets to be transferred

The assets to be transferred of a commercial association being acquired shall be valuated pursuant to the procedure prescribed for valuation of a non-monetary contribution of an association. Documents certifying the valuation of the assets shall be submitted to the commercial register.
[RT I 2007, 67, 413 - entry into force 28.12.2007]

§ 433. Merger whereby new commercial association founded

Upon a merger whereby a new commercial association is founded, the merger agreement shall, in addition to the provisions of subsections 392 (1) and 405 (4) of this Code, set out the members of the management board of the association being founded. If a supervisory board is to be formed, the members of the supervisory board shall also be set out.

Division 6

Cross-border Merger

[RT I 2007, 65, 405 - entry into force 15.12.2007]

§ 4331. Cross-border merger

(1) A public limited company or private limited company registered in the Estonian commercial register
may merge with another limited liability company founded on the basis of the law of another State which is a
Contracting Party to the EEA Agreement (hereinafter Contracting State) which conforms to the requirements
provided in Article 2.1 of the Directive 2005/56/EC of the European Parliament and of the Council of on cross-
border mergers of limited liability companies (OJ L 310, 25.11.2005, p. 1–9) and whose registered office,
location of the management board or principal place of business is in a Contracting State (hereinafter cross-

border merger).

(2) The provisions of this Chapter apply to the participation in a cross-border merger of companies registered or subject to registration in the Estonian commercial register unless otherwise provided by law concerning the cross-border merger.
(3) Commercial associations are prohibited to participate in a cross-border merger as the company being acquired or the acquiring company.
(4) In the cases and pursuant to the procedure provided in § 412of the Community-scale Involvement of Employees, the employees of the acquiring company shall be involved to participate in the management of the acquiring company.
[RT I 2007, 65, 405 - entry into force 15.12.2007]

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§ 4332. Merger agreement

(1) In addition to the provisions on subsection 392 (1) of this Code, the merger agreement shall set forth:
1) the type of the company being acquired and the acquiring company;
2) in the case of the right to receive a share of the profit, the specifics for performance of such right;
3) information concerning the evaluation of the assets to be transferred to the acquiring company;
4) the dates of the financial statements used for determining the terms and conditions for the merger;
5) in the case provided by law, the data concerning the participation by the employees in the management of
the company.
[RT I 2007, 65, 405 - entry into force 15.12.2007]
(2) If all the shares granting voting rights of the company being acquired belong to the acquiring company, the data specified in clauses 392 (1) 2)-4) of this Code and clause (1) 2) of this section need not be set forth in the merger agreement.
[RT I 2007, 65, 405 - entry into force 15.12.2007]
(3) The articles of association of the acquiring company shall also be annexed to the merger agreement. [RT I 2007, 65, 405 - entry into force 15.12.2007]
(4) The sum of additional payments prescribed in the merger agreement which are to be paid by the acquiring company to the partners or shareholders of the company being acquired may exceed one-tenth of the sum of the nominal values or book values of the shares of the acquiring company if permitted by the law of the Contracting State applicable to the acquiring company participating in the cross-border merger.
[RT I 2010, 20, 103 - entry into force 01.07.2010]
(5) Subsections 419 (4) and (5) of this Code apply to the disclosure of the merger agreement. A notice published in Ametlikud Teadaandedshall set forth the following:
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
1) the type, business name and registered office of each merging company;
2) the register in which the merger of each merging company has been registered and the number of the register
entry;
3) a reference that the merger agreement contains information concerning the protection of minority partners or
shareholders and creditors.
[RT I 2007, 65, 405 - entry into force 15.12.2007]
(6) In case of cross-border merger pursuant to subsection 4338(1) of this Code, the merger agreement upon the disclosure thereof on the company's homepage or in the central recording system for information specified in subsection 1846(5) of the Securities Market Act shall be available to the public free of charge for at least two months as of the disclosure of the notice in the official publication Ametlikud Teadaanded.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 4333. Merger report

(1) In the case of cross-border merger, the merger report shall also set out the effect of the merger on the employees and creditors of the public limited company or the private limited company. The report shall also include, as an annex, the opinion of the representative of the employees or the trade union if such opinion was provided at least one month prior to the meeting or general meeting which passed the resolution on the merger.
(2) Subsection 393 (2) does not apply to the merger report. [RT I 2007, 65, 405 - entry into force 15.12.2007]

§ 4334. Audit

(1) Upon cross-border merger, an auditor shall audit the merger agreement.
(2) Upon cross-border merger, one or several common auditors may be appointed to several or all of the companies being acquired. A common auditor or auditors shall be appointed only by or with permission of a court or administrative agency of the Contracting State under whose jurisdiction one of companies being acquired or the acquiring company falls.
(3) Based on the request of the merging companies, an Estonian court shall appoint the auditor or auditors specified in subsection (2) of this section who shall have the expertise and skills necessary for auditing a cross- border merger. The court shall also specify the procedure for and amount of remuneration for the auditor or auditors it appoints.
[RT I 2007, 65, 405 - entry into force 15.12.2007]

§ 4335. Merger resolution

(1) At least one month before the meeting or general meeting which decides on the merger, the partners or shareholders shall be granted an opportunity to examine the merger agreement, merger report and auditor's opinion. The merger report shall be made available to the representative of the employees or trade union of the

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company or, in the absence thereof, to the employees of the company at least one month prior to the meeting or general meeting which decides on the merger.
(2) If all the shares of the company being acquired granting voting rights belong to the acquiring company, the meeting or general meeting of the company being acquired which decides on the merger need not approve of the merger agreement.
(3) Instead of subsection 421 (3) of this Code, subsection 421 (4) thereto applies to private limited companies entered in the Estonian commercial register which participate in a cross-border merger.
(4) The meeting or general meeting of the company being acquired may set, as a condition for approval of the merger resolution, that the acquiring company has expressly approved of the procedure for participation by the employees of the acquiring company in the management of the company.
[RT I 2007, 65, 405 - entry into force 15.12.2007]

§ 4336. Share exchange ratio

(1) If, based on the law of the other Contracting State under whose jurisdiction a company participating in the merger falls, the partners or shareholders have no right to demand a refund within the meaning of subsection
398 (3) of this Code, then a partner or shareholder of a company registered in the Estonian commercial register has the right to demand such refund only if a company participating in the merger who falls under the jurisdiction of the other Contracting State recognises, in its merger agreement, the right to demand such refund.
(2) Upon cross-border merger, subsections 398 (3) and (4) also apply, if a participant in the merger is a company who falls under the law of another Contracting State which grants partners and shareholders the right to demand refund in the case of a low share exchange ratio, and if the matter falls under the jurisdiction of the Estonian court.
(3) In the cases not specified in subsections (1) and (2) of this section and if the acquiring company falls under the jurisdiction of another Contracting State, the merger resolution of a company being acquired registered
in the Estonian commercial register may also be declared invalid for the reason that the share exchange ratio established is too low.
[RT I 2007, 65, 405 - entry into force 15.12.2007]

§ 4337. Compensation upon cross-border merger

If the acquiring company falls under the jurisdiction of another Contracting State, the partner or shareholder of a company being acquired entered in the Estonian commercial register who does not agree to the merger resolution has the right, pursuant to the procedure provided in § 404 of this Code, to transfer the shares thereof or to demand that the acquiring company acquire the exchanged share or shares of the partner or shareholder for monetary compensation.
[RT I 2007, 65, 405 - entry into force 15.12.2007]

§ 4338. Protection of creditors

(1) The provisions of § 399 of this Code do not apply to a cross-border merger of a company registered in the commercial register of Estonia where the acquiring company falls under the jurisdiction of another Contracting State.
(2) In the case of a cross-border merger of a company registered in the commercial register of Estonia where the acquiring company falls under the jurisdiction of another Contracting State, the creditors of the public limited company or private limited company have the right, within two months after receiving the notice specified in subsection 419 (4) of this Code, to submit a claim to receive a security.
(3) Only a creditor who is not able to demand satisfaction of claims and who provides proof that the merger is likely to endanger the fulfilment of the claims thereof has the right to receive the security provided in subsection (2) of this section.
(4) Based on subsections (2) and (3) of this section, a creditor has the right to demand a security for claims which arise before or within fifteen days after the publication of the notice specified in subsection 419 (4) of this Code.
[RT I 2007, 65, 405 - entry into force 15.12.2007]

§ 4339. Merger entry and merger certificate

(1) Section 400 of this Code applies to the application submitted to the commercial register by an acquiring company or company being acquired registered or to be registered in the Estonian commercial register. In

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addition to the above, the members of the management board shall confirm, in the petition, that the creditors of the company have been given a security pursuant to § 4338of this Code.
(2) If a company registered in the Estonian commercial register participates in a cross-border merger as the company being acquired, the registrar shall issue a certificate to the company which confirms that the company being acquired has performed the required pre-merger acts and the merger has been entered in the commercial register. The certificate shall set out the date of the entry and also shall make reference, if relevant, to the court proceeding performed to check the exchange ratio provided in subsections 4336(1) and (2) of this Code.
(3) The minister responsible for the area shall establish the procedure for preparing and issuing of the certificate on cross-border merger specified in subsection (2) of this section.
(4) If a company registered in the Estonian commercial register participates in a cross-border merger as the company being acquired, an entry is made in the commercial register of the company being acquired stating that the merger is deemed to have taken place pursuant to the law of the Contracting State under whose jurisdiction the acquiring company falls. After receiving a notice concerning the merger having taken place from a court, notary or other competent authority of the Contracting State under whose jurisdiction the acquiring company falls, the registrar shall make an entry in the commercial register concerning the date on which, according to
the received notice, the merger took place, and if the shares of the company being acquired are registered in the Estonian Central Register of Securities, shall also inform the registrar of the Estonian Central Register of Securities thereof.
(5) After performing the acts specified in subsection (4) of this section, the registrar shall forward all the documents which have been submitted to it concerning the company being acquired by electronic means to the court, notary or other competent authority of the Contracting State under whose law the acquiring company falls.
(6) If a company registered or to be registered in the Estonian commercial register participates in a cross- border merger as the acquiring company, the company being acquired which falls under the jurisdiction of a Contracting State shall submit the registrar a certificate by the court, notary or other competent authority of the corresponding Contracting State stating that the requirements for merger have been fulfilled and pre-merger acts have been concluded with respect to the company being acquired which falls under the jurisdiction of such Contracting State, and submit the merger agreement. The certificate shall be submitted within six months after
its issue. The merger entry shall be made even if it is evident based on the certificate that a court proceeding for checking the share exchange ratio within the meaning of subsection 398 (3) of this Code has been initiated with respect to the company being acquired.
(7) If a company registered or to be registered in the Estonian commercial register participates in a cross- border merger as the acquiring company, the registrar shall immediately give notice of the merger entry to a court, notary or other competent authority of the Contracting State under whose jurisdiction the company being acquired falls and, if the shares of the acquiring company are registered in the Estonian Central Register of Securities, shall also inform the registrar of the Estonian Central Register of Securities thereof.
[RT I, 21.06.2014, 8 - entry into force 01.01.2015]
(8) If the share capital is increased in the course of cross-border merger, the managing board of the acquiring company shall submit a petition for the entry of the increase of the share capital within one year after the resolution to increase the share capital was adopted.
[RT I 2007, 65, 405 - entry into force 15.12.2007]

Chapter 32

DIVISION

Division 1

General Provisions

§ 434. Methods of division

(1) Division shall be effected without a liquidation proceeding by distribution or separation.
(2) Upon distribution, the company being divided shall transfer its assets to the recipient companies. A recipient company may be an existing or new company. Upon distribution, the company being divided shall be deemed to be dissolved.
(3) Upon distribution, the partners or shareholders of the company being divided shall become partners or shareholders of a recipient company.
(4) Upon separation, the company being divided shall transfer part of its assets to one or several recipient companies. A recipient company may be an existing or new company.

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(5) Upon separation, the partners or shareholders of the company being divided shall become partners or shareholders of a recipient company, or the company being divided shall become the sole shareholder.
(6) Existing and new companies entered in the commercial register in Estonia may simultaneously be recipient companies.
(7) Companies participating in a division may be of the same class or of different classes of companies unless otherwise provided by law.

§ 435. Division agreement

(1) In order to divide, the management boards of or the partners entitled to represent the companies participating in division shall enter into a division agreement. Rights and obligations shall arise from the
division agreement after approval of the agreement pursuant to the procedure provided for in § 440 of this Code. A division agreement shall set out:
1) the business names and registered offices of the companies participating in division;
2) upon distribution or separation, the distribution and exchange ratio of shares in the companies participating
in the division to be transferred to the partners or shareholders of the company being divided, and the amount
of additional payments, if additional payments are to be made, for the exchange of shares to the partners or
shareholders of the company being divided;
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
3) upon distribution or separation, the terms and conditions of transfer of the shares of the recipient companies
for the exchange of shares with the partners or shareholders of the company being divided;
4) the date as of which the transferred shares shall grant the right to a share of profit of the recipient companies
and the special conditions affecting this right;
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
5) the rights which the recipient companies will grant to the partners or shareholders of the company being
divided, including the holders of preferred shares and convertible bonds;
6) a list of assets to be transferred to each recipient company and the distribution of obligations which belong
to the assets among the companies participating in division;
7) the consequences of division for the employees;
8) in the case of distribution, the date as of which the transactions of the company being divided shall be
deemed to be undertaken by the recipient company (division balance sheet date);
9) the remuneration paid to the auditor who audits the division agreement and the advantages granted to the
members of the management boards and supervisory boards of the companies participating in division or the
partners entitled to represent the companies.
(2) The sum of additional payments prescribed in a division agreement which are to be paid by a recipient private limited company or public limited company to the partners or shareholders of the company being divided shall not exceed one-tenth of the sum of the nominal values or book values of their exchanged shares.
[RT I 2010, 20, 103 - entry into force 01.07.2010]
(3) A division agreement shall be notarised.
(4) If an approved division agreement is conditional and a condition is not met within five years after conclusion of the agreement, a company may terminate the agreement by giving at least six months’ advance notice of termination unless the division agreement prescribes a shorter term for advance notice.

§ 436. Division report

(1) The management boards of or the partners entitled to represent the companies participating in a division shall prepare a written report (division report) in which the division and division agreement shall be explained and justified legally and economically. Upon distribution or separation whereby shares are exchanged with the partners or shareholders of the company being divided, the share exchange ratio, the distribution of shares of the companies participating in the division among the partners or shareholders of the company being divided, and the amount of additional payments, if additional payments are to be made, shall be justified in the report. Difficulties relating to valuation shall be referred to separately in the report.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(2) A division report need not be prepared upon separation by an exchange of shares with the company being divided, or if this is agreed to by all the partners of the company participating in division or all the shareholders of the public limited companies participating in division.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(3) The companies participating in division may prepare a joint division report.
(4) If a company participating in division belongs to a group, the division report shall also set out information necessary for the division concerning the other companies belonging to the group.

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(5) A division report need not set out information, publication of which may result in significant damage to a company participating in division or a company belonging to the same group with such company. In such case, the reason for failure to submit the information shall be set out in the report.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 437. Audit

(1) An auditor shall audit a division agreement in the cases provided by law.
(2) An auditor need not audit a division agreement upon separation by the exchange of shares with the company being divided, or if all the partners of the company participating in division or all the shareholders of the public limited companies participating in division agree that an auditor need not audit the division agreement.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 438. Appointment of auditor

An auditor shall be appointed by the management board or managing partners of the company participating in a division. One auditor may be appointed for some or all of the companies participating in division.

§ 439. Report and liability of auditor

(1) The auditor shall prepare a written report concerning the results of the audit of a division agreement. The auditors who audit a division agreement may prepare a joint report for the companies.
(2) A report shall indicate whether the share exchange ratio and additional payments indicated in the division agreement are appropriate consideration for the partners or shareholders of the company being divided, and whether the division may bring about damage to the interests of the creditors of the company.
(21) Additionally, the auditor's report shall set out the method which was used upon determination of the exchange ratio of shares to be transferred to the partners or shareholders of the company being divided, the difficulties relating to determination of the exchange ratio, whether the used method is appropriate for
determination of the exchange ratio and other methods for determination of the exchange ratio. If different methods are used upon determination of the exchange ratio, the exchange ratio in each method and the importance of results obtained on the basis of each method upon determination of the exchange ratio shall be set out.
(3) An auditor shall be liable, in the same manner as upon auditing an annual report, for the damage caused by inaccurate auditing of the division agreement to the company, its shareholders or creditors.
(4) An auditor has the same rights and obligations upon auditing a division agreement as upon auditing an annual report. An auditor also has the right to obtain information necessary for auditing from other companies which belong to the same group with the company participating in division.
(5) An auditor's report need not set out information, publication of which may result in significant damage to a company participating in division or a company belonging to the same group with such company. In such case, the reason for failure to submit the information shall be set out in the report.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 440. Division resolution

(1) Rights and obligations shall arise from a division agreement if the division agreement is approved by all companies participating in the division. A division resolution shall be in writing.
(2) A partner or shareholder may demand a copy of the division agreement or resolution.
(3) The partners or shareholders shall be provided with the opportunity to examine the division agreement, division report and auditor’s report at least two weeks before deciding on approval of the division agreement unless otherwise provided by law.
(4) All the partners or shareholders of a company being divided must be in favour of the division resolution if, in the companies participating in division, shares are to be determined between the partners or shareholders of the company being divided based on a different proportion than in the company being divided.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(5) The management board of or the partners entitled to represent the company participating in division, prior to deciding on the approval of the division agreement, shall notify the partners or the general meeting of all material changes in the assets of the company which occur in the interim between the entry into the division agreement and deciding on the approval of the division agreement. The management board of or the partners entitled to represent the company participating in division shall notify of the changes specified in the previous sentence also the management boards of or the partners entitled to represent the other companies participating in division, who shall notify of the above changes the partners or the general meeting of their companies.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

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(6) The obligations specified in subsection (5) of this section need not be performed upon separation by an exchange of shares with the company being divided, or if this is agreed to by all the partners or shareholders of the companies participating in division.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 441. Contestation of division resolution and compensation for damage

(1) At the request of a partner, shareholder or member of the management board or supervisory board, a court may declare invalid a division resolution which is in conflict with the law, the partnership agreement or the articles of association if the request is submitted within one month after the resolution is made.
(2) The division resolution of a company being divided shall not be declared invalid on the basis that the share exchange ratio is fixed too low.
(3) If the share exchange ratio is fixed too low, a partner or shareholder may demand a refund from the recipient company which may exceed the amount specified in subsection 435 (2) of this Code.
(4) A fine for delay shall be paid on an unpaid refund in the amount provided by law as of entry of the division on the registry card of the company being divided. The above does not preclude or restrict the filing of claims for compensation for damage exceeding the default interest.
[RT I, 21.06.2014, 8 - entry into force 01.01.2015]

§ 442. [Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 443. Submission of petition to commercial register

(1) The management board of or the shareholders entitled to represent a company participating in a division shall submit a petition for entry of the division in the commercial register not earlier than one month after approval of the division agreement. The following shall be appended to the petition:
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]
1) a copy of the division agreement certified by a notary;
2) the division resolution;
3) the minutes of the meeting of partners or shareholders if the division resolution is made at a meeting;
4) the permission for division, if required;
5) the division report or the agreements not to prepare one;
6) the auditor’s report, if required, or the agreements not to prepare one;
7) upon distribution, the final balance sheet of the company being divided if the company being divided
submits the petition;
8) [repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]
9) if the shares of a company being divided are registered in the Estonian Central Register of Securities, the
confirmation of the registrar of the Estonian Central Register of Securities that the management board of the
company being divided has informed the registrar of the division;
[RT I 2006, 55, 407 - entry into force 01.01.2007]
10) the interim balance sheet or the agreements not to prepare one.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(2) A registrar may enter a distribution in the register only if the final balance sheet of the company being divided is prepared as at a date not earlier than eight months before submission of the petition to the commercial register. The final balance sheet is prepared pursuant to the requirements established for the balance sheet that constitutes part of the annual report, and the approval of the final balance sheet and conducting the audit thereof is governed by the provisions concerning the approval of the annual report and conducting an audit. The final balance sheet shall be prepared using the same accounting policies and presentation which were used in the preparation of the balance sheet that constitutes part of the latest annual report. The final balance sheet shall be prepared as at the day before the division balance sheet.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(3) In a petition, the members of the management board of or the partners entitled to represent the company shall confirm that the division resolution is not contested, or that a corresponding petition has been denied.

§ 444. Business name of recipient company

(1) Upon distribution, one recipient company may continue activities under the business name of the company being divided.
(2) If a partner or shareholder of the company being divided is a natural person who no longer participates in the recipient company, the recipient company may continue to use his or her name in the business name only with the written consent of him or her, or of his or her successors.

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§ 445. Division entry

(1) A division shall be entered in the commercial register of the registered office of the company being divided if it is entered in the commercial registers of the registered offices of all recipient companies. Entries in the commercial registers of the registered offices of the recipient companies shall indicate that the division shall
be deemed to be effected as of entry in the commercial register of the registered office of the company being divided.
(2) The petitions related to division shall be joined in one proceeding. [RT I, 21.06.2014, 8 - entry into force 01.01.2015]
(3) If the shares of a company being divided are registered with the Estonian Central Register of Securities, the registrar of the commercial register shall promptly notify the registrar of the Estonian Central Register of Securities of the division.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]

§ 446. Legal effect of entry

(1) All assets of a company being divided or, upon separation, the separated assets, shall transfer to the recipient companies pursuant to the distribution prescribed in the division agreement as of entry of the division in the commercial register of the registered office of the company being divided. After entry of the division in the commercial register of the registered office of the company being divided, entries regarding the transfer of assets shall be made in registers on the petitions of the recipient companies.
(2) Upon distribution, the company being divided shall be deemed to be dissolved as of entry of the division in the commercial register of the registered office of the company being divided. The registrar shall delete the company being divided from the commercial register.
(3) The partners or shareholders of the company being divided shall become partners or shareholders of the companies participating in division pursuant to the division agreement as of entry of the division in the commercial register of the registered office of the company being divided, except if the company being divided, upon separation, becomes the sole shareholder of the recipient company.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(4) Upon division, the shares of the partners or shareholders of the company being divided shall be exchanged for shares of the recipient companies. The rights of third persons with regard to exchanged shares shall remain valid with regard to the shares of the recipient company.
[RT I 2008, 16, 116 - entry into force 15.04.2008]
(5) The shares held by a recipient company or by the company being divided itself, or by a person acting in
his or her own name but at the expense of the company shall not be exchanged upon division and shall become
invalid, except if the company being divided, upon separation, becomes the sole shareholder of the recipient
company.
(6) Assets which are not divided upon distribution shall be divided among the recipient companies in proportion to their shares in the divided assets.
(7) A division shall not be contested after its entry in the commercial register of the registered office of the company being divided.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 447. Liability for obligations of company being divided and compensation for damage caused by division

(1) Companies participating in a division shall be solidarily liable for the obligations of the company being divided which arise before entry of the division in the commercial register of the registered office of the
company being divided. In relations between solidary debtors, only persons to whom obligations are assigned by the division agreement are obligated persons.
(2) A company participating in a division to whom obligations are not designated by the division agreement shall be liable for the obligations of the company being divided if the due date for their performance arrives within five years after entry of the division in the commercial register of the registered office of the company being divided.
(21) Immediately after a division has been entered in the commercial register of the registered office of the company being divided, the company participating in the division shall publish a division notice to the creditors of the companies being divided in the publication Ametlikud Teadaanded, informing them of the possibility to submit, within six months after the publication of the notice, their claims in order to receive a security.

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(22) The company participating in division must secure the claims of the creditors within six months after the publication of the notice specified in subsection (21) of this section, if the creditors have no possibility to demand satisfaction of the claims and they prove that the division may endanger the fulfilment of the claims.
(3) The members of the management board and supervisory board, or the managing partners of a company participating in a division shall be solidarily liable to the company, the partners or shareholders, and the creditors of the company for any damage wrongfully caused by the division.
(4) The limitation period for a claim specified in subsection (3) of this section shall be five years from entry of the division in the commercial register of the registered office of the company being divided.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 448. Compensation upon participation of different classes of companies in division

(1) Upon participation of companies of different classes in a division, a partner or shareholder of the company being divided who opposes the division resolution may, within two months after entry of the division in the commercial register of the registered office of the company being divided, demand that the recipient company acquire the exchanged share or shares of the partner or shareholder for monetary compensation. The monetary compensation shall be equal to the money which the partner or shareholder would have received from the distribution of remaining assets upon liquidation of the company if the company had been liquidated at the time the division resolution was made.
(2) The provisions of clauses 162 (2) 11) and 283 (2) 2) of this Code shall not apply to acquisition of shares by a company on the bases specified in subsection (1) of this section.
(3) The names of partners or shareholders who oppose the division resolution and who wish to exercise the rights specified in this section shall be appended to the division resolution. Opposition to the division resolution shall be confirmed by each partner or shareholder by the signature of the partner or shareholder.
(4) If a recipient company is a general partnership or limited partnership, the compensation specified in subsection (1) of this section may be demanded by a partner who departs from the company.
(5) A recipient company shall pay a fine for delay on compensation in an amount provided by law as of entry of the division in the commercial register of the registered office of the company being divided.
(6) If a partner or shareholder who opposes the division resolution does not demand the compensation specified in this section, the partner or shareholder may transfer a share or shares within two months regardless of the restrictions on disposal provided by law or prescribed by the articles of association.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 449. Division whereby new company founded

(1) The provisions of this chapter together with amendments prescribed by law shall apply to a division whereby a new company is founded.
(2) The provisions regarding recipient companies shall apply to companies being founded.
(3) In the foundation of a new company, the foundation provisions for the class of company shall apply unless the provisions of this chapter provide otherwise. The founder shall be the company being divided.
(4) Upon division whereby a new company is founded, the management board of or the partners entitled to represent the company being divided shall draft a division plan which shall substitute for the division agreement. In addition to the provisions of subsection 435 (1) of this Code, the division plan shall set out the business name and registered office of the new company. The articles of association or partnership agreement of the company being founded, which shall be approved by the division resolution, shall be appended to the division plan.
(5) The management board of or the partners entitled to represent a company being divided shall submit a petition for entry of the new companies and the division in the commercial register.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]
(6) The registrar shall first enter each new company in the commercial register. Thereafter, the registrar shall enter the division in the commercial register and make a notation concerning each new company specifying when the division was entered in the commercial register.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]

Division 2

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General Partnership or Limited Partnership as Company Participating in Division

§ 450. Meaning of contribution

For the purposes of this chapter, the contribution of a partner of a general partnership or limited partnership shall be deemed to be a share.

§ 451. Content of division agreement

(1) If a recipient company is a general partnership or limited partnership, the division agreement shall, in addition to the provisions of subsection 435 (1) of this Code, set out with regard to each partner or shareholder of the company being divided whether the partner or shareholder will become a general partner or limited partner of the recipient company and the amount of the contribution of the partner or shareholder.
(2) If a limited partner of a limited partnership, a shareholder of a private limited company or a shareholder of a public limited company being divided opposes the division resolution, the recipient company shall be a limited partnership, and the opposing limited partner, shareholder of the private limited company or shareholder of the public limited company shall become a limited partner of the recipient company.

§ 452. Division report

A division report need not be prepared if all partners of the general partnership or limited partnership being divided are managing partners of the company.

§ 453. Division resolution

(1) A division resolution shall be adopted if all the partners vote in favour.
(2) A partnership agreement may prescribe that the division resolution shall be adopted if more than two-thirds of the partners vote in favour. If a partner of the general partnership or a general partner of a limited partnership being divided opposes the division resolution, the partner or general partner shall become a limited partner of a recipient limited partnership.
(3) If a division resolution may be made by a majority vote pursuant to the partnership agreement, a partner may demand an audit of the division agreement at the expense of the company.

§ 454. Liability of shareholders

(1) If, upon distribution of a general partnership or limited partnership, a recipient company is a limited partnership, private limited company or public limited company, a general partner shall be liable for the obligations of the company being divided for which the due date for performance has arrived or will arrive within five years after entry of the division in the commercial register of the registered office of the company being divided.
(2) If a recipient company is a limited partnership in which a general partner of the company being divided is to become a general partner, the liability restriction prescribed in subsection (1) of this section shall not apply with regard to the general partner.

Division 3

Private Limited Company as Company Participating in Division

§ 455. Audit of division agreement

A shareholder of a private limited company participating in a division may demand an audit of the division agreement at the expense of the private limited company. The corresponding written request shall be submitted within ten days as of providing the opportunity to examine the documents specified in subsection 440 (3) of this Code.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 456. Division resolution

(1) A division resolution shall be adopted if at least two-thirds of the votes represented at the meeting of shareholders are in favour, and the articles of association do not prescribe a greater majority requirement.
(2) If a division resolution is made pursuant to the procedure provided for in subsection 173 (2) of this Code, the resolution shall be adopted if at least two-thirds of the votes of the shareholders are in favour, and the law or the articles of association do not prescribe a greater majority requirement.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

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(3) If the special rights of a shareholder concerning management of a company are damaged or restricted by division, the consent of this shareholder is also required for the adoption of the division resolution.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(4) If all shares of the private limited company being divided are held by the recipient private limited companies or public limited companies, the approval of the division agreement by the division resolution of the private limited company being divided shall not be required for division. The own share of the company being divided shall not be taken into account in the determination of representation.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(5) If the recipient company is a private limited company, the contribution for which shares has not been completely paid, the consent of all the partners or shareholders of the company being divided is necessary for the adoption of the division resolution. If the company being divided is a private limited company, the
contribution for which shares has not been completely paid, the consent of all the partners or shareholders of the recipient company is necessary for the adoption of the division resolution.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 457. Increase of share capital of recipient company

(1) Upon an increase of share capital of a recipient private limited company in connection with a division, other shareholders shall not have the pre-emptive right to the acquisition of shares (§ 193).
(2) In addition to the documents specified in subsection 196 (1) of this Code, copies of the division agreement and the division resolutions of the companies participating in the division certified by a notary shall be appended to the petition for entry of the increase of share capital in the commercial register.
(3) In the case of the increase of the share capital of a recipient private limited company, the division shall not be entered on the registry card of the company being divided before the increase of the share capital has been entered in the commercial register.
[RT I, 21.06.2014, 8 - entry into force 01.01.2015]
(4) The recipient private limited company shall not increase the share capital for conducting the division to the extent to which the shares of the company being divided are held by the recipient private limited company or the company being divided itself, or by a person acting in his or her own name but at the expense of the company, except if the company being divided, upon separation, becomes the sole shareholder of the recipient private limited company.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 458. Transfer of shares upon division

(1) A recipient private limited company shall first transfer its own share of the recipient private limited company to the partners or shareholders of the company being divided in the exchange of their shares.
(2) If the own share of a recipient private limited company is transferred to the partners or shareholders of the company being divided, it may be divided without observing the restrictions on transfer provided by law and the articles of association and without taking account of the minimum permitted nominal value of a share.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(3) [Omitted - RT I 1996, 40, 773 - entry into force 08.06.1996]

§ 459. Admissibility of transfer

If a shareholder who opposes the division resolution does not demand the compensation specified in subsection
448 (1) of this Code, the shareholder may transfer a share within two months regardless of the restrictions on
disposal provided for in subsections 149 (1)–(3) of this Code.

§ 460. Valuation of assets to be transferred

If a recipient company is a private limited company whose share capital is to be increased in connection with a division or if a new private limited company is to be founded upon a division, the procedure prescribed for valuation of a non-monetary contribution of a private limited company (§ 143) shall be used to assess whether the assets transferred by the company being divided are sufficient for the increase of share capital or for the share capital of the private limited company being founded. Documents certifying the valuation of the assets shall be submitted to the commercial register together with the division petition.

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§ 4601. Reduction of share capital of company being divided

(1) If the share capital of a private limited company being divided must be reduced in order to organise a division, such reduction may be carried out under simplified procedure.
(2) In the case of reduction of the share capital of a private limited company being divided, the division shall not be entered in the commercial register of the registered office of the company being divided before the reduction of the share capital has been entered in the commercial register.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 4602. Protection of holders of convertible bonds

The provisions of § 470 of this Code shall apply to the holders of convertible bonds of the private limited company being divided.
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]

§ 461. Division whereby new private limited company founded

(1) The provisions of § 138 of this Code shall not apply to the division of a company whereby a new private limited company is founded.
(2) Upon a division whereby a new private limited company is founded, the division plan shall, in addition to the provisions of subsections 435 (1) and 449 (4) of this Code, set out the amount of share capital and the members of the management board of the private limited company being founded. If a supervisory board is to be formed, the members of the supervisory board shall also be set out.
(3) No division report needs to be prepared upon the division of a private limited company or public limited company involving the foundation of a new private limited company and the auditor need not audit the division agreement if in each private limited company or public limited company participating in division the shares are to be determined between the shareholders of the private limited company or the public limited company being divided based on the same proportion as in the private limited company or the public limited company being divided. Subsection 440 (5) of this Code shall also not apply in the case provided for in the previous sentence. [RT I, 02.11.2011, 1 - entry into force 12.11.2011]

Division 4

Public Limited Company as Company Participating in Division

§ 462. Audit

If a public limited company participates in a division, an auditor shall audit the division agreement.

§ 463. Preparation of general meeting

(1) At least one month before the general meeting to decide on a division, the management board shall present the following to the shareholders for examination at the registered office of the public limited company:
1) the division agreement;
2) the three preceding annual reports of the companies participating in division;
[RT I 2009, 13, 78 - entry into force 01.07.2009]
3) the division reports of the companies participating in division;
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
4) the sworn auditor's reports of the companies participating in division.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(2) At the request of a shareholder, he or she shall be immediately provided free of charge either complete or partial copy, based on the shareholder's wish, of the documents specified in subsection (1) of this section. Upon the shareholder's consent, the copy may be sent to his or her e-mail address.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(21) If a public limited company pursuant to § 63 of this Code has provided to the registrar its homepage address, to fulfil the requirements specified in subsections (1) and (2) of this section it may publish the documents on its homepage in a way which provides the opportunity for saving and printing these. The documents shall be available on the homepage of the public limited company within one month prior to the general meeting and until the end of the general meeting.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(3) If the latest annual report of a public limited company participating in division is prepared in respect to financial year, which ended earlier than six months prior to the entry into the division agreement, the balance sheet (interim balance sheet) compliant with the requirements established for the balance sheet that constitutes part of the annual report shall be prepared as at no earlier than the first day of the third month preceding the entry into the division agreement. The interim balance sheet shall be prepared using the same accounting

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policies and presentation which were used in the preparation of the balance sheet that constitutes part of the
latest annual report. The interim balance sheet shall be submitted to shareholders for examination pursuant to the
procedure specified in subsections (1)–(21) of this section. The interim balance sheet need not be prepared if all the shareholders of the public limited companies participating in division agree thereto. Instead of the interim balance sheet, the half-yearly report disclosed pursuant to § 18411of the Securities Market Act may be submitted to shareholders for examination.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(4) At least one month prior to the general meeting deciding on the division, the management board shall submit the division agreement to the registrar of the commercial register or disclose it on the homepage of the public limited company. Upon the disclosure of the division agreement on the homepage of the public limited company, it shall be available to the public free of charge until the end of the general meeting. In addition,
the management board shall publish in the official publication Ametlikud Teadaandeda notice concerning the entry into the division agreement. The notice shall indicate where or at which homepage address it is possible to examine the division agreement and other documents specified in subsection (1) of this section and receive
copies of these documents. Upon the disclosure of the division agreement on the homepage of the public limited company, the notice shall also indicate the disclosure date of the division agreement.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(5) If the public limited company is required to make public the regulated information in the central recording system for information specified in subsection 1846(5) of the Securities Market Act, the division agreement may be disclosed in such system instead of the homepage of the public limited company. In the remaining part, subsection (4) of this section shall apply.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 464. Organisation of general meeting

(1) At the general meeting, the management board shall explain the legal and economic consequences of the division, including the exchange of shares.
(2) At the general meeting, the supervisory board shall present its opinion concerning the division.
(3) At the general meeting, information concerning material circumstances related to other companies participating in the division shall also be given to a shareholder at the request of the shareholder.
(4) [Repealed - RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 465. Division resolution

(1) A division resolution shall be adopted if at least two-thirds of the votes represented at the general meeting are in favour unless the articles of association prescribe a greater majority requirement.
(2) If a public limited company has several classes of shares, the division resolution shall be adopted if, in addition to the provisions of subsection (1) of this section, at least two-thirds of the holders of each class
of shares vote in favour of the resolution, and the articles of association do not prescribe a greater majority requirement. If a resolution is made pursuant to the procedure provided for in subsection 297 (2), at least two-thirds of the votes represented of each class of shares at the general meeting must vote in favour of the resolution unless the articles of association prescribe a greater majority requirement.
(3) If a recipient company is not a public limited company, the holders of preferred shares and convertible
bonds of the public limited company being divided shall participate in the determination of representation and in
voting on the same bases as the shareholders.
(4) If all shares of the public limited company being divided are held by the recipient private limited companies or public limited companies, the approval of the division agreement by the division resolution of the public limited company being divided shall not be required for division. The own shares of the public limited company being divided shall not be taken into account in the determination of representation. The public limited company being divided shall at least one month before the creation of the rights and obligations arising from the merger agreement perform the disclosure obligations specified in § 463 of this Code. The information specified in subsection 440 (5) of this Code shall record all material changes that occurred in the assets of the company following the entry into the division agreement.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 466. Increase of share capital of recipient public limited company

(1) Upon an increase of share capital of a recipient public limited company in connection with a division, other shareholders shall not have the pre-emptive right to the acquisition of shares (§ 345).

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(2) In addition to the documents specified in subsection 343 (1) of this Code, copies of the division agreement and the division resolutions of the companies participating in the division certified by a notary shall be appended to the petition for entry of the increase of share capital in the register.
(3) In the case of the increase of the share capital of a recipient public limited company, the division shall not be entered on the registry card of the company being divided before the increase of the share capital has been entered in the commercial register.
[RT I, 21.06.2014, 8 - entry into force 01.01.2015]
(4) The recipient public limited company shall not increase the share capital for conducting the division to the extent to which the shares of the company being divided are held by the recipient public limited company or the company being divided itself, or by a person acting in his or her own name but at the expense of the company, except if the company being divided, upon separation, becomes the sole shareholder of the recipient public limited company.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 467. Transfer of shares upon division

A recipient public limited company shall first transfer its own shares of the recipient public limited company to the partners or shareholders of the company being divided in the exchange of their shares.

§ 468. Valuation of assets to be transferred

(1) If a recipient company is a public limited company whose share capital is to be increased in connection with a division or if a new public limited company is to be founded upon a division, the procedure prescribed for valuation of a non-monetary contribution of a public limited company (§ 249) shall be used to assess whether
the assets transferred by the company being divided are sufficient for the increase of share capital or for the share capital of the public limited company being founded. Documents certifying the valuation of the assets shall be submitted to the commercial register together with the division petition.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(2) The division report shall provide reference to the sworn auditor's report concerning the valuation of a non- monetary contribution and specify the register where this report is deposited pursuant to § 343 of this Code. [RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 4681. Reduction of share capital of company being divided

(1) If the share capital of a public limited company being divided must be reduced in order to organise a division, such reduction may be carried out under simplified procedure.
(2) In the case of reduction of the share capital of a public limited company being divided, the division shall not be entered in the commercial register of the registered office of the company being divided before the reduction of the share capital has been entered in the commercial register.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 469. [Repealed - RT I 2000, 57, 373 - entry into force 01.01.2001]

§ 470. Protection of holders of preferred shares or convertible bonds

(1) The rights of holders of preferred shares or convertible bonds of a public limited company being divided which they had in the public limited company being divided shall be retained in a recipient public limited company.
(2) If a recipient company is not a public limited company, the holders of preferred shares or convertible
bonds shall acquire shares of the recipient company on the same bases as the shareholders of the public limited
company being divided. Upon opposition to the division agreement, they may claim compensation pursuant to §
448 of this Code.

§ 471. Division whereby new public limited company founded

(1) The provisions of § 243 of this Code shall not apply to the division of a company whereby a new public limited company is founded.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(2) Upon a division whereby a new public limited company is founded, the division plan shall, in addition to the provisions of subsections 435 (1) and 449 (4) of this Code, set out the amount of share capital and the members of the management board and supervisory board of the public limited company being founded.
(3) Neither division report nor interim balance sheet needs to be prepared upon the division of a private
limited company or public limited company involving the foundation of a new public limited company and the
auditor need not audit the division agreement if in each private limited company and public limited company
participating in division the shares are to be determined between the shareholders of the private limited company

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or the public limited company being divided based on the same proportion as in the private limited company or the public limited company being divided. Subsection 440 (5) of this Code shall also not apply in the case provided for in the previous sentence.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

Division 5

Commercial Association as Company Participating in Division

§ 472. Commercial association as company participating in division

Upon separation, the company being divided shall not become a member of the association being separated.

§ 473. Contribution and membership

(1) For the purposes of this chapter, a contribution to a commercial association shall be deemed to be a share. (2) For the purposes of this chapter, a member of a commercial association shall be deemed to be a shareholder.

§ 474. Audit of division agreement

A member of a commercial association being divided may demand an audit of the division agreement at the expense of the commercial association. The corresponding written request shall be submitted within ten days as of providing the opportunity to examine the documents specified in subsection 440 (3) of this Code.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 475. Division resolution

A division resolution shall be adopted if at least two-thirds of the members who participate in the meeting vote in favour, and the articles of association do not prescribe a greater majority requirement.

§ 476. Valuation of assets to be transferred

The assets to be transferred of a commercial association being divided shall be valuated pursuant to the procedure prescribed for valuation of a non-monetary contribution of an association. Documents certifying the valuation of the assets shall be submitted to the commercial register.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 477. Division whereby new commercial association founded

Upon a division whereby a new commercial association is founded, the division agreement shall, in addition to the provisions of subsections 435 (1) and 449 (4) of this Code, set out the members of the management board
of the association being founded. If a supervisory board is to be formed, the members of the supervisory board shall also be set out.

Chapter 33

TRANSFORMATION

Division 1

General Provisions

§ 478. Right to transformation

(1) A company may be transformed into a company of a different class. Transformation of a commercial association and transformation into a commercial association shall not be permitted.
(2) The partners or shareholders of a company being transformed shall become partners or shareholders of the new company.

§ 479. Transformation report

(1) The management board or managing partners of a company being transformed shall prepare a written report
(transformation report) which shall explain and justify legally and economically the transformation, including

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the share exchange ratio and amount of additional payments if additional payments are to be made. Difficulties relating to valuation shall be referred to separately in the report.
(11) The draft of the transformation report constitutes a part of a transformation report.
(12) A transformation report need not set out information, publication of which may result in significant damage to a company being transformed or a company belonging to the same group with such company. In such case,
the reason for failure to submit the information shall be set out in the report.
(2) A transformation report need not be prepared if a company being transformed has only one shareholder or if all the partners or shareholders of the company being transformed agree that a transformation report need not be prepared.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 480. Transformation resolution

(1) Transformation shall be decided by the partners or shareholders of the company being transformed. A
transformation resolution shall be in writing.
(2) A partner or shareholder may demand a copy of the transformation resolution. (3) A transformation resolution shall set out:
1) the class of company to be formed as a result of the transformation;
2) the business name of the company;
3) the share exchange ratio of the partners or shareholders of the company being transformed;
4) the rights granted to the partners or shareholders of the company, including the holders of preferred shares
and convertible bonds;
5) the consequences of the transformation for the employees;
6) if the company is transformed into a private limited company or public limited company, the amount of
share capital;
7) the date as of which the transactions of the company being transformed shall be deemed to be undertaken by
the transformed company (transformation balance sheet date).
(4) The names of partners or shareholders who oppose the transformation resolution shall be appended to the transformation resolution. Opposition to the transformation resolution shall be confirmed by each partner or shareholder by the signature of the partner or shareholder.
(5) A transformation resolution shall approve the articles of association or partnership agreement of the new company. Upon transformation of the company into a private limited company or public limited company, the members of the management board and, if a supervisory board is to be formed, the members of the supervisory board shall be elected with the adoption of the resolution.
(6) If the special rights of a shareholder in managing a company are damaged or restricted by transformation, the consent of such shareholder is necessary for passing the transformation resolution.
[RT I 2005, 61, 478 - entry into force 01.12.2005]

§ 481. Contestation of transformation resolution and compensation for damage

(1) At the request of a partner, shareholder, or a member of the management board or supervisory board, a court may declare invalid a transformation resolution which is in conflict with the law, the partnership agreement or the articles of association if the request is submitted within one month after the resolution is made.
(2) A transformation resolution shall not be declared invalid on the basis that the share exchange ratio is fixed too low.
(3) If the share exchange ratio is fixed too low, a partner or shareholder may demand a refund from the new company.
(4) A fine for delay shall be paid on an unpaid refund in an amount provided by law as of entry of the transformation in the commercial register. The above does not preclude or restrict the right to file a claim for compensation of damages exceeding the amount of the fine for delay.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 482. Application of foundation provisions

The foundation provisions for the class of company being formed upon transformation shall apply to a transformation unless the provisions of this chapter provide otherwise. The partners or shareholders of the company being transformed who vote in favour of the transformation resolution shall be deemed to be the founders.

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§ 483. Protection of creditors

(1) Immediately after a transformation has been entered in the commercial register, the company being transformed shall publish a transformation notice to the creditors of the company in the publication Ametlikud Teadaanded, informing them of the possibility to submit, within six months after the publication of the notice, their claims in order to receive a security.
(2) The company must secure the claims of the creditors within six months after the publication of the notice specified in subsection (1) of this section, if the creditors have no possibility to demand satisfaction of the claims and they prove that the transformation may endanger the fulfilment of the claims.
(3) The provisions of subsections (1) and (2) of this section do not apply if a private limited company or public limited company is transformed into a general partnership or limited partnership.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 484. [Omitted - RT I 1996, 40, 773 - entry into force 08.06.1996]

§ 485. Submission of petition to commercial register

(1) The management board of or the partners entitled to represent a company being transformed shall submit a petition for entry of the transformation in the commercial register not earlier than one month after approval of the transformation resolution. The following shall be appended to the petition:
1) the transformation resolution and the names of the partners or shareholders who oppose it;
2) the minutes of the meeting of partners or shareholders if the transformation resolution is made at a meeting,
or the record of voting of the partners or shareholders;
3) the articles of association of the new company;
4) the permission for transformation, if required;
5) the transformation report or the agreements not to prepare one;
6) the balance sheet taken as the basis for the transformation;
7) information on and specimen signatures of the members of the management board of or the partners entitled
to represent the new company;
8) information on the members of the supervisory board of the new company if a supervisory board is to be
formed;
9) [repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]
10) if the shares of a company being transformed are entered in the Estonian Central Register of Securities or
if the company is transformed into a public limited company, a confirmation by the registrar of the Estonian
Central Register of Securities that the management board of the company being transformed or the partners
entitled to represent the company have informed the registrar of the transformation;
[RT I 2006, 55, 407 - entry into force 01.01.2007]
11) the interim balance sheet or the agreements not to prepare one.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(2) A registrar may enter a transformation in the register only if the balance sheet taken as the basis for the transformation is prepared as at a date not earlier than eight months before submission of the petition to the commercial register. The balance sheet is prepared pursuant to the requirements established for the balance sheet that constitutes part of the annual report, and the approval of the final balance sheet and conducting the audit thereof is governed by the provisions concerning the approval of the annual report and conducting an audit.
The balance sheet shall be prepared using the same accounting policies and presentation which were used in the preparation of the balance sheet that constitutes part of the latest annual report. The balance sheet taken as the basis for a transformation shall be prepared as at the day before the transformation balance sheet.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(3) If a company is transformed into a private limited company or public limited company, the members of
the management board of or the partners entitled to represent the company shall confirm in the petition that the
transformation resolution is not contested, or that a corresponding petition has been denied.
(4) If a transformation brings about a change of registered office of the company and the company is transferred to another registry jurisdiction, the petition specified in subsection (1) of this section shall be submitted to
the registrar of the commercial register of the registered office of the new company and to the registrar of the commercial register of the existing registered office of the company being transformed. The petitions related
to transformation shall be joined in one proceeding, which shall be processed by one registrar. A notation shall be added to the entry made in the commercial register of the existing registered office of the company being transformed which indicates that the transformation enters into force as of entry of the new company in the commercial register. The new company may be entered in the commercial register after the transformation is entered in the commercial register of the existing registered office of the company being transformed.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]

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(5) If an increase of share capital of the company is decided together with a transformation, documents certifying increase of the share capital shall also be submitted to the commercial register.

§ 486. Business name of new company

(1) The new company may continue activities under the business name of the company being transformed. The business name shall not use an appendage or abbreviation that refers to the class of company being transformed.
(2) If a partner or shareholder of the company being transformed is a natural person who no longer participates in the new company, the new company may continue to use his or her name in the business name only with the written consent of him or her, or of his or her successors.

§ 487. Legal effect of entry and compensation for damage caused by transformation

(1) A company shall be deemed to be transformed as of entry of the transformation in the commercial register. (2) The partners or shareholders of a company being transformed shall become partners or shareholders of the
new company as of entry of the transformation in the commercial register, and their shares shall be exchanged
for the shares of the new company. The rights of third persons with regard to exchanged shares shall remain
valid with regard to the shares of the new company.
(21) If the shares of a company being transformed are entered in the Estonian Central Register of Securities or if the company is transformed into a public limited company, the registrar of the commercial register shall immediately inform the registrar of the Estonian Central Register of Securities of the entry of the transformation in the register.
[RT I 2006, 55, 407 - entry into force 01.01.2007]
(3) If a transformation brings about a change of registry jurisdiction of the company, the company shall be deemed to be transformed as of entry of the new company in the commercial register.
(4) A transformation shall not be contested after its entry in the commercial register.
(5) The members of the management board and supervisory board, or the managing partners of the company being transformed shall be solidarily liable to the company, the partners or shareholders, and the creditors of the company for any damage wrongfully caused by the transformation.
(6) The limitation period for a claim specified in subsection (5) of this section shall be five years from entry of the transformation in the commercial register.

§ 488. Compensation upon transformation

(1) Upon transformation, a partner or shareholder of the company being transformed who opposes the transformation resolution may, within two months after entry of the transformation in the register, demand that the new company acquire the exchanged share or shares of the partner or shareholder for monetary compensation. The amount of monetary compensation shall be equal to the money which the partner or
shareholder would have received from the distribution of remaining assets upon liquidation of the company if the company had been liquidated at the time the transformation resolution was made.
(2) The provisions of clauses 162 (2) 11) and 283 (2) 2) of this Code shall not apply to acquisition of shares by a company on the bases specified in subsection (1) of this section.
(3) The names of partners or shareholders who oppose the transformation resolution and who wish to exercise the rights specified in this section shall be appended to the transformation resolution. Opposition to the transformation resolution shall be confirmed by each partner or shareholder by the signature of the partner or shareholder.
(4) If a company is transformed into a general partnership or limited partnership, the compensation specified in subsection (1) of this section may be demanded by a partner who departs from the company.
(5) The new company shall pay a fine for delay on compensation in an amount provided by law as of entry of the transformation in the commercial register.
(6) Upon a transformation, a partner or shareholder who opposes the transformation resolution and does not demand compensation may transfer a share or shares within two months after entry of the transformation in the commercial register regardless of the restrictions on disposal provided by law or prescribed by the articles of association.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

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§ 489. Protection of holders of preferred shares or convertible bonds

(1) If a public limited company is transformed into another class of company, the holders of preferred shares or convertible bonds shall participate in the determination of representation and in voting on the same bases as the shareholders.
(2) Holders of preferred shares or convertible bonds shall acquire shares of the new company on the same bases as shareholders of the public limited company being transformed. Holders of preferred shares or convertible bonds who oppose the transformation resolution may claim compensation pursuant to § 488 of this Code.
(3) The provisions of subsection (1) and (2) of this section shall apply to the holders of convertible bonds of the private limited company being transformed.
[RT I, 04.03.2015, 4 - entry into force 01.07.2015]

§ 490. [Repealed - RT I 2000, 57, 373 - entry into force 01.01.2001]

§ 491. Meaning of contribution

For the purposes of this chapter, the contribution of a partner of a general partnership or limited partnership shall be deemed to be a share.

Division 2

Transformation of General Partnership or Limited Partnership

into Private Limited Company or Public Limited Company

§ 492. Transformation report

A transformation report need not be prepared if all the partners of the general partnership or limited partnership being transformed are managing partners of the company.

§ 493. Transformation resolution

(1) A transformation resolution shall be adopted if all the partners vote in favour.
(2) The partnership agreement may prescribe that a transformation resolution shall be adopted if more than two- thirds of the votes of the partners are in favour.

§ 494. [Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 495. Liability of partners

If a general partnership or limited partnership is transformed into a private limited company or public limited company, a general partner shall be liable for the obligations of the company being transformed for which the due date for performance has arrived or will arrive within five years after entry of the transformation in the commercial register.

Division 3

Transformation of Private Limited Company or Public Limited

Company into General Partnership or Limited Partnership

§ 496. Preparation of general meeting of shareholders

(1) At least two weeks before the general meeting to decide on transformation, the management board of the public limited company being transformed shall present the transformation report and the latest annual report of the public limited company to the shareholders for examination at the registered office of the public limited
company. A transformation report shall not be presented in the case specified in subsection 479 (2) of this Code.
(2) Copies of the documents specified in subsection (1) of this section shall be promptly given to a shareholder at the request of the shareholder.
(3) If the latest annual report of a public limited company is prepared in respect to financial year, which ended earlier than six months prior to making the transformation resolution, the balance sheet (interim balance sheet) compliant with the requirements established for the balance sheet that constitutes part of the annual report shall

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be prepared as at no earlier than the first day of the third month preceding the making of the transformation resolution. The interim balance sheet shall be prepared using the same accounting policies and presentation which were used in the preparation of the balance sheet that constitutes part of the latest annual report. The interim balance sheet shall be submitted to shareholders for examination pursuant to the procedure specified in subsections (1) and (2) of this section. The interim balance sheet need not be prepared if all the shareholders agree thereto. Instead of the interim balance sheet, the half-yearly report disclosed pursuant to § 18411of the Securities Market Act may be submitted to shareholders for examination.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 497. Organisation of general meeting

(1) At the general meeting of shareholders, the management board of the public limited company being transformed shall explain the legal and economic consequences of the transformation, including the exchange of shares.
(2) At the general meeting, the supervisory board shall present its opinion concerning the transformation.
(3) At the general meeting, information concerning other material circumstances related to the transformation shall also be given to a shareholder at the request of the shareholder.

§ 498. Transformation resolution

(1) A resolution on transformation into a general partnership shall be adopted if all the shareholders vote in favour.
(2) A resolution on transformation into a limited partnership shall be adopted if at least two-thirds of the votes represented at the meeting of shareholders are in favour unless the articles of association prescribe a greater majority requirement, and all the shareholders who are to become general partners of the limited partnership vote in favour of the resolution.
(3) If a resolution on transformation of a private limited company into a limited partnership is made pursuant to subsection 173 (2) of this Code, the resolution shall be adopted if at least two-thirds of the votes of the shareholders are in favour unless the articles of association prescribe a greater majority requirement, and all the shareholders who are to become general partners of the limited partnership vote in favour of the resolution.
(4) If a public limited company has several classes of shares, the transformation resolution shall be adopted if, in addition to the provisions of subsection (2) of this section, at least two-thirds of the holders of each class of shares vote in favour of the resolution unless the articles of association prescribe a greater majority requirement. [RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 499. [Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]

Division 4

Transformation of Private Limited

Company into Public Limited Company

§ 500. Transformation resolution

(1) A resolution on transformation of a private limited company into a public limited company shall be adopted if at least two-thirds of the votes represented at the meeting of shareholders are in favour, and the articles of association do not prescribe a greater majority requirement.
(2) If a transformation resolution is made pursuant to the procedure provided for in subsection 173 (2) of this Code, the resolution shall be adopted if at least two-thirds of the votes of the shareholders are in favour, and the articles of association do not prescribe a greater majority requirement.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(3) The nominal values of shares of the public limited company may be determined differently from those of shares of the private limited company being transformed, and also the introduction of shares without nominal value may be decided upon. The nominal value or book value of shares shall comply with the requirements
of § 223 of this Code. The shares of the private limited company being transformed may be divided without observing the restrictions on transfer provided by law and the articles of association and without taking account of the minimum permitted nominal value of a share.
[RT I 2010, 20, 103 - entry into force 01.07.2010]
(4) The shares of a private limited company being transformed shall be registered with the Estonian Central Register of Securities before submission of the petition specified in § 485 of this Code to the commercial register.

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§ 501. [Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]

Division 5

Transformation of Public Limited

Company into Private Limited Company

§ 502. Preparation of general meeting of shareholders

(1) At least one month before the general meeting to decide on transformation, the management board of the public limited company being transformed shall present the transformation report and the latest annual report of the public limited company to the shareholders for examination at the registered office of the public limited
company. A transformation report shall not be presented in the case specified in subsection 479 (2) of this Code.
(2) Copies of the documents specified in subsection (1) of this section shall be promptly given to a shareholder at the request of the shareholder.
(3) If the latest annual report of a public limited company is prepared in respect to financial year, which ended earlier than six months prior to making the transformation resolution, the balance sheet (interim balance sheet) compliant with the requirements established for the balance sheet that constitutes part of the annual report shall be prepared as at no earlier than the first day of the third month preceding the making of the transformation resolution. The interim balance sheet shall be prepared using the same accounting policies and presentation which were used in the preparation of the balance sheet that constitutes part of the latest annual report. The interim balance sheet shall be submitted to shareholders for examination pursuant to the procedure specified in subsections (1) and (2) of this section. The interim balance sheet need not be prepared if all the shareholders agree thereto. Instead of the interim balance sheet, the half-yearly report disclosed pursuant to § 18411of the Securities Market Act may be submitted to shareholders for examination.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 503. Organisation of general meeting

(1) At the general meeting of shareholders, the management board of the public limited company being transformed shall explain the legal and economic consequences of the transformation, including the exchange of shares.
(2) At the general meeting, the supervisory board shall present its opinion concerning the transformation.
(3) At the general meeting, information concerning other material circumstances related to the transformation shall also be given to a shareholder at the request of the shareholder.

§ 504. Transformation resolution

(1) A resolution on transformation of a public limited company into a private limited company shall be adopted if at least two-thirds of the votes represented at the general meeting are in favour, and the articles of association do not prescribe a greater majority requirement.
(2) If a public limited company has several classes of shares, the transformation resolution shall be adopted if, in addition to the provisions of subsection (1) of this section, at least two-thirds of the holders of each class of shares vote in favour of the resolution unless the articles of association prescribe a greater majority requirement. If a resolution is made pursuant to the procedure provided for in subsection 297 (2), at least two-thirds of the votes represented of each class of shares at the general meeting must vote in favour of the resolution unless the articles of association prescribe a greater majority requirement.
(3) The nominal values of shares of the private limited company may be determined differently from the nominal value or book value of shares of the public limited company being transformed. The nominal values of shares of the private limited company shall comply with the requirements of § 148 of this Code.
[RT I 2010, 20, 103 - entry into force 01.07.2010]

Part IX1

LIABILITY FOR MISDEMEANOURS

Commercial Code Page 147 /

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[RT I 2002, 63, 387 - entry into force 01.09.2002]

§ 5041. Submission of false information into list of shareholders

Submission, by a shareholder or the representative of a shareholder, of incorrect information to the list of shareholders prepared at a general meeting is punishable by a fine of up to 100 fine units.
[RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 5042. Violation of requirements for issue of shares

The issue of shares before full payment of the issue price, or the issue of shares before the making of an
entry in the commercial register concerning the public limited company or the increase of share capital, or the
issue of shares with a nominal value or book value less than the permitted nominal value or book value, or the
simultaneous issue of shares with nominal value and without nominal value by a member of the management
board or supervisory board or a liquidator of the public limited company is punishable by a fine of up to 200
fine units.
[RT I 2010, 20, 103 - entry into force 01.07.2010]

§ 5043. Violation of requirements for transfer of shares

The illegal acquisition of the shares of a public limited company for the same public limited company or taking of such shares as security, failure to offer own shares of a public limited company for transfer or failure to terminate the taking of own shares as security for a public limited company by a member of the management board or supervisory board of the public limited company or a liquidator is punishable by a fine of up to 200
fine units.

§ 5044. [Repealed - RT I 2005, 57, 449 - entry into force 01.01.2006]

§ 5045. Offer and acceptance of advantages upon voting

[Repealed - RT I, 12.07.2014, 1 - entry into force 01.01.2015]

§ 5046. Proceedings

Extra-judicial proceedings concerning the misdemeanours provided for in this Chapter shall be conducted by the Police and Border Guard Board.
[RT I, 12.07.2014, 1 - entry into force 01.01.2015]

Part X IMPLEMENTATION OF ACT

§ 505. [Omitted from this text]

§ 506. Application of this Code to companies

(1) As of 1 September 1995, companies shall only be founded pursuant to the procedure provided for in this
Code, and the provisions of this Code shall apply to them.
(2) The provisions of § 1, subsections 2 (1), (4) and (5), §§ 4–6, 79–82, 85–98, 100, 101, subsections 102 (1)– (3) and 103 (1)–(3), §§ 104–111, 113–115, 117–121, 123–126, 128–130, subsection 131 (1), § 132, subsection
134 (1), §§ 135, 140–143, clauses 144 (1) 1),2),4),5),7),8) and subsection 144 (3), §§ 145, 146, subsections
148 (3)–(6), §§ 149–170, subsections 171 (1) and (3) and clause 171 (2) 3), §§ 172–175, 177, 178, subsections
179 (1)–(3), 180 (1), (2), (6) and (7) and the first and second sentences of subsection 180 (3), §§ 181–188,
subsection 189 (2), §§ 190, 191, subsections 192 (1) and (2), §§ 193–195, 197–199, 201–203, 205–207, 209–
216, subsection 219 (1), §§ 220, 221, 223–226, subsections 227 (1) and (2), §§ 228–240, subsections 241 (1),
(2), (3) and (4), §§ 246–248, subsection 249 (4), clauses 250 (1) 1), 2), 5), 6), 7), and 8) and subsection 250
(3), §§ 251, 252, 272–291, clause 292 (1) 2), subsections 292 (2) and (3), §§ 293–299, subsection 300 (1),
§§ 302–307, subsections 308 (1)–(3), §§ 309–315, 328–332, 334–340, subsections 341 (1)–(3), §§ 342, 344–
358, 360–366, 368–370, 372–379 and 383 of this Code shall correspondingly apply to companies founded
before 1 September 1995 until their entry in the commercial register. Until entry in the commercial register, the
management board of a public limited company has both the rights of a management board and supervisory
board unless the articles of association of the public limited company prescribe otherwise. If the articles of
association or partnership agreement of a company is in conflict with the law, the provisions of law shall apply.
The liability of members of the supervisory board prescribed in § 327 of this Code shall extend to members of
the management board of a public limited company which is not entered in the commercial register if the public
limited company does not have a supervisory board.

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(21) The personal liability provided for in §§ 187, 315 and subsection 506 (2) of this Code shall apply to the director of an enterprise entered in the enterprise register unless he or she proves that he or she was not the director of the enterprise at the time of conclusion of a transaction or of failure to perform an act.
(22) The provisions of §§ 3631-36310of this Code shall apply only to public limited companies whose shares are registered in the Estonian Central Register of Securities.
(3) Until entry of a company in the commercial register, private limited companies and public limited companies of which all the shares are held by the state shall be managed taking into account the exceptions established by the Government of the Republic.
(4) Until entry in the commercial register, the general meeting of a public limited company shall, in addition to the provisions of subsection 298 (1), also be competent to decide on other matters placed within the competence of the general meeting by the articles of association of the public limited company.
(41) The provisions of clause 139 (1) 7), subsection 156 (3), subsection 160 (2) and subsection 1992(4) of
this Code in the wording effective before 1 January 2011 shall apply to the legal reserve of the private limited
companies founded before 1 January 2011. The shareholders may adopt a resolution concerning the termination
of the formation or increase of the legal reserve. Subsection 175 (1) of this Code shall apply to the adoption of
the respective resolution.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(5) Before the entry into force of the requirements specified in the fourth sentence of subsection 180 (2) and in subsection 308 (4), the membership of the management boards of private limited companies and public limited companies entered in the commercial register shall be brought into accordance with the specified requirements by 1 September 1997.
(51) The provisions of subsection 184 (2) of this Code in the wording effective at the time of the election of a member of the management board shall apply to the term of office of a member of the management board elected before 1 January 2011.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(6) Until 1 September 1999, the management board of a private limited company or public limited company may acquire and transfer immovables, structures as movables and holdings in other companies (shares) in the name of the private limited company or public limited company only by a resolution of the supervisory board or, if no supervisory board exists, of the meeting of shareholders or general meeting of shareholders, unless the articles of association of the private limited company or public limited company prescribe otherwise. This restriction shall apply with regard to third persons.
(7) The provisions of subsections 97 (1), 155 (2), 179 (2), 225 (2), 332 (4), 335 (11) and 388 (5) of this Code in the wording in force before 1 December 2005 apply to accounting periods which began before 1 January 2005, and to the reports concerning such periods.
[RT I 2005, 61, 478 - entry into force 01.12.2005]
(8) The provisions of subsections 400 (2), 443 (2), 480 (3) and 485 (2) of this Code in the wording in force before 1 December 2005 apply to mergers, divisions and transformations which started before 1 December
2005.
[RT I 2005, 61, 478 - entry into force 01.12.2005]
(9) Public limited companies which have introduced shares without nominal value and which number of shares without nominal value is not entered in the commercial register shall submit together with the petition submitted to the commercial register containing the petition for entry concerning the amendment of the articles of association into the commercial register the petition for the entry of the number of shares without nominal value into the commercial register, if the articles of association are amended in connection with the number of shares without nominal value.
[RT I, 02.11.2011, 1 - entry into force 12.11.2011]

§ 507. Enterprises not provided for in this Code

(1) Enterprises founded pursuant to legislation valid before the entry into force of this Code and not provided for as undertakings in this Code shall, by 1 September 1997, be transformed pursuant to § 509 of this Code or be dissolved. The foundation of, transformation into, merger with or division into such enterprises shall not be permitted after 1 September 1995.
(2) Provisions of legislation concerning enterprises which were founded pursuant to legislation valid before
the entry into force of this Code and which are not provided for as undertakings in this Code shall apply to such
enterprises.

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(3) If an enterprise founded pursuant to legislation valid before the entry into force of this Code is not transformed or dissolved by 1 September 1997, it shall undergo compulsorily dissolution pursuant to the procedure provided for in § 513 of this Code.

§ 508. Foundation of enterprise before entry into force of this Code

An enterprise founded before 1 September 1995 may be entered in the register of enterprises, agencies and organisations of the Republic of Estonia (hereinafter enterprise register) if the enterprise is granted permission for foundation before 1 September 1995, and the petition for entry in the register is submitted by not later than
10 September 1995.

§ 509. Merger, division and transformation

(1) The merger, division or transformation of companies entered in the commercial register shall be effected pursuant to the procedure provided for in this Code. A company entered in the commercial register shall not merge with a company which is not entered in the commercial register.
(2) An enterprise which is not entered in the commercial register may be transformed into an undertaking provided for in this Code or in another manner provided for in this section. The provisions of §§ 478–482, 485–
487, 489–495, 498, 500 and 504 of this Code shall apply to the transformation of enterprises which are not entered in the commercial register. The term specified in the first sentence of subsection 485 (1) shall not apply to the transformation of an enterprise which is not entered in the commercial register.
(3) Transformation, merger or division of state enterprises [ riigiettevõte, riiklik ettevõte], state small enterprises, other enterprises held by the state, collective enterprises, leased enterprises and state funds shall be effected on the basis of an order of the Government of the Republic and pursuant to the procedure established by the Government of the Republic.
(4) A municipal enterprise may be transformed into a private limited company, public limited company or local government agency. Transformation of a municipal enterprise shall be decided by the rural municipality or city council and shall be organised by the rural municipality or city government.
(5) A state enterprise [ riigiettevõte, riiklik ettevõte] may be transformed into a private limited company, public limited company, legal person in public law or state agency.
(6) A leased enterprise, collective enterprise or state small enterprise may be transformed into a private limited company or public limited company.
(7) Upon a transformation, the documents provided for in clauses 485 (1) 1)–4) and 6)–8) and, in the case of the transformation of a public limited company, the opinion of an auditor on whether the public limited company
has net assets which correspond to the share capital, shall be submitted to the registrar of the commercial
register. Upon the transformation of a private limited company, the opinion of an auditor shall be appended if the
company meets the conditions for which an audit is prescribed.
(8) Enterprises which are not entered in the commercial register may merge such that they found a new company, which shall be entered in the commercial register, or such that one enterprise is merged with another. The provisions of §§ 391–393, 397, 398, 400, 401, 403, 405–410, 412–417, 421–433 shall correspondingly apply to a merger of enterprises. The provisions of the first sentence of subsection 400 (1) shall not apply to a merger of enterprises which are not entered in the commercial register. The opinion of an auditor on whether
a public limited company has net assets which correspond to the share capital shall also be submitted to the registrar concerning a public limited company being entered in the commercial register. Upon entry of a private limited company in the commercial register, the opinion of an auditor shall be appended if the company meets the conditions for which an audit is prescribed.
(9) Transformation or merger into a company provided for in this Code shall be deemed to be effected as of entry of the company in the commercial register. Upon transformation of a state enterprise [ riigiettevõte, riiklik ettevõte], state small enterprise, state foundation or municipal enterprise into a company, assets transferred to such enterprise pursuant to law by the state, assets acquired on the basis of such assets or in some other manner and which are in the lawful possession of such enterprise at the time of entry in the commercial register shall be deemed to be to have transferred from state ownership into the ownership of the company as of the moment of entry of the company in the commercial register. The same shall apply with regard to entry of a state foundation or municipal enterprise in the non-profit associations and foundations register.
[RT I 1998, 23, 322 - entry into force 22.03.1998 - applied retroactively as of 1 September 1995.]
(91) The provisions of the second sentence of subsection (9) of this section shall apply upon a merger of the enterprises specified in subsection (9) to the company to which the assets in the possession of the merging companies are transferred.
[RT I 1998, 23, 322 - entry into force 22.03.1998 - applied retroactively as of 1 September 1995.]
(92) Upon a division of a state enterprise [ riigiettevõte] pursuant to subsection (3) of this section, the Government of the Republic shall establish the procedure for transfer of the assets in the possession of the state enterprise to the ownership of the company.

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(10) Upon transformation or merger of an enterprise which is not entered in the commercial register into an undertaking provided for in this Code, the assets transferred to the new undertaking shall be exempt from income tax and value added tax.
(11) A general partnership or limited partnership which is not entered in the commercial register shall not be transformed into a private limited company or public limited company.
(12) A state fund may be transformed into a private limited company, public limited company, foundation or legal person in public law. The petition of a state foundation which is being transformed into a private limited company or public limited company shall be submitted to the registrar of the commercial register by not later than 1 September 1997; the petition of a state foundation which is being transferred into a foundation shall be submitted to the registrar of the non-profit associations and foundations register by not later than 1 October
1998.

§ 510. Transformation into sole proprietorship

(1) A private limited company or public limited company which is not entered in the commercial register, all the shares of which are held by one shareholder who is a natural person, may, by a resolution of the meeting of shareholders or of the general meeting of shareholders, be transformed into a sole proprietorship. This transformation shall be permitted and shall be deemed to be effected if the sole proprietor is entered in the commercial register.
(2) Upon transformation, the assets of the private limited company or public limited company together with the obligations shall transfer to the sole proprietor who was a shareholder.
(3) The business name of the sole proprietorship, the registered office of the enterprise and other measures necessary for transformation shall be set out in the transformation resolution.
(4) The sole proprietor shall submit a petition for entry of the transformation and of the sole proprietor in the commercial register. The following shall be appended to the petition:
1) the transformation resolution;
2) the balance sheet taken as the basis for the transformation.
(5) A registrar may enter a transformation in the commercial register only if the balance sheet taken as the basis for the transformation is prepared not earlier than eight months before submission of the petition to the commercial register. The provisions for preparation of an annual report shall apply to preparation of a balance sheet.
(6) Upon entry of the transformation and of the sole proprietor in the commercial register, the assets of the private limited company or public limited company shall transfer to the sole proprietor. The private limited company or public limited company shall dissolve as of entry of the transformation.
(7) The sole proprietor may use the business name of the private limited company or public limited company, taking into account the requirements of § 8 of this Code.

§ 511. Petition for entry in commercial register

(1) An undertaking founded and registered in the enterprise register before 1 September 1995 shall be entered in the commercial register on the petition of the undertaking.
(2) A petition for entry in the commercial register shall set out the information concerning the undertaking as provided by law and the documents provided by law, and the certificate of registration of the undertaking in the enterprise register shall be appended to the petition. All members of the management board of or the partners entitled to represent the company shall sign the petition.
(3) For entry in the commercial register, the articles of association of the company shall be brought into accordance with the provisions of this Code.
(4) A person competent to make rulings on entries shall review a petition for entry in the commercial register of an enterprise entered in the enterprise register in the same legal form or by way of transformation or by way of merger within six months days after such petition is submitted. Petitions shall be reviewed in the order they are received. The head of a registration department may with good reason permit the review of a petition as a priority. The primary good reason shall be participation in a transaction for which the corresponding natural or legal person must, pursuant to the Land Reform Act be entered in the commercial register.
[RT I 2005, 57, 449 - entry into force 01.01.2006]
(5) [Repealed - RT I, 21.06.2014, 8 - entry into force 01.01.2015]

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§ 5111. Change of residence or registered office or address information by registrar

If the residence or seat or address information of persons provided for in subsections 62 (3)-(51) of this Code are changed, the registrar shall make amending entries for each undertaking separately together with amendments of other information on the undertaking in the registry. If technically possible, the address data may also be corrected automatically pursuant to the procedure established by the minister responsible for the area.
[RT I 2006, 61, 456 - entry into force 01.01.2007]

§ 5112. Changes to territorial jurisdiction of registrars

[Repealed - RT I, 21.06.2014, 8 - entry into force 01.01.2015]

§ 5113. Notation concerning entry of shares in Estonian Central Register of Securities

If technically possible, a notation on the registry card concerning the entry of shares in the Estonian Central Register of Securities may be made automatically based on the data obtained from the Estonian Central Register of Securities pursuant to the procedure established by the minister responsible for the area. A notice concerning the making of a notation shall be forwarded to the undertaking pursuant to the procedure established by the minister responsible for the area.
[RT I 2006, 55, 407 - entry into force 01.01.2007]

§ 5114. Entry of sole proprietors registered with register of taxable persons in commercial register

(1) A sole proprietor registered with the register of taxable persons shall be entered in the commercial register based on his or her petition. It is possible to file a petition from 1 January to 31 December 2009. Filing the petition is exempt from state fees.
(2) The petition for entry in the commercial register shall include in addition to other information specified in this Code also the registration of a sole proprietor with the register of taxable persons. The starting date of the registration of a sole proprietor with the register of taxable persons shall be entered in the commercial register.
(3) The petition for entry in the commercial register shall be reviewed within the term specified in subsection §
53 (1) of this Code. If the petition for entry is filed within the last five months of the term specified in subsection
(1) of this section, the petition for entry shall be reviewed within 10 working days as of the filing of the petition.
(4) The registrar shall promptly notify the Tax and Customs Board of the information concerning sole proprietors whose petitions for entry in the commercial register have been satisfied, and after 31 December 2009 also of the information concerning sole proprietors whose petitions for entry have been dismissed.
(5) A sole proprietor whose petition for entry in the commercial register has been satisfied or who has failed to submit a petition for entry in the commercial register by the term specified in subsection (1) of this section or whose petition for entry has been dismissed shall be deleted from the register of taxable persons. The Tax and Customs Board shall notify a sole proprietor of his or her deletion from the register of taxable persons.
[RT I 2008, 27, 177 - entry into force 10.07.2008]

§ 5115. Transition to electronic maintenance of commercial register

Until the transition to the electronic commercial register, the commercial register shall be maintained pursuant to the regulation in force until 31 October 2012.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]

§ 512. Branch of foreign company

(1) A branch or representation of a foreign company entered in the enterprise register before 1 September 1995 shall be entered in the commercial register as a branch on the petition of the undertaking.
(2) The petition shall be signed by the director of the branch or representation. The documents provided by law concerning a branch shall be appended to the petition.
(3) The branch of a foreign company shall lose the rights of a legal person as of 1 September 1995.

§ 513. Deletion from register

(1) Upon entry in the commercial register of an undertaking recorded in the enterprise register, a notation to this effect shall be made in the entry in the enterprise register on the basis of a notice from the registrar of the commercial register.
(2) Enterprises in the enterprise register which by 1 September 1997 are not entered as undertakings in the commercial register or for which, by 1 September 1997, no petition for entry in the commercial register has been submitted to the registrar of the commercial register or whose petition for entry in the commercial register has been denied, shall be deemed to have undergone compulsory dissolution.

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The right of representation of the management board of an enterprise which has undergone compulsory liquidation or of the body substituting therefor shall be retained until a court appoints liquidators or declares a bankruptcy or deletes the enterprise from the register. The composition of the management board or of the body substituting therefor may be changed until such time only with good reason and the permission of the court. The primary good reasons shall be:
1) a lengthy or serious illness due to which performance of the duties of the management board or of the body substituting therefor becomes impossible;
2) the death of a member of the management board or of the body substituting therefore or the declaration of a member of the management board or of the body substituting therefor as missing or dead or to be without active legal capacity;
3) the entry into force of a court judgment by which punishment with imprisonment is imposed;
4) the entry into force of a court judgment by which a member of the management board or of the body
substituting therefor is deprived of the right to operate in a particular area of activity;
5) a member of the management board or of the body substituting therefor takes up residence in a foreign
country permanently. Changes in the composition of a management board or of a body substituting therefor shall
enter into force as of registration in the enterprise register.
(3) The registrar of the enterprise register shall publish a notice of the compulsory dissolution of an undertaking in the official publication Ametlikud Teadaanded. If the registrar of the commercial register makes a judgment concerning a petition for entry of an undertaking in the commercial register by which the registrar denies
the petition after 1 September 1997, the registrar shall publish a notice in the official publication Ametlikud Teadaanded. A notice of dissolution shall indicate that creditors, shareholders and members are to submit their claims within four months after publication of the notice to the court according to the registered office of the enterprise for the appointment of liquidators or a declaration of bankruptcy.
(31) Creditors, shareholders and members may submit a petition to the court according to the registered office of the enterprise for appointment of liquidators or a declaration of bankruptcy within four months after publication of the notice specified in subsection (3) of this section. The court may give preference to
appointment of the director of the enterprise entered in the enterprise register as the liquidator, who is obligated to accept the duties of liquidator unless refusal to accept such duties is due to a good reason specified in subsection (2) of this section. The following shall be set out in a petition for liquidation:
1) information on the enterprise which has undergone compulsory dissolution for which liquidation is applied for, including reference to the issue of Riigi Teataja Lisa in which the notice of compulsory dissolution was published;
2) the name, residence or registered office and postal address of the petitioner;
3) a request for a person to be appointed as liquidator, and the name, residence and postal address of such
person;
4) information on the amount, basis and term for payment of the claim on which the petition is based if the
petition is submitted by a creditor; in such case proof of existence of the claim shall be appended to the petition.
The consent of a person shall be appended to the petition if the person’s appointment as liquidator is requested
unless the petition is for appointment of the director of an enterprise entered in the enterprise register as
liquidator. A receipt for payment of the state fee shall also be appended to the petition.
If the court has already appointed a liquidator for an enterprise which has undergone compulsory dissolution,
any subsequent petitions for liquidation shall be deemed to be notices of claims and the court shall forward them
to the liquidator. Any person who submits a knowingly false petition for liquidation shall compensate for any
damage caused thereby to the enterprise, its creditors, shareholders or members.
(32) An enterprise which has undergone compulsory dissolution shall not:
1) distribute profits to shareholders, members or the undertaking (dividends);
2) transfer or rent immovables, movables registered in a state register (buildings, vehicles, etc.) or holdings in
other companies (shares) belonging to the enterprise, or encumber immovables, movables registered in a state
register (buildings, vehicles, etc.) or holdings in other companies (shares) belonging to the enterprise with a
restricted real right;
3) amend the articles of association;
4) change the amount of share capital or the amount of the contribution of partners;
5) found legal persons. The restrictions provided for in clause 2) of this subsection shall apply until a court
appoints liquidators or declare a bankruptcy. The restrictions provided for in clause 2) of this subsection shall
apply with regard to third persons.
(4) [Omitted]
(5) If creditors, shareholders or members do not give notice of their claims during the term specified in subsection (3) of this section or if a liquidation is completed, the enterprise shall be deemed to be dissolved and shall be deleted from the register.
In order to conclude liquidation, the liquidators shall submit the final balance sheet and a petition for deletion of the enterprise from the register and for entry of the depositary of the documents of the liquidated enterprise in the register to the registrar of the enterprise register. If an enterprise is dissolved due to failure to fulfil a claim,

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the director of the enterprise entered in the enterprise register at the time of dissolution shall be deemed to be
the depositary of the documents of the liquidated enterprise and shall be entered in the enterprise register by the
registrar of the enterprise register.
(6) Upon entry in the commercial register of a company or branch founded before 1 September 1995, a notation concerning the earlier registration of the company or branch in the enterprise register shall be made in the commercial register, indicating the former registration number.
(7) A branch or representation of a foreign company which is not entered in the commercial register by 1
September 1997 or for which, by 1 September 1997, no petition for entry in the commercial register has been
submitted to the registrar of the commercial register or whose petition for entry in the commercial register has
been denied, shall be deleted from the enterprise register by the registrar of the enterprise register unless it is a
branch or representation of a foreign credit institution.
(8) The minister responsible for the area may, by a regulation, establish a specific procedure for carrying out compulsory dissolution specified in this section. The minister responsible for the area shall, by a regulation, establish the procedure for remuneration of liquidators of enterprises which undergo compulsory dissolution and the maximum amounts of remuneration.

§ 514. [Repealed - RT I 2008, 60, 331 - entry into force 01.01.2009]

§ 515. Rights attaching to different classes of shares

(1) Rights attaching to shares issued before 1 September 1995 which do not comply with the provisions of this Code shall continue to be valid. Such rights shall be set out in the articles of association of the public limited company.
(2) The rights of founders and shareholders which are not attaching to shares shall be void as of 1 September
1995.

§ 516. Nominal value of share

The shares of a private limited company founded before 1 September 1995 with nominal values less than the nominal value provided for in § 148 of this Code shall continue to be valid.

§ 517. Business name

(1) Upon entry of an undertaking in the commercial register, the registrar shall make inquiries to the enterprise register concerning the registration of the same or a similar name in the corresponding registers.
(2) A business name being applied for shall not be entered in the commercial register if it or a misleadingly similar business name is registered in the enterprise register by another undertaking before the applicant.
(3) [Repealed - RT I 2001, 93, 565 - entry into force 01.02.2002]

§ 518. Audit of share capital

(1) Upon entry in the commercial register of a private limited company or public limited company in the same legal form entered in the enterprise register, the balance sheet of the private limited company or public limited company, which must be prepared as at a date not earlier than six months before submission of the petition for entry in the commercial register, shall be submitted. The balance sheet shall reflect the share capital entered in the register.
(2) The opinion of an auditor concerning whether a public limited company has net assets which correspond to the share capital shall be appended to the balance sheet of a public limited company specified in subsection (1) of this section. The opinion of an auditor shall be appended to the balance sheet of a private limited company if the private limited company meets the conditions for which an audit is prescribed.
(3) A resolution on alteration of share capital may, for the purpose of entry of the company in the commercial register, be made regardless of the restrictions on alterations of capital prescribed in the articles of association. An alteration of capital need not be previously registered in the enterprise register.

§ 519. Amount of share capital

(1) As of 1 September 1995, the share capital of a private limited company being founded and entered in the commercial register shall be at least 10,000 kroons, and the share capital of a public limited company shall be at least 100,000 kroons.
(2) As of 1 September 1999, the share capital of a private limited company shall comply with the amount provided for in § 136 of this Code, and the share capital of a public limited company shall comply with the amount provided for in § 222 of this Code.

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(3) A private limited company the share capital of which is not at least 40,000 kroons or a public limited company the share capital of which is not at least 400,000 kroons shall be deemed to have undergone compulsory dissolution, if:
1) the private limited company or the public limited company has not submitted a petition to the registrar of the commercial register to increase the share capital to the amount specified by 1 September 1999 at the latest, or
2) the private limited company or the public limited company has not submitted a petition concerning the transformation of the company to the registrar of the commercial register by 1 September 1999 at the latest, or
3) the petition of the private limited company or the public limited company specified in clause 1) or 2) of this subsection is denied after 1 September 1999.
(4) Provisions of section 513 of this Code shall apply to companies deemed to have undergone compulsory dissolution pursuant to subsection (3) of this section, and the term “commercial register” shall be used instead of enterprise register upon the application of the provisions and the duties assigned to the registrar of the enterprise register by the given provisions shall be performed by the registrar of the commercial register.

§ 520. Foundation of company

(1) During the foundation of a company, the founders shall use the proposed business name of the company together with the appendage " asutamisel" [in foundation]. In addition to the above, a company being founded shall be marked, in national and local government databases, by the number of the notarial act of the foundation transaction and, in the case the foundation transaction is not notarised, by the foundation number issued to the founders by the internet-based information system of the commercial register.
[RT I 2006, 61, 456 - entry into force 01.01.2007]
(11) The procedure for formation of the notarial act number and foundation number specified in subsection (1)
of this section shall be established by a regulation of the minister responsible for the area.
[RT I 2006, 61, 456 - entry into force 01.01.2007]
(2) In order to make a non-monetary contribution, an agreement concerning the transfer of the item of the non- monetary contribution shall be entered into with the company being founded. The agreement shall be in writing unless notarial authentication or notarial certification is required by law for transfer of a certain item.
(3) [Repealed - RT I 2006, 61, 456 - entry into force 01.01.2007]
(4) In order to make monetary contributions to a private limited company or public limited company, the founders shall open a bank account in an Estonian credit institution in the name of the company being founded using the business name, the appendage and the number specified in subsection (1) of this section, which may be disposed of in the name of the company after entry of the company in the commercial register. The founders may authorise the notary to open an account.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(41) In expedited procedure, a monetary contribution is made upon foundation of a company as a deposit to the account of the registrar or the account specified in subsection 15 (41) of the Money Laundering and Terrorist Financing Prevention Act. The business name, appendage and number specified in subsection (1) of this section shall be used in making the contribution. If the contribution is made as a deposit to the account of the registrar, the company shall apply no later than within one year following its entry in the register for the return of the contribution to its account with a credit institution; in case of exceeding the term the contribution shall remain
in the public revenues. The contribution shall be returned within five working days after submission of a conforming application.
[RT I, 31.01.2014, 6 - entry into force 01.04.2014]
(42) The Minister of Justice shall establish, by a regulation, the procedure for submission of the application
for return specified in subsection (41) of this section and the corresponding technical requirements and shall in concordance with the Minister of Finance authorise an agency to whom the applications for return are submitted as the agency who carries out the returns.
[RT I, 28.12.2011, 1 - entry into force 01.01.2012]
(5) If a company is not entered in the register, movables entered in the register and immovables entered in the land register in the name of the company, as well as the account specified in subsection 15 (41) of the Money Laundering and Terrorist Financing Prevention Act may be disposed of only pursuant to procedure specified by a court ruling. The contribution of the share capital made as a deposit to the account of the registrar or the account opened in the name of the company being founded if a company is not entered in the register, or the overpaid amount of the share capital if an amount exceeding the share capital has been paid as a deposit to the
account of the registrar shall also be returned pursuant to the procedure prescribed by the court ruling. The court shall make the ruling on the basis of a petition by the founders. The petition shall set out the reasons for failure to found or overpayment, which founders shall be given the right of disposal and to what extent, and who has

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made contributions to what extent. A payment made as a deposit to the account of the registrar shall remain in the public revenues unless a petition for the return of the payment is submitted to a court within two years as of the date of payment or overpayment.
[RT I, 31.01.2014, 6 - entry into force 01.04.2014]
(51) A credit institution shall promptly notify the registrar if it does not agree to enter into a settlement contract concerning the account specified in subsection 15 (41) of the Money Laundering and Terrorist Financing Prevention Act or if a company has failed to perform the obligation established in the second sentence of the above provision. The registrar shall decide on returning the contribution of the share capital made to the account opened in the name of the company being founded by a court ruling in compliance with subsection 27 (4) of the Money Laundering and Terrorist Financing Prevention Act. The registrar shall provide the company with a one- month term for making a new contribution of the share capital. If the company fails to certify the contribution
of the share capital within the specified term, the registrar shall decide on the compulsory dissolution of the company.
[RT I 2010, 77, 589 - entry into force 01.01.2011]
(52) If the Financial Intelligence Unit on the basis of subsection 40 (1) of the Money Laundering and Terrorist Financing Prevention Act has made a precept concerning the restriction on the disposal of the account specified in subsection 15 (41) of the above Act, the respective notation shall be made on the registry card. The notation shall be deleted from the registry card on the basis of the respective petition by the Financial Intelligence Unit. If the Financial Intelligence Unit in compliance with subsection 40 (4) of the Money Laundering and Terrorist Financing Prevention Act does not terminate the restriction on the disposal of the account, it shall notify the
registrar thereof. On the basis of the above notification, the registrar shall commence the compulsory dissolution
of the company under the procedure established in subsection (51) of this section. [RT I 2010, 77, 589 - entry into force 01.01.2011]
(6) [Repealed - RT I 2006, 61, 456 - entry into force 01.01.2007]

§ 521. [Repealed - RT I 2006, 61, 456 - entry into force 01.01.2007]

§ 5211. Updating of data concerning activity entered in commercial register

(1) The registrar shall delete an activity of an undertaking entered in the commercial register without a petition for entry and ruling on entry if the data concerning the activity have been submitted to the registrar pursuant to subsections 4 (5) and (6) of this Code. The second sentence of § 61 of this Code and § 599 of the Code of Civil Procedure do not apply to deletion and a state fee is not charged for it.
(2) The registrar shall make an inquiry concerning an undertaking whose activity has been entered in the commercial register and set a term for submission of notice concerning the activity.
(3) An inquiry shall not be made concerning a company who is required to submit an annual report to the registrar. The amendment of the data concerning the activity of such undertaking shall be automated on basis of the annual report.
[RT I, 21.03.2014, 3 - entry into force 31.03.2014]

§ 522. Reorganisation of work of enterprise register

(1) The Government of the Republic shall reorganise the work of the enterprise register resulting from implementation of the commercial register.
(2) [Repealed - RT I 1998, 59, 941 - entry into force 10.07.1998]

§ 523. [Repealed - RT I 2009, 54, 363 - entry into force 01.01.2010]

§ 5231. Implementation of electronic reporting

The provisions of subsection 32 (3) of this Code shall be applied to annual reports which are prepared in respect to accounting period starting on 1 January 2009 or later.
[RT I 2009, 54, 363 - entry into force 01.01.2010]

§ 5232. Merger of part A and B of card register

Parts A and B of the card register shall be merged and new registry cards shall be formed automatically. [RT I, 18.12.2012, 3 - entry into force 19.12.2012]

§ 524. [Repealed - RT I 1998, 59, 941 - entry into force 10.07.1998]

§ 525. Registry secretary

(1) The staff of a registration department may include a registry secretary.

