Civil Code

Due to the fact that the Memorandum of Association – is one of the stem- documents of a legal entity, it is in writing. Memorandum of Association, as well as the fact of state registration of legal entities – the foundation for the emergence and maintenance of corporate relationship between the founders of the organization. Incorporation, in these conditions, can be called a fiduciary contract, ie such a transaction, which is based on personal trust of the parties. This means that any of the participants organized entity that operates on the basis of a prisoner of the memorandum of association, can get out of it without obtaining the consent of the other members, which is enshrined in Art. 77, 94 and 123 of the Civil Code. In several cases can be specified only the timing and order of release party of legal entity. In particular, if the basis of full partnership was not specified his term, to declare its intention to exit the party should not later than six months before the fact of withdrawal. Party of legal persons may leave after completion of the fiscal year, which is enshrined in Article 123 of the Civil Code.

Participants in business partnerships, as well as companies with limited Liability shall enjoy the right to dispose of its shares by its exclusion. Transactions, implying exclusion, may represent a donation, sale, and more. In accordance with Art. 1979 Civil Code, in economic Associations members have a right to commit these transactions, if the other parties agree the partnership.