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<P align="center"><font color="#660000"><b><font face="Arial, Helvetica, sans-serif" size="4" color="#990000">Frequent
Legal Issues for Contractors on <br>
Sakhalin Oil and Gas Projects<br>
</font></b></font><font size="2" face="Arial, Helvetica, sans-serif">(Appearing soon in the Russian Energy Law Journal)</font></p>
<p align="center"><font color="#990033" size="2" face="Arial, Helvetica, sans-serif"><strong>IV.
Drafting a Company Charter </strong></font></p>
<p align="left"><font size="2" face="Arial, Helvetica, sans-serif"><em>Presented
by <a href="../subpage/attorneys.html#sll">Sergei L. Lazarev</a>, Partner of the firm’s Russian
Practice Group and Executive Director of the firm’s Moscow office.
A specialist in Russian civil and corporate law, tax and labor law, as
well as in litigation and dispute resolution, Mr. Lazarev has over 10
years experience in advising foreign and Russian companies on structuring
and operating investments in Russia. Together with other Russin & Vecchi
attorneys, Mr. Lazarev has worked on numerous issues related to Sakhalin
oil and gas exploration and extraction projects, including: obtaining
government approval of a PSA for a Sakhalin off-shore development project,
and assisting with complex permit and licensing requirements for large-scale
equipment delivery and beaching operations. Mr. Lazarev has assisted
clients in reconciling the latest state of the art drilling waste disposal
technologies with Russian environmental law and PSA-related requirements,
and advised on Russian and international oil spill containment requirements.
He is a 1983 graduate of the Law Faculty at Moscow State University and
in 1990 defended his dissertation “Arbitral Settlement of Interstate
Disputes” and earned a Ph.D. from Moscow State University. In 1993,
he completed his study at The George Washington University National Law
Center (USA) under the Edmund S. Muskie Graduate Fellowship Program. </em></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Foreign investors should be aware of several fundamental requirements
regarding the structure and function of Russian limited liability companies.
These include obligatory forms for management structures, the role of
the General Director, procedures for transfer of shares, participant
withdrawal, distribution of profits, and investments in the property
of an LLC. As LLCs are the most widely used type of commercial legal
entity in Russia, this article will cover issues related to LLCs, rather
than Joint-Stock Companies, although in many instances, they are similar. </font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Russian law provides
little freedom in drafting LLC charters.<font size="1">(14)</font> Most LLC activities are
set forth by law and can be varied only in cases specifically
provided for by the law. In this regard, many schemes that are successfully
employed in foreign practice, may be unenforceable in Russia. </font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The main law regulating activities
of LLCs in Russia is the Federal Law On Limited Liability Companies
No. 14-FZ dated February 8, 1998 (the “Law
on LLCs”). Although the Law on LLCs is not new, court practice
in interpreting its provisions is still quite limited. The main court
act which clarifies provisions of the Law on LLCs is the joint Enactment
of Plenums of the Highest Arbitrazh Court and Supreme Court of Russia
No.90/14 dated December 9, 1999 "On Some Issues of Applying Provisions
of the Federal Law On Limited Liability Companies."</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><strong>Management</strong></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">For the majority of foreign investors operating in Russia, the most
critical question usually pertains to control, or who is playing the
management role. Russian law provides a detailed scheme of LLC management
structure, which include the following bodies:</font></p>
<blockquote>
<p><font size="2" face="Arial, Helvetica, sans-serif">1. General Meeting of Participants (GMP) - the supreme body<br>
2. Sole executive body - General Director or President - executive body<br>
3. Collective executive body – Executive Committee (EC) - optional
second executive body<br>
4. Board of Directors (BD) – optional observing body <br>
5. Audit commission (Auditor) – optional controlling body <font size="1">(15)</font></font></p>
</blockquote> <p><font size="2" face="Arial, Helvetica, sans-serif">Most LLCs may successfully operate without forming optional bodies.
