ekonomika preduzeca seminarski

7/25/2019 ekonomika preduzeca seminarski

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SADRAJ

UVOD...................................................................................................................2

1........................................................................POJAM I OBLICI DRUTAVA..............................................................................................................................3

2...............................................................................SUBJEKTI POSLOVANJA..............................................................................................................................4

3..............................ZAJEDNIKI ELEMENTI PRIVREDNIH DRUTAVA..............................................................................................................................5

4................................................................VRSTE PRIVREDNIH DRUTAVA..............................................................................................................................7

4.1. Drut+o ' neo1r"ni2eno! 'o(id"rno! od1o+ornou................................................7

4.2. Ko!"nditno drut+o........................................................................................9

4.3. Dioni2&o drut+o..........................................................................................11

4.4. O'ni+"n)e dioni2&o1 drut+"............................................................................12

4.5. O'ni+"2&" '&u3tin"......................................................................................13

4.6. Fond re4er+i................................................................................................18

4.7. Dioni#e......................................................................................................18

4.8. Or1"ni dioni2&o1 drut+"................................................................................19

5$6$ Drut+o '" o1r"ni2eno! od1o+ornou..............................................................21

LITERATURA..................................................................................................23

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1. POJAM I OBLICI DRUTAVA

Pri+redn" drut+" 'u u '+"&o) 4e!()i +eo!" +"7ni 3ri+redni 'u,)e&ti$ S+"&i 4"&on'&i o,(i&3ri+redno1 drut+" i!" i '+o)" '3e#i>i2n" o,i()e7)" &o)" 1" 2ine 3o'e,ni! i '"!o't"(ni!

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3ri+redni! 'u,)e&to!$U Z"&onu o 3ri+redni! drut+i!" u 2("nu - 't"+ / n"+odi 'e d" )e ? Pri+redno drut+o

3r"+no (i#e &o)e '"!o't"(no o,"+()" 3ri+rednu d)e("tno't r"di 'ti#"n)" do,iti$S+"&o 3ri+redno drut+o )e 3r"+n" (i2no't* to 4n"2i d" !o7e 3reu4i!"ti o,"+e4e i 'ti#"ti

3r"+"$ Ono i!" '+o)e "ttri,ute 93o'(o+no i!e* 3o'(o+nu "dre'u=')edite* d)e("tno't: i '+o)ui!o+inu$ Z" '+o)e o,"+e4e drut+o od1o+"r" #)e(o&u3no! '+o)o! i!o+ino! &o)u 3o')edu)e$

O'no+ni* odno'no 4"&on'&i e(e!enti '+"&o1 drut+" 'u?

D" )e drut+o u1o+oren" t+ore+in" )er n"'t")e n" o'no+u u1o+or"* o'i! &"d )e o'ni+"2

)edno (i#e* D" )e 3ri+redno drut+o 3r"+no (i#e* 'e! ne&i% i4u4et"&"* D" 3ri+redno drut+o n"'t")e udru7i+"n)e! &"3it"(" o'ni+"2"* D" drut+o '"!o't"(no o,"+()" re1i'tro+"nu d)e("tno't* D" )e drut+o 3ro>itn" or1"ni4"#i)" &o)" o,"+()" '+o)u d)e("tno't r"di 'ti#"n)" do,iti* D" )e i!o+in'&o=3r"+no od1o+orno 4" '+o)e o,"+e4e$

Drut+o !o7e ,iti or1"ni4o+"no u )edno! od '()edei% o,(i&"?

Drut+o ' neo1r"ni2eno! 'o(id"rno! od1o+ornou 9d$n$o$: Ko!"nditno drut+o 9&$d$: Dioni2&o drut+o 9d$d$: Drut+o ' o1r"ni2eno! od1o+ornou 9d$o$o$:

Odno'no* !o7e!o i% 3odi)e(iti n" drut+" (i#" i drut+" &"3it"("$

Drutva lica'u?

Drut+o ' neo1r"ni2eno! 'o(id"rno! od1o+ornou i Ko!"nditno drut+o$

Drutva kapitala'u?

Dioni2&o drut+o i Drut+o ' o1r"ni2eno! od1o+ornou$

2. SUBJEKTI POSLOVANJA

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U 3o'(o+ni! odno'i!" 'u,)e&ti !o1u ,iti r"4(i2iti* "(i 3ored '+i% r"4(i2ito'ti 3o'to)i netoto i! )e 4")edni2&o* " to )e d" 'u 'u,)e&ti 3o'(o+"n)" no'io#i odre8eni% 3r"+" i o,"+e4" &"o id" 'e n"("4e u odre8eno! 3o'(o+no! odno'u* ,e4 o,4ir" &o)u u(o1u i 3o(o7") u n)e!u i!"(i$

Su,)e&ti 3o'(o+"n)" 'u on" (i#" &o)" &u!u("ti+no i!")u '()ede" '+o)'t+"?

D" 'e !o1u 3o)"+iti &"o no'io#i 3r"+" i o,"+e4"C D" 'u to (i#" &o)" 'tu3")u u odre8ene 3o'(o+ne odno'e i o,"+()")u ne&e od "&ti+no'ti

3o'(o+"n)"* odno'no d" 'u u +e4i '" n)o!$

A&o ne&o (i#e ne i'3un)"+" )ed"n od o+" d+" u'(o+" nee i!"ti '+o)'t+o 3o'(o+no1'u,)e&t"$ No'io#i 3r"+" i o,"+e4" !or")u i!"ti 3r"+u i 3o'(o+nu '3o'o,no't$Podpravnom '3o'o,nou 3odr"4u!i)e+" 'e '3o'o,no't ne&o1 (i#" d" ,ude 'u,)e&t 3r"+"$

Poslovna '3o'o,no't 4n"2i d" to (i#e !o7e 't+"r"ti i4)"+o! +o()e* 3r"+" i o,"+e4e* 4n"2i+riti 3r"+ne 3o'(o+e$

Dru1i u'(o+ 4n"2i d" t"&+" (i#" nu7no o,"+()")u odre8enu d)e("tno't i d" 'e 3o)"+()u)u uo,"+()"n)u ne&e od "&ti+no'ti &o)e '"2in)"+")u 3o'(o+"n)e$ Podposlovnim odnosima

3odr"4u!i)e+")u 'e 3r"+ni i dru1i odno'i &o)i n"'t")u i4!e8u 'u,)e&"t" 3o+odo! ne&o13red!et" 3o'(o+"n)" i(i u +e4i ' n)i!$

Subjekti poslovnog prava su fizika i pravna lica (privredna drutva) &o)" u +idu 't"(no14"ni!"n)" o,"+()")u )ednu i(i +ie d)e("tno'ti u o,("'ti 3roi4+odn)e* 3rod")e i(i u +ren)uu'(u1"$ To )e on" d)e("tno't &o)o! 'e ,"+e 3ri+redni 'u,)e&ti i &o)" )e re1i'tro+"n" u 'ud'&ire1i't"r 3ri+redni% drut"+"$

3. ZAJEDNIKI ELEMENTI PRIVREDNIH DRUTAVA

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Ugovor o osnivanju drut+" )e o'ni+"2&i "&t 4" n"'t"n"& 3ri+redno1 drut+"$ Me8uti!* &od)edno2("ni% drut"+"* odno'no &"d )e o'ni+"2 )edno (i#e* o'ni+"2&i "&t )e od(u&" o o'ni+"n)u$U1o+or )e >or!"("n* to 4n"2i d" !or" ,iti '"'t"+()en u 3i'!eno) >or!i 9>or!i "d'o(e!nit"te!:$

On !or" ,iti 3ot3i'"n od '+i% o'ni+"2" i(i n)e1o+i% 3uno!oni&" i o+)eren &od 'ud"$ Potou1o+or o o'ni+"n)u i!" o,(i& )"+no,i()e7ni2&o1 "&t"* '"'t"+()")u 1" )"+ni ,i()e7ni#i* odno'nonot"ri$

Pravni subjektivitet3r"+no drut+o 'ti2e d"no! u3i'" o'ni+"n)" u re1i't"r drut"+"* " 1u,i 1"d"no! u3i'" 3re't"n&" 9,ri'"n)": drut+" i4 re1i'tr"$ S+o)'t+o 3r"+no1 (i#" drut+o 'ti2ed"no! u3i'" u 'ud'&i re1i't"r 3ri+redni% drut"+"$ Pr"+i 'u,)e&ti+itet drut+" 4n"2i d"drut+o !o7e u 3r"+no! 3ro!etu 'ti#"ti 3r"+" i 3reu4i!"ti o,"+e4e* &"o i d" !o7e ,iti+("'ni& i!o+ine i d" !o7e tu7iti i ,iti tu7en$S"!" 'utin" 3r"+ne '3o'o,no'ti 3ri+redni% drut"+" )e u to!e to 'u drut+ene 93r"+ne:

t+ore+ine '"!o't"(ni 'u,)e&ti* od+o)eni od n)i%o+i% 2("no+" i &o)i '"!o't"(no od1o+"r")u 4"3reu4ete o,"+e4e$U n"e! 3r"+u 3o'to)e 5 ,itn" e(e!ent" &ro4 &o)" 'e i'3o()"+" 3r"+n" '3o'o,no't 3ri+redno1drut+"* " to 'u ?

