Trade Companies and their Classification

(1)

✓ ✔ ✔ ✕ ✖ ✗ ✘ ✙ ✚ ✛ ✜ ✢ ✜ ✣ ✒ ✟

–

✓ ✔ ✔ ✕ ✤✁ ☎ ✝☛☎ ✎ ✥ ✗ ✘ ✙ ✦

–

✦ ✧ ✣ ✙ ✒ ✓ ✔ ✔ ✕

–

★ ✩

✗ ✘ ✙ ✚

–

✜ ✢ ✜ ✣

✪ ✎ ✆ ✄ ✫ ✓✫ ✒ ✕ ✁ ✬ ✗ ✒ ✗ ✘ ✭ ✜ ✒ ✮ ✮ ✬ ✭ ✦ ✭ ✛ ✭ ✦ ✣

✯ ✰

T rchil

Petru T•rchil•

✱ ✲ ✳ ✴ ✵✶✷ ✸ ✹ ✺ ✳ ✸ ✻ ✸ ✼ ✽✳ ✾

✿ ❀ ✴ ❁ ❂ ✵ ❃ ✵✲ ✽✳ ✴ ✿ ❄ ✻ ✽❅ ❂ ❁✾ ✽ ✶✷ ✸ ✹ ❀ ❁ ✲ ❆

,

❇ ✸ ✼ ✲ ✻ ✽✲

❈ ❉ ❊ ❋ ● ❍ ■ ❋

❏ ❑ ❂ ❇ ✸ ✼ ✲ ✻ ✽✲ ✻ ✵❂ ▲ ✽✾ ✵✲ ✶✽✸ ✻ ❆ ✸ ❂ ✾ ✻ ✸ ✶ ❆ ❂ ✹ ✽✻ ❂ ✲ ✻ ✷ ❑ ✸ ▼ ✶❑ ❂

✳ ✸ ✻ ✳ ❂ ◆ ✶ ✸ ✹ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✰ ❖ ✶ ▼ ✲ ✾ ✶❑ ❂ ✼ ❂ ❁ ✽✶ ✸ ✹ ✶❑ ❂ ❆ ✸ ✳ ✶❁ ✽✻ ❂ P

▼ ❑ ✽✳ ❑ ✲ ✶✶❂ ✼ ◆ ✶❂ ❆ ✾ ✴ ✳ ❑ ✲ ❆ ❂ ✹ ✽✻ ✽✶✽✸ ✻ P ✾ ✶✲ ❁ ✶✽✻ ▲ ✴ ✾ ✴ ✲ ✵✵✷ ✹ ❁ ✸ ✼ ✶❑ ❂

◆ ❁ ✸ ❅ ✽✾ ✽✸ ✻ ✾ ✸ ✹ ✶❑ ❂ ◗ ✽❅ ✽✵ ◗ ✸ ❆ ❂ P ▼ ❑ ✽✳ ❑ ✽✻ ✲ ❁ ✶ ✰ ❘ ❙ ❚ ❘ ❆ ❂ ✹✽ ✻ ❂ ✾ ✶❑ ❂

✳ ✽❅ ✽✵ ✾ ✸ ✳ ✽❂ ✶✷ P ✹ ✸ ❁ ✶❑ ❂ ◆ ✴ ❁ ◆ ✸ ✾ ❂ ✸ ✹ ✶❑ ❂ ✼ ❂ ✼ ✸ ❁ ✲ ✻ ❆ ✴ ✼ ✸ ✹ ✶❑ ❂

✲ ✾ ✾ ✸ ✳ ✽✲ ✶✽✸ ✻ ❯ ✰ ✱ ✸ ❁ ✶❑ ✲ ✶ ✼ ✲ ✶✶❂ ❁ P ✲ ✵✾ ✸ ✽✻ ✶❑ ❂ ✾ ◆ ❂ ✳ ✽✲ ✵✽❱ ❂ ❆ ✹ ✸ ❁ ❂ ✽▲ ✻

❆ ✸ ✳ ✶❁ ✽✻ ❂ ❲❂ ❳ ✰ ✶❑ ❂ ✱ ❁ ❂ ✻ ✳ ❑ ❆ ✸ ✳ ✶ ❁✽✻ ❂ ❨ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✲ ❁ ❂ ❆ ❂ ✹ ✽✻ ❂ ❆

❩

✲ ✾ ❂ ❆ ✸ ✻ ✾ ✽✼ ✽✵✲ ❁ ✳ ✸ ✻ ✳ ❂ ◆ ✶✾ P

❩

✴ ✶ ✾ ✶✲ ✻ ❆ ✲ ❁ ❆ ✽❱ ❂ ❆

❩

✷ ✶❑ ❂ ◗ ✽❅ ✽✵

◗ ✸ ❆ ❂ ❬ ✰ ❏ ❑ ❂ ✶▼ ✸ ✼ ❂ ✲ ✻ ✽✻ ▲ ✾ ✶❑ ✲ ✶ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✷ ❑ ✲ ✾ ✶✸ ❩ ❂

❁ ❂ ▲ ✲ ❁ ❆ ❂ ❆ ✶❑ ❁ ✸ ✴ ▲ ❑ P ✲ ✵✾ ✸ ❂ ❳ ◆ ✵✲ ✽✻ ✶❑ ❂ ❅ ❂ ❁ ✷ ✾ ◆ ❂ ✳ ✽✹ ✽✳ ✵❂ ▲ ✲ ✵ ✼ ✲ ✶✶❂ ❁ P

✲ ✼ ✲ ✶✶❂ ❁ ✸ ✹ ✳ ✸ ✻ ✳ ❂ ◆ ✶✾ ❁ ❂ ✾ ✴ ✵✶✽✻ ▲ ✹ ❁ ✸ ✼ ✴ ✻ ❆ ❂ ❁ ✾ ✶✲ ✻ ❆ ✽✻ ▲ ✶❑ ❂

✳ ✸ ✻ ✳ ❂ ◆ ✶ ✸ ✹ ✼ ❂ ✼ ✸ ❁ ✲ ✻ ❆ ✴ ✼ ✸ ✹ ✲ ✾ ✾ ✸ ✳ ✽ ✲ ✶✽✸ ✻ ✲ ✻ ❆ ✶ ❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✷ ❭

✽✻ ✾ ✶✽✶✴ ✶✽✸ ✻ ✰ ❏ ❑ ✴ ✾ P ✶❑ ❂ ✳ ✸ ✻ ✶❁ ✲ ✳ ✶✴ ✲ ✵ ✳ ✸ ✻ ✳ ❂ ◆ ✶✽✸ ✻ P ✽ ✼ ◆ ✸ ✾ ❂ ❆ ❩ ✷ ✶❑ ❂

❆ ❂ ❅ ❂ ✵✸ ◆ ✼ ❂ ✻ ✶ ✸ ✹ ✶❑ ❂ ✳ ✸ ✻ ✶❁ ✲ ✳ ✶ ✶❑ ❂ ✸ ❁ ✷ ✽✻ ✶❑ ❂ ✵✲ ✾ ✶ ✳ ❂ ✻ ✶✴ ❁ ✷ P

❂ ❳ ◆ ✵✲ ✽✻ ✾ ✶❑ ❂ ❂ ❳ ✽✾ ✶❂ ✻ ✳ ❂ ✸ ✹ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✾ ✶✲ ❁ ✶✽✻ ▲ ✹ ❁ ✸ ✼ ✶❑ ❂

❅ ✲ ✵✽❆ ✽✶✷ ✳ ✸ ✻ ❆ ✽✶✽✸ ✻ ✾ ✽✼ ◆ ✸ ✾ ❂ ❆ ✶✸ ✲ ✻ ✷ ✳ ✸ ✻ ✶❁ ✲ ✳ ✶ ✲ ✻ ❆ ✹ ❁ ✸ ✼ ✶❑ ❂

✳ ✸ ✻ ✶❁ ✲ ✳ ✶✴ ✲ ✵ ✶❂ ✳ ❑ ✻ ✽❪ ✴ ❂ ✾ ✶❑ ✲ ✶ ❂ ✾ ✶✲

❩

✵✽✾ ❑ ✶❑ ❂ ❁ ❂ ✵✲ ✶✽✸ ✻ ✾ ❑ ✽◆ ✾

✹ ✸ ❁ ✼ ❂ ❆ ▼ ✽✶❑ ✽✻ ✶❑ ❂ ✾ ✸ ✳ ✽❂ ✶✷ ❲ ✹ ✸ ❁ ❂ ❳ ✲ ✼ ◆ ✵❂ P ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✷

✼ ✲ ✻ ✲ ▲ ❂ ✼ ❂ ✻ ✶ ✽✾ ❩ ✲ ✾ ❂ ❆ ✸ ✻ ✲ ✼ ✲ ✻ ❆ ✲ ✶❂ ✳ ✸ ✻ ✶❁ ✲ ✳ ✶ ✴ ✻ ❆ ❂ ❁ ▼ ❑ ✽✳ ❑ ✶❑ ❂

❂ ❳ ❂ ✳ ✴ ✶✽❅ ❂ ✸ ◆ ❂ ❁ ✲ ✶❂ ✾ ❨ ✰

❫ ❴ ❵ ❛ ❜

● ❝ ❊ ❞

✾ ✸ ✳ ✽✲ ✵ ✳ ✲ ◆ ✽✶✲ ✵P ✻ ✲ ✶✽✸ ✻ ✲ ✵ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ P ❂ ✳ ✸ ✻ ✸ ✼ ✽✳

(2)

P.!T rchil

❘ ❚ ❡

❢ ❣

❋●

❜

❝ ❤ ■ ❋ ✐

❜ ❣

❏ ❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✷ ✳ ✲ ✻

❩

❂ ✾ ❂ ❂ ✻ ✽✻ ✲ ✶ ✵❂ ✲ ✾ ✶ ✶▼ ✸ ▼ ✲ ✷ ✾ ❥

•

❀ ✵❂ ▲ ✲ ✵ ✽✻ ✾ ✶✽✶✴ ✶✽✸ ✻ ✽✶✾ ❂ ✵✹ P ✳ ✸ ✻ ✾ ✽❆ ❂ ❁ ❂ ❆ ✲ ✾ ✲ ❩ ✸ ❆ ✷ P ✴ ✾ ✴ ✲ ✵✵✷ ✾ ❂ ✶ ✸ ✻

✲ ✾ ✾ ✸ ✳ ✽✲ ✶ ✽❅ ❂ ❩ ✲ ✾ ❂ ✾ P ✽✻ ✸ ❁ ❆ ❂ ❁ ✶✸ ✸ ❩ ✶✲ ✽✻ ✲ ✳ ❂ ❁ ✶✲ ✽✻ ◆ ❁ ✸ ✹ ✽✶ ✹ ✸ ❁ ✶❑ ✸ ✾ ❂ ▼ ❑ ✸ ❑ ✲ ❅ ❂

❦

✸ ✽✻ ❂ ❆ P ✲ ✻ ❆ ✽✻ ◆ ✴ ❁ ✾ ✴ ✽✶ ✸ ✹ ✳ ✸ ✼ ✼ ❂ ❁ ✳ ✽✲ ✵ ✲ ✳ ✶✽❅ ✽✶✽❂ ✾ ❧

•

❀

✳ ✸ ✻ ✶❁ ✲ ✳ ✶ ▼ ✽✶❑ ✽✶✾ ✸ ▼ ✻ ✳ ❑ ✲ ❁ ✲ ✳ ✶❂ ❁ ✽✾ ✶✽✳ ✾ P ❆ ❂ ✶❂ ❁ ✼ ✽✻ ❂ ❆

❩

✷ ✶❑ ❂ ✾ ◆ ❂ ✳ ✽✹ ✽✳

◆ ✴ ❁ ◆ ✸ ✾ ❂ ✹ ✸ ❁ ▼ ❑ ✽✳ ❑ ✶❑ ❂ ✲ ▲ ❁ ❂ ❂ ✼ ❂ ✻ ✶ ▼ ✲ ✾ ❁ ❂ ✲ ✳ ❑ ❂ ❆ ✰ ❏ ✸ ❩ ❂ ✸ ❩ ✾ ❂ ❁ ❅ ❂ ❆ ✶❑ ✲ ✶ ✶❑ ❂

