Stock. Em session securities is a document for the implementation of rights, the fully fixing right of its owner on
Bond emission valuable paper fixing the right of its owner to receive bond from the issuer to the term of its nominal value or other property equivalent. The bond may also provide for its owner to receive a fixed interest in it from the nominal value of the bond or other property rights. The income on the bond is the percentage and or discount of Art. Bonds are issued for a certain period to attract additional financial resources.
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Lecture number 2 -3
Types of securities
Let us dwell in more detail on the most widely used in the Russian securities economy.
1. Promotion - Emission valuable paper, enshrining the rights of its owner (shareholder) to receive a part of the profits of the joint-stock company in the form of dividends, to participate in the management of the joint-stock company and part of the property remaining after its liquidation (Art. 2 of the Law on the Securities Market). Only joint-stock companies have the right to issue shares. The income per share, which is formed by the profit of the joint-stock company (or another issuer), which issued a shares is a dividend.
The action as a security has a number of characteristic properties inherent in only her. They are as follows:
* The action is the title of property, i.e. the owner of the action is the owner of the joint-stock company;
* The action does not have the time of treatment, i.e., indefinite, it is limited to the length of the existence of a joint-stock company;
* Shares can split and consolidate. When crushing (split), the number of shares increases (one share is converted to several), their nominal value decreases with the previous amount of the share capital. When consolidating the number of shares decreases, the nominal value increases, and the size of the authorized capital does not change;
* for the action is characterized by limited liability, as the shareholder does not respond to the obligations of the joint stock company itself;
* The action is characterized by indivisibility, i.e., joint ownership of the action is not related to the division of rights between owners, they together act as one person;
* The owner of the action has the right to withdraw its part of the total capital of the joint-stock company, sales, submitting legislative
way of your shares.
The practice of attracting financial resources to joint stock companies has developed a large number of shares, which satisfy the most different needs of investors. Shares vary depending on the issuer, the method of registration of the Rights of the shareholder, investment qualities, etc.
Depending on the subjects, among which the shares are distributed, distinguished: the shares of the labor collective, the shares of the enterprise, the shares of the joint-stock company. The shares of the labor collective are distributed only among the workers of this enterprise, the shares of the enterprise are distributed among other legal entities. They do not give them to the holder of the right to participate in the management of the enterprise and are only a means of mobilizing additional financial resources. Shares of the joint stock company are distributed among shareholders, i.e. co-owners of this company.
Depending on the method of realizing the rights of the shareholder of the share of the joint stock company, there are ordinary and privileged. Ordinary shares give the right to participate in the management of the joint-stock company (1 promotion \u003d 1 Voice in solving issues at the shareholders meeting). The share of ordinary shares focused in the hands of one owner and gives him the opportunity to exercise actual control over the joint-stock company, is called a controlling stake. Theoretically, the package must be 50% of all issued ordinary shares plus 1 share. Practically less. Dividends on these shares are paid after the payment of dividends on privileged shares.
Preferred shares do not give the right to vote at the general meeting of shareholders (the exception is to resolve issues on the reorganization and liquidation of society), but they bring a permanent (fixed) income, the amount of which is established when issuing shares. These shares have an advantage over ordinary shares in the distribution of profits and the liquidation of society. With a lack of profit, the payment of dividends on privileged shares is made at the expense of the Company's reserve fund, and in the event of a lack of funds for the payment of dividends on ordinary shares, they are not paid. Preferred shares can be produced in the form of convertible shares, i.e. shares that can be exchanged at the request of the owner on ordinary shares of the same issuer. According to the Law of the Russian Federation "On Joint-Stock Companies" the nominal value of preferred shares should not exceed 25% of the authorized capital of the Company.
In order of ownership, securities are: nominal and bearer. According to the law "On the securities market" (Art. 2) and the Law "On Joint-Stock Companies", shares are registered securities. Personal action is a valuable paper, the name of the owner of which is indicated on its form and (or) in the register of owners. It can be transferred to another person through a cessia, only through notarial design or brokerage offices, banks. Owners of registered shares are registered in the shareholders register.
Depending on the issue of shares in appeal and their payment distinguish the following types of shares: declared, posted and paid. The announced shares are the limit number of shares of the appropriate type, which can be issued by the enterprise in addition to the already posted shares. The number of declared shares is not associated with the size of the authorized capital and may be greater than or less than its magnitude. This amount is fixed in the charter of the joint-stock company or is made by the decision of the General Meeting of Shareholders by a majority vote. Placed shares are shares that are acquired by shareholders. Paid shares are shares for which their owner produced 100% payment and funds are credited to the account of the joint stock company. Not all placed shares are paid, as it may be provided for the payment of shares in installments. At least 50% of the shares of the Company, distributed under its institution, must be paid within three months from the date of state registration of the Company, and the remaining part is during the year from the date of registration.
Depending on the form of the issue of the promotion, there are: documentary (forms, in the form of separate documents) and non-documentary (balanceless or non-cash, in the form of records on the personal accounts at the registry holder and the depositary accounts at the depositary). The decision on the form of release accepts the Issuer. Currently, promotions are currently being released in a documentary form, more and more often this form is replaced by entries of the relevant data in the computer's memory, and the shareholders are issued a certificate of shares.
2. Bond - Em session securities that enshrines the right of its owner to receive bond from the issuer to the term of its nominal value or other property equivalent. The bond may also provide for its owner to receive a fixed interest in it from the nominal value of the bond or other property rights. The income on the bond is the percentage and / or discount (Art. 2 of the Law "On the Securities Market", Art. 816 of the Civil Code of the Russian Federation).
Bonds are issued for a certain period, to attract additional financial resources. In contrast, the bond shares do not give the right to participate in the management of the joint-stock company their owners, but has several advantages. The bond is a valuable paper that:
1) expresses borrowed, debt relations between the bond and the issuer;
2) brings guaranteed income;
3) independently appeals to the stock market up to its repayment by the Issuer and has its own course;
4) has the properties of liquidity, reliability, profitability and other investment qualities;
5) has a priority compared to an action in obtaining income, the payment of income on them is made in a priority compared with the payment of dividends on shares;
6) gives the right to the owner on the primary satisfaction of its requirements compared with the shareholder in the liquidation of the enterprise;
7) Investing funds to government bonds gives certain tax breaks.
Issuers produce bonds of various types and types. Depending on which classification feature is based on a grouping, several types of bonds can be distinguished.
Depending on the realization of the rights of the owner of the bond can be nominated and for bearer.
Depending on the method of providing a bond is provided and unsecured. Secured bonds are subject to a mortgage of specific property, land or securities owned by the Issuer. Unsecured bonds are debt obligations that are not secured by any key.
According to conversion privileges, they allocate convertible and non-convertible bonds. Convertible bonds give the right to the owner of the opportunity to exchange them on ordinary shares of the same issuer. Non-convertible bonds do not give such right.
In the form of profitability differences interest, interest-free bonds, zero coupon bonds (bonds of winning loans). Interestable (discount) bonds are sold with a discount at a price lower than the nominal. Income by percentage (coupon) bonds is paid by paying coupons to bonds. The coupon is part of the bond certificate, which, when separating from a certificate, gives the owner the right to receive a percentage (income). The magnitude of the percentage and the date of its payment is indicated on the coupon, so the coupon is the main characteristic of the bond. The paid percentage is fixed and floating. Income on bonds of winning loans is presented in the form of goods or services, which they were released.