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(2) The registry secretary is a court official who shall:
1) review petitions for entry submitted to the registrar and prepare drafts for rulings on entries concerning such
petitions;
2) certify the authenticity of transcripts and print-outs;
3) issue the certificates specified in subsection 28 (4) of this Code;
4) make the rulings specified in subsection 221(3) of the Code of Civil Procedure; [RT I, 18.12.2012, 3 - entry into force 19.12.2012]
5) decide on making an entry concerning a sole proprietor, excluding the entry into the commercial register and amendment of business name;
6) decide on changing the address entered in the commercial register and the non-profit associations and foundations register if the registered office (local government) does not change;
61) decide on entering the date of the beginning and end of the financial year in the commercial register and the non-profit associations and foundations register;
[RT I, 21.03.2014, 3 - entry into force 31.03.2014]
62) perform the acts specified in § 5211;
[RT I, 21.03.2014, 3 - entry into force 31.03.2014]
7) perform other duties pursuant to the procedure established by he minister responsible for the area.
[RT I 2008, 60, 331 - entry into force 01.01.2009]
(21) The acts specified in clauses (2) 2) and 3) of this section may also be performed by another competent court official.
[RT I, 22.06.2016, 21 - entry into force 01.08.2016]
(3) [Repealed -RT I, 22.06.2016, 21 - entry into force 01.08.2016]
(4) A registry secretary shall be appointed to and released from office by the director of the court on the proposal of the head of the registration department of the court.
[RT I 2006, 61, 456 - entry into force 01.01.2007]

§ 5251. Currency to be used

(1) As of the date which has been determined in the Decision of the Council of the European Union regarding the abrogation of the derogation established in respect of the Republic of Estonia on the basis provided for
in Article 140 (2) of the Treaty on the Functioning of the European Union (hereinafter date of abrogation of derogation), a private limited company or public limited company shall be entered in the commercial register in case its share capital and the nominal values of shares are denominated in euros in the memorandum of association, foundation resolution and articles of association.
(2) Private limited companies and public limited companies that were entered and are entered in the commercial register before the date of the abrogation of the derogation after the date of the abrogation of the derogation
may further denominate in the articles of association the share capital and the nominal values of shares in the Estonian kroons. If the share capital and the nominal values of shares are denominated in kroons, these shall comply with the terms and conditions specified in subsection (3) of this section.
(3) If the share capital of a private limited company is denominated in the articles of association in the Estonian kroons, the share capital of the private limited company shall amount at least to 40,000 kroons. The minimum nominal value of a share shall be 100 kroons. If the nominal value of a share is greater than 100 kroons, the nominal value shall be a multiple of 100 kroons. If the share capital of a public limited company is denominated in kroons, the share capital of the public limited company shall amount at least to 400,000 kroons. The
minimum nominal value of a share shall be ten kroons. If the nominal value of a share is greater than ten kroons, the nominal value shall be a multiple of ten kroons. Shares with a nominal value of less than ten kroons shall be void. The second sentence of subsection 223 (3) of this Code shall apply respectively. Each 100 kroons of the share of a private limited company shall grant one vote unless the articles of association prescribe otherwise.
(4) After the expiry of one year as of the date of abrogation of derogation, the amendment to the articles
of association of a private limited company or a public limited company shall be entered in the commercial
register only in case the share capital or the nominal values of shares are denominated in euros in the articles of
association or in case the respective amendment to the articles of association is simultaneously entered in the
register. The same applies to the entry of the increase or reduction of the share capital in the commercial register,
excluding the entry in the commercial register of the conditional increase of the share capital.
[RT I 2010, 20, 103 - entry into force 01.07.2010]

Commercial Code Page 157 /

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§ 5252. Amendments to articles of association and change of share capital of private limited companies and public limited companies for euro changeover

(1) Subsections 174 (1) and (2) of this Code shall apply to the adoption of such resolution of the shareholders of a private limited company which amends the articles of association due to the conversion of the share capital and the nominal values of the shares into euros and which increases or reduces the share capital to fulfil the requirements provided for in § 136 and subsections 148 (1) and (2) of this Code. The provisions of the previous sentence shall apply also in case the articles of association are amended due to the increase or reduction of
the share capital to fulfil the requirements provided for in § 136 and subsections 148 (1) and (2) of this Code. The provisions of the first sentence of this section shall not apply if the share capital is increased or reduced more than to the closest possible amount compared to the previous amount of the share capital to fulfil the requirements provided for in § 136 and subsections 148 (1) and (2) of this Code.
(2) Subsection 299 (1) of this Code shall apply to the adoption of such resolution of the general meeting of
a public limited company which amends the articles of association due to the conversion of the share capital
and the nominal values of the shares into euros and which increases the share capital to fulfil the requirements
provided for in § 222 and subsections 223 (1) and (2) of this Code. If a public limited company has several
classes of shares, a resolution specified in the previous sentence shall be adopted if, in addition to the provisions
of the previous sentence, at least more than half of the votes represented at the general meeting of each class of
share are in favour unless the articles of association prescribe a greater majority requirement. The provisions
of the first and second sentence of this section shall apply also in case the articles of association are amended
due to the increase of the share capital to fulfil the requirements provided for in § 222 and subsections 223
(1) and (2) of this Code. The provisions of the first and second sentence of this section shall not apply if the
share capital is increased more than to the closest possible amount compared to the previous amount of the
share capital to fulfil the requirements provided for in § 222 and subsections 223 (1) and (2) of this Code.
The provisions of the first and second sentence of this section shall also not apply if it is decided to amend the
articles of association for the introduction of a share without nominal value.
(3) Section 5253of this Code shall apply to the conversion of the share capital and nominal values of the shares from kroons into euros to fulfil the requirements provided for in § 136, subsections 148 (1) and (2), § 222 and subsections 223 (1) and (2) of this Code. The conversion from kroons into euros shall not affect any rights related to the shares and the ratio between the nominal values of the shares and the share capital. The rounding of the result of the conversion of the nominal values of the shares shall have no legal importance. A private limited company and a public limited company shall refer in the respective resolutions to the rounding of the result of the conversion of the nominal values of the shares and the absence of its legal importance.
(4) If a private limited company or a public limited company reduces for the conversion of the share capital and the nominal values of the shares into euros the share capital to the closest possible amount compared to the previous amount of the share capital to fulfil the requirements provided for in § 136, subsections 148 (1)
and (2), § 222 and subsections 223 (1) and (2) of this Code, this may be performed in simplified way pursuant
to the procedure provided for in §§ 1992and 362 of this Code. In case of the reduction of the share capital for the conversion of the share capital and the nominal values of the shares into euros, the provisions of subsection
1992(5) and § 363 of this Code do not apply irrespective of the time of conducting the reduction. [RT I, 02.11.2011, 1 - entry into force 12.11.2011]
(5) The shares issued on the basis of a resolution on the conditional increase of the share capital after the adoption of a resolution specified in subsection (2) of this section, which changes the nominal value of the shares, shall be effective in respect to the adoption of the above resolution as issued only after making the entry on the basis of the above resolution in the commercial register. The shares being issued on the basis of a resolution on the conditional increase of the share capital after the adoption of a resolution specified in the previous sentence shall participate in changing the nominal value.
[RT I 2010, 20, 103 - entry into force 01.07.2010]

§ 5253. Calculation of euro

(1) Before the date of the abrogation of the derogation, the amounts recorded in euros in this Code shall be converted into the Estonian kroons based on the exchange rate of Eesti Pank.
(2) The received result shall be rounded to the accuracy of one cent based on the third decimal. If the third decimal is from 0 to 4, the second decimal shall remain unchanged. If the third decimal is from 5 to 9, the second decimal shall be rounded up by one.
[RT I 2010, 20, 103 - entry into force 01.07.2010]

§ 5254. Number of votes in general partnership and limited partnership

If in case of a general partnership or limited partnership founded before the date of the abrogation of the derogation the number of the votes of partners is calculated pursuant to the amount of contributions, it shall be considered that each 10 kroons of a contribution shall grant one vote to the partner unless the partnership agreement prescribes otherwise. The second sentence of subsection 93 (2) of this Code shall not apply in
the case provided for in the previous sentence. Section 5253of this Code shall apply to the conversion from

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Commercial Code

euros into kroons and from kroons into euros. The conversion shall not affect the number of votes held by the shareholders. The rounding of the result of the conversion shall have no legal importance.
[RT I 2010, 20, 103 - entry into force 01.01.2011]

§ 5255. Access to commercial register information in office of county court

As of 1 January 2017, it is possible to access the data in the commercial register in the office of the county court, at the notary's office or through corresponding website. The provisions of this Act regarding the access to the data in the commercial register in a registration department shall apply accordingly.
[RT I, 18.12.2012, 3 - entry into force 19.12.2012]

§ 5256. Return of paper documents

Any paper documents submitted before 1 April 2014 shall be returned in a registration department until 1
January 2016.
[RT I, 21.03.2014, 3 - entry into force 01.04.2014]

§ 5257. Destruction of paper files

(1) The business and registry files on paper may be destroyed if the files have been properly digitized and the term prescribed in § 5256of this Code for the return of the documents has expired.
(2) The procedure for digitization, return and destruction of paper files shall be established by a regulation of the minister responsible for the area.
[RT I, 21.03.2014, 3 - entry into force 01.04.2014]

§ 526.–§ 540.[Omitted from this text.]

§ 541. Implementing regulations

(1) The Government of the Republic may issue regulations for implementation of this Code, in accordance with this Code.
(11) The Government of the Republic may establish a procedure which prescribes that state agencies shall access data in the commercial register through a computer network and shall not request the submission of the same data from persons. If an administrative authority or a judicial institution can access data in the commercial register through a computer network, the provisions of other Acts concerning the duty of persons to submit registry cards do not apply.
(2) [Repealed - RT I, 21.06.2014, 8 - entry into force 01.01.2015]
(3) To the extent prescribed by a regulation of the minister responsible for the area, information provided for in this Act need not be submitted to the registrar of the commercial register if such information is available to the registrar from the Estonian Central Register of Securities through a computer network. The lists of shareholders specified in subsection 182 (3) and the data of shareholders specified in subsection 334 (2), except for the addresses of shareholders, can be examined through the commercial register as the data of the business file.
[RT I 2006, 55, 407 - entry into force 01.01.2007]
(4) To the extent prescribed by a regulation of the minister responsible for the area, a company need not submit an extract from the land register or movable property register specified in this Code to the registrar if the registrar has access, by way of computer network, to the appropriate database and the transfer of ownership for the benefit of the relevant company can be established from such database.

1Directive 2003/58/EC of the European Parliament and of the Council amending Council Directive 68/151/ EEC, as regards disclosure requirements in respect of certain types of companies (OJ L 221, 04.09.2003, p. 13–

16). Directive of the European Parliament and of the Council 2005/56/EC on cross-border mergers of limited liability companies (OJ L 310, 25.11.2005, p. 1–9). [RT I 2007, 65, 405 - entry into force 15.12.2007] Directive of the European Parliament and of the Council 2006/68/EC amending Council Directive 77/91/EEC as regards the formation of public limited liability companies and the maintenance and alteration of their capital (OJ
L 264, 25.09.2006, p. 32–36); [RT I 2008, 16, 116 - entry into force 15.04.2008] Directive of the European Parliament and of the Council 2007/36/EU on the exercise of certain rights of shareholders in listed companies (OJ L 184, 14.07.2007, p. 17–24); [RT I 2009, 51, 349 - entry into force 15.11.2009] Second Council Directive
77/91/EEC on coordination of safeguards which, for the protection of the interests of members and others,
are required by Member States of companies within the meaning of the second paragraph of Article 58 of the
Treaty, in respect of the formation of public limited liability companies and the maintenance and alteration
of their capital, with a view to making such safeguards equivalent (OJ L 26, 31.1.1977, p. 1); Third Council

Commercial Code Page 159 /

160

Directive 78/855/EEC based on Article 54 (3) (g) of the Treaty concerning mergers of public limited liability companies (OJ L 295, 20.10.1978, p. 36); Sixth Council Directive 82/891/EEC based on Article 54 (3) (g) of the Treaty, concerning the division of public limited liability companies (OJ L 378, 31.12.1982, p. 47); [RT I 2010,

20, 103- entry into force 01.07.2010] Directive 2009/109/EC of the European Parliament and of the Council amending Council Directives 77/91/EEC, 78/855/EEC and 82/891/EEC, and Directive 2005/56/EC as regards reporting and documentation requirements in the case of mergers and divisions (OJ L 259, 2.10.2009, p. 14-21); [RT I, 02.11.2011, 1 -entry into force 12.11.2011] Directive 2012/17/EU of the European Parliament and of the Council amending Council Directive 89/666/EEC and Directives 2005/56/EC and 2009/101/EC of the European Parliament and of the Council as regards the interconnection of central, commercial and companies registers (OJ L 156, 16.06.2012, p. 1-9); Directive 2011/35/EU of the European Parliament and of the Council concerning mergers of public limited liability companies (OJ L 110, 29.04.2011, pp. 1-11); [RT I, 21.03.2014, 3- entry into force 31.03.2014]

Page 160 I 160 Commercial Code

Äriseadustik Vastu võetud 15.02.1995

Väljaandja: Riigikogu Akti liik: seadus Teksti liik: terviktekst Redaktsiooni jõustumise kp: 01.08.2016
Redaktsiooni kehtivuse lõpp: 31.12.2019
Avaldamismärge: RT I, 22.06.2016, 32

Äriseadustik1

Vastu võetud 15.02.1995

RT I 1995, 26, 355 jõustumine 01.09.1995

Muudetud järgmiste aktidega Vastuvõtmine	Avaldamine	Jõustumine
28.05.1996	RT I 1996, 40, 773	08.06.1996
26.06.1996	RT I 1996, 51, 967	29.07.1996
terviktekst RT paberkandjal	RT I 1996, 52, 993
11.02.1997	RT I 1997, 16, 258	16.03.1997
05.06.1997	RT I 1997, 48, 774	10.07.1997
21.10.1997	RT I 1997, 77, 1313	12.11.1997
17.12.1997	RT I 1998, 2, 48	09.01.1998
17.02.1998	RT I 1998, 23, 322	22.03.1998
11.03.1998	RT I 1998, 30, 410	01.10.1998
25.03.1998	RT I 1998, 36, 552	01.05.1998
17.06.1998	RT I 1998, 59, 941	10.07.1998
terviktekst RT paberkandjal	RT I 1998, 91, 1500
20.01.1999	RT I 1999, 10, 155	01.01.2000
17.02.1999	RT I 1999, 23, 355	19.03.1999
10.02.1999	RT I 1999, 24, 360	01.07.1999
16.06.1999	RT I 1999, 57, 596	17.07.1999
15.12.1999	RT I 1999, 102, 907	10.01.2000
22.03.2000	RT I 2000, 29, 172	17.04.2000
06.06.2000	RT I 2000, 49, 303	08.07.2000
14.06.2000	RT I 2000, 57, 373	01.01.2001
20.06.2000	RT I 2000, 55, 365	12.07.2000
13.03.2001	RT I 2001, 34, 185	10.04.2001
05.06.2001	RT I 2001, 56, 332	01.10.2001
06.06.2001	RT I 2001, 56, 336	07.07.2001
17.10.2001	RT I 2001, 89, 532	01.01.2002
14.11.2001	RT I 2001, 93, 565	01.02.2002, osaliselt 14.12.2001
19.12.2001	RT I 2002, 3, 6	01.02.2002
27.03.2002	RT I 2002, 35, 214	01.06.2002
05.06.2002	RT I 2002, 53, 336	01.07.2002
19.06.2002	RT I 2002, 61, 375	01.08.2002
19.06.2002	RT I 2002, 63, 387	01.09.2002
19.06.2002	RT I 2002, 63, 388	29.07.2002
06.11.2002	RT I 2002, 96, 564	01.01.2003
20.11.2002	RT I 2002, 102, 600	01.01.2003, osaliselt 26.12.2002
17.12.2002	RT I 2002, 110, 657	31.12.2002
18.12.2002	RT I 2003, 4, 19	01.02.2003
15.01.2003	RT I 2003, 13, 64	01.07.2003
29.01.2003	RT I 2003, 18, 100	07.03.2003

Äriseadustik Leht 1 / 143

19.11.2003	RT I 2003, 78, 523	27.12.2003
17.12.2003	RT I 2003, 88, 591	01.01.2004
25.11.2004	RT I 2004, 86, 582	01.01.2005
16.12.2004	RT I 2004, 89, 613	07.01.2005
22.02.2005	RT I 2005, 15, 85	01.01.2006
12.10.2005	RT I 2005, 57, 449	01.01.2006
12.10.2005	RT I 2005, 57, 450	01.01.2006
12.10.2005	RT I 2005, 57, 451	18.11.2005
27.10.2005	RT I 2005, 61, 478	01.12.2005
terviktekst RT paberkandjal	RT I 2005, 63, 481
08.12.2005	RT I 2005, 68, 525	01.01.2006
26.01.2006	RT I 2006, 7, 42	04.02.2006
10.05.2006	RT I 2006, 25, 186	01.07.2006
15.11.2006	RT I 2006, 55, 407	01.01.2007
23.11.2006	RT I 2006, 55, 412	01.01.2007
06.12.2006	RT I 2006, 61, 456	01.01.2007
24.01.2007	RT I 2007, 12, 66	01.01.2008
24.10.2007	RT I 2007, 58, 380	19.11.2007
21.11.2007	RT I 2007, 65, 405	15.12.2007
21.11.2007	RT I 2007, 67, 413	28.12.2007
20.03.2008	RT I 2008, 16, 116	15.04.2008
04.06.2008	RT I 2008, 27, 177	10.07.2008
04.06.2008	RT I 2008, 27, 177	01.01.2009
04.06.2008	RT I 2008, 27, 177	01.01.2010
19.11.2008	RT I 2008, 52, 288	22.12.2008
10.12.2008	RT I 2008, 59, 330	01.01.2009
11.12.2008	RT I 2008, 60, 331	01.01.2009
17.12.2008	RT I 2009, 5, 35	01.07.2009
28.01.2009	RT I 2009, 12, 71	27.02.2009
29.01.2009	RT I 2009, 13, 78	01.07.2009
06.05.2009	RT I 2009, 27, 164	08.06.2009
20.05.2009	RT I 2009, 29, 175	01.07.2009
21.05.2009	RT I 2009, 30, 178	01.07.2009
21.10.2009	RT I 2009, 51, 349	15.11.2009
29.10.2009	RT I 2009, 54, 363	01.01.2010
11.11.2009	RT I 2009, 57, 381	01.01.2010
26.11.2009	RT I 2009, 62, 405	01.01.2010
16.12.2009	RT I 2009, 67, 460	01.01.2010
27.01.2010	RT I 2010, 9, 41	08.03.2010
22.04.2010	RT I 2010, 20, 103	01.07.2010, osaliselt 01.01.2011 jõustub päeval, mis on kindlaks määratud Euroopa Liidu Nõukogu otsuses Eesti Vabariigi suhtes kehtestatud erandi kehtetuks tunnistamise kohta Euroopa Liidu toimimise lepingu artikli 140 lõikes 2 sätestatud alusel, Euroopa Liidu Nõukogu 13.07.2010. a otsus Nr 2010/416/EL (ELT L 196, 28.07.2010, lk 24–26).
17.06.2010	RT I 2010, 38, 231	01.07.2010
29.09.2010	RT I 2010, 77, 589	01.01.2011
16.12.2010	RT I, 30.12.2010, 2	01.01.2011
16.02.2011	RT I, 14.03.2011, 1	01.01.2012
23.02.2011	RT I, 25.03.2011, 1	01.01.2014; jõustumisaeg muudetud 01.07.2014 [RT I, 22.12.2013, 1]
12.10.2011	RT I, 02.11.2011, 1	12.11.2011
07.12.2011	RT I, 28.12.2011, 1	01.01.2012
02.05.2012	RT I, 25.05.2012, 8	04.06.2012
10.10.2012	RT I, 25.10.2012, 1	01.12.2012
05.12.2012	RT I, 18.12.2012, 3	19.12.2012, osaliselt 01.01.2013
13.06.2013	RT I, 02.07.2013, 3	01.09.2013, osaliselt 12.07.2013

Leht 2 / 143 Äriseadustik

05.12.2013	RT I, 22.12.2013, 1	01.01.2014
11.12.2013	RT I, 23.12.2013, 1	01.01.2014, osaliselt 01.01.2015 ja 01.01.2020
21.01.2014	RT I, 31.01.2014, 6	01.02.2014, osaliselt 01.04.2014
27.02.2014	RT I, 21.03.2014, 3	31.03.2014, osaliselt 01.04.2014 ja 01.01.2015
11.06.2014	RT I, 21.06.2014, 8	01.01.2015, seadustikus asendatud läbivalt sõnad „asukoha registrisse” sõnaga „registrikaardile”
19.06.2014	RT I, 12.07.2014, 1	01.01.2015
19.06.2014	RT I, 29.06.2014, 109	01.07.2014, Vabariigi Valitsuse seaduse § 107³ lõike 4 alusel asendatud ministrite ametinimetused.
11.02.2015	RT I, 04.03.2015, 4	01.07.2015
18.02.2015	RT I, 19.03.2015, 3	29.03.2015
10.12.2015	RT I, 30.12.2015, 4	01.01.2016
07.06.2016	RT I, 22.06.2016, 21	01.08.2016

I. osa

ÜLDOSA

1. peatükk

ÜLDSÄTTED

§ 1. Ettevõtja

Ettevõtja käesoleva seaduse tähenduses on füüsiline isik, kes pakub oma nimel tasu eest kaupu või teenuseid ning kellele kaupade müük või teenuste osutamine on püsiv tegevus, ning käesolevas seaduses sätestatud äriühing.
[RT I, 25.03.2011, 1- jõust. 01.07.2014 (jõustumine muudetud - RT I, 22.12.2013, 1)]

§ 2. Äriühingute liigid

(1) Äriühing on täisühing, usaldusühing, osaühing, aktsiaselts ja tulundusühistu. Seaduses võib ette näha ka teisi äriühinguid.
(2) Äriühing kantakse äriregistrisse.
(3) Äriühingu õigusvõime tekib äriregistrisse kandmisest ja lõpeb äriregistrist kustutamisega.
(4) Äriühingud võivad ühineda ja jaguneda ning äriühingu võib teist liiki äriühinguks ümber kujundada ainult seaduses sätestatud juhtudel ja korras.
(5) Seaduses sätestatud juhtudel on ühinemiseks, jagunemiseks ja ümberkujundamiseks nõutav pädeva asutuse luba.

§ 3. Füüsilisest isikust ettevõtja

(1) Füüsilisest isikust ettevõtjaks võib olla iga füüsiline isik.
(2) Füüsilisest isikust ettevõtja peab enne tegevuse alustamist esitama avalduse enda kandmiseks äriregistrisse. [RT I 2008, 60, 331- jõust. 01.01.2009]
(3) Füüsilisest isikust ettevõtja võib äriregistri pidajale teatada oma ettevõtte tegevuse peatamisest ette, märkides ajavahemiku, millal ettevõte ei tegutse. Füüsilisest isikust ettevõtja, kelle ettevõtte tegevus tulenevalt tegevusala iseloomust on hooajaline, võib äriregistri pidajale teatada ettevõtte tegevuse algus- ja lõppkuupäeva. Ettevõtte tegevuse algus- ja lõppkuupäeva võib teatada ka ajutise tegutsemise korral.
[RT I 2008, 27, 177- jõust. 01.01.2009]

Äriseadustik Leht 3 / 143

§ 4. Ettevõtja tegevusalad

(1) Ettevõtja võib tegutseda tegevusaladel, millel tegutsemine ei ole seadusega keelatud.
(2) Seaduses võib sätestada tegevusalasid, milleks on vaja tegevusluba või millel võib tegutseda üksnes teatud liiki ettevõtja.
(3) [Kehtetu -RT I 2006, 61, 456- jõust. 01.01.2007]
(4) Talupidaja on ettevõtja, kellel vähemalt üks tegevusala kuulub põllumajandussaaduste tootmise alla ja kes selleks otstarbeks kasutab omaniku, kasutusvaldaja või rentnikuna talu.
[RT I 2006, 61, 456- jõust. 01.01.2007]
(5) Ettevõtja teatab äriregistrisse kandmisel kavandatud põhitegevusala, samuti teatab tegevusalade muutumisest. Äriühing, kes peab äriregistrisse esitama majandusaasta aruande, näitab lõppenud aruandeaasta tegevusalad ja uude aruandeaastasse kavandatud tegevusalad oma majandusaasta aruandes ega teata eraldi nende muutumisest. Tegevusalast äriregistrisse teatamisel või majandusaasta aruandes näitamisel kasutatakse Eesti majanduse tegevusalade klassifikaatorit.
[RT I 2006, 61, 456- jõust. 01.01.2007]
(6) Eesti majanduse tegevusalade klassifikaatori kehtestab valdkonna eest vastutav ministermäärusega. Valdkonna eest vastutav minister võib määrata, millist klassifikatsioonitaset tuleb tegevusalast äriregistrisse teatamisel ja majandusaasta aruandes näitamisel kasutada.
[RT I 2006, 61, 456- jõust. 01.01.2007]

§ 5. [Kehtetu -RT I 2009, 5, 35- jõust. 01.07.2009]

§ 6. Kontsern

(1) Kui üks äriühing on teises äriühingus osanik või aktsionär ning omab seal häälteenamust, nimetatakse osalevat ühingut emaettevõtjaks ja ühingut, kus ta osaleb, tütarettevõtjaks. Emaettevõtja tütarettevõtjaks on ka ühing, kus häälteenamus on teisel tütarettevõtjal või tütarettevõtjatel üksinda või koos emaettevõtjaga.
(2) Tütarettevõtjaks on ka ühing, kus teine ühing (emaettevõtja) omab selle osaniku või aktsionärina lepingu alusel või ilma selleta valitsevat mõju.
(3) Emaettevõtja koos tütarettevõtjatega moodustab kontserni.

2. peatükk

ÄRINIMI

§ 7. Ärinime mõiste

Ärinimi ehk firma on äriregistrisse kantud nimi, mille all ettevõtja tegutseb.

§ 8. Füüsilisest isikust ettevõtja ärinimi

(1) Füüsilisest isikust ettevõtja ärinimi peab sisaldama ettevõtja ees- ja perekonnanime ning ei või sisaldada äriühingule viitavat täiendit ega lühendit.
(2) Füüsilisest isikust talupidaja ärinimi ei pea sisaldama ettevõtja ees- ja perekonnanime juhul, kui ärinimes sisaldub talu nimi.
(3) Kui füüsilisest isikust ettevõtja võõrandab teisele füüsilisele isikule ettevõtte, võib omandaja senise ärinime all edasi tegutseda võõrandaja kirjalikul nõusolekul.
(4) Kui füüsiline isik omandab ettevõtte pärimise teel, võib omandaja senise ärinime all edasi tegutseda. (5) Kui muutub füüsilisest isikust ettevõtja ärinimes sisalduv nimi, võib senise ärinime all edasi tegutseda.
(6) Füüsilisest isikust ettevõtjal võib olla mitu ärinime juhul, kui neid nimesid kasutatakse erinevate ettevõtete kohta.

§ 9. Äriühingu ärinimi

(1) Äriühingul võib olla ainult üks ärinimi.
(2) Täisühingu ärinimi peab sisaldama täiendit «täisühing», usaldusühingu ärinimi täiendit «usaldusühing», osaühingu ärinimi täiendit «osaühing», aktsiaseltsi ärinimi täiendit «aktsiaselts» ja tulundusühistu ärinimi täiendit «ühistu».

Leht 4 / 143 Äriseadustik

(3) Käesoleva paragrahvi 2. lõikes nimetatud täiendi asemel võib täisühing ärinimes kasutada lühendit «TÜ», usaldusühing lühendit «UÜ», osaühing lühendit «OÜ» ja aktsiaselts lühendit «AS».
(4) 2. ja 3. lõikes nimetatud täiendeid või lühendeid võib kasutada ainult ärinime alguses või lõpus.

§ 10. Ärinime võõrandamine

Ärinime ei või võõrandada ilma ettevõtteta, välja arvatud siis, kui ärinimi võõrandatakse ettevõtja likvideerimisel või pankrotimenetluses.

§ 11. Ärinime eristatavus

(1) Füüsilisest isikust ettevõtja ärinimi peab olema selgesti eristatav teistest äriregistrisse kantud ärinimedest. [RT I, 21.06.2014, 8- jõust. 01.01.2015]
(2) Äriühingu ärinimi peab olema selgesti eristatav teistest Eestis äriregistrisse kantud ärinimedest. (21) [Kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]
(3) Kui äriregistrisse on ärinimena või selle osana kantud sama füüsilise isiku ees- ja perekonnanimi, mille
registrisse kandmist taotletakse, peab kande taotleja oma ärinime täiendite lisamise või ärajätmisega selgelt
eristatavaks muutma.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 12. Ärinime valiku piirangud

(1) Ärinimi ei või olla eksitav ettevõtja õigusliku vormi, tegevusala ega tegevuse ulatuse osas. (2) Ärinimi ei või olla vastuolus heade kommetega.
(3) Ärinimes ei tohi kasutada Eestis kaubamärgina kaitstavat sõnalist, tähelist või numbrilist tähist või nende kombinatsiooni ilma kaubamärgi omaniku notariaalselt kinnitatud nõusolekuta, välja arvatud juhul, kui ettevõtja tegutseb tegevusaladel, mille suhtes kaubamärk ei ole kaitstud. Nõusolekule kohaldatakse käesoleva seadustiku
§ 33 lõiget 11.
(31) Isikul, kellel ei ole geograafilise tähise kasutamise õigust, on keelatud kasutada ärinimes registreeritud geograafilist tähist, välja arvatud juhul, kui ta tegutseb tegevusalal, mille suhtes geograafiline tähis ei ole kaitstud.
(32) Käesoleva paragrahvi lõikeid 3 ja 31 kohaldatakse ka tegevusalade muutumisel pärast ärinime äriregistrisse kandmist.
[RT I 2006, 61, 456- jõust. 01.01.2007]
(4) Vabariigi Valitsus võib kehtestada piiranguid sõna «Eesti» kasutamisele ärinimes kõikides ühendites ja võõrkeelsetes vastetes, välja arvatud välismaa äriühingu filiaali ärinimes vastavalt käesoleva seadustiku §-s 14 sätestatule.
(5) Kui ärinimi lisaks äriühingule viitavale täiendile sisaldab riigi, haldusüksuse või muu koha nime, peab ärinimi sisaldama riigi, haldusüksuse või muu koha nimest eristavat täiendit.
(6) Ärinimes ei või kasutada riigi või kohaliku omavalitsuse organite ja asutuste nimetusi.
(7) Sõnu «riigi» või «linna» või «valla» või muid riigi või kohaliku omavalitsusüksuse osalusele viitavaid sõnu võib äriühingu ärinimes kasutada ainult siis, kui riigile või kohalikule omavalitsusele kuulub üle poole ühingu osadest või aktsiatest.
(8) Ärinimi peab olema kirjutatud eesti-ladina tähestikus. (9) [Välja jäetud -RT I 1996, 40, 773- jõust. 08.06.1996]

§ 13. Nime kasutamine ärinimes

(1) [Välja jäetud -RT I 1996, 40, 773- jõust. 08.06.1996] (2) [Välja jäetud -RT I 1996, 40, 773- jõust. 08.06.1996]

Äriseadustik Leht 5 / 143

(3) Füüsilisest isikust ettevõtja ärinimes ei või kasutada isiku nime, kes ei ole ettevõtja, täisühingu ärinimes ei või kasutada isiku nime, kes ei ole osanik, usaldusühingu ärinimes isiku nime, kes ei ole täisosanik.
(4) Käesoleva paragrahvi 3. lõikes sätestatut ei kohaldata, kui füüsilisest isikust ettevõtja annab ettevõtte üle või kui täisühingu osanik või usaldusühingu täisosanik lahkub või arvatakse välja ühingust.

§ 14. Välismaa äriühingu filiaali ärinimi

Välismaa äriühingu filiaali ärinimi koosneb äriühingu ärinimest ja sõnadest «Eesti filiaal».

§ 15. Ärinime kasutamine ja kaitse

(1) Ettevõtjal on ainuõigus oma ärinimele. Kohus võib hagita menetluse korras keelata kasutada ärinime, mis ei vasta käesoleva peatüki nõuetele või mille kasutamiseks ei ole isikul õigust, ning keelu rikkumise korral rikkujat trahvida. See ei välista ärinime kaitset hagilises korras.
[RT I 2008, 59, 330- jõust. 01.01.2009]
(2) Ettevõtja ärilistel dokumentidel ning tema kodulehel peavad olema ettevõtja ärinimi, asukoht ja äriregistri kood. Kui osaühingu või aktsiaseltsi ärilistel dokumentidel ning kodulehel viidatakse ühingu kapitalile, tuleb märkida ka osa- või aktsiakapitali suurus ning juhul, kui osade eest ei ole sissemakse täielikult tasutud, siis tasumata sissemaksete summa. Välismaa äriühingu filiaali ärilistel dokumentidel ning kodulehel peavad olema käesoleva lõike esimeses ja teises lauses nimetatud andmed nii välismaa äriühingu kui ka filiaali kohta, kui see on asjakohane. Lisaks tuleb filiaali ärilistel dokumentidel ning kodulehel märkida välismaa äriühingu õiguslik vorm ja register, kus äriühing on registreeritud. Kui välismaa äriühing on likvideerimisel, tuleb sellele asjaolule viidata.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(3) [Kehtetu -RT I 2002, 53, 336- jõust. 01.07.2002]

3. peatükk

PROKUURA

§ 16. Prokuura mõiste

(1) Prokuura on volitus, mis annab ettevõtja esindajale (prokuristile) õiguse esindada ettevõtjat kõikide majandustegevusega seotud tehingute tegemisel.
[RT I 2009, 13, 78- jõust. 01.07.2009]
(2) Prokurist võib ettevõtja kinnisasja võõrandada ja koormata üksnes juhul, kui ettevõtja on talle selle õiguse prokuuras andnud ja selle õiguse kohta on tehtud märge äriregistrisse.
(3) Kui ettevõtja on prokuurat piiranud, ei kehti piirang kolmandate isikute suhtes, välja arvatud käesolevas seaduses sätestatud piirangud.
(4) Prokuura suhtes kehtib tsiviilseadustiku üldosa seaduses esinduse kohta sätestatu, kui käesolevast seadustikust ei tulene teisiti.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 17. Prokuura andmine

(1) Prokuura võib anda äriühing, äriregistrisse kantud füüsilisest isikust ettevõtja või füüsilisest isikust ettevõtja seadusjärgne esindaja. Ettevõtja äriregistrisse kandmisel annab prokuura füüsilisest isikust ettevõtja, täis- või usaldusühingu asutamisel ühiselt kõik ühingut juhtima õigustatud osanikud ning osaühingu, aktsiaseltsi või tulundusühistu asutamisel asutajad ühingu asutamislepinguga.
(2) Prokuura võib anda ainult füüsilisele isikule. Ettevõtjal võib olla üks või mitu prokuristi.
(3) Prokuura võib anda mitmele isikule selliselt, et prokuristid või mõned neist on õigustatud ettevõtjat esindama üksnes koos (ühisprokuura). Prokuura võib anda selliselt, et prokurist võib ettevõtjat esindada ainult koos juhatuse liikme või äriühingut esindama õigustatud osanikuga.
(4) Välismaa äriühing võib anda prokuura filiaali esindamiseks.
(5) Prokuristiks ei või olla sama täis- või usaldusühingu osanik ega äriühingu nõukogu liige ega äriühingu audiitor.

§ 18. Prokuristi allkiri

Prokurist kirjutab alla selliselt, et lisab oma allkirjale sõna «prokurist» või lühendi «p.p.» (per procura).

Leht 6 / 143 Äriseadustik

§ 19. Prokuura lõpetamise alused

(1) Ettevõtja võib prokuura igal ajal lõpetada.
(2) Prokurist võib ettevõtjalt nõuda prokuura lõpetamist, kui lõpeb prokuura aluseks olev õigussuhe. (3) Prokuura ei lõpe füüsilisest isikust ettevõtja surmaga.
[RT I 2002, 53, 336- jõust. 01.07.2002]

§ 20. Prokuura üleandmise keeld

Prokurist ei või prokuurat üle anda.

§ 21. Prokuura kanne

(1) Prokuura kanne tehakse äriregistrisse ettevõtja avalduse alusel. Avaldusele lisatakse äriühingu korral ka prokuristi määranud organi otsus.
(2) Prokuura kandes näidatakse prokuristi nimi ja isikukood. Kui prokuura on antud mitmele prokuristile, tuleb kandes märkida, kas ja kellele neist on antud ühisprokuura.
[RT I 2006, 61, 456- jõust. 01.01.2007]
(3) [Kehtetu -RT I 1998, 59, 941- jõust. 10.07.1998]

II. osa

ÄRIREGISTER

4. peatükk

REGISTRIALASED ÜLDSÄTTED

§ 22. Äriregistri pidamine ja kohtumenetlus

(1) Äriregistrit peab Tartu Maakohtu registriosakond (edaspidi registripidaja) Eestis asuvate füüsilisest isikust ettevõtjate ettevõtete ja äriühingute kohta.
[RT I, 21.06.2014, 8- jõust. 01.01.2015]
(2) [Kehtetu -RT I, 21.06.2014, 8- jõust. 01.01.2015] (3) [Kehtetu -RT I 2005, 15, 85- jõust. 01.01.2006]
(4) Registripidajale esitatud dokumentide menetlemine ja määruste tegemine toimub tsiviilkohtumenetluse seadustikus registrimenetlusele sätestatud korras, kui käesolevast seadustikust ei tulene teisiti.
[RT I, 21.03.2014, 3- jõust. 31.03.2014]
(5) [Kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]
(6) Äriregistrile ja selle pidamisele kohaldatakse avaliku teabe seaduses andmekogude kohta sätestatut käesolevas seaduses sätestatud erisustega.
[RT I 2007, 12, 66- jõust. 01.01.2008]

§ 23.–§ 25. [Kehtetud -RT I 2005, 57, 449- jõust. 01.01.2006]

§ 26. Registriosakonna pitsat

(1) Kohtu registriosakonnal on riigivapiga pitsat.
(2) Kohtuteenistujal, kes teeb registriosakonnas tõestamistoiminguid, võib olla oma nimega riigivapiga pitsat. [RT I 2005, 57, 449- jõust. 01.01.2006]

§ 27. Töökeel

(1) Äriregistrit peetakse eesti keeles.

Äriseadustik Leht 7 / 143

(2) Võõrkeelsed dokumendid esitatakse registripidajale vandetõlgi või notari poolt kinnitatud eestikeelse tõlkega või eestikeelse tõlkega, millel notar on kinnitanud tõlkija allkirja.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]
(3) Ettevõtja ei või tugineda tõlkele, kui see erineb originaaldokumendist. Kolmas isik võib registripidajale esitatud dokumendi tõlkele tugineda, välja arvatud juhul, kui ettevõtja tõendab, et kolmas isik teadis tõlke ebaõigsusest.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(4) Käesoleva paragrahvi 2. lõike nõuetele mittevastavate osaliselt või täielikult võõrkeelsete dokumentide esitamisel juhindub registripidaja üksnes talle esitatud eestikeelsetest dokumentidest või tekstiosadest. Ettevõtja ja kolmandad isikud ei saa võõrkeelsetele dokumentidele või tekstiosadele tugineda.
[RT I, 04.03.2015, 4- jõust. 01.07.2015]

§ 28. Äriregistri avalikkus

(1) Äriregistri kanded on avalikud. Igaühel on õigus tutvuda registrikaardi ja äritoimikuga ning saada registrikaardist ja äritoimikus olevast dokumendist ärakirju.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]
(2) Registriandmete ja toimikutega on võimalik tutvuda registriosakonnas, notaribüroos või vastava veebilehe kaudu. Äriregistri kinnitatud väljatrükke on võimalik saada registriosakonnast või notaribüroost.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]
(3) Registritoimikuga võib tutvuda pädev riigiasutus, muu hulgas kohus menetluses ja kohtutäitur ja isik, kellel on selleks õigustatud huvi.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(4) Isiku nõudel annab registripidaja või notar tõendi, et kannet ei ole muudetud või et teatud kannet registris ei ole.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]

§ 29. [Kehtetu -RT I 2003, 4, 19- jõust. 01.02.2003]

§ 30. [Kehtetu -RT I 1999, 10, 155- jõust. 01.01.2000]

§ 31. Äriregistrisse kantavad andmed

Äriregistrisse kantakse ainult seaduses ettenähtud andmed.

§ 32. Registripidajale esitatavad dokumendid

(1) Ettevõtja on kohustatud registripidajale esitama kande aluseks olevad ja seaduses sätestatud muud dokumendid, samuti allkirjanäidised. Allkirjanäidised peavad olema notariaalselt kinnitatud. Registripidaja võib ettevõtjalt nõuda ka täiendavaid dokumente, kui need on vajalikud kande aluseks olevate asjaolude väljaselgitamiseks.
[RT I 2009, 13, 78- jõust. 01.07.2009]
(2) Organi koosoleku protokolli asemel võib registripidajale esitada väljavõtte protokollist, millesse on kantud ainult registriandmete aluseks olev otsus. Väljavõttele ei pea lisama otsuse suhtes eriarvamusele jäänud isiku eriarvamust, kirjalikke ettepanekuid ja avaldusi. Protokolli väljavõte peab olema notariaalselt tõestatud, kui sama koosoleku kohta koostatud protokoll on notariaalselt tõestatud. Muus osas kohaldatakse protokolli
väljavõtte sisule, allkirjastamisele ja väljavõttele lisatavatele dokumentidele vastava organi koosoleku protokolli kohta sätestatut.
[RT I 2009, 13, 78- jõust. 01.07.2009]
(3) Majandusaasta aruanne ja sellega koos esitatavad dokumendid, samuti käesolevas seadustikus sätestatud andmed kasumi jaotamise või kahjumi katmise kohta ning volitus eespool nimetatud dokumentide ja andmete esitamiseks esitatakse äriregistrile käesoleva seadustiku § 67 4. lõike punkti 1 alusel valdkonna eest vastutava ministri määrusega kehtestatud korra kohaselt elektrooniliselt.
[RT I 2009, 54, 363- jõust. 01.01.2010]

§ 321. Tõestamistoimingud ja täiendavad notari teenused

(1) Registripidajale esitatav avaldus ja avaldusele allakirjutamiseks antud volikiri peab olema notariaalselt kinnitatud.
(2) Registripidajale esitatav allkirjanäidis peab olema notariaalselt kinnitatud ja võõrkeelse dokumendi eestikeelne tõlge peab olema vandetõlgi tehtud või notari kinnitatud. Ettevõtja või tema seadusjärgse esindaja allkirjanäidist ei pea esitama, kui sama isik on notari juuresolekul kirjutanud alla asjaomase kande tegemise avaldusele või seda sisaldavale asutamislepingule.
[RT I, 23.12.2013, 1- jõust. 01.01.2014]

Leht 8 / 143 Äriseadustik

(3) Notar peab tõestama:
1) osaühingu ja aktsiaseltsi asutamislepingu;
2) äriühingute ühinemislepingu ja jagunemislepingu või jagunemiskava;
3) punktides 1 ja 2 nimetatud dokumendile allakirjutamiseks antud volikirja.
(4) Notariaalselt tõestatud asutamisleping võib ühtlasi sisaldada juriidilise isiku registrisse kandmise avaldust. [RT I 2010, 77, 589- jõust. 01.01.2011]
(41) Notar edastab juriidilise isiku taotlusel tema majandusaasta aruande elektrooniliselt registripidajale. [RT I 2008, 27, 177- jõust. 01.01.2010]
(5) [Kehtetu -RT I 2006, 7, 42- jõust. 04.02.2006]
(6) [Kehtetu -RT I 2003, 18, 100- jõust. 07.03.2003] (7) [Kehtetu -RT I 2006, 7, 42- jõust. 04.02.2006]
(8) [Kehtetu -RT I 2006, 7, 42- jõust. 04.02.2006]

§ 33. Äriregistri kanne

(1) Äriregistri kanne tehakse ettevõtja avaldusel, kohtulahendi alusel või muul seaduses sätestatud alusel. Äriregistrile avalduse või muude dokumentide esitamiseks õigustatud isik on kohustatud seda tegema.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(11) Kui jõustunud või viivitamata täitmisele kuuluva kohtulahendiga on registripidajale avalduse esitamiseks õigustatud või kohustatud isiku suhtes tuvastatud kohustus avaldus esitada või õigussuhe, mille tõttu tuleb teha kanne, asendab kohtulahend avaldust.
(12) Kui kohtu jõustunud või viivitamata täitmisele kuuluva lahendiga on keelatud kande tegemiseks avaldust esitada, võib kande teha üksnes juhul, kui isik, kelle taotlusel kohtulahend tehti, kande tegemisega nõustub.
(2) Registripidajale esitatav avaldus peab olema notariaalselt kinnitatud. Selle asemel võib avaldusel olevad allkirjad kinnitada välisriigi ametiisik, kellel on õigus tõestada allakirjutanu isikusamasust. Välisriigis kinnitatud dokument peab olema legaliseeritud või kinnitatud tunnistusega (apostille’ga), kui välisleping ei sätesta teisiti. [RT I 2009, 29, 175- jõust. 01.07.2009]
(3) Registripidajale esitatavale avaldusele alla kirjutama õigustatud isik võib allakirjutamiseks volitada teist isikut. Avaldusele allakirjutamiseks antud volikiri peab olema notariaalselt kinnitatud.
(4) Registripidaja teeb kande hiljemalt viiendal tööpäeval pärast kandemääruse allakirjutamist. Registripidaja teatab kande tegemisest või sellest keeldumisest avaldajale viivitamatult, kuid mitte hiljem kui 10 tööpäeva jooksul, arvates kande tegemisest registrisse või otsuse tegemisest, millega kandeavaldus jäeti rahuldamata.
(41) [Kehtetu -RT I 2006, 7, 42- jõust. 04.02.2006]
(5) Registripidaja ei tee kannet registrisse, kui avaldus või sellele lisatud dokumendid ei vasta seadusele või on esitatud enne seaduses lubatud või pärast seaduses ettenähtud tähtaega.
(6) Registripidajal ei ole õigust keelduda kande tegemisest, kui kõik seaduses nõutavad dokumendid on esitatud ja vastavad seaduse nõuetele.
(7) Äriregistrisse kantud andmete muutumisel, sealhulgas äriühingu juhatuse liikme ja likvideerija nimetamisel ja tagasikutsumisel ja nende esindusõiguse muutumisel ning äriühingu lõpetamisel tuleb viivitamata esitada avaldus äriregistrisse kantud andmete muutmiseks.
[RT I 2006, 61, 456- jõust. 01.01.2007]
(71) Äriregistrisse kantud andmete muutmisel on äriregistri pidaja kohustatud 15 päeva jooksul tegema kande muutmisest tulenevad vajalikud muudatused kommertspandiregistris. Tsiviilkohtumenetluse seadustiku § 599 teises lauses sätestatut ei kohaldata.
(72) Füüsilise isiku nime ja isikukoodi parandamine äriregistri kandes toimub sellekohase teate ja rahvastikuregistris toimunud muudatuse alusel riigilõivuvabalt. Sätet kohaldatakse surnud isiku andmete äriregistrist kustutamisel, kui kanne ei kajasta päritavaid osaniku- või muid selliseid õigusi.

Äriseadustik Leht 9 / 143

(73) Juriidilise isiku nime, õigusliku vormi ja registrikoodi parandamine teise äriühingu kohta tehtud äriregistri kandes toimub sellekohase teate ja vastavas registris toimunud muudatuse alusel riigilõivuvabalt. Sätet kohaldatakse ka juriidiliste isikute ühinemisel.
(74) Registripidaja kontrollib enne isikuandmete parandamist kande aluseks oleva muudatuse olemasolu vastavas registris.
(75) Juhul kui registripidajal ei ole elektroonilist ligipääsu äriregistri kandes isikuandmete parandamise aluseks oleva muudatuse kontrollimiseks vastavast registrist, võib isikuandmeid parandada sellekohase teate ning vastava registri kinnitatud väljavõtte või muu usaldusväärse tõendi alusel. Välisriigis väljaantud dokument peab olema legaliseeritud või kinnitatud tunnistusega (apostilliga), kui välisleping ei sätesta teisiti.
(76) Tehniliste võimaluste olemasolu korral toimub käesoleva paragrahvi lõikes 72nimetatud kande parandamine automatiseeritult.
[RT I, 22.06.2016, 21- jõust. 01.08.2016]
(8) Kui äriregistrile esitatakse ebaõigeid andmeid, vastutavad avaldusele alla kirjutanud isikud sellega süüliselt tekitatud kahju eest solidaarselt.
(9) Avalduse esitamiseks õigustatud isik võib avalduse kuni selle kohta kandemääruse tegemiseni tagasi võtta. Avalduse tagasivõtmiseks tuleb registripidajale esitada notariaalselt kinnitatud avaldus, milles näidatakse ära tagasivõtmise põhjus. Avalduse tagasivõtmisel ei tagastata avaldust ega sellega koos esitatud dokumente.
(10) Lõikes 9 nimetatud juhul tagastatakse avaldajale registriosakonnas või lihtpostiga kõik esitatud paberdokumendid. Sel juhul jäävad registritoimikusse digiteeritud dokumendid.
[RT I, 21.03.2014, 3- jõust. 01.04.2014]
(11) Digitaalallkirjastatud avaldus ja avalduse esitamise volikiri loetakse võrdseks notariaalselt kinnitatud avalduse ja avalduse esitamise volikirjaga.
[RT I, 21.03.2014, 3- jõust. 31.03.2014]
(12) Kui digitaalallkirjastatud avalduse saab esitada otse elektrooniliselt peetava äriregistri infosüsteemi, ei
või avaldust esitada e-posti teel. Vastasel juhul tagastab registripidaja e-postiga esitatud avalduse, märkides ära
tagastamise põhjuse.
[RT I, 21.03.2014, 3- jõust. 31.03.2014]
(121) Notariaalselt kinnitatud avaldus esitatakse koos kande tegemiseks vajalike dokumentidega registripidajale avalduse kinnitanud notari vahendusel notarite elektroonilise infosüsteemi (edaspidi e-notar) kaudu. Mõjuval põhjusel võib avalduse ja kande tegemiseks vajalikud dokumendid esitada teise notari vahendusel. Notar
selgitab isikule, millised dokumendid tuleb avaldusele lisada ja millised nõuded neile kehtivad. [RT I, 18.12.2012, 3- jõust. 19.12.2012]
(13) Kui avalduste esitamine otse elektrooniliselt peetava äriregistri infosüsteemi ei ole võimalik infosüsteemi püsiva tehnilise rikke tõttu, võib avaldusi ja nendele lisatud dokumente esitada paberil või e-posti teel. Esitatud dokumendid võetakse elektrooniliselt peetava äriregistri infosüsteemi üle esimesel võimalusel pärast rikke kõrvaldamist ja avaldus vaadatakse läbi viie tööpäeva jooksul.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]
(14) Käesoleva paragrahvi lõikes 13 kirjeldatud dokumentide esitamise tingimused ja korra kehtestab valdkonna eest vastutav ministermäärusega.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]

§ 34. Kande õiguslik tähendus

(1) Äriregistri kanne jõustub, kui kandele on alla kirjutanud kandemääruse täitnud isik ja kande otsustamiseks pädev isik.
(2) Kanne kehtib kolmanda isiku suhtes õigena, välja arvatud, kui kolmas isik teadis või pidi teadma, et kanne ei ole õige. Kannet ei loeta kehtivaks tehingute suhtes, mis tehakse 15 päeva jooksul pärast kande tegemist, kui kolmas isik tõendab, et ta kande sisu ei teadnud ega pidanudki teadma.
[RT I 2009, 13, 78- jõust. 01.07.2009]
(3) Kui registrisse kandmisele kuuluvaid asjaolusid ei ole registrisse kantud, on neil asjaoludel kolmanda isiku suhtes õiguslik tähendus üksnes juhul, kui kolmas isik neist teadis või pidi teadma.
(4) [Kehtetu -RT I 2009, 51, 349- jõust. 15.11.2009]

Leht 10 / 143 Äriseadustik

§ 35. Ametiasutuste teatamiskohustus

Kohus, riigi- või kohaliku omavalitsuse asutus, Eesti väärtpaberite keskregistri pidaja, notar, kohtutäitur
ja audiitor on kohustatud teatama registripidajale neile teatavaks saanud äriregistri andmete ebaõigsusest ja
registrile esitamata andmetest.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]

5. peatükk

ÄRIREGISTRI SISU

§ 36. Äriregistri koosseis

Äriregistri koosseisu kuulub:
1) registrikaart;
[RT I, 18.12.2012, 3- jõust. 19.12.2012]
2) äritoimikud;
3) registritoimikud.

§ 37. Registrikaart

[RT I, 18.12.2012, 3- jõust. 19.12.2012]
(1) Registrisse kantud ettevõtja kohta avatakse eraldi registrikaart. (2) [Kehtetu - RT I, 18.12.2012, 3- jõust. 19.12.2012]
(3) [Kehtetu - RT I, 18.12.2012, 3- jõust. 19.12.2012] (4) [Kehtetu - RT I, 18.12.2012, 3- jõust. 19.12.2012]

§ 38. Äritoimik

(1) Registrisse kantud ettevõtja kohta avatakse äritoimik.
(2) Äritoimikus säilitatakse dokumente, mille ettevõtja on registripidajale seaduse kohaselt esitanud või mille kohus või pankrotihaldur on edastanud registripidajale pankrotiseaduse alusel.
(3) Registripidajale esitatakse dokumendi originaal või notariaalselt või ametlikult kinnitatud ärakiri. Ametlikult kinnitatud ärakiri võib olla elektrooniline. Sellisel juhul asendab kinnituse andnud isiku nime ja allkirja ning asutuse pitserit isiku digitaalallkiri või asutuse digitaalne tempel.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]
(4) Elektroonilises toimikus asendab paberdokumendi originaali või notariaalselt või ametlikult kinnitatud ärakirja digiteeritud dokument.
[RT I, 21.03.2014, 3- jõust. 31.03.2014]

§ 39. Registritoimik

(1) Registrisse kantud ettevõtja kohta avatakse registritoimik.
(2) Registritoimikus säilitatakse tõendeid riigilõivu tasumise kohta, samuti kõiki muid ettevõtja kohta käivaid dokumente, mida ei säilitata äritoimikus.
[RT I 2003, 4, 19- jõust. 01.02.2003]
(3) Elektroonilisele toimikule kohaldatakse käesoleva seadustiku § 38 4. lõikes sätestatut. [RT I, 21.03.2014, 3- jõust. 31.03.2014]

§ 40. Registripäevik

[Kehtetu -RT I, 21.03.2014, 3- jõust. 31.03.2014]

§ 41. Tähestikuline kartoteek

[Kehtetu - RT I, 18.12.2012, 3- jõust. 19.12.2012]

6. peatükk

Äriseadustik Leht 11 / 143

KANDE VORM

§ 42. Registrikood

Ettevõtjale antakse äriregistrisse kandmisel kordumatu registrikood.

§ 43. Kanne

(1) Igal registrikaardi kandel on järjekorranumber. [RT I, 18.12.2012, 3- jõust. 19.12.2012]
(2) Kande juurde tuleb märkida selle tegemise kuupäev.
(3) Kanded tuleb kirjutada loetavalt. Kandes võib kasutada ainult üldtuntud lühendeid.

§ 44. Kande muutmine

(1) Kande muutmisel kantakse uus kanne registrisse uue järjekorranumbriga. Hilisema kande tõttu tähenduse kaotanud kanne kuvatakse süsteemis allajoonituna ja punasena.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]
(2) [Kehtetu -RT I 1998, 59, 941- jõust. 10.07.1998]

§ 45. Kande parandamine

[RT I, 21.03.2014, 3- jõust. 31.03.2014]
(1) Kui kanne ei vasta selle tegemise aluseks olevale kandemäärusele, parandatakse kanne kohtunikuabi määruse alusel märkega registrikaardi märkuste osas.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]
(2) Kande parandamisest teatatakse viivitamatult isikule, kelle avalduse alusel on kanne tehtud. (3) [Kehtetu - RT I, 18.12.2012, 3- jõust. 19.12.2012]

§ 451. Asenduskaardi avamine

[Kehtetu - RT I, 18.12.2012, 3- jõust. 19.12.2012]

§ 46. Kohtulahendi alusel tehtud kanne

Kui kanne on tehtud kohtulahendi alusel, tehakse selle kohta kandesse märge. Kohtulahendi muutmise või tühistamise märge tehakse samasse märkesse.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]

§ 47. Registrikaardi kannete kehtetus

[Kehtetu - RT I, 18.12.2012, 3- jõust. 19.12.2012]

§ 48. [Kehtetu -RT I 2001, 56, 336- jõust. 07.07.2001]

7. peatükk

KANDE TEGEMINE

§ 49. Registripidajale esitatava dokumendi sisu

Registripidajale esitatavas dokumendis peavad olema märgitud seaduses ettenähtud andmed.

§ 50. Dokumendi vastuvõtmine

[RT I 2003, 4, 19- jõust. 01.02.2003]
(1) Avalduse esitamisel teeb registripidaja sellele pealdise avalduse vastuvõtmise kuupäeva, avaldusele lisatud dokumentide loetelu ja iga dokumendi lehekülgede arvu kohta. Pealdisele kirjutab alla avalduse vastuvõtja. Paberil esitatud avaldus ja sellele lisatud dokumendid digiteeritakse ja salvestatakse elektroonilisse toimikusse, samuti salvestatakse sinna e-posti teel või infosüsteemi kaudu esitatud avaldused ja nendele lisatud dokumendid. [RT I, 21.03.2014, 3- jõust. 31.03.2014]
(2) [Kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]
(3) Avalduse ja sellele lisatud dokumentide registreerimine ja salvestamine toimub käesoleva seaduse § 33 lõike
14 alusel kehtestatud korras.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]

Leht 12 / 143 Äriseadustik

(4) Paberdokumendid tagastatakse avaldajale registriosakonnas või lihtpostiga ettevõtja aadressil. [RT I, 21.03.2014, 3- jõust. 01.04.2014]

§ 51. [Kehtetu -RT I 2006, 61, 456- jõust. 01.01.2007]

§ 52. Ärinime kontroll

Registripidaja kontrollib ärinime vastavust seaduse nõuetele. Kui ärinimi ei vasta seaduse nõuetele, teeb registripidaja ettepaneku valida uus ärinimi registripidaja määratud tähtaja jooksul.

§ 53. Menetlustähtajad

(1) Kandeavaldus vaadatakse läbi 5 tööpäeva jooksul arvates avalduse saabumisest. Pärast tööpäeva lõppu, kuid enne kella 00.00, puhkepäeval ja riigipühal registriosakonda saabunud avalduse esitamise ajaks loetakse avalduse saabumisele järgnev tööpäev. Kandeavalduse muutmisel või täiendava dokumendi esitamisel hakkab menetlustähtaeg kulgema kandeavalduse muutmisest või dokumendi esitamisest.
[RT I, 21.03.2014, 3- jõust. 31.03.2014]
(2) Kui avaldajale on määrusega antud tähtaeg puuduste kõrvaldamiseks ja ta on kõik puudused kõrvaldanud, vaadatakse kandeavaldus uuesti läbi 5 tööpäeva jooksul.
(3) Kohus võib erilist kontrollimist vajavate asjaolude puhul läbivaatamise tähtaega pikendada kuni 3 kuuni. (4) Kiirmenetluses vaadatakse kandeavaldus läbi hiljemalt järgmisel tööpäeval arvates avalduse saabumisest.
Pärast tööpäeva lõppu, kuid enne kella 00.00, puhkepäeval ja riigipühal registriosakonda saabunud avalduse
esitamise ajaks loetakse avalduse saabumisele järgnev tööpäev.
[RT I, 21.03.2014, 3- jõust. 31.03.2014]
(5) Kiirmenetlusse võetakse kandeavaldus avaldaja taotlusel, kui:
1) avalduse ja muud seaduse kohaselt nõutavad dokumendid (kandedokumendid) esitavad neid seaduse
kohaselt allkirjastavad isikud digitaalallkirjastatult käesoleva seadustiku § 67 lõike 4 punkti 1 alusel kehtestatud
nõuete kohaselt;
2) avaldusele on lisatud käesoleva seadustiku §-s 1391 sätestatud põhikiri juhul, kui avaldusele tuleb lisada põhikiri koos või ilma asutamislepinguta;
3) registripidaja saab kandega seotud füüsilisest isikust ettevõtja, äriühingu asutaja, täis- ja usaldusosaniku isikuandmeid, juriidilise isiku puhul ka esindaja seadusjärgset esindusõigust ning äriühingu juhatuse ja nõukogu liikme, likvideerija, audiitori ning ettevõtja prokuristi isikuandmeid käesoleva seadustiku § 67 lõike 4 punkti 1 alusel kehtestatud korras arvutivõrgu kaudu automatiseeritult kontrollida;
4) osakapitali tehakse asutamisel ja osakapitali suurendamisel üksnes rahalisi sissemakseid ning need on asutamise korral laekunud deposiidina registripidaja kontole või rahapesu ja terrorismi rahastamise tõkestamise
seaduse § 15 lõikes 41nimetatud kontole, välja arvatud juhul, kui osaühingu asutamiseks on valitud käesoleva seadustiku §-s 1401sätestatud asutamisviis;
[RT I, 31.01.2014, 6- jõust. 01.04.2014]
5) äriregistrisse kantava või osakapitali suurust muutva osaühingu osad ei ole registreeritud Eesti väärtpaberite
keskregistris;
6) riigilõiv äriregistri kande eest on laekunud selleks määratud arveldusarvele riigilõivuseaduses sätestatud
määras;
7) osa- või aktsiakapitali sissemakse tegemisel ning äriregistri kande eest riigilõivu tasumisel on kasutatud
käesoleva seadustiku § 520 1. lõikes nimetatud asutamisnumbrit, registrisse kantud ettevõtja puhul tema
registrikoodi;
[RT I 2008, 27, 177- jõust. 10.07.2008]
8) kandedokumentidele on alla kirjutanud isik ise või juriidilise isiku seadusjärgne esindaja;
9) tegevusala on näidatud käesoleva seadustiku § 4 lõigete 5 ja 6 kohaselt;
10) avaldusega ei taotleta äriühingu ühinemise, jagunemise, ümberkujundamise, lõpetamise äriregistrisse
kandmist, äriregistrist kustutamist ega riigi või omavalitsuse poolt äriühingu asutamise äriregistrisse kandmist.
[RT I, 21.06.2014, 8- jõust. 01.01.2015]
11) avaldusega ei taotleta välismaa äriühingu filiaali äriregistrisse kandmist.
(6) Kandeavaldust ja muid kandedokumente ei võeta kiirmenetlusse, kui need ei vasta käesoleva paragrahvi lõike 5 nõuetele või kui neis esineb sisuline puudus. Sel juhul kuvatakse esitajale põhjus, miks esitamine ei ole võimalik.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]

Äriseadustik Leht 13 / 143

§ 54. [Kehtetu -RT I 2006, 61, 456- jõust. 01.01.2007]

§ 541. [Kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]

§ 55. Kandemääruse sisu

Kandemääruses märgitakse:
1) kohus ja määruse tegemiseks pädeva isiku nimi ja amet;
[RT I 2008, 59, 330- jõust. 01.01.2009]
2) määruse tegemise aeg ja koht;
[RT I 2008, 59, 330- jõust. 01.01.2009]
3) kande tekst, samuti viide registrikaardile ja kaardi osale, kuhu kanne tehakse;
[RT I, 18.12.2012, 3- jõust. 19.12.2012]
4) kui avaldus jäetakse rahuldamata – määruse põhistus ja õiguslik alus;
[RT I 2008, 59, 330- jõust. 01.01.2009]
5) määruse peale edasikaebamise kord ja tähtaeg.
[RT I 2008, 59, 330- jõust. 01.01.2009]

§ 56. Kandemääruse täitmine

(1) Pärast kandemääruse tegemist kannab registripidaja kande teksti registrikaardile. Kande tekstile kirjutab alla kandemääruse täitnud isik ja kande otsustamiseks pädev isik.
(2) Kandemääruse ärakiri antakse või saadetakse § 33 4. lõikes nimetatud tähtaja jooksul ettevõtjale, kelle kohta määrus tehti.
[RT I 2008, 59, 330- jõust. 01.01.2009]

§ 57. Ettevõtja asukoha muutmine

[Kehtetu -RT I, 21.06.2014, 8- jõust. 01.01.2015]

§ 58. Registrimenetlus pankroti, ärikeelu ja ettevõtluskeelu korral

[RT I 2008, 52, 288- jõust. 22.12.2008]
(1) Äriregistrisse kantakse kohtulahendi alusel:
1) pankrotimenetluse raugemine pankrotti välja kuulutamata – kui kohus lõpetas menetluse põhjusel, et
võlgnikul ei jätku vara pankrotimenetluse kulude katteks. Koos sellega kantakse äriregistrisse äriühingu ajutise
pankrotihalduri nimi ja isikukood ning märgitakse, et tema korraldab äriühingu likvideerimise ja esindab
äriühingut. Kui pankrotivõlgnik on füüsilisest isikust ettevõtja, siis kustutatakse ta viivitamata äriregistrist;
[RT I 2006, 61, 456- jõust. 01.01.2007]
2) pankroti väljakuulutamine koos pankrotihalduri nime ja isikukoodiga, samuti märge, et tema esindab
ettevõtjat;
[RT I 2006, 61, 456- jõust. 01.01.2007]
3) väljakuulutatud pankroti raugemine koos ettevõtja tegevuse jätkamise kandega – kui kohus lõpetas menetluse
põhjusel, et kolmas isik rahuldas võlausaldajate nõuded või andis pandi nende tagamiseks. Märge, mille kohaselt
ettevõtjat esindab pankrotihaldur, kustutatakse;
4) väljakuulutatud pankroti raugemine koos ettevõtja registrist kustutamisega – kui kohus lõpetas menetluse
põhjusel, et pankrotivarast ei jätkunud pankrotimenetlusega seotud väljamaksete tegemiseks. Kui pankrotihaldur
ei ole teisiti avaldanud, märgitakse ta äriregistrisse kustutatud äriühingu dokumentide hoidjana;
5) pankrotimenetluse lõpetamine koos ettevõtja registrist kustutamise või tegevuse jätkamisega – kui kohus
kinnitas pankrotihalduri lõpparuande. Kustutamise korral, kui pankrotihaldur ei ole teisiti avaldanud, märgitakse
ta äriregistrisse kustutatud äriühingu dokumentide hoidjana. Tegevuse jätkamise korral kustutatakse märge,
mille kohaselt ettevõtjat esindab pankrotihaldur;
6) kompromiss ja selle tähtaeg koos tegevuse jätkamise kandega – kui eelnevalt oli kohus pankroti välja
kuulutanud. Ühtlasi tehakse äriregistrisse märge, mille kohaselt pankrotihaldur täidab pankrotiseaduse §-des
188–190 ettenähtud ülesandeid. Märge, mille kohaselt pankrotihaldur esindab ettevõtjat, kustutatakse;
7) kompromissi tühistamine ja väljakuulutatud pankrotimenetluse taastumine. Koos sellega tehakse registrisse
märge, et ettevõtjat esindab pankrotihaldur;
8) kompromissi lõppemine seoses selle tähtaja möödumisega ning pankrotihalduri vabastamine.
(2) Äriregistrisse ei tehta kannet võlgniku ega tema esindusõigusliku isiku ärikeelu ja isikule määratud ettevõtluskeelu kohta.
[RT I 2008, 52, 288- jõust. 22.12.2008]
(3) Äriregistrisse ei tehta kannet, kui ärikeelu all olev või ettevõtluskeelu saanud isik, välja arvatud osaühingu osanik, kes ei ole samaaegselt juriidilise isiku juhtorgani liige, on kandeavaldusele alla kirjutanud või andnud selleks volituse või on osalenud avalduse aluseks oleva nõukogu otsuse tegemises või kui taotletakse sellise isiku, kaasa arvatud osaühingu osaniku kandmist registrisse juriidilise isiku juhatuse liikme, täisosaniku, prokuristi, likvideerija või pankrotihaldurina.
[RT I 2009, 51, 349- jõust. 15.11.2009]

Leht 14 / 143 Äriseadustik

(4) Käesoleva paragrahvi 1. lõike punktis 1 nimetatud juhul on juriidilisest isikust pankrotivõlgniku juhatuse liige pärast juriidilise isiku registrist kustutamist dokumentide hoidjaks ja märgitakse sellena registrisse, kui pole teisiti kokku lepitud või kohtulahendi alusel teisiti määratud.

§ 59. Ettevõtja kustutamine äriregistrist

(1) Äriühingu lõppemisel kustutatakse äriühing äriregistrist äriühingu enda avaldusel või seaduses sätestatud muul alusel.
(2) Kui äriühingu likvideerimise lõpulejõudmisel ei esitata avaldust tema kustutamiseks äriregistrist, on registripidajal õigus äriühing registrist kustutada.
(3) Füüsilisest isikust ettevõtja kustutatakse äriregistrist tema avaldusel või seaduses sätestatud muul alusel. Füüsilisest isikust ettevõtjat ei kustutata registrist tema avalduse alusel, kui ta peab vastavalt seadusele olema registrisse kantud.
(31) Füüsilisest isikust ettevõtja, kes tegutseb ajutiselt, kustutatakse äriregistrist automaatselt pärast käesoleva seadustiku § 3 3. lõikes sätestatud lõppkuupäeva möödumist.
[RT I 2008, 27, 177- jõust. 01.01.2009]
(32) Registripidaja võib füüsilisest isikust ettevõtja äriregistrist kustutada, kui isik ei vasta käesoleva seadustiku
§-s 1 sätestatud ettevõtja mõistele ning ta ei ole teatanud oma tegevuse peatamisest või lõpetamisest.
[RT I 2008, 27, 177- jõust. 01.01.2009]
(4) Äriühingut ei või vabatahtliku lõpetamise korral äriregistrist kustutada ilma Maksu- ja Tolliameti kirjaliku nõusolekuta, välja arvatud siis, kui see on esitanud avalduse äriühingu äriregistrist kustutamiseks. Nõusoleku saamiseks esitab registripidaja kirjaliku taotluse Maksu- ja Tolliametile. Maksu- ja Tolliamet ei või nõusolekust keelduda, kui tal ei ole nõudeid äriühingu vastu. Kui nõusolekut ei ole saadud 10 tööpäeva jooksul pärast taotluse saatmist, loetakse Maksu- ja Tolliamet registrist kustutamisega nõus olevaks.
[RT I, 21.03.2014, 3- jõust. 01.01.2015]
(5) Kui äriregistrisse kantud äriühingu põhikiri ei sisalda seaduses nõutavaid sätteid või mõni põhikirja sätetest on vastuolus seadusega, määrab registripidaja äriühingule puuduste kõrvaldamiseks tähtaja, mis ei tohi olla lühem kui kuus kuud. Kui äriühing määratud tähtaja jooksul puudusi ei kõrvalda, võib registripidaja otsustada äriühingu sundlõpetamise.
(6) Kui äriühingu juhatuse koosseis ei vasta seaduse või põhikirja nõuetele, määrab registripidaja äriühingule juhatuse koosseisu seaduse või põhikirja nõuetega vastavusse viimiseks tähtaja, mis ei tohi olla lühem kui kuus kuud. Kui äriühing määratud tähtaja jooksul seda ei tee, võib registripidaja otsustada äriühingu sundlõpetamise. [RT I 2005, 57, 449- jõust. 01.01.2006]

§ 60. Majandusaasta aruande esitamata jätmine

[RT I 2006, 7, 42- jõust. 04.02.2006]
(1) Kui osaühing, aktsiaselts või tulundusühistu ei ole registripidajale seaduses sätestatud tähtaja möödumisest alates kuue kuu jooksul esitanud nõutavat majandusaasta aruannet, kohustab registripidaja teda registrist kustutamise hoiatusel esitama majandusaasta aruande määratud tähtaja jooksul, mis peab olema vähemalt kuus kuud.
[RT I 2006, 7, 42- jõust. 04.02.2006]
(2) Kui äriühing ei ole käesoleva paragrahvi lõikes 1 nimetatud tähtaja jooksul esitanud majandusaasta aruannet ega esitanud ja põhistanud registripidajale mõjuvat põhjust, mis takistab tal aruannet esitamast, võib registripidaja avaldada väljaandes Ametlikud Teadaanded teate majandusaasta aruande esitamata jätmise kohta ettenähtud aja jooksul ning kutsuda äriühingu võlausaldajaid üles teatama oma nõuetest äriühingu vastu ja taotlema likvideerimismenetluse läbiviimist kuue kuu jooksul, alates teate avaldamisest koos hoiatusega, et vastasel korral võidakse äriühing registrist kustutada likvideerimismenetluseta.
[RT I 2006, 7, 42- jõust. 04.02.2006]
(3) Kui äriühing käesoleva paragrahvi lõikes 2 nimetatud teate avaldamisest alates kuue kuu jooksul ei ole esitanud registripidajale majandusaasta aruannet ega esitanud ja põhistanud registripidajale mõjuvat põhjust, mis takistab tal aruannet esitamast, ning äriühingu võlausaldajad ei ole taotlenud äriühingu likvideerimist, võib registripidaja äriühingu äriregistrist kustutada, järgides käesoleva seadustiku § 59 lõikes 4 sätestatut.
[RT I 2006, 7, 42- jõust. 04.02.2006]
(31) Käesoleva paragrahvi lõikes 3 nimetatud kohtumäärus äriühingu registrist kustutamiseks toimetatakse äriühingule kätte. Äriühingul on õigus 30 päeva jooksul määruse kättetoimetamisest arvates esitada sellele määruskaebus. Äriühingu registrist kustutamise kannet ei tehta enne, kui on möödunud kohtumääruse või

Äriseadustik Leht 15 / 143

kandemääruse vaidlustamiseks ettenähtud tähtaeg või vaidlustamise korral on kohtumenetlus lõppenud. Käesolevas lõikes ettenähtud juhul ei kohaldata tsiviilkohtumenetluse seadustiku § 599 teises lauses sätestatut. [RT I 2008, 59, 330- jõust. 01.01.2009]
(4) Kui äriühingu võlausaldaja või äriühing käesoleva paragrahvi lõikes 2 nimetatud teate avaldamisest alates kuue kuu jooksul esitab äriühingu likvideerimise taotluse, otsustab registripidaja äriühingu sundlõpetamise. [RT I 2006, 7, 42- jõust. 04.02.2006]
(5) Kui pärast äriühingu registrist kustutamist ilmneb, et äriühingul oli vara ja vajalikud on likvideerimisabinõud, võib registripidaja otsustada likvideerimise. Äriühingu võlausaldaja nõudel võib likvideerimise pärast äriühingu registrist kustutamist ette võtta üksnes juhul, kui registripidaja ennistab võlausaldaja jaoks likvideerimise taotlemise tähtaja tsiviilkohtumenetluse seadustikus sätestatud korras. [RT I 2006, 7, 42- jõust. 04.02.2006]

§ 61. Kande tegemine avalduseta

(1) Kui registripidajal on andmeid tehtud kande ebaõigsuse kohta või kande puudumise kohta, võib ta teha vastavaid järelepärimisi.
(2) Kande ebaõigsuse või puudumise kindlakstegemisel teatab registripidaja sellest ettevõtjale, kelle avalduse alusel tulnuks kanne teha. Kui kahe nädala jooksul teatamisest ei ole kande tegemisele või parandamisele
vastu vaieldud, teeb või parandab registripidaja kande ise. Vastuväidete saamisel otsustab registripidaja nende põhjendatuse üle kandemäärusega.
(3) Kande tegemise avalduse puudumine ei vabasta avalduse esitama pidanud ettevõtjat kohustusest tasuda kande tegemiseks ettenähtud riigilõiv. Kui kande ebaõigsus tekkis registripidaja tegevuse tõttu, vabastab ta kandemäärusega ettevõtja riigilõivu tasumisest.
(4) Kui käesoleva paragrahvi 2. lõike alusel kande tegemine tooks kaasa äriühingu registrist kustutamise, otsustab registripidaja äriühingu sundlõpetamise.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 62. Registripidajale esitatavad isikuandmed

(1) Kui seadus nõuab registripidajale esitatavas dokumendis isikukoodi näitamist, esitatakse registripidajale Eesti isikukood, selle puudumise korral välismaine isikukood või muu isikukoodi asendav tunnus ning sünnipäev, -kuu ja -aasta. Eesti isikukoodi puudumise korral kantakse registrisse isiku välismaine isikukood ja sünnipäev, -kuu ja -aasta.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]
(2) Avalik-õiguslik juriidiline isik peab registripidajale esitatavas dokumendis lisaks registrikoodile viitama seadusele või lepingule, millega antud isik on loodud. Juriidiline isik ei pea esitama registripidajale registrikoodi või muud registreerimisnumbrit, kui ta ei kuulu avalikku registrisse kandmisele.
(3) Füüsilise isiku elukohana esitatakse registripidajale ja kantakse registrisse kohaliku omavalitsuse üksus, kus ta elab.
(4) Juriidilise isiku asukohana esitatakse registripidajale ja kantakse registrisse kohaliku omavalitsuse üksus, kus ta asub.
(5) Isiku aadressina esitatakse registripidajale täpsed andmed elu- või asukohajärgse aadressi kohta (maja ja korteri number, tänava või talu nimi, asula, kohaliku omavalitsuse üksuse ja maakonna nimi, postisihtnumber). Kui isik on rahvastikuregistri objekt, kantakse registrisse isiku rahvastikuregistrisse kantud elukoha andmed. [RT I, 14.03.2011, 1- jõust. 01.01.2012]
(51) Välisriigi puhul näidatakse elu- ja asukoha ning aadressi andmetes ka osariik, provints või muu haldusüksus, kui see on olemas, ning välisriik.
(6) [Kehtetu -RT I 2010, 77, 589- jõust. 01.01.2011]
(7) Füüsilisest isikust ettevõtja, samuti äriühingu juhatuse liikmed ja nõukogu esimees, täis- ja usaldusühingu ning osaühingu osanikud ja välismaa äriühingu filiaali juhataja, kes ei ole Eesti rahvastikuregistri objektiks ja kellele ei ole väljastatud Eesti isikutunnistust, esitavad registripidajale ka oma aadressi ja elektronposti aadressi ning teatavad viivitamata nende muutumisest. Sama kohaldatakse täis-, usaldus- või osaühingu osanikule, kes ei ole füüsiline isik ega ole kantud Eesti äri- või mittetulundusühingute ja sihtasutuste registrisse.
[RT I, 14.03.2011, 1- jõust. 01.01.2012]

§ 63. Andmed ettevõtja sidevahendite kohta

Ettevõtja peab esitama registripidajale oma sidevahendite andmed (telefoni ja faksi number, elektronposti aadress jms) ning võib esitada oma Interneti-kodulehekülje aadressi. Telefoni ja faksi numbri ette tuleb märkida

Leht 16 / 143 Äriseadustik

riigisisene sihtnumber. Sidevahendite andmed tuleb ära näidata ka registripidajale esitatavas majandusaasta aruandes.

§ 631. Dokumentide kättesaamiseks pädev isik

(1) Ettevõtja, muu hulgas välismaa äriühingu filiaal, võib lisaks oma aadressile esitada registripidajale ühe isiku Eesti aadressi, millel saab sellele isikule kätte toimetada ettevõtja menetlusdokumente ja ettevõtjale suunatud tahteavaldusi. Kolmandate isikute suhtes kehtib nimetatud isiku õigus võtta ettevõtja nimel vastu ettevõtja menetlusdokumente ja ettevõtjale suunatud tahteavaldusi vastavalt käesoleva seadustiku § 34 lõikes 2 sätestatule.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(2) Kui vähemalt poolte osaühingu, aktsiaseltsi või filiaali juhatuse liikmete elukoht ei ole Eestis, mõnes teises Euroopa Majanduspiirkonna liikmesriigis või Šveitsi Konföderatsioonis, peab osaühing, aktsiaselts või välismaa äriühing nimetama käesoleva paragrahvi lõikes 1 sätestatud isiku.
[RT I, 02.07.2013, 3- jõust. 12.07.2013]

8. peatükk

REGISTRIKAART

[RT I, 18.12.2012, 3- jõust. 19.12.2012]

§ 64. Registrikaardi andmed

Registrikaardile kantakse:
1) ettevõtja või ühingu ärinimi ja registrikood;
2) ettevõtja või ühingu elu- või asukoht ja aadress;
3) füüsilisest isikust ettevõtja andmed;
4) andmed füüsilisest isikust ettevõtja ettevõtte tegevuse peatamise, hooajalise või ajutise tegutsemise kohta;
5) äriühingu täisosanike, likvideerijate ja käesoleva seadustiku § 98 lõikes 3 ja §-s 131 nimetatud
esindusõiguslike isikute andmed või ühingu juhatuse liikmete ning likvideerijate andmed;
6) prokuristi andmed;
7) ettevõtja õiguslik vorm või ühingu liik;
8) ühingu põhikirja kinnitamise aeg;
9) kokkulepped osanike esindusõiguste kohta või ühingu juhatuse liikmete ja likvideerijate volitused ühingu
esindamisel;
10) ettevõtja usaldusosanike andmed ning nende sissemaksete suurused;
11) ühingu osa- või aktsiakapitali rahaline suurus;
12) märge osaühingu sissemakseta asutamise kohta;
13) märge ühingu osade või aktsiate registreerimise kohta Eesti väärtpaberite keskregistris;
14) majandusaasta algus ja lõpp;
15) pankrotiandmed vastavalt käesoleva seadustiku §-le 58;
16) märge ühingu ühinemise, jagunemise ja ümberkujundamise ning lõpetamise ja kustutamise kohta;
17) viide kannetele, mille registripidaja on teinud seadusest tulenevalt ettevõtja avalduseta;
18) likvideeritud ühingu dokumentide hoidja andmed;
19) kande kuupäev;
20) viited hilisematele kannetele ja muud märkused.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]

§ 65. Registrikartoteegi B-osa registrikaardi andmed

[Kehtetu - RT I, 18.12.2012, 3- jõust. 19.12.2012]

§ 66. Kanne ühingu otsuse kehtetuks tunnistamise kohta

Kui kohus on tunnistanud kehtetuks ühingu organi otsuse, mille alusel on äriregistrisse tehtud kanne, tehakse kanne kohtuotsuse kohta registrikaardil samasse kohta, kus on kehtetuks tunnistatud otsuse alusel tehtud kanne. [RT I, 18.12.2012, 3- jõust. 19.12.2012]

9. peatükk

ÄRIREGISTRI PIDAMINE ELEKTROONILISELT

[RT I, 18.12.2012, 3- jõust. 19.12.2012]

§ 67. Äriregistri pidamise tingimused elektrooniliselt

Äriseadustik Leht 17 / 143

[RT I, 18.12.2012, 3- jõust. 19.12.2012]
(1) Äriregistrit peetakse elektrooniliselt. [RT I, 18.12.2012, 3- jõust. 19.12.2012]
(2) [Kehtetu -RT I 2006, 61, 456- jõust. 01.01.2007]
(3) Elektrooniliselt peetava äriregistri ärakirja asendab väljatrükk, mille õigsuse kinnitab selleks pädev kohtuametnik isiku soovil. Isikule antav väljatrükk sisaldab kehtetuid andmeid vaid siis, kui seda on taotletud. [RT I, 22.06.2016, 21- jõust. 01.08.2016]
(4) Valdkonna eest vastutav minister võib oma määrusega kehtestada:
1) arvutiandmetöötluseks vajalikud nõuded registripidajale esitatavate dokumentide vormi ja esitamise
tehniliste tingimuste kohta;
2) nõude, mille kohaselt registripidajale esitatava avalduse projekti peab koostama notar;
3) korra, mille alusel registripidaja ja iga huvitatud isik saab kontrollida taotletava ärinime senistest ärinimedest
eristatavust;
4) äriregistri elektroonilise keskandmebaasi pidamise korra.
[RT I 2005, 57, 450- jõust. 01.01.2006]

§ 68. Elektroonilise kande kehtivus

[RT I, 18.12.2012, 3- jõust. 19.12.2012]
(1) Elektrooniliselt peetava äriregistri kanne on tehtud, kui see on salvestatud äriregistri kannetele määratud andmebaasi.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]
(2) Kandel on käesoleva seadustiku § 34 2. ja 3. lõikes sätestatud õiguslik tähendus hetkest, mil üldkasutatavas arvutivõrgus on avaldatud viide kande tegemise kohta.

§ 69. Äriregistri kasutamine arvutivõrgu kaudu

(1) Äriregistri andmete arvutivõrgu kaudu kasutamise korra kehtestab valdkonna eest vastutav minister.
(2) Valdkonna eest vastutav ministervõib oma määrusega kohustada notareid tagama e-notari infosüsteemi vahendusel ühenduse elektroonilise äriregistriga. Sel juhul on igaühel õigus saada notaribüroost äriregistri tõestatud väljatrükke.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]

§ 691. Andmed ärikeeldude ja ettevõtluskeeldude kohta

[RT I 2008, 52, 288- jõust. 22.12.2008]
Andmed pankrotiseaduse alusel määratud kehtivate ärikeeldude ja karistusseadustiku alusel määratud kehtivate ettevõtluskeeldude kohta tehakse arvutivõrgu kaudu kättesaadavaks.
[RT I, 21.03.2014, 3- jõust. 31.03.2014]

§ 70. Elektroonilise registri andmete väljastamise eest tasumise kord

(1) Elektroonilise äriregistri, mittetulundusühingute ja sihtasutuste registri ning kommertspandiregistri andmete väljastamine on tasuline.
(2) Valdkonna eest vastutav ministerkehtestab määrusega tasumäärad kuni kaks eurot ühe päringu või päringuobjekti kohta.
(3) Elektroonilise äriregistri, mittetulundusühingute ja sihtasutuste registri ning kommertspandiregistri andmete väljastamise tasu maksmisest on vabastatud isik enda kohta veebipäringu tegemisel, kehtivate kandeandmete kohta veebipäringu tegemisel ning käesoleva paragrahvi lõike 4 alusel valdkonna eest vastutava ministri poolt määratud isikud avalik-õiguslike ülesannete täitmiseks.
(4) Valdkonna eest vastutav ministerkehtestab määrusega avalik-õiguslike juriidiliste isikute ja teiste isikute loetelu, kellele väljastatakse tasuta andmeid seaduses sätestatud avalik-õiguslike ülesannete täitmiseks.
[RT I, 18.12.2012, 3- jõust. 01.01.2013]

10. peatükk

Leht 18 / 143 Äriseadustik

VASTUTUS

§ 71. Ettevõtja vastutus

(1) Seaduses ettenähtud andmete esitamata jätmise või valeandmete esitamise korral võib registripidaja ettevõtjat ja kõiki andmete esitamiseks kohustatud isikuid trahvida tsiviilkohtumenetluse seadustikus ettenähtud korras, sõltumata sellest, kas need andmed kuuluvad registrisse kandmisele või mitte.
(2) Kui seaduses ettenähtud andmeid ei esitata registripidajale seaduses ettenähtud tähtaja jooksul, võib registripidaja trahvida ilma tsiviilkohtumenetluse seadustikus nimetatud hoiatusmäärust tegemata.
(21) Trahv määratakse tsiviilkohtumenetluse seadustikus sätestatud ulatuses, aga mitte vähem kui 200 eurot. [RT I, 18.12.2012, 3- jõust. 19.12.2012]
(3) Käesolevat paragrahvi kohaldatakse ka käesoleva seadustiku § 15 lõikes 2 sätestatud nõuete rikkumise ja
Eesti väärtpaberite keskregistri seaduse § 42 lõikes 7 nimetatud rikkumiste suhtes.
[RT I 2006, 55, 407- jõust. 01.01.2007]

§ 72. [Kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]

11. peatükk

KAEBUSED

§ 73.–§ 74. [Kehtetud -RT I 2005, 57, 449- jõust. 01.01.2006]

III. osa

FÜÜSILISEST ISIKUST ETTEVÕTJA

§ 75. Äriregistrisse kandmise avaldus ja äriregistrisse kantavad andmed

(1) Füüsilisest isikust ettevõtja ettevõte kantakse äriregistrisse tema avaldusel või seaduses sätestatud muul alusel. Avalduses märgitakse käesoleva paragrahvi 2. lõikes nimetatud andmed ning sellele lisatakse isiku sidevahendite andmed (telefoni ja faksi numbrid, e-posti ja Interneti kodulehe aadress jms) ning teave kavandatud põhitegevusala kohta.
[RT I, 21.03.2014, 3- jõust. 31.03.2014]
(2) Füüsilisest isikust ettevõtja ettevõtte kohta kantakse äriregistrisse: [RT I, 21.03.2014, 3- jõust. 31.03.2014]
1) ettevõtja ettevõtte ärinimi ning ettevõtte asukoht ja aadress, samuti ettevõtte majandusaasta algus ja lõpp; [RT I, 21.03.2014, 3- jõust. 31.03.2014]
2) ettevõtja nimi ja isikukood;
3) muud seaduses sätestatud andmed.
[RT I 2006, 61, 456- jõust. 01.01.2007]

§ 76. [Kehtetu -RT I 2008, 60, 331- jõust. 01.01.2009]

§ 77. Raamatupidamine

Füüsilisest isikust ettevõtja korraldab oma raamatupidamise lähtuvalt raamatupidamise seadusest.

§ 78. Vastutus

Füüsilisest isikust ettevõtja vastutab oma kohustuste eest kogu oma varaga.

IV. osa

Äriseadustik Leht 19 / 143

TÄISÜHING

12. peatükk

TÄISÜHINGU MÕISTE JA ASUTAMINE

§ 79. Täisühingu mõiste

Täisühing on äriühing, milles kaks või enam osanikku tegutsevad ühise ärinime all ja vastutavad ühingu kohustuste eest solidaarselt kogu oma varaga.

§ 80. Osanik

(1) Täisühingu osanikuks võib olla füüsiline isik või juriidiline isik. (2) Täisühingu osanikuks ei või olla kohaliku omavalitsuse üksus.
[RT I 2009, 57, 381- jõust. 01.01.2010]
(3) Uue osaniku võib täisühingusse võtta ainult kõigi osanike nõusolekul.

§ 81. Asukoht

(1) Täisühingu asukoht on koht, kust ühingut juhitakse, või koht, kus ühing tegutseb. (2) Täisühingu asukoht määratakse ühingulepinguga.

§ 82. Ühinguleping

(1) Täisühing tegutseb osanike sõlmitud ühingulepingu alusel. Osanikud lepivad kokku:
1) täisühingu ärinimes ja asukohas;
2) [kehtetu -RT I 2006, 61, 456- jõust. 01.01.2007]
3) osanike sissemaksete suuruses;
4) muudes seaduses sätestatud kohustuslikes tingimustes.
(2) Osanikud võivad kokku leppida ka muudes tingimustes, mis ei ole seadusega vastuolus. Kui kokku on lepitud tingimustes, mis on vastuolus seadusega, kohaldatakse seaduses sätestatut.
(3) Ühingulepingut võib muuta ainult kõigi osanike nõusolekul. Ühingulepinguga võib ette näha juhud, mil ühingulepingut võib muuta häälteenamusega. Ühingulepingut ei või muuta väiksema häälteenamusega kui 3/4 kõigist häältest.
(4) Ühingulepinguga võib osaniku nõusolekul ette näha, et tal on teistest osanikest erinevad õigused ja kohustused. Neid õigusi ja kohustusi võib muuta või lõpetada ainult selle osaniku nõusolekul.

§ 83. Äriregistrisse kandmise avaldus

(1) Äriregistrisse kandmise avalduses märgitakse käesoleva seadustiku §-s 84 nimetatud andmed. Avaldusele kirjutavad alla kõik osanikud.
(2) Avaldusele lisatakse täisühingu sidevahendite andmed (telefoni ja faksi numbrid, e-posti ja Interneti kodulehe aadress jms) ja teave kavandatud põhitegevusala kohta.
[RT I 2006, 61, 456- jõust. 01.01.2007]
(3) Äriregistrile esitatavale muule avaldusele kirjutab alla ühingut esindama õigustatud osanik. Kui osanikud on õigustatud ühingut esindama ainult ühiselt, peavad avaldusele alla kirjutama kõik ühingut ühiselt esindama õigustatud osanikud.
(4) Kui äriregistrile esitatava avaldusega taotletakse kande muutmist või uue kande tegemist, tuleb avaldusele lisada vastav osanike otsus. Uue osaniku registrisse kandmise ja registrist kustutamise korral peab registripidajale esitatavale avaldusele alla kirjutama ka see osanik, välja arvatud juhul, kui ta on ühingust välja arvatud või surnud.

§ 84. Äriregistrisse kantavad andmed

Äriregistrisse kantakse:
1) täisühingu ärinimi;
2) täisühingu asukoht ja aadress;
3) täisühingu majandusaasta algus ja lõpp;
[RT I 2006, 61, 456- jõust. 01.01.2007]
4) osanike nimed, isikukoodid või registrikoodid;

Leht 20 / 143 Äriseadustik

[RT I 2006, 61, 456- jõust. 01.01.2007]
5) täisühingut esindama volitatud osanikud ja kes neist on õigustatud esindama ühingut ühiselt;
[RT I 2006, 61, 456- jõust. 01.01.2007]
6) muud seaduses ettenähtud andmed.

13. peatükk

OSANIKEVAHELISED SUHTED

§ 85. Osanike võrdsus

Osanikke tuleb võrdsetel asjaoludel kohelda võrdselt.

§ 86. Sissemaksed

(1) Osanikud peavad tegema sissemaksed, mille suurus nähakse ette ühingulepinguga. (2) Sissemaksed on võrdsed, kui ühingulepinguga ei ole ette nähtud teisiti.
(3) Sissemakse võib olla rahaline või mitterahaline. Mitterahaliseks sissemakseks võib olla ka ühingule teenuste osutamine, samuti vara ühingule üleandmine või ühingu kasutusse andmine. Mitterahalise sissemakse rahaline väärtus määratakse ühingulepinguga. Kui ühingulepinguga ei ole ette nähtud teisiti, loetakse, et vara anti ühingu omandisse, mitte kasutusse.
(4) Osaniku sissemakset võib suurendada või vähendada ainult tema nõusolekul.

§ 87. Sissemakse tasumine

(1) Osanik peab tasuma sissemakse ühingulepinguga määratud tähtaja jooksul.
(2) Kui ühingulepinguga ei ole sissemakse tasumise tähtaega kindlaks määratud, peab osanik tasuma selle viivitamata pärast ühingulepingu sõlmimist.

§ 88. Ühingu juhtimine

(1) Igal osanikul on õigus ja kohustus osaleda täisühingu juhtimises.
(2) Ühingulepinguga võib juhtimise õiguse anda ühele või mitmele osanikule. Sel juhul ei osale teised osanikud täisühingu juhtimises.
(3) Kui täisühingut on õigustatud juhtima mitu osanikku, võib igaüks neist tegutseda iseseisvalt, kui ühingulepinguga ei ole ette nähtud teisiti. Juhtima õigustatud osanik ei või teha tegu, kui teine juhtima õigustatud osanik on esitanud sellele vastuväite.
(4) Kui ühingulepinguga on ette nähtud, et osanikud, kes on õigustatud täisühingut juhtima, võivad tegutseda ainult ühiselt, võib tegu teha kõigi juhtima õigustatud osanike nõusolekul. Teo võib teha teiste osanike nõusolekuta, kui sellega viivitamisel tekiks täisühingule kahju.
(5) Juhtima õigustatud osanikud võivad ühiselt anda täisühingu juhtimise õiguse kolmandale isikule. Iga juhtimiseks õigustatud osanik võib kolmandale isikule antud õiguse tühistada.
(6) Kui on alust eeldada, et täisühingule tekib kahju, võib ühingut kahju vältimiseks juhtida ka osanik, kellel käesoleva paragrahvi 2. lõike kohaselt ei ole õigust ühingut juhtida.