❇ ✸ ✼ ✲ ✻ ✽✲ ✻ ✵❂ ▲ ✽✾ ✵✲ ✶✽✸ ✻ ❆ ✸ ❂ ✾ ✻ ✸ ✶ ❆ ❂ ✹ ✽✻ ❂ ✲ ✻ ✷ ▼ ❑ ❂ ❁ ❂ P ✽✻ ✻ ✸ ✻ ❂ ✸ ✹ ✶❑ ❂ ✼ ❂ ✲ ✻ ✾ P

✶❑ ❂ ✳ ✸ ✻ ✳ ❂ ◆ ✶ ✸ ✹ ✳ ✸ ✼ ◆ ✲ ✻ ✷ ✰ ❖ ✶ ▼ ✲ ✾ ✶❑ ❂ ✼ ❂ ❁ ✽✶ ✸ ✹ ✶❑ ❂ ❆ ✸ ✳ ✶❁ ✽✻ ❂ P ▼ ❑ ✽✳ ❑

✲ ✶✶❂ ✼ ◆ ✶❂ ❆ ✾ ✴ ✳ ❑ ✲ ❆ ❂ ✹ ✽✻ ✽✶✽✸ ✻ P ✾ ✶✲ ❁ ✶✽✻ ▲ ✴ ✾ ✴ ✲ ✵✵✷ ✹ ❁ ✸ ✼ ✶❑ ❂ ◆ ❁ ✸ ❅ ✽✾ ✽✸ ✻ ✾ ✸ ✹ ✶❑ ❂

◗ ✽❅ ✽✵ ◗ ✸ ❆ ❂ P ▼ ❑ ✽✳ ❑ ✽✻ ✲ ❁ ✶ ✰ ❘ ❙ ❚ ❘ ❆ ❂ ✹ ✽✻ ❂ ✾ ✶❑ ❂ ✳ ✽❅ ✽✵ ✾ ✸ ✳ ✽❂ ✶✷ P ✹ ✸ ❁ ✶❑ ❂ ◆ ✴ ❁ ◆ ✸ ✾ ❂

✸ ✹ ✼ ❂ ✼ ✸ ❁ ✲ ✻ ❆ ✴ ✼ ✸ ✹ ✲ ✾ ✾ ✸ ✳ ✽✲ ✶✽✸ ✻ ❯ ✰ ✱ ✸ ❁ ✶❑ ✲ ✶ ✼ ✲ ✶✶❂ ❁ P ✲ ✵✾ ✸ ✽✻ ✶❑ ❂ ✾ ◆ ❂ ✳ ✽✲ ✵✽❱ ❂ ❆

✹ ✸ ❁ ❂ ✽ ▲ ✻ ❆ ✸ ✳ ✶❁ ✽✻ ❂ ❲ ❂ ❳ ✰ ✶❑ ❂ ✱ ❁ ❂ ✻ ✳ ❑ ❆ ✸ ✳ ✶❁ ✽✻ ❂ ❨ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✲ ❁ ❂ ❆ ❂ ✹ ✽✻ ❂ ❆ ❩ ✲ ✾ ❂ ❆

✸ ✻ ✾ ✽✼ ✽✵✲ ❁ ✳ ✸ ✻ ✳ ❂ ◆ ✶✾ P ❩ ✴ ✶ ✾ ✶✲ ✻ ❆ ✲ ❁ ❆ ✽❱ ❂ ❆ ❩ ✷ ✶❑ ❂ ◗ ✽❅ ✽✵ ◗ ✸ ❆ ❂ ❬ ✰ ❏ ❑ ❂ ✶▼ ✸

✼ ❂ ✲ ✻ ✽✻ ▲ ✾ ✶❑ ✲ ✶ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✷ ❑ ✲ ✾ ✶✸

❩

❂ ❁ ❂ ▲ ✲ ❁ ❆ ❂ ❆ ✶❑ ❁ ✸ ✴ ▲ ❑ P ✲ ✵✾ ✸ ❂ ❳ ◆ ✵✲ ✽✻ ✶❑ ❂

❅ ❂ ❁ ✷ ✾ ◆ ❂ ✳ ✽✹ ✽✳ ✵❂ ▲ ✲ ✵ ✼ ✲ ✶✶❂ ❁ P ✲ ✼ ✲ ✶ ✶❂ ❁ ✸ ✹ ✳ ✸ ✻ ✳ ❂ ◆ ✶✾ ❁ ❂ ✾ ✴ ✵✶✽✻ ▲ ✹ ❁ ✸ ✼

✴ ✻ ❆ ❂ ❁ ✾ ✶✲ ✻ ❆ ✽ ✻ ▲ ✶❑ ❂ ✳ ✸ ✻ ✳ ❂ ◆ ✶ ✸ ✹ ✼ ❂ ✼ ✸ ❁ ✲ ✻ ❆ ✴ ✼ ✸ ✹ ✲ ✾ ✾ ✸ ✳ ✽✲ ✶✽✸ ✻ ✲ ✻ ❆ ✶❑ ❂

✳ ✸ ✼ ◆ ✲ ✻ ✷ ❭✽ ✻ ✾ ✶✽✶✴ ✶✽✸ ✻ ✰ ❏ ❑ ✴ ✾ P ✶❑ ❂ ✳ ✸ ✻ ✶❁ ✲ ✳ ✶✴ ✲ ✵ ✳ ✸ ✻ ✳ ❂ ◆ ✶✽✸ ✻ P ✽✼ ◆ ✸ ✾ ❂ ❆

❩

✷ ✶❑ ❂

❆ ❂ ❅ ❂ ✵ ✸ ◆ ✼ ❂ ✻ ✶ ✸ ✹ ✶❑ ❂ ✳ ✸ ✻ ✶❁ ✲ ✳ ✶ ✶❑ ❂ ✸ ❁ ✷ ✽✻ ✶❑ ❂ ✵✲ ✾ ✶ ✳ ❂ ✻ ✶✴ ❁ ✷ P ❂ ❳ ◆ ✵✲ ✽✻ ✾ ✶❑ ❂

❂ ❳ ✽✾ ✶❂ ✻ ✳ ❂ ✸ ✹ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✾ ✶✲ ❁ ✶✽✻ ▲ ✹ ❁ ✸ ✼ ✶❑ ❂ ❅ ✲ ✵✽❆ ✽✶✷ ✳ ✸ ✻ ❆ ✽✶✽✸ ✻ ✾

✽✼ ◆ ✸ ✾ ❂ ❆ ✶ ✸ ✲ ✻ ✷ ✳ ✸ ✻ ✶❁ ✲ ✳ ✶ ✲ ✻ ❆ ✹ ❁✸ ✼ ✶❑ ❂ ✳ ✸ ✻ ✶❁ ✲ ✳ ✶✴ ✲ ✵ ✶❂ ✳ ❑ ✻ ✽❪ ✴ ❂ ✾ ✶❑ ✲ ✶

❂ ✾ ✶✲

❩

✵✽✾ ❑ ✶❑ ❂ ❁ ❂ ✵✲ ✶✽✸ ✻ ✾ ❑ ✽◆ ✾ ✹ ✸ ❁✼ ❂ ❆ ▼ ✽✶❑ ✽✻ ✾ ✸ ✳ ✽❂ ✶✷ ❲ ✹ ✸ ❁ ❂ ❳ ✲ ✼ ◆ ✵❂ P ✶❑ ❂

✳ ✸ ✼ ◆ ✲ ✻ ✷ ✼ ✲ ✻ ✲ ▲ ❂ ✼ ❂ ✻ ✶ ✽✾ ❩ ✲ ✾ ❂ ❆ ✸ ✻ ✲ ✼ ✲ ✻ ❆ ✲ ✶❂ ✳ ✸ ✻ ✶❁ ✲ ✳ ✶ ✴ ✻ ❆ ❂ ❁ ▼ ❑ ✽✳ ❑ ✶❑ ❂

❂ ❳ ❂ ✳ ✴ ✶✽❅ ❂ ✸ ◆ ❂ ❁ ✲ ✶❂ ✾ ❨ ✰

❏ ❑ ❂ ❆ ✽✾ ✲ ❆ ❅ ✲ ✻ ✶✲ ▲ ❂ ✾ ✸ ✹ ▲ ❂ ✻ ❂ ❁ ✲ ✵✽❱ ✲ ✶✽✸ ✻ ✸ ✹ ✾ ✴ ✳ ❑ ✲ ✶❑ ❂ ✸ ❁ ✷ ✵✽❂ ✽✻ ✶❑ ❂

✾ ◆ ❂ ✳ ✽✹✽ ✳ ✽✾ ✾ ✴ ❂ ✾ ✶❑ ✲ ✶ ✾ ❑ ✲ ◆ ❂ ✲ ✳ ✸ ✼ ◆ ✲ ✻ ✷ P ✽✾ ✾ ✴ ❂ ✾ ✶❑ ✲ ✶ ✳ ✲ ✻ ✻ ✸ ✶ ❩ ❂ ❂ ❳ ◆ ✵✲ ✽✻ ❂ ❆

✸ ✻ ✵✷ ❩ ✷ ✳ ✸ ✻ ✶❁ ✲ ✳ ✶✴ ✲ ✵ ✲ ❁ ❁ ✲ ✻ ▲ ❂ ✼ ❂ ✻ ✶✾ ❲ ✹ ✸ ❁ ❂ ❳ ✲ ✼ ◆ ✵❂ P ✲ ✳ ✸ ✼ ◆ ✲ ✻ ✷ ❂ ✻ ✶❂ ❁ ✾

✲ ✳ ✶ ✴ ✲ ✵✵ ✷ ✽✻ ✶❑ ❂ ✳ ✸ ✼ ✼ ❂ ❁ ✳ ✽ ✲ ✵ ✳ ✽❁ ✳ ✴ ✽✶ ✸ ✻ ✵✷ ✲ ✹ ✶ ❂ ❁ ✽✶ ✾ ❁ ❂ ▲ ✽✾ ✶❁ ✲ ✶✽✸ ✻ ✲ ✶ ✶❑ ❂ ❏ ❁ ✲ ❆ ❂

❇ ❂ ▲ ✽✾ ✶❂ ❁ P ✼ ❂ ✲ ✻ ✽✻ ▲ ❩ ✲ ✾ ❂ ❆ ✸ ✻ ✲ ✲ ❆ ✼ ✽✻ ✽✾ ✶❁ ✲ ✶✽❅ ❂ ✹ ✸ ❁ ✼ ✲ ✵✽✶✷ P ✾ ✸ ✶❑ ✲ ✶ ✶❑ ❂

✾ ✽✼ ◆ ✵❂ ✼ ✲ ✻ ✽✹ ❂ ✾ ✶ ✲ ✶✽ ✸ ✻ ✸ ✹ ✶❑ ❂ ▼ ✽✵✵ ✸ ✹ ✶❑ ❂ ✾ ❑ ✲ ❁ ❂ ❑ ✸ ✵❆ ❂ ❁ ✾ ▼ ✸ ✴ ✵❆ ✻ ✸ ✶ ❩ ❂

✾ ✴ ✹ ✹ ✽✳ ✽❂ ✻ ✶ ✶✸ ❂ ✻ ✲

❩

✵❂ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✷ ✽✶✾ ❂ ✵✹ ❨ ✰

♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠

♥ ♦ ♣q

D.!C rpenaru,!

r s t ✉ ✈✇t① ②

q ③ ④ ⑤ ⑥ ⑦ ⑧

O.!C p "în ,!

