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Bank guarantee

— Law of contracts

Type of security, a promise by a bank to provide payment to the creditor from the debtor’s account under certain circumstances, e.g. in case of debtor’s default.

Board of Directors

— Corporate

Collegial body responsible for serving the shareholders’ interests and securing their rights between the general shareholder meetings; it is an optional body in LLCs and JSCs with less than 50 shareholders.

Branch

— Corporate

Form of solitary subdivision of a legal entity (Head office), which is not a separate legal entity (i.e. is considered part of the Head Office’s legal entity), can perform all of the Head Office’s functions in the area of responsibility, generally treated as a permanent establishment from the tax viewpoint.

Break-up (Demerger)

— Corporate

Reorganisation procedure whereby a legal entity’s assets are demerged, and two new companies are created based on them. The former legal entity is terminated.

Bank guarantee

— Law of contracts

Type of security, a promise by a bank to provide payment to the creditor from the debtor’s account under certain circumstances, e.g. in case of debtor’s default.

Board of Directors

— Corporate

Collegial body responsible for serving the shareholders’ interests and securing their rights between the general shareholder meetings; it is an optional body in LLCs and JSCs with less than 50 shareholders.

Branch

— Corporate

Form of solitary subdivision of a legal entity (Head office), which is not a separate legal entity (i.e. is considered part of the Head Office’s legal entity), can perform all of the Head Office’s functions in the area of responsibility, generally treated as a permanent establishment from the tax viewpoint.

Break-up (Demerger)

— Corporate

Reorganisation procedure whereby a legal entity’s assets are demerged, and two new companies are created based on them. The former legal entity is terminated.