Stocks in a company may be either named or bearer. Each of these may be preferred or common. Common stocks are voting shares that grant holders the right to receive dividends and participate in general meetings and to “manage” the company. Preferred stocks grant holders the priority right to receive dividends regardless of the company’s profit or liquidation quotas. Closed company’s stocks are always named ones. The par value of all stocks cannot be less than 100 Soum. No fractional stocks are allowed.[1] The charter must specify the volume and par value of the stocks that have been acquired by shareholders, i.e. so called “outstanding stocks”. A charter may additionally specify the volume and par value of stocks that may be issued at a later date, i.e. so called “authorized stocks”.[2] Payment for stocks must be made in cash, other assets or corporeal rights (in demand or in action) having monetary value.
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