Societ••ile comerciale,

⑨ ⑩ ❶ ❷

⑧ ❸♣❸❹ ⑦

actualized!and!complete,!Ed.!Lumina!Lex,!Bucure#ti,!1996,!p.!57

❺❻ ❻ ❼ ❽

q❾ q ❿ ❹ ⑦ ❸ ➀ ⑥ ➁

Dreptul societ••ilor comerciale,

③ ➂

Ed.!Holding!Reporter!#i!Albastr , Bucure#ti,!1998,!p.!

❼ ❽

q ❾

❷

♣➃

❷ ➄

➀ ➅ ➁

Constituirea !i modificarea societ••ii comerciale,

Ed.! Oscar! Prin",!

Bucure#ti,! 1998,! p.! 9

❺

11;! Elena! Cârcei,!

Drept comercial român,

➆

⑧ q ➇ ➈➈ ➉

❷

➀ ➊ ➁

➉ ➅ ➀ ➅ ➃

❷

#ti,!2000,!p.!46!and!next

(3)

❘ ❚ ➝

➞ ✸ ▼ ❂ ❅ ❂ ❁ P ✾ ✴ ✳ ❑ ✲ ✳ ✸ ✻ ✳ ❂ ◆ ✶✴ ✲ ✵✽❱ ✲ ✶✽✸ ✻ ✳ ✸ ✴ ✵❆ ✻ ✸ ✶ ▲ ✽❅ ❂ ✲ ✻ ✷

❂ ❳ ◆ ✵✲ ✻ ✲ ✶✽✸ ✻ ✸ ✹ ✶❑ ❂ ❂ ❳ ✽✾ ✶❂ ✻ ✳ ❂ ✸ ✹ ✶❑ ❂ ✾ ✸ ✵❂ ◆ ❁ ✸ ◆ ❁ ✽❂ ✶✸ ❁ ✾ ❑ ✽◆ ✶✷ ◆ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾

❲ ✵✽✼ ✽✶❂ ❆ ✵✽✲ ❩ ✽✵✽✶✷ ✳ ✸ ✼ ◆ ✲ ✻ ✷ ▼ ✽✶❑ ✾ ✸ ✵❂ ✾ ❑ ✲ ❁ ❂ ❑ ✸ ✵❆ ❂ ❁ P ✾ ✶✲ ✻ ❆ ✲ ❁ ❆ ✽❱ ❂ ❆ ❩ ✷ ✶❑ ❂

❇ ✸ ✼ ✲ ✻ ✽✲ ✻ ✵ ✲ ▼ ❨

❩

❂ ✳ ✲ ✴ ✾ ❂ ✶❑ ❂ ✲ ▲ ❁ ❂ ❂ ✼ ❂ ✻ ✶ ▼ ✽✵✵P ✹ ✴ ✻ ❆ ✲ ✼ ❂ ✻ ✶✲ ✵ ✶✸ ✲ ✻ ✷

✳ ✸ ✻ ✶❁ ✲ ✳ ✶P ✽✾ ✼ ✽✾ ✾ ✽✻ ▲ ✰

❏ ❑ ✽✾ ❂ ❳ ◆ ✵✲ ✽✻ ✾ ▼ ❑ ✷ ✽✶ ▼ ✲ ✾ ✶❁ ✽❂ ❆ ✶✸ ❆ ❂ ✹ ✽✻ ❂ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✷ ✶❑ ❁ ✸ ✴ ▲ ❑ ✶❑ ❂

✽✻ ✾ ✶✽✶✴ ✶✽✸ ✻ ✲ ✵ ◆ ❁ ✽✾ ✼ P ▲ ✽❅ ❂ ✻ ✶❑ ❂ ✹ ✲ ✳ ✶ ✶❑ ✲ ✶ ✶❑ ❂

❦

✴ ❆ ✽✳ ✽✲ ✵ ✽✻ ✾ ✶✽✶✴ ✶✽✸ ✻ ✽ ✾ ✲ ✾ ❂ ✶ ✸ ✹

❁ ✴ ✵❂ ✾ ✶❑ ✲ ✶ ✸ ❁ ▲ ✲ ✻ ✽❱ ❂ ✾ P ✽✻ ✲ ✾ ✴ ✾ ✶✲ ✽✻ ✲

❩

✵❂ ✽✼ ◆ ❂ ❁ ✲ ✶ ✽❅ ❂ ▼ ✲ ✷ P ✲ ▲ ❁ ✸ ✴ ◆ ✸ ✹ ◆ ❂ ✸ ◆ ✵❂

❑ ✲ ❅ ✽✻ ▲ ✲ ▼ ❂ ✵✵ ❆ ❂ ✹ ✽✻ ❂ ❆ ◆ ✴ ❁ ◆ ✸ ✾ ❂ ✰

➟ ➠❍ ❊ ❊ ✐➡ ✐■ ❍ ❋ ✐❜ ❣ ❜ ➡ ❋ ➢ ❴ ■ ❜ ➤ ➥ ❍ ❣ ✐❴ ❊

❀ ✹ ✽❁ ✾ ✶ ✳ ✵✲ ✾ ✾ ✽✹ ✽✳ ✲ ✶✽ ✸ ✻ ✸ ✹ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ▼ ✲ ✾ ✲ ✳ ❑ ✽❂ ❅ ❂ ❆ ✶❑ ❁ ✸ ✴ ▲ ❑ ✶❑ ❂

➦ ✲ ▼ ✻ ✸ ✰ ❘ ➧ ➨ ❘ ❚ ❚ ➩ P ❁ ❂ ▲ ✲ ❁ ❆ ✽✻ ▲ ✶❑ ❂ ✶❁ ✲ ✻ ✾ ✹ ✸ ❁ ✼ ✲ ✶✽✸ ✻ ✸ ✹ ✶❑ ❂ ✹ ✸ ❁ ✼ ❂ ❁ ✾ ✶✲ ✶❂

✾ ✸ ✳ ✽✲ ✵✽✾ ✶ ✴ ✻ ✽✶✾ ✽✻ ✲ ✴ ✶✸ ✻ ✸ ✼ ✸ ✴ ✾ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✰ ➫ ✽❅ ❂ ✻ ✶❑ ❂ ✶✽✼ ❂ ▼ ❑ ❂ ✻ ✶❑ ✽✾ ✵✲ ▼

▼ ✲ ✾ ◆ ✲ ✾ ✾ ❂ ❆ P ✽✶ ✶❁ ✽❂ ❆ ✶✸ ✼ ✲ ➭ ❂ ✲ ❆ ✽❅ ✽✾ ✽✸ ✻ ✸ ✹ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ P ✶✲ ➭ ✽ ✻ ▲ ✽✻ ✶✸

✲ ✳ ✳ ✸ ✴ ✻ ✶ ✶❑ ❂ ❂ ❪ ✴ ✽✶ ✷ ❑ ✸ ✵❆ ❂ ❁ ✰ ❀ ✳ ✳ ✸ ❁ ❆ ✽✻ ▲ ✶✸ ✶❑ ❂ ➦ ✲ ▼ ✻ ✸ ✰ ❘ ➧ ➨ ❘ ❚ ❚ ➩ P ✶❑ ❂

✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ▼ ❂ ❁ ❂ ✳ ✵✲ ✾ ✾ ✽✹ ✽❂ ❆ ✲ ✾ ✹✸ ✵✵ ✸ ▼ ✾ ❥ ✾ ✶✲ ✶❂ ✸ ▼ ✻ ❂ ❆ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ❧

✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ▼ ✽✶❑ ✼ ✽❳ ❂ ❆ ✳ ✲ ◆ ✽✶✲ ✵ ❲◆ ✴

❩

✵✽✳ ✲ ✻ ❆ ◆ ❁ ✽❅ ✲ ✶❂ ❨ ❧ ◆ ❁ ✽❅ ✲ ✶❂ ✵ ✷ ✸ ▼ ✻ ❂ ❆

✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✰

❇ ❂ ▲ ✲ ❁ ❆ ✽✻ ▲ ✶❑ ❂ ✾ ✽✶✴ ✲ ✶✽✸ ✻ ✸ ✹ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✸ ▼ ✻ ❂ ❆

❩

✷ ✶❑ ❂ ✾ ✶✲ ✶❂

❲ ▼ ❑ ✽✳ ❑ ✲ ✶ ✶❑ ❂ ✶✽✼ ❂ ✶❑ ❂ ✵✲ ▼ ▼ ✲ ✾ ✲ ❆ ✸ ◆ ✶❂ ❆ P ▼ ❂ ❁ ❂ ✶❑ ❂ ✼ ✲

❦

✸ ❁ ✽✶✷ ❨ P ✶❑ ❂ ✾ ❂ ✵✲ ✳ ➭ ❂ ❆

✶❑ ❂ ❪ ✴ ✲ ✵✽✶ ✷ ✸ ✹ ❩ ❂ ✽✻ ▲ ◆ ✴ ❩ ✵✽✳ ✵❂ ▲ ✲ ✵ ◆ ❂ ❁ ✾ ✸ ✻ ✾ ✰ ❏ ❑ ❂ ✲ ✾ ✾ ❂ ✶✾ ✸ ✹ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✷

❩ ❂ ✵✸ ✻ ▲ ❂ ❆ ✶✸ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✷ ❲✶ ❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✷ ❑ ✲ ❅ ✽✻ ▲ ✸ ▼ ✻ ❂ ❁ ✾ ❑ ✽◆ ❨ P ✶❑ ❂ ✾ ✶✲ ✶❂

❩

❂ ✽✻ ▲ ✻ ✸ ✶❑ ✽✻ ▲ ❂ ✵✾ ❂

❩

✴ ✶ ✾ ✸ ✵❂ ✾ ❑ ✲ ❁ ❂ ❑ ✸ ✵ ❆ ❂ ❁ P ❑ ✸ ✵❆ ❂ ❁ ✸ ✹ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✷ ➯✾

✳ ✲ ◆ ✽✶✲ ✵➲ ✰ ➳ ✴ ✳ ❑ ✲ ✾ ✸ ✵✴ ✶✽✸ ✻ P ✼ ✸ ❁ ❂ ✸ ❅ ❂ ❁ P ✽✾ ✹ ✴ ✵✵ ✷

❦

✴ ✾ ✶✽✹ ✽❂ ❆ P ✾ ✽✻ ✳ ❂ ✶❑ ❂ ✵✲ ▼ ✽ ✶✾ ❂ ✵✹P

✽✻ ✲ ❁ ✶ ✰ ❡ ➩ P ✾ ❂ ✶✾ ✸ ✴ ✶ ✶❑ ❂ ▼ ✲ ✷ ✽✻ ▼ ❑ ✽✳ ❑ P ✲ ✹ ✶❂ ❁ ✲ ✻ ❂ ❅ ✲ ✵✴ ✲ ✶✽✸ ✻ ✸ ✹ ✶❑ ❂ ✲ ✾ ✾ ❂ ✶✾ P

✶❑ ❂ ✾ ❂ ▼ ✽✵✵

❩

❂ ✳ ✸ ✼ ❂ ✶❑ ❂ ◆ ❁ ✸ ◆ ❂ ❁ ✶✷ ✸ ✹ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✷ ✰

❀

✹ ✶❂ ❁ ✶❑ ❂ ✲ ❆ ✸ ◆ ✶✽✸ ✻ ✸ ✹ ➦ ✲ ▼ ✻ ✸ ✰ ➝ ❘ ➨ ❘ ❚ ❚ ➩ P ✽✶ ▼ ✲ ✾ ❁ ❂ ✳ ✸ ✻ ✾ ✽❆ ❂ ❁ ❂ ❆ ✶❑ ❂

✳ ✵✲ ✾ ✾ ✽✹ ✽✳ ✲ ✶✽✸ ✻ ✸ ✹ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ❩ ✷ ✶❑ ❂ ✽❁ ✻ ✲ ✶✴ ❁ ❂ P ✽✻ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ▼ ✽✶❑ ❂ ❪ ✴ ✽✶✷

