controlled by the law, the use of which will lead to the economic profit in future. From
this basis we offer the following definition of investments - assets that are property,
property and contractual rights and also other objects of civil rights, which are aimed
to obtain the profit or other benefits. This interpretation gives us the grounded
possibility for enjoying property, contractual rights and rights in action (rights of
demand) as investments.
The legislative basis for including property rights and rights in action (contractual
rights) into the investments is the provision of the paragraph 4, 5 of the Part 1of the
Article 2 of the Law of Ukraine “On Foreign Investment Regime” [4] which establishes
that such variety of foreign investment as cash demands (claims) and rights in action
for the fulfillment of the contractual obligations guaranteed by first class banks and
have the value in convertible currency, confirmed in accordance with laws of the
investor’s country or by international trade traditions are investments. The Law of
Ukraine “On Investment Activity” [3] does not allocate cash demands (claims) and the
rights in action as a separate kind of investments. But even though in the list of the
kinds of the investments there is the notion “other property rights”, which can be
interpreted as a type of property (material) rights. Apart, it is stated that “such values
can be: the rights to use land, water, resources, houses, buildings, equipment and also
other property rights”. Of course the contractual rights (rights in action) could be
referred to “other values” because the list of investments is unfailing. However, taking
into consideration current “run” of the investments, especially different transactions in
debt collection, cash demands and rights in action (rights of demand) it is advisable to
consolidate such rights in the Law of Ukraine “On Investment Activity” as a separate
variation of investments. That is why we suggest to amend Part 2 of the Article 1 of
the Law of Ukraine “On the Investment Activity” and reword as follows: “Such values
can be:
Funds, target bank deposits, dividends, shares and other securities;
Movable and immovable property (houses, buildings, equipment, and other
material values);
Property rights of intellectual property;
A set of technical, technological, commercial and other knowledge, designed in
the form of technical documentation, skills and industrial experience that is important
for the organization of this or that type of production but not patented (“know-how”);
Rights to use land, water, resources, houses, buildings, equipment and also other
property rights;
Contractual rights (rights in action);
Other values”.
At the same time, contractual rights (rights in action) as investments can also
circulate in other forms. In particular, in the form of stocks, bonds, other securities and
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