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Igor Taranov




New changes for joint stock companies and LLCs regarding the approval of large transactions are coming soon

On July 4, 2016 the President Putin signed Federal Law from 03.07.2016 #343-FZ "On Amendments to the Federal Law 'On Joint Stock Companies' and Federal Law 'On Limited Liability Companies' in the regulation of large transactions and transactions in which there is an interest."

The notion of "large transaction" (Article 78 of the Federal Law on Joint Stock Companies and Article 46 of the Federal Law On LLCs) now also includes transfers of property for temporary possession and/or use, providing third parties the right to use the result of an intellectual activity or means of individualization on the terms of the license, if their carrying amount is 25 percent of the book value of the company's assets.

The notion of "related party transaction" (Article 81 of the Federal Law on Joint Stock Companies and Article 45 of the Federal Law LLCs). Such a transaction is recognized in an interested member of the Board of Directors (Supervisory Board), the sole executive body, members of the collegial executive body of the company or person who is the controlling person of the company or the person entitled to give binding instructions to the public for him.

The decision to approve a major transaction will be called "the consent of the commission, or on the subsequent approval.

January 25, 2017

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