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Article 157 section 4 of the Limited Corporation Act stated that Company which does not reform its statuta within a periode of time arranged by article 157 section 3, the company can be dissolved by Court's decision based upon attorney's petition or authorized party. It does not mean automatically dissolve but should be liquidated. It could appen that a limited corporation may not reform its statuta after August 16th, 2008 but the company still exists because it does not automatically cause the last of its legal entity status. A limited corporation is still recognised as a legal entity eventhough the corporation does not reform its statuta according to Limited Corporation Act No. 40/2007 because there is no single article which arranges legal sanction for contravention of the article 157 section 4. |
