Poslovno_kompanijsko - skripta

7/24/2019 Poslovno_kompanijsko - skripta

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KOMPANIJSKO PRAVO

skripta

Banja Luka, 2009.


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Sadraj

D IO P R V I........................................................................................................................IKOMPANIJSKO PRAVO....................................................................................................I

GLAVA I..........................................................................................................................1SUBJEKTI PRIVREDNOG PRAVA...............................................................................1GLAVA II.........................................................................................................................2PRIVREDNA DRUTVA...............................................................................................2

1. POJAM, BITNA OBILJEJA I VRSTE PRIVREDNIH DRUTAVA...................21.1. Vrste pr!re"#$ "r%&t'!'..................................................................................2

2. (AJEDNI)KA PRAVILA (A PRIVREDNA DRUTVA......................................*2.1. Os#!'#+e pr!re"#$ "r%&t'!'..........................................................................*

2.1.1. Os#!'- '-t "r% '-t...........................................................................*2.1.2. Restr'/+' 0+'!+!'#+e restr'/+e.....................................................3

2.2. P0s0!#0 4e pr!re"#0 "r%&t!'....................................................................52.2.1. S+e"&te pr!re"#0 "r%&t!'.......................................................................52.2.2. D+e't#0st pr!re"#0 "r%&t!'....................................................................52.2.*. U06, 40!#', 0s#0!# -'pt' 0"0!0r#0st 6' %0e...........................5

2.*. O"0!0r#0st 6' 0'!e6e pr!re"#0 "r%&t!'....................................................72.3. ('st%p'#+e pr!re"#$ "r%&t'!'.........................................................................8

2.3.1. P0+'4.........................................................................................................82.3.2. Os#0! 0/ 6'st%p'#+'...........................................................................8

2.5. D%9#0st pre4' pr!re"#04 "r%&t!%................................................................:2.7. P0s0!#e -#+e, r'%#0!0"st!e#e spr'!e ;#'#s+s- 6!+e&t'+....................:

2.7.1. P0s0!#e -#+e..........................................................................................:2.7.2. *.1. P0+'4 -'r'-terst-e.....................................................................................1>*.2. Os#!'#+e........................................................................................................1>*.*. U0.................................................................................................................11*.3. U"0 r'sp0''#+e %"+e04...........................................................................11*. 5. O"%!'#+e 0rt'-'.........................................................................................11*. 7. P0s0!0?e#+e 6'st%p'#+e..............................................................................12*.8. D0t %t'-................................................................................................12*.:. Pr'!' 0'!e6e 0rt'-'....................................................................................1**.=. Prest'#'- s!0+st!' 0rt'-'................................................................................1**.1>. Prest'#'- 0rt'-0 "r%&t!'...........................................................................1*

3. KOMANDITNO DRUTVO................................................................................133.1. U0!0r 0rt'-' "r%&t!'................................................................................15

3.2. Pr'!# 0"#0s 4e?% 0rt'/4' 64e?% 0rt'-' "r%&t!'.............................153.*. Pr'!# 0"#0s -04'#"t#0 "r%&t!' 0rt'-' pre4' tre@4 /4'.............15

5. DRUTVO S OGRANI)ENOM ODGOVORNOU........................................175.1. P0+'4 -'r'-terst-e.....................................................................................175.2. Os#!'- '-t %0!0r '#0!' "r%&t!'..........................................................175.*. Os#0!# -'pt'...............................................................................................185.3. U0................................................................................................................1:5.5. U"0................................................................................................................1:


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5.5.1. D0' %"+e'.............................................................................................1:5.5.2. P0!'e#+e p0#&te#+e %"+e'..................................................................1:5.5.*. Pre#0s %"+e'............................................................................................1=5.5.3. Pr'!0 pree st/'#+' %"+e' "r%&t!'........................................................1=

5.7. Or'# "r%&t!' s 0r'#e#04 0"0!0r#0&@%.................................................2>

5.7.1. Str%-t%r'...................................................................................................2>5.7.2. S-%p&t#'..................................................................................................2>5.7.*. Dre-t0r%pr'!# 0"0r............................................................................215.7.3. I#ter#' re!6+'........................................................................................23

5.8. Prest'#'- s!0+st!' '#' "r%&t!'.....................................................................235.:. Prest'#'- "r%&t!' s 0r'#e#04 0"0!0r#0&@%............................................25

7. AKCIONARSKO DRUTVO...............................................................................257. 1. P0+'4 -'r'-terst-e....................................................................................257. 2. Vrste '-/0#'rs-$ "r%&t'!'...........................................................................27

7.2.1. ('t!0re#0 "r%&t!0....................................................................................277.2.2. Ot!0re#0 "r%&t!0.....................................................................................28

7.2.*. Os#!'- '-t st't%t................................................................................287.*. A-/+e..............................................................................................................2:7.*.1. P0+'4 -'r'-terst-e '-/+'....................................................................2:7.*.2. P0+'4 -'se r0"' '-/+'.........................................................................2=7.*.*. O#e pre;ere#/+'#e p0!'&@e#e '-/+e...........................................2=7.*.*.1. Pr'!' '-/0#'r' 0#$ '-/+'.............................................................2=7.*.*.2. Pr'!' '-/0#'r' s' p0!'&@e#4 '-/+'4'............................................2=7.*.3. O"0re#e #e6"'te 6"'te '-/+e.........................................................*>

7.3. P0!e@'#+e 0s#0!#0 -'pt''..........................................................................*17.3.1. D0#0&e#+e 0"%-e....................................................................................*17.3.2. N'# p0!e@'#+'......................................................................................*17.3.*. Vrste e4s+e.............................................................................................*17.3.3. P0!e@'#+e 0s#0!#0 -'pt'' %064' % #0!/%.......................................*2

7.5. S4'#+e#+e 0s#0!#0 -'pt''.........................................................................*27.5.1. O"%-'......................................................................................................*27.5.2. Vrste s4'#+e#+'........................................................................................*2

7.7. Pr'!' 0'!e6e '-/0#'r'...............................................................................*27.7.1. Pr'!' '-/0#'r'........................................................................................*2

7.7.1.1. Pr'!0 %e&@' % r'"% s-%p&t#e "r%&t!'.............................................*27.7.1.2. Pr'!0 's' % s-%p&t#.....................................................................*27.7.1.*. Pr'!0 #' "!"e#"%...........................................................................**7.7.1.3. Pr'!0 r'sp0''#+' '-/+'4'............................................................**

7.7.2. O'!e6e '-/0#'r'...................................................................................*37.8. Or'# '-/0#'rs-0 "r%&t!'..........................................................................*3

7.8.1. Str%-t%r' 0r'#' '-/0#'rs-0 "r%&t!'....................................................*37.8.2. S-%p&t#' '-/0#'r'.................................................................................*37.8.*. Vrste s-%p&t#e.........................................................................................*3

7.8.*.1. Godinja skuptina............................................................................*37.8.*.2. V'#re"#' s-%p&t#' #+e#0 s'6!'#+e 0" 4'#+#s-$ '-/0#'r'.......*57.8.*.*. S-%p&t#' p0 #'0% s%"'.................................................................*5

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7.8.3. Upr'!# 0"0r 6!r 0"0r..................................................................*77.8.3.1. Op&te pr'!0 6' "re-t0r' %pr'!# 0"0r.....................................*77.8.3.2. St't%s#' pt'#+' %pr'!#0 0"0r'.....................................................*77.8.3.*. O"%!'#+e.......................................................................................*8

7.8.5. I6!r 0"0r............................................................................................*8

7.8.7 .Ge#er'# "re-t0r 6'st%p'#+e "r%&t!'...................................................*:7.8.8. N'"60r......................................................................................................*:7.:. Prest'#'- '-/0#'rs-0 "r%&t!'......................................................................*=

7.:.1. Prest'#'- "r%&t!' "r%e 4+ere s%"'......................................................*=7.:.2. Prest'#'- "r%&t!' "r%e 4+ere s%"' p0 6'$t+e!% 4'#+#s-$ '-/0#'r'*=

8. POVE(IVANJE PRIVREDNIH DRUTAVA......................................................3>8.1. P0+'4 !rste...................................................................................................3>8.2. K0#/er#...........................................................................................................318.*. H0"#...........................................................................................................31

:. REORGANI(ACIJA PRIVREDNOG DRUTVA F st't%s#e pr04+e#e pr04+e#'pr'!#e ;0r4e..............................................................................................................32

:.1. St't%s#e pr04+e#e...........................................................................................32:.1.1. Os#0!#' #'e'........................................................................................32:.1.2. :.:.1>. P0"+e' '-/0#'rs-0 "r%&t!' 0"!'+'#+e p0s0!#e +e"#/e "+e'"r%&t!' % "r%&t!0 s' 0r'#e#04 0"0!0r#0&@% 0r#%t0.............................5>

:.=. St't%s#e pr04+e#e 0rt'-0 -04'#"t#0 "r%&t!0........................................5>=. PRESTANAK PRIVREDNOG DRUTVA..........................................................51

=.1. Ste'+...............................................................................................................51

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*.2. Os#!'#+e er6e...............................................................................................7=3. BROKERSKOFDILERSKA DRUTVA...............................................................8>5. (ADRUGE............................................................................................................81

5.1. P0+'4..............................................................................................................815.2. Vrste................................................................................................................81

5.*. Os#!'#+e........................................................................................................825.3. St/'#+e prest'#'- s!0+st!' 6'"r%'r'..........................................................825.5. Upr'!+'#+e 6'"r%04.....................................................................................8*5.7. Or'#.............................................................................................................8*

5.7.1. S-%p&t#' 6'"r%e....................................................................................8*5.7.2. Upr'!# 0"0r..........................................................................................835.7.*. N'"60r# 0"0r........................................................................................835.7.3. Dre-t0r 6'"r%e......................................................................................85

7. JAVNA PREDU(EA...........................................................................................857.1. Or'# pre"%6e@'............................................................................................87

7.1.1. S-%p&t#'..................................................................................................87

7.1.2. N'"60r# 0"0r........................................................................................877.1.*. Upr'!' pre"%6e@'....................................................................................888. PREDU(ETNIK....................................................................................................8::. PRIVREDNE ASOCIJACIJE................................................................................8:

:.1. Pr!re"#e -040re............................................................................................8::.2. ('"r%9# s'!e6...............................................................................................:>

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7/88

D IO P R V I

KOMPANIJSKO PRAVO


8/88

GLAVA I

SUBJEKTI PRIVREDNOG PRAVA

S%+e-t pr!re"#0 pr'!' pr!re"# s%+e-t s% ;6-' pr'!#' /' -0+' s% %pr!re"#0pr'!#04 pr04et% #0s0/ pr'!' 0'!e6'. S%+e-t pr!re"#0 pr'!' 40% t0r'#60!'# % #"!"%'#04 0r'#6'/0#0pr'!#04 0-% F pre"%6et#/ %-0e-t!#04 0r'#6'/0#0pr'!#04 0-% F pr!re"#' "r%&t!', '#-e "r%e ;#'#s+s-e0r'#6'/+e, "r%&t!' 6' 0s%r'#+e, er6e, +'!#' pre"%6e@', 6'"r%e, "r.

Pre"%6et#- +e ;6-0 /e -0+e +e restr0!'#0 -0+e r'" st/'#+' "0t % !"%6'#4'#+' 0'!+' s!e 6'-0#04 "06!0+e#e "+e't#0st, %-+%%+%@ %4+et#-e st're6'#'te p0s0!e "04'@e r'"#0st.

