|Article title||Authorized Capital Formation by Means of Property Rights of Industrial Property: Legislative and Local Regulatory Activity|
Doctor of Law, Professor, Dean Faculty of law Vasyl’ Stus Donetsk National University (Vinnytsia, Ukraine) ORCID ID: https://orcid.org/0000-0001-9348-3061 firstname.lastname@example.org
Doctor of Philosophy in Law, advocate, Vinnytsia Region Bar Council (Vinnytsia, Ukraine)
ORCID ID: https://orcid.org/0000-0001-6226-3699 email@example.com
|Name of magazine||Legal journal «Law of Ukraine» (Ukrainian version)|
An important part of the innovative economy is to involve intellectual (industrial) property rights in economic turnover, one of the ways of which is the participation of these rights in the formation of the authorized capital of a legal entity. This type of contribution under appropriate conditions is able to provide investment, guarantee and other functions of authorized capital in an effective way. Implementation performance of this method to dispose the property rights of industrial property continues to be at a low level. Although the legislation and legal doctrine contain certain provisions and scientific developments in this regard, however the issues related to the introduction of industrial property rights to other forms of management, except for business companies, the order of introduction, legal forms of contribution, etc. remain insufficiently researched.
The purpose of this article is to substantiate the provisions concerning improving the legal regulatory activity for the introduction of industrial property rights as a contribution to the authorized capital.
The article analyzes the general provisions of current legislation regarding the legal regulation of the authorized capital formation by means of property rights of industrial property. Besides, we have analyzed the state and shortcomings of the legislation regarding the formation of authorized (consolidated) capital (share fund) relating to various organizational and legal forms of legal entities: limited liability company, unlimited company, limited partnership, private company, production cooperative, agricultural cooperative, farming enterprise. We have as well analyzed the legal forms of introduction of property rights of industrial property to the authorized capital.
It is hereby specified that the contribution to the authorized capital may be represented by the property rights to: inventions, utility models, industrial designs, trademarks, plant varieties, animal breeds, components of semiconductor units, trade secrets, provided that its secrecy and the possibility of evaluation is preserved.
We have defined two main ways of introducing property rights of industrial property to the authorized capital of the company:by means of complete alienation of property rights to legal entities, by transferring the right to use such rights for a certain period. We have offered, upon the completion of the term to use the property rights of industrial property, to formalize the legal consequences in the existing legislation: to provide a term for renewal of the license agreement or commercial concession agreement and further participation of the member in the company; to substitute a share by making an equivalent share; to reduce the share by the amount equal to the amount of valuation of the property rights transferred under the license agreement (commercial concession agreement), upon the existence of other property transferred to the authorized capital; to exclude the members from the company, in the absence of other property in the authorized capital and the impossibility to renew the license agreement (commercial concession agreement) or equivalent substitution of shares to other property. In order to regulate the issues related to the formation of the authorized capital at a local level we have specified and suggested the general provisions which should be represented in the statutory documents of a legal entity (Memorandum of Association, Articles of Association for the introduction of property rights of industrial property to the authorized (consolidated) capital (share fund) of a legal entity.
|Keywords||industrial property; intellectual property; property rights; legal entity; authorized capital; consolidated capital; share fund|
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