+r't" i tr")n" or1"ni4"#i)" '" or1"ni!" 3re&o &o)i% 'tu3" u 3o'(o+ne odno'e* Do3uteni #i() 4,o1 &o)e1 )e o'no+"no* S"!o't"(no't u 3r"+no! 3ro!etu* Po'e,n" i!o+in" &o)" )e od+o)en" od i!o+ine 2("no+" drut+"$

Ulaganje kapitala o'ni+"2" )e u'(o+ n"'t"n&" 3ri+redno1 drut+"$ O'ni+"2&" o'no+i#" !or",iti >or!ir"n" u !ini!"(no! i4no'u &o)i )e 3ro3i'"n 4"&ono! 4" 3o)edine o,(i&e 3ri+redni%drut"+"$ Unoen)e o'ni+"2&o1 u(o1" u drut+o )e &on'tituti+ni e(e!ent 4" n"'t"n"& drut+"*" u(o4i o'ni+"2" !o1u ,iti u ? 't+"ri!"* 3r"+i!" i no+#u* "(i n)i%o+" +ri)edno't !or" ,itii'&"4"n" u no+#u$

Samostalno obavljanje d)e("tno'ti 3ri+redno1 drut+" )e )ed"n od ,itni% e(e!en"t" 4"odre8i+"n)e 'u,)e&ti+itet" i 3o)!" drut+"$ S"!o't"(no1 3ri+redno1 drut+" 4n"2i d" ono u

3r"+no! 3ro!etu n"'tu3" u '+o)e i!e i 4" '+o) r"2un* " 4" o,"+e4e od1o+"r" #)e(o&u3no!'+o)o! i!o+ino!$

I4u4etno* drut+o !o7e n"'tu3"ti u 3r"+no! 3ro!etu u '+o)e i!e* " 4" tu8i r"2un i(i u tu8ei!e i 4" tu8i r"2un &"o 4"'tu3ni&$ Drut+o !o7e d" ,ude o'no+"no u )edno! od o,(i&" &o)"'u 3ro3i'"n" 4"&ono!$

Privredno drutvo)e 3ro>itn" or1"ni4"#i)"$ Ono 'e o'ni+" r"di 3o'ti4"n)" e&ono!'&i% #i()e+"*odno'no do,iti$ Pri+redn" drut+" 3o'(o+"n)e! 'ti2u do,it$Pr"+o n" do,it i!" '+"&i 2("n drut+"* 'r"4!)erno +i'ini '+o1 u(o1" u &"3it"(u$ O't+"ren"do,it ni)e u+i)e& i4+)e'n"* 3" u '(u2")u 3o'(o+no1 1u,it&" drut+"* 2("no+i 'r"4!)ernou2e't+u)u u 3o&ri+"n)u 1u,it"&" to1 drut+"$ U 3r"+i(u o't+"ren" do,it 'e ni&"d" u #i)e(o'tine di)e(i 2("no+i!" drut+"* +e or1"ni u3r"+()"n)" dio do,iti u'!)er"+")u u re4er+ne >ondo+edrut+" r"di 3o&ri+"n)" 1u,it"&" i r"4+o)" drut+"$

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Imovina drutva)e te!e() n)e1o+e '"!o't"(no'ti n" tr7itu$ Be4 i!o+in'&e '"!o't"(no'tidrut+" ne!" ni n)e1o+e 3r"+ne '"!o't"(no'ti$ I!o+in" drut+" )e te!e() n)e1o+eod1o+orno'ti 4" o,"+e4e 3reu4ete 3re!" trei! (i#i!"$I!o+in'&" od1o+orno't n"'t")e trenut&o! re1i'tr"#i)e u re1i't"r 3ri+redni% drut"+"* &"d"

drut+o !o7e (e1"(no n"'tu3"ti u 3r"+no! 3ro!etu i 't+"r"ti 3r"+" i 3reu4i!"ti o,"+e4e$Pri+redn" drut+" re1i'tr"#i)o! 3o't")u 3r"+n" (i#"* ,e4 o,4ir" u &o)e! 'u o,(i&ure1i'tro+"n"$ U3i' u re1i't"r drut+" 3roi4+odi 3r"+no de)'t+o 3re!" trei! (i#i!" /=o1d"n" od d"n" o,)"+e r)een)" o i4+reno) re1i'tr"#i)i$ U&o(i&o 'e de'i d" o'ni+"2i u 3o'tu3&uo'ni+"n)" drut+" n"'tu3")u 3ri)e re1i'tr"#i)e* to )e !o1ue* 4" 't+orene o,"+e4e neod1o+"r" ,udue drut+o* +e (i2no o'ni+"2 i to '+o)o! #)e(o&u3no! i!o+ino!$

4. VRSTE PRIVREDNIH DRUTAVA

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4.1. D)/$+& ' %!&-)#%*0!%& '&"*,#)%& &,-&+&)%&/

Drut+o ' neo1r"ni2eno! 'o(id"rno! od1o+ornou )e drut+o n")!"n)e d+" (i#" &o)" 'uneo1r"ni2eno 'o(id"rno od1o+orn" 4" o,"+e4e drut+"$ O+o )e 3"rtner'&i i(i ort"2&i ti3

3ri+redno1 drut+"$ U odno'u 3re!" trei! o'o,"!"* 2("no+i o+o1 drut+" od1o+"r")u 4"o,"+e4e drut+" neo1r"ni2eno 'o(id"rno #)e(o&u3no! '+o)o! i!o+ino!* u&()u2u)ui i (i2nui!o+inu$ Drut+o !o1u o'no+"ti do!"" i(i 'tr"n" (i#"* " 3ode'no )e 4" 3orodi2ne ,i4ni'e )er'e o'ni+" )e>tino i ,r4o$ Mini!"(ni o'ni+"2&i &"3it"( ni)e 4"&ono! odre8en$

Drut+o 'e o'ni+" u1o+oro! o o'ni+"n)u &o)i o,"+e4no '"dr7i i!e* 3re4i!e i "dre'u3re,i+"(it" i(i >ir!u i ')edite 2("no+" drut+"* >ir!u* ')edite i d)e("tno't drut+" i 3r"+" io,"+e4e 2("no+"$Pri)"+u 4" u3i' o'ni+"n)" drut+" ' neo1r"ni2eno! 'o(id"rno! od1o+ornou u re1i't"rdrut"+" 3ot3i'u)u '+i 2("no+i drut+"$

Ulozi lanova u drut+o ' neo1r"ni2eno! 'o(id"rno! od1o+ornou !o1u ,iti u no+#u*'t+"ri!"* 3r"+i!" i i4+reni! u'(u1"!"$ Vri)edno't u(o1" u 't+"ri!"* 3r"+i!" i +ren)uu'(u1" ut+r8u)e 'e u1o+oro! o o'ni+"n)u drut+" i '+i u(o4i 2("no+" 'u )edn"&e +ri)edno'ti$S+"&i 2("n tre," u3("titi i(i uni)eti '+o) u(o1 u ro&u ut+r8eno! u1o+oro!* " u '(u2")u d" ro&ni)e u1o+oren* n")&"'ni)e d+" !)e'e#" n"&on u3i'" o'ni+"n)" drut+" u re1i't"r drut"+"$S+i u(o4i 2("no+" 3o't")u i!o+in" drut+"$

Z" 3o2et"& 3o'(o+"n)" 9't"rt=u3: o+") o,(i& drut+" )e +eo!" 3ode'"n$ On o!o1uu)e)edno't"+no't udru7i+"n)" 'red't"+"* '"!o4"3o()"+"n)e 2("no+" 3orodi#e i r"#ion"(no't

3o'(o+"n)"$ Or1"ni4"#i)" u3r"+()"n)" )e )edno't"+n"$ S+"&i 2("n drut+" !o7e u3r"+()"tidrut+o!* " '+"&i 2("n drut+" !o7e '+o)e 3"r+o u3r"+()"n)" 3reni)eti n" (i#e &o)e ni)e 2("ndrut+" u4 '"1("'no't o't"(i% 2("no+"$("no+i drut+" ' neo1r"ni2eno! 'o(id"rno! od1o+ornou u2e't+u)u u r"'3od)e(i do,iti i

3o&riu 1u,it&" u )edn"&i! i4no'i!"* "&o u1o+oro! ni)e odre8eno dru1"2i)e$ Li#e &o)e3ri'tu3i drut+u ' neo1r"ni2eno! 'o(id"rno! od1o+ornou* od1o+"r" i 4" o,"+e4e drut+"n"'t"(e 3ri)e n)e1o+o1 3ri'tu3"n)"$ ("n &o)i )e i4!irio o,"+e4u drut+" n"'t"(u 3ri)en)e1o+o1 3ri'tu3"n)"* i!" 3r"+o re1re'" od o't"(i% 2("no+" 4" i4!irenu o,"+e4u drut+" itro&o+" &o)e )e i!"o u +e4i ' ti!$

("n drut+" ' neo1r"ni2eno! 'o(id"rno! od1o+ornou !o7e i'tu3iti i4 drut+"* te 'ei'tu3"n)e 2("n" i4 drut+" i 3ri'tu3"n)e no+o1 2("n" ure8u)e u1o+oro!$ ("n drut+" !o7e'+o)" 3r"+" i o,"+e4e 3reno'iti n" tre" (i#" '"!o u4 '"1("'no't '+i% o't"(i% 2("no+" drut+"$

O'no+ne &"r"&teri'ti&e drut+" ' neo1r"ni2eno! 'o(id"rno! od1o+ornou 3ri&"4u)e '()ede"

t",e("?