If a company has many participants or anticipates conflict, then it may
be advisable to consider forming optional bodies. </font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Russian legislation stipulates that a participant of an LLC is not its
body and can take part in its management only through a GMP. In this
regard, granting to some participants the right to appoint general directors,
members of the BOD or the EC, is unenforceable. However, Russian law
provides the possibility to grant additional rights or obligations to
some LLC participants, subject to unanimous consent of the other participants.
Whether a grant of additional rights or an imposition of additional obligations
is appropriate should be verified in every specific case, in light of
other imperative norms of Russian law, which may not be deviated from,
even with consent of the participants.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><strong>General Meeting of Participants (GMP)</strong></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The GMP’s decision-making
procedures are defined in detail in the Law on LLCs. Every participant
has equal authority to propose issues
for the GMP agenda and to vote on all issues.<font size="1">(16)</font> In
this regard, charter provisions that empower one participant to nominate
a general director
are void and unenforceable as limiting the rights of other participants.
The GMP generally forms all other bodies of the company.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Although the GMP
adopts most decisions by a simple majority of votes of all participants
of the LLC rather than by a majority of those participants
who attend the GMP, the charter may provide for a qualified amount of
votes for some or every GMP decision.<font size="1">(17)</font> According
to the Law on LLCs, decisions to amend a foundation agreement or to liquidate
or reorganize an LLC
must be adopted unanimously, and decisions to amend a charter must be
adopted by a 2/3 majority of votes. The charter may not reduce these
qualified amounts of votes, which are established by law. Despite these
limitations with regard to voting, upon unanimous decision of the participants,
a charter may provide for a division of votes disproportional to shareholding. <font size="1">(18)</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Russian law sets
forth extremely strict requirements regarding the procedure for calling
a GMP. A GMP
may be called by other bodies of the LLC or
by participant(s) who have invested at least 10 of the charter capital
of the LLC.<font size="1">(19)</font> A body or person calling a GMP
is obligated to notify all participants at least 30 days prior to holding
the GMP, unless the charter
provides for a shorter term. <font size="1">(20)</font> All participants
have the right to propose additional issues to the GMP’s agenda
at least 15 days prior to the GMP, unless the charter provides for a
shorter term. <font size="1">(21)</font> Such proposals
must be included in the agenda unless they contradict Russian legislation
or do not fall within the GMP’s competence. Other participants
must be notified regarding such additional issues at least 10 days prior
to holding the GMP. Shortening the notice period for calling the GMP
(and all related deadlines) rather than applying the legal defaults affords
participants greater control over the timing of decision-making. </font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><strong>Sole Executive Body</strong></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The sole executive
body, which is the general director or president (GD), conducts the
day-to-day
operations of the company. Only the GD
may sign agreements, hire employees and operate the monetary assets of
the company without a power of attorney. The GD’s powers are limited
by the Law on LLCs with respect to the conclusion of large-scale transactions
(valued at least 25% of the company’s assets) and transactions
in which he is an interested party (with affiliated persons). <font size="1">(122)</font> The
charter may also limit the GD’s power, for example, by prohibiting
the GD from concluding transactions exceeding a certain sum without the
GMP’s
consent. However, transactions concluded in breach of such charter provisions
can only be declared void within one year of their conclusion, and only
if the company or its participants can prove that another party to the
transaction knew or should have known about such limitations. <font size="1">(23)</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">A GD’s rights
may also be assigned to a Managing Company by a decision of the GMP,
as long
as the possibility to do so is clearly established
in the Charter. <font size="1">(24)</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><strong>Collective Executive Body</strong></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Collective Executive Body, or the Executive Committee (EC), is used
very rarely in an LLC. Russian law regulating the EC is not well defined,
other than to state that it should conduct its activities in accordance
with the charter. Thus, participants have much freedom in respect to
this body. The EC Chairman is the GD, who retains his main authorities
and signatory powers. As a result, the EC, which is considered an optional
body, is in most instances not necessary.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><strong>Board of Directors (BOD)</strong></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The Board of Directors
is also an optional body. If a BOD is established in the charter, however,
the following issues may be granted to its consideration:
electing and terminating executive bodies of the company (GD, EC or Managing
Company), the conclusion of large-scale or interested transactions, and
issues related to preparing, calling and holding the GMP. Members of
the BOD have no signatory powers and are elected by the GMP. <font size="1">(25)</font> Granting
participants the right to nominate specific numbers of BOD members is
unenforceable. </font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Establishing a BOD is not necessary and makes sense only in specific
cases, such as, for example when participants seek to have greater control
over the GD.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><strong>Audit commission (Auditor)</strong></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The audit commission conducts
inspections of the LLC’s financial