§ 89. Pädevuse ulatus

Täisühingu juhtimisel võib juhtima õigustatud osanik teha tegusid, mis on vajalikud täisühingu igapäevaseks majandustegevuseks. Igapäevast majandustegevust ületavate tegude tegemiseks on nõutav osanike otsus.

§ 90. Juhtimisõiguse äravõtmine

Kohus võib teiste osanike taotlusel juhtima õigustatud osanikult juhtimisõiguse ära võtta, kui selleks on mõjuv põhjus. Mõjuvaks põhjuseks on eelkõige olulise kohustuse täitmata jätmine osaniku poolt või võimetus ühingut juhtida.

Äriseadustik Leht 21 / 143

§ 91. Juhtimisõigusest loobumine

Juhtima õigustatud osanik võib mõjuval põhjusel, teatades sellest ette teistele juhtima õigustatud osanikele, juhtimisõigusest loobuda, juhul kui loobumine ei kahjusta ühingu huve.

§ 92. Kulutuste ja kahju hüvitamine

(1) Täisühing hüvitab osanikule ühingu huvides tegutsemisel tehtud vajalikud kulutused, muuhulgas kulutused ühingu kohustuse täitmiseks ja kantud kahju, kui ühingulepinguga ei ole ette nähtud teisiti.
(2) Ühingu huvides tehtud rahalised kulutused hüvitatakse osanikule koos intressiga seaduses sätestatud suuruses, kui ühingulepinguga ei ole ette nähtud teisiti.

§ 93. Osanike otsuse vastuvõtmine

(1) Osanike otsus on vastu võetud, kui selle poolt on antud üle poole kõigi osanike häältest, kui seaduse või ühingulepinguga ei ole ette nähtud suurema häälteenamuse nõuet. Osanikud võivad otsuse vastu võtta ainult siis, kui kõigile osanikele on hääletamisest eelnevalt teatatud.
(2) Osaniku häälte arv vastab tema sissemakse suurusele, kui ühingulepinguga ei ole ette nähtud teisiti. Kui osanike häälte arvu arvutatakse lähtuvalt sissemaksete suurusest, loetakse, et sissemakse iga üks euro annab osanikule ühe hääle, kui ühingulepinguga ei ole ette nähtud teisiti.
[RT I 2010, 20, 103- jõust. 01.01.2011]
(3) Osanik ei võta osa hääletamisest ja tema hääled arvatakse kvoorumist välja, kui otsustatakse tema vabastamist kohustusest või vastutusest, temaga tehingu tegemist või nõude esitamist tema vastu.
(4) Seaduse või ühingulepinguga vastuolus oleva osanike otsuse tunnistab kohus osaniku nõudel kehtetuks, kui nõue on esitatud kolme kuu jooksul otsuse vastuvõtmisest.

§ 94. Osaniku õigus teabele

(1) Osanikul on õigus saada teavet täisühingu tegevusest ja tutvuda täisühingu kõigi dokumentidega, samuti nõuda kinnitatud majandusaasta aruande ärakirja. Osanike otsusel võib piirata osaniku teabe saamise ja dokumentidega tutvumise õigust, kui on alust eeldada, et see võib tekitada kahju ühingu huvidele.
(2) Osanik peab hoidma saladuses saadud teabe täisühingu tegevusest ja dokumentidest, kui osanikud ei ole otsustanud teisiti või seaduses ei ole sätestatud, et teave ja dokumendid kuuluvad avalikustamisele.

§ 95. Konkurentsikeeld

(1) Osanik ei või teiste osanike nõusolekuta konkureerida täisühinguga samal tegevusalal ega osaleda majandustegevust mõjutavana äriühingus, mis konkureerib täisühinguga samal tegevusalal. Kui ühingu asutamisel või osanikuks saamisel olid nimetatud asjaolud teistele osanikele teada, kuid vastuväiteid ei esitatud, loetakse teiste osanike nõusolek antuks.
(2) Ühingulepinguga võib ette näha tähtaja, mille jooksul käesoleva paragrahvi 1. lõikes nimetatud konkurentsikeeld kehtib ühingu endise osaniku suhtes. Nimetatud tähtaeg ei või olla pikem kui viis aastat, arvates osaniku ühingust lahkumisest või väljaarvamisest.
(3) Kui ühingulepinguga ei ole ette nähtud konkurentsikeeldu endise osaniku suhtes ja ühingu huvid seda nõuavad, võib kohus ühingu nõudel kehtestada konkurentsikeelu käesoleva paragrahvi 2. lõikes nimetatud tähtajaks.

§ 96. Konkurentsikeelu rikkumine

(1) Käesoleva seadustiku §-s 95 sätestatud konkurentsikeelu rikkumisel võib täisühing nõuda keelatud tegevuse lõpetamist, keelatud tegevusest saadud tulu üleandmist täisühingule, samuti kahju hüvitamist ulatuses, mis
ületab sissenõutud tulu.
(2) Käesoleva paragrahvi 1. lõikes nimetatud nõude esitamise otsuse vastuvõtmisel ei osale konkurentsikeeldu rikkunud osanik.
(3) Käesoleva paragrahvi 1. lõikes nimetatud nõude aegumistähtaeg on kolm kuud päevast, mil teised osanikud said teada konkurentsikeelu rikkumisest, kuid mitte pikem kui kolm aastat konkurentsikeelu rikkumisest. Kahju hüvitamise nõudele kohaldatakse üldist aegumistähtaega.

§ 97. Kasum ja kahjum

(1) Osanike vahel jaotamisele kuuluva kasumiosa suuruse otsustavad osanikud pärast majandusaasta lõppu kinnitatud majandusaasta aruande alusel. Juhul kui täisühing koostab konsolideerimisgrupi majandusaasta

Leht 22 / 143 Äriseadustik

aruande, otsustavad osanikud jaotamisele kuuluva kasumiosa suuruse konsolideerimisgrupi konsolideeritud aruannete alusel.
[RT I 2009, 54, 363- jõust. 01.01.2010]
(11) [Kehtetu -RT I 2009, 54, 363- jõust. 01.01.2010]
(12) Kui ühing kapitaliseerib immateriaalse põhivarana arendustegevusega seotud väljaminekuid ja arendusväljaminekud ei ole täielikult amortiseeritud, ei tohi kasumit jaotada, välja arvatud juhul, kui reservide, mida on võimalik kasutada kasumi jaotamiseks, ja eelmiste perioodide jaotamata kasumi summa on vähemalt võrdne amortiseerimata arendusväljaminekutega.
[RT I, 30.12.2015, 4- jõust. 01.01.2016]
(2) Jaotamisele kuuluvast kasumiosast arvestatakse igale osanikule osa vastavalt tema sissemakse suurusele, kui ühingulepinguga ei ole ette nähtud teisiti.
(3) Kui osanik ei ole tasunud sissemakset, kaetakse sissemakse talle arvestatud kasumiosa arvelt.
(4) Kahjumi katavad osanikud võrdeliselt nende sissemaksete suurusega, kui ühingulepinguga ei ole ette nähtud teisiti.
[RT I 2005, 61, 478- jõust. 01.12.2005]

§ 971. Majandusaasta aruande kinnitamine ja esitamine äriregistrile

(1) Majandusaasta aruande kinnitavad osanikud. Juhul kui täisosanikuks on osaühing, aktsiaselts, tulundusühistu või mittetulundusühing, esitatakse kinnitatud majandusaasta aruanne koos vandeaudiitori aruandega, kui audiitorkontroll on kohustuslik, kasumi jaotamise või kahjumi katmise ettepanekuga ja müügitulu jaotusega äriregistrile kuue kuu jooksul arvates majandusaasta lõppemisest.
[RT I 2010, 9, 41- jõust. 08.03.2010]
(11) Raamatupidamise seaduse § 29 lõike 5 või 6 kohaselt konsolideerimisgrupi majandusaasta aruande koostamisest vabastatud täisühing peab kuue kuu jooksul majandusaasta lõppemisest arvates esitama
äriregistrile emaettevõtja koostatud konsolideerimisgrupi majandusaasta aruande koos vandeaudiitori aruandega, kui audiitorkontroll on kohustuslik. Konsolideerimisgrupi majandusaasta aruannet ega vandeaudiitori aruannet
ei pea äriregistrile esitama, kui emaettevõtja on Eestis registreeritud juriidiline isik. [RT I, 30.12.2015, 4- jõust. 01.01.2016]
(2) Koos majandusaasta aruandega esitatakse äriregistrile andmed käesoleva seadustiku § 97 1. lõike kohaselt otsustatud jaotamisele kuuluva kasumiosa suuruse kohta või andmed § 97 4. lõike kohaselt kaetud kahjumi suuruse kohta, kui see teave ei ilmne majandusaasta aruandest. Kui kasumi jaotamise või kahjumi katmise
otsus võetakse vastu pärast majandusaasta aruande esitamist, siis esitatakse eelnimetatud andmed koos järgmise majandusaasta aruandega.
[RT I 2009, 54, 363- jõust. 01.01.2010]
(3) Müügitulu jaotus peab sisaldama andmeid aruandeaasta müügitulu kohta kuni kümne suurema tegevusala kaupa käesoleva seadustiku § 4 6. lõike alusel kehtestatud Eesti majanduse tegevusalade klassifikaatori
kohaselt. Konsolideerimisgrupi majandusaasta aruande korral esitatakse müügitulu jaotus konsolideeriva üksuse konsolideerimata kasumiaruande asjaomaste andmete alusel.
[RT I 2009, 54, 363- jõust. 01.01.2010]

14. peatükk

TÄISÜHINGU SUHTED KOLMANDATE ISIKUTEGA

§ 98. Täisühingu esindamine

(1) Täisühingut võib kõikide tehingute tegemisel esindada iga osanik, kui ühingulepinguga ei ole ette nähtud teisiti.
[RT I 2009, 13, 78- jõust. 01.07.2009]
(2) Ühingulepinguga võib sätestada, et täisühingut võivad esindada kõik või mõned osanikud ühiselt. Need osanikud võivad volitada ühte või mitut osanikku enda hulgast teatud tehingut või tegu tegema. Volituse võib tühistada iga volituse andnud osanik. Kolmandate isikute suhtes kehtib ühine esindus ainult siis, kui see on kantud äriregistrisse.
(3) Juhtima õigustatud osanikud võivad ühiselt anda täisühingu esindamise õiguse kolmandale isikule. Iga juhtimiseks õigustatud osanik võib kolmandale isikule antud õiguse tühistada.

Äriseadustik Leht 23 / 143

(4) Täisühingut esindama õigustatud isik võib esindada täisühingut kõigis suhetes kolmandate isikutega. Esindusõiguse piiramine on kolmandate isikute suhtes kehtetu.

§ 99. Täisühingu prokurist

Täisühingu prokuristi määravad kõik juhtima õigustatud osanikud ühiselt. Prokuura võib tühistada iga juhtima õigustatud osanik.

§ 100. Esindusõiguse äravõtmine

Kohus võib kõigi teiste osanike taotlusel osanikult esindusõiguse ära võtta, kui selleks on mõjuv põhjus. Mõjuvaks põhjuseks on eelkõige kohustuse olulisel määral täitmata jätmine osaniku poolt või võimetus ühingut esindada.

§ 101. Vastutus

(1) Täisühing vastutab oma kohustuste eest kogu oma varaga.
(2) Osanikud vastutavad täisühingu kohustuste eest solidaarselt kogu oma varaga. Osanikult võib nõuda kohustuse täitmist üksnes rahas.
(3) Käesoleva paragrahvi 2. lõikes sätestatuga vastuolus olev kokkulepe ei kehti kolmanda isiku suhtes.
(4) Osanikul on õigus esitada võlausaldaja nõude vastu kõiki vastuväiteid, mida ta võib esitada ise või mida oleks võinud esitada täisühing. Osanik ei kaota õigust vastuväidetele ka siis, kui täisühing neist loobub või oma kohustust tunnistab.
(5) Osanik võib keelduda täisühingu kohustuse täitmisest, kuni võlausaldaja ei ole oma nõuet tulemusetult esitanud täisühingu vastu või kuni ühingul on võlausaldaja suhtes õigused, mis võimaldavad nõude lõpetada. Täitedokumendist täisühingu vastu ei saa teostada sundtäitmist osaniku vastu.

§ 102. Täisühinguga ühineva ja sellest lahkuva osaniku vastutus

(1) Isik, kes saab täisühingu osanikuks, vastutab ka ühingu nende kohustuste eest, mis on tekkinud enne tema osanikuks saamist.
(2) Täisühingu endine osanik vastutab solidaarselt teiste osanikega ka täisühingu selle kohustuse eest, mis on tekkinud enne tema lahkumise või väljaarvamise äriregistrisse kandmist, kui selle kohustuse täitmise tähtpäev on saabunud või saabub viie aasta jooksul, arvates lahkumisest või väljaarvamisest.
(3) Käesoleva paragrahvi 1. ja 2. lõikes sätestatuga vastuolus olev kokkulepe ei kehti kolmanda isiku suhtes. (4) [Kehtetu -RT I 1998, 59, 941- jõust. 10.07.1998]

15. peatükk

TÄISÜHINGU LÕPETAMINE JA OSANIKU LAHKUMINE

§ 103. Täisühingu lõpetamise alused ja tegevuse jätkamine

(1) Täisühing lõpetatakse:
1) osanike otsusega;
2) kohtumäärusega;
[RT I 2008, 59, 330- jõust. 01.01.2009]
3) tähtaja möödumisel või eesmärgi saavutamisel;
4) muul seaduses ettenähtud alusel.
(2) Ühingulepinguga võib ette näha, et täisühing lõpetatakse ka osaniku lahkumisel ühingust, osaniku pankroti, samuti füüsilisest isikust osaniku surma või juriidilisest isikust osaniku lõppemise korral.
(3) Kui täisühingu lõpetamine on ette nähtud ühingulepinguga või kui täisühing lõpetatakse tähtaja möödumisel või eesmärgi saavutamisel, võivad osanikud otsustada ühingu tegevuse jätkamise või ühingu ühinemise, jagunemise või ümberkujundamise. Tegevuse jätkamise otsus on vastu võetud, kui selle poolt on antud üle 3/4 osanike häältest, kui ühingulepinguga ei ole ette nähtud suurema häälteenamuse nõuet.
(4) Tegevuse jätkamise kandmiseks äriregistrisse esitavad osanikud ühise avalduse. Jätkamise otsus jõustub selle äriregistrisse kandmisest.

Leht 24 / 143 Äriseadustik

§ 104. Täisühingu lõpetamine osanike otsusega

Täisühingu võib lõpetada osanike otsusega, mille poolt on antud üle 3/4 osanike häältest, kui ühingulepinguga ei ole ette nähtud suurema häälteenamuse nõuet.

§ 105. Täisühingu lõpetamine kohtuotsusega

(1) Osaniku nõudel võib kohus otsustada täisühingu lõpetamise, kui selleks on mõjuv põhjus. Mõjuvaks põhjuseks on eelkõige olulise kohustuse täitmata jätmine osaniku poolt või selle täitmise võimatus.
(2) Käesoleva paragrahvi 1. lõikes sätestatuga vastuolus olev kokkulepe on tühine.

§ 106. Pärija astumine täisühingusse

(1) Osaniku surma korral on õigus täisühingusse astuda tema pärijatel, kui see on ühingulepinguga ette nähtud või kui sellega on nõus kõik osanikud.
(2) Kui ühingulepinguga on ette nähtud, et osanikuks võib saada ainult üks pärija, kuid seda isikut ega tema valimise viisi ei ole määratud, võib pärandaja määrata isiku testamendiga. Ühingulepinguga võib ette näha, et pärija saab täisühingusse astuda ainult teiste osanike nõusolekul.
(3) Teiste osanike nõusolekul võib pärijale või pärijatele anda ühingus usaldusosaniku seisundi, millega ühing loetakse ümberkujundatuks usaldusühinguks. Pärijast osanik saab õiguse samale kasumiosale, kui oli surnud täisosanikul. Ühingulepinguga võib ette näha pärija kasumiosa vähendamise, kui pärandaja kasumiosa oli suurendatud, arvestades tema tegevust või tema kõrgendatud vastutust.
(4) Kui pärija ei soovi või ei saa täisühingusse astuda või kui osanikud ei ole nõus, et pärija astub ühingusse, on pärijal õigus saada tema pärandiosale vastavat osa hüvitusest, mille oleks saanud surnud osanik ühingust lahkumisel.
(5) Kui üks pärijatest astub ühingusse, võetakse tema pärandiosa arvestamisel arvesse tema pärandiosale vastav osa hüvitusest, mille oleks saanud surnud osanik.
(6) Pärija võib esitada avalduse täisühingusse astumiseks kolme kuu jooksul, arvates päevast, millal ta sai teada oma õigusest pärida.
(7) Kui pärijast osanik lahkub või arvatakse välja ühingust või kui ühing lõpetatakse või kui osanikule antakse usaldusosaniku seisund käesoleva paragrahvi 6. lõikes nimetatud tähtaja jooksul, vastutab pärijast osanik selle hetkeni tekkinud ühingu kohustuste eest oma pärandiosa ulatuses.

§ 107. Osaniku lahkumine täisühingust

Osanik võib lahkuda täisühingust majandusaasta lõpul, teatades sellest vähemalt kuus kuud ette, kui ühingulepinguga ei ole ette nähtud lühemat tähtaega.

§ 108. Osaniku väljaarvamine teiste osanike nõudel

Kui ilmnevad käesoleva seadustiku §-s 105 sätestatud alused täisühingu lõpetamiseks, võib kohus teiste osanike nõudel otsustada neid asjaolusid põhjustanud osaniku ühingust väljaarvamise.

§ 109. Osaniku väljaarvamine võlausaldaja nõudel

Kui osaniku võlausaldaja nõude rahuldamiseks on edutult toimunud täitmine osaniku varast, võib osaniku võlausaldaja kuue kuu jooksul, alates täitmise ebaõnnestumisest nõuda, et kohus arvaks osaniku täisühingust välja ning et tema nõue rahuldataks väljamakstava hüvituse arvel.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 110. Ülevõtmine

Kui täisühingul on kaks osanikku ja üks neist on ühingust lahkunud või välja arvatud käesoleva seadustiku §- de 107–109 alusel, võib kohus teise osaniku nõudel otsustada, et see osanik jätkab täisühingu õigusjärglasena tegevust füüsilisest isikust ettevõtjana ja ühing lõpetatakse likvideerimiseta.

§ 111. Hüvitus

(1) Osaniku lahkumisel või väljaarvamisel täisühingust makstakse talle hüvitusena see osa ühingu varast, mida ta oleks saanud, kui ühing oleks lõpetatud osaniku lahkumise või väljaarvamise päeval. Ühingulepinguga võib ette näha hüvituse arvestamise teistsuguse korra.

Äriseadustik Leht 25 / 143

(2) Hüvitus makstakse välja hiljemalt kuue kuu möödudes, arvates osaniku lahkumisest või väljaarvamisest, kui kokku ei ole lepitud teisiti. Hüvitus makstakse välja koos intressiga seaduses sätestatud suuruses.

§ 112. Täisühingu lõpetamise ja osaniku väljaarvamise kande tegemine

Täisühingu lõpetamise kande tegemiseks äriregistrisse esitavad osanikud ühise avalduse. Osaniku väljaarvamise kanne tehakse kohtuotsuse alusel.

§ 1121. Pankrotiavalduse esitamise kohustus

(1) Täisühingu püsiva maksejõuetuse korral peavad täisühingu seaduslikud esindajad viivitamata, kuid mitte hiljem kui 20 päeva möödumisel täisühingu maksejõuetuse ilmnemisest, esitama täisühingu pankrotiavalduse.
(2) Maksejõuetuse ilmnemisel ei või täisühingu arvel enam teha muid kui asjaoludele vastavaid hädavajalikke makseid.
(3) Käesoleva paragrahvi 1. või 2. lõikes sätestatud kohustuse rikkumise korral vastutavad avalduse esitamiseks kohustatud isikud rikkumisega tekitatud kahju eest solidaarselt. Avalduse esitamiseks kohustatud isikud on kohustatud hüvitama täisühingule pärast maksejõuetuse ilmnemist täisühingu tehtud maksed, välja arvatud
juhul, kui maksete tegemine vaadeldavas olukorras oli kooskõlas korraliku ettevõtja hoolsusega. Nõude aegumistähtaeg on viis aastat, alates kohustuse rikkumisest.
[RT I 2005, 57, 449- jõust. 01.01.2006]

16. peatükk

TÄISÜHINGU LIKVIDEERIMINE

§ 113. Likvideerimise alus

Täisühingu lõpetamisel toimub selle likvideerimine, kui seaduses ei ole sätestatud teisiti.

§ 114. Likvideerijate määramine

(1) Täisühingu likvideerijateks on osanikud, kui ühingulepingu või osanike otsusega ei ole ette nähtud teisiti. Osaniku õigusjärglased määravad ennast ühiselt esindama ühe likvideerija.
(2) Osanike kokkuleppel võib likvideerijaks määrata kolmanda isiku. Osaniku nõudel võib kohus mõjuval põhjusel määrata likvideerijaks isiku, kes ei ole osanik.
(3) Osaniku pankroti korral osaleb likvideerimises osaniku asemel pankrotihaldur. (4) [Kehtetu -RT I 1998, 59, 941- jõust. 10.07.1998]
(5) Osanikud määravad likvideerijate tasustamise korra ja tasu suuruse. Kui osanikud ei jõua tasustamise korras ja tasu suuruses kokkuleppele, võib nõuda nende määramist kohtu poolt.

§ 115. Likvideerijate tagasikutsumine

(1) Osanikud võivad likvideerija tagasi kutsuda, kui selle poolt on hääletanud kõik osanikud.
(2) Kohus võib osaniku või muu huvitatud isiku nõudel likvideerija mõjuval põhjusel tagasi kutsuda.

§ 116. Likvideerija kanne

(1) Esimeste likvideerijate äriregistrisse kandmiseks esitavad ühise avalduse osanikud. Likvideerijate
vahetamise ja nende esindusõiguse muutmise äriregistrisse kandmise avalduse esitavad likvideerijad. Avaldusele
lisatakse likvideerija vahetamise või esindusõiguse muutmise aluseks olev otsus. Kõik likvideerijad esitavad
registripidajale kirjaliku kinnituse, et neil on seaduse kohaselt õigus olla likvideerija.
(2) Likvideerija määramine või tagasikutsumine kohtuotsuse alusel kantakse äriregistrisse registripidaja poolt kohtuotsuse alusel.
(3) Äriregistrisse kantakse likvideerijate nimed ja isikukoodid. [RT I 2006, 61, 456- jõust. 01.01.2007]

§ 117. Likvideerijate õigused ja kohustused

(1) Likvideerijad lõpetavad täisühingu tegevuse, nõuavad sisse võlad, müüvad ühingu vara ja rahuldavad võlausaldajate nõuded.
(2) Likvideerijatel on õigus teha ainult neid tehinguid, mis on vajalikud täisühingu likvideerimiseks.

Leht 26 / 143 Äriseadustik

(3) Likvideerijad esindavad täisühingut.
(4) Kui täisühingul on mitu likvideerijat, on neil õigus esindada täisühingut ainult ühiselt. Likvideerijad võivad volitada ühte või mitut endi hulgast teatud tehingu tegemiseks või teatud liiki tegevuseks.
(41) Ühingulepinguga või osanike otsusega või kohtulahendiga võib ette näha, et likvideerijad või osa neist võivad esindada täisühingut eraldi. Kolmandate isikute suhtes kehtib ainuesindus üksnes juhul, kui see on kantud äriregistrisse.
(5) Likvideerijate volituste piiramine on kolmanda isiku suhtes kehtetu.
(6) Likvideerimismenetluses peab täisühingu ärinimele lisama märkuse «likvideerimisel». [RT I 2005, 57, 449- jõust. 01.01.2006]

§ 118. Raamatupidamine likvideerimise ajal

(1) Likvideeritav täisühing peab raamatupidamist raamatupidamise seaduses sätestatud korras, kui seadusest või likvideerimise olemusest ei tulene teisiti.
(2) Lõpetamisotsuse vastuvõtmisest alates kolme kuu jooksul koostavad likvideerijad majandusaasta aruande koosseisu kuuluva bilansi kohta sätestatut järgides likvideerimise algbilansi ja seda selgitava aruande, mis sisaldab raamatupidamise aastaaruande lisade puhul ettenähtud andmeid.
(3) Lõpetamisotsuse vastuvõtmisega lõpeb täisühingu seni kestnud majandusaasta ning algab uus majandusaasta. Likvideerijad koostavad majandusaasta aruande täisühingu lõpetamise ajaks lõppeva ning iga lõpetamisjärgse majandusaasta lõpu seisuga.
(4) Osanikud kinnitavad likvideerimise algbilansi ja majandusaasta aruande otsusega. Likvideerimise algbilanss ja majandusaasta aruanne esitatakse pärast kinnitamist viivitamata äriregistrile.
(5) Kui likvideerimine on lõpule viidud, koostavad likvideerijad lõppbilansi. [RT I 2005, 57, 449- jõust. 01.01.2006]

§ 119. Täisühingu vara jaotamine

Pärast võlausaldajate nõuete rahuldamist allesjäänud vara jaotavad likvideerijad osanike vahel vastavalt osanike sissemaksetele, kui ühingulepinguga ei ole ette nähtud teisiti.

§ 120. Osanike vastutus täisühingu likvideerimisel

(1) Kui täisühingu varast ei piisa võlausaldajate nõuete rahuldamiseks, vastutavad osanikud ühingu kohustuste eest võrdeliselt oma sissemaksete suurusega, kui ühingulepinguga ei ole ette nähtud teisiti.
(2) Kui osanikult ei ole võimalik tema poolt käesoleva paragrahvi 1. lõike alusel maksmisele kuuluvat
osa sisse nõuda, katavad teised osanikud puudujääva võlaosa võrdeliselt oma sissemaksete suurusega, kui
ühingulepinguga ei ole ette nähtud teisiti. Osanik, kelle võlaosa tasusid teised osanikud, peab neile nimetatud
võlaosa hüvitama.
(3) Kui ka käesoleva paragrahvi 2. lõikes sätestatud korras ei ole võimalik võlausaldajate nõudeid rahuldada, peavad likvideerijad esitama täisühingu pankrotiavalduse.
(4) Võlausaldaja õigusele nõuda oma nõude rahuldamist kohaldatakse käesoleva seadustiku §-s 101 sätestatut.

§ 121. Osanikevahelised suhted ja suhted kolmandate isikutega

Likvideerimise ajal kohaldatakse osanikevahelistele suhetele ning suhetele täisühingu ja kolmandate isikute vahel käesoleva seadustiku §-des 85–102 sätestatut. Kui osaniku võlausaldaja nõude rahuldamiseks on edutult toimunud täitmine osaniku varast, võib osaniku võlausaldaja nõuda, et kohus arvaks osaniku täisühingust välja ning et tema nõue rahuldataks väljamakstava hüvituse arvel, kui likvideerimise kohta sätestatust ei tulene teisiti.

§ 122. Äriregistrist kustutamine ja dokumentide hoidmine

(1) Pärast likvideerimise lõpuleviimist esitavad likvideerijad äriregistrile avalduse täisühingu kustutamiseks äriregistrist. Avaldusele lisatakse lõppbilanss.
(2) Täisühingu dokumendid annavad likvideerijad hoiule ühele likvideerijale või osanike otsusel
usaldusväärsele kolmandale isikule või arhiivile. Kui likvideerijad dokumentide hoidjat määranud ei ole, määrab
selle kohus.

Äriseadustik Leht 27 / 143

[RT I 2005, 57, 449- jõust. 01.01.2006]
(3) Dokumentide hoidja nimi, elu- või asukoht ja isiku- või registrikood kantakse äriregistrisse likvideerijate avaldusel, kohtu poolt määratud hoidja puhul kohtumääruse alusel. Dokumentide hoidja muutumisel teatab üleandja sellest enne üleandmist registripidajale uute andmete registrisse kandmiseks.
[RT I 2008, 59, 330- jõust. 01.01.2009]
(4) Osanikel ja nende pärijatel on õigus hoiuleantud dokumentidega tutvuda ja neid kasutada. Kolmandad isikud võivad dokumentidega tutvuda ainult siis, kui neil on selleks õigustatud huvi.
(5) Täisühing on vastutav oma tegevuse tulemusena loodud või saadud dokumentide säilimise eest seadusega ettenähtud tähtaja jooksul. Täisühingu likvideerimisel võib tema säilitamisele kuuluvad dokumendid kokkuleppel arhiiviga üle anda arhiivi. Dokumentide üleandmisel arhiivi läheb vastutus nende säilimise eest arhiivile.

§ 123. Vara jagamine likvideerimismenetluseta

(1) Kui osanikud otsustavad täisühingu lõpetamise likvideerimismenetluseta, rahuldatakse kolmanda isiku nõuded ühingu likvideerimise sätete kohaselt. Likvideerimismenetluseta lõpetamise otsuse vastuvõtmiseks peab otsuse poolt olema antud üle 3/4 osanike häältest, kui ühingulepinguga ei ole ette nähtud suurema häälteenamuse nõuet.
(2) Kui täisühing lõpeb osaniku väljaarvamise tõttu osaniku võlausaldaja nõudel (§ 109), võib täisühingu lõpetada likvideerimiseta üksnes osaniku väljaarvamist taotlenud võlausaldaja nõusolekul.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 124. Osaniku vastu esitatavad nõuded

Kui ühing lõpeb, vastutab osanik solidaarselt teiste osanikega täisühingu kohustuste eest viie aasta jooksul ühingu lõppemisest. Sellest kõrvalekalduv kokkulepe ei kehti kolmandate isikute suhtes.

V. osa

USALDUSÜHING

§ 125. Usaldusühingu mõiste

(1) Usaldusühing on äriühing, milles kaks või enam isikut tegutsevad ühise ärinime all ja vähemalt üks neist isikutest (täisosanik) vastutab ühingu kohustuste eest kogu oma varaga ning vähemalt üks neist isikutest (usaldusosanik) vastutab ühingu kohustuste eest oma sissemakse ulatuses.
(2) Usaldusühingule kohaldatakse täisühingu kohta käivaid sätteid, kui käesoleva seadustiku V osas sätestatust ei tulene teisiti.
(3) Usaldusosa kohta ei või välja anda väärtpaberit.

§ 126. Osanik

Täis- ja usaldusosanikule kohaldatakse täisühingu osaniku kohta käivaid sätteid, kui käesoleva seadustiku V
osas ei ole sätestatud teisiti.

§ 127. Äriregistrisse kandmise avaldus

[RT I 2003, 4, 19- jõust. 01.02.2003]
(1) Äriregistrisse kandmise avalduses märgitakse lisaks käesoleva seadustiku §-s 83 sätestatule usaldusosaniku sissemakse suurus, mis kantakse äriregistrisse.
(2) [Kehtetu -RT I 2003, 4, 19- jõust. 01.02.2003]

§ 128. Juhtimine

(1) Usaldusosanikul ei ole õigust usaldusühingut juhtida (§ 88), kui ühingulepinguga ei ole ette nähtud teisiti. (2) Usaldusosanik osaleb usaldusühingu osanike otsuste tegemisel nagu täisosanik.

Leht 28 / 143 Äriseadustik

§ 129. Konkurentsikeeld

Usaldusosanikule kohaldatakse käesoleva seadustiku §-des 95 ja 96 sätestatut ainult siis, kui talle on ühingulepinguga antud õigus usaldusühingut juhtida.

§ 130. Usaldusosaniku õigus teabele

Usaldusosanikele kuuluvad käesoleva seadustiku §-s 94 nimetatud õigused.

§ 131. Usaldusühingu esindamine

(1) Usaldusosanikul ei ole õigust usaldusühingut esindada, kui ühingulepinguga ei ole ette nähtud teisiti. Usaldusosaniku esindusõigusele kohaldatakse käesoleva seadustiku § 98 3. lõikes sätestatut.
(2) Usaldusosanikule antud õigus esindada usaldusühingut tuleb kanda äriregistrisse.

§ 132. Usaldusosaniku vastutuse ulatus

(1) Sissemakse täielikult tasunud usaldusosanik ei vastuta usaldusühingu kohustuste eest. Kui usaldusosanik ei ole tasunud sissemakset täielikult, vastutab ta usaldusühingu kohustuste eest tasumata sissemakse ulatuses.
(2) Kui usaldusosanikule tagastatakse sissemakse, järgimata käesoleva seadustiku §-s 133 sätestatut, vastutab ta usaldusühingu kohustuste eest tagastatud sissemakse ulatuses.
(3) Käesoleva paragrahvi 2. lõikes sätestatut kohaldatakse ka juhul, kui usaldusosanikule makstakse tema kasumiosa välja enne, kui talle langev kahjumiosa ja sissemakse on kaetud.
(4) Käesolevas paragrahvis sätestatuga vastuolus olev kokkulepe, samuti kokkulepe, millega usaldusosanik vabastatakse sissemakse tasumisest, ei kehti kolmanda isiku suhtes.

§ 133. Sissemakse vähendamine

(1) Usaldusosaniku sissemakse vähendamine on kolmanda isiku suhtes kehtiv äriregistrisse kandmisest. (2) Sissemakse vähendamine ei kehti võlausaldaja suhtes, kelle nõue usaldusühingu vastu tekkis enne
sissemakse vähendamise äriregistrisse kandmist.

§ 134. Ümberkujundamine

(1) Kui täisühingusse astub usaldusosanik, samuti käesoleva seadustiku § 106 3. lõikes sätestatud juhul, loetakse täisühing ilma lõpetamiseta ümberkujundatuks usaldusühinguks. Kui usaldusühingust lahkuvad või arvatakse välja kõik usaldusosanikud ja alles jääb vähemalt kaks täisosanikku, loetakse usaldusühing ilma lõpetamiseta ümberkujundatuks täisühinguks.
(2) Ümberkujundamise kannab äriregistrisse registripidaja omal initsiatiivil või ühingu avalduse alusel.

VI. osa

OSAÜHING

17. peatükk

ÜLDSÄTTED

§ 135. Osaühingu mõiste

(1) Osaühing on äriühing, millel on osadeks jaotatud osakapital. (2) Osanik ei vastuta isiklikult osaühingu kohustuste eest.
(3) Osaühing vastutab oma kohustuste täitmise eest kogu oma varaga.

§ 136. Osakapital

Osakapitali väljendatakse eurodes. Osakapital peab olema vähemalt 2500 eurot. [RT I 2010, 20, 103- jõust. 01.07.2010]

Äriseadustik Leht 29 / 143

18. peatükk

ASUTAMINE

§ 137. Asutaja

(1) Osaühingu võib asutada üks või mitu isikut.
(2) Asutajaks võib olla füüsiline isik või juriidiline isik.

§ 138. Asutamisleping

(1) Osaühingu asutamiseks sõlmivad asutajad asutamislepingu. (2) Asutamislepingus märgitakse:
1) asutatava osaühingu ärinimi, asukoht ja aadress;
[RT I 2006, 61, 456- jõust. 01.01.2007]
2) asutajate nimed ja elu- või asukohad;
3) osakapitali kavandatud suurus;
4) osade nimiväärtused ja arv, samuti nende jaotus asutajate vahel;
5) kui palju tuleb osade eest tasuda, tasumise kord, aeg ja koht;
6) kui osa eest tasutakse mitterahalise sissemaksega – mitterahalise sissemakse ese ja selle hindamise kord;
7) juhatuse ja, kui moodustatakse nõukogu, selle liikmete andmed;
8) prokuristi või audiitori määramise korral nende andmed;
9) asutamiskulude eeldatav suurus ja nende kandmise kord.
(3) Asutamislepingu sõlmimisega kinnitavad asutajad asutamislepingu lisana ka osaühingu põhikirja.
(4) Asutamisleping ja sellega kinnitatud põhikiri peab olema notariaalselt tõestatud ja neile kirjutavad alla kõik asutajad. Asutaja esindaja võib asutamislepingule ja selle lisana kinnitatud põhikirjale alla kirjutada, kui talle selleks antud volikiri on notariaalselt kinnitatud. Põhikirja muutmine pärast äriregistrisse kandmist toimub §-s
175 sätestatud korras ega nõua asutamislepingu muutmist. [RT I 2010, 77, 589- jõust. 01.01.2011]
(5) Kui osaühingul on üks asutaja, asendab asutamislepingut asutaja poolt allakirjutatud notariaalselt tõestatud asutamisotsus.

§ 139. Põhikiri

(1) Osaühingu põhikirjas märgitakse:
1) osaühingu ärinimi ja asukoht;
[RT I 2006, 61, 456- jõust. 01.01.2007]
2) osakapitali suurus, mis võib olla määratud kindla suurusena või miinimum- ja maksimumkapitalina,
kusjuures miinimumkapitali suurus peab olema vähemalt 1/4 maksimumkapitali suurusest;
3) [välja jäetud -RT I 1996, 40, 773- jõust. 08.06.1996]
4) osade eest tasumise kord;
5) osaga seotud õiguste või osaniku õiguste erisused, kusjuures osaga seotud eriõiguste ettenägemise ja eri liiki
osade väljalaskmise korral peavad põhikirjas olema märgitud eri liiki osade tähistus ning vastava osaliigiga
seotud õiguste erisused;
[RT I, 04.03.2015, 4- jõust. 01.07.2015]
6) kui osa eest tasutakse mitterahalise sissemaksega – mitterahalise sissemakse hindamise kord;
7) reservkapitali moodustamine ja suurus;
[RT I 2010, 77, 589- jõust. 01.01.2011]
71) juhatuse ning nõukogu olemasolu korral ka selle liikmete arv, mis võib olla väljendatud kindla suurusena või ülem- ja alammäärana ning vajadusel juhatuse liikmete esindusõiguse erisused;
[RT I 2006, 61, 456- jõust. 01.01.2007]
8) muud seaduses sätestatud kohustuslikud tingimused.
(2) Põhikirjas võib ette näha ka muid tingimusi, mis ei ole seadusega vastuolus. Kui põhikirja säte on vastuolus seaduses sätestatuga, kohaldatakse seaduses sätestatut.
(3) Asutamislepinguga kinnitatud põhikirjale kirjutavad alla kõik asutajad. Äriregistrisse kandmise järel muudetud põhikirjale kirjutab alla vähemalt üks juhatuse liige või kui juhatuse liikmed on õigustatud ühingut esindama ainult ühiselt, siis kõik ühiselt ühingut esindama õigustatud juhatuse liikmed.

§ 1391. Kiirmenetluses kasutatav põhikiri

(1) Kiirmenetluses kasutatava osaühingu põhikirja ning selle valikandmed kehtestab valdkonna eest vastutav ministermäärusega.

Leht 30 / 143 Äriseadustik

(2) Kiirmenetluses kasutatavas põhikirjas tuleb sätestada vähemalt käesoleva seadustiku § 139 lõike 1 punktides
1, 2, 4 ja 7 nimetatud andmed. Osakapital näidatakse kindla suurusena. Osaühing ei saa kiirmenetluses
kasutatavasse põhikirja ise täiendavaid sätteid lisada.
(3) Kiirmenetluseks kasutatav põhikiri asendab asutamislepingut ja käesoleva seadustiku §-s 139 sätestatud põhikirja.
(4) Kiirmenetluseks kasutatava põhikirja digitaalallkirjastavad kõik asutajad, näidates ühtlasi igaühe osa nimiväärtuse.
(5) Kiirmenetluseks kasutatavat põhikirja ei saa kasutada erinõuetega tegevusalal tegutsev osaühing, mille puhul seadus nõuab põhikirjas lisaks käesolevas seadustikus sätestatule täiendavate andmete näitamist.
(6) Muus osas rakendatakse kiirmenetluseks kasutatava osaühingu põhikirja suhtes käesolevas seadustikus üldiselt osaühingu põhikirja kohta sätestatut.
[RT I 2006, 61, 456- jõust. 01.01.2007]

§ 140. Osa eest tasumine

(1) Sissemakse võib olla rahaline või mitterahaline. Osa eest tasutakse rahas, kui põhikirjaga ei ole ette nähtud mitterahalise sissemaksega tasumist.
(2) Asutajad peavad tasuma osa eest täielikult enne osaühingu äriregistrisse kandmise avalduse esitamist, kui asutamislepinguga ei ole ette nähtud teisiti.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(3) Osa eest tasutavat summat ei või tasaarvestada töötasu, honorari ega teiste sarnaste väljamaksetega asutatavast osaühingust ega muude nõuetega asutatava osaühingu vastu.

§ 1401. Asutamine sissemakseid tegemata

(1) Kui osaühingu kavandatud osakapital ei ole suurem kui 25 000 eurot, võib asutamislepinguga ette näha,
et asutajad ei pea osaühingu asutamisel osa eest tasuma. Käesoleva lõike esimeses lauses nimetatud osaühingu
asutajaks saab olla üksnes füüsiline isik.
(2) Kuni osanik ei ole käesoleva paragrahvi lõikes 1 nimetatud kokkuleppe korral sissemakset täielikult tasunud, vastutab ta osaühingu ees osaühingu kohustuste eest tasumata sissemakse ulatuses, kui osaühingu kohustust ei ole võimalik täita osaühingu vara arvel.
(3) Osaühingu pankroti väljakuulutamise korral võib käesoleva paragrahvi lõikes 2 sätestatud nõude osaühingu nimel esitada üksnes pankrotihaldur.
(4) Kuni sissemaksete täieliku tasumiseni kõigi osanike poolt ei või osaühing suurendada ega vähendada osakapitali, samuti ei või osaühing teha osanikele ühtegi väljamakset. Väljamakse tegemise keeld ei hõlma osanikule makstavat töötasu ega muid tasusid.
(5) Osakapitali sissemakse tegemisele kohaldatakse käesoleva seadustiku §-s 140, §-des 142–143, § 144 lõikes
2 ning § 520 lõigetes 2, 4 ja 5 sätestatut.
(6) Käesolevas paragrahvis sätestatuga vastuolus olev kokkulepe, samuti kokkulepe, millega osanik vabastatakse sissemakse tasumisest, ei kehti kolmanda isiku suhtes.
[RT I 2010, 77, 589- jõust. 01.01.2011]

§ 141. Rahalise sissemakse tasumine

Asutajad avavad asutamisel oleva osaühingu nimele pangaarve, kuhu nad tasuvad oma rahalised sissemaksed.

§ 142. Mitterahaline sissemakse

(1) Mitterahaliseks sissemakseks võib olla mis tahes rahaliselt hinnatav ja osaühingule üleantav asi või varaline õigus, millele on võimalik pöörata sissenõuet.
(2) Mitterahaliseks sissemakseks ei või olla osaühingule osutatav teenus ega tehtav töö ega ka asutajate tegevus osaühingu asutamisel.
(3) Osanik peab teatama kolmandate isikute õigustest mitterahalisele sissemaksele.

Äriseadustik Leht 31 / 143

(4) Kui mitterahalise sissemakse väärtus on osaühingu või osakapitali suurendamise äriregistrisse kandmise ajal väiksem sissemakse arvel saadud või suurendatava osa nimiväärtusest, võib osaühing nõuda osanikult sissemakse tasumist rahas selles ulatuses, mille võrra sissemakse väärtus on nimiväärtusest väiksem. Nõude aegumistähtaeg on viis aastat, alates osaühingu või osakapitali suurendamise äriregistrisse kandmisest.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 143. Mitterahalise sissemakse väärtuse hindamine

(1) Mitterahalise sissemakse korral hindab sissemakse eseme väärtuse piisavust mitterahalise sissemakse tegemiseks kohustatud osaniku osa nimiväärtusele osaühingu juhatus.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(2) Mitterahalise sissemakse väärtuse hindamisel tuleb aluseks võtta asja või õiguse harilik väärtus.
(3) Kui osaühingu osakapital on vähemalt 25 000 eurot ja mitterahalise sissemakse väärtus ületab 1/10 osakapitalist või kui sellise osaühingu kõik mitterahalised sissemaksed moodustavad kokku üle poole osakapitalist, peab mitterahalise sissemakse väärtuse piisavuse hindamist käesoleva seadustiku §-s 142 sätestatud nõuetele vastavuse osas kontrollima audiitor. Audiitori vastutusele kohaldatakse vastavalt aktsiaseltsi mitterahalise sissemakse hindamise ja audiitori vastutuse kohta sätestatut.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(31) [Kehtetu -RT I 2010, 77, 589- jõust. 01.01.2011]
(4) Mitterahalise sissemakse ebaõige hindamise tagajärjel tekkinud kahju eest vastutavad juhatuse liikmed solidaarselt sissemakse tegemiseks kohustatud isikuga.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(5) Ühe aasta jooksul osaühingu äriregistrisse kandmisest võib osaühing osanikult või temaga samaväärset majanduslikku huvi omavalt isikult lepingu alusel omandada vara, mille väärtus ületab 1/10 osakapitalist, ainult osanike otsusel.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(6) Käesoleva paragrahvi 5. lõikes nimetatud vara tuleb hinnata käesolevas paragrahvis sätestatud korras. [RT I 2010, 77, 589- jõust. 01.01.2011]
(7) Juhatus peab viivitamata pärast käesoleva paragrahvi 5. lõikes nimetatud vara hindamist esitama äriregistrile vara osaühingule üleandmise lepingu ja vara väärtust tõendavad dokumendid. Käesoleva paragrahvi 3. lõikes nimetatud juhtudel tuleb eelmises lauses nimetatud dokumendid ning audiitori poolt allakirjutatud arvamus vara hindamise kohta esitada äriregistrile viivitamata pärast vara hindamise kontrollimist audiitori poolt.
[RT I 2008, 16, 116- jõust. 15.04.2008]

§ 1431. [Kehtetu -RT I 2010, 77, 589- jõust. 01.01.2011]

§ 144. Äriregistrisse kandmise avaldus

(1) Osaühingu äriregistrisse kandmiseks esitab juhatus äriregistrile avalduse, milles näidatakse ära käesoleva seadustiku §-s 145 nimetatud andmed. Avaldusele lisatakse:
[RT I 2010, 77, 589- jõust. 01.01.2011]
1) asutamisleping;
2) põhikiri;
3) panga teatis osakapitali sissemaksmise kohta kui asutamislepingu kohaselt tuleb sissemaksed teha enne
osaühingu äriregistrisse kandmist;
[RT I 2010, 77, 589- jõust. 01.01.2011]
31) osanike nimed, isiku- või registrikoodid ja aadressid ning igaühe osa nimiväärtus. Aadressi ning isiku- ja registrikoodi suhtes kohaldatakse käesoleva seadustiku § 62;
[RT I 2010, 77, 589- jõust. 01.01.2011]
4) nõukogu liikmete, audiitorite olemasolu korral ka nende nimed ja isikukoodid, kiirmenetluse korral ka nende
digitaalallkirjastatud nõusolek nõukogu liikmeks või audiitoriks olemise kohta;
[RT I 2006, 61, 456- jõust. 01.01.2007]
41) kõigi juhatuse liikmete notariaalselt kinnitatud nõusolek juhatuse liikmeks olemise kohta ja kinnitus, et ei esine asjaolusid, mis seaduse kohaselt välistavad juhatuse liikmeks oleku;
[RT I 2010, 77, 589- jõust. 01.01.2011]
5) [kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]
51) teave kavandatud põhitegevusala kohta; [RT I 2006, 61, 456- jõust. 01.01.2007]
6) mitterahalise sissemaksega tasumisel – kui asutamislepingu kohaselt tuleb sissemaksed teha enne osaühingu äriregistrisse kandmist, sissemakse osaühingule üleandmise leping ning juhatuse kinnitus selle kohta, et sissemakse on osaühingule üle antud ja selle väärtus katab osa nimiväärtuse, samuti käesoleva seadustiku §
143 3. lõikes nimetatud juhtudel vandeaudiitori aruanne mitterahalise sissemakse väärtuse piisavuse hindamise kontrollimise kohta;
[RT I 2010, 77, 589- jõust. 01.01.2011]

Leht 32 / 143 Äriseadustik

61) [kehtetu -RT I 2010, 77, 589- jõust. 01.01.2011]
7) osaühingu sidevahendite andmed (telefoni ja faksi numbrid, e-posti ja Interneti kodulehe aadress jms);
[RT I 2006, 61, 456- jõust. 01.01.2007]
8) muud seaduses sätestatud dokumendid.
(2) Kui mitterahaliseks sissemakseks on kinnisasi või registreerimisele kuuluv vallasasi, peab avaldusele lisama väljavõtte kinnistusraamatust või registrist, kus vallasasi on registreeritud.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(3) Äriregistrile esitatavale muule avaldusele kirjutab alla juhatuse liige. Uue juhatuse liikme äriregistrisse kandmise avaldusele kirjutab alla uus juhatuse liige, kes peab avalduses kinnitama, et tal on seaduse kohaselt õigus olla juhatuse liige. Juhatuse liikme äriregistrisse kandmise avalduses tuleb ära näidata ametiaja lõpukuupäev, kui põhikirja kohaselt tuleb juhatuse liige ametisse nimetada tähtajaliselt. Kiirmenetluses asutamise korral kinnitab juhatuse liige õigust seaduse kohaselt juhatuse liikmeks olla ka osaühingu äriregistrisse kandmise avalduses. Kui juhatuse liikmed on õigustatud ühingut esindama ainult ühiselt, peavad registrile esitatavale avaldusele alla kirjutama kõik ühingut ühiselt esindama õigustatud juhatuse liikmed.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(31) [Kehtetu -RT I 2009, 13, 78- jõust. 01.07.2009]
(4) Osaühingut ei kanta äriregistrisse, kui äriregistrisse kandmise avaldus esitatakse pärast ühe aasta möödumist asutamislepingu sõlmimisest või käesoleva seadustiku § 520 1. lõikes nimetatud asutamisnumbri saamisest.
[RT I 2006, 61, 456- jõust. 01.01.2007]

§ 145. Äriregistrisse kantavad andmed

(1) Äriregistrisse kantakse:
1) osaühingu ärinimi;
2) osaühingu asukoht ja aadress;
[RT I 2006, 61, 456- jõust. 01.01.2007]
3) osakapitali suurus;
31) asutamine sissemakset tegemata; [RT I 2010, 77, 589- jõust. 01.01.2011]
4) asutamislepingu sõlmimise aeg;
5) juhatuse liikmete nimed ja isikukoodid;
[RT I 2006, 61, 456- jõust. 01.01.2007]
6) kes juhatuse liikmetest võib esindada osaühingut erinevalt käesoleva seadustiku § 181 1. lõikes sätestatust;
7) osaühingu majandusaasta algus ja lõpp;
8) muud seaduses sätestatud andmed.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(2) Käesoleva paragrahvi esimese lõike punktis 31 nimetatud kande kustutamiseks esitatavale avaldusele tuleb juurde lisada:
1) panga teatis osakapitali sissemaksmise kohta;
2) mitterahalise sissemaksega tasumisel – sissemakse osaühingule üleandmise leping ning juhatuse kinnitus
selle kohta, et sissemakse on osaühingule üle antud ja selle väärtus katab osa nimiväärtuse, samuti käesoleva
seadustiku § 143 3. lõikes nimetatud juhtudel vandeaudiitori aruanne mitterahalise sissemakse väärtuse
piisavuse hindamise kontrollimise kohta.
[RT I 2010, 77, 589- jõust. 01.01.2011]

§ 146. Asutajate, juhatuse ja nõukogu liikmete vastutus osaühingu asutamisel

(1) Osaühingu asutajad ning juhatuse ja nõukogu liikmed vastutavad solidaarselt osaühingu asutamisel valeandmete või puudulike andmete esitamisega või sissemaksete või asutamiskulude ebaõige hindamisega või rahapesu ja terrorismi rahastamise tõkestamise seaduse § 4 1. lõikes nimetatud varaga sissemaksete tegemisega või muude kohustuste rikkumisega osaühingule tekkinud kahju eest, kui asutaja või juhatuse või nõukogu liige ei tõenda, et ta kahju tekitanud asjaolu ei teadnud ega pidanudki teadma.
[RT I 2008, 27, 177- jõust. 10.07.2008]
(11) Käesoleva paragrahvi 1. lõikes nimetatud kahju hüvitamist osaühingule võib nõuda ka osaühingu võlausaldaja, kui ta ei saa oma nõudeid rahuldada osaühingu vara arvel. Osaühingu pankroti väljakuulutamise korral võib nõude osaühingu nimel esitada üksnes pankrotihaldur.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(2) Käesoleva paragrahvi 1. lõikes sätestatud alusel vastutavad lisaks osanikele ka isikud, kelle arvel osaühing asutati. Isik ei vabane vastutusest, sõltumata asjaoludest teadmisest, kui asjaolusid teadis või pidi teadma tema arvel tegutsenud osanik.

Äriseadustik Leht 33 / 143

[RT I 2005, 57, 449- jõust. 01.01.2006]
(3) Käesoleva paragrahvi 1., 11. ja 2. lõikes sätestatust erinev kokkulepe kehtib osaühingu võlausaldajate suhtes üksnes juhul, kui kokkulepe sõlmiti osaühingu pankrotimenetluses.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(4) Käesoleva paragrahvi 1., 11. ja 2. lõikes sätestatud nõuded aeguvad viie aasta möödumisel osaühingu äriregistrisse kandmisest, kahju tekkimise aluseks olnud teo hilisema toimepanemise korral alates teo toimepanemisest.
[RT I 2010, 77, 589- jõust. 01.01.2011]

§ 147. Enne äriregistrisse kandmist tehtud tehingud

(1) Enne osaühingu äriregistrisse kandmist asutatava osaühingu nimel tehtud tehingust tulenevate kohustuste täitmise eest vastutavad tehingu teinud isikud solidaarselt.
(2) Käesoleva paragrahvi 1. lõikes nimetatud kohustused lähevad üle osaühingule osaühingu äriregistrisse kandmisest, kui tehingu teinud isikul oli õigus tehingut teha.
(3) Kui isikul ei olnud õigust tehingut teha, lähevad tehingust tulenevad kohustused üle osaühingule, kui osanikud kiidavad selle tehingu oma otsusega heaks.
(4) Kui osaühingu varast ei jätku ühingu võlausaldaja nõude rahuldamiseks, vastutavad asutajad ühingu võlausaldaja ees isiklikult ja solidaarselt ühingu kohustuste eest ulatuses, milles ühingu vara vähenes enne ühingu äriregistrisse kandmist ühingule võetud kohustuste tõttu. Nimetatud nõude aegumistähtaeg on viis aastat ühingu äriregistrisse kandmisest.

19. peatükk

OSA JA OSANIK

§ 148. Osa

(1) Osa väikseim nimiväärtus on üks euro. [RT I 2010, 20, 103- jõust. 01.07.2010]
(2) Kui osa nimiväärtus on suurem kui üks euro, peab see olema ühe euro täiskordne. [RT I 2010, 20, 103- jõust. 01.07.2010]
(3) Osad võivad olla ühesuguse või erineva nimiväärtusega. Osadest võivad põhikirja kohaselt tuleneda erinevad õigused. Ühesuguste õigustega osad moodustavad osade ühe liigi.
[RT I, 04.03.2015, 4- jõust. 01.07.2015]
(4) Igal osanikul võib olla üks samast liigist osa, kui seadusest ei tulene teisiti. Täiendava sama liiki osa omandamise korral suureneb vastavalt seda liiki osa nimiväärtus. Osade ühendamist ei toimu juhul, kui esialgne osa ja osaniku poolt omandatud täiendav osa on koormatud erinevate õigustega ja puudutatud osalised ei lepi notariaalselt tõestatud vormis kokku osasid koormavate õiguste edasi kehtimise viisis.
[RT I, 04.03.2015, 4- jõust. 01.07.2015]
(5) Osa annab osanikule õiguse osaleda osaühingu juhtimises ning kasumi ja osaühingu lõpetamisel allesjäänud vara jaotamisel, samuti muud seaduses ja põhikirjas ettenähtud õigused.
(6) Osa kohta ei või välja anda väärtpaberit.
(7) Osaühingu osad võivad olla registreeritud Eesti väärtpaberite keskregistris.

§ 149. Osa võõrandamine

(1) Osanik võib osa vabalt võõrandada teisele osanikule.
(2) Osa võõrandamisel kolmandale isikule on teistel osanikel ostueesõigus ühe kuu jooksul võõrandamise lepingu esitamisest. Müüja esitab müügilepingu osaühingu juhatusele, kes teavitab viivitamatult teisi osanikke müügilepingu sõlmimisest. Muus osas kohaldatakse ostueesõigusele võlaõigusseaduses ostueesõiguse kohta sätestatut.
(3) Põhikirjas võib ette näha, et osa võõrandamine on lubatud üksnes täiendava tingimuse täitmise korral, eelkõige, et osa võõrandamiseks on vajalik teiste osanike, juhatuse, nõukogu või muu isiku nõusolek. Sellisel juhul ei kohaldata osaühingule käesoleva paragrahvi 2. lõikes sätestatut. Põhikirjaga võib ette näha, et osa võõrandamisel ostueesõigus ei kehti. Käesoleva lõike esimeses lauses sätestatud tingimuseta tehtud tehing on tühine. Mõjuval põhjusel võib osanik esimeses lauses sätestatud isikult nõuda osa võõrandamiseks nõusoleku andmist.

Leht 34 / 143 Äriseadustik

[RT I 2010, 77, 589- jõust. 01.01.2011]
(4) Osa võõrandamise kohustustehing ja käsutustehing peavad olema notariaalselt tõestatud. Osa võõrandamise käsutustehingu tõestanud notar saadab lepingu tõestamisest alates kahe päeva jooksul äriregistri pidajale valdkonna eest vastutava ministrikehtestatud vormis teate osa võõrandamise kohta.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(5) Käesoleva paragrahvi 4. lõikes sätestatut ei kohaldata Eesti väärtpaberite keskregistris registreeritud osade võõrandamisel.
[RT I 2009, 51, 349- jõust. 15.11.2009]

§ 150. Võõrandamisest teatamine

(1) Osaühingu suhtes loetakse osa võõrandamine toimunuks ja osanik vahetunuks pärast osaühingule võõrandamisest teatamist ja osa ülemineku tõendamist.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(2) Osa omandaja suhtes kehtivad võõrandaja ja osaühingu vahelised osaniku ja osaühingu vahelist suhet puudutavad tehingud, mis on tehtud enne osaühingule osa võõrandamisest teatamist.
[RT I 2009, 13, 78- jõust. 01.07.2009]
(3) Osaühingu juhatus muudab võõrandamisteate saamisel viivitamata osanike nimekirja kanded võõrandamisest tulenevalt. Sama kehtib juhatusele teatatud muude osanike nimekirja kantud andmete muutmise kohta.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(4) [Kehtetu -RT I 2009, 51, 349- jõust. 15.11.2009]
(5) Kui osa võõrandamise tagajärjel jääb osaühingule üks osanik või kui lisaks ühele osanikule kuulub selle osaühingu osa ainult osaühingule endale, peab osaühingu juhatus esitama äriregistri pidajale vastavasisulise kirjaliku teadaande. Teadaandes tuleb ainuosaniku kohta ära näidata käesoleva seadustiku § 182 1. lõikes nimetatud andmed. Teadaannet säilitatakse äritoimikus.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(6) Käesoleva paragrahvi 1. ja 3. lõikes sätestatut ei kohaldata osaühingule, mille osad on registreeritud Eesti väärtpaberite keskregistris.
[RT I 2009, 51, 349- jõust. 15.11.2009]

§ 151. Osa pantimine

(1) Osa võib pantida, kui põhikirjas ei ole ette nähtud teisiti. [RT I 2005, 57, 449- jõust. 01.01.2006]
(2) Osa pantimise kohustustehing ja käsutustehing peavad olema notariaalselt tõestatud. Osa pantimise käsutustehingu tõestanud notar saadab lepingu tõestamisest alates kahe päeva jooksul äriregistri pidajale valdkonna eest vastutava ministrikehtestatud vormis teate osa pantimise kohta.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(3) Osa pantimisel teostab osast tulenevaid õigusi pantija. [RT I 2005, 57, 449- jõust. 01.01.2006]
(4) Osaniku nõudel kannab osaühingu juhatus pantimise kohta märke osanike nimekirja. Osaühingule osa pantimisest teatamine või pandi kandmine osanike nimekirja ei mõjuta pandi kehtivust.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(5) Panditud osa võõrandamisel jääb pandiõigus osale kehtima, välja arvatud juhul, kui osa omandaja tõendab, et pandiõigusest ei olnud võõrandamise ajaks äriregistri pidajale teatatud ja ta ei teadnud pandiõigusest ega pidanudki sellest teadma.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(6) Käesoleva paragrahvi 2., 4. ja 5. lõikes sätestatut ei kohaldata Eesti väärtpaberite keskregistris registreeritud osade pantimisel.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 152. Osa jagamine

(1) Osa võib jagada, kui osanik soovib võõrandada või pantida osa oma osast. Osa jagamiseks on vajalik osanike otsus, kui põhikirjast ei tulene teisiti.

Äriseadustik Leht 35 / 143

[RT I, 04.03.2015, 4- jõust. 01.07.2015]
(2) Osa osalisele võõrandamisele kohaldatakse käesoleva seadustiku §-s 149 sätestatut ja osa osalisele pantimisele kohaldatakse §-s 151 sätestatut.
[RT I, 04.03.2015, 4- jõust. 01.07.2015]
(3) Osa jagamisel peab järgima käesoleva seadustiku §-s 148 ja § 149 lõikes 4 ning §-s 150 sätestatut.
(4) Osa jagamisel jäävad osa koormanud õigused kehtima. Kui õiguste endisel kujul kehtima jäämine ei ole võimalik, jäävad osa jagamisel osa koormanud õigused kehtima vastavalt puudutatud osaliste notariaalselt tõestatud kokkuleppele.
[RT I 2010, 77, 589- jõust. 01.01.2011]

§ 153. Osa üleminek pärijale

(1) Osa läheb osaniku surma korral üle tema pärijatele, kui seaduses või põhikirjas ei ole ette nähtud teisiti. [RT I 2010, 77, 589- jõust. 01.01.2011]
(2) Põhikirjas sisalduv pärijale osa ülemineku keeld või piirang ei kehti, kui põhikirjas ei ole ette nähtud tähtaega ja korda pärijale kohase hüvituse väljamaksmiseks.
(3) Põhikirjas võib ette näha, et osa jagamisel osanike pärijate vahel ei ole nõutav käesoleva seadustiku §-s 152 nimetatud nõusolek.

§ 154. Osanike võrdsus

(1) Osanikke tuleb võrdsetel asjaoludel kohelda võrdselt.
(2) Osanikku ei või ilma tema nõusolekuta kohustada tegema sissemakseid, mis ületavad osa nimiväärtust ja ülekurssi.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 1541. Osaga seotud eriõigused ja osaniku eriõigused

(1) Põhikirjaga võib ette näha osaga seotud õiguste või osaniku õiguste erisused, eelkõige osanike otsuste vastuvõtmisel, kasumi jaotamisel või osaühingu likvideerimisel järelejääva vara jaotamisel (osaga seotud eriõigused ja osaniku eriõigused).
(2) Põhikirja muutmise sellise otsuse tegemiseks, millega tühistatakse või muudetakse osaga seotud eriõigus või osaniku eriõigus, on vajalik kõigi sellist eriõigust omavate osanike nõusolek, kui põhikirjast ei tulene teisiti.
[RT I, 04.03.2015, 4- jõust. 01.07.2015]

§ 155. Sissemakse suurus

(1) Osanik on kohustatud tasuma oma osa nimiväärtusele vastava sissemakse.
(2) Põhikirjas võib ette näha osaühingu õiguse lasta osasid välja hinnaga, mis ületab nende nimiväärtust (ülekurss). Sellisel juhul on osanik kohustatud tasuma ka ülekursi. Ülekurssi korrigeeritakse rakendatava raamatupidamistavaga ettenähtud juhtudel. Ülekurssi võib kasutada:
1) osaühingu kahjumi katmiseks, kui seda ei ole võimalik katta eelmiste perioodide jaotamata kasumi ja põhikirjas ettenähtud reservkapitali ning muude põhikirjas ettenähtud reservide arvel;
2) osakapitali suurendamiseks fondiemissiooni teel. [RT I 2005, 61, 478- jõust. 01.12.2005]

§ 156. Sissemaksega viivitamise tagajärjed

(1) Osanik, kes ei tasu oma osa või osa nimiväärtuse suurendamise eest õigeaegselt, on kohustatud maksma osaühingule viivist seaduses sätestatud ulatuses, kui põhikirjaga ei ole ette nähtud teisiti. See ei välista ega piira viivist ületava kahju hüvitamise nõude esitamist.
(2) Juhatus saadab maksega viivitavale osanikule teate nõudega tasuda makse kirjas näidatud tähtaja jooksul, märkides, et makse tasumata jätmisel kaotab osanik oma osa. Tasumise tähtaeg peab olema vähemalt üks kuu teate saatmisest.
(3) Kui osanik ei tasu puuduolevat summat teates nimetatud tähtaja jooksul, kaotab ta oma osa või osa suurendamise ja osaühingul on õigus võõrandada see teistele osanikele või kolmandatele isikutele. Osaniku tasutud summat või selle osa, mis ei ületa 1/5 nimiväärtusest, osanikule ei tagastata.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(4) Kui käesoleva paragrahvi 3. lõikes sätestatud juhul osa omandanud osanik ei tasu osa või osa nimiväärtuse suurendamise eest õigeaegselt, vastutab tema poolt osaühingule tasumata sissemakse eest osaühingu ees solidaarselt ka isik, kes kaotas osa või osa nimiväärtuse suurendamise.

Leht 36 / 143 Äriseadustik

[RT I 2010, 77, 589- jõust. 01.01.2011]
(5) Kui käesoleva paragrahvi 3. lõikes sätestatud juhul ei võõranda osaühing osa teistele osanikele või kolmandatele isikutele, vastutavad puuduoleva sissemakse eest teised osanikud solidaarselt. Osanike omavahelistes suhetes vastutavad osanikud vastavalt oma osade nimiväärtustele.
[RT I 2010, 77, 589- jõust. 01.01.2011]

§ 157. Väljamaksete tegemine

(1) Osanikele võib teha väljamakseid puhaskasumist või eelmiste majandusaastate jaotamata kasumist, millest on maha arvatud eelmiste aastate katmata kahjum, kinnitatud majandusaasta aruande alusel.
[RT I 2009, 13, 78- jõust. 01.07.2009]
(2) Osanikule makstakse osa kasumist (dividend) võrdeliselt tema osa nimiväärtusega, kui põhikirjaga ei ole ette nähtud teisiti.
(3) Osanikele ei tohi teha väljamakseid, kui ühingu viimase majandusaasta lõppemisel kinnitatud majandusaasta aruandest ilmnev ühingu netovara on väiksem või jääks väiksemaks osakapitali ja reservide kogusummast, mille väljamaksmine osanikele ei ole lubatud seadusest või põhikirjast tulenevalt.
(31) Kui ühing kapitaliseerib immateriaalse põhivarana arendustegevusega seotud väljaminekuid ja arendusväljaminekud ei ole täielikult amortiseeritud, ei tohi kasumit jaotada, välja arvatud juhul, kui reservide, mida on võimalik kasutada kasumi jaotamiseks, ja eelmiste perioodide jaotamata kasumi summa on vähemalt võrdne amortiseerimata arendusväljaminekutega.
[RT I, 30.12.2015, 4- jõust. 01.01.2016]
(4) Osanikul on õigus nõuda osanike otsusega ettenähtud dividendi väljamaksmist.
(5) Dividend makstakse välja rahas. Osaniku nõusolekul võib dividendi välja maksta ka muus varas. [RT I 2005, 57, 449- jõust. 01.01.2006]

§ 158. Ebaseadusliku väljamakse tagastamine

(1) Kui osanikule on tehtud väljamakse, mida tal ei olnud õigust saada, peab ta alusetult saadu tagastama. (2) Kui osanik väljamakset saades ei teadnud ega pidanudki teadma selle alusetusest, võib väljamakse
tagastamist nõuda üksnes juhul, kui see on vajalik osaühingu võlausaldajate nõuete rahuldamiseks.
(3) Käesoleva paragrahvi 1. lõikes nimetatu tagastamist osaühingule võib nõuda ka osaühingu võlausaldaja, kui ta ei saa oma nõuet rahuldada osaühingu vara arvel. Osaühingu pankrotimenetluses võib nõude osaühingu nimel esitada üksnes pankrotihaldur.
(4) Käesoleva paragrahvi 1.–3. lõikes sätestatust erinev kokkulepe kehtib osaühingu võlausaldajate ja pankrotihalduri suhtes üksnes juhul, kui kokkulepe sõlmiti osaühingu pankrotimenetluses. Nõuete tasaarvestamine ei ole lubatud.
(5) Käesoleva paragrahvi 1.–3. lõikes sätestatud nõuded aeguvad viie aasta möödumisel väljamaksete tegemisest.
(6) Ebaseadusliku väljamakse põhjustanud juhatuse ja nõukogu liikmed vastutavad väljamakse tagastamise eest solidaarselt väljamakse saanud osanikuga.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 159. Laenukeeld

(1) Osaühing ei või anda laenu:
1) oma osanikule, kelle osa esindab rohkem kui 5 protsenti osakapitalist;
2) oma emaettevõtja osanikule, aktsionärile või liikmele, kelle osa või aktsiatega on esindatud rohkem kui 5
protsenti emaettevõtja osa- või aktsiakapitalist;
3) isikule osaühingu osa omandamiseks;
4) oma juhatuse ega nõukogu liikmele ega prokuristile.
(2) Tütarettevõtja võib anda laenu oma emaettevõtjale või emaettevõtja aktsionärile, osanikule või liikmele, mis moodustab tütarettevõtjaga sama kontserni, kui sellega ei kahjustata osaühingu majanduslikku seisundit ega võlausaldajate huve. Tütarettevõtja ei või anda käesoleva lõike esimeses lauses nimetatud isikutele laenu osaühingu osa omandamiseks.
[RT I 2008, 16, 116- jõust. 15.04.2008]

Äriseadustik Leht 37 / 143

(3) Osaühing ei või ka tagada käesoleva paragrahvi lõikes 1 nimetatud isikute poolt võetavat laenu. Keeld ei kehti emaettevõtja poolt võetava laenu tagamisele ning tütarettevõtjaga sama kontserni moodustava emaettevõtja aktsionäri, osaniku või liikme poolt võetava laenu tagamisele, kui sellega ei kahjustata osaühingu majanduslikku seisundit ega võlausaldajate huve. Osaühing ei või tagada osaühingu osa omandamiseks võetavat laenu.
[RT I 2008, 16, 116- jõust. 15.04.2008]
(4) Käesoleva paragrahvi 1. ja 2. lõikes sätestatut rikkuv tehing on tühine. Käesoleva paragrahvi 3. lõikes sätestatu rikkumine ei too kaasa tehingu tühisust, kuid isik, kelle laenu tagati, peab hüvitama tagamisega osaühingule tekkinud kahju.
(5) Käesoleva paragrahvi 1.–4. lõikes sätestatut kohaldatakse vastavalt krediidilepingutele ja muudele majanduslikult samaväärsetele tehingutele
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 160. Reservkapital

(1) Reservkapital moodustatakse iga-aastastest puhaskasumi eraldistest, samuti muudest eraldistest, mis kantakse reservkapitali seaduse või põhikirja alusel.
(2) Kui põhikirjas on ette nähtud reservkapitali moodustamine, siis ei või see olla väiksem kui 1/10 osakapitalist.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(3) Igal majandusaastal tuleb reservkapitali kanda vähemalt 1/20 puhaskasumist. Kui reservkapital saavutab põhikirjas ettenähtud suuruse, lõpetatakse reservkapitali suurendamine puhaskasumi arvelt.

§ 161. Reservkapitali kasutamine

(1) Reservkapitali võib osanike otsusel kasutada kahjumi katmiseks, kui seda ei ole võimalik katta osaühingu vabast omakapitalist (eelmiste perioodide jaotamata kasumi ja põhikirjas ettenähtud reservkapitali arvelt), samuti osakapitali suurendamiseks.
(2) Reservkapitalist ei või teha osanikele väljamakseid.

§ 162. Oma osa omandamine ja tagatiseks võtmine

(1) Osaühing ei või omandada ega tagatiseks võtta oma osa, kui seaduses ei ole sätestatud teisiti. (2) Oma osa omandamine või tagatiseks võtmine osaühingu poolt on lubatud, kui:
1) see on toimunud viie aasta jooksul osanike sellise otsuse vastuvõtmisest arvates, millega on määratud
osade omandamise või tagatiseks võtmise tingimused ja tähtaeg ning osade eest tasutavad miinimum- ja
maksimumsummad;
[RT I 2008, 16, 116- jõust. 15.04.2008]
11) osaühingule kuuluva osa nimiväärtus ei ületa 1/3 osakapitalist ja
[RT I, 04.03.2015, 4- jõust. 01.07.2015]
2) osa omandamine ei too kaasa netovara vähenemist alla osakapitali ja reservide kogusumma, mille
väljamaksmine osanikele ei ole lubatud seadusest või põhikirjast tulenevalt.
[RT I 2008, 16, 116- jõust. 15.04.2008]
(3) Osaühing võib oma osa omandada käesoleva paragrahvi 2. lõikes sätestatud piiranguteta, kui osa omandatakse pärimisega.
(4) Osaühingu oma osad ei anna osaühingule mingeid osanikuõigusi.
(5) Osaühing ei või omandada ise ega kolmanda isiku kaudu, kes tegutseb oma nimel, kuid ühingu arvel, oma osa osaühingu asutamisel ega osakapitali suurendamisel.
(6) Äriühing ei või omandada emaettevõtjaks oleva osaühingu osakapitali suurendamisel selle osa.
(61) Osaühing ei või omandada ega tagatiseks võtta oma osa, mille eest ei ole sissemakset täielikult tasutud. [RT I, 02.11.2011, 1- jõust. 12.11.2011]
(7) Käesoleva paragrahvi 1., 2., 5., 6. ja 61. lõikes sätestatuga vastuolus olev kohustustehing on tühine. See ei mõjuta osa omandamise või tagatiseks võtmise kehtivust.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 163. Oma osa võõrandamine

(1) Kui osaühing on oma osad omandanud või tagatiseks võtnud käesoleva seadustiku § 162 3. lõike alusel ja nende nimiväärtuste summa koos kõigi osaühingule kuuluvate või tagatiseks võetud oma osade nimiväärtuste summaga ületab 1/3 osakapitalist, tuleb sellisel viisil omandatud või tagatiseks võetud 1/3 ületavad osad

Leht 38 / 143 Äriseadustik

võõrandada või nende tagatiseks võtmine lõpetada kolme aasta jooksul omandamisest või tagatiseks võtmisest arvates.
[RT I, 04.03.2015, 4- jõust. 01.07.2015]
(2) Kui osaühing on omandanud või tagatiseks võtnud oma osasid seadusvastaselt, peab need võõrandama või tagatiseks võtmise lõpetama ühe aasta jooksul omandamisest või tagatiseks võtmisest arvates.
[RT I 2008, 16, 116- jõust. 15.04.2008]
(3) Kui osasid ei võõrandata või tagatiseks võtmist ei lõpetata käesoleva paragrahvi 1. ja 2. lõikes nimetatud tähtaja jooksul, peab need tühistama ja osakapitali vastavalt vähendama.
[RT I 2008, 16, 116- jõust. 15.04.2008]

§ 164. Osade vastastikune omandamine või tagatiseks võtmine

Tütarettevõtja võib omandada või tagatiseks võtta emaettevõtja osasid samadel tingimustel kui oma osasid või aktsiaid. Kui tütarettevõtja omandab või võtab tagatiseks emaettevõtja osasid, loetakse, et need osad on käesoleva seaduse tähenduses omandanud või tagatiseks võtnud emaettevõtja.

§ 165. Ühine osa

(1) Kui osa kuulub mitmele isikule ühiselt, võivad need isikud teostada osaga seotud õigusi üksnes ühiselt. See ei kehti osaühingu suhtes, kui osa ühisest kuuluvusest ei ole osaühingule teatatud. Osa ühisel omanikul on õigus nõuda enda kandmist osanike nimekirja.
(2) Kui osa kuulub mitmele isikule ühiselt, vastutavad need isikud osaga seotud kohustuste täitmise eest solidaarselt.
(3) Kui osanikud ei ole määranud endale osast tulenevate õiguste teostamiseks ühist esindajat, loetakse osaühingu poolt ühiste osanike suhtes tehtud tehing kehtivaks ka siis, kui see on tehtud üksnes ühe osaniku suhtes.
[RT I 2010, 77, 589- jõust. 01.01.2011]

§ 166. Osaniku õigus teabele

(1) Osanikel on õigus saada juhatuselt teavet osaühingu tegevuse kohta ja tutvuda osaühingu dokumentidega. (2) Juhatus võib keelduda teabe andmisest ja dokumentide esitamisest, kui on alust eeldada, et see võib tekitada
olulist kahju osaühingu huvidele.
(3) Osanik võib juhul, kui juhatus keeldub teabe andmisest või dokumentidega tutvumise võimaldamisest, nõuda, et tema nõudmise õiguspärasuse üle otsustaks osanike koosolek, või esitada kahe nädala jooksul, alates juhatuse keeldumise saamisest, või nelja nädala jooksul, alates taotluse esitamisest, kui juhatus sellele ei
ole vastanud, hagita menetluses kohtule avalduse juhatuse kohustamiseks teavet andma või dokumentidega tutvumist võimaldama.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 167. Osaniku väljaarvamine

(1) Kohus võib osaühingu hagi alusel osaniku osaühingust välja arvata, kui osanik on oma kohustuse mõjuva põhjuseta olulisel määral täitmata jätnud või on muul viisil osaühingu huve oluliselt kahjustanud ega ole kohustust täitnud ega kahjustamist lõpetanud, vaatamata ka osaühingu kirjalikule hoiatusele.
(2) Hagi osaniku väljaarvamiseks võivad osaühingu nimel esitada osanikud, kelle osadega on esindatud üle poole osakapitalist, kui põhikirjaga ei ole ette nähtud suurema esindatuse nõuet.
(3) Osaniku väljaarvamisel müüakse osaniku osa avalikul enampakkumisel või kohtu määratud muul viisil. Müügist saadud raha, millest arvatakse maha müügiks tehtud mõistlikud kulutused, tagastatakse osanikule. [RT I 2008, 59, 330- jõust. 01.01.2009]

§ 1671. Vastutus osaühingu kahjustamise eest osaühingu tegevuse mõjutamise kaudu

(1) Oma mõju osaühingule ära kasutades juhatuse või nõukogu liiget või prokuristi osaühingu kahjuks tegutsema mõjutanud isik peab hüvitama osaühingule sellega tekitatud kahju.
(2) Käesoleva paragrahvi 1. lõikes sätestatud juhul oma kohustusi rikkunud juhatuse või nõukogu liige või prokurist vastutab solidaarselt teda mõjutanud isikuga, välja arvatud juhul, kui ta tõendab, et on oma kohustusi täitnud korraliku ettevõtja hoolsusega.

Äriseadustik Leht 39 / 143

(3) Käesoleva paragrahvi 1. lõikes sätestatud juhul vastutavad mõjutanud isikuga solidaarselt ka isikud, kes said kahjustamisest kasu.
(4) Käesoleva paragrahvi 1.–3. lõikes sätestatud nõuete aegumistähtaeg on viis aastat.
(5) Käesoleva paragrahvi 1.–3. lõikes nimetatud kahju hüvitamist osaühingule võib nõuda ka osaühingu võlausaldaja, kui ta ei saa oma nõudeid rahuldada osaühingu vara arvel. Osaühingu pankroti väljakuulutamise korral võib selle nõude osaühingu nimel esitada üksnes pankrotihaldur.
(6) Võlausaldajal või pankrotihalduril on õigus käesoleva paragrahvi 5. lõikes nimetatud nõue esitada ka juhul, kui osaühing on nõudest loobunud või sõlminud kompromisslepingu või nõuet või selle esitamist kokkuleppe tulemusena muul viisil piiranud või aegumistähtaega lühendanud.
[RT I 2007, 67, 413- jõust. 28.12.2007]

§ 1672. Vahetusvõlakiri

(1) Kui see on ette nähtud põhikirjas, võib osaühing osanike otsusel osakapitali tingimuslikuks suurendamiseks lasta välja võlakirju, mille omanikul on õigus vahetada võlakiri osa vastu (vahetusvõlakiri).
(2) Vahetusvõlakiri on nimeline. Vahetusvõlakirja võib võõrandada samadel tingimustel kui osa. (3) Vahetusvõlakirju võib lasta välja pärast osaühingu kandmist äriregistrisse.
(4) Osanikel on vahetusvõlakirjade märkimise eesõigus käesoleva seadustiku §-s 193 sätestatud korras.
(5) Vahetusvõlakirja eest tuleb tasuda rahas vähemalt selle nimiväärtus. Võlakirja vastu väljalastava osa nimiväärtus võib olla võlakirja nimiväärtusest suurem üksnes juhul, kui see vahe tasutakse rahas.
(6) Vahetusvõlakirjade nimiväärtuste summa ei või olla suurem kui 1/2 osakapitalist. [RT I, 04.03.2015, 4- jõust. 01.07.2015]

20. peatükk

JUHTIMINE

§ 168. Osanike pädevus

(1) Osanike pädevusse kuulub:
1) põhikirja muutmine;
2) osakapitali suurendamine ja vähendamine;
3) nõukogu liikmete valimine ja tagasikutsumine;
4) kui ühingul ei ole nõukogu – juhatuse liikmete valimine ja tagasikutsumine;
[RT I 2008, 16, 116- jõust. 15.04.2008]
5) majandusaasta aruande kinnitamine ja kasumi jaotamine;
6) osa jagamine, kui põhikirjast ei tulene teisiti;
[RT I, 04.03.2015, 4- jõust. 01.07.2015]
7) audiitori valimine;
8) erikontrolli määramine;
9) kui ühingul ei ole nõukogu – prokuristi nimetamine ja tagasikutsumine;
10) nõukogu liikmega või juhul, kui ühingul ei ole nõukogu, siis juhatuse liikmega tehingu tegemise
otsustamine, tehingu tingimuste määramine, õigusvaidluse pidamise otsustamine ning selles tehingus või
vaidluses osaühingu esindaja määramine;
[RT I 2008, 16, 116- jõust. 15.04.2008]
11) osaühingu lõpetamise, ühinemise, jagunemise ja ümberkujundamise otsustamine;
12) muude seaduse või põhikirjaga osanike pädevusse antud küsimuste otsustamine.
(2) Osanikud võivad võtta vastu otsuseid ka juhatuse ja nõukogu pädevusse kuuluvates küsimustes. Sellisel juhul vastutavad osanikud nagu juhatuse või nõukogu liikmed.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 169. Osaniku häälte arv

(1) Osaniku häälte arv peab olema võrdeline tema osa suurusega, kui põhikirjast ei tulene teisiti. [RT I, 04.03.2015, 4- jõust. 01.07.2015]
(2) Osa iga üks euro annab ühe hääle, kui põhikirjaga ei ole ette nähtud teisiti. [RT I 2010, 20, 103- jõust. 01.07.2010]

Leht 40 / 143 Äriseadustik

§ 170. Osanike koosolek

(1) Osanikud võtavad otsuseid vastu koosolekul või käesoleva seadustiku §-s 173 sätestatud viisil. Seaduses sätestatud juhtudel võivad osanikud otsuseid vastu võtta ainult osanike koosolekul.
(2) Osanike koosolek on pädev vastu võtma otsuseid, kui sellel on esindatud üle poole osadega esindatud häältest, kui põhikirjaga ei ole ette nähtud suurema esindatuse nõuet.
(3) Osanik võib osaleda koosolekul isiklikult või esindaja kaudu, kelle esindusõiguse olemasolu on kirjalikku taasesitamist võimaldavas vormis dokumendiga tõendatud.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(4) Osanike koosoleku korraldamise kulud kannab osaühing. Kui osanike koosolek kutsutakse kokku osanike nõudel või nad kutsuvad selle kokku ise, võib osanike koosoleku otsusega, mille poolt on antud vähemalt 2/3 koosolekul esindatud häältest, jätta kulud koosoleku kokkukutsumist taotlenud või kokku kutsunud osanike kanda.
[RT I 2009, 13, 78- jõust. 01.07.2009]
(5) Osaühingu põhikirjaga võib ette näha, et osanik võib hääletada osanike koosoleku päevakorras olevate punktide kohta koostatud otsuste eelnõusid, edastades oma hääle osaühingule enne osanike koosolekut posti teel kirjalikus vormis. Käesoleva seadustiku § 29822.–4. lõiget kohaldatakse vastavalt.
[RT I 2009, 51, 349- jõust. 15.11.2009]

§ 1701. Elektrooniline hääletamine

(1) Osaühingu põhikirjaga võib ette näha, et osanikud võivad osanike koosoleku päevakorras olevate punktide kohta koostatud otsuste eelnõusid hääletada elektrooniliste vahendite abil enne koosolekut või koosoleku kestel, kui see on tehniliselt turvalisel viisil võimalik.
(2) Elektrooniliselt hääletanud osanik loetakse koosolekul osalevaks ja osaniku osaga esindatud hääled arvestatakse koosoleku kvoorumi hulka, kui seaduses ei ole sätestatud teisiti. Kui koosolekul hääletatakse ainult enne koosolekut avalikustamata otsuste eelnõusid, mille kohta ei ole osanik ühtegi häält edastanud, siis ei loeta osanikku koosolekul osalevaks.
(3) Põhikirjaga nähakse ette elektroonilise hääletamise korraldamise täpne kord. Põhikirjaga võib ette näha, et elektroonilise hääletamise korra määrab juhatus. Põhikirjaga või juhatuse poolt ette nähtav kord peab tagama osanike tuvastamise ning elektroonilise hääletamise turvalisuse ja usaldusvääruse ning olema nende eesmärkide saavutamiseks proportsionaalne.
(4) Elektrooniline hääletamine peab toimuma elektroonilises vormis. Põhikirjaga võib määrata ajahetke, milleni on võimalik enne koosolekut või koosoleku kestel elektrooniliselt hääletada.
(5) Põhikirjaga või juhatuse või nõukogu otsusega võib ette näha, et toimub koosoleku osaline või täielik ülekanne reaalajas Interneti vahendusel, kahesuunalise side abil või muul tehniliselt turvalisel viisil. Ülekande jälgimist ei loeta koosolekul osalemiseks käesoleva seadustiku tähenduses.
[RT I 2009, 51, 349- jõust. 15.11.2009]

§ 171. Osanike koosoleku kokkukutsumine

(1) Osanike koosoleku kutsub kokku juhatus.
(2) Juhatus kutsub kokku osanike koosoleku, kui see on osaühingu huvides vajalik, samuti kui: [RT I 2005, 57, 449- jõust. 01.01.2006]
1) osaühingul on netovara (bilansi aktiva üldsumma miinus passivas näidatud kohustuste üldsumma) järel vähem kui pool osakapitalist või vähem kui käesoleva seadustiku §-s 136 nimetatud osakapitali suurus või muu seaduses sätestatud osakapitali minimaalne suurus või
[RT I 2005, 57, 449- jõust. 01.01.2006]
2) seda nõuab nõukogu või audiitor või
3) seda nõuavad osanikud, kelle osadega on esindatud vähemalt 1/10 osakapitalist.
(3) Kui juhatus ei kutsu osanike koosolekut kokku ühe kuu jooksul nõukogu, audiitori või osanike nõude saamisest, on nõukogul, audiitoril või osanikel õigus koosolek ise kokku kutsuda.
(4) Osanike koosolekul koostatakse seal osalevate osanike nimekiri, millesse kantakse nende nimed ja nende osadest tulenev häälte arv ning koosolekul osalemise viis, samuti osanike esindajate nimed. Kui osanik on hääletanud enne koosolekut elektrooniliselt või posti teel, tuleb nimekirjas näidata ka hääletamise kuupäev.

