Civil Code Reform on Companies

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Special Alert:

On 5 May 2014 the President signed Federal Law No. 99-FZ which introduces certain amendments to Chapter 4 of Part One of the Civil Code and removes certain provisions from Legislative Acts of the Russian Federation (the “Law”).

The Law introduces significant amendments to Chapter 4 of the Russian Civil Code on legal entities. In this update we discuss those amendments relating to: (i) the introduction of new types of companies; (ii) the procedure for expelling a participant form a company, restoring corporate control and bringing class actions by the company’s participants; (iii) the obligation of the company to certify the decisions of the general meeting of the participants; (iv) the types of the company’s sole executive bodies; (v) certain aspects of the liability of the members of the company’s management bodies; (vi) company reorganizations; and (vii) aspects of corporate agreements.

The Types (Organizational Forms) of Companies -

According to the amendments, as of 1 September 2014, there will be three main types of companies in Russia (Articles 65.1, 66, 66.3 of the Civil Code)...

Please see full alert below for more information.

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Topics:  Legal Entities, New Amendments, New Legislation, Russian Civil Code

Published In: Business Organization Updates, General Business Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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