activities. This body is optional unless an LLC has more than 15 participants,
in which case, an audit commission is obligatory. We generally do not
recommend using this body unless there are certain fears with respect
to other participants or the executive bodies of the LLC.<br>
<br>
<strong>Role of the General Director of an LLC</strong></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">As mentioned above, the GD
is responsible for the day-to-day management of the LLC. In particular,
the GD concludes transactions, issues powers
of attorney on behalf of the LLC and conducts other activities, which
are not transferred to the competence of the BOD or EC. The GD’s
powers may be limited only by the charter and not by a decision of the
LLC’s participants. </font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The GD must have signatory
power with regard to the LLC bank account and must sign the bank cards
enabling an account to be opened. Russian
banks have different, and sometimes contradicting, policies with respect
to signatures on the bank cards, specifically regarding whether the bank
will accept documents certifying the GD’s signatory powers abroad.
In this regard, if at all logistically possible, it is advisable to have
the general director present to open the LLC bank account.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The LLC charter should
provide a term of validity for the GD’s
authorities. <font size="1">(26)</font> There are no limitations for
such term and in practice this term generally varies from 1 to 5 years.
During this time, the GD may
transfer his powers based on a power of attorney and at any time revoke
such power of attorney. </font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The GMP (or BOD, if it is
provided for in the charter) may at any time terminate the GD’s
powers. However, due to the somewhat complicated procedures for calling
a GMP, such termination usually cannot be accomplished
immediately. </font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><strong>Alienation of shares </strong></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">By default, any participant
of an LLC may alienate its shares to another participant or to third
parties. According to Russian law, the sale of
a participant’s share to third parties is not subject to the consent
of the LLC or other participants. However, other participants, and the
LLC itself, if provided for by the charter, have the right of first refusal
to purchase the share being sold, in proportion to the shares held by
remaining participants.<font size="1">(27)</font> Russian law provides
the following options in this regard, provisions for which must be expressly
included in the charter:</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">1. Alienation of
shares to other participants may be made subject to approval of the
LLC or other participants. <font size="1">(28)</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">2. Alienation of
shares to third parties may be prohibited. <font size="1">(29)</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">3. Alienation of
shares to third parties in a manner other than through a sale may be
made subject to approval of the LLC or other participants. <font size="1">(30)</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Unless otherwise
provided in the charter, the transfer of shares to heirs and legal
successors of a former LLC participant is not subject
to the consent of other participants. <font size="1">(31)</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">A participant may
mortgage its shares to other participants without limitation, however,
a mortgage of shares to third parties requires approval
of the GMP and may be prohibited by the charter. <font size="1">(32)</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The methods set forth above for limiting the manner in which shares
may be alienated may be recommended in instances where the founders would
like to maintain control over the entry of other participants to the
LLC.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><strong>Withdrawal</strong></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The founding participants
of an LLC should be aware that participants have the right to withdraw
from the company at any time. Within six months
from the time of the withdrawal, the LLC is obligated to pay the withdrawing
participant the actual value of its share. <font size="1">(33)</font> The
right to withdrawal can be a double-edged sword. On one hand, the foreign
investor enjoys the
freedom to withdraw from the company at any time. On the other hand,
if the foreign investor established an LLC with a Russian partner, one
day this foreign investor could find himself alone in the joint venture
if his Russian partner decides to suddenly withdraw. If the Russian partner
was needed for Russian Content purposes in the context of the Sakhalin
PSAs, the Russian partner’s withdrawal could result in the loss
of a contract. The right to withdraw from the LLC cannot be prohibited
by the charter. </font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><strong>Distribution of profits</strong></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">By default, LLC profits
are distributed in proportion to the participants’ share
ownership. Upon unanimous decision of the participants, this procedure
may be amended. Russian law affords opportunities to establish shares
with varying attributes, including profit distribution that differs from
shareholding. Amending or deleting such provisions from a charter must
also be accomplished by unanimous decision. <font size="1">(34)</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><strong>Investments to LLC property</strong></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">The LLC’s charter
may include a provision obligating the participants to make additional
investments to the LLC’s property. Respective
provisions of the charter should be adopted by unanimous decision of
the GMP. Decisions on each additional investment must be adopted by a
qualified 2/3 majority of votes, if the charter does not provide a greater
amount of votes. <font size="1">(35)</font></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Unless the charter
provides otherwise, investments must be made proportionally to share
ownership. The charter may also specify a maximum amount of
investment applicable to all, or to specific individual, LLC participants.
