Course work

Table №2
Dividend Payout History ¹⁵

Payment year	At the end of the year	Ordinary shares (sum per share)		Preferred shares (sum per share)		Nominal value (sum)
		In monetaryterms	in the form of capitalization	in monetaryterms	in the form of capitalization
2009	2008	150,00	-	400,00	-	1 000,00
2010	2009	150,00	-	250,00	-	1 000,00
2011	2010	40,00	360,00	250,00	360,00	1 000,00
2012	2011	68,00	340,00	317,50	340,00	1 360,00
2013	2012	85,00	450,00	403,75	450,00	1 700,00
2014	2013	-	672,00	509,40	672,00	2 150,00
2015	2014	-	756,00	705,50	756,00	2 822,00
2016	2015	54,00	448*	894,50	448*	3 578,00
2017	2016	0,08	-	0,25	-	1,00
2018	2017	0,06	-	0,25	-	1,00
2019	2018	0,08	-	0,25	-	1,00
2020	2019	-	-	0,25	-	1,00
2021	2020	-	-	0,25	-	1,00

May 29, 2017 capitalized by splitting and additional issue of shares. For every 3578 shares, 448 shares were added.

3. Experience in improving the economic and legal activities of joint-stock companies in foreign countries and opportunities for its use in Uzbekistan

We spoke about the situation of the joint-stock company in Uzbekistan and the legal and economic basis for its establishment. Now let's talk about joint stockcompaniesoftheworld. As we mentioned above, all of the world-recognized brands that play an important role in our lives today and that we feel the need for our products more and more are Google, Tesla, Samsung, Apple and so on. Here we will talk about a number of joint stock companies. Here we will talk about a number of joint stock companies. Let's talk about the establishment of joint stock companies in the world and what are the grounds for this. Classification of Joint Stock Companies and Liability. There are three classifications of a joint stock company, and they relate to the liability of each:

- Limited liability provides company shareholders the protection of not having to pay more than the face value of the shares. This is the most common company type selected.

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  Unlimited liability means that shareholders are not protected from fulfilling any debts or obligations of the company. This type of company is known as an unlimited liability company, and the personal assets of the shareholder are not protected.
  
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  Limited liability by guarantee requires the shareholder to pay a set amount when the company is winding up. The amount is set in the Memorandum of Association. The shareholder may or may not have to share capital. The shareholders will know the amount they have to pay, and it is limited to a certain fixed amount if the company liquidates. Typically, limited liability by guarantee companies promote one of the following:
  

- Art.
- Literature.
- Sports.
- Education.

Classification of Joint Stock Companies and Member Count.

Private Limited Companies are private companies that restrict the transfer of their shares. Also:

- Shareholder members are limited to a total of 50.
- A public invitation is prohibited for the purpose for shares or debentures.
Public Limited Companies require a minimum of seven members to form. Thereisnomaximumnumberofmembers. Also:
- A prospectus must be issued to invite anyone interested in purchasing shares.
- A certificate of commencement and certificate of incorporation must exist before operating a business.
- Shareholders can sell their shares in the market.
- "Limited" (Ltd) must be in the name of the company.

Differences Between Private and Public Companies

There are differences when it comes how private and public companies operate. Thesedifferencesinclude:
- TransferofShares

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  Private companies have a restriction on the transfer of shares.
  
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  Public companies have no restrictions on the transfer of shares.
  

- Forming a Company

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  Private companies only require a certificate of commencement.
  
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  Public companies must have a certificate of commencement and certificate of incorporation.
  

- Publications

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  Private companies are not required to publish annual reports and statements.
  
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  Public companies are required to publish annual reports and statements.
  

- StatutoryMeetings

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  Private companies do not need to hold statutory meetings.
  
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  Public companies are required to hold statutory meetings.
  

- StatutoryReports

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  Private companies do not have to file statutory reports.
  
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  Private companies must file statutory reports.
  

- CompanyNames

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  Private companies must use "Private Limited," or Pvt. Ltd. as part of the company name.
  
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  Public companies must use "Limited" or Ltd as part of the company name.
  