✲ ✻ ❆ ✳ ✸ ✼ ◆ ✲ ✻ ✽ ❂ ✾ ▼ ✽✶❑ ◆ ✲ ❁ ✶✻ ❂ ❁ ✾ ❑ ✽◆ ✰ ❀ ✵✸ ✻ ▲ ▼ ✽✶❑ ✶❑ ❂ ❂ ❪ ✴ ✽✶✷ ✲ ✻ ❆ ◆ ✲ ❁ ✶✻ ❂ ❁ ✾ ❑ ✽◆

✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ P ✲ ✾ ✲

❩

✸ ❁ ❆ ❂ ❁ ✽✻ ▲ ✳ ✸ ✼ ◆ ✲ ✻ ✷ P ▼ ❑ ✽✳ ❑

❩

✸ ❁ ❁ ✸ ▼ ✾ ✲ ✵✾ ✸ ✾ ◆ ❂ ✳ ✽✹ ✽✳

✹ ❂ ✲ ✶✴ ❁ ❂ ✾ ✸ ✹ ❂ ❪ ✴ ✽✶✷ ✲ ✻ ❆ ◆ ✲ ❁ ✶✻ ❂ ❁ ✾ ❑ ✽◆ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ P ▼ ✲ ✾ ✹ ✸ ✴ ✻ ❆ ❂ ❆ ✶❑ ❂ ✵✽✼ ✽✶❂ ❆

✵✽✲ ❩ ✽✵✽✶✷ ✳ ✸ ✼ ◆ ✲ ✻ ✷ P ✲ ✳ ✸ ✼ ◆ ✲ ✻ ✷ ✶❑ ✲ ✶ P ◆ ✲ ❁ ✶✽✳ ✴ ✵✲ ❁ ✵✷ ✽✻ ✶❑ ❂ ✳ ✴ ❁ ❁❂ ✻ ✶ ✾ ✸ ✳ ✽✸ ❭

❂ ✳ ✸ ✻ ✸ ✼ ✽✳ ✳ ✽❁ ✳ ✴ ✼ ✾ ✶✲ ✻ ✳ ❂ ✾ ✽✻ ❇ ✸ ✼ ✲ ✻ ✽✲ P ✽✾ ✶❑ ❂ ✼ ✸ ✾ ✶ ✳ ✸ ✼ ✼ ✸ ✻ ✵✷ ✴ ✾ ❂ ❆ ✹ ✸ ❁ ✼ ✰

♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠

➲

❾ q ➵ ❸➎❸

② ❷ ➄

➀ ➅ ➁

Dreptul de proprietate !i alte drepturi reale,

Ed.! Actami,! Bucure#ti,!

(4)

P.!T rchil

❘ ❚ ❙

❏ ❑ ❂ ❆ ✸ ✳ ✶❁ ✽✻ ❂ ✸ ✹ ✾ ◆ ❂ ✳ ✽✲ ✵✶✷ ➺ P ◆ ❁ ✸ ◆ ✸ ✾ ❂ ❆ ✲ ✵✾ ✸ ✸ ✶❑ ❂ ❁ ✳ ❁ ✽✶❂ ❁ ✽✲ ✹ ✸ ❁ ✶❑ ❂

✳ ✵✲ ✾ ✾ ✽✹ ✽✳ ✲ ✶✽ ✸ ✻ ✸ ✹ ✶❑ ❂ ✳ ✸ ✼ ✼ ❂ ❁ ✳ ✽✲ ✵ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ P ✻ ✲ ✼ ❂ ✵ ✷ ❥

•!base

❆ ✸ ✻ ✶❑ ❂ ➠✐❍ ❉ ✐➠✐❋ ✐❴ ❊ ❜ ➡ ❋ ➢ ❴ ❍ ❊ ❊ ❜ ■ ✐❍ ❋ ❴ ❊ ❥

❭ ◗ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ▼ ❑ ❂ ❁ ❂ ✶❑ ❂ ✲ ✾ ✾ ✸ ✳ ✽✲ ✶ ❂ ✾ ❑ ✲ ❅ ❂ ✵✽✼ ✽✶❂ ❆ ✵✽✲ ❩ ✽✵✽✶✷ ❧ ❭ ◗ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ▼ ❑ ❂ ❁ ❂ ✶❑ ❂ ✲ ✾ ✾ ✸ ✳ ✽✲ ✶❂ ✾ ❑ ✲ ❅ ❂ ✴ ✻ ✵✽✼ ✽✶❂ ❆ ✵✽✲ ❩ ✽✵✽✶✷ ✰

•!based!on

✶❑ ❂ ❊ ❜ ■ ✐❍ ➠ ■ ❍ ➥ ✐❋ ❍ ➠ ❊ ❋ ● ❤ ■ ❋ ❤ ● ❴ ❥

❭ ◗ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ▼ ✽✶❑ ✾ ✸ ✳ ✽✲ ✵ ✳ ✲ ◆ ✽ ✶✲ ✵ ❆ ✽❅ ✽❆ ❂ ❆ ✽ ✻ ✶✸ ✾ ❑ ✲ ❁ ❂ ✾ ❧ ❭ ◗ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ▼ ✽✶❑ ✾ ✸ ✳ ✽✲ ✵ ✳ ✲ ◆ ✽ ✶✲ ✵ ❆ ✽❅ ✽❆ ❂ ❆ ✽✻ ✶✸ ✾ ❑ ✲ ❁ ❂ ✾ ✸ ✹ ✽✻ ✶❂ ❁ ❂ ✾ ✶ ✰

•!based!on

❊ ❴ ■ ❤ ● ✐ ❋ ✐ ❴ ❊ ❥ ❭ ◗ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✶❑ ✲ ✶ ✽✾ ✾ ✴ ❂ ✾ ❂ ✳ ✴ ❁ ✽✶✽❂ ✾ ❧ ❭ ◗ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✳ ✲ ✻ ✻ ✸ ✶ ✽✾ ✾ ✴ ❂ ✾ ✴ ✳ ❑ ✾ ❂ ✳ ✴ ❁ ✽✶✽❂ ✾ ✰ ❏ ✸ ✸ ❩

✾ ❂ ❁ ❅ ❂ ✶❑ ✲ ✶ ✽✻ ❁ ❂ ✲ ✵✽✶✷ P ✲ ✵✵ ✶❑ ❂ ✾ ❂ ✳ ✵✲ ✾ ✾ ✽ ✹✽ ✳ ✲ ✶✽✸ ✻ ✾ ✲ ❁ ❂

✳ ✽❁ ✳ ✴ ✼ ✾ ✳ ❁ ✽❩ ❂ ❆ ✶✸ ✶ ❑ ❂ ✾ ❂ ◆ ✲ ❁ ✲ ✶✽✸ ✻ ✸ ✹ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✽✻ ◆ ✲ ❁ ✶✻ ❂ ❁ ✾ ❑ ✽◆ ✲ ✻ ❆

❂ ❪ ✴ ✽✶✷ ✳ ✸ ✼ ◆ ✲ ✻ ✽ ❂ ✾ P ✶✲ ➭ ✽✻ ▲ ✽✻ ✶✸ ✲ ✳ ✳ ✸ ✴ ✻ ✶ ✸ ✹ ✶❑ ❂ ✾ ◆ ❂ ✳ ✽✹ ✽✳ ✹❂ ✲ ✶✴ ❁ ❂ ✾ ✸ ✹ ✶❑ ❂

✵✽✼ ✽✶❂ ❆ ✵✽✲

❩

✽✵✽✶✷ ✳ ✸ ✼ ◆ ✲ ✻ ✷ ✰ ❏ ❑ ✴ ✾ P ✹ ✸ ❁ ❂ ❳ ✲ ✼ ◆ ✵❂ P ✳ ✸ ✻ ✳ ❂ ❁ ✻ ✽✻ ▲ ✶❑ ❂ ✵✽✲

❩

✽✵✽ ✶✷ ✸ ✹

✶❑ ❂ ✼ ❂ ✼ ❩ ❂ ❁ ✾ P ✽✶ ✽✾ ✴ ✻ ✵✽✼ ✽✶❂ ❆ ✽✻ ✳ ✲ ✾ ❂ ✸ ✹ ◆ ✲ ❁ ✶✻ ❂ ❁ ✾ ❑ ✽◆ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✲ ✻ ❆

✵✽✼ ✽✶❂ ❆ ✲ ✶ ✶❑ ❂ ✳ ✸ ✻ ✶❁ ✽❩ ✴ ✶✽✸ ✻ ✶✸ ✶ ❑ ❂ ✾ ✸ ✳ ✽✲ ✵ ✳ ✲ ◆ ✽ ✶✲ ✵ P ✽✻ ✶❑ ❂ ✳ ✲ ✾ ❂ ✸ ✹ ✶❑ ❂ ✳ ✲ ◆ ✽✶✲ ✵

✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✰ ➦ ✽✼ ✽✶❂ ❆ ✵✽ ✲

❩

✽✵ ✽✶✷ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✲ ✾ ✶❑ ❂ ✽❁ ✻ ✲ ✼ ❂ ✽✻ ❆ ✽✳ ✲ ✶❂ ✾ P

❩

✸ ❁ ❁ ✸ ▼ ❂ ❆ ✶❑ ✽✾ ✹ ❂ ✲ ✶✴ ❁ ❂ ✹ ❁ ✸ ✼ ✶❑ ❂ ✳ ✲ ◆ ✽✶✲ ✵ ✳ ✸ ✼ ◆ ✲ ✻ ✽ ❂ ✾ P ✲ ✾ ✾ ✸ ✳ ✽✲ ✶✽ ✸ ✻ ✾ P ▼ ✽✶❑

✵✽✼ ✽✶❂ ❆ ✵✽✲ ❩ ✽✵✽✶✷ ✰ ➳ ✽✼ ✽✵✲ ❁ ✵✷ P ✶❑ ❂ ✳ ✲ ◆ ✽✶✲ ✵ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ❁ ❂ ❪ ✴ ✽❁ ❂ ✲ ✾ ✸ ✳ ✽✲ ✵ ✳ ✲ ◆ ✽ ✶✲ ✵

❆ ✽❅ ✽❆ ❂ ❆ ✽✻ ✶✸ ✾ ❑ ✲ ❁ ❂ ✾ P ▼ ❑ ✽ ✵❂ ✶❑ ❂ ◆ ✲ ❁ ✶✻ ❂ ❁ ✾ ❑ ✽◆ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ❑ ✲ ❅ ❂ ✶❑ ❂ ✾ ✸ ✳ ✽✲ ✵

✳ ✲ ◆ ✽ ✶✲ ✵ ❆ ✽❅ ✽❆ ❂ ❆ ✽✻ ✶✸ ✾ ❑ ✲ ❁ ❂ ✾ ✸ ✹ ✽✻ ✶❂ ❁ ❂ ✾ ✶ ✰ ✱ ✸ ❁ ✵✽✼ ✽✶❂ ❆ ✵✽✲

❩

✽✵✽✶ ✷ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ P

✶❑ ❂ ✾ ✸ ✳ ✽✲ ✵ ✳ ✲ ◆ ✽✶✲ ✵ ✽✾ ❆ ✽❅ ✽❆ ❂ ❆ ✽✻ ✶✸ ✾ ❑ ✲ ❁ ❂ ✾ P ▼ ❑ ✽✳ ❑ ❁ ❂ ◆ ❁ ❂ ✾ ❂ ✻ ✶ ✲ ✾ ◆ ❂ ✳ ✽✹ ✽✳ ✹ ✸ ❁ ✼

✸ ✹ ✶❑ ❂ ✾ ❑ ✲ ❁ ❂ ✾ ✸ ✹ ✽ ✻ ✶❂ ❁ ❂ ✾ ✶ ➻ ✰ ❏ ❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✳ ✲ ✻ ❩ ❂ ✳ ✵✲ ✾ ✾ ✽✹ ✽❂ ❆ ✲ ✵✾ ✸ ❩ ✷ ✶❑ ❂ ✽❁ ❊ ❴ ❋ ❋ ➠ ❴ ➤ ❴ ❣ ❋ ➤ ❜ ❝ ❴ ✰ ✱ ❁ ✸ ✼

