Federal law dated 03.07.2016 № 339-FZ "On Amendments to the Federal Law"On Joint Stock Companies"

On July 15, 2016 came into force the Federal law dated 03.07.2016 № 339-FZ "On Amendments to the Federal Law "On Joint Stock Companies" (hereinafter - Federal law).

Federal law gives to shareholders the right to the make repayable contributions to the property of JSC, which do not increase its share capital and do not change the par value of shares.

Change of contribution is carried on the basis of the contract with the company in order to finance and support its activities. Contribution to company’s property can be made at any time, both in cash or any other form. At the same time it should relate to the types of property referred to in paragraph 1 of Article 66.1 of the Civil Code (money, things, shares in the authorized (share) capital of other economic partnerships and companies, state and municipal bonds, subject to monetary evaluation of the exceptional, other intellectual property rights and rights under license agreements).

The agreement, on the basis of which the shareholder maker the contribution, must be pre-approved by the decision of the Board of Directors (Supervisory Board) of the Company, except in the case when the charter of non-public company may provide that the general meeting of shareholders on the shareholders of the company may be obliged to make contributions .

The Charter may also be provided to the maximum value of deposits and other limitations associated with their introduction. For example, it may be provided that the decision of the general meeting of shareholders is permitted an obligation to make contributions to the property of a non-public company only to shareholders - owners of shares of a certain category (type).

 As a contribution can not make a state or municipal property, as well as funds from the relevant budgets, because the Federal Law "On privatization of state and municipal property" envisages the introduction of state or municipal property only as a contribution to the charter capital of joint stock companies.