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Sandalova V.A. Realization of the Concept of Bank Secrecy in the Relations Among the Members of a Corporation and the Corporate Legal Entity

DOI: https://doi.org/10.15688/lc.jvolsu.2017.1.22

Victoriya A. Sandalova

Senior Lector, the Department of Civil and International Private Law, Volgograd State University, the Base Department of the Southern Scientific Center of the Russian Academy of Sciences, Prosp. Universitetsky, 100, 400062 Volgograd, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it.


Introduction: the Civil Code of the Russian Federation invests the members of corporations with the powers to obtain information on the activities of the corporation, in particular, to get acquainted with the documentation, which contains information about the financial and economic activity of the corporate legal entity. Established by the norms of the Civil Code of the Russian Federation the right of members of corporations also finds its development in the special legislation, in particular, the federal laws regulating the activities of economic partnerships and societies. However, the right of members of corporations does not correlate with the right of the corporation to keeping the confidential information secret. The purpose of the study is to identify the conflicts on the issues of obtaining information about the activities of a corporation which emerge between the norms of the Civil Code and the provisions of the banking legislation. Results: the author consistently identifies the legal conflicts that prevent the members of corporations in realizing the powers established by the Civil Code of the Russian Federation to obtain on demand the information about the activities of the corporation, and makes suggestions on their resolving with the aim of establishing a unified format for the exchange of confidential information while maintaining the balance of the interests of the members of the corporation, and the corporation itself. Conclusions: 1. As a result of the study there has been revealed the unsystematic character of the Russian legislation, defining the issues of obtaining and providing information about the financial and economic activities of the corporation in the cases where the information requested is the information covered by bank secrecy. 2. There has been set the absence of a uniform, holistic understanding of the concept of bank secrecy in the judicial practice in the issues of relationship of the members of the corporation and the corporate legal entities for the implementation of information rights.

Keywords: members of a corporation, corporation, the right to obtain information about the activities of the corporation, bank secrecy, the Civil Code of the Russian Federation.

 

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