Korelsky, V. F. Fish, fishermen and fish industry in Russia / V. F. Korelsky. - Bremen : Krebs, [1993?]-.

With the adoption of the law of privatization of the Russian Federation, the problem has become much easier since of all the shares possessed by the State Fund or Property, no more than 20 per cent of the total number of shares of every company have the authority, all the other shares belonging to the Fund, irrespective of their amount and the nominal status, to enjoy the preference shares with a fixed dividend at the rate of the discount of the bank interest. Thus, the “Sevryba” association must get 21 per cent of ordinary shares, this being quite possible if the estimation is carried out according to the residual cost with the use of some presupposed privileges. Accordingly, the decision of the Supreme Soviet of the Russian Federation of July 3,1991, “On the Order of Introduction of the RSFSR Law Concerning the Registered Private Deposits and the Payment Transactions in the RSFSR,” indicates that the State Privatization Program must presuppose measures of compensating the population of the Far North for the increased cost of the assets of the private enterprises located in these regions. Following the approximate estimates, the rising index will constitute in the Murmansk region no less than 1.5 and the deposit itself, for its standard value of 6-7 thousand roubles, will approach 10 thousand roubles. However, the principal propositions of the program of privatization of the state and municipal enterprises in the Russian Federation do not suppose for 1992 the issue of registered privatization deposits. Instead, it envisages that the members of work collectives get preference shares free of charge, and this will constitute 25 per cent of the cost of the registered fund, but not more than 20 established minimum monthly wages per worker. This will interest the members of the work collective in the privatization of the enterprise and in the careful attitude to the property, but will not make them the holders of the controlling block of shares. Furthermore, Article 23 of the Privatization Law envisages that the personnel of the enterprises converted into joint-stock companies can buy shares of their own enterprise at easy terms, the discount from the cost of a share constituting 30 per cent of its nominal cost. The nominal cost of the block of shares given to every member of the work collective under favorable conditions cannot exceed the sum established by the state privatization program. The extension of the time of payment for the shares bought under favorable conditions by the personnel of the enterprise, envisaged by the Law, is three years from the moment of registration of a joint-stock company, but according to its Principal Provisions, it is only one year. The sum of the initial installment cannot be smaller than 20 per cent of the nominal cost of the share. Here we speak of ordinary shares. The cost of such a block of shares sold to all the members of the work collective must not exceed 10 per cent of the cost of the registered fund. However, the officials of the administration of an enterprise have the right, based on the contracts they conclude, to buy the shares of the enterprise at auctions at their nominal price in the limits of 10 per cent of the amount of the registered fund, and this practically ensures for them the possession of the controlling block of shares. In addition, the Law of the Russian Federation "On the Privatization of the State and Municipal Enterprises” envisages that the workers of the collective can buy shares from the joint stock fund of the 1 1 8