REPUBLIC OF LITHUANIA                                     
                                                                                
                               LAW                                              
                                                                                
                 ON THE REGISTER OF ENTERPRISES                                 
                                                                                
                                                                                
                Article 1.  Objectives of the Law                               
                                                                                
     This Law shall regulate the establishment of the register of               
enterprises  of  the  Republic  of  Lithuania,  its  maintenance,               
liquidation,   the    background   information    presented   for               
registration  in  the  register  and  the  rules  of  information               
utilization.                                                                    
                                                                                
     Article 2.  Register of Enterprises of the Republic of                     
                            Lithuania                                           
                                                                                
     1.  The register of enterprises of the Republic of Lithuania               
shall be  established for the registration of enterprises and for               
the accumulation  of information  about enterprises, subsidiaries               
of enterprises,  and offices  of enterprises' representatives, as               
well as about associations and other amalgamations of enterprises               
not  engaged  in  commercial-economic  activity  (not  concluding               
commercial-economic contracts).                                                 
     (Objects of registration enumerated in this section shall be               
hereinafter referred to as "enterprises".)                                      
     2.   The register of enterprises shall be a constituent part               
of the State Register of the Republic of Lithuania.                             
     Separately registered  in the  register of enterprises shall               
be:                                                                             
     (1) enterprises with no rights of legal persons;                           
     (2) enterprises with rights of legal persons;                              
     (3) associations of enterprises; and                                       
     (4) offices of enterprise representatives.                                 
                                                                                
    Article 3.  The Founder and Registrars of the Register of                   
                           Enterprises                                          
                                                                                
     1.   The Ministry  of Economics of the Republic of Lithuania               
shall be  the founder  and chief  registrar of  the  register  of               
enterprises.                                                                    
     Governing bodies  of local  governments of  the higher level               
shall also be engaged in the maintenance of the register.                       
     2.   The Ministry  of Economics of the Republic of Lithuania               
shall register  enterprises established  only with state capital,               
joint ventures (a share of authorized capital whereof is owned by               
foreign investor(s),  and firms  with foreign  capital, and shall               
accumulate  and   systematize  information  related  to  all  the               
enterprises registered  by local governments of the higher level.               
(Amended 28 February 1991)                                                      
     3.   Governing bodies  of local  governments of  the  higher               
level shall  register, accumulate  and systematize information on               
the registration  of enterprises  established on their respective               
territories, with  the exception  of enterprises established with               
state capital.                                                                  
     4.   If an  enterprise is  registered with  the Ministry  of               
Finance  of   the  Republic   of  Lithuania,   its   registration               
information  must   be  within  5  days  lodged  with  the  local               
government of  the higher  level, on  the territory  of which the               
enterprise is   located.   If enterprises are registered with the               
local  government   of  the   higher  level,   the   registration               
information must  be within  5 days  lodged with  the Ministry of               
Economics of the Republic of Lithuania.                                         
                                                                                
       Article 4.  Information Presented for Registration                       
                                                                                
     1.   The register  must contain the following information on               
the registered enterprise:                                                      
     (1) the name of the enterprise (name of the firm);                         
     (2) type of the enterprise;                                                
     (3) location of the enterprise;                                            
     (4) type of activity of the enterprise;                                    
     (5) full  names, addresses  and  powers  of  the  enterprise               
representatives;                                                                
     (6) planned period of commercial-economic activity; and                    
     (7) date of registration.                                                  
     2.   Upon the  registration of enterprises with no rights of               
legal persons  (personal enterprises,  partnerships  and  limited               
partnerships), the  following  additional  information  shall  be               
furnished:                                                                      
     (1) full  names and  addresses of  owners  of  the  personal               
enterprise, and of the general members of the partnership (firm's               
name and location);                                                             
     (2) full  names of  limited partners of limited partnerships               
(firm's name and location);                                                     
     (3) the amount of contributions of partnership members; and                
     (4)  the  date  of  the  acquisition  of  the  status  of  a               
partnership under  liquidation, and also full names and addresses               
of liquidators (presented upon the acquisition of the status).                  
     3.  For the registration of enterprises with rights of legal               
persons, public  and private  joint-stock  companies,  and  state               
(local government)  enterprises, the  following information shall               
be furnished:                                                                   
     (1) date  of registration  of the  bylaws (amendments to the               
bylaws) of a public or private joint-stock company;                             
     (2) date  of approval  of amendments  to the bylaws of state               
(local government) enterprise;                                                  
     (3) amount and composition of authorized capital;                          
     (4) nominal  value of  shares and  their amount according to               
their kinds and classes;                                                        
     (5) full names and addresses of board members;                             
     (6) full  names and addresses of the chairman of the council               
of observers and his deputy;                                                    
     (7) full  name and  address of  the administrative director;               
and                                                                             
     (8) date of acquisition of the status of an enterprise under               
liquidation, and  the names of its liquidators (name and location               
of legal persons).                                                              
     4.  On   the  date   of  registration   of  associations  of               
enterprises comprising  two or  more enterprises,  the  following               
information shall be furnished:                                                 
     (1) list of enterprises-members of the association (names of               
firms);                                                                         
     (2) the  amount of  initial contributions made by members of               
the association  of enterprises, if the contract provides for the               
refunding of  contributions to  the members  withdrawing from the               
association;                                                                    
     (3) the  amount of current contributions made by the members               
of the association of enterprises; and                                          
     (4) full names and addresses of managers of the association                
of enterprises.                                                                 
     5.  For   the  registration   of   offices   of   enterprise               
representatives, and  of subsidiaries,  the following information               
shall be furnished:                                                             
     (1) the  name (firm's name) and location of the state (local               
government) enter-prise, joint-stock company or partnership; and                
     (2)  full   names  and   addresses  of  managers  (chairman,               
president of  the board,  or members or authorized members having               
the right of full representation).                                              
                                                                                
