Legal Status

3.01. The JV shall be a legal entity in accordance with the laws in force of the Russian Federation. The JV shall have the right in its own name to conclude agreements/contracts, to acquire property and personal non-property rights, to sue and be sued in court, arbitration and court of referees.

3.02. The JV shall become a legal entity since its registration in the Russian Ministry of Finance.

3.03. The JV shall maintain an independent balance sheet and operate on the basis of full cost-accounting, self-finance and payback principles, including in currencies of the Partners and of the third countries.

3.04. The JV shall perform as established export and import operations and transactions with Russian and foreign organizations, businesses, companies, and execute legal acts including agreements of purchase and sale, hire, insurance, joint venturing.

3.05. The JV shall have the right to:

3.05.01. conclude in its own name agreements and contracts for exportation and importation of licenses, know-how, materials(including raw materials), samples of equipment, machinery and other goods;

3.05.02. let or lease equipment including computer technology, production accessories and other assets necessary to perform operations and business activities;

3.05.03. participate in financing of industrial, housing and social construction projects:

3.05.04. make use of credit facilities in rubles and in foreign currency from specialized government and commercial banks of the Russian Federation and foreign banks as well as to provide commercial credits in rubles and foreign currency.

3.05.05. make use of credit facilities in rubles and in foreign currency from specialized government and commercial banks of the Russian Federation and foreign banks as well as to provide commercial credits in foreign currency and rubles;

3.05.06. engage in leasing transactions;

3.05.07. select appropriate currency by agreement with Russian and foreign businesses and organizations to be utilized in settlements in respect of the products sold/purchased and services offered, as well as establish procedures for distribution of own products and services on the Russian and foreign markets.

3.06. The JV shall be deemed to be a limited liability company and shall be liable for its commitments by all its assets, each partner being liable for the JV commitments by its share.

3.07. The Russian state is not liable for the JV commitments and the JV is not liable for commitments of the Russian state and tose of the partners.

3.08. By the law of the Russian Federation the JV shall own, utilized and dispose of its assets in accordance with the JV purpose, subject of business and nature of the Russian-based assets. Its assets are not subject to requisition or confiscation by administrative decision and are subject to protection in accordance with the law and Russian Federation. Possession, use and disposition of assets located beyond the Russian territory shall be regulated by international standards and laws of the states where these assets are based.

3.09. The JV shall have the right to set up its branches and representative offices both on territory of the Partners’ countries and the territory of the third countries. These branches and representative offices shall be established to operate in accordance with the law of such countries.

The branches and representative offices shall operate on the basis of their Statutes. Statutes of such branches and representative offices established on the territory of the Partners’ countries are adopted in accordance with the procedure established in the ARTICLES OF ASSOCIATION.

3.10. The JV shall make depreciation charges as agreed by both Partners.

3.11. The JV shall have a seal and letterhead stationary to be approved by the BOARD.

3.12. The JV shall have its trade mark, to be registered in the Chamber of Commerce and Industry of the Russian Federation.

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