Similarly, a licence to catch any specified quantity would lead to over- (or under-) exploitation, if there was a reduction (or increase) in the stock. A limitation, or the need for limitation implies that there is surplus capacity, in money, or ships, etc., that can be used elsewhere - not necessarily in fishing. The tine of determining licence - holders also needs some consideration. Maximum amount of State funding to SBCI; 17. If allocation were done purely on economic criteria, and licence fees were as high as possible - which might be achieved by an auction system for licences - the total licence fees should be about equal to the difference between the value of the catch and the minimum cost of harvesting it (here and elsewhere in this paper costs are understood to include a reasonable return on investment on vessels, etc., as well as running costs, wages, depreciation, etc.). This flexibility is obviously important in allowing a variety of countries with very different social, political and economic conditions (e.g. Utilisez DeepL Traducteur pour traduire instantanément textes et documents, According to the general rule of Article 13 of the OECD Model Tax Convention, on Income and on Capital, it is the State of residence which has the exclusive, Selon la règle générale de l'article 13 du modèle de convention, fiscale de l'OCDE, l'État de résidence dispose du droit exclusif d'imposition. One of the attractions of a system of allocating national quotas is that it does allow countries a wide flexibility in national regulations, provided that they ensure that the national share is not exceeded, e.g. In the short run, this would increase the economic effectiveness of the fleet as a whole, even if the larger vessels were the most suitable for the nearer grounds, since, if they were allowed onto the nearer grounds, there would be no productive activity open to the smaller vessels. resolves to authorize the Board of Directors to acquire the maximum number of own shares allowed by law on or outside the stock exchange for a term of five (5) years, counting from the resolution of the general meeting, at a price per share in accordance with the legal provisions, but which can under no circumstances be lower than ten percent (10%) of the lowest closing price of the last twenty … générale décide d'autoriser le conseil d'administration à acquérir en bourse ou hors bourse, pendant un délai de cinq (5) ans à partir de la décision de l'assemblée générale, le nombre maximum légalement autorisé d'actions propres à un prix à l'unité qui respectera les dispositions légales, mais qui ne pourra en aucun cas être inférieur à dix pourcent (10%) du cours de clôture le plus bas des vingt (20) derniers jours de cotation précédant l'opération ni supérieur à dix pourcent (10%) du cours de clôture le plus élevé des vingt (20) jours de cotation précédent l'opération. When a business decides to incorporate, a corporate charter is filed with the state government. Notwithstanding the provisions of Article 13, gains derived by a resident of a Contracting State that is. contact with counterparties, may conduct outright interventions in the euro area public and private debt securities markets. Termes de la ley. Newsflash - Key changes in the new protocol to amend India-Singapore tax treaty. Often though, large and small vessels belong to quite different groups of fishermen; the change would involve major changes in habits, perhaps of whole communities, and can be very lengthy. Taxation of capital gains from alienation of Shares. to ensure the best execution of those orders. Alienation is an act whereby one man transfers the property and possession of lands, tenements, or other things, to another. See Co. Litt. alienate shares μετάφραση στο λεξικό Αγγλικά - Ελληνικά σε Glosbe, σε απευθείας σύνδεση λεξικό, δωρεάν. In addition, the structure of government debt is considered, focusing in particular on, De plus, la structure de la dette publique est analysée sous l'angle, notamment, de la proportion et de l'évolution tant de la dette à court terme que de cell, Under the programme, the euro area NCBs, according to. Cet exemple ne correspond pas à l'entrée en orange. This artificial difference could be abolished progressively over a shorter or longer period in accordance with general social objectives. It’s no accident that at The Share Centre our motto is ‘simply easier’. Share capital of SBCI; 12. Borrowings by SBCI; 14. Under a combined approach the primary control of fishing mortality would be the catch quota, but a licencing system would be used to limit the capacity of the fleet. Alienation of shares (REPEALED) SECTION HISTORY PL 1969, c. 411 (NEW). Next . In practice social and other factors, other than simple economics, may be taken into consideration when issuing licences. Shares definition at Dictionary.com, a free online dictionary with pronunciation, synonyms and translation. While this procedure makes regulation more complex, with two separate processes - setting licence fees to control the fishing capacity, and setting a catch quota to control fishing mortality, this may not be too inconvenient. Spain, Germany, Canada and USSR in the Northwest Atlantic cod fisheries) to pursue their varying national objectives. pradeep. Ce résultat ne correspond pas à ma recherche. toutes ces opérations sont étroitement liées entre elles et ont pour résultat que tous les actifs qui étaient possédés par SMI et utilisés par SIMI sont placés sous le contrôle des associés de MD & D, de sorte qu'ils sont protégés contre la restitution de l'aide d'État accordée illégalement. Thus, its provisions neither directly restrict the alienation of shares nor clearly provide for the free transfer of shares. The amount of income of the alienation of shares is the difference between the sales price and