!Корпоративное право 2023-2024 / Sukhanov_E_a_Sravnitelnoe_Korporativnoe_Pravo_2014

f ɕɸɴɵɩɴʂɬ ɯɸɹɵɾɴɯɱɯ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɶɷɧɩɧ

ɸɹɩɵɩɧɴɴʂɬ ɯɮ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɵɹɫɬɲʃɴʂɼ ɿɹɧɹɵɩ ɵɸɵɨɬɴɴɵ ɿɹɧɹɧ ɋɬɲɧɩʄɷ ɪɫɬ ɫɬɰɸɹɩɺɬɹ ɕɨʀɯɰ ɮɧɱɵɴ ɵ ɱɵɷɶɵɷɧɽɯʆɼ ɪ Delaware General Corporation Law ɕɫɴɯɳ ɯɮ ɴɬɳɴɵɪɵɾɯɸɲɬɴɴʂɼ ɯɸɱɲʅɾɬɴɯɰ ɸɹɧɲɧ ɑɧɲɯɻɵɷɴɯʆ ɱɵɷɶɵɷɧɹɯɩɴɵɬ ɶɷɧɩɵ ɱɵɹɵɷɵɰ ɹɧɱɭɬ ɸɵɸɷɬɫɵɹɵɾɬ ɴɵ ɩ ɕɨʀɬɳ ɮɧɱɵɴɬ ɵ ɱɵɷɶɵɷɧɽɯʆɼ ɪ California General Corporation Law ɩ ɷʆɫɬ ɸɲɺɾɧɬɩ ɮɴɧɾɯɹɬɲʃɴɵ ɵɹɲɯɾɧʅʀɬɳɸʆ ɶɵ ɸɵɫɬɷɭɧɴɯʅ ɵɹ ɴɵɷɳ RMBCA

ɋɲʆ ɴɵɩɵɰ ɻɵɷɳʂ ɱɵɷɶɵɷɧɽɯɰ ӎ ɱɵɳɶɧɴɯɰ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹ ɸɹɩɬɴɴɵɸɹʃʅ Limited Liability Company, LLC ɑɵɴɻɬɷɬɴɽɯɬɰ ɷɧɮɷɧɨɵɹ ɾɯɱɵɩ ɬɫɯɴɵɵɨɷɧɮɴɵɪɵ ɶɷɧɩɧ ɿɹɧɹɵɩ ɩ ɪ ɨʂɲ ɶɷɯɴʆɹ ɯ ɸ ɪ ɫɬɰɸɹɩɺɬɹ ɵɸɵɨʂɰ Ɍɫɯɴɵɵɨɷɧɮɴʂɰ ɮɧɱɵɴ ӎ Uniform Limited Liability Company Act ULLCA ɕɴ ɹɧɱɭɬ ɨʂɲ ɩɵɸɶɷɯɴʆɹ ɷʆɫɵɳ ɵɹɫɬɲʃɴʂɼ ɿɹɧɹɵɩ

ɉɳɬɸɹɬ ɸ ɹɬɳ ɸɷɬɫɯ ɵɹɫɬɲʃɴʂɼ ɿɹɧɹɵɩ ɶɷɵɫɵɲɭɧɬɹɸʆ ɭɬɸɹɱɧʆ ɱɵɴ ɱɺɷɬɴɽɯʆ ɮɧ ɷɬɪɯɸɹɷɧɽɯʅ ɱɵɳɶɧɴɯɰ ɱɵɹɵɷɧʆ ɸɵɸɹɧɩɲʆɬɹ ɩɧɭɴɵɬ ɶɷɬ ɶʆɹɸɹɩɯɬ ɫɲʆ ɷɧɮɷɧɨɵɹɱɯ ɬɫɯɴɵɵɨɷɧɮɴʂɼ ɶɷɧɩɯɲ ɵ ɸɹɧɹɺɸɬ ɱɵɷɶɵɷɧ ɽɯɰ ɉ ɲɯɹɬɷɧɹɺɷɬ ɵɹɳɬɾɧɬɹɸʆ ɾɹɵ ɷɧɮɩɯɹɯɬ ɱɵɷɶɵɷɧɹɯɩɴʂɼ ɮɧɱɵɴɵɩ

ɩɵɹɫɬɲʃɴʂɼ ɿɹɧɹɧɼ ɴɬɷɬɫɱɵ ɵɶɷɬɫɬɲʆɬɹɸʆ ɯɸɱɲʅɾɯɹɬɲʃɴɵ ɯɴɹɬɷɬɸɧ ɳɯ ɸɵɶɬɷɴɯɾɬɸɹɩɧ ɳɬɭɫɺ ɴɯɳɯ ɩ ɶɷɬɫɵɸɹɧɩɲɬɴɯɯ ɴɧɯɨɵɲɬɬ ɲʃɪɵɹɴʂɼ ɺɸɲɵɩɯɰ ɫɲʆ ɷɬɪɯɸɹɷɧɽɯɯ ɱɵɳɶɧɴɯɰ ɧ ɴɬ ɸɵɵɨɷɧɭɬɴɯʆɳɯ ɵɸɳʂɸɲɬɴ ɴɵɰ ɶɷɧɩɵɩɵɰ ɶɵɲɯɹɯɱɯ ɶɵʄɹɵɳɺ ɴɧɶɷɯɳɬɷ ɩ ɿɹɧɹɬ ɔʃʅ ɋɭɬɷɸɯ ɲʅɨʂɬ ɮɧɱɵɴɵɫɧɹɬɲʃɴʂɬ ɶɵɶʂɹɱɯ ɮɧʀɯɹʂ ɧɱɽɯɵɴɬɷɵɩ ɴɧɹɧɲɱɯɩɧ ʅɹɸʆ ɴɧ ɩɵɮɷɧɭɬɴɯɬ ɵ ɹɵɳ ɾɹɵ ʄɻɻɬɱɹɵɳ ɯɼ ɶɷɯɴʆɹɯʆ ɴɬɶɷɬɳɬɴɴɵ ɸɹɧɴɬɹ ɺɼɵɫ ɮɧɷɬɪɯɸɹɷɯɷɵɩɧɴɴʂɼ ɱɵɷɶɵɷɧɽɯɰ ɩ ɫɷɺɪɯɬ ɿɹɧɹʂ ɶɷɬ ɭɫɬ ɩɸɬɪɵ ɩ ɋɬɲɧɩʄɷ

ɉɹɧɱɯɼ ɺɸɲɵɩɯʆɼ ɴɧ ɫɵɲʅ ɻɬɫɬɷɧɲʃɴɵɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɵɸɹɧɬɹ ɸʆ ɯɸɶɵɲʃɮɵɩɧɴɯɬ ɶɷɵɨɬɲɵɩ ɵɨɷɧɮɵɩɧɩɿɯɼɸʆ ɩ ɶɷɵɽɬɸɸɬ jɫɬɷɬɪɺɲɯ ɷɵɩɧɴɯʆy ɱɵɷɶɵɷɧɹɯɩɴʂɼ ɵɹɴɵɿɬɴɯɰ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɵɳ ɸɵɷɬɩɴɺʅ ʀɯɼɸʆ ɿɹɧɹɵɩ ɧ ɹɧɱɭɬ ɶɷɯɴʆɹɯɬ ɵɨɲɧɫɧʅʀɯɼ ɨɵɲʃɿɬɰ ʅɷɯɫɯɾɬɸɱɵɰ ɸɯɲɵɰ ɮɧɱɵɴɵɫɧɹɬɲʃɴʂɼ ɧɱɹɵɩ ɶɺɨɲɯɾɴɵ ɶɷɧɩɵɩɵɪɵ ɼɧɷɧɱɹɬɷɧ ɩ ɵɨɲɧ ɸɹɯ ɧɴɹɯɳɵɴɵɶɵɲʃɴɵɪɵ ɴɧɲɵɪɵɩɵɪɵ ɧɫɳɯɴɯɸɹɷɧɹɯɩɴɵɪɵ ɺɪɵɲɵɩɴɵɪɵ ɶɷɵɽɬɸɸɺɧɲʃɴɵɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɧ ɹɧɱɭɬ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɵ ɷʂɴ ɱɬ ɽɬɴɴʂɼ ɨɺɳɧɪ ɘ ɯɼ ɶɵɳɵʀʃʅ ɶɷʆɳɵ ɯɲɯ ɱɵɸɩɬɴɴɵ ɵɪɷɧɴɯɾɯɩɧʅɹɸʆ

ɴɧɯɨɵɲɬɬ ɸɵɳɴɯɹɬɲʃɴʂɬ ɮɧɱɵɴɵɫɧɹɬɲʃɴʂɬ ɶɵɶʂɹɱɯ ɵɹɫɬɲʃɴʂɼ ɿɹɧɹɵɩ

ɩɷɧɸɸɳɧɹɷɯɩɧɬɳɵɰ ɸɻɬɷɬ ɖɷɯ ɯɴɵɳ ɶɵɫɼɵɫɬ ɱɧɱ ɵɹɳɬɾɧʅɹ ɴɬɱɵɹɵɷʂɬ ɯɸɸɲɬɫɵɩɧɹɬɲɯ ɺɱɧɮɧɴɴɵɬ ɸɵɷɬɩɴɵɩɧɴɯɬ ɿɹɧɹɵɩ ɩ ɱɵɴɽɬ ɱɵɴɽɵɩ ɳɵɪɲɵ ɨʂ ɶɷɯɩɬɸɹɯ ɱ ɶɵɲɴɵɰ ɶɵɹɬɷɬ ɫɵɩɬɷɯʆ ɩɱɲɧɫɾɯɱɵɩ ɱ ɷʂɴɱɺ ɱɧɶɯɹɧɲɵɩ

ɘɳ ɴɧɶɷɯɳɬɷ Merkt H., Göthel S.R. 64 BNFSJLBOJTDIFT (FTFMMTDIBGUTSFDIU 4

Ɋɲɧɩɧ ɖɵɴʆɹɯɬ ɱɵɷɶɵɷɧɽɯɯ ɯ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɶɷɧɩɧ

