FEATURES OF CORPORATE INVESTMENT FUNDS’ LEGAL STATUS
Abstract
Рroblem setting. The issue of corporate investment funds’ legal status is caused by the fragmentation of their study. Existing scientific research are mainly devoted to general issues of the activity of the institutions of mutual investment, without taking into account the features of corporate investment funds’ legal status.
Analysis of recent researches and publications. Among the scholars who studied the issue of the activity of institutions of mutual investment are O. M. Vinnyk, Yu. M. Zhornokuy, I. V. Spasybo-Fatieieva, O. A. Slobodian, O. S. Yavorska.
Target of research. The article’s objective is to study the features of corporate investment funds’ legal status and to find out the features that are inherent to corporate investment fund and characterize its civil and legal status.
Article’s main body. Research of the features of legal status of corporate investment funds is possible in the light of the features that are characteristic for them and make the structural elements of their legal status. These should include: features of corporate investment funds as legal entities of private law; competence and capacity of corporate investment funds; creation and characteristics of the activity of corporate investment funds; securities of corporate investment funds; bodies of corporate investment funds; termination of the activity of corporate investment funds.
Our vision is based on the study of civil and legal concepts and doctrines about the legal entity. To find out our statement is possible through the system of features of the legal entity of private law.
Based on the analysis of legislation the author has concluded that the peculiarities of a corporate fund’s legal status are: 1. A corporate fund – is joint-stock company that carries out activities solely on corporate investment; 2. Agencies of a corporate fund have two-level structure, since the Law of Ukraine on Institution of Mutual Investment prohibits to create other agencies except the General Meeting of Shareholders and the Supervisory Board. Thus, a corporate fund as opposed to «classical» joint-stock companies does not have the executive body; 3. A corporate fund delegates functions of the executive body to another legal entity under the asset management contract – to the asset management company that must act on behalf of a fund in its relations with third parties, actually acting as the executive body; 4. The securities of a corporate fund are shares that have to be only simple nominal and should exist just in electronic form; 5. A corporate fund terminates its activities exclusively through liquidation.
