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Goncharov A.I. Share as an Uncertificated Security

Goncharov Aleksandr Ivanovich


Doctor of Economic Sciences, Doctor of Juridical Sciences, Professor, Department of Constitutional and Municipal Law, Department of Civil and International Private Law, Volgograd State University, Base Department of Southern Scientific Center of the Russian Academy of Sciences (SSC RAS)


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Prosp. Universitetsky, 100, 400062 Volgograd, Russian Federation


Abstract. The civil code of the Russian Federation is almost 20 years old, and only in 2013 its most essential changes and amendments took place; their need was substantiated by the Conception of the development of the civil legislation of the Russian Federation. The seventh chapter of the Russian Civil Code on securities was reformed especially deeply, in particular, for the first time the concept and lawful regime of uncertificated securities were legally registered. Of all kinds of securities, shares are the most numerous and intensively utilized in stock turnover. A share appears in the enterprenerial turnover for the formation of registered capital and organization of new joint-stock company, and also for rebuilding the existing capital. A shareholder, investing into the business affair, does not officially become the owner of machine tools, equipment, buildings, money and other kinds of property. A shareholder accepts this juridical figment in the confirmation of their investments and obtains propotional shares. This organization becomes the legal owner of the entire joint-stock company’s property. The accounting system on the securities market integrates two mutually-controlling “acting along” accounting institutes: the organizations, executing the depository activity, and the organizations, executing the activity on register the securities owners. The indicated system fulfills the functions of the confirmation of rights to securities, as well as the functions of the confirmation of the rights, fixed by securities, for purposes of these rights transfer and their realization.


Key words: uncertificated securities, emission, emitter, emission prospectus, obligatory rights, property rights, non-property rights.

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