Äriseadustik Leht 41 / 143

Nimekirjale kirjutavad alla koosoleku juhataja ja protokollija, samuti koosolekul füüsiliselt kohal olev osanik või tema esindaja.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(5) Osanike koosolek protokollitakse. Osanike koosoleku protokollile kohaldatakse vastavalt § 304 1.–6. lõikes sätestatut.
(6) Kui osanike koosolekul ei ole esindatud käesoleva seadustiku § 170 2. lõikes nimetatud hääled ning koosolek ei ole seetõttu otsustusvõimeline, kutsub juhatus päevakorda muutmata kokku uue koosoleku, mis on pädev otsuseid vastu võtma koosolekul esindatud häältest sõltumata. See kehtib üksnes juhul, kui uue koosoleku kokkukutsumise teade on saadetud osanikele mitte varem kui kaks päeva pärast esimest koosolekut ja mitte hiljem kui kümnendal päeval pärast esimest koosolekut.
[RT I 2010, 77, 589- jõust. 01.01.2011]

§ 1711. Osanike koosoleku päevakord

[RT I 2005, 57, 449- jõust. 01.01.2006]
(1) Osanike koosoleku päevakorra määrab juhatus, kui põhikirjaga ei ole ette nähtud teisiti. Kui osanike koosoleku kutsuvad kokku osanikud, nõukogu või audiitor, määravad nemad ka koosoleku päevakorra. [RT I 2005, 57, 449- jõust. 01.01.2006]
(2) Osanikud, kelle osadega on esindatud vähemalt 1/10 osakapitalist, võivad nõuda täiendavate küsimuste võtmist päevakorda. Päevakorda ei muudeta enne koosolekut, kui vastav nõue esitatakse hiljem kui kolm päeva enne osanike koosoleku toimumist.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(3) Küsimuse, mida ei olnud eelnevalt osanike koosoleku päevakorda võetud, võib päevakorda võtta
vähemalt 9/10 osanike koosolekul osalevate osanike nõusolekul, kui nende osadega on esindatud vähemalt 2/3
osakapitalist. Käesoleva seadustiku § 17011. lõikes nimetatud viisil osaleva osaniku osadega esindatud hääli ei arvestata koosoleku kvoorumi hulka.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(4) Eelnevalt päevakorda võtmata võib osanike koosolek otsustada järgmise koosoleku kokkukutsumise ja lahendada avaldused, mis puudutavad päevakorraga seotud korralduslikke küsimusi ja koosoleku pidamise korda, samuti võib osanike koosolekul ilma otsust tegemata arutada muid küsimusi.
[RT I 2008, 16, 116- jõust. 15.04.2008]

§ 1712. Otsuse eelnõu

(1) Koosoleku kokkukutsuja koostab iga päevakorrapunkti kohta otsuse eelnõu, kui põhikirjaga ei ole ette nähtud teisiti.
(2) Kui osanike koosoleku kutsuvad kokku osanikud, nõukogu või audiitor, peavad nad koostatud otsuste eelnõud esitama juhatusele enne osanike koosoleku kokkukutsumisest teatamist. Otsuste eelnõud võib täiendavalt märkida koosoleku kokkukutsumise teatesse.
(3) Kui osanikud nõuavad täiendavate küsimuste võtmist päevakorda, peavad nad samaaegselt päevakorra täiendamise nõudega esitama osaühingule iga täiendava küsimuse kohta otsuse eelnõu või põhjenduse.
(4) Osaühing peab juhatuse koostatud ja osanike, nõukogu või audiitori esitatud otsuste eelnõud ja põhjendused tegema osanikele kättesaadavaks osaühingu määratud kohas või osaühingu kodulehel. Otsuste eelnõudega
peab olema võimalik tutvuda vähemalt koosolekust teatamisest kuni osanike koosoleku toimumise päevani, kui seaduses ei ole sätestatud teisiti.
(5) Käesoleva paragrahvi 3. lõikes nimetatud otsuste eelnõud ja põhjendused peab osaühing tegema osanikele kättesaadavaks viivitamata pärast nende esitamist osaühingule, kui need esitatakse osaühingule pärast osanike koosolekust teatamist.
(6) Käesoleva paragrahvi 2. lõikes nimetatud otsuste eelnõude kättesaadavaks tegemata jätmine ei ole osanike koosoleku kokkukutsumise korra oluline rikkumine.
[RT I 2009, 51, 349- jõust. 15.11.2009]

§ 172. Osanike koosoleku kokkukutsumise teade

(1) Juhatus saadab osanike koosoleku toimumise teate kõigile osanikele. Teade saadetakse osanike nimekirja kantud aadressil või elektronposti aadressil. Kui osaühing teab või peab teadma, et osaniku aadress erineb osanike nimekirja kantust, tuleb teade saata ka sellel aadressil. Teade peab olema saadetud selliselt, et see tavalise edastamise korral jõuaks adressaadini vähemalt üks nädal enne koosoleku toimumist.
[RT I 2010, 77, 589- jõust. 01.01.2011]

Leht 42 / 143 Äriseadustik

(2) Teates tuleb näidata osanike koosoleku toimumise aeg, koht ja päevakord ning koht või osaühingu kodulehe aadress, kus on võimalik tutvuda otsuste eelnõudega ja põhjendustega, samuti muud koosolekuga seonduvalt tähtsust omavad asjaolud. Kui osaühing võimaldab elektroonilist või posti teel hääletamist, tuleb teates näidata teave elektroonilise ja posti teel hääletamise korra ja tähtaja kohta.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(3) Kui pärast osanike koosoleku kokkukutsumise teate saatmist päevakorda osanike nõudel muudetakse, tuleb päevakorra muutmisest enne osanike koosoleku toimumist teatada samas korras ja sama tähtaja jooksul nagu osanike koosoleku kokkukutsumise teate saatmisel.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(4) Kui osa kuulub mitmele isikule ühiselt ja osanikud ei ole määranud endale osast tulenevate õiguste teostamiseks ühist esindajat, loetakse osanike koosoleku kokkukutsumise teade saadetuks kõigile osa ühiselt omavatele isikutele ka juhul, kui see on saadetud üksnes neile osanikele, kes on osanikena kantud osanike nimekirja. Kui osaühing teab või peab teadma, et kõik isikud, kellele osa kuulub, ei ole osanike nimekirja kantud, tuleb teade saata kõigile osanikele.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(5) Kui käesoleva paragrahvi 4. lõikes nimetatud juhul on teade saadetud kõigile osanikele ja koosolekul osaleb ainult üks isikutest, kellele osa ühiselt kuulub, eeldatakse, et kohal oleval osanikul on õigus esindada teisi ühisosanikke. See ei kehti, kui otsus võetakse vastu koosolekut kokku kutsumata.
[RT I 2010, 77, 589- jõust. 01.01.2011]

§ 1721. Osanike koosoleku kokkukutsumise korra rikkumine

Kui osanike koosoleku kokkukutsumisel on oluliselt rikutud seaduse või põhikirja nõudeid, ei ole osanike koosolek õigustatud otsuseid vastu võtma, välja arvatud siis, kui koosolekul osalevad või on esindatud kõik osanikud. Sellisel koosolekul tehtud otsused on tühised, kui osanikud, kelle suhtes kokkukutsumise korda rikuti, otsust heaks ei kiida.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 173. Otsuse vastuvõtmine koosolekut kokku kutsumata

(1) Osanikel on õigus vastu võtta otsuseid osanike koosolekut kokku kutsumata.
(2) Juhatus saadab käesoleva paragrahvi 1. lõikes nimetatud otsuse eelnõu kirjalikku taasesitamist võimaldavas vormis kõigile osanikele, määrates tähtaja, mille jooksul osanik peab esitama selle kohta oma seisukoha kirjalikku taasesitamist võimaldavas vormis. Kui osanik ei teata nimetatud tähtaja jooksul, kas ta on otsuse poolt või vastu, loetakse, et ta hääletab otsuse vastu.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(3) Hääletustulemuste kohta koostab juhatus hääletusprotokolli ja saadab selle viivitamata osanikele. Hääletusprotokolli kantakse:
1) osaühingu ärinimi ja asukoht;
2) protokollija nimi;
3) vastuvõetud otsused koos hääletamistulemustega (sealhulgas otsuse poolt hääletanud osanikud nimeliselt);
4) otsuse suhtes eriarvamusele jäänud osaniku nõudel tema eriarvamuse sisu;
5) muud hääletamise suhtes olulise tähtsusega asjaolud.
(4) Käesoleva paragrahvi 2. lõikes nimetatud osanike kirjalikku taasesitamist võimaldavas vormis esitatud seisukohad on hääletusprotokolli lahutamatuks lisaks.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(41) Kui osanike otsus on aluseks juhatuse liikme valimisele, peab hääletusprotokollile alla kirjutama juhatuse liige, kelle kohta on tehtud kanne äriregistrisse, või osaühingu osanik. Eelmises lauses nimetatud isiku poolt hääletusprotokollile antud allkiri peab olema notariaalselt kinnitatud. Allkirja notariaalset kinnitamist asendab hääletusprotokolli digitaalallkirjastamine käesoleva lõike esimeses lauses nimetatud isiku poolt.
[RT I 2008, 52, 288- jõust. 22.12.2008]
(42) Käesoleva paragrahvi 41. lõikes sätestatut ei pea järgima, kui otsustatakse juhatuse liikme ametiaja pikendamist. Käesoleva paragrahvi 41. lõikes sätestatut ei pea järgima ka juhul, kui juhatuse liikme registrisse kandmise avaldusele kirjutab alla juhatuse liige, kelle kohta on tehtud kanne äriregistrisse, või osaühingu osanik. [RT I 2008, 52, 288- jõust. 22.12.2008]
(5) [Kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]

Äriseadustik Leht 43 / 143

(6) Kui osaühingul on üks osanik või kui lisaks temale on osanikuks vaid osaühing ise, võib otsuseid vastu võtta, järgimata §-s 170, § 171 4.–6. lõikes, §-s 172 ning käesoleva paragrahvi 1.–41. lõikes sätestatut. Sel juhul tuleb otsus vormistada kirjalikult ja allkirjastada osanike poolt ning selles tuleb märkida muu hulgas osanike nimed ja häälte arv, samuti otsuse tegemise aeg. Kui osanike otsus on aluseks juhatuse liikme valimisele,
peab ühe osaniku allkiri olema notariaalselt kinnitatud. Allkirja notariaalset kinnitamist asendab otsuse
digitaalallkirjastamine eelmises lauses nimetatud isiku poolt. Käesoleva paragrahvi 42. lõiget kohaldatakse juhatuse liikme valimisele vastavalt.
[RT I 2008, 52, 288- jõust. 22.12.2008]
(7) Käesoleva paragrahvi lõikes 6 sätestatut kohaldatakse ka juhul, kui osanikke on rohkem, kuid tingimusel, et nad kõik otsusega nõustuvad ja selle allkirjastavad.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 174. Osanike otsus

(1) Osanike otsus on vastu võetud, kui selle poolt antakse üle poole osanike koosolekul esindatud häältest, kui seaduses või põhikirjas ei ole ette nähtud suurema häälteenamuse nõuet.
(2) Kui otsus tehakse käesoleva seadustiku § 173 2. lõikes sätestatud korras, on otsus vastu võetud, kui selle poolt on antud üle poole osanike häältest, kui seaduses või põhikirjas ei ole ette nähtud suurema häälteenamuse nõuet.
[RT I 2008, 16, 116- jõust. 15.04.2008]
(3) Isiku valimisel loetakse valituks kandidaat, kes sai teistest enam hääli. Häälte võrdsel jagunemisel heidetakse liisku, kui põhikirjaga ei ole ette nähtud teisiti.
(4) Kui osanike koosoleku protokoll, hääletusprotokoll või osanike otsus esitatakse äriregistrile, peab see sisaldama osanike täielikku nimekirja, milles on näidatud igaühe häälte arv.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 175. Põhikirja muutmise otsustamine

(1) Põhikirja muutmise otsus on vastu võetud, kui selle poolt on antud vähemalt 2/3 koosolekul osalenud osanike häältest või käesoleva seadustiku § 174 2. lõikes nimetatud juhul vähemalt 2/3 osanike häältest, kui põhikirjas ei ole ette nähtud suurema häälteenamuse nõuet.
(2) Põhikirja muutmise otsus jõustub vastava kande tegemisel äriregistrisse. Äriregistrile esitatavale avaldusele peab lisama osanike otsuse põhikirja muutmise kohta, osanike koosoleku protokolli või hääletusprotokolli ja põhikirja uue teksti.

§ 176. Vara vähenemine

Kui osaühingul on netovara vähem kui pool osakapitalist või vähem kui käesoleva seadustiku §-s 136 nimetatud osakapitali suurus või muu seaduses sätestatud osakapitali minimaalne suurus, peavad osanikud otsustama:
1) osakapitali vähendamise või suurendamise tingimusel, et netovara suurus moodustaks seeläbi vähemalt poole osakapitalist ja vähemalt käesoleva seadustiku §-s 136 nimetatud osakapitali suuruse või muu seaduses sätestatud osakapitali minimaalse suuruse või
11) muude abinõude tarvitusele võtmise, mille tulemusena osaühingu netovara suurus moodustaks vähemalt poole osakapitalist ja vähemalt käesoleva seadustiku §-s 136 nimetatud osakapitali suuruse või muu seaduses sätestatud osakapitali minimaalse suuruse;
2) osaühingu lõpetamise, ühinemise, jagunemise või ümberkujundamise või
3) pankrotiavalduse esitamise.

§ 177. Hääleõiguse piiramine

(1) Osanik ei või hääletada, kui otsustatakse tema vabastamist kohustusest või vastutusest, nõusoleku andmist osanikule tema osa võõrandamiseks, osaniku ja osaühingu vahel tehingu tegemist või osanikuga õigusvaidluse pidamist ning selles tehingus või õigusvaidluses osaühingu esindaja määramist või küsimusi, mis puudutavad selle kontrollimist või hindamist, milline on osaniku või tema esindaja tegevus juhatuse või nõukogu liikmena. Esindatuse määramisel selle osaniku hääli ei arvestata.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(2) Käesoleva paragrahvi 1. lõikes sätestatut ei kohaldata, kui osaühingul on üksnes üks osanik või kui osanikuks on lisaks temale osaühing ise. Sel juhul peavad osaühingu ja ainuosaniku vahelised tehingud olema kirjalikud või nende kohta tuleb viivitamata vormistada osaniku allkirjastatud dokument tehingu oluliste tingimuste kohta.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(3) Käesoleva paragrahvi 1. lõikes sätestatust sõltumata võib osanik hääletada enda valimisel juhatuse liikmeks, ametiaja pikendamisel ja tagasikutsumisel.
[RT I 2010, 77, 589- jõust. 01.01.2011]

Leht 44 / 143 Äriseadustik

§ 1771. Osanike otsuse tühisus

(1) Osanike otsus on tühine, kui see rikub osaühingu võlausaldajate kaitseks või muu avaliku huvi tõttu kehtestatud seaduse sätet või ei vasta headele kommetele, samuti kui rikuti oluliselt otsuse teinud osanike koosoleku kokkukutsumise või otsuse tegemise korda. Otsus on tühine ka seaduses sätestatud muul juhul. [RT I 2010, 77, 589- jõust. 01.01.2011]
(2) Otsuse tühisusele võib kohtumenetluses tugineda nii hagi kui ka vastuväite esitamisega. [RT I 2005, 57, 449- jõust. 01.01.2006]
(3) Otsuse tühisusele ei saa tugineda, kui otsuse alusel on tehtud kanne äriregistrisse ja kande tegemisest on möödunud kaks aastat.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(4) Otsuse tühisuse tuvastamise kohtumenetluses kohaldatakse vastavalt käesoleva seaduse § 178 5. ja 6. lõiget. [RT I 2005, 57, 449- jõust. 01.01.2006]

§ 178. Osanike otsuse vaidlustamine

(1) Kohus võib osaühingu vastu esitatud hagi alusel kehtetuks tunnistada seaduse või põhikirjaga vastuolus oleva osanike otsuse. Nõude aegumistähtaeg on kolm kuud, alates osanike otsuse vastuvõtmisest.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(2) Otsuse kehtetuks tunnistamist ei saa nõuda, kui osanikud on otsust uue otsusega kinnitanud ja uue otsuse suhtes ei ole käesoleva paragrahvi 1. lõikes nimetatud tähtaja jooksul esitatud samas lõikes nimetatud hagi. [RT I 2005, 57, 449- jõust. 01.01.2006]
(3) Osanike otsuse kehtetuks tunnistamist saab nõuda juhatus või nõukogu, samuti juhatuse või nõukogu iga liige, kui otsuse täitmisega pandaks toime kuritegu või väärtegu või sellega ilmselt kaasneks kahju hüvitamise kohustus, ning osanik, kes ei osalenud otsuse tegemisel. Osanik, kes otsuse tegemisel osales, võib otsuse kehtetuks tunnistamist nõuda üksnes juhul, kui ta on lasknud protokollida oma vastuväite otsusele. Käesoleva seadustiku § 17011. lõikes või § 170 5. lõikes sätestatud viisil koosolekul osalev osanik võib otsuse kehtetuks tunnistamist nõuda ka vastuväite protokollimiseta.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(4) Kohus ei aruta hagi esitamisel asja enne, kui on möödunud käesoleva paragrahvi 1. lõikes nimetatud tähtaeg. Sama otsuse kehtetuks tunnistamiseks esitatud erinevad hagid liidetakse ühte menetlusse.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(5) Osanike otsuse kehtetuks tunnistamise kohtuotsus kehtib kõigi osanike, juhatuse ja nõukogu liikmete suhtes, sõltumata nende osalemisest kohtumenetluses.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(6) Kui kehtetuks tunnistatud otsuse alusel oli tehtud kanne äriregistrisse, saadab kohus otsuse ärakirja äriregistri pidajale kande muutmiseks.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 179. Aruannete kinnitamine

(1) Pärast majandusaasta lõppu koostab juhatus majandusaasta aruande raamatupidamise seaduses sätestatud korras.
[RT I 2009, 13, 78- jõust. 01.07.2009]
(2) Juhatus esitab majandusaasta aruande ja kasumi jaotamise ettepaneku osanikele. Majandusaasta aruande peab heaks kiitma ja vormistama vastavalt raamatupidamise seaduse §-s 25 sätestatule. Kui osaühingul on audiitor, peab aruandele lisama vandeaudiitori aruande. Kui osaühingul on nõukogu, peab aruandele lisama nõukogu arvamuse.
[RT I, 25.05.2012, 8- jõust. 04.06.2012]
(3) Majandusaasta aruande kinnitamise otsustavad osanikud. Osanik võib osaühingult nõuda, et vandeaudiitori aruande andnud audiitor osaleks majandusaasta aruande kinnitamise otsustamise juures ja annaks vandeaudiitori aruande kohta selgitusi. Vastav kirjalik nõue peab olema esitatud vähemalt viis päeva enne osanike koosolekut. [RT I 2010, 9, 41- jõust. 08.03.2010]
(4) Juhatus esitab kinnitatud majandusaasta aruande koos kasumi jaotamise või kahjumi katmise ettepanekuga, müügitulu jaotusega ja vandeaudiitori aruandega, kui audiitorkontroll on kohustuslik, äriregistrile kuue kuu jooksul arvates majandusaasta lõppemisest. Koos majandusaasta aruande esitamisega teatab juhatus äriregistrile,

Äriseadustik Leht 45 / 143

missugusel käesoleva seadustiku §-s 176 nimetatud viisil on osanikud otsustanud kahjumi katta. Kui võrreldes eelmise majandusaasta aruande kinnitamise ajaga on osanike andmed muutunud, esitatakse koos majandusaasta aruandega ka uus osanike nimekiri majandusaasta aruande kinnitamise seisuga. Nimekirjas tuleb märkida § 182
1. lõikes nimetatud andmed, osaniku aadressi asemel näidatakse üksnes elu- või asukohariik. [RT I 2010, 9, 41- jõust. 08.03.2010]
(41) [Kehtetu -RT I 2009, 54, 363- jõust. 01.01.2010]
(42) Raamatupidamise seaduse § 29 lõike 5 või 6 kohaselt peab konsolideerimisgrupi majandusaasta aruande koostamisest vabastatud äriühingu juhatus kuue kuu jooksul majandusaasta lõppemisest arvates esitama äriregistrile emaettevõtja koostatud konsolideerimisgrupi majandusaasta aruande koos vandeaudiitori aruandega, kui audiitorkontroll on kohustuslik. Konsolideerimisgrupi majandusaasta aruannet ega vandeaudiitori aruannet
ei pea äriregistrile esitama, kui emaettevõtja on Eestis registreeritud juriidiline isik. [RT I, 30.12.2015, 4- jõust. 01.01.2016]
(5) Kasumi jaotamise ettepanekus tuleb märkida § 332 3. lõikes nimetatud andmed. Kasumi jaotamise otsusele kohaldatakse vastavalt §-s 335 sätestatut.
(6) Müügitulu jaotus peab sisaldama andmeid aruandeaasta müügitulu kohta kuni kümne suurema tegevusala kaupa käesoleva seadustiku § 4 6. lõike alusel kehtestatud Eesti majanduse tegevusalade klassifikaatori
kohaselt. Konsolideerimisgrupi majandusaasta aruande korral esitatakse müügitulu jaotus konsolideeriva üksuse konsolideerimata kasumiaruande asjaomaste andmete alusel.
[RT I 2009, 54, 363- jõust. 01.01.2010]

§ 180. Juhatus

(1) Juhatus on osaühingu juhtorgan, mis esindab ja juhib osaühingut. [RT I 2009, 13, 78- jõust. 01.07.2009]
(2) Juhatusel võib olla üks liige (juhataja) või mitu liiget. Juhatuse liige ei pea olema osanik. Juhatuse liige peab olema teovõimeline füüsiline isik.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(3) Juhatuse liikmeks ei või olla nõukogu liige. Põhikirjas võib ette näha muid isikuid, kes ei või olla juhatuse liikmeks.
(31) Juhatuse liikmeks ei või olla ka isik, kelle suhtes kohus on vastavalt karistusseadustiku §-dele 49 või
491kohaldanud juhatuse liikmena tegutsemise keeldu või ettevõtluskeeldu, samuti isik, kellel on keelatud tegutseda samal tegevusalal, millel tegutseb osaühing, või kellel on keelatud olla juhatuse liige seaduse või kohtulahendi alusel.
[RT I 2008, 52, 288- jõust. 22.12.2008]
(4) Kui osaühingul on nõukogu, peab juhatus juhtimisel kinni pidama nõukogu seaduslikest korraldustest. Tehinguid, mis väljuvad igapäevase majandustegevuse raamest, võib juhatus teha ainult nõukogu nõusolekul. See piirang ei kehti kolmandate isikute suhtes.
(5) Juhatus peab esitama nõukogule vähemalt kord nelja kuu jooksul ülevaate osaühingu majandustegevusest
ja majanduslikust olukorrast, samuti teatama koheselt osaühingu majandusliku seisundi olulisest halvenemisest
ja muudest osaühingu majandustegevusega seotud olulistest asjaoludest. Juhatus peab teatama ka osaühinguga
samasse kontserni kuuluvate äriühingutega seotud asjaoludest, mis võivad oluliselt mõjutada osaühingu
tegevust.
(51) Kui osaühing on maksejõuetu ning maksejõuetus ei ole tema majanduslikust olukorrast tulenevalt ajutine, peab juhatus viivitamata, kuid mitte hiljem kui 20 päeva möödumisel maksejõuetuse ilmnemisest, esitama kohtule osaühingu pankrotiavalduse. Pärast maksejõuetuse ilmnemist ei või juhatuse liikmed teha osaühingu eest makseid, välja arvatud maksed, mille tegemine maksejõuetuse olukorras on kooskõlas korraliku ettevõtja hoolsusega. Juhatuse liikmed on solidaarselt kohustatud hüvitama osaühingule pärast maksejõuetuse ilmnemist osaühingu tehtud maksed, mille tegemine vaadeldavas olukorras ei olnud kooskõlas korraliku ettevõtja hoolsusega. Juhatuse liikmete vastutusele kohaldatakse käesoleva seaduse §-s 187 sätestatut.
(6) Kui juhatusel on üle kahe liikme, valivad juhatuse liikmed endi hulgast juhatuse esimehe, kes korraldab juhatuse tegevust. Kui osaühingul on nõukogu, võib osaühingu põhikirjas ette näha, et juhatuse esimehe määrab nõukogu.
(7) [Kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]
(8) Juhatuse täpsema töökorra võib ette näha põhikirjas või osanike, nõukogu või juhatuse otsusega. [RT I 2005, 57, 449- jõust. 01.01.2006]

Leht 46 / 143 Äriseadustik

§ 1801. Juhatuse liikme tasustamine

(1) Juhatuse liikmele makstava tasu suurus ja maksmise kord määratakse osanike otsusega, nõukogu olemasolul aga nõukogu otsusega.
(2) Osanikud või nõukogu peavad juhatuse liikme tasustamise korra ning tasude ja muude hüvede suuruse määramisel ning juhatuse liikmega lepingu sõlmimisel tagama, et juhatuse liikmele osaühingu poolt tehtavate maksete kogusumma oleks mõistlikus vastavuses juhatuse liikme ülesannete ja osaühingu majandusliku olukorraga.
(3) Kui osaühingu majanduslik olukord halveneb oluliselt ja juhatuse liikmele määratud või temaga kokkulepitud tasude edasimaksmine või muude hüvede jätkuv võimaldamine oleks osaühingu suhtes äärmiselt ebaõiglane, võib osaühing nõuda tasude ja muude hüvede vähendamist.
(4) Käesoleva paragrahvi lõikes 3 nimetatud vähendamine ei puuduta juhatuse liikmega sõlmitud lepingu muid tingimusi. Juhatuse liikmel on tasude või muude hüvede vähendamise nõude esitamise korral õigus temaga sõlmitud leping ühekuulise etteteatamisega erakorraliselt üles öelda.
(5) Kui välja kuulutatakse osaühingu pankrot ja juhatuse liikme leping lõpeb, võib juhatuse liige pankrotimenetluses nõuda lepingu lõppemisest tekkinud kahju hüvitamist lepingu lõppemisest alates kuni ühe aasta eest.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 181. Juhatuse esindusõigus

(1) Osaühingut võib kõikide tehingute tegemisel esindada iga juhatuse liige, kui põhikirjaga ei ole ette nähtud, et juhatuse liikmed esindavad osaühingut mitmekesi või ühiselt. Kolmandate isikute suhtes kehtib ühine esindus ainult siis, kui see on kantud äriregistrisse.
[RT I 2009, 13, 78- jõust. 01.07.2009]
(11) Kiirmenetluseks kasutatava põhikirjaga osaühingu juhatuse liikmete esindusõiguse erisused nähakse ette ühingu registrisse kandmise avalduses ning hiljem osanike otsuses. Osanike otsuse vastuvõtmisele ja jõustumisele kohaldatakse käesoleva seadustiku §-s 175 sätestatut.
[RT I 2006, 61, 456- jõust. 01.01.2007]
(2) Juhatuse liikmed on osaühingu nimel tehingute tegemisel kohustatud osaühingu suhtes järgima põhikirjas ettenähtud või osanike, nõukogu või juhatuse kehtestatud piiranguid. Esindusõiguse piiramine ei kehti kolmandate isikute suhtes.
(3) Osaühingu ja juhatuse liikme vahel tehtud tehing on tühine, kui tehinguga ei nõustunud osanikud või nõukogu. See ei kehti tehingu suhtes, mis tehakse osaühingu igapäevases majandustegevuses kauba või teenuse turuhinna alusel.
(4) Juhatuse liikmel ei ole õigust esindada osaühingut tehingute tegemisel, mille puhul vastavalt seadusele otsustavad esindaja määramise eraldi osanikud või nõukogu.
[RT I 2009, 13, 78- jõust. 01.07.2009]

§ 182. Osanike nimekiri

(1) Juhatus peab osanike nimekirja, milles tuleb näidata osanike nimed, aadressid ja isiku- või registrikoodid, samuti nende osade nimiväärtused. Aadressi ning isiku- ja registrikoodi suhtes kohaldatakse käesoleva seadustiku § 62.
[RT I 2006, 61, 456- jõust. 01.01.2007]
(2) Osanike nimekirjaga võivad tutvuda osanikud, juhatuse ja nõukogu liikmed ning pädevad riigiasutused, samuti teised isikud, kellel on õigustatud huvi.
(3) Osanike otsusel võib osad registreerida Eesti väärtpaberite keskregistris. Sel juhul peab osanike nimekirja Eesti väärtpaberite keskregistri pidaja. Osaühingu juhatus tagab osanike nimekirja pidajale seadusega sätestatud ja õigete andmete õigeaegse esitamise.
(4) Osade registreerimise korral Eesti väärtpaberite keskregistris peab osaühingu juhatus esitama äriregistri pidajale viivitamata Eesti väärtpaberite keskregistri pidaja teatise osade registreerimise kohta.

§ 183. Raamatupidamine

Juhatus korraldab osaühingu raamatupidamist.

Äriseadustik Leht 47 / 143

§ 184. Juhatuse liikmete valimine ja tagasikutsumine

(1) Juhatuse liikmed valitakse ja kutsutakse tagasi osanike poolt. Kui ühingul on nõukogu, valib ja kutsub juhatuse liikmed tagasi nõukogu. Juhatuse liikme volituse lõppemise või uue juhatuse liikme registrisse kandmise avaldusele tuleb lisada nõukogu otsus ja koosoleku protokoll, nõukogu puudumisel osanike koosoleku otsus ja koosoleku protokoll või hääletusprotokoll. Juhatuse liikmeks valimiseks on vajalik tema nõusolek.
(11) Kui osaühingul on nõukogu, kirjutab juhatuse liikme registrist kustutamise või juhatuse uue liikme registrisse kandmise avaldusele alla nõukogu esimees või tema volitatud isik.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(12) Kui juhatuse liige valitakse osanike koosolekul, siis peab koosoleku protokollija või juhataja olema juhatuse liige, kelle kohta on äriregistrisse tehtud kanne, või osaühingu osanik. Eelmises lauses nimetatud isiku poolt koosoleku protokollile antud allkiri peab olema notariaalselt kinnitatud. Allkirja notariaalset kinnitamist asendab protokolli digitaalallkirjastamine käesoleva lõike esimeses lauses nimetatud isiku poolt.
[RT I 2008, 52, 288- jõust. 22.12.2008]
(13) Käesoleva paragrahvi 12. lõikes sätestatut ei pea järgima, kui osanike koosoleku protokoll on notariaalselt tõestatud või kui otsustatakse juhatuse liikme ametiaja pikendamist. Käesoleva paragrahvi 12. lõikes sätestatut ei pea järgima ka juhul, kui juhatuse liikme registrisse kandmise avaldusele kirjutab alla juhatuse liige, kelle kohta on tehtud kanne äriregistrisse, või osaühingu osanik.
[RT I 2008, 52, 288- jõust. 22.12.2008]
(2) Juhatuse liige valitakse tähtajatult, kui põhikirjas ei ole tähtaega ette nähtud. Juhatuse liikme ametiaja pikendamist ei või otsustada varem kui üks aasta enne ametiaja kavandatavat möödumist ja pikemaks ajaks, kui on seaduses või põhikirjas ettenähtud ametiaja ülemmäär. Äriregistrisse kantud juhatuse liikme ametiaja pikendamise otsus tuleb esitada viivitamata äriregistri pidajale.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(3) Osanike otsusel võib juhatuse liikme sõltumata põhjusest tagasi kutsuda. Juhatuse liikmega sõlmitud lepingust tulenevad õigused ja kohustused lõpevad vastavalt lepingule. Juhatuse liikme lepingu ülesütlemisele kohaldatakse võlaõigusseaduses käsunduslepingu ülesütlemise kohta sätestatut. Kui ühingul on nõukogu, võib juhatuse liikme tagasi kutsuda nõukogu.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(4) [Kehtetu -RT I 1998, 59, 941- jõust. 10.07.1998]
(5) Kui osaühingul ei ole nõukogu, võivad osanikud, kelle osadega on esindatud vähemalt 1/10 osakapitalist, mõjuval põhjusel nõuda juhatuse liikme tagasikutsumist kohtu poolt.
(6) Mõjuval põhjusel võib väljalangenud juhatuse liikme asemele uue liikme määrata kohus nõukogu, osaniku või muu huvitatud isiku nõudel. Kohtu määratud juhatuse liikmel on õigus mõistlike kulutuste hüvitamisele osaühingu arvel ja mõistlikule tasule, mille määrab vaidluse korral kohus määrusega. Kohtu poolt määratud juhatuse liikme volitused kestavad kuni uue juhatuse liikme määramiseni osanike või nõukogu poolt.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(7) Juhatuse liige võib juhatusest tagasi astuda sõltumata põhjusest, teatades sellest enda määranud organile. Juhatuse liikmega sõlmitud lepingust tulenevad õigused ja kohustused lõpevad vastavalt lepingule. Juhatuse liikme lepingu ülesütlemisele kohaldatakse võlaõigusseaduses käsunduslepingu ülesütlemise kohta sätestatut. [RT I 2009, 51, 349- jõust. 15.11.2009]
(8) Kui juhatuse liikme kohta äriregistrisse tehtud kanne muutub juhatuse liikme tagasikutsumise, tagasiastumise või ametiaja lõppemise tõttu ebaõigeks, kohaldatakse käesoleva seadustiku §-s 61 sätestatut. [RT I 2009, 51, 349- jõust. 15.11.2009]

§ 185. Konkurentsikeeld

(1) Juhatuse liige ei või osanike nõusolekuta, nõukogu olemasolul aga nõukogu nõusolekuta:
1) olla füüsilisest isikust ettevõtjaks osaühingu tegevusalal;
2) olla osaühinguga samal tegevusalal tegutseva täisühingu osanik või usaldusühingu täisosanik;
3) olla osaühinguga samal tegevusalal tegutseva äriühingu juhtorgani liige, välja arvatud, kui on tegemist ühte
kontserni kuuluvate ühingutega.
[RT I 2009, 13, 78- jõust. 01.07.2009]
(2) Kui juhatuse liikme tegevus on vastuolus käesoleva paragrahvi 1. lõikes sätestatuga, võib osaühing nõuda juhatuse liikmelt keelatud tegevuse lõpetamist ja keelatud tegevusest saadud tulu üleandmist osaühingule, samuti kahju hüvitamist ulatuses, mis ületab sissenõutud tulu.
(3) Keelatud tegevuse lõpetamise ja keelatud tegevusest saadud tulu üleandmise nõude aegumistähtaeg on kolm kuud päevast, mil osaühing sai teada konkurentsikeelu rikkumisest, kuid mitte pikem kui kolm aastat konkurentsikeelu rikkumisest. Kahju hüvitamise nõudele kohaldatakse üldist aegumistähtaega.

Leht 48 / 143 Äriseadustik

§ 186. Ärisaladuse tagamine

(1) Juhatuse liikmed peavad hoidma osaühingu ärisaladust.
(2) Osaühing ei või nõuda käesoleva paragrahvi 1. lõikes näidatud kohustuse rikkumisega tekitatud kahju hüvitamist, kui juhatuse liikmed tegutsesid kooskõlas osanike koosoleku või nõukogu seadusliku otsusega.

§ 187. Juhatuse liikmete vastutus

[RT I 2005, 57, 449- jõust. 01.01.2006]
(1) Juhatuse liige peab oma kohustusi täitma korraliku ettevõtja hoolsusega.
(2) Juhatuse liikmed, kes on oma kohustuste rikkumisega tekitanud kahju osaühingule, vastutavad tekitatud kahju hüvitamise eest solidaarselt. Juhatuse liige vabaneb vastutusest, kui ta tõendab, et on oma kohustusi täitnud korraliku ettevõtja hoolsusega.
(3) Juhatuse liikme vastu esitatava nõude aegumistähtaeg on viis aastat, kui osaühingu põhikirjas või kokkuleppel juhatuse liikmega ei ole ette nähtud muud aegumistähtaega.
(4) Käesoleva paragrahvi 2. lõikes nimetatud kahju hüvitamist osaühingule võib nõuda ka osaühingu võlausaldaja, kui ta ei saa oma nõudeid rahuldada osaühingu vara arvel. Osaühingu pankroti väljakuulutamise korral võib nõude osaühingu nimel esitada üksnes pankrotihaldur.
(5) Võlausaldajal või pankrotihalduril on õigus käesoleva paragrahvi 4. lõikes nimetatud nõue esitada ka juhul, kui osaühing on nõudest juhatuse liikme vastu loobunud või sõlminud temaga kompromissilepingu või nõuet või selle esitamist kokkuleppel juhatuse liikmega muul viisil piiranud või aegumistähtaega lühendanud.
(6) [Kehtetu -RT I 2005, 68, 525- jõust. 01.01.2006]

§ 188. Osaniku vastutus

(1) Osanik vastutab osanikuna osaühingule, teisele osanikule või kolmandale isikule süüliselt tekitatud kahju eest.
(2) Osanik ei vastuta tekitatud kahju eest, kui ta ei ole võtnud osa kahju tekitamise aluseks olnud otsuse vastuvõtmisest või kui ta hääletas otsuse vastu. Käesoleva seadustiku § 173 2. lõikes sätestatud juhul loetakse otsuse vastu hääletanuks osanik, kes ei teata, kas ta on otsuse poolt või vastu.
[RT I 2002, 53, 336- jõust. 01.07.2002]

§ 189. Nõukogu

(1) Osaühingul peab olema nõukogu, kui see on ette nähtud osaühingu põhikirjas. [RT I 2010, 77, 589- jõust. 01.01.2011]
(2) Nõukogu pädevusele ja tegevusele kohaldatakse vastavalt käesolevas seadustikus aktsiaseltsi nõukogu kohta sätestatut, kui seadusest ei tulene teisiti.
(3) Nõukogu liikmete valimisele ja tagasikutsumisele kohaldatakse aktsiaseltsi nõukogu valimise kohta sätestatut, välja arvatud käesoleva seadustiku § 304 lõikes 7 sätestatu. Nõukogu liikme valimise otsuse kohta koostatavale protokollile ja hääletusprotokollile kohaldatakse osaühingu juhatuse liikme valimise kohta koostatava protokolli ja hääletusprotokolli kohta sätestatut.
[RT I 2008, 52, 288- jõust. 22.12.2008]

§ 190. Audiitor

(1) Osaühingu raamatupidamise aastaaruande audiitorkontrolli kohustus sätestatakse audiitortegevuse seaduse või osaühingu põhikirjaga.
[RT I 2010, 9, 41- jõust. 08.03.2010]
(2) Audiitori pädevusele ja tegevusele kohaldatakse käesoleva seadustiku §-des 328–3291sätestatut. [RT I 2005, 57, 449- jõust. 01.01.2006]

§ 191. Erikontroll

(1) Osanikud, kelle osadega on esindatud vähemalt 1/10 osakapitalist, võivad nõuda osaühingu juhtimise või varalise seisundiga seotud küsimustes erikontrolli korraldamise otsustamist ja erikontrolli läbiviija määramist osanike otsusega.

Äriseadustik Leht 49 / 143

(2) Kui osanikud erikontrolli korraldamist ei otsusta, võivad osanikud, kelle osadega on esindatud vähemalt
1/10 osakapitalist, nõuda erikontrolli korraldamist ja erikontrolli läbiviija määramist kohtu poolt. Kohus otsustab
erikontrolli korraldamise ainult mõjuval põhjusel. Kohus kuulab enne erikontrolli määramist võimaluse korral
ära ka osaühingu juhatuse ja nõukogu liikmed.
(21) Osanikud, kelle osadega on esindatud vähemalt 1/10 osakapitalist, võivad käesoleva paragrahvi lõikes
2 sätestatud korras nõuda ka osanike nimetatud erikontrolli läbiviija asendamist, kui osanike määratud isikul
ilmselt ei ole erikontrolliks vajalikke teadmisi või kogemusi või kui on kahtlusi tema erapooletuses. Kohus
kuulab ära ka osanike nimetatud erikontrolli läbiviija.
(3) Erikontrolli läbiviijaks võivad olla audiitorid ja vandeadvokaadid või advokaadiühingud. Kui erikontrolli läbiviijad määratakse osanike poolt, kinnitavad osanikud ka nende tasustamise korra. Kohtu poolt määratud erikontrolli läbiviijate tasustamise korra ja tasu suuruse määrab kohus.
(4) Juhatuse ja nõukogu liikmed peavad võimaldama erikontrolli läbiviijal tutvuda kõigi erikontrolliks vajalike dokumentidega ning andma vajalikku teavet. See õigus on erikontrolli läbiviijal ka kontrollitava osaühinguga samas kontsernis olevate äriühingute suhtes. Erikontrolli läbiviija peab hoidma osaühingu ärisaladust. Dokumentidega tutvumise võimaldamisest või teabe andmisest keeldumise korral võib erikontrolli läbiviija esitada kahe nädala jooksul, alates keeldumise saamisest, või nelja nädala jooksul, alates taotluse esitamisest, kui sellele ei ole vastatud, hagita menetluses kohtule avalduse juhatuse või nõukogu liikmete kohustamiseks teavet andma või dokumentidega tutvumist võimaldama.
(5) Erikontrolli läbiviijad koostavad erikontrolli tulemuste kohta aruande, mille esitavad osanike koosolekule. (6) Erikontrolli läbiviija vastutusele kohaldatakse seaduses kohustusliku audiitorkontrolli läbiviija vastutuse
kohta sätestatut. Erikontrolli tegeva vandeadvokaadi või advokaadiühingu vastutusele kohaldatakse
advokatuuriseaduses sätestatut.
[RT I 2005, 57, 449- jõust. 01.01.2006]

21. peatükk

OSAKAPITALI SUURUSE MUUTMINE

1. jagu

Osakapitali suurendamine

§ 192. Osakapitali suurendamise otsustamine

(1) Osakapitali suurendamise otsus on vastu võetud, kui selle poolt on antud vähemalt 2/3 koosolekul osalenud osanike häältest või käesoleva seadustiku § 174 2. lõikes nimetatud juhul vähemalt 2/3 osanike häältest, kui põhikirjas ei ole ette nähtud suurema häälteenamuse nõuet.
(2) Kui osakapitali suurendamise tõttu tuleb muuta põhikirja, peab põhikirja muutmise otsustama enne osakapitali suurendamist.
(3) Osakapitali suurendamise otsust ei või vastu võtta enne osaühingu äriregistrisse kandmist.

§ 1921. Osakapitali suurendamise otsus

Osakapitali suurendamise otsuses märgitakse:
1) uute osade arv ja nimiväärtused, samuti osakapitali suurendamise ulatus;
11) uute osade märkimise õigust omavad isikud ja märkimise õiguse kasutamise tähtaeg; [RT I, 04.03.2015, 4- jõust. 01.07.2015]
2) kui suurendatakse osade nimiväärtust, siis olemasolevate osade uued nimiväärtused;
3) uute osadega seotud õiguste erisused;
4) osa eest tasumise aeg ja koht; samuti kas ja millises ulatuses tasutakse osade eest rahalise või mitterahalise
sissemaksega, mitterahalise sissemakse korral ka selle ese;
5) kui osad lastakse välja ülekursiga, siis ülekursi suurus;
6) fondiemissiooni korral viide aluseks olevale bilansile ja omakapitali kirjetele, mille arvel ja millises ulatuses
fondiemissioon läbi viiakse.

§ 193. Osaniku eesõigus

(1) Osanikul on osakapitali suurendamise korral väljalastavate osade märkimise eesõigus võrdeliselt tema osaga, kui osakapitali suurendamise otsusega ei ole ette nähtud teisiti. Kui osaühingul on mitut liiki osasid ja lastakse välja ühte või mõnda liiki uusi osasid, on nende märkimisel vastavat liiki osa omajatel eesõigus teiste osanike ees.

Leht 50 / 143 Äriseadustik

(2) Kui osanik ei soovi kasutada käesoleva paragrahvi 1. lõikes nimetatud õigust, on uute osade märkimise õigus teistel osanikel.
(3) Osanike osade märkimise eesõiguse võib välistada osanike otsusega, mille poolt on antud vähemalt 3/4 osanike koosolekul esindatud häältest või käesoleva seadustiku § 174 2. lõikes nimetatud juhul vähemalt
3/4 osanike häältest, kui põhikirjas ei ole ette nähtud suurema häälteenamuse nõuet. Juhatus peab osanikele eelnevalt esitama kirjaliku selgituse, miks märkimise eesõiguse välistamine on vajalik, ja põhjendama selles ka osade väljalaskehinda.
(4) Põhikirjas ettenähtud juhtudel võib osade märkimise eesõiguse käesoleva paragrahvi 3. lõikes sätestatud viisil välistada ka üksnes teatud osanike suhtes. Sellise põhikirja muutmise otsuse tegemiseks on vajalik kõigi osanike nõusolek.
(5) Kui osanikud ei soovi kasutada käesoleva paragrahvi 1. ja 2. lõikes nimetatud õigust või kui selline õigus on vastavalt 3. lõikes sätestatule välistatud, on uute osade märkimise õigus muudel osakapitali suurendamise otsuse kohaselt osa märkimise õiguse omandanud isikutel.
(6) Juhatus saadab osakapitali suurendamise otsuse uute osade märkimise eesõigust omavatele osanikele, kes ei võtnud otsuse vastuvõtmisest osa.
(7) Osa märkimise õiguse võib võõrandada samadel tingimustel kui osa. [RT I, 04.03.2015, 4- jõust. 01.07.2015]

§ 1931. Märkimise ebaõnnestumine

(1) Märkimine loetakse ebaõnnestunuks, kui osakapitali suurendamise otsuses ettenähtud tähtaja jooksul ei märgita kõiki uusi osasid.
(2) Märkimise ebaõnnestumise korral lõpevad märkijate kõik märkimisega seotud õigused ja osakapitali suurendamine jäetakse ära. Juhatus peab märkijate poolt tasutu viivitamata tagastama. Tasutu tagastamise eest vastutavad juhatuse liikmed solidaarselt.
(3) Osanike otsusega võib juhatusele anda õiguse pikendada märkimise aega või tühistada osad, mida ei ole märkimisaja jooksul märgitud. Juhatus võib nimetatud õigusi teostada 15 päeva jooksul pärast märkimisaja lõppu. Kui juhatuse antud uueks tähtpäevaks on osad märgitud, loetakse märkimine kehtivaks.
[RT I, 04.03.2015, 4- jõust. 01.07.2015]

§ 194. Asutamissätete kohaldamine

Osakapitali suurendamisel kohaldatakse käesoleva seadustiku §-s 140, §-des 141–143, § 144 2. lõikes ning §
520 2., 4. ja 5. lõikes sätestatut, kui käesolevast jaost ei tulene teisiti.
[RT I 2010, 77, 589- jõust. 01.01.2011]

§ 1941. Nõude tasaarvestamine

Osakapitali suurendamisel võib uute osade või osade suurendatavate osade eest tasumisel osanike otsusel tasaarvestada osaniku või osa omandava isiku nõude osaühingu vastu, kui see ei kahjusta osaühingu ega tema võlausaldajate huve. Nõuet tuleb hinnata nagu mitterahalist sissemakset.

§ 1942. Juhatuse või nõukogu õigus suurendada osakapitali

(1) Põhikirjaga võib anda juhatusele või nõukogule kuni viieks aastaks õiguse suurendada osakapitali sissemaksete tegemisega.
(2) Juhatus või nõukogu võib suurendada osakapitali põhikirjas ettenähtud suuruseni. Osakapitali ei või suurendada rohkem kui poole võrra osakapitalist, mis oli ajal, kui juhatus või nõukogu sai suurendamise õiguse.
(3) Juhatusel või nõukogul on käesoleva seadustiku § 19313. lõikes nimetatud õigused.
(4) Mitterahalise sissemaksega võib juhatuse või nõukogu väljalastud osade eest tasuda ainult juhul, kui see on ette nähtud põhikirjas.
(5) Kui osakapitali suurendamise õigus on antud nõukogule, lisatakse osakapitali suurendamise kohta äriregistrile esitatavale avaldusele nõukogu otsus ja koosoleku protokoll, käesoleva seadustiku §-s 323 sätestatud juhul hääletusprotokoll. Kui osakapitali suurendamise õigus on antud juhatusele, lisab avalduse esitanud juhatuse liige avaldusele kinnituse, et juhatus on otsustanud osakapitali suurendada.
[RT I, 04.03.2015, 4- jõust. 01.07.2015]

Äriseadustik Leht 51 / 143

§ 195. Fondiemissioon

(1) Osaühing võib suurendada osakapitali osaühingu omakapitali arvel sissemakseid tegemata (fondiemissioon). (2) Fondiemissiooni võivad osanikud otsustada pärast majandusaasta aruande kinnitamist ja kasumi jaotamise
otsustamist aruande ja kasumi jaotamise otsuse alusel. Fondiemissiooni võib läbi viia ka vahebilansi alusel,
mis peab olema koostatud ja kinnitatud majandusaasta aruande koosseisu kuuluva bilansi koostamiseks ja
kinnitamiseks ettenähtud korras. Osakapitali suurendamist ei kanta äriregistrisse, kui osakapitali suurendamise
avaldus ja otsus esitatakse äriregistripidajale pärast kaheksa kuu möödumist ajast, mille seisuga osakapitali
suurendamise aluseks olnud majandusaasta aruanne või vahebilanss koostati.
(3) Fondiemissiooni korral suurendatakse osaniku osa võrdeliselt tema osa nimiväärtusega. Sellega vastuolus olev otsus on tühine.
(4) Fondiemissiooni korral suurendatakse ka osaühingule kuuluvaid oma osasid. [RT I 2005, 57, 449- jõust. 01.01.2006]

§ 1951. Osakapitali tingimuslik suurendamine

(1) Käesoleva seaduse §-s 1672nimetatud vahetusvõlakirjade väljalaskmise korral võivad osanikud otsustada osakapitali suurendada tingimuslikult osade vastu vahetatavate vahetusvõlakirjade nimiväärtuste summa ulatuses. Osakapitali tingimusliku suurendamise otsus võib ette näha osakapitali suurendamise vahetatavate vahetusvõlakirjade nimiväärtuste summat ületavas ulatuses, kui vahetusvõlakirjade nimiväärtuse ja osade nimiväärtuse vahe kaetakse rahas.
(2) Osanikud võivad otsustada osakapitali suurendamise tingimuslikult ka märkimisõiguse kasutamise ulatuses, kui see on vajalik osaühingu koondumise ettevalmistamiseks või osade märkimise õiguse andmiseks osaühingu või sellega seotud äriühingu juhtorganite liikmetele või töötajatele või muudele osaühinguga seotud isikutele.
(3) Osakapitali tingimuslikku suurendamist ei või otsustada suuremas ulatuses kui kuni poole võrra otsuse tegemise ajal olemasolevast osakapitalist.
(4) Osanike otsus, mis on osakapitali tingimusliku suurendamisega vastuolus, on tühine. (5) Osakapitali tingimusliku suurendamise otsuses tuleb märkida:
1) osakapitali tingimusliku suurendamise eesmärk;
2) osakapitali tingimuslikus suurendamises osalemiseks õigustatud isikute ring;
3) osade väljalaskehind või selle määramise alused;
4) märkimisõiguse kasutamise tähtaeg.
(6) Osakapitali tingimusliku suurendamise puhul võib osade eest tasuda üksnes rahas.
(7) Pärast osakapitali tingimusliku suurendamise otsuse vastuvõtmist esitab juhatus avalduse osakapitali tingimusliku suurendamise äriregistrisse kandmiseks.
(8) Osakapitali tingimusliku suurendamise otsuse alusel ei või osasid välja lasta enne osakapitali tingimusliku suurendamise äriregistrisse kandmist.
(9) Osakapitali tingimusliku suurendamise otsuse alusel omandab õigustatud isik osa osaühingule esitatud tahteavalduse alusel nagu osa märkimisel. Juhatus laseb osad välja üksnes osanike otsuse alusel ja selle täitmiseks ning mitte enne osa väljalaskehinna tasumist. Osakapitali tingimusliku suurendamise korral seoses vahetusvõlakirjade väljalaskmisega laseb juhatus osa välja võlakirja omaniku nõudel võlakirjas märgitud tähtajal ja vahetab selle võlakirja vastu.
(10) Osakapitali tingimusliku suurendamise korral loetakse osakapital ja osade arv suurendatuks osa väljalaskmisest alates.
(11) Juhatus esitab hiljemalt ühe kuu jooksul alates osaühingu majandusaasta lõppemisest äriregistri pidajale avalduse selle kohta, et kanda registrisse, millises ulatuses on majandusaasta jooksul osakapitali tingimusliku suurendamise otsuse alusel osasid välja lastud ja osakapital suurenenud. Avalduses kinnitavad juhatuse liikmed, et osasid on välja lastud ainult osakapitali tingimusliku suurendamise otsuse alusel ja et nende eest on täielikult tasutud.
[RT I, 04.03.2015, 4- jõust. 01.07.2015]

§ 196. Avalduse esitamine äriregistrile

(1) Kui osakapital on täielikult sisse makstud või fondiemissioon on läbi viidud, esitab juhatus äriregistrile avalduse osakapitali suurendamise äriregistrisse kandmiseks. Avaldusele lisatakse:
1) osanike otsus;
2) põhikirja uus tekst, kui põhikirja muudetakse;
3) osanike koosoleku protokoll või käesoleva seadustiku §-s 173 sätestatud juhul hääletamisprotokoll;
4) osakapitali suurendamisel uute sissemaksetega – panga teatis osakapitali sissemaksmise kohta;

Leht 52 / 143 Äriseadustik

5) fondiemissiooni korral – selle läbiviimise aluseks olnud majandusaasta aruanne või vahebilanss;
6) mitterahalise sissemaksega tasumisel – sissemakse väärtust ja selle üleandmist tõendavad dokumendid;
61) osade registreerituse korral Eesti väärtpaberite keskregistris – Eesti väärtpaberite keskregistri teatis selle kohta, et juhatus on teda teavitanud osakapitali suurendamisest;
7) muud seaduses ettenähtud dokumendid.
(2) Mitterahalise sissemakse üleandmist osaühingule tõendavad juhatuse liikmed oma allkirjadega. Kui mitterahaliseks sissemakseks on kinnisasi, peab avaldusele lisama väljavõtte kinnistusraamatust.
(3) Juhatus peab esitama avalduse osakapitali suurendamise äriregistrisse kandmiseks kuue kuu jooksul osakapitali suurendamise otsuse vastuvõtmisest.
(31) Fondiemissiooniga osakapitali suurendamisel tuleb registripidajale esitatavas avalduses kinnitada,
et avalduse allkirjastanud juhatuse liikmete teada ei ole osaühingu vara alates ajast, mille seisuga koostati
osakapitali suurendamise aluseks olev bilanss, kuni registripidajale avalduse esitamiseni selliselt vähenenud, et
osakapitali suurendamist ei saaks avalduse esitamise päeval otsustada.
(32) Registripidaja ei pea kontrollima osakapitali suurendamise aluseks oleva bilansi sisulist vastavust seadusele.
(4) Osakapital loetakse suurendatuks ja uuest või suurendatavast osast tulenevad õigused tekkinuks alates kande tegemisest äriregistrisse.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 1961. Juhatuse liikmete vastutus osakapitali suurendamise registrisse kandmisel

(1) Osaühingu juhatuse liikmed vastutavad solidaarselt osakapitali suurendamisel valeandmete või puudulike andmete esitamisega või sissemaksete ebaõige hindamisega osaühingule tekkinud kahju eest, kui juhatuse liige ei tõenda, et ta kahju tekitanud asjaolu ei teadnud ega pidanudki teadma.
(2) Käesoleva paragrahvi 1. lõikes sätestatust erinev kokkulepe kehtib osaühingu võlausaldajate suhtes üksnes juhul, kui kokkulepe sõlmiti osaühingu pankrotimenetluses.
(3) Käesoleva paragrahvi 1. lõikes sätestatud nõue aegub viie aasta möödumisel osakapitali suurendamise kandmisest äriregistrisse.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 1962. Kasumi jaotamises osalemine

(1) Osakapitali suurendamise otsusega võib ette näha tähtpäeva, millest alates uued osad või suurendatud nimiväärtusega osad annavad õiguse saada dividendi. See õigus ei või tekkida hilisema majandusaasta kui osakapitali suurendamisele järgneva majandusaasta eest saadava dividendi suhtes.
(2) Kui osakapitali suurendamise otsuses ei ole ette nähtud käesoleva paragrahvi 1. lõikes nimetatud tähtpäeva, tekib õigus saada dividendi majandusaasta eest, millal on tehtud osakapitali suurendamise kanne.
[RT I 2005, 57, 449- jõust. 01.01.2006]

2. jagu

Osakapitali vähendamine

§ 197. Osakapitali vähendamise otsustamine

(1) Osakapitali vähendamise otsus on vastu võetud, kui selle poolt on antud vähemalt 2/3 koosolekul osalenud osanike häältest või käesoleva seadustiku § 174 2. lõikes nimetatud juhul vähemalt 2/3 osanike häältest, kui põhikirjas ei ole ette nähtud suurema häälteenamuse nõuet.
(11) Kui osakapitali vähendamise käigus soovitakse osade nimiväärtust vähendada või osasid tühistada teisiti
kui võrdeliselt kõigist osadest, on vastav otsus vastu võetud, kui lisaks käesoleva paragrahvi 1. lõikes sätestatule
hääletavad otsuse poolt osanikud, kelle osad teistega ebavõrdeliselt suuremas osas tühistatakse või osade
nimiväärtust vähendatakse.
(2) Kui osakapitali vähendamise tõttu tuleb muuta põhikirja, peab põhikirja muutmise otsustama enne osakapitali vähendamist, välja arvatud, kui osakapitali vähendatakse käesoleva seadustiku § 198 2. lõikes nimetatud juhul.

Äriseadustik Leht 53 / 143

§ 1971. Osakapitali vähendamise otsus

Osakapitali vähendamise otsuses märgitakse:
1) osakapitali vähendamise põhjus;
2) osakapitali vähendamise ulatus ja viis;
3) osade uus nimiväärtus.

§ 198. Osakapitali vähendamise ulatus

(1) Osakapitali ei või vähendada alla käesoleva seadustiku §-s 136 nimetatud osakapitali suuruse või muu seaduses sätestatud minimaalse osakapitali suuruse.
(2) Käesoleva paragrahvi 1. lõikes sätestatut ei kohaldata, kui samaaegselt osakapitali vähendamisega otsustatakse osakapitali suurendamine vähemalt kuni käesoleva seadustiku §-s 136 nimetatud osakapitali suuruseni. Sel juhul ei kohaldata ka §-s 199 sätestatut, kui samaaegselt osakapitali vähendamisega otsustatakse osakapitali suurendamine vähemalt osakapitali senise suuruseni. Osade eest, mis lastakse välja samaaegselt osakapitali vähendamisega, võib tasuda ainult rahaga. Osakapitali suurendamise ja vähendamise otsus tuleb kanda äriregistrisse.
[RT I 2009, 13, 78- jõust. 01.07.2009]

§ 199. Võlausaldajatele teatamine

(1) Juhatus saadab 15 päeva jooksul osakapitali vähendamise otsuse vastuvõtmisest teate osakapitali uue suuruse kohta osaühingule teada olevatele võlausaldajatele, kellel olid nõuded osaühingu vastu enne osakapitali vähendamise otsuse vastuvõtmist.
(2) Osakapitali vähendamise otsuse kohta peab juhatus avaldama teate väljaandes Ametlikud Teadaanded ning kutsuma võlausaldajaid üles oma nõudeid esitama. Teates tuleb näidata, et võlausaldajad esitaksid oma nõuded kahe kuu jooksul.
[RT I 2006, 55, 412- jõust. 01.01.2007]
(3) Osaühing peab tagama võlausaldajate nõuded, kui need on esitatud kahe kuu jooksul teate avaldamisest arvates. Kui nõude täitmise tähtpäev on saabunud või kui nõue ei ole piisavalt tagatud, võib võlausaldaja
nõuda nõude rahuldamist või tagamist. Võlausaldaja võib nõuda nõude tagamist, kui ta põhistab, et osakapitali vähendamise tõttu on tema nõude rahuldamine ohus.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 1991. [Kehtetu -RT I 2007, 67, 413- jõust. 28.12.2007]

§ 1992. Osakapitali lihtsustatud vähendamine

(1) Osaühingu kahjumi katmiseks võib osakapitali vähendada, kohaldamata käesoleva seadustiku §-s 199 sätestatut (osakapitali lihtsustatud vähendamine).
[RT I 2005, 57, 449- jõust. 01.01.2006]
(2) Osakapitali võib lihtsustatult vähendada, kui kahjumi katmiseks ei piisa osaühingu kasumist ega reservkapitalist ja kui osaühingul ei ole ka muid reserve.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(3) Osakapitali vähendamise otsuses tuleb näidata kahjum, mille katmiseks osakapitali vähendatakse. [RT I 2005, 57, 449- jõust. 01.01.2006]
(4) Osakapitali lihtsustatud vähendamisel tekkinud vaba kapitali võib kasutada ainult osaühingu kahjumi katmiseks.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(5) Osakapitali lihtsustatud vähendamise puhul ei või osanikele teha väljamakseid ega maksta osakapitali vähendamise otsustamise majandusaasta ja sellele järgneva kahe majandusaasta jooksul osanikele dividendi. [RT I 2005, 57, 449- jõust. 01.01.2006]

§ 200. Avalduse esitamine äriregistrile

(1) Osakapitali vähendamise äriregistrisse kandmise avalduse esitab juhatus mitte varem kui kolme kuu möödudes osakapitali vähendamise teate avaldamisest, välja arvatud juhul, kui osakapitali vähendamise teadet ei pea avaldama. Avaldusele lisatakse:
[RT I 2006, 55, 412- jõust. 01.01.2007]
1) osanike otsus;
2) põhikirja uus tekst, kui põhikirja muudeti;
3) osanike koosoleku protokoll või käesoleva seadustiku §-s 173 sätestatud juhul hääletamisprotokoll;
31) osade registreerituse korral Eesti väärtpaberite keskregistris – Eesti väärtpaberite keskregistri teatis selle kohta, et juhatus on teda teavitanud osakapitali vähendamisest;

Leht 54 / 143 Äriseadustik

32) viide Ametlike Teadaannete kuupäevadele, millal on avaldatud teated võlausaldajatele;
4) muud seaduses ettenähtud dokumendid.
(2) Avalduses peavad juhatuse liikmed kinnitama, et oma nõuded tähtaegselt esitanud ja vähendamise vastu vaielnud võlausaldajate nõuded on tagatud või rahuldatud.
(3) Osakapital loetakse vähendatuks kande tegemisel äriregistrisse.

§ 2001. Väljamaksed osanikele

(1) Osakapitali vähendamisel võib teha väljamakseid osanikele, kui see on ette nähtud osakapitali vähendamise otsuses.
(2) Käesoleva paragrahvi 1. lõikes nimetatud väljamakseid võib teha mitte varem kui kolme kuu möödumisel osakapitali vähendamise äriregistrisse kandmisest ning tingimusel, et võlausaldajate tähtaegselt esitatud nõuded on tagatud või rahuldatud.
[RT I 2005, 57, 449- jõust. 01.01.2006]

22. peatükk

OSAÜHINGU LÕPETAMINE

§ 201. Osaühingu lõpetamise alused

Osaühing lõpetatakse:
1) osanike otsusel;
2) kohtulahendiga;
21) osaühingu pankroti väljakuulutamisega;
22) osaühingu pankrotimenetluse raugemisega enne pankroti väljakuulutamist;
3) [välja jäetud -RT I 1996, 40, 773- jõust. 08.06.1996]
4) teistel seaduses või põhikirjas ettenähtud alustel.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 202. Osaühingu lõpetamise otsuse vastuvõtmine

(1) Lõpetamisotsus on vastu võetud, kui selle poolt on antud vähemalt 2/3 koosolekul osalenud osanike häältest või käesoleva seadustiku § 174 2. lõikes nimetatud juhtudel vähemalt 2/3 osanike häältest, kui põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet.
(2) Juhatus peab esitama osanikele eelmise majandusaasta aruande ja ülevaate osaühingu käesoleva aasta majandustegevusest.
(3) Majandustegevuse ülevaates peab näitama, millise tähtaja jooksul saab osaühing rahuldada võlausaldajate nõuded.

§ 203. Sundlõpetamine

(1) Osaühing lõpetatakse kohtumäärusega, kui:
1) osanikud ei ole võtnud vastu lõpetamise otsust, kui selle vastuvõtmine oli seaduse või põhikirja alusel
kohustuslik, samuti juhul, kui osanikud ei ole vastu võtnud ühtegi §-s 176 ettenähtud otsust või kui §-s 176
nimetatud otsuste tegemiseks ei ole osanike koosolekut kokku kutsutud;
2) juhatuse ametiaeg on lõppenud rohkem kui kaks aastat tagasi ja uut juhatust ei ole valitud;
3) muudel seaduses sätestatud juhtudel.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(2) Osaühingu sundlõpetamise avalduse võib esitada juhatus, nõukogu, juhatuse liige, osanik, samuti teised seaduses nimetatud isikud. Kohus võib sundlõpetamise otsustada ka omal algatusel, kui seadusest ei tulene teisiti.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(3) Kui sundlõpetamise aluseks oleva puuduse või muu asjaolu saab ilmselt kõrvaldada, määrab kohus osaühingule eelnevalt tähtaja puuduse või asjaolu kõrvaldamiseks.
[RT I 2008, 59, 330- jõust. 01.01.2009]

Äriseadustik Leht 55 / 143

§ 204. Osaühingu lõpetamise avaldus

(1) Osaühingu lõpetamisotsuse kandmiseks äriregistrisse esitab juhatus avalduse. Avaldusele lisatakse osanike otsus ja osanike koosoleku protokoll või käesoleva seadustiku §-s 173 sätestatud juhtudel hääletamisprotokoll.
(2) Kui osaühing lõpetatakse kohtulahendi alusel, saadab kohus lahendi äriregistrile kande tegemiseks.
(3) Osaühing loetakse lõpetatuks alates lõpetamise kande tegemisest äriregistrisse. Sundlõpetamine jõustub kohtulahendi jõustumisega.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 205. Likvideerimine

Osaühingu lõpetamisel toimub selle likvideerimine (likvideerimismenetlus), kui seaduses ei ole sätestatud teisiti.

§ 206. Likvideerijate määramine

(1) Osaühingu likvideerijateks on juhatuse liikmed, kui põhikirjas, osanike otsusega või kohtumäärusega ei ole ette nähtud teisiti. Likvideerijaks ei või olla füüsiline isik, kes ei või olla juhatuse liikmeks.
[RT I 2008, 59, 330- jõust. 01.01.2009]
(2) Vähemalt üks likvideerija peab olema isik, kelle elukoht on Eestis.
(3) Kohus määrab likvideerijad sundlõpetamise korral, samuti juhul, kui seda nõuavad osanikud, kelle osad esindavad vähemalt 1/10 osakapitalist. Kohus määrab ka likvideerijate tasustamise korra ja tasu suuruse.

§ 207. Likvideerijate tagasikutsumine

(1) Juhatuse liikmest või põhikirjast tuleneva või osanike otsusega määratud likvideerija võivad osanikud igal ajal otsusega tagasi kutsuda. Otsuse tegemiseks on vajalik sama häälteenamus nagu likvideerija määramiseks.
(2) Kohus võib enda nimetatud likvideerija tagasi kutsuda ja määrata uue likvideerija. Osanike nõudel, kelle osad esindavad vähemalt 1/10 osakapitalist, võib kohus mõjuval põhjusel tagasi kutsuda ka juhatuse liikmest või osanike nimetatud või põhikirjast tuleneva likvideerija ja nimetada uue likvideerija.
(3) Likvideerija võib tagasi astuda samal põhjusel ja samas korras nagu juhatuse liige. [RT I 2005, 57, 449- jõust. 01.01.2006]

§ 208. Likvideerija kanne

(1) Esimeste likvideerijate äriregistrisse kandmiseks esitab avalduse juhatus. Likvideerijate vahetamise ja nende esindusõiguse muutmise äriregistrisse kandmise avalduse esitavad likvideerijad. Avaldusele lisatakse likvideerija vahetamise või esindusõiguse muutmise aluseks olev otsus. Kõik likvideerijad esitavad registripidajale kirjaliku kinnituse, et neil on seaduse kohaselt õigus olla likvideerija.
(2) Kui likvideerija nimetatakse kohtulahendiga, saadab kohus lahendi äriregistrile kande tegemiseks. (3) Äriregistrisse kantakse likvideerijate nimed ja isikukoodid.
[RT I 2006, 61, 456- jõust. 01.01.2007]

§ 209. Likvideerijate õigused ja kohustused

(1) Likvideerijatel on juhatuse õigused ja kohustused, mis ei ole vastuolus likvideerimise olemusega. Likvideerimine ei mõjuta osanike omavahelisi õigussuhteid ja osanike suhteid osaühinguga ega nõukogu õigusi, kui seadusest ja likvideerimise olemusest ei tulene teisiti.
(2) Likvideerijad lõpetavad osaühingu tegevuse, nõuavad sisse võlad, müüvad vara ja rahuldavad võlausaldajate nõuded.
(3) Likvideerijad võivad teha ainult neid tehinguid, mis on vajalikud osaühingu likvideerimiseks. Kolmandate isikute suhtes on likvideerijate esindusõigus piiramatu.
(4) Likvideerijatest juhatuse liikmete esindusõigus likvideerimise puhul ei muutu, kui põhikirjaga, osanike otsusega või kohtulahendiga ei nähta ette esindusõiguse muutumist ühiseks esinduseks või ainuesinduseks. Osanike otsusega või kohtulahendiga nimetatud likvideerijad võivad osaühingut esindada üksnes ühiselt, kui osanike otsuse või kohtulahendiga ei ole ette nähtud, et likvideerijad või osa neist võivad esindada osaühingut üksinda või mitmekesi. Seaduses sätestatust erinev esindusõiguse jaotus kehtib kolmandate isikute suhtes üksnes juhul, kui see on kantud äriregistrisse.
(5) Likvideerimismenetluses peab osaühingu ärinimele lisama märkuse «likvideerimisel». [RT I 2005, 57, 449- jõust. 01.01.2006]

Leht 56 / 143 Äriseadustik

§ 210. Pankrotiavalduse esitamine

Kui likvideeritava osaühingu varast ei jätku võlausaldajate kõigi nõuete rahuldamiseks, peavad likvideerijad esitama pankrotiavalduse.

§ 211. Raamatupidamine likvideerimise ajal

(1) Likvideeritav osaühing peab raamatupidamist raamatupidamise seaduses sätestatud korras, kui seadusest või likvideerimise olemusest ei tulene teisiti.
(2) Lõpetamisotsuse vastuvõtmisest alates kolme kuu jooksul koostavad likvideerijad majandusaasta aruande koosseisu kuuluva bilansi kohta sätestatut järgides likvideerimise algbilansi ja seda selgitava aruande, mis sisaldab raamatupidamise aastaaruande lisade puhul ettenähtud andmeid.
(3) Lõpetamisotsuse vastuvõtmisega lõpeb osaühingu seni kestnud majandusaasta ning algab uus majandusaasta. Likvideerijad koostavad majandusaasta aruande osaühingu lõpetamise ajaks lõppeva ning iga lõpetamisjärgse majandusaasta lõpu seisuga.
(4) Osanikud kinnitavad likvideerimise algbilansi ja majandusaasta aruande otsusega. Likvideerimise algbilanss ja majandusaasta aruanne esitatakse pärast kinnitamist viivitamata äriregistrile.
(5) Kohus võib osaühingu vabastada likvideerimise algbilansi ja majandusaasta aruande auditeerimise kohustusest, kui osaühingu varaline olukord on nii selge, et auditeerimine ilmselt ei ole ei osanike ega võlausaldajate huvides vajalik.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 212. Võlausaldajatele teatamine

(1) Likvideerijad avaldavad viivitamatult teate osaühingu likvideerimismenetlusest ametlikus väljaandes
Ametlikud Teadaanded.
(2) Teada olevatele võlausaldajatele peavad likvideerijad saatma likvideerimisteate.
(3) Likvideerimisteates tuleb märkida, et võlausaldajad esitaksid oma nõuded nelja kuu jooksul teate avaldamisest.

§ 213. Nõuete esitamine

Võlausaldajad peavad teatama likvideerijatele nelja kuu jooksul teate avaldamisest kõigist oma nõuetest osaühingu vastu. Teates märgitakse nõude sisu, alus ja suurus ning sellele lisatakse nõuet tõendavad dokumendid. Nõudest õigeaegne teatamata jätmine ei mõjuta nõude kehtivust ega piira võlausaldaja õigust likvideerimisel olevat osaühingut kohtus hageda.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 214. Nõuete rahuldamine

(1) Likvideerijad rahuldavad osaühingule teada olevad võlausaldajate nõuded, sõltumata nõuetest teatamisest. (2) Kui osaühingule teada olev võlausaldaja ei ole nõuet esitanud ja nõuet ei ole osaühingust sõltumatutel
põhjustel võimalik rahuldada, hoiustatakse hoiustamise tingimuste olemasolul temale kuuluv raha.
(3) Kui kohustust ei ole likvideerimise ajal võimalik täita või kui nõue on vaieldav, ei või osaühingu vara osanike vahel jagada, kui vaidlusalust rahasummat ei ole hoiustatud või võlausaldajale ei ole antud piisavat tagatist.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 215. Lõppbilanss

(1) Pärast kõigi võlausaldajate nõuete rahuldamist ja raha deponeerimist koostavad likvideerijad lõppbilansi ja likvideerimisel järelejäänud vara jaotusplaani.
(2) Lõppbilanssi ja vara jaotusplaani peab kontrollima audiitor, kui osaühingu majandusaasta aruandele on audiitorkontroll ette nähtud.
(3) Likvideerijad peavad lõppbilansi ja vara jaotusplaani esitama osaühingu asukohas tutvumiseks kõigile osanikele ja sellest osanikele teatama.

Äriseadustik Leht 57 / 143

(4) Kui bilansi või vara jaotusplaani koostamisel ei ole järgitud seaduse või põhikirja sätteid või osanike koosoleku otsuseid, võib kohus osanike, kelle osadega on esindatud vähemalt 1/10 osakapitalist, hagi alusel otsustada uue bilansi või vara jaotusplaani koostamise või täiendava likvideerimise. Hagi võib esitada kahe kuu jooksul, alates bilansi ja vara jaotusplaani osanikele tutvumiseks esitamisest osanikele teatamise ajast. Kostjaks on osaühing.
[RT I 2008, 16, 116- jõust. 15.04.2008]

§ 216. Vara jaotamine

(1) Pärast võlausaldajate kõigi nõuete rahuldamist või tagamist ja raha hoiustamist allesjäänud vara jaotatakse osanike vahel likvideerijate poolt koostatud vara jaotusplaani kohaselt vastavalt nende osade nimiväärtustele, kui põhikirjaga ei ole ette nähtud teisiti.
(2) Vara võib välja jagada kuue kuu möödumisel osaühingu lõpetamise äriregistrisse kandmisest ja likvideerimisteate avaldamisest ning kahe kuu möödumisel lõppbilansi ja vara jaotusplaani osanikele tutvumiseks esitamisest osanikele teatamisest, kui bilanssi ega vara jaotusplaani ei ole kohtus vaidlustatud või on hagi läbi vaatamata või rahuldamata jäetud või asjas menetlus lõpetatud.
(3) Kohus võib lubada teha osanikele väljamakseid enne kuue kuu möödumist likvideerimisteate avaldamisest, kui sellega ei kahjustata võlausaldajate huve.
(4) Väljamaksed tehakse rahas, kui põhikirjaga ei ole ette nähtud teisiti.
(5) Likvideerijad ei pea vara müüma, kui see ei ole vajalik võlausaldajate nõuete rahuldamiseks ning kui osanikud annavad selleks nõusoleku.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 217. Lõpetatud osaühingu tegevuse jätkamine

(1) Kui osaühingu lõpetamine on põhikirjaga ette nähtud või osanike poolt otsustatud, võivad osanikud kuni vara jagamise alustamiseni osanike vahel otsustada osaühingu tegevuse jätkamise või osaühingu ühinemise, jagunemise või ümberkujundamise. Tegevuse jätkamise otsus on vastu võetud, kui selle poolt on antud vähemalt
2/3 koosolekul osalenud osanike häältest või käesoleva seadustiku § 174 2. lõikes nimetatud juhtudel vähemalt
2/3 osanike häältest, kui põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet.
(2) Kui otsustatakse tegevuse jätkamine, tuleb sama otsusega määrata uus juhatus ja nõukogu ning vähendada osakapitali järelejäänud vara maksumuseni. Kui vara on vähenenud alla käesoleva seadustiku §-s 136 nimetatud osakapitali suurust, tuleb lisaks otsustada osakapitali suurendamine.
(3) Likvideerijad peavad esitama avalduse tegevuse jätkamisest äriregistrisse kandmiseks. Jätkamise otsus jõustub selle äriregistrisse kandmisest.

§ 218. Äriregistrist kustutamine ja täiendav likvideerimine

(1) Pärast likvideerimise lõpetamist, kuid mitte varem kui kuue kuu möödumisel osaühingu lõpetamise äriregistrisse kandmisest ja likvideerimisteate avaldamisest ning kolme kuu möödumisel lõppbilansi ja vara jaotusplaani osanikele tutvumiseks esitamisest osanikele teatamisest ja tingimusel, et osaühing ei osale Eestis poolena üheski käimasolevas kohtumenetluses, esitavad likvideerijad avalduse osaühingu kustutamiseks äriregistrist. Avaldusele lisatakse lõppbilanss ja vara jaotusplaan. Avalduses peavad kõik likvideerijad kinnitama, et lõppbilanssi ega vara jaotusplaani ei ole kohtus vaidlustatud või on hagi läbi vaatamata või rahuldamata jäetud või on menetlus asjas lõpetatud ning et osaühingu võlausaldajate nõuded on rahuldatud või selleks vajalik vara on hoiustatud, samuti et osaühing ei osale poolena üheski käimasolevas kohtumenetluses.
(2) Kui pärast osaühingu registrist kustutamist ilmneb, et osaühingul jäi jaotamata vara ja vajalikud on täiendavad likvideerimisabinõud, võib kohus huvitatud isiku nõudel otsustada täiendava likvideerimise ja ennistada vanade likvideerijate õigused või määrata uued likvideerijad.
(3) Osaühingu võlausaldaja nõudel võib likvideerimise pärast osaühingu registrist kustutamist läbi viia üksnes juhul, kui võlausaldaja põhistab, et tema nõue osaühingu vastu jäi likvideerimismenetluses rahuldamata,
tal ei ole võimalik nõuet muul viisil rahuldada ja likvideerimise ennistamise korral on võimalik tema nõue rahuldada, või kui osaühingut ei oleks võinud vaidluse tõttu nõude üle registrist kustutada. Võlausaldaja taotlust täiendavaks likvideerimiseks ei rahuldata muu hulgas siis, kui ta mõjuva põhjuseta jättis oma nõude likvideerijatele õigeaegselt esitamata.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 219. Dokumentide säilitamine

(1) Osaühingu dokumendid annavad likvideerijad hoiule likvideerijale, arhiivipidajale või muule usaldusväärsele isikule. Kui likvideerijad dokumentide hoidjat määranud ei ole, määrab selle vajaduse korral kohus.

Leht 58 / 143 Äriseadustik

(2) Dokumentide hoidja nimi, elu- või asukoht ja isiku- või registrikood kantakse äriregistrisse likvideerijate avalduse alusel, kohtu määratud hoidja puhul kohtumääruse alusel. Dokumentide hoidja vahetatakse ja uus hoidja kantakse registrisse kohtumääruse alusel.
(3) Dokumentide hoidja vastutab hoiule antud dokumentide säilimise eest seadusega ettenähtud tähtaja jooksul. (4) Hoiule antud dokumentidega võivad tutvuda osanikud ja nende õigusjärglased. Osaühingu võlausaldajad
ning isikud, kellel on selleks õigustatud huvi, võivad dokumentidega tutvuda kohtu loal.
[RT I 2009, 13, 78- jõust. 01.07.2009]

§ 220. Likvideerijate vastutus

Likvideerijad vastutavad tekitatud kahju eest samamoodi nagu juhatuse liikmed.

VII. osa

AKTSIASELTS

23. peatükk

ÜLDSÄTTED

§ 221. Aktsiaseltsi mõiste

(1) Aktsiaselts on äriühing, millel on aktsiateks jaotatud aktsiakapital. (2) Aktsionär ei vastuta isiklikult aktsiaseltsi kohustuste eest.
(3) Aktsiaselts vastutab oma kohustuste täitmise eest oma varaga.

§ 222. Aktsiakapital

Aktsiakapitali väljendatakse eurodes. Aktsiakapital peab olema vähemalt 25 000 eurot. [RT I 2010, 20, 103- jõust. 01.07.2010]

§ 2221. Nimiväärtusega ja nimiväärtuseta aktsia

(1) Aktsia võib välja lasta nimiväärtusega aktsiana või nimiväärtuseta aktsiana. Nimiväärtusega ja nimiväärtuseta aktsiate samaaegne väljalaskmine ja kasutamine ei ole lubatud. Eelmises lauses sätestatud nõudega vastuolus välja lastud aktsiad on tühised. Käesoleva seadustiku § 223 3. lõike teist lauset kohaldatakse vastavalt.
[RT I 2010, 20, 103- jõust. 01.07.2010]
(2) Kõikidele nimiväärtuseta aktsiatele vastab võrdne osa aktsiakapitalist. Ühele nimiväärtuseta aktsiale osaks langev aktsiakapitali osa (aktsia arvestuslik väärtus) määratakse aktsiakapitali jagamisel aktsiate arvuga.
[RT I 2010, 20, 103- jõust. 01.07.2010]
(3) Aktsiaselts, kes on välja lasknud erineva nimiväärtusega aktsiad, võib võtta nimiväärtuseta aktsiad kasutusele juhul, kui enne nimiväärtuseta aktsia kasutuselevõtmist otsustatakse aktsiate nimiväärtuste võrdsustamine.
[RT I 2010, 20, 103- jõust. 01.07.2010]
(4) Nimiväärtuseta aktsiate arv loetakse jõustunuks kande tegemisega äriregistrisse. [RT I, 02.11.2011, 1- jõust. 12.11.2011]

24. peatükk

AKTSIA

§ 223. Aktsia nimiväärtus ja arvestuslik väärtus

(1) Aktsia väikseim nimiväärtus või arvestuslik väärtus on 10 senti.
(2) Kui aktsia nimiväärtus on suurem kui 10 senti, peab see olema 10 sendi täiskordne.

Äriseadustik Leht 59 / 143

(3) Väiksema kui 10-sendise nimiväärtuse või arvestusliku väärtusega aktsia on tühine. Sellise aktsia väljalaskmisest tekkinud kahju eest vastutavad selle väljalaskjad solidaarselt.
[RT I 2010, 20, 103- jõust. 01.07.2010]

§ 224. Aktsia jagamatus

Aktsia on jagamatu.

§ 225. Aktsia väljalaskehind

(1) Aktsia väljalaskehind ei või olla väiksem aktsia nimiväärtusest või arvestuslikust väärtusest. [RT I 2010, 20, 103- jõust. 01.07.2010]
(2) Aktsia väljalaskehind võib olla suurem aktsia nimiväärtusest või arvestuslikust väärtusest (ülekurss). Ülekurssi korrigeeritakse rakendatava raamatupidamistavaga ettenähtud juhtudel. Ülekurssi võib kasutada: [RT I 2010, 20, 103- jõust. 01.07.2010]
1) aktsiaseltsi kahjumi katmiseks, kui seda ei ole võimalik katta eelmiste perioodide jaotamata kasumi ja põhikirjas ettenähtud reservkapitali arvel;
[RT I 2005, 61, 478- jõust. 01.12.2005]
2) aktsiakapitali suurendamiseks fondiemissiooni teel.
[RT I 2005, 61, 478- jõust. 01.12.2005]
(3) Aktsia väljalaskmisel peab märkija tasuma selle väljalaskehinna täielikult.

§ 226. Aktsiast tulenevad õigused

Aktsia annab aktsionärile õiguse osaleda aktsionäride üldkoosolekul ning kasumi ja aktsiaseltsi lõpetamisel allesjäänud vara jaotamisel, samuti muud seaduses sätestatud ja põhikirjaga ettenähtud õigused.

§ 2261. Aktsia märkimine

(1) Aktsia märkimisega saab märkija õiguse saada aktsia ja võtab endale kohustuse selle eest tasuda. (2) Aktsia märkijale võib märgitud aktsiate kohta anda märkimistõendi.
(3) Märkija võib märkimisest tulenevad õigused ja kohustused üle anda. Kui aktsia eest ei ole täielikult tasutud, vastutab märkija tasumise eest omandajaga solidaarselt. Märkimistõendi üleandmisele kohaldatakse nimelise aktsia võõrandamise sätteid.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 227. [Kehtetu -RT I 2000, 57, 373- jõust. 01.01.2001]

§ 228. Nimelised aktsiad

(1) Aktsiad on nimelised. Aktsiad peavad olema registreeritud Eesti väärtpaberite keskregistris. Aktsiaseltsi asutamisel tuleb äriregistri pidajale esitatavale avaldusele lisada Eesti väärtpaberite keskregistri pidaja teatis aktsiate registreerimise kohta.
(2) Nimelisest aktsiast tulenevad õigused kuuluvad isikule, kes on aktsionärina kantud aktsiaraamatusse. (3) [Kehtetu -RT I 2000, 57, 373- jõust. 01.01.2001]
(4) [Kehtetu -RT I 2000, 57, 373- jõust. 01.01.2001] (5) [Kehtetu -RT I 2000, 57, 373- jõust. 01.01.2001]

§ 229. Nimelise aktsia võõrandamine

(1) Nimeline aktsia on vabalt võõrandatav.
(2) Aktsiate võõrandamisel kolmandatele isikutele võib põhikirjaga ette näha teiste aktsionäride ostueesõiguse, mis kehtib aktsiate igakordse tasulise võõrandamise korral ja mille kasutamise tähtaeg ei või olla pikem kui kaks kuud võõrandamise lepingu esitamisest. Müügilepingu sõlmimisest teatab müüja aktsiaseltsi juhatusele, kes teatab sellest viivitamatult teistele aktsionäridele. Muus osas kohaldatakse ostueesõigusele ja selle teostamisele võlaõigusseaduses ostueesõiguse kohta sätestatut.
(21) Aktsionärid võivad ostueesõigust teostada üksnes ühiselt täies ulatuses. Kui mõni aktsionär loobub ostueesõiguse teostamisest, on ülejäänutel õigus teostada ostueesõigust ühiselt täies ulatuses.

Leht 60 / 143 Äriseadustik

(22) Kui aktsiaseltsi põhikirjas on ette nähtud aktsionäride ostueesõigus, kantakse aktsiaseltsi taotlusel Eesti väärtpaberite keskregistrisse ostueesõiguse kohta märge. Aktsia käsutamine pärast märke kandmist registrisse on tühine osas, milles see ostueesõiguse teostamist kahjustab või piirab.
(3) [Kehtetu -RT I 2000, 57, 373- jõust. 01.01.2001]
(4) Omandajal on õigus nõuda enda kandmist aktsionärina aktsiaraamatusse. Aktsiaseltsi suhtes loetakse aktsia üleläinuks omandaja kandmisest aktsiaraamatusse.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 230. [Kehtetu -RT I 2000, 57, 373- jõust. 01.01.2001]

§ 231. Aktsia üleminek pärijale

Aktsionäri surma korral läheb aktsia üle tema pärijale.

§ 232. Aktsia pantimine

(1) Aktsiat võib pantida, kui põhikirjas ei ole ette nähtud teisiti.
(2) Aktsia pantimiseks on nõutav kirjalik käsutustehing pandi seadmise kohta ja pantimise kohta märke tegemine Eesti väärtpaberite keskregistrisse.
(3) Aktsia pantimisel teostab aktsiast tulenevaid õigusi pantija. [RT I 2005, 57, 449- jõust. 01.01.2006]

§ 233. Aktsiaraamat

(1) Nimeliste aktsiate kohta peetakse aktsiaraamatut, milles tuleb märkida:
1) aktsionäri nimi, aadress ja isiku- või registrikood;
2) aktsia liik ja nimiväärtus;
[RT I 2010, 20, 103- jõust. 01.07.2010]
3) aktsia märkimise ja omandamise aeg.
4) [kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]
(2) Aktsiaraamatut peab Eesti väärtpaberite keskregistri pidaja. Aktsiaraamatus sisalduvad andmed määratakse Eesti väärtpaberite keskregistri pidamist reguleerivate õigusaktidega. Aktsiaseltsi juhatus tagab aktsiaraamatu pidajale seadusega sätestatud ja õigete andmete õigeaegse esitamise.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 234. Aktsiaraamatu avalikkus

(1) Aktsiaraamatuga saab tutvuda vastavalt Eesti väärtpaberite keskregistri seaduses sätestatule. [RT I 2006, 55, 407- jõust. 01.01.2007]
(2) [Kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]

§ 235. Aktsiate liigid

(1) Aktsiatest võivad tuleneda erinevad õigused vastavalt põhikirjale kasumi jaotamisel või aktsiaseltsi likvideerimisel järelejääva vara jaotamisel. Ühesuguste õigustega aktsiad moodustavad aktsiate ühe liigi.
(2) Aktsia liigiga seotud õigusi võib muuta üldkoosoleku otsusega, mille poolt on antud vähemalt 4/5 kõigist häältest, kui põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet. Otsuse poolt peab hääletama vähemalt
9/10 aktsionäridest, kelle aktsiate liigiga seotud õigusi muudetakse.
(3) Aktsiate liigiga seotud õiguste muutmisest teatab juhatus viivitamatult kirjalikult kõigile nimeliste aktsiate omanikele.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 236. Hääleõigus

(1) Iga aktsia annab eraldi hääleõiguse, kui seaduses ei ole sätestatud teisiti.
(2) Võrdse nimiväärtusega aktsiad annavad võrdse häältearvu. Kui aktsiaseltsil on erineva nimiväärtusega aktsiaid, peab nende poolt antavate häälte arvu erinevus vastama nimiväärtuse erinevusele.
(3) Nimiväärtuseta aktsiad annavad võrdse häältearvu.

Äriseadustik Leht 61 / 143

[RT I 2010, 20, 103- jõust. 01.07.2010]

§ 237. Eelisaktsia

(1) Aktsiaselts võib välja lasta hääleõiguseta aktsiaid, mis annavad eesõiguse dividendi saamisel ja aktsiaseltsi lõpetamisel alles jääva vara jaotamisel (eelisaktsia). Eelisaktsia omanikul on peale hääleõiguse kõik muud aktsionäri õigused.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(2) Eelisaktsiate nimiväärtuste või arvestuslike väärtuste summa ei või olla suurem kui 1/3 aktsiakapitalist. [RT I 2010, 20, 103- jõust. 01.07.2010]
(3) Põhikirjaga võib ette näha, et eelisaktsia annab hääleõiguse teatud otsuste vastuvõtmisel (piiratud hääleõigus).
(4) Otsuse tegemiseks, millega tühistatakse või muudetakse eelisaktsiate eesõigus või tühistatakse eelisaktsiad, on vaja kõigi eelisaktsiate omanike nõusolekut. Eesõiguse tühistamisel omandavad eelisaktsiate omanikud hääleõiguse.

§ 238. Eelisaktsiast tulenev dividend

(1) Eelisaktsia omanikule makstakse dividend välja enne dividendi väljamaksmist teistele aktsionäridele. Dividend määratakse põhikirjas protsendina aktsia nimiväärtusest või arvestuslikust väärtusest, kui põhikirjaga ei ole ette nähtud teisiti.
[RT I 2010, 20, 103- jõust. 01.07.2010]
(2) Eelisaktsia omanikule võib maksta suuremat dividendi, kui on ette nähtud põhikirjas.
(3) Kui aktsiaseltsil ei ole jaotatavat kasumit või sellest ei piisa, võib eelisaktsia omanikele dividendi täielikult või osaliselt maksmata jätta. Maksmata osa liidetakse järgmisel aastal makstava dividendiga, arvestades sellele juurde intressi seaduses sätestatud suuruses.

§ 239. Hääleõiguse omandamine ja kaotamine

(1) Kui eelisaktsia omajale ei ole kahe majandusaasta jooksul dividendi täielikult välja makstud, omandab eelisaktsia omaja hääleõiguse. Nimiväärtusega aktsia korral omandab eelisaktsia omaja hääleõiguse vastavalt aktsia nimiväärtusele, nimiväärtuseta aktsia korral omandab eelisaktsia omaja hääleõiguse vastavalt käesoleva seadustiku § 236 3. lõikele. Eelisaktsiatest tulenevad hääled arvatakse üldkoosoleku kvoorumi hulka.
[RT I 2010, 20, 103- jõust. 01.07.2010]
(2) Eelisaktsia omanik kaotab hääleõiguse selle majandusaasta viimasel päeval, mille jooksul dividend täielikult välja maksti.
(3) Hääleõiguse omandamine ei vabasta aktsiaseltsi kohustusest maksta välja eelmiste aastate dividend ja seaduses sätestatud intress ega tühista eelisaktsia omaniku eesõigust dividendi saamisel ja likvideerimisel alles jääva vara jaotamisel.

§ 240. [Kehtetu -RT I 2000, 57, 373- jõust. 01.01.2001]

§ 241. Vahetusvõlakiri

(1) Kui see on ette nähtud põhikirjas, võib aktsiaselts üldkoosoleku otsusel aktsiakapitali tingimuslikuks suurendamiseks lasta välja võlakirju, mille omanikul on õigus vahetada võlakiri aktsia vastu (vahetusvõlakiri).
(2) Vahetusvõlakiri võib olla nimeline.
(3) Vahetusvõlakirju võib lasta välja pärast aktsiaseltsi kandmist äriregistrisse.
(4) Vahetusvõlakirja eest tuleb tasuda rahas vähemalt selle nimiväärtus. Võlakirja vastu väljalastavate aktsiate nimiväärtus või arvestuslik väärtus võib olla võlakirja nimiväärtusest suurem üksnes juhul, kui see vahe tasutakse rahas.
[RT I 2010, 20, 103- jõust. 01.07.2010]
(5) Vahetusvõlakirjade nimiväärtuste summa ei või olla suurem kui 1/3 aktsiakapitalist.

25. peatükk

ASUTAMINE

1. jagu

Leht 62 / 143 Äriseadustik

Asutamine aktsiate märkimiseta

§ 242. Asutaja

(1) Aktsiaseltsi võib asutada üks või mitu isikut.
(2) Asutajaks võib olla füüsiline isik või juriidiline isik.

§ 243. Asutamisleping

(1) Aktsiaseltsi asutamiseks sõlmivad asutajad asutamislepingu. (2) Asutamislepingus tuleb märkida:
1) asutatava aktsiaseltsi ärinimi, asukoht ja aadress;
[RT I 2006, 61, 456- jõust. 01.01.2007]
2) asutajate nimed ja elu- või asukohad;
3) aktsiakapitali kavandatud suurus;
4) aktsiate arv ja aktsiate jaotus asutajate vahel ning nimiväärtusega aktsiate korral nende nimiväärtus, eri liiki
aktsiate väljalaskmisel nende tähistus, arv ja aktsiatega seotud õigused;
[RT I 2010, 20, 103- jõust. 01.07.2010]
5) kui palju tuleb aktsiate eest tasuda, tasumise kord, aeg ja koht;
6) kui aktsia eest tasutakse mitterahalise sissemaksega – mitterahalise sissemakse ese ja selle hindamise kord;
7) juhatuse ja nõukogu liikmete, samuti audiitori andmed;
8) prokuristi määramise korral tema andmed;
9) asutamiskulude eeldatav suurus ja nende kandmise kord.
(3) Asutamislepingu sõlmimisega kinnitavad asutajad asutamislepingu lisana ka aktsiaseltsi põhikirja. (4) Asutamisleping ja sellega kinnitatud põhikiri peab olema notariaalselt tõestatud ja sellele kirjutavad
alla kõik asutajad. Asutaja esindaja võib asutamislepingule alla kirjutada, kui talle selleks antud volikiri on
notariaalselt tõestatud. Põhikirja muutmine pärast äriregistrisse kandmist toimub käesoleva seadustiku §-s 300
sätestatud korras ega nõua asutamislepingu muutmist.
(5) Kui aktsiaseltsil on üks asutaja, asendab asutamislepingut asutaja poolt allakirjutatud notariaalselt tõestatud asutamisotsus.

§ 244. Põhikiri

(1) Aktsiaseltsi põhikirjas peab olema märgitud:
1) aktsiaseltsi ärinimi ja asukoht;
[RT I 2006, 61, 456- jõust. 01.01.2007]
2) aktsiakapitali suurus, mis võib olla määratud kindla suurusena või miinimum- ja maksimumkapitalina,
kusjuures miinimumkapitali suurus peab olema vähemalt 1/4 maksimumkapitali suurusest;
3) nimiväärtusega aktsiate korral aktsiate nimiväärtused;
[RT I 2010, 20, 103- jõust. 01.07.2010]
31) nimiväärtuseta aktsiate korral aktsiate arv, mis võib olla määratud kindla arvuna või miinimum- ja maksimumarvuna;
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
4) [kehtetu -RT I 2000, 57, 373- jõust. 01.01.2001]
5) eri liiki aktsiate väljalaskmise korral eri liiki aktsiate tähistus, aktsiatega seotud õigused ning nimiväärtusega
aktsiate korral igat liiki aktsiate nimiväärtus;
[RT I 2010, 20, 103- jõust. 01.07.2010]
6) üldkoosoleku kokkukutsumise ja otsuste vastuvõtmise kord;
7) juhatuse ja nõukogu liikmete arv, mis võib olla väljendatud kindla suurusena või ülem- ja alammäärana ning
vajaduse korral juhatuse liikmete esindusõiguse erisused;
[RT I 2006, 61, 456- jõust. 01.01.2007]
8) [välja jäetud -RT I 1996, 40, 773- jõust. 08.06.1996]
9) kui aktsia eest tasutakse mitterahalise sissemaksega – mitterahalise sissemakse hindamise kord;
10) reservkapitali suurus;
11) muud seaduses sätestatud kohustuslikud tingimused.
(2) Põhikirjas võib ette näha ka muid tingimusi, mis ei ole seadusega vastuolus. Kui põhikirja säte on vastuolus seaduses sätestatuga, kohaldatakse seaduses sätestatut.
(3) Asutamislepinguga kinnitatud põhikirjale kirjutavad alla kõik asutajad. Äriregistrisse kandmise järel muudetud põhikirjale kirjutab alla vähemalt üks juhatuse liige või kui juhatuse liikmed on õigustatud aktsiaseltsi esindama ainult ühiselt, siis kõik ühiselt seltsi esindama õigustatud juhatuse liikmed.

Äriseadustik Leht 63 / 143

§ 245. Eeliste lubamatus

Asutajad ei või võtta endale mingeid õigusi, mis ei tulene aktsiatest.

§ 246. Aktsia eest tasumine

(1) Sissemakse võib olla rahaline või mitterahaline. Aktsia eest tasutakse rahas, kui põhikirjas ei ole ette nähtud mitterahalise sissemaksega tasumist.
(2) Aktsionärid peavad tasuma aktsiate eest täielikult enne aktsiaseltsi äriregistrisse kandmise avalduse esitamist, kui asutamislepinguga ei ole ette nähtud varasemat tähtpäeva. Tasumisega viivitamisel kohaldatakse käesoleva seadustiku §-s 275 sätestatut.
(3) Aktsia eest tasutavat summat ei või tasaarvestada töötasu, honorari ega teiste sarnaste väljamaksetega asutatavast aktsiaseltsist ega muude nõuetega asutatava aktsiaseltsi vastu.

