Article 11. Creation of an investment fund

An investment fund is created by establishing a new legal entity or by reorganizing another investment fund. The creation of an investment fund by reorganization of another legal entity that is not an investment fund is not allowed.

The investment fund is a commercial organization and owns separate property, including property transferred to it in the authorized capital.

The founders (shareholders) of an investment fund may be legal entities and individuals.

State registration of an investment fund shall be carried out by Public Services Centers.

Payment for the value of shares of an investment fund upon its creation is made in cash, securities, shares, as well as real estate and other property, property rights. At the same time, at least 75 percent of its authorized capital must be paid in cash.

The placement of shares of an investment fund is carried out on the stock exchange, except for shares of the initial issue, placed by private subscription among its founders.