In contrary, the law on limited liability companies provides that in case of death
or termination of the company’s participant, its/his/her share passes to the heir or to the
successor without the consent of the company’s members.
The participant of the limited liability company was entitled to withdraw from the
partnership at any time, regardless the consent of other participants and the company
itself. The Law on limited liability companies narrows the unconditional release of any
participant from the limited liability company. Under the Law, a company member
whose share in the company’s capital is less than 50 percent may leave the company at
any time without the consent of other participants. While a member of a company
whose share in the authorized capital of a company is 50 or more percent may leave
the company only with the consent of other participants.[36] Thus the corporate rights
assignment is strictly regulated by newly adopted law on limited liability companies.
CONCLUSION
The circulation of property and contractual rights is very popular nowadays,
however, it has its peculiarities that depend on the sphere of such circulation. For
example, the legislation of Ukraine almost prohibits (except some cases) property
rights on farm land circulation. However, on practice investors conclude lease
agreements and enjoy rights on farm land.
Nowadays, the adoption of the Law of Ukraine “On limited and additional liability
companies” which established totally new regulation of corporate rights plays a great
role. It states that the heir can automatically enjoy the right on shares without the
general meeting decision. Moreover, the agreement on the shares assignment can be
concluded by the partner without the permission of the company.
Generally, the topic of property and contractual rights circulation is very extensive
and worth examining in the context of the concrete sphere.
BIBLIOGRAPHICAL REFERENCES
1.
Kossak V.M. Foreign investments in Ukraine (civil law aspect). - Lviv.: The
Center of Europe.-1996.-216p.
2.
Civil
Code
of
Ukraine,
adopted
on
January
16,
2003
//
https://zakon.rada.gov.ua/laws/show/435-15
3.
Law of Ukraine “On Investment Activity”, adopted on September 18, 1991//
https://zakon.rada.gov.ua/laws/show/1560-12
4.
Law of Ukraine “On Foreign Investment Regime”, adopted on March 19,
1996// https://zakon4.rada.gov.ua/laws/show/93/96-%D0%B2%D1%80
5.
Tax
Code
of
Ukraine,
adopted
on
December
2,
2010
//
https://zakon.rada.gov.ua/laws/show/2755-17
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