§ 247. Rahalise sissemakse tasumine

Asutajad avavad asutamisel oleva aktsiaseltsi nimele pangaarve, kuhu tasutakse rahalised sissemaksed.

§ 248. Mitterahaline sissemakse

(1) Mitterahaliseks sissemakseks võib olla mis tahes rahaliselt hinnatav ja aktsiaseltsile üleantav asi või varaline õigus, millele on võimalik sissenõuet pöörata.
(2) Mitterahaliseks sissemakseks ei või olla aktsiaseltsile osutatav teenus ega tehtav töö ega ka asutajate tegevus aktsiaseltsi asutamisel.
(3) Aktsionär peab teatama kolmandate isikute õigustest mitterahalisele sissemaksele.
(4) Kui mitterahalise sissemakse väärtus on aktsiaseltsi või aktsiakapitali suurendamise äriregistrisse kandmise ajal väiksem sissemakse arvel saadud aktsiate nimiväärtusest või arvestuslikust väärtusest ja ülekursist, võib aktsiaselts nõuda aktsionärilt sissemakse tasumist rahas selles ulatuses, mille võrra sissemakse väärtus on nimiväärtusest või arvestuslikust väärtusest ja ülekursist väiksem. Nõude aegumistähtaeg on viis aastat, alates aktsiaseltsi või aktsiakapitali suurendamise äriregistrisse kandmisest.
[RT I 2010, 20, 103- jõust. 01.07.2010]

§ 249. Mitterahalise sissemakse väärtuse hindamine

(1) Mitterahalise sissemakse hindamise kord nähakse ette põhikirjas. Kui eseme hindamiseks on olemas üldiselt tunnustatud eksperdid, tuleb mitterahalise sissemakse ese lasta hinnata neil.
(2) Mitterahalise sissemakse väärtuse hindamisel tuleb aluseks võtta asja või õiguse harilik väärtus.
(3) Audiitor kontrollib mitterahalise sissemakse väärtuse hindamist ja esitab arvamuse selle kohta, kas sissemakse vastab käesoleva seadustiku §-s 248 nimetatud nõuetele. Vandeaudiitori aruanne peab sisaldama mitterahalise sissemakse kirjeldust ning selles tuleb märkida, millist meetodit kasutati mitterahalise sissemakse hindamisel ja kas mitterahalise sissemakse väärtus katab mitterahalise sissemaksega tasutud aktsia nimiväärtuse ja ülekursi.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(4) Mitterahalise sissemakse ebaõige hindamisega tekitatud kahju eest vastutavad seda hinnanud isikud ja hindamist kontrollinud audiitor solidaarselt.

§ 2491. Väärtpaberid mitterahalise sissemakse esemena

(1) Kui mitterahalise sissemakse esemeks on väärtpaberituru seaduse § 2 1. lõikes nimetatud väärtpaberid, mis on võetud kauplemisele reguleeritud väärtpaberiturule väärtpaberituru seaduse tähenduses, välja arvatud investeerimisfondi osakud ja tuletislepingud, ei pea audiitor kontrollima mitterahalise sissemakse väärtuse hindamist, kui mitterahalise sissemakse esemeks olevaid väärtpabereid hinnatakse kaalutud keskmise hinna alusel, millega on nendega kaubeldud ühel või mitmel reguleeritud väärtpaberiturul kolme kuu jooksul enne mitterahalise sissemakse tegemise kuupäeva.
(2) Kui mitterahaline sissemakse tehakse käesoleva paragrahvi 1. lõikes nimetatud viisil, peab juhatus avaldama ühe kuu jooksul pärast mitterahalise sissemakse tegemist ja enne aktsiaseltsi äriregistrisse kandmise avalduse esitamist sellise mitterahalise sissemakse tegemise kohta teate väljaandes Ametlikud Teadaanded. Ametlikes Teadaannetes avaldamise asemel võib teate esitada äriregistrile koos aktsiaseltsi äriregistrisse kandmise avaldusega ühe kuu jooksul pärast mitterahalise sissemakse tegemist. Teade peab sisaldama järgmisi andmeid:
1) mitterahalise sissemakse arvel välja antavate aktsiate arv ja nimiväärtusega aktsiate korral aktsiate nimiväärtus;
[RT I 2010, 20, 103- jõust. 01.07.2010]
2) mitterahalise sissemakse ese ja selle kirjeldus ning sissemakse teinud isiku nimi;

Leht 64 / 143 Äriseadustik

3) mitterahalise sissemakse väärtus, hindamise meetod ja hindaja andmed;
4) kinnitus selle kohta, et mitterahalise sissemakse väärtus vastab mitterahalise sissemaksega tasutud aktsiate
väljalaskehinnale ning et sissemakse hindamise järel ei ole ilmnenud uusi olulisi asjaolusid.
(3) Aktsiakapitali suurendamise korral tuleb käesoleva paragrahvi 2. lõikes nimetatud teade esitada äriregistrile. (4) Kui mitterahaline sissemakse tehakse käesoleva paragrahvi 1. lõikes nimetatud viisil aktsiakapitali
suurendamise käigus vastavalt käesoleva seadustiku §-le 349, tuleb käesoleva paragrahvi 2. lõikes nimetatud
teade esitada äriregistrile enne mitterahalise sissemakse tegemise kuupäeva. Teates peab sisalduma ka
aktsiakapitali suurendamise otsuse tegemise kuupäev.
(5) Kui teade mitterahalise sissemakse tegemise kohta esitatakse käesoleva paragrahvi 4. lõikes nimetatud viisil, peab juhatus esitama ühe kuu jooksul pärast mitterahalise sissemakse tegemist sellise mitterahalise sissemakse tegemise kohta äriregistrile teate, milles kinnitab, et pärast käesoleva paragrahvi 4. lõikes nimetatud teate esitamist ei ole ilmnenud uusi olulisi asjaolusid. Teade tuleb esitada enne, kui esitatakse avaldus aktsiakapitali suurendamise äriregistrisse kandmiseks, või samal ajal nimetatud avaldusega.
(6) Kui käesoleva paragrahvi 2.–5. lõikes nimetatud teade ei ole nõuetekohaselt esitatud või avaldatud, tuleb mitterahalise sissemakse väärtust hinnata käesoleva seadustiku §-s 249 sätestatud korras.
(7) Kui käesoleva paragrahvi 1. lõikes nimetatud hinda on mõjutanud erakorralised asjaolud, mis muudaksid oluliselt väärtpaberite väärtust sissemakse tegemise kuupäeval, peab juhatus läbi viima väärtpaberite hindamise, millele kohaldatakse käesoleva seadustiku § 249.
[RT I 2008, 16, 116- jõust. 15.04.2008]

§ 250. Äriregistrisse kandmise avaldus

(1) Aktsiaseltsi äriregistrisse kandmiseks esitab juhatus avalduse, milles näidatakse käesoleva seadustiku §-s
251 nimetatud andmed ja sellele kirjutavad alla kõik juhatuse liikmed. Avaldusele lisatakse:
1) asutamisleping;
2) põhikiri;
3) panga teatis aktsiakapitali sissemaksmise kohta;
4) mitterahalise sissemaksega tasumisel – sissemakse aktsiaseltsile üleandmise leping ja sissemakse väärtust
tõendavad dokumendid ning audiitori poolt allakirjutatud arvamus mitterahalise sissemakse hindamise kohta,
välja arvatud käesoleva seadustiku §-s 2491sätestatud juhul; [RT I 2008, 16, 116- jõust. 15.04.2008]
41) viide Ametlike Teadaannete kuupäevale, millal on avaldatud käesoleva seadustiku § 24912. lõike esimeses lauses nimetatud teade, kui mitterahaline sissemakse on tehtud käesoleva seadustiku § 24911. lõikes nimetatud viisil enne aktsiaseltsi äriregistrisse kandmist;
[RT I 2008, 16, 116- jõust. 15.04.2008]
5) nõukogu liikmete nimed ja isikukoodid ning audiitorite nimed ja isiku- või registrikoodid;
[RT I 2006, 61, 456- jõust. 01.01.2007]
51) teave kavandatud põhitegevusala kohta; [RT I 2006, 61, 456- jõust. 01.01.2007]
6) [kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]
7) aktsiaseltsi sidevahendite andmed (telefoni ja faksi numbrid, e-posti ja Interneti kodulehe aadress jms);
[RT I 2006, 61, 456- jõust. 01.01.2007]
71) Eesti väärtpaberite keskregistri pidaja teatis aktsiate registreerimise kohta;
8) muud seaduses sätestatud dokumendid.
(2) Mitterahalise sissemakse üleandmist aktsiaseltsile tõendavad juhatuse liikmed oma allkirjadega. Kui mitterahaliseks sissemakseks on kinnisasi või registreerimisele kuuluv vallasasi, peab avaldusele lisama väljavõtte kinnistusraamatust või registrist, kus vallasasi on registreeritud.
(3) Äriregistrile esitatavale muule avaldusele kirjutab alla juhatuse liige. Uue juhatuse liikme äriregistrisse kandmise avaldusele kirjutab alla uus juhatuse liige. Ta peab avalduses kinnitama, et tal on seaduse kohaselt õigus olla juhatuse liige. Kui juhatuse liikmed on õigustatud aktsiaseltsi esindama ainult ühiselt, peavad registrile esitatavale avaldusele alla kirjutama kõik aktsiaseltsi ühiselt esindama õigustatud juhatuse liikmed. [RT I 2009, 13, 78- jõust. 01.07.2009]
(4) Aktsiaseltsi ei kanta äriregistrisse, kui avaldus äriregistrisse kandmiseks esitatakse pärast ühe aasta möödumist asutamislepingu sõlmimisest või asutamisotsuse vastuvõtmisest.

§ 251. Äriregistrisse kantavad andmed

Äriregistrisse kantakse:
1) aktsiaseltsi ärinimi;

Äriseadustik Leht 65 / 143

2) aktsiaseltsi asukoht ja aadress;
[RT I 2006, 61, 456- jõust. 01.01.2007]
3) aktsiakapitali suurus;
31) nimiväärtuseta aktsiate arv;
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
4) põhikirja kinnitamise aeg;
5) juhatuse liikmete nimed ja isikukoodid;
[RT I 2006, 61, 456- jõust. 01.01.2007]
6) kes juhatuse liikmetest võib esindada aktsiaseltsi erinevalt käesoleva seadustiku § 307 1. lõikes sätestatust;
7) majandusaasta algus ja lõpp;
8) muud seaduses sätestatud andmed.

§ 252. Asutajate ning juhatuse ja nõukogu liikmete vastutus aktsiaseltsi asutamisel

(1) Aktsiaseltsi asutajad ning juhatuse ja nõukogu liikmed vastutavad solidaarselt aktsiaseltsi asutamisel valeandmete või puudulike andmete esitamisega või sissemaksete või asutamiskulude ebaõige hindamisega või muude kohustuste rikkumisega aktsiaseltsile tekkinud kahju eest, kui asutaja või juhatuse või nõukogu liige ei tõenda, et ta kahju tekitanud asjaolu ei teadnud ega pidanudki teadma.
(2) Käesoleva paragrahvi 1. lõikes sätestatud alusel vastutavad lisaks aktsionäridele ka isikud, kelle arvel aktsiaselts asutati. Isik ei vabane vastutusest, sõltumata asjaoludest teadmisest, kui asjaolusid teadis või pidi teadma tema arvel tegutsenud aktsionär.
(3) Käesoleva paragrahvi 1. ja 2. lõikes sätestatust erinev kokkulepe kehtib aktsiaseltsi võlausaldajate suhtes üksnes juhul, kui kokkulepe sõlmiti aktsiaseltsi pankrotimenetluses.
(4) Käesoleva paragrahvi 1. ja 2. lõikes sätestatud nõuded aeguvad viie aasta möödumisel aktsiaseltsi äriregistrisse kandmisest, kahju tekkimise aluseks olnud teo hilisema toimepanemise korral alates teo toimepanemisest.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 253. Enne äriregistrisse kandmist tehtud tehingud

(1) Enne aktsiaseltsi äriregistrisse kandmist asutatava aktsiaseltsi nimel tehtud tehingutest tulenevate kohustuste täitmise eest vastutavad tehingu teinud isikud solidaarselt.
(2) Käesoleva paragrahvi 1. lõikes nimetatud kohustused lähevad üle aktsiaseltsile aktsiaseltsi registrisse kandmisest, kui tehingu teinud isikul oli õigus tehingut teha.
(3) Kui isikul ei olnud õigust tehingut teha, lähevad tehingust tulenevad kohustused üle aktsiaseltsile, kui üldkoosolek kiidab selle tehingu heaks.
(4) Kui aktsiaseltsi varast ei jätku aktsiaseltsi võlausaldaja nõude rahuldamiseks, vastutavad asutajad aktsiaseltsi võlausaldaja ees isiklikult ja solidaarselt aktsiaseltsi kohustuste täitmise eest ulatuses, milles aktsiaseltsi vara vähenes enne aktsiaseltsi äriregistrisse kandmist aktsiaseltsile võetud kohustuste tõttu. Nimetatud nõude aegumistähtaeg on viis aastat aktsiaseltsi äriregistrisse kandmisest.

§ 254. [Kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]

§ 255. Lepingu kehtivus

(1) Kahe aasta jooksul aktsiaseltsi äriregistrisse kandmisest võib aktsiaselts aktsionärilt või temaga samaväärset majanduslikku huvi omavalt isikult lepingu alusel omandada vara, mille väärtus ületab 1/10 aktsiakapitalist, ainult üldkoosoleku otsusel. See ei kehti vara omandamisel börsil või igapäevase majandustegevuse raames.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(2) Vara tuleb hinnata käesoleva seadustiku §-s 249 sätestatud korras.
(3) Juhatus peab viivitamata pärast käesoleva paragrahvi 1. lõikes nimetatud vara hindamise kontrollimist audiitori poolt esitama äriregistrile vara aktsiaseltsile üleandmise lepingu ja vara väärtust tõendavad dokumendid ning audiitori poolt allakirjutatud arvamuse vara hindamise kohta.
[RT I 2008, 16, 116- jõust. 15.04.2008]

2. jagu

[Kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]

26. peatükk

Leht 66 / 143 Äriseadustik

AKTSIONÄR JA AKTSIASELTS

§ 272. Aktsionäride võrdsus

Aktsionäre tuleb võrdsetel asjaoludel kohelda võrdselt.

§ 273. Aktsionäri kohustus teha sissemakseid

Aktsionäri ei või ilma tema nõusolekuta kohustada tegema sissemakseid, mis ületavad aktsia nimiväärtust või arvestuslikku väärtust ja ülekurssi.
[RT I 2010, 20, 103- jõust. 01.07.2010]

§ 274. Sissemakse tagastamise ja intressi arvestamise keeld

(1) Aktsionärile ei või tagastada tema poolt tehtud sissemakset ega maksta sissemakselt intressi.
(2) Sissemakse tagastamiseks ei loeta ostuhinna tasumist aktsiaseltsi poolt oma aktsiate tagasiostmisel.

§ 275. Sissemaksega viivitamise tagajärjed

(1) Aktsionär, kes ei tasu aktsia eest õigeaegselt, on kohustatud maksma aktsiaseltsile viivist seaduses sätestatud ulatuses, kui põhikirjaga ei ole ette nähtud teisiti. See ei välista ega piira viivist ületava kahju hüvitamise nõude esitamist.
(2) Juhatus saadab maksega viivitavale aktsionärile teate nõudega tasuda makse kirjas näidatud tähtaja jooksul, märkides, et makse tasumata jätmisel kaotab aktsionär oma aktsia. Tasumise tähtaeg peab olema vähemalt viisteist päeva teate saatmisest.
(3) Kui aktsionär ei tasu puudu olevat summat teates nimetatud tähtaja jooksul, kaotab ta oma aktsia ja aktsiaseltsil on õigus võõrandada see teistele aktsionäridele või kolmandatele isikutele. Aktsionäri poolt tasutud summa, mis ei ületa 1/5 aktsia nimiväärtusest või arvestuslikust väärtusest, kantakse reservkapitali, ülejäänud summa tagastatakse aktsionärile.
[RT I 2010, 20, 103- jõust. 01.07.2010]

§ 276. Väljamaksete tegemine aktsionäridele

(1) Aktsiaselts võib teha aktsionäridele väljamakseid ainult puhaskasumist või eelmiste majandusaastate jaotamata kasumist, millest on maha arvatud eelmiste aastate katmata kahjum, vastavalt seadusele.
(2) Aktsionärile makstakse osa kasumist (dividend) vastavalt tema aktsiate nimiväärtusele või arvestuslikule väärtusele. Põhikirjaga võib ette näha, et eri liiki aktsiatest tulenevad erinevad õigused kasumi jaotamisel. [RT I 2010, 20, 103- jõust. 01.07.2010]

§ 277. Dividendi maksmise kord

(1) Dividendi võib maksta kinnitatud majandusaasta aruande alusel.
(2) Dividendi maksmise kord nähakse ette põhikirjas või üldkoosoleku otsusega.
(3) Põhikirjaga võib aktsiaseltsi juhatusele anda õiguse teha nõukogu nõusolekul pärast majandusaasta möödumist ja enne majandusaasta aruande kinnitamist aktsionäridele ettemakseid eeldatava kasumi arvel kuni poole ulatuses summast, mida võib aktsionäride vahel jaotada.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 278. Dividendi suurus

Dividendi suuruse kinnitab üldkoosolek. Nõukoguga kooskõlastatud ettepaneku esitab juhatus. Aktsionäridele
ei tohi teha väljamakseid, kui aktsiaseltsi viimase majandusaasta lõppemisel kinnitatud majandusaasta aruandest
ilmnev aktsiaseltsi netovara on väiksem või jääks väiksemaks aktsiakapitali ja reservide kogusummast, mille
väljamaksmine aktsionäridele ei ole lubatud seadusest või põhikirjast tulenevalt.

§ 279. Dividendi väljamaksmine

(1) Aktsionäril on õigus nõuda üldkoosoleku otsusega ettenähtud dividendi väljamaksmist.
(2) Dividend makstakse välja rahas. Aktsionäri nõusolekul võib dividendi maksta ka muu varaga.

Äriseadustik Leht 67 / 143

§ 280. Ebaseadusliku väljamakse tagastamine

(1) Kui aktsionärile on tehtud väljamakse, mida tal ei olnud õigust saada, peab ta alusetult saadu tagastama. (2) Kui aktsionär väljamakset saades ei teadnud ega pidanudki teadma selle alusetusest, võib väljamakse
tagastamist nõuda üksnes juhul, kui see on vajalik aktsiaseltsi võlausaldajate nõuete rahuldamiseks.
(3) Käesoleva paragrahvi 1. lõikes nimetatu tagastamist aktsiaseltsile võib nõuda ka aktsiaseltsi võlausaldaja, kui ta ei saa oma nõuet rahuldada aktsiaseltsi vara arvel. Aktsiaseltsi pankrotimenetluses võib nõude aktsiaseltsi nimel esitada üksnes pankrotihaldur.
(4) Käesoleva paragrahvi 1.–3. lõikes sätestatust erinev kokkulepe kehtib aktsiaseltsi võlausaldajate või pankrotihalduri suhtes üksnes juhul, kui kokkulepe sõlmiti aktsiaseltsi pankrotimenetluses. Nõuete tasaarvestamine ei ole lubatud.
(5) Käesoleva paragrahvi 1.–3. lõikes sätestatud nõuded aeguvad viie aasta möödumisel väljamaksete tegemisest.
(6) Ebaseadusliku väljamakse põhjustanud juhatuse ja nõukogu liikmed vastutavad väljamakse tagastamise eest solidaarselt väljamakse saanud aktsionäriga.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 281. Laenukeeld

(1) Aktsiaselts ei või anda laenu:
1) oma aktsionärile, kelle aktsiatega on esindatud rohkem kui 1 protsent aktsiakapitalist;
2) oma emaettevõtja osanikule, aktsionärile või liikmele, kelle osa või aktsiatega on esindatud rohkem kui 1
protsent emaettevõtja osa- või aktsiakapitalist;
3) isikule aktsiaseltsi aktsiate omandamiseks;
4) oma juhatuse ega nõukogu liikmetele ega prokuristile.
(2) [Kehtetu -RT I 2000, 29, 172- jõust. 17.04.2000]
(21) Tütarettevõtja võib anda laenu oma emaettevõtjale või emaettevõtja aktsionärile, osanikule või liikmele, mis moodustab tütarettevõtjaga sama kontserni, kui sellega ei kahjustata aktsiaseltsi majanduslikku seisundit ega võlausaldajate huve. Tütarettevõtja ei või anda käesoleva lõike esimeses lauses nimetatud isikutele laenu aktsiaseltsi aktsiate omandamiseks.
[RT I 2008, 16, 116- jõust. 15.04.2008]
(3) Aktsiaselts ei või ka tagada käesoleva paragrahvi 1. lõikes nimetatud isikute poolt võetavat laenu. Keeld ei kehti emaettevõtja poolt võetava laenu tagamisele ning tütarettevõtjaga sama kontserni moodustava emaettevõtja aktsionäri, osaniku või liikme poolt võetava laenu tagamisele, kui sellega ei kahjustata aktsiaseltsi majanduslikku seisundit ega võlausaldajate huve. Aktsiaselts ei või tagada aktsiaseltsi aktsiate omandamiseks võetavat laenu.
[RT I 2008, 16, 116- jõust. 15.04.2008]
(4) Käesoleva paragrahvi 1. ja 21. lõikes sätestatut rikkuv tehing on tühine. Käesoleva paragrahvi 3. lõikes sätestatu rikkumine ei too kaasa tehingu tühisust, kuid isik, kelle laenu tagati, peab hüvitama tagamisega aktsiaseltsile tekkinud kahju.
(5) Käesoleva paragrahvi 1.–4. lõikes sätestatut kohaldatakse vastavalt krediidilepingutele ja muudele majanduslikult samaväärsetele tehingutele.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 282. Oma aktsiate märkimine

(1) Aktsiaselts ega kolmas isik tema arvel ei või märkida oma aktsiaid. (2) Tütarettevõtja ei või märkida emaettevõtja aktsiaid.

§ 283. Oma aktsiate omandamine ja tagatiseks võtmine

(1) Aktsiaselts ei või ise ega kolmanda isiku kaudu, kes tegutseb oma nimel, kuid seltsi arvel omandada ega tagatiseks võtta oma aktsiaid, kui seaduses ei ole sätestatud teisiti.
(2) Oma aktsiate omandamine või tagatiseks võtmine aktsiaseltsi poolt on lubatud, kui:
1) see on toimunud viie aasta jooksul üldkoosoleku sellise otsuse vastuvõtmisest arvates, millega on määratud
aktsiate omandamise või tagatiseks võtmise tingimused ja tähtaeg ning aktsiate eest tasutavad miinimum- ja
maksimumsummad;
[RT I 2008, 16, 116- jõust. 15.04.2008]
2) aktsiaseltsile kuuluvate või tagatiseks võetud aktsiate nimiväärtuste või arvestuslike väärtuste summa ei ületa
1/10 aktsiakapitalist ja

Leht 68 / 143 Äriseadustik

[RT I 2010, 20, 103- jõust. 01.07.2010]
3) aktsiate omandamine ei too kaasa netovara vähenemist alla aktsiakapitali ja reservide kogusumma, mille
väljamaksmine aktsionäridele ei ole lubatud seadusest või põhikirjast tulenevalt.
[RT I 2008, 16, 116- jõust. 15.04.2008]
(3) Aktsiaselts võib oma aktsiaid omandada nõukogu otsusel üldkoosoleku otsuseta, kui aktsiate omandamine on vajalik aktsiaseltsile olulise kahju ärahoidmiseks. Järgmisel aktsionäride üldkoosolekul tuleb aktsionäridele teatada aktsiate omandamise asjaoludest ja üksikasjadest.
[RT I 2008, 16, 116- jõust. 15.04.2008]
(4) Aktsiaselts võib oma aktsiaid omandada käesoleva paragrahvi 2. lõikes sätestatud piiranguteta, kui aktsiad omandatakse pärimisega.
(5) Aktsiaseltsi oma aktsiad ei anna aktsiaseltsile mingeid aktsionäriõigusi.
(6) Krediidiasutus või muu väärtpaberituru kutseline osaline võib jooksvate tehingute raames võtta tagatiseks oma aktsiaid kuni 1/10 ulatuses aktsiakapitalist.
(7) Käesoleva paragrahvi 1., 2. ja 6. lõikes sätestatuga vastuolus olev kohustustehing on tühine. See ei mõjuta aktsiate omandamise või tagatiseks võtmise kehtivust.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 284. Oma aktsiate võõrandamine

(1) [Kehtetu -RT I 2008, 16, 116- jõust. 15.04.2008]
(2) Kui aktsiaselts on omandanud või tagatiseks võtnud oma aktsiaid käesoleva seadustiku § 283 4. lõike alusel ja nende nimiväärtuste või arvestuslike väärtuste summa koos kõigi aktsiaseltsile kuuluvate või tagatiseks võetud oma aktsiate nimiväärtuste või arvestuslike väärtuste summaga ületab 1/10 aktsiakapitalist, tuleb sellisel viisil omandatud või tagatiseks võetud 1/10 ületavad aktsiad võõrandada või nende tagatiseks võtmine lõpetada kolme aasta jooksul omandamisest või tagatiseks võtmisest arvates.
[RT I 2010, 20, 103- jõust. 01.07.2010]
(3) Kui aktsiaselts on omandanud või tagatiseks võtnud oma aktsiaid seadusvastaselt, peab need võõrandama või tagatiseks võtmise lõpetama ühe aasta jooksul omandamisest või tagatiseks võtmisest arvates.
[RT I 2008, 16, 116- jõust. 15.04.2008]
(4) Kui aktsiaid ei võõrandata või tagatiseks võtmist ei lõpetata käesoleva paragrahvi 2. ja 3. lõikes nimetatud tähtaja jooksul, peab need tühistama ja aktsiakapitali vastavalt vähendama.
[RT I 2008, 16, 116- jõust. 15.04.2008]

§ 285. Aktsiate vastastikune omandamine

Tütarettevõtja võib omandada või tagatiseks võtta emaettevõtja aktsiaid samadel tingimustel kui oma osasid või aktsiaid. Kui tütarettevõtja omandab või võtab tagatiseks emaettevõtja aktsiaid, loetakse, et need osad või aktsiad on käesoleva seaduse tähenduses omandanud või tagatiseks võtnud emaettevõtja.

§ 286. Ühine aktsia

(1) Kui aktsia kuulub mitmele isikule ühiselt, võivad need isikud teostada aktsiaga seotud õigusi üksnes ühiselt. See ei kehti aktsiaseltsi suhtes, kui aktsia ühisest kuuluvusest ei ole aktsiaseltsile teatatud.
(2) Aktsiast tulenevate kohustuste täitmise eest vastutavad aktsia ühised omanikud solidaarselt. (3) Aktsia ühisel omanikul on õigus nõuda enda kandmist aktsiaraamatusse.
(4) Kui aktsionärid ei ole määranud endale aktsiast tulenevate õiguste teostamiseks ühist esindajat, loetakse aktsiaseltsi poolt ühiste aktsionäride suhtes tehtud tehing kehtivaks ka siis, kui see on tehtud üksnes ühe või mitme aktsionäri suhtes.
[RT I 2009, 13, 78- jõust. 01.07.2009]

§ 287. Aktsionäri õigus teabele

(1) Aktsionäril on õigus üldkoosolekul saada juhatuselt teavet aktsiaseltsi tegevuse kohta.
(2) Juhatus võib keelduda teabe andmisest, kui on alust eeldada, et see võib tekitada olulist kahju aktsiaseltsi huvidele.

Äriseadustik Leht 69 / 143

(3) Aktsionär võib juhul, kui juhatus keeldub teabe andmisest, nõuda, et tema nõudmise õiguspärasuse üle otsustaks aktsionäride üldkoosolek, või esitada üldkoosoleku toimumisest alates kahe nädala jooksul hagita menetluses kohtule avalduse juhatuse kohustamiseks teavet andma.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 288. [Kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]

§ 289. Aktsionäri vastutus

(1) Aktsionär vastutab aktsionärina aktsiaseltsile, teisele aktsionärile või kolmandale isikule süüliselt tekitatud kahju eest.
(2) Aktsionär ei vastuta tekitatud kahju eest, kui ta ei ole võtnud osa kahju tekitamise aluseks olnud üldkoosoleku otsuse vastuvõtmisest või kui ta hääletas otsuse vastu.
[RT I 2002, 53, 336- jõust. 01.07.2002]

§ 2891. Ühe aktsionäriga aktsiaselts

(1) Kui aktsiaseltsi kõik aktsiad kuuluvad ühele aktsionärile või kui ühe aktsionäri kõrval kuuluvad selle aktsiaseltsi aktsiad ainult aktsiaseltsile endale, peab juhatus viivitamatult esitama äriregistri pidajale sellekohase kirjaliku teadaande. Teadaandes tuleb ära näidata ainuaktsionäri nimi, aadress ja isiku- või registrikood. Teadaannet säilitatakse äritoimikus.
(2) Käesoleva paragrahvi esimeses lõikes sätestatud teatamiskohustuse rikkumisel vastutavad juhatuse liikmed sellega tekitatud kahju eest solidaarselt.

§ 2892. Vastutus aktsiaseltsi kahjustamise eest aktsiaseltsi tegevuse mõjutamise kaudu

(1) Oma mõju aktsiaseltsile ära kasutades juhatuse või nõukogu liiget või prokuristi aktsiaseltsi kahjuks tegutsema mõjutanud isik peab hüvitama aktsiaseltsile sellega tekitatud kahju.
(2) Käesoleva paragrahvi 1. lõikes sätestatud juhul oma kohustusi rikkunud juhatuse või nõukogu liige või prokurist vastutab solidaarselt teda mõjutanud isikuga, välja arvatud juhul, kui ta tõendab, et on oma kohustusi täitnud korraliku ettevõtja hoolsusega.
(3) Käesoleva paragrahvi 1. lõikes sätestatud juhul vastutavad mõjutanud isikuga solidaarselt ka isikud, kes said kahjustamisest kasu.
(4) Käesoleva paragrahvi 1.–3. lõikes sätestatud nõuete aegumistähtaeg on viis aastat.
(5) Käesoleva paragrahvi 1.–3. lõikes nimetatud kahju hüvitamist aktsiaseltsile võib nõuda ka aktsiaseltsi võlausaldaja, kui ta ei saa oma nõudeid rahuldada aktsiaseltsi vara arvel. Aktsiaseltsi pankroti väljakuulutamise korral võib selle nõude aktsiaseltsi nimel esitada üksnes pankrotihaldur.
(6) Võlausaldajal või pankrotihalduril on õigus käesoleva paragrahvi 5. lõikes nimetatud nõue esitada ka juhul, kui aktsiaselts on nõudest loobunud või sõlminud kompromissilepingu või nõuet või selle esitamist kokkuleppe tulemusena muul viisil piiranud või aegumistähtaega lühendanud.
[RT I 2005, 57, 449- jõust. 01.01.2006]

27. peatükk

JUHTIMINE

1. jagu

Üldkoosolek

§ 290. Üldkoosoleku olemus

(1) Aktsionärid teostavad oma õigusi aktsiaseltsis aktsionäride üldkoosolekul, kui seaduses ei ole sätestatud teisiti.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(2) Aktsionäride üldkoosolek on aktsiaseltsi kõrgeim juhtimisorgan.

§ 2901. Elektrooniline osalemine börsiaktsiaseltsi üldkoosolekul

(1) Kui aktsiaseltsi aktsiad on kauplemisele võetud reguleeritud väärtpaberiturul (edaspidi börsiaktsiaselts), võib selle aktsiaseltsi põhikirjaga ette näha, et aktsionärid võivad üldkoosolekust osa võtta ja teostada oma õigusi elektrooniliste vahendite abil ilma üldkoosolekul füüsiliselt kohal olemata ja ilma esindajat määramata,

Leht 70 / 143 Äriseadustik

kui see on tehniliselt turvalisel viisil võimalik (edaspidi elektrooniline osalemine). Põhikirjaga võib ette näha muu hulgas järgmised elektroonilise osalemise viisid:
1) üldkoosolekul osalemine kogu üldkoosoleku kestel reaalajas toimuva kahesuunalise side abil või muul sellesarnasel elektroonilisel viisil, mis võimaldab aktsionäril eemal viibides üldkoosolekut jälgida, üldkoosoleku kestel iga otsuse eelnõu osas elektrooniliselt hääletada ja üldkoosoleku juhataja määratud ajal sõna võtta;
2) elektrooniline hääletamine vastavalt käesoleva seadustiku §-le 2981.
(2) Elektroonilisele osavõtmisele kohaldatakse vastavalt käesoleva seadustiku § 2981 3. lõiget. [RT I 2009, 51, 349- jõust. 15.11.2009]
(3) Käesolevas peatükis sätestatut ei kohaldata börsiaktsiaseltsi üldkoosoleku suhtes, kui börsiaktsiaseltsile rakendatakse kriisilahendusmeetmeid või -õigusi finantskriisi ennetamise ja lahendamise seaduse alusel. [RT I, 19.03.2015, 3- jõust. 29.03.2015]

§ 291. Korraline üldkoosolek

(1) Korraline üldkoosolek toimub vähemalt üks kord aastas. Korraline on üldkoosolek, mille päevakorras on majandusaasta aruande kinnitamine.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(2) Juhatus kutsub korralise üldkoosoleku kokku põhikirjas ettenähtud korras ja tähtajal, kuid mitte hiljem
kui kuue kuu jooksul majandusaasta lõppemisest. Tähtaja möödalaskmine ei mõjuta koosolekul tehtud otsuste
kehtivust.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 292. Erakorraline üldkoosolek

(1) Juhatus kutsub kokku erakorralise üldkoosoleku põhikirjas ettenähtud juhtudel, samuti siis, kui:
1) aktsiaseltsil on netovara vähem kui pool aktsiakapitalist või vähem kui käesoleva seadustiku §-s 222
nimetatud aktsiakapitali suurus või muu seaduses sätestatud aktsiakapitali minimaalne suurus või
2) seda nõuavad aktsionärid, kelle aktsiatega on esindatud vähemalt 1/10 aktsiakapitalist, börsiaktsiaseltsi
korral aktsionärid, kelle aktsiatega on esindatud vähemalt 1/20 aktsiakapitalist, või
[RT I 2009, 51, 349- jõust. 15.11.2009]
3) seda nõuab nõukogu või audiitor;
4) see on aktsiaseltsi huvides ilmselt vajalik.
(2) Kui juhatus ei kutsu üldkoosolekut kokku ühe kuu jooksul aktsionäride, nõukogu või audiitori nõude saamisest või juhatus ei kutsu seda kokku nõutava päevakorraga, on aktsionäridel, nõukogul või audiitoril õigus üldkoosolek ise kokku kutsuda.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(3) Erakorralist üldkoosolekut ei kutsuta kokku, kui vara vähenemisest teada saamisest või nõude esitamisest jääb korralise üldkoosoleku toimumiseni vähem kui kaks kuud.

§ 293. Üldkoosoleku päevakord

(1) Kui üldkoosoleku kutsub kokku juhatus või nõukogu, määrab üldkoosoleku päevakorra nõukogu. Kui üldkoosoleku kutsuvad kokku aktsionärid või audiitor, määravad nemad üldkoosoleku päevakorra.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(2) Juhatus või aktsionärid, kelle aktsiatega on esindatud vähemalt 1/10 aktsiakapitalist, börsiaktsiaseltsi korral aktsionärid, kelle aktsiatega on esindatud vähemalt 1/20 aktsiakapitalist, võivad nõuda täiendavate küsimuste võtmist korralise üldkoosoleku päevakorda, kui vastav nõue on esitatud hiljemalt 15 päeva enne üldkoosoleku toimumist.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(21) Kui erakorraline üldkoosolek kutsutakse kokku audiitori või aktsionäride nõudel, võivad audiitor või aktsionärid, kelle nõudel üldkoosolek kokku kutsutakse, nõuda samaaegselt üldkoosoleku kokkukutsumise taotluse esitamisega küsimuste võtmist erakorralise üldkoosoleku päevakorda.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(3) Küsimuse, mida ei olnud eelnevalt üldkoosoleku päevakorda võetud, võib päevakorda võtta vähemalt
9/10 üldkoosolekul osalevate aktsionäride nõusolekul, kui nende aktsiatega on esindatud vähemalt 2/3
aktsiakapitalist. Käesoleva seadustiku § 29811. lõikes ja § 29821. lõikes sätestatud viisil üldkoosolekul osalevate aktsionäride aktsiatega esindatud hääli ei arvestata käesoleva lõike tähenduses üldkoosoleku kvoorumi hulka. [RT I 2009, 51, 349- jõust. 15.11.2009]

Äriseadustik Leht 71 / 143

(4) Eelnevalt päevakorda võtmata võib üldkoosolek otsustada järgmise koosoleku kokkukutsumise ja lahendada avaldused, mis puudutavad päevakorraga seotud korralduslikke küsimusi ja koosoleku pidamise korda, samuti võib üldkoosolekul ilma otsust tegemata arutada muid küsimusi.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 2931. Otsuse eelnõu

(1) Kui üldkoosoleku kutsub kokku juhatus, koostab juhatus iga päevakorrapunkti kohta otsuse eelnõu.
(2) Kui üldkoosoleku kutsuvad kokku aktsionärid, nõukogu või audiitor, koostavad nemad iga päevakorrapunkti kohta otsuse eelnõu. Otsuste eelnõud tuleb esitada juhatusele enne üldkoosoleku kokkukutsumisest teatamist. Otsuste eelnõud võib täiendavalt märkida üldkoosoleku kokkukutsumise teatesse.
(3) Käesoleva seadustiku § 293 2. või 21. lõikes nimetatud õiguste kasutamise korral peavad aktsionärid või audiitor samaaegselt päevakorra täiendamise nõudega esitama aktsiaseltsile iga täiendava küsimuse kohta otsuse eelnõu või põhjenduse.
(4) Aktsionärid, kelle aktsiatega on esindatud vähemalt 1/10 aktsiakapitalist, börsiaktsiaseltsi korral aktsionärid, kelle aktsiatega on esindatud vähemalt 1/20 aktsiakapitalist, võivad aktsiaseltsile esitada iga päevakorrapunkti kohta otsuse eelnõu. Eelmises lauses nimetatud õigust ei või kasutada hiljem kui kolm päeva enne üldkoosoleku toimumist.
(5) Aktsiaselts peab juhatuse koostatud ja aktsionäride, nõukogu või audiitori esitatud otsuse eelnõud ja põhjendused tegema aktsionäridele kättesaadavaks aktsiaseltsi poolt määratud kohas. Käesoleva paragrahvi 2. lõikes nimetatud otsuste eelnõude kättesaadavaks tegemata jätmine ei ole üldkoosoleku kokkukutsumise korra oluline rikkumine.
(6) Käesoleva paragrahvi 3. ja 4. lõikes sätestatud juhul peab aktsiaselts esitatud otsuste eelnõud ja põhjendused tegema koos juhatuse poolt täiendavate päevakorrapunktide kohta koostatud otsuste eelnõudega aktsionäridele kättesaadavaks viivitamata pärast nende esitamist aktsiaseltsile, kui need esitatakse aktsiaseltsile pärast üldkoosoleku toimumisest teatamist.
[RT I 2009, 51, 349- jõust. 15.11.2009]

§ 294. Üldkoosoleku kokkukutsumise teade

(1) Juhatus saadab üldkoosoleku toimumise teate kõikidele aktsionäridele. Teade saadetakse tähitud kirjaga aktsiaraamatusse kantud aadressil. Kui aktsiaseltsil on üle 50 aktsionäri, ei pea aktsionäridele teateid
saatma, kuid üldkoosoleku toimumise teade tuleb avaldada vähemalt ühes üleriigilise levikuga päevalehes. Börsiaktsiaselts peab üldkoosoleku kokkukutsumise teate avaldama ka viisil, mis võimaldab sellele kiire juurdepääsu, kasutades selleks teabevahendeid, mille puhul võib eeldada teabe tõhusat edastamist avalikkusele kogu Euroopa Liidus.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(11) Käesoleva paragrahvi lõikes 1 nimetatud teate võib edastada ka lihtkirjana, faksi teel või elektrooniliselt, kui kirjale või faksile või teate elektroonilise edastamise korral on lisatud teatis dokumendi kättesaamise kinnituse viivitamatu tagastamise kohustuse kohta. Teade loetakse lihtkirja või faksi teel või elektrooniliselt
kätte toimetatuks, kui saaja tagastab juhatusele dokumendi kättesaamise kohta kinnituse omal valikul kirjalikult, faksiga või elektrooniliselt.
[RT I 2007, 67, 413- jõust. 28.12.2007]
(2) [Kehtetu -RT I 2000, 57, 373- jõust. 01.01.2001]
(3) Korralise üldkoosoleku toimumisest peab ette teatama vähemalt kolm nädalat, kui põhikirjaga ei ole ette nähtud pikemat tähtaega. Erakorralise üldkoosoleku toimumisest peab ette teatama vähemalt ühe nädala, kui põhikirjaga ei ole ette nähtud pikemat tähtaega. Börsiaktsiaseltsi erakorralisest üldkoosolekust etteteatamisele kohaldatakse käesoleva lõike esimest lauset.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(31) Kui aktsiaselts teab või peab teadma, et aktsionäri aadress erineb aktsiaraamatusse kantust, tuleb
teade saata ka sellel aadressil. Teade peab olema saadetud selliselt, et see tavalise edastamise korral jõuaks
adressaadini hiljemalt käesoleva paragrahvi 3. lõikes nimetatud tähtpäevaks.
(4) Üldkoosoleku kokkukutsumise teates tuleb näidata:
1) aktsiaseltsi ärinimi ja asukoht;
2) üldkoosoleku toimumise aeg ja koht;
3) märge selle kohta, kas koosolek on korraline või erakorraline;
4) üldkoosoleku päevakord;
5) selgitus selle kohta, millise päeva seisuga määratakse üldkoosolekul osalemiseks õigustatud aktsionäride
ring;
6) teave käesoleva seadustiku §-s 287, § 293 2. ja 21. lõikes ning § 2931 4. lõikes nimetatud õiguste teostamise korra ja tähtaja kohta;

Leht 72 / 143 Äriseadustik

7) kui aktsiaselts võimaldab elektroonilist osavõtmist üldkoosolekust või elektroonilist või posti teel hääletamist, teave elektroonilise osavõtmise ning elektroonilise ja posti teel hääletamise korra ja tähtaja kohta;
8) kui üldkoosoleku päevakorras on majandusaasta aruande kinnitamine, põhikirja muutmine või lepinguga nõustumine, koht, kus on võimalik tutvuda majandusaasta aruandega, vandeaudiitori aruandega, kasumi jaotamise ettepanekuga, põhikirja projektiga või lepinguga või selle projektiga, ning nende dokumentidega tutvumise kord;
[RT I 2010, 9, 41- jõust. 08.03.2010]
9) koht, kus on võimalik tutvuda juhatuse, nõukogu, aktsionäride ja audiitori esitatud otsuste eelnõudega ja
aktsionäride esitatud põhjendustega päevakorrapunktide kohta, ning nende dokumentidega tutvumise kord;
10) koht, kus on võimalik tutvuda muude seaduse kohaselt üldkoosolekule esitatavate dokumentidega, ning
nende dokumentidega tutvumise kord;
11) börsiaktsiaseltsi korral aktsiaseltsi kodulehe aadress, kus avalikustatakse käesoleva seadustiku §-s
2941sätestatud teave;
12) börsiaktsiaseltsi korral teave üldkoosolekul esindaja kaudu osalemise korra kohta, sealhulgas teave
blankettide kohta, mida tuleb kasutada volituse alusel hääletamiseks, kui selliste blankettide kasutamine on
tulenevalt seadusest, põhikirjast või nõukogu või juhatuse otsusest vajalik, ning teave aktsiaseltsile esindaja
määramisest ja volituse tagasivõtmisest teatamise korra kohta vastavalt käesoleva seadustiku § 297 41. lõikele;
13) muud üldkoosolekuga seonduvalt tähtsust omavad asjaolud.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(41) Üldkoosoleku kokkukutsumise teates ei tule näidata käesoleva paragrahvi 4. lõike punktis 6 nimetatud õiguste teostamise korda, kui selle korraga saab käesoleva paragrahvi 43. lõikes sätestatud korras tutvuda aktsiaseltsi kodulehel ja sellele võimalusele ning aktsiaseltsi kodulehe aadressile on teates viidatud.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(42) Kui käesoleva paragrahvi 4. lõike punktides 8–10 nimetatud dokumendid on tehtud aktsionäridele kättesaadavaks aktsiaseltsi kodulehel ja sellele võimalusele ning kodulehe aadressile on üldkoosoleku kokkukutsumise teates viidatud, ei pea aktsiaselts võimaldama muul viisil dokumentidega tutvuda.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(43) Käesoleva paragrahvi 4. lõike punktides 8–10 nimetatud dokumentidega peab olema võimalik tutvuda vähemalt üldkoosolekust teatamisest alates kuni üldkoosoleku toimumise päevani, kui seaduses ei ole sätestatud teisiti.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(5) Iga päevakorrapunkti kohta peab nõukogu esitama oma ettepaneku, mis tuleb märkida üldkoosoleku kokkukutsumise teatesse. Ettepaneku teatesse märkimata jätmine ei ole üldkoosoleku kokkukutsumise korra oluline rikkumine.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(6) Kui pärast korralise üldkoosoleku kokkukutsumisest teatamist päevakorda juhatuse või aktsionäride nõudel muudetakse, tuleb päevakorra muutmisest enne korralise üldkoosoleku toimumist teatada samas korras nagu üldkoosoleku kokkukutsumisest. Päevakorra muutmisest peab enne üldkoosoleku toimumist ette teatama vähemalt nädal aega, kui põhikirjaga ei ole ette nähtud pikemat tähtaega.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(61) Käesoleva paragrahvi lõikes 6 sätestatut ei kohaldata, kui börsiaktsiaseltsile rakendatakse kriisilahendusmeetmeid või -õigusi finantskriisi ennetamise ja lahendamise seaduse alusel.
[RT I, 19.03.2015, 3- jõust. 29.03.2015]
(62) Börsiaktsiaseltsi puhul võib ette näha käesoleva paragrahvi lõikes 3 sätestatust lühema üldkoosolekust etteteatamise tähtaja, kui sellega on nõus aktsionärid, kes esindavad vähemalt 2/3 aktsiakapitalist, ja kui otsustatakse suurendada aktsiakapitali, et aktsiaseltsi sattumist makseraskustesse vältida vastavalt finantskriisi ennetamise ja lahendamise seaduses sätestatule.
[RT I, 19.03.2015, 3- jõust. 29.03.2015]
(7) Üldkoosoleku kokkukutsumise teate saatmise või avalikustamise kulud kannab aktsiaselts. [RT I 2009, 51, 349- jõust. 15.11.2009]

§ 2941. Üldkoosolekuga seotud teabe avalikustamine börsiaktsiaseltsi kodulehel

(1) Börsiaktsiaselts peab oma kodulehel avalikustama:
1) üldkoosoleku kokkukutsumise teate;
2) käesoleva seadustiku § 294 4. lõike punktides 8–10 nimetatud dokumendid;

Äriseadustik Leht 73 / 143

3) aktsiate ja aktsiatega seotud hääleõiguste koguarvu ning kui aktsiaseltsil on mitut liiki aktsiaid, siis aktsiate ja aktsiatega seotud hääleõiguste koguarvu aktsiate liikide kaupa üldkoosoleku kokkukutsumise teate saatmise või avalikustamise päeval;
4) käesoleva seaduse § 294 4. lõike punktis 12 ja § 2982 3. lõikes nimetatud blanketid, välja arvatud juhul, kui aktsiaselts on need koos üldkoosoleku kokkukutsumise teatega saatnud kõikidele aktsionäridele.
(2) Kui käesoleva paragrahvi 1. lõike punktis 4 nimetatud blankette ei ole tehnilistel põhjustel võimalik aktsiaseltsi kodulehel avalikustada, siis peab aktsiaselts oma kodulehel näitama, millises korras on aktsionäridel võimalik saada blankette paberil. Sel juhul peab aktsiaselts edastama blanketid viivitamata posti teel igale aktsionärile, kes seda taotleb. Blankettide edastamise kulud kannab aktsiaselts.
(3) Käesoleva paragrahvi 1. ja 2. lõikes nimetatud teave ja dokumendid peavad olema aktsiaseltsi kodulehel aktsionäridele kättesaadavad kolme nädala jooksul enne üldkoosoleku toimumist ja üldkoosoleku toimumise päeval, kui seaduses ei ole sätestatud pikemat tähtaega. Kui üldkoosoleku kokkukutsumisest teatatakse vastavalt väärtpaberituru seaduse § 17113. lõikele ette vähem kui kolm nädalat, siis lühendatakse eelmises lauses nimetatud tähtaega vastavalt.
[RT I 2009, 51, 349- jõust. 15.11.2009]

§ 295. Üldkoosoleku koht

Üldkoosolek viiakse läbi aktsiaseltsi asukohas, kui põhikirjaga ei ole ette nähtud teisiti.

§ 296. Üldkoosoleku kokkukutsumise korra rikkumine

Kui üldkoosoleku kokkukutsumisel on oluliselt rikutud seaduse või põhikirja nõudeid, ei ole üldkoosolek õigustatud otsuseid vastu võtma, välja arvatud siis, kui üldkoosolekul osalevad või on esindatud kõik aktsionärid. Sellisel koosolekul tehtud otsused on tühised, kui aktsionärid, kelle suhtes kokkukutsumise korda rikuti, otsust heaks ei kiida.
[RT I 2009, 51, 349- jõust. 15.11.2009]

§ 297. Üldkoosoleku läbiviimine

(1) Üldkoosolek võib vastu võtta otsuseid, kui üldkoosolekul osalevad aktsionärid, kes omavad üle poole aktsiatega esindatud häältest, kui põhikirjaga ei ole ette nähtud suurema osaluse nõuet.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(2) Kui üldkoosolekul ei osale käesoleva paragrahvi 1. lõikes nimetatud aktsionärid, kutsub juhatus kolme nädala jooksul, kuid mitte varem kui seitsme päeva pärast kokku uue koosoleku sama päevakorraga. Uus üldkoosolek on pädev vastu võtma otsuseid sõltumata koosolekul esindatud häältest.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(3) Üldkoosolekul koostatakse seal osalevate aktsionäride nimekiri, millesse kantakse üldkoosolekul osalevate aktsionäride nimed ja nende aktsiatest tulenevate häälte arv ning üldkoosolekul osalemise viis, samuti aktsionäri esindaja nimi. Kui aktsionär on enne üldkoosolekut hääletanud elektrooniliselt või posti teel, tuleb nimekirjas näidata ka hääletamise kuupäev. Nimekirjale kirjutavad alla koosoleku juhataja ja protokollija, samuti iga üldkoosolekul füüsiliselt kohal olev aktsionär või tema esindaja.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(4) Üldkoosolekul võib osaleda aktsionär ise või tema esindaja, kelle esindusõiguse olemasolu on kirjaliku dokumendiga tõendatud, kui seadusega ei ole sätestatud teisiti. Esindaja osavõtt ei võta aktsionärilt õigust osaleda üldkoosolekul.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(41) Börsiaktsiaselts peab võimaldama aktsionäril teatada esindaja määramisest ja esindatava poolt volituse tagasivõtmisest aktsiaseltsile turvalisel ja aktsionäride tuvastamist tagaval viisil kirjalikku taasesitamist võimaldavas vormis. Põhikirjaga võib määrata esindaja määramisest ja volituse tagasivõtmisest teatamise täpse korra. Käesoleva seadustiku § 29813. lõike teist ja kolmandat lauset kohaldatakse vastavalt.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(5) Üldkoosolekul osalemiseks õigustatud aktsionäride ring määratakse seisuga seitse päeva enne üldkoosoleku toimumist, kui põhikirjaga ei ole ette nähtud lühemat tähtaega. Börsiaktsiaseltsi üldkoosolekul osalemiseks õigustatud aktsionäride ring määratakse seisuga seitse päeva enne üldkoosoleku toimumist, kui põhikirjaga ei
ole ette nähtud, et üldkoosolekul osalemiseks õigustatud aktsionäride ring määratakse üldkoosoleku päeval enne üldkoosoleku algust.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(6) Aktsionäride üldkoosoleku korraldamise kulud kannab aktsiaselts. Kui üldkoosolek kutsutakse kokku aktsionäride nõudel või selle kutsuvad kokku aktsionärid ise, võib üldkoosoleku otsusega, mille poolt on antud vähemalt 2/3 üldkoosolekul esindatud häältest, jätta kulud üldkoosoleku kokkukutsumist taotlenud või kokku kutsunud aktsionäride kanda, kui seaduses ei ole sätestatud teisiti.
[RT I 2009, 51, 349- jõust. 15.11.2009]

Leht 74 / 143 Äriseadustik

§ 298. Üldkoosoleku pädevus

(1) Üldkoosoleku pädevuses on:
1) põhikirja muutmine;
2) aktsiakapitali suurendamine ja vähendamine;
3) vahetusvõlakirjade väljalaskmine;
4) nõukogu liikmete valimine ja tagasikutsumine;
5) audiitori valimine;
6) erikontrolli määramine;
7) majandusaasta aruande kinnitamine ja kasumi jaotamine;
8) aktsiaseltsi lõpetamise, ühinemise, jagunemise ja ümberkujundamise otsustamine;
9) nõukogu liikmega tehingu tegemise otsustamine, tehingu tingimuste määramine, õigusvaidluse pidamise
otsustamine ning selles tehingus või vaidluses aktsiaseltsi esindaja määramine;
10) muude seadusega üldkoosoleku pädevusse antud küsimuste otsustamine.
(2) Teistes aktsiaseltsi tegevusega seotud küsimustes võib üldkoosolek otsuse vastu võtta juhatuse või nõukogu nõudel. Sellistel asjaoludel tehtud otsuse tegemisega tekitatud kahju eest vastutavad aktsionärid solidaarselt nagu juhatuse või nõukogu liikmed.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 2981. Elektrooniline hääletamine

(1) Aktsiaseltsi põhikirjaga võib ette näha, et aktsionärid võivad üldkoosoleku päevakorras olevate punktide kohta koostatud otsuste eelnõusid hääletada elektrooniliste vahendite abil enne üldkoosolekut või üldkoosoleku kestel, kui see on tehniliselt turvalisel viisil võimalik.
(2) Elektrooniliselt hääletanud aktsionär loetakse üldkoosolekul osalevaks ja tema aktsiatega esindatud hääled arvestatakse üldkoosoleku kvoorumi hulka, kui seaduses ei ole sätestatud teisiti. Kui üldkoosolekul hääletatakse ainult enne üldkoosolekut avalikustamata otsuste eelnõusid, mille kohta ei ole aktsionär ühtegi häält edastanud, siis ei loeta aktsionäri üldkoosolekul osalevaks.
(3) Põhikirjaga nähakse ette elektroonilise hääletamise korraldamise täpne kord. Põhikirjaga võib ette näha, et elektroonilise hääletamise korra määrab juhatus. Põhikirjaga või juhatuse poolt ette nähtav kord peab tagama aktsionäride tuvastamise ning elektroonilise hääletamise turvalisuse ja usaldusvääruse ning olema nende eesmärkide saavutamiseks proportsionaalne.
(4) Elektrooniline hääletamine peab toimuma elektroonilises vormis. Börsiaktsiaseltsi korral peab elektrooniline hääletamine toimuma kirjalikku taasesitamist võimaldavas vormis. Põhikirjaga võib määrata ajahetke, milleni
on võimalik enne üldkoosolekut või üldkoosoleku kestel elektrooniliselt hääletada.
(5) Põhikirjaga või juhatuse või nõukogu otsusega võib ette näha, et toimub üldkoosoleku osaline või täielik ülekanne reaalajas Interneti vahendusel, kahesuunalise side abil või muul tehniliselt turvalisel viisil. Ülekande jälgimist ei loeta üldkoosolekul osalemiseks käesoleva seadustiku tähenduses, kui seaduses ei ole sätestatud teisiti.
[RT I 2009, 51, 349- jõust. 15.11.2009]

§ 2982. Posti teel hääletamine

(1) Aktsiaseltsi põhikirjaga võib ette näha, et aktsionär võib hääletada üldkoosoleku päevakorras olevate punktide kohta koostatud otsuste eelnõusid, edastades oma hääle aktsiaseltsile enne üldkoosolekut posti teel kirjalikus vormis.
(2) Posti teel hääletanud aktsionär loetakse üldkoosolekul osalevaks ja aktsionärile kuuluvate aktsiatega esindatud hääled arvestatakse üldkoosoleku kvoorumi hulka, kui seaduses ei ole sätestatud teisiti. Kui üldkoosolekul hääletatakse ainult enne üldkoosolekut avalikustamata otsuste eelnõusid, mille kohta ei ole aktsionär ühtegi häält edastanud, siis ei loeta aktsionäri üldkoosolekul osalevaks.
(3) Posti teel hääletamiseks peab kasutama blanketti, mis edastatakse aktsionärile vastavalt käesoleva
seadustiku § 29411. lõike punktile 4. Põhikirjaga võib ette näha täpsemad nõuded blanketile, mis on vajalik posti teel hääletamiseks.
(4) Põhikirjaga nähakse ette posti teel hääletamise täpne kord, muu hulgas tähtpäev, milleni võib posti teel hääli edastada, ning posti teel edastatud häälte muutmise või tühistamise kord ja tähtaeg enne üldkoosoleku toimumist. Põhikirjaga ette nähtav kord peab tagama aktsionäride tuvastamise ning posti teel hääletamise turvalisuse ja usaldusvääruse ning olema nende eesmärkide saavutamiseks proportsionaalne.
[RT I 2009, 51, 349- jõust. 15.11.2009]

Äriseadustik Leht 75 / 143

§ 299. Üldkoosoleku otsus

(1) Üldkoosoleku otsus on vastu võetud, kui selle poolt on antud üle poole üldkoosolekul esindatud häältest, kui seaduse või põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet. Seaduses sätestatud või põhikirjas ettenähtud juhtudel on otsuse vastuvõtmiseks lisaks vajalik seaduses või põhikirjaga ette nähtud ulatuses eri liiki aktsiate omanike nõusolek.
(2) Isiku valimisel loetakse üldkoosolekul valituks kandidaat, kes sai teistest enam hääli. Häälte võrdsel jagunemisel heidetakse liisku, kui põhikirjaga ei ole ette nähtud teisiti.
(3) Häälte arvestamisel võetakse aluseks käesoleva seadustiku § 297 3. lõikes nimetatud aktsionäride nimekiri.

§ 300. Põhikirja muutmise otsustamine

(1) Põhikirja muutmise otsus on vastu võetud, kui selle poolt on antud vähemalt 2/3 üldkoosolekul esindatud häältest, kui põhikirjas ei ole ette nähtud suurema häälteenamuse nõuet. Kui aktsiaseltsil on mitut liiki aktsiaid, on põhikirja muutmise otsus vastu võetud, kui selle poolt on lisaks esimeses lauses sätestatule antud vähemalt 2/3 igat liiki aktsiatega üldkoosolekul esindatud häältest, kui põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet.
(2) Põhikirja muutmise otsus jõustub vastava kande tegemisel äriregistrisse. Äriregistrile esitatavale avaldusele lisatakse üldkoosoleku otsus põhikirja muutmise kohta, üldkoosoleku protokoll ja põhikirja uus tekst. Nimiväärtuseta või nimiväärtusega aktsia kasutuselevõtmise korral lisatakse äriregistrile esitatavale avaldusele lisaks eelmises lauses nimetatud dokumentidele ka Eesti väärtpaberite keskregistri pidaja teatis selle kohta, et aktsiaselts on teda teavitanud nimiväärtuseta või nimiväärtusega aktsia kasutusele võtmisest. Nimiväärtuseta aktsia kasutuselevõtmise korral näidatakse avalduses ka aktsiate arv.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 301. Vara vähenemine

Kui aktsiaseltsil on netovara vähem kui pool aktsiakapitalist või vähem kui käesoleva seadustiku §-s 222 nimetatud aktsiakapitali suurus või muu seaduses sätestatud aktsiakapitali minimaalne suurus, peab üldkoosolek otsustama:
1) aktsiakapitali vähendamise või suurendamise, tingimusel et netovara suurus moodustaks seeläbi vähemalt poole aktsiakapitalist ja vähemalt käesoleva seadustiku §-s 222 nimetatud aktsiakapitali suuruse või muu seaduses sätestatud aktsiakapitali minimaalse suuruse või
11) muude abinõude tarvituselevõtmise, mille tulemusena aktsiaseltsi netovara suurus moodustaks vähemalt poole aktsiakapitalist ja vähemalt käesoleva seadustiku §-s 222 nimetatud aktsiakapitali suuruse või muu seaduses sätestatud aktsiakapitali minimaalse suuruse;
2) aktsiaseltsi lõpetamise ühinemise, jagunemise või ümberkujundamise või
3) pankrotiavalduse esitamise.

§ 3011. Üldkoosoleku otsuse tühisus

(1) Aktsionäride üldkoosoleku otsus on tühine, kui:
1) otsus rikub aktsiaseltsi võlausaldajate kaitseks või muu avaliku huvi tõttu kehtestatud seaduse sätet;
2) otsus ei vasta headele kommetele;
3) otsuse teinud üldkoosoleku protokoll ei ole seaduses ettenähtud juhul notariaalselt tõestatud;
4) otsuse teinud üldkoosoleku kokkukutsumisel rikuti oluliselt kokkukutsumise korda.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(2) Otsus on tühine ka seaduses sätestatud muul juhul.
(3) Otsuse tühisusele võib kohtumenetluses tugineda nii hagi kui ka vastuväite esitamisega.
(4) Otsuse tühisusele ei saa tugineda, kui otsuse alusel on tehtud kanne äriregistrisse ja kande tegemisest on möödunud kaks aastat.
(5) Otsuse tühisuse tuvastamise kohtumenetluses kohaldatakse vastavalt käesoleva seaduse § 302 5. ja 6. lõiget. [RT I 2005, 57, 449- jõust. 01.01.2006]

§ 302. Üldkoosoleku otsuse kehtetuks tunnistamine

(1) Kohus võib aktsiaseltsi vastu esitatud hagi alusel kehtetuks tunnistada aktsionäride üldkoosoleku otsuse, mis on vastuolus seaduse või põhikirjaga. Nõude aegumistähtaeg on kolm kuud, alates üldkoosoleku otsuse vastuvõtmisest.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(2) Otsuse kehtetuks tunnistamist ei saa nõuda, kui üldkoosolek on vaidlustatavat otsust uue otsusega kinnitanud ja seda ei ole vaidlustamise tähtaja jooksul vaidlustatud või on hagi jäetud rahuldamata. [RT I 2005, 57, 449- jõust. 01.01.2006]

Leht 76 / 143 Äriseadustik

(3) Üldkoosoleku otsuse kehtetuks tunnistamist saab nõuda juhatus või nõukogu, samuti juhatuse või nõukogu iga liige, kui otsuse täitmisega pandaks toime kuritegu või väärtegu või sellega ilmselt kaasneks kahju hüvitamise kohustus, ning aktsionär, kes ei osalenud üldkoosolekul. Aktsionär, kes üldkoosolekul osales,
võib otsuse kehtetuks tunnistamist nõuda üksnes juhul, kui ta on lasknud protokollida üldkoosolekul oma
vastuväite otsusele. Käesoleva seadustiku § 29811. lõikes või § 29821. lõikes sätestatud viisil üldkoosolekul osalev aktsionär võib otsuse kehtetuks tunnistamist nõuda ka vastuväite protokollimiseta.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(4) Kohus ei aruta hagi saamisel asja enne, kui otsuse vaidlustamise tähtaeg on möödunud. Sama otsuse kehtetuks tunnistamiseks esitatud erinevad hagid liidetakse ühte menetlusse.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(5) Üldkoosoleku otsuse kehtetuks tunnistamise kohtuotsus kehtib kõigi aktsionäride, juhatuse ja nõukogu liikmete suhtes, sõltumata nende osalemisest kohtumenetluses.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(6) Kui kehtetuks tunnistatud otsuse alusel oli tehtud kanne äriregistrisse, saadab kohus otsuse ärakirja äriregistri pidajale kande muutmiseks.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 303. Hääleõiguse piiramine

(1) Aktsionär ei või hääletada, kui otsustatakse tema vabastamist kohustusest või vastutusest, aktsionäri ja aktsiaseltsi vahel tehingu tegemist või aktsionäriga õigusvaidluse pidamist ning selles tehingus või õigusvaidluses aktsiaseltsi esindaja määramist või küsimusi, mis puudutavad selle kontrollimist või hindamist, milline on aktsionäri või tema esindaja tegevus juhatuse või nõukogu liikmena. Esindatuse määramisel selle aktsionäri hääli ei arvestata.
(2) Käesoleva paragrahvi lõikes 1 sätestatut ei kohaldata, kui aktsiaseltsil on üksnes üks aktsionär või kui aktsionäriks on lisaks temale aktsiaselts ise. Sel juhul peavad aktsiaseltsi ja ainuaktsionäri vahelised tehingud olema kirjalikud või nende kohta tuleb viivitamata vormistada aktsionäri allkirjastatud dokument tehingu oluliste tingimuste kohta.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 304. Üldkoosoleku protokoll

(1) Üldkoosolek protokollitakse. Protokolli kantakse:
1) aktsiaseltsi ärinimi ja asukoht;
2) koosoleku toimumise aeg ja koht;
3) koosoleku juhataja ja protokollija nimed;
4) koosoleku päevakord;
5) koosolekul vastuvõetud otsused koos hääletamistulemustega, muu hulgas aktsiate arv, mille poolt anti
hääled, häältega esindatud aktsiate osakaal aktsiakapitalist, häälte koguarv, iga otsuse poolt ja vastu antud häälte
arv ning erapooletuks jäänud häälte arv;
[RT I 2009, 51, 349- jõust. 15.11.2009]
6) koosoleku otsuse suhtes eriarvamusele jäänud aktsionäri nõudel tema eriarvamuse sisu;
7) üldkoosolekul olulist tähtsust omavad asjaolud.
(2) Üldkoosoleku protokollile lisatakse koosolekule esitatud kirjalikud ettepanekud ja avaldused ning koosolekul osalevate aktsionäride nimekiri. Üldkoosoleku protokollile lisatakse ka esindajate esindusõigust tõendavad dokumendid või nende ärakirjad. Protokollile kirjutavad alla koosoleku juhataja ja protokollija. Eriarvamusele kirjutab alla selle esitanud isik, kui see isik on üldkoosolekul füüsiliselt kohal.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(3) Pärast seitsme päeva möödumist üldkoosoleku lõppemisest peab protokoll olema aktsionäridele kättesaadav aktsiaseltsi asukohas või aktsiaseltsi kodulehel. Kui aktsiaselts avalikustab protokolli ainult oma kodulehel,
tuleb üldkoosoleku kokkukutsumise teates sellele asjaolule ja kodulehe aadressile viidata. Börsiaktsiaselts peab protokolli avalikustama oma kodulehel.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(4) Aktsionäril on õigus saada üldkoosoleku protokolli või selle osa ärakirja, kui protokoll ei ole kättesaadav aktsiaseltsi kodulehel.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(5) [Välja jäetud -RT I 2001, 93, 565- jõust. 14.12.2001]

Äriseadustik Leht 77 / 143

(6) Juhatuse, nõukogu või aktsionäride nõudel, kelle aktsiatega on esindatud vähemalt 1/10 aktsiakapitalist, peab üldkoosoleku protokoll olema notariaalselt tõestatud. Vastav kirjalik nõue peab olema esitatud vähemalt kolm päeva enne üldkoosolekut.
[RT I 2006, 61, 456- jõust. 01.01.2007]
(7) Aktsiaseltsi üldkoosoleku protokoll peab olema notariaalselt tõestatud, kui üldkoosoleku otsus on nõukogu liikme valimise või tagasikutsumise aluseks või nõukogu kohta põhikirjas muudatuse tegemise aluseks. Seda nõuet ei kohaldata, kui aktsiaseltsil on ainult üks aktsionär.

§ 305. Üheisikuaktsiaseltsi üldkoosolek

(1) Kui aktsiaseltsil on üks aktsionär või kui lisaks temale on aktsionäriks vaid aktsiaselts ise, võib otsuseid vastu võtta, järgimata käesoleva seadustiku §-des 291, 293–297 ja 304 sätestatut. Sel juhul tuleb otsus vormistada kirjalikult ja allkirjastada aktsionäride poolt ning selles tuleb märkida muu hulgas aktsionäride nimed ja häälte arv, samuti otsuse tegemise aeg. Kui aktsionäride otsus on aluseks nõukogu liikme valimisele, välja arvatud nõukogu liikme ametiaja pikendamise korral, siis peab ühe aktsionäri allkiri olema notariaalselt kinnitatud. Allkirja notariaalset kinnitamist asendab otsuse digitaalallkirjastamine eelmises lauses nimetatud isiku poolt.
[RT I 2008, 52, 288- jõust. 22.12.2008]
(2) Käesoleva paragrahvi 1. lõikes sätestatut kohaldatakse ka juhul, kui aktsionäre on rohkem, kuid tingimusel, et nad kõik otsusega nõustuvad ja selle allkirjastavad.
[RT I 2005, 57, 449- jõust. 01.01.2006]

2. jagu

Juhatus

§ 306. Juhatuse pädevus

(1) Juhatus on aktsiaseltsi juhtorgan, mis esindab ja juhib aktsiaseltsi. [RT I 2009, 13, 78- jõust. 01.07.2009]
(2) Juhatus peab juhtimisel kinni pidama nõukogu seaduslikest korraldustest. Tehinguid, mis väljuvad igapäevase majandustegevuse raamest, võib juhatus teha ainult nõukogu nõusolekul. Juhatus on kohustatud tegutsema majanduslikult kõige otstarbekamal viisil.
(3) Juhatus peab esitama nõukogule vähemalt kord nelja kuu jooksul ülevaate aktsiaseltsi majandustegevusest
ja majanduslikust olukorrast, samuti teatama koheselt aktsiaseltsi majandusliku seisundi olulisest halvenemisest
ja muudest aktsiaseltsi majandustegevusega seotud olulistest asjaoludest. Juhatus peab teatama ka aktsiaseltsiga
seotud äriühinguid puudutavatest asjaoludest, mis võivad oluliselt mõjutada aktsiaseltsi tegevust. Juhatus esitab
nõukogule aruanded ja teated ülevaatlikult ja selgelt, võimalikult varakult ning kirjalikult taasesitatavas vormis.
Nõukogu liikmed võivad nõuda aruannete ja dokumentide ärakirju, kui nõukogu ei otsusta teisiti.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(31) Kui aktsiaselts on maksejõuetu ning maksejõuetus ei ole tema majanduslikust olukorrast tulenevalt ajutine, peab juhatus esitama viivitamata, kuid mitte hiljem kui 20 päeva möödumisel maksejõuetuse ilmnemisest, kohtule aktsiaseltsi pankrotiavalduse. Pärast maksejõuetuse ilmnemist ei või juhatuse liikmed teha aktsiaseltsi eest makseid, välja arvatud maksed, mille tegemine maksejõuetuse olukorras on kooskõlas korraliku ettevõtja hoolsusega. Juhatuse liikmed on solidaarselt kohustatud hüvitama aktsiaseltsile pärast maksejõuetuse ilmnemist aktsiaseltsi poolt tehtud maksed, mille tegemine selles olukorras ei olnud kooskõlas korraliku ettevõtja hoolsusega. Juhatuse liikmete vastutusele kohaldatakse käesoleva seaduse §-s 315 sätestatut.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(4) Juhatus korraldab aktsiaseltsi raamatupidamist.
(5) Juhatuse täpsema töökorra võib ette näha põhikirjas või nõukogu või juhatuse otsusega. [RT I 2005, 57, 449- jõust. 01.01.2006]
(6) Juhatus valmistab ette üldkoosolekul arutamisele tulevad küsimused, koostab otsuste eelnõud ja vajalikud projektid ning tagab üldkoosoleku otsuste täitmise.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(7) Juhatus tagab vajalike abinõude rakendamise, eelkõige sisekontrolli korraldamise, et avastada võimalikult varakult aktsiaseltsi tegutsemist ohustavad asjaolud.
[RT I 2005, 57, 449- jõust. 01.01.2006]

Leht 78 / 143 Äriseadustik

§ 307. Juhatuse esindusõigus

(1) Aktsiaseltsi võib kõikide tehingute tegemisel esindada iga juhatuse liige, kui põhikirjas ei ole ette nähtud,
et juhatuse liikmed või mõned neist võivad esindada aktsiaseltsi ühiselt. Kolmandate isikute suhtes kehtib ühine
esindus ainult siis, kui see on kantud äriregistrisse.
[RT I 2009, 13, 78- jõust. 01.07.2009]
(2) Juhatuse liikmed on aktsiaseltsi nimel tehingute tegemisel kohustatud aktsiaseltsi suhtes järgima põhikirjas ettenähtud või üldkoosoleku, nõukogu või juhatuse kehtestatud piiranguid. Esindusõiguse piiramine ei kehti kolmandate isikute suhtes.
(3) Aktsiaseltsi ja juhatuse liikme vahel tehtud tehing on tühine, kui tehinguga ei nõustunud nõukogu. See ei kehti tehingu suhtes, mis tehakse aktsiaseltsi igapäevases majandustegevuses kauba või teenuse turuhinna alusel.
(4) Juhatuse liikmel ei ole õigust esindada aktsiaseltsi tehingute tegemisel, mille puhul vastavalt seadusele otsustavad esindaja määramise eraldi aktsionärid või nõukogu.
[RT I 2009, 13, 78- jõust. 01.07.2009]

§ 308. Juhatuse liikmed

(1) Juhatuse liige ei pea olema aktsionär. Juhatusel võib olla üks liige (juhataja) või mitu liiget. (2) Juhatuse liige peab olema teovõimeline füüsiline isik.
(3) Juhatuse liikmeks ei või olla nõukogu liige. Põhikirjas võib ette näha muid isikuid, kes ei või olla juhatuse liikmeks.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(31) Juhatuse liikmeks ei või olla ka isik, kelle suhtes kohus on vastavalt karistusseadustiku §-dele 49 või
491kohaldanud juhatuse liikmena tegutsemise keeldu või ettevõtluskeeldu, samuti isik, kellel on keelatud tegutseda samal tegevusalal, millel tegutseb aktsiaselts, või kellel on keelatud olla juhatuse liige seaduse või kohtulahendi alusel.
[RT I 2008, 52, 288- jõust. 22.12.2008]
(4) [Kehtetu -RT I 2010, 77, 589- jõust. 01.01.2011]

§ 309. Juhatuse liikmete valimine ja tagasikutsumine

(1) Juhatuse liikmed valib ja kutsub tagasi nõukogu. Juhatuse liikme valimiseks on vajalik tema nõusolek.
(2) Juhatuse liige valitakse tähtajaliselt kuni kolmeks aastaks, kui põhikirjas ei ole ette nähtud muud tähtaega. Põhikirjaga ei või ette näha, et juhatuse liikme ametiaeg on pikem kui viis aastat. Juhatuse liikme ametiaja pikendamist ei või otsustada varem kui üks aasta enne ametiaja kavandatavat möödumist ja pikemaks ajaks, kui on seaduses või põhikirjas ettenähtud ametiaja ülemmäär. Äriregistrisse kantud juhatuse liikme ametiaja pikendamise otsus tuleb esitada viivitamata äriregistri pidajale.
(3) Nõukogu võib juhatuse liikme sõltumata põhjusest tagasi kutsuda. Juhatuse liikmega sõlmitud lepingust tulenevad õigused ja kohustused lõpevad vastavalt lepingule. Juhatuse liikme lepingu ülesütlemisele kohaldatakse võlaõigusseaduses käsunduslepingu ülesütlemise kohta sätestatut.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(4) Juhatuse liikme volituste lõppemise või juhatuse uue liikme registrisse kandmise avaldusele kirjutab alla nõukogu esimees või tema poolt volitatud isik. Avaldusele tuleb lisada asjaomane nõukogu koosoleku protokoll.
(5) Juhatuse liige võib juhatusest tagasi astuda sõltumata põhjusest, teatades sellest nõukogule. Juhatuse liikmega sõlmitud lepingust tulenevad õigused ja kohustused lõpevad vastavalt lepingule. Juhatuse liikme lepingu ülesütlemisele kohaldatakse võlaõigusseaduses käsunduslepingu ülesütlemise kohta sätestatut. [RT I 2009, 51, 349- jõust. 15.11.2009]
(6) Kui juhatuse liikme kohta äriregistrisse tehtud kanne muutub juhatuse liikme tagasikutsumise, tagasiastumise või ametiaja lõppemise tõttu ebaõigeks, kohaldatakse käesoleva seadustiku §-s 61 sätestatut. [RT I 2009, 51, 349- jõust. 15.11.2009]

§ 310. Asendusliikmed

Mõjuval põhjusel võib väljalangenud juhatuse liikme asemele uue liikme määrata kohus nõukogu, aktsionäri või muu huvitatud isiku nõudel. Kohtu poolt määratud juhatuse liikme volitused kestavad kuni uue juhatuse

Äriseadustik Leht 79 / 143

liikme määramiseni nõukogu poolt. Kohtu määratud juhatuse liikmel on õigus aktsiaseltsi arvel mõistlike kulutuste hüvitamisele ja mõistlikule tasule, mille määrab vaidluse korral kohus määrusega.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 311. Juhatuse esimees

Kui juhatusel on üle kahe liikme, valivad juhatuse liikmed endi hulgast juhatuse esimehe, kes korraldab juhatuse tegevust. Põhikirjaga võib juhatuse esimehe määramise õiguse anda nõukogule.

§ 312. Konkurentsikeeld

(1) Juhatuse liige ei või nõukogu nõusolekuta:
1) olla füüsilisest isikust ettevõtjaks aktsiaseltsi tegevusalal;
2) olla aktsiaseltsiga samal tegevusalal tegutseva täisühingu osanik või usaldusühingu täisosanik;
3) olla aktsiaseltsiga samal tegevusalal tegutseva äriühingu juhtorgani liige, välja arvatud siis, kui tegemist on
ühte kontserni kuuluvate äriühingutega.
[RT I 2009, 13, 78- jõust. 01.07.2009]
(2) Kui juhatuse liikme tegevus on vastuolus käesoleva paragrahvi 1. lõikes sätestatuga, võib aktsiaselts juhatuse liikmelt nõuda keelatud tegevuse lõpetamist, keelatud tegevusest saadud tulu üleandmist aktsiaseltsile, samuti kahju hüvitamist ulatuses, mis ületab sissenõutud tulu.
(3) Keelatud tegevuse lõpetamise ja keelatud tegevusest saadud tulu üleandmise nõude aegumistähtaeg on kolm kuud päevast, mil aktsiaselts sai teada konkurentsikeelu rikkumisest, kuid mitte pikem kui kolm aastat konkurentsikeelu rikkumisest. Kahju hüvitamise nõudele kohaldatakse üldist aegumistähtaega.

§ 313. Ärisaladuse tagamine

(1) Juhatuse liikmed peavad hoidma aktsiaseltsi ärisaladust.
(2) Aktsiaselts ei või nõuda käesoleva paragrahvi 1. lõikes näidatud kohustuse rikkumisega tekitatud kahju hüvitamist, kui juhatuse liikmed tegutsesid kooskõlas üldkoosoleku või nõukogu seadusliku otsusega.

§ 314. Juhatuse liikme tasu

(1) Juhatuse liikmele makstava tasu suurus ja maksmise kord määratakse nõukogu otsusega.
(2) Nõukogu peab juhatuse liikme tasustamise korra ning tasude ja muude hüvede suuruse määramisel ning juhatuse liikmega lepingu sõlmimisel tagama, et juhatuse liikmele aktsiaseltsi tehtavate maksete kogusumma oleks mõistlikus vastavuses juhatuse liikme ülesannete ja aktsiaseltsi majandusliku olukorraga.
(3) Kui aktsiaseltsi majanduslik olukord halveneb oluliselt ja juhatuse liikmele määratud või temaga kokkulepitud tasude edasimaksmine või muude hüvede jätkuv võimaldamine oleks aktsiaseltsi suhtes äärmiselt ebaõiglane, võib aktsiaselts nõuda tasude ja muude hüvede vähendamist.
(4) Käesoleva paragrahvi 3. lõikes nimetatud vähendamine ei puuduta juhatuse liikmega sõlmitud lepingu muid tingimusi. Juhatuse liikmel on tasude või muude hüvede vähendamise nõude esitamise korral õigus temaga sõlmitud leping ühekuulise etteteatamisega erakorraliselt üles öelda.
(5) Kui välja kuulutatakse aktsiaseltsi pankrot ja juhatuse liikme leping lõpeb, võib juhatuse liige pankrotimenetluses nõuda lepingu lõppemisest tekkinud kahju hüvitamist lepingu lõppemisest alates kuni ühe aasta eest.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 315. Juhatuse liikmete vastutus

(1) Juhatuse liige peab oma kohustusi täitma korraliku ettevõtja hoolsusega.
(2) Juhatuse liikmed, kes on oma kohustuste rikkumisega tekitanud kahju aktsiaseltsile, vastutavad tekitatud kahju hüvitamise eest solidaarselt. Juhatuse liige vabaneb vastutusest, kui ta tõendab, et on oma kohustusi täitnud korraliku ettevõtja hoolsusega.
(3) Juhatuse liikme vastu esitatava nõude aegumistähtaeg on viis aastat, kui aktsiaseltsi põhikirjas või kokkuleppel juhatuse liikmega ei ole ette nähtud muud aegumistähtaega.
(4) Käesoleva paragrahvi 2. lõikes nimetatud kahju hüvitamist aktsiaseltsile võib nõuda ka aktsiaseltsi võlausaldaja, kui ta ei saa oma nõudeid rahuldada aktsiaseltsi vara arvel. Aktsiaseltsi pankroti väljakuulutamise korral võib selle nõude aktsiaseltsi nimel esitada üksnes pankrotihaldur.
(5) Võlausaldajal või pankrotihalduril on õigus käesoleva paragrahvi 4. lõikes nimetatud kahju hüvitamise nõue esitada ka juhul, kui aktsiaselts on nõudest juhatuse liikme vastu loobunud või sõlminud temaga

Leht 80 / 143 Äriseadustik

kompromissilepingu või nõuet või selle esitamist kokkuleppel juhatuse liikmega muul viisil piiranud või aegumistähtaega lühendanud.
[RT I 2005, 57, 449- jõust. 01.01.2006]

3. jagu

Nõukogu

§ 316. Nõukogu pädevus

Nõukogu planeerib aktsiaseltsi tegevust ja korraldab aktsiaseltsi juhtimist ning teostab järelevalvet juhatuse tegevuse üle. Kontrolli tulemused teeb nõukogu teatavaks üldkoosolekule.

§ 317. Nõukogu õigused

(1) Nõukogu annab juhatusele korraldusi aktsiaseltsi juhtimise korraldamisel. Nõukogu nõusolek on vajalik aktsiaseltsi nimel tehingute tegemiseks, mis väljuvad igapäevase majandustegevuse raamest, eelkõige tehingute tegemiseks, millega kaasneb:
1) osaluse omandamine ja lõppemine teistes ühingutes või
11) tütarettevõtja asutamine või lõpetamine või
2) ettevõtte omandamine, võõrandamine või selle tegevuse lõpetamine või
3) kinnisasjade ja registrisse kantud vallasasjade võõrandamine ja koormamine või
4) välisfiliaalide asutamine ja sulgemine või
5) investeeringute tegemine, mis ületavad selleks majandusaastaks ettenähtud kulutuste summa, või
6) laenude ja võlakohustuste võtmine, mis ületavad selleks majandusaastaks ettenähtud summa, või
7) laenude andmine ja võlakohustuste tagamine, kui see väljub igapäevase majandustegevuse raamest.
(2) Põhikirjaga võib ette näha, et käesoleva paragrahvi 1. lõikes nimetatud tehingute tegemiseks ei ole nõukogu nõusolek vajalik või on vajalik ainult põhikirjas nimetatud juhtudel, samuti teisi tehinguid, mille tegemiseks
on nõukogu nõusolek vajalik. Põhikirjaga võib nõukogule anda õiguse otsustada ka muid küsimusi, mille otsustamine ei kuulu vastavalt seadusele või põhikirjale juhatuse või üldkoosoleku pädevusse.
(3) Käesoleva paragrahvi 1. ja 2. lõikes nimetatud nõusolek ei ole tehingu tegemiseks vajalik, kui tehingu tegemisega viivitamisega kaasneks aktsiaseltsile oluline kahju.
(4) Käesoleva paragrahvi 1. ja 2. lõikes sätestatud piirangud ei kehti kolmandate isikute suhtes. (5) Nõukogu nimetab ja kutsub tagasi prokuristi.
(6) Oma ülesannete täitmiseks on nõukogul õigus tutvuda kõikide aktsiaseltsi dokumentidega, samuti kontrollida raamatupidamise õigsust, vara olemasolu, aktsiaseltsi tegevuse vastavust seadusele, põhikirjale ja üldkoosoleku otsustele.
(7) Nõukogul on õigus saada juhatuselt teavet aktsiaseltsi tegevuse kohta ning nõuda juhatuselt tegevusaruannet ning bilansi koostamist. Aruannete ja teabe esitamist nõukogule võib nõuda nõukogu iga liige. Nõukogu
kinnitab ka aktsiaseltsi aastaeelarve, kui seda ei ole põhikirjaga antud üldkoosoleku pädevusse.
(8) Nõukogu otsustab juhatuse liikmetega tehingute tegemise ja määrab tehingute tingimused, samuti otsustab õigusvaidluse pidamise juhatuse liikmetega. Tehingu tegemiseks ja õigusvaidluse pidamiseks määrab nõukogu aktsiaseltsi esindaja.
[RT I 2009, 13, 78- jõust. 01.07.2009]
(9) Nõukogul on ka muud seaduses sätestatud õigused.
(10) Nõukogu peab taotlema juhatuselt aktsionäride üldkoosoleku kokkukutsumist, kui see ilmselt on vajalik aktsiaseltsi huvides.
(11) Nõukogu täpsema töökorra võib ette näha põhikirjaga või üldkoosoleku või nõukogu otsusega. [RT I 2005, 57, 449- jõust. 01.01.2006]

§ 318. Nõukogu liikmed

(1) Nõukogul on kolm liiget, kui põhikiri ei näe ette suuremat liikmete arvu. Nõukogu liige peab olema teovõimeline füüsiline isik.
(2) Nõukogu liige ei pea olema aktsionär.

Äriseadustik Leht 81 / 143

(3) [Välja jäetud -RT I 1996, 40, 773- jõust. 08.06.1996]
(4) Nõukogu liikmeks ei või olla aktsiaseltsi juhatuse liige, prokurist ega audiitor, samuti aktsiaseltsi tütarettevõtja juhatuse liige. Põhikirjas võib näha ette muid isikuid, kes ei või olla nõukogu liikmeks.
(41) Nõukogu liikmeks ei või olla ka isik, kelle suhtes kohus on vastavalt karistusseadustiku §-dele 49 või
491kohaldanud nõukogu liikmena tegutsemise keeldu või ettevõtluskeeldu, samuti isik, kellel on keelatud tegutseda samal tegevusalal, millel tegutseb aktsiaselts, või kellel on keelatud olla nõukogu liige seaduse või kohtulahendi alusel.
[RT I 2008, 52, 288- jõust. 22.12.2008]
(5) Juhatus esitab äriregistrile nõukogu liikmete nimekirja, milles peavad olema märgitud liikmete nimed, isikukoodid ning liikme volituste alguskuupäevad, käesoleva seadustiku § 62 7. lõikes nimetatud juhul ka aadressid. Nõukogu liikmete muutumisel esitab juhatus viie päeva jooksul äriregistrile nõukogu liikmete uue nimekirja. Nõukogu liikmete nimekirjale tuleb lisada liikme valinud üldkoosoleku protokoll või muu otsus nõukogu liikme määramise kohta ning käesoleva seadustiku § 319 1. lõikes nimetatud nõukogu uue liikme nõusolek.
[RT I 2006, 61, 456- jõust. 01.01.2007]
(51) Kui aktsionäride üldkoosoleku otsuse kohta koostatud protokoll nõukogu liikme valimise või tagasikutsumise kohta on notariaalselt tõestatud, esitab nõukogu nimekirja muudatused juhatuse asemel äriregistrile protokolli tõestanud notar valdkonna eest vastutava ministrikehtestatud korras, olles eelnevalt kontrollinud käesoleva seadustiku § 319 1. lõikes nimetatud nõusolekuid.
[RT I 2009, 27, 164- jõust. 08.06.2009]
(6) Aktsiaseltsi ja nõukogu liikme vahel tehtud tehing on tühine, kui tehinguga ei nõustunud üldkoosolek. See ei kehti tehingu suhtes, mis tehakse aktsiaseltsi igapäevases majandustegevuses kauba või teenuse turuhinna alusel.

§ 319. Nõukogu liikmete valimine ja tagasikutsumine

(1) Nõukogu liikmed valib ja kutsub tagasi üldkoosolek. Nõukogu liikme valimiseks on vajalik tema kirjalik nõusolek.
(2) Seaduse või põhikirjaga võib ette näha, et mitte rohkem kui pooled nõukogu liikmed valitakse või määratakse ja kutsutakse tagasi käesoleva paragrahvi 1. lõikes sätestatust erineval viisil.
(3) Nõukogu liige valitakse viieks aastaks, kui põhikirjaga ei ole ette nähtud volituste lühemat tähtaega. (4) Üldkoosoleku otsusel võib üldkoosoleku valitud nõukogu liikme sõltumata põhjusest tagasi kutsuda.
Nõukogu liikme enne volituste tähtaja lõppu tagasikutsumise otsus on vastu võetud, kui selle poolt on antud
vähemalt 2/3 üldkoosolekul esindatud häältest. Nõukogu liikmed, kes ei ole valitud üldkoosoleku poolt, võib
enne nende valimise või määramise otsuses sätestatud tähtaega tagasi kutsuda nende valija või määraja otsusel.
Nõukogu liikmega sõlmitud lepingust tulenevad õigused ja kohustused lõpevad vastavalt lepingule. Nõukogu
liikme lepingu ülesütlemisele kohaldatakse võlaõigusseaduses käsunduslepingu ülesütlemise kohta sätestatut.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(5) Aktsionärid, kelle aktsiatega on esindatud vähemalt 1/10 aktsiakapitalist, võivad mõjuval põhjusel nõuda nõukogu liikme tagasikutsumist kohtu poolt.
(6) Mõjuval põhjusel võib väljalangenud nõukogu liikme asemele uue liikme määrata kohus juhatuse või nõukogu, aktsionäri või muu huvitatud isiku nõudel. Kohtu poolt määratud nõukogu liikme volitused kestavad kuni uue nõukogu liikme valimiseni või määramiseni. Kohtu määratud nõukogu liikmel on õigus aktsiaseltsi arvel mõistlike kulutuste hüvitamisele ja mõistlikule tasule, mille määrab vaidluse korral kohus määrusega. [RT I 2005, 57, 449- jõust. 01.01.2006]
(7) Nõukogu liige võib nõukogust tagasi astuda sõltumata põhjusest, teatades sellest üldkoosolekule või enda määrajale. Nõukogu liikmega sõlmitud lepingust tulenevad õigused ja kohustused lõpevad vastavalt lepingule. Nõukogu liikme lepingu ülesütlemisele kohaldatakse võlaõigusseaduses käsunduslepingu ülesütlemise kohta sätestatut.
[RT I 2009, 51, 349- jõust. 15.11.2009]

§ 320. Nõukogu esimees

Nõukogu liikmed valivad endi hulgast esimehe, kes korraldab nõukogu tegevust. Nõukogu esimehe valimisest ja vahetumisest tuleb viie päeva jooksul teatada äriregistri pidajale. Teatamiseks tuleb esitada asjakohane nõukogu otsus.
[RT I 2005, 57, 449- jõust. 01.01.2006]

Leht 82 / 143 Äriseadustik

§ 321. Nõukogu koosolek

(1) Nõukogu koosolekud toimuvad vastavalt vajadusele, kuid mitte harvem kui üks kord kolme kuu jooksul. Koosoleku kutsub kokku nõukogu esimees või teda asendav nõukogu liige. Koosoleku toimumisest ja selle päevakorrast tuleb ette teatada vähemalt üks päev, kui põhikirjaga ei ole ette nähtud pikemat tähtaega.
(2) Nõukogu koosolek on otsustusvõimeline, kui sellest võtab osa üle poole nõukogu liikmetest. Põhikirjaga võib ette näha suurema esindatuse nõude. Nõukogu liiget ei või koosolekul ega otsuse tegemisel esindada teine nõukogu liige ega kolmas isik. Nõukogu liige võib nõukogu koosolekul osaleda ja teostada oma õigusi elektrooniliste vahendite abil ilma koosolekul füüsiliselt kohal olemata, reaalajas toimuva kahesuunalise side abil või muul sellesarnasel elektroonilisel viisil, mis võimaldab nõukogu liikmel eemal viibides koosolekut jälgida ja sõna võtta ning otsuste vastuvõtmisel hääletada.
[RT I, 04.03.2015, 4- jõust. 01.07.2015]
(3) Nõukogu koosolek kutsutakse kokku, kui seda nõuab nõukogu liige, juhatus, audiitor või aktsionärid, kelle aktsiad esindavad vähemalt 1/10 aktsiakapitalist. Kui koosolekut ei kutsuta kokku kahe nädala jooksul, alates taotluse saamisest, on nõukogu liikmel, juhatusel, audiitoritel või aktsionäridel õigus koosolek ise kokku kutsuda.
(31) Nõukogu kokkukutsumisel teatavaks tegemata küsimuse võib nõukogu päevakorda võtta üksnes juhul, kui koosolekul osalevad kõik nõukogu liikmed ja otsuse päevakorda võtmise poolt on vähemalt 3/4 nõukogu liikmetest.
(4) Nõukogu koosolek protokollitakse. Protokollile kirjutavad alla kõik koosolekul osalenud nõukogu liikmed ja koosoleku protokollija. Protokolli kantakse nõukogu liikme eriarvamus, mille ta kinnitab oma allkirjaga.
(5) Kui nõukogu kokkukutsumisel on rikutud seaduse või põhikirja nõudeid, ei ole nõukogu õigustatud otsuseid vastu võtma, välja arvatud siis, kui nõukogu koosolekul osalevad kõik nõukogu liikmed. Sellisel nõukogu koosolekul tehtud otsused on tühised, kui nõukogu liikmed, kelle suhtes kokkukutsumise korda rikuti, otsust heaks ei kiida.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 322. Nõukogu otsus

(1) Nõukogu otsus on vastu võetud, kui selle poolt hääletas üle poole hääletamisel osalenud nõukogu liikmetest. Põhikirjaga võib ette näha suurema esindatuse nõude.
[RT I, 04.03.2015, 4- jõust. 01.07.2015]
(11) Nõukogu otsustusvõimet ega otsuse kehtivust ei mõjuta asjaolu, et nõukogusse kuulub vähem liikmeid, kui on ette nähtud põhikirjaga.
(12) Koosolekult puuduvad nõukogu liikmed võivad osaleda hääletamisel, edastades oma hääle kirjalikku taasesitamist võimaldavas vormis.
(2) Igal nõukogu liikmel on üks hääl. Nõukogu liikmel ei ole õigust hääletamisest keelduda ega erapooletuks jääda. Häälte võrdsel jagunemisel on otsustav nõukogu esimehe hääl, kui põhikirjaga on nii ette nähtud.
(3) Nõukogu liige ei võta osa hääletamisest, kui otsustatakse tema ja aktsiaseltsi vahelise tehingu tegemiseks nõusoleku andmist, samuti kolmanda isiku ja aktsiaseltsi vahelise tehingu tegemiseks nõusoleku andmist, kui sellest tehingust tulenevad nõukogu liikme huvid on vastuolus aktsiaseltsi huvidega.
(4) Kohus võib aktsiaseltsi vastu esitatud hagi alusel kehtetuks tunnistada nõukogu otsuse, mis on vastuolus seaduse või põhikirjaga. Nõude aegumistähtaeg on kolm kuud, alates nõukogu otsuse vastuvõtmisest.
(5) Nõukogu otsuse kehtetuks tunnistamist ei saa nõuda, kui nõukogu on vaidlustatavat otsust uue otsusega kinnitanud ja seda ei ole vaidlustamise tähtaja jooksul vaidlustatud või on hagi jäetud rahuldamata.
(6) Nõukogu otsuse kehtetuks tunnistamist saab nõuda juhatus või aktsionär, samuti juhatuse iga liige, kui otsuse täitmisega pandaks toime kuritegu või väärtegu või sellega ilmselt kaasneks kahju hüvitamise kohustus, ning nõukogu liige, kes ei osalenud otsuse vastuvõtmisel. Nõukogu liige, kes osales otsuse vastuvõtmisel, võib otsuse kehtetuks tunnistamist nõuda üksnes juhul, kui ta on lasknud protokollida oma vastuväite otsusele.
(7) Nõukogu otsus on tühine, kui nõukogu kokkukutsumisel rikuti seaduse või põhikirja nõudeid või kui otsus rikub aktsiaseltsi võlausaldajate kaitseks või muu avaliku huvi tõttu kehtestatud seaduse sätet või ei vasta headele kommetele, samuti muul seadusega ettenähtud juhul.

