Ownership
Right – the Main Property Right in the Sphere of Business Activity
The basis of the
legal treatment of property of business entities, which is a foundation of
their economic activity shall be the ownership right and other property rights
– the right of economic supervision, the right of operational management, and
the right of operational property use.
Ownership Right shall be the right of an individual in a thing (property) that he/she
enjoys in compliance with the effective legislation on his/her own will
irrespective of the will of the third persons.
The owner shall have the right to
own, use and dispose of his property.
The content of the ownership
right shall not be affected by the owner’s place of residence
and the location of
the property.
Implementation of the Ownership Right
1. The owner shall possess, use and dispose of his/her property at
his/her own discretion.
2. The owner shall be entitled to perform any actions to his/her
property if these actions do not contradict the legislation.
In enjoying the rights and performing the obligations the owner shall be
obliged to meet the
moral principles of the society.
3. All owners shall be given equal conditions for implementing their
rights.
4. Ownership shall make the owner be obliged.
5. The owner may not enjoy the ownership right in violation of the
rights, freedoms and dignity
of the citizens, interests of the society, deterioration of ecological
situation and natural
qualities of the land.
6. The state shall not intervene with the owner’s implementation of
his/her ownership rights.
7. Actions of the owner towards his/her ownership may be restricted or
terminated or the owner
may be obliged to let other persons use his/her property only in cases
and per the procedure
provided in the law.
8. Specifics of exercising of the ownership right in national, cultural
and historical valuables
shall be established
by the law.
Inviolability of the Ownership Right
1. The ownership right is inviolable. No one can be illegally deprived
of this right or restricted
in its implementation.
2. The person can be deprived of the ownership right or restricted in
its implementation only in cases and per the procedure established by the law.
3. Forced alienation of the objects of ownership right may be applied
only as an exception for the reasons of public necessity on the ground and per the procedure
established by the law and on the condition of preliminary and full compensation for its value,
except as provided in part two of Article
353 of Civil Code.
Right of Private Property
1. Physical and legal persons shall be the subjects of private property.
2. Physical and legal persons may be the owners of any property except
for specific types of
property that cannot be in their possession pursuant to the law.
3. Composition, quantity and value of property that can be owned by
physical and legal persons shall have no limitations.
The law may establish a limited size of the land parcel that can be
owned by physical or legal persons.
Right of the State Property
1. The state shall own the property including monetary funds possessed
by the Ukrainian State.
2. Relevant bodies of the state power shall exercise the property right
on behalf and to the
interests of the Ukrainian State.
Right of the Municipal Property
1. The municipal property shall comprise property including monetary
funds owned by the
territorial community.
2. The municipal property shall be managed directly by the territorial
community and the local bodies created thereby.
Joint Ownership Right
1. Property owned by two or more persons (co-owners) belong to them by
right of joint
ownership (joint property).
2. Property may belong to persons by right of joint share or joint
common ownership.
3. Joint ownership right shall arise on the grounds not forbidden by the
law.
4. Joint ownership shall be deemed share unless the contract or the law
specifies a joint
common ownership in property.
Principles for Property Right Protection
1. The state shall provide equal protection of rights for all subjects
of the property right.
2. An owner that has grounds to foresee a possibility of violation of
his/her property right by
another person may apply to court with the request to prohibit
performing the actions that
may violate his/her right or to undertake specific actions to prevent
this violation.
3. An owner whose rights are violated shall have the right for
compensation of his material and moral losses.
All provisions are taken from the relevant articles of the Economic Code and Civil Code of Ukraine.
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