Securities Market

144-145. Summarizing the above, it should be noted that the practice of concluding agreements in the Russian stock used extensively in the past, but without legislative consolidation and in big companies, and shareholders are not as large companies often continue to ignore the conclusion of the shareholder agreement, preferring “gentlemanly” agreements, which later leads to a lack of possibilities of judicial remedy, the practice is legal protection of shareholder rights in connection with the concluded agreements is also quite poor, does not solve the problems and norms enshrined in the law that shareholders’ agreement does not serve as the basis of recognition of decisions of company void, even if, for example, there is a need to challenge the decisions of these bodies with the participation of shareholder agreement 100% of the company’s shareholders. In addition, there is a perception among lawyers and that the acceptance by shareholders of obligations not to encumber or dispose of the shares is not within a certain period shareholders agreement contained in some way be contrary to Section 3, Article standards. 22 Civil Code of the Russian Federation 3. 5, and it is especially important to any position on this issue will be the courts, if they change their practices, including the interpretation and consideration of the rules of Art. 157 of the Civil Code of the transactions under the condition.

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