Äriseadustik Leht 83 / 143

(8) Muus osas kohaldatakse nõukogu otsuse kehtetuks tunnistamisele käesoleva seadustiku § 302 4.–6. lõikes sätestatut ja otsuse tühisusele § 30113.–5. lõikes sätestatut.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 323. Otsuse vastuvõtmine koosolekut kokku kutsumata

(1) Nõukogul on õigus vastu võtta otsuseid nõukogu koosolekut kokku kutsumata, kui põhikirjaga ei ole ette nähtud teisiti ja kui see on ette nähtud nõukogu töökorras või sellega on nõus kõik nõukogu liikmed.
[RT I, 04.03.2015, 4- jõust. 01.07.2015]
(2) Nõukogu esimees saadab käesoleva paragrahvi 1. lõikes nimetatud otsuse eelnõu kõigile nõukogu liikmetele ja määrab tähtaja, mille jooksul nõukogu liige peab esitama selle kohta oma seisukoha. Nõukogu liikme seisukoht peab olema antud kirjalikus vormis, kui põhikirjas või nõukogu töökorras ei ole ette nähtud teisiti. Kui nõukogu liige ei teata nimetatud tähtaja jooksul, kas ta on otsuse poolt või vastu, loetakse, et ta hääletab otsuse vastu.
[RT I, 04.03.2015, 4- jõust. 01.07.2015]
(3) Kui otsus tehakse käesolevas paragrahvis sätestatud korras, on otsus vastu võetud, kui selle poolt antakse üle poole nõukogu liikmete häältest, kui seaduse või põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet.
(4) Hääletustulemuste kohta koostab nõukogu esimees nõukogu koosoleku protokolli asendava hääletusprotokolli ning saadab selle viivitamata nõukogu liikmetele ja juhatusele. Hääletusprotokolli kantakse:
1) aktsiaseltsi ärinimi ja asukoht;
2) vastuvõetud otsused koos hääletustulemustega (sealhulgas otsuse poolt hääletanud liikmed nimeliselt);
3) muud hääletamise suhtes olulise tähtsusega asjaolud.
(5) Käesoleva paragrahvi 2. lõikes nimetatud liikmete seisukohad on hääletusprotokolli lahutamatuks lisaks. [RT I, 04.03.2015, 4- jõust. 01.07.2015]
(6) Kui kõik nõukogu liikmed otsusega nõustuvad ja selle allkirjastavad, võib otsuse vormistada ka etteteatamiseta ja hääletusprotokollita. Otsusesse tuleb märkida nõukogu liikmete nimed ja otsuse tegemise aeg. [RT I 2005, 57, 449- jõust. 01.01.2006]

§ 324. Konkurentsikeeld

(1) Nõukogu liige ei või üldkoosoleku otsuseta:
1) olla füüsilisest isikust ettevõtjaks aktsiaseltsi tegevusalal;
2) olla aktsiaseltsiga samal tegevusalal tegutseva täisühingu osanik või usaldusühingu täisosanik;
3) olla aktsiaseltsiga samal tegevusalal tegutseva äriühingu juhtorgani liige, välja arvatud siis, kui tegemist on
ühte kontserni kuuluvate äriühingutega.
[RT I 2009, 13, 78- jõust. 01.07.2009]
(2) Kui nõukogu liikme tegevus on vastuolus käesoleva paragrahvi 1. lõikes sätestatuga, võib aktsiaselts nõukogu liikmelt nõuda keelatud tegevuse lõpetamist, keelatud tegevusest saadud tulu üleandmist aktsiaseltsile, samuti kahju hüvitamist ulatuses, mis ületab sissenõutud tulu.
(3) Keelatud tegevuse lõpetamise ja keelatud tegevusest saadud tulu üleandmise nõude aegumistähtaeg on kolm kuud päevast, mil aktsiaselts sai teada konkurentsikeelu rikkumisest, kuid mitte pikem kui kolm aastat konkurentsikeelu rikkumisest. Kahju hüvitamise nõudele kohaldatakse üldist aegumistähtaega.

§ 325. Ärisaladuse tagamine

(1) Nõukogu liikmed peavad hoidma aktsiaseltsi ärisaladust.
(2) Aktsiaselts ei või nõuda käesoleva paragrahvi 1. lõikes näidatud kohustuse rikkumisega tekitatud kahju hüvitamist, kui nõukogu liikmed tegutsesid kooskõlas üldkoosoleku seadusliku otsusega.

§ 326. Nõukogu liikme töö tasustamine

(1) Nõukogu liikmete tasustamise korra ja tasu suuruse otsustab üldkoosolek. Esimestele nõukogu liikmetele tasu maksmise otsustavad asutajad.
(2) Nõukogu liikme tasustamise korra ning tasude ja muude hüvede suuruse määramisel ning nõukogu liikmega lepingu sõlmimisel tuleb tagada, et nõukogu liikmele aktsiaseltsi tehtavate maksete kogusumma oleks mõistlikus vastavuses nõukogu liikme ülesannete ja aktsiaseltsi majandusliku olukorraga.
(3) Kui aktsiaseltsi majanduslik olukord halveneb oluliselt ja nõukogu liikmele määratud või temaga kokkulepitud tasude edasimaksmine või muude hüvede jätkuv võimaldamine oleks aktsiaseltsi suhtes äärmiselt ebaõiglane, võib aktsiaselts nõuda tasude ja muude hüvede vähendamist.

Leht 84 / 143 Äriseadustik

(4) Käesoleva paragrahvi 3. lõikes nimetatud vähendamine ei puuduta nõukogu liikmega sõlmitud lepingu muid tingimusi. Nõukogu liikmel on tasude või muude hüvede vähendamise nõude esitamise korral õigus temaga sõlmitud leping ühekuulise etteteatamisega erakorraliselt üles öelda.
(5) Kui välja kuulutatakse aktsiaseltsi pankrot ja nõukogu liikme leping lõpeb, võib nõukogu liige pankrotimenetluses nõuda lepingu lõppemisest tekkinud kahju hüvitamist lepingu lõppemisest alates kuni ühe aasta eest.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 327. Nõukogu liikme vastutus

(1) Nõukogu liige peab oma kohustusi täitma korraliku ettevõtja hoolsusega.
(2) Nõukogu liikmed, kes on oma kohustuste rikkumisega tekitanud kahju aktsiaseltsile, vastutavad tekitatud kahju hüvitamise eest solidaarselt. Nõukogu liige vabaneb vastutusest, kui ta tõendab, et on oma kohustusi täitnud korraliku ettevõtja hoolsusega.
(3) Nõukogu liikme vastu esitatava nõude aegumistähtaeg on viis aastat, kui aktsiaseltsi põhikirjas või kokkuleppel nõukogu liikmega ei ole ette nähtud muud aegumistähtaega.
(4) Käesoleva paragrahvi 2. lõikes nimetatud kahju hüvitamist aktsiaseltsile võib nõuda ka aktsiaseltsi võlausaldaja, kui ta ei saa oma nõudeid rahuldada aktsiaseltsi vara arvel. Aktsiaseltsi pankroti väljakuulutamise korral võib selle nõude aktsiaseltsi nimel esitada üksnes pankrotihaldur.
(5) Võlausaldajal või pankrotihalduril on õigus käesoleva paragrahvi 4. lõikes nimetatud nõue esitada ka juhul, kui aktsiaselts on nõudest nõukogu liikme vastu loobunud või sõlminud temaga kompromissilepingu või nõuet või selle esitamist kokkuleppel nõukogu liikmega muul viisil piiranud või aegumistähtaega lühendanud.
[RT I 2005, 57, 449- jõust. 01.01.2006]

4. jagu

Audiitor ja erikontroll

§ 328. Audiitori nimetamine

(1) Audiitorite arvu määrab ja audiitori nimetab üldkoosolek, kes määrab ka audiitorite tasustamise korra. Audiitori nimetamiseks on vajalik tema kirjalik nõusolek.
(2) [Välja jäetud -RT I 1999, 24, 360- jõust. 01.07.1999]
(3) Juhatus esitab äriregistrile audiitorite nimekirja, milles peavad olema märgitud audiitorite nimed ja isikukoodid ning nende audiitoritegevuse õiguslik alus. Audiitorite muutumisel esitab juhatus viie päeva jooksul äriregistrile audiitorite uue nimekirja. Äriregistrile esitatavale audiitorite nimekirjale tuleb lisada käesoleva paragrahvi 1. lõikes nimetatud audiitori nõusolek.
[RT I 2006, 61, 456- jõust. 01.01.2007]
(4) Mõjuval põhjusel võib väljalangenud audiitori asemele määrata audiitori kohus juhatuse või nõukogu, aktsionäri või muu huvitatud isiku nõudel. Kohtu poolt määratud audiitori volitused kestavad kuni uue audiitori valimiseni üldkoosoleku poolt. Kohus määrab ka tema poolt määratud audiitorite tasustamise korra ja tasu suuruse.

§ 329. Audiitori volituste tähtaeg

Audiitori võib nimetada ühekordse audiitorkontrolli tegemiseks või teatud tähtajaks.

§ 3291. Audiitori asendamine ja tagasikutsumine kohtu poolt

(1) Juhatus, nõukogu, muu seaduses nimetatud isik või aktsionärid, kelle aktsiatega on esindatud vähemalt
1/10 aktsiakapitalist, võivad kohtult taotleda üldkoosoleku nimetatud audiitori asendamist, kui on kahtlusi
üldkoosoleku nimetatud isiku sõltumatuses. Kohus kuulab ära ka üldkoosoleku nimetatud audiitori.
(2) Käesoleva paragrahvi lõikes 1 sätestatud taotluse võib esitada kahe nädala jooksul audiitori nimetamisest või vastavatest asjaoludest teadasaamisest arvates.
(3) Kohus otsustab enda määratud audiitori tasustamise korra ja tasu suuruse. [RT I 2010, 9, 41- jõust. 08.03.2010]

Äriseadustik Leht 85 / 143

§ 330. Erikontroll

(1) Aktsionäride üldkoosolekul võivad aktsionärid, kelle aktsiatega on esindatud vähemalt 1/10 aktsiakapitalist, nõuda aktsiaseltsi juhtimise või varalise seisundiga seotud küsimustes erikontrolli korraldamise otsustamist ja erikontrolli läbiviija määramist.
(2) Kui üldkoosolek erikontrolli korraldamist ei otsusta, võivad aktsionärid, kelle aktsiatega on esindatud vähemalt 1/10 aktsiakapitalist, nõuda erikontrolli korraldamist ja erikontrolli läbiviija määramist kohtu poolt. Kohus otsustab erikontrolli korraldamise ainult mõjuval põhjusel. Kohus kuulab enne erikontrolli määramist võimaluse korral ära ka aktsiaseltsi juhatuse ja nõukogu liikmed.
(21) Aktsionärid, kelle aktsiatega on esindatud vähemalt 1/10 aktsiakapitalist, võivad käesoleva paragrahvi 2. lõikes sätestatud korras nõuda ka aktsionäride üldkoosoleku nimetatud erikontrolli läbiviija asendamist, kui sellel isikul ilmselt ei ole erikontrolliks vajalikke teadmisi või kogemusi või kui on kahtlusi tema erapooletuses. Kohus kuulab ära ka aktsionäride üldkoosoleku nimetatud erikontrolli läbiviija.
(3) Erikontrolli läbiviijaks võivad olla audiitorid, vandeadvokaadid või advokaadiühingud. Kui erikontrolli läbiviijad määrab üldkoosolek, kinnitab üldkoosolek ka nende tasustamise korra. Kohtu poolt määratud erikontrolli läbiviijate tasustamise korra ja tasu suuruse määrab kohus.
(4) Juhatuse ja nõukogu liikmed peavad võimaldama erikontrolli läbiviijal tutvuda kõigi erikontrolliks vajalike dokumentidega ning andma vajalikku teavet. See õigus on erikontrolli läbiviijal ka kontrollitava aktsiaseltsiga samas kontsernis olevate äriühingute suhtes. Erikontrolli läbiviija peab hoidma aktsiaseltsi ärisaladust. Dokumentidega tutvumise võimaldamisest või teabe andmisest keeldumise korral võib erikontrolli läbiviija kahe nädala jooksul, alates keeldumise saamisest, või nelja nädala jooksul, alates taotluse esitamisest, kui sellele ei
ole vastatud, esitada hagita menetluses kohtule avalduse juhatuse või nõukogu liikmete kohustamiseks teavet andma või dokumentidega tutvumist võimaldama.
(5) Erikontrolli läbiviijad koostavad erikontrolli tulemuste kohta aruande, mille esitavad aktsionäride üldkoosolekule. Aruande kättesaadavaks tegemisele kohaldatakse vastavalt käesoleva seadustiku § 294 4. lõike punkti 8 ja 42. lõiget.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(6) Erikontrolli läbiviija vastutusele kohaldatakse seaduses kohustusliku audiitorkontrolli läbiviija vastutuse kohta sätestatut. Erikontrolli tegeva vandeadvokaadi või advokaadiühingu vastutusele kohaldatakse advokatuuriseaduses sätestatut.
[RT I 2005, 57, 449- jõust. 01.01.2006]

28. peatükk

ARUANDLUS JA KASUMI JAOTAMINE

§ 331. Majandusaasta aruande koostamine

Pärast majandusaasta lõppu koostab juhatus majandusaasta aruande raamatupidamise seaduses sätestatud korras.
[RT I 2009, 13, 78- jõust. 01.07.2009]

§ 332. Aruannete esitamine

(1) Pärast majandusaasta aruande koostamist esitab juhatus selle viivitamata audiitorile. [RT I 2009, 13, 78- jõust. 01.07.2009]
(2) Juhatus esitab majandusaasta aruande, vandeaudiitori aruande ja kasumi jaotamise ettepaneku üldkoosolekule.
[RT I 2010, 9, 41- jõust. 08.03.2010]
(3) Kasumi jaotamise ettepanekus märgitakse:
1) puhaskasum;
2) eraldised reservkapitali;
3) kasumi kandmine teistesse seaduses või põhikirjaga ettenähtud reservidesse;
4) aktsionäridele väljamakstava kasumiosa suurus;
5) kasumi kasutamine muuks otstarbeks.
(4) Juhatus peab tagama aktsionäridele võimaluse tutvuda raamatupidamise seaduse §-s 25 sätestatu kohaselt heaks kiidetud ja allkirjastatud majandusaasta aruandega vähemalt kahe nädala jooksul enne üldkoosolekut. [RT I, 25.05.2012, 8- jõust. 04.06.2012]

Leht 86 / 143 Äriseadustik

§ 333. Nõukogu õigused aruannete koostamisel

(1) Nõukogu vaatab majandusaasta aruande läbi ja koostab selle kohta kirjaliku aruande, mis esitatakse üldkoosolekule. Aruandes peab nõukogu näitama, kas ta kiidab heaks juhatuse poolt koostatud majandusaasta aruande. Aruandes peab lisaks näitama, kuidas nõukogu on aktsiaseltsi tegevust korraldanud ja juhtinud.
[RT I 2009, 54, 363- jõust. 01.01.2010]
(2) Nõukogul on õigus teha muudatusi kasumi jaotamise ettepanekus enne selle esitamist üldkoosolekule.

§ 334. Majandusaasta aruande kinnitamine ja esitamine äriregistrile

(1) Majandusaasta aruande kinnitab üldkoosolek. Aktsionärid, kelle aktsiatega on esindatud vähemalt
1/10 aktsiakapitalist, võivad aktsiaseltsilt nõuda, et vandeaudiitori aruande andnud audiitor peab osalema
majandusaasta aruande kinnitamise otsustamise juures ja andma vandeaudiitori aruande kohta selgitusi, kui
aktsionärid on esitanud vastava kirjaliku nõude vähemalt viis päeva enne üldkoosolekut.
[RT I 2010, 9, 41- jõust. 08.03.2010]
(2) Juhatus esitab kinnitatud majandusaasta aruande koos kasumi jaotamise või kahjumi katmise ettepanekuga, müügitulu jaotusega ja vandeaudiitori aruandega äriregistrile kuue kuu jooksul arvates majandusaasta lõppemisest. Koos majandusaasta aruande esitamisega teatab juhatus, missugusel käesoleva seadustiku §-s 301 nimetatud viisil on üldkoosolek otsustanud kahjumi katta.
[RT I 2010, 9, 41- jõust. 08.03.2010]
(21) Raamatupidamise seaduse § 29 lõike 5 või 6 kohaselt konsolideerimisgrupi majandusaasta aruande koostamisest vabastatud äriühingu juhatus peab kuue kuu jooksul majandusaasta lõppemisest arvates esitama äriregistrile emaettevõtja koostatud konsolideerimisgrupi majandusaasta aruande koos vandeaudiitori aruandega, kui audiitorkontroll on kohustuslik. Konsolideerimisgrupi majandusaasta aruannet ega vandeaudiitori aruannet
ei pea äriregistrile esitama, kui emaettevõtja on Eestis registreeritud juriidiline isik. [RT I, 30.12.2015, 4- jõust. 01.01.2016]
(3) Müügitulu jaotus peab sisaldama andmeid aruandeaasta müügitulu kohta kuni kümne suurema tegevusala kaupa käesoleva seadustiku § 4 6. lõike alusel kehtestatud Eesti majanduse tegevusalade klassifikaatori
kohaselt. Konsolideerimisgrupi majandusaasta aruande korral esitatakse müügitulu jaotus konsolideeriva üksuse konsolideerimata kasumiaruande asjaomaste andmete alusel.
[RT I 2009, 54, 363- jõust. 01.01.2010]

§ 335. Kasumi jaotamise otsus

(1) Kasumi jaotamise otsuse võtab vastu üldkoosolek kinnitatud majandusaasta aruande alusel. [RT I 2009, 13, 78- jõust. 01.07.2009]
(11) Emaettevõtja, kes koostab konsolideerimisgrupi majandusaasta aruande, võtab kasumi jaotamise otsuse vastu konsolideerimisgrupi konsolideeritud aruannete alusel. Konsolideeritud aruannetel põhinevat kasumit ei ole lubatud jaotada niivõrd, kuivõrd see vähendaks emaettevõtja netovara tasemeni alla aktsiakapitali ja
reservide kogusumma, mille väljamaksmine aktsionäridele ei ole lubatud seadusest või põhikirjast tulenevalt.
(12) Kui ühing kapitaliseerib immateriaalse põhivarana arendustegevusega seotud väljaminekuid ja arendusväljaminekud ei ole täielikult amortiseeritud, ei tohi kasumit jaotada, välja arvatud juhul, kui reservide, mida on võimalik kasutada kasumi jaotamiseks, ja eelmiste perioodide jaotamata kasumi summa on vähemalt võrdne amortiseerimata arendusväljaminekutega.
[RT I, 30.12.2015, 4- jõust. 01.01.2016]
(2) Kasumi jaotamise otsuses märgitakse:
1) puhaskasumi suurus;
2) eraldised reservkapitali;
3) eraldised teistesse seaduses või põhikirjaga ettenähtud reservidesse;
4) aktsionäride vahel jaotatav kasumiosa;
5) kasumi kasutamine muuks otstarbeks.
[RT I 2005, 61, 478- jõust. 01.12.2005]
(3) Juhatus esitab käesoleva paragrahvi 2. lõikes nimetatud andmed kasumi jaotamise otsuse kohta äriregistrile koos majandusaasta aruandega, kui see teave ei ilmne majandusaasta aruandest. Kui kasumi jaotamise otsus võetakse vastu pärast majandusaasta aruande esitamist, siis esitatakse eelnimetatud andmed koos järgmise majandusaasta aruandega.
[RT I 2009, 54, 363- jõust. 01.01.2010]

Äriseadustik Leht 87 / 143

§ 336. Reservkapitali moodustamine

(1) Reservkapital moodustatakse iga-aastastest puhaskasumi eraldistest, samuti muudest eraldistest, mis kantakse reservkapitali seaduse või põhikirja alusel.
(2) Reservkapitali suurus nähakse ette põhikirjas ja see ei või olla väiksem kui 1/10 aktsiakapitalist.
(3) Igal majandusaastal tuleb reservkapitali kanda vähemalt 1/20 puhaskasumist. Kui reservkapital saavutab põhikirjas ettenähtud suuruse, lõpetatakse reservkapitali suurendamine puhaskasumi arvelt.

§ 337. Reservkapitali kasutamine

(1) Reservkapitali võib üldkoosoleku otsusel kasutada kahjumi katmiseks, kui seda ei ole võimalik katta aktsiaseltsi vabast omakapitalist (eelmiste perioodide jaotamata kasumi ja põhikirjas ettenähtud reservkapitali arvelt), samuti aktsiakapitali suurendamiseks.
(2) Reservkapitalist ei või teha aktsionäridele väljamakseid.

29. peatükk

AKTSIAKAPITALI SUURUSE MUUTMINE

1. jagu

Aktsiakapitali suurendamine

§ 338. Aktsiakapitali suurendamise viisid

(1) Aktsiakapitali võib suurendada uute aktsiate väljalaskmisega või olemasolevate aktsiate nimiväärtuse või arvestusliku väärtuse suurendamisega.
[RT I 2010, 20, 103- jõust. 01.07.2010]
(2) Aktsiakapitali suurendatakse täiendavate sissemaksetega või sissemakseteta.
(3) Kui aktsiakapitali suurendatakse uute nimiväärtuseta aktsiate väljalaskmisega, tuleb aktsiate arvu suurendada võrdeliselt aktsiakapitali suurendamisega. Eelmises lauses sätestatud nõuet rikkudes välja lastud aktsiad on tühised.
[RT I 2010, 20, 103- jõust. 01.07.2010]

§ 339. Üldkoosoleku kokkukutsumise teade

Aktsiakapitali suurendamiseks märgitakse üldkoosoleku kokkukutsumise teates:
1) aktsiakapitali suurendamise põhjus ja viis;
2) aktsiakapitali uus suurus;
3) uute aktsiate arv ja nimiväärtusega aktsiate korral nende nimiväärtus või olemasolevate aktsiate uus
nimiväärtus;
[RT I 2010, 20, 103- jõust. 01.07.2010]
4) uute aktsiate märkimise eesõigus ja selle kasutamise aeg;
5) kui aktsiakapitali suurendatakse uute aktsiate väljalaskmisega – nende märkimise aeg ja koht;
6) kui lastakse välja uut liiki aktsiaid – nendest aktsiatest tulenevad õigused.

§ 340. Erakorralisele üldkoosolekule esitatavad dokumendid

Kui aktsiakapitali suurendamise otsustab erakorraline üldkoosolek, esitab juhatus üldkoosolekule üldkoosoleku kinnitatud eelmise majandusaasta aruande ja ülevaate aktsiaseltsi käesoleva aasta majandustegevusest. Eelmises lauses nimetatud dokumentide kättesaadavaks tegemisele kohaldatakse vastavalt käesoleva seaduse § 294 4. lõike punkti 8 ja 42. lõiget.
[RT I 2009, 51, 349- jõust. 15.11.2009]

§ 341. Aktsiakapitali suurendamise otsustamine

(1) Aktsiakapitali suurendamise otsus on vastu võetud, kui selle poolt on antud vähemalt 2/3 üldkoosolekul esindatud häältest. Põhikirjaga võib ette näha suurema häälteenamuse nõude.
(2) Kui aktsiaseltsil on mitut liiki aktsiaid, on aktsiakapitali suurendamise otsus vastu võetud, kui selle poolt on lisaks käesoleva paragrahvi 1. lõikes sätestatule antud vähemalt 2/3 igat liiki aktsiatega üldkoosolekul esindatud häältest. Põhikirjas võib ette näha suurema häälteenamuse nõude.
(3) Kui aktsiakapitali suurendamise tõttu tuleb muuta põhikirja, tuleb põhikirja muutmine otsustada enne aktsiakapitali suurendamist.

Leht 88 / 143 Äriseadustik

(4) Aktsiakapitali suurendamise otsust ei või vastu võtta enne aktsiaseltsi äriregistrisse kandmist.

§ 342. Aktsiakapitali suurendamise otsus

Aktsiakapitali suurendamise otsuses märgitakse:
1) uute aktsiate arv ja nimiväärtusega aktsiate korral nende nimiväärtus, samuti aktsiakapitali suurendamise
ulatus;
[RT I 2010, 20, 103- jõust. 01.07.2010]
2) väljalastavate aktsiate liik, kui aktsiaseltsil on või lastakse välja mitut liiki aktsiaid;
3) uute aktsiate märkimise eesõigus ja selle kasutamise tähtaeg, samuti aeg, mille seisuga aktsionäridele kuulub
märkimise eesõigus;
4) aktsiate märkimise aeg;
5) aktsiate eest tasumise aeg ja koht, samuti kas ja millises ulatuses tasutakse aktsiate eest rahalise või
mitterahalise sissemaksega, mitterahalise sissemakse korral ka selle ese;
6) kui suurendatakse aktsiate nimiväärtust – olemasolevate aktsiate uus nimiväärtus;
7) kui aktsiaid lastakse välja ülekursiga – ülekursi suurus, mis võib olla määratud kas kindla summana või
ülekursi alampiirina, millest kõrgema ülekursi võib nõukogu määrata kuni märkimise alguseni;
8) [kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]
9) fondiemissiooni korral lisaks viide fondiemissiooni aluseks olevale bilansile ja omakapitali kirjetele, mille
arvel ja millises ulatuses fondiemissioon läbi viiakse; samuti aeg, mille seisuga fondiemissioon läbi viiakse.

§ 343. Äriregistri kande tegemine

(1) Kui aktsiakapital on täielikult sisse makstud või fondiemissioon läbi viidud, esitab juhatus äriregistrile avalduse aktsiakapitali suurendamise äriregistrisse kandmiseks. Avaldusele lisatakse:
1) üldkoosoleku otsus;
2) üldkoosoleku protokoll;
3) põhikirja uus tekst, kui põhikirja muudetakse;
4) aktsiakapitali suurendamisel uute sissemaksetega – panga teatis aktsiakapitali sissemaksmise kohta;
5) fondiemissiooni korral – selle läbiviimise aluseks olnud majandusaasta aruanne või vahebilanss;
6) mitterahalise sissemaksega tasumisel – sissemakse väärtust ja selle üleandmist tõendavad dokumendid;
61) Eesti väärtpaberite keskregistri pidaja teatis selle kohta, et juhatus on teda teavitanud aktsiakapitali suurendamisest;
7) muud seaduses sätestatud dokumendid.
(2) [Kehtetu -RT I 2008, 16, 116- jõust. 15.04.2008]
(3) Mitterahalise sissemakse üleandmist tõendavad juhatuse liikmed oma allkirjaga. Kui mitterahaliseks sissemakseks on kinnisasi, peab avaldusele lisama väljavõtte kinnistusraamatust.
(4) Juhatus peab esitama avalduse aktsiakapitali suurendamise äriregistrisse kandmiseks kuue kuu jooksul aktsiakapitali suurendamise otsuse vastuvõtmisest.
(41) Fondiemissiooniga aktsiakapitali suurendamisel tuleb registripidajale esitatavas avalduses kinnitada, et avalduse allkirjastanud juhatuse liikmete teada ei ole aktsiaseltsi vara alates ajast, mille seisuga koostati aktsiakapitali suurendamise aluseks olev bilanss, kuni registripidajale avalduse esitamiseni selliselt vähenenud, et aktsiakapitali suurendamist ei saaks avalduse esitamise päeval otsustada.
(42) Registripidaja ei pea kontrollima aktsiakapitali suurendamise aluseks oleva bilansi sisulist vastavust seadusele.
(5) Aktsiakapital loetakse suurendatuks ja uutest aktsiatest, aktsiate suurendatud nimiväärtustest või nimiväärtuseta aktsiate suurendatud arvestuslikust väärtusest tulenevad õigused tekkinuks kande tegemisega äriregistrisse.
[RT I 2010, 20, 103- jõust. 01.07.2010]

§ 3431. Juhatuse liikmete vastutus aktsiakapitali suurendamise registrisse kandmisel

(1) Aktsiaseltsi juhatuse liikmed vastutavad solidaarselt aktsiakapitali suurendamisel valeandmete või puudulike andmete esitamisega või sissemaksete ebaõige hindamisega aktsiaseltsile tekkinud kahju eest, kui juhatuse liige ei tõenda, et ta kahju tekitanud asjaolu ei teadnud ega pidanudki teadma.
(2) Käesoleva paragrahvi 1. lõikes sätestatust erinev kokkulepe kehtib aktsiaseltsi võlausaldajate suhtes üksnes juhul, kui kokkulepe sõlmiti aktsiaseltsi pankrotimenetluses.
(3) Käesoleva paragrahvi 1. lõikes sätestatud nõue aegub viie aasta möödumisel aktsiakapitali suurendamise äriregistrisse kandmisest.

Äriseadustik Leht 89 / 143

[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 344. Asutamissätete kohaldamine

Sissemaksega aktsiakapitali suurendamisel kohaldatakse aktsiaseltsi asutamisel sissemaksete tegemise ja aktsiate märkimise sätteid, kui käesolevas peatükis ei ole sätestatud teisiti.

§ 345. Aktsionäri eesõigus

(1) Aktsionäril on eesõigus märkida uusi aktsiaid võrdeliselt oma aktsiate nimiväärtuse või arvestusliku
väärtuse summaga. Aktsionäride eesõiguse võib välistada üldkoosoleku otsusega, mille poolt on antud vähemalt
3/4 üldkoosolekul esindatud häältest. Juhatus peab aktsionäridele eelnevalt esitama kirjaliku selgituse, miks
märkimise eesõiguse välistamine on vajalik ja põhjendama selles ka aktsiate väljalaskehinda.
[RT I 2010, 20, 103- jõust. 01.07.2010]
(11) Aktsionär võib võõrandada oma aktsiate märkimise eesõiguse samadel tingimustel kui aktsia.
(2) Kui aktsiaseltsil on mitut liiki aktsiaid ja lastakse välja ühte või mõnda liiki uusi aktsiaid, on nende märkimisel vastavat liiki aktsiate omanikel eesõigus teiste aktsionäride ees.
(3) Juhatus saadab üldkoosoleku otsuse uute aktsiate märkimise eesõigust omavatele aktsionäridele, kes ei võtnud üldkoosolekust osa.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(4) Aktsiate eesõigusega märkimise aeg on kaks nädalat aktsiakapitali suurendamise otsuse vastuvõtmisest, kui üldkoosoleku otsuses ei ole ette nähtud pikemat tähtaega.

§ 346. Nõude tasaarvestamine

Uute aktsiate eest tasumisel võib üldkoosoleku otsusel tasaarvestada aktsionäri või muu aktsiat märkida sooviva isiku nõude aktsiaseltsi vastu, kui see ei kahjusta aktsiaseltsi ega tema võlausaldajate huve. Nõuet tuleb hinnata nagu mitterahalist sissemakset.

§ 3461. Liigmärkimine

(1) Kui aktsiakapitali suurendamisel on aktsiaid märgitud kogu aktsiakapitali suurendamise ulatuses, võib aktsiaseltsi nõukogu otsustada aktsiate märkimise lõpetamise enne aktsiakapitali suurendamise otsuses ettenähtud tähtaja möödumist.
(2) Kui ilmneb, et aktsiaid on märgitud üle kavandatud aktsiakapitali suurendamise, otsustab nõukogu aktsiate jaotuse märkijate vahel vastavalt märgitud aktsiate arvule ning liigmärgitud aktsiate tühistamise, kui aktsiakapitali suurendamise otsusega ei ole ette nähtud teisiti. Liigmärgitud aktsiate eest tasutu tuleb aktsiaseltsi kulul märkijatele viivitamata tagastada.

§ 347. Märkimise ebaõnnestumine

(1) Aktsiate märkimine loetakse ebaõnnestunuks, kui aktsiakapitali suurendamise otsuses näidatud tähtaja jooksul ei märgita kõiki uusi aktsiaid.
(2) Märkimise ebaõnnestumisel lõpevad märkijate kõik märkimisega seotud õigused ja aktsiakapitali suurendamine jäetakse ära. Juhatus peab märkijate poolt tasutu viivitamatult tagastama. Tasutu tagastamise eest vastutavad juhatuse liikmed solidaarselt.
(3) Üldkoosoleku otsusega võib juhatusele anda õiguse pikendada märkimise aega või tühistada aktsiad, mida ei ole märkimisaja jooksul märgitud. Juhatus võib nimetatud õigusi teostada 15 päeva jooksul pärast märkimisaja lõppu. Kui juhatuse antud uueks tähtpäevaks on aktsiad märgitud, loetakse märkimine kehtivaks.

§ 348. Kasumi jaotamises osalemine

(1) Aktsiakapitali suurendamise otsusega võib ette näha tähtpäeva, millest alates aktsiad annavad õiguse saada dividendi. See õigus ei või tekkida hiljem kui aktsiakapitali suurendamisele järgneva majandusaasta eest.
(2) Kui aktsiakapitali suurendamise otsuses ei ole ette nähtud käesoleva paragrahvi 1. lõikes nimetatud tähtpäeva, tekib õigus saada dividendi majandusaastal, millal on tehtud aktsiakapitali suurendamise kanne.

§ 349. Nõukogu õigus suurendada aktsiakapitali

(1) Põhikirjaga võib anda nõukogule kuni kolmeks aastaks õiguse suurendada aktsiakapitali sissemaksete tegemisega.
(2) Nõukogu võib suurendada aktsiakapitali põhikirjas ettenähtud suuruseni. Aktsiakapitali ei või suurendada rohkem kui pool aktsiakapitalist, mis oli ajal, kui nõukogu sai õiguse suurendada aktsiakapitali.

Leht 90 / 143 Äriseadustik

(21) Nõukogul on käesoleva seadustiku § 347 3. lõikes nimetatud õigused.
(3) Mitterahalise sissemaksega võib nõukogu väljalastud aktsiate eest tasuda ainult juhul, kui see on ette nähtud põhikirjas.
(4) Äriregistrile esitatavale avaldusele aktsiakapitali suurendamise kohta lisatakse nõukogu otsus ja koosoleku protokoll, käesoleva seadustiku §-s 323 sätestatud juhul hääletusprotokoll.

§ 350. Fondiemissioon

(1) Aktsiaselts võib suurendada aktsiakapitali aktsiaseltsi omakapitali arvel sissemakseid tegemata
(fondiemissioon).
(2) Fondiemissiooni võib üldkoosolek otsustada pärast majandusaasta aruande kinnitamist ja kasumi jaotamise otsustamist aruande ja kasumi jaotamise otsuse alusel. Fondiemissiooni võib läbi viia ka vahebilansi alusel,
mis peab olema koostatud ja kinnitatud majandusaasta aruande koosseisu kuuluva bilansi koostamiseks ja kinnitamiseks ettenähtud korras. Aktsiakapitali suurendamist ei kanta äriregistrisse, kui aktsiakapitali suurendamise avaldus ja otsus esitatakse äriregistri pidajale pärast kaheksa kuu möödumist ajast, mille seisuga aktsiakapitali suurendamise aluseks olnud majandusaasta aruanne või vahebilanss koostati.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(3) [Kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]
(4) Fondiemissiooni korral suureneb aktsionäri osa aktsiakapitalis võrdeliselt tema aktsiate nimiväärtusega või arvestusliku väärtusega. Sellega vastuolus olev otsus on tühine.
[RT I 2010, 20, 103- jõust. 01.07.2010]
(5) Fondiemissioonis osalevad ka aktsiaseltsile kuuluvad oma aktsiad.
(6) Fondiemissiooni teel suurendatakse aktsiakapitali uute aktsiate nimiväärtuste või arvestuslike väärtuste summa ulatuses või olemasolevate aktsiate nimiväärtuse või arvestusliku väärtuse suurendamise ulatuses. [RT I 2010, 20, 103- jõust. 01.07.2010]

§ 351. Aktsiakapitali tingimuslik suurendamine

(1) Kui aktsiaselts laseb välja vahetusvõlakirju (§ 241), võib juhatus suurendada aktsiakapitali aktsiate vastu vahetatavate vahetusvõlakirjade nimiväärtuste summa ulatuses. Juhatus võib suurendada aktsiakapitali ka suuremas ulatuses, kui selline võimalus on ette nähtud tingimusliku aktsiakapitali suurendamise otsuses ning vahetusvõlakirjade nimiväärtuse ja aktsiate nimiväärtuse või arvestusliku väärtuse vahe kaetakse rahas.
[RT I 2010, 20, 103- jõust. 01.07.2010]
(2) Võlakirja omaniku nõudel laseb juhatus välja aktsiaid ja vahetab need võlakirja vastu võlakirjas märgitud tähtajal.
(3) Kui aktsiaselts laseb välja vahetusvõlakirju, on aktsionäridel nende märkimise eesõigus käesoleva seadustiku §-s 345 sätestatud korras.
(4) Üldkoosolek võib otsustada aktsiakapitali suurendamise tingimuslikult ka märkimisõiguse kasutamise ulatuses, kui see on vajalik aktsiaseltsi koondumise ettevalmistamiseks või aktsiate märkimise õiguse andmiseks aktsiaseltsi või sellega seotud äriühingu juhtorganite liikmetele või töötajatele.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(5) Aktsiakapitali tingimuslikku suurendamist ei või otsustada suuremas kui kuni 1/3 ulatuses otsuse tegemise ajal olemasolevast aktsiakapitalist.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(6) Üldkoosoleku otsus, mis on aktsiakapitali tingimusliku suurendamisega vastuolus, on tühine. [RT I 2005, 57, 449- jõust. 01.01.2006]
(7) Aktsiakapitali tingimusliku suurendamise otsuses tuleb märkida:
1) aktsiakapitali tingimusliku suurendamise eesmärk;
2) aktsiakapitali tingimuslikus suurendamises osalemiseks õigustatud isikute ring;
3) aktsiate väljalaskehind või selle määramise alused;
4) märkimisõiguse kasutamise tähtaeg.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(8) Aktsiakapitali tingimusliku suurendamise puhul võib aktsiate eest tasuda üksnes rahas. [RT I 2005, 57, 449- jõust. 01.01.2006]

Äriseadustik Leht 91 / 143

§ 3511. Aktsiakapitali tingimusliku suurendamise läbiviimine

(1) Juhatus esitab avalduse aktsiakapitali tingimusliku suurendamise äriregistrisse kandmiseks.
(2) Aktsiakapitali tingimusliku suurendamise otsuse alusel ei või aktsiaid välja anda enne aktsiakapitali tingimusliku suurendamise äriregistrisse kandmist.
(3) Aktsiakapitali tingimusliku suurendamise otsuse alusel omandab saaja aktsia aktsiaseltsile esitatud tahteavalduse alusel nagu aktsia märkimisel. Juhatus laseb aktsiaid välja üksnes üldkoosoleku otsuse alusel ja selle täitmiseks ning mitte enne aktsia väljalaskehinna tasumist.
(4) Aktsiakapitali tingimusliku suurendamise korral loetakse aktsiakapital ja aktsiate arv suurendatuks aktsia väljaandmisest alates.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(5) Juhatus esitab hiljemalt ühe kuu jooksul, alates aktsiaseltsi majandusaasta lõppemisest, äriregistri pidajale avalduse selle kohta, et kanda registrisse, millises ulatuses on majandusaasta jooksul aktsiakapitali tingimusliku suurendamise otsuse alusel aktsiaid välja antud ja aktsiakapital suurenenud. Avalduses kinnitavad juhatuse liikmed, et aktsiaid on välja antud ainult aktsiakapitali tingimusliku suurendamise otsuse alusel ja et nende eest on täielikult tasutud.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 3512. Aktsiakapitali tingimuslik suurendamine reguleeritud väärtpaberiturul kauplemisele võetud aktsiate väljalaskmise ja aktsiate sellisel turul kauplemisele võtmise korral

(1) Üldkoosolek võib otsustada aktsiakapitali tingimusliku suurendamise märkimisõiguse kasutamise ulatuses ka juhul, kui aktsiakapitali suurendamisel väljalastavad aktsiad on võetud kauplemisele reguleeritud väärtpaberiturul või nende kohta on esitatud taotlus kauplemisele võtmiseks sellisel turul.
(2) Käesoleva paragrahvi 1. lõikes sätestatud juhul võib üldkoosolek otsustada aktsiakapitali tingimusliku suurendamise suuremas ulatuses kui 1/3 otsuse tegemise ajal olemasolevast aktsiakapitalist, kui selle poolt on antud vähemalt 3/4 üldkoosolekul esindatud häältest.
(3) Käesoleva paragrahvi 1. lõikes sätestatud aktsiakapitali tingimusliku suurendamise otsuse alusel
võib aktsiaid välja lasta kahe kuu jooksul üldkoosoleku otsuse vastuvõtmisest arvates ning tingimusel, et
aktsiakapitali tingimuslik suurendamine on kantud äriregistrisse ja aktsia väljalaskehind on tasutud.
(4) Aktsiakapitali tingimusliku suurendamise korral käesoleva paragrahvi 1. lõikes sätestatud juhul esitab juhatus 10 päeva jooksul aktsiate väljalaskmisest arvates äriregistri pidajale kandeavalduse selle kohta,
millises ulatuses on aktsiakapitali tingimusliku suurendamise otsuse alusel aktsiaid välja antud ja aktsiakapital suurenenud. Avalduses kinnitavad juhatuse liikmed, et aktsiaid on välja antud ainult aktsiakapitali tingimusliku suurendamise otsuse alusel ja nende eest on täielikult tasutud.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(5) Käesolevas paragrahvis mõistetakse reguleeritud väärtpaberituru all reguleeritud väärtpaberiturgu ja mitmepoolset kauplemissüsteemi väärtpaberituru seaduse tähenduses.
[RT I 2009, 12, 71- jõust. 27.02.2009]

2. jagu

Aktsiakapitali vähendamine

§ 352. Aktsiakapitali vähendamise viisid

(1) Aktsiakapitali võib vähendada aktsiate nimiväärtuse või arvestusliku väärtuse vähendamisega või aktsiate tühistamisega.
(11) Kui aktsiakapitali vähendatakse aktsiate arvestusliku väärtuse vähendamisega, väheneb aktsiate arvestuslik väärtus võrdeliselt aktsiakapitali vähendamisega.
(2) Aktsiate nimiväärtuse või arvestusliku väärtuse vähendamisel tuleb järgida käesoleva seadustiku § 223 1. ja
2. lõikes sätestatut.
[RT I 2010, 20, 103- jõust. 01.07.2010]

§ 353. Aktsiakapitali vähendamise ulatus

(1) Aktsiakapitali ei või vähendada alla käesoleva seadustiku §-s 222 nimetatud aktsiakapitali suuruse või muu seaduses sätestatud minimaalse aktsiakapitali suuruse.
(2) Aktsiakapitali vähendatakse esmajärjekorras aktsiaseltsile kuuluvate oma aktsiate arvel.

Leht 92 / 143 Äriseadustik

(3) Eelisaktsiate arvel võib aktsiakapitali vähendada ainult juhul, kui nende aktsiate omanikele on dividend täielikult välja makstud. Eelmises lauses sätestatut ei kohaldata nimiväärtuseta aktsiate korral.
[RT I 2010, 20, 103- jõust. 01.07.2010]
(4) Käesoleva paragrahvi 1. lõikes sätestatut ei kohaldata, kui aktsiakapitali vähendamisega samaaegselt otsustatakse aktsiakapitali suurendamine vähemalt kuni käesoleva seadustiku §-s 222 nimetatud aktsiakapitali suuruseni. Sel juhul ei kohaldata ka §-s 358 sätestatut, kui samaaegselt aktsiakapitali vähendamisega otsustatakse aktsiakapitali suurendamine vähemalt aktsiakapitali senise suuruseni. Aktsiate eest, mis lastakse välja samaaegselt aktsiakapitali vähendamisega, võib tasuda ainult rahas. Aktsiakapitali suurendamise ja vähendamise otsus tuleb kanda äriregistrisse.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 354. Üldkoosoleku kokkukutsumise teade

Aktsiakapitali vähendamiseks märgitakse üldkoosoleku kokkukutsumise teates:
1) aktsiakapitali vähendamise põhjus ja viis;
2) aktsiakapitali vähendamise ulatus;
3) aktsiate tühistamise korral tühistatavate aktsiate arv ja liik ning aktsiate nimiväärtuse vähendamise korral
aktsiate nimiväärtuse vähendamise ulatus.
[RT I 2010, 20, 103- jõust. 01.07.2010]

§ 355. Erakorralisele üldkoosolekule esitatavad dokumendid

Kui aktsiakapitali vähendamise otsustab erakorraline üldkoosolek, esitab juhatus üldkoosolekule üldkoosoleku kinnitatud eelmise majandusaasta aruande ja ülevaate aktsiaseltsi käesoleva aasta majandustegevusest.

§ 356. Aktsiakapitali vähendamise otsustamine

(1) Aktsiakapitali vähendamise otsus on vastu võetud, kui selle poolt on antud vähemalt 2/3 üldkoosolekul esindatud häältest. Põhikirjaga võib ette näha suurema häälteenamuse nõude.
(2) Kui aktsiaseltsil on mitut liiki aktsiaid, on aktsiakapitali vähendamise otsus vastu võetud, kui selle poolt on lisaks käesoleva paragrahvi 1. lõikes sätestatule antud vähemalt 2/3 igat liiki aktsiatega üldkoosolekul esindatud häältest. Põhikirjaga võib ette näha suurema häälteenamuse nõude.
(21) Kui aktsiakapitali vähendamise käigus soovitakse aktsiate nimiväärtust vähendada või aktsiaid tühistada teisiti kui võrdeliselt kõigist vastavat liiki aktsiatest, on vastav otsus vastu võetud, kui lisaks käesoleva paragrahvi 1. ja 2. lõikes sätestatule hääletavad otsuse poolt aktsionärid, kelle aktsiaid teistega ebavõrdeliselt suuremas osas tühistatakse või aktsiate nimiväärtust vähendatakse.
(3) Kui aktsiakapitali vähendamise tõttu tuleb muuta põhikirja, peab põhikirja muutmise otsustama enne aktsiakapitali vähendamist, välja arvatud siis, kui aktsiakapitali vähendatakse käesoleva seadustiku § 353 4. lõikes nimetatud juhul.

§ 357. Aktsiakapitali vähendamise otsus

Aktsiakapitali vähendamise otsuses märgitakse:
1) aktsiakapitali vähendamise põhjus;
2) aktsiakapitali vähendamise ulatus ja viis;
3) tühistatavate aktsiate arv ja liik või nimiväärtusega aktsiate korral aktsiate nimiväärtuse vähendamise ulatus.
[RT I 2010, 20, 103- jõust. 01.07.2010]
4) [kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]

§ 358. Võlausaldajatele teatamine

(1) Juhatus saadab 15 päeva jooksul aktsiakapitali vähendamise otsuse vastuvõtmisest teate aktsiakapitali uue suuruse kohta aktsiaseltsile teada olevatele võlausaldajatele, kellel olid nõuded aktsiaseltsi vastu enne aktsiakapitali vähendamise otsuse vastuvõtmist.
(2) Aktsiakapitali vähendamise otsuse kohta peab juhatus avaldama teate väljaandes Ametlikud Teadaanded ning kutsuma võlausaldajaid üles oma nõudeid esitama. Teates tuleb näidata, et võlausaldajad esitaksid oma nõuded kahe kuu jooksul.
[RT I 2006, 55, 412- jõust. 01.01.2007]
(3) Aktsiaselts peab tagama võlausaldajate nõuded, kui need on esitatud kahe kuu jooksul teate avaldamisest arvates. Kui nõude täitmise tähtpäev on saabunud või kui nõue ei ole piisavalt tagatud, võib võlausaldaja nõuda nõude rahuldamist või tagamist. Võlausaldaja võib nõuda nõude tagamist, kui ta põhistab, et aktsiakapitali vähendamise tõttu on tema nõude rahuldamine ohus.

Äriseadustik Leht 93 / 143

[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 359. Avalduse esitamine äriregistrile

(1) Aktsiakapitali vähendamise äriregistrisse kandmise avalduse esitab juhatus mitte varem kui kolme kuu möödudes aktsiakapitali vähendamise teate avaldamisest, välja arvatud juhul, kui aktsiakapitali vähendamise teadet ei pea avaldama. Avaldusele lisatakse:
[RT I 2006, 55, 412- jõust. 01.01.2007]
1) üldkoosoleku otsus;
2) [kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]
21) Eesti väärtpaberite keskregistri pidaja teatis selle kohta, et juhatus on teda teavitanud aktsiakapitali vähendamisest;
22) viide Ametlike Teadaannete kuupäevadele, millal on avaldatud teated võlausaldajatele;
3) muud seaduses sätestatud dokumendid.
(2) Avalduses peavad juhatuse liikmed kinnitama, et oma nõuded tähtaegselt esitanud ja vähendamise vastu vaielnud võlausaldajate nõuded on tagatud või rahuldatud.
(3) Aktsiakapital loetakse vähendatuks kande tegemisel äriregistrisse.

§ 360. [Kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]

§ 361. Väljamakse aktsionäridele

(1) Aktsiakapitali vähendamisel võib teha väljamakseid aktsionäridele, kui see on ette nähtud aktsiakapitali vähendamise otsuses.
(2) Käesoleva paragrahvi 1. lõikes nimetatud väljamakseid võib teha mitte varem kui kolme kuu möödumisel aktsiakapitali vähendamise äriregistrisse kandmisest ning tingimusel, et võlausaldajate tähtaegselt esitatud nõuded on tagatud või rahuldatud.

§ 362. Aktsiakapitali lihtsustatud vähendamine

(1) Aktsiaseltsi kahjumi katmiseks võib aktsiakapitali vähendada, kohaldamata käesoleva seadustiku §-s 358 sätestatut (aktsiakapitali lihtsustatud vähendamine).
(2) Aktsiakapitali lihtsustatud vähendamise võib läbi viia, kui kahjumi katmiseks ei piisa aktsiaseltsi reservkapitalist ja kui aktsiaseltsil ei ole ka muid reserve.
(3) Aktsiakapitali vähendamise otsuses tuleb näidata kahjum, mille katmiseks aktsiakapitali vähendatakse. (4) Aktsiakapitali lihtsustatud vähendamisel tekkinud vaba kapitali võib kasutada ainult aktsiaseltsi kahjumi
katmiseks. Kui tekkinud vaba kapital on kahjumist suurem, kantakse kahjumit ületav osa reservkapitali.

§ 363. Kasumi jaotamise piirang

(1) Aktsiakapitali lihtsustatud vähendamise korral ei või aktsionäridele teha väljamakseid ega maksta aktsiakapitali vähendamise otsustamise majandusaasta ja sellele järgneva kahe majandusaasta jooksul aktsionäridele dividendi.
(2) Käesoleva paragrahvi 1. lõikes nimetatud keeldu ei kohaldata eelisaktsiate suhtes. [RT I 2005, 57, 449- jõust. 01.01.2006]

291. peatükk

AKTSIATE ÜLEVÕTMINE RAHALISE HÜVITISE EEST

§ 3631. Aktsiate ülevõtmise taotlus

(1) Aktsionäri taotlusel, kelle aktsiatega on esindatud vähemalt 9/10 aktsiaseltsi aktsiakapitalist (põhiaktsionär), võib aktsionäride üldkoosolek otsustada aktsiaseltsi ülejäänud aktsionäridele (vähemusaktsionärid) kuuluvate aktsiate ülevõtmise põhiaktsionäri poolt õiglase rahalise hüvitise maksmise vastu.
(2) Põhiaktsionäri aktsiatega esindatud aktsiakapitali suuruse määramisel ei arvestata aktsiaseltsi oma aktsiaid. Põhiaktsionäri aktsiateks käesoleva paragrahvi 1. lõike tähenduses loetakse ka põhiaktsionäri ema- või tütarettevõtja aktsiad, kui ema- või tütarettevõtja annab selleks oma nõusoleku.
(3) Käesoleva paragrahvi 1. lõikes nimetatud taotlus esitatakse aktsiaseltsi juhatusele. Taotlusele tuleb lisada käesoleva seadustiku §-s 3634nimetatud dokumendid. Juhatus on kohustatud aktsiate ülevõtmise otsustamiseks kutsuma kokku üldkoosoleku.

Leht 94 / 143 Äriseadustik

(4) Käesoleva paragrahvi 1. lõikes nimetatud taotlust ei saa tagasi võtta või selle tingimusi muuta vähemusaktsionäride kahjuks.

§ 3632. Hüvitise suuruse määramine

(1) Vähemusaktsionäridele makstava hüvitise suuruse määrab põhiaktsionär. Hüvitise suurus määratakse ülevõetavate aktsiate sellise väärtuse alusel, mis aktsiatel oli 10 päeva enne üldkoosoleku kokkukutsumise teate väljasaatmise päeva. Juhatus peab põhiaktsionärile esitama kõik selleks vajalikud andmed ja dokumendid ning andma teavet.
(2) [Kehtetu -RT I 2007, 58, 380- jõust. 19.11.2007]

§ 3633. Üldkoosoleku kokkukutsumise teade

Üldkoosoleku, millel otsustatakse vähemusaktsionäridele kuuluvate aktsiate ülevõtmine, kokkukutsumise teates tuleb lisaks käesoleva seadustiku § 294 4. lõikes nimetatule näidata:
1) põhiaktsionäri nimi, elu- või asukoht ja selle aadress ning isiku- või registrikood;
2) vähemusaktsionäridele makstava hüvitise suurus ühe aktsia kohta.
3) [kehtetu -RT I 2009, 51, 349- jõust. 15.11.2009]

§ 3634. Ülevõtmisaruanne, audiitorkontroll

(1) Põhiaktsionär peab üldkoosolekule esitama kirjaliku aruande (ülevõtmisaruande), kus selgitatakse ja põhjendatakse vähemusaktsionäridele kuuluvate aktsiate ülevõtmise tingimusi ning aktsiate eest makstava hüvitise suuruse määramise aluseid.
(2) Ülevõtmisaruannet peab kontrollima audiitor. Audiitor koostab kontrolli kohta kirjaliku aruande, kus tuleb eelkõige näidata, kas põhiaktsionäri poolt määratud hüvitise suurus vastab käesoleva seadustiku §-s
3632sätestatule.
[RT I 2007, 58, 380- jõust. 19.11.2007]
(21) Audiitori aruandes tuleb lisaks märkida, millist meetodit kasutati hüvitise suuruse määramisel, millised olid hüvitise suuruse määramisega seotud raskused, kas kasutatud meetod on hüvitise suuruse määramiseks kohane ning millised oleksid muud meetodid hüvitise määramiseks. Kui hüvitise suuruse määramisel kasutatakse erinevaid meetodeid, tuleb märkida, milline olnuks hüvitise suurus iga meetodi puhul eraldi ning millist tähtsust omas iga meetodi alusel saadud tulemus hüvitise suuruse määramisel.
(3) Audiitori määrab ja audiitorkontrolli kulud kannab põhiaktsionär.
(4) Audiitor vastutab ülevõtmisaruande kontrollimisega süüliselt tekitatud kahju eest.

§ 3635. Üldkoosoleku ettevalmistamine

(1) Vähemalt üks kuu enne vähemusaktsionäridele kuuluvate aktsiate ülevõtmist otsustavat üldkoosolekut esitab juhatus aktsiaseltsi asukohas aktsionäridele tutvumiseks:
1) üldkoosoleku otsuse eelnõu, millega otsustatakse vähemusaktsionäridele kuuluvate aktsiate ülevõtmine; [RT I 2009, 51, 349- jõust. 15.11.2009]
2) aktsiaseltsi viimase kolme aasta majandusaasta aruanded; [RT I 2009, 13, 78- jõust. 01.07.2009]
3) ülevõtmisaruande;
4) audiitori aruande.
(11) Käesoleva paragrahvi 1. lõikes nimetatud dokumentide kättesaadavaks tegemisele kohaldatakse vastavalt käesoleva seadustiku § 294 4. lõike punkti 8 ja 42. lõiget.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(2) Aktsionäri nõudel antakse talle käesoleva paragrahvi 1. lõikes nimetatud dokumentidest viivitamatult ärakiri. Eelmises lauses nimetatud dokumentide kättesaadavaks tegemisele kohaldatakse vastavalt käesoleva seadustiku § 294 4. lõike punkti 8 ja 42. lõiget.
[RT I 2009, 51, 349- jõust. 15.11.2009]

§ 3636. Üldkoosoleku korraldus

Põhiaktsionär on kohustatud üldkoosolekul selgitama vähemusaktsionäridele kuuluvate aktsiate ülevõtmise tingimusi ning aktsiate eest makstava hüvitise suuruse määramise aluseid.

Äriseadustik Leht 95 / 143

§ 3637. Üldkoosoleku otsus

(1) Üldkoosoleku otsus vähemusaktsionäridele kuuluvate aktsiate ülevõtmise kohta on vastu võetud, kui selle poolt on antud vähemalt 95/100 aktsiatega esindatud häältest.
(2) Üldkoosoleku, millel otsustati vähemusaktsionäridele kuuluvate aktsiate ülevõtmine, protokoll peab olema notariaalselt tõestatud.

§ 3638. Ülevõtmisotsuse vaidlustamine

(1) Kohus võib aktsionäri nõudel seadusega vastuolus oleva ülevõtmisotsuse kehtetuks tunnistada, kui nõue on esitatud ühe kuu jooksul otsuse tegemisest arvates.
(2) Ülevõtmisotsust ei saa kehtetuks tunnistada põhjusel, et vähemusaktsionäridele makstav hüvitis määrati liiga madalaks.
(3) Kui vähemusaktsionäridele makstav hüvitis määrati liiga madalaks, võib kohus vähemusaktsionäri nõudel määrata õiglase hüvitise.
(4) [Kehtetu -RT I 2007, 58, 380- jõust. 19.11.2007]
(5) Alates ülevõtmisotsuse tegemisest peab põhiaktsionär tasumata hüvitissummadelt maksma viivist seadusega kehtestatud suuruses.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 3639. Aktsiate ülekandmine

(1) Ühe kuu möödumisel käesoleva seadustiku §-s 3637 nimetatud üldkoosoleku otsuse vastuvõtmisest esitab aktsiaseltsi juhatus Eesti väärtpaberite keskregistri pidajale avalduse vähemusaktsionäride aktsiate ülekandmiseks põhiaktsionärile. Avaldusele lisatakse käesoleva seadustiku §-s 3637nimetatud üldkoosoleku otsuse notariaalselt kinnitatud ärakiri.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(2) Eesti väärtpaberite keskregistri pidaja korraldab käesoleva paragrahvi 1. lõikes nimetatud avalduse
alusel aktsiate ülekandmise põhiaktsionäri kontole makse vastu, mille suurus vastab aktsiate eest makstavale
hüvitisele.

§ 36310. Ülevõtmisotsuse edastamine äriregistrile

Aktsiaseltsi juhatus esitab viivitamatult pärast aktsiate ülekandmist põhiaktsionäri kontole äriregistri pidajale käesoleva seadustiku §-s 2891nimetatud teadaande. Teadaandele lisatakse:
1) käesoleva seadustiku §-s 3637 nimetatud üldkoosoleku otsuse notariaalselt kinnitatud ärakiri;
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
2) ülevõtmisaruanne;
3) käesoleva seadustiku § 3634 2. lõikes sätestatud audiitori aruanne;
4) Eesti väärtpaberite keskregistri pidaja teatis aktsiate ülekandmise kohta.

30. peatükk

AKTSIASELTSI LÕPETAMINE

§ 364. Aktsiaseltsi lõpetamise alused

Aktsiaselts lõpetatakse:
1) üldkoosoleku otsusega;
2) kohtulahendiga;
21) aktsiaseltsi pankroti väljakuulutamisega;
22) aktsiaseltsi pankrotimenetluse raugemisega enne pankroti väljakuulutamist;
3) [välja jäetud -RT I 1996, 40, 773- jõust. 08.06.1996]
4) teistel seaduse või põhikirjaga ettenähtud alustel.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 365. Aktsiaseltsi lõpetamise otsustamine üldkoosolekul

(1) Lõpetamisotsus on vastu võetud, kui selle poolt on antud vähemalt 2/3 üldkoosolekul esindatud häältest, kui põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet. Kui aktsiaseltsil on mitut liiki aktsiaid, on lõpetamisotsuse vastuvõtmiseks lisaks vajalik, et otsuse poolt hääletaks vähemalt 2/3 iga liiki aktsiatega esindatud häältest, kui põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet.

Leht 96 / 143 Äriseadustik

(2) Kui aktsiaseltsi lõpetamise otsustab erakorraline üldkoosolek, esitab juhatus üldkoosolekule üldkoosolekul kinnitatud eelmise majandusaasta aruande ja ülevaate aktsiaseltsi käesoleva aasta majandustegevusest. Eelmises lauses nimetatud dokumentide kättesaadavaks tegemisele kohaldatakse vastavalt käesoleva seadustiku § 294
4. lõike punkti 8 ja 42. lõiget.
[RT I 2009, 51, 349- jõust. 15.11.2009]
(3) Majandustegevuse ülevaates peab näitama, millise tähtaja jooksul saab aktsiaselts rahuldada võlausaldajate nõuded.

§ 366. Sundlõpetamine

(1) Aktsiaselts lõpetatakse kohtumäärusega, kui:
1) üldkoosolek ei ole võtnud vastu lõpetamise otsust, kui selle vastuvõtmine oli seaduse või põhikirja alusel
kohustuslik, samuti juhul, kui aktsionärid ei ole vastu võtnud ühtegi §-s 301 ettenähtud otsust või kui nende
otsuste tegemiseks ei ole üldkoosolekut kokku kutsutud;
2) kahe viimase majandusaasta jooksul ei ole toimunud üldkoosolekut;
3) juhatuse ametiaeg on lõppenud rohkem kui kaks aastat tagasi ja uut juhatust ei ole valitud;
4) muudel seaduses sätestatud juhtudel.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(2) Aktsiaseltsi sundlõpetamise avalduse võivad esitada juhatus, nõukogu, juhatuse liige, aktsionär, samuti teised seaduses nimetatud isikud. Kohus võib sundlõpetamise otsustada ka omal algatusel, kui seadusest ei tulene teisiti.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(3) Kui sundlõpetamise aluseks oleva puuduse või muu asjaolu saab ilmselt kõrvaldada, määrab kohus aktsiaseltsile eelnevalt tähtaja puuduse või asjaolu kõrvaldamiseks.
[RT I 2008, 59, 330- jõust. 01.01.2009]

§ 367. Aktsiaseltsi lõpetamise avaldus

(1) Aktsiaseltsi lõpetamise otsuse kandmiseks äriregistrisse esitab juhatus avalduse. Avaldusele lisatakse üldkoosoleku otsus ja üldkoosoleku protokoll.
(2) Kui aktsiaselts lõpetatakse kohtulahendi alusel, saadab kohus lahendi äriregistrile kande tegemiseks.
(3) Aktsiaselts loetakse lõpetatuks alates lõpetamise kande tegemisest äriregistrisse. Sundlõpetamine jõustub kohtulahendi jõustumisega.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 368. Likvideerimine

Aktsiaseltsi lõpetamisel toimub selle likvideerimine (likvideerimismenetlus), kui seaduses ei ole sätestatud teisiti.

§ 369. Likvideerijate määramine

(1) Aktsiaseltsi likvideerijateks on juhatuse liikmed, kui põhikirjaga, üldkoosoleku otsusega või kohtumäärusega ei ole ette nähtud teisiti. Likvideerijaks ei või olla füüsiline isik, kes ei või olla juhatuse liikmeks.
[RT I 2008, 59, 330- jõust. 01.01.2009]
(2) Vähemalt üks likvideerija peab olema isik, kelle elukoht on Eestis.
(3) Kohus määrab likvideerijad sundlõpetamise korral, samuti juhul, kui seda nõuavad aktsionärid, kelle aktsiad esindavad vähemalt 1/10 aktsiakapitalist. Kohus määrab ka likvideerijate tasustamise korra ja tasu suuruse.

§ 370. Likvideerijate tagasikutsumine

(1) Juhatuse liikmest või põhikirjast tuleneva või üldkoosoleku otsusega määratud likvideerija võib üldkoosolek igal ajal otsusega tagasi kutsuda. Otsuse tegemiseks on vajalik sama häälteenamus nagu likvideerija määramiseks.
(2) Kohus võib enda nimetatud likvideerija tagasi kutsuda ja määrata uue likvideerija. Aktsionäride nõudel, kelle aktsiad esindavad vähemalt 1/10 aktsiakapitalist, võib kohus mõjuval põhjusel tagasi kutsuda ka juhatuse liikmest või üldkoosoleku nimetatud või põhikirjast tuleneva likvideerija ja nimetada uue likvideerija.
(3) Likvideerija võib tagasi astuda samal põhjusel ja samas korras nagu juhatuse liige.

Äriseadustik Leht 97 / 143

[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 371. Likvideerija kanne

(1) Esimeste likvideerijate äriregistrisse kandmiseks esitab avalduse juhatus. Likvideerijate vahetamise ja nende esindusõiguse muutmise äriregistrisse kandmise avalduse esitavad likvideerijad. Avaldusele lisatakse likvideerija vahetamise või esindusõiguse muutmise aluseks olev otsus. Kõik likvideerijad esitavad registripidajale kirjaliku kinnituse, et neil on seaduse kohaselt õigus olla likvideerija.
(2) Kui likvideerija nimetatakse kohtulahendiga, saadab kohus lahendi äriregistrile kande tegemiseks. (3) Äriregistrisse kantakse likvideerijate nimed ja isikukoodid.
[RT I 2006, 61, 456- jõust. 01.01.2007]

§ 372. Likvideerijate õigused ja kohustused

(1) Likvideerijatel on juhatuse õigused ja kohustused, mis ei ole vastuolus likvideerimise olemusega. Likvideerimine ei mõjuta aktsionäride omavahelisi õigussuhteid ja aktsionäride suhteid aktsiaseltsiga ega nõukogu õigusi, kui seadusest ja likvideerimise olemusest ei tulene teisiti.
(2) Likvideerijad lõpetavad aktsiaseltsi tegevuse, nõuavad sisse võlad, müüvad vara ja rahuldavad võlausaldajate nõuded.
(3) Likvideerijad võivad teha ainult neid tehinguid, mis on vajalikud aktsiaseltsi likvideerimiseks, kui seaduses ei ole sätestatud teisiti. Kolmandate isikute suhtes on likvideerijate esindusõigus piiramatu.
(4) Likvideerijatest juhatuse liikmete esindusõigus likvideerimise puhul ei muutu, kui põhikirjaga, üldkoosoleku otsusega või kohtulahendiga ei nähta ette esindusõiguse muutumist ühiseks esinduseks või ainuesinduseks. Üldkoosoleku otsusega või kohtulahendiga nimetatud likvideerijad võivad aktsiaseltsi esindada üksnes ühiselt, kui üldkoosoleku otsuse või kohtulahendiga ei ole ette nähtud, et likvideerijad või osa neist võivad esindada aktsiaseltsi üksinda või mitmekesi. Seaduses sätestatust erinev esindusõiguse jaotus kehtib kolmandate isikute suhtes üksnes juhul, kui see on kantud äriregistrisse.
(5) Likvideerimismenetluses peab aktsiaseltsi ärinimele lisama märkuse «likvideerimisel». [RT I 2005, 57, 449- jõust. 01.01.2006]

§ 373. Pankrotiavalduse esitamine

Kui likvideeritava aktsiaseltsi varast ei jätku võlausaldajate kõigi nõuete rahuldamiseks, peavad likvideerijad esitama pankrotiavalduse.

§ 374. Raamatupidamine likvideerimise ajal

(1) Likvideeritav aktsiaselts peab raamatupidamist raamatupidamise seaduses sätestatud korras, kui seadusest või likvideerimise olemusest ei tulene teisiti.
(2) Lõpetamisotsuse vastuvõtmisest alates kolme kuu jooksul koostavad likvideerijad majandusaasta aruande koosseisu kuuluva bilansi kohta sätestatut järgides likvideerimise algbilansi ja seda selgitava aruande, mis sisaldab raamatupidamise aastaaruande lisade puhul ettenähtud andmeid.
(3) Lõpetamisotsuse vastuvõtmisega lõpeb aktsiaseltsi seni kestnud majandusaasta ning algab uus majandusaasta. Likvideerijad koostavad majandusaasta aruande aktsiaseltsi lõpetamise ajaks lõppeva ning iga lõpetamisjärgse majandusaasta lõpu seisuga.
(4) Aktsionäride üldkoosolek kinnitab likvideerimise algbilansi ja majandusaasta aruande otsusega. Likvideerimise algbilanss ja majandusaasta aruanne esitatakse pärast kinnitamist viivitamata äriregistrile.
(5) Kohus võib aktsiaseltsi vabastada likvideerimise algbilansi ja majandusaasta aruande auditeerimise kohustusest, kui aktsiaseltsi varaline olukord on nii selge, et auditeerimine ilmselt ei ole ei aktsionäride ega võlausaldajate huvides vajalik.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 375. Võlausaldajatele teatamine

(1) Likvideerijad avaldavad viivitamata teate aktsiaseltsi likvideerimismenetlusest ametlikus väljaandes
Ametlikud Teadaanded.
(2) Teada olevatele võlausaldajatele peavad likvideerijad likvideerimisteate saatma.
(3) Likvideerimisteates tuleb märkida, et võlausaldajad esitaksid oma nõuded nelja kuu jooksul teate avaldamisest.

Leht 98 / 143 Äriseadustik

§ 376. Nõuete esitamine

Võlausaldajad peavad teatama likvideerijatele nelja kuu jooksul teate avaldamisest kõigist oma nõuetest aktsiaseltsi vastu. Teates märgitakse nõude sisu, alus ja suurus ning sellele lisatakse nõuet tõendavad dokumendid. Nõudest õigeaegne teatamata jätmine ei mõjuta nõude kehtivust ega piira võlausaldaja õigust likvideerimisel olevat aktsiaseltsi kohtus hageda.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 377. Nõuete rahuldamine

(1) Likvideerijad rahuldavad aktsiaseltsile teada olevad võlausaldajate nõuded, sõltumata nõuetest teatamisest. (2) Kui aktsiaseltsile teada olev võlausaldaja ei ole nõuet esitanud ja nõuet ei ole aktsiaseltsist sõltumatutel
põhjustel võimalik rahuldada, hoiustatakse hoiustamise tingimuste olemasolul temale kuuluv raha.
(3) Kui kohustust ei ole likvideerimise ajal võimalik täita või kui nõue on vaieldav, ei või aktsiaseltsi vara aktsionäride vahel jagada, kui vaidlusalust rahasummat ei ole hoiustatud või võlausaldajale ei ole antud piisavat tagatist
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 378. Lõppbilanss

(1) Pärast kõigi võlausaldajate nõuete rahuldamist ja raha deponeerimist koostavad likvideerijad lõppbilansi ja likvideerimisel järelejäänud vara jaotusplaani.
(2) Lõppbilanssi ja vara jaotusplaani peab kontrollima audiitor.
(3) Likvideerijad peavad lõppbilansi ja vara jaotusplaani esitama aktsiaseltsi asukohas tutvumiseks kõigile aktsionäridele ja teatama sellest aktsionäridele, kellel on nimelised aktsiad. Kui aktsiaseltsil on esitajaaktsiad, avaldavad likvideerijad ajalehes teate bilansiga ja vara jaotusplaaniga tutvumise kohta.
(4) Kui bilansi või vara jaotusplaani koostamisel ei ole järgitud seaduse või põhikirja sätteid või üldkoosoleku otsuseid, võib kohus aktsionäride, kelle aktsiatega on esindatud vähemalt 1/10 aktsiakapitalist, hagi alusel otsustada uue bilansi või vara jaotusplaani koostamise või täiendava likvideerimise. Hagi võib esitada kahe kuu jooksul, alates bilansi ja vara jaotusplaani aktsionäridele tutvumiseks esitamisest aktsionäridele teatamise ajast. Kostjaks on aktsiaselts.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 379. Vara jaotamine

(1) Pärast võlausaldajate kõigi nõuete rahuldamist või tagamist ja raha hoiustamist jaotatakse allesjäänud vara aktsionäride vahel likvideerijate poolt koostatud vara jaotusplaani kohaselt vastavalt nende aktsiate nimiväärtusele või arvestuslikule väärtusele, kui põhikirjaga ei ole ette nähtud teisiti.
[RT I 2010, 20, 103- jõust. 01.07.2010]
(2) Vara võib välja jagada kuue kuu möödumisel aktsiaseltsi lõpetamise äriregistrisse kandmisest ja likvideerimisteate avaldamisest ning kahe kuu möödumisel lõppbilansi ja vara jaotusplaani aktsionäridele tutvumiseks esitamisest aktsionäridele teatamisest, kui bilanssi ega vara jaotusplaani ei ole kohtus vaidlustatud või on hagi läbi vaatamata või rahuldamata jäetud või asjas menetlus lõpetatud.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(3) Kohus võib lubada teha aktsionärile väljamakseid enne kuue kuu möödumist likvideerimisteate avaldamisest, kui sellega ei kahjustata võlausaldajate huve.
(4) Väljamaksed tehakse rahas, kui põhikirjaga ei ole ette nähtud teisiti.
(5) Likvideerijad ei pea vara müüma, kui see ei ole vajalik võlausaldajate nõuete rahuldamiseks ning kui üldkoosolek annab selleks nõusoleku.

§ 380. Lõpetatud aktsiaseltsi tegevuse jätkamine

(1) Kui aktsiaseltsi lõpetamine on ette nähtud põhikirjaga või otsustatud üldkoosoleku otsusega, võib üldkoosolek kuni vara aktsionäride vahel jagamise alustamiseni otsustada aktsiaseltsi tegevuse jätkamise või aktsiaseltsi ühinemise, jagunemise või ümberkujundamise. Tegevuse jätkamise otsus on vastu võetud, kui selle poolt on antud vähemalt 2/3 üldkoosolekul esindatud häältest.
[RT I 2009, 51, 349- jõust. 15.11.2009]

Äriseadustik Leht 99 / 143

(2) Kui otsustatakse tegevuse jätkamine, tuleb sama otsusega määrata uus nõukogu ja juhatus ning vähendada aktsiakapitali järelejäänud vara maksumuseni. Kui vara on vähenenud alla käesoleva seadustiku §-s 222 nimetatud aktsiakapitali suurust, tuleb lisaks otsustada aktsiakapitali suurendamine.
(3) Likvideerijad peavad esitama avalduse tegevuse jätkamise äriregistrisse kandmiseks. Jätkamise otsus jõustub selle äriregistrisse kandmisest.

§ 381. Äriregistrist kustutamine ja täiendav likvideerimine

(1) Pärast likvideerimise lõpetamist, kuid mitte varem kui kuue kuu möödumisel aktsiaseltsi lõpetamise äriregistrisse kandmisest ja likvideerimisteate avaldamisest ning kolme kuu möödumisel lõppbilansi ja vara jaotusplaani aktsionäridele tutvumiseks esitamisest aktsionäridele teatamisest ja tingimusel, et aktsiaselts
ei osale Eestis poolena üheski käimasolevas kohtumenetluses, esitavad likvideerijad avalduse aktsiaseltsi kustutamiseks äriregistrist. Avaldusele lisatakse lõppbilanss ja vara jaotusplaan. Avalduses peavad kõik likvideerijad kinnitama, et lõppbilanssi ega vara jaotusplaani kohtus vaidlustatud ei ole või on hagi läbi vaatamata või rahuldamata jäetud või on menetlus asjas lõpetatud ning et aktsiaseltsi võlausaldajate nõuded on rahuldatud või selleks vajalik vara on hoiustatud, samuti et aktsiaselts ei osale poolena üheski käimasolevas kohtumenetluses.
(2) Kui pärast aktsiaseltsi registrist kustutamist ilmneb, et aktsiaseltsil jäi jaotamata vara ja vajalikud on täiendavad likvideerimisabinõud, võib kohus huvitatud isiku nõudel otsustada täiendava likvideerimise ja ennistada vanade likvideerijate õigused või määrata uued likvideerijad.
(3) Aktsiaseltsi võlausaldaja nõudel võib likvideerimise pärast aktsiaseltsi registrist kustutamist läbi viia üksnes juhul, kui võlausaldaja põhistab, et tema nõue aktsiaseltsi vastu jäi likvideerimismenetluses rahuldamata,
tal ei ole võimalik nõuet muul viisil rahuldada ja likvideerimise ennistamise korral on võimalik tema nõue rahuldada, või kui aktsiaseltsi ei oleks võinud vaidluse tõttu nõude üle registrist kustutada. Võlausaldaja taotlust täiendavaks likvideerimiseks ei rahuldata muu hulgas siis, kui ta mõjuva põhjuseta jättis oma nõude likvideerijatele õigeaegselt esitamata.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 382. Dokumentide säilitamine

(1) Aktsiaseltsi dokumendid annavad likvideerijad hoiule likvideerijale, arhiivipidajale või muule usaldusväärsele isikule. Kui likvideerijad dokumentide hoidjat määranud ei ole, määrab selle vajaduse korral kohus.
(2) Dokumentide hoidja nimi, elu- või asukoht ja isiku- või registrikood kantakse äriregistrisse likvideerijate avalduse alusel, kohtu määratud hoidja puhul kohtumääruse alusel. Dokumendi hoidja vahetatakse ja uus hoidja kantakse registrisse kohtumääruse alusel.
(3) Dokumentide hoidja vastutab hoiule antud dokumentide säilimise eest seadusega ettenähtud tähtaja jooksul. (4) Hoiule antud dokumentidega võivad tutvuda aktsionärid ja nende õigusjärglased. Aktsiaseltsi võlausaldajad
ning isikud, kellel on selleks õigustatud huvi, võivad dokumentidega tutvuda kohtu loal.
[RT I 2009, 13, 78- jõust. 01.07.2009]

§ 383. Likvideerijate vastutus

Likvideerijad vastutavad tekitatud kahju eest nagu juhatuse liikmed.

VIII. osa

FILIAAL

§ 384. Välismaa äriühingu filiaal

(1) Kui välismaa äriühing tahab oma nimel Eestis püsivalt pakkuda kaupu või teenuseid, peab ta äriregistrisse kandma filiaali.
(2) Filiaal ei ole juriidiline isik. Äriühing vastutab filiaali tegevusest tulenevate kohustuste eest. (3) Seaduses sätestatud juhtudel peab äriühing saama loa Eestis filiaali asutamiseks.

§ 385. Filiaali juhataja

(1) Välismaa äriühing peab filiaalile määrama juhataja või juhatajad. Juhataja peab olema teovõimeline füüsiline isik. Juhatajaks ei või olla isik, kelle suhtes kohus on vastavalt karistusseadustiku §-dele 49

Leht 100 /

143

Äriseadustik

või 491kohaldanud juhatuse liikmena tegutsemise keeldu või ettevõtluskeeldu, samuti isik, kellel on keelatud tegutseda samal tegevusalal, millel tegutseb filiaal, või kellel on keelatud olla juhatuse liige seaduse või kohtulahendi alusel.
[RT I, 02.07.2013, 3- jõust. 12.07.2013]
(2) Juhataja juhib ja esindab filiaali ning korraldab filiaali raamatupidamist. Juhataja võib anda prokuura.
(3) Kui filiaalile on määratud mitu juhatajat, võib filiaali esindada igaüks neist, kui ei ole määratud, et filiaali võivad esindada juhatajad või mõned neist ühiselt.
(4) Juhataja filiaali esindusõiguse piiramine ei kehti kolmandate isikute suhtes.
(5) Juhatajatele kohaldatakse käesoleva seadustiku §-des 310 ja 312–315 sätestatut.

§ 386. Filiaali registrisse kandmine

(1) Välismaa äriühingu filiaal kantakse selle asukoha äriregistrisse filiaali juhataja avaldusel. Avalduses märgitakse käesoleva seadustiku §-s 387 sätestatud andmed.
(2) Avaldusele lisatakse:
1) ametlik tunnistus äriühingu olemasolu kohta tema asukohamaal (äriregistri väljavõte või
registreerimistunnistuse ärakiri);
2) luba filiaali asutamiseks, kui see on sätestatud seaduses;
3) filiaali juhataja volitusi tõendav volikiri või juhataja määramise otsuse ärakiri;
4) äriühingu põhikirja või ühingulepingu asukohamaa seaduste kohaselt tõestatud ärakiri, kui põhikirja või
ühingulepingu registrile esitamine on nõutav ka ühingu asukohamaal;
41) teave filiaali kavandatud põhitegevusala kohta; [RT I 2006, 61, 456- jõust. 01.01.2007]
5) äriühingu ja filiaali sidevahendite andmed (telefoni ja faksi numbrid, e-posti ja Interneti kodulehe aadress jms);
[RT I 2006, 61, 456- jõust. 01.01.2007]
6) [kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]
7) muud seaduses sätestatud dokumendid.
(3) [Kehtetu -RT I 1998, 59, 941- jõust. 10.07.1998]
(4) Filiaali äriregistrisse kandmise avaldusele ja teistele äriregistrile esitatavatele avaldustele kirjutab alla filiaali juhataja. Kui filiaalil on mitu juhatajat, peavad avaldusele kirjutama alla mitu juhatajat, kui nad on õigustatud filiaali esindama ainult ühiselt.
(5) Filiaal loetakse asutatuks selle äriregistrisse kandmisest ja lõppenuks selle äriregistrist kustutamisel.

§ 387. Äriregistrisse kantavad andmed

Äriregistrisse kantakse:
1) filiaali ja äriühingu ärinimed;
2) filiaali ja äriühingu asukohad ja aadressid;
3) [kehtetu -RT I 2006, 61, 456- jõust. 01.01.2007]
4) register, kus äriühing on registrisse kantud ning registrinumber, kui äriühingu asukohamaa seadusega on ette
nähtud registrisse kandmine;
5) äriühingu õiguslik vorm;
6) millise maa seaduse alusel äriühing asukohamaal tegutseb;
7) äriühingu osa- või aktsiakapitali suurus, kui see kantakse äriühingu asukohamaa registrisse;
8) äriühingu põhikirja vastuvõtmise aeg ja põhikirja muudatuste tegemine, kui see kantakse äriühingu
asukohamaa registrisse;
9) [välja jäetud -RT I 1996, 40, 773- jõust. 08.06.1996]
10) filiaali juhatajate nimed ja isikukoodid;
[RT I 2006, 61, 456- jõust. 01.01.2007]
11) kes juhatajatest võib esindada filiaali erinevalt käesoleva seadustiku § 385 3. lõikes sätestatust;
111) välismaa äriühingu seadusjärgsete esindajate nimed ja isikukoodid ning esindusõiguse tekkimise ja lõppemise aeg;
[RT I 2006, 61, 456- jõust. 01.01.2007]
12) äriühingu majandusaasta algus ja lõpp ning kas ühing peab majandusaasta aruande avaldama;
13) muud seaduses sätestatud andmed.

§ 388. Raamatupidamine ja majandusaasta aruannete esitamine

Äriseadustik Leht 101 /

143

[RT I 2009, 54, 363- jõust. 01.01.2010]
(1) Välismaa äriühing peab filiaali kohta pidama eraldi raamatupidamist. Raamatupidamist tuleb filiaali kohta pidada vastavalt raamatupidamise seaduse nõuetele.
(2) Välismaa äriühingu filiaali juhataja peab ühe kuu jooksul arvates äriühingu majandusaasta aruande kinnitamisest või seitsme kuu jooksul arvates majandusaasta lõppemisest esitama filiaali asukoha äriregistrile äriühingu audiitorkontrolli läbinud ja kinnitatud majandusaasta aruande. Aruande esitamise nõuet ei kohaldata Euroopa Majanduspiirkonna lepinguriigi äriühingutele, kelle majandusaasta aruannet ei pea asukohariigi õigusaktide kohaselt avalikustama.
[RT I 2009, 54, 363- jõust. 01.01.2010]
(3) [Kehtetu -RT I 2009, 54, 363- jõust. 01.01.2010] (4) [Kehtetu -RT I 2009, 54, 363- jõust. 01.01.2010]
(5) Käesoleva paragrahvi 2. lõikes nimetatud aruanne peab olema koostatud kooskõlas raamatupidamise seaduse § 17 lõike 1 punktis 2 nimetatud raamatupidamistavaga. Seda nõuet ei kohaldata Euroopa Majanduspiirkonna lepinguriigi või Majanduskoostöö ja Arengu Organisatsiooni (OECD) liikmesriigi äriühingule.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 389. Äriühingu pankrot või likvideerimine

Äriühingu pankrotimenetluse või likvideerimise alustamisest peab filiaali juhataja 14 päeva jooksul teatama registripidajale, kes teeb selle kohta äriregistrisse vastava märke.
[RT I, 21.06.2014, 8- jõust. 01.01.2015]

§ 390. Filiaali likvideerimine ja registrist kustutamine

(1) Filiaal kustutatakse äriregistrist, kui:
1) äriühing on lõppenud;
2) seda taotleb äriühing;
3) kui filiaalil ei ole juhatajat ja teda ei määrata kolme kuu jooksul registripidaja poolt hoiatuse tegemisest;
4) filiaali juhataja ei esita käesoleva seadustiku §-s 388 nimetatud tähtaegade kestel nõutavat majandusaasta
aruannet ega tee seda ka registripidaja määratud lisatähtaja jooksul.
[RT I 2009, 54, 363- jõust. 01.01.2010]
(2) Filiaal kustutatakse äriregistrist kohtumääruse alusel selleks seadusega õigustatud isiku või asutuse, samuti muu huvitatud isiku nõudel, kui filiaali tegevuse eesmärk või tegevus on vastuolus seaduse, põhiseadusliku korra või heade kommetega või võlausaldaja taotlusel, kes tõendab, et ei saa oma nõuet, mis tuleneb äriühingu tegutsemisest Eestis, rahuldada äriühingu Eestis oleva vara arvel, samuti muul seaduses sätestatud alusel.
[RT I 2008, 59, 330- jõust. 01.01.2009]
(3) Pärast filiaali registrist kustutamist võib välismaa äriühing Eestis ettevõtjana tegevust jätkata ainult siis, kui ta laseb registrisse kanda uue filiaali. Filiaali kustutamisel registrist võlausaldaja taotlusel võib uue filiaali registrisse kanda ainult siis, kui võlausaldaja nõue on rahuldatud või kui esitatakse võlausaldaja kirjalik nõusolek filiaal registrisse kanda.
(4) Enne filiaali registrist kustutamist tuleb teostada filiaali likvideerimine, millele kohaldatakse käesoleva seadustiku §-des 369–372, 374–377, 378 1. ja 2. lõikes ja 381–383 sätestatut. Pärast kõigi võlausaldajate nõuete rahuldamist ja raha deponeerimist koostavad likvideerijad lõppbilansi, mis lisatakse filiaali registrist kustutamise avaldusele.

IX. osa

ÜHINEMINE, JAGUNEMINE JA ÜMBERKUJUNDAMINE

31. peatükk

ÜHINEMINE

1. jagu

Üldsätted

§ 391. Ühinemise viisid

(1) Äriühing (ühendatav ühing) võib ühineda teise äriühinguga (ühendav ühing). Ühendatav ühing loetakse lõppenuks.

Leht 102 /

143

Äriseadustik

(2) Äriühingud võivad ühineda ka selliselt, et asutavad uue äriühingu. Ühinevad ühingud loetakse sel juhul lõppenuks.
(3) Ühinemine toimub likvideerimismenetluseta.
(4) Ühinemisel läheb ühendatava ühingu vara, sealhulgas kohustused, üle ühendavale ühingule. Uue ühingu asutamisel läheb ühinevate ühingute vara, sealhulgas kohustused, sellele üle.
(5) Ühendatava ühingu osanikud või aktsionärid saavad ühinemisel ühendava ühingu osanikeks või aktsionärideks. Uue ühingu asutamisel saavad selle osanikeks või aktsionärideks ühinevate ühingute osanikud või aktsionärid.
(6) Ühinevateks ühinguteks võivad olla sama või eri liiki Eesti äriregistrisse kantud äriühingud, kui seaduses ei ole sätestatud teisiti.
(7) Osaühing või aktsiaselts võib ühendatava ühinguna ühineda ühingu ainuosanikuks või ainuaktsionäriks oleva füüsilise isiku (ühendav füüsiline isik) varaga. Ühendavale füüsilisele isikule kohaldatakse käesolevas seadustikus ühendava osaühingu kohta sätestatut, kui seadusest ei tulene teisiti.
[RT I, 21.03.2014, 3- jõust. 01.01.2015]

§ 392. Ühinemisleping

(1) Ühinemiseks sõlmivad ühingute juhatused või ühingut esindama õigustatud osanikud ühinemislepingu. Ühinemislepingust tekivad õigused ja kohustused pärast lepingu heakskiitmist käesoleva seadustiku §-s 397 sätestatud korras. Ühinemislepingus tuleb märkida:
1) ühingute ärinimed ja asukohad;
11) kokkulepe ühendatava ühingu vara tervikuna üleandmise kohta ühendavale ühingule ühendava ühingu osade või aktsiate üleandmise vastu;
[RT I 2005, 57, 449- jõust. 01.01.2006]
2) ühingute osade või aktsiate asendussuhe ja juurdemaksete suurus, kui juurdemakseid tehakse;
3) ühendava ühingu osade või aktsiate üleandmise tingimused;
4) mis ajast alates üleantud osad või aktsiad annavad õiguse kasumiosale ühendavas ühingus ning seda õigust
mõjutavad eritingimused;
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
5) õigused, mis ühendav ühing annab ühendatava ühingu osanikele või aktsionäridele, sealhulgas aktsiaseltsi
eelisaktsiate ja vahetusvõlakirjade omanikele;
6) ühinemise tagajärjed ühendatava ühingu töötajatele;
7) aeg, millest alates ühendatava ühingu tehingud loetakse tehtuks ühendava ühingu arvel (ühinemise bilansi
päev);
8) ühinemislepingut kontrollivale audiitorile makstav tasu ning ühingute juhatuse ja nõukogu liikmetele või
ühingut esindama õigustatud osanikele ühinemisega seoses antavad soodustused.
(2) Ühinemislepingus ette nähtud ühendava osaühingu või aktsiaseltsi juurdemaksete summa ühendatava ühingu osanikele või aktsionäridele ei või ületada 1/10 neile asendatud osade või aktsiate nimiväärtuste või arvestuslike väärtuste summast.
[RT I 2010, 20, 103- jõust. 01.07.2010]
(3) Kui ühendatava ühingu kõik osad või aktsiad kuuluvad ühendavale ühingule, ei tule ühinemislepingus näidata käesoleva paragrahvi 1. lõike punktides 2–4 nimetatud andmeid.
(4) Ühinemisleping peab olema notariaalselt tõestatud.
(5) Kui heakskiidetud ühinemisleping on tingimuslik ja tingimus ei ole viie aasta jooksul pärast lepingu sõlmimist saabunud, võib ühing selle lõpetada, teatades lõpetamisest vähemalt kuus kuud ette, kui ühinemislepingus ei ole ette nähtud lühemat etteteatamise tähtaega.