Depending on the validity period, the bonds are with a specified date of repayment and without a fixed maturity. The bonds with the agreed date of repayment are divided into short-term - validity period up to 1 year, medium-term - validity of up to 5 years, long-term - validity period from 5 to 30 years. Bonds without a fixed repayment date are divided into return - bonds issued by the Issuer until the end of the term, with the payment of the premium holder for missed material capabilities; Bonds with expansion of the validity period - the holder has the right at the end of the validity period to exchange them on more
long-term bonds of the same cost and with a higher percentage of payments; Bonds with a narrowing of the term - the holder has the right to present his bonds to the ransom at face value until the end of the loan period.
Depending on the issuer distinguish corporate bonds, state bonds. The bonds of the state are divided into federal - bonds issued on behalf of the Russian Federation, and municipal bonds issued on behalf of the city municipality, the district. The state issues the following bonds: bonds of the State republican domestic loan of the RSFSR 1991 GDO (long-term); State short-term unceumba bonds of GKOs; internal currency loan; federal loan bonds; Bonds of the gold federal loan; Bonds of Russian internal
loan 1992 and others.
Corporation bonds are issued to attract additional financial resources. Bonds of domestic state and municipal loans are available on bearer; Bonds of enterprises - both nominal and bearer.
The bond has basic characteristics - a nominal, course, point, coupon, discount, etc. Payment for bonds is made by accrual interest to the nominal value. Investor, having a bond, knows in advance what amount he will receive on it to a certain time. It is also necessary to know the value of the nominal value in order to determine the current bond course, since this paper is quoted as a percentage of its nominal value (i.e. to the amount that is indicated on the bonds). The bond course is determined as a percentage and the content of certain types of securities to the raid by dividing the market price of the bond at the nominal price of the bond.
The total income from the bond is consisted of the following elements: 1) periodically paid interest (coupon income); 2) a change in the value of the bond for the corresponding period; 3) income from the reinvestment of the received interest.
3. Veksel - Valuable paper certifying an unconditional monetary obligation of the credentials to pay at the occurrence of a certain amount of money to the owner of the bill of exchange (W.Sesel-holder). A bill of exchange happens: simple and transferable (RF Law "On the Transferred and Simple Week" of March 11, 1997 No. 48-FZ).
Billset has a number of essential features:
* abstract;
* Constability;
* referred;
* monetarity;
* protest right;
* joint responsibility.
Types of bills of bills are quite diverse and vary depending on the issuers, the period of payment, the order of ownership, etc.
Depending on the subject, producing the payment of the bill, bills are divided into simple and translated. A simple (solo bill) of the debtor's ignition to pay a certain amount of money within the prescribed period to the recipient of the money or by his order to any other person presented a bill to pay. A simple bill is discharged by the payer itself (debtor). The transfer bill (Tratta) is discharged and signed by the creditor (trassant) and is an order of the lender (trafficking) debtor (RUSSATU) to pay within the specified period of a certain amount of money to a third party (Remitent - the first bill holder) or a bearer. According to the transfer bill, the debtor turns into a payer.
According to the Issuer's principle, public and private bills are distinguished. State bills are debt obligations produced by the Government of the country through the mediation of the Central Bank of Russia and the Ministry of Finance of the Russian Federation. Municipal bills are issued by the administrations of the subjects of the Federation and field administrations. Private promissory notes include bills issued by corporations, financial groups, commercial banks. Bank bills produce banks (usually with a discount). Corporate bills are used to design credit liabilities and are issued by business entities.
In order of ownership distinguish: nominal bills and bills on bearer.
Depending on the revenue received, bills are divided into discount - suggest a discount (the difference between the acquisition and redemption price (random) of the bill); Interest - suggest a percentage.
Depending on the territory on which bills are addressed, they can be divided into local, which can only be applied on a certain territory; national, which are treated in the territory of the state; International. Domestic and foreign bills can also be distinguished.
The warranty of bills of bills will be divided into the ailed (guaranteed) and unallocated (non-maritown). Guaranteed bills are equipped with a mark of bill guarantee, a guarantee of banks and credit institutions - Aval.
4. Deposit and savings certificates
Deposit and savings certificates can be issued in one-time and series; both nominal and bearer; Interest and discount.
In percentage certificates, the following interest payment methods can be established: a fixed interest rate, the fluctuating interest rate, the value of which is tied to some financial indicator (refinancing rate, assessment of the profitability of the GCO). The initial placement of discount certificates is carried out at prices below the nominal value, the percentage is paid in the form of a difference between the nominal and redemption price.
Deposit and savings certificates are treated by concession of the rights of claim (cession). The assignment of the rights of the presenter requirements is carried out by simply handing the certificate to the new owner. As for the nominal certificate, the cession is drawn up on its reverse side.
5. Covenant - This is non-emission securities, discharged by the carrier of the sea cargo or its authorized representative of the owner of the cargo or its representative. The Covenant is a transport document containing the terms of the maritime transportation agreement, certifying the fact of receiving the shipment to the shipment, which gives the right of disposal and the right of ownership of the holder of the Covenant to the cargo, the right of the holder of the Covenant to possession and disposal to them.
The billion is issued to any cargo, regardless of how the transportation is carried out: with the provision of the entire vessel, individual ship premises, without such a condition.
Legal acts regulating issues of issuance and content of the cavaria are: International Convention for the Unification of Some Rules on Covenant 1921 (Hague Rules); Brussels Protocol of 1968 to revise the Hague Rules on Covenants of 1921 (Rules of Hague-Visby); UN Convention on Sea Carriage of 1978 (Hamburg Regulations); Trade Marine Code of the Russian Federation of 31.03.99
The cavarisment is based on the loading order signed by the sender of the cargo, which transmits the port of the export order with the necessary details. In the Covenant, the language is indicated, on which the text of the caviance is printed, possibly bilingual design of the bill. Usually, the Covenant is a typographic way the printed form. Covenant is a document of a standard form adopted in international practice for shipping.
Covenants are compiled in three copies with the same content and date: one - for the shipper, the second is for the consignee, the third is for a cargo transporter. All copies of the bill are originals, as evidenced by the "original" stamp on them. In some cases, the sequence number of the original is indicated - the first, second, third. In the Covenant, the number of composed originals is indicated, however, only one of them can be a commodity-based document. If one of these goods are issued, the rest lose force. Copies of the billboards are printed on paper, excellent
from the original, or have a "copy" stamp.
Depending on whether the insured insured
policy, distinguished the insured billionate. The Insured Coverage is a combination of a transport document with the insurance policy and serves as proof of both receiving cargo to transportation,
and its insurance. It is usually used when transporting goods in containers.
Also distinguish the following types of bills.
Dolly Coverage is a disposal to transfer a certain part of the transported cargo in the port of destination to another person. It is used in case of partial sale by consignee of the goods before
he took the delivery.
Prefabricated cavaria - an exhibition for several cargo intended for various consignees.
6. Varant It has two types of use.
First, Warrant is a certificate that gives the holder the right to buy securities at the agreed price for a certain period of time or indefinitely. Sometimes a warrant is offered along with the valuable paper in the form of an incentive for their purchase.
The following types of warrants can be distinguished (Fig. 2.4.7).
VARRANT per share - a certificate that gives it to the holder the right to buy the company's shares for a certain price for a specified time.
VARRANT for a subscription - a tool through which shareholders implement their rights to subscribe or subscription privileges. It is produced by the Corporation, which determines the number of shares, which can purchase a shareholder, and the conditions for their acquisition in case of additional emission. Varrand on a subscription is a legal certificate of ownership of the rights to a subscription and can be reordered to other persons. Its species is an ex-warranty-certificate certifying the right of a shareholder for the acquisition of new ordinary shares of the company at a preferential price to their public offer.