Pr!re"#0 "r%&t!0 +e pr'!#0 /e -0+e 0s#!'+% 0s#!'-4 '-t04 pr'!#' ;6-'/' r'" 0'!+'#+' "+e't#0st % /+% st/'#+' "0t.

B'#-' +e '-/0#'rs-0 "r%&t!0, -0+e 4' "06!0% 6' r'" -0+e 0'!+' "ep06t#e

-re"t#e p0s0!e, ' 409e 0'!+'t "r%e p0s0!e % s-'"% s' 6'-0#04. U "r%e;#'#s+s-e 0r'#6'/+e sp'"'+% p0&t'#s-' &te"0#/', &te"0#/', &te"#0F-re"t#'0r'#6'/+', &te"#0F-re"t#' 6'"r%'.

Dr%&t!' 6' 0s%r'#+e 0s#!'+% se % 0-% '-/0#'rs-0 "r%&t!' 6' 0s%r'#+e,"r%&t!' 6' %6'+'4#0 0s%r'#+e 'e#/+e 6' p0s0!e pr%9'#+' "r%$ %s%' 0s%r'#+',r'" 0'!+'#+' p0s0!' 0s%r'#+' re0s%r'#+', -'0 "r%$ p0s0!' % !e6 s'0s%r'#+e4 re0s%r'#+e4 #pr. s#4'#+e pr0/+e#' &tete, pr%9'#+e te$#-$ #tee-t%'#$ %s%' s.F 'e#/+e 6' p0s0!e pr%9'#+' "r%$ 0s%r'#+'.

Ber6' +e pr'!#0 /e 0r'#60!'#0 -'0 '-/0#'rs-0 "r%&t!0 -0+e 0'!+' "+e't#0st0r'#60!'#+' tr0!#e $'rt+'4' 0" !r+e"#0st "r%4 ;#'#s+s-4 #str%4e#t4' #'er6'#s-04 tr9&t%, 0"#0s#0 #' er6'#s-04 !'#er6'#s-04 tr9&t%.

Br0-ers-0F"ers-0 "r%&t!0 +e pr'!#0 /e 0r'#60!'#0 -'0 '-/0#'rs-0 "r%&t!0r'" 0'!+'#+' "+e't#0st #' 0r'#60!'#04 tr9&t% $'rt+' 0" !r+e"#0st p0sre"0!'#+e% -%p0!# pr0"'+ $'rt+' 0" !r+e"#0st -%p0!#' pr0"'+' $'rt+' 0" !r+e"#0st %s!0+e 4e, ' 6' r'%# #'00"'!/', 0"#0s#0 % 4e 6' r'%# #'00"'!/' F r0-ers-p0s0! -%p0!#' pr0"'+' $'rt+' 0" !r+e"#0st % s!0+e 4e 6' s!0+ r'%#, r'"0st!'r!'#+' r'6-e % /+e# F "ers- p0s0!, "r..

J'!#0 pre"%6e@e +e pre"%6e@e -0+e 0'!+' "+e't#0st 0" 0p&te #teres', ' -0+e0s#!' "r9'!', 0"#0s#0 +e"#/' 0-'#e s'40%pr'!e.

Kontrolna pitanja

1. K'-0 40% t 0r'#60!'# s%+e-t pr!re"#0 pr'!'

2. De;#&te p0+'4 F pre"%6et#-.*. De;#&te pr!re"#0 "r%&t!0.3. O+'s#te p0+'4 er6'.

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GLAVA II

PRIVREDNA DRUTVA

. POJAM, BI!NA OBILJ"#JA I VRS!" PRIVR"DNI$ DR%&!AVA

.. Vr't( pri)r(*ni+ *ruta)a

Pr'!#e ;0r4e pr!re"#$ "r%&t'!' pre4' (OPD s% 0rt'-0 "r%&t!0, -04'#"t#0"r%&t!0, "r%&t!0 s' 0r'#e#04 0"0!0r#0&@% DOO '-/0#'rs-0 "r%&t!0 0t!0re#0 6't!0re#0.

S 06r04 #' 6'+e"#-' 0+e9+' p0+e"#$ 0-' pr!re"#$ "r%&t'!', pr!re"#'"r%&t!' se, % 6'-0#0"'!st!% pr'!#0+ te0r+, r'6!rst'!'+% % r%pe pre4' !&e -rter+%4'.

U0'+e#' +e p0"+e' pr!re"#$ "r%&t'!' #' "r%&t!' /' "r%&t!' -'pt'' ('-0#0 pre"%6e@4' +e, 6' r'6-% 0" (OPD, 6rt0 r'6!rst'!'0 pr!re"#' "r%&t!' % 0!e "!+er%pe. U "r%&t!' /' sp'"'+% 0rt'-0 "r%&t!0 -04'#"t#0 "r%&t!0, ' % "r%&t!' -'pt''sp'"'+% '-/0#'rs-0 "r%&t!0 "r%&t!0 s 0r'#e#04 0"0!0r#0&@%.

.2. O'no)n( karakt(ri'tik( pri)r(*ni+ *ruta)a

O'no)n( karakt(ri'tik( *ruta)a li-a 'u- #' s!0+st!' '#0!' 4e?%s0#0 p0!+ere#+e p0!e6'#0st t#' +e 6' #+$0!0

#'st'+'#+e p0st0+'#+e- #+e#/e !e6'#e 6' #0st '#0!' 0rt'-' -04pe4e#t'r' -'0 &t0 s% s4rt,

p0s0!#' #ep0s0#0st, st%p'#+e 6 "r%&t!', s-+%e#+e, est0 !0"e prest'#-%"r%&t!' "04#r'+% ee4e#t intuitu personae

- '#0! "r%&t!' 0rt'/, 0"#0s#0 -04pe4e#t'r #e0r'#e#0 s0"'r#00"0!'r'+% 6' 0'!e6e "r%&t!'

- "r%&t!0 40r' 4't #'+4'#+e "!' '#' 0rt'-' -0" 0rt'-0 "r%&t!', 0"#0s#0

4'-'r +e"#0 -04pe4e#t'r' +e"#0 -04'#"t0r' -0" -04'#"t#0 "r%&t!'- 6' p0st0+'#+e "r%&t!' #+e t'# -'pt', t'-0 "' se 6' 0!' "r%&t!' #e tr'9

4#4'# #0!'# "e0 0s#0!#0 -'pt'' s 06r04 #' 0"0!0r#0st '#0!' 6'0'!e6e "r%&t!'

- 0!4 "r%&t!4' %pr'!+'+%, !0"e p0s0!e "r%&t!' 6'st%p'+% "r%&t!0 '#0!"r%&t!' pr+e s!e', 0rt'/, 0"#0s#0 -04pe4e#t'r s! &t0 +e 6'-0#s-'pretp0st'!-', #e-0/#' +e"'# t'-0 "' #e4'+% p0se#e 0r'#e s-%p&t#',%pr'!# 0"0r, #'"60r# 0"0r

- '#0! "r%&t!' 4'+% &r0-% '%t0#04+% % p0e"% %re?e#+' 0"#0s' % "r%&t!%0s#!'-4 '-t04 %0!0r04 '#0!' "r%&t!', pr+e s!e', ' 6'-0#s-e0"re"e -0+4' se t 0"#0s %re?%+%, p0 pr'!%, s% "sp06t!#e prr0"e

- st%p'#+e #0!$ '#0!' % "r%&t!0 -'0 r'sp0''#+e %"+e04 +e, p0 pr'!%,0r'#e#0 #'r0t0 pre#0s %"+e' tre@4 /4' #'+e&@e p0s%+% p0"pers0#'#4 p0s0!#4 4e#04 4e +e"#0, #e-0/#e s!$ 0rt'-', "r.

O'no)n( karakt(ri'tik( *ruta)a kapitala 'u- -0" 0!$ "r%&t'!' 0" 0"%%+%@e 6#''+' +e -'pt' 0"#0s ' #e #' s!0+st!'

'#0!''-/0#'r' "r%&t!' "r%&t!0 se #e -0#stt%&e, #e ;%#-/0#&e prest'+e6'!s#0 0" t$ s!0+st'!'

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- "r%&t!0 s!0+04 40!#04 0"0!'r' 6' s!0+e 0'!e6e, "0- '-/0#'r, 0"#0s#0'#0! #e 0"0!'r'+% 6' 0'!e6e "r%&t!', !e@ s'40 s#0se r6- p0s0!'#+'"r%&t!' "0 !s#e s!0 %0' % "r%&t!0

- "r%&t!0 -'pt'' 4' 0s#0!# -'pt' p0"+e+e# #' '-/+e, 0"#0s#0 %"+ee, '6'-0#04 se pr0ps%+e 4#4'# #0!'# "e0 0s#0!#0 -'pt''

- "r%&t!0 -'pt'' #'+e&@e 4' !&e '#0!' ' p0+e"# 0/ 40% 4't s'40 +e"#0 '#''-/0#' DOO 6't!0re#0 '-/0#'rs-0 "r%&t!0 F+e"#0'#0 "r%&t!0

- "r%&t!04 %pr'!+'+% !0"e p0s0!e "r%&t!' 0r'# "r%&t!', ' #e'#0!'-/0#'r #ep0sre"#0

- st/'#+e s!0+st!' '#''-/0#'r' "r%&t!', #'+e&@e #+e 0r'#e#0, pre#0s%"+e' +e p0 pr'!% s00"'# 0!0 se #'r0t0 0"#0s #' 0t!0re#' '-/0#'rs-'"r%&t!'

- pr04+e#' '#0!' #e4' #-'-'! %t/'+ #' st't%s "r%&t!' pr'!' 0'!e6e0st'$ '#0!''-/0#'r'

- 0!' "r%&t!' p0 pr'!% p0s%+% p0" re'#4, pre"4et#4 p0s0!#4 4e#04

"r%&t!' -'pt'' #'r0t0, '-/0#'rs-0 "r%&t!0 40% "' se 0s#!'+% 6'0'!+'#+e s!$ pr!re"#$ "+e't#0st, 0%$!'t'+%@ '#-'rs-e, er6'#s-e,r0-ers-e p0s0!e, -'0 p0s0!e 0s%r'#+'.

('-0# 0 r'%#0!0"st!% pr!re"#' "r%&t!' %0p&te pr'!#' /' "+e #' 4'',sre"#+' !e-'.

Kontrolna pitanja

1. N'!e" pr'!#e ;0r4e pr!re"#$ "r%&t'!'.2. K0+' +e %0'+e#' +e p0"+e' pr!re"#$ "r%&t'!'*. K0+' "r%&t!' sp'"'+% % "r%&t!' /', ' -0+' % "r%&t!' -'pt''3. N'!e" #'+4'#+e 2 -'r'-terst-e "r%&t!' /'.

5. N'!e" #'+4'#+e 2 -'r'-terst-e "r%&t!' -'pt''.

2. /AJ"DNIKA PRAVILA /A PRIVR"DNA DR%&!VA

2.. O'ni)anj( pri)r(*ni+ *ruta)a

2... Os!i"a#ki akt i dr$%i akti

Pr!re"#' "r%&t!' 0s#!'+% se 0s#!'-4 '-t04 -0+ 4' ;0r4% %0!0r'0 0s#!'#+% '-0 ' 0s#!' !&e 0s#!'' 0"%-e 0 0s#!'#+% '-0 ' 0s#!' +e"'#0s#!'.