əɯɶɯɾɴʂɳ ɶɷɯɳɬɷɵɳ ɹɧɱɯɼ ɻɬɫɬɷɧɲʃɴʂɼ ɮɧɱɵɴɵɩ ʆɩɲʆɬɹɸʆ ɶɷɯ ɴʆɹʂɰ ɩ ɯʅɲɬ ɪ ɩ ɷɬɮɺɲʃɹɧɹɬ ɸɱɧɴɫɧɲʃɴɵɪɵ ɨɧɴɱɷɵɹɸɹɩɧ ɱɵɳ ɶɧɴɯɯ jɤɴɷɵɴy Ɏɧɱɵɴ ɵ ɷɬɻɵɷɳɬ ɵɹɾɬɹɴɵɸɹɯ ɶɺɨɲɯɾɴʂɼ ɱɵɳɶɧɴɯɰ ɯ ɮɧʀɯɹɬ ɯɴɩɬɸɹɵɷɵɩ Public Company Accounting Reform and Investor Protection Act of 2002 ɯɮɩɬɸɹɴʂɰ ɹɧɱɭɬ ɶɵ ɻɧɳɯɲɯʆɳ ɸɩɵɯɼ ɯɴɯɽɯɧ ɹɵɷɵɩ ӎ ɸɬɴɧɹɵɷɧ ɖɵɲɧ ɘ ɘɧɷɨɬɰɴɬɸɧ ɯ ɱɵɴɪɷɬɸɸɳɬɴɧ ɓɧɰɱɲɧ ɕɱɸ ɲɯ ɱɧɱ Sarbanes-Oxley Act ɤɹɵɹ ɻɬɫɬɷɧɲʃɴʂɰ ɮɧɱɵɴ ɴɬ ɹɵɲʃɱɵ ɺɸɹɧ ɴɵɩɯɲ ɸɹɷɵɪɯɬ ɹɷɬɨɵɩɧɴɯʆ ɱ ɵɹɾɬɹɴɵɸɹɯ ɱɵɷɶɵɷɧɽɯɰ ʆɩɲʆʅʀɬɰɸʆ ɩ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ ɩ ɵɹɸɺɹɸɹɩɯɬ ɹɷɬɨɵɩɧɴɯɰ ɱ ɺɸɹɧɩɴɵɳɺ ɱɧɶɯ ɹɧɲɺ ɱɵɷɶɵɷɧɽɯɰ ɪɲɧɩɴʂɳ ɸɷɬɫɸɹɩɵɳ ɮɧʀɯɹʂ ɯɴɹɬɷɬɸɵɩ ɯɼ ɱɷɬɫɯ ɹɵɷɵɩ ɩɱɲʅɾɧʆ ɸɬɷʃɬɮɴɺʅ ɺɪɵɲɵɩɴɺʅ ɯ ɧɫɳɯɴɯɸɹɷɧɹɯɩɴɺʅ ɵɹɩɬɹ ɸɹɩɬɴɴɵɸɹʃ ɮɧ ɯɼ ɴɬɸɵɨɲʅɫɬɴɯɬ ɴɵ ɯ ɸɵɮɫɧɲ ɫɵɶɵɲɴɯɹɬɲʃɴɺʅ ɸɯɸɹɬ ɳɺ ɵɷɪɧɴɵɩ ɶɷɯɮɩɧɴɴʂɼ ɶɬɷɯɵɫɯɾɬɸɱɯ ɱɵɴɹɷɵɲɯɷɵɩɧɹʃ ɸɵɫɬɷɭɧɴɯɬ ɹɧɱɵɰ ɵɹɾɬɹɴɵɸɹɯ

Ɍʀɬ ɩ ɪ ɑɵɴɪɷɬɸɸɵɳ ɘɟɇ ɨʂɲ ɶɷɯɴʆɹ ɛɬɫɬɷɧɲʃɴʂɰ ɮɧɱɵɴ ɵ ɶɷɵɹɯɩɵɫɬɰɸɹɩɯɯ ɶɵɸɲɬɫɸɹɩɯʆɳ ɵɷɪɧɴɯɮɵɩɧɴɴɵɪɵ ɵɨɳɧɴɧ ɯ ɱɵɷɷɺɶ

ɽɯɯ Federal Racketeer Influenced and Corrupt Organizations Act, RICO ɕɴ ɺɸɹɧɴɵɩɯɲ ɭɬɸɹɱɺʅ ɺɪɵɲɵɩɴɺʅ ɯ ɯɳɺʀɬɸɹɩɬɴɴɺʅ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ ɩ ɾɧɸɹɴɵɸɹɯ ɩ ɻɵɷɳɬ ɹɷɵɰɴɵɪɵ ɩɵɮɳɬʀɬɴɯʆ ɺɨʂɹɱɵɩ ӎ triple damages ɮɧ ɩɬɸʃɳɧ ɧɨɸɹɷɧɱɹɴɵ ɵɶɯɸɧɴɴʂɬ ɯɳ ɶɷɧɩɵɴɧɷɺɿɬɴɯʆ ɩ ɹɵɳ ɾɯɸɲɬ ɩ ɸɻɬɷɬ ɱɵɷɶɵɷɧɹɯɩɴʂɼ ɵɹɴɵɿɬɴɯɰ ɶɵɶʂɹɱɧ ɵɸɶɵɷɯɹʃ ɱɵɴɸɹɯɹɺɽɯ ɵɴɴɵɸɹʃ ɬɪɵ ɿɯɷɵɱɯɼ ɻɵɷɳɺɲɯɷɵɩɵɱ ɨʂɲɧ ɵɹɱɲɵɴɬɴɧ ɷɬɿɬɴɯɬɳ ɉɬɷ ɼɵɩɴɵɪɵ ɘɺɫɧ ɘɟɇ ɩ ɪ ɶʆɹʃʅ ɪɵɲɵɸɧɳɯ ɶɷɵɹɯɩ ɾɬɹʂɷɬɼ ɛɬɫɬ ɷɧɲʃɴʂɳɯ ɮɧɱɵɴɧɳɯ ɺɸɹɧɴɧɩɲɯɩɧʅʀɯɳɯ ɶɷɵɽɬɫɺɷʂ ɷɧɸɸɳɵɹɷɬɴɯʆ ɯɸɱɵɩ ɧɱɽɯɵɴɬɷɵɩ Private Securities Litigation Act ɪ ɯ Securities Litigation Uniform Standards Act ɪ ɳɴɵɪɯɬ ɱɵɷɶɵɷɧɹɯɩɴʂɬ ɸɶɵɷʂ ɨʂ ɲɯ ɶɷʆɳɵ ɩʂɩɬɫɬɴʂ ɯɮ ɶɵɫ ɫɬɰɸɹɩɯʆ ɲɯɨɬɷɧɲʃɴɵɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɵɹɫɬɲʃɴʂɼ ɿɹɧɹɵɩ ɯ ɶɬɷɬɫɧɴʂ ɴɧ ɯɸɱɲʅɾɯɹɬɲʃɴɵɬ ɷɧɸɸɳɵɹɷɬɴɯɬ ɻɬ ɫɬɷɧɲʃɴʂɼ ɸɺɫɵɩ

ɉ ɪ ɑɵɴɪɷɬɸɸɵɳ ɘɟɇ ɨʂɲɯ ɷɧɸɸɳɵɹɷɬɴʂ ɴɵ ɴɬ ɶɷɯɴʆɹʂ ɶɷɵ ɬɱɹʂ ɸɶɬɽɯɧɲʃɴʂɼ ɻɬɫɬɷɧɲʃɴʂɼ ɮɧɱɵɴɵɩ ɵ ɮɧʀɯɹɬ ɶɷɧɩ ɧɱɽɯɵɴɬɷɵɩ

Federal Protection of Shareholder’s Rights Act ɯ ɵ ɱɵɷɶɵɷɧɹɯɩɴɵɰ ɫɬɳɵɱɷɧ

ɹɯɯ Federal Corporate Democracy Act ɕɫɴɧɱɵ ɴɧ ɯɼ ɨɧɮɬ ɇɳɬɷɯɱɧɴɸɱɯɰ ɯɴɸɹɯɹɺɹ ɶɷɧɩɧ ɩ ɪ ɶɵɫɪɵɹɵɩɯɲ ɶɷɵɬɱɹ ɷɬɱɵɳɬɴɫɧɽɯɰ ɶɵ ɶɷɯɴɽɯ ɶɧɳ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɺɶɷɧɩɲɬɴɯʆ Principles of Corporate Governance ɱɵ ɹɵɷʂɰ ɶɵɸɲɬ ɵɨɸɺɭɫɬɴɯʆ ɯ ɫɵɷɧɨɵɹɱɯ ɨʂɲ ɵɶɺɨɲɯɱɵɩɧɴ ɩ ɪ ɩ ɱɧ ɾɬɸɹɩɬ ɧɱɹɧ ɷɬɱɵɳɬɴɫɧɹɬɲʃɴɵɪɵ ɼɧɷɧɱɹɬɷɧ ӎ ɑɵɫɬɱɸɧ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɺɶɷɧɩɲɬɴɯʆ Corporate Governance Code ɤɹɵɹ ɧɱɹ ɨʂɲ ɿɯɷɵɱɵ ɩɵɸɶɷɯ

f ɕɸɴɵɩɴʂɬ ɯɸɹɵɾɴɯɱɯ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɶɷɧɩɧ

ɴʆɹ ɩ ɨɵɲʃɿɯɴɸɹɩɬ ɿɹɧɹɵɩ ɘɟɇ ɧ ɬɪɵ ɯɫɬɯ ɯ ɵɸɴɵɩɴʂɬ ɶɵɲɵɭɬɴɯʆ ɮɧɯɳɸɹɩɵɩɧɴʂ ɩɵ ɳɴɵɪɯɼ ɬɩɷɵɶɬɰɸɱɯɼ ɶɷɧɩɵɶɵɷʆɫɱɧɼ

ɏɳɬɴɴɵ ɹɧɱɯɳ ɵɨɷɧɮɵɳ ӎ ɩ ɻɵɷɳɬ ɶɷɵɹɯɩɵɫɬɰɸɹɩɯʆ ɯ ɩɮɧɯɳɵ ɫɬɰɸɹɩɯʆ ɵɹɴɵɸɯɹɬɲʃɴɵ ɭɬɸɹɱɵɪɵ ɻɬɫɬɷɧɲʃɴɵɪɵ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɮɧ ɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɯ ɨɵɲɬɬ ɲɯɨɬɷɧɲʃɴɵɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɵɹɫɬɲʃɴʂɼ ɿɹɧɹɵɩ ӎ ɩ ɘɟɇ ɶɷɵɯɸɼɵɫɯɹ ɺɸɹɧɴɵɩɲɬɴɯɬ ɵɶɷɬɫɬɲɬɴɴɵɪɵ ɨɧɲɧɴɸɧ ɯɴɹɬɷɬɸɵɩ ɹɷɬɹʃɯɼ ɲɯɽ ɧɱɽɯɵɴɬɷɵɩ ɳɬɴɬɫɭɳɬɴɹɧ ɯ ɷɧɨɵɹɴɯɱɵɩ ɱɵɷ ɶɵɷɧɽɯɰ ɖɵʄɹɵɳɺ ɱɵɷɶɵɷɧɹɯɩɴɵ ɶɷɧɩɵɩɵɬ ɷɬɪɺɲɯɷɵɩɧɴɯɬ ɩ ɧɳɬɷɯ ɱɧɴɸɱɵɳ ɶɷɧɩɬ ɴɬ ɵɪɷɧɴɯɾɯɩɧɬɹɸʆ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɵɳ ɵ ɸɹɧɹɺɸɬ ɱɵɷɶɵ ɷɧɽɯɰ ɯ ɻɧɱɹɯɾɬɸɱɯ ɩɵ ɳɴɵɪɵɳ ɵɶɷɬɫɬɲʆɬɹɸʆ ɶɺɨɲɯɾɴʂɳ ɧ ɴɬ ɹɵɲʃ ɱɵ ɾɧɸɹɴʂɳ ɶɷɧɩɵɳ

