For the purpose of coordination of business activities, representation and protection of common property and other interests, profit-making legal entities may create associations (units) by agreement between each other and jointly with non-profit organizations. Non-profit organizations may unite on a voluntary basis into associations (units) of such organizations.
Members of such associations (units) will retain their autonomy and corporate privileges and rights. Such associations (units) shall not be held liable for obligations of their members, while members of the associations (units) shall bear subsidiary liability for obligations of the above associations (units). Members of the above mentioned associations (units) shall be entitled at their discretion to withdraw from such associations (units) at the end of a financial year, unless otherwise provided for by their constituent documents. Name of the above association (union) shall include information on its members’ major goals and objectives with incorporation of the word “Association” or “Union”.
Documents required for registration of an Association (Union) of Legal Entities:
- A copy of the Identity Card of the Chairman;
- Copies of the Association’s (Union’s) members’ constituent documents.
