1. The laws of the Member States shall require that, in order that a company may be incorporated or obtain authorization to commence business, a minimum capital shall be subscribed the amount of which shall be not less than 25 000 European units of account.
The ecus shall be that defined by Commission Decision No 3289/75/ECSC [OJ No L 327, 19.12.1975, p. 4.]. The equivalent in national currency shall be calculated initially at the rate applicable on the date of adoption of this Directive.
2. If the equivalent of the ecus in national currency is altered so that the value of the minimum capital in national currency remains less than 22 500 ecus for a period of one year, the Commission shall inform the Member State concerned that it must amend its legislation to comply with paragraph 1 within 12 months following the expiry of that period. However, the Member State may provide that the amended legislation shall not apply to companies already in existence until 18 months after its entr