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Overview Of New Laws On Charter Capital


According to recent changes in Russian federal law, monetary claims may now be applied to the charter capital of an OOO. Likewise, additional shares of a joint-stock company (AO) may be paid with claims if those shares are sold in a private offering.

Before now this was not permitted.

A former ban has been lifted on increasing the charter capital of an AO to cover damages.

Previously, AOs had to declare a charter capital reduction if its net assets were valued at less than its charter capital for two years. Further reductions were required every year thereafter until this situation was reversed.

Now, if net assets are valued at less than the charter capital at the end of one financial year, the company must issue a report showing the value of these assets. The company may now choose to either decrease its charter capital or to liquidate itself if this situation is not reversed by the end of the following financial year.

The rights of creditors in cases of AO's decreasing their charter capital have been taken into account in the new law as well.

Additionally, company records in the Unified State Register of Legal Entities will include information on whether an AO is currently reducing its charter capital. The value of a company's net assets will also be recorded in the register. According to the new law, the nominal value of a company’s bonds must not exceed the size of a company’s charter capital and/or the amount of security provided by third persons. The law also provides exceptions to this regulation.

The federal law came into effect on December 31, 2009.

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