               Article 5.  Registration Documents                               
                                                                                
     The following documents must be lodged with the Registrar:                 
     (1) application for the registration of an enterprise;                     
     (2) act  on the  establishment of  state (local  government)               
enterprise;                                                                     
     (3) contracts  (or copies thereof) of the incorporation of a               
public or  private company, or the formation of an association of               
enterprises, or a partnership;                                                  
     (4) account  of the  incorporation of  a corporation,  and a               
statement on the account by the inspector of the corporation;                   
     (5) balance  sheets  of  a  public  or  private  company  if               
required by the laws of the Republic of Lithuania;                              
     (6) bylaws (amendments to the bylaws), or copies thereof, of               
the  public   or  close  corporation,  state  (local  government)               
enterprise,    subsidiaries    and    offices    of    enterprise               
representatives;                                                                
     (7)  certificate   testifying  to   the   payment   of   the               
registration fee prescribed by Article 10 of this Law;                          
     (8)  license  to  engage  in  economic-commercial  activity,               
ecological certificate-license,  if prescribed  by  laws  of  the               
Republic of Lithuania;                                                          
     (9) license  to  engage  in  commercial-economic  activities               
issued by  a local  government, if  the enterprise  is registered               
with the Ministry of Economics of the Republic of Lithuania; and                
     (10) certificate of the allotment of the plot of land to the               
enterprise, provided  that said  plot of  land is found necessary               
for its economic activities.                                                    
                                                                                
              Article 6.  Standard of the Register                              
                                                                                
     The code  of document  classifications used  in the Register               
and the  information code must correspond to the standards of the               
Republic of Lithuania.                                                          
                                                                                
     Article 7.  Use of the Documents and Information of the                    
                            Register                                            
                                                                                
     1.  All legal and natural person shall have the right to use               
the Register documents and information for a prescribed fee.                    
     2.   Every month local governments of the higher level shall               
publish  in   the  local   press   information   concerning   the               
registration of newly established enterprises, and the removal of               
enterprises from the register.                                                  
     Some  information   (except   the   information   concerning               
individual enterprises  and partnerships)  shall be  published in               
the national  press by  the Ministry of Economics of the Republic               
of Lithuania.  The announcement  shall contain  the name  of  the               
enterprise, the character of its activities, its founders and the               
amount of authorized capital.                                                   
     3. During  the examination  of a  case in court, persons may               
not ground  their demands or objections on their ignorance of the               
fact of registration (removal from the register) of an enterprise               
if the  fact of  its registration (removal from the register) has               
been publicly announced.                                                        
     4. The  registrar shall present information to the State tax               
inspectorate of  the appropriate  town or  district in accordance               
with the  procedure established by the Government of the Republic               
of Lithuania.                                                                   
                                                                                
