FEDERAL LAW OF THE RUSSIAN FEDERATION

of July 19, 1998 No. 115-FZ

About features of legal status of joint-stock companies of workers (national enterprises)

Accepted by the State Duma on June 24, 1998

Approved by the Federation Council on July 9, 1998

Article 1. The relations regulated by this Federal Law

1. This Federal Law determines features of creation and legal status of joint-stock companies of workers (national enterprises) (further - national enterprises), the rights and obligations of their shareholders, and also provides protection of the rights and interests of shareholders.

2. Rules of the Federal Law "About Joint-stock Companies" on private companies are applied to national enterprises if other is not provided by this Federal Law.

Article 2. Procedure for creation of national enterprise

1. The national enterprise can be created according to the procedure, provided by this Federal Law, way of transformation of any commercial organization, except for the state unitary enterprises, municipal unitary enterprises and open joint stock companies which employees possess less than 49 percent of the authorized capital.

Creation of national enterprise otherwise is not allowed.

2. Members of the commercial organization in the procedure established by the legislation of the Russian Federation and constituent documents of this organization make the decision on transformation it in national enterprise.

3. The members of the commercial organization voting against transformation of the commercial organization to national enterprise have the right within one month after acceptance date of the specified decision to impose requirement about the redemption of the shares (shares, shares) fully or partially.

4. Employees of the commercial organization which members accepted the decision specified in Item 2 of this Article at least than three quarters of voices of their payroll number in the procedure established by the legislation of the Russian Federation agree to creation of national enterprise.

If employees of the commercial organization did not agree to creation of national enterprise, the decision of members of the commercial organization on its transformation to national enterprise is considered cancelled.

5. If employees of the commercial organization agreed to creation of national enterprise, those from them who decided to become the shareholder of national enterprise, and members of the commercial organization which is subject to transformation sign the agreement on creation of national enterprise.

If the members of the commercial organization and its workers who decided to become shareholders of national enterprise did not reach consent under the terms of the agreement on creation of national enterprise, the decision specified in Item 2 of this Article is considered cancelled.

Article 3. Agreement on creation of national enterprise, charter of national enterprise

1. The agreement on creation of national enterprise in addition to the data specified in Item 5 of article 9 of the Federal law "About Joint-stock Companies" shall contain the following:

1) data on the number of shares of national enterprise which can own at the time of creation of national enterprise:

each worker including who is the member of the transformed commercial organization and decided to become the shareholder of national enterprise;

each member of the transformed commercial organization who is not her worker;

each physical person who is not the member of the transformed commercial organization and/or the legal entity;

2) money value of shares (shares, shares) the transformed commercial organization;

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