ɘɲɬɫɺɬɹ ɶɵɫɾɬɷɱɴɺɹʃ ɩɬɸʃɳɧ ɩɧɭɴɺʅ ɷɵɲʃ ɱɵɹɵɷɺʅ ɶɷɯ ʄɹɵɳ ɯɪɷɧɬɹ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɵ ɵ ɽɬɴɴʂɼ ɨɺɳɧɪɧɼ ɯ ɨɯɷɭɧɼ ӎ ɶɷɬɭɫɬ ɩɸɬɪɵ ɻɬɫɬɷɧɲʃ ɴʂɰ Ɏɧɱɵɴ ɵ ɸɫɬɲɱɧɼ ɸ ɽɬɴɴʂɳɯ ɨɺɳɧɪɧɳɯ ɪ Securities Exchange Act ɸ ɯɮɳɬɴɬɴɯʆɳɯ ɩɴɬɸɬɴɴʂɳɯ ɸɶɬɽɯɧɲʃɴʂɳ Ɏɧɱɵɴɵɳ ɪ ӎ Williams Act ɯ ɷɧɮɲɯɾɴʂɬ ɶɷɧɩɯɲɧ ɶɷɯɴɯɳɧɬɳʂɬ ɻɬɫɬɷɧɲʃɴɵɰ ɑɵɳɯɸ ɸɯɬɰ ɶɵ ɽɬɴɴʂɳ ɨɺɳɧɪɧɳ ɯ ɨɯɷɭɧɳ Securities and Exchange Comission, SEC SEC Rule ɛɧɱɹɯɾɬɸɱɯ ɯɳɬɴɴɵ ɵɴɯ ɩɵ ɳɴɵɪɵɳ ɵɶɷɬɫɬɲʆʅɹ ɸɹɧ ɹɺɸ ɯ ɶɷɧɩɧ ɺɾɧɸɹɴɯɱɵɩ ɶɺɨɲɯɾɴʂɼ ɱɵɷɶɵɷɧɽɯɰ ɯ ɫɧɭɬ ɸɵɫɬɷɭɧɴɯɬ ɷʆɫɧ ɩɴɺɹɷɯɱɵɷɶɵɷɧɹɯɩɴʂɼ ɵɹɴɵɿɬɴɯɰ ɴɧɶɷɯɳɬɷ ɶɵɷʆɫɵɱ ɯɸɶɵɲʃɮɵɩɧɴɯʆ ɫɵɩɬɷɬɴɴɵɸɹɬɰ ɴɧ ɶɷɧɩɵ ɪɵɲɵɸɵɩɧɴɯʆ ɴɧ ɵɨʀɯɼ ɸɵɨɷɧɴɯʆɼ ɱɵɷɶɵɷɧɽɯɰ

ɘɹɧɹɺɸ ɶɧɷɹɴɬɷɸɹɩ ӎ ɧɴɧɲɵɪɵɩ ɶɵɲɴʂɼ ɹɵɩɧɷɯʀɬɸɹɩ ɸɹɷɵɪɵ ɪɵɩɵɷʆ ɴɬ ʆɩɲʆʅʀɯɰɸʆ ɶɷɬɫɳɬɹɵɳ ɧɳɬɷɯɱɧɴɸɱɵɪɵ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɶɷɧɩɧ ɷɬ ɪɺɲɯɷɺɬɹɸʆ ɴɧ ɵɸɴɵɩɬ ɷɧɮɷɧɨɵɹɧɴɴɵɪɵ ɺɱɧɮɧɴɴɵɰ ɩʂɿɬ ɔɧɽɯɵɴɧɲʃɴɵɰ ɱɵɴɻɬɷɬɴɽɯɬɰ ɩ ɪ ɓɵɫɬɷɴɯɮɯɷɵɩɧɴɴɵɪɵ ɬɫɯɴɵɵɨɷɧɮɴɵɪɵ ɮɧɱɵɴɧ ɵ ɶɧɷɹɴɬɷɸɹɩɧɼ Revised Uniform Partnership Act, RUPA ɉ ɪ ɩ ɴɬɪɵ ɨʂɲɯ ɩɴɬɸɬɴʂ ɫɵɶɵɲɴɬɴɯʆ ɶɵɸɲɬ ɱɵɹɵɷʂɼ ɵɴ ɩɴɵɩʃ ɸɹɧɲ ɴɧɮʂɩɧɹʃɸʆ Uniform Partnership Act UPA ɯ ɩ ʄɹɵɳ ɱɧɾɬɸɹɩɬ ɨʂɲ ɶɷɯɴʆɹ ɨɵɲʃɿɯɴ ɸɹɩɵɳ ɿɹɧɹɵɩ ɉ ɪ ɹɧɱɯɳ ɭɬ ɵɨɷɧɮɵɳ ɨʂɲ ɵɨɴɵɩɲɬɴ Ɍɫɯɴɵɵɨɷɧɮ ɴʂɰ ɮɧɱɵɴ ɵ ɶɧɷɹɴɬɷɸɹɩɧɼ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ Revised Uniform Limited Partnership Act, RULPA ӎ ɧɴɧɲɵɪɬ ɬɩɷɵɶɬɰɸɱɵɰ ɱɵɳɳɧɴ ɫɯɹʂ ɖɵɸɲɬ ɩɴɬɸɬɴɯʆ ɩ ɴɬɪɵ ɯɮɳɬɴɬɴɯɰ ɩ ɪ ɬɪɵ ɹɧɱɭɬ ɶɷɯɴʆɲɵ

ɨɵɲʃɿɯɴɸɹɩɵ ɿɹɧɹɵɩ ɉ ɪ ɶɷɯɴʆɹɧ ɴɵɩɧʆ ɷɬɫɧɱɽɯʆ ʄɹɵɪɵ ɬɫɯɴɵ

ɖɵɸɲɬ ʄɹɵɪɵ ɯ ɩ Ɍɩɷɵɶɬ ɸɹɧɲɯ ɿɯɷɵɱɵ ɯɸɶɵɲʃɮɵɩɧɹʃɸʆ ɫɵɨɷɵɩɵɲʃɴɵ ɶɷɯɳɬɴʆɬɳʂɬ ɱɵɷɶɵɷɧɽɯʆɳɯ ɧɱɹʂ ɷɬɱɵɳɬɴɫɧɹɬɲʃɴɵɪɵ ɼɧɷɧɱɹɬɷɧ ɩ ɻɵɷɳɬ ɴɧɽɯɵɴɧɲʃɴʂɼ jɱɵɫɬɱɸɵɩ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɺɶɷɧɩɲɬɴɯʆy ɹɧɱɵɩʂ ɴɧɶɷɯɳɬɷ ɱɵɫɬɱɸʂ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɺɶɷɧɩɲɬ ɴɯʆ ɉɬɲɯɱɵɨɷɯɹɧɴɯɯ UK Corporate Governance Code ɯ Ɋɬɷɳɧɴɯɯ Deutscher Corporate

Governance Kodex

Ɋɲɧɩɧ ɖɵɴʆɹɯɬ ɱɵɷɶɵɷɧɽɯɯ ɯ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɶɷɧɩɧ

ɵɨɷɧɮɴɵɪɵ ɮɧɱɵɴɧ ɯɮɩɬɸɹɴɧʆ ɱɧɱ RULPA ɶɵɱɧ ɵɫɴɧɱɵ ɴɬ ɷɧɹɯ ɻɯɽɯɷɵɩɧɴɴɧʆ ɴɯ ɵɫɴɯɳ ɯɮ ɿɹɧɹɵɩ ɉ ɸɩʆɮɯ ɸ ɪɵɷɧɮɫɵ ɳɬɴʃɿɯɳ ʄɱɵ ɴɵɳɯɾɬɸɱɯɳ ɮɴɧɾɬɴɯɬɳ ɶɧɷɹɴɬɷɸɹɩ ɯ ɵɹɸɺɹɸɹɩɯɬɳ ɩɵ ɳɴɵɪɯɼ ɸɲɺɾɧʆɼ ɴɬɵɨɼɵɫɯɳɵɸɹɯ ɯɼ ɷɬɪɯɸɹɷɧɽɯɯ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɵ ɵɹɫɬɲʃɴʂɼ ɿɹɧɹɵɩ ɴɬ ɸɵɸɹʆɮɧɲɵɸʃ ɩ ɲɯɨɬɷɧɲɯɮɧɽɯɯ ɯɼ ɸɹɧɹɺɸɧ ɱɵɹɵɷʂɰ ɩ ɷɬɮɺɲʃɹɧɹɬ ɩ ɪɵ ɷɧɮɫɵ ɨɵɲʃɿɬɰ ɳɬɷɬ ɾɬɳ ɸɹɧɹɺɸ ɱɵɷɶɵɷɧɽɯɰ ɵɶɷɬɫɬɲʆɬɹɸʆ ɺɴɯɻɯɽɯ ɷɵɩɧɴɴʂɳ ɻɬɫɬɷɧɲʃɴʂɳ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɵɳ

ɉɪ ɔɧɽɯɵɴɧɲʃɴɵɰ ɱɵɴɻɬɷɬɴɽɯɬɰ ɷɧɮɷɧɨɵɹɾɯɱɵɩ ɬɫɯɴɵɵɨɷɧɮ ɴɵɪɵ ɶɷɧɩɧ ɿɹɧɹɵɩ ɨʂɲ ɶɷɯɴʆɹ Ɍɫɯɴɵɵɨɷɧɮɴʂɰ ɮɧɱɵɴ ɵ ɴɬɮɧɷɬɪɯɸɹɷɯ ɷɵɩɧɴɴʂɼ ɴɬɱɵɳɳɬɷɾɬɸɱɯɼ ɧɸɸɵɽɯɧɽɯʆɼ Uniform Unincorporated Nonprofit Association Act ɫɬɰɸɹɩɺʅʀɯɰ ɩ ɷɬɫɧɱɽɯɯ ɪ ɯ ʆɩɲʆʅʀɯɰɸʆ ɵɸɴɵɩɵɰ ɷɬɪɲɧɳɬɴɹɧɽɯɯ ɸɹɧɹɺɸɧ ɴɬɱɵɳɳɬɷɾɬɸɱɯɼ ɱɵɷɶɵɷɧɽɯɰ ɮɧɱɵɴɵ ɫɧɹɬɲʃɸɹɩɵɳ ɨɵɲʃɿɯɴɸɹɩɧ ɿɹɧɹɵɩ ɮɧɱɵɴʂ ɴɬɱɵɹɵɷʂɼ ɿɹɧɹɵɩ ɵ ɴɬɱɵɳ ɳɬɷɾɬɸɱɯɼ ɱɵɷɶɵɷɧɽɯʆɼ ɶɵɫɪɵɹɵɩɲɬɴʂ ɴɧ ɵɸɴɵɩɬ ɫɷɺɪɵɪɵ ɳɵɫɬɲʃɴɵɪɵ ɧɱɹɧ ӎ Model Nonprofit Corporation Act ɷɧɮɷɧɨɵɹɧɴɴɵɪɵ ABA əɧɱɵɪɵ ɷɵ ɫɧ ɵɷɪɧɴɯɮɧɽɯɯ ɶɷɯɿɲɯ ɩ ɧɳɬɷɯɱɧɴɸɱɵɬ ɶɷɧɩɵ ɯɮ ɧɴɪɲɯɰɸɱɵɪɵ ɩ ɱɵ ɹɵɷɵɳ ɩ ɻɵɷɳɬ jɴɬɮɧɷɬɪɯɸɹɷɯɷɵɩɧɴɴʂɼ ɸɩɵɨɵɫɴʂɼ ɧɸɸɵɽɯɧɽɯɰy unincorporated voluntary associations ɹɷɧɫɯɽɯɵɴɴɵ ɫɬɰɸɹɩɺʅɹ ɴɬ ɹɵɲʃɱɵ ɱɲɺ ɨʂ ɯ ɷɧɮɴɵɵɨɷɧɮɴʂɬ ɹɬɷɷɯɹɵɷɯɧɲʃɴʂɬ ɵɨʁɬɫɯɴɬɴɯʆ ɪɷɧɭɫɧɴ ɴɵ ɫɧɭɬ ɴɬɱɵɹɵɷʂɬ ɶɷɵɻɸɵʅɮʂ ɯ ɸɵʅɮʂ ɷɧɨɵɹɵɫɧɹɬɲɬɰ

