Parties to a financial leasing transaction

Law on financial leasing governs:

  • financial leasing transactions
  • financial lease agreements
  • rights and obligations of parties to a financial leasing transaction
  • terms of performing financial leasing transactions
  • supervision of Lessors’ operations and
  • the Register of Financial Leases.

Financial Leasing Transaction

A financial leasing transaction means a financial intermediation transaction which is performed by the Lessor and implies that the Lessor, while retaining the right of ownership of the Lease Asset, transfers to the Lessee, for an agreed period of time, the right to possession and use of the Lease Asset, including all risks and rewards incidental to ownership, in return for the Lease Payment which the Lessee pays to the Lessor, provided that at least one of the following conditions has been met: Continue reading Parties to a financial leasing transaction

Factoring contract

Factoring shall be a financial service of buying and selling of existing non matured or future short-term monetary receivable, that arose from a contract of sale of goods or provision of services at home and abroad.

Participants in factoring shall be:

  • The assignor, who sells to the factor its receivable against the debtor that arose from a contract of sale of goods or provision of services, shall be a bank, a company or an entrepreneur based in the Republic of Serbia, and also those persons with headquarters abroad, registered in accordance with the local regulations
  • The factor, who buys receivables from the assignor, shall be:
    a bank, in terms of the law governing the operations of banks
    a company organized as a corporation or limited liability company, headquartered in the Republic of Serbia, which has the approval of the ministry responsible for finance affairs to perform factoring
    a foreign bank or a foreign company – exclusively in international factoring
  • The debtor shall be a bank, a company or an entrepreneur based in the Republic of Serbia, or such persons domiciled abroad, registered in accordance with the local regulation. Continue reading Factoring contract

Associations according to Law on Associations

The Law on Associations shall regulate:

  • the establishment and legal status of associations
  • their entry and deletion from the Register
  • membership and bodies
  • associations’ status changes
  • termination
  • any other issues of importance to their activities.

The present Law shall also regulate the status and operations of foreign associations.

For the purposes of the Law on Associations, an association shall be a voluntary and non-governmental non-profit organization based on the freedom of association of several individuals or bodies corporate, established in order to pursue and promote a particular shared or general goal and interest which are not prohibited by the Constitution or the law. Continue reading Associations according to Law on Associations