§ 393. Ühinemisaruanne

(1) Ühinevate ühingute juhatused või ühingut esindama õigustatud osanikud koostavad kirjaliku aruande (ühinemisaruanne), kus selgitatakse ja põhjendatakse õiguslikult ja majanduslikult ühinemist ja ühinemislepingut, sealhulgas osade või aktsiate asendussuhet ning juurdemaksete suurust, kui juurdemakseid tehakse. Aruandes tuleb eraldi viidata hindamisega seotud raskustele.
(2) Ühinemisaruannet ei pea koostama, kui ühendatava ühingu ainus osa või kõik aktsiad kuuluvad ühendavale ühingule või kui sellega on nõus ühineva ühingu kõik osanikud või ühinevate aktsiaseltside kõik aktsionärid. [RT I, 02.11.2011, 1- jõust. 12.11.2011]
(3) Ühinevad ühingud võivad koostada ühise ühinemisaruande.

Äriseadustik Leht 103 /

143

[RT I 2005, 57, 449- jõust. 01.01.2006]
(4) Kui ühinev ühing kuulub kontserni, tuleb ühinemisaruandes märkida ka ühinemiseks olulised andmed kontserni teiste äriühingute kohta.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(5) Ühinemisaruandes ei pea märkima andmeid, mille avaldamisega võib kaasneda mõnele ühinevale ühingule või temaga samas kontsernis olevale äriühingule oluline kahju. Sel juhul tuleb aruandes märkida andmete esitamata jätmise põhjused.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 394. Audiitorkontroll

(1) Seaduses sätestatud juhtudel kontrollib ühinemislepingut audiitor.
(2) Audiitor ei pea ühinemislepingut kontrollima, kui ühendatava ühingu kõik osad või aktsiad kuuluvad ühendavale ühingule või ühineva ühingu kõik osanikud või ühinevate aktsiaseltside kõik aktsionärid on nõus, et audiitor ühinemislepingut ei kontrolli.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 395. Audiitori määramine

Audiitori määravad ühineva ühingu juhatus või ühingut juhtima õigustatud osanikud. Ühe audiitori võib määrata mitme või kõigi ühinevate ühingute jaoks.

§ 396. Audiitori aruanne ja vastutus

(1) Audiitor koostab ühinemislepingu kontrolli tulemuste kohta kirjaliku aruande. Ühinemislepingut kontrollivad audiitorid võivad koostada ühingutele ühise aruande.
(2) Aruandes tuleb näidata, kas ühinemislepingus näidatud osade või aktsiate asendussuhe ja juurdemaksed on kohaseks tasuks ühendatava ühingu osanikele või aktsionäridele ning kas ühinemine võib kaasa tuua ühingu võlausaldajate huvide kahjustamise.
(21) Audiitori aruandes tuleb lisaks märkida, millist meetodit kasutati ühingute osade või aktsiate asendussuhte määramisel ning millised olid asendussuhte määramisega seotud raskused, kas kasutatud meetod on asendussuhte määramiseks kohane ning millised oleksid muud meetodid asendussuhte määramiseks. Kui asendussuhte määramisel kasutatakse erinevaid meetodeid, tuleb märkida, milline olnuks asendussuhe iga meetodi puhul eraldi ning millist tähtsust omas iga meetodi alusel saadud tulemus asendussuhte määramisel.
(22) Audiitori aruandes ei pea märkima andmeid, mille avaldamisega võib kaasneda mõnele ühinevale ühingule või temaga samas kontsernis olevale äriühingule oluline kahju. Sel juhul tuleb aruandes märkida andmete esitamata jätmise põhjused.
(3) Audiitor vastutab ühinemislepingu ebaõige kontrollimisega äriühingule, tema osanikele või aktsionäridele ja võlausaldajatele tekitatud kahju eest samamoodi nagu majandusaasta aruande kontrollimisel.
(4) Audiitoril on ühinemislepingu kontrollimisel samasugused õigused ja kohustused nagu majandusaasta aruande kontrollimisel. Audiitoril on õigus saada kontrollimiseks vajalikku teavet ka ühineva ühinguga samasse kontserni kuuluvatelt teistelt äriühingutelt.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 397. Ühinemisotsus

(1) Ühinemislepingust tekivad õigused ja kohustused, kui ühinemislepingu on heaks kiitnud kõik ühinevad ühingud. Ühinemisotsus peab olema kirjalik.
(2) Vähemalt kaks nädalat enne ühinemislepingu heakskiitmise otsustamist tuleb osanikele või aktsionäridele võimaldada tutvumist ühinemislepingu, ühinemisaruande ja audiitori aruandega, kui seaduses ei ole sätestatud teisiti.
(3) Osanik või aktsionär võib nõuda ühinemislepingu ja -otsuse ärakirja.
(4) Ühinevate ühingute juhatused või ühingut esindama õigustatud osanikud peavad enne ühinemislepingu heakskiitmise otsustamist teatama osanikele või üldkoosolekule kõigist ühinemislepingu sõlmimise ja ühinemislepingu heakskiitmise otsustamise vahelisel ajal ühingu varas toimunud olulistest muudatustest. Ühinevate ühingute juhatused või ühingut esindama õigustatud osanikud teavitavad eelmises lauses nimetatud muudatustest ka teiste ühinevate ühingute juhatusi või esindama õigustatud osanikke, kes teavitavad nendest muudatustest oma ühingu osanikke või üldkoosolekut.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

Leht 104 /

143

Äriseadustik

(5) Käesoleva paragrahvi 4. lõikes nimetatud kohustusi ei pea täitma, kui ühendatava ühingu ainus osa või kõik aktsiad kuuluvad ühendavale ühingule või kui sellega on nõus ühineva ühingu kõik osanikud või aktsionärid. [RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 398. Ühinemisotsuse vaidlustamine ja kahju hüvitamine

(1) Kohus võib osaniku, aktsionäri, juhatuse või nõukogu liikme nõudel seaduse, ühingulepingu või põhikirjaga vastuolus oleva ühinemisotsuse kehtetuks tunnistada, kui nõue on esitatud ühe kuu jooksul otsuse tegemisest.
(2) Ühendatava ühingu ühinemisotsust ei saa kehtetuks tunnistada põhjusel, et osade või aktsiate asendussuhe määrati liiga madalaks.
(3) Kui osade või aktsiate asendussuhe määrati liiga madalaks, võib osanik või aktsionär nõuda ühendavalt ühingult tagasimakset, mis võib ületada käesoleva seadustiku § 392 2. lõikes nimetatud määra.
(4) Alates ühinemise kandmisest ühendava ühingu registrikaardile peab ühendav ühing tasumata tagasimakselt maksma viivist seaduses sätestatud suuruses. See ei välista ega piira viivist ületava kahju hüvitamise nõude esitamist.
[RT I, 21.06.2014, 8- jõust. 01.01.2015]

§ 399. Võlausaldajate kaitse

(1) Ühendav ühing avaldab viivitamata pärast ühinemise kandmist ühendava ühingu asukoha äriregistrisse väljaandes Ametlikud Teadaanded ühinemise kohta teate ühinenud ühingute võlausaldajale ja teatab võimalusest esitada ühendavale ühingule oma nõuded tagatise saamiseks kuue kuu jooksul, alates teate avaldamisest.
(2) Ühendav ühing peab käesoleva paragrahvi lõikes 1 nimetatud teate avaldamisest alates kuue kuu jooksul tagama ühinevate ühingute võlausaldajate esitatud nõuded, kui võlausaldajad ei saa nõuda nõuete rahuldamist ja põhistavad, et ühinemine võib ohustada nende nõuete täitmist.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 400. Avalduse esitamine äriregistrile

(1) Ühineva ühingu juhatus või ühingut esindama õigustatud osanikud esitavad mitte varem kui ühe kuu möödumisel ühinemislepingu heakskiitmisest avalduse ühinemise äriregistrisse kandmiseks. Avaldusele lisatakse:
[RT I, 18.12.2012, 3- jõust. 19.12.2012]
1) ühinemislepingu notariaalselt kinnitatud ärakiri;
2) ühinemisotsus;
3) osanike või aktsionäride koosoleku protokoll, kui ühinemisotsus tehti koosolekul;
4) ühinemise luba, kui see on nõutav;
5) ühinemisaruanne või nõusolekud selle koostamata jätmiseks;
6) audiitori aruanne, kui see on nõutav, või nõusolekud selle koostamata jätmiseks;
7) ühendatava ühingu lõppbilanss, kui avalduse esitab ühendatav ühing;
8) [kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]
9) Konkurentsiameti otsus koondumiseks loa andmise kohta, kui kohustus selle taotlemiseks tuleneb
konkurentsiseadusest;
10) kui ühineva ühingu aktsiad või osad on registreeritud Eesti väärtpaberite keskregistris, siis Eesti
väärtpaberite keskregistri pidaja kinnitus selle kohta, et ühineva ühingu juhatus on teda teavitanud ühinemisest;
[RT I 2006, 55, 407- jõust. 01.01.2007]
11) vahebilanss või nõusolekud selle koostamata jätmiseks.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(2) Registripidaja võib ühinemise registrisse kanda ainult siis, kui ühendatava ühingu lõppbilanss on koostatud seisuga mitte varem kui kaheksa kuud enne avalduse esitamist äriregistrile. Lõppbilanss koostatakse vastavalt majandusaasta aruande osaks olevale bilansile esitatavatele nõuetele ning selle kinnitamisele ja audiitorkontrolli läbiviimisele kohaldatakse majandusaasta aruande kinnitamise ja audiitorkontrolli läbiviimise kohta sätestatut. Lõppbilanss peab olema koostatud samu arvestuspõhimõtteid ja esitusviisi kasutades, mida kasutati viimase majandusaasta aruande osaks oleva bilansi koostamisel. Lõppbilanss koostatakse ühinemise bilansi päevale eelneva päeva seisuga.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(3) Avalduses peavad juhatuse liikmed või ühingut esindama õigustatud osanikud kinnitama, et ühinemisotsust ei ole vaidlustatud või on vastav avaldus rahuldamata jäetud või et ühinemisotsuse vastuvõtmine ei olnud nõutav.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

Äriseadustik Leht 105 /

143

(4) Ühendava ühingu juhatus või ühingut esindama õigustatud osanikud võivad esitada avalduse ka ühendatava ühingu ühinemise äriregistrisse kandmiseks.

§ 401. Ühendava ühingu ärinimi

(1) Ühendav ühing võib jätkata tegevust ühendatava ühingu ärinime all.
(2) Kui ühendatava ühingu osanik või aktsionär oli füüsiline isik, kes ühendavas ühingus enam ei osale, võib ühendav ühing tema nime ärinimes edasi kasutada ainult tema või tema pärijate kirjalikul nõusolekul.

§ 402. Ühinemise kanne

(1) Ühinemine kantakse ühendava ühingu asukoha äriregistrisse, kui see on kantud kõigi ühendatavate ühingute asukoha äriregistritesse. Kandes ühendatava ühingu asukoha äriregistris märgitakse, et ühinemine loetakse toimunuks selle kandmisega ühendava ühingu asukoha äriregistrisse.
(2) Ühinemisega seotud avaldused liidetakse ühte menetlusse. [RT I, 21.06.2014, 8- jõust. 01.01.2015]
(3) Kui ühendatava ühingu aktsiad või osad on registreeritud Eesti väärtpaberite keskregistris, teavitab äriregistri pidaja ühinemisest viivitamata Eesti väärtpaberite keskregistri pidajat.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]

§ 403. Kande õiguslik toime ja ühinemisega tekitatud kahju hüvitamine

(1) Ühinemise kandmisega ühendava ühingu asukoha äriregistrisse läheb ühendatava ühingu vara üle ühendavale ühingule. Pärast ühinemise kandmist ühendava ühingu asukoha äriregistrisse tehakse vara ülemineku kanded registrites ühendava ühingu avaldusel.
(2) Ühendatav ühing loetakse lõppenuks ühinemise kandmisega ühendava ühingu asukoha äriregistrisse. Registripidaja kustutab ühendatava ühingu äriregistrist.
(3) Ühinemise kandmisega ühendava ühingu asukoha äriregistrisse saavad ühendatava ühingu osanikud või aktsionärid ühendava ühingu osanikeks või aktsionärideks ning nende osad või aktsiad asendatakse ühendava ühingu osade või aktsiatega. Kolmandate isikute õigused asendatud osade või aktsiate suhtes jäävad kehtima ühendava ühingu osade ja aktsiate suhtes.
(4) Ühendatava ühingu osasid või aktsiaid, mis kuuluvad ühendavale ühingule või ühendatavale ühingule endale või isikule, kes tegutseb oma nimel, kuid ühingu arvel, ei asendata ja need kaotavad kehtivuse.
(5) Ühinemist ei saa vaidlustada pärast selle kandmist ühendava ühingu asukoha äriregistrisse.
(6) Ühineva ühingu juhatuse ja nõukogu liikmed või ühingut juhtima õigustatud osanikud vastutavad solidaarselt ühinemisega ühingule, osanikele või aktsionäridele või ühingu võlausaldajatele süüliselt tekitatud kahju eest. Esimeses lauses sätestatut ei kohaldata kahju suhtes, mille tekitavad ühinemise ettevalmistamise ja läbiviimisega ühendatava aktsiaseltsi aktsionäridele ühendatava aktsiaseltsi juhatuse või nõukogu liikmed, kui ühendatava aktsiaseltsi kõik aktsiad kuuluvad ühendavale aktsiaseltsile.
[RT I, 21.03.2014, 3- jõust. 31.03.2014]
(7) Käesoleva paragrahvi 6. lõikes nimetatud nõude aegumistähtaeg on viis aastat ühinemise kandmisest ühendava ühingu asukoha äriregistrisse.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 404. Hüvitus eri liiki ühingute ühinemisel

(1) Ühendatava ühingu osanik või aktsionär, kes ei ole ühinemisotsusega nõus, võib eri liiki ühingute ühinemisel kahe kuu jooksul ühinemise ühendava ühingu asukoha äriregistrisse kandmisest nõuda, et ühendav ühing omandaks tema asendatud osa või aktsia rahalise hüvituse eest. Rahaline hüvitus peab olema sama suur kui rahasumma, mida osanik või aktsionär oleks saanud ühingu likvideerimisel järelejäänud vara jaotamisel, kui ühing oleks likvideeritud ühinemisotsuse tegemise ajal.
(2) Osade või aktsiate ühingu poolt omandamisele käesoleva paragrahvi 1. lõikes nimetatud alustel ei kohaldata käesoleva seadustiku § 162 2. lõike punktis 11ja § 283 2. lõike punktis 2 sätestatut.
(3) Osanike või aktsionäride nimed, kes ei olnud nõus ühinemisotsusega ja soovivad kasutada käesolevas paragrahvis nimetatud õigusi, lisatakse ühinemisotsusele. Ühinemisotsusega mittenõustumist kinnitab iga osanik või aktsionär oma allkirjaga.
(4) Kui ühendav ühing on täis- või usaldusühing, võib käesoleva paragrahvi 1. lõikes nimetatud hüvitust nõuda osanik, kes lahkub ühingust.

Leht 106 /

143

Äriseadustik

(5) Alates ühinemise kandmisest ühendava ühingu asukoha äriregistrisse, peab ühendav ühing maksma hüvituselt viivist seaduses sätestatud suuruses.
(6) Kui ühinemisotsusega mittenõustunud osanik või aktsionär ei nõua käesolevas paragrahvis nimetatud hüvitust, võib ta osa või aktsia võõrandada kahe kuu jooksul, sõltumata seaduses sätestatud või põhikirjaga ettenähtud käsutuspiirangutest.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 405. Ühinemine uue ühingu asutamisega

(1) Ühinemisele uue ühingu asutamisega kohaldatakse käesolevas peatükis sätestatut koos seaduses ettenähtud täiendustega.
(2) Ühinevatele ühingutele kohaldatakse ühendatava ühingu kohta sätestatut ja asutatavale ühingule ühendava ühingu kohta sätestatut. Ühingud loetakse ühinenuks uue ühingu registrisse kandmisel.
(3) Uue ühingu asutamisele kohaldatakse seda liiki ühingu asutamise sätteid, kui käesoleva peatüki sätetest ei tulene teisiti. Asutajateks on ühinevad ühingud.
(4) Ühinemislepingus tuleb lisaks käesoleva seadustiku § 392 1. lõikes sätestatule määrata uue ühingu ärinimi ja asukoht. Ühinemislepingule lisatakse asutatava ühingu põhikiri või ühinguleping, mis kinnitatakse ühinemisotsusega.
(5) Ühineva ühingu juhatus või ühingut esindama õigustatud osanikud esitavad avalduse ühinemise kandmiseks äriregistrisse.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]
(6) Ühinevate ühingute juhatused või ühinguid esindama õigustatud osanikud esitavad ühise avalduse uue ühingu kandmiseks selle asukoha äriregistrisse.

2. jagu

Täis- või usaldusühing ühineva ühinguna

§ 406. Sissemakse tähendus

Täis- või usaldusühingu osaniku sissemakset loetakse käesoleva peatüki tähenduses osaks.

§ 407. Ühinemislepingu sisu

(1) Kui ühendavaks ühinguks on täis- või usaldusühing, tuleb ühinemislepingus lisaks käesoleva seadustiku §
392 1. lõikes märkida ühendatava ühingu iga osaniku või aktsionäri kohta, kas ta saab ühendavas ühingus täis-
või usaldusosanikuks ning milline on tema sissemakse suurus.
(2) Ühendatava usaldusühingu usaldusosanik, osaühingu osanik ja aktsiaseltsi aktsionär, kes ühinemisotsusega ei nõustunud, saab ühendava ühingu usaldusosanikuks.

§ 408. Ühinemisaruanne

Ühinemisaruannet ei pea koostama, kui ühineva täis- või usaldusühingu kõik osanikud on ühingu juhtimiseks õigustatud.

§ 409. Ühinemisotsus

(1) Ühinemisotsus on vastu võetud, kui selle poolt hääletavad kõik osanikud.
(2) Ühingulepinguga võib ette näha, et ühinemisotsus on vastu võetud, kui selle poolt hääletab üle 2/3 osanikest. Kui ühinemisotsusega ei nõustu ühendatava täisühingu osanik või usaldusühingu täisosanik, saab ta ühendavas ühingus usaldusosanikuks.
(3) Kui ühinemisotsuse võib vastavalt ühingulepingule teha häälteenamusega, võib osanik ühingu kulul nõuda ühinemislepingu audiitorkontrolli.

Äriseadustik Leht 107 /

143

§ 410. Osaniku vastutus

(1) Kui täis- või usaldusühing ühineb usaldusühingu, osaühingu või aktsiaseltsiga, vastutab täisosanik ühendatava ühingu kohustuste eest, mille täitmise tähtpäev on saabunud või saabub viie aasta jooksul ühinemise kandmisest ühendava ühingu asukoha äriregistrisse.
(2) Kui täis- või usaldusühing ühineb usaldusühinguga, mille täisosanikuks saab ühendatava ühingu täisosanik, ei kehti täisosaniku suhtes käesoleva paragrahvi 1. lõikes sätestatud vastutuse piirang.

3. jagu

Osaühing ühineva ühinguna

§ 411. Ühinemislepingu audiitorkontroll

Ühineva osaühingu osanik võib osaühingu kulul nõuda ühinemislepingu audiitorkontrolli. Vastav kirjalik
nõue peab olema esitatud kümne päeva jooksul käesoleva seadustiku § 397 2. lõikes nimetatud dokumentidega
tutvumise võimaldamisest arvates.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 412. Ühinemisotsus

(1) Ühinemisotsus on vastu võetud, kui selle poolt on antud vähemalt 2/3 osanike koosolekul esindatud häältest ja põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet.
(2) Kui ühinemisotsus tehakse käesoleva seadustiku § 173 2. lõikes sätestatud korras, on otsus vastu võetud,
kui selle poolt on antud vähemalt 2/3 osanike häältest, kui põhikirjaga ei ole ette nähtud suurema häälteenamuse
nõuet.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(21) Kui ühinemisega kahjustatakse või piiratakse osanikule kuuluvaid eriõigusi ühingu juhtimisel, on ühinemisotsuse vastuvõtmiseks vajalik ka selle osaniku nõusolek.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(22) Kui ühendavaks ühinguks on osaühing, mille osade eest ei ole sissemakset täielikult tasutud, on ühinemisotsuse vastuvõtmiseks vajalik ühendatava ühingu kõigi osanike või aktsionäride nõusolek. Kui ühendatavaks ühinguks on osaühing, mille osade eest ei ole sissemakset täielikult tasutud, on ühinemisotsuse vastuvõtmiseks vajalik ühendava ühingu kõigi osanike või aktsionäride nõusolek.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(3) Kui vähemalt 9/10 ühendatava osaühingu osakapitalist või aktsiaseltsi aktsiakapitalist kuulub ühendavale osaühingule, ei ole ühinemiseks nõutav ühinemislepingu heakskiitmine ühendava osaühingu ühinemisotsusega. Esindatuse määramisel ei arvestata ühendatava ühingu oma osa või aktsiaid. Ühendav osaühing peab vähemalt kaks nädalat enne ühinemislepingu heakskiitmise otsustamist ühendatava ühingu poolt või kui ühinemislepingut ei tule ühendatava ühingu osanike koosolekul või üldkoosolekul heaks kiita, siis vähemalt kaks nädalat enne ühinemislepingust õiguste ja kohustuste tekkimist täitma käesoleva seadustiku § 397 2. lõikes nimetatud avalikustamiskohustused. Ühinemisotsus on vajalik, kui seda nõuavad eelmises lauses sätestatud tähtaja jooksul ühendava osaühingu osanikud, kelle osadega on esindatud vähemalt 1/20 osakapitalist, ja kui põhikirjaga ei ole ette nähtud väiksemat esindatust.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(4) Kui ühendatava osaühingu ainus osa kuulub ühendavale osaühingule või aktsiaseltsile, ei ole ühinemiseks nõutav ühinemislepingu heakskiitmine ühendatava osaühingu ühinemisotsusega. Esindatuse määramisel ei arvestata ühendatava osaühingu oma osa.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 413. Ühendava ühingu osakapitali suurendamine

(1) Ühendava osaühingu osakapitali suurendamisel seoses ühinemisega ei ole teistel osanikel eesõigust osade omandamisele (§ 193).
(2) Osakapitali suurendamise äriregistrisse kandmise avaldusele lisatakse täiendavalt käesoleva seadustiku §
196 1. lõikes nimetatud dokumentidele ühinemislepingu ja ühinevate ühingute ühinemisotsuste notariaalselt
kinnitatud ärakirjad.
(3) Ühendava osaühingu osakapitali suurendamise korral ei või ühinemist kanda ühendava osaühingu registrikaardile enne osakapitali suurendamise äriregistrisse kandmist.
[RT I, 21.06.2014, 8- jõust. 01.01.2015]

Leht 108 /

143

Äriseadustik

(4) Ühendav osaühing ei tohi ühinemise läbiviimiseks osakapitali suurendada niivõrd, kuivõrd ühendatava ühingu osad või aktsiad kuuluvad ühendavale osaühingule või ühendatavale ühingule endale või isikule, kes tegutseb oma nimel, kuid ühingu arvel.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 414. Osade üleandmine ühinemisel

(1) Ühendav osaühing annab üle ühendatava ühingu osanikele või aktsionäridele nende osade või aktsiate asendamisel kõigepealt ühendava osaühingu oma osa.
(2) Kui ühendatava ühingu osanikele või aktsionäridele antakse üle ühendava osaühingu oma osa, võib selle jagada, järgimata seaduses ja põhikirjas sätestatud käsutuspiiranguid ja arvestamata osa väikseimat lubatud nimiväärtust.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 415. [Kehtetu -RT I 2007, 65, 405- jõust. 15.12.2007]

§ 416. Üleantava vara hindamine

(1) Kui ühendav ühing on osaühing, mille osakapitali seoses ühinemisega suurendatakse või kui ühinemisel asutatakse uus osaühing, tuleb osaühingu mitterahalise sissemakse hindamiseks ettenähtud korras (§ 143) hinnata, kas ühendatavate ühingute varast piisab osakapitali suurendamiseks või asutatava osaühingu osakapitaliks. Vara hindamist tõendavad dokumendid esitatakse koos ühinemise avaldusega äriregistrile.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(2) Käesoleva paragrahvi 1. lõikes sätestatut ei kohaldata, kui ühinemislepingut kontrollib audiitor. Audiitor peab ühinemislepingu kontrollimisel andma hinnangu ka selle kohta, kas ühendatavate ühingute varast piisab osakapitali suurendamiseks või asutatava osaühingu osakapitaliks.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 4161. Vahetusvõlakirjade omajate kaitse

Ühendatava osaühingu vahetusvõlakirjade omajatele kohaldatakse käesoleva seadustiku §-s 426 sätestatut. [RT I, 04.03.2015, 4- jõust. 01.07.2015]

§ 417. Ühinemine uue osaühingu asutamisega

(1) Ühingute ühinemisele uue osaühingu asutamisega ei kohaldata §-s 138 sätestatut.
(2) Ühinemisel uue osaühingu asutamisega tuleb ühinemislepingus lisaks käesoleva seadustiku § 392 1. lõikes ja § 405 4. lõikes sätestatule märkida asutatava osaühingu osakapitali suurus, samuti juhatuse liikmed. Kui moodustatakse nõukogu, märgitakse ka nõukogu liikmed.

4. jagu

Aktsiaselts ühineva ühinguna

§ 418. Audiitorkontroll

Aktsiaseltsi ühinemisel peab ühinemislepingut kontrollima audiitor.

§ 419. Üldkoosoleku ettevalmistamine

(1) Vähemalt üks kuu enne ühinemist otsustavat üldkoosolekut esitab juhatus aktsiaseltsi asukohas aktsionäridele tutvumiseks:
1) ühinemislepingu;
2) ühinevate ühingute viimase kolme majandusaasta aruanded;
[RT I 2009, 13, 78- jõust. 01.07.2009]
3) ühinevate ühingute ühinemisaruanded;
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
4) ühinevate ühingute vandeaudiitori aruanded.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(2) Aktsionäri nõudel antakse talle käesoleva paragrahvi 1. ja 3. lõikes nimetatud dokumentidest viivitamata ja tasuta vastavalt soovile kas täielik või osaline ärakiri. Aktsionäri nõusolekul võib ärakirja edastada tema elektronposti aadressil.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

Äriseadustik Leht 109 /

143

(21) Kui aktsiaselts on vastavalt käesoleva seadustiku §-le 63 esitanud registripidajale oma kodulehe aadressi, võib ta käesoleva paragrahvi 1. ja 2. lõikes sätestatud nõuete täitmiseks avalikustada dokumendid oma kodulehel viisil, mis võimaldab nende salvestamist ja printimist. Dokumendid peavad olema aktsiaseltsi kodulehel kättesaadavad ühe kuu jooksul enne üldkoosolekut ning kuni üldkoosoleku lõppemiseni.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(3) Kui ühineva aktsiaseltsi viimane majandusaasta aruanne on koostatud majandusaasta kohta, mis lõppes varem kui kuus kuud enne ühinemislepingu sõlmimist, koostatakse majandusaasta aruande osaks olevale bilansile esitatavatele nõuetele vastav bilanss (vahebilanss) mitte varasema kui ühinemislepingu sõlmimisele eelneva kolmanda kuu esimese päeva seisuga. Vahebilanss peab olema koostatud samu arvestuspõhimõtteid ja esitusviisi kasutades, mida kasutati viimase majandusaasta aruande osaks oleva bilansi koostamisel. Vahebilanss esitatakse aktsionäridele tutvumiseks käesoleva paragrahvi 1.–21. lõikes sätestatud korras. Vahebilanssi ei
pea koostama, kui ühinevate aktsiaseltside kõik aktsionärid on sellega nõus. Vahebilansi asemel võib esitada
aktsionäridele tutvumiseks väärtpaberituru seaduse § 18411kohaselt avalikustatud poolaastaaruande. [RT I, 02.11.2011, 1- jõust. 12.11.2011]
(4) Vähemalt üks kuu enne ühinemist otsustavat üldkoosolekut esitab juhatus ühinemislepingu äriregistri pidajale või avalikustab selle aktsiaseltsi kodulehel. Ühinemislepingu avalikustamisel aktsiaseltsi kodulehel peab see olema avalikkusele tasuta kättesaadav kuni üldkoosoleku lõppemiseni. Lisaks avaldab juhatus ametlikus väljaandes Ametlikud Teadaanded teate ühinemislepingu sõlmimise kohta. Teates tuleb märkida, kus või millisel kodulehe aadressil on võimalik tutvuda ühinemislepinguga ja teiste käesoleva paragrahvi 1. lõikes
nimetatud dokumentidega ning saada nende dokumentide ärakirju. Ühinemislepingu avalikustamisel aktsiaseltsi kodulehel tuleb teates märkida ka ühinemislepingu avalikustamise kuupäev.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(5) Kui aktsiaselts on kohustatud avalikustama korraldatud teabe väärtpaberituru seaduse § 18465. lõikes nimetatud teabe tsentraalse salvestamise süsteemis, võib ühinemislepingu avalikustada aktsiaseltsi kodulehe asemel selles süsteemis. Muus osas kohaldatakse käesoleva paragrahvi 4. lõiget.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 420. Üldkoosoleku korraldus

(1) Juhatus selgitab üldkoosolekul ühinemise õiguslikke ja majanduslikke tagajärgi, sealhulgas aktsiate asendamist.
(2) Nõukogu esitab üldkoosolekul ühinemise kohta oma arvamuse.
(3) Aktsionäri nõudel antakse talle üldkoosolekul teavet ka teisi ühinevaid ühinguid puudutavate asjaolude kohta.

§ 421. Ühinemisotsus

(1) Ühinemisotsus on vastu võetud, kui selle poolt on antud vähemalt 2/3 üldkoosolekul esindatud häältest ja põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet.
(2) Kui aktsiaseltsil on mitut liiki aktsiaid, on ühinemisotsus vastu võetud, kui lisaks käesoleva paragrahvi 1. lõikes sätestatule on otsuse poolt hääletanud vähemalt 2/3 iga liiki aktsiate omanikest ja põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet. Kui otsus tehakse § 297 2. lõikes sätestatud korras, peab otsuse poolt hääletama vähemalt 2/3 iga liiki aktsiatega üldkoosolekul esindatud häältest, kui põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet.
(3) Kui ühendavaks ühinguks ei ole aktsiaselts, osalevad ühendatava aktsiaseltsi eelisaktsiate ja vahetusvõlakirjade omanikud esindatuse määramisel ja hääletamisel aktsionäridega samadel alustel.
(4) Kui vähemalt 9/10 ühendatava osaühingu osakapitalist või aktsiaseltsi aktsiakapitalist kuulub ühendavale aktsiaseltsile, ei ole ühinemiseks nõutav ühinemislepingu heakskiitmine ühendava aktsiaseltsi ühinemisotsusega. Esindatuse määramisel ei arvestata ühendatava ühingu oma osa või aktsiaid. Ühendav aktsiaselts peab
vähemalt üks kuu enne ühinemislepingu heakskiitmise otsustamist ühendatava ühingu poolt või kui ühinemislepingut ei tule ühendatava ühingu osanike koosolekul või üldkoosolekul heaks kiita, siis vähemalt üks kuu enne ühinemislepingust õiguste ja kohustuste tekkimist täitma käesoleva seadustiku §-s 419 nimetatud
avalikustamiskohustused. Ühinemisotsus on vajalik, kui seda nõuavad eelmises lauses sätestatud tähtaja jooksul ühendava aktsiaseltsi aktsionärid, kelle aktsiatega on esindatud vähemalt 1/20 aktsiakapitalist, ja kui põhikirjaga ei ole ette nähtud väiksemat esindatust.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(5) Kui ühendatava aktsiaseltsi kõik aktsiad kuuluvad ühendavale osaühingule või aktsiaseltsile, ei ole ühinemiseks nõutav ühinemislepingu heakskiitmine ühendatava aktsiaseltsi ühinemisotsusega. Esindatuse määramisel ei arvestata ühendatava aktsiaseltsi oma aktsiaid. Ühendatav aktsiaselts peab vähemalt üks kuu enne ühinemislepingust õiguste ja kohustuste tekkimist täitma käesoleva seadustiku § 419 4. ja 5. lõikes nimetatud avalikustamiskohustused.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

Leht 110 /

143

Äriseadustik

§ 4211. Aktsiate ülevõtmine ühinemise läbiviimiseks

(1) Kui ühendavale aktsiaseltsile kuulub vähemalt 9/10 ühendatava aktsiaseltsi aktsiakapitalist, võib ühendatava aktsiaseltsi üldkoosolek põhiaktsionäri taotlusel otsustada kolme kuu jooksul ühinemislepingu sõlmimisest arvates ühendatava aktsiaseltsi vähemusaktsionäridele kuuluvate aktsiate ülevõtmise põhiaktsionäri poolt käesoleva seadustiku §-des 3631–36310sätestatud korras, arvestades käesolevas paragrahvis sätestatud erisusi.
(2) Põhiaktsionäri aktsiatega esindatud aktsiakapitali suuruse määramisel ei kohaldata käesoleva seadustiku §
36312. lõike teist lauset.
(3) Üldkoosoleku otsus vähemusaktsionäridele kuuluvate aktsiate ülevõtmise kohta on vastu võetud, kui selle poolt on antud vähemalt 9/10 üldkoosolekul aktsiatega esindatud häältest.
(4) Ühinemislepingus tuleb märkida, et ühinemise tõttu toimub ühendatava aktsiaseltsi vähemusaktsionäridele kuuluvate aktsiate ülevõtmine.
(5) Ühinemisleping tuleb esitada aktsionäridele tutvumiseks käesoleva seadustiku §-s 3635sätestatud korras. (6) Käesoleva seadustiku §-s 36310nimetatud teadaandele lisatakse ühinemislepingu notariaalselt kinnitatud
ärakiri.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 422. Ühendava aktsiaseltsi aktsiakapitali suurendamine

(1) Ühendava aktsiaseltsi aktsiakapitali suurendamisel seoses ühinemisega ei ole teistel aktsionäridel aktsiate omandamise eesõigust (§ 345).
(2) Aktsiakapitali suurendamise registrisse kandmise avaldusele lisatakse täiendavalt käesoleva seadustiku §
343 1. lõikes nimetatud dokumentidele ühinemislepingu ja ühinevate ühingute ühinemisotsuste notariaalselt
kinnitatud ärakirjad.
(3) Ühendava aktsiaseltsi aktsiakapitali suurendamise korral ei või ühinemist kanda ühendava aktsiaseltsi registrikaardile enne aktsiakapitali suurendamise äriregistrisse kandmist.
[RT I, 21.06.2014, 8- jõust. 01.01.2015]
(4) Ühendav aktsiaselts ei tohi ühinemise läbiviimiseks aktsiakapitali suurendada niivõrd, kuivõrd ühendatava ühingu osad või aktsiad kuuluvad ühendavale aktsiaseltsile või ühendatavale ühingule endale või isikule, kes tegutseb oma nimel, kuid ühingu arvel.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 423. Aktsiate üleandmine ühinemisel

Ühendav aktsiaselts annab üle ühendatava ühingu osanikele või aktsionäridele nende osade või aktsiate asendamisel kõigepealt ühendava aktsiaseltsi oma aktsiad.

§ 424. Üleantava vara hindamine

(1) Kui ühendav ühing on aktsiaselts, mille aktsiakapitali seoses ühinemisega suurendatakse, või kui ühinemisel asutatakse uus aktsiaselts, tuleb aktsiaseltsi mitterahalise sissemakse hindamiseks ettenähtud korras (§ 249) hinnata, kas ühendatavate ühingute varast piisab aktsiakapitali suurendamiseks või asutatava aktsiaseltsi aktsiakapitaliks. Vara hindamist tõendavad dokumendid esitatakse koos ühinemise avaldusega äriregistrile.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(2) Käesoleva paragrahvi 1. lõikes sätestatut ei kohaldata, kui ühinemislepingut kontrollib audiitor. Audiitor peab ühinemislepingu kontrollimisel andma hinnangu ka selle kohta, kas ühendatavate ühingute varast piisab aktsiakapitali suurendamiseks või asutatava aktsiaseltsi aktsiakapitaliks.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 425. [Kehtetu -RT I 2000, 57, 373- jõust. 01.01.2001]

§ 426. Eelisaktsiate ja vahetusvõlakirjade omanike kaitse

(1) Ühendavas aktsiaseltsis säilivad ühendatava aktsiaseltsi eelisaktsiate ja vahetusvõlakirjade omanike õigused, mis neil olid ühendatavas aktsiaseltsis.

Äriseadustik Leht 111 /

143

(2) Kui ühendavaks ühinguks ei ole aktsiaselts, omandavad eelisaktsiate ja vahetusvõlakirjade omanikud ühendava ühingu osad samadel alustel ühendatava aktsiaseltsi aktsionäridega. Ühinemislepinguga mittenõustumisel võivad nad nõuda hüvitust vastavalt käesoleva seadustiku §-le 404.

§ 427. Ühinemine uue aktsiaseltsi asutamisega

(1) Ühingute ühinemisele uue aktsiaseltsi asutamisega ei kohaldata käesoleva seadustiku §-s 243 sätestatut.
(2) Ühinemisel uue aktsiaseltsi asutamisega tuleb ühinemislepingus lisaks käesoleva seadustiku § 392 1. lõikes ja § 405 4. lõikes sätestatule märkida asutatava aktsiaseltsi aktsiakapitali suurus, samuti juhatuse ja nõukogu liikmed.
[RT I 2005, 57, 449- jõust. 01.01.2006]

41. jagu

Osaühingu või aktsiaseltsi ühinemine füüsilise isiku varaga

[RT I, 21.03.2014, 3- jõust. 01.01.2015]

§ 4271. Ühinemise õigus

(1) Osaühingu või aktsiaseltsi ühinemine ühingu füüsilisest isikust osaniku või aktsionäri varaga on lubatud ka juhul, kui lisaks sellele osanikule või aktsionärile kuuluvad ühendatava osaühingu osad või aktsiaseltsi aktsiad üksnes ühingule endale.
(2) Ühinemine on lubatud ka juhul, kui osad või aktsiad kuuluvad abikaasade ühisvara hulka. (3) Ühinemine ei ole lubatud, kui ühendatav aktsiaselts on välja lasknud vahetusvõlakirju.
(4) Ühinemine ei ole lubatud, kui ühendav füüsiline isik on maksejõuetu. [RT I, 21.03.2014, 3- jõust. 01.01.2015]

§ 4272. Avalikustamiskohustused

Osaühingu või aktsiaseltsi ühinemisel füüsilise isiku varaga ei tule täita käesoleva seadustiku § 397 2. lõikes ning § 419 4. ja 5. lõikes nimetatud avalikustamiskohustusi.
[RT I, 21.03.2014, 3- jõust. 01.01.2015]

§ 4273. Võlausaldajate kaitse

(1) Osaühingu või aktsiaseltsi ühinemisel füüsilise isiku varaga ei kohaldata käesoleva seadustiku §-s 399 sätestatud võlausaldajate kaitse korda.
(2) Ühendatava ühingu juhatus saadab vähemalt üks kuu enne ühinemise äriregistrisse kandmise avalduse esitamist ühingule teada olevatele võlausaldajatele kirjalikku taasesitamist võimaldavas vormis teate ühinemise kohta. Lisaks avaldab ühendatava ühingu juhatus esimeses lauses nimetatud tähtaja jooksul ühinemise kohta
teate ametlikus väljaandes Ametlikud Teadaanded. Teadetes tuleb märkida, et ühendatava ühingu võlausaldajatel on käesoleva paragrahvi 3. ja 4. lõikes nimetatud õigused.
(3) Võlausaldajal on õigus nõuda tagatist sellistele nõuetele, mis on tekkinud enne või 15 päeva pärast teate avaldamist ametlikus väljaandes Ametlikud Teadaanded.
(4) Ühendatav ühing peab tagama võlausaldajate nõuded, kui need on esitatud ühe kuu jooksul ametlikus väljaandes Ametlikud Teadaanded teate avaldamisest arvates, ning üksnes juhul, kui võlausaldajad ei saa nõuda nõuete rahuldamist ja põhistavad, et ühinemine võib ohustada nende nõuete täitmist.
[RT I, 21.03.2014, 3- jõust. 01.01.2015]

§ 4274. Avalduse esitamine äriregistrile

(1) Ühinemise registrisse kandmise avalduses tuleb märkida ühendava füüsilise isiku isikukood.
(2) Ühendatava ühingu juhatuse liikmed peavad ühinemise registrisse kandmise avalduses kinnitama, et ühingu võlausaldajatele on antud tagatis vastavalt käesoleva seadustiku §-le 4273.
(3) Ühinemise registrisse kandmise avaldusele tuleb lisada ühendava füüsilise isiku kirjalik kinnitus selle kohta, et ta ei ole maksejõuetu.
(4) Kui ühendatava ühingu osa või aktsiad kuuluvad abikaasade ühisvara hulka ja ühinemislepingu on sõlminud üksnes üks abikaasadest, tuleb ühinemise registrisse kandmise avaldusele lisada teise abikaasa notariaalselt tõestatud nõusolek ühinemiseks.

Leht 112 /

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Äriseadustik

(5) Kui ühendatava ühingu osad või aktsiad on panditud, tuleb ühinemise registrisse kandmise avaldusele lisada pandipidaja notariaalselt tõestatud nõusolek ühinemiseks.
(6) Ühinemise registrisse kandmise avalduse esitamisele ei kohaldata käesoleva seadustiku § 400 4. lõikes sätestatut.
[RT I, 21.03.2014, 3- jõust. 01.01.2015]

§ 4275. Ühinemise kanne ja kande õiguslik toime

(1) Ühinemine kantakse üksnes ühendatava ühingu registrikaardile. Mitme ühendatava ühingu ühinemisel füüsilise isiku varaga märgitakse kandes, millise ühendatava ühingu registrikaardile kande tegemisega ühinemine jõustub. Ühendatava ühingu registrikaardile tehtud kandes märgitakse ka ühendava füüsilise isiku nimi ja isikukood.
(2) Ühinemise võib äriregistrisse kanda üksnes Maksu- ja Tolliameti kirjalikul nõusolekul. Nõusoleku saamisele kohaldatakse käesoleva seadustiku § 59 4. lõiget. Maksu- ja Tolliamet võib nõusolekust keelduda ka juhul, kui
tal on nõudeid ühendava füüsilise isiku vastu.
(3) Ühinemine jõustub ühinemise kandmisest viimase ühendatava ühingu registrikaardile. [RT I, 21.03.2014, 3- jõust. 01.01.2015]

5. jagu

Tulundusühistu ühineva ühinguna

§ 428. Tulundusühistu ühineva ühinguna

Tulundusühistu võib ühineda ainult tulundusühistuga.

§ 429. Osamaks ja liikmelisus

(1) Tulundusühistu osamakset loetakse käesoleva peatüki tähenduses osaks. (2) Tulundusühistu liiget loetakse käesoleva peatüki tähenduses osanikuks.

§ 430. Ühinemislepingu audiitorkontroll

Ühineva tulundusühistu liige võib tulundusühistu kulul nõuda ühinemislepingu audiitorkontrolli. Vastav kirjalik nõue peab olema esitatud kümne päeva jooksul käesoleva seadustiku § 397 2. lõikes nimetatud dokumentidega tutvumise võimaldamisest arvates.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 431. Ühinemisotsus

Ühinemisotsus on vastu võetud, kui selle poolt hääletas vähemalt 2/3 koosolekul osalenud liikmetest ja põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet.

§ 432. Üleantava vara hindamine

Ühendatava tulundusühistu poolt üleantav vara tuleb hinnata ühistu mitterahalise sissemakse hindamiseks ettenähtud korras. Vara hindamist tõendavad dokumendid esitatakse äriregistrile.
[RT I 2007, 67, 413- jõust. 28.12.2007]

§ 433. Ühinemine uue tulundusühistu asutamisega

Ühinemisel uue tulundusühistu asutamisega tuleb ühinemislepingus lisaks käesoleva seadustiku § 392 1. lõikes ja § 405 4. lõikes sätestatule märkida asutatava ühistu juhatuse liikmed. Kui moodustatakse nõukogu, siis märgitakse ka nõukogu liikmed.

6. jagu

Piiriülene ühinemine

Äriseadustik Leht 113 /

143

[RT I 2007, 65, 405- jõust. 15.12.2007]

§ 4331. Piiriülene ühinemine

(1) Eesti äriregistrisse kantud aktsiaselts või osaühing võib ühineda teise Euroopa Majanduspiirkonna lepinguriigi (edaspidi lepinguriik) õiguse alusel asutatud piiratud vastutusega äriühinguga, mis vastab Euroopa Parlamendi ja nõukogu direktiivi 2005/56/EÜ piiratud vastutusega äriühingute piiriülese ühinemise kohta
(ELT L 310, 25.11.2005, lk 1–9) artikli 2 punktis 1 sätestatud nõuetele ja mille registrijärgne asukoht, juhatuse asukoht või peamine tegevuskoht asub lepinguriigis (edaspidi piiriülene ühinemine).
(2) Kui Eesti äriregistrisse kantud või kantav äriühing osaleb piiriüleses ühinemises, kohaldatakse käesolevas peatükis sätestatut, kui piiriülese ühinemise kohta ei ole seaduses sätestatud teisiti.
(3) Piiriüleses ühinemises ei või ühendatava ega ühendava ühinguna osaleda tulundusühistu.
(4) Töötajate üleühenduselise kaasamise seaduse §-s 412 sätestatud juhtudel ja korras tuleb piiriülese ühinemise korral ühendava äriühingu töötajad kaasata osalema ühendava äriühingu juhtimises.
[RT I 2007, 65, 405- jõust. 15.12.2007]

§ 4332. Ühinemisleping

(1) Lisaks käesoleva seaduse § 392 lõikes 1 sätestatule tuleb ühinemislepingus märkida:
1) ühendatava ja ühendava äriühingu liik;
2) kasumiosa saamise õiguse korral selle teostamise erisused;
3) andmed ühendavale äriühingule üleantava vara hindamise kohta;
4) ühinemise tingimuste kindlaksmääramisel kasutatud raamatupidamisaruannete kuupäevad;
5) seaduses sätestatud juhul andmed töötajate ühingu juhtimises osalemise korra kohta.
[RT I 2007, 65, 405- jõust. 15.12.2007]
(2) Kui ühendatava ühingu kõik hääleõiguse andvad osad või aktsiad kuuluvad ühendavale ühingule, ei tule ühinemislepingus näidata käesoleva seaduse § 392 lõike 1 punktides 2–4 ja käesoleva paragrahvi lõike 1 punktis
2 nimetatud andmeid.
[RT I 2007, 65, 405- jõust. 15.12.2007]
(3) Ühinemislepingule lisatakse ka ühendava ühingu põhikiri. [RT I 2007, 65, 405- jõust. 15.12.2007]
(4) Ühinemislepingus ettenähtud ühendava ühingu juurdemaksete summa ühendatava ühingu osanikele või aktsionäridele võib ületada 1/10 ühendava ühingu osade või aktsiate nimiväärtuste või arvestuslike väärtuste summast, kui piiriüleses ühinemises osaleva ühendava ühingu suhtes kohaldatava lepinguriigi õiguse kohaselt on see lubatud.
[RT I 2010, 20, 103- jõust. 01.07.2010]
(5) Ühinemislepingu avaldamisele kohaldatakse käesoleva seadustiku § 419 4. ja 5. lõiget. Ametlikes
Teadaannetes avaldatavas teates tuleb lisaks märkida järgmist:
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
1) iga ühineva ühingu liik, ärinimi ja asukoht;
2) register, kuhu iga ühineva ühingu ühinemine on kantud, ja registrikande number;
3) viide, et vähemusosanike või -aktsionäride ning võlausaldajate kaitse kohta saab infot ühinemislepingust.
[RT I 2007, 65, 405- jõust. 15.12.2007]
(6) Käesoleva seadustiku § 43381. lõike kohase piiriülese ühinemise korral peab ühinemisleping selle avalikustamisel ühingu kodulehel või väärtpaberituru seaduse § 18465. lõikes nimetatud teabe tsentraalse salvestamise süsteemis olema avalikkusele tasuta kättesaadav vähemalt kaks kuud, arvates teate avaldamisest ametlikus väljaandes Ametlikud Teadaanded.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 4333. Ühinemisaruanne

(1) Piiriülese ühinemise korral tuleb ühinemisaruandes selgitada ka ühinemise mõju aktsiaseltsi või osaühingu töötajatele ning võlausaldajatele. Aruandele lisatakse ka töötajate usaldusisiku või ametiühingu usaldusisiku arvamus, kui see esitatakse vähemalt üks kuu enne ühinemist otsustavat koosolekut või üldkoosolekut.
(2) Ühinemisaruandele ei kohaldata käesoleva seaduse § 393 lõiget 2. [RT I 2007, 65, 405- jõust. 15.12.2007]

§ 4334. Audiitorkontroll

(1) Piiriülese ühinemise korral peab ühinemislepingut kontrollima audiitor.

Leht 114 /

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Äriseadustik

(2) Piiriülese ühinemise korral võib mitme või kõigi ühinevate ühingute jaoks olla määratud üks või mitu
ühist audiitorit. Ühine audiitor võib või ühised audiitorid võivad olla määratud vaid selle lepinguriigi kohtu või
haldusasutuse poolt või loal, mille õigusele üks ühendatavatest ühingutest või ühendav ühing allub.
(3) Eesti kohus nimetab ühinevate ühingute taotlusel käesoleva paragrahvi lõikes 2 nimetatud audiitori või audiitorid, kellel on piiriülese ühinemise lepingu auditi tegemiseks vajalikud teadmised ja kogemused. Kohus määrab ka tema poolt määratud audiitori või audiitorite tasustamise korra ja tasu suuruse.
[RT I 2007, 65, 405- jõust. 15.12.2007]

§ 4335. Ühinemisotsus

(1) Vähemalt üks kuu enne ühinemist otsustavat koosolekut või üldkoosolekut tuleb ühingu osanikele või aktsionäridele võimaldada tutvuda ühinemislepingu, ühinemisaruande ja audiitori aruandega. Ühinemisaruanne tehakse vähemalt üks kuu enne ühinemist otsustavat koosolekut või üldkoosolekut kättesaadavaks ka äriühingu töötajate usaldusisikule või ametiühingu usaldusisikule või nende puudumise korral töötajatele.
(2) Kui ühendatava ühingu kõik hääleõigust andvad osad või aktsiad kuuluvad ühendavale ühingule, ei pea ühinemislepingut ühendatava osaühingu koosolekul või aktsiaseltsi üldkoosolekul heaks kiitma.
(3) Piiriüleses ühinemises osalevale Eesti äriregistrisse kantud osaühingule kohaldatakse käesoleva seaduse §
412 lõike 3 asemel käesoleva seaduse § 421 lõiget 4.
(4) Ühendatava ühingu osanike koosolek või aktsionäride üldkoosolek võib seada ühinemisotsuse heakskiitmise tingimuseks, et ühendav ühing on kinnitanud selgesõnaliselt ühendava ühingu töötajate ühingu juhtimises osalemise korra.
[RT I 2007, 65, 405- jõust. 15.12.2007]

§ 4336. Osade või aktsiate asendussuhe

(1) Kui teise lepinguriigi õiguse kohaselt, millele ühinemises osalev ühing allub, ei ole osanikul või aktsionäril õigust nõuda tagasimakset käesoleva seaduse § 398 lõike 3 tähenduses, on Eesti äriregistrisse kantud äriühingu osanikul või aktsionäril õigus nõuda nimetatud tagasimakset vaid juhul, kui ühinemises osalev teise lepinguriigi õigusele alluv ühing sellise tagasimakse saamise nõudeõigust ühinemisotsuses tunnustab.
(2) Piiriülese ühinemise korral kohaldatakse käesoleva seaduse § 398 lõikeid 3 ja 4 ka juhul, kui ühinemises osaleb ühing, kellele kohaldatava teise lepinguriigi õiguse kohaselt on osanikul või aktsionäril õigus nõuda osade või aktsiate madala asendussuhte korral tagasimakset, ja kui asi allub Eesti kohtule.
(3) Käesoleva paragrahvi lõigetes 1 ja 2 sätestamata juhtudel ning juhul, kui ühendav ühing allub teise lepinguriigi õigusele, võib Eesti äriregistrisse kantud ühendatava ühingu ühinemisotsuse tunnistada kehtetuks ka põhjusel, et on määratud liiga madal osade või aktsiate asendussuhe.
[RT I 2007, 65, 405- jõust. 15.12.2007]

§ 4337. Hüvitus piiriülese ühinemise korral

Kui ühendav ühing allub teise lepinguriigi õigusele, on Eesti äriregistrisse kantud ühendatava ühingu osanikul või aktsionäril, kes ei ole ühinemisotsusega nõus, õigus käesoleva seaduse §-s 404 sätestatud korras osa või aktsia võõrandada või nõuda, et ühendav ühing omandaks tema asendatud osa või aktsia rahalise hüvituse eest. [RT I 2007, 65, 405- jõust. 15.12.2007]

§ 4338. Võlausaldajate kaitse

(1) Kui Eesti äriregistrisse kantud äriühing ühineb piiriüleselt selliselt, et ühendav ühing allub teise lepinguriigi õigusele, käesoleva seaduse §-s 399 sätestatut ei kohaldata.
(2) Kui Eesti äriregistrisse kantud äriühing ühineb piiriüleselt selliselt, et ühendav ühing allub teise lepinguriigi õigusele, võivad osaühingu või aktsiaseltsi võlausaldajad käesoleva seaduse § 419 lõikes 4 nimetatud teate avaldamisest arvates kahe kuu jooksul esitada nõude tagatise saamiseks.
(3) Käesoleva paragrahvi lõikes 2 sätestatud tagatise saamise õigus on vaid võlausaldajal, kes ei saa nõuda nõuete rahuldamist ja kes põhistab, et ühinemine võib ohustada tema nõude täitmist.
(4) Võlausaldajal on käesoleva paragrahvi lõigetes 2 ja 3 sätestatud alusel õigus nõuda tagatist sellistele nõuetele, mis on tekkinud enne või 15 päeva pärast käesoleva seaduse § 419 lõikes 4 nimetatud teate avaldamist. [RT I 2007, 65, 405- jõust. 15.12.2007]

Äriseadustik Leht 115 /

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§ 4339. Ühinemiskanne ja -tõend

(1) Eesti äriregistrisse kantud või kantava ühendatava või ühendava ühingu korral kohaldatakse äriregistrile esitatava avalduse suhtes käesoleva seaduse § 400. Lisaks peavad juhatuse liikmed avalduses kinnitama, et äriühingu võlausaldajatele on antud tagatis vastavalt käesoleva seaduse §-le 4338.
(2) Kui Eesti äriregistrisse kantud äriühing osaleb piiriüleses ühinemises ühendatava ühinguna, väljastab registripidaja äriühingule tõendi, milles kinnitatakse, et ühendatav ühing on nõutavad ühinemiseelsed toimingud teinud ja et ühinemine on äriregistrisse kantud. Tõendis märgitakse kande tegemise kuupäev, samuti viidatakse käesoleva seaduse § 4336lõigetes 1 ja 2 sätestatud asendussuhet kontrollivale kohtumenetlusele, kui see on asjakohane.
(3) Käesoleva paragrahvi lõikes 2 nimetatud piiriülese ühinemise tõendi koostamise ja väljastamise korra kehtestab valdkonna eest vastutav minister.
(4) Kui Eesti äriregistrisse kantud äriühing osaleb piiriüleses ühinemises ühendatava ühinguna, märgitakse ühendatava ühingu asukoha äriregistrisse, et ühinemine loetakse toimunuks vastavalt selle liikmesriigi õigusele, millele ühendav ühing allub. Saanud selle liikmesriigi kohtult, notarilt või muult pädevalt asutuselt, mille õigusele ühendav äriühing allub, teate ühinemise toimumise kohta, märgib registripidaja äriregistrisse, millal on ühinemine saadud teate kohaselt toimunud, ning teavitab sellest ka Eesti väärtpaberite keskregistri pidajat, kui ühendatava ühingu osad või aktsiad on registreeritud Eesti väärtpaberite keskregistris.
(5) Käesoleva paragrahvi lõikes 4 nimetatud toimingute järel edastab registripidaja kõik talle ühendatava ühingu kohta esitatud dokumendid elektrooniliselt selle liikmesriigi kohtule, notarile või muule pädevale asutusele, mille õigusele ühendav ühing allub.
(6) Kui Eesti äriregistrisse kantud või kantav äriühing osaleb piiriüleses ühinemises ühendava ühinguna, esitab lepinguriigi õigusele alluv ühendatav äriühing registripidajale vastava lepinguriigi kohtu, notari või muu pädeva asutuse tõendi selle kohta, et lepinguriigi õigusele alluva ühendatava ühingu puhul on ühinemisele kehtestatud nõuded täidetud ning ühinemiseelsed toimingud lõpule viidud, samuti esitab ta ühinemislepingu. Tõend tuleb esitada kuue kuu jooksul selle väljastamisest arvates. Kui tõendist nähtub, et ühendatava äriühingu suhtes
on algatatud osade või aktsiate asendussuhte kohtuliku kontrolli menetlus käesoleva seaduse § 398 lõike 3 tähenduses, ei takista see ühinemiskande tegemist.
(7) Kui Eesti äriregistrisse kantud või kantav äriühing osaleb piiriüleses ühinemises ühendava ühinguna, siis registripidaja teavitab ühinemiskandest viivitamata selle lepinguriigi kohut, notarit või muud pädevat asutust, mille õigusele ühendatav ühing allub, samuti Eesti väärtpaberite keskregistri pidajat, kui ühendava ühingu osad või aktsiad registreeritakse Eesti väärtpaberite keskregistris.
[RT I, 21.06.2014, 8- jõust. 01.01.2015]
(8) Piiriülese ühinemise käigus osa- või aktsiakapitali suurendamisel peab ühendava ühingu juhatus esitama avalduse osa- või aktsiakapitali suurendamise äriregistrisse kandmiseks ühe aasta jooksul osa- või aktsiakapitali suurendamise otsuse vastuvõtmisest arvates.
[RT I 2007, 65, 405- jõust. 15.12.2007]

32. peatükk

JAGUNEMINE

1. jagu

Üldsätted

§ 434. Jagunemise viisid

(1) Jagunemine toimub likvideerimismenetluseta jaotumise või eraldumise teel.
(2) Jaotumisel annab jagunev ühing oma vara üle omandavatele ühingutele. Omandav ühing võib olla olemasolev või uus ühing. Jaotumisel jagunev ühing loetakse lõppenuks.
(3) Jaotumisel saavad jaguneva ühingu osanikud või aktsionärid omandava ühingu osanikeks või aktsionärideks.
(4) Eraldumisel annab jagunev ühing osa oma varast üle ühele või mitmele omandavale ühingule. Omandav ühing võib olla olemasolev või uus ühing.
(5) Eraldumisel saavad omandava ühingu osanikeks või aktsionärideks jaguneva ühingu osanikud või aktsionärid või ainsaks osanikuks või aktsionäriks saab jagunev ühing.

Leht 116 /

143

Äriseadustik

(6) Omandavateks ühinguteks võivad üheaegselt olla Eestis äriregistrisse kantud olemasolevad või uued ühingud.
(7) Jagunemisel osalevateks ühinguteks võivad olla sama või eri liiki äriühingud, kui seaduses ei ole sätestatud teisiti.

§ 435. Jagunemisleping

(1) Jagunemiseks sõlmivad jagunemisel osalevate ühingute juhatused või ühingut esindama õigustatud osanikud jagunemislepingu. Jagunemislepingust tekivad õigused ja kohustused pärast lepingu heakskiitmist käesoleva seadustiku §-s 440 sätestatud korras. Jagunemislepingus tuleb märkida:
1) jagunemisel osalevate ühingute ärinimed ja asukohad;
2) jaotumisel ja eraldumisel osade või aktsiate asendamisega jaguneva ühingu osanikele või aktsionäridele
jaguneva ühingu osanikele või aktsionäridele üleantavate osade või aktsiate jaotus jagunemisel osalevates
ühingutes ning asendussuhe ja juurdemaksete suurus, kui juurdemakseid tehakse;
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
3) jaotumisel ja eraldumisel osade või aktsiate asendamisega jaguneva ühingu osanikele või aktsionäridele
omandavate ühingute osade või aktsiate üleandmise tingimused;
4) mis ajast alates üleantud osad või aktsiad annavad õiguse kasumiosale omandavates ühingutes ning seda
õigust mõjutavad eritingimused;
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
5) õigused, mis omandav ühing annab jaguneva ühingu osanikele või aktsionäridele, sealhulgas eelisaktsiate ja
vahetusvõlakirjade omanikele;
6) igale omandavale ühingule üleantava vara nimekiri ja vara hulka kuuluvate kohustuste jaotus jagunemisel
osalevate ühingute vahel;
7) jagunemise tagajärjed töötajatele;
8) jaotumise korral aeg, millest alates jaguneva ühingu tehingud loetakse tehtuks omandava ühingu arvel
(jagunemise bilansi päev);
9) jagunemislepingut kontrollivale audiitorile makstav tasu ning jagunemisel osalevate ühingute juhatuse ja
nõukogu liikmetele või ühingut esindama õigustatud osanikele antavad soodustused.
(2) Jagunemislepingus ettenähtud omandava osaühingu või aktsiaseltsi juurdemaksete summa jaguneva ühingu osanikele või aktsionäridele ei või ületada 1/10 neile asendatud osade või aktsiate nimiväärtuste või aktsiate arvestuslike väärtuste summast.
[RT I 2010, 20, 103- jõust. 01.07.2010]
(3) Jagunemisleping peab olema notariaalselt tõestatud.
(4) Kui heakskiidetud jagunemisleping on tingimuslik ja tingimus ei ole viie aasta jooksul pärast lepingu sõlmimist saabunud, võib ühing selle lõpetada, teatades lõpetamisest vähemalt kuus kuud ette, kui jagunemislepingus ei ole ette nähtud lühemat etteteatamise tähtaega.

§ 436. Jagunemisaruanne

(1) Jagunemisel osalevate ühingute juhatused või ühingut esindama õigustatud osanikud koostavad kirjaliku aruande (jagunemisaruanne), kus selgitatakse ja põhjendatakse õiguslikult ja majanduslikult jagunemist ja jagunemislepingut. Jaotumisel, samuti eraldumisel osade või aktsiate andmise vastu jaguneva ühingu osanikele või aktsionäridele tuleb aruandes põhjendada osade või aktsiate asendussuhet, jagunemisel osalevate ühingute osade või aktsiate jaotust jaguneva ühingu osanike või aktsionäride vahel ning juurdemaksete suurust, kui juurdemakseid tehakse. Aruandes tuleb eraldi viidata hindamisega seotud raskustele.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(2) Jagunemisaruannet ei pea koostama eraldumisel osade või aktsiate asendamisega jagunevale ühingule või kui sellega on nõus jagunemisel osaleva ühingu kõik osanikud või jagunemisel osalevate aktsiaseltside kõik aktsionärid.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(3) Jagunemisel osalevad ühingud võivad koostada ühise jagunemisaruande.
(4) Kui jagunemisel osalev ühing kuulub kontserni, tuleb jagunemisaruandes märkida ka ühinemiseks olulised andmed kontserni teiste äriühingute kohta.
(5) Jagunemisaruandes ei pea märkima andmeid, mille avaldamisega võib kaasneda mõnele jagunemisel osalevale ühingule või temaga samas kontsernis olevale äriühingule oluline kahju. Sel juhul tuleb aruandes märkida andmete esitamata jätmise põhjused.
[RT I 2005, 57, 449- jõust. 01.01.2006]

Äriseadustik Leht 117 /

143

§ 437. Audiitorkontroll

(1) Seaduses sätestatud juhtudel kontrollib jagunemislepingut audiitor.
(2) Audiitor ei pea jagunemislepingut kontrollima eraldumisel osade või aktsiate asendamisega jagunevale ühingule või kui jagunemisel osaleva ühingu kõik osanikud või jagunemisel osalevate aktsiaseltside kõik aktsionärid on nõus, et audiitor jagunemislepingut ei kontrolli.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 438. Audiitori määramine

Audiitori määravad jagunemisel osaleva ühingu juhatus või ühingut juhtima õigustatud osanikud. Ühe audiitori võib määrata mitme või kõigi jagunemises osalevate ühingute jaoks.

§ 439. Audiitori aruanne ja vastutus

(1) Audiitor koostab jagunemislepingu kontrolli tulemuste kohta kirjaliku aruande. Jagunemislepingut kontrollivad audiitorid võivad koostada ühingutele ühise aruande.
(2) Aruandes tuleb näidata, kas jagunemislepingus näidatud osade või aktsiate asendussuhe ja juurdemaksed on kohaseks tasuks jaguneva ühingu osanikele või aktsionäridele ning kas jagunemine võib kaasa tuua ühingu võlausaldajate huvide kahjustamise.
(21) Audiitori aruandes tuleb lisaks märkida, millist meetodit kasutati jaguneva ühingu osanikele või aktsionäridele üleantavate osade või aktsiate asendussuhte määramisel ning millised olid asendussuhte määramisega seotud raskused, kas kasutatud meetod on asendussuhte määramiseks kohane ning millised oleksid muud meetodid asendussuhte määramiseks. Kui asendussuhte määramisel kasutatakse erinevaid meetodeid,
tuleb märkida, milline olnuks asendussuhe iga meetodi puhul eraldi ning millist tähtsust omas iga meetodi alusel saadud tulemus asendussuhte määramisel.
(3) Audiitor vastutab jagunemislepingu ebaõige kontrollimisega äriühingule, tema osanikele või aktsionäridele ja võlausaldajatele tekitatud kahju eest samamoodi nagu majandusaasta aruande kontrollimisel.
(4) Audiitoril on jagunemislepingu kontrollimisel samasugused õigused ja kohustused nagu majandusaasta aruande kontrollimisel. Audiitoril on õigus saada kontrollimiseks vajalikku teavet ka jagunemisel osaleva ühinguga samasse kontserni kuuluvatelt teistelt äriühingutelt.
(5) Audiitori aruandes ei pea märkima andmeid, mille avaldamisega võib kaasneda mõnele jagunemisel osalevale ühingule või sellega samas kontsernis olevale äriühingule oluline kahju. Sel juhul tuleb aruandes märkida andmete esitamata jätmise põhjused.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 440. Jagunemisotsus

(1) Jagunemislepingust tekivad õigused ja kohustused, kui jagunemislepingu on heaks kiitnud kõik jagunemises osalevad ühingud. Jagunemisotsus peab olema kirjalik.
(2) Osanik või aktsionär võib nõuda jagunemislepingu ja -otsuse ärakirja.
(3) Vähemalt kaks nädalat enne jagunemislepingu heakskiitmise otsustamist tuleb osanikele või aktsionäridele võimaldada tutvumist jagunemislepingu, jagunemisaruande ja audiitori aruandega, kui seaduses ei ole sätestatud teisiti.
(4) Kui osad või aktsiad määratakse jagunemisel osalevates ühingutes jaguneva ühingu osanike või aktsionäride vahel teistsuguse suhtega kui jagunevas ühingus, peavad jagunemisotsuse poolt olema kõik jaguneva ühingu osanikud või aktsionärid.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(5) Jagunemisel osaleva ühingu juhatus või ühingut esindama õigustatud osanikud peavad teatama enne jagunemislepingu heakskiitmise otsustamist osanikele või üldkoosolekule kõigist jagunemislepingu sõlmimise ja jagunemislepingu heakskiitmise otsustamise vahelisel ajal ühingu varas toimunud olulistest muudatustest. Jagunemisel osaleva ühingu juhatus või ühingut esindama õigustatud osanikud teavitavad eelmises lauses
nimetatud muudatustest ka teiste jagunemisel osalevate ühingute juhatusi või esindama õigustatud osanikke, kes teavitavad nendest muudatustest oma ühingu osanikke või üldkoosolekut.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(6) Käesoleva paragrahvi 5. lõikes nimetatud kohustusi ei pea täitma eraldumisel osade või aktsiate asendamisega jagunevale ühingule või kui sellega on nõus jagunemisel osaleva ühingu kõik osanikud või aktsionärid.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

Leht 118 /

143

Äriseadustik

§ 441. Jagunemisotsuse vaidlustamine ja kahju hüvitamine

(1) Kohus võib osaniku, aktsionäri, juhatuse või nõukogu liikme nõudel seaduse, ühingulepingu või põhikirjaga vastuolus oleva jagunemisotsuse kehtetuks tunnistada, kui nõue on esitatud ühe kuu jooksul otsuse tegemisest.
(2) Jaguneva ühingu jagunemisotsust ei saa kehtetuks tunnistada põhjusel, et osade või aktsiate asendussuhe määrati liiga madalaks.
(3) Kui osade või aktsiate asendussuhe määrati liiga madalaks, võib osanik või aktsionär nõuda omandavalt ühingult tagasimakset, mis võib ületada käesoleva seadustiku § 435 2. lõikes nimetatud määra.
(4) Alates jagunemise kandmisest jaguneva ühingu registrikaardile, tuleb tasumata tagasimakselt maksta viivist seaduses sätestatud suuruses. See ei välista ega piira viivist ületava kahju hüvitamise nõude esitamist.
[RT I, 21.06.2014, 8- jõust. 01.01.2015]

§ 442. [Kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]

§ 443. Avalduse esitamine äriregistrile

(1) Jagunemisel osaleva ühingu juhatus või ühingut esindama õigustatud osanikud esitavad mitte varem kui ühe kuu möödumisel jagunemislepingu heakskiitmisest avalduse jagunemise äriregistrisse kandmiseks. Avaldusele lisatakse:
[RT I, 18.12.2012, 3- jõust. 19.12.2012]
1) jagunemislepingu notariaalselt kinnitatud ärakiri;
2) jagunemisotsus;
3) osanike või aktsionäride koosoleku protokoll, kui jagunemisotsus tehti koosolekul;
4) jagunemise luba, kui see on nõutav;
5) jagunemisaruanne või nõusolekud selle koostamata jätmiseks;
6) audiitori aruanne, kui see on nõutav, või nõusolekud selle koostamata jätmiseks;
7) jaotumise korral jaguneva ühingu lõppbilanss, kui avalduse esitab jagunev ühing;
8) [kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]
9) kui jaguneva ühingu aktsiad või osad on registreeritud Eesti väärtpaberite keskregistris, siis Eesti
väärtpaberite keskregistri pidaja kinnitus selle kohta, et jaguneva ühingu juhatus on teda teavitanud
jagunemisest;
[RT I 2006, 55, 407- jõust. 01.01.2007]
10) vahebilanss või nõusolekud selle koostamata jätmiseks.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(2) Registripidaja võib jaotumise registrisse kanda ainult siis, kui jaguneva ühingu lõppbilanss on koostatud seisuga mitte varem kui kaheksa kuud enne avalduse esitamist äriregistrile. Lõppbilanss koostatakse vastavalt majandusaasta aruande osaks olevale bilansile esitatavatele nõuetele ning selle kinnitamisele ja audiitorkontrolli läbiviimisele kohaldatakse majandusaasta aruande kinnitamise ja audiitorkontrolli läbiviimise kohta sätestatut. Lõppbilanss peab olema koostatud samu arvestuspõhimõtteid ja esitusviisi kasutades, mida kasutati viimase majandusaasta aruande osaks oleva bilansi koostamisel. Lõppbilanss koostatakse jagunemise bilansi päevale eelneva päeva seisuga.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(3) Avalduses peavad juhatuse liikmed või ühingut esindama õigustatud osanikud kinnitama, et jagunemise otsust ei vaidlustatud või vastav avaldus on jäetud rahuldamata.

§ 444. Omandava ühingu ärinimi

(1) Jaotumise korral võib üks omandav ühing jätkata tegevust jaguneva ühingu ärinime all.
(2) Kui jaguneva ühingu osanikuks või aktsionäriks oli füüsiline isik, kes omandavas ühingus enam ei osale, võib omandav ühing tema nime ärinimes edasi kasutada ainult tema või tema pärijate kirjalikul nõusolekul.

§ 445. Jagunemise kanne

(1) Jagunemine kantakse jaguneva ühingu asukoha äriregistrisse, kui see on kantud kõigi omandavate ühingute asukoha äriregistritesse. Kandes omandavate ühingute asukoha äriregistrites märgitakse, et jagunemine loetakse toimunuks selle kandmisega jaguneva ühingu asukoha äriregistrisse.
(2) Jagunemisega seotud avaldused liidetakse ühte menetlusse. [RT I, 21.06.2014, 8- jõust. 01.01.2015]
(3) Kui jaguneva ühingu aktsiad või osad on registreeritud Eesti väärtpaberite keskregistris, teavitab äriregistri pidaja jagunemisest viivitamata Eesti väärtpaberite keskregistri pidajat.

Äriseadustik Leht 119 /

143

[RT I, 18.12.2012, 3- jõust. 19.12.2012]

§ 446. Kande õiguslik toime

(1) Jagunemise kandmisega jaguneva ühingu asukoha äriregistrisse läheb jaguneva ühingu kogu vara, eraldumise korral eraldatud vara, vastavalt jagunemislepingus ettenähtud jaotusele üle omandavatele ühingutele. Pärast jagunemise kandmist jaguneva ühingu asukoha äriregistrisse tehakse vara ülemineku kanded registrites omandava ühingu avaldusel.
(2) Jaotumisel loetakse jagunev ühing lõppenuks jagunemise kandmisega jaguneva ühingu asukoha äriregistrisse. Registripidaja kustutab jaguneva ühingu äriregistrist.
(3) Jagunemise kandmisega jaguneva ühingu asukoha äriregistrisse saavad jaguneva ühingu osanikud või aktsionärid vastavalt jagunemislepingule jagunemisel osalevate ühingute osanikeks või aktsionärideks, välja arvatud, kui omandava ühingu ainsaks osanikuks või aktsionäriks saab eraldumisel jagunev ühing.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(4) Jagunemisel asendatakse jaguneva ühingu osanike osad või aktsionäride aktsiad omandavate ühingute
osade või aktsiatega. Kolmandate isikute õigused asendatud osade või aktsiate suhtes jäävad kehtima omandava
ühingu osade ja aktsiate suhtes.
[RT I 2008, 16, 116- jõust. 15.04.2008]
(5) Osasid või aktsiaid, mis kuuluvad omandavale ühingule või jagunevale ühingule endale või isikule, kes tegutseb oma nimel, kuid ühingu arvel, jagunemisel ei asendata ja need kaotavad kehtivuse, välja arvatud, kui jagunev ühing saab eraldumisel omandava ühingu ainsaks osanikuks või aktsionäriks.
(6) Jaotumisel jagamata jäänud vara jagatakse omandavate ühingute vahel võrdeliselt nende osaga jagatud varas.
(7) Jagunemist ei saa vaidlustada pärast selle kandmist jaguneva ühingu asukoha äriregistrisse. [RT I 2005, 57, 449- jõust. 01.01.2006]

§ 447. Vastutus jaguneva ühingu kohustuste eest ja jagunemisega tekitatud kahju hüvitamine

(1) Enne jagunemise kandmist jaguneva ühingu asukoha äriregistrisse tekkinud jaguneva ühingu kohustuste
eest vastutavad jagunemisel osalevad ühingud solidaarselt. Solidaarvõlgnike omavahelises suhtes on kohustatud
isikuks ainult see, kellele kohustused määrati jagunemislepinguga.
(2) Jagunemisel osalev ühing, kellele kohustusi jagunemislepinguga ei määratud, vastutab jaguneva ühingu kohustuste eest, kui nende täitmise tähtpäev saabub viie aasta jooksul pärast jagunemise kandmist jaguneva ühingu asukoha äriregistrisse.
(21) Jagunemisel osalev ühing avaldab viivitamata pärast jagunemise kandmist jaguneva ühingu asukoha äriregistrisse väljaandes Ametlikud Teadaanded teate jagunemise kohta jagunemisel osalevate ühingute võlausaldajale ja teatab võimalusest esitada oma nõuded tagatise saamiseks kuue kuu jooksul, alates teate avaldamisest.
(22) Jagunemisel osalev ühing peab kuue kuu jooksul käesoleva paragrahvi 21. lõikes nimetatud teate avaldamisest alates tagama esitatud võlausaldajate nõuded, kui võlausaldajad ei saa nõuda rahuldamist ja nad põhistavad, et jagunemine võib ohustada nende nõuete täitmist.
(3) Jagunemisel osaleva ühingu juhatuse ja nõukogu liikmed või ühingut juhtima õigustatud osanikud
vastutavad solidaarselt jagunemisega ühingule, osanikele või aktsionäridele või ühingu võlausaldajatele süüliselt
tekitatud kahju eest.
(4) Käesoleva paragrahvi 3. lõikes nimetatud nõude aegumistähtaeg on viis aastat jagunemise kandmisest jaguneva ühingu asukoha äriregistrisse.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 448. Hüvitus eri liiki ühingute jagunemises osalemisel

(1) Kui jagunemisel osalevad eri liiki ühingud, võib jaguneva ühingu osanik või aktsionär, kes ei ole jagunemisotsusega nõus, kahe kuu jooksul, arvates jagunemise kandmisest jaguneva ühingu asukoha äriregistrisse, nõuda, et omandav ühing omandaks tema asendatud osa või aktsia rahalise hüvituse eest.
Rahaline hüvitus peab olema sama suur kui raha, mida osanik või aktsionär oleks saanud ühingu likvideerimisel järelejäänud vara jaotamisel, kui ühing oleks likvideeritud jagunemisotsuse tegemise ajal.
(2) Osade või aktsiate ühingu poolt omandamisele käesoleva paragrahvi 1. lõikes nimetatud alustel ei kohaldata vastavalt käesoleva seadustiku § 162 2. lõike punktis 11ja § 283 2. lõike punktis 2 sätestatut.

Leht 120 /

143

Äriseadustik

(3) Osanike või aktsionäride nimed, kes ei olnud nõus jagunemisotsusega ja soovivad kasutada käesolevas paragrahvis nimetatud õigusi, lisatakse jagunemisotsusele. Jagunemisotsusega mittenõustumist kinnitab iga osanik või aktsionär oma allkirjaga.
(4) Kui omandav ühing on täis- või usaldusühing, võib käesoleva paragrahvi 1. lõikes nimetatud hüvitust nõuda osanik, kes lahkub ühingust.
(5) Alates jagunemise kandmisest jaguneva ühingu asukoha äriregistrisse, peab omandav ühing maksma hüvituselt viivist seaduses sätestatud suuruses.
(6) Kui jagunemisotsusega mittenõustunud osanik või aktsionär ei nõua käesolevas paragrahvis nimetatud hüvitust, võib ta osa või aktsia võõrandada kahe kuu jooksul, sõltumata seaduses sätestatud või põhikirjaga ettenähtud käsutuspiirangutest.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 449. Jagunemine uue ühingu asutamisega

(1) Jagunemisele uue ühingu asutamisega kohaldatakse käesolevas peatükis sätestatut koos seaduses ettenähtud täiendustega.
(2) Asutatavatele ühingutele kohaldatakse omandavate ühingute kohta sätestatut.
(3) Uue ühingu asutamisele kohaldatakse seda liiki ühingu asutamise sätteid, kui käesoleva peatüki sätetest ei tulene teisiti. Asutajaks on jagunev ühing.
(4) Jagunemisel uue ühingu asutamisega koostavad jaguneva ühingu juhatus või ühingut esindama õigustatud osanikud jagunemiskava, mis asendab jagunemislepingut. Jagunemiskavas tuleb lisaks käesoleva seadustiku
§ 435 1. lõikes sätestatule määrata uue ühingu ärinimi ja asukoht. Jagunemiskavale lisatakse asutatava ühingu põhikiri või ühinguleping, mis kinnitatakse jagunemisotsusega.
(5) Jaguneva ühingu juhatus või ühingut esindama õigustatud osanikud esitavad avalduse uute ühingute ning jagunemise kandmiseks äriregistrisse.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]
(6) Registripidaja kannab kõigepealt iga uue ühingu äriregistrisse. Seejärel kannab registripidaja jagunemise äriregistrisse ja teeb iga uue ühingu juurde märke, millal jagunemine äriregistrisse kanti.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]

2. jagu

Täis- või usaldusühing jagunemisel osaleva ühinguna

§ 450. Sissemakse tähendus

Täis- või usaldusühingu osaniku sissemakset loetakse käesoleva peatüki tähenduses osaks.

§ 451. Jagunemislepingu sisu

(1) Kui omandavaks ühinguks on täis- või usaldusühing, tuleb jagunemislepingus lisaks käesoleva seadustiku
§ 435 1. lõikes sätestatule märkida jaguneva ühingu iga osaniku või aktsionäri kohta, kas ta saab omandavas
ühingus täis- või usaldusosanikuks ning milline on tema sissemakse suurus.
(2) Kui jaguneva usaldusühingu usaldusosanik, osaühingu osanik ja aktsiaseltsi aktsionär jagunemisotsusega ei nõustunud, saab omandavaks ühinguks olla usaldusühing ja mitte nõustunud usaldusosanik, osaühingu osanik ja aktsiaseltsi aktsionär saab omandava ühingu usaldusosanikuks.

§ 452. Jagunemisaruanne

Jagunemisaruannet ei pea koostama, kui jaguneva täis- või usaldusühingu kõik osanikud on ühingu juhtimiseks õigustatud.

§ 453. Jagunemisotsus

(1) Jagunemisotsus on vastu võetud, kui selle poolt hääletavad kõik osanikud.

Äriseadustik Leht 121 /

143

(2) Ühingulepinguga võib ette näha, et jagunemisotsus on vastu võetud, kui selle poolt hääletab üle 2/3 osanikest. Kui jagunemisotsusega ei nõustu jaguneva täisühingu osanik või usaldusühingu täisosanik, saab ta omandavas usaldusühingus usaldusosanikuks.
(3) Kui jagunemisotsuse võib vastavalt ühingulepingule teha häälteenamusega, võib osanik ühingu kulul nõuda jagunemislepingu audiitorkontrolli.

§ 454. Osaniku vastutus

(1) Kui täis- või usaldusühingu jaotumisel on omandavaks ühinguks usaldusühing, osaühing või aktsiaselts, vastutab täisosanik jaguneva ühingu kohustuste eest, mille täitmise tähtpäev on saabunud või saabub viie aasta jooksul jagunemise kandmisest jaguneva ühingu asukoha äriregistrisse.
(2) Kui omandavaks ühinguks on usaldusühing, mille täisosanikuks saab jaguneva ühingu täisosanik, ei kehti täisosaniku suhtes käesoleva paragrahvi 1. lõikes sätestatud vastutuse piirang.

3. jagu

Osaühing jagunemisel osaleva ühinguna

§ 455. Jagunemislepingu audiitorkontroll

Jagunemises osaleva osaühingu osanik võib osaühingu kulul nõuda jagunemislepingu audiitorkontrolli. Vastav kirjalik nõue peab olema esitatud kümne päeva jooksul käesoleva seadustiku § 440 3. lõikes nimetatud dokumentidega tutvumise võimaldamisest arvates.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 456. Jagunemisotsus

(1) Jagunemisotsus on vastu võetud, kui selle poolt on antud vähemalt 2/3 osanike koosolekul esindatud häältest ja põhikirjas ei ole ette nähtud suurema häälteenamuse nõuet.
(2) Kui jagunemisotsus tehakse käesoleva seadustiku § 173 2. lõikes sätestatud korras, on otsus vastu võetud, kui selle poolt on antud vähemalt 2/3 osanike häältest ja seaduse või põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(3) Kui jagunemisega kahjustatakse või piiratakse osanikule kuuluvaid eriõigusi ühingu juhtimisel, on jagunemisotsuse vastuvõtmiseks vajalik ka selle osaniku nõusolek.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(4) Kui jaguneva osaühingu kõik osad kuuluvad omandavatele osaühingutele või aktsiaseltsidele, ei ole jagunemiseks nõutav jagunemislepingu heakskiitmine jaguneva osaühingu jagunemisotsusega. Esindatuse määramisel ei arvestata jaguneva ühingu oma osa.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(5) Kui omandavaks ühinguks on osaühing, mille osade eest ei ole sissemakset täielikult tasutud, on jagunemisotsuse vastuvõtmiseks vajalik jaguneva ühingu kõigi osanike või aktsionäride nõusolek. Kui jagunevaks ühinguks on osaühing, mille osade eest ei ole sissemakset täielikult tasutud, on jagunemisotsuse vastuvõtmiseks vajalik omandava ühingu kõigi osanike või aktsionäride nõusolek.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 457. Omandava ühingu osakapitali suurendamine

(1) Omandava osaühingu osakapitali suurendamisel seoses jagunemisega ei ole teistel osanikel eesõigust osade omandamisele (§ 193).
(2) Osakapitali suurendamise äriregistrisse kandmise avaldusele lisatakse täiendavalt käesoleva seadustiku §
196 1. lõikes nimetatud dokumentidele jagunemislepingu ja jagunemisel osalevate ühingute jagunemisotsuste
notariaalselt kinnitatud ärakirjad.
(3) Omandava osaühingu osakapitali suurendamise korral ei või jagunemist kanda jaguneva ühingu registrikaardile enne osakapitali suurendamise äriregistrisse kandmist.
[RT I, 21.06.2014, 8- jõust. 01.01.2015]
(4) Omandav osaühing ei tohi jagunemise läbiviimiseks osakapitali suurendada niivõrd, kuivõrd jaguneva ühingu osad või aktsiad kuuluvad omandavale osaühingule või jagunevale ühingule endale või isikule, kes tegutseb oma nimel, kuid ühingu arvel, välja arvatud, kui jagunev ühing saab eraldumisel omandava osaühingu ainsaks osanikuks.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

Leht 122 /

143

Äriseadustik

§ 458. Osade üleandmine jagunemisel

(1) Omandav osaühing annab üle jaguneva ühingu osanikele või aktsionäridele nende osade või aktsiate asendamisel kõigepealt omandava osaühingu oma osa.
(2) Kui jaguneva ühingu osanikele või aktsionäridele antakse üle omandava osaühingu oma osa, võib selle jagada, järgimata seaduses ja põhikirjas sätestatud käsutuspiiranguid ja arvestamata osa väikseimat lubatud nimiväärtust.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(3) [Välja jäetud -RT I 1996, 40, 773- jõust. 08.06.1996]

§ 459. Võõrandamise lubatavus

Kui jagunemisotsusega mittenõustunud osanik ei nõua käesoleva seadustiku § 448 1. lõikes nimetatud
hüvitust, võib ta osa võõrandada kahe kuu jooksul, sõltumata käesoleva seadustiku § 149 1.–3. lõikes sätestatud
käsutuspiirangutest.

§ 460. Üleantava vara hindamine

Kui omandav ühing on osaühing, mille osakapitali seoses jagunemisega suurendatakse või kui jagunemisel asutatakse uus osaühing, tuleb osaühingu mitterahalise sissemakse hindamiseks ettenähtud korras (§ 143) hinnata, kas jaguneva ühingu poolt üleantud varast piisab osakapitali suurendamiseks või asutatava osaühingu osakapitaliks. Vara hindamist tõendavad dokumendid esitatakse koos jagunemise avaldusega äriregistrile.

§ 4601. Jaguneva ühingu osakapitali vähendamine

(1) Kui jagunemise korraldamiseks tuleb vähendada jaguneva osaühingu osakapitali, võib seda teha lihtsustatud korras.
(2) Jaguneva osaühingu osakapitali vähendamise korral ei või jagunemist kanda jaguneva ühingu asukoha äriregistrisse enne osakapitali vähendamise äriregistrisse kandmist.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 4602. Vahetusvõlakirjade omajate kaitse

Jaguneva osaühingu vahetusvõlakirjade omajatele kohaldatakse käesoleva seadustiku §-s 470 sätestatut. [RT I, 04.03.2015, 4- jõust. 01.07.2015]

§ 461. Jagunemine uue osaühingu asutamisega

(1) Ühingu jagunemisele uue osaühingu asutamisega ei kohaldata käesoleva seadustiku §-s 138 sätestatut.
(2) Jagunemisel uue osaühingu asutamisega tuleb jagunemiskavas lisaks käesoleva seadustiku § 435 1. lõikes ja § 449 4. lõikes sätestatule märkida asutatava osaühingu osakapitali suurus, samuti juhatuse liikmed. Kui moodustatakse nõukogu, märgitakse ka nõukogu liikmed.
(3) Osaühingu või aktsiaseltsi jagunemisel uue osaühingu asutamisega ei tule koostada jagunemisaruannet ning audiitor ei pea kontrollima jagunemislepingut, kui igas jagunemisel osalevas osaühingus või aktsiaseltsis määratakse osad või aktsiad jaguneva osaühingu osanike või aktsiaseltsi aktsionäride vahel samasuguse suhtega kui jagunevas osaühingus või aktsiaseltsis. Eelmises lauses sätestatud juhul ei kohaldata ka käesoleva seadustiku
§ 440 5. lõiget.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

4. jagu

Aktsiaselts jagunemisel osaleva ühinguna

§ 462. Audiitorkontroll

Kui aktsiaselts osaleb jagunemises, peab audiitor kontrollima jagunemislepingut.