L/' -0+' 0s#!'+% pr!re"#0 "r%&t!0 s% 0s#!' "r%&t!'. S! 0s#!' pr!re"#0

"r%&t!' p0tps%+% 0s#!'- '-t.Os#!'- '-t pr!re"#0 "r%&t!' #0t'rs- se 0r'?%+e 4' s'"r9#% %t!r?e#%6'-0#04 6' t% pr'!#% ;0r4% pr!re"#0 "r%&t!'.

P0re" 0s#!'-0 '-t', 0rt'-0 -04'#"t#0 "r%&t!0 40% 4't %0!0r 0rt'-'"r%&t!', "r%&t!0 s' 0r'#e#04 0"0!0r#0&@% 409e 4't %0!0r '#0!' "r%&t!', ''-/0#'rs-0 "r%&t!0 st't%t.

Os#!' /' -0+' % s-'"% s' 0!4 6'-0#04 #'-0# 0s#!'#+' prst%pe 0rt'-04"r%&t!% s% 0rt'/, -04'#"t#04 "r%&t!% 0rt'/, 0"#0s#0 -04pe4e#t'r -04'#"t0r,

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"r%&t!% s' 0r'#e#04 0"0!0r#0&@% '#0! "r%&t!', ' '-/0#'rs-04 "r%&t!% '-/0#'r.

2..2. R&%istra'ija i ()ja"*ji"a!j& r&%istra'ij&

Sti'a!j& s"(jst"a pra"!(% *i'a

Pr!re"#0 "r%&t!0 ste s!0+st!0 pr'!#0 /' tre#%t-04 %ps' % s%"s- rest'r #'#'# pr0ps'# 6'-0#04 -0+4 se %re?%+e restr'/+' p0s0!#$ s%+e-'t' % "'+e4te-st% rest'r.

R&%istra'ija i ()ja"*ji"a!j&

Restr'/+' p0"'t'-' 0 pr!re"#04 "r%&t!% 0+'!+!'#+e restr'/+e !r& se %s-'"% s' 6'-0#04 -0+4 se %re?%+e restr'/+' p0s0!#$ s%+e-'t'.

D&jst"( r&%istra'ij& i ()ja"*ji"a!ja $ (d!(s$ !a tr&+a *i'a

S4'tr' se "' tre@' /' 6#'+% 6' restr0!'#e p0"'t-e 0 pr!re"#04 "r%&t!% #'-0#

#+$0!0 0+'!+!'#+' 0+'!+!'#+' 6!0"' 6 t$ p0"'t'-' "0-%4e#'t' #' 0s#0!%-0+$ +e 6!r&e#' restr'/+' s' %p%@!'#+e4 #' #+$.S4'tr' se "' tre@' /' 6#'+% "' pre4' 0-0#0st4' s%'+' 40% 6#'t 6'

p0"'t-e "0-%4e#t' pr+e 0+'!+!'#+', ' #'-0# "ep0#0!'#+' % rest'r, '-0 pr!re"#0"r%&t!0 t0 "0-'9e.

A-0 se 0+'!+e# p0"'/ r'6-%+% 0" restr0!'#$ p0"'t'-', 6' pr!re"#0 "r%&t!0se -'0 t''# %64' p0"'t'- 6 restr', t'-0 "' 0#0 % 0"#0s4' s' tre@4 /4' #e 409est/'t p0"'t-e -0+ s% 0+'!+e#, '-0 s% se tre@' /' p0%6"'' % p0"'t-e 6 restr'.

2.1.5.Ni,ta"(st r&%istra'ij& (s!i"a!ja

Restr'/+' 0s#!'#+' pr!re"#0 "r%&t!' #&t'!' +e % s%'+e!4' pr0ps'#4

0!4 6'-0#04 6'-0#04 -0+4 se %re?%+e restr'/+' p0s0!#$ s%+e-'t'.Restr'/+' 0s#!'#+' restr'/+' "r%$ p0"'t'-' pr!re"#0 "r%&t!' #&t'!' +e'-0

' +e r0+ 0s#!'' 4'#+ 0" r0+' %t!r?e#0 0!4 6'-0#04,

#e p0st0+ pr'!#' p0s0!#' sp0s0#0st s!$ 0s#!'',

! 0s#!'- '-t #+e s'st'!+e# % pr0ps'#0+ ;0r4,

0s#!'- '-t #e s'"r9 p0"'t-e 0 p0s0!#04 4e#% "r%&t!', !r+e"#0st !rst %0' s!'-0 0s#!'' 6#0s' 0s#0!#0 -'pt'' -0+ +e pr0ps'# 0!4 6'-0#04 0 "+e't#0st "r%&t!',

" 4#4'# 6#0s %0' #+e %p'@e# % s-'"% s' 0!4 6'-0#04

? +e "+e't#0st "r%&t!' #e6'-0#t' s%pr0t#' +'!#04 #teres%.

A-0 +e 0s#0! #&t'!0st restr'/+e pr!re"#0 "r%&t!' 40%@e 0t-0#t, #'"e9#s%" #'-0# p0-ret'#+' p0st%p-' 6' %t!r?!'#+e #&t'!0st 0"re?%+e r0- 0" #'+"%9e => "'#'6' 0t-'#+'#+e #e"0st't'-' 6' t0 !r+e4e 6'st'+e s' p0st%p-04.

N&t'!0st restr'/+e #e4' pr'!#0 "e+st!0 #' pr'!#e p0s0!e t0 "r%&t!' s's'!+es#4 tre@4 /4'.

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Ut!r?e#+e4 #&t'!0st restr'/+e pr!re"#0 "r%&t!', '#0! '-/0#'r p0st'+%s0"'r#0 0"0!0r# 6' #'4re#+e p0tr'9!'#+' p0!+er'/' "r%&t!'.

2.2. Po'lo)no i1( pri)r(*no *rut)a

2.2.. Sj&di,t& pri"r&d!(% dr$,t"a

S!'-0 pr!re"#0 "r%&t!0 4' s+e"&te. Se+"&te pr!re"#0 "r%&t!' 0"re?%+e se0s#!'-4 '-t04 %ps%+e se % rest' pr!re"#$ s%+e-'t'.

S+e"&te pr!re"#0 "r%&t!' +e 4+est0 6 -0' se %pr'!+' p0s0!4' "r%&t!'. T06#' "' se !e6%+e 6' 4+est0 "e +e s+e"&te %pr'!e #e 6' 4+est0 0'!+'#+' "+e't#0st"r%&t!', +er "r%&t!0 409e 0'!+'t "+e't#0st % !&e r'6t$ 4+est', 4'"' se, p0 pr'!%,s+e"&te %pr'!e 4+est0 0'!+'#+' '!#e "+e't#0st p0-'p'+% 4e?%t4, % %p0re"#04pr'!% p0st0+ -0#/ept "e +e 6' 0"re?!'#+e s+e"&t' ree!'#t#0 4est0 0'!+'#+'"+e't#0st, -'0 -0#/ept p0 -04e +e ree!'#t#0 4+est0 0s#!'#+' -0+e, p'- #e 40r' t!e6'#0 # 6' 4+est0 0'!+'#+' "+e't#0st #t 6' 4est0 0"'-e se %pr'!+'.

(#''+ 0"re?e#+' se+"&t' +e !&estr%- 6' 0"re?!'#+e #'"e9#0st s%"s-$

%pr'!#$ 0r'#' % p'r##04, !'#p'r##04, 6!r %pr'!#04 p0st%p-% % -04e%est!%+e pr!re"#0 "r%&t!0 6' 0"re?!'#+e #'"e9#0st % ste'+% 6' 0"re?!'#+e 4+est's-'p'#+' %0!0r' '-0 str'#-e % %0!0r% #s% #'!ee t0 4+est0 6' 0"re?!'#+e 4+es#e#'"e9#0st 0r'#' 6' !r&e#+e #'"60r' #'" 6'-0#t0&@% r'"' pr!re"#0 "r%&t!' 6'sp%#+e#+e ;s-'#$ 0'!e6' 6' 0"re?!'#+e 4+er0"'!#0 pr'!' -0+e @e se pr4e#t #'%0!0r, pre4' pr'!4' 4e?%#'r0"#0 pr!'t#0 pr'!' 6' 0"re?!'#+e #'/0#'#0stpr!re"#0 "r%&t!', "r.

Pr!re"#0 "r%&t!0 409e pr04+e#t s+e"&te, #' #'# 0"re?e# 0s#!'-4 '-t0440r' se %ps't % rest'r ' "0!0" "0 pr04+e#e 0s#!'-0 '-t' p0&t0 +e s+e"&te t'#ee4e#t 0s#!'-0 '-t'.

2.2.2. Dj&*at!(st pri"r&d!(% dr$,t"a

Pr!re"#0 "r%&t!0 409e 0'!+'t s!e 6'-0#04 "06!0+e#e "+e't#0st.D+e't#0st 6' -0+e +e 6'-0#04 pr0ps'#0 "' se 40% 0'!+'t s'40 #' 0s#0!%

s''s#0st, "06!0e "r%0 '-t' #'"e9#0 0r'#', 40% se 0'!+'t p0 "0+'#+% te"06!0e, s''s#0st "r%0 '-t' #'"e9#0 0r'#'.

D+e't#0st 6' -0+e +e p0se#4 6'-0#04 pr0ps'#0 "' se 0'!+'+% % 0"re?e#0+pr'!#0+ ;0r4 pr!re"#0 "r%&t!', #e 40% se 0'!+'t % "r%0+ pr'!#0+ ;0r4 "r%&t!'.

2.2.-. U*(i/ i0("i!a/ (s!("!i kapita* i (d%("(r!(st a $*(%&

Ort'/, '#0! '-/0#'r pr!re"#0 "r%&t!' "%9# s% "' %09e s!0+e %0!0re#e%0e % 40!#% "r%&t!' % s-'"% s' 0!4 6'-0#04, 0s#!'-4 '-t04, %0!0r04

"r%4 '-t04 "r%&t!'.N' 0s#0!% %0' 0rt'/, 0"#0s#0 '#0! "r%&t!' st% %"0 % "r%&t!%, ' '-/0#'r'-/+e "r%&t!'.

Ort'/, '#0!, 0"#0s#0 '-/0#'r -0+' #e 6!r&e 0'!e6e % !e6 s' 0s#!'#+e4pr!re"#0 "r%&t!' "'+% #et'#e p0"'t-e 0 %0%, 0"0!'r'+% "r%&t!% 6'pr0%6r0-0!'#% &tet%.

N' 6!r&e#+e 0'!e6' pre4' pr!re"#04 "r%&t!% % !e6 s' %004 % 40!#%"r%&t!' pr4+e#+%+% se 0"re"e 6'-0#' 6'-0#' -0+4 se %re?%+% 0'/0# 0"#0s.

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A-0 /' #e %09e %0!0re#e #e#0!'#e %0e, 40% 0"%t "' %09e #0!'#6#0s +e"#'- !r+e"#0st #e%09e#0 #e#0!'#0 %0', p0 pret$0"#0+ s''s#0st"r%&t!'.

K'"' +e pre"4et %0' pr'!0 s!0+#e, s! %#ese# %06 % 40!#% pr!re"#0"r%&t!' s!0+#' s% "r%&t!' #e 40% t -0r&@e# 0" 0rt'-', '#0!' '-/0#'r' -'0

#+$0!' #' 40!#'.Pr!re"#0 "r%&t!0 #e 409e "' 0s00" s!0 0rt'-', '#' '-/0#'r' 0"0"0!0r#0st "' 4 %4'#+ 0'!e6e p0 0s#0!% 0"0!0r#0st.

