whose participants can distribute the shares of stock belonging to them without the consent of the other stockholders. It has the right to conduct open subscription to shares of stock issued by it and to their free sale on the conditions established by a statute and other legal acts. 2. The annual report and balance sheet is subject to publication for general information each year. Article 108. 1. Closed joint-stock company whose participants can distribute the shares of stock belonging to them only among its founders or other previously identified group of persons. It does not have the right to conduct open subscription to shares of stock issued by it nor otherwise to propose them for sale to an unlimited group of persons. 2. If the number of participants in a closed stock company exceeds the limit established by the statute on joint-stock companies the company shall be subject to transformation into an open joint-stock company within a year, and on the expiration of this time period, to liquidation by judicial procedure, if their number is not reduced to the limit established by the statute. Article 97. Article 110. Article 118. The charter of a limited 1. Property under the The charter of a joint-stock liability company must possession of a cooperative is company must contain contain terms on the amount divided into the participatory conditions on the types of of the charter capital of the shares of its members. shares of issued by the
whose participants can distribute the shares of stock belonging to them without the consent of the other stockholders. It has the right to conduct open subscription to shares of stock issued by it and to their free sale on the conditions established by a statute and other legal acts. 2. The annual report and balance sheet is subject to publication for general information each year. Article 108. 1. Closed joint-stock company whose participants can distribute the shares of stock belonging to them only among its founders or other previously identified group of persons. It does not have the right to conduct open subscription to shares of stock issued by it nor otherwise to propose them for sale to an unlimited group of persons. 2. If the number of participants in a closed company exceeds the limit established by the statute on joint-stock companies the company shall be subject to transformation into an open joint-stock company within a year, and on the expiration of this time period, to liquidation by judicial procedure, if their number is not reduced to the limit established by the statute. Article 97. The charter of a limited liability company must contain terms on the amount of the charter capital of the Article 110. The charter of a joint-stock company must contain conditions on the types of shares of stock issued by the Article 118. 1. Property under the possession of a cooperative is divided into the participatory shares of its members.
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