S.L. 386.17 Art. 7Protection of creditors and holders of other rights. Declaration of solvency. Extension of protection.

(1) Where an SE proposes to transfer its registered office to another Member State or EEA State in accordance with Article 8

of the EC Regulation, the SE shall, by means of a declaration of solvency made in terms of the prescribed form set out in Section B of the Schedule, satisfy the Registrar that the interests of creditors and holders of other rights in respect of the SE, including those of public bodies, have been adequately protected in respect of any liabilities arising prior to the transfer of its registered office.

(2) The declaration of solvency required under sub-regulation

(1) shall be made by all the directors of the SE.

(3) A director who makes a declaration of solvency under this regulation without having reasonable grounds for the opinion expressed in the said declaration shall be guilty of an offence and liable on conviction to imprisonment for a term not exceeding three years or to a fine (multa) of not more than fifty thousand euro (€50,000), or to both such fine and imprisonment.