Happy reformed the law concerning the conclusion of corporate contracts

Рада реформировала законодательство относительно заключения корпоративных договоров

The Verkhovna Rada. The March 15 meeting.

The Verkhovna Rada adopted act No. 4470 “On amendments to some legislative acts of Ukraine on corporate contracts”. This decision was supported by 279 deputies.

The document envisages the introduction of new articles, which will regulate the contracts by the shareholders.

Also establishes that the decision on the conclusion of the contract between the shareholders and/or corporate agreement of the parties is a state, which owns shares from 25 per cent of their share capital, is held by the responsible entity of management of state property. In the case that such a subject of management of state ownership is the economic structure, the decision is made by the Supervisory Board of such business structure or its highest management body.

The decision on the conclusion of the contract between the shareholders and/or corporate agreement of the parties is a business entity, the state’s share in which amounts to 100%, and which owns 25 per cent of their share capital, by the Supervisory Board of such business structures or the Supreme management body of the economic company, the state’s share which is 100 percent.

According to the explanatory note to the law, the world experience testifies to the extensive use of mechanisms of the conclusion of corporate contracts as one of the most effective means of protecting the rights and interests of investors.

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