<font size="1">(36)</font> If participants plan to invest assets in
the company, in addition to
those contributed to the charter capital of the company, it is reasonable
to include such provisions in the charter. </font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><strong>List of Company Activities</strong></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">According to Russian legislation, an LLC may perform any activity not
prohibited by law. Although a charter need not provide a list of planned
activities, it is general practice to include them.</font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif"><strong>Conclusion</strong></font></p>
<p><font size="2" face="Arial, Helvetica, sans-serif">Although impossible to analyze all aspects of Russian LLC law in the
confines of a short article, this article is intended to provide a general
overview of some of the main aspects of legal practice related to LLCs,
which should be considered by foreign investors who plan to enter a JV
with a Russian partner. Where foreign investors set up Russian subsidiaries
with 100% foreign ownership of one participant, some of the issues described
above are less significant. <br>
</font></p>
<p align="left"><font size="1" face="Arial, Helvetica, sans-serif"> (14)
There is little freedom in drafting Joint-Stock Company charters as
well.<br>
(15) An
audit commission is obligatory in an LLC with more than 15 participants.<br>
(16) Law
on LLCs, Articles 8(1) and 36(2).<br>
(17) Law
on LLCs, Article 37(8).<br>
(18) Law
on LLCs, Article 32(1).<br>
(19) Law
on LLCs, Article 35(2).<br>
(20) Law
on LLCs, Article 36(1).<br>
(21) Law
on LLCs, Article 36(2).<br>
(22) Law
on LLCs, Articles 45, 46.<br>
(23)Russian
Federation Civil Code dated November 30, 1994 No. 51-FZ, Article 174
(“Russian Civil Code”).<br>
(24) Law
on LLCs, Article 42.<br>
(25) Law
on LLCs, Article 32(2).<br>
(26) Law
on LLCs, Article 40(1).<br>
(27) Law
on LLCs, Article 21(4).<br>
(28) Law
on LLCs, Article 21(1).<br>
(29) Law
on LLCs, Article 21(2).<br>
(30) Law
on LLCs, Article 21(5).<br>
(31) Law
on LLCs, Article 21(7).<br>
(32) Law
on LLCs, Article 22.<br>
(33) Law
on LLCs, Article 26. <br>
(34)</font><font size="1"> <font face="Arial, Helvetica, sans-serif">Law
on LLCs, Article 28(2).<br>
</font></font><font size="1" face="Arial, Helvetica, sans-serif">(35)</font><font size="1"> <font face="Arial, Helvetica, sans-serif">Law
on LLCs, Article 27(1).<br>
</font></font><font size="1" face="Arial, Helvetica, sans-serif">(36)</font><font size="1"> <font face="Arial, Helvetica, sans-serif">Law
on LLCs, Article 27(2).</font></font><font size="2" face="Arial, Helvetica, sans-serif"><br>
</font></p>
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