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O'ni+"2i Po2etni &"3it"( K"r"&teri'ti&e

N")!"n)e d+">i4i2&" ii(i

3r"+n" (i#"*

do!"" i(i'tr"n"$

Ni)e odre8en 4"&ono!$O'ni+"2i '(o,odno ut+r8u)uu1o+oro! +i'inu u(o1" i ro&

unoen)"* u3("te$U(o4i 'u )edn"&i$

I!" 't"tu' 3r"+no1 (i#"$U(o4i u? 't+"ri!"* 3r"+i!"* no+#u iu'(u1"!"$

Ne !o7e 3rei u dru1i o,(i&drut+"$("n !o7e i'tu3iti* " no+i

3ri'tu3iti$U3r"+()"n)e? '+i* ne&i i(i )ed"n 2("n$Do,it"& i(i 1u,it"&? '+i u2e't+u)u

)edn"&o$Od1o+orno't 4" o,"+e4e? drut+o i'+"&i 2("n 'o(id"rno i

neo1r"ni2eno$

T#!"# 1.K"r"&teri'ti&e drut+" ' neo1r"ni2eno! 'o(id"rno! od1o+ornou

Drut+o ' neo1r"ni2eno! 'o(id"rno! od1o+ornou 3re't")e u '(u2")u?

K"d" )ed"n 2("n n")&"'ni)e e't !)e'e#i 3ri)e &r")" &"(end"r'&e 1odine 3odne'e 3i'!enu

o,"+i)e't o i'tu3"n)u i r"'&idu u1o+or" 4"&()u2eno1 n" neodre8eno +ri)e!e* "&o u1o+oro!

ni)e odre8eno dru1"2i)eC S!rti 2("n"* o'i! "&o 3o u1o+oru n"'()edni& u!r(o1 3o't"ne no+i 2("nC Pre't"n&" 3r"+no1 (i#" &"o 2("n" drut+"C Ste2")" )edno1 od 2("no+" drut+"C Gu,it&" i(i o1r"ni2en)" 3r"+ne '3o'o,no'ti )edno1 od 2("no+" drut+"C Od(u&e 'ud" o 3re't"n&u drut+"$

U '(u2")u (i&+id"#i)e drut+" ' neo1r"ni2eno! 'o(id"rno! od1o+ornou* 2("no+i i!")u 3r"+o n"'r"4!)er"n dio o't"t&" i!o+ine drut+" n"&on (i&+id"#i)e$I!o+in" drut+" n"&on (i&+id"#i)e di)e(i 'e !e8u 2("no+i!" 3r+o do i4no'" n)i%o+i% u3("eni% u(o1"*" 4"ti! n" )edn"&e di)e(o+e$ O't"t"& i!o+ine drut+" n"&on (i&+id"#i)e &o)i ni)e do+o()"n 4" 3o+r"tu3("eni% u(o1"* di)e(i 'e !e8u 2("no+i!" 'r"4!)erno u(o4i!"* "&o u1o+oro! ni)e odre8enodru1"2i)e$

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4.2. K%,*$%& ,)/$+&

Drut+o u &o)e! )ed"n i(i +ie 2("no+" od1o+"r" 4" o,"+e4e drut+" neo1r"ni2eno'o(id"rno #)e(o&u3no! '+o)o! i!o+ino! (komplementari)" )ed"n i(i +ie 2("no+" od1o+"r"

4" o,"+e4e drut+" '"!o do i4no'" n)i%o+i% u(o1" u3i'"ni% u re1i't"r drut"+" (komanditori))e &o!"nditno drut+o$

Ko!"nditno drut+o 'e o'ni+" u1o+oro!* &o)i o,"+e4no '"dr7i?

Fir!u i ')edite drut+"C I!e* 3re4i!e i "dre'u 3re,i+"(it"* odno'no >ir!u i ')edite 2("no+"C Odre8en)e &o)i 2("no+i 'u &o!3(e!ent"ri* " &o)i &o!"nditoriC Vr't" i i4no' u(o1" '+"&o1 2("n" i D)e("tno't &o!"nditno1 drut+"$

Ko!"nditno drut+o 'e r"4+i(o i4 drut+" '" neo1r"ni2eno! 'o(id"rno! od1o+ornou* t"&oto 'u +e u /-$ +i)e&u u It"(i)i n"'t")"(i u1o+ori &o)i! 'u 'e tr1o+#i u&()u2i+"(i u 4")edni2&i

3redu4etni2&i #i() ,e4 o'o,no1 ri4i&" 3re&o u(o7eno1 di)e(" &"3it"("* 3re!" &o)e! 'e ut+r8u)edo,it i(i 1u,it"&$ N" 3r"+ni r"4+o) &o!"nditno1 drut+" u it"(i)"n'&o! 3ro'toru u&"4u)u in"4i+ &o!3(e!ent"r 9 ("t$complementarius! 4"'tu3ni&* "d!ini'tr"tor tr1o+"2&e &ue: i&o!"nditor 9 ("t$commenda commendare:* n"'t"(i 4" 2("no+e &o!"nditno1 drut+" 'r"4(i2iti! 3r"+ni! 3o(o7")e!$Ko!3(e!ent"r !o7e ,iti '"!o >i4i2&o (i#e* " &o!"nditor >i4i2&o i 3r"+no (i#e$ I!o+in"

&o!"nditno1 drut+" 'e 3ri o'ni+"n)u >or!ir" n" ,"4i o'ni+"2&i% u(o1" 2("no+"$ I't" i!o+in"'e u &"'ni)e! 3o'(o+"n)u !o7e 3o+e"ti i(i '!"n)iti u 4"+i'no'ti od u'3)eno'ti 3o'(o+"n)"drut+"$ I!o+in" &o!"nditno1 drut+" )e n" ne&i n"2in od+o)en" od (i2ne i!o+ine 2("no+"*o'ni+"2" i &"'ni)e 3rido(i% 2("no+"$

U(o1 &o!"nditor" !o7e ,iti u no+#u* 't+"ri!" i 3r"+i!"$ Ko!"nditor uno'i #i)e(i u(o1 udrut+o do re1i'tr"#i)e drut+"$ Z"&onod"+"# 4",r"n)u)e d" 'e u(o1 &o!"nditor" '"'to)i ur"du i 3ru7"n)u u'(u1"$ Ko!3(e!ent"r u3r"+()" &o!"nditni! drut+o! i +odi 3o'(o+edrut+"$ Ko!"nditor ne !o7e d" +odi 3o'(o+e$

Do,it &o!"nditno1 drut+" di)e(i 'e n" dio 4" &o!3(e!ent"re i dio 4" &o!"nditore* u o!)eruut+r8eno! u u1o+oru$ Dio do,iti n"!i)en)en &o!3(e!ent"ri!" di)e(i 'e !e8u n)i!" n"

)edn"&e di)e(o+e$ Dio do,iti n"!i)en)en &o!"nditori!" di)e(i 'e !e8u n)i!" 'r"4!)ernou3("eni! u(o4i!"* "&o u1o+oro! ni)e odre8eno dru1"2i)e$

O'no+ne &"r"&teri'ti&e &o!"nditno1 drut" 'e !o1u +id)eti n" t",e(i?