Depending on the form of existence, the internal and tear-off warrants distinguish. An internal warrant is a long-term or permanent securities, manufactured with a bond or a privileged action and giving the right to buy a certain number of ordinary shares of the same issuer cannot be sold separately. The tearless (mobile) warrant is a warrant that can be sold separately from the securities to which it was originally attached.
Bonds with Varrant - a combination of ordinary bond and a warrant for the purchase of shares. Bonds with Warranta may assume both the possibility of separating a warrant from the bond and the impossibility of this. At the same time, the implementation of the Warranta does not mean termination of the bond. Warrannts make it possible to produce bonds at a lower interest rate.
Dividend Warranta - Certificate of receiving a warranta, order to pay a dividend shareholder.
Interestrial warrant - disposal of the Corporation on the payment of interest due to its bonds and other securities.
Index warrant - an option on the stock index, manufactured as
part of the securities emission and guaranteed by the Clearing Chamber.
Foreign exchange warmarines are options included in securities issues and give them to the holder the right to purchase at the issuer additional securities expressed in another currency. At the same time, the coupon and the course of securities are recorded at the time of sale of the main emission.
Warranta-covered Warranta for the purchase or sale of certain securities available in the investment company's portfolio.
European Warrant - Warranta, used only on certain days or periods.
Buying a warranta makes sense if an increase in the cost of shares is expected by the time they are released. The sale of Warranta is one of the ways to place a new issue of shares. Branch trade can be carried out on the stock exchange.
Secondly, Varrant - Certificate of Commodity Warehouse for Meeting on
storage of a specific product. In this case, the Warranta is a commodity-based document and is used when selling and a pledge of goods.
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Question code: 2.1.89 Investment PAI provides the owner of the following rights:
I. A share in the right of ownership of the property constituting the share investment fund II. Ownership of property that makes up a mutual investment fund
III. The right to demand from the management company of proper trust management of a mutual investment fund
IV. Right to receive income (percent)
V. The right to receive monetary compensation upon termination of the contract of trust management of a mutual investment fund with all owners of investment shares of this mutual investment fund answers:
A. I, III, V
B. II, IV, V
C. I, IV, V
D. II, III, IV
Question code: 2.1.90 Investment Pai of one PIPA certifies: Answers:
A. The same share in the right of the property of property, which makes up a mutual investment fund, and the same rights
B. Different shares in the right of the property of the property, which makes up a mutual investment fund, but the same rights
C. The same share in the right of the property of the property, which makes up a mutual investment fund, but different rights
D. Miscellaneous shares in the right of the property of property that makes up a mutual investment fund, and different rights
Question code: 2.1.91 Investment pairs can be issued as: Answers:
A. Documentary Posted Securities
B. Registered documentary securities
C. Personal non-documentary securities
D. Non-documentary bearer securities
Question code: 2.1.92 Restrictions on the appeal of investment shares can be installed: Answers:
A. Managing Company
B. Development decision
C. Federal law
D. Fund Rules
Question code: 2.1.93 In cases, if the list of owners of investment shares is required, the depositary to which
the registry of the owners is opened with an account of the nominal holder, is obliged to submit to a person who maintains the registry, the information necessary to compile a list of owners of investment benefits, no later:
A. One working day from the date of receipt of the relevant requirement
B. Two working days from the date of receipt of the relevant requirement
C. Five working days from the date of receipt of the relevant requirement
D. Seven working days from the date of receipt of the relevant requirement
Question code: 2.1.94 Mortgage coating can be:
I. Secured mortgage requirements for the return of the principal amount of debt and (or) on the payment of interest on loan agreements and loan agreements, including certified by mortgages;
II. Mortgage certificates of participation certifying their owners in the right of a common ownership of another mortgage coating;
III. Cash in the currency of the Russian Federation; IV. Cash in foreign currency;
V. State securities;
Vi. Real estate in cases provided for by federal law. Answers:
A. Everything except II
B. All except IV
C. All except VI
D. All listed
Question code: 2.1.95 Mortgage certificate of participation provides the owner of the following rights:
I. A share in the right of a common ownership of Mortgage Coverage II. Mortgage ownership
III. The right to demand from the proper trust management of the mortgage coating of IV. The right to participate in trust management of mortgage coating
V. The right to receive income from the trust management of the mortgage
Vi. The right to receive funds obtained in fulfillment of obligations, requirements for which mortgage coverage are answered:
A. I, III, VI
B. II, IV, V
C. II, III, VI
D. I, IV, V
Question code: 2.1.96 Emission valuable securities, fixing the right of its owner to purchase in the term provided
and / or upon the occurrence of the circumstances specified in it a certain number of issuer's shares at a price determined in this valuable paper is:
A. Option Issuer
B. Optional contract
C. Futures contract
D. Forward contract
Question code: 2.1.97 Indicate the right statements regarding the issuer's option:
I. is an emission valuable paper
II. Is non-emission valuable paper
III. Is an urgent market tool determining the rights to receive (transfer) property (including money, currency values \u200b\u200band securities) or information with the condition that the option holder may refuse rights to one unilaterally
IV. Enshrines the right of its owner to purchase within the prescribed period and / or upon the occurrence of the circumstances specified in this valuable paper, a certain number of issuer's shares at a price determined in this Security Paper
V. is a personal valuable paper
Vi. It is a bearer's valuable replies:
A. I, IV, V
B. III
C. II, VI
D. VI
Question code: 2.1.98 Specify the right statements regarding the Issue option form: Answers:
A. Presenter Documentary Paper
B. Warman documentary
C. Name Documentary Securities
D. Personal non-documentary securities
Question code: 2.1.99 Em session securities, fixing the right of its owner to receive from the issuer of security in
the term of its nominal value or other property equivalent answers:
A. Weeklem
B. Bond
D. Investment Paha
Question code: 2.1.100 What is the name of the bond, according to which interest is not paid, and the income investor receives at the expense
the difference between the purchase price and the repayment of bonds at par. I. Coupon;
II. Discount oscillation. Answers:
A. I.
B. II.
C. All listed
D. The correct answer is not specified.
Question code: 2.1.101 Indicate the right statements regarding the bond:
I. Bond is an emission valuable paper
II. Bond is non-emission securities
III. The bond establishes the right of its owner to receive from the issuer to the term of its nominal value or other property equivalent.
IV. The bond establishes the rights of its owner to receive a part of the profits of the joint-stock company in the form of dividends, to participate in the management of the joint-stock company
V. The bond may provide for the right of its owner to receive a fixed interest in it from the nominal value of the bond or other property rights.
Vi. The income on the bond is the percentage and / or discount VII. Bond income are dividends
A. I, III, V, VI
B. II, IV, VII
C. I, IV, VII
D. I, IV
Question code: 2.1.102 In accordance with the Federal Law "On the Securities Market", the execution of obligations under bonds can be provided:
I. Pledge II. Penalty
III. Retention of the property of the debtor IV. Guarantion
V. Bank guarantee VI. Master
VII. State or municipal warranty answers:
A. Only I, IV, V, VII
B. Only II, III, VI
C. Only V, VII
D. Only I, IV, VI
Question code: 2.1.103 Specify the right provisions regarding the provision of bond
I. The subject of pledge can only be securities and real estate
II. The subject of pledge can be any things, including money and securities, other property, including property rights
III. The deadline for which the bank guarantee is issued must not less than 6 months to exceed the date (termination period) of the redemption of the bond
IV. The period for which a bank guarantee is issued may be equal to the duration of the bond V. Bonds provided by mortgage should be placed before the state registration of the mortgage
Vi. It is forbidden to place bonds provided by mortgage, to state registration of mortgage answers:
B. IV, IV, V C. I, IV
Question code: 2.1.104 Mortgage coated bond is: Answers:
A. Bond, fulfillment of obligations on which is ensured in fully or in terms of mortgage pledge
B. Securities providing the right to its owner to pay monetary obligations under the Mortgage Coating Treaty
C. Bond, the fulfillment of obligations on which it provides for the payment of income of real estate owned by the issuer
D. Bond, fulfillment of obligations on which it provides for the payment of its nominal value of real estate owned by the issuer
Question code: 2.1.105 Indicate the patterns that need to take into account the borrower and the lender in order to
determine the interest rate for the use of the loan?