L/' -0+' %09e s!0+e %0!0re#e %0e % 40!#% "r%&t!' #e4'+% pr'!0 #' !r'@'#+e%0' #' -'4't% #' %0 % pr!re"#0 "r%&t!0. P'@'#+' pr!re"#0 "r%&t!' p0 0s#0!%p0!'e#+' p0#&te#+' '-/+' st/'#+' s0pst!e#$ '-/+' %"+e', -'0 "r%' p'@'#+'t4 /4' % s-'"% s' 0!4 6'-0#04 #e s4'tr'+% se !r'@'#+e4 %0' p'@'#+e4-'4'te #' %0e.

U s%'+% pre#0s' %"+e', 0"#0s#0 '-/+', '-0 6'-0#04 #+e "r%'+e %re?e#0,pre#0s'/ st/''/ 0"0!0r# s% s0"'r#0 6' 0'!e6e pre#0s0/' % !e6 s' %004#'st'e pr+e t0 pre#0s'.

Pr'!' pr!re"#0 "r%&t!', 0st!'r%+e "r%&t!0 0rt'-, 0"#0s#0 '# '-/0#'r -0+4' 6'st%p' #'+4'#+e 5 0s#0!#0 -'pt'' "r%&t!'.I40!#% "r%&t!' % s4s% 6'-0#' # pr'!0 s!0+#e "r%' 40!#s-' pr'!' -0+e

"r%&t!0 4' #' %064' +e ste-0 p0s0!'#+e4.Os#0!# -'pt' "r%&t!' % s4s% 6'-0#' +este %-%p#' !r+e"#0st %"+e', 0"#0s#0

'-/+' % "r%&t!%.Net0 -'pt' "r%&t!' % s4s% 0!0 6'-0#' +este r'6-' 64e?% %-%p#e !r+e"#0st

40!#e %-%p#$ 0'!e6' "r%&t!'.

2.3. O*o)orno't 4a o5a)(4( pri)r(*no *rut)a

Pr!re"#0 "r%&t!0 6' s!0+e 0'!e6e %0!0r#e !'#%%0!0r#e 0"0!'r'

/e0-%p#04 s!0+04 40!#04. R'" se 0 #e0r'#e#0+ p0tp%#0+ 0"0!0r#0st.Odgovornost za drugoga p0 !rst 0"0!0r#0st 409e "' %"e s0"'r#' s%pse"+'r#', ' p0 04% #e0r'#e#' 0r'#e#'.

Solidarna odgovornost 6' "r%0' 6#' "' p0!+er'/ 4', pre4' s!04 60r%,pr'!0 "' 6'$t+e!' sp%#+e#+e 0'!e6e 0 0" '!#0 "%9#-', 0 0" s0"'r#$"%9#-' +e"#0, #e-0/#e s!$, 0 st0!re4e#0 0" '!#0 "%9#-' s0"'r#$"%9#-' +e"#0, #e-0/#e s!$, #e "r9e@ se pr t04e re"', +er s! 0"0!'r'+%st0!re4e#0. S! s0"'r# "%9#/ #''6e se % st04 p009'+% pre4' p0!er0/%.P0!+er'/ 409e s'40 +e"#04 #'p'tt s!0+e p0tr'9!'#+e. Isp't04 "%' 0" str'#e+e"#0 s0"'r#0 "%9#-' 0" 0'!e6e se 0s0'?'+% s! s0"'r# "%9#/. T'"', #'sp't0/' pre'6e pr'!' pre4' 0st'4 s0"'r#4 "%9#/4' pr'!0 reres'.

Supsidijarna odgovornost +e p0se#' !rst' 0"0!0r#0st 6' t%?e 0'!e6e -0+'#'st'+e #' '%t0#04#0+ 0s#0! %0!0r04 64e?% pr!re"#0 "r%&t!'F'!#0 "%9#-' "r%0"r%$ /'Fs%ps"+'r#$ "%9#-' -0'+ pre"%64'+% 0"0!0r#0st 6' #+e0!e0'!e6e. S%ps"+'r#' 0"0!0r#0st se r'6-%+e se 0" s0"'r#e 0"0!0r#0st, pr+es!e', % re"0se"% #'p'te. O!"e +e, % pr!04 re"% 0"0!0r#0 pr!re"#0 "r%&t!0, -'0'!# "%9#-. A-0 0#0 sp't p0!er0e!0 p0tr'9!'#+e, #e #'st'+% "e+st!' s%ps"+'r#e0"0!0r#0st 6't0 &t0 #e4' "%'. U s%'+% "' '!# "%9#- #e #'4r p0tr'9!'#+ep0!er0/', p0!er'/ @e p06!'t #' 0"0!0r#0st s%ps"+'r#e "%9#-e r'" #'p'te s!0

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p0tr'9!'#+'. A-0 4' !&e s%ps"+'r#$ "%9#-', 0# s% 4e?% s004 s0"'r# p0!er'/409e #'p't% s!0 p0tr'9!'#+' tr'9t 0" 0 -0 s%ps"+'r#0 "%9#-' 0" s!$st0!re4e#0 6'+e"#0.

2.6. /a'tupanj( pri)r(*ni+ *ruta)a

2.1.. P(ja0Pre4' (OPD pr!re"#0 "r%&t!0, e6 06r' #' pr'!#% ;0r4%, 4' s!0+st!0 pr'!#0

/'. S'44 t4 &t0 4% +e pr6#'t' pr'!#' sp0s0#0st pr6#'t' 4% +e p0s0!#'sp0s0#0st, 0"#0s#0 040%@e#0 4% +e "' 0st!'r%+e pr'!#% sp0s0#0st "'t' 4% +e40%@#0st "' ste pr'!' 0'!e6e. K'0 t'-!0, pr!re"#0 "r%&t!0 +e s%+e-t pr'!#0pr04et', s%+e-t % p0st%p-% pre" s%"0!4', %pr'!#4 0r'#4', %es#- % "r%4p0st%p/4'. Me?%t4, -'-0 se r'" 0 pr'!#04 /%, 0#0 #e 409e "' pre"%64' pr'!#er'"#+e -'0 &t0 t0 # ;6-0 /e, t+. #e 409e "' s0pst!e#4 6r'9'+#4 sre"st!4'4'#;est%+e s!0+% !0+%, 0"#0s#0 "' #ep0sre"#0 pre"%64' pr'!#e r'"#+e. N%9#0 +e "'#e-0 % 4e 6' r'%# pr!re"#0 "r%&t!' "'+e ree!'#t#e 6+'!e !0+e, -'-0 % pr'!#04

pr04et%, t'-0 % s!4 "r%4 p0st%p/4' % -0+4' se pr!re"#0 "r%&t!0 +'!+' -'0s%+e-t. T'+ #e-0 +e 0"re?e# s%+e-t pr!re"#0 "r%&t!', 0"#0s#0 ;6-0 /e -'0 0r'# 0!'&@e#0 /e. T'-0, 0!0r40 0 #stt%t% 6'st%p'#+' pr!re"#$ "r%&t'!'.

P0" 6'st%p'#+e4 pr!re"#0 "r%&t!' p0"r'6%4e!' se !r&e#+e pr'!#$ p0s0!' %pr'!#04 pr04et% 6'-+%!'#+e %0!0r' pre"%64'#+e "r%$ pr'!#$ r'"#+ 0'!+'#+e r'6#$ pr0/es#$ r'"#+ % p0st%p-% pre" s%"0!4' "r%4 0r'#4', #'0s#0!% 0!'&@e#+' 6' 6'st%p'#+e, % 4e 6' r'%# pr!re"#0 "r%&t!'. N' 0!'+ #'#pr!re"#0 "r%&t!0 st%p' % 40!#s-0Fpr'!#e 0"#0se s tre@4 /4', ste pr'!' pre%64' 0'!e6e 6 t$ 0"#0s'.

2.1.2. Os!(" i ()*i'i ast$pa!ja

Pr'!# 0s#0! 6' 6'st%p'#+e pr!re"#$ "r%&t'!' "'+e 6'-0#, 0s#!'- '-t, 6+'!'!0+e 6'st%p'#0, 0"#0s#0 6'st%p#-' pr!re"#0 "r%&t!' p%#040@+e, 0'!+'#+e0"re?e#$ p0s0!' % pr!re"#04 "r%&t!% p%#040@+e p0 6'p0se#+%, '-t #'"e9#00r'#'. S$0"#0 0s#0!%, 0/ 6'st%p'#+' pr!re"#$ "r%&t'!' s% 6'-0#s-0 6'st%p'#+e6'st%p'#+e #' 0s#0!% 6'-0#', 6'st%p'#+e #' 0s#0!% 0s#!'-0 '-t', p%#040@st!0,pr0-%r', p%#040@+e p0 6'p0se#+%, p%#040@+e tr0!#s-0 6'st%p#-'Fp%#040@#-',6'st%p'#+e #' 0s#0!% '-t' #'"e9#0 0r'#' % s%'+% ste'+' 0"re?e#+e ste'+#0%pr'!#-', -0" -!"'/+e F -!"'/0#0 %pr'!#-'.

('-0#s- 6'st%p#- DOO +e "re-t0r, 0"#0s#0 pre"se"#- %pr'!#0 0"0r'6'!s#0 0" t0' "' % str%-t%r 0r'#' "r%&t!' p0st0+ "re-t0r %pr'!# 0"0r.('-0#s- 6'st%p#- 0t!0re#0 '-/0#'rs-0 "r%&t!' +e e#er'# "re-t0r e#er'#"re-t0r +e pre"s+e"#- 6!r 0"0r' "re-t0r' %+e"#0 pre"s+e"#- %pr'!#0 0"0r','-0 0s#!'-4 '-t04 st't%t04 "r%&t!' #+e "r%-+e 0"re?e#0. Ist0 !'9 6'6't!0re#0 '-/0#'rs-0 "r%&t!0 -'"' % str%-t%r 0r'#' p0st0+ 6!r 0"0r "re-t0r' %s%pr0t#04 !'9 ree#0 -0" DOO. ('-0#s- 6'st%p#- +e 6'-0#04 0!'&@e# 6' 6'st%p'#+epr!re"#0 "r%&t!' t'-0 "' #+e p0tre#0 #-'-!0 p0se#0 0!'&@e#+e #t "'!'#+e t'-!00!'&@e#+' 0s#!'-4 #e-4 "r%4 '-t04 #t se 409e 6'-0#s-04 6'st%p#-%0s#!'-4 #e-4 "r%4 '-t04 0"%6et ;%#-/+' 6'st%p'#+'. O!0 0!'&@e#+epr06'6 6 s'40 st't%s' "re-t0r'pre"se"#-' %pr'!#0 0"0r' -0+ se % 6'st%p#-4

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p0s0!4' p0+'!+%+e -'0 s'st'!# "0 pr!re"#0 "r%&t!', -'0 #+e0! 0r'#, 6r'9'!'+%@!0+% "r%&t!'. U 0rt'-04 "r%&t!%, ;%#-/+% 6'st%p'#+' 40% !r&t s!, #e-0/#' +e"'# '# "r%&t!', ' % -04'#"t#04 "r%&t!% s!, #e-0/#' +e"'# -04pe4e#t'r.