3.Российское законодательство о корпорациях

ɉɫɬɰɸɹɩɺʅʀɬɳ ɷɵɸɸɯɰɸɱɵɳ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɬ ɱɵɷɶɵɷɧɹɯɩɴɵɬ ɶɷɧ ɩɵ ɶɵɱɧ ɴɯɱɧɱ ɴɬ ɵɨɵɸɵɨɲɬɴɵ ɲɯɿʃ ɸ ɳɵɳɬɴɹɧ ɩɸɹɺɶɲɬɴɯʆ ɩ ɸɯɲɺ ɴɵ ɩɵɰ ɷɬɫɧɱɽɯɯ ɸɹ Ɋɑ ɗɛ ɩ ɴɬɳ ɸɹɧɲɯ ɯɸɶɵɲʃɮɵɩɧɹʃɸʆ ɵɨʀɯɬ ɱɧɹɬɪɵɷɯɯ jɱɵɷɶɵɷɧɽɯɯy ɯ jɱɵɷɶɵɷɧɹɯɩɴʂɬ ɵɹɴɵɿɬɴɯʆy ɗɧɮɩɯɹɯɬ ɵɹɬɾɬɸɹɩɬɴ ɴɵɪɵ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɶɷɧɩɧ ɸ ɴɬɯɮɨɬɭɴɵɸɹʃʅ ɹɷɬɨɺɬɹ ɸɵɵɹɩɬɹɸɹɩɺʅ ʀɬɪɵ ɬɳɺ ɷɧɮɩɯɹɯʆ ɯ ɶɬɷɬɸɳɵɹɷɧ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɶɵɱɧ ɶɷɬɫɸɹɧɩɲɬɴɴɵɪɵ ɷɧɮɷɵɮɴɬɴɴʂɳɯ ɯ ɴɬ ɩɸɬɪɫɧ ɫɵɲɭɴʂɳ ɵɨɷɧɮɵɳ ɸɵɪɲɧɸɵɩɧɴɴʂɳɯ ɫɷɺɪ ɸ ɫɷɺɪɵɳ ɮɧɱɵɴɵɫɧɹɬɲʃɴʂɳɯ ɧɱɹɧɳɯ ɏɮɩɬɸɹɴɺʅ ɱɵɵɷɫɯɴɯɷɺʅʀɺʅ ɻɺɴɱɽɯʅ ɶɵ ɵɹɴɵɿɬɴɯʅ ɱ ɴɯɳ ɩ ɴɬɱɵɹɵɷɵɰ ɳɬɷɬ

ɺɫɧɬɹɸʆ ɩʂɶɵɲɴʆɹʃ Ɋɷɧɭɫɧɴɸɱɵɳɺ ɱɵɫɬɱɸɺ ɗɛ ɸɵɫɬɷɭɧʀɬɳɺ ɵɨʀɯɬ ɶɵɲɵɭɬɴɯʆ ɵ ɸɹɧɹɺɸɬ ɵɹɫɬɲʃɴʂɼ ɩɯɫɵɩ ɱɵɷɶɵɷɧɽɯɰ ɕɫɴɧɱɵ ɵɹɫɬɲʃɴʂɬ ɮɧɱɵɴʂ ɫɧɭɬ ɶɷɯɴʆɹʂɬ ɻɵɷɳɧɲʃɴɵ ɴɧ ɵɸɴɵɩɬ ʄɹɯɼ ɶɵɲɵɭɬɴɯɰ ɵɨɴɧ ɷɺɭɯɩɧʅɹ ʆɩɴɺʅ ɹɬɴɫɬɴɽɯʅ ɶɵɸɹɬɶɬɴɴɵɪɵ ɵɹɼɵɫɧ ɵɹ ɴɯɼ

əɧɱɵɩʂ ɩ ɾɧɸɹɴɵɸɹɯ ɷɬɪɺɲɯɷɺʅʀɯɬ ɸɹɧɹɺɸ ɼɵɮʆɰɸɹɩɬɴɴʂɼ ɵɨʀɬɸɹɩ ɫɩɧ ɻɬɫɬɷɧɲʃɴʂɼ ɮɧɱɵɴɧ ӎ ɵɹ ɫɬɱɧɨɷʆ ɪ ԋ ɛɎ jɕɨ ɧɱɽɯɵ

f ɕɸɴɵɩɴʂɬ ɯɸɹɵɾɴɯɱɯ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɶɷɧɩɧ

ɴɬɷɴʂɼ ɵɨʀɬɸɹɩɧɼy ɯ ɵɹ ɻɬɩɷɧɲʆ ɪ ԋ ɛɎ jɕɨ ɵɨʀɬɸɹɩɧɼ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅy ɑ ɴɯɳ ɶɷɯɳʂɱɧɬɹ ɸɶɬɽɯɧɲʃɴʂɰ ɛɬɫɬɷɧɲʃɴʂɰ ɮɧɱɵɴ jɕɨ ɵɸɵɨɬɴɴɵɸɹʆɼ ɶɷɧɩɵɩɵɪɵ ɶɵɲɵɭɬɴɯʆ ɧɱɽɯɵ ɴɬɷɴʂɼ ɵɨʀɬɸɹɩ ɷɧɨɵɹɴɯɱɵɩ ɴɧɷɵɫɴʂɼ ɶɷɬɫɶɷɯʆɹɯɰ y ʅɷɯɫɯɱɵ ɹɬɼ ɴɯɾɬɸɱɵɬ ɵɻɵɷɳɲɬɴɯɬ ɱɵɹɵɷɵɪɵ ɱɧɱ ɯ ɸɧɳɧ ɱɵɴɸɹɷɺɱɽɯʆ jɴɧɷɵɫɴʂɼ ɶɷɬɫɶɷɯʆɹɯɰy ɱɵɹɵɷʂɬ ɩ ɸɵɵɹɩɬɹɸɹɩɯɯ ɸ ɶ ɸɹ ʄɹɵɪɵ ɮɧɱɵɴɧ ɸɲɬɫɺ ɬɹ ɸɾɯɹɧɹʃ ɷɧɮɴɵɩɯɫɴɵɸɹʆɳɯ ɮɧɱɷʂɹʂɼ ɧɱɽɯɵɴɬɷɴʂɼ ɵɨʀɬɸɹɩ ɴɬ ɩʂ ɫɬɷɭɯɩɧɬɹ ɴɯɱɧɱɵɰ ɱɷɯɹɯɱɯ