I. The higher the credit rating, the higher the interest rate for the use of credit II. The higher the credit rating, the lower the interest rate for the use of the loan
III. The more stable the state's policy, the higher the interest rate for the use of the loan IV. The more stable state policy, the lower the interest rate for the use of the loan
V. The higher the inflation rate in the country, the higher the interest rate requested by credit creditors.
Vi. The higher the level of inflation in the country, the lower the interest rate requested creditors for the use of the loan Answers:
A. I, III, V B. II, IV, VI C. I, IV, V
Question code: 2.1.106 Indicate correct statements regarding the form of corporate bonds:
I. documentary securities for bearer; II. Order documentary securities;
III. Registered documentary securities;
IV. Personal non-documentary securities. Answers:
A. II.
B. III
C. I and IV
D. I, III and IV
Question code: 2.1.107 Indicate the correct approval regarding the bond with a floating interest rate Answers:
A. Market price bond with floating interest rate less than changeable than the market price of a fixed interest bond price
B. Market price of a bond with a floating interest rate more changeable than the market price of a fixed interest bond price
C. Floating interest rate on the bond is continuously adjusted depending on the inflation level.
D. Market prices for floating interest rate bonds and fixed interest bonds are identical
Question code: 2.1.108 Indicate correct statements regarding market prices of bonds with a fixed and floating interest rate
I. The market price of the bond with a fixed coupon rate does not change, since the coupon is a constant value during the entire period of circulation of the bond
II. The market price of the bond with a fixed coupon rate varies depending on market interest rates
III. The market price of a floating coupon bond does not change because the coupon is adjusted
at depending on market interest rates
IV. The market price of a floating coupon bond is less than changeable compared with the market price of a fixed coupon bond replies:
A. I and III
B. II and III
C. I and IV
D. II and IV
Question code: 2.1.109 Note the wrong statement regarding the state warranty: Answers:
A. Securities issued by third parties, obligations for which are guaranteed by the Russian Federation are not government securities
B. The term of the state guarantee is determined by the implementation of obligations on the securities of third parties
C. The decision to ensure the fulfillment of obligations on second-person securities is made by the Government of the Russian Federation.
D. The guarantor of the state guarantee is jointly responsible for the obligation guaranteed
Question code: 2.1.110 A document containing an unconditional obligation of the bill of charge to pay a certain amount of money in
a certain period of a bill holder is called: Answers:
A. Simple bill
B. Translated bill
C. Tratta
D. Rete-bill
Question code: 2.1.111 What is the name of the payment warranty on the bill for any person obligated on it: Answers:
A. Accept
B. Allong
C. Indeensional
D. Aval
Question code: 2.1.112 What is the name of the label of the transfer notes: Answers:
A. Trassant
B. Roussat
C. Remitted
D. Avalist
Question code: 2.1.113 What is the name of the payer of the transfer notch: Answers:
A. Trassant
B. Roussat
C. Remitted
D. Avalist
Question code: 2.1.114 What is the name of the bill holder of the transfer notes: Answers:
A. Trassant
B. Roussat
C. Remitted
D. Avalist
Question code: 2.1.115 The absence of any details decks the document of force of the transfer notes:
I. The name "bill" included in the text of the document and expressed in the language in which this document is compiled
II. Name of payer
III. Specifying the term of payment
IV. Signature of the one who issues a bill of exchange (a drawer)
V. The name of the one who or orders whom the payment should be made by VI. Specifying the date of the bill
VII. Entrepreneur
VIII. Specifying the place in which the payment must be made:
A. I, II, IV, V, VI
B. III, VII, VIII
C. I, II, III, VII, VIII
D. I, III, V, VII, VIII
Question code: 2.1.116 Mandatory details of a simple bill
I. Name of "bill" included in the very text and expressed in the language on which this document is compiled
II. A simple and no reason for the promise to pay a certain amount III. Specifying the term of payment
IV. Name of payer
V. An indication of the place in which the payment must be made
Vi. The name of the one who or orders whom the payment should be made by VII. Dates of drawing up bill
VIII. Entrepreneur
IX. Signature of the one who issues a document (billboard) Answers:
A. I, II, V, VI, VII, IX
B. III, IV, VIII
C. I, III, V, VII, IX
D. III, IV, V, VIII
Question code: 2.1.117 Indicate correct allegations regarding the endorsement:
I. The indorsement should be simple and nothing due to
II. The endorsement may be limited to conditions that are indicated on an additional sheet III. Partial endorsement invalid
IV. The endressment transfers all rights arising from the bill
V. The endorsant has the right to transfer part of the rights on the indorsement, specifying them on an additional sheet VI. Crushed indors are considered untidated
VII. The bill is considered invalid if the expressed endressing answers contains:
A. I, III, IV, VI
B. II, V, VII
C. I, IV, VII
D. Nothing listed
Question code: 2.1.118 In accordance with the Federal Law "On the Transfer and Simple Week" by transfer and simple
the bill has the right to oblige:
I. Citizens of the Russian Federation
II. Legal entities of the Russian Federation
III. Russian Federation, constituent entities of the Russian Federation, city, rural settlements and other municipalities only in cases specifically provided for by Federal Law IV. Foreign citizens
V. Foreign governments and international organizations Answers:
A. I, II, III
B. II, III, IV, V
C. II.
D. I, II, III, IV, V
Question code: 2.1.119 Translation promissory notes payable within a certain period of presentation should be brought to an acceptance during:
A. One year from the date of their issuance
B. Three years from the moment the person learned or should have learn about the violation of his rights
C. Three months from the date of their issuance
D. 10 banking days
Question code: 2.1.120 A bill may be issued for time: I. Upon presentation
II. In so many time from presentation
III. In so many time from compiling IV. On a certain day
V. Before any event
Vi. Sequential payment time can be set Answers:
A. I, II, III, IV
B. I, II, III, IV, V, VI
C. I, II, III, V, VI
D. II, III, IV, V
Question code: 2.1.121 In accordance with the letter of the Central Bank of Russia "On Banking Operations with Bills", banks make the following types of operations:
I. Accounting bills
II. Issue loans to demand on a special loan account under providing bills III. Adoption of bills on the collection to receive payments and for paying bills on time answers:
A. Only I B. Only II
C. Only I and II
D. All of the listed
Question code: 2.1.122 Indicate the correct sequence of actions to encircle bills bills
I. Vexsel holder presents a bill to the bank
II. The Bank takes responsibility upon presentation to the notes of the payer for receipt of the payer
III. When receiving payment, the bill is returned to the debtor
IV. When receiving payment, the bill is returned to the bill
V. When noting payment, the bill is returned to the creditor, but with a protest in default answers:
A. I, II, III, V
B. II, IV, V
C. I, II, IV
D. II, III, IV, V
Question code: 2.1.123 Specify the signs of domicile bills of bills of bills:
I. The bank is a payer on the bill
II. The bank acts as a beneficiary on the bill
III. The external sign of the domicile bill is the word "payment" or "payment in .... Bank", placed under the signature of the payer
IV. An external sign of the domicile bill is an indication of the name of the word "domiculated"
V. The Bank pays the domicile bill in the case if earlier the payer made it a bill of exchange or if the client has a sufficient amount on his estimated (current) account and empowers the bank to write off the amount needed to pay for the bill
Vi. The bank pays a domicile bill from own funds, which then have the right to recover from the payer in the manner provided for in Article 851 of the Civil Code of the Russian Federation answers:
A. I, III, V
B. II, IV, VI
C. I, IV, V
D. II, III, VI
Question code: 2.1.124 Essence of accounting bills is as follows: Answers:
A. The bill holder transfers (sells) an exchange bank on an endorsement before the date of payment and receives a bill for it less deductible for the early receipt of a certain percentage of this amount.