2.7. Du8no'ti pr(1a pri)r(*no1 *rut)u

D%9#0st pre4' pr!re"#04 "r%&t!% 4'+% s! 0rt'/ 0rt'-0 "r%&t!' s!-04pe4e#t'r -04'#"t#0 "r%&t!' #e -04'#"t0r -0#tr0# '#0! DOO, 0"#0s#0-0#tr0# '-/0#'r '-/0#'rs-0 "r%&t!' /' -0+' s'4' 6'+e"#0 s' "r%4 /4' s'-0+4' "+e%+% 6'+e"#0zajedniko "e+0!'#+e, 0st!'r%+% -0#tr0# %pr'!+'- %t/'+ %"r%&t!% #' 0s#0!% -'pt' %e&@' #' 0s#0!% p0se#0 6'-+%e#0 %0!0r' #e 0st''#0!, 0"#0s#0 '-/0#'r 6'st%p#/ "r%&t!' '#0! %pr'!#0 0"0r', '#0!6!r 0"0r', '#0! #'"60r#0 0"0r', '#0! 0"0r' re!60r' #ter# re!60rDOO '-/0#'rs-0 "r%&t!' /' -0+' 4'+% %0!0r#' 0!'&@e#+' "' %pr'!+'+%p0s0!4' pr!re"#0 "r%&t!' -!"'/0# %pr'!#- pr!re"#0 "r%&t!' /' -0+' 4'+%"%9#0st pre4' pr!re"#04 "r%&t!%.

2.. Po'lo)n( knji(, ra:uno)o*'t)(n( i'pra)( i ;inan'ij'ki i4)j(taji2... P(s*("!& k!ji%&

S! pr!re"# s%+e-t "%9# s% "' !0"e p0s0!#e -#+e. P0s0!#e -#+epre"st'!+'+% +e"#00r'6#e e!"e#/+e 0 st'#+% pr04+e#'4' #' 40!#, 0'!e6'4' -'pt'%, pr$0"4' r's$0"4' pr!re"#$ s%+e-'t' %0p&te p'!#$ /' pre"%6et#-'.

Pr!re"# s%+e-t p0s0!#e pr04+e#e -#+9e #' r'%#4' pr0ps'#4 -0#t#40-!r04.

P0s0!#e -#+e s% "#e!#-, '!#' -#+' p040@#e -#+e. D#e!#- '!#'-#+' !0"e se p0 sste4% "!0+#0 -#+0!0"st!'. T0 6#' "' se s!'-' p0s0!#'pr04+e#' st0!re4e#0 -#+9 % st04 6#0s% #' e!0+ str'# duguje +e"#0 r'%#'

-0#t' "es#0+ str'# potrauje "r%0 "r%$ r'%#' 6r s!$ -#+9e#+' #' +e!4 "es#4 str'#'4' r'6t$ -0#t' 40r' "'t st 6#0s 60 t0' se pr4+e#04 sste4'"!0+#0 -#+0!0"st!' 0"4'$ p0-'6%+e "' s% -#+9e#+' !r&e#' spr'!#0. D#e!#- +ep0s0!#' -#+' % -0+% se %#0se p0s0!#e pr04+e#e pre4' re"0se"% #+$0!0 #'st'#-',0"#0s#0 pre4' re"0s+e"% pr+e4' r'%#0!0"st!e#e spr'!e. G'!#' -#+' se s'st0+ 0"-0#t' #' -0+' se -#+9e st'#+e pr04+e#e #' 40!#, 0'!e6'4', -'pt'%, pr$0"4' r's$0"4', -0+' +e p0"0' 6' s'st'!+'#+e ;#'#s+s-$ 6!+e&t'+'. U p040@#e -#+esp'"'+% -#+' ''+#e, -#+' 0s#0!#$ sre"st'!', '#'t-e e!"e#/+e 0 0p0tr'9!'#+4' 0'!e6'4', sr0!#'4' "r%04 4'ter+'%, re6er!#4 "+e0!4',st#04 #!e#t'r%, #e"0!r&e#0+ pr06!0"#+, 0t0!4 pr06!0"4' r0 "r. U "#e!#-''+#e se %#0se p0s0!#e pr04+e#e -0+e #'st'+% p0 0s#0!% 0t0!#e "r%$!r+e"#0st -0+e se !0"e % ''+# pr'!#0 /' pre"%6et#-'. D#e!#- ''+#e6'-+%%+e se #' -r'+% s!'-0 "'#' "0st'!+' se r'%#0!0"st!% st0, ' #'+-'s#+e#'re"#0 "'#'.

P0s0!#e -#+e !0"e se 6' p0s0!#% 0"#% -0+' +e +e"#'-' -'e#"'rs-0+.Ot!'r'#+e p0s0!#$ -#+' !r& se #' p0et-% p0s0!#e 0"#e #' 0s#0!% 6'-+%#0'#s' st'#+' pret$0"#e 0"#e. N0!00s#0!'#' pr'!#' /' pre"%6et#/ 0t!'r'+%p0s0!#e -#+e #' 0s#0!% '#s' 0s#!'#+' -0+ se s'st'!+' #' 0s#0!% p0ps' 40!#e

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0'!e6', s' st'#+e4 #' "'# %ps' % rest'r -0" 0r'#', 0"#0s#0 0r'#6'/+e #'"e9#e 6'!0?e#+e restr' pr!re"#$ s%+e-'t'.

P0s0!#e -#+e 6'-+%%+% se p0se -#+9e#+' s!$ p0s0!#$ pr04+e#' 0r'%#'#' -r'+% p0s0!#e 0"#e % t0-% p0s0!#e 0"#e % s%'+e!4' st't%s#$ pr04+e#',prest'#-' p0s0!'#+', % "r%4 s%'+e!4' 6'-0#04 pr0ps'#4. P0s0!#e -#+e -0+e

se -0rste !&e 0" +e"#e 0"#e 6'-+%%+% se p0 prest'#-% #+$0!0 -0r&@e#+'. P0s0!#e-#+e se 6'-+%%+% #'+-'s#+e "0 r0-' 6' "0st'!+'#+e ;#'#s+s-$ 6!+e&t'+'. U s%'+%0t!'r'#+' ste'+' -!"'/+e, p0s0!#e -#+e r'%#0!0"st!e#e spr'!e 6'ps#- sepre"'+% -!"'/0#04, 0"#0s#0 ste'+#04 %pr'!#-%. P0s0!#e -#+e pre"st'!+'+%+'!#e spr'!e. Pr!re"#' "r%&t!' pre"%6et#/ "%9#' s% "' !0?e#+e p0s0!#$ -#+'-'0 s'st'!+'#+e pre6e#t'/+% ;#'#s+s-$ 6!+e&t'+' !r&e % s-'"% s' Me?%#'r0"#4r'%#0!0"st!e#4 st'#"'r"4' Me?%#'r0"#4 st'#"'r"4' re!6+e.

2..2. 3i!a!sijski i"j&,taji

N' 0s#0!% p0"'t'-' 6 p0s0!#$ -#+', pr!re"# s%+e-t s'st'!+'+% pr-'6%+%;#'#s+s-e 6!+e&t'+e 6' te-%@% p0s0!#% 0"#% s' st'#+e4 #' "'# *1. "e/e4r' te-%@e

0"#e. Pr!re"# s%+e-'t -0" -0' #'st'#% st't%s#e pr04+e#e sp'+'#+e, p0"+e' 0"!'+'#+e pr0"'+', s'st'!+' ;#'#s+s-e 6!+e&t'+e #' "'# %t!r?e# % 0"%/ 0 pr04+e#,0"#0s#0 #' "'# %t!r?e# % %0!0r% 0 pr0"'+.

G0"+e ;#'#s+s-e 6!+e&t'+e %s!'+' s-%p&t#' pr!re"#0 "r%&t!'. Or'#%pr'!+'#+' 0"0!0r'# +e 6' st#t0 p0&te#0 pr-'6!'#+e ;#'#s+s-$ 6!+e&t'+'.


17/88

7. t' p0"r'6%4+e!'40 p0" p0+404 6'st%p'#+e pr!re"#0 "r%&t!'.8. K0 409e 6'-0#s- 6'st%p't DOO:. N'!e" /' -0+' 4'+% "%9#0st pre4' pr!re"#04 "r%&t!%=. t' pre"st'!+'+% p0s0!#e -#+e1>. O+'s#te p0+'4 "!0+#0 -#+0!0"st!'.

11. t' sp'"' % ;#'s+s-e 6!+e&t'+e3. OR!AKO DR%&!VO

3.. Poja1 i karakt(ri'tik(

Ort'-0 "r%&t!0 +e pr!re"#0 "r%&t!0 -0+e 0s#!'+% "!' !&e ;6-$ pr'!#$/' % s!0+st!% 0rt'-' "r%&t!' r'" 0'!+'#+' 0"re?e#e "+e't#0st p0" 6'+e"#-4p0s0!#4 4e#04.

Ort'-0 "r%&t!0 409e 0s#0!'t #'+4'#+e "!' 0s#!'' t0 +e %+e"#0 4#4''#r0+ '#0!' 0rt'-0 "r%&t!' '-0 sp'"#e #' s'40 +e"#0 '#', #e 409e 0pst't -'00rt'-0 "r%&t!0. T0 40% t ;6-' pr'!#' /', "04'@' str'#'. M'-s4''# r0+

'#0!' 0rt'-0 "r%&t!' #+e 6'-0#04 0r'#e#. Me?%t4, % pr'-s, 0rt'-' "r%&t!' s%,p0 pr'!%, "r%&t!' s' 4'4 r0+e4 '#0!' 0!0, pr+e s!e', 60 0"0!0r#0st 0rt'-'6' 0'!e6e "r%&t!' #e0r'#e#' 0"0!0r#0st '#0!' 6' 0'!e6e "r%&t!'. L/' -0+'0s#!'+% 0rt'-0 "r%&t!0, #'-0# 0s#!'#+', -'0 /' -0+' #'-#'"#0 prst%pe 0rt'-04"r%&t!% #'6!'+% se F 0rt'/.

Ort'-0 "r%&t!0 #'st'+e #' 0s#0!% %0!0r'. Pr'!# 0"#0s 64e?% 0rt'-', -'0 pr'!# 0"#0s 64e?% 0rt'-' 0rt'-0 "r%&t!' %re?%+% se %0!0r04 0 0s#!'#+% "r%&t!' %0!0r04 0rt'-' "r%&t!' p0st0+'#+e %0!0r' 0rt'-' "r%&t!' #+e 0'!e6#0, %6p0&t0!'#+e 4per't!#$ 6'-0#s-$ 0"re".

Ort'-0 "r%&t!0 4' s!0+% 40!#%. O#' +e !'s#&t!0 "r%&t!', "0- s% 0rt'/!'s#/ #'" "r%&t!04. I40!#' 0rt'-0 "r%&t!' +e pr'!#0 0"!0+e#' 0" 40!#e 0rt'-'.