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12/24

O'ni+"2i Po2etni &"3it"( K"r"&teri'ti&e

N")!"n)e d+">i4i2&" ii(i

3r"+n" (i#"*do!"" i(i'tr"n"C&o!3(e!ent"ri i&o!"nditori$

U RS&o!3(e!ent"ri'u >i4i2&" (i#"$

Ni)e odre8en 4"&ono!$O'ni+"2i '(o,odno ut+r8u)u u1o+oro!?+i'inu u(o1" i ro& unoen)"* u3("te$U(o4i &o!3(e!ent"r" 'u )edn"&i* "&o!"nditor" ne !or")u ,iti )edn"&i$

I!" 't"tu' 3r"+no1 (i#"$U(o4i u? 't+"ri!"* 3r"+i!"* no+#u 94"&o!3(e!ent"re i u u'(u1"!":("n !o7e i'tu3iti* " no+i 3ri'tu3iti$U3r"+()"n)e? '+i &o!3(e!ent"ri$Z"'tu3"n)e? '+"&i i(i ne&i &o!3(e!ent"ri*

3o u1o+oru* " &o!"nditor i4u4etno$Od1o+orno't 4" o,"+e4e? &o!3(e!ent"rineo1r"ni2eno 'o(id"rno* " &o!"nditori doi4no'" u(o1"$

T#!"# 2.K"r"&teri'ti&e &o!"nditno1 drut+"

S+i 2("no+i &o!"nditno1 drut+" i!")u 3r"+o n" 'r"4!)er"n udio u o't"t&u i!o+ine drut+"n"&on (i&+id"#i)e$ A&o )e o't"t"& i!o+ine n"&on (i&+id"#i)e &o!"nditno1 drut+" nedo+o()"n4" 3o+r"t u3("eni% u(o1"* &o!"nditori i!")u 3r"+o 3r+en't+" n" 3o+r"t u(o1"$O't"t"& i!o+ine n"&on 3o+r"t" u(o1"* di)e(i 'e !e8u 2("no+i!" drut+" 3o o!)eru 4"r"'3od)e(u do,iti$

U1o+oro! 'e !o7e odrediti dru1"2i)i n"2in r"'3od)e(e o't"t&" i!o+ine &o!"nditno1 drut+"n"&on (i&+id"#i)e$

Ko!"nditno drut+o ne 3re't")e u '(u2")u '!rti* 1u,it&" i(i o1r"ni2en)" 3r"+ne '3o'o,no'ti i(i3rinudne 3rod")e i n"3("te i4 i!o+ine &o!"nditor"$

4.3. D*&%*0& ,)/$+&

12


13/24

Dioni2&o drut+o )e drut+o 2i)i )e o'no+ni &"3it"( 3odi)e()en n" dioni#e$ O+o )e ti3i2"n ido!in"nt"n o,(i& drut+" &"3it"("* &o)i 'e 3o)"+()u)e +e u HV +i)e&u* " inten4i+"n r"4+o)do7i+()"+" od 'redine HIH +i)e&"$Dioni2&o drut+o o!o1u"+" 3ri&u3()"n)e* odno'no udru7i+"n)e +ee1 ,ro)" !"n)i% u(o1" '

#i()e! 3o'ti4"n)" u2in"&" &on#entr"#i)e &"3it"(" u 3o1(edu do,iti* u4 i'to+re!eno i'&()u2en)e3re+e(i&o1 ri4i&" u("1"2"* &o)i 4" o,"+e4e dioni2&o1 drut+" 3re!" trei! (i#i!" neod1o+"r")u '+o)o! (i2no! i!o+ino!* ne1o ri'&ir")u '"!o d" i41u,e d)e(i!i2no i(i u #i)e(o'tii4no' &o)i 'u u(o7i(i u &u3o+inu dioni#" dioni2&o1 drut+"$

Dioni2&o drut+o )e drut+o 2i)i )e o'no+ni &"3it"( 3odi)e()en n" dioni#e$Mo7e ,iti ot+oreno i 4"t+oreno$Ot+oren" dioni2&" drut+" 'u drut+" 2i)e 'u dioni#e e!ito+"ne 3ute! )"+ne 3onude i &o)"i'3un)"+")u )ed"n od '()edei% &riteri)"?

D" 'e r"di o ,"n&"!" i(i drut+i!" 4" o'i1ur"n)e* i(i D" i!")u o'no+ni &"3it"( n")!"n)e u i4no'u od 5$...$...*.. KM i n")!"n)e 5.

dioni2"r"$

Dioni2&o drut+o ne od1o+"r" 4" o,"+e4e dioni2"r"* " !o1u 1" o'no+"ti )ed"n i(i +ieo'ni+"2"$ O'ni+"2i 'u o,"+e4no i dioni2"ri dioni2&o1 drut+"$O'no+ni &"3it"( dioni2&o1 drut+" i4no'i n")!"n)e 0.$... KM$ No!in"(n" +ri)edno't dioni#ene !o7e ,iti !"n)" od /.KM$ A&o 'e o'no+ni &"3it"( 3ri(i&o! o'ni+"n)" dioni2&o1 drut+"*o'i! u(o4i!" u no+#u* o,e4,)e8u)e i u(o4i!" u 't+"ri!" i 3r"+i!"* u&u3ni u(o4i ne !o1u ,iti!"n)i od 0.$... KM$

Drut+o 'e o'ni+" u1o+oro! o o'ni+"n)u* &o)i o,"+e4no '"dr7i?

I!e i 3re4i!e i(i >ir!u* "dre'u 3re,i+"(it" i(i ')edite o'ni+"2"C Fir!u i ')edite dioni2&o1 drut+"C D)e("tno'tC Pr"+" i o,"+e4e o'ni+"2"C I4no' o'no+no1 &"3it"("C O4n"&u &("'e* u&u3"n ,ro) i no!in"(nu +ri)edno't dioni#"C O3i' 3r"+" '"dr7"ni% u dioni#iC Bro) dioni#" &o)i u3i'u)e '+"&i o'ni+"2C Po'tu3"& i ro&o+e 3rod")e i ,"n&u &od &o)e 'e +ri u3("t" dioni#"C O3i' i 3ro#)en" +ri)edno'ti u(o1" u 't+"ri!" i 3r"+i!"C N"2in n"&n"de tro&o+" o'ni+"n)"C Po'()edi#e nei4+r"+"n)" o,"+e4e o'ni+"2"C N"2in r)e"+"n)" '3oro+" i4!e8u o'ni+"2" i I!e i 3re4i!e (i#" &o)e 3red't"+()" dioni2&o drut+o u 3o'tu3&u o'ni+"n)"$

U1o+or o o'ni+"n)u dioni2&o1 drut+" !or" ,iti 3ot3i'"n od '+i% o'ni+"2" i(i n)i%o+i%3uno!oni&"* " 3ot3i'i o+)ereni u '&("du '" 4"&ono!$

K"d" dioni2&o drut+o o'ni+" )ed"n o'ni+"2* o'ni+"2&i "&t )e od(u&" o o'ni+"n)u dioni2&o1drut+"$

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14/24

4.4. O'%*+#%! ,*&%*0&- ,)/$+#

Po'to)e d+" n"2in" o'ni+"n)" dioni2&o1 drut+"* i to?

Si!u(t"no i Sue'i+no o'ni+"n)e$

Simultano osnivanje

U3i' dioni#" 3ri 'i!u(t"no! o'ni+"n)u dioni2&o1 drut+" i4+ren )e 3ot3i'o! u1o+or" oo'ni+"n)u od 'tr"ne o'ni+"2"$ U3("t" dioni#" +ri 'e n" o'no+u r)een)e Ko!i'i)e 4"+ri)edno'ne 3"3ire u Feder"#i)i &o)i! 'e ut+r8u)e u'3)e(" e!i'i)" dioni#"$U3("t" dioni#" )e ,e4u'(o+n"$

Sukcesivno osnivanje

U1o+or o 'ue'i+no! o'ni+"n)u dioni2&o1 drut+" o,"+e4no '"dr7i?

M)e'to* +ri)e!e i n"2in u3i'" dioni#"C M)e'to* +ri)e!e i n"2in u3("te dioni#"C Vr'tu u(o1" &o)i! 'e !o1u 3("titi dioni#eC Po'tu3"& &"d" u3i'"ni i4no' 3re!"u)e i4no' o,)"+()en u )"+no) 3onudiC N"2in odre8i+"n)" #i)ene dioni#" 3o o&on2"n)u u3i'" i N"2in '"4i+"n)" o'ni+"2&e '&u3tine dioni2&o1 drut+"$

O'ni+"2i 3odno'e &o!i'i)i 4"%t)e+ 4" odo,r"+"n)ejavne ponude dionica u4 &o)i 'u du7nido't"+iti?