              Article 8.  Registration Certificate                              
                                                                                
     An enterprise  registered in  the register shall be issued a               
certificate in  the form  prescribed by the Ministry of Economics               
of the  Republic of  Lithuania and  shall be  assigned the number               
(code) of  the register.  Within two years after the enactment of               
this Law,  the certificate for the enterprise registered with the               
Ministry shall  be signed  by the  Minister of  Economics or  his               
deputy.                                                                         
     A  regional  manager  or  town  mayor  or  their  respective               
deputies shall  sign the certificate and assign the number (code)               
of the register for enterprises registered with local government.               
     Upon  the  expiration  of  the  two-year  period  after  the               
enactment of this Law, the right to issue the certificates and to               
assign the  number (code) of the register shall be transferred to               
the registrar.                                                                  
                                                                                
               Article 9.  Powers of the Registrar                              
                                                                                
     1. If  circumstances  precluding  registration  arise  after               
registration, the  registrar shall be authorized to prescribe the               
period of  time (no less than 15 days) for the founder (owner) to               
eliminate the  circumstances obstructing the registration. If the               
shortcomings are  not removed  within the  prescribed period, the               
registrar shall be authorized to annul the registration.                        
     2.   If an  erroneous record  is made  in the  register, the               
registrar shall have the right to make changes in the record.                   
     3.   Having made  changes in  the record, the registrar must               
within 3 days notify the founder (owner) thereof.                               
     4. The registrar shall be prohibited from making corrections               
in the  lodged information  and documents  or from  demanding the               
corrections  be  made  by  the  bearer,  if  the  bylaws  of  the               
enterprise or the contract on its establishment do not contradict               
the law.                                                                        
     5. Disputes  related to  the annulment  of or changes in the               
registration record fall within the jurisdiction of court.                      
                                                                                
                  Article 10. Registration Fee                                  
                                                                                
     1. Required  registration fee  paid by  the founder  (owner)               
shall be:                                                                       
     (1)   100   rubles   for   individual   enterprises,   their               
subsidiaries, and offices of enterprise representatives;                        
     (2) 200  rubles for  general and  limited  partnerships  and               
their subsidiaries;                                                             
     (3) 0.1  percent of  the  total  amount  of  the  authorized               
capital, but  not less  than 200  rubles, for  public and private               
companies, and state enterprises;                                               
     (4) 400  rubles for  associations of  enterprises and  other               
amalgamations; and                                                              
     (5) 100  rubles for the registration of bylaws of public and               
private companies, and state enterprises, and the registration of               
establishment contracts  for partner-ships,  and  20  rubles  for               
making changes in the record.                                                   
     2. Required fee for the registration of a foreign enterprise               
(with the exception of USSR enterprises) and for the registration               
(reregistration) of its bylaws shall be 100 and 50 US dollars (or               
other convertible  currency according to the ex change rate valid               
at the moment of registration), respectively.                                   
     3.   Required fee  for the  registration of  a joint venture               
(with the  exception of  a joint  venture founded  with the USSR)               
shall amount  to 50  percent of  the fee prescribed by paragraphs               
(2) and (1) of this Law, respectively.                                          
     4. The  amount of  the required  fee for  amendments to  the               
registration  record  or  incorporation  agreement  shall  be  20               
percent   of   the   prescribed   registration   fee.   For   the               
reregistration  of   an  enterprise   the  total  amount  of  the               
registration fee shall be paid.                                                 
     5. The  Ministry of  Finance of  the Republic  of  Lithuania               
shall reassess  registration fees in accordance with the official               
price index.                                                                    
     6. For  the monthly  (one time) use of information contained               
in the  register of enterprises, legal and natural persons of the               
Republic of  Lithuania shall  pay the  fee of  25 (5) rubles, and               
foreign citizens  (with the  exception of USSR citizens) - 10 (3)               
US dollars  (or any other convertible currency in accordance with               
the exchange change rate valid at the moment of record usage).                  
     7. On  the territory  of local governments expenses, related               
to the founding, maintenance and liquidation of the register with               
the aim  of implementing  functions prescribed  by law,  shall be               
reimbursed from  the budgets  of local  governments of the higher               
level, on  the territory of the Republic from the State Budget of               
Lithuania.                                                                      
                                                                                
            Article 11.  Liquidation of the Register                            
                                                                                
     1. The  register shall  be liquidated in accordance with the               
decision of the Government of the Republic of Lithuania.                        
     2. In the event of liquidation, the information contained in               
the register shall be transferred to the State Archives or to the               
newly-appointed  registrar   in  accordance  with  the  procedure               
established by law.                                                             
                                                                                
                                                                                
VYTAUTAS LANDSBERGIS                                                            
                                                                                
President                                                                       
Supreme Council                                                                 
Republic of Lithuania                                                           
                                                                                
Vilnius                                                                         
31 July 1990                                                                    
No.I-440