U0 0rt'-' % 0rt'-0 "r%&t!0 40!#' +e 0rt'-0 "r%&t!', 0s4 0#$ st!'r -0+e s% "'te#' -0r&@e#+e "r%&t!% %6 6'"r9'#0 pr'!0 s!0+#e 0rt'-'. U 40!#% 0rt'-' %'6e pr'!'-0+' 0rt'- 4' % 0"#0s% #' "r%&t!0, ' #e 40!#' "r%&t!'. U pr'!#4 0"#0s4' s'tre@4 /4' #0s'/ pr'!' 0'!e6' +e s'40 "r%&t!0. Ort'-0 "r%&t!0 0"0!'r' 6' s!0+e0'!e6e /+e0-%p#04 s!0+04 40!#04. Me?%t4, 6' 0'!e6e "r%&t!' 0"0!'r'+% #+e0! '#0! 0rt'/ s0"'r#0 /+e0-%p#04 s!0+04 40!#04 "'-e, #e s'40 0#0440!#04 -0+% s% %#+e % "r%&t!0 #e0 0#04 40!#04 -0+% #s% %#+e % "r%&t!0,'-0 s' p0!+er0/e4 #+e "r%-+e %0!0re#0. (OPD, 6' r'6-% 0" "r%&t'!' -'pt'', -0"0rt'-0 "r%&t!' #e 6'$t+e!' p0st0+'#+e t6!. 4#4'#0 #0!'#0 "+e' 0s#0!#0-'pt'' 0!0, pre s!+e', %se" #e0r'#e#e s0"'r#e 0"0!0r#0st 0rt'-' /+e0-%p#04s!0+04 40!#04 6' 0'!e6e 0rt'-0 "r%&t!'.

3.2. O'ni)anj(Os#0!#e r'"#+e ;'6e -0" 0s#!'#+' 0rt'-0 "r%&t!' s% 6'-+%e#+e %0!0r' 0

0s#!'#+% "r%&t!', %p't' 0"#0s#0 %#0&e#+e %0' % "r%&t!0 restr'/+' "r%&t!'. Os4p04e#%t$, 0s#!'#+e 0rt'-0 "r%&t!' pr'te #e-e "r%e r'"#+e pr0/e#' !r+e"#0st#e#0!'#$ %0', 0"re?!'#+e 6'st%p'#-' "r%&t!', "r..

U0!0r 0 0s#!'#+% 0rt'-0 "r%&t!' +e 0s#!'- '-t najvii0p&t '-t "r%&t!'.U0!0r 0 0s#!'#+% 0rt'-0 "r%&t!' s'#+'!' se % ps4e#0+ ;0r4 p0tps%+% ' s!

1>


18/88

0s#!' "r%&t!'. P0tps 0s#!'' se 0!+er'!'+%. U0!0r 0 0s#!'#+% s'"r9 p0"'t-e 00s#!'4' p0s0!#0 4e se+"&te "r%&t!' "+e't#0st "r%&t!' 06#'e#+e !rste !r+e"#0st %0' 0rt'-' "r. 0"re"e 0 pr'!4' 0'!e6'4' 0s#!'', 0"#0s#0 0rt'-',%s0!4' #'#% %t!r?!'#+' r'sp0re?!'#+' "0t, p0s0!0?e#+% 6'st%p'#+%,0"%!'#+% 0rt'-', 64+e#'4' "0p%#'4' %0!0r' 0 0s#!'#+%, re&'!'#+% sp0r0!',

prest'#-% "r%&t!' s.. I64+e#e "0p%#e %0!0r' 0 0s#!'#+% !r&e se %6 s''s#0st s!$0rt'-' "r%&t!', '-0 t4 '-t04 #+e "r%-+e 0"re?e#0 0"re?e#04 !e@#04.

3.3. %lo

U0 0rt'-' % 0rt'-0 "r%&t!0 409e t % #0!/%, st!'r4', pr'!4', r'"% %s%'4', -0+ s% 6!r&e# tre' "' %"% 6!r&e#. U06 0rt'-' 40%, ' #e 40r'+% t+e"#'-e !r+e"#0st. ('-0#s-' pretp0st'!-' +e "' s% %06 0rt'-' +e"#'-e !r+e"#0stt'-0, #pr. '-0 se %0!0r04 0 0s#!'#+% %t!r" s'40 %-%p#' !r+e"#0st s!$ %0', e60"re?!'#+' !r+e"#0st p0+e"#'#$ %0' 0rt'-', 0#"' s% s! 0s#!'0rt'/ "%9# "'%#es% %0e +e"#'-e !r+e"#0st.

U06 %'6e % 40!#% 0rt'-0 "r%&t!', 0"#0s#0 s!0+#' s% "r%&t!' 0s4 st!'r

-0+e s% "'te #' -0r&@e#+e "r%&t!% %6 6'"r9'!'#+e pr'!' s!0+#e 0rt'-'F%''', -'"' se-'0 !r+e"#0st %0' %64' !r+e"#0st -0r&@e#+' t'-!e st!'r, 0s4 '-0 se #e r'" 0%0!0r% 0 6#%, 6'-%p% s., ' %'' "0+'+% s!0+st!0 0rt'-' s' 0"re?e#4 %"+e04% "r%&t!%. Ort'- 409e 4't +e"'# !&e %0', #' 0s#0!% -0+$ ste %"0 % "r%&t!%.

3.6. %*io i ra'polaanj( u*j(lo1

Ort'- 0rt'-0 "r%&t!' sr'64+er#0 s!04 unijetom%0% % 40!# "r%&t!' ste%"0 % "r%&t!% %"0 % -'pt'%, % pr'!4' 0'!e6'4'. S!'- 0rt'- #e6'!s#0 0" r0+',!rste !r+e"#0st %0' % "r%&t!0 4' +e"'# %"0. U"0 se 409e 6r'6t pr0/e#t04 r'604-04 pre"st'!+' 0"#0s %-%p#e !r+e"#0st s!$ %0' +e"#0 0rt'-' !r+e"#0st0s#0!#0 -'pt'' "r%&t!' p0 pr'!% +e t'+ 0"#0s pr0p0r/0#''#, ' 6%6et#0, s 06r04

#' s00"% %0!0r'#+' #e 40r' t, s t4 &t0 s% 6'r'#+e#e t6!. '!0!s-e-'%6%e!e-e #esr'64+er#0st.

3. 7. O*lu:i)anj( ortaka

U 0rt'-04 "r%&t!% 40%@e +e nije zabranjeno p0st0+'#+e s!$ p0+e"#$0r'#' -'0 -0" "r%&t'!' -'pt'' s-%p&t#', %pr'!# 0"0r, #'"60r# 0"0r. Me?%t4 t0% pr'-s #+e s%'+ 60 4'0 r0+' '#0!', 4'#+e 04' p0s0!', tr0&-0!'p0st0+'#+' 0r'#' "r%&t!' s.. Ot%"', #'# !r&e#+' ;%#-/+' s-%&t#e !'s#-';%#-/+', %pr'!#0 0"0r', %pr'!+'#+e, r%-0!0?e#+e #'"60r#0 0"0r' -0#tr0#';%#-/+' %re?%+e se %0!0r04 0 0s#!'#+% %0!0r04 0rt'-' "r%&t!', %6 p0&t0!'#+e4per't!#$ 6'-0#s-$ 0"re".

V's#-% ;%#-/+% % 0rt'-04 "r%&t!% !r&e s! 0rt'/. D+e0-r% 0!e ;%#-/+e0%$!'t', 64e?% 0st'0 0"%!'#+e 0 r'sp0"+e "0t s#0&e#+% %t'-', p0-ret'#+ep0st%p-' 6' s-+%e#+e 0rt'-' 6 "r%&t!', "'!'#+e 0"%64'#+e 0!'&@e#+' 6'p0s0!0?e#+e 6' 6'st%p'#+e, 0"%!'#+e 0 p0!e@'#+% s4'#+e#+% %0', pr+e4 #0!0'#' % "r%&t!0, st't%s#e pr04+e#e, pr04+e#' 0-' "r%&t!', 0"%-' 0 prest'#-% "r%&t!',"'!'#+e s''s#0st pr pre#0s% %"+e', "'!'#+e 0"0re#+' 6' 6'-+%e#+e p0s' 64e?%"r%&t!' 0rt'-', 64+e#e "0p%#e %0!0r' 0 0s#!'#+% "r.

11


19/88

Ort'/, p0 pr'!%, r'"e "0#0se 0"%-e #' s+e"#/. O"%-e 0 pt'#+4' -0+'pre"st'!+'+% re"0!#% "+e't#0st 0rt'-0 "r%&t!' "0#0se se !e@#04 0" %-%p#0 r0+''s0!' 0rt'-', "0- +e 6' 0"%-e 0 pt'#+4' -0+' s% 6!'# re"0!#e "+e't#0st "r%&t!',p0tre#' s''s#0st s!$ 0rt'-' 64+e#' %0!0r' 0 0s#!'#+%, st't%s#e pr04+e#e "r%&t!',%t!r?!'#+e "0"'t#$ 0'!e6' '#0!4' "r%&t!', prest'#'- "r%&t!', s., -'0 6' 0"%-e

0 pr+e4% #0!0 0rt'-' "r%&t!'.. U s%'+% -'"' s% %06, 0"#0s#0 %"+e 0rt'-' +e"#'-s!'- 0rt'- 4' +e"'# 's, ' % s%'+% -'" #s% +e"#'- 0#"' +e r0+ 's0!' sr'64+er'#%"+e4'.

U "0#0&e#+% 0"%-' #e %est!%+e 0rt'- '-0 p0st0+ #+e0!' 6'#teres0!'#0st %pre"4et% 0"%!'#+' 0"0r'!'#+e pr'!#0 p0s' s' "r%&t!04, p0-ret'#+e p0st%p-' 6'#+e0!0 s-+%e#+e 6 "r%&t!', 0"%64'#+e 0!'&@e#+' #' p0s0!0?e#+e 6'st%p'#+e s..

3. . Po'lo)o


20/88

0"re?%+e s'40 %e&@e % "0t s'40 %e&@e % s#0&e#+% %t'-', 0#' se, t'"', 0"#0s #' "0t #' %t'- 0!0 st0' &t0 +e %e&@e % p0"e "0t s#0&e#+% %t-' "r%&t!'4e?%s0#0 p0!e6'#0.

3.>. Pra)a i o5a)(4( ortaka

Pr'!# p009'+ 0rt'-' 0rt'-0 "r%&t!' t+. #+$0!' pr'!' 0'!e6e %re?%+% se (OPD+e s% 0"re"e prete9#0 "sp06t!#0 -'r'-ter', -'0 %0!0r04 0 0s#!'#+% "r%&t!' %0!0r04 0rt'-' "r%&t!' % s4s% 0per'60#'6'/+e pr'!' 0'!e6' 4per't!#0pr0ps'#$ 6'-0#04.

Os#0!#' pr'!' 0rt'-' s% %e&@e % "0 "0t "r%&t!' %e&@e % "0 r'sp0"+e-!"'/0#e ste'+#e 4'se #'-0# prest'#-' "r%&t!' ' p0 64re#+% 0'!e6' "r%&t!'pr'!0 r'sp0''#+' %"+e04 pr'!0 pree st/'#+' %"+e' pr-04 pre#0s' %"+e' pr'!0#' %e&@e % "0#0&e#+% 0"%-' vrenje vlasnike funkcije pr'!0 #' #'-#'"% tr0&-0!'-0+e +e 4'0 % 0'!+'#+% p0s0!' "r%&t!', ' -0+ s% #e0p$0"# s 06r04 #'0-0#0st p0s0!'#+ pr'!0 #' #;0r4s'#+e 0 r'"% "r%&t!' st'#+% p0s0!'#+' "r%&t!'pr'!0 #' st%p'#+e 6 "r%&t!' "r. p0"#0&e#+e t%9e 6' #'-#'"% &tete, p0+'#+e

#e6'-0#t$ 0"%-'.Os#0!#e 0'!e6e 0rt'-' s% '0!re4e#' %re"#' %p't' #0!'#0 %0',0"#0s#0 '0!re4e#0 %re"#0 %#0&e#+e #e#0!'#$ %0' potovanje dunosti premadrutvu "r. p0&t0!'#+e 0"re"'' %0!0r' 0 0s#!'#+%, p0&t0!'#+e 0"re"'' %0!0r'0rt'-' "r%&t!', "'!'#+e t6!. drugih doprinosa drutvu (#'+e&@e se 6r'9'!'+% % !r&e#+%0"re?e#$ ;'-t-$ r'"#+ 6' "r%&t!0, -'"' se te r'"#+e #e tretr'+% -'0 %0 % r'"% %s%'4' "r..