B. The bank collects and forms in writing information about issued and received bills, as well as on bill loans, indicating the name of the billboard (promissory holder), payer, bill of exchange, payroll
C. A bill accounting is the accounting subsection
D. Accounting for bills issued for an amount equal to or greater than 600 thousand rubles, is one of the programs carried out in order to counter legalization (laundering) of income obtained by criminal, and financing terrorism
Question code: 2.1.125 Income for operations with a bill of exchange, which is based on the issuance of a loan attitude, recognized:
I. A bill of interest on the percentwelle II. Interest on the bill
III. A bill of interest-free bill IV. Amount discount
A. Iv, IV
B. I, II, IV
C. I, III
D. All listed
Question code: 2.1.126 The endorsant may remove responsibility for the payment on the bill by reservation: Answers:
A. Not orders
B. Turnover without costs
C. Pay orders
D. Without turning on me
Question code: 2.1.127 The mortgage certifies the following rights to its owner
I. The right to obtain execution on the monetary obligation provided by the mortgage, without the submission of other evidence of the existence of this obligation
II. The right of pledge on property burdened by mortgage
III. The right to receive a part of profit in the form of dividends
IV. The right to receive the amount of the deposit and due to the amount of interest in this valuable paper:
A. I, II
B. II, III
C. I, IV
D. III, IV
Question code: 2.1.128 Mortgage is: Answers:
A. Bearer
B. Registered valuable paper
C. Order Security
D. Is not valuable
Question code: 2.1.129 Who is issued to the initial mortgagee to the mortgage? Answers:
A. Loosener
B. Authority carrying out state registration of rights to state registration of mortgages
C. Authority exercising state registration of rights, after the state registration of the mortgage
D. Authority registering rights by personal securities
Question code: 2.1.130 Securities certifying the amount of the contribution made to the Bank and the right of the investor to receive
the expiration of the deadline of the deposit amount and due interest is called: Answers:
A. Savings book
B. Warrant
C. Konosamet
D. Deposit (savings) certificate
Question code: 2.1.131 The compilation and issuance of the deposit certificate confirms the conclusion of the contract: the answers:
A. Storage
B. Bank deposit
C. Depository
D. Trust management
Choose the right judgments about securities and write the numbers under which they are specified.
1) distinguish securities nominal and bearer.
2) A bill is a certificate of monetary deposit in a bank with the obligation of the Bank on the return of this contribution and interest on it after a prescribed period.
3) b in accordance with the Civil Code of the Russian Federation, the valuable paper is called any document produced by the state.
4) Securities certifying the ownership of a share in the capital's capital and giving the right to receive a part of the company's profits are called a promotion.
5) The bond gives the owner the right to demand its repayment on time.
Explanation.
In Russian civil law, securities are classified according to the method of legitimizing the owner of the security (a management person) on the bearer (securities on the bearer), nominal, order (warrant). According to Russian legislation, these securities include:
Promotion (lat. Actio - disposal) - Security, indicating the right to ownership of the company's capital and income (dividend). Ordinary shares. Preferred shares may be restricted to participate in management, and can also provide additional rights to management (not necessarily), but they bring permanent (often fixed in the form of a certain share from accounting net profit or in absolute monetary terms) dividends.
A bills (from it. Wechsel) is a strictly established form certifying anything that is not due to the obligation of the credentials (a simple bill), or a proposal that the payer (translated bill) specified in the bill of exchange will pay a certain amount of money provided for by the credentials.
Bond (Lat. Obligatio - obligation; English Bond - Long-term, Note - Short-term) - Em session debt, enshrining the right of its owner to receive bond from the issuer to the term of its nominal value or other property equivalent. The bond may also provide for the right of its owner to receive a fixed interest in it from the nominal value of the bond or other property rights. The income on the bond is the percentage and / or discount.
Check (FR. Chèque, English. Cheque) is a valuable paper containing an uncomplicated disposal of a check in the bank to make the payment of the amount specified in it by the Check holder. The credit is a person with funds in the bank, which he has the right to dispose by issuing checks, a check holder - a person in favor of which a check is issued, a payer - a bank in which the monetary cash funds are.
1) distinguish between securities nominal and bearer - yes, right.
2) The bill is a certificate of monetary deposit in a bank with the obligation of the Bank on the return of this contribution and interest on it after the deadline - no, incorrectly.
3) b in accordance with the Civil Code of the Russian Federation, any document produced by the state is called, incorrectly.
4) Securities, certifying the ownership of a share in the capital's capital and giving the right to receive a part of the enterprise's profits, is called a promotion - yes, right.
5) The bond gives the owner the right to demand its repayment on the time being - yes, right.
The corporate issuing securities constituting the basis of the modern Russian securities market includes:
Bonds;
Options of the Issuer.
Stock - This is an emission securities that enshrines the rights of its owner (shareholder) to receive a part of the profits of the joint-stock company in the form of dividends, to participate in the management of the joint-stock company and part of the property remaining after its liquidation. The action is a personal valuable paper.
The most important features of the promotion:
1. Shares can be issued only by joint-stock companies. Other persons to emit them is not entitled.
2. The action presents the following rights to its owners:
a) non-property rights - participation in managing the joint-stock company and the right to receive information about its activities;
b) Property rights - dividends (part of the profit of the joint-stock company, obtained by the shareholder in the distribution of profits remaining after taxation) and the liquidation quota in the event of termination of the joint-stock company.
3. The presence of a nominal value is the initial price for which the campaign is purchased by a shareholder in the process of establishing a joint stock company. The nominal value of ordinary shares should be the same.
There are no requirements for the size and procedure for determining the nominal value of shares in the legislation. However, the size of the nominal value of the shares is tied to the parameters of the authorized capital. According to Art. 25. Federal Law "On Joint-Stock Companies" The authorized capital of the Company is drawn up from the nominal value of the Company's shares acquired by shareholders. The authorized capital of the Company determines the minimum size of the Company's property that guarantees the interests of its creditors, and with the establishment of society all of its shares must be placed among the founders.
In art. 26. The Federal Law "On Joint-Stock Companies" has been established the amount of the minimum authorized capital of the Open Joint Stock Company, which should be at least a thousand-year sum of the minimum amount of wages established by the Federal Law at the date of registration of the Company.
4. The action has a market or exchange rate.
Course value of the action or course is the cost of a transaction produced in the market with certain shares at a certain time. The course of stocks - the value is non-permanent, each separately taken certain period of time can change.
The main reasons that determine the course value of shares are:
Rising interest rates for deposits in commercial banks. If interest rates increase, then there is a transfusion of money into banks and, as a result, the demand for shares is reduced and their exchange rate cost is lowered;
Indicators of industries that produced investments. These indicators directly affect the expected profit and, as a result, for the course value of shares;
Own characteristics of the company's development: competitiveness, creditworthiness, ease of cycle of shares on the stock exchange.