✶❑ ✽✾ ◆ ✸ ✽✻ ✶ ✸ ✹ ❅ ✽❂ ▼ P ✶❑ ❂ ❁ ❂ ✲ ❁ ❂ ❥

•

◗ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✾ ❂ ✶✶ ✵❂ ❆ ❩ ✷ ✶❑ ❂ ➼ ❴ ❣ ❴ ● ❍ ➠ ➽ ❍ ❛ ❲ ➦ ✲ ▼ ✻ ✸ ✰ ➝ ❘ ➨ ❘ ❚ ❚ ➩ P

❁ ❂ ◆ ✴ ❩ ✵✽✾ ❑ ❂ ❆ ❨ ❧

•

◗ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ▲ ✸ ❅ ❂ ❁ ✻ ❂ ❆ ❩ ✷ ❊ ➥ ❴ ■ ✐❍ ➠ ➠❍ ❛ ❊ ❥ ➾ ✲ ✻ ➭ ✽✻ ▲ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾

▲ ✸ ❅ ❂ ❁ ✻ ❂ ❆ ❩ ✷ ➦ ✲ ▼ ✻ ✸ ✰ ➧ ➚ ➨ ❘ ❚ ❚ ➚ ❧ ❀ ▲ ❁ ✽✳ ✴ ✵✶✴ ❁ ✲ ✵ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ P ▲ ✸ ❅ ❂ ❁ ✻ ❂ ❆ ❩ ✷

➦ ✲ ▼ ✻ ✸ ✰ ➝ ➪ ➨ ❘ ❚ ❚ ❘ ✲ ✻ ❆ ❖ ✻ ✾ ✴ ❁ ✲ ✻ ✳ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✽ ❂ ✾ P ▲ ✸ ❅ ❂ ❁✻ ❂ ❆

❩

✷ ➦ ✲ ▼ ✻ ✸ ✰

➝ ❡ ➨❡ ➩ ➩ ➩ ✰

♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠ ♠

➶ ➈⑦ ♣➌

❷

❹ ➃ ➹ ➌ ⑥ ➘

❷ ➴ ❷ ❷

⑦

②

❹ ❸⑦ ♣

❷

⑧ ❹ ➅ ♣ ♣➌

❷ ➄

❸➷ ❸➎⑥ ➃❸♣❸

❷ ➄

♣➌ ⑥ ♣

❷ ➬

❸

➄

♣➁

❷ ➄ ② ❷

➀ ❸⑥ ➎➎➹ ❸⑦ ♣

❷

➃➷

➄

❹ ➮ ♣➌

❷

➎

❷ ➱

⑥ ➎

➄

♣⑥ ♣➅

➄ ➴ ❷

♣✃

❷ ❷

⑦ ♣➌

❷ ➄

❹ ➀ ❸⑥ ➎

➄

➌ ⑥ ➃

❷ ➄

⑥ ⑦ ⑧ ♣➌

❷ ➄

➌ ⑥ ➃

❷ ➄

❹ ➮ ❸⑦ ♣

❷

➃

❷ ➄

♣q ❐ ❹

➄ ❷ ❷

➁ ➈q❒ q

❮

❷

❹ ➃

➱ ❷ ➄

➀ ➅ ➁ ❹

②

q ➀ ❸♣q➁ ➘ ❹ ➎q ➈➈➁

②

q ③ ➸

❺

③

❻

q ❐ ➌ ❸

➄

➘

❷

➃ ➹ ➌ ❸

➱

➌

➄

❸➷ ❸➎⑥ ➃❸♣➹

➴ ❷

♣✃

❷ ❷

⑦ ♣➌

❷

♣✃ ❹

➄

♣➃➅ ➀ ♣➅ ➃

❷ ❷ ➎ ❷ ➷ ❷ ⑦ ♣ ➄

❹ ➮ ⑥

➄

❹ ➀ ❸⑥ ➎ ➀ ⑥

②

❸♣⑥ ➎ ➷ ⑥ ➊

❷ ➄

➅

➄ ➴ ❷

➎❸

❷

➘

❷

♣➌ ⑥ ♣ ➅ ➎♣❸➷ ⑥ ♣

❷

➎➹ ➁ ♣➌

❷ ➄

❹ ➀ ❸⑥ ➎

➄

➌ ⑥ ➃

❷ ➄

➀ ❹ ⑦

➄

♣❸♣➅ ♣

❷

⑥ ⑦

❷

➘ ❹ ➎➘

❷

⑧ ➮❹ ➃ ➷ ❹ ➮ ♣➌

❷ ➄

➌ ⑥ ➃

❷ ➄

❹ ➮ ❸⑦ ♣

❷

➃

❷ ➄

♣➁

➄② ❷

➀ ❸➮❸➀ ♣❹ ♣➌

❷ ②

⑥ ➃♣⑦

❷

➃

➄

➌ ❸

②

(5)

❘ ❚ ➧

❏ ❑ ❁ ✸ ✴ ▲ ❑ ✶ ❑ ❂ ➫ ✸ ❅ ❂ ❁ ✻ ✼ ❂ ✻ ✶ ✺ ✼ ❂ ❁ ▲ ❂ ✻ ✳ ✷ ❰ ❁ ❆ ✽✻ ✲ ✻ ✳ ❂ ✻ ✸ ✰ ➝ ➩ ➨❡ ➩ ➩ ➩ P

✶❑ ❂ ❅ ❂ ❁ ✷ ❴ Ï ✐❊ ❋ ❴ ❣ ■ ❴ ❜ ➡ ❋ ➢ ❴ ❍ ❤ ❋ ❜ ❣ ❜ ➤ ❜ ❤ ❊ ❍ ❝ ➤ ✐❣ ✐❊ ❋ ● ❍ ❋ ✐❜ ❣ ❊ ▼ ✲ ✾

✹ ✴ ✻ ❆ ✲ ✼ ❂ ✻ ✶✲ ✵✵✷ ✳ ❑ ✲ ✻ ▲ ❂ ❆ P ✲ ✾ ✶❑ ❂ ✷ ▼ ❂ ❁ ❂ ▲ ✸ ❅ ❂ ❁ ✻ ❂ ❆ ❩ ✷ ➦ ✲ ▼ ✻ ✸ ✰ ❘ ➧ ➨ ❘ ❚ ❚ ➩ ✰

❄

✻ ❆ ❂ ❁ ✶❑ ❂ ✾ ❂ ✳ ✽❁ ✳ ✴ ✼ ✾ ✶ ✲ ✻ ✳ ❂ ✾ P ◆ ✲ ❁ ✶ ✸ ✹ ✶❑ ❂ ✾ ❂ ✲ ❆ ✼ ✽✻ ✽✾ ✶❁ ✲ ✶✽✸ ✻ ✾ ▼ ✲ ✾ ❆ ✽✾ ✾ ✸ ✵❅ ❂ ❆ P

✲ ✻ ✸ ✶❑ ❂ ❁ ◆ ✲ ❁ ✶ ▼ ✲ ✾ ✶❁ ✲ ✻ ✾ ✹ ✸ ❁ ✼ ❂ ❆ P ✲ ✻ ❆ ✹ ✽✻ ✲ ✵✵ ✷ P ✶❑ ✸ ✾ ❂ ✳ ✸ ✻ ✾ ✽❆ ❂ ❁ ❂ ❆ ✹ ✴ ✻ ✳ ✶✽✸ ✻ ✽✻ ▲

✽✻ ➭ ❂ ✷ ✲ ❁❂ ✲ ✾ ❁ ❂ ✵✲ ✶✽✻ ▲ ✶✸ ✶❑ ❂ ✾ ✶✲ ✶❂ ✽✻ ✶❂ ❁ ❂ ✾ ✶✾ ✳ ✸ ✻ ✶✽✻ ✴ ❂ ❆ ✶✸ ❂ ❳ ✽✾ ✶ ✽✻ ✽✶✾

✸ ❁ ✽▲ ✽✻ ✲ ✵ ✹ ✸ ❁ ✼ ✰ ❖ ✻ ✶❑ ❂ ✳ ✲ ✾ ❂ ✸ ✹ ✶❑ ❂ ✶❁ ✲ ✻ ✾ ✹ ✸ ❁✼ ❂ ❆ ✲ ✴ ✶✸ ✻ ✸ ✼ ✸ ✴ ✾

✲ ❆ ✼ ✽✻ ✽✾ ✶❁ ✲ ✶✽✸ ✻ ✾ P ✶❑ ❂ ✷ ▼ ❂ ❁ ❂ ❁ ❂ ✸ ❁ ▲ ✲ ✻ ✽❱ ❂ ❆ ✲ ✾ ❣

❍ ❋ ✐

❜ ❣

❍ ➠ ■

❜ ➤ ➥

❍

❣

✐

❴

❊

✲ ✻ ❆

✻ ✲ ✶✽✸ ✻ ✲ ✵ ✾ ✸ ✳ ✽❂ ✶✽❂ ✾ P ▼ ❑ ✽✳ ❑ ❑ ✲ ❅ ❂ ❩ ❂ ❂ ✻ ✹ ✸ ✴ ✻ ❆ ❂ ❆ P ✲ ❁ ❂ ✳ ✸ ✻ ✾ ✽❆ ❂ ❁ ❂ ❆ ✶❁ ✲ ❆ ❂

✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ P ✲ ✳ ✳ ✸ ❁ ❆ ✽✻ ▲ ✶✸ ➦ ✲ ▼ ✰ ❘ ➧ ➨ ❘ ❚ ❚ ➩ ✰ Ð ✸ ❁ ❂ ✸ ❅ ❂ ❁ P ✾ ✴ ✳ ❑ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ▼ ✽✶❑

✲ ✳ ❂ ❁✶ ✲ ✽✻ ✾ ◆ ❂ ✳ ✽✹ ✽✳ ✲ ❁ ❂ ✲ ✵✾ ✸ ✹ ✸ ✴ ✻ ❆ ✽✻ ✸ ✶❑ ❂ ❁ ✾ ✶✲ ✶❂ ✾ ✰ ✱ ✸ ❁ ❂ ❳ ✲ ✼ ◆ ✵❂ P ✽✻ Ñ

● ❍

❣

■

❴ Ò

❲ ✯ ❑ ✰ Ð ❂ ❁ ✵❂ P Ó Ô Õ Ö× Ø Õ Ù Ù Ú Ô Ø ÖÛ ÜÚ Ý Þ ß Õ Ø ÖÚ ×Ú Ý Ø Õ Ù Ù Ú Ô Ø ÖÛ ÜÚ Ý à Õ á Þ Ø Ö×Þà ◆ ✰ ❘ ❡ ❭

❘ ❙ ❨ ✲ ❁ ❂ ✳ ✸ ✻ ✾ ✽❆ ❂ ❁ ❂ ❆ ✶✸ ❩ ❂ ■ ❜ ➤ ➥ ❍ ❣ ✐❴ ❊ ❛ ✐❋ ➢ ❍ ❊ ➥ ❴ ■ ✐➡ ✐■ ➠❴ â ❍ ➠ ❊ ❋ ❍ ❋ ❤ ❊ ❞