ɘɵɫɬɷɭɧʀɧʆɸʆ ɩ ɴɯɼ ɷɬɪɲɧɳɬɴɹɧɽɯʆ ɴɬ ɹɵɲʃɱɵ ɩ ɵɹɫɬɲʃɴʂɼ ɸɲɺɾɧʆɼ ɶɷɵɹɯɩɵɷɬɾɯɹ ɵɨʀɯɳ ɴɵɷɳɧɳ ɯ ɶɵɫɼɵɫɧɳ Ɋɑ ɗɛ ɵɸɵɨɬɴɴɵ ʄɹɵ ɱɧɸɧ ɬɹɸʆ ɸɹɧɹɺɸɧ ɧɱɽɯɵɴɬɷɴʂɼ ɵɨʀɬɸɹɩ ɴɵ ɯ ɵɹɲɯɾɧɬɹɸʆ ɱɷɧɰɴɬɰ ɴɬɸɹɧ ɨɯɲʃɴɵɸɹʃʅ ɯɨɵ ɯɮɳɬɴɬɴɯʆ ɵɸɵɨɬɴɴɵ ɩ ɧɱɽɯɵɴɬɷɴʂɰ ɮɧɱɵɴ ɩɴɵɸʆɹ ɸʆ ɬɫɩɧ ɲɯ ɴɬ ɬɭɬɳɬɸʆɾɴɵ ɋɬɲɵ ɩ ɹɵɳ ɾɹɵ ɵɹɬɾɬɸɹɩɬɴɴʂɰ Ɏɧɱɵɴ ɵɨ ɧɱ ɽɯɵɴɬɷɴʂɼ ɵɨʀɬɸɹɩɧɼ ɪɵɹɵɩɯɲɸʆ ɶɵ ɧɳɬɷɯɱɧɴɸɱɯɳ ɵɨɷɧɮɽɧɳ ɹɵɪɫɧ ɱɧɱ ɩ ɵɸɴɵɩɺ ɵɨʀɯɼ ɶɷɧɩɯɲ Ɋɑ ɗɛ ɵɨ ɧɱɽɯɵɴɬɷɴʂɼ ɯ ɫɷɺɪɯɼ ɼɵɮʆɰɸɹɩɬɴ ɴʂɼ ɵɨʀɬɸɹɩɧɼ ɨʂɲɯ ɶɵɲɵɭɬɴʂ ɮɧɶɧɫɴɵɬɩɷɵɶɬɰɸɱɯɬ ɪɬɷɳɧɴɸɱɯɬ ɱɵɴ ɸɹɷɺɱɽɯɯ ɉ ɫɧɲʃɴɬɰɿɬɳ ʄɹɵɳɺ ɮɧɱɵɴɺ ɶɷɯɿɲɵɸʃ ɩɵɸɶɷɯɴʆɹʃ ɷʆɫ ɵɨ ʀɯɼ ɶɵɲɵɭɬɴɯɰ Ɋɑ ɗɛ ɩ ɷɬɮɺɲʃɹɧɹɬ ɾɬɪɵ ɵɴ ɸɹɧɲ ɱɷɧɰɴɬ ɴɬɺɫɧɾɴʂɳ ɪɯɨɷɯɫɵɳ ɧɳɬɷɯɱɧɴɸɱɯɼ ɯ ɪɬɷɳɧɴɸɱɯɼ ɶɵɫɼɵɫɵɩ ɘ ɺɾɬɹɵɳ ɷɵɸɸɯɰɸɱɯɼ ɷɬɧɲɯɰ ʄɹɵ ɯ ɵɨɺɸɲɵɩɲɯɩɧɬɹ ɴɬɵɨɼɵɫɯɳɵɸɹʃ ɩɴɬɸɬɴɯʆ ɩ ɴɬɪɵ ɶɵɸɹɵʆɴ ɴʂɼ ɯɮɳɬɴɬɴɯɰ ɯ ɫɵɶɵɲɴɬɴɯɰ ɕɫɴɯɳ ɯɮ ɶɵɸɲɬɫɸɹɩɯɰ ɹɧɱɯɼ ɯɮɳɬɴɬ ɴɯɰ ɸɹɧɲɵ ɶɵʆɩɲɬɴɯɬ ɩ ɴɧɮɩɧɴɴʂɼ ɮɧɱɵɴɧɼ ɸɵɨɸɹɩɬɴɴʂɼ ɴɵɷɳ ɵ ɴɬɫɬɰ ɸɹɩɯɹɬɲʃɴʂɼ ɸɫɬɲɱɧɼ ɱɵɹɵɷʂɬ ɸɵɪɲɧɸɴɵ ɷɧɴɬɬ ɫɬɰɸɹɩɵɩɧɩɿɬɰ ɷɬɫɧɱ ɽɯɯ ɶ ɸɹ Ɋɑ ɗɛ ɫɵɲɭɴʂ ɨʂɲɯ ɶɷɯɮɴɧɩɧɹʃɸʆ ɹɧɱɵɩʂɳɯ ɹɵɲʃɱɵ ɶɵ ɵɸɴɵɩɧɴɯʆɳ ɶɷɬɫɺɸɳɵɹɷɬɴɴʂɳ Ɋɑ ɵɨ ɯɸɱɵɩɵɰ ɫɧɩɴɵɸɹɯ ɯ ɵ ɶɵ ɷʆɫɱɬ ɬɬ ɯɸɾɯɸɲɬɴɯʆ ɵɨ ɵɨʁɬɱɹɧɼ ɶɷɧɩɧ ɸɵɨɸɹɩɬɴɴɵɸɹɯ ɯ ɹ ɫ ɉ ɷɬɮɺɲʃ ɹɧɹɬ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɵ ɵ ɼɵɮʆɰɸɹɩɬɴɴʂɼ ɵɨʀɬɸɹɩɧɼ ɶɷɯɵɨɷɬɲɵ ɩɬɸʃɳɧ ɵɶɧɸɴɺʅ ɹɬɴɫɬɴɽɯʅ ɵɨɵɸɵɨɲɬɴɯʆ ɵɹ ɵɨʀɬɪɵ ɪɷɧɭɫɧɴɸɱɵɪɵ ɮɧɱɵɴɵɫɧ ɹɬɲʃɸɹɩɧ ɑɧɱ ɶɵɱɧɮɧɲɧ ɶɷɧɱɹɯɱɧ ɶɷɯɳɬɴɬɴɯɬ ʄɹɯɼ ɮɧɱɵɴɵɩ ɩ ɵɹɷʂɩɬ ɵɹ ɵɨʀɯɼ ɴɵɷɳ Ɋɑ ɶɵɸɩʆʀɬɴɴʂɼ ɶɷɧɩɵɩɵɳɺ ɸɹɧɹɺɸɺ ɹɧɱɯɼ ɵɨʀɬɸɹɩ ɴɬɯɮɨɬɭɴɵ ɩɲɬɾɬɹ ɶɵʆɩɲɬɴɯɬ ɴɬɵɶɷɧɩɫɧɴɴʂɼ ɶɷɵɹɯɩɵɷɬɾɯɰ ɯ ɴɬɸɹɧ ɨɯɲʃɴɵɸɹʃ ɴɧɮɩɧɴɴɵɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɴɬ ɪɵɩɵɷʆ ɺɭɬ ɵ ɸɲɧɨɵɰ ɶɷɵ

ɷɧɨɵɹɱɬ ɬɪɵ ɸɵɫɬɷɭɧɹɬɲʃɴɵɰ ɸɹɵɷɵɴʂ Ɋɵɷɧɮɫɵ ɨɵɲɬɬ ɶɷɯɩɲɬɱɧɹɬɲʃɴʂɳɯ ɩ ɹɵɳ ɾɯɸɲɬ ɯ ɸ ɾɯɸɹɵ ɶɷɧɱɹɯɾɬ

ɸɱɯɼ ɶɵɮɯɽɯɰ ɶɷɬɫɸɹɧɩɲʆʅɹɸʆ ɫɩɧ ɿɧɪɧ ɵɨʁɬɫɯɴɬɴɯɬ ɴɵɷɳ ɵ ɼɵɮʆɰ

ɘɎ ɗɛ ԋ ɘɹɘɎ ɗɛ ԋ ɘɹ

Ɋɲɧɩɧ ɖɵɴʆɹɯɬ ɱɵɷɶɵɷɧɽɯɯ ɯ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɶɷɧɩɧ

ɸɹɩɬɴɴʂɼ ɵɨʀɬɸɹɩɧɼ ɩ ɬɫɯɴʂɰ ɮɧɱɵɴ ɾɹɵ ɶɵɳɯɳɵ ɶɷɵɾɬɪɵ ɶɵɮɩɵɲɯɹ ɫɵɸɹɯɪɴɺɹʃ ɮɴɧɾɯɹɬɲʃɴɵɰ ʄɱɵɴɵɳɯɯ ɮɧɱɵɴɵɫɧɹɬɲʃɴɵɪɵ ɳɧɹɬɷɯɧɲɧ ɩ ɹɵɳ ɾɯɸɲɬ ɮɧ ɸɾɬɹ ɯɮɩɬɸɹɴɵɰ ɺɴɯɻɯɱɧɽɯɯ ɶɷɧɩɯɲ ɵ ɸɵɮɫɧɴɯɯ ɷɬɵɷɪɧɴɯɮɧɽɯɯ ɯ ɲɯɱɩɯɫɧɽɯɯ ʄɹɯɼ ɩɯɫɵɩ ʅɷɯɫɯɾɬɸɱɯɼ ɲɯɽ ɩɱɲʅɾɬɴɯɬ ɺɴɯɻɯɽɯɷɵ ɩɧɴɴɵɪɵ ɳɧɸɸɯɩɧ ɹɧɱɯɼ ɴɵɷɳ ɴɬɶɵɸɷɬɫɸɹɩɬɴɴɵ ɩ Ɋɷɧɭɫɧɴɸɱɯɰ ɱɵɫɬɱɸ ɕ ɴɬɵɨɼɵɫɯɳɵɸɹɯ jɸɵɱɷɧʀɬɴɯʆ ɳɴɵɭɬɸɹɩɧ ɮɧɱɵɴɵɩ ɺɸɹɧɴɧɩɲɯɩɧʅʀɯɼ ɵɸɵɨɬɴɴɵɸɹɯ ɪɷɧɭɫɧɴɸɱɵ ɶɷɧɩɵɩɵɪɵ ɸɹɧɹɺɸɧ ɵɹɫɬɲʃɴʂɼ ɷɧɮɴɵɩɯɫɴɵɸɹɬɰ ɼɵɮʆɰɸɹɩɬɴɴʂɼ ɵɨʀɬɸɹɩy ɶɺɹɬɳ ɶɷɯɴʆɹɯʆ ɶɵɸɩʆʀɬɴɴɵɪɵ ɯɳ ɬɫɯɴɵɪɵ ɮɧ ɱɵɴɧ ɧ ɩ ɶɬɷɸɶɬɱɹɯɩɬ ӎ ɶɵɲɴɵɰ ɯɴɱɵɷɶɵɷɧɽɯɯ ɴɵɷɳ ʄɹɵɪɵ ɮɧɱɵɴɧ ɩ Ɋɷɧ ɭɫɧɴɸɱɯɰ ɱɵɫɬɱɸ ɪɵɩɵɷʆɹ ɶɷɵɬɱɹ ɑɵɴɽɬɶɽɯɯ ɷɧɮɩɯɹɯʆ ɪɷɧɭɫɧɴɸɱɵɪɵ ɮɧ ɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɵ ʅɷɯɫɯɾɬɸɱɯɼ ɲɯɽɧɼ ɶɵɫɪɵɹɵɩɲɬɴɴʂɰ ɷɧɨɵɾɬɰ ɪɷɺɶ ɶɵɰ ɘɵɩɬɹɧ ɶɷɯ ɖɷɬɮɯɫɬɴɹɬ ɗɛ ɶɵ ɱɵɫɯɻɯɱɧɽɯɯ ɯ ɸɵɩɬɷɿɬɴɸɹɩɵɩɧɴɯʅ ɪɷɧɭɫɧɴɸɱɵɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɧ ɹɧɱɭɬ ɯ ɵɨʀɧʆ ɑɵɴɽɬɶɽɯʆ ɷɧɮɩɯɹɯʆ ɪɷɧɭɫɧɴɸɱɵɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɗɵɸɸɯɰɸɱɵɰ ɛɬɫɬɷɧɽɯɯ