U1o+or o o'ni+"n)uC Pri)ed(o1 't"tut" dioni2&o1 drut+"C Pri)ed(o1 3ro'3e&t"* u '&("du '" 4"&ono! &o)i! 'e ure8u)e e!i'i)" i 3ro!et

+ri)edno'ni% 3"3ir"C U1o+or 4"&()u2en i4!e8u o'ni+"2" i Re1i'tr" +ri)edno'ni% 3"3ir" u Feder"#i)i Bo'ne i

er#e1o+ineC U1o+or 4"&()u2en i4!e8u o'ni+"2" i ,"n&e 3ute! &o)e e!itent i4+r"+" o,"+e4e

3re!" +("'ni&u +ri)edno'no1 3"3ir" i U1o+or o ot+"r"n)u 3ri+re!eno1 r"2un" 4" de3ono+"n)e u3("t" dioni#"$

N"&on to do,i)u r)een)e Ko!i'i)e o odo,ren)u )"+ne 3onude dioni#"* o'ni+"2i 'u o,"+e4nio,)"+iti )"+ni 3o4i+ 4" u3i' i u3("tu dioni#"* u '&("du '" Z"&ono! o +ri)edno'ni! 3"3iri!"$Ro& 4" u3i' dioni#" ne !o7e ,iti du7i od 6. d"n" od d"n" o,)"+()i+"n)" )"+no1 3o4i+"$ U3i'dioni#" +ri 'e 3ot3i'i+"n)e! i4)"+e o u3i'u* u '&("du '" 4"&ono! i 3ro3i'i!" Ko!i'i)e$O'ni+"2i 'u o,"+e4ni o,)"+iti i4+)et") o u&u3no! i4no'u i ,ro)u u3i'"ni% i u3("eni% dioni#"u ro&u od o'"! d"n" od d"n" 3ri)e!" r)een)" Ko!i'i)e &o)i! 'e ut+r8u)e d" )e e!i'i)"dioni#" u'3)e("$

I4+)et") o,"+e4no tre," d" '"dr7i?

I!e i 3re4i!e i(i >ir!" i "dre'u 3re,i+"(it" i(i ')edite u3i'ni&" dioni#"C

14


15/24

K("'u* ,ro) i no!in"(nu +ri)edno't u3i'"ni% dioni#"C Pod"t&e o n"2inu i ro&u 3(""n)" u3i'"ni% dioni#"C I4no' u3("en 3ri u3i'u dioni#"C Po3i' i 3ro#i)en)enu +ri)edno't 't+"ri i 3r"+" &o)i!" 'u 3("ene u3i'"ne dioni#e i

i)enu dioni#e 3ri(i&o! e!i'i)e$Z" i4+rene u3("te u3i'"ni% dioni#" 3o #i)eni n"&on e!i'i)e o'ni+"2i 'u du7ni i4d"ti 3i'!enu

3ri+re!enu 3ot+rdu* &o)" o,"+e4no '"dr7i &("'u* ,ro)* no!in"(nu +ri)edno't i #i)enu u3i'"ni%dioni#" n"&on e!i'i)e$O'ni+"2i ne !o1u r"'3o("1"ti i4+reni! u3("t"!" dioni#"$

4.5. O'%*+#0# '(/$*%#O'ni+"2i 'u du7ni '"4+"ti o'ni+"2&u '&u3tinu dioni2&o1 drut+" n")&"'ni)e . d"n" od d"n"

3ri)e!" r)een)" Ko!i'i)e &o)i! 'e ut+r8u)e d" )e e!i'i)" dioni#" u'3)e("$

U&o(i&o o'ni+"2&" '&u3tin" ni)e '"4+"n" u ro&u od . d"n" od d"n" 3ri)e!" r)een)"* u3i'dioni#" 3o't")e nit"+"n i '!"tr" 'e d" dioni2&o drut+o ni)e o'no+"no$

O'ni+"2&" '&u3tin"?

U'+")" i4+)et") o o'ni+"n)uC U'+")" 't"tutC Bir" 3red')ed"+")ue1 '&u3tineC I!enu)e 2("no+e n"d4orno1 od,or" i Pot+r8u)e +ri)edno't u(o1" u 't+"ri!" i 3r"+i!" i ut+r8u)e ,ro) dioni#" e!ito+"ni% 3o

to! o'no+u$

I4+)et") o o'ni+"n)u dioni2&o1 drut+" o,"+e4no '"dr7i?

Bro) u3i'"ni% dioni#"C No!in"(nu +ri)edno't i #i)enu 3o &o)o) 'u dioni#e u3i'"neC U3("te 4" u3i'"ne dioni#e i4+rene 3ri)e odr7"+"n)" o'ni+"2&e '&u3tineC Po3i' i 3ro#i)en)enu +ri)edno't '+"&o1 u(o1" u 't+"ri!" i 3r"+i!"$

St"tu' dioni2&o1 drut+" o,"+e4no '"dr7i?

Fir!u* ')edite i d)e("tno'tC I4no' o'no+no1 &"3it"("* &("'u* ,ro) i no!in"(nu +ri)edno't dioni#"C Po'tu3"& u '(u2")u ne3(""n)" u3i'"ni% dioni#"C N"2in 3o+e"n)" i '!"n)i+"n)" o'no+no1 &"3it"("C N"2in >or!ir"n)" i &oriten)" >ond" re4er+iC N"2in 3od)e(e do,iti i i'3("te di+idendeC N"2in 3o&ri" 1u,it&"C Bro) 1("'o+" 3o &("'i dioni#"C N"2in '"4i+"n)" '&u3tine i od(u2i+"n)"* '"'t"+ i n"d(e7no't od,or"C S"'t"+* n"2in i!eno+"n)" i r"4r)een)" i o+("ten)" n"d4orno1 od,or" i u3r"+e drut+" Po'tu3"& 3ri3")"n)"* '3")"n)"* 3od)e(e i 3ro!)ene o,(i&" drut+"C

15


16/24

Pre't"n"& drut+" i Po'tu3"& i4!)en" i do3un" 't"tute$

N"&on odr7"ne o'ni+"2&e '&u3tine* u '(u2")u 'i!u(t"no1 i(i 'ue'i+no1 o'ni+"n)" u3r"+"

dioni2&o1 drut+" du7n" )e 3odni)eti 4"%t)e+ 4" u3i' u re1i't"r e!iten"t" +ri)edno'ni% 3"3ir"&od Ko!i'i)e* n")&"'ni)e /0 d"n" od d"n" odr7"+"n)" o'ni+"2&e '&u3tine$U4 4"%t)e+* do't"+()" 'e )o?

Z"3i'ni& o'ni+"2&e '&u3tineC Do&"4 o u3("ti u&u3no1 i4no'" u3i'"ni% dioni#" 3o #i)eni n"&on e!i'i)eC St"tut i Po3i' 2("no+" n"d4orno1 od,or" i u3r"+e$

Pove"anje osnovnog kapitala +ri 'e n" o'no+u od(u&e &o)u* n" 3ri)ed(o1 n"d4orno1 od,or"*

dono'i '&u3tin" dioni2&o1 drut+" d+otrein'&o! +eino! 4"'tu3()eni% dioni#" ' 3r"+o!1("'"* 3o '+"&o) &("'i dioni#"$I4u4etno 4" i4no' in+e'ti#ioni% u("1"n)" 3o 4"&()u2eno! &u3o3rod")no! u1o+oru u 3o'tu3&u

3ri+"ti4"#i)e* n"&on to &u3"# i4+ri '+e u1o+oro! 3reu4ete o,"+e4e* !o7e 'e 3o+e"tio'no+ni &"3it"( drut+"* o 2e!u od(u&u dono'i '&u3tin"$

N"d4orni od,or dioni2&o1 drut+" !o7e 't"tuto! i(i od(u&o! '&u3tine ,iti o+("ten 4"donoen)e od(u&e u 3o+e"n)u o'no+no1 &"3it"("* i to?

E!i'i)o! no+i% dioni#"C

I4 >ond" re4er+i i4n"d i4no'" od n")!"n)e -0 o'no+no1 &"3it"(" dioni2&o1 drut+"C E!i'i)o! dioni#" 4" 4"3o'(ene i4 do,iti$

U '(u2")e+i!" 9e!i'i)" no+i% dioni#" i 3o+e"n)e o'no+no1 &"3it"(" i4 >ond" re4er+i: !o7e'e i4+riti n")+ie do )edne treine i4no'" o'no+no1 &"3it"(" n" d"n donoen)" od(u&e$O+("ten)e i4 't"tut" i(i od(u&" '&u3tine +"7i n")du7e 3et 1odin" i o,"+e4no '"dr7i n"2in

3ro#)ene 't+"ri i 3r"+" 2i)i! uno'o! 'e u3("u)u no+e dioni#e$

Pri)ed(o1 od(u&e o 3o+e"n)u o'no+no1 &"3it"(" dioni2&o1 drut+" o,"+e4no '"dr7i?