3.9. Pr('tanak ')oj't)a ortaka

D0 prest'#-' s!0+st!' '#' 0rt'-0 "r%&t!' "0'6 st%p'#+e4 6 "r%&t!',s-+%e#+e4, s4r@% 0rt'-' ;6-0 /', 0t!'r'#+e4 ste'+' #'" #e-4 0" 0rt'-'

pr'!#0 /', pre#0s04 %"+e' % /+e0st "r%04 /%, prest'#-04 0rt'-0 "r%&t!', "r.Ort'- 409e "' se p0!%e "0r0!0+#0 st%p 6 "r%&t!' p0"#0&e#+e4 ps'#00t-'6' 0 p0!'e#+%. Ps'# 0t-'6 se p0"#0s #'+4'#+e &est 4ese/ pre ste-' p0s0!#e0"#e, 0s4 '-0 +e 0s#!'-4 '-t04 "r%-+e 0"re?e#0 otkazni rok. Pr'!0 #'st%p'#+e #e 409e se 0r'#t #t s-+%t.

U"0 0rt'-' -0+ st%p 6 0rt'-0 "r%&t!' r'sp0"+e+%+e se 0st'4 0rt'/4' "r%&t!'#' +e"#'-e "+e0!e.

Ort'/ -0+ 0st'+% % "r%&t!% "%9# s% "' sp'te 0rt'-% -0+ st%p' 6 0rt'-0 "r%&t!'% #0!/% 0#0 &t0 0# pr40 #' 0s#0!% 0r'%#' -0+ se #'pr'!0 -'"' % !r+e4e#+e0!0 st%p'#+' "r%&t!0 prest'0 "' p0st0+, #e %64'+%@ % 06r te-%@e #e6'!r&e#ep0s0!e.

A-0 !r+e"#0st40!#e 0rt'-0 "r%&t!' #+e "0!0+#' 6' t0 "' se p0-r+% 0'!e6e"r%&t!', 0rt'- -0+ st%p' 6 "r%&t!' p'@' "r%&t!% "0 #ep0-r!e#0 6#0s' sr'64+er#0#+e0!04 %e&@% % %t-% "r%&t!'.

3.0. Pr('tanak orta:ko *rut)a

Ort'-0 "r%&t!0 prest'+e- ste-04 !re4e#' #' -0+e +e 0s#0!'#0 sp%#+e#+e4 /+' 0s#!'#+',- 0"%-04 0rt'-' 0 prest'#-%,

1*


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- #e0'!+'#+e4 p0s0!' #epre-"#0 % per0"% 0" "!+e 0"#e,- s%"s-04 0"%-04 0 prest'#-% - #'st%p'#+e4 0 -0+e "r%0 "0'?'+' 0"re?e#0 0s#!'-4 '-t04

%0!0r04 0rt'-' "r%&t!' -0+ 4' 6' p0s+e"/% prest'#'- "r%&t!'.A-0 0s#!'-4 '-t04 %0!0r04 0rt'-' "r%&t!' #+e "r%-+e 0"re?e#0,

s!0+st!0 0rt'-' % 0rt'-04 "r%&t!% prest'+e % s%'+%- s4rt 0rt'-',- 0t!'r'#+' ste'+' #'" #e-4 0" 0rt'-',- 0t-'6' #e-0 0rt'-',- "0#0&e#+' 0"%-e 0rt'-' % s-'"% s' 0s#!'-4 '-t04, %0!0r04 0rt'-'

"r%&t!' 0!4 6'-0#04 - % "r%4 s%'+e!4' 0"re?e#4 0s#!'-4 '-t04 %0!0r04 0rt'-'

"r%&t!'.

Kontrolna pitanja

1. N' -0+ #'# 6' 0'!e6e "r%&t!' 0"0!'r'+% #+e0! '#0! 0rt'/

2. t' pre"st'!+' %0!0r 0 0s#!'#+% 0rt'-0 "r%&t!'*. t' s!e 409e #t %0 0rt'-' % 0rt'-0 "r%&t!03. K0- +e %"0 +e"#0 0rt'-' % 40!# "r%&t!'5. K'-0 se "0#0se 0"%-e 0 pt'#+4' -0+' pre"st'!+'+% re"0!#%

"+e't#0st 0rt'-0 "r%&t!'7. K0 4' pr'!0 "' !0" p0s0!e % 0rt'-04 "r%&t!%8. K'-0 se r'sp0re?%+e "0t 4e?% 0rt'/4' "r%&t!':. K0+' s% 0s#0!#' pr'!' 0rt'-'=. K'"' "0'6 "0 prest'#-' s!0+st!' '#' 0rt'-0 "r%&t!'1>. N'!e" #'+4'#+e "!' r'60' prest'#-' r'"' 0rt'-0 "r%&t!'.11. N'!e" r'6-% 64e?% -04pe4e#t'r' I -04'#"t0r'.

12. M09e -04'#"t0r !r&t !0?e#+e p0s0!' "r%&t!'1*. t' 40% %r'"t -04'#"t0r '-0 6 "r%&t!' st%pe s! -04pe4e#'t, ' #0!

-04pe4e#t'r #s% pr4+e#

6. KOMANDI!NO DR%&!VOK04'#"t#0 "r%&t!0 +e pr!re"#0 "r%&t!0 -0+e 0s#!'+% "!' !&e ;6-$

pr'!#$ /' % s!0+st!% 0rt'-', r'" 0'!+'#+' 0"re?e#e "+e't#0st, p0" 6'+e"#-4p0s0!#4 4e#04, 0" -0+$ #'+4'#+e +e"#0 /e 0"0!'r' #e0r'#e#0 6' #+e0!e0'!e6e -04pe4e#t'r, ' #'+4'#+e +e"#0 /e s#0s r6- "0 !s#e s!0 %0!0re#0%0' -04'#"t0r.

K04'#"t#0 "r%&t!0 6' s!0+e 0'!e6e 0"0!'r' /+e0-%p#04 40!#04.

N' -04'#"t#0 "r%&t!0 pr4+e#+%+% se 0"re"e 6'-0#' 0 0rt'-04 "r%&t!%, '-0(OPD F 04 #+e "r%'+e %re?e#0.

K04pe4e#t'r 4'+% st't%s 0rt'-' 0rt'-0 "r%&t!', '-0 0!4 (OPD F 04 #+e"r%'+e %re?e#0.

O'ni)a:ki akt ko1an*itno *rut)a s'"r9 #'r0t0' p%#0 4e pre!'&te s!'-0 ;6-0 /' p0s0!#0 4e s+e"&te pr'!#0 /'

-04pe4e#t'r' -04'#"t0r', -'0 06#'e#+e s!0+st!' 0rt'-', p0s0!#0 4e s+e"&te "r%&t!',

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/ 06#'e#+e !rste !r+e"#0st %0' s!'-0 0s#!'' " "+e't#0st.Os#!'- '-t -04'#"t#0 "r%&t!' 409e "' s'"r9 "r%e ee4e#te 0" 6#''+' 6'

"r%&t!0 -04pe4e#t're.Os#!'- '-t -04'#"t#0 "r%&t!' 4+e#+' se s''s#0&@% s!$ -04pe4e#t'r'

-04'#"t0r' "r%&t!', '-0 t4 '-t04 #+e "r%'+e 0"re?e#0.I64+e#e 0s#!'-0 '-t' -04'#"t#0 "r%&t!' -0+4' se p0!e@'!'+% 0'!e6e0rt'-' "r%&t!' 0"re?e#e t4 '-t04 -0+4' se 0"re?%+% #0!e 0'!e6e 0rt'-' "r%&t!',!r&e se %6 s''s#0st 0rt'-' "r%&t!' #' -0+e se te 64+e#e 0"#0se.

1.. U%("(r (rtaka dr$,t"a

P0re" 0s#!'-0 '-t', -04'#"t#0 "r%&t!0 409e 4't %0!0r 0rt'-' "r%&t!'-0+4 se 0"re?%+e p0s0!'#+e "r%&t!' %pr'!+'#+e.

U0!0r 0rt'-' -04'#"t#0 "r%&t!' #e pr'9e se %6 pr+'!% 6' restr'/+%.U0!0r 0rt'-' -04'#"t#0 "r%&t!' s'#+'!' se % ps'#0+ ;0r4 p0tps%+% ' s!

0rt'/.

U0!0r 0rt'-' -04'#"t#0 "r%&t!' pr04+e#e %0!0r' 4'+% pr'!#0 "e+st!0 4e?%0rt'/4' "'#04 p0tps!'#+' s!$ 0rt'-', '-0 t4 %0!0r04 #+e "r%'+e 0"re?e#0.U s%'+% #e%s-'?e#0st 64e?% 0s#!'-0 '-t' -04'#"t#0 "r%&t!' %0!0r'

0rt'-' "r%&t!', pr4+e#+%+e se 0s#!'- '-t.

1.2. Pra"!i (d!(si 0&4$ (rta'i0a i i0&4$ (rtaka i dr$,t"a

U*(%

U0 -04'#"t0r' % -04'#"t#0 "r%&t!0 409e t #0!'# #e#0!'#,%-+%%+%@ 6!r&e# r'" %s%e % -04'#"t#04 "r%&t!%.

K04'#"t0r % -04'#"t#0 "r%&t!0 %#0s /+e %0!0re# %0 pr+e st/'#+' s!0+st!'

-04'#"t0r'.Pr&!(s $dj&*a

K04pe4e#t'r -04'#"t#0 "r%&t!' #e 409e pre#+et /+e %"+e "0 s!0%"+e' e6 s''s#0st s!$ -04'#"t0r' -04pe4e#t'r'.

K04'#"t0r -04'#"t#0 "r%&t!' 409e pre#+et "0 s!0 %"+e' /+e s!0+ %"0pr0"'+04, p0-0#04, #'s+e?e4 #' "r% #'#.

D()it i %$)itak

K04'#"t0r -04pe4e#t'r %est!%+% % "0 "0t s#0&e#+% %t-' "r%&t!'sr'64+er#0 pr0/e#t% %"+e' % "r%&t!%.

V(4&!j& p(s*("a dr$,t"aJe"'# !&e -04e4e#t'r' !0"e p0s0!e -04'#"t#0 "r%&t!'.K04'#"t0r #e 409e !r&t !0?e#+e p0s0!' "r%&t!'.

1.-. Pra"!i (d!(si k(0a!dit!(% dr$,t"a i (rtaka pr&0a tr&+i0 *i'i0a

5ast$pa!j&K04'#"t0r #e 409e "' 6'st%p' -04'#"t#0 "r%&t!0 pre4' tre@4 /4'.S*$#aj&"i (d%("(r!(sti k(0a!dit(ra ka( k(0p*&0&!tara

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K04'#"t0r 0"0!'r', -'0 -04pe4e#t'r pre4' tre@4 /4' '-0 +e #+e0!0 4e%6 #+e0!% s''s#0st %#ese#0 % p0s0!#0 4e -04'#"t#0 "r%&t!'.

