Joint Stock Company shall be a company whose capital is divided into shares of a certain class and quantity as determined by the Charter of the company. A share shall be an intangible registered security that evidences the obligations of a joint stock company to a partner (shareholder) and the rights of the shareholder in the joint stock company. The Charter of a joint stock company may determine a value below which the values of shares may not be set for the initial issuance of the shares for a given class (par value).
The liability of a joint stock company to its creditors shall be limited to all of its assets. The shareholder of a joint stock company shall not be liable for the obligations of the joint stock company. When founding a joint stock company, the capital can be determined in any amount.
Shares are registered by a joint stock company itself or by the independent registrar in cases provided by law.
A shareholder’s title to a share shall be evidenced by a record in the Share Register of the joint stock company or with a nominee holder’s record. The shareholder shall be given an extract from the Share Register of a joint stock company or an extract for a nominee holder.
Directors are entitled to manage the Joint Stock Company, unless otherwise provided by the Charter (by partners’ agreement).