Europe: proposed codification of the Second Council Directive 77/91/EEC

The European Commission has published a proposal for the codification of the Second Council Directive 77/91/EEC (13 December 1976) on the 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.