R"4(o1e* o,i! i n"2in 3o+e"n)"C No+u no!in"(nu +ri)edno't dioni#" n"&on 3o+e"n)" o'no+no1 &"3it"("C K("'u* ,ro) i no!in"(nu +ri)edno't dioni#" no+e e!i'i)eC Ro& 4" u3i' i #i)enu dioni#" 3ri(i&o! e!i'i)e i(i n"2in n)eno1 odre8i+"n)"C O3i' 3r"+" '"dr7"ni% u dioni#"!" no+e e!i'i)e i 3o'()edi#e n" 3r"+" '"dr7"n" u

dioni#"!" r"ni)i% e!i'i)"C O1r"ni2en)e i(i i'&()u2en)e 3r"+" 3re2e &u3n)e dioni#" no+e e!i'i)e i Mo1uno'ti u3("te dioni#" no+e e!i'i)e uno'o! 't+"ri i 3r"+" i n"2in 3ro#)ene

n)i%o+e +ri)edno'ti$

Po+e"n)e o'no+no1 &"3it"(" 3o't")e 3r"+no +"()"no u3i'o! u re1i't"r e!iten"t"$ U3("t"dioni#" no+e e!i'i)e u no+#u !o7e 'e i4+riti u r"t"!"* u ro&u &o)i ne !o7e ,iti du7i od e't

16


17/24

!)e'e#i od d"n" donoen)" r)een)" Ko!i'i)e o u'3)e(o) e!i'i)i dioni#"$ U3("eni! r"t"!"3r+o 'e i4!iru)e dioni2&" 3re!i)" 4" '+e u3i'"ne dioni#e* " 4"ti! no!in"(n" +ri)edno't3o)edin"2ni% dioni#"$P(""n)e dioni#" ne !o7e 'e +riti 3re,i)"n)e! 3otr"7i+"n)" 3re!" dioni2&o! drut+u$

Dioni2&o drut+o ne !o7e d"+"ti 4")!o+e* &redite i(i o,e4,)e8en)" 4" 'ti#"n)e '+o)i% dioni#"$U3i'ni&" dioni#" &o)i ne 3("ti 3unu #i)enu dioni#" 3ri(i&o! e!i'i)e u ro&u ut+r8eno!od(u&o! o e!i'i)i* n"d4orni od,or e i'&()u2iti i4 dioni2&o1 drut+" od(u&o!* &o)e )e drut+odu7no od!"% u3i'"ti u &n)i1u dioni2"r"* )"+no o,)"+iti i 3re3oru2eno! 3oto! do't"+itiu3i'ni&u$

O'no+ni &"3it"( 'e !o7e 3o+e"ti emisijom novi# dionica '"!o "&o 'u dioni#e r"ni)i% e!i'i)"u3("ene u #)e(ini$Od(u&" o 3o+e"n)u o'no+no1 &"3it"(" e!i'i)o! no+i% dioni#" o,"+e4no '"dr7i?

I4no' 3o+e"n)" o'no+no1 &"3it"("C Mo1uno't u3i'" dioni#" i n"2in ut+r8i+"n)" i4no'" u3i'"no1 i4n"d 3o+e"n)"

o'no+no1 &"3it"(" ut+r8eno1 od(u&o!C K("'u* ,ro) i no!in"(nu +ri)edno't dioni#"C U '(u2")u e!i'i)e dioni#" no+e &("'e 3r"+" '"dr7"n" u dioni#i no+e &("'eC M)e'to i ro& u3i'" dioni#"C Pr"+o 3re2e &u3n)e* n"2in* !)e'to i ro& u3i'" dioni#" 3o o'no+u to1 3r"+"C i)enu i(i n"2in odre8i+"n)" #i)ene dioni#e 3ri(i&o! e!i'i)e* &o)" !or" ,iti i't" 4" '+e

u3i'ni&eC N"4i+ ,"n&e de3o4it"r" &od &o)e u3i'ni& 3("" dioni#eC

U '(u2")u e!i'i)e 3ute! 4"t+orene 3rod")e u &o)o) )e 3re+i8eno 3(""n)e dioni#"3ri)eno'o! 't+"ri i(i 3r"+"* o3i'* n"2in 3ro#)ene i 3ro#i)en)enu +ri)edno't 't+"ri i(i3r"+"* &o)i!" 'e 3("")u dioni#e* o!)er n)i%o+e 4"!)ene 4" dioni#e i !)e'to* n"2in iro& 4" 3red")u 't+"ri i(i 3reno' 3r"+" &o)i!" 'e 3("")u dioni#e$

Po+e"n)e o'no+no1 &"3it"(" e!i'i)o! no+i% dioni#" o,"+()" 'e 3ute! )"+ne 3onude* "&ood(u&o! ni)e dru1"2i)e ut+r8eno$U3i' dioni#" no+e e!i'i)e +ri 'e n" o'no+u r)een)" Ko!i'i)e o odo,ren)u )"+ne 3onudedioni#" i o,)"+()eno1 )"+no1 3o4i+" 4" u3i' i u3("tu dioni#"* i(i 3ri)"+e 4"t+orene 3rod")e$U3("t" dioni#" no+e e!i'i)e +ri 'e u ro&o+i!" ut+r8eni! od(u&o!* ' ti! d" 3ri)e u3i'"

3o+e"n)" o'no+no1 &"3it"(" u re1i't"r e!iten"t" !or" ,iti 3("en i4no' dioni2&e 3re!i)e u#)e(ini i n")!"n)e @. no!in"(ne +ri)edno'ti dioni#"* " 't+"ri i 3r"+" &o)i! 'e 3("")udioni#e !or")u ,iti u #)e(ini un'een u drut+o$

Pove"anje osnovnog kapitala pove"anjem nominalne vrijednosti e!ito+"ni% dioni#" !o7e 'e+riti '"!o n" teret >ond" re4er+i* i to 4" i4no' i4n"d o,"+e4ne +i'ine >ond" re4er+i ut+r8eneodred,"!" o+o1 4"&on"$ Dioni2"ri 'no'e tro&o+e 3o+e"n)" no!in"(ne +ri)edno'ti dioni#"$Dioni2&o drut+o !o7e u!)e'to 3o+e"n)" no!in"(ne +ri)edno'ti 3o'to)ei% dioni#"*e!ito+"ti ,e'3("tne no+e dioni#e &o)e '"dr7e 3r"+" &o)" '"dr7" o,i2ne dioni#e$

Dioni2&o drut+o )e du7no 3ri)"+iti Re1i'tru 3o+e"n)e no!in"(ne +ri)edno'ti dioni#" i(ie!i'i)u ,e'3("tni% dioni#"$

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18/24

Od(u&u o uslovnom pove"anju osnovnog kapitala '&u3tin" dioni2&o1 drut+" dono'i u'(u2")u?

E!i'i)e 4"!)en)i+i% o,+e4ni#" i o,+e4ni#" '" 3r"+o! 3re2e &u3n)e* u o,i!u 3r"+"

&o)" 3roi4i("4e i4 o+i% o,+e4ni#"C S3")"n)" i 3ri3")"n)" dioni2&i% drut"+" i U3i'" no+i% dioni#" od 'tr"ne 4"3o'(eni%* u '&("du '" 3("no! r"'3od)e(e do,iti

dioni2&o1 drut+"$

U'(o+no 3o+e"n)e o'no+no1 &"3it"(" !o7e i4no'iti +ie od 0. i4no'" o'no+no1 &"3it"("u3i'"no1 u re1i't"r e!iten"t" n" d"n donoen)" od(u&e '"!o "&o )e t" od(u&" done'en"d+otrein'&o! +eino! u&u3no1 ,ro)" 4"'tu3()eni% dioni#" ' 3r"+o! 1("'"* 3o '+"&o) &("'idioni#"$

Od(u&" o u'(o+no! 3o+e"n)u o'no+no1 &"3it"(" o,"+e4no '"dr7i?

