Pravo (Aug 2007)
FOUNDATION PROCEDURE OF JOINT STOCK COMPANY IN SERBIAN AND COMPARATIVE LAW
Abstract
In serbian legal system there are two ways of foundation of Joint Stock Company: 1) simultaneous in terms of closed joint stock company, 2) successive in terms of opet joint stock company. Both systems of foundation are accepted by the Franch and English Law, but in German Law possibility of successive foundation is reserved exclusively for bank’s trade union. Speaking of successive foundation, which is accepted in Serbian Law in connection with open joint stock company, founders referring public notice for enrolment and payment of shares at time of company foundation, more exactly after foundation. In terms of simultaneous foundation, which accepted in Serbian Law in connection with closed joint stock company, after contract is concluded, founders or limited number of other persons are obligated to buy all shares. Besides two basic ways of division, sucessive and simultaneous foundation, there is qualified foundation of joint stock company, athough it is not concerned as a special way of foundation, because it can be either simultaneous or successive. Eventually, there is a division into concession and normative system. A criterion for this division is state relation in terms of Joint Stock Company.