ɘɹɵɯɹ ɵɹɳɬɹɯɹʃ ɾɹɵ ɹɧɱɵɰ ɶɵɫɼɵɫ ɯɸɹɵɷɯɾɬɸɱɯ ɶɷɯɸɺʀ ɷɵɸɸɯɰɸɱɵ ɳɺ ɪɷɧɭɫɧɴɸɱɵɳɺ ɶɷɧɩɺ ɷɧɮɩɬɷɴɺɹɵɬ ɷɬɪɺɲɯɷɵɩɧɴɯɬ ɸɹɧɹɺɸɧ ɧɱɽɯɵɴɬɷ ɴʂɼ ɹɵɩɧɷɯʀɬɸɹɩ ɸɵɫɬɷɭɧɲ ɱɧɱ ɫɵɷɬɩɵɲʅɽɯɵɴɴʂɰ ɷɵɸɸɯɰɸɱɯɰ ɶɷɵɬɱɹ Ɋɷɧɭɫɧɴɸɱɵɪɵ ɺɲɵɭɬɴɯʆ ɶɷɯɹɵɳ ɹɧɱɭɬ ɩ ɱɴɯɪɬ ɶʆɹɵɰ ɶɵɸɩʆʀɬɴɴɵɰ ɵɨʆɮɧɹɬɲʃɸɹɩɬɴɴɵɳɺ ɶɷɧɩɺ ɹɧɱ ɯ ɶɬɷɩʂɰ ɷɵɸɸɯɰɸɱɯɰ Ɋɷɧɭɫɧɴɸɱɯɰ ɱɵ ɫɬɱɸ ɪ ɉ ɴɧɸɹɵʆʀɬɬ ɩɷɬɳʆ ɹɧɱɵɬ ɮɧɱɵɴɵɫɧɹɬɲʃɴɵɬ ɷɬɿɬɴɯɬ ɶɷɯɴʆ ɹɵ ɩ ɷʆɫɬ ɷɧɮɩɯɹʂɼ ɮɧɷɺɨɬɭɴʂɼ ɶɷɧɩɵɶɵɷʆɫɱɵɩ ɴɧɶɷɯɳɬɷ ɩ ɪɷɧɭɫɧɴ ɸɱɯɼ ɱɵɫɬɱɸɧɼ ɟɩɬɰɽɧɷɯɯ ɏɹɧɲɯɯ ɔɯɫɬɷɲɧɴɫɵɩ ɩ əɵɷɪɵɩɵɳ ɱɵɫɬɱ ɸɬ ɛɷɧɴɽɯɯ ɩ ɱɵɹɵɷʂɰ ɩ ɪ ɨʂɲ ɯɴɱɵɷɶɵɷɯɷɵɩɧɴ ɬɫɯɴʂɰ Ɏɧɱɵɴ ɵ ɹɵɷɪɵɩʂɼ ɹɵɩɧɷɯʀɬɸɹɩɧɼ ɪ ɯ ɩ ɴɬɱɵɹɵɷʂɼ ɫɷɺɪɯɼ ɸɵɩɷɬɳɬɴɴʂɼ ɪɷɧɭɫɧɴɸɱɵ ɶɷɧɩɵɩʂɼ ɱɵɫɯɻɯɱɧɽɯʆɼ ɕɴɵ ɸɵɫɬɷɭɯɹ ɽɬɲʂɰ ɷʆɫ ɵɾɬ ɩɯɫɴʂɼ ɯ ɴɬɵɸɶɵɷɯɳʂɼ ʅɷɯɫɯɱɵ ɹɬɼɴɯɾɬɸɱɯɼ ɯ ɶɷɧɩɵɶɷɯɳɬɴɯɹɬɲʃ ɴʂɼ ɶɷɬɯɳɺʀɬɸɹɩ ɯ ɶɵɮɩɵɲʆɬɹ ɸɴʆɹʃ ɳɴɵɪɯɬ ɩɵɶɷɵɸʂ ɱɧɱ ɹɬɵɷɬɹɯɾɬ ɸɱɵɪɵ ɹɧɱ ɯ ɶɷɧɱɹɯɾɬɸɱɵɪɵ ɼɧɷɧɱɹɬɷɧ

ɔɵ ɷɧɮɺɳɬɬɹɸʆ ɺ ɴɬɪɵ ɬɸɹʃ ɯ ɶɷɵɹɯɩɴɯɱɯ ɩ ɾɧɸɹɴɵɸɹɯ ɩ ɲɯɽɬ ɓɯɴ ʄɱɵɴɵɳɷɧɮɩɯɹɯʆ ɗɵɸɸɯɯ ɩɬɫʃ ɷɬɧɲɯɮɧɽɯʆ ɹɧɱɵɪɵ ɶɵɫɼɵɫɧ ɸɵɮɫɧɸɹ ɸɬɷʃ ɬɮɴʂɬ ɶɷɬɶʆɹɸɹɩɯʆ ɴɧ ɶɺɹɯ ɶɵɸɹɵʆɴɴʂɼ ɯ ɳɧɲɵɵɨɵɸɴɵɩɧɴɴʂɼ ɯɮɳɬɴɬ ɴɯɰ ɷɵɸɸɯɰɸɱɵɪɵ ɧɱɽɯɵɴɬɷɴɵɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɩ ɴɧɶɷɧɩɲɬɴɯɯ ɬɪɵ

ɴɧɸɹɵɰɾɯɩɵɪɵ ɯ ɶɵɸɲɬɫɵɩɧɹɬɲʃɴɵɪɵ ɶɷɯɸɶɵɸɵɨɲɬɴɯʆ ɱ ɧɳɬɷɯɱɧɴɸɱɯɳ ɵɨɷɧɮɽɧɳ ɖɵʄɹɵɳɺ ɶɷɯ ɵɨɸɺɭɫɬɴɯɯ ɶɷɵɬɱɹɧ ɴɵɩɵɰ ɷɬɫɧɱɽɯɯ Ɋɷɧɭɫɧɴ ɸɱɵɪɵ ɱɵɫɬɱɸɧ ɯɫɬʆ ɬɫɯɴɵɪɵ ɮɧɱɵɴɧ ɵ ɼɵɮʆɰɸɹɩɬɴɴʂɼ ɵɨʀɬɸɹɩɧɼ ɩʂɮɩɧɲɧ

ɘɳ ɉɬɸɹɴɯɱ ɪɷɧɭɫɧɴɸɱɵɪɵ ɶɷɧɩɧ ԋ ɘ ӎ ɑɵɴɽɬɶɽɯʆ ɷɧɮɩɯɹɯʆ ɪɷɧ ɭɫɧɴɸɱɵɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɗɵɸɸɯɰɸɱɵɰ ɛɬɫɬɷɧɽɯɯ ɘ

f ɕɸɴɵɩɴʂɬ ɯɸɹɵɾɴɯɱɯ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɶɷɧɩɧ

ɷɬɮɱɵɬ ɴɬɶɷɯʆɹɯɬ ɶɷɧɩɯɹɬɲʃɸɹɩɬɴɴʂɼ ɱɷɺɪɵɩ ɹɬɳ ɨɵɲɬɬ ɾɹɵ ɬɬ ɷɬɧɲɯ ɮɧɽɯʆ ɴɬɯɮɨɬɭɴɵ ɨɺɫɬɹ ɸɩʆɮɧɴɧ ɯ ɸ ɸɺʀɬɸɹɩɬɴɴʂɳ ɶɬɷɬɸɳɵɹɷɵɳ ɯ ɵɨ ɴɵɩɲɬɴɯɬɳ ɫɬɰɸɹɩɺʅʀɬɪɵ ɧɱɽɯɵɴɬɷɴɵɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ

ɖɵʄɹɵɳɺ ɶɵɱɧ ɶɷɬɫɸɹɧɩɲʆɬɹɸʆ ɽɬɲɬɸɵɵɨɷɧɮɴʂɳ ɸɵɼɷɧɴɬɴɯɬ jɫɩɺɼ ɺɷɵɩɴɬɩɵɪɵy ɷɬɪɺɲɯɷɵɩɧɴɯʆ ɪɷɧɭɫɧɴɸɱɵ ɶɷɧɩɵɩɵɪɵ ɸɹɧɹɺɸɧ ɱɵɳɳɬɷɾɬ ɸɱɯɼ ɯ ɴɬɱɵɳɳɬɷɾɬɸɱɯɼ ɱɵɷɶɵɷɧɽɯɰ ɵɨʀɯɬ ɴɵɷɳʂ ӎ ɩ Ɋɑ ɧ ɸɶɬɽɯ ɧɲʃɴʂɬ ӎ ɩ ɵɹɫɬɲʃɴʂɼ ɮɧɱɵɴɧɼ ɯɸɱɲʅɾɧʆ ɶɵʆɩɲɬɴɯɬ ɮɫɬɸʃ jɶɷɵɳɬ ɭɺɹɵɾɴʂɼy ɮɧɱɵɴɵɩ ɴɧɶɷɯɳɬɷ jɵ ɷɬɵɷɪɧɴɯɮɧɽɯɯ ʅɷɯɫɯɾɬɸɱɯɼ ɲɯɽy ɶɷɵɬɱɹʂ ɱɵɹɵɷʂɼ ɹɧɱɭɬ ɶɬɷɯɵɫɯɾɬɸɱɯ ɶɵʆɩɲʆʅɹɸʆ ɩ ɓɯɴʄɱɵɴɵɳɷɧɮ ɩɯɹɯʆ ɯ ɨɲɯɮɱɯɼ ɬɳɺ ɶɷɧɩɯɹɬɲʃɸɹɩɬɴɴʂɼ ɱɷɺɪɧɼ ɘ ʄɹɵɰ ɹɵɾɱɯ ɮɷɬ ɴɯʆ ɴɬɵɶɷɧɩɫɧɴɴʂɳ ɶɷɬɫɸɹɧɩɲʆɬɹɸʆ ɴɧɲɯɾɯɬ ɸɶɬɽɯɧɲʃɴɵɪɵ ɪɷɧɭɫɧɴ ɸɱɵ ɶɷɧɩɵɩɵɪɵ ɷɬɪɺɲɯɷɵɩɧɴɯʆ ɸɵɫɬɷɭɧʀɬɪɵɸʆ ɩ ɛɬɫɬɷɧɲʃɴɵɳ ɮɧɱɵɴɬ ɵɹ ʆɴɩɧɷʆ ɪ ԋ ɛɎ jɕ ɴɬɱɵɳɳɬɷɾɬɸɱɯɼ ɵɷɪɧɴɯɮɧɽɯʆɼy ɕɴ ɺɸɹɧɴɧɩɲɯɩɧɬɹ ɸɹɧɹɺɸ ɴɬɱɵɹɵɷʂɼ ɩɯɫɵɩ ʅɷɯɫɯɾɬɸɱɯɼ ɲɯɽ ɩ ɹɵɳ ɾɯɸɲɬ ɴɬɱɵɳɳɬɷɾɬɸɱɯɼ ɱɵɷɶɵɷɧɽɯɰ ɵɹɸɺɹɸɹɩɺʅʀɯɼ ɩ Ɋɷɧɭɫɧɴɸɱɵɳ ɱɵɫɬɱɸɬ ɴɵ ɩɳɬɸɹɬ ɸ ɹɬɳ ɴɯɱɧɱ ɴɬ ɶɷɬɶʆɹɸɹɩɺɬɹ ɨɬɸɱɵɴɬɾɴɵɳɺ ɯ ɴɯɾɬɳ ɴɬ ɵɶɷɧɩ ɫɧɴɴɵɳɺ ɺɩɬɲɯɾɬɴɯʅ ɯɼ ɱɵɲɯɾɬɸɹɩɧ ɩɴɵɸʆ ɲɯɿʃ ɶɺɹɧɴɯɽɺ ɩ ɸɵɫɬɷɭɧ ɴɯɬ ɪɷɧɭɫɧɴɸɱɵ ɶɷɧɩɵɩɵɪɵ ɱɵɷɶɵɷɧɹɯɩɴɵ ɶɷɧɩɵɩɵɪɵ ɷɬɪɺɲɯɷɵɩɧɴɯʆ

