Tourism Law in Europe

13 to provide the institution authorised by the Government with information on: established or abolished branches or other subdivisions of a legal person through which it intends to perform or has ceased to perform the activities specified in the tour operator’s certificate; changes in the legal form, legal status, registered office or other address of activity of the tour operator. The tour operator must also publish relevant information about organised tourist trips for sale, other tourism services; to notify the institution authorised by the Government in writing that the tour operator is unable or does not intend to fulfil the obligations to tourists, not later than within one working day after the circumstances specified in this paragraph become clear; also to ensure that the equity of the tour operator – a public limited company or a private limited company – is not less than 1/2 of the amount of the authorised capital specified in the articles of association. If the legal form of the tour operator – legal person – is different from that of a public limited company or a private limited company, all property obligations of the tour operator – legal person – may not exceed the total assets of the legal person. This requirement does not apply if the tour operator is a natural person. Article 8 of the Law on Tourism of the Republic of Lithuania stipulates that the representatives of a tour operator – a natural person – and a tour operator – a legal person – must have an impeccable reputation. A travel sales agent is a natural or legal person who is not a tour operator but sells or offers to buy organised tourist trips concluded by a tour operator. According to the Law on Tourism of the Republic of Lithuania, a travel sales agent may use the phrase “travel agency” in his name for marketing purposes. Before starting the activity, the travel agent submits to the Consumer Rights Protection Service of the Republic of Lithuania a declaration of the travel agent in the prescribed form, in which he confirms that he meets the requirements of the Law on Tourism of the Republic of Lithuania, submits annual financial statements (except for natural persons). A travel sales agent, as a registered new company, must submit an opening balance sheet to a Government authorised institution. The requirement to submit annual financial statements does not apply to newly registered companies. The travel sales agent may perform the activity on the next