I4no' i r"4(o1e u'(o+no1 3o+e"n)" o'no+no1 &"3it"("C N"4n"&u d" 'e r"di o u'(o+no! 3o+e"n)u 3o o'no+u 3r"+" 4"!)ene i(i 3r"+" 3re2e

&u3n)e* i(i u3i'u dioni#" od 'tr"ne 4"3o'(eni%C K("'u* ,ro) i no!in"(nu +ri)edno't dioni#" &o)e 'e !o1u e!ito+"ti 3o o'no+u

u'(o+no1 3o+e"n)" o'no+no1 &"3it"("$

Od(u&o! o u'(o+no! 3o+e"n)u o'no+no1 &"3it"(" ut+r8u)e 'e ro& 4" e!i'i)u no+i% dioni#"3o to! o'no+u* &o)i ne !o7e ,iti du7i od 3et 1odin" od d"n" donoen)" od(u&e$Dioni2&o drut+o )e du7no 3odni)eti Ko!i'i)i 4"%t)e+ 4" odo,r"+"n)e u'(o+no1 3o+e"n)"

o'no+no1 &"3it"("* n")&"'ni)e @. d"n" od d"n" donoen)" od(u&e$Po+e"n)e o'no+no1 &"3it"(" iz vlastiti# sredstava !o7e 'e +riti '"!o i4 >ond" re4er+i* 4"i4no' i4n"d o,"+e4ne +i'ine >ond" re4er+i$ Dio >ond" re4er+i n"!i)en)en 4" n"&n"du 1u,it&"ne !o7e 'e &ori'titi 4" 3o+e"n)e o'no+no1 &"3it"(" dioni2&o1 drut+" i4 +("'titi% 'red't"+"$Po+e"n)e o'no+no1 &"3it"(" i4 +("'titi% 'red't"+" r"'3ore8u)e 'e n" '+e dioni#e 'r"4!)ernono!in"(no) +ri)edno'ti$

Smanjenje osnovnog kapitala +ri 'e n" o'no+u od(u&e '&u3tine done'ene d+otrein'&o!+eino! 4"'tu3()eni% dioni#" ' 3r"+o! 1("'"$ Od(u&" o '!"n)en)u o'no+no1 &"3it"(" dono'i'e od+o)eni! 1("'"n)e! 4" '+"&u &("'u dioni#"* d+" 3ut" u ro&u od @. d"n" od d"n"donoen)"$S!"n)en)e o'no+no1 &"3it"(" ne '!i)e uti#"ti n" i4+r"+"n)e o,"+e4" 3re!" 3o+)erio#i!"dioni2&o1 drut+"$Od(u&" o '!"n)en)u o'no+no1 &"3it"(" '"dr7i?

I4no' i r"4(o1 '!"n)en)" o'no+no1 &"3it"("C N"2in '!"n)en)" o'no+no1 &"3it"(" i

18


19/24

N"2in 3o+("2en" dioni#"* #i)enu 3o+u2ene dioni#e i(i n"2in n)eno1 odre8i+"n)"$

S!"n)i+"n)e o'no+no1 &"3it"(" 3o+("2en)e! dioni#" !o7e 'e +riti '"!o "&o )e !o1uno't3o+("2en" 3red+i8en" 't"tuo! dioni2&o1 drut+" i(i od(u&o! o e!i'i)i dioni#"$ Po+("2en)edioni#" +ri 'e &u3o+ino! n" ,er4i i dru1i! ure8eni! )"+ni! tr7iti!" i(i 3onudo!dioni2"ri!"* u '&("du '" 't"tuto! i od(u&o! '&u3tine o '!"n)en)u o'no+no1 &"3it"("$Dioni2&o drut+o )e du7no 3odni)eti 4"%t)e+ Ko!i'i)i 4" odo,r"+"n)e '!"n)en)" o'no+no1&"3it"("* n")&"'ni)e @. d"n" od d"n" donoen)" od(u&e o '!"n)en)u o'no+no1 &"3it"("$Ko!i'i)" )e du7n" doni)eti od(u&u o 4"%t)e+u i u3i'"ti '!"n)en)e o'no+no1 &"3it"(" u re1i't"re!iten"t" u ro&u od @. d"n" od d"n" 3odnoen)" 4"%t)e+" 4" odo,r"+"n)e '!"n)en)"o'no+no1 &"3it"("$Pri)e u3i'" '!"n)en)" o'no+no1 &"3it"(" u re1i't"r e!iten"t"* dioni2&o drut+o ne !o7e +ritii'3("te 3o o'no+u '!"n)en)" o'no+no1 &"3it"(" i(i odu't"ti od e!i'i)e dioni#" 2i)" no!in"(n"+ri)edno't ni)e u #)e(ini 3("en"$

Drut+o )e du7no o,"+i)e'titi 3o+)erio#e o '!"n)en)u o'no+no1 &"3it"("* u ro&u od @. d"n"od d"n" u3i'" od(u&e u Re1i't"r e!iten"t"$ Po+)erio#i !o1u 4"%ti)e+"ti o'i1ur"n)e

3otr"7i+"n)" u ro&u od 6. d"n" od d"n" 3ri)e!" o,"+i)e'ti i(i 6. d"n" od d"n" dru1o1o,)"+()i+"n)" od(u&e$A&o 3o+)erio#i i dioni2&o drut+o ne 3o'ti1nu do1o+or o o'i1ur"n)u 3otr"7i+"n)"* 3o+)erio#i!o1u 3o&renuti 3o'tu3"& &od 'ud"$

S!"n)en)e o'no+no1 &"3it"(" +ri 'e 3r+o 3o+("2en)e! +("'titi% dioni#" &o)e dr7i drut+o n"d"n donoen)" od(u&e* " 4"ti!* odu't")"n)e! od e!i'i)e dioni#" &o)e ni'u u #)e(ini u3("enedo d"n" donoen)" od(u&e o '!"n)en)u o'no+no1 &"3it"("$

S!"n)en)e o'no+no1 &"3it"(" '!"n)i+"n)e! no!in"(ne +ri)edno'ti dioni#" 3ri!)en)u)e 'e n"'+e dioni#e$ Dioni2&o drut+o )e du7no 3ri)"+iti Re1i'tru u3i' o,u't"+e 3ro!et" dioni#" &o)e'u 3red!et 3o+("2en)"* od!"% 3o donoen)u od(u&e$Po+("2en)e dioni#" 'e !or" o&on2"ti n")&"'ni)e /. d"n" od d"n" 3odnoen)" 3ri)"+e$Dioni2&o drut+o du7no )e i'3("titi 3o+u2ene dioni#e n")&"'ni)e 6. d"n" od d"n" u3i'"'!"n)en" o'no+no1 &"3it"(" u Re1i't"r e!iten"t"$

4.. 6&%, )!!)+*Dioni2&o drut+o o,"+e4no )e i!"ti >ond re4er+i &o)i 'e >or!ir" i4 do,iti i dru1i% i4+or" i &o)ii4no'i n")!"n)e -0 o'no+no1 &"3it"(" dioni2&o1 drut+"$ U >ond re4er+i i4d+")" 'en")!"n)e /. 1odin)e1 i4no'" neto do,iti '+e do& >ond re4er+i ne do'ti1ne i4no' odn")!"n)e -0 o'no+no1 &"3it"(" drut+"$Fond re4er+i &ori'ti 'e 4" 3o&rie 1u,it&" i dru1i% ne3red+i8eni% tro&o+" u 3o'(o+"n)udioni2&o1 drut+"$

Dioni2&o drut+o &o)e )e +ri)edno'ne 3"3ire u '+o)o) i!o+ini u 3o(u1odin)e! i(i 1odin)e!o,r"2unu i'&"4"(o u +ri)edno'ti +eo) ne1o u 3ret%odno! o,r"2unu* du7no )e o+u r"4(i&u

19


20/24

i'&"4"ti &"o 3o'e,nu re4er+u 4" 3o&rie ,udui% r"4(i&" &ur'" +ri)edno'ni% 3"3ir"$Dioni2&o drut+o !o7e i4d+")"ti i 3o'e,ne re'er+e 4" 3otre,e 4"3o'(eni% &o)e 'e +ode n"od+o)eno! r"2unu$

4.7. D*&%*8!Dionice dionikog drutva 'u de!"teri)"(i4o+"ne* ned)e()i+e i 1("'e n" i!e$Dioni#e 'u neo1r"ni2eno 3reno'i+e* o'i! u '(u2")e+i!" ut+r8eni! 't"tuto! dioni2&o1drut+"$Dioni#" '"dr7i 3r"+" n" u2ee u?

U3r"+()"n)u dioni2&i! drut+o!C R"'3od)e(i do,itiC Dio,i i!o+ine 3reo't"(e n"&on 'te2")" i(i (i&+id"#i)e dioni2&o1 drut+"$

Dioni2&o drut+o !o7e e!ito+"ti dioni#e r"4(i2iti% &("'"$ Dioni#e i'te &("'e i!")u i'tu

no!in"(nu +ri)edno't i '"dr7e i't" 3r"+"$Dioni2&o drut+o )e du7no u '&("du '" 3o'e,ni! 4"&ono! i 3ro3i'o! Ko!i'i)e* 4"&()u2itiu1o+or '" Re1i'tro! i do't"+iti Re1i'tru 3od"t&e o dioni#"!" i dioni2"ri!"* u ro&u od @.d"n" od d"n" u3i'" u re1i't"r e!iten"t"$

Dioni2"r i!" 3r"+o u2e't+o+"ti u r"du i od(u2i+"n)u '&u3tine dioni2&o1 dru+"$ Dioni2"ri!" 3r"+o n" )ed"n 1("' 4" '+"&u o,i2nu dioni#u$ Drut+o ne !o7e i4d"+"ti dioni#e &o)e d")u

