addition, the certificate holder endows the property right to obtain the income after the
certificate issuer of FREO redemption that corresponds to the value of the share of net
assets of the FREO, which accounts for the amount due to certificates of FREO. The
redemption is carried out at the termination of FREO. General provisions on the
securities circulation are applied to the certificates of FREO, thus they can be alienated
on the basis of contracts and in succession. Accordingly, in such cases simultaneous
substitution of party investor in the obligation will occur.
Therefore, rights in action in investment commitments can be investments. The
specific features of these requirements are due to the scope of the investment activity.
3. Land investments. Foreigners and stateless persons obtain title on
nonagricultural land within conglomerations and nonagricultural land beyond
conglomerations where their real estate is located. Foreigners and stateless persons
obtain title on land according to the Part 2 of the Article 81 of the Land Code of Ukraine
in the following situations:
а) acquisition of land under the sale, rent, gift, exchange or other agreements;
b) purchase of land where the foreigners’ real estate objects are situated;
c) acceptance of succession.
It is necessary to stress that property rights on the farm land cannot be enjoyed by
foreigners. Farm land inherited by the foreigners or stateless persons are to be
expropriated during one year.
The foreigner is obliged to alienate it during the year. And here are the main
questions and problems that give rise to them. From what moment is a year’s time
deducted? Since the death of the testator? From the date of entry into the inheritance
or receipt of the certificate of the right to inheritance? From the moment of registration
of ownership of a non-resident for such a land? The correct answer is a year deducted
from the moment of the ownership registration [26].
Thus, the majority of non-resident heirs who acquired their ownership on farm
land, missed an annual period for the alienation of the land. Moreover, even if such
heirs managed to re-register the ownership of one year and wanted to sell the land, they
faced a moratorium (according to the legislation of Ukraine the agricultural land cannot
be sell because of the moratorium) because most of the notaries refused to conclude
such agreements [26]. This issue was clarified by the Highest Specialized Court of
Ukraine on Civil and Criminal Cases in a letter dated January 16, 2013, No. 10-71 / 0
/ 4-13 [27], explaining that the moratorium does not apply to foreigners as the norm of
the Part 4 of the Article 81 of the Land Code of Ukraine is imperative [28] (the part 4
of he article 81 of the Land Code of Ukraine establishes that lands of agricultural (farm)
purpose, inherited by foreigners, as well as stateless persons, during the year are subject
to alienation).
Under the Article 143 and 145 of the Land Code of Ukraine, when the land by
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