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Partnership Limited by Shares Defined
Article 253
- (1)
- A partnership limited by shares shall be formed by articles of incorporation, whereby limited partners are issued with shares against their contributions to the capital. The limited partners shall be not less than three.
- (2)
- The provisions for the joint stock company shall apply mutatis mutandis to the partnership limited by shares, unless this chapter provides otherwise.
- (3)
- The trade name of a partnership limited by shares shall include the extension, `Komanditno druzhestvo s aktsii' [Partnership limited by shares], or the abbreviation `KDA'.
Founders
Article 254
- (1)
- The partnership limited by shares shall be formed by the general partners. They shall have the right to select shareholders among subscribers.
- (2)
- The general partners shall draw up the by-laws and shall convene the constituent meeting.
Contributions
Article 255
- (1)
- The amount of the partners' contributions shall be specified by the by-laws.
- (2)
Partnership Organs
Article 256
The organs of the partnership limited by shares shall be those set forth by this Law for a one-tier system joint stock company.
General Meeting
Article 257
- (1)
- Only limited partners shall have the right to vote in the general meeting. General partners, even when they own shares, shall take part in the meeting in a consultative capacity.
- (2)
- The powers of the general meeting shall be set forth in the by-laws.
- (3)
- The general meeting shall submit to consideration and resolve on the requests of limited partners for auditing the activities of the partnership.
Board of Directors
Article 258
The board of directors shall consist of the general partners.
Adoption and Amendment of the By-Laws
Article 259
- (1)
- The by-laws shall be adopted and amended, and the partnership shall be dissolved, subject to the consent of the general partners.
- (2)
- The partnership shall not be dissolved with the death or bankruptcy of a limited partner, unless the by-laws provide otherwise.
Liquidation Proceeds
Article 260
The liquidation proceeds of each partner shall be proportionate to its contributions in the partnership.
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