3r"+o n" +ie od )edno1 1("'" 3o dioni#i$ Dioni2"r ne !o7e 1("'"ti o od(u&"!" &o)e 'eodno'e n" n)e1o+e 3o'tu3&e* od1o+orno't i 3otr"7i+"n)" dioni2&o1 drut+" od n)e1"$Dioni2"r )e o,"+e4"n u3("titi #i)enu dioni#e 3ri(i&o! e!i'i)e* u i4no'u* n" n"2in i u ro&uut+r8eno! od(u&o! o e!i'i)i$ Dioni2&o drut+o !o7e od dioni2"r" 4"%ti)e+"ti do3("tu 4"o,i2nu dioni#u 3ri(i&o! n)ene &on+er4i)e u 3rioritetnu dioni#u* u '&("du '" od(u&o! o&on+er4i)i$Dioni2"r i!" 3r"+o u2e" u do,iti dioni2&o1 drut+"* n"3("to! di+idend i(i 'ti#"n)e! no+i%dioni#"* u '&("du '" 4"&ono! i 't"tuto!$ Di+idend" 'e i'3("u)e 'r"4!)erno no!in"(no)+ri)edno'ti dioni#"* " 4" dioni#e &o)e ni'u u #)e(ini u3("ene* 'r"4!)erno i4+reni! u3("t"!" i+re!enu od d"n" u3("te do &r")" 3o'(o+ne 1odine 4" &o)u 'e di+idend i'3("u)e$Di+idend" 'e i'3("u)e dioni2"ru &o)i )e ,io n" (i'ti dioni2"r" n" d"n donoen)" od(u&e oi'3("ti di+idende$

4.9. O)-#%* ,*&%*0&- ,)/$+#U or1"ne dioni2&o1 drut+" '3"de?

/$ S&u3tin"*-$ N"d4orni od,or*@$ U3r"+"5$ Od,or 4" re+i4i)u$

S&u3tinu dioni2&o1 drut+" 2ine dioni2"ri i '&u3tin" 'e 3o 3r"+i(u* odr7"+" u !)e'tu')edit" dioni2&o1 drut+"$ S&u3tino!* do i4,or" 3red')edni&" '&u3tine* 3red')ed"+"

20


21/24

3ri'utni dioni2"r i(i 3uno!oni& dioni2"r"* '" n")+ei! ,ro)e! dioni#" '" 3r"+o! 1("'"$S&u3tin" 'e odr7"+" n")!"n)e )edno! 1odin)e* r"di i4)"n)"+"n)" o 1odin)e! i4+)et")udrut+"* &o)i u&()u2u)e >in"n'i)'&e i4+)et")e drut+" i i4+)et")e re+i4or"* n"d4orno1 od,or" iod,or" 4" re+i4i)u$ S&u3tinu '"4i+" n"d4orni od,or* 3o +("'tito) ini#i)"ti+i* 3ri)ed(o1u u3r"+e

i(i 4"%t)e+u o+("teni% dioni2"r"* " !o7e )e '"4+"ti o+("teni dioni2"r i(i 1ru3" dioni2"r"$Z"%t)e+ 4" '"4i+"n)e '&u3tine !o7e 3odni)eti?

Dioni2"r i(i 1ru3" dioni2"r" '" +ie od /. u&u3no1 ,ro)" dioni#" ' 3r"+o! 1("'"C ("n n"d4orno1 od,or" i Od,or 4" re+i4i)u$

S&u3tin" dioni2&o1 drut+" od(u2u)e o ? Po+e"n)u i '!"n)en)u o'no+no1 &"3it"("C E!i'i)i no+i% dioni#" 3o'to)ee i(i no+e &("'e i e!i'i)i o,+e4ni#" i dru1i% du7ni2&i%

+ri)edno'ni% 3"3ir"C O1r"ni2en)u i(i i'&()u2en)u 3r"+" 3re2e &u3n)e no+i% dioni#"* u o&+iru od(u&e o

e!i'i)i no+i% dioni#" 3o'to)ee i(i no+e &("'eC U'+")"n)u 1odin)e1 i4+)et")" drut+" &o)i u&()u2u)e >in"n'i)'&i i4+)et") i i4+)et")e

re+i4or"* n"d4orno1 od,or" i od,or" 4" re+i4i)uC R"'3oredu do,iti i i'3("ti di+idendC N"2inu 3o&ri" 1u,it&"C S3")"n)u '" dru1i! drut+i!" i 3ri3")"n)u dru1i% drut"+" dioni2&o! drut+u i(i

dioni2&o1 drut+" dru1o! drut+uC Pro!)eni o,(i&" i 3od)e(i dioni2&o1 drut+"C Pre't"n&u dioni2&o1 drut+" '" 3ro+o8en)e! (i&+id"#i)e i o odo,r"+"n)u 3o2etno1

(i&+id"#iono1 ,i("n'" i 4"+rno1 r"2un" 3o o&on2"n)u 3o'tu3&" (i&+id"#i)eC I4,oru i r"4r)een)u 2("no+" n"d4orno1 od,or" 3o)edin"2noC I4,oru +"n)'&o1 re+i4or" i i4,oru i r"4r)een)u 2("no+" od,or" 4" re+i4i)uC O'ni+"n)u* reor1"ni4"#i)i i (i&+id"#i)i 'u3'idi)"rni% drut"+" i odo,r"+"n)u n)i%o+i%

't"tuteC N"&n"d"!" 2("no+i!" n"d4orno1 od,or" i od,or" 4" re+i4i)uC Dru1i! 3it"n)i!" ,itni! 4" 3o'(o+"n)e dioni2&o1 drut+"* u '&("du '" 4"&ono! i

't"tuto! drut+"$

$adzorni odbor '"2in)"+")u 3red')edni& i n")!"n)e d+" 2("n" &o)e i!enu)e i r"4r)e"+"'&u3tin"* ' ti! d" u&u3"n ,ro) 2("no+" n"d4orno1 od,or" !or" ,iti ne3"r"n$I'to (i#e !o7e ,iti i!eno+"no 4" 3red')edni&" i(i 2("n" n"d4orno1 od,or" +ie 3ut" ,e4o1r"ni2en)"$ Pred')edni& i 2("no+i n"d4orno1 od,or" u3i'u)u 'e u re1i't"r &od Ko!i'i)e$

N"d4orni od,or dioni2&o1 drut+" n"d(e7"n )e d"? N"d4ire 3o'(o+"n)e dioni2&o1 drut+"C N"d4ire r"d u3r"+eC U'+")" i4+)et") u3r"+e o 3o'(o+"n)u 3o 3o(u1odin)e! i 1odin)e! o,r"2unu* '"

,i("n'o! 't"n)" i ,i("n'o! u'3)e(" i i4+)et")e! re+i4i)eC Podne'e '&u3tini 1odin)i i4+)et") o 3o'(o+"n)u dioni2&o1 drut+"* &o)i o,"+e4no

u&()u2u)e i4+)et") re+i4or"* i4+)et") o r"du n"d4orno1 od,or" i od,or" 4" re+i4i)u* i3("n 3o'(o+"n)" 4" n"rednu 3o'(o+nu 1odinuC

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22/24

Bir" 3red')edni&" n"d4orno1 od,or"C Odo,r"+" &u3o+inu* 3rod")u* 4"!)enu* u4i!"n)e u (i4in1 i dru1e tr"n'"i)e

i!o+ino!* dire&tno i(i 3o'red't+o! 'u3'idi)"rni% drut"+" u to&u 3o'(o+ne 1odine uo,i!u od /0 do @@ &n)i1o+od't+ene +ri)edno'ti u&u3ne i!o+ine dioni2&o1drut+"C

I!enu)e 3red')edni&e i 2("no+e od,or" 4" n"&n"de i od,or" 4" i!eno+"n)eC O,r"4u)e 3o+re!e &o!i'i)e i ut+r8u)e n)i%o+ '"'t"+ i 4"d"t&eC S"4i+" '&u3tinu i Odo,r"+" e!i'i)u no+i% dioni#" 3o'to)ee &("'e u i4no'u do treine 4,ir" no!in"(ne

+ri)edno'ti 3o'to)ei% dioni#" i odre8u)e i4no'* +ri)e!e 3rod")e i #i)enu o+i% dioni#"*&o)" ne !o7e ,iti !"n)" od 3ro')e2ne tr7ine +ri)edno'ti 3o'to)ei% dioni#" i'te &("'eu @. u4"'to3ni% d"n" 3ri)e d"n" donoen)" od(u&e$

Uprava or1"ni4u)e r"d i ru&o+odi 3o'(o+"n)e!* 4"'tu3" i 3red't"+()" dioni2&o drut+o iod1o+"r" 4" 4"&onito't 3o'(o+"n)"$ U3r"+u 2ini dire&tor* i(i dire&tor i )ed"n i(i +ie i4+rni%

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o+)er"+")u u '&("du '" 4"&ono!$ K"d" drut+o ' o1r"ni2eno! od1o+ornou o'ni+" '"!o)ed"n o'ni+"2* o'ni+"2&i "&t )e od(u&" o o'ni+"n)u$

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LITERATURA

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