Article 48. The Concept of Legal Person

1. A legal person is an organisation that has separate property and is liable with it for its obligations, may in its own name acquire and exercise civil rights and bear civil liabilities and may sue and be sued in a court of law.

2. A legal person shall be registered in the comprehensive state register of legal entities in one of the organisational legal forms envisaged by the present Code.

3. The legal persons in respect of whose property their founders have a right in rem are state and municipal unitary enterprises and also institutions.

The legal persons in respect of which their participants have corporate rights are corporate organisations (Article 65.1).

4. The legal status of the Central Bank of the Russian Federation (Bank of Russia) is defined by the Constitution of the Russian Federation and the law on the Central Bank of the Russia Federation.