§ 463. Üldkoosoleku ettevalmistamine

(1) Vähemalt üks kuu enne jagunemist otsustavat üldkoosolekut esitab juhatus aktsiaseltsi asukohas aktsionäridele tutvumiseks:
1) jagunemislepingu;

Äriseadustik Leht 123 /

143

2) jagunemises osalevate ühingute viimase kolme majandusaasta aruanded; [RT I 2009, 13, 78- jõust. 01.07.2009]
3) jagunemisel osalevate ühingute jagunemisaruanded; [RT I, 02.11.2011, 1- jõust. 12.11.2011]
4) jagunemisel osalevate ühingute vandeaudiitori aruanded. [RT I, 02.11.2011, 1- jõust. 12.11.2011]
(2) Aktsionäri nõudel antakse talle käesoleva paragrahvi 1. lõikes nimetatud dokumentidest viivitamata ja tasuta vastavalt soovile kas täielik või osaline ärakiri. Aktsionäri nõusolekul võib ärakirja edastada tema elektronposti aadressil.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(21) Kui aktsiaselts on vastavalt käesoleva seadustiku §-le 63 esitanud registripidajale oma kodulehe aadressi, võib ta käesoleva paragrahvi 1. ja 2. lõikes sätestatud nõuete täitmiseks avalikustada dokumendid oma kodulehel viisil, mis võimaldab nende salvestamist ja printimist. Dokumendid peavad olema aktsiaseltsi kodulehel kättesaadavad ühe kuu jooksul enne üldkoosolekut ning kuni üldkoosoleku lõppemiseni.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(3) Kui jagunemisel osaleva aktsiaseltsi viimane majandusaasta aruanne on koostatud majandusaasta kohta, mis lõppes varem kui kuus kuud enne jagunemislepingu sõlmimist, koostatakse majandusaasta aruande osaks olevale bilansile esitatavatele nõuetele vastav bilanss (vahebilanss) mitte varasema kui
jagunemislepingu sõlmimisele eelneva kolmanda kuu esimese päeva seisuga. Vahebilanss peab olema koostatud samu arvestuspõhimõtteid ja esitusviisi kasutades, mida kasutati viimase majandusaasta aruande osaks oleva
bilansi koostamisel. Vahebilanss esitatakse aktsionäridele tutvumiseks käesoleva paragrahvi 1.–21. lõikes sätestatud korras. Vahebilanssi ei pea koostama, kui jagunemisel osalevate aktsiaseltside kõik aktsionärid on sellega nõus. Vahebilansi asemel võib esitada aktsionäridele tutvumiseks väärtpaberituru seaduse §
18411kohaselt avalikustatud poolaastaaruande. [RT I, 02.11.2011, 1- jõust. 12.11.2011]
(4) Vähemalt üks kuu enne jagunemist otsustavat üldkoosolekut esitab juhatus jagunemislepingu äriregistri pidajale või avalikustab selle aktsiaseltsi kodulehel. Jagunemislepingu avalikustamisel aktsiaseltsi kodulehel peab see olema avalikkusele tasuta kättesaadav kuni üldkoosoleku lõppemiseni. Lisaks avaldab juhatus ametlikus väljaandes Ametlikud Teadaanded teate jagunemislepingu sõlmimise kohta. Teates tuleb märkida, kus või millisel kodulehe aadressil on võimalik tutvuda jagunemislepinguga ja teiste käesoleva paragrahvi 1. lõikes nimetatud dokumentidega ning saada nende dokumentide ärakirju. Jagunemislepingu avalikustamisel aktsiaseltsi kodulehel tuleb teates märkida ka jagunemislepingu avalikustamise kuupäev.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(5) Kui aktsiaselts on kohustatud avalikustama korraldatud teabe väärtpaberituru seaduse § 18465. lõikes nimetatud teabe tsentraalse salvestamise süsteemis, võib jagunemislepingu avalikustada aktsiaseltsi kodulehe asemel selles süsteemis. Muus osas kohaldatakse käesoleva paragrahvi 4. lõiget.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 464. Üldkoosoleku korraldus

(1) Juhatus selgitab üldkoosolekul jagunemise õiguslikke ja majanduslikke tagajärgi, sealhulgas osade või aktsiate asendamist.
(2) Nõukogu esitab üldkoosolekul jagunemise kohta oma arvamuse.
(3) Aktsionäri nõudel antakse talle üldkoosolekul teavet ka teisi jagunemises osalevaid ühinguid puudutavate oluliste asjaolude kohta.
(4) [Kehtetu -RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 465. Jagunemisotsus

(1) Jagunemisotsus on vastu võetud, kui selle poolt on antud vähemalt 2/3 üldkoosolekul esindatud häältest, kui põhikirjas ei ole ette nähtud suurema häälteenamuse nõuet.
(2) Kui aktsiaseltsil on mitu liiki aktsiaid, on jagunemisotsus vastu võetud, kui lisaks käesoleva paragrahvi 1. lõikes sätestatule on otsuse poolt hääletanud vähemalt 2/3 iga liiki aktsiate omanikest ja põhikirjas ei ole ette nähtud suurema häälteenamuse nõuet. Kui otsus tehakse § 297 2. lõikes sätestatud korras, peab otsuse poolt hääletama vähemalt 2/3 iga liiki aktsiatega üldkoosolekul esindatud häältest, kui põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet.
(3) Kui omandavaks ühinguks ei ole aktsiaselts, osalevad jaguneva aktsiaseltsi eelisaktsiate ja vahetusvõlakirjade omanikud esindatuse määramisel ja hääletamisel aktsionäridega samadel alustel.
(4) Kui jaguneva aktsiaseltsi kõik aktsiad kuuluvad omandavatele osaühingutele või aktsiaseltsidele, ei ole jagunemiseks nõutav jagunemislepingu heakskiitmine jaguneva aktsiaseltsi jagunemisotsusega. Esindatuse

Leht 124 /

143

Äriseadustik

määramisel ei arvestata jaguneva aktsiaseltsi oma aktsiaid. Jagunev aktsiaselts peab vähemalt üks kuu enne ühinemislepingust õiguste ja kohustuste tekkimist täitma käesoleva seadustiku §-s 463 nimetatud avalikustamiskohustused. Käesoleva seadustiku § 440 5. lõikes nimetatud teave peab kajastama kõiki pärast jagunemislepingu sõlmimist ühingu varas toimunud olulisi muudatusi.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 466. Omandava aktsiaseltsi aktsiakapitali suurendamine

(1) Omandava aktsiaseltsi aktsiakapitali suurendamisel seoses jagunemisega ei ole teistel aktsionäridel eesõigust aktsiate omandamisel (§ 345).
(2) Aktsiakapitali suurendamise registrisse kandmise avaldusele lisatakse täiendavalt käesoleva seadustiku §
343 1. lõikes nimetatud dokumentidele jagunemislepingu ja jagunemisel osalevate ühingute jagunemisotsuste
notariaalselt kinnitatud ärakirjad.
(3) Omandava aktsiaseltsi aktsiakapitali suurendamise korral ei või jagunemist kanda jaguneva ühingu registrikaardile enne aktsiakapitali suurendamise äriregistrisse kandmist.
[RT I, 21.06.2014, 8- jõust. 01.01.2015]
(4) Omandav aktsiaselts ei tohi jagunemise läbiviimiseks aktsiakapitali suurendada niivõrd, kuivõrd jaguneva ühingu osad või aktsiad kuuluvad omandavale aktsiaseltsile või jagunevale ühingule endale või isikule, kes tegutseb oma nimel, kuid ühingu arvel, välja arvatud, kui jagunev ühing saab eraldumisel omandava aktsiaseltsi ainsaks aktsionäriks.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 467. Aktsiate üleandmine jagunemisel

Omandav aktsiaselts annab üle jaguneva ühingu osanikele või aktsionäridele nende osade või aktsiate asendamisel kõigepealt omandava aktsiaseltsi oma aktsiad.

§ 468. Üleantava vara hindamine

(1) Kui omandav ühing on aktsiaselts, mille aktsiakapitali seoses jagunemisega suurendatakse, või kui jagunemisel asutatakse uus aktsiaselts, tuleb aktsiaseltsi mitterahalise sissemakse hindamiseks ettenähtud korras (§ 249) hinnata, kas jaguneva ühingu poolt üleantud varast piisab aktsiakapitali suurendamiseks või asutatava aktsiaseltsi aktsiakapitaliks. Vara hindamist tõendavad dokumendid esitatakse koos jagunemise avaldusega äriregistrile.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(2) Jagunemisaruandes tuleb viidata vandeaudiitori aruandele mitterahalise sissemakse hindamise kohta ning nimetada register, kuhu see aruanne käesoleva seadustiku § 343 kohaselt hoiule antakse.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 4681. Jaguneva ühingu aktsiakapitali vähendamine

(1) Kui jagunemise korraldamiseks tuleb vähendada jaguneva aktsiaseltsi aktsiakapitali, võib seda teha lihtsustatud korras.
(2) Jaguneva aktsiaseltsi aktsiakapitali vähendamise korral ei või jagunemist kanda jaguneva ühingu asukoha äriregistrisse enne aktsiakapitali vähendamise äriregistrisse kandmist.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 469. [Kehtetu -RT I 2000, 57, 373- jõust. 01.01.2001]

§ 470. Eelisaktsiate ja vahetusvõlakirjade omanike kaitse

(1) Omandavas aktsiaseltsis säilivad jaguneva aktsiaseltsi eelisaktsiate ja vahetusvõlakirjade omanike õigused, mis neil olid jagunevas aktsiaseltsis.
(2) Kui omandavaks ühinguks ei ole aktsiaselts, omandavad eelisaktsiate ja vahetusvõlakirjade omanikud omandava ühingu osad samadel alustel jaguneva aktsiaseltsi aktsionäridega. Jagunemislepinguga mittenõustumisel võivad nad nõuda hüvitust vastavalt käesoleva seadustiku §-le 448.

§ 471. Jagunemine uue aktsiaseltsi asutamisega

(1) Ühingu jagunemisele uue aktsiaseltsi asutamisega ei kohaldata käesoleva seadustiku §-s 243 sätestatut. [RT I 2005, 57, 449- jõust. 01.01.2006]

Äriseadustik Leht 125 /

143

(2) Jagunemisel uue aktsiaseltsi asutamisega tuleb jagunemiskavas lisaks käesoleva seadustiku § 435 1. lõikes ja § 449 4. lõikes sätestatule märkida asutatava aktsiaseltsi aktsiakapitali suurus, samuti juhatuse ja nõukogu liikmed.
(3) Osaühingu või aktsiaseltsi jagunemisel uue aktsiaseltsi asutamisega ei tule koostada jagunemisaruannet ega vahebilanssi ning audiitor ei pea kontrollima jagunemislepingut, kui igas jagunemisel osalevas osaühingus ja aktsiaseltsis määratakse osad või aktsiad jaguneva osaühingu osanike või aktsiaseltsi aktsionäride vahel samasuguse suhtega kui jagunevas osaühingus või aktsiaseltsis. Eelmises lauses sätestatud juhul ei kohaldata ka käesoleva seadustiku § 440 5. lõiget.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

5. jagu

Tulundusühistu jagunemisel osaleva ühinguna

§ 472. Tulundusühistu jagunemises osaleva ühinguna

Eraldumisel ei või eralduva ühistu liikmeks saada jagunev ühing.

§ 473. Osamaks ja liikmelisus

(1) Tulundusühistu osamakset loetakse käesoleva peatüki tähenduses osaks. (2) Tulundusühingu liiget loetakse käesoleva peatüki tähenduses osanikuks.

§ 474. Jagunemislepingu audiitorkontroll

Jaguneva tulundusühingu liige võib tulundusühistu kulul nõuda jagunemislepingu audiitorkontrolli. Vastav kirjalik nõue peab olema esitatud kümne päeva jooksul käesoleva seadustiku § 440 3. lõikes nimetatud dokumentidega tutvumise võimaldamisest arvates.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 475. Jagunemisotsus

Jagunemisotsus on vastu võetud, kui selle poolt hääletas vähemalt 2/3 koosolekul osalenud liikmetest ja põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet.

§ 476. Üleantava vara hindamine

Jaguneva tulundusühistu poolt üleantav vara tuleb hinnata ühistu mitterahalise sissemakse hindamiseks ettenähtud korras. Vara hindamist tõendavad dokumendid esitatakse äriregistrile.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 477. Jagunemine uue tulundusühistu asutamisega

Jagunemisel uue tulundusühistu asutamisega tuleb jagunemislepingus lisaks käesoleva seadustiku § 435 1. lõikes ja § 449 4. lõikes sätestatule märkida asutatava ühistu juhatuse liikmed. Kui moodustatakse nõukogu, siis märgitakse ka nõukogu liikmed.

33. peatükk

ÜMBERKUJUNDAMINE

1. jagu

Üldsätted

§ 478. Ümberkujundamise õigus

(1) Äriühingu võib ümber kujundada teist liiki äriühinguks. Tulundusühistu ümberkujundamine, samuti tulundusühistuks ümberkujundamine ei ole lubatud.
(2) Ümberkujundatava ühingu osanikud või aktsionärid saavad uue ühingu osanikeks või aktsionärideks.

§ 479. Ümberkujundamisaruanne

(1) Ümberkujundatava ühingu juhatus või ühingut juhtima õigustatud osanikud koostavad kirjaliku aruande (ümberkujundamisaruanne), kus selgitatakse ja põhjendatakse õiguslikult ning majanduslikult ümberkujundamist, sealhulgas osade või aktsiate asendussuhet ning juurdemaksete suurust, kui juurdemakseid tehakse. Aruandes tuleb eraldi viidata hindamisega seotud raskustele.

Leht 126 /

143

Äriseadustik

(11) Ümberkujundamisaruande osaks on ka ümberkujundamisotsuse projekt.
(12) Ümberkujundamisaruandes ei pea märkima andmeid, mille avaldamisega võib kaasneda oluline kahju ümberkujundatavale ühingule või temaga samas kontsernis olevale äriühingule. Sel juhul tuleb aruandes märkida andmete esitamata jätmise põhjused
(2) Ümberkujundamisaruannet ei pea koostama, kui ümberkujundatavas ühingus on ainult üks osanik või aktsionär või kui ümberkujundatava ühingu kõik osanikud või aktsionärid on nõus, et ümberkujundamisaruannet ei pea koostama.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 480. Ümberkujundamisotsus

(1) Ümberkujundamise otsustavad ümberkujundatava ühingu osanikud või aktsionärid. Ümberkujundamisotsus peab olema kirjalik.
(2) Osanik või aktsionär võib nõuda ümberkujundamisotsuse ärakirja. (3) Ümberkujundamisotsuses tuleb märkida:
1) mis liiki ühinguks ühing ümber kujundatakse;
2) ühingu ärinimi;
3) ümberkujundatava ühingu osanike või aktsionäride osade või aktsiate asendussuhe;
4) õigused, mis ühingus antakse osanikele või aktsionäridele, sealhulgas eelisaktsiate ja vahetusvõlakirjade
omanikele;
5) ümberkujundamise tagajärjed töötajatele;
6) kui ühing kujundatakse ümber osaühinguks või aktsiaseltsiks – osa- või aktsiakapitali suurus;
7) aeg, millest arvates ümberkujundatava ühingu tehingud loetakse tehtuks ümberkujundatud ühingu arvel
(ümberkujundamise bilansi päev).
(4) Osanike või aktsionäride nimed, kes ei olnud nõus ümberkujundamisotsusega, lisatakse ümberkujundamisotsusele. Ümberkujundamisotsusega mittenõustumist kinnitab iga osanik või aktsionär oma allkirjaga.
(5) Ümberkujundamise otsusega kinnitatakse uue ühingu põhikiri või ühinguleping. Ühingu ümberkujundamisel osaühinguks või aktsiaseltsiks valitakse koos otsuse tegemisega juhatuse liikmed ja nõukogu liikmed, kui moodustatakse nõukogu.
(6) Kui ümberkujundamisega kahjustatakse või piiratakse osaniku eriõigusi ühingu juhtimisel, on ümberkujundamisotsuse vastuvõtmiseks vajalik ka selle osaniku nõusolek.
[RT I 2005, 61, 478- jõust. 01.12.2005]

§ 481. Ümberkujundamisotsuse vaidlustamine ja kahju hüvitamine

(1) Kohus võib osaniku või aktsionäri, juhatuse või nõukogu liikme nõudel seaduse, ühingulepingu või põhikirjaga vastuolus oleva ümberkujundamisotsuse kehtetuks tunnistada, kui nõue on esitatud ühe kuu jooksul otsuse tegemisest.
(2) Ümberkujundamisotsust ei saa kehtetuks tunnistada põhjusel, et osade või aktsiate asendussuhe määrati liiga madalaks.
(3) Kui osade või aktsiate asendussuhe määrati liiga madalaks, võib osanik või aktsionär nõuda uuelt ühingult tagasimakset.
(4) Alates ümberkujundamise äriregistrisse kandmisest tuleb tasumata tagasimakselt maksta viivist seaduses sätestatud suuruses. See ei välista ega piira viivist ületava kahju hüvitamise nõude esitamist.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 482. Asutamissätete kohaldamine

Ümberkujundamisele kohaldatakse seda liiki ühingu asutamise sätteid, milleks ühing ümber kujundatakse, kui käesoleva peatüki sätetest ei tulene teisiti. Asutajateks loetakse ümberkujundatava ühingu osanikke või aktsionäre, kes hääletasid ümberkujundamisotsuse poolt.

Äriseadustik Leht 127 /

143

§ 483. Võlausaldajate kaitse

(1) Ümberkujundatud ühing avaldab viivitamata pärast ümberkujundamise äriregistrisse kandmist väljaandes Ametlikud Teadaanded teate ümberkujundamise kohta ühingu võlausaldajale ja teatab võimalusest esitada oma nõuded tagatise saamiseks kuue kuu jooksul, alates teate avaldamisest.
(2) Ühing peab kuue kuu jooksul käesoleva paragrahvi 1. lõikes nimetatud teate avaldamisest alates tagama esitatud võlausaldajate nõuded, kui võlausaldajad ei saa nõuda rahuldamist ja nad põhistavad, et ümberkujundamine võib ohustada nende nõuete täitmist.
(3) Käesoleva paragrahvi 1. ja 2. lõikes sätestatut ei kohaldata, kui osaühing või aktsiaselts kujundatakse ümber täis- või usaldusühinguks.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 484. [Välja jäetud -RT I 1996, 40, 773- jõust. 08.06.1996]

§ 485. Avalduse esitamine äriregistrile

(1) Ümberkujundatava ühingu juhatus või ühingut esindama õigustatud osanikud esitavad mitte varem kui ühe kuu möödumisel ümberkujundamisotsuse vastuvõtmisest avalduse ümberkujundamise kandmiseks äriregistrisse. Avaldusele lisatakse:
1) ümberkujundamisotsus ja osanike või aktsionäride nimed, kes sellega ei nõustunud;
2) osanike või aktsionäride koosoleku protokoll, kui ümberkujundamisotsus tehti koosolekul, või osanike
hääletusprotokoll;
3) uue ühingu põhikiri;
4) ümberkujundamise luba, kui see on nõutav;
5) ümberkujundamisaruanne või nõusolekud selle koostamata jätmiseks;
6) ümberkujundamisel aluseks võetud bilanss;
7) uue ühingu juhatuse liikmete või ühingut esindama õigustatud osanike andmed ja allkirjanäidised;
8) uue ühingu nõukogu liikmete andmed, kui nõukogu moodustatakse;
9) [kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]
10) kui ümberkujundatava äriühingu aktsiad või osad on registreeritud Eesti väärtpaberite keskregistris
või kui ühing kujundatakse ümber aktsiaseltsiks, siis Eesti väärtpaberite keskregistri pidaja kinnitus selle
kohta, et ümberkujundatava ühingu juhatus või ühingut esindama õigustatud osanikud on teda teavitanud
ümberkujundamisest;
[RT I 2006, 55, 407- jõust. 01.01.2007]
11) vahebilanss või nõusolekud selle koostamata jätmiseks.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(2) Registripidaja võib ümberkujundamise registrisse kanda ainult siis, kui ümberkujundamisel aluseks võetud bilanss on koostatud seisuga mitte varem kui kaheksa kuud enne avalduse esitamist äriregistrile. Bilanss koostatakse vastavalt majandusaasta aruande osaks olevale bilansile esitatavatele nõuetele ning selle kinnitamisele ja audiitorkontrolli läbiviimisele kohaldatakse majandusaasta aruande kinnitamise ja audiitorkontrolli läbiviimise kohta sätestatut. Bilanss peab olema koostatud samu arvestuspõhimõtteid
ja esitusviisi kasutades, mida kasutati viimase majandusaasta aruande osaks oleva bilansi koostamisel. Ümberkujundamisel aluseks võetav bilanss koostatakse ümberkujundamise bilansi päevale eelneva päeva seisuga.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(3) Kui ühing kujundatakse ümber osaühinguks või aktsiaseltsiks, peavad juhatuse liikmed või ühingut esindama õigustatud osanikud avalduses kinnitama, et ümberkujundamisotsust ei ole vaidlustatud või on vastav avaldus rahuldamata jäetud.
(4) Kui ümberkujundamisega kaasneb ühingu asukoha muutus ning ühing läheb üle teise registripiirkonda, tuleb käesoleva paragrahvi 1. lõikes nimetatud avaldus esitada uue ühingu asukoha äriregistri registripidajale
ja ümberkujundatava ühingu senise asukoha äriregistri registripidajale. Ümberkujundamisega seotud avaldused liidetakse ühte menetlusse, mida menetleb üks registripidaja. Ümberkujundatava ühingu senise asukoha äriregistrisse tehtava kande juurde tehakse märge, et ümberkujundamine jõustub uue ühingu kandmisega äriregistrisse. Uue ühingu võib äriregistrisse kanda pärast ümberkujundamise kandmist ümberkujundatava ühingu senise asukoha äriregistrisse.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]
(5) Kui koos ümberkujundamisega otsustatakse äriühingu osa- või aktsiakapitali suurendamine, tuleb äriregistrile täiendavalt esitada osa- või aktsiakapitali suurendamist tõendavad dokumendid.

§ 486. Uue ühingu ärinimi

(1) Uus ühing võib jätkata tegevust ümberkujundatava ühingu ärinime all. Ärinimes ei või kasutada täiendit ega lühendit, mis viitab ümberkujundatava ühingu liigile.
(2) Kui ümberkujundatava ühingu osanik või aktsionär oli füüsiline isik, kes uues ühingus enam ei osale, võib uus ühing tema nime ärinimes edasi kasutada ainult tema või tema pärijate kirjalikul nõusolekul.

Leht 128 /

143

Äriseadustik

§ 487. Kande õiguslik toime ja ümberkujundamisega tekitatud kahju hüvitamine

(1) Ümberkujundamise äriregistrisse kandmisest loetakse ühing ümberkujundatuks.
(2) Ümberkujundamise äriregistrisse kandmisega saavad ümberkujundatava ühingu osanikud või aktsionärid uue ühingu osanikeks või aktsionärideks ning nende osad või aktsiad asendatakse uue ühingu osade või aktsiatega. Kolmandate isikute õigused asendatud osade või aktsiate suhtes jäävad kehtima uue ühingu osade või aktsiate suhtes.
(21) Kui ümberkujundatava äriühingu aktsiad või osad on registreeritud Eesti väärtpaberite keskregistris või kui ühing kujundatakse ümber aktsiaseltsiks, teavitab äriregistri pidaja viivitamata Eesti väärtpaberite keskregistri pidajat ümberkujundamise äriregistrisse kandmisest.
[RT I 2006, 55, 407- jõust. 01.01.2007]
(3) Kui ümberkujundamisega kaasneb ühingu registripiirkonna muutus, loetakse ühing ümberkujundatuks uue ühingu äriregistrisse kandmisest.
(4) Ümberkujundamist ei saa vaidlustada pärast selle äriregistrisse kandmist.
(5) Ümberkujundatava ühingu juhatuse ja nõukogu liikmed või ühingut juhtima õigustatud osanikud vastutavad solidaarselt ümberkujundamisega ühingule, osanikele või aktsionäridele või ühingu võlausaldajatele süüliselt tekitatud kahju eest.
(6) Käesoleva paragrahvi 5. lõikes nimetatud nõude aegumistähtaeg on viis aastat ümberkujundamise äriregistrisse kandmisest.

§ 488. Hüvitus ümberkujundamisel

(1) Ümberkujundamisel võib ümberkujundatava ühingu osanik või aktsionär, kes ei ole ümberkujundamisotsusega nõus, kahe kuu jooksul ümberkujundamise registrisse kandmisest nõuda, et uus ühing omandaks tema asendatud osa või aktsia rahalise hüvituse eest. Rahalise hüvituse suurus peab olema niisama suur kui raha, mida osanik või aktsionär oleks saanud ühingu likvideerimisel järelejäänud vara jaotamisel, kui ühing oleks likvideeritud ümberkujundamisotsuse tegemise ajal.
(2) Osade või aktsiate ühingu poolt omandamisele käesoleva paragrahvi 1. lõikes nimetatud alustel ei kohaldata vastavalt käesoleva seadustiku § 162 2. lõike punkti 11ja § 283 2. lõike punkti 2 sätteid.
(3) Osanike või aktsionäride nimed, kes ei olnud nõus ümberkujundamisotsusega ja soovivad kasutada käesolevas paragrahvis nimetatud õigusi, lisatakse ümberkujundamisotsusele. Ümberkujundamisotsusega mittenõustumist kinnitab iga osanik või aktsionär oma allkirjaga.
(4) Kui ühing kujundatakse ümber täis- või usaldusühinguks, võib käesoleva paragrahvi 1. lõikes nimetatud hüvitust nõuda osanik, kes lahkub ühingust.
(5) Alates ümberkujundamise äriregistrisse kandmisest, peab uus ühing maksma hüvituselt viivist seaduses sätestatud suuruses.
(6) Ühingu ümberkujundamisel võib osanik või aktsionär, kes ei nõustunud otsusega ega nõua hüvitust, võõrandada osa või aktsia kahe kuu jooksul ümberkujundamise äriregistrisse kandmisest, sõltumata seaduses sätestatud või põhikirjaga ettenähtud käsutuspiirangutest.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 489. Eelisaktsiate ja vahetusvõlakirjade omanike kaitse

(1) Kui aktsiaselts kujundatakse ümber teist liiki ühinguks, osalevad eelisaktsiate ja vahetusvõlakirjade omanikud esindatuse määramisel ja hääletamisel aktsionäridega samadel alustel.
(2) Eelisaktsiate ja vahetusvõlakirjade omanikud omandavad uue ühingu osad samadel alustel ümberkujundatava aktsiaseltsi aktsionäridega. Eelisaktsiate ja vahetusvõlakirjade omanikud, kes ümberkujundamisotsusega ei nõustunud, võivad nõuda hüvitust vastavalt käesoleva seadustiku §-le 488.
(3) Ümberkujundatava osaühingu vahetusvõlakirjade omajatele kohaldatakse käesoleva paragrahvi 1. ja
2. lõikes sätestatut.
[RT I, 04.03.2015, 4- jõust. 01.07.2015]

Äriseadustik Leht 129 /

143

§ 490. [Kehtetu -RT I 2000, 57, 373- jõust. 01.01.2001]

§ 491. Sissemakse tähendus

Täis- või usaldusühingu osaniku sissemakset loetakse käesoleva peatüki tähenduses osaks.

2. jagu

Täis- või usaldusühingu ümberkujundamine

osaühinguks või aktsiaseltsiks

§ 492. Ümberkujundamisaruanne

Ümberkujundamisaruannet ei pea koostama, kui ümberkujundatava täis- või usaldusühingu kõik osanikud on ühingu juhtimiseks õigustatud.

§ 493. Ümberkujundamisotsus

(1) Ümberkujundamisotsus on vastu võetud, kui selle poolt hääletavad kõik osanikud.
(2) Ühingulepinguga võib ette näha, et ümberkujundamisotsus on vastu võetud, kui selle poolt on antud üle 2/3 osanike häältest.

§ 494. [Kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]

§ 495. Osanike vastutus

Kui täis- või usaldusühing kujundatakse ümber osaühinguks või aktsiaseltsiks, vastutab täisosanik ümberkujundatava ühingu kohustuste eest, mille täitmise tähtpäev on saabunud või saabub viie aasta jooksul ümberkujundamise äriregistrisse kandmisest.

3. jagu

Osaühingu või aktsiaseltsi

ümberkujundamine täis- või usaldusühinguks

§ 496. Aktsionäride üldkoosoleku ettevalmistamine

(1) Vähemalt kaks nädalat enne ümberkujundamist otsustavat üldkoosolekut esitab ümberkujundatava aktsiaseltsi juhatus aktsiaseltsi asukohas aktsionäridele tutvumiseks ümberkujundamisaruande ja aktsiaseltsi viimase majandusaasta aruande. Ümberkujundamisaruannet ei esitata käesoleva seadustiku § 479 2. lõikes nimetatud juhul.
(2) Aktsionäri nõudel antakse talle käesoleva paragrahvi 1. lõikes nimetatud dokumentidest viivitamatult ärakiri.
(3) Kui aktsiaseltsi viimane majandusaasta aruanne on koostatud majandusaasta kohta, mis lõppes varem kui kuus kuud enne ümberkujundamisotsuse tegemist, koostatakse majandusaasta aruande osaks olevale bilansile esitatavatele nõuetele vastav bilanss (vahebilanss) mitte varasema kui ümberkujundamisotsuse tegemisele eelneva kolmanda kuu esimese päeva seisuga. Vahebilanss peab olema koostatud samu arvestuspõhimõtteid ja esitusviisi kasutades, mida kasutati viimase majandusaasta aruande osaks oleva bilansi koostamisel. Vahebilanss esitatakse aktsionäridele tutvumiseks käesoleva paragrahvi 1. ja 2. lõikes sätestatud korras. Vahebilanssi ei pea koostama, kui kõik aktsionärid on sellega nõus. Vahebilansi asemel võib esitada aktsionäridele tutvumiseks väärtpaberituru seaduse § 18411kohaselt avalikustatud poolaastaaruande.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 497. Üldkoosoleku korraldus

(1) Aktsionäride üldkoosolekul selgitab ümberkujundatava aktsiaseltsi juhatus ümberkujundamise õiguslikke ja majanduslikke tagajärgi, sealhulgas aktsiate asendamist.
(2) Nõukogu esitab üldkoosolekul ümberkujundamise kohta oma arvamuse.
(3) Aktsionäri nõudel antakse talle üldkoosolekul teavet ka ümberkujundamise teiste oluliste asjaolude kohta.

§ 498. Ümberkujundamisotsus

(1) Täisühinguks ümberkujundamise otsus on vastu võetud, kui selle poolt hääletavad kõik osanikud või aktsionärid.

Leht 130 /

143

Äriseadustik

(2) Usaldusühinguks ümberkujundamise otsus on vastu võetud, kui selle poolt on antud vähemalt 2/3 osanike või aktsionäride koosolekul esindatud häältest, kui põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet ja otsuse poolt on hääletanud kõik osanikud või aktsionärid, kes saavad usaldusühingu täisosanikuks.
(3) Kui osaühingu usaldusühinguks ümberkujundamise otsus tehakse käesoleva seadustiku § 173 2. lõikes sätestatud korras, on otsus vastu võetud, kui selle poolt on antud vähemalt 2/3 osanike häältest, kui põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet ja otsuse poolt on hääletanud kõik osanikud, kes saavad usaldusühingu täisosanikuks.
(4) Kui aktsiaseltsil on mitut liiki aktsiaid, on ümberkujundamisotsus vastu võetud, kui lisaks käesoleva paragrahvi 2. lõikes sätestatule on otsuse poolt hääletanud vähemalt 2/3 iga liiki aktsiate omanikest, kui põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet.
[RT I 2005, 57, 449- jõust. 01.01.2006]

§ 499. [Kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]

4. jagu

Osaühingu ümberkujundamine aktsiaseltsiks

§ 500. Ümberkujundamisotsus

(1) Osaühingu aktsiaseltsiks ümberkujundamise otsus on vastu võetud, kui selle poolt on antud vähemalt 2/3 osanike koosolekul esindatud häältest ja põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet.
(2) Kui ümberkujundamisotsus tehakse käesoleva seadustiku § 173 2. lõikes sätestatud korras, on otsus
vastu võetud, kui selle poolt on antud vähemalt 2/3 osanike häältest ja põhikirjaga ei ole ette nähtud suurema
häälteenamuse nõuet.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(3) Aktsiaseltsi aktsiate nimiväärtused võib määrata erinevalt ümberkujundatava osaühingu osade omadest, samuti võib otsustada nimiväärtuseta aktsiate kasutuselevõtu. Aktsiate nimiväärtus või arvestuslik väärtus peab vastama käesoleva seadustiku § 223 nõuetele. Ümberkujundatava osaühingu osad võib jagada, järgimata seaduses ja põhikirjas sätestatud käsutuspiiranguid ning arvestamata osa väikseimat lubatud nimiväärtust.
[RT I 2010, 20, 103- jõust. 01.07.2010]
(4) Ümberkujundatava osaühingu osad tuleb enne äriregistrile käesoleva seadustiku §-s 485 nimetatud avalduse esitamist registreerida Eesti väärtpaberite keskregistris.

§ 501. [Kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]

5. jagu

Aktsiaseltsi ümberkujundamine osaühinguks

§ 502. Aktsionäride üldkoosoleku ettevalmistamine

(1) Vähemalt üks kuu enne ümberkujundamist otsustavat üldkoosolekut esitab ümberkujundatava aktsiaseltsi juhatus aktsiaseltsi asukohas aktsionäridele tutvumiseks ümberkujundamisaruande ja aktsiaseltsi viimase majandusaasta aruande. Ümberkujundamisaruannet ei esitata käesoleva seadustiku § 479 2. lõikes nimetatud juhul.
(2) Aktsionäri nõudel antakse talle käesoleva paragrahvi 1. lõikes nimetatud dokumentidest viivitamatult ärakiri.
(3) Kui aktsiaseltsi viimane majandusaasta aruanne on koostatud majandusaasta kohta, mis lõppes varem kui kuus kuud enne ümberkujundamisotsuse tegemist, koostatakse majandusaasta aruande osaks olevale bilansile esitatavatele nõuetele vastav bilanss (vahebilanss) mitte varasema kui ümberkujundamisotsuse tegemisele eelneva kolmanda kuu esimese päeva seisuga. Vahebilanss peab olema koostatud samu arvestuspõhimõtteid ja esitusviisi kasutades, mida kasutati viimase majandusaasta aruande osaks oleva bilansi koostamisel. Vahebilanss esitatakse aktsionäridele tutvumiseks käesoleva paragrahvi 1. ja 2. lõikes sätestatud korras. Vahebilanssi ei pea koostama, kui kõik aktsionärid on sellega nõus. Vahebilansi asemel võib esitada aktsionäridele tutvumiseks väärtpaberituru seaduse § 18411kohaselt avalikustatud poolaastaaruande.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

Äriseadustik Leht 131 /

143

§ 503. Üldkoosoleku korraldus

(1) Aktsionäride üldkoosolekul selgitab ümberkujundatava aktsiaseltsi juhatus ümberkujundamise õiguslikke ja majanduslikke tagajärgi, sealhulgas aktsiate asendamist.
(2) Nõukogu esitab üldkoosolekul ümberkujundamise kohta oma arvamuse.
(3) Aktsionäri nõudel antakse talle üldkoosolekul teavet ka ümberkujundamise teiste oluliste asjaolude kohta.

§ 504. Ümberkujundamisotsus

(1) Aktsiaseltsi osaühinguks ümberkujundamise otsus on vastu võetud, kui selle poolt on antud vähemalt 2/3 üldkoosolekul esindatud häältest ja põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet.
(2) Kui aktsiaseltsil on mitut liiki aktsiaid, on ümberkujundamisotsus vastu võetud, kui lisaks käesoleva paragrahvi 1. lõikes sätestatule on otsuse poolt hääletanud vähemalt 2/3 iga liiki aktsiate omanikest, kui põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet. Kui otsus tehakse § 297 2. lõikes sätestatud korras, peab otsuse poolt hääletama vähemalt 2/3 iga liiki aktsiatega üldkoosolekul esindatud häältest, kui põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet.
(3) Osaühingu osade nimiväärtused võib määrata erinevalt ümberkujundatava aktsiaseltsi aktsiate nimiväärtustest või arvestuslikust väärtusest. Osaühingu osade nimiväärtused peavad vastama käesoleva seadustiku § 148 nõuetele.
[RT I 2010, 20, 103- jõust. 01.07.2010]

IX1. osa

VASTUTUS VÄÄRTEGUDE EEST

[RT I 2002, 63, 387- jõust. 01.09.2002]

§ 5041. Ebaõigete andmete esitamine aktsionäride nimekirja

Aktsionäri või tema esindaja poolt üldkoosolekul koostatavasse aktsionäride nimekirja ebaõigete andmete esitamise eest –
karistatakse rahatrahviga kuni 100 trahviühikut. [RT I 2005, 57, 449- jõust. 01.01.2006]

§ 5042. Aktsia väljalaske nõuete rikkumine

Aktsiaseltsi juhatuse või nõukogu liikme või likvideerija poolt aktsiate väljalaskmise eest enne väljalaskehinna täielikku tasumist või aktsiate väljalaskmise eest enne aktsiaseltsi või aktsiakapitali suurendamise kohta äriregistri kande tegemist, samuti lubatust väiksema nimiväärtusega või arvestusliku väärtusega aktsiate väljalaskmise eest või nimiväärtusega ja nimiväärtuseta aktsiate samaaegse väljalaskmise eest –
karistatakse rahatrahviga kuni 200 trahviühikut. [RT I 2010, 20, 103- jõust. 01.07.2010]

§ 5043. Aktsia võõrandamise nõuete rikkumine

Aktsiaseltsi juhatuse või nõukogu liikme või likvideerija poolt aktsiaseltsile sama aktsiaseltsi aktsiate ebaseadusliku omandamise või nende tagatiseks võtmise, aktsiaseltsi oma aktsiate võõrandamiseks mittepakkumise või aktsiaseltsile oma aktsiate tagatiseks võtmise lõpetamata jätmise eest – karistatakse rahatrahviga kuni 200 trahviühikut.

§ 5044. [Kehtetu -RT I 2005, 57, 449- jõust. 01.01.2006]

§ 5045. Eeliste pakkumine ja vastuvõtmine hääletamisel

[Kehtetu -RT I, 12.07.2014, 1- jõust. 01.01.2015]

§ 5046. Menetlus

Käesolevas peatükis sätestatud väärtegude kohtuväline menetleja on Politsei- ja Piirivalveamet. [RT I, 12.07.2014, 1- jõust. 01.01.2015]

X. osa

Leht 132 /

143

Äriseadustik

SEADUSE RAKENDAMINE

§ 505. [Käesolevast tekstist välja jäetud.]

§ 506. Käesoleva seadustiku kohaldamine äriühingutele

(1) Alates 1995. aasta 1. septembrist võib äriühinguid asutada ainult käesolevas seadustikus sätestatud korras ja neile kohaldatakse käesolevas seadustikus sätestatut.
(2) Enne 1995. aasta 1. septembrit asutatud äriühingutele kohaldatakse kuni nende äriregistrisse kandmiseni vastavalt käesoleva seadustiku §-des 1, 2 1., 4. ja 5. lõikes, 4–6, 79–82, 85–98, 100, 101, 102 1.–3. lõikes,
103 1.–3. lõikes, 104–111, 113–115, 117–121, 123–126, 128–130, 131 1. lõikes, 132, 134 1. lõikes, 135, 140–
143, 144 1. lõike punktides 1, 2, 4, 5, 7, 8 ja 3. lõikes, 145, 146, 148 3.–6. lõikes, 149–170, 171 1. ja 3. lõikes,
samuti 2. lõike punktis 3, 172–175, 177, 178, 179 1.–3. lõikes, 180 1., 2., 6. ja 7. lõikes ning 3. lõike esimeses
ja teises lauses, 181–188, 189 2. lõikes, 190, 191, 192 1. ja 2. lõikes, 193–195, 197–199, 201–203, 205–207,
209–216, 219 1. lõikes, 220, 221, 223–226, 227 1. ja 2. lõikes, 228–240, 241 1., 2., 3. ja 4. lõikes, 246–248,
249 4. lõikes, 250 1. lõike punktides 1, 2, 5, 6, 7, 8 ja 3. lõikes, 251, 252, 272–291, 292 1. lõike punktis 2, 2. ja
3. lõikes, 293–299, 300 1. lõikes, 302–307, 308 1.–3. lõikes, 309–315, 327–332, 334–340, 341 1.–3. lõikes,
342, 344–358, 360–366, 368–370, 372–379 ja 383 sätestatut. Kuni äriregistrisse kandmiseni on aktsiaseltsi
juhatusel nii juhatuse kui ka nõukogu õigused, kui aktsiaseltsi põhikirjas ei ole ette nähtud teisiti. Kui äriühingu
põhikiri või ühinguleping on vastuolus seadusega, kohaldatakse seaduses sätestatut. Äriregistrisse kandmata
aktsiaseltsi juhatuse liikmele laieneb käesoleva seadustiku §-s 327 ettenähtud nõukogu liikme vastutus juhul, kui
aktsiaseltsil ei ole nõukogu.
(21) Käesoleva seadustiku §-des 187 ja 315 ning § 506 2. lõikes sätestatud isiklikku vastutust kohaldatakse ettevõtteregistrisse kantud ettevõtte juhile juhul, kui ta ei tõenda, et ta tehingu tegemise või toimingu tegemata jätmise ajal ei olnud ettevõtte juht.
(22) Käesoleva seadustiku §-des 3631–36310 sätestatut kohaldatakse üksnes aktsiaseltsile, kelle aktsiad on registreeritud Eesti väärtpaberite keskregistris.
(3) Kuni äriühingu äriregistrisse kandmiseni toimub osaühingu ja aktsiaseltsi juhtimine, mille kõik osad või aktsiad kuuluvad riigile, Vabariigi Valitsuse poolt kehtestatud erisusi arvestades.
(4) Kuni äriregistrisse kandmiseni on aktsiaseltsi üldkoosoleku pädevuses lisaks § 298 1. lõikes sätestatule ka muude aktsiaseltsi põhikirjaga üldkoosoleku pädevusse antud küsimuste otsustamine.
(41) Enne 2011. aasta 1. jaanuari asutatud osaühingute reservkapitali suhtes kohaldatakse käesoleva seadustiku
§ 139 1. lõike punkti 7, § 156 3. lõike, § 160 2. lõike ja § 19924. lõike sätteid enne 2011. aasta 1. jaanuari kehtinud redaktsioonis. Osanikud võivad võtta vastu otsuse kohustusliku reservkapitali moodustamise või suurendamise lõpetamise kohta. Vastava otsuse vastuvõtmisele kohaldatakse käesoleva seadustiku § 175 1. lõiget.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(5) Enne § 180 2. lõike neljandas lauses ja § 308 4. lõikes nimetatud nõuete jõustumist peab äriregistrisse kantud osaühingute ja aktsiaseltside juhatuse koosseis olema viidud vastavusse nimetatud nõuetega 1997. aasta
1. septembriks.
(51) Enne 2011. aasta 1. jaanuari valitud juhatuse liikme ametiajale kohaldatakse käesoleva seadustiku § 184 lõike 2 sätteid juhatuse liikme valimise ajal kehtinud redaktsioonis.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(6) Kuni 1999. aasta 1. septembrini võib osaühingu ja aktsiaseltsi juhatus omandada ja võõrandada osaühingu või aktsiaseltsi nimel kinnisasju, ehitisi kui vallasasju ning osalust teistes äriühingutes (osad, aktsiad) ainult nõukogu, selle puudumisel aga osanike koosoleku või aktsionäride üldkoosoleku otsusel, kui osaühingu või aktsiaseltsi põhikirjas ei ole ette nähtud teisiti. Nimetatud piirang kehtib kolmandate isikute suhtes.
(7) Aruandeperioodidele, mis algasid enne 2005. aasta 1. jaanuari, ja nende kohta koostatud aruannetele kohaldatakse käesoleva seadustiku § 97 lõike 1, § 155 lõike 2, § 179 lõike 2, § 225 lõike 2, § 332 lõike 4, § 335 lõike 11ja § 388 lõike 5 sätteid enne 2005. aasta 1. detsembrit kehtinud redaktsioonis.
[RT I 2005, 61, 478- jõust. 01.12.2005]

Äriseadustik Leht 133 /

143

(8) Enne 2005. aasta 1. detsembrit alanud ühinemiste, jagunemiste ja ümberkorraldamiste suhtes kohaldatakse käesoleva seadustiku § 400 lõike 2, § 443 lõike 2, § 480 lõike 3 ja § 485 lõike 2 sätteid enne 2005. aasta 1. detsembrit kehtinud redaktsioonis.
[RT I 2005, 61, 478- jõust. 01.12.2005]
(9) Aktsiaseltsid, kes on võtnud nimiväärtuseta aktsia kasutusele ja kelle nimiväärtuseta aktsiate arvu ei ole äriregistrisse kantud, peavad koos äriregistrile esitatava avaldusega, millega taotletakse äriregistrisse põhikirja muutmise kohta kande tegemist, esitama avalduse nimiväärtuseta aktsiate arvu äriregistrisse kandmiseks, kui põhikirja muudetakse seoses nimiväärtuseta aktsiate arvuga.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]

§ 507. Käesolevas seadustikus sätestamata ettevõtted

(1) Enne käesoleva seadustiku jõustumist kehtinud õigusaktide alusel asutatud ettevõtted, mida ei ole ettevõtjana sätestatud käesolevas seadustikus, tuleb 1997. aasta 1. septembriks ümber kujundada vastavalt käesoleva seadustiku §-le 509 või lõpetada. Selliste ettevõtete asutamine ja nendeks ettevõteteks
ümberkujundamine, nendega ühinemine või nendeks jagunemine ei ole pärast 1995. aasta 1. septembrit lubatud.
(2) Enne käesoleva seadustiku jõustumist kehtinud õigusaktide alusel asutatud ettevõtetele, mida ei ole ettevõtjana sätestatud käesolevas seadustikus, kohaldatakse nende ettevõtete kohta käivates õigusaktides sätestatut.
(3) Kui enne käesoleva seadustiku jõustumist kehtinud õigusaktide alusel asutatud ettevõtet ei ole 1997. aasta
1. septembriks ümber kujundatud või lõpetatud, sundlõpetatakse see käesoleva seadustiku §-s 513 sätestatud
korras.

§ 508. Ettevõtte asutamine enne käesoleva seadustiku jõustumist

Enne 1995. aasta 1. septembrit asutatud ettevõtte võib kanda Eesti Vabariigi ettevõtete, asutuste ja organisatsioonide registrisse (edaspidi ettevõtteregister), kui sellele ettevõttele on asutamisluba antud enne 1995. aasta 1. septembrit ja registrisse kandmise avaldus on esitatud hiljemalt 1995. aasta 10. septembriks.

§ 509. Ühinemine, jagunemine ja ümberkujundamine

(1) Äriregistrisse kantud äriühingute ühinemine, jagunemine ja ümberkujundamine toimub käesolevas seadustikus sätestatud korras. Äriregistrisse kantud äriühing ei või ühineda äriregistrisse kandmata äriühinguga.
(2) Äriregistrisse kandmata ettevõtte võib ümber kujundada käesolevas seadustikus sätestatud ettevõtjaks või muul käesolevas paragrahvis sätestatud viisil. Äriregistrisse kandmata ettevõtete ümberkujundamisel kohaldatakse käesoleva seadustiku §-des 478–482, 485–487, 489–495, 498, 500 ja 504 sätestatut. Äriregistrisse kandmata ettevõtte ümberkujundamisel ei kohaldata § 485 1. lõike esimeses lauses toodud tähtaega.
(3) Riigiettevõtete, riiklike ettevõtete ja riiklike väikeettevõtete, samuti muude riigile kuuluvate ettevõtete ning rahva- ja rendiettevõtete ja riiklike fondide ümberkujundamine, ühinemine ja jagunemine toimub Vabariigi Valitsuse korralduse alusel ja Vabariigi Valitsusepoolt kehtestatud korras.
(4) Munitsipaalettevõtte võib ümber kujundada osaühinguks, aktsiaseltsiks või kohaliku omavalitsuse asutuseks. Munitsipaalettevõtte ümberkujundamise otsustab valla- või linnavolikogu ja korraldab valla- või linnavalitsus.
(5) Riigiettevõtte või riikliku ettevõtte võib ümber kujundada osaühinguks, aktsiaseltsiks, avalik-õiguslikuks juriidiliseks isikuks või riigiasutuseks.
(6) Rendiettevõtte, rahvaettevõtte või riikliku väikeettevõtte võib ümber kujundada osaühinguks või aktsiaseltsiks.
(7) Ümberkujundamisel tuleb äriregistripidajale esitada § 485 1. lõike punktides 1–4 ja 6–8 sätestatud dokumendid, aktsiaseltsiks ümberkujundamise korral samuti audiitori arvamus selle kohta, kas aktsiaseltsil on netovara, mis vastab aktsiakapitalile. Osaühinguks ümberkujundamise korral tuleb audiitori arvamus lisada juhul, kui ühing vastab tingimustele, mille korral on audiitorkontroll ette nähtud.
(8) Äriregistrisse kandmata ettevõtted võivad ühineda selliselt, et asutavad uue äriühingu, mis kantakse äriregistrisse, samuti selliselt, et üks ettevõte ühendatakse teisega. Ettevõtete ühinemisel kohaldatakse vastavalt käesoleva seadustiku §-des 391–393, 397, 398, 400, 401, 403, 405–410, 412–417, 421–433 sätestatut. Äriregistrisse kandmata ettevõtete ühinemisel ei kohaldata § 400 1. lõike esimeses lauses sätestatut.
Äriregistripidajale tuleb täiendavalt esitada äriregistrisse kantava aktsiaseltsi kohta audiitori arvamus selle kohta, kas aktsiaseltsil on netovara, mis vastab aktsiakapitalile. Osaühingu äriregistrisse kandmise korral tuleb audiitori arvamus lisada juhul, kui ühing vastab tingimustele, mille korral on audiitorkontroll ette nähtud.
(9) Ümberkujundamine või ühinemine käesolevas seadustikus sätestatud äriühinguks loetakse toimunuks äriühingu äriregistrisse kandmisest. Riigiettevõtte, riikliku ettevõtte või riikliku väikeettevõtte või riikliku fondi või munitsipaalettevõtte ümberkujundamisel äriühinguks loetakse neile riigi poolt õiguslikul alusel üleantud

Leht 134 /

143

Äriseadustik

vara, selle vara baasil või muul viisil soetatud ja äriregistrisse kandmise ajal tema seaduslikus valduses olev vara, riigilt äriühingu omandisse üleläinuks äriühingu registrisse kandmise hetkest. Sama kehtib riikliku fondi või munitsipaalettevõtte kandmisel sihtasutusena mittetulundusühingute ja sihtasutuste registrisse.
[RT I 1998, 23, 322- jõust. 22.03.1998 - kohaldatakse tagasiulatuvalt 1995. aasta 1. septembrist.]
(91) Käesoleva paragrahvi lõike 9 teises lauses sätestatut kohaldatakse vastavalt lõikes 9 nimetatud ettevõtete ühinemise korral äriühingule, kellele läheb üle ühinevate ettevõtete valduses olev vara.
[RT I 1998, 23, 322- jõust. 22.03.1998 - kohaldatakse tagasiulatuvalt 1995. aasta 1. septembrist.]
(92) Riigiettevõtte jagunemisel käesoleva paragrahvi lõike 3 alusel kehtestab Vabariigi Valitsusriigiettevõtte valduses oleva vara äriühingu omandisse ülemineku korra.
(10) Äriregistrisse kandmata ettevõtete ümberkujundamisel või ühinemisel käesolevas seadustikus sätestatud ettevõtjaks ei maksustata uutele ettevõtjatele üleantavat vara tulu- ja käibemaksuga.
(11) Äriregistrisse kandmata täis- ja usaldusühingut ei või ümber kujundada osaühinguks ega aktsiaseltsiks. (12) Riikliku fondi võib ümber kujundada osaühinguks, aktsiaseltsiks, sihtasutuseks või avalik-õiguslikuks
juriidiliseks isikuks. Osaühinguks või aktsiaseltsiks ümberkujundatava riikliku fondi avaldus peab olema
äriregistri pidajale esitatud hiljemalt 1997. aasta 1. septembriks, sihtasutuseks ümberkujundatava riikliku fondi
avaldus peab mittetulundusühingute ja sihtasutuste registri pidajale olema esitatud hiljemalt 1998. aasta 1.
oktoobriks.

§ 510. Ümberkujundamine füüsilisest isikust ettevõtja ettevõtteks

(1) Äriregistrisse kandmata osaühingu või aktsiaseltsi, mille kõik osad või aktsiad kuuluvad ühele füüsilisest isikust osanikule või aktsionärile, võib osanike koosoleku või aktsionäride üldkoosoleku otsusel ümber kujundada selle füüsilisest isikust ettevõtja ettevõtteks. Nimetatud ümberkujundamine on lubatud ja loetakse toimunuks, kui füüsilisest isikust ettevõtja kantakse äriregistrisse.
(2) Ümberkujundamisel läheb osaühingu või aktsiaseltsi vara koos kohustustega üle osanikust või aktsionärist füüsilisest isikust ettevõtjale.
(3) Ümberkujundamise otsuses määratakse füüsilisest isikust ettevõtja ärinimi ja ettevõtte asukoht, samuti muud ümberkujundamiseks vajalikud abinõud.
(4) Ümberkujundamise ja füüsilisest isikust ettevõtja äriregistrisse kandmiseks esitab füüsilisest isikust ettevõtja avalduse. Avaldusele lisatakse:
1) ümberkujundamisotsus;
2) ümberkujundamise aluseks võetud bilanss.
(5) Registripidaja võib ümberkujundamise äriregistrisse kanda ainult siis, kui ümberkujundamisel aluseks võetud bilanss on koostatud mitte varem kui kaheksa kuud enne avalduse esitamist äriregistrile. Bilansi koostamisel kehtivad majandusaasta aruande koostamise kohta käivad sätted.
(6) Ümberkujundamise ja füüsilisest isikust ettevõtja äriregistrisse kandmisega läheb osaühingu või aktsiaseltsi vara üle füüsilisest isikust ettevõtjale. Osaühing või aktsiaselts lõpeb ümberkujundamise kandega.
(7) Füüsilisest isikust ettevõtja võib kasutada osaühingu või aktsiaseltsi ärinime, järgides käesoleva seadustiku §
8 nõudeid.

§ 511. Äriregistrisse kandmise avaldus

(1) Enne 1995. aasta 1. septembrit asutatud ja ettevõtteregistris registreeritud ettevõtja kantakse äriregistrisse tema avaldusel.
(2) Äriregistrisse kandmise avalduses tuleb märkida ettevõtja kohta seaduses sätestatud andmed ning avaldusele lisada seaduses sätestatud dokumendid, samuti tema ettevõtteregistris registreerimise tunnistus. Avaldusele kirjutavad alla kõik äriühingu juhatuse liikmed või ühingut esindama õigustatud osanikud.
(3) Äriühingu põhikiri peab äriregistrisse kandmiseks olema viidud kooskõlla käesolevas seadustikus sätestatuga.
(4) Ettevõtteregistrisse kantud ettevõtte samas vormis või ümberkujundamise või ühinemise teel äriregistrisse kandmise avalduse peab kandemääruse tegemiseks pädev isik läbi vaatama kuue kuu jooksul, arvates selle esitamisest. Avaldused vaadatakse läbi nende laekumise järjekorras. Kohtu registriosakonna juhataja võib mõjuval põhjusel lubada avalduse läbi vaadata eelisjärjekorras. Mõjuvaks põhjuseks loetakse eeskätt tõendatud

Äriseadustik Leht 135 /

143

osavõttu tehingust, mille puhul vastav füüsiline või juriidiline isik peab maareformi seaduse kohaselt olema kantud äriregistrisse.
[RT I 2005, 57, 449- jõust. 01.01.2006]
(5) [Kehtetu -RT I, 21.06.2014, 8- jõust. 01.01.2015]

§ 5111. Elu- või asukoha või aadressiandmete muutmine registripidaja poolt

Kui käesoleva seaduse § 62 lõigetes 3–51 sätestatud isiku elu- või asukoha või aadressiandmeid muudetakse, teeb registripidaja muutmise kanded iga ettevõtja kohta eraldi koos ettevõtja teiste registriandmete muutmisega. Tehniliste võimaluste olemasolu korral võib aadressandmeid parandada ka automatiseeritult valdkonna eest vastutava ministrikehtestatud korras.
[RT I 2006, 61, 456- jõust. 01.01.2007]

§ 5112. Registripidaja tööpiirkonna muutmine

[Kehtetu -RT I, 21.06.2014, 8- jõust. 01.01.2015]

§ 5113. Märke tegemine aktsiate või osade registreerituse kohta Eesti väärtpaberite keskregistris

Tehniliste võimaluste olemasolu korral võib märke aktsiate või osade registreerituse kohta Eesti väärtpaberite keskregistris teha registrikaardile automatiseeritult Eesti väärtpaberite keskregistrist saadud andmete alusel valdkonna eest vastutava ministri kehtestatud korras. Teade märke tegemise kohta edastatakse ettevõtjale valdkonna eest vastutava ministrimääratud korras.
[RT I 2006, 55, 407- jõust. 01.01.2007]

§ 5114. Maksukohustuslaste registris registreeritud füüsilisest isikust ettevõtja kandmine äriregistrisse

(1) Maksukohustuslaste registris registreeritud füüsilisest isikust ettevõtja kantakse äriregistrisse tema avalduse alusel. Avalduse esitamine on võimalik 2009. aasta 1. jaanuarist kuni 31. detsembrini. Avalduse esitamine on riigilõivuvaba.
(2) Äriregistrisse kandmise avalduses tuleb lisaks muudele käesolevas seadustikus sätestatud andmetele märkida ka füüsilisest isikust ettevõtja registreerimine maksukohustuslaste registris. Äriregistrisse kantakse füüsilisest isikust ettevõtja maksukohustuslaste registris registreerimise alguskuupäev.
(3) Äriregistrisse kandmise avaldus vaadatakse läbi käesoleva seadustiku § 53 1. lõikes sätestatud tähtaja jooksul. Kui kandeavaldus esitatakse käesoleva paragrahvi 1. lõikes sätestatud tähtaja viimase viie kuu jooksul, vaadatakse kandeavaldus läbi 10 tööpäeva jooksul avalduse esitamisest arvates.
(4) Registripidaja teatab Maksu- ja Tolliametile viivitamata nende füüsilisest isikust ettevõtjate andmed, kelle äriregistrisse kandmise avaldus rahuldati, ja pärast 2009. aasta 31. detsembrit nende füüsilisest isikust ettevõtjate andmed, kelle kandeavaldus jäeti rahuldamata.
(5) Füüsilisest isikust ettevõtja, kelle äriregistrisse kandmise avaldus rahuldati või kes ei ole äriregistrisse kandmise avaldust käesoleva paragrahvi 1. lõikes sätestatud tähtpäevaks esitanud või kelle kandeavaldus on jäetud rahuldamata, kustutatakse maksukohustuslaste registrist. Maksu- ja Tolliamet teavitab füüsilisest isikust ettevõtjat tema kustutamisest maksukohustuslaste registrist.
[RT I 2008, 27, 177- jõust. 10.07.2008]

§ 5115. Üleminek elektroonilisele äriregistri pidamisele

Kuni elektroonilisele äriregistrile üleminekuni peetakse äriregistrit 2012. aasta 31. oktoobrini kehtinud regulatsiooni kohaselt.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]

§ 512. Välismaa äriühingu filiaal

(1) Enne 1995. aasta 1. septembrit ettevõtteregistrisse kantud välismaa äriühingu filiaal või esindus kantakse ettevõtja avaldusel filiaalina äriregistrisse.
(2) Avaldusele kirjutab alla filiaali või esinduse juhataja. Avaldusele lisatakse filiaali kohta seaduses sätestatud dokumendid.
(3) 1995. aasta 1. septembrist kaotab välismaa äriühingu filiaal juriidilise isiku õigused.

§ 513. Registrist kustutamine

(1) Ettevõtteregistris oleva ettevõtja kandmisel äriregistrisse tehakse ettevõtteregistri kandesse vastav märge äriregistri pidaja teate alusel.

Leht 136 /

143

Äriseadustik

(2) Ettevõtteregistrisse kantud ettevõtted, mida ei ole 1997. aasta 1. septembriks ettevõtjana äriregistrisse kantud või mille äriregistrisse kandmiseks ei ole selleks ajaks äriregistri pidajale avaldust esitatud või mille äriregistrisse kandmise avaldus on jäetud rahuldamata, loetakse sundlõpetatuks.
Sundlõpetatud ettevõtte juhatuse või seda asendava organi esindusõigus säilib kuni kohtu poolt likvideerija määramiseni või pankroti väljakuulutamiseni või vastava ettevõtte registrist kustutamiseni. Juhatuse või seda asendava organi koosseisus võib teha muudatusi kuni selle ajani ainult mõjuval põhjusel ja kohtu loal. Mõjuvaks põhjuseks loetakse eelkõige:
1) pikaajalist või rasket haigust, mille tõttu muutub võimatuks juhatuse või seda asendava organi liikme ülesannete täitmine;
2) juhatuse või seda asendava organi liikme surma, teadmata kadunuks või surnuks tunnistamist, samuti teovõimetuks tunnistamist;
3) kohtuotsuse jõustumist, millega määrati vabadusekaotuslik karistus;
4) kohtuotsuse jõustumist, millega juhatuse või seda asendava organi liikmel võeti ära õigus teataval
tegevusalal tegutsemiseks;
5) juhatuse või seda asendava organi liikme alalist elamaasumist välismaale.Muudatused juhatuse või seda
asendava organi koosseisus jõustuvad alates ettevõtteregistris registreerimisest.
(3) Ettevõtteregistri pidaja avaldab ametlikus väljaandes Ametlikud Teadaanded teate ettevõtja sundlõpetamisest. Kui äriregistri pidaja teeb ettevõtja äriregistrisse kandmise avalduse kohta otsuse, millega jätab avalduse rahuldamata pärast 1997. aasta 1. septembrit, avaldab äriregistri pidaja ise teate ametlikus väljaandes Ametlikud Teadaanded. Lõpetamise teates tuleb märkida, et võlausaldajad, aktsionärid, osanikud ja liikmed esitaksid oma nõuded nelja kuu jooksul teate avaldamisest ettevõtte asukohajärgsele kohtule likvideerijate määramiseks või pankroti väljakuulutamiseks.
(31) Nelja kuu jooksul käesoleva paragrahvi 3. lõikes nimetatud teate avaldamisest võivad võlausaldajad või aktsionärid või osanikud või liikmed esitada ettevõtte asukohajärgsele kohtule avalduse likvideerijate määramiseks või pankroti väljakuulutamiseks. Kohus võib ettevõtte likvideerijaks määrata eeskätt ettevõtteregistrisse kantud ettevõtte juhi, kes on kohustatud likvideerija ülesanded vastu võtma, välja arvatud juhul, kui sellest keeldumiseks on käesoleva paragrahvi 2. lõikes nimetatud mõjuv põhjus. Avalduses likvideerimise läbiviimise kohta tuleb esitada:
1) andmed sundlõpetatud ettevõtte kohta, kelle suhtes likvideerimise läbiviimist taotletakse, sealhulgas viide
Riigi Teataja Lisa numbrile, kus ilmus sundlõpetamisteade;
2) avalduse esitaja nimi ning elu- või asukoht ja postiaadress;
3) taotlus isiku likvideerijaks määramise kohta, tema nimi ning elukoht ja postiaadress;
4) andmed avalduse aluseks oleva nõude suuruse, aluse ja maksetähtaja kohta, kui avalduse esitab võlausaldaja;
sel juhul lisatakse avaldusele tõendid nõude olemasolu kohta.
Avaldusele tuleb lisada isiku nõusolek, kelle likvideerijaks määramist taotletakse, välja arvatud juhul, kui taotletakse ettevõtteregistrisse kantud ettevõtte juhi likvideerijaks määramist. Samuti tuleb avaldusele lisada riigilõivu tasumise tõend.
Kui kohus on juba määranud sundlõpetatud ettevõttele likvideerija, käsitletakse järgmisi avaldusi likvideerimismenetluse läbiviimiseks nõuetest teatamisena ning kohus edastab nad likvideerijale. Isik, kes on esitanud kohtule teadvalt vale avalduse likvideerimise läbiviimiseks, peab hüvitama sellega ettevõttele, selle võlausaldajatele, aktsionäridele, osanikele või liikmetele tekitatud kahju.
(32) Sundlõpetatud ettevõte ei tohi:
1) jaotada osanikele, aktsionäridele, liikmetele või ettevõtjale kasumit (dividendi);
2) võõrandada, rendile anda ja piiratud asjaõigustega koormata ettevõttele kuuluvaid kinnisasju, riiklikusse
registrisse kantavaid vallasasju (hooned, sõidukid jne.) ning osalust teistes äriühingutes (osad, aktsiad);
3) muuta põhikirja;
4) muuta osa- või aktsiakapitali või osanike sissemaksete suurust;
5) asutada juriidilisi isikuid.Käesoleva lõike punktis 2 sätestatud piirangud kehtivad kuni kohtu poolt
likvideerijate määramiseni või pankroti väljakuulutamiseni. Käesoleva lõike punktis 2 sätestatud piirangud
kehtivad kolmandate isikute suhtes.
(4) [Välja jäetud]
(5) Kui võlausaldajad, osanikud, aktsionärid või liikmed oma nõuetest käesoleva paragrahvi 3. lõikes nimetatud tähtaja jooksul ei teata või kui likvideerimine on lõpetatud, loetakse ettevõte lõppenuks ja kustutatakse registrist.
Likvideerimise lõpetamiseks esitab likvideerija ettevõtteregistri pidajale lõppbilansi ning avalduse ettevõtte registrist kustutamiseks ja likvideeritud ettevõtte dokumentide hoidja registrisse märkimiseks. Kui ettevõte on lõppenud nõuetest mitteteatamise tõttu, loetakse ettevõtte juht, kes on ettevõtte lõppemise hetkel kantud ettevõtteregistrisse, likvideeritud ettevõtte dokumentide hoidjaks ja märgitakse ettevõtteregistri pidaja poolt ettevõtteregistrisse.

Äriseadustik Leht 137 /

143

(6) Enne 1995. aasta 1. septembrit asutatud äriühingu või filiaali äriregistrisse kandmisel tehakse äriregistrisse märge ühingu või filiaali varasema registreerituse kohta ettevõtteregistris, näidates ära senise registrinumbri.
(7) Välismaa äriühingu filiaali või esinduse, mida ei ole 1997. aasta 1. septembriks äriregistrisse kantud või mille äriregistrisse kandmiseks ei ole selleks ajaks äriregistri pidajale avaldust esitatud või mille äriregistrisse kandmise avaldus on jäetud rahuldamata, kustutab ettevõtteregistri pidaja ettevõtteregistrist, välja arvatud juhul, kui tegemist on välisriigi krediidiasutuse filiaali või esindusega.
(8) Valdkonna eest vastutav ministervõib oma määrusega kehtestada täpsema korra käesolevas paragrahvis nimetatud sundlõpetamise teostamiseks. Valdkonna eest vastutav minister kehtestab oma määrusega sundlõpetatud ettevõtete likvideerijatele tasu määramise korra ja tasu piirmäärad.

§ 514. [Kehtetu -RT I 2008, 60, 331- jõust. 01.01.2009]

§ 515. Eri liiki aktsiatest tulenevad õigused

(1) Enne 1995. aasta 1. septembrit välja lastud aktsiatest tulenevad õigused, mis ei vasta käesolevas seadustikus sätestatule, jäävad kehtima. Need õigused tuleb ära näidata aktsiaseltsi põhikirjas.
(2) Asutajate ja aktsionäride õigused, mis ei tulene aktsiatest, on 1995. aasta 1. septembrist tühised.

§ 516. Osa nimiväärtus

Enne 1995. aasta 1. septembrit asutatud osaühingu osad, mille nimiväärtus on väiksem käesoleva seadustiku §-s
148 sätestatust, jäävad kehtima.

§ 517. Ärinimi

(1) Ettevõtja kandmisel äriregistrisse teeb registripidaja järelepärimised ettevõtteregistrile sama või sarnase nime registreerituse kohta vastavates registrites.
(2) Taotletavat ärinime ei kanta äriregistrisse, kui see või sellega eksitavalt sarnane ärinimi on registreeritud ettevõtteregistris teise ettevõtja poolt enne taotlejat.
(3) [Kehtetu -RT I 2001, 93, 565- jõust. 01.02.2002]

§ 518. Osa- ja aktsiakapitali kontroll

(1) Ettevõtteregistrisse kantud osaühingu või aktsiaseltsi samas vormis äriregistrisse kandmisel tuleb esitada osaühingu või aktsiaseltsi bilanss, mis peab olema koostatud seisuga mitte varem kui kuus kuud enne äriregistrisse kandmise avalduse esitamist. Bilanss peab kajastama registrisse kantavat osa- või aktsiakapitali.
(2) Käesoleva paragrahvi 1. lõikes nimetatud aktsiaseltsi bilansile tuleb lisada audiitori arvamus selle kohta, kas aktsiaseltsil on netovara, mis vastab aktsiakapitalile. Osaühingu bilansile tuleb lisada audiitori arvamus juhul,
kui osaühing vastab tingimustele, mille korral on audiitorkontroll ette nähtud.
(3) Osa- või aktsiakapitali muutmise otsuse võib äriühingu äriregistrisse kandmise eesmärgil teha, sõltumata ühingu põhikirjas ettenähtud kapitali muutmise piirangutest. Kapitali muutmist ei pea eelnevalt registreerima ettevõtteregistris.

§ 519. Osa- või aktsiakapitali suurus

(1) Alates 1995. aasta 1. septembrist peab asutatava ja äriregistrisse kantava osaühingu osakapital olema vähemalt 10 000 krooni ja aktsiaseltsi aktsiakapital vähemalt 100 000 krooni.
(2) Alates 1999. aasta 1. septembrist peab osaühingu osakapital vastama käesoleva seadustiku §-s 136 ja aktsiaseltsi aktsiakapital §-s 222 sätestatud suurusele.
(3) Osaühing, mille osakapital ei ole vähemalt 40 000 krooni, või aktsiaselts, mille aktsiakapital ei ole vähemalt
400 000 krooni, loetakse sundlõpetatuks, kui:
1) ta ei ole hiljemalt 1999. aasta 1. septembriks esitanud äriregistri pidajale avaldust osa- või aktsiakapitali
suurendamiseks nimetatud suuruseni või
2) ta ei ole hiljemalt 1999. aasta 1. septembriks esitanud äriregistri pidajale avaldust enda ümberkujundamise
kohta või
3) tema käesoleva lõike punktis 1 või 2 nimetatud avaldus jäetakse pärast 1999. aasta 1. septembrit
rahuldamata.
(4) Käesoleva paragrahvi lõike 3 alusel sundlõpetatuks loetud äriühingulekohaldatakse käesoleva seadustiku
§-s 513 sätestatut, kusjuures ettevõtteregistri asemel kasutatakse sätete kohaldamisel mõistet «äriregister» ning
antud sätetega ettevõtteregistri pidajale pandud kohustusi täidab äriregistri pidaja.

Leht 138 /

143

Äriseadustik

§ 520. Äriühingu asutamine

(1) Äriühingu asutamisel peavad asutajad äriühingu nimel tegutsemiseks kasutama äriühingu kavandatavat ärinime koos täiendiga «asutamisel». Lisaks sellele tähistatakse asutatavat äriühingut riigi ja omavalitsuse andmekogudes asutamistehingu tõestamise toimingu numbriga, mittenotariaalse asutamistehingu korral asutajatele äriregistri internetipõhises teabesüsteemis antud asutamisnumbriga.
[RT I 2006, 61, 456- jõust. 01.01.2007]
(11) Käesoleva paragrahvi 1. lõikes nimetatud tõestamistoimingu numbri ja asutamisnumbri moodustamise korra kehtestab valdkonna eest vastutav ministermäärusega.
[RT I 2006, 61, 456- jõust. 01.01.2007]
(2) Mitterahalise sissemakse tegemiseks sõlmitakse asutatava ühinguga leping sissemakse eseme üleandmise kohta. Leping peab olema kirjalik, kui seaduses ei ole teatud eseme üleandmiseks sätestatud notariaalselt tõestatud või kinnitatud vormi kohustuslikkust.
(3) [Kehtetu -RT I 2006, 61, 456- jõust. 01.01.2007]
(4) Rahaliste sissemaksete tegemiseks osaühingusse või aktsiaseltsi avavad asutajad asutatava äriühingu nimel käesoleva paragrahvi 1. lõikes nimetatud ärinime, täiendit ja numbrit kasutades pangaarve Eesti krediidiasutuses, mida võib äriühingu nimel käsutada pärast äriühingu äriregistrisse kandmist. Asutajad võivad konto avamiseks volitada notarit.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(41) Kiirmenetluses tehakse äriühingu asutamisel rahaline sissemakse deposiidina registripidaja kontole või rahapesu ja terrorismi rahastamise tõkestamise seaduse § 15 41. lõikes nimetatud kontole. Sissemakse tegemisel kasutatakse käesoleva paragrahvi 1. lõikes nimetatud ärinime, täiendit ja numbrit. Kui sissemakse tehakse deposiidina registripidaja kontole, taotleb äriühing hiljemalt ühe aasta jooksul pärast enda registrisse kandmist sissemakse tagastamist oma kontole krediidiasutuses, tähtaja ületamise korral jääb sissemakse riigituludesse. Sissemakse tagastatakse viie tööpäeva jooksul pärast korrektse taotluse esitamist.
[RT I, 31.01.2014, 6- jõust. 01.04.2014]
(42) Valdkonna eest vastutav ministerkehtestab määrusega käesoleva paragrahvi lõikes 41nimetatud tagastamistaotluse esitamise korra ja tehnilised nõuded ning määrab kooskõlastatult valdkonna eest vastutava ministriga tagastamisi teostama asutuse, kellele tagastamistaotlused esitatakse.
[RT I, 29.06.2014, 109- jõust. 01.07.2014, Vabariigi Valitsuse seaduse § 107³ lõike 4 alusel asendatakse lause alguses sõna „Justiitsminister” sõnadega „Valdkonna eest vastutav minister” ja lause keskel sõna
„rahandusministriga” sõnadega „valdkonna eest vastutava ministriga”.]
(5) Kui äriühingut registrisse ei kanta, võib ühingu nimel registrisse kantud vallasasju või kinnistusraamatusse kantud kinnisasju, samuti rahapesu ja terrorismi rahastamise tõkestamise seaduse § 15 41. lõikes nimetatud kontot käsutada üksnes kohtumäärusega määratud korras. Samuti tagastatakse kohtumäärusega määratud korras deposiidina registripidaja kontole või asutatava äriühingu nimele avatud kontole tasutud osa- või aktsiakapitali sissemakse, kui äriühingut ei kanta registrisse, või osa- või aktsiakapitali enammakse, kui on deposiidina registripidaja kontole tasutud osa- või aktsiakapitali ületav summa. Kohus teeb määruse asutajate avalduse alusel. Avalduses tuleb näidata asutamata jätmise või enammakse tegemise põhjused, millistele asutajatele millises ulatuses käsutusõigus anda ja kes on millises ulatuses sissemaksed teinud. Deposiidina registripidaja kontole tehtud sissemakse jääb riigituludesse, kui selle tagastamise avaldust ei esitata kohtule kahe aasta jooksul sisse- või enammakse tegemisest arvates.
[RT I, 31.01.2014, 6- jõust. 01.04.2014]
(51) Krediidiasutus teavitab registripidajat viivitamata, kui ta rahapesu ja terrorismi rahastamise tõkestamise seaduse § 15 41. lõikes nimetatud konto kohta ei nõustu arvelduslepingut sõlmima või kui äriühing ei ole nimetatud sätte teises lauses kehtestatud kohustust täitnud. Asutatava äriühingu nimele avatud kontole tasutud osa- või aktsiakapitali sissemakse tagastamise otsustab registripidaja kohtumäärusega kooskõlas rahapesu ja terrorismi rahastamise tõkestamise seaduse § 27 4. lõikega. Registripidaja määrab äriühingule ühekuulise tähtaja uue osa- või aktsiakapitali sissemakse tegemiseks. Kui äriühing määratud tähtaja jooksul osa- või aktsiakapitali sissemakse tegemist ei tõenda, otsustab registripidaja äriühingu sundlõpetamise.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(52) Kui rahapesu andmebüroo on rahapesu ja terrorismi rahastamise tõkestamise seaduse § 40 1. lõike alusel teinud ettekirjutuse nimetatud seaduse § 15 41. lõikes märgitud konto käsutamise piiramise kohta, kantakse registrikaardile sellekohane märge. Märge kustutatakse registrikaardilt rahapesu andmebüroo vastava taotluse alusel. Kui rahapesu andmebüroo kooskõlas rahapesu ja terrorismi rahastamise tõkestamise seaduse § 40

Äriseadustik Leht 139 /

143

4. lõikega konto käsutamise piirangut ei lõpeta, teavitab ta sellest registripidajat. Nimetatud teavituse alusel algatab registripidaja äriühingu sundlõpetamise käesoleva paragrahvi 51. lõikes kehtestatud korras.
[RT I 2010, 77, 589- jõust. 01.01.2011]
(6) [Kehtetu -RT I 2006, 61, 456- jõust. 01.01.2007]

§ 521. [Kehtetu -RT I 2006, 61, 456- jõust. 01.01.2007]

§ 5211. Äriregistrisse kantud tegevusala andmete uuendamine

(1) Äriregistrisse kantud ettevõtja tegevusala kustutab registripidaja ilma kandeavalduse ja kandemääruseta, kui registripidajale on esitatud tegevusala andmed vastavalt käesoleva seadustiku § 4 lõigetele 5 ja 6. Kustutamisele ei kohaldata käesoleva seadustiku § 61 ega tsiviilkohtumenetluse seadustiku § 599 teist lauset ning selle eest ei võeta riigilõivu.
(2) Ettevõtjale, kelle kohta äriregistrisse on kantud tegevusala, teeb registripidaja järelepärimise ning määrab tähtaja teate esitamiseks tegevusala kohta.
(3) Äriühingule, kes peab registripidajale esitama oma majandusaasta aruande, ei tehta järelepärimist. Tema tegevusala andmed muudetakse majandusaasta aruande alusel automatiseeritud korras.
[RT I, 21.03.2014, 3- jõust. 31.03.2014]

§ 522. Ettevõtteregistri töö ümberkorraldamine

(1) Vabariigi Valitsuskorraldab äriregistri rakendamisest tulenevalt ümber ettevõtteregistri töö. (2) [Kehtetu -RT I 1998, 59, 941- jõust. 10.07.1998]

§ 523. [Kehtetu -RT I 2009, 54, 363- jõust. 01.01.2010]

§ 5231. Elektroonilise aruandluse rakendamine

Käesoleva seadustiku § 32 lõikes 3 sätestatut kohaldatakse majandusaasta aruannetele, mis koostatakse 2009. aasta 1. jaanuaril või hiljem algava aruandeperioodi kohta.
[RT I 2009, 54, 363- jõust. 01.01.2010]

§ 5232. Registrikartoteegi A- ja B-osa ühendamine

Registrikartoteegi A- ja B-osa ühendatakse ning uued registrikaardid moodustatakse automatiseeritult. [RT I, 18.12.2012, 3- jõust. 19.12.2012]

§ 524. [Kehtetu -RT I 1998, 59, 941- jõust. 10.07.1998]

§ 525. Registrisekretär

(1) Registriosakonna koosseisu võib kuuluda registrisekretär. (2) Registrisekretär on kohtuametnik, kes:
1) vaatab läbi registripidajale esitatud kandeavaldusi ja koostab nende kohta kandemääruste eelnõusid;
2) kinnitab ärakirja ja väljatrüki õigsust;
3) annab käesoleva seadustiku § 28 4. lõikes nimetatud tõendeid;
4) teeb tsiviilkohtumenetluse seadustiku § 2213. lõikes nimetatud määrusi; [RT I, 18.12.2012, 3- jõust. 19.12.2012]
5) otsustab füüsilisest isikust ettevõtja kohta kande tegemise, välja arvatud ärinime äriregistrisse kandmise ja muutmise;
6) otsustab äriregistrisse ning mittetulundusühingute ja sihtasutuste registrisse kantud aadressi muutmise, kui asukoht (kohaliku omavalitsuse üksus) ei muutu;
61) otsustab äriregistrisse ning mittetulundusühingute ja sihtasutuste registrisse majandusaasta alguse ja lõpu kuupäeva kandmise;
[RT I, 21.03.2014, 3- jõust. 31.03.2014]
62) teeb §-s 5211nimetatud toiminguid; [RT I, 21.03.2014, 3- jõust. 31.03.2014]
7) täidab muid teenistuskohustusi valdkonna eest vastutava ministri kehtestatud korras. [RT I 2008, 60, 331- jõust. 01.01.2009]
(21) Käesoleva paragrahvi lõike 2 punktides 2 ja 3 nimetatud toiminguid võib teha ka muu selleks pädev kohtuametnik.
[RT I, 22.06.2016, 21- jõust. 01.08.2016]
(3) [Kehtetu -RT I, 22.06.2016, 21- jõust. 01.08.2016]

Leht 140 /

143

Äriseadustik

(4) Registrisekretäri nimetab ametisse ja vabastab ametist kohtudirektor kohtu registriosakonna juhataja ettepanekul.
[RT I 2006, 61, 456- jõust. 01.01.2007]

§ 5251. Kasutatav vääring

(1) Alates päevast, mis on kindlaks määratud Euroopa Liidu Nõukogu otsuses Eesti Vabariigi suhtes kehtestatud erandi kehtetuks tunnistamise kohta Euroopa Liidu toimimise lepingu artikli 140 lõikes 2 sätestatud alusel (edaspidi erandi kehtetuks tunnistamise päev), kantakse osaühing või aktsiaselts äriregistrisse juhul,
kui asutamislepingus, asutamisotsuses ja põhikirjas on selle osa- või aktsiakapitali ja osade või aktsiate nimiväärtused väljendatud eurodes.
(2) Enne erandi kehtetuks tunnistamise päeva äriregistrisse kantud ja kantavad osaühingud ja aktsiaseltsid võivad pärast erandi kehtetuks tunnistamise päeva väljendada põhikirjas osa- või aktsiakapitali ja osade või aktsiate nimiväärtuseid edasi Eesti kroonides. Kui osa- või aktsiakapitali ja osade või aktsiate nimiväärtuseid väljendatakse kroonides, peavad need vastama käesoleva paragrahvi 3. lõikes sätestatud tingimustele.
(3) Kui osaühingu osakapitali on väljendatud põhikirjas Eesti kroonides, peab osaühingu osakapital olema vähemalt 40 000 krooni. Osa väikseim nimiväärtus on 100 krooni. Kui osa nimiväärtus on suurem kui 100 krooni, peab see olema 100 krooni täiskordne. Kui aktsiaseltsi aktsiakapitali on väljendatud kroonides, peab aktsiaseltsi aktsiakapital olema vähemalt 400 000 krooni. Aktsia väikseim nimiväärtus on 10 krooni. Kui aktsia nimiväärtus on suurem kui 10 krooni, peab see olema 10 krooni täiskordne. Väiksema kui 10-kroonise nimiväärtusega aktsia on tühine. Vastavalt kohaldatakse käesoleva seadustiku § 223 3. lõike teist lauset. Osaühingu osa iga 100 krooni annab ühe hääle, kui põhikirjaga ei ole ette nähtud teisiti.
(4) Pärast ühe aasta möödumist erandi kehtetuks tunnistamise päevast kantakse osaühingu või aktsiaseltsi põhikirja muutmine äriregistrisse ainult juhul, kui põhikirjas on osa- või aktsiakapital ja osade või aktsiate nimiväärtused väljendatud eurodes või kui samal ajal kantakse registrisse sellekohane põhikirja muudatus. Sama kehtib osa- või aktsiakapitali suurendamise või vähendamise äriregistrisse kandmise kohta, välja arvatud aktsiakapitali tingimusliku suurendamise äriregistrisse kandmine.
[RT I 2010, 20, 103- jõust. 01.07.2010]

§ 5252. Osaühingu ja aktsiaseltsi põhikirja ning osa- ja aktsiakapitali muutmine eurole üleminekuks

(1) Osaühingu osanike sellise otsuse vastuvõtmisele, millega muudetakse põhikirja seoses osakapitali ja osade nimiväärtuste eurodesse ümberarvestamisega ning millega suurendatakse või vähendatakse osakapitali käesoleva seadustiku §-s 136 ning § 148 1. ja 2. lõikes sätestatud nõuete täitmiseks, kohaldatakse käesoleva seadustiku § 174 1. ja 2. lõiget. Eelmises lauses sätestatut kohaldatakse ka juhul, kui põhikirja muudetakse seoses osakapitali suurendamisega või vähendamisega käesoleva seadustiku §-s 136 ning § 148 1. ja 2.
lõikes sätestatud nõuete täitmiseks. Käesoleva lõike esimeses lauses sätestatut ei kohaldata, kui osakapitali suurendatakse või vähendatakse rohkem kui osakapitali senise suurusega võrreldes lähima võimaliku suuruseni käesoleva seadustiku §-s 136 ning § 148 1. ja 2. lõikes sätestatud nõuete täitmiseks.
(2) Aktsiaseltsi üldkoosoleku sellise otsuse vastuvõtmisele, millega muudetakse põhikirja seoses aktsiakapitali ja aktsiate nimiväärtuste eurodesse ümberarvestamisega ning millega suurendatakse aktsiakapitali käesoleva seadustiku §-s 222 ning § 223 1. ja 2. lõikes sätestatud nõuete täitmiseks, kohaldatakse käesoleva seadustiku
§ 299 1. lõiget. Kui aktsiaseltsil on mitut liiki aktsiaid, on eelmises lauses nimetatud otsus vastu võetud, kui selle poolt on lisaks eelmises lauses sätestatule antud vähemalt üle poole igat liiki aktsiatega üldkoosolekul esindatud häältest, kui põhikirjaga ei ole ette nähtud suurema häälteenamuse nõuet. Käesoleva lõike esimeses
ja teises lauses sätestatut kohaldatakse ka juhul, kui põhikirja muudetakse seoses aktsiakapitali suurendamisega käesoleva seadustiku §-s 222 ning § 223 1. ja 2. lõikes sätestatud nõuete täitmiseks. Käesoleva lõike esimeses ja teises lauses sätestatut ei kohaldata, kui aktsiakapitali suurendatakse rohkem kui aktsiakapitali senise suurusega võrreldes lähima võimaliku suuruseni käesoleva seadustiku §-s 222 ning § 223 1. ja 2. lõikes sätestatud nõuete täitmiseks. Käesoleva lõike esimeses ja teises lauses sätestatut ei kohaldata ka juhul, kui põhikirja otsustatakse muuta nimiväärtuseta aktsia kasutuselevõtmiseks.
(3) Osa- või aktsiakapitali ja osade või aktsiate nimiväärtuste kroonidest eurodesse ümberarvestamisele käesoleva seadustiku §-s 136, § 148 1. ja 2. lõikes, §-s 222 ning § 223 1. ja 2. lõikes sätestatud nõuete
täitmiseks kohaldatakse käesoleva seadustiku § 5253. Kroonide eurodeks ümberarvestamine ei mõjuta osade või aktsiatega seotud õigusi ja osade või aktsiate nimiväärtuste suhet osa- või aktsiakapitalisse. Osade ja aktsiate nimiväärtuste ümberarvestamise tulemi ümardamisel ei ole õiguslikku tähendust. Osade ja aktsiate nimiväärtuste ümberarvestamise tulemi ümardamisele ja selle õigusliku tähenduse puudumisele tuleb osaühingu ja aktsiaseltsi vastavates otsustes viidata.
(4) Kui osaühing või aktsiaselts vähendab osa- või aktsiakapitali ja osade või aktsiate nimiväärtuste eurodesse ümberarvestamiseks osa- või aktsiakapitali võrreldes senise osa- või aktsiakapitali suurusega lähima võimaliku suuruseni käesoleva seadustiku §-s 136, § 148 1. ja 2. lõikes, §-s 222 ning § 223 1. ja 2. lõikes sätestatud

Äriseadustik Leht 141 /

143

nõuete täitmiseks, võib seda teha lihtsustatult käesoleva seadustiku §-des 1992ja 362 sätestatud korras. Osa- või aktsiakapitali vähendamise korral osa- või aktsiakapitali ja osade või aktsiate nimiväärtuste eurodesse ümberarvestamiseks ei kohaldata käesoleva seadustiku § 19925. lõikes ja §-s 363 sätestatut sõltumata vähendamise läbiviimise ajast.
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
(5) Aktsiad, mis on välja antud aktsiakapitali tingimusliku suurendamise otsuse alusel pärast käesoleva paragrahvi 2. lõikes sätestatud otsuse vastuvõtmist, millega muudetakse aktsiate nimiväärtust, kehtivad selle otsuse vastuvõtmise suhtes väljalastuna alles pärast selle otsuse alusel kande tegemist äriregistrisse. Aktsiad,
mis lastakse välja aktsiakapitali tingimusliku suurendamise otsuse alusel pärast eelmises lauses nimetatud otsuse vastuvõtmist, võtavad nimiväärtuse muutmisest osa.
[RT I 2010, 20, 103- jõust. 01.07.2010]

§ 5253. Eurode arvestus

(1) Enne erandi kehtetuks tunnistamise päeva arvestatakse käesolevas seadustikus eurodes väljendatud summad ümber Eesti kroonidesse Eesti Panga kursi alusel.
(2) Saadud tulem ümardatakse 1 sendi täpsusega kolmanda koha alusel pärast koma. Kui kolmandal kohal pärast koma olev arv on 0 kuni 4, jäetakse teisel kohal pärast koma olev arv muutmata. Kui kolmandal kohal pärast koma olev arv on 5 kuni 9, ümardatakse teisel kohal olev arv ühe võrra ülespoole.
[RT I 2010, 20, 103- jõust. 01.07.2010]

§ 5254. Häälte arv täis- ja usaldusühingus

Kui enne erandi kehtetuks tunnistamise päeva asutatud täis- või usaldusühingu korral arvutatakse osanike häälte arvu lähtuvalt sissemaksete suurusest, loetakse, et sissemakse iga 10 krooni annab osanikule ühe hääle, kui ühingulepinguga ei ole ette nähtud teisiti. Eelmises lauses sätestatud juhul ei kohaldata käesoleva seadustiku §
93 2. lõike teist lauset. Eurode kroonidesse ja kroonide eurodesse ümberarvestamisele kohaldatakse käesoleva
seadustiku § 5253. Ümberarvestamine ei mõjuta osanikele kuuluvat häältearvu. Ümberarvestamise tulemi ümardamisel ei ole õiguslikku tähendust.
[RT I 2010, 20, 103- jõust. 01.01.2011]

§ 5255. Äriregistri andmetega tutvumine maakohtu kantseleis

Alates 2017. aasta 1. jaanuarist on äriregistri andmetega võimalik tutvuda maakohtu kantseleis, notaribüroos
või vastava veebilehe kaudu. Käesolevas seaduses registriosakonnas äriregistri andmetega tutvumisele sätestatut
kohaldatakse vastavalt.
[RT I, 18.12.2012, 3- jõust. 19.12.2012]

§ 5256. Paberdokumentide tagastamine

Enne 2014. aasta 1. aprilli esitatud paberdokumendid tagastatakse registriosakonnas kuni 2016. aasta 1. jaanuarini.
[RT I, 21.03.2014, 3- jõust. 01.04.2014]

§ 5257. Pabertoimikute hävitamine

(1) Paberil äri- ja registritoimikud võib hävitada, kui need on nõuetekohaselt digiteeritud ja möödunud on dokumentide tagastamiseks käesoleva seadustiku §-s 5256ettenähtud tähtaeg.
(2) Pabertoimikute digiteerimise, tagastamise ja hävitamise korra kehtestab valdkonna eest vastutav ministermäärusega.
[RT I, 21.03.2014, 3- jõust. 01.04.2014]

§ 526.–§ 540.[Käesolevast tekstist välja jäetud.]

§ 541. Rakendamise määrused

(1) Vabariigi Valitsus võib kooskõlas käesoleva seadustikuga anda käesoleva seadustiku rakendamiseks määrusi.
(11) Vabariigi Valitsusvõib kehtestada korra, mille kohaselt riigiasutused peavad kasutama äriregistri andmeid arvutivõrgu kaudu ega tohi isikutelt nõuda samade andmete esitamist. Kui haldusorgan või kohtuasutus saab äriregistri andmeid arvutivõrgu kaudu kasutada, ei kohaldata muude seaduste sätteid isiku poolt registrikaardi esitamise kohustuse kohta.
(2) [Kehtetu -RT I, 21.06.2014, 8- jõust. 01.01.2015]

Leht 142 /

143

Äriseadustik

(3) Valdkonna eest vastutava ministrimäärusega ettenähtud ulatuses ei tule äriregistri pidajale käesolevas seaduses sätestatud andmeid esitada, kui need on registripidajale arvutivõrgu vahendusel kättesaadavad Eesti väärtpaberite keskregistrist. Paragrahvi 182 lõikes 3 nimetatud osanike nimekirjaga ja § 334 lõikes 2 nimetatud aktsionäride andmetega, välja arvatud osaniku või aktsionäri aadressiga, saab äriregistri kaudu tutvuda kui äritoimiku andmetega.
[RT I 2006, 55, 407- jõust. 01.01.2007]
(4) Valdkonna eest vastutava ministrimäärusega ettenähtud ulatuses ei pea äriühing registripidajale esitama käesolevas seadustikus sätestatud kinnistusraamatu või vallasvara registri väljavõtet, kui registripidajal
on arvutivõrgu kaudu juurdepääs vastavasse andmekogusse ning sealt on tuvastatav omaniku vahetumine asjaomase äriühingu kasuks.

1 Euroopa Parlamendi ja nõukogu direktiiv 2003/58/EÜ, millega muudetakse direktiivi 68/151/EMÜ teatud liiki äriühingute avalikustamisnõuete osas (ELT L 221, 04.09.2003, lk 13–16);

Euroopa Parlamendi ja nõukogu direktiiv 2005/56/EÜ piiratud vastutusega äriühingute piiriülese ühinemise kohta (ELT L 310, 25.11.2005, lk 1–9);
[RT I 2007, 65, 405- jõust. 15.12.2007]
Euroopa Parlamendi ja nõukogu direktiiv 2006/68/EÜ, millega muudetakse nõukogu direktiivi 77/91/EMÜ aktsiaseltside asutamise ning nende kapitali säilitamise ja muutmise osas (ELT L 264, 25.09.2006, lk 32–36); [RT I 2008, 16, 116- jõust. 15.04.2008]
Euroopa Parlamendi ja nõukogu direktiiv 2007/36/EÜ noteeritud äriühingute aktsionäride teatavate õiguste kasutamise kohta (ELT L 184, 14.07.2007, lk 17–24);
[RT I 2009, 51, 349- jõust. 15.11.2009]
teine nõukogu direktiiv 77/91/EMÜ tagatiste kooskõlastamise kohta, mida liikmesriigid äriühingu liikmete ja kolmandate isikute huvide kaitseks EMÜ asutamislepingu artikli 58 teises lõigus nimetatud äriühingutelt nõuavad seoses aktsiaseltside asutamise ning nende kapitali säilitamise ja muutmisega, et muuta sellised tagatised ühenduse kõigis osades võrdväärseteks (EÜT L 26, 31.1.1977, lk 1);
kolmas nõukogu direktiiv 78/855/EMÜ, mis käsitleb aktsiaseltside ühinemist lähtuvalt asutamislepingu artikli
54 lõike 3 punktist g (EÜT L 295, 20.10.1978, lk 36);
kuues nõukogu direktiiv 82/891/EMÜ, mis käsitleb aktsiaseltside jagunemist lähtuvalt asutamislepingu artikli 54
lõike 3 punktist g (EÜT L 378, 31.12.1982, lk 47);
[RT I 2010, 20, 103- jõust. 01.07.2010]
Euroopa Parlamendi ja nõukogu direktiiv 2009/109/EÜ, millega muudetakse nõukogu direktiive 77/91/EMÜ,
78/855/EMÜ ja 82/891/EMÜ ning direktiivi 2005/56/EÜ seoses aruandlus- ja dokumenteerimisnõuetega
ühinemise ja jagunemise korral (ELT L 259, 2.10.2009, lk 14–21);
[RT I, 02.11.2011, 1- jõust. 12.11.2011]
Euroopa Parlamendi ja nõukogu direktiiv 2012/17/EL, millega muudetakse nõukogu direktiivi 89/666/EMÜ ning Euroopa Parlamendi ja nõukogu direktiive 2005/56/EÜ ja 2009/101/EÜ keskregistrite, äriregistrite ja äriühingute registrite sidestamise osas (ELT L 156, 16.06.2012, lk 1−9);
Euroopa Parlamendi ja nõukogu direktiiv 2011/35/EL, mis käsitleb aktsiaseltside ühinemist (ELT L 110,
29.04.2011, lk 1–11).
[RT I, 21.03.2014, 3- jõust. 31.03.2014]

Äriseadustik Leht 143 / 143