Legal Provisions

November 18, 2008 The Board of the State Duma (Minutes 66) agreed: "The draft federal law 213410-4 'On Amendments to the first part of the Civil Code of the Russian Federation and some legislative acts Russian Federation '(in terms of changing the legal status of the Limited Liability Company) – Second reading, passed on first reading with the title' On Amendments to the first part of the Russian Civil Code Federation, the Federal Law 'On Limited Liability Companies' and the Federal Law' On State Registration of Legal Entities and Individual Entrepreneurs ". Here are a major innovation, which we expect the company: 1. Cancellation of the Memorandum. Instead, he assumed the Treaty establishing the Company, which will not be the founding document of the Company. It will determine the size and nominal value of the share of each of the founders of the Company. According to Santie Botha, who has experience with these questions. 2. The Charter of the Company will not be shown neither the size of shares of Company, no data about the participants of the Company.

This information will be contained in the Register. In the future, changes information on the size and the nominal value of shares of each of the members of the Company entered into the Uniform State Register on an application. Applicant – party, assures a statement by a notary, which in turn sends the application in Tax Office with the application notarized contract on alienation of shares or portion thereof. This norm will oblige us to be notarized transaction of sale or assignment of shares / parts in the share capital Society. In connection with these, wondering: "What is it: one more item of income for notaries public, fighting or raiding so-called alternative way of liquidation of the company by changing the composition of the Parties and the General? Maybe legislators be thinking about the convenience of applicants and decided to eliminate trips to the tax office when this kind of change. " I do not think that this measure is introduced to help notaries "not dying of hunger." Just as not believe that this will stop the capture cases of firms and organizations at the nominal transfer of individuals. As for convenience, applicants, it is not yet clear how the new scheme will "work" in practice, after the amendments come into force. Will have or not the applicant personally submit the documents to changes in the tax office.

Just the bill provides a number of changes relating to language and detail out of the Participant from the Company and assignment of shares. Introduces the obligation of the Company to list, something like the register of shareholders in the company. Expands the list of failures, there are such reasons as: the provision of a document is not authentic; signed statement by an unauthorized person. Lawmakers have suggested that some of these amendments will go through every stage of legislation later this year. And changes will come into force on 1 January 2009. To bring the Constituent documents in compliance with the bill, it will be allotted period until 01 July 2009, that we think is a very short period. For comparison, in 2002, when assigned on a mandatory basis to all societies rooms orgn was driven annually. No need to be a seer to predict huge influx of people queue-occupied with the night, mifns number 46 in the first half of 2009, if any, will be the norm.