Attentive attitude to the rights of minority shareholders. The exchange rate of shares can increase.
The regulatory classification of shares is carried out according to the following criteria:
By criteria - volume of owner rightsShares are divided into:
- ordinarystocks;
- preference shares.
Their legal status is disclosed in Art. 31.32 of the Federal Law "On Joint-Stock Companies". Each ordinary share of society provides the shareholder - its owner of the same amount of rights, namely the owners of ordinary shares of the Company can participate in the general meeting of shareholders with the right to vote on all issues of its competence, and also have the right to receive dividends, and in the event of the Company's liquidation - the right to Getting part of his property. Conversion of ordinary shares to other corporate securities is not allowed.
Shareholders - owners of preferred shares of the Company, as a general rule, do not have the right to vote at the general meeting of shareholders. The preferred shares of the Company of the same type provide shareholders - their owners are the same amount of rights and have the same nominal value.
In the Charter of the Company, the size of the dividend and (or) the cost paid in the liquidation of society (liquidation cost) on the preferred shares of each type should be determined. The size of the dividend and the liquidation value are determined in a solid monetary amount or as a percentage of the nominal value of preferred shares. The owners of preferred shares on which the dividend is not defined are entitled to receive dividends on a par with ordinary shares.
The charter of the Company may provide for conversion of preferred shares of a certain type in ordinary shares or preferred shares of other types at the request of shareholders - their owners. Conversion of preferred shares in bonds and other securities, with the exception of shares, is not allowed.
By criteria - statusShares are divided into:
- placedstocks;
- announcedstock.
According to the provisions of Art. 27 of the Federal Law "On Joint-Stock Companies", posted shares are shares that are acquired by shareholders.
The announced shares are shares that society has the right to post additionally to the placed shares. Their number, the nominal value, category (types) of shares must be determined by the Company's charter. In the absence of these provisions in the charter, the Company is not entitled to post additional (declared) shares.
By criteria - fragmentationShares are divided into:
- fractionalstocks;
- whole stock.
In accordance with clause 3. Art. 25 of the Federal Law "On Joint-Stock Companies" The fractional action is an action that provides its owner of law enshrined by the action of the relevant category (type), in the amount corresponding to the part of the whole shares it is. Here, the legislator establishes a closed list of cases when fractional promotions can be formed:
In the implementation of the preemptive right to acquire shares sold by the shareholder of a closed society;
In the exercise of the preemptive right to purchase additional shares;
When consolidating shares, when the acquisition of a shareholder of a whole number of shares is impossible.
The second fundamental corporate emission securities is a bond.
Bond - This is an emission securities that enshrines the right of its owner to receive a bond from the issuer into the period of its nominal value or other property equivalent. The bond may also provide for its owner to receive a fixed interest in it from the nominal value of the bond or other property rights. The income on the bond is the percentage and / or discount.
Corporate bonds allow issuers to obtain the necessary investments for business development from an unlimited range of individuals and legal entities. For investors, corporate bonds are one of the financial instruments of the stock market, allowing to transform their temporarily free monetary resources into assets.
Bonds open access to corporations to so-called long money, bypassing bank loans, thereby diversifying the sources of long-term financing of their economic growth. In addition, corporations - bond issuers cannot but take into account the fact that bonds do not give their owners to the right to participate in corporate affairs.
The Russian corporate bond market has a tendency to increase. So, in 2013, Russian companies attracted almost 2 trillion. rub. Due to the issue of bonds. This is 34% more than in 2012. However, most Russian corporate bonds are mainly due to high inflation, have a short time for repayment, on average, it is one and a half or two years. Mal and the volume of the Russian corporate securities market: 2 trillion. rub. In new placements, against over 40 trillion. rub. disposed by our banking system. Therefore, experts conclude that as the economic situation stabilized the corporate bond market in Russia will continue to grow.
Classifications of corporate bonds are conducted in the following criteria:
1. For the purpose of the bond loan Corporate bonds divide on:
Bonds manufactured to finance new investment projects;
- Bonds manufactured For refinancing the debt issued at the issuer;
- Bonds manufactured To finance events that are not related to the issuer's production activities.
2. By criteria - treatment:
- short-term -up to 5 years;
- Medium-term -from 5 to 15 years;
- long-term -over 15 years old.
3. By the criterion - the possibility of conversion:
- non-convertiblecorporate bonds;
- Convertiblecorporate bonds.
4. By criteria - the order of repayment Corporate bonds divide:
- with a one-time maturity;
- with a maturity of the series.
5. By the criterion - property, the law stand out:
Corporate bonds with the provision;
- corporate bonds without ensuring.
In accordance with the provision of Art. 27.2. The federal law "On the securities market" bonds with security is recognized by bonds, the fulfillment of obligations for which is fully or in part is ensured by a deposit, guarantee, bank guarantee, state or municipal guarantee.
The third corporate emission securities is the issuer's option.
Option Issuer -this is a registered emission securities, fixing the right, but not the obligation, its owner to purchase the term and / or when the circumstances of the issuer specified in it specified in it is a certain number of shares of the issuer of such an option at a price determined in the issuer's option.
In world and domestic practice, corporate emission securities - issuer options - appeared as financial instruments of attracting qualified management and motivating their effective activities. The fact is that the successful development of the corporation in modern conditions largely depends on the degree of professionalism and motivation of people engaged in its management. The ability of managers - managers to effectively organize the activities of the firm and achieve the strategic goals of the strategic goals has a significant impact on its financial indicators and the level of capitalization.
The issuer's option gives executives - managers to redeem a specific number of shares of the corporation after a certain period established at the beginning of the program implementation.
Since the successful development of the corporation significantly affects the course value of its shares, the use of the financial instrument under consideration allows us to combine the motivational effect on the material benefit received by the managers - managers, the option owners who receive the opportunity to purchase stocks at a price less than the market, due to the increase in the course value of the company's shares, with The interests of shareholders are the founders of the Corporation.
For example, according to the resulting option, the manager in 5 years has the right to buy the company's shares on the price agreed in the option at the moment - 200 rubles. If the shares at the prescribed period of time grow in price (for example, from 200 rubles to 300 rubles), the manager will be able to realize its option - buy shares of 200 rubles, and immediately sell them on the market for 300 rubles. Material incentive in the form of an option, keeps many top managers in their companies, forcing to work with greater return. The benefit is obvious and for the founders of the corporation, the capitalization of the company in this type of stock has increased by 100 rubles per share.
The legal status of the issuer's option, regulated by the Federal Law "On the Securities Market" allows you to allocate two types of options:
- urgered;
- urgent.
In the first case, the acquisition of a security is associated with the onset of a predetermined calendar date, which guarantees the employee to obtain the right to buy shares of companies. Such an option is aimed primarily to attract a highly qualified top manager.
The second type of option does not give its owner one hundred percent guarantee of the acquisition of shares. The fact is that in this option it is envisaged that the Corporation agrees to sell its shares only when favorable circumstances favorable. For example, increasing sales levels, improving financial indicators to certain parameters, or the implementation of a specific project. Therefore, urgent option under conditions aimed, first of all, on the motivation of the effective work of top managers.
The issuer's option belongs to the category of derived securities, as it certifies the right of its owner to acquire other securities - shares. The option is carried out by converting it to the promotion at the request of the option owner. If the option owner does not take advantage of its right to acquire shares of the issuer in the manner and deadlines provided for by the decision on the issuance of securities, then such options are canceled, and the cash owner of the cash return is not subject to.