•

➟

❜ ã ❜ ➥ ❴

● ❍ ❋ ✐ä

❴

■

❜ ➤ ➥

❍

❣

✐

❴

❊ å

✽✻ ▼ ❑ ✽✳ ❑ ✶❑ ❂ ✲ ✾ ✾ ✸ ✳ ✽✲ ✶❂ ✾ ✲ ❁❂ ✲ ✶ ✶❑ ❂ ✾ ✲ ✼ ❂ ✶✽✼ ❂

❂ ✽✶❑ ❂ ❁ ▼ ✸ ❁➭ ❂ ❁✾ ❂ ✼ ◆ ✵✸ ✷ ❂ ❆ ✽✻ ✶❑ ❂ ✾ ❂ ❁❅ ✽✳ ❂ ✸ ✹ ✶❑ ✲ ✶ ✳ ✸ ✼ ◆ ✲ ✻ ✷ ❲✽✻ ✶❑ ❂ ✳ ✲ ✾ ❂ ✸ ✹

◆ ❁✸ ❆ ✴ ✳ ✶✽✸ ✻ ✳ ✸ ❭✸ ◆ ❂ ❁ ✲ ✶✽❅ ❂ ✾ ❨ ✸ ❁ ✾ ✴ ◆ ◆ ✵✽❂ ❁ ✾ ✸ ✹ ◆ ❁ ✸ ❆ ✴ ✳ ✶✾ ✹ ✸ ❁ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✷ P ✸ ❁

✳ ✴ ✾ ✶✸ ✼ ❂ ❁✾ ❲✽✻ ✶❑ ❂ ✳ ✲ ✾ ❂ ✸ ✹ ✳ ✸ ✻ ✾ ✴ ✼ ◆ ✶✽✸ ✻ ✳ ✸ ✸ ◆ ❂ ❁ ✲ ✶✽❅ ❂ ✾ ❨ ✰ ❏ ❑ ❂ ❆ ❂ ✳ ✽✾ ✽✸ ✻ ✾ ✽✻

✶❑ ❂ ✾ ❂ ✹✸ ❁✼ ✾ ✸ ✹ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✲ ❁ ❂ ✲ ❆ ✸ ◆ ✶❂ ❆ ✴ ✻ ❆ ❂ ❁ ✶❑ ❂

✿

✸ ✻ ❂ ✼ ✲ ✻ P ✸ ✻ ❂ ❅ ✸ ✶❂

✿

❁ ✴ ✵❂ ❧

•

◗ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✶❑ ✲ ✶ ✽ ✻ ❅ ✸ ✵❅ ❂ ✶❑ ❂ ➥ ❍ ● ❋ ✐■ ✐➥ ❍ ❋ ✐❜ ❣ ❜ ➡ ❋ ➢ ❴ ❛ ❜ ● æ ❴ ● ❊ P ▼ ❑ ✸ P

✻ ❂ ✳ ❂ ✾ ✾ ✲ ❁ ✽✵✷ P ✲ ❁ ❂ ❂ ✾ ✶✲

❩

✵✽✾ ❑ ❂ ❆ ✲ ✾ ç ❜ ✐❣ ❋ ❊ ❋ ❜ ■ æ ■ ❜ ➤ ➥ ❍ ❣ ✐❴ ❊ P ✲ ✻ ❆ ✲ ✵✵✸ ▼ ✽✻ ▲ ✶❑ ❂

◆ ✲ ❁ ✶✽✳ ✽◆ ✲ ✶✽✸ ✻ ✸ ✹ ✶❑ ❂ ❂ ✼ ◆ ✵✸ ✷ ❂ ❂ ✾ ✲ ✶ ✶❑ ❂

❩

❂ ✻ ❂ ✹ ✽✶✾ ✲ ✻ ❆ ✲ ✶ ✶❑ ❂ ❂ ✹ ✹ ❂ ✳ ✶✽❅ ❂

✼ ✲ ✻ ✲ ▲ ❂ ✼ ❂ ✻ ✶ ✸ ✹ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✷ ✰

➳ ✽✼ ✽✵✲ ❁ ✵✷ P ▼ ❑ ❂ ✻ ✽✻ ❇ ✸ ✼ ✲ ✻ ✽✲ ✶❑ ❁ ✸ ✴ ▲ ❑ ✶❑ ❂ ✵✲ ▼ ▼ ✲ ✾ ✽✻ ✶❂ ✻ ❆ ❂ ❆ ✶✸

❂ ✻ ✾ ✴ ❁ ❂ ✶❑ ❂ ✲ ✳ ✳ ❂ ✵❂ ❁ ✲ ✶✽✸ ✻ ✸ ✹ ✶❑ ❂ ◆ ❁ ✽❅ ✲ ✶✽❱ ✲ ✶✽✸ ✻ P ✲ ✾ ✽✼ ✽✵✲ ❁ ✹ ✸ ❁ ✼ ✴ ✵✲ ▼ ✲ ✾

✽✻ ✶❁ ✸ ❆ ✴ ✳ ❂ ❆

❩

✷ ✶❑ ❂ ➦ ✲ ▼ ✻ ✸ ✰ è è ➨ ❘ ❚ ❚ ❙ ❁ ❂ ▲ ✲ ❁ ❆ ✽✻ ▲ ✶ ❑ ❂ ✲ ✾ ✾ ✸ ✳ ✽✲ ✶✽✸ ✻ ✾ ✸ ✹ ✶❑ ❂

❂ ✼ ◆ ✵✸ ✷ ❂ ❂ ✾ ✲ ✻ ❆ ✸ ✹ ✶❑ ❂ ✼ ✲ ✻ ✲ ▲ ❂ ❁ ✾ ✸ ✹ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✶✸ ❩ ❂ ◆ ❁ ✽❅ ✲ ✶✽❱ ❂ ❆ P

✲

❩

✸ ✵✽✾ ❑ ❂ ❆

❩

✷ ✶❑ ❂ ➫ ✸ ❅ ❂ ❁ ✻ ✼ ❂ ✻ ✶ ✺ ✼ ❂ ❁ ▲ ❂ ✻ ✳ ✷ ❰ ❁ ❆ ✽✻ ✲ ✻ ✳ ❂ ✻ ✸ ✰ ➚ ➚ ➨ ❘ ❚ ❚ è

❁ ❂ ▲ ✲ ❁ ❆ ✽✻ ▲ ✶❑ ❂ ◆ ❁ ✽❅ ✲ ✶✽ ❱ ✲ ✶✽✸ ✻ ✸ ✹ ✶❑ ❂ ✳ ✸ ✼ ◆ ✲ ✻ ✽ ❂ ✾ P ✲ ✵✲ ▼ ✶❑ ❁ ✸ ✴ ▲ ❑ ▼ ❑ ✽✳ ❑ P

✲ ✼ ✸ ✻ ▲ ✸ ✶❑ ❂ ❁ ✶❑ ✽✻ ▲ ✾ P ▼ ❂ ❁ ❂ ❂ ✾ ✶✲ ❩ ✵✽✾ ❑ ❂ ❆ ✶❑ ❂ ✯ ✰❀ ✰➳ ✰

•

➟ ❜ ➤ ➥ ❍ ❣ ✐❴ ❊ ❛ ✐❋ ➢ ä ❍ ● ✐❍ ❉ ➠❴ ■ ❍ ➥ ✐❋ ❍ ➠P ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ▼ ❑ ❂ ❁ ❂ ✶❑ ❂ ✳ ✲ ◆ ✽✶✲ ✵ ❅ ✲ ❁ ✽❂ ✾

✳ ✸ ✻ ✾ ✶✲ ✻ ✶✵✷ P ❂ ✽✶ ❑ ❂ ❁

❩

✷ ✽✻ ✳ ❁ ❂ ✲ ✾ ✽✻ ▲ ✽✶ ✹ ❁ ✸ ✼ ◆ ✲ ✷ ✼ ❂ ✻ ✶✾ ✼ ✲ ❆ ❂

❩

✷ ✶❑ ❂ ❂ ❳ ✽✾ ✶✽✻ ▲

✲ ✾ ✾ ✸ ✳ ✽✲ ✶❂ ✾ ✸ ❁ ❩ ✷ ✶❑ ✸ ✾ ❂ ▼ ❑ ✸ ▼ ✽✾ ❑ ✶✸ ✲ ✳ ❪ ✴ ✽❁ ❂ ✾ ✴ ✳ ❑ ✲ ❪ ✴ ✲ ✵✽ ✶✷ P ✸ ❁ ❩ ✷

❁ ❂ ▲ ✴ ✵✲ ❁ ✵✷ ❁ ❂ ❆ ✴ ✳ ✽✻ ▲ ✶❑ ❂ ✳ ✲ ◆ ✽✶✲ ✵P ✲ ✹ ✶❂ ❁ ✶❑ ❂ ▼ ✽✶❑ ❆ ❁ ✲ ▼ ✲ ✵ ✸ ✹ ✾ ✸ ✼ ❂ ✲ ✾ ✾ ✸ ✳ ✽✲ ✶❂ ✾ ✰

➳ ✴ ✳ ❑ ✳ ✲ ◆ ✽✶✲ ✵ ❅ ✲ ❁ ✽✲

❩

✽✵✽✶✷ ✳ ✵✲ ✴ ✾ ❂ ✾ ✲ ❁ ❂ ◆ ❁ ✸ ❑ ✽

❩

✽✶❂ ❆

❩

✷ ✶❑ ❂ ✱ ❁ ❂ ✻ ✳ ❑ ✵✲ ▼ P ✹ ✸ ❁ ✶❑ ❂

✳ ✲ ✾ ❂ ✸ ✹ ✶❑ ❂

❦

✸ ✽✻ ✶ ✾ ✶✸ ✳ ➭ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ P ✸ ✶❑ ❂ ❁ ✶❑ ✲ ✻ ✶❑ ❂ ✳ ✸ ❭✸ ◆ ❂ ❁ ✲ ✶✽ ❅ ❂ ✸ ✻ ❂ ✾ ✸ ❁

✶❑ ✸ ✾ ❂ ✹ ✸ ✴ ✻ ❆ ❂ ❆ ✲ ✾ ✾ ✴ ✳ ❑ P ✾ ◆ ❂ ✳ ✽✹ ✷ ✽✻ ▲ ✶❑ ❂ ❅ ✲ ❁ ✽✲ ❩ ✽✵✽✶✷ ✸ ✹ ✶❑ ❂ ✳ ✲ ◆ ✽✶ ✲ ✵P

❩

❂ ▲ ✽✻ ✻ ✽✻ ▲ ▼ ✽✶❑ ❘ ❚ ➚ ❘ P ▼ ❑ ❂ ✻ ✽✻ ✶❑ ❂ ✱ ❁ ❂ ✻ ✳ ❑ ✵✲ ▼ ▼ ❂ ❁ ❂ ✲ ✾ ✾ ✽✼ ✽✵✲ ✶❂ ❆ ✶❑ ❂

◆ ❁ ✸ ❅ ✽✾ ✽✸ ✻ ✾ ✸ ✹ ✶❑ ❂ ✾ ❂ ✳ ✸ ✻ ❆ ✺ ✴ ❁ ✸ ◆ ❂ ✲ ✻ é ✽❁ ❂ ✳ ✶✽❅ ❂ ✹ ❁ ✸ ✼ ❘ ➝ é ❂ ✳ ❂ ✼

❩

(6)

P.!T rchil

❘ ❚ ➪

•

ê

✐Ï ❴ ❝ ❴ ■ ❜ ❣ ❜ ➤ ✐■ ■ ❜ ➤ ➥ ❍ ❣ ✐❴ ❊ P ✹ ✸ ✴ ✻ ❆ ❂ ❆

❩

✷ ✲ ✾ ✾ ✸ ✳ ✽✲ ✶✽✻ ▲ ✶❑ ❂ ◆ ❁ ✽❅ ✲ ✶❂

✳ ✲ ◆ ✽ ✶✲ ✵ ▼ ✽✶❑ ✲ ◆ ✴

❩

✵✽✳ ✳ ✸ ✵✵ ❂ ✳ ✶✽❅ ✽✶ ✷ ✰

➳ ✽✻ ✳ ❂ ❘ ❚ ➚ ➝ P ✾ ✴ ✳ ❑ ✲ ✾ ✾ ✸ ✳ ✽ ✲ ✶✽✸ ✻ ✾ ▼ ❂ ❁ ❂ ✲ ❆ ✼ ✽✶✶❂ ❆ ✲ ✵✾ ✸ ✲ ✶ ✲ ➠❜ ■ ❍ ➠ ➠❴ ä ❴ ➠P

