Federal Law dated 03.07.2016 № 338-FZ "On Amendments to Articles 41 and 84.8 of the Federal Law" On Joint Stock Companies "

04.07.2016 came into force the Federal Law dated 03.07.2016 № 338-FZ "On Amendments to Articles 41 and 84.8 of the Federal Law" On Joint Stock Companies "(hereinafter - Federal law).

Federal law is made some changes to the Federal Law "On Joint Stock Companies" (dated 26.12.1995, № 208-FZ "On Joint Stock Companies"), in particular, changes were made to claim 2 Article 41, which provides that, if the issue price or the order of its definition established by solution which is the basis for placing a joint stock company of additional shares or securities convertible into shares by public subscription, with payment in cash, and the information contained in the notification are disclosed in accordance with the requirements of the Russian legislation on securities, the term of the preemptive rights can not be less than 12 working days after the disclosure of such information.

Prior to the adoption of the Federal Law "On Amendments to the Federal Law" On Joint Stock Companies "above the norm has acted only in respect of joint-stock companies, credit institutions, and only in those cases where the owner of more than 50 percent of the ordinary shares of such companies is the Russian Federation.

With the adoption of the Federal Law "On Amendments to the" Federal Law "On Joint Stock Companies", this rule applies to all joint-stock companies, which are credit institutions, as well as to other companies the share of the Russian Federation in which more than 50 percent.

Until 1-st of January 2017 the provisions of paragraph 3, Article 41 paragraph 2 shall apply only to public companies, which are owned by credit institutions, or those more than 50 percent of the ordinary shares of which is owned by the Russian Federation.

p. 1 of article.84.8 of the Federal Law "On Joint Stock Companies" is supplemented with a new subparagraph 1.1, which establishes that the person who was the sole shareholder of a public company which was the reorganized by merger or joining and as a result of the reorganization was the owner of more than 95 percent of the shares of the public company, created by reorganization in the form of a merger or a public company reorganized through merger, taking into account the shares held by such person and its affiliates, shall be entitled to send to a public company voluntary offer to acquire securities of a public company for five years from the date of such reorganization.

This person has the right to send the redemption of such securities to the public Company within six months from the date of expiry of the period for acceptance of the voluntary offer, if as a result of its adoption acquired not less than 50 percent of the total number of shares of a public company, not owned by that person and its affiliates persons.