By the provisions of Articles from 749 to 770 of the Law of the Contract and Torts shall be regulated the notion of the contract of order, obligations of the person accepting the order and the orderer related to performing of order as well as the reasons for termination of the order.
By a contract of order the person accepting the order shall assume the obligation to the orderer to undertake specific transactions for his account. At the same time the person accepting an order shall be authorized to undertake such transactions.
The person accepting an order shall be entitled to remmuneration for his effort, unless otherwise provided by the contract or resulting from the nature of the mutual relations of the parties.
Persons Obliged to Respond to Offering an Order
One professionally engaged in performing other persons’ transactions, or in making public offers to perform such transactions, shall be bound, if unwilling to accept an offered order relating to such transactions, to notify without delay the other party thereof, otherwise he shall be liable for loss sustained by such party. Continue reading Order
An obligation shall be terminated after being fulfilled, as well as in other cases provided by law. According to provisions of the Law of Contract and Torts, other cases of termination of obligations are offsetting (compensation), remission of debt, substitution (innovation), integration (merger), the impossibility of fulfilment, flow of time, notice and death.
The termination of the principal obligation shall also extinguish the pledge, mortgage, and other accessory rights.
Who can fulfill obligations and expenses of the fulfillment of obligations?
An obligation may be fulfilled not only by a debtor but also by a third person. A creditor shall be bound to accept fulfilment by every person having a legal interest in fulfilling the obligation, even should the debtor be opposed to such fulfilment. Continue reading General rules of fulfilment of obligations
In accordance with the provisions of Companies Act company member can be expelled by resolution of the general meeting or by a court decision.
Expulsion of a Member by Resolution of the General Meeting
Persons who have, under the memorandum of association or otherwise, taken on the responsibility of paying, or entering a certain contribution to the company, are liable to the company for fulfillment of that obligation and are obliged to compensate damage caused to the company by failing or being late to carry out that duty. The memorandum of association, i.e. the articles of association in case of a joint stock company, may stipulate an obligation to pay liquidated damages for untimely performance, or failure to perform the obligation of entering a certain contribution to the company.
If the company member omits to perform his obligation, even in the additional term, the company may pass a decision to expel such member from the company,i.e. in case of a joint stock company, a decision to withdraw and annul without compensation the shares of that shareholder which have not been paid, i.e. for which no in kind contribution has been entered into the company. Continue reading Expulsion of a Company member