The Model Charter As A Constituent Document

On 27 May 2011 the Law of Ukraine On Introduction of Amendments to Certain Legislative Acts of Ukraine Regarding the Implementation of the Principle of State Registration of Legal Entities on the Basis of the Model Charter" (the "Law") was officially published. The Law will become effective on 28 August 2011.

The Law was adopted to change the current provisions of the Civil Code of Ukraine, the Economic Code of Ukraine, the Law of Ukraine On Companies, and the Law of Ukraine On State Registration of Legal Entities and Individual Entrepreneurs by introducing the "model charter" as a document that can be used as a constituent document by founders of a company.

According to the Law, the model charter is a standard document approved by the Cabinet of Ministers of Ukraine. It can be used to set up and to operate a company in lieu of a specially crafted similar document.  The Law provides that any privately held company in Ukraine (e.g. a limited liability company or a