If you need help understanding examples of a joint stock company today, you can post your legal need on UpCounsel's market place. Up Counsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb. The minimum number of founders of an open joint stock company is not limited. The founders of a closed joint stock company shall be at least three persons. The exact number of founders is determined differently in different countries. For example, in Italy - 2, in Switzerland - 3, in Germany - 5, in England, France, Japan - 7, in Estonia, Russia, the Netherlands, Sweden, Finland and many states in the United States - 1 person, etc.¹⁶ According to Professor E. Sukhanov, joint stock companies are currently the main organizational and legal form of entrepreneurial activity in Russia. However, under Russian law, the legal status of joint stock companies is controversial. If the Russian Civil Code incorporates the German model of joint-stock companies, the Russian Joint-Stock Company Law embodies the mixed (American-German) model. If we take into account that the model of Uzbek law is in some cases derived from Russian law, then we can say that such a shortcoming is typical for us. In today's economy, joint stock companies are widely used in industry, transport, banking, finance, insurance and wholesale trade. A joint stock company is a company whose charter capital is divided into a certain number of shares.
Let’s look at the German legal and economic ways of setting up a joint stock company. A joint stock company (Aktiengesellschaft) is one of the five forms of commercial legal entities in Germany under German law. In contrast to the most common form of limited liability company registration in Germany - a joint stock company has a more attractive appearance because this form represents the strength of the enterprise. The charter capital of a joint-stock company in Germany is € 50,000, ¹⁷which is twice as much as a limited liability company established in Germany. In essence, a joint-stock company is focused on implementing projects larger than a limited liability company. There is a high chance of raising capital, there is an opportunity to raise funds by issuing additional shares. The structure of a joint stock company registered in Germany is more complex than the structure of a limited liability company (GmbH), which must be taken into account when opening a company. The establishment of a joint stock company in Germany can be carried out by one or more individuals or legal entities, as well as private companies (Personengesellschaften). In this case, we can talk about both German citizens - German citizens or legal entities, as well as foreigners - citizens of other countries and foreign legal entities. The agreement (charter) on the establishment of a joint-stock company in Germany must be signed by a notary. The process of registering a joint stock company in Germany takes four to eight weeks from the time you contact lawyers to the final registration required for the company’s operations. First of all, those who want to create a joint-stock company in Germany, must first know how many shareholders will be involved in the company, to whom and how many shares they will own, what shares they will own. Information on the chairman and supervisory board of a company based in Germany is required¹⁸. Passport information of the person, addresses of all persons involved in the JSC are required. The company’s primary and several reserve names will also be required, their compliance will be verified by the responsible chamber of the Chamber of Commerce and Industry, and a brief description of the company’s core business will also be required. It is also necessary to immediately determine the legal address of the company.
Once the information is collected, it is sent to the notary office to prepare the constituent documents and other documents required for registration. In Germany, a date is set for all formalities at the notary office.
The establishment of a joint stock company in Germany is carried out in several stages:
In order to establish a joint-stock company, the company's charter, called a "civil law company", must be notarized. In addition, this team may already be doing business.
After notarization, but before entering the register of legal entities, there is a public company, which, in their opinion, can already apply the law on joint-stock companies. This public can already participate in the business turnover in the name of the joint-stock company by joining the “establishment process”. The company already has a chairman, supervisory board and shareholders meeting.¹⁹ This is how a joint-stock company begins to form in Germany only after it is included in the register of legal entities.
The charter capital of the company, registered in Germany, is 50,000 euros and consists of shares. In case of payment of the authorized capital in cash, the registration is sufficient to pay the price of each share ¼, ie at least 12,500 euros, as in a limited liability company.²⁰ German joint stock companies have nominal and non-nominal shares. The minimum value of one share is 1 euro. The share price is always expressed in full euros. The shares of a joint stock company registered in Germany constitute an appropriate part of the charter capital, but the shares are not specified in the shares as they may change with the growing capital.
In Germany, the chairman of a joint stock company is audited by a supervisory board, and if these positions are held by the company’s founders, they are performed by a third professional observer (tax advisor, in some cases a notary).
When notarized, the founders or their representatives must be present in person at a notary office in Germany. That is, at least one person with the appropriate authority must personally visit a notary in Germany.
After the notary prepares the necessary documents to open a bank account in Germany, it will be possible to open a joint-stock account in one of the German banks of the company registered in Germany. This stage is very important, because before opening an account and investing in it the charter capital, there will be a process of registration of a joint stock company in Germany.²¹ Under certain conditions, it is possible to continue the registration procedure with the notary without proving the entry of charter capital (payment of shares) in the company's account, which has a positive impact on the process of opening a bank account in Germany.
Opening a corporate account for a joint stock company in Germany is possible both in person and without participation. It depends on the wishes of the customers and the rules of the bank. Applicants for a personal interview at the bank should speak German or English.
A company registered in Germany needs information and documents provided by a notary to open a corporate account in Germany, as well as notarized documents for the company.²² Basically, German banks require an extract from the register of legal entities at the same time. However, for firms in the process of registration, a notarized application to the court of registration is sufficient. Since not all German banks open accounts for companies that are in the process of registration, it is important to negotiate with a notary to apply to the registration court before submitting documents confirming the entry of charter capital into the company’s account.
Brief description of banks providing corporate account opening services for joint stock companies registered in Germany:
Opening a personal or remote bank account in Germany, opening a bank in Germany during the registration process Deutsche Bank can only be present in person and with the knowledge of German or English, a sworn translator Personal participation of Commerzbank remote opening of an account, knowledge of German or English, the ability of an interpreter to swear Postbank personal presence remote account opening, yes, knowledge of German or English, participation of sworn translator Hypo Vereins Bank must know German or English Sarkese only needs to know German Volks bank Reiffeisen bank must know only German When opening a corporate account remotely in Germany, the application must be signed at a bank branch or by mail and the signature must be duly certified. In some cases, the signature can be notarized and put an apostille.²³ Shortly after the notary submits the application to the registration court, the company receives an extract from the register of legal entities of information about the company - JSC registered in Germany.
Since then, the company has been legally available, but all the registration procedures required by various German laws and regulations have not yet been completed. Once included in the register of legal entities in Germany, the company must register with the business office.
It is then necessary to register with the tax office and obtain a tax number and VAT identification number in Germany. After that, the process of creating a joint stock company in Germany will be completed. So, we have considered the legal and economic basis for the establishment of joint stock companies of Uzbekistan and Germany.