According to the requirements of Art. 2 of the Federal Law "On the Securities Market" Decision on the placement of issuer options and the procedure for their placement are carried out in accordance with the federal laws by the rules of securities convertible in stocks. Currently, such rules are established by federal laws "On Joint-Stock Companies" and "On the Securities Market", "Regulations on the Emission Emission Standards, the procedure for state registration of the issue (additional issue) of issuing securities, state registration of reports on the results of the issue (additional issue ) Emission securities and registration of securities prospectuses, approved by the Bank of Russia 11.08.2014 N 428-p. Thus, the Issuer is not entitled to post the issuer's options if the number of declared shares of the issuer is less than the number of shares, the right to purchase such options.
The number of shares of a certain category (type), the right to purchase which is provided by the issuer's options, cannot exceed 5 percent of the shares of this category (type) placed on the date of submission of documents for state registration of issuer options.
The placement of issuer options is possible only after full payment of the authorized capital of the joint-stock company.
The price of the issuer's option with a closed subscription is determined in the Option Release Decision. In some cases, the issuer's options are issued by the corporation as a free application when selling their preferred shares.
The price of the issuer's option with public placement in the stock market is defined in the same way as the price of any other emission securities. The exchange rate of the issuer's option depends on the one hand, on the existing time of the time difference between the market price of the basic action and its price recorded in the issuer's option. On the other hand, left before the expiration of the issuer's option, or from investor expectations regarding the dynamics of the market price of the basic action in the future.
Option programs began to develop and used in Russia relatively recently. Currently, they are used by companies such as Sitronics, RusHydro, Polymetal, VimpelCom, MTS and others.
In the form of dividends, to participate in the management of joint-stock companies and part of the property remaining after its liquidation.
Stock - Securities, from the sum of the denominations of which is the authorized capital of a commercial organization, which, due to its property, is customary to be called joint-stock company.
By law, the action refers to the group em session securities, i.e., serially produced securities, no different in this series, and not piece, but each of its emissions must be registered by a certain rules to the relevant state registration authority.
The action can be produced in the Russian Federation only in a non-documentary (in the form of records in the accounts) form. In Russia, all shares are issued in a nominal form, there are no presenters in practice.
Action as a totality of rights and obligations
Legal definition of action
In the law "On the securities market", the campaign is defined as "Emisy Securities, Enchanting the Rights of its owner (shareholder) to receive a part of the profits of the joint-stock company in the form of dividends, to participate in the management of the joint-stock company and part of the property remaining after its liquidation." Briefly, this legal understanding of the action can be formulated so that it has a valuable paper endowed with the rights listed above.
The definition reflects the historically formed the traditional set of rights of the owner of the share associated with participation in the management, receipt of income and receiving a part of the property of the organization in the event of its liquidation.
Rights of the owner of the action
The owner of the action is a member of the joint-stock company, that is, a shareholder, and as such, he also acts as its owner. Hence the owner of the action has two groups of rights:
- rights regarding the person who has published a share, i.e., rights in relation to the joint-stock company, in the authorized capital of which contains its share, or shareholder rights;
- rights with respect to the action itself as a form of existence of a security, or the right of ownership of a promotion as its property.
The right to participate in management as a specific right of the owner of the action.The right to a certain kind of income is inherent to all securities as deposits in the combined capital. But only in one type of securities - stocks - the right of its owner to participate in management, which is usually also called the right to vote. Owners of other types of securities are not eligible related to the management of those organizations with which they provide their capital on certain conditions.
The action as a special kind of security ceases to be an action, although it does not cease to remain valuable if it does not give rights to participate in management, primarily in the form of a voting right. It can be said that it is the right to participate in the management turns the valuable paper into the action.
Stock - This is a security, the owner of which receives the rights to participate in the management of a commercial organization.
The owner of any revenue security has the right to receive a particular income on it, but only the owner of the action also has the right to participate in management.
Ordinary shares, or shares with the right to vote- These are shares that give them the owner of the right to vote in solving all issues at the general meeting of shareholders.
In practice, usually there are varieties of shares that do not give it to the owner in full voting rights compared to other shares issued by the same joint-stock company. They are customary to call shares without the right to vote. These are, for example, privileged shares or in world practice, shagless ordinary shares (the release of the latter in Russia is not permitted by law). They are also considered shares, as they contribute to the authorized capital of the joint-stock company. The release of preferred shares, or shares without the right to vote is often limited by law and their number cannot exceed a relatively small share of authorized capital (in Russia - no more than 25% of the authorized capital). Expansion of the issue of shares without the right to vote essentially would mean nothing but the concentration of capital management of many market participants in the hands of their few layer, which contradicts the very idea of \u200b\u200bassociation of capital and collective management in the form of a joint stock company, or contradicts the idea of \u200b\u200ba joint stock company as a collective , Public Capitalist.
The existence of varieties of shares without any rights to participate in management, or without the right to vote, or with restrictions on participation in the management of the joint-stock company, it is quite possible, but the existence of a share as a type of security without the right to participate in management in general is possible. In any joint-stock company, the situation in which all the stock issued by him does not have any voting rights, although the situation is very often found when one shares have the right to vote in solving all issues, while others have this right only when solving a limited circle of issues, i.e. they have this right only partially.
A separate shareholder may not use his personal right to participate in management for any subjective reasons (disease, travel costs, etc.), but it can delegate it to another shareholder or just a trusted person. In general, the joint-stock company cannot function normally without its management from its shareholders (General Meeting of Shareholders). The expansion of shareholders' participation in the management of the joint-stock company is an important feature of the latest development of the latter.
In world practice, there are one differences in the content of the right to manage individual categories of shares. But the trend is that all these differences are gradually eliminated and only such a content of shareholders' rights remains, which corresponds to their free and democratic will without any artificial restrictions, which put shareholders in unequal conditions.
Capital has no qualitative differences, and therefore each part does not differ from other parts. It means that the rights that any part of capital shall be exactly the same.
Promotion rights
According to the law, the owner of the action, or shareholder, has a number of obligatory rights:- to receive a part of profits from the activities of the joint stock company, which is called dividend;
- to participate in the management of the joint-stock company by participating in its general meeting and the possibility of choosing to the composition of certain bodies of them;
- the share of property remaining as a result of the cessation of the joint-stock company for any reasons is proportional to the number of shares in the shareholder;
- freely dispose of the promotion, i.e. the right to buy-sell it, give, to know, give off the deposit, exchange, etc.;
- on the predominant acquisition of new issues of this joint-stock company in proportion to the number of shares
- other rights in accordance with the Charter of the joint stock company.
Property for action and joint stock company
In accordance with the rights listed rights, it is customary to be called, on the one hand, the equity securities, because it represents the share in the authorized capital of the joint-stock company, and on the other hand, it is often said that the shareholder has the owner of this society. In fact, the shareholder has the property only to the shares belonging to him, and the ownership of all property and all property rights is the joint stock company itself.
The fact that the ownership of the shares is separated from property to the property of the joint-stock company, is manifested in the following:
- the shareholder is not responsible for the obligations of the joint stock company (and on the contrary);
- the shareholder is not entitled to demand redemption by the joint stock company with his shares (except in cases marked in the law), it cannot freely return his capital in a similar way (as well as the sale and sale of shares in the stock market);
- the payment of dividends per share is not guaranteed, and shareholders cannot make decisions in order to increase the level of dividend compared with its size established by the Board of Directors of the Joint-Stock Company, that is, the team of his managers.