acquisition price of the shares. These problems are less when licences are limited in duration and have a high cost, so that allocation is decided by the ability to pay the fee. firms to implement adequate and efficient procedures. The intricate patterns are explained to provide a basis for prescriptive nursing to prevent or reverse this loss of connectedness. seraient exempts d'impôts dans l'autre État contractant ne sont imposables que dans le premier État contractant. Cogna Educação S A : Notice to the Market - Declaration of Alienation of Material Shareholding - Art.12, §4, of CVM Instruction 35802. Provided mortality is measured in terns of catch, the choice between different sizes or types of vessels is straightforward - the fishermen operating the most efficient vessels (those that can land fish at the least cost), will be best able to afford a licence. The converse is, however, not true. The ultimate objective could be to maintain the fishing capacity a little greater than that necessary to take the quota in a full year, so that, under average conditions, the season would end after around 11 months. Alienation of Shares. A reasonable period might be around 5-10 years, i.e. Definition: Shares, often called stocks or shares of stock, represent the equity ownership of a corporation divided up into units, so that multiple people can own a percentage of a business. In both, problems arise in relation to the measure used of fishing mortality, and in the transition period from a heavily exploited unregulated fishery to one in which the fish stocks have been built up by the management. 11. A large concern operating a number of ships can adjust the number to its catch quota, making adjustments if necessary towards the end of the season; most of the active ships can then work at full capacity throughout the year. Nous ne devons pas les traiter comme des marchandises ni mener une politique dont la mission principale consiste à acheter des biens fonciers, In the case of repeated failure to perform marking from a natural or legal person, the competent authority shall, prohibit the natural or legal person from, through the investment firm for an appropriate, En cas de manquement répété à l'obligation de marquage incombant à une personne physique ou morale, l'autorité compétente interdit à la personne physique ou. from the Alienation of Shares in Real Estate Companies Under the OECD Model Tax Convention International and European Tax Law LLM Maastricht University Faculty of Law Academic Year 2014/2015 Supervisor Prof. Dr. Rainer Prokisch Johanna Clara Hug ID-number i6100919 Day of delivery: 31 August 2015 Number of words: 12’696 Nonobstant les dispositions de l'article 13, les gains qu'un résident d'un État. isolation - a state of separation between persons or groups. Parental alienation has been an unacknowledged and poorly understood form of family violence. Social or other considerations can easily be taken into account in setting licence fees. Payment of dividends As the fish stocks build up under regulation the right to fish acquires value, which should be reflected in the increasing capital value of a licence. tit. [...] enterprise, especially shares which in consequence of war laws have been alienated or forcibly taken from the person entitled thereto, must be returned to the former owner upon a claim to that end within one year after the ratification of the Peace Treaty by deducting any profit that may have accrued to him as a result of the said alienation or subtraction, [...] The Share Centre provides you with the information necessary for you to understand what stocks and shares are and how to buy and sell shares. The first of these would benefit if licences were temporary - for one or a limited number of years - and issued at a high fee. 3. alienation - (law) the voluntary and absolute transfer of title and possession of real property from one person to another; "the power of alienation is an essential ingredient of ownership". Look it up now! For example, a concern of many governments is to encourage the development of more efficient fishing units, while giving protection, during their working life, to groups of existing fishermen with small (and basically inefficient) vessels. However, few, if any, fisheries are managed on purely economic (or purely biological) grounds. If it is too short, then the uncertainty about future operations may inhibit new developments, especially those requiring big investments; too long, and the fishing may stagnate without the effective pressure of those outside the fishery, with new ideas wishing to use them. If licences are issued for a limited period, the duration of this period can be important to the development of new techniques. proposition exige des entreprises d'investissement qu'elles. shares, but been put off by the apparent complexity of the stock market, by the risks involved, or simply because you don’t know where to start. Dans certains pays, le facteur qui prend une impornance grandissante est le. durant une période proportionnée et dissuasive. In the long run the total capital value of all licences should be such that the interest from it, if put into alternative investment, would be equal to the difference between the value of the catch and the cost of harvest. Presumably this would be managed by one-fifth, or one-tenth of all licences being renewed each year, rather than all being renewed every 5-10 years. The transaction has been concluded with non-related party, there is no economic interest neither from the board or the supervisory board of Silvano Fashion Group. 