On 15 June 2006, the Parliament of the Republic of Lithuania adopted the Law of the Republic of Lithuania on European

      Cooperative Societies (official gazette Valstybės žinios, No. 73- 2764) (the "Law").

      The Law ensures the implementation of the EU Council Regulation on the Statute for a European Cooperative Society (SCE). The Law sets forth requirements for establishment, management of legal persons the legal form of which is a European Cooperative Society, conversion into a cooperative society (a cooperative) and transferring the registered office to another Member State, as permitted by the Regulation. This Law will come into effect on 18 August 2006 simultaneously with the Council Regulation (EC) No. 1435/2003.