❩

❂ ✽✻ ▲ ✹ ✸ ✴ ✻ ❆ ❂ ❆ ✵✸ ✳ ✲ ✵ ✼ ✽❳ ❂ ❆ ❂ ✳ ✸ ✻ ✸ ✼ ✽✳ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✰ ➳ ✴ ✳ ❑ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✳ ✸ ✴ ✵❆

❩

❂ ✳ ✸ ✼ ◆ ✲ ❁ ❂ ❆ ▼ ✽✶❑ ✶❑ ❂ ✾ ✶✲ ✶❂ ❭ ✸ ▼ ✻ ❂ ❆ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ P ▲ ✽❅ ❂ ✻ ✶❑ ❂ ✹ ✲ ✳ ✶ ✶❑ ✲ ✶ ✶❑ ❂ ✷

✻ ❂ ✳ ❂ ✾ ✾ ✲ ❁✽ ✵✷ ✼ ✴ ✾ ✶ ❩ ❂ ✹ ✸ ✴ ✻ ❆ ❂ ❆ ✽✻ ✶❑ ❂ ✹ ✸ ❁ ✼ ✸ ✹ ❦ ✸ ✽✻ ✶ ✾ ✶✸ ✳ ➭ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ P ✲ ✻ ❆

✶❑ ❂ ✼ ✲ ❦ ✸ ❁ ✽✶ ✷ ✸ ✹ ✶❑ ❂ ✳ ✲ ◆ ✽✶✲ ✵ ✽✾ ❑ ❂ ✵❆ ❩ ✷ ✶❑ ❂ ◆ ✴ ❩ ✵✽✳ ◆ ✸ ▼ ❂ ❁ ✰ ❀ ✵✾ ✸ P ✽✻ ✾ ✽❆ ❂ ✶❑ ❂

❆ ❂ ✳ ✽ ✾ ✽✸ ✻ ✾ ✷ ✾ ✶❂ ✼ P ✶❑ ❂ ✼ ✲

❦

✸ ❁ ✽✶✷ ❅ ✸ ✶ ❂

❩

❂ ✵✸ ✻ ▲ ✾ ✲ ✵✾ ✸ ✶✸ ✶❑ ❂ ✲ ✴ ✶❑ ✸ ❁ ✽✶✷ P ▼ ❑ ❂ ✶❑ ❂ ❁

✵✸ ✳ ✲ ✵ ✸ ❁ ✳ ❂ ✻ ✶❁ ✲ ✵ ✰ ❏ ❑ ❂ ◆ ✴ ❁ ◆ ✸ ✾ ❂ ✸ ✹ ✹ ✸ ✴ ✻ ❆ ✽✻ ▲ ✾ ✴ ✳ ❑ ✳ ✸ ✼ ◆ ✲ ✻ ✽❂ ✾ ✽✾ ✶❑ ❂

❦

✸ ✽✻ ✶

❂ ❳ ◆ ✵✸ ✽✶✲ ✶✽✸ ✻ ✸ ✹ ✾ ✸ ✼ ❂ ◆ ✴ ❩ ✵✽✳ ✾ ❂ ❁ ❅ ✽✳ ❂ ✾ ✸ ✹ ✳ ✸ ✼ ✼ ❂ ❁ ✳ ✽✲ ✵ ✸ ❁ ✽ ✻ ❆ ✴ ✾ ✶❁ ✽✲ ✵

✳ ❑ ✲ ❁ ✲ ✳ ✶❂ ❁ P ✸ ❁ ✸ ✶❑ ❂ ❁ ✲ ✳ ✶ ✽❅ ✽✶✽❂ ✾ ✸ ✹ ▲ ❂ ✻ ❂ ❁ ✲ ✵ ✽✻ ✶❂ ❁ ❂ ✾ ✶ ✹ ✸ ❁ ✶❑ ❂ ✾ ✸ ✳ ✽❂ ✶✷ ✰ ❏ ✸

❩

❂

✸

❩

✾ ❂ ❁ ❅ ❂ ❆ ✶ ❑ ✲ ✶ ✶❑ ❂ ë ❜ ➤

❍

❣

✐❍

❣

➠❍

❛ ì í î ï ð ñ òó í ô ô õ î ö ÷ ô ô ï î ò÷ øòï ñ ô ù ú õ ø ï ñ ûü

õ ñ ý í ì þ ÿ ✁ ✂ ✄ ☎ ✁ ✂ ✆ ✝ ☎ ✞ ✟ ✝ ☎ ☎ ✠ ☎ ✁ ✂ ✡ ù øö í ÷ ô ô ï î ò÷ øòï ñ øö õ ô î ì í ÷ øí ý ù

÷ î î ï ì ý òñ ð øï øö í ☛ ï ☞ ☞ í ì î ò÷ û ☛ ï ý í ù ú í òñ ð ✌ òøö ï õ ø ûí ð ÷ û ✍ í ì ô ï ñ ÷ ûòø ü ✎ ✏ ö í

òñ øí ì ✑ í ñ øòï ñ ï ✒ øö í ô ø÷ øí ï ì òøô ï ìð ÷ ñ ô ✌ òøö òñ ô õ î ö î ï ☞ ✍ ÷ ñ òí ô òô ✍ ï ô ô òú ûí ù

ú õ ø ï ñ ûü ò✒ øö í ô ø÷ øí ✍ ÷ ì øòî ò✍ ÷ øí ô ÷ ô ÷ ô ò☞ ✍ ûí ûí ð ÷ û í ñ øòøü ÷ ñ ý ñ ï ø ÷ ô ÷ ñ

÷ õ øö ï ì òøü ✎

•

✓

✞ ✂ ÿ ✁ ✞ ✔ ✕ ☎ ✖ ✗ ÿ ✠ ✘ ✞ ✁ ☎ ✡ ✙ ù òñ ✌ ö òî ö øö í ô ø÷ øí ï ✌ ñ ô øö í ✒ õ ûû î ÷ ✍ òø÷ û ✎

✚ ✑ í ñ øö ï õ ð ö ÷ ✒ øí ì ✛ ✜ ✢ ✣ ù ÷ ô ÷ ì í ô õ ûø ï ✒ ñ í ✌ ìí ð õ û÷ øòï ñ ô ù òø ✌ ÷ ô ÷ ò☞ í ý øï

øì ÷ ñ ô ✒ í ì ï ✌ ñ í ì ô ö ò✍ ✒ ì ï ☞ øö í ô ø ÷ øí øï øö í ✍ ì ò✑ ÷ øí ÷ ìí ÷ ù ô õ î ö î ï ☞ ✍ ÷ ñ òí ô

ö ÷ ✑ í î ï ñ øòñ õ í ý øï í ✤ òô ø ✎ ✥ õ ø øï í ✤ òô øù øö í ü ☞ õ ô ø í ✤ ✍ ì í ô ô ûü ÷ ñ ý

ì í ô øì òî ø í ý û ü ú í ✍ ì ï ✑ òý í ý ú ü ø ö í û÷ ✌ ✎

✦ø î ÷ ñ ú í ñ ï øòî í ý øö ÷ øù ✍ ì ÷ î ø òî ÷ ûû ü ô õ î ö î ï ☞ ✍ ÷ ñ òí ô ÷ ì í ô ò☞ òû÷ ì ù òñ

✍ ì òñ î ò✍ ûí ù ✌ òøö øö í í ✤ òô øòñ ð ÷ õ øï ñ ï ☞ ï õ ô ÷ ý ☞ òñ ò ô øì÷ ø òï ñ ô òñ ✧ ï ☞ ÷ ñ ò÷ ù òñ

÷ î ø ò✑ òøü ÷ ì í ÷ ô ï ✒ ö òð ö í ô ø òñ øí ì í ô ø ✒ ï ì øö í ñ ÷ øòï ñ ÷ û í î ï ñ ï ☞ ü ù ÷ ñ ý øö í ô í ù

÷ î î ï ì ý òñ ð øï øö í ★ ï ✑ í ì ñ ☞ í ñ ø ✚ ☞ í ì ð í ñ î ü ✩ ì ý òñ ÷ ñ î í ñ ï ✎ ✪ ✫ ✬ ✛ ✜ ✜ ✭ ù ú í òñ ð

ñ ï øö òñ ð í û ô í ú õ ø øö ï ô í í ✤ ✍ ì í ô ô ûü ÷ ñ ý ì í ô øì òî øí ý û ü ✍ ì ï ✑ òý í ý ú ü øö í û÷ ✌ ✎

✮

ûô ï ù òñ øö í ✯ ì í ñ î ö ý ï î ø ì òñ í ù î ï ☞ ✍ ÷ ñ òí ô ÷ ì í î û÷ ô ô ò ✒ò í ý ÷ î î ï ì ý òñ ð øï øö í

✡ ✗ ÿ ✘ ☎ ÿ ✰ ✱ ✆ ✡ ✁ ☎ ✡ ✡ ù ñ ÷ ☞ í ûü ì í ÷ û í ô ø÷ øí ù ÷ ð ì òî õ ûøõ ì ÷ û ÷ ìí ÷ ù ú ÷ ñ ✲ òñ ð ÷ ñ ý

î ì í ý òø î ï ☞ ✍ ÷ ñ òí ô ù ì í ð òï ñ ÷ û ý í ✑ í ûï ✍ ☞ í ñ ø î ï ☞ ✍ ÷ ñ òí ô ù ✒ ï õ ñ ý í ý ÷ ô

ô ✍ í î ò÷ û òó í ý ✒ òñ ÷ ñ î ò÷ û òñ ô øòøõ øòï ñ ô ù ï ✒ ✍ ì ò✑ ÷ øí û÷ ✌ ù ✳ ï òñ ø ô øï î ✲ ÷ ñ ý ûòô øí ý ï ñ

øö í ✴ øï î ✲ í ✤ î ö ÷ ñ ð í î ï ☞ ✍ ÷ ñ òí ô ✵ ✎

✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶

✷ ✸✹ ✺✻ ✹✼ ✽ ✾ ✿ ✻✽ ❀ ❁ ✹✼ ✽ ❂ ✽ ❃ ✿ ❄ ❅✹ ❆ ❅✿ ❃ ✹✻ ❇ ❈ ✼ ✺✾ ✼ ❁❉❀ ❊ ❋ ● ❍ ■ ❏ ✽ ✾ ✿ ❊ ✽ ❑ ✿ ✹✺❀ ❃ ✿ ❅ ▲ ▼ ❊ ✺❃ ✺✻✹❉✿ ✹✺❀ ❃ ❀ ❁

✹✼ ✽ ❂ ✽ ❃ ✿ ❄ ❅✹ ❆ ❅✿ ❃ ✹✻❇ ✿ ✻ ✿ ❉✽ ✻ ❄ ❅✹ ❀ ❁ ✹✼ ✽ ❊ ✿ ❃ ✺❁✽ ✻✹✿ ✹✺❀ ❃ ❀ ❁ ✹✼ ✽ ❃ ✿ ✹✺❀ ❃ ✿ ❅ ❈ ✺❅❅ ❁❀ ❉ ✿ ❃ ✿ ✹✺❀ ❃ ✿ ❅