ɘɹɧɹɺɸ ɱɵɵɶɬɷɧɹɯɩɵɩ ɩ ɴɧɸɹɵʆʀɬɬ ɩɷɬɳʆ ɷɬɪɺɲɯɷɺɬɹɸʆ ɫɬɸʆɹʃʅ ɵɹɫɬɲʃɴʂɳɯ ɮɧɱɵɴɧɳɯ ɩɱɲʅɾɧʆ ɯ Ɏɧɱɵɴ jɕ ɱɵɵɶɬɷɧɽɯɯ ɩ ɘɘɘɗy ɫɵ ɸɯɼ ɶɵɷ ɫɬɰɸɹɩɺʅʀɯɰ ɩ ɵɹɴɵɿɬɴɯɯ ɴɬɱɵɹɵɷʂɼ ɩɯɫɵɩ ɶɵɹɷɬɨɯɹɬɲʃɸɱɯɼ ɱɵɵɶɬɷɧɹɯɩɵɩ ɘɺʀɬɸɹɩɵɩɧɴɯɬ ɴɬɱɵɹɵɷʂɼ ɯɮ ʄɹɯɼ ɮɧɱɵɴɵɩ ɴɬ ɩʂɮʂ ɩɧɬɹɸʆ ɴɯɱɧɱɵɰ ɴɧɸɺʀɴɵɰ ɶɵɹɷɬɨɴɵɸɹʃʅ ɉ ɾɧɸɹɴɵɸɹɯ ɛɬɫɬɷɧɲʃɴʂɰ ɮɧɱɵɴ ɵɹ ɫɬɱɧɨɷʆ ɪ ԋ ɛɎ jɕ ɭɯɲɯʀɴʂɼ ɴɧɱɵɶɯɹɬɲʃɴʂɼ ɱɵɵɶɬɷɧɹɯɩɧɼy ɶɵɸɲɬ ɮɧɱɵɴɵɳɬɷɴɵɪɵ ɸɱɧɴɫɧɲʃɴɵɪɵ ɱɷɧɼɧ jɘɵɽɯɧɲʃ ɴɵɰ ɯɴɯɽɯɧɹɯɩʂy ӎ ɴɧɯɨɵɲɬɬ ʆɷɱɵɰ ɯɮ ɹɧɱɯɼ ɵɷɪɧɴɯɮɧɽɯɰ ɵɹɾɬɹɲɯɩɵ ɶɵɱɧɮɧɩɿɬɰ ɻɧɱɹɯɾɬɸɱɯɬ ɽɬɲɯ ɸɵɮɫɧɴɯʆ ʄɹɵɰ ɷɧɮɴɵɩɯɫɴɵɸɹɯ ɱɵɵɶɬ ɷɧɹɯɩɵɩ ɶɷɧɱɹɯɾɬɸɱɯ ɴɬ ɷɧɨɵɹɧɬɹ ɘɵɩɬɷɿɬɴɴɵ ɯɮɲɯɿɴɯɳ ʆɩɲʆɬɹɸʆ ɛɬɫɬɷɧɲʃɴʂɰ ɮɧɱɵɴ ɵɹ ɫɬɱɧɨɷʆ ɪ ԋ ɛɎ jɕ ɸɬɲʃɸɱɵɼɵɮʆɰ ɸɹɩɬɴɴɵɰ ɱɵɵɶɬɷɧɽɯɯy ɶɵɸɱɵɲʃɱɺ ɯɳɬɬɹɸʆ ɨɵɲɬɬ ɵɨʀɯɰ ɛɬɫɬɷɧɲʃ ɴʂɰ ɮɧɱɵɴ ɵɹ ɳɧʆ ɪ ԋ ɛɎ jɕ ɶɷɵɯɮɩɵɫɸɹɩɬɴɴʂɼ ɱɵɵɶɬɷɧ ɹɯɩɧɼy ɔɬɩʂɸɵɱɯɳ ʅɷɯɫɯɾɬɸɱɯɳ ɱɧɾɬɸɹɩɵɳ ɯ ɸɵɵɹɩɬɹɸɹɩɺʅʀɬɰ ɬɳɺ

Ɋɲɧɩɧ ɖɵɴʆɹɯɬ ɱɵɷɶɵɷɧɽɯɯ ɯ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɶɷɧɩɧ

ɶɷɧɱɹɯɾɬɸɱɵɰ ʄɻɻɬɱɹɯɩɴɵɸɹʃʅ ɵɨɲɧɫɧɬɹ ɯ ɛɬɫɬɷɧɲʃɴʂɰ ɮɧɱɵɴ ɵɹɧɶɷɬɲʆ ɪ ԋ ɛɎ jɕ ɸɧɫɵɩɵɫɾɬɸɱɯɼ ɵɪɵɷɵɫɴɯɾɬɸɱɯɼ ɯ ɫɧɾ ɴʂɼ ɴɬɱɵɳɳɬɷɾɬɸɱɯɼ ɵɨʁɬɫɯɴɬɴɯʆɼ ɪɷɧɭɫɧɴy ɸɵɫɬɷɭɧʀɯɬɸʆ ɩ ɴɬɳ ɩɬɸʃɳɧ ɴɬɳɴɵɪɵɾɯɸɲɬɴɴʂɬ ɶɵɲɬɮɴʂɬ ɴɵɷɳʂ ɵ ɸɹɧɹɺɸɬ ʄɹɯɼ ɷɧɮɴɵɩɯɫ ɴɵɸɹɬɰ ɶɵɹɷɬɨɯɹɬɲʃɸɱɯɼ ɱɵɵɶɬɷɧɹɯɩɵɩ ɩɶɵɲɴɬ ɳɵɪɺɹ ɨʂɹʃ ɯɴɱɵɷɶɵɷɯ ɷɵɩɧɴʂ ɩ ɵɨʀɯɬ ɮɧɱɵɴʂ ɵ ɱɵɵɶɬɷɧɹɯɩɧɼ

ɖɷɬɫɸɹɧɩɲʆɬɹɸʆ ɶɵʄɹɵɳɺ ɾɹɵ ɩɳɬɸɹɵ ɫɬɸʆɹɱɧ ɵɹɫɬɲʃɴʂɼ ɮɧɱɵɴɵɩ

ɩʄɹɵɰ ɸɻɬɷɬ ɫɵɸɹɧɹɵɾɴɵ ɯɳɬɹʃ ɫɩɧ ɮɧɱɵɴɧ ɵ ɶɷɵɯɮɩɵɫɸɹɩɬɴɴʂɼ ɯ ɵ ɶɵ ɹɷɬɨɯɹɬɲʃɸɱɯɼ ɱɵɵɶɬɷɧɹɯɩɧɼ ɷɧɮɺɳɬɬɹɸʆ ɶɷɯ ɴɧɲɯɾɯɯ ɸɵɵɹɩɬɹɸɹɩɺʅ ʀɯɼ ɵɨʀɯɼ ɴɵɷɳ ɩ Ɋɑ ɏɮ ʄɹɵɪɵ ɯɸɼɵɫɯɹ ɯ ɑɵɴɽɬɶɽɯʆ ɷɧɮɩɯɹɯʆ ɪɷɧ ɭɫɧɴɸɱɵɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɗɛ ɖɵɸɱɵɲʃɱɺ ɱɵɵɶɬɷɧɹɯɩʂ ɴɬ ɩɼɵɫʆɹ

ɩɶɷɬɫɳɬɹ ɧɴɪɲɵ ɧɳɬɷɯɱɧɴɸɱɵɪɵ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɶɷɧɩɧ ɯ ɩ ɴɧɸɹɵʆʀɬɬ ɩɷɬɳʆ ɶɷɧɱɹɯɾɬɸɱɯ ɵɹɸɺɹɸɹɩɺʅɹ ɩ ɶɷɧɩɵɶɵɷʆɫɱɧɼ ʄɹɵɪɵ ɹɯɶɧ ɯɼ ɪɷɧ ɭɫɧɴɸɱɵ ɶɷɧɩɵɩɵɰ ɸɹɧɹɺɸ ɯ ɶɷɬɫɲɵɭɬɴɯʆ ɵ ɸɵɩɬɷɿɬɴɸɹɩɵɩɧɴɯɯ ɷɬɪɺ ɲɯɷɺʅʀɬɪɵ ɬɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɶɵɱɧ ɴɬ ɩʂɮɩɧɲɯ ɴɯɱɧɱɵɰ ɷɬɧɱɽɯɯ ɸɵ ɸɹɵɷɵɴʂ ɓɯɴʄɱɵɴɵɳɷɧɮɩɯɹɯʆ ɗɵɸɸɯɯ

ɉɶɷɯɴɽɯɶɯɧɲʃɴɵɰ ɺɴɯɻɯɱɧɽɯɯ ɴɺɭɫɧɬɹɸʆ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɵ ɵ ɸɹɧ ɹɺɸɬ ɴɬɱɵɳɳɬɷɾɬɸɱɯɼ ɱɵɷɶɵɷɧɽɯɰ ɘɵɸɹɧɩɲʆʅʀɯɬ ɬɪɵ ɴɬɸɱɵɲʃɱɵ ɫɬ ɸʆɹɱɵɩ ɻɬɫɬɷɧɲʃɴʂɼ ɮɧɱɵɴɵɩ ɸ ɵɫɴɵɰ ɸɹɵɷɵɴʂ ɮɧɱɷɬɶɲʆʅɹ ʆɩɴɵ ɯɮ ɨʂɹɵɾɴɵɬ ɱɵɲɯɾɬɸɹɩɵ ɵɹɫɬɲʃɴʂɼ ɸɧɳɵɸɹɵʆɹɬɲʃɴʂɼ ɷɧɮɴɵɩɯɫɴɵɸɹɬɰ ʄɹɯɼ ʅɷɯɫɯɾɬɸɱɯɼ ɲɯɽ ɸɩʂɿɬ ɧ ɸ ɫɷɺɪɵɰ ӎ ɯɮɵɨɯɲɺʅɹ ɶɵɩɹɵɷɧɳɯ ɶɷɵɹɯɩɵɷɬɾɯʆɳɯ ɯ ɶɷɵɨɬɲɧɳɯ əɧɱɧʆ ɸɯɹɺɧɽɯʆ ɩɵ ɳɴɵɪɵɳ ɵɨʁʆɸɴʆɬɹɸʆ ɹɬɳ ɾɹɵ ɱɧɹɬɪɵɷɯʅ ʅɷɯɫɯɾɬɸɱɵɪɵ ɲɯɽɧ ɸɹɧɲɵ ɶɷɯɴʆɹɵ ɷɧɸɸɳɧɹɷɯɩɧɹʃ ɴɬ ɱɧɱ ɪɷɧɭɫɧɴɸɱɵ ɶɷɧɩɵɩɵɰ ɯɴɸɹɷɺɳɬɴɹ ɵɻɵɷɳɲɬɴɯʆ ɫɬɰɸɹɩɯɹɬɲʃɴɵ ɴɬɵɨɼɵɫɯɳɵɪɵ ɫɲʆ ɱɧɱɵɰ ɲɯɨɵ ɵɷɪɧɴɯɮɧɽɯɯ ɺɾɧɸɹɯʆ ɩ ɯɳɺʀɬɸɹɩɬɴɴʂɼ ɵɹɴɵɿɬɴɯʆɼ ɧ ɱɧɱ ɴɬɱɺʅ jɩɴɬɵɹɷɧɸɲɬɩɺʅy ɯɲɯ jɳɬɭɵɹɷɧɸɲɬɩɺʅy ɱɧ ɹɬɪɵɷɯʅ ɸɹɧɩɿɺʅ ɵɨʆɮɧɹɬɲʃɴʂɳ ɧɹɷɯɨɺɹɵɳ ɲʅɨɵɪɵ ɵɷɪɧɴɯɮɧɽɯɵɴɴɵ ɵɻɵɷɳɲɬɴɴɵɪɵ ɵɨʀɬɸɹɩɬɴɴɵɪɵ ɵɨɷɧɮɵɩɧɴɯʆ ɕɹɸʅɫɧ ɸɹɷɬɳɲɬɴɯɬ ɮɧ ɱɷɬɶɯɹʃ ɩ ɱɧɭɫɵɳ ɮɧɱɵɴɬ ɸɹɧɹɺɸɴɵɪɵ ɼɧɷɧɱɹɬɷɧ ӎ ɵɹ ɮɧɱɵɴɧ ɭɯɲɯʀɴʂɼ ɴɧɱɵɶɯɹɬɲʃɴʂɼ ɯ ɫɧɾɴʂɼ ɱɵɵɶɬɷɧɹɯɩɧɼ ɫɵ ɮɧɱɵɴɵɩ ɵɨ ɵɨʀɬɸɹɩɬɴɴʂɼ ɧɫɩɵɱɧɹɸɱɯɼ ɷɬɲɯɪɯɵɮɴʂɼ ɯ ɫɷɺɪɯɼ jɸɧɳɵɷɬɪɺɲɯɷɺɬɳʂɼ ɵɷɪɧɴɯɮɧɽɯ ʆɼy ӎ jɶɷɧɩɧ ʅɷɯɫɯɾɬɸɱɵɪɵ ɲɯɽɧy ɶɷɯɾɬɳ ɶɷɧɱɹɯɾɬɸɱɯ ɱɧɭɫʂɰ ɷɧɮ