Under the issuance of the action, its existence is not established, therefore it is customary to attribute a share towards a group of perpetual securities. In practice, the duration of the existence of the share is entirely determined by the joint-stock company itself. If you distracted from the possibility of replacing one type of shares to another, for example, with another nominal value, which may well occur at some time intervals and be due to internal or external reasons (for example, the need to increase or reduce the number of shares in circulation, inflation, etc.), then the action exists exactly so much time as it exists its joint stock company.
Details Promotions
According to the law, any promotion must have mandatory details, the main of which are as follows:- name - "Promotion";
- the name of the joint-stock company and its legal address;
- serial number;
- type of action;
- nominal value;
- the size of the authorized capital of the joint stock company;
- the number of output issued (in this emission);
- the name of the owner (in the case of a register);
- information on dividends (payout terms, payment methods, etc.);
- information on registration procedure (for registered shares);
- signatures and print issuer.
- placed, redeemed by shareholders;
- announced, shares that the joint stock company can accommodate additionally. When issuing shares in the Charter of the joint-stock company should necessarily have such shares.
Types of shares
Shares can be ordinary and privileged. An ordinary share is an action providing the right to vote to its owner at the general meeting of the joint-stock company, as well as all other rights mentioned above. A preferred share is an ordinary action, the owner of which, instead of the right of voting, has the right to receive a fixed dividend and the right to part of the property in comparison with the owner of an ordinary share in the event of the liquidation of a joint stock company.
In cases provided for by law, the owner of a privileged action receives the right to vote at the general meeting of shareholders. This concerns situations in which the fate of the joint stock company is solved, or this society does not fulfill its obligations to pay fixed.
"Golden Action" as a specific form of state participation in joint-stock companies« Golden action"This is a special right that allows public administration authorities to participate in work and, if necessary, block the adoption of the most important solutions relating to:
- amendments and additions to the Charter of the joint-stock company;
- its reorganization or liquidation;
- his participation in other enterprises or associations of enterprises;
- transmissions in a pledge or rent, sales and alienation by other methods of property, the composition of which is determined by the privatization plan of the enterprise.
Legal understanding of the action
Legal understanding of the shares is not reduced only to one or another rights of its owner. The promotion is also a representative of the part of the authorized capital of the joint-stock company, and the representative of its owner's rights. Therefore, it is possible to give a more complete definition of the action.
Stock - Certificate of a single contribution to the authorized capital of the economic company, which has a form of security issued by this society and providing its owner's right established under the law and on the charter of this society. Accordingly, the economic company issuing shares is called a joint-stock company, and the owner of the action is the shareholder of this society.
Promotion as the unity of the Rights of the shareholder and obligations of the joint-stock company.The owner of the action has the right to shareholder. However, rights do not exist in separation from duties. The right of one person means the availability of equivalent obligations from some other person.
The owner of the owner of the share as a shareholder is opposed to the obligations of the joint-stock company, which issued these shares, or the source of the Rights of the shareholder is the obligations of the joint-stock company in front of it.
Listed previously mandatory (and special) Rights of the shareholder can be formulated in the form of obligations of the joint-stock company for the payment of income per share, to submission to the general meeting of shareholders, to ensure shareholders with the necessary information, etc.
There is nothing in the Rights of the shareholder that it would not be contained in the obligations of the joint-stock company and vice versa.
The binder of the shareholder and obligations of the joint-stock company is the action. It concentrates at the same time the right of shareholder and obligations of the joint-stock company. It is released last and is purchased first. The shareholder receives (acquires) a share in his property, i.e. he is the owner of the action.
Rights of the owner of the action
The rights of the owner of the action as a valuable paper are absolutely identical to his rights as the owner of any other product or property.
The owner of the action has all the rights to it as a valuable paper, i.e. as a property object. The essence of all the rights of the owner of the security as a product or property is the right of free order by it until complete alienation.
The owner of the action can make any actions with it provided for by the current legislation, in particular:
- own arbitrarily
- sell;
- give in trust management;
- give;
- call;
- store as he pleases;
- transport, forward, etc.
Property ownership as a source of income on the action.The owner of the action can make a variety of transactions with it, including those that may bring to him income, in addition to the income, which he has the right dividend. The most common ways to obtain income from the use of the action as property is a purchase and sale of a promotion and applying it as a borrowed asset.
The difference between the dividend from other forms of income on the action.Dividend on the action is the realization of the rights of its owner as a shareholder. Any other forms of income on the stockCack something: a positive difference in prices, interest from loaning, income from inheritance, etc., is the realization of the rights of the owner of the action as the owner of goods or property in general.
Obligations of the owner of the action as the owner of the property.Ownership is at the same time an obligation not to violate the property of another person. The owner of the action is obliged to consider the owners of other owners of the shares. In this sense, the ownership is a commitment to respect someone else's property. Otherwise, it is easy to lose your property.
Each right in the market, which is the manifestation of ownership, carries the right to him the right. For example, the right of one market participant to buy is at the same time the right of another market participant to sell and vice versa. However, these equal rights are opposed to each other as an equilibrium obligation, since the realization of the right is impossible without undertaking relevant obligations.
Consequently, the owner of the action bears simultaneously and the rights and obligations associated with the presence of a promotion.
The unity and distinction of the Rights of the shareholder and obligations of the joint-stock company for the action.The Rights of the shareholder is opposed to the obligations of the joint-stock company in front of it. They are the same, for example, the payment of dividend per share, but are divided as the rights of a shareholder and as an obligations of the joint-stock company.
The shareholder is not a person who is obliged to share, and the joint stock company is not a person who has any obligatory rights to the promotion issued by him.
In other words, the rights and obligations on the action, in this case, are divided between market participants, but in their content they represent the same thing.
Unity and distinction of the rights and obligations of the owner per share as on property.In a different way, it is done with property per share. In this case, the owner of the action itself carries the right and obligations. There is no separation of rights and obligations for each share between different market participants, as it takes place from the point of view of the Rights of the shareholder, whose provision is obligations of the joint-stock company.
The subject of the property is a promotion, which constitutes a single basis for the rights and obligations of its owner. But in relation to itself, the market participant cannot have neither rights or obligations.
The division on market rights and obligations is impossible without their simultaneous separation between market participants. And those and others exist, but only in the form of a relationship between market participants as the shareholders of this joint-stock company and its inactors, that is, the owners are primarily cash capital.
Consequently, the rights and obligations of the owner of the campaign are opposed to the rights and obligations of other owners, but already, for example, cash capital in the market.
As a result of the right and obligations of owners of the shares, divided between market participants, but not in the form of separation of rights from obligations between them, but in the form of opposition to the shares themselves and cash capital between different market participants. But capital can withstand only capital, and therefore the action takes the form of capital, the possibility of which is laid in it as in the right to dividend and on the right to other types of income from it.
Action as right to income
The essence of the shareholder's rights is its right to dividend, i.e. the right to income paid by the joint-stock company per unit of authorized capital.
The essence of the owner's rights per share is the right to receive income from disposal of the action as property.
However, the right of the owner of the action to have other income on it, except for the dividend, is not at the same time the obligation of some other market participants, as is the case in the event of the realization of the right to dividends. Promotion as the right to dividends and action as the right to other types of income is two different rights. The first is the actual right, the person who is obliged on it is always known. The second is only a potential right, only the opportunity to receive income under certain market conditions, but not at all the responsibility of the market or some of its participants to ensure that the owner of the property called the share or other revenues.
Unlike the right to dividend, the right of the owner of the action as property is at the same time the possibility of receiving both income from market transactions with it and equally the loss from them.
Action like Kapital
In the aggregate of their property rights, the action is the right to income at all. The right to income turns the share in capital, but no longer as part of the authorized capital of the joint-stock company, but as capital existing in the market outside the joint-stock company.
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