5 January 2017 . For purposes of the Convention, gains derived by a resident of a Contracting State from the alienation of shares or comparable interests, such as interests in a partnership or trust, may be taxed in the other Contracting State if, at any time during the 365 days preceding the alienation, these shares or comparable interests derived more than 50 per cent of their value directly or indirectly from immovable property situated in that other Contracting State. en Gains derived by a resident of a Contracting State from the alienation of (a) shares of a company which is a resident of the other State the value of which shares is derived principally from immovable property situated in that other State; or (b) an interest in a partnership, trust or estate, established under the law in the other State, the value of which is derived principally from immovable property situated in … remplit quelques exigences, comme être assujettie à un impôt sur les bénéfices etc. It may be that a combination may be more successful; a single quota system achieves the correct fishing mortality, but gives much less promise of preventing the build-up of excessive fishing capacity. If shares of the total (in catch or effort) are allocated to countries, this in no way necessitates that any individual country operates a limited entry system on a national scale. la souscription au capital de la BCE, et la BCE, en contact direct avec les contreparties, peuvent procéder à des interventions directes sur les marchés obligataires tant publics que privés de la zone euro. You need to be the querist or approved CAclub expert to take part in this query . A man operating one ship has less flexibility - there is a certain quantity of fish he can catch (or a certain fishing mortality he can cause) if the ship fishes at full capacity - a bigger catch quota cannot tie used, and a smaller quota means that the ship is working at less than full efficiency - unless good alternative employment is available. Cet exemple ne correspond à la traduction ci-dessus. On purely economic grounds these should be adjusted to give no artificial advantage to any group, and should allow the most efficient fishing unit to be developed. We have found evidence of increasingly frequent frustration, lead to war to defend one theory or another about the best way to govern, each proclaiming that, conduit souvent à une lutte pour défendre une théor. This aspect is not confined to small operations; one of the problems facing the Norwegians in Antarctic whaling as the quota was reduced, was that in some seasons their share, based on a fixed percentage of the total, was too large to be harvested by a single expedition (factory ship plus associated catchers, supply ship, etc. Some follow the language of the law and hold that shareholders of a closed joint stock … Each of the other Company Shareholders agrees not to sell, transfer, pledge, encumber or otherwise dispose of any of the Shares in the Company or any shares in any … a condition of granting a licence to a company may be that it undertakes at least some trial fishing on the new area. The State of Maine claims a copyright in its codified statutes. autre, chacun prétendant que sa façon est meilleure que celle du voisin et même la seule acceptable. This may be done quite explicitly, e.g. de personnes, fiducie ou autre entité, lorsque la valeur des actifs de cette entité est tirée principalement, directement ou indirectement (y compris par l'intermédiaire d'une ou de plusieurs entités interposées, comme par exemple une chaîne de sociétés), de biens immeubles situés dans l'autre État contractant, sont imposables dans cet autre État. Thus the licence fees might be somewhat reduced, so that the number of applicants would likely be greater than the number of available licences. The basis for issuing licences has been considered so far only in terms of the economics of the particular fishery directly concerned. Richard P. Small agrees not to sell, transfer, pledge, encumber or otherwise dispose of any Shares in the Company or any shares in any Subsidiary owned by him between the date of the Agreement and the Closing. Also in the transition the net amounts going to the national treasury may be smaller because part or all may be used to give temporary compensation to those fishermen failing to get licences or to resettle them in alternative employment. As a result, legal experts have adopted divergent approaches to this issue. Alienate. and any persons related to or connected with him owned, less than 10 per cent of each class of the share capital of the company; or, personne qui lui est liée ou associée, moins de 10 p. 100 de chaque catégorie du capital-actions de la société; ou. In the long run, however, it would be necessary to reduce the small-ship fleet to that giving the optimum level of fishing mortality, and then gradually to allow the larger ships back into the fishery as replacements for the smaller ships. transference, transfer - transferring ownership. Stocks and shares offer flexibility, choice, different levels of risk and can be bought in a variety of ways. perhaps a half to a quarter of the normal working life of a fishing vessel. A licence to, say, operate one trawler would certainly offer no restraint on the mortality caused unless there was at least a limit on the size, and, as described above, even this is likely to become ineffective, either by deliberate actions, such as fitting an exceptionally powerful engine, or by normal technological advances. Click here to read more. If the replacement is merely a matter of changing the ships the process can be moderately quick; no more, at a maximum, than the economic life of a vessel. Αναζήτηση milions λέξεις και φράσεις σε όλες τις γλώσσες. all these transactions are closely connected and that they amount to a transfer of all the assets owned by SMI and used by SIMI to MD & D's new shareholders, in such a way as to shelter them from the recovery of illegal State aid. 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