Today, the 2nd of November 2016, the Law of Ukraine "On changes to certain legislative acts of Ukraine on improving state registration of real estate rights and protection of property rights" came into force.
This Law aims to protect Ukrainian business from raider attacks and to provide the owners of real estate property with additional guarantees of protection.
It is needless to say that the problem of raider attacks on a business is under active discussion in Ukraine recently.
This Law was adopted just in time as it increases the criminal responsibility not only for the state registrar, but also for the initiator and executer of raider attacks.
The Law makes some changes to legal acts of Ukraine, in particular:
1) To the Law on state registration of real estate rights and their encumbrance:
- The owners of real estate property will get additional guarantees of protection. The Law provides the obligation for the state register to notify the owner of real estate property immediately about the appropriate registration actions.
- The term of appeal against decisions, actions or inaction of the state registrar was increased from 30 to 60 days;
2) To the Law on state registration of legal entities, private entrepreneurs and public organizations:
- The principle of exterritoriality, that allowed to make changes to the statutory documents of a legal entity in any part of Ukraine regardless of the company location, was changed. Now, according to the Law, the state registration may be conducted only within the area of the Autonomous Republic of Crimea, Kyiv and Sevastopol or a separate region. This does not apply to the case when documents for registration are submitted in electronic form.
- Now, notary certification of signatures of chairman, secretary or members of General Meeting of legal entity on the protocol and the founding documents (the Charter) when making changes to the statutory documents is required.
3) To the Law on electronic signatures:
- According to the new rules, electronic signatures will be given only in case of personal presence of a signer, in particular officials of legal entities (including directors, chief accountants).
The Law was published on the 1st of November, 2016.
According to the final provisions of the Law, it comes into force on the day following the date of its publication.
To see the full text of the Law, please follow the link:http://zakon2.rada.gov.ua/laws/show/1666-19/page