The Right Of A Shareholder To Appeal To The Notary In The Case Of Non-Payment Of Dividends

  • Volodymyr Tsikalo
Keywords: dividends, shareholder, debt, undisputed.


In part 2 of Art. 30 of the Law of Ukraine «On Joint-Stock Companies» as amended on from 03.19.2015, established the right of the shareholder to appeal to the notary in order to commit writ on the documents in the case of non-payment of dividends in the period specified by law or established by the general meeting.
In order to implement the legal provisions on commission of writ on the documents in the case of non-payment of dividends, the List of documents according to which collection is made in undisputed order on the basis of the notary’s writs, approved by the resolution № 1172 of the Cabinet of Ministers of Ukraine from 29.06.1999, supplemented with the item 13 «debt collection of dividend payments» on 27.05.2015. Analysis of this item leads to the conclusion about the absence in it the document that established the arrears of dividends.
None of the documents specified in the item 13 of the List either alone or together with other documents, can not establish the existence of the debt of the joint-stock company to pay dividends to its shareholders Two types of documents is foreseen by this List: those confirming of the right to payment of dividends and those that confirm the failure to obtain shareholder dividends. However, none of these documents does not establish undisputed debt to certain shareholder. Company’s refusal to pay to a shareholder may be due to the presence of a dispute between them. The fact of lack of funds in the account of the shareholder can not be considered as undisputed debt.
The law established cases of prohibition for the company to make payments of dividends to its shareholders even if it has already been decided to pay them. The notary can not be aware about such occasions. He is unable to establish the existence of undisputed debt of dividends in all cases. This can be done only by the court.


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