Article 52. The Constitutive Documents of Legal Persons

1. Legal persons, save business partnerships, shall act under charters which are endorsed by their founders (participants).

A business partnership shall operate under a constitutive agreement concluded by its founders (participants) and which is subject to the rules of the present Code on the charter of a legal person.

2. For the state registration of legal persons there may be used model charters whose forms are endorsed by the empowered state body in the procedure established by a law on the state registration of legal persons. In this case the information envisaged by Item 4 of the present article and Item 5 of Article 54 of the present Code shall not be included in the charter of the legal person and be indicated in the comprehensive state register of legal entities.

3. In the cases envisaged by a law an institution may operate under a uniform model charter endorsed by its founder or the body empowered by him for institutions formed to pursue activities in specific spheres.

4. The charter of a legal person shall comprise information on the name of the legal person, its location, the procedure for managing the activities of the legal person and also the other information envisaged by a law for legal persons of the relevant organisational legal form and kind. The charters of non-profit organisations, the charters of unitary enterprises and in the cases envisaged by a law the charters of other commercial organisations shall define the subject matter and objectives of the legal persons' activities. The subject matter and the defined objectives of the activities of a commercial organisation may be envisaged in the charter also in cases when under law it is not to be compulsorily done.

5. The founders (participants) of a legal person have the right of endorsing in-house regulations and other in-house documents of the legal entity which regulate corporate relationships (Item 1 of Article 2) and are not constitutive documents.

The in-house regulations and other in-house documents of a legal person may comprise provisions that do not contravene the constitutive document of the legal person.

6. The amendments that have been made to the constitutive documents of legal persons shall become binding on third persons from the time of state registration of the constitutive documents, and in the cases established by a law, from the time of notification of the body responsible for state registration of such amendments. However, the legal persons and their founders (participants) are not entitled to refer to the lack of registration of such amendments in relationships with the third persons which have been acting with account being taken of such amendments.