Joint-stock company

The author analyzes joint-stock company through its notion, the systems and ways of establishing, founders, capital stock and integrity of company 's capital. While emphasizing that this is a typical company of capital, the author considers that the significance of that institute does not find an adequate approach by Yugoslav law-maker. Numerous questions which are essential for the functioning of this type of company are not adequately settled in legislation, and this will cause serious difficulties in the business practice, since there is still not enough relevant experience. These questions refer first of all to the procedure of establishing the company, to making distinction between a company with public subscription of shares and that without such inscription, to decreasing and increasing capital stock, to purchase and subscribing one's own shares, to functioning of agencies of society, and the like. On the other hand, Yugoslav law-maker regulated some issues of establishing these companies in a way which is not adequate in contemporary business. For example, there is no distinguishing between the subscription and payment of capital, and no possibility of successive payment of a given percentage of the inscribed capital in course of functioning of the company. Finally, the author points out that some solutions in the Law on Enterprises in the sphere of regulation of joint - stock companies are far in advance as compared to similar legislation of other countries. This is, first of all, the case of flexible attitude toward the character of shares invested into die company, then the relationship between various kinds of shares, as well as the utterly liberal approach to the number of founders and permissibility of one-man joint-stock companies in the general sense (regardless of the category of the founder).