ɸ ɱɧɱɯɳɯ ɲɯɨɵ ɳɧɲɵɵɶɷɧɩɫɧɴɴʂɳɯ ɧ ɪɲɧɩɴɵɬ ӎ ɳɧɲɵ ɶɷɵɫɺɳɧɴɴʂɳɯ ɵɸɵɨɬɴɴɵɸɹʆɳɯ ɾɹɵ ɯ ɫɧɬɹ ɮɧɹɬɳ ɵɾɬɷɬɫɴɺʅ ɵɷɪɧɴɯɮɧɽɯɵɴɴɵ ɶɷɧɩɵɩɺʅ ɻɵɷɳɺ ɴɬɱɵɳɳɬɷɾɬɸɱɵɰ ɵɷɪɧɴɯɮɧɽɯɯ ɓɬɭɫɺ ɹɬɳ ɸ ɪɷɧɭɫɧɴɸɱɵ ɶɷɧɩɵ

ɘɎ ɗɛ ԋ ɘɹ

ɘɳ ɑɵɴɽɬɶɽɯʆ ɷɧɮɩɯɹɯʆ ɪɷɧɭɫɧɴɸɱɵɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɗɵɸɸɯɰɸɱɵɰ ɛɬɫɬɷɧɽɯɯ ɘ

ГЛАВА 2. ВИДЫ КОРПОРАЦИЙ

§1. КОММЕРЧЕСКИЕ КОРПОРАЦИИ

ВЕВРОПЕЙСКОМ КОНТИНЕНТАЛЬНОМ ПРАВЕ

1.Хозяйственные (торговые) товарищества

əɵɩɧɷɯʀɬɸɹɩɧ ɱɧɱ ɵɨʁɬɫɯɴɬɴɯʆ ɲɯɽ ɴɬɸɺʀɯɼ ɴɬɵɪɷɧɴɯɾɬɴɴɺʅ ɲɯɾ ɴɺʅ ɯɳɺʀɬɸɹɩɬɴɴɺʅ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ ɶɵ ɵɨʀɯɳ ɵɨʆɮɧɹɬɲʃɸɹɩɧɳ ɸɹɧɲɯ ɯɸɹɵɷɯɾɬɸɱɯ ɶɬɷɩʂɳɯ ɻɵɷɳɧɳɯ ɱɵɷɶɵɷɧɽɯɰ ɖɷɯ ʄɹɵɳ ɩɵ ɳɴɵɪɯɼ ɮɧ ɶɧɫɴɵɬɩɷɵɶɬɰɸɱɯɼ ɶɷɧɩɵɶɵɷʆɫɱɧɼ ɵɴɯ ɫɵ ɸɯɼ ɶɵɷ ɴɬ ɯɳɬʅɹ ɶɵɲɴɵɰ ɶɷɧ ɩɵɸɺɨʁɬɱɹɴɵɸɹɯ ɨɺɫɺɾɯ ʅɷɯɫɯɾɬɸɱɯɳɯ ɲɯɽɧɳɯ ɹɵɷɪɵɩɵɪɵ ɶɷɧɩɧ ɴɵ ɴɬ ɸɧɳɵɸɹɵʆɹɬɲʃɴʂɳɯ ɸɺɨʁɬɱɹɧɳɯ ɪɷɧɭɫɧɴɸɱɵɪɵ ɶɷɧɩɧ ɤɹɵ ɵɹɴɵɸɯɹɸʆ ɱɧɱ ɱ ɹɵɷɪɵɩʂɳ ɹɵɩɧɷɯʀɬɸɹɩɧɳ ɶɵɲɴʂɳ ɴɬɪɲɧɸɴʂɳ ɯ ɴɧ ɩɬɷɬ ɯɲɯ ɱɵɳɳɧɴ ɫɯɹɴʂɳ ɹɧɱ ɯ ɱ ɹɵɩɧɷɯʀɬɸɹɩɧɳ ɪɷɧɭɫɧɴɸɱɵɪɵ ɶɷɧɩɧ ɶɷɵɸɹʂɳ ɹɵɩɧɷɯ ʀɬɸɹɩɧɳ ɯɲɯ ɫɵɪɵɩɵɷɧɳ ɵ ɸɵɩɳɬɸɹɴɵɰ ɫɬʆɹɬɲʃɴɵɸɹɯ ɕɫɴɧɱɵ ɸ ɶɵɮɯɽɯɰ ɷɵɸɸɯɰɸɱɵɪɵ ɪɷɧɭɫɧɴɸɱɵɪɵ ɶɷɧɩɧ ɩ ɱɵɹɵɷɵɳ ɶɵɲɴʂɬ ɯ ɱɵɳɳɧɴɫɯɹɴʂɬ ɹɵɩɧɷɯʀɬɸɹɩɧ ɩ ɵɹɲɯɾɯɬ ɵɹ ɶɷɵɸɹʂɼ ɹɵɩɧɷɯʀɬɸɹɩ ɹɷɧɫɯɽɯɵɴɴɵ ɶɷɯɮɴɧ ɩɧɲɯɸʃ ʅɷɯɫɯɾɬɸɱɯɳɯ ɲɯɽɧɳɯ ɯɴɹɬɷɬɸ ɶɷɬɫɸɹɧɩɲʆʅɹ ɯɳɬɴɴɵ ɶɵɲɴʂɬ ɯ ɱɵɳɳɧɴɫɯɹɴʂɬ ɹɵɩɧɷɯʀɬɸɹɩɧ ɱɧɱ ɱɲɧɸɸɯɾɬɸɱɯɬ ɷɧɮɴɵɩɯɫɴɵɸɹɯ ɱɵɷ ɶɵɷɧɽɯɰ ɶɵ ɱɷɧɰɴɬɰ ɳɬɷɬ ɸ ɾɧɸɹɯɾɴɵɰ ɶɷɧɩɵɸɺɨʁɬɱɹɴɵɸɹʃʅ

ɖɵɲɴɵɬ jɵɹɱɷʂɹɵɬy ɹɵɩɧɷɯʀɬɸɹɩɵ ɩɵɮɴɯɱɲɵ ɩ Ɏɧɶɧɫɴɵɰ Ɍɩɷɵɶɬ ɩ ɘɷɬɫɴɯɬ ɩɬɱɧ ɶɷɬɭɫɬ ɩɸɬɪɵ ɱɧɱ ɵɨʁɬɫɯɴɬɴɯɬ ɴɧɸɲɬɫɴɯɱɵɩ ɸʂɴɵ ɩɬɰ ɺɳɬɷɿɬɪɵ ɱɺɶɽɧ ɫɵɪɵɩɵɷɯɩɿɯɼɸʆ ɶɷɵɫɵɲɭɧɹʃ ɬɪɵ ɫɬɲɵ ɖɵʄɹɵ ɳɺ ɩ ɏɹɧɲɯɯ ʄɹɧ ɻɵɷɳɧ ɱɵɷɶɵɷɧɽɯɯ ɬʀɬ ɸ 9*** ɩ ɶɵɲɺɾɯɲɧ ɴɧɮɩɧɴɯɬ societas fratrum ɯɲɯ compagnia ɑɲɧɸɸɯɾɬɸɱɯɰ ɶɷɯɳɬɷ ɩ ʄɹɵɳ ɵɹɴɵɿɬ

ɴɯɯ ɶɷɬɫɸɹɧɩɲʆɬɹ ɸɵɨɵɰ ɸɵɮɫɧɴɯɬ ɩ ɹɧɱɵɰ ɻɵɷɳɬ ɩ ɪ ɩ ɪɬɷɳɧɴ ɸɱɵɳ ɇɺɪɸɨɺɷɪɬ ɨɧɴɱɯɷɸɱɵɪɵ ɫɵɳɧ ɛɺɪɪɬɷɵɩ ɴɧ ɵɸɴɵɩɬ ɸɹɧɷɬɰɿɬɪɵ ɯɮ ɯɮɩɬɸɹɴʂɼ ɹɵɩɧɷɯʀɬɸɱɵɪɵ ɫɵɪɵɩɵɷɧ ɮɧɱɲʅɾɬɴɴɵɪɵ ɨɷɧɹʃʆɳɯ ɚɲʃ ɷɯɼɵɳ Ɋɬɵɷɪɵɳ ɯ ɦɱɵɨɵɳ ɛɺɪɪɬɷɧɳɯ ɖɷʆɳɵɬ ɮɧɱɵɴɵɫɧɹɬɲʃɴɵɬ ɷɬ

ɉɶɵɸɲɬɫɸɹɩɯɯ ӎ ɶɵɸɲɬ ɸɳɬɷɹɯ ɚɲʃɷɯɼɧ ɯ Ɋɬɵɷɪɧ ɛɺɪɪɬɷɵɩ ɩ jɱɵɳɶɧɴɯʅy ɩɸɹɺɶɯɲɯ ɯɼ ɴɧɸɲɬɫɴɯɱɯ ɵɫɴɧɱɵ ɵɴɯ ɨʂɲɯ ɸɬɷʃɬɮɴɵ ɵɪɷɧɴɯɾɬɴʂ ɩ ɩɬɫɬɴɯɯ ɵɨʀɯɼ ɫɬɲ ɯ ɶɷɬɫ