❉✽ ✾ ❀ ❃ ✻✹❉❄ ✾ ✹✺❀ ❃ ❇ ✻ ❄ ❏ ✻ ✽ ◆ ❄ ✽ ❃ ✹ ✹❀ ✹✼ ✽ ❖ ✽ ✾ ❀ ❃ ▼ P ❀ ❉❅▼ P ✿ ❉◗ ❘ ❀ ❈ ✽ ❙ ✽ ❉❇ ✿ ❁✹✽ ❉ ✹✼ ✽ ✿ ✻ ✻❀ ✾ ✺✿ ✹✺❀ ❃ ❈ ✺✹✼

✹✼ ✽ ❚ ❀ ❅❙ ❀ ✾ ❀ ❊ ❆ ✿ ❃ ❯ ❇ ❂ ✽ ❃ ✿ ❄ ❅✹ ✼ ✿ ✻ ✹❄ ❉❃ ✽ ▼ ✺❃ ✹❀ ✿ ❱❀ ✺❃ ✹ ✻ ✹❀ ✾ ❲ ✾ ❀ ❊ ❆ ✿ ❃ ❯ ❳❈ ✺✹✼ ✻ ✼ ✿ ❉✽ ✻ ❨❇ ❀ ❁

✾ ❀ ❊ ❊ ❀ ❃ ❅✿ ❈ ❇ ✺❃ ❈ ✼ ✺✾ ✼ ✹✼ ✽ ✻✹✿ ✹✽ ✼ ❀ ❅▼ ✻ ✿ ✹ ❅✽ ✿ ✻✹ ❩ ❬❍ ❀ ❁ ✹✼ ✽ ❙ ❀ ✹✺❃ ❭ ❉✺❭ ✼ ✹✻ ◗

❪ ❫

❀ ❉ ❁❄ ❉✹✼ ✽ ❉ ✺❃ ❁❀ ❉❊ ✿ ✹✺❀ ❃ ✻ ✽ ✽ ❴ ◗ ❵ ❄ ✺❅❅✾ ❊ ✺❃ ❇ ❛ ◗ ▼ ✽ ❜ ✿ ❉❭ ✽ ❉✺✽ ❇ ❝

es sociétés

▼ ✽

développement

(7)

✛ ✜ ✭

✮

ûô ï ù ✘ ✞ ✝ ✂ ✁ ☎ ✝ ✗ ÿ ✠ ✘ ✞ ✁ ☎ ✡ ✁ ✡ ✖ ☎ ✂ ① ☎ ✔ ✱ ☎ ✝ ✞ ✔ ✘ ✝ ÿ ✰ ☎ ✡ ✡ ÿ ✁ ✡ î ï õ ûý

ú í ✒ ï õ ñ ý í ý ✎ ✦ ñ ☞ ï ô ø ï ✒ øö í øò☞ í ô ù øö í ô í î ï ☞ ✍ ÷ ñ òí ô ÷ ì í ✒ ï õ ñ ý í ý ÷ ô î ò✑ òû

î ï ☞ ✍ ÷ ñ òí ô ù ú õ ø ú í ð òñ ñ òñ ð ✌ òøö ✛ ✜ ✜ ✛ øö í ü ö ÷ ✑ í ú í í ñ î ì í ÷ øí ý î ï ☞ ✍ ÷ ñ òí ô

✒ ï ì øö í í ✤ í ì î òô í ï ✒ øö í ûòú í ì ÷ û ✍ ì ï ✒ í ô ô òï ñ ô òñ øö í ✒ ï ì☞ ï ✒ ô ✍ í î ò✒ òî

î ï ☞ ✍ ÷ ñ òí ô ② ✎

✮ ø øö í ï ì ò ð òñ ï ✒ øö í î ì í ÷ øòï ñ ï ✒ ô õ î ö î ï ☞ ✍ ÷ ñ òí ô ù ô õ ú ✳ í î ø

✍ ì ÷ î øòî ÷ ûûü øï øö í øì ÷ ý í ì í ð ò☞ í ù ✌ ÷ ô ø ö í î ï ñ ô òý í ì ÷ øòï ñ ③ ÷ ô ÷ ú ô ï ûõ øí ûü

ñ í î í ô ô ÷ ì ü

–

ï ✒ ð ì÷ ñ øòñ ð ✒ ï ì øö í ûòú í ì ÷ û ✍ ìï ✒ í ô ô òï ñ ô ï ✒ ô ï ☞ í ô ✍ í î ò✒ òî

☞ í ÷ ñ ô øï î ï ✍ í ✌ òøö øö í òñ øí ì ñ ÷ øòï ñ ÷ û î ï ☞ ✍ í øòøòï ñ ù øï ÷ ûûï ✌ øö í

✍ ì ï ✒ í ô ô òï ñ ÷ û ð ì ï õ ✍ ô øï ú õ òûý õ ✍ í ñ ï õ ð ö î ÷ ✍ òø÷ û øï ÷ î ö òí ✑ í ô õ î î í ô ô ✒ õ ûûü

øö í ✍ ì ï ✒ í ô ô òï ñ ÷ û ÷ î øò✑ òøü ù ú õ ø ÷ ûô ï øï í ñ ûòô ø øö í ☞ òñ ÷ ☞ ï ì í ÷ ý ✑ ÷ ñ ø÷ ð í ï õ ô

ø÷ ✤ ô ü ô øí ☞ ✎

•

④

① ☎ ⑤ ✗ ÿ ✁ ÿ ✠ ✗ ⑥ ✁ ✂ ☎ ✝ ☎ ✡ ✂ ⑦ ✝ ÿ ✆ ✘ ✡

✥ ü øö í ⑧ ÷ ✌ ñ ï ✎ ✛ ✣ ✛ ✬⑨ ✫ ✫ ✪ ù òñ ô ✍ òì í ý ú ü øö í ✯ ì í ñ î ö û÷ ✌ ⑩ øö í ✚ î ï ñ ï ☞ òî

✦ ñ øí ì í ô ø ★ ì ï õ ✍ ô ❶ øö í ûí ð òô û÷ øõ ì í ì í ð õ û÷ ì òó í ô ✒ ï ì øö í ✒ òì ô ø øò☞ í øö í

✚ î ï ñ ï ☞ òî ✦ñ ø í ì í ô ø ★ ì ï õ ✍ ô ⑩ ✚ ✦ ★ ❶ ÷ ñ ý øö í ✚ õ ìï ✍ í ÷ ñ ★ ì ï õ ✍ ô ï ✒ ✚ î ï ñ ï ☞ òî

✦ ñ øí ì í ô ø ⑩ ✚ ★ ✚ ✦ ❶ ✏ òøûí ❷ ù ☛ ö ÷ ✍ øí ì ✦ ✦ù ✮ ì ø ✎ ⑨ ✪ ⑨ ③ ⑨ ✪ ✢ ù ✍ ì ï ✑ òô òï ñ ô øö ÷ ø ÷ ì í

ô õ ✍ ✍ ûí ☞ í ñ øí ý ú ü øö í ⑧ ÷ ✌ ñ ï ✎ ✪ ✛ ✬ ✛ ✜ ✜ ✫ ù ✌ òøö øö í ★ ï ✑ í ì ñ ☞ í ñ ø

✚ ☞ í ì ð í ñ î ü ✩ ì ý òñ ÷ ñ î í ñ ï ✎ ✭ ✣ ✬⑨ ✫ ✫ ✛ ù ÷ ô ÷ ☞ í ñ ý í ý ù ì í ð ÷ ì ý òñ ð øö í

ô ò☞ ✍ ûò✒ òî ÷ øòï ñ ï ✒ ô ï ☞ í ÷ ý ☞ òñ òô øì ÷ øò✑ í ✒ ï ì ☞ ÷ ûòøòí ô ✒ ï ì øö í ì í ð òô øì ÷ øòï ñ ÷ ñ ý

øö í ✒ õ ñ î øòï ñ òñ ð ÷ õ øö ï ì òó ÷ øòï ñ ï ✒ øö í øì ÷ ý í ì ô ✎

❸ ✱ ✔ ÿ ✟ ✝ ✞ ✘ ① ❹

T!rchil!,

❺

✎ù ❻ òî ûí ù ✦ ✎ ⑩ ⑨ ✫ ✫ ✢ ❶ ù

Drept comercial românesc,

✚ ý òøõ ì ÷

✩ ì òó ï ñ øõ ì ò ❼ ñ ò✑

ersitare, Timi"oara, pg. 67

③ ✭ ⑨

T!rchil!,

❺ ✎ù

Corpa", P., Corpa", C. (

⑨ ✫ ✫ ✭ ❶ ù ❽ ❾ ❿➀ ➁ ➂ ➃ ➄ ❿ ❾ ➂ ➅➆ ➇➈ ✚ ý òøõ ì ÷

Universit!#ii „Aurel Vlaicu” din Arad, pg. 48

③ ✣ ✭

✏ õ ì î õ ù ✦ ✎ ⑩ ⑨ ✫ ✫ ✢ ❶ ù ❽ ❾ ❿➀ ➁ ➉ ➇ ➊ ➋ ➆ ➂ ❿ ❾ ➅➇➃ ❾ ➈

Editura Chemarea, Ia"i, pg. 73

③ ✭ ✢

✏ õ ì î õ ù ✦ ✎ ⑩ ⑨ ✫ ✛ ✛ ❶ ù

Teoria !i practica dreptului comercial român,

✚ ý òøõ ì ÷

Lumina Lex, Bucure"ti, pg. 101

③ ✛ ✫ ➌

$andru,

➍

✎ ❻ ✎ ⑩ ⑨ ✫ ✛ ⑨ ❶ ù

➍

ì í

pt comercial românesc, E

ý òøõ ì ÷ ⑧ õ ☞ òñ ÷ ⑧ í ✤ ù

Bucure"ti, pg. 77

③ ✜ ⑨

✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶ ✶

➎ ➏

❃ ✹✺❅ ❃ ❀ ❈ ❇ ✹✼ ✽ ❉✽ ❈ ✿ ✻ ✹✼ ✽ ❆ ❀ ✻ ✻ ✺❏ ✺❅✺✹❯ ❀ ❁ ✾ ❉✽ ✿ ✹✺❃ ❭ ❄ ❃ ▼ ✽ ❉ ✹✼ ✽ ❁❀ ❉❊ ❀ ❁ ✾ ❀ ❊ ❆ ✿ ❃ ✺✽ ✻ ❀ ❁ ✻ ❀ ❊ ✽

✿ ✻ ✻❀ ✾ ✺✿ ✹✺❀ ❃ ✻ ❀ ❁ ❅✺❏ ✽ ❉✿ ❅ ❆ ❉❀ ❁✽ ✻ ✻ ✺❀ ❃ ✻ ❳✻ ❄ ✾ ✼ ✿ ✻ ✹✼ ✽ ✿ ✾ ✾ ❀ ❄ ❃ ✹✿ ❃ ✹✻ ❇ ✿ ❉✾ ✼ ✺✹✽ ✾ ✹✻ ❀ ❉ ❅✽ ❭ ✿ ❅

✿ ▼ ❙ ✺✻ ❀ ❉✻ ❨◗

❫

❀ ❉ ❁❄ ❉✹✼ ✽ ❉ ✺❃ ❁❀ ❉❊ ✿ ✹✺❀ ❃ ❇ ✻ ✽ ✽ ❡ ◗❡ ◗ ❛ ✿ ✺❭ ❉✽ ❇ ❝

es sociétés

✽ ❃ ❆ ✿ ❉✹✺✾ ✺❆ ✿ ✹✺❀ ❃ ▼ ✽

❆ ❉❀ ❁✽ ✻ ✻✺❀ ❃ ✻ ❅✺❏ ✽ ❉✿ ❅✽ ✻ ❉✽ ❭ ❅✽ ❊ ✽ ❃ ✹✽ ✽ ✻ ✽ ✹

la reforme des sociétés

✾ ✺❙ ✺❅✽ ✻ ❆ ❉❀ ❁✽ ✻ ✻ ✺❀ ❃ ✽ ❅❅✽ ✻ ❇