Pro1j(n( u :lan't)u i 'tatu' *rut)a

Ok(!#a!j& stat$sa (rtaka i pr(0j&!a pra"!& 6(r0&

K04'#"t#0 "r%&t!0 #e prest'+e % s%'+% s4rt -04'#"t0r', -'0 # % s%'+%prest'#-' -04'#"t0r' -0+ #+e ;6-0 /e.A-0 6 -04'#"t#0 "r%&t!' st%pe s! -04pe4e#t'r ' #0! -04pe4e#t'r #s%

pr4+e# % r0-% 0" => "'#' 0" "'#' st%p'#+' p0s+e"#+e -04pe4e#t'r', -04'#"t0r40% % "'+e4 r0-% 0" => "'#' "0#+et +e"#0's#0 0"%-% 0 pr04+e# pr'!#e ;0r4e %"r%&t!0 s 0r'#e#04 0"0!0r#0&@% '-/0#'rs-0 "r%&t!0, % s-'"% s' 0!4 6'-0#04.

A-0 -04'#"t0r -04'#"t#0 "r%&t!' #e "0#es% 0"%-% 0 pr04+e# pr'!#e ;0r4e% "r%&t!0 s 0r'#e#04 0"0!0r#0&@% '-/0#'rs-0 "r%&t!0, -04'#"t#0 "r%&t!0prest'+e -!"'/+04, % s-'"% s' 6'-0#04.

A-0 6 -04'#"t#0 "r%&t!' st%pe s! -04'#"t0r, -04'#"t#0 "r%&t!0 409e#'st'!t "' p0s%+e -'0 0rt'-0 "r%&t!0 -'0 pre"%6et#-.

Kontrolna pitanja

1. N'!e" r'6-% 64e?% -04pe4e#t'r' -04'#"t0r'.2. M09e -04'#"t0r !r&t !0?e#+e p0s0!' "r%&t!'*. t' 40% %r'"t -04'#"t0r '-0 6 "r%&t!' st%pe s! -04pe4e#'t, ' #0!

-04pe4e#t'r #s% pr4+e#

7. DR%&!VO S O?RANI"NOM OD?OVORNO&@%

7.. Poja1 i karakt(ri'tik(

Dr%&t!0 s 0r'#e#04 0"0!0r#0&@% DOO +e pr!re"#0 "r%&t!0 -0+e 0s#!'

+e"#0 !&e pr'!#$ ;6-$ /', % s!0+st!% '#0!' "r%&t!', r'" 0'!+'#+'0"re?e#e "+e't#0st p0" 6'+e"#-4 p0s0!#4 4e#04Dr%&t!0 s' 0r'#e#04 0"0!0r#0&@% 0"0!'r' 6' s!0+e 0'!e6e /+e0-%p#04

40!#04.)'# "r%&t!' s' 0r'#e#04 0"0!0r#0&@% #e 0"0!'r' 6' 0'!e6e "r%&t!', 0s4

"0 6#0s' #e%#ese#0 %0' % 40!#% "r%&t!' "'-e, 6' 0'!e6e DOO 0"0!'r' s'400#'+ '# "r%&t!' -0+ +e %ps'0 %0 ' #+e ' s''s#0 6'-0#%, 0"#0s#0 0s#!'-04 '-t%%p't0, 0"#0s#0 %#0 t0 % !s# r'6-e %0' -0+ "%%+e "r%&t!%.

Dr%&t!0 s' 0r'#e#04 0"0!0r#0&@% 409e 4't #'+!&e 5> '#0!'.A-0 se r0+ '#0!' "r%&t!' s' 0r'#e#04 0"0!0r#0&@% p0!e@' 6#'" r0+' 5>,

' #e !&e 0" 1>> '#0!', '-0 se t'+ r0+ 0"r9 % per0"% "%9e4 0" 0"#% "'#', t0

"r%&t!0 4+e#+' pr'!#% ;0r4% % ;0r4% 6't!0re#0 '-/0#'rs-0 "r%&t!'.7.2. O'ni)a:ki akt i uo)or :lano)a *rut)a

Os!i"a#ki akt

Os#!'- '-t "r%&t!' s' 0r'#e#04 0"0!0r#0&@% s'"r9' p%#0 4e pre!'&te s!'-0 ;6-0 /' p0s0!#0 4e s+e"&te s!'-0

pr'!#0 /' '#' "r%&t!',

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25/88

-'pt'' 0"r9'!'#+e s-%p&t#e '#0!' "r%&t!' s' 0r'#e#04 0"0!0r#0&@% -0"%t-' -0+ #e pre'6 5> 0s#0!#0 -'pt'' "r%&t!'.

7.6. %lo

U0 % "r%&t!0 s' 0r'#e#04 0"0!0r#0&@% 409e t #0!'# #e#0!'#,

%-+%%+%@ 6!r&e# r'" pr%9e#e %s%e "r%&t!%.U06 '#0!' "r%&t!' s' 0r'#e#04 0"0!0r#0&@% #e 40r'+% t +e"#'-e!r+e"#0st.

U06 % "r%&t!0 s' 0r'#e#04 0"0!0r#0&@%, #0!'# #e#0!'#, %'9% se %"r%&t!0 % s-'"% s' 0s#!'-4 '-t04 "r%&t!'.

7.7. %*io

)'# "r%&t!' s' 0r'#e#04 0"0!0r#0&@% ste %"0 % 0s#0!#04 -'pt'% "r%&t!'sr'64+er#0 !r+e"#0st %0'.

)'# "r%&t!' s' 0r'#e#04 0"0!0r#0&@% 409e 4't +e"'# %"0 % "r%&t!%.A-0 '# "r%&t!' s' 0r'#e#04 0"0!0r#0&@% ste-#e +e"'# !&e %"+e', t %"+e

se sp'+'+% s' p0st0+e@4 %"+e04 6'+e"#0 #e +e"'# %"0. U"0 se 409e 6r'6tpr0/e#t04 r'604-04 pre"st'!+' 0"#0s %-%p#e !r+e"#0st s!$ %0' +e"#0 '#'% 0"#0s% #' %0e "r%$ '#0!' !r+e"#0st 0s#0!#0 -'pt'' "r%&t!'.

U"+e "r%&t!' s' 0r'#e#04 0"0!0r#0&@% #s% $'rt+e 0" !r+e"#0st.U"+e "r%&t!' s' 0r'#e#04 0"0!0r#0&@% #e 40% se st/'t, #t se #+4' 409e

r'sp0''t %p%@!'#+e4 +'!#e p0#%"e.Dr%&t!0 s' 0r'#e#04 0"0!0r#0&@% 6"'+e s!'-04 '#% "r%&t!' p0t!r"% -'0

"0-'6 '#st!' #+e0!0 %"+e', '-0 0s#!'-4 '-t04 %0!0r04 '#0!' "r%&t!'#+e "r%'+e 0"re?e#0.

7.7.. Di()a $dj&*a

U"0 '#' DOO 409e se p0"et dioba udjela. U"0 se 409e p0"et % s%'+%#'se?!'#+', pr'!#0 se"e#&t!' '#' pre#0s' %"+e'. Os#!'-4 '-t04 %0!0r04 '#0!' "r%&t!' 409e se s-+%t "0' %"+e' se 409e "06!0t s'40 %0"re?e#4 s%'+e!4' -'0 &t0 +e pre#0s %"+e' "!0+/ !e@e4 r0+% /' #pr. % !e6 s'pr'!04 pree st/'#+' -0" pre#0s' %"+e'. Is-+%e#+e "0e %"+e' % s%'+% s4rt '#'"r%&t!' st0 st't%s#$ pr04+e#' #e 6#' #e40%@#0st #'se?!'#+', !e@ -0#stt%s'#+es%s!0+#e #' %"+e% suvlasnitvo udjela.

7.7.2. P("*a#&!j& i p(!i,t&!j& $dj&*a

Dr%&t!0 s' 0r'#e#04 0"0!0r#0&@% 409e p0!%@ p0#&tt %"+ee % s%'+e!4'0"re?e#4 0s#!'-4 '-t04 %0!0r04 '#0!' "r%&t!'.

O"%-% 0 p0!'e#+% p0#&te#+% %"+e' "0#0s s-%p&t#' '#0!' "r%&t!' s'0r'#e#04 0"0!0r#0&@%, '-0 0s#!'-4 '-t04 %0!0r04 '#0!' "r%&t!' #+e"r%'+e 0"re?e#0.

O"%-' s-%p&t#e '#0!' "r%&t!' s' 0r'#e#04 0"0!0r#0&@% 0 p0!'e#+% p0#&te#+% %"+e' s'"r9 0s#0! p0!'e#+' p0#&te#+', 6#0s -0+ se p'@' '#% + +e%"0 p0!%e# p0#&te# "e+st!0 p0#&te#+' #' 0s#0!# -'pt' "r%&t!'.

O"%-' 0 p0!'e#+% p0#&te#+% %"+e' %#0s se % -#+% 0"%-'.

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)'# "r%&t!' s' 0r'#e#04 0"0!0r#0&@% + +e %"0 p0!%e# p0#&te# %pr'!' 0'!e6e -0+e +e 4'0 p0 0s#0!% t0 %"+e'.

7.7.-. Pr&!(s $dj&*a

U"0 '#' "r%&t!' s' 0r'#e#04 0"0!0r#0&@% 409e se s00"#0 pre#0st, '-0

(OPD, 0s#!'-4 '-t04 %0!0r04 '#0!' "r%&t!' #+e "r%'+e %re?e#0, t0' "r%04 '#% "r%&t!' "r%&t!%, s%pr%9#-% pre#0s0/', r't%, sestr, pret-%, p0t04-% s%pr%9#-% p0t04-',/ 6'-0#s-04 6'st%p#-% #'s+e"#-% '#' "r%&t!' #'-0# #+e0!e s4rt " st't%s#04 pr04+e#04 % s-'"% s' 0!4 6'-0#04.

7.7.1. Pra"( pr&% sti'a!ja $dj&*a dr$,t"a

)'# "r%&t!' s' 0r'#e#04 0"0!0r#0&@% pr+e #e0 &t0 p0#%" s!0+ %"0 "0%"+e' tre@e4 /% -0+e #+e /e 6 '#' 12>. (OPD, "%9'# +e "' t'+ %"0 "0 %"+e'p0#%" "r%&t!%.

A-0 "r%&t!0 #e s-0rst pr'!0 pree st/'#+' % r0-% 0"re?e#04 0s#!'-4 '-t04

%0!0r04 '#0!' "r%&t!', 0 e4% 0"%-% "0#0s s-%p&t#' '#0!' "r%&t!', p0#%"'se "0st'!+' "r%4 '#0!4' "r%&t!', % s-'"% s' 0s#!'-4 '-t04 %0!0r04'#0!' "r%&t!'.

A-0 "r%&t!0 s' 0r'#e#04 0"0!0r#0&@%, 0"#0s#0 '#0! "r%&t!' #e 0'!+este'#' "r%&t!' -0+ pr0"'+e %"0 0 0"%/ % r0-% %t!r?e#04 0s#!'-4 '-t04 %0!0r04 '#0!' "r%&t!', s4'tr' se "' +e p0#%"' 0"+e#'.

Dr%&t!0 s' 0r'#e#04 0"0!0r#0&@%, 0"#0s#0 '#0! "r%&t!' 40% "'tpr0t!p0#%"% '#% "r%&t!' -0+ #%" pr0"'+% %"+e', ' '# 40r' "'t "r%&t!%, 0"#0s#0'#0!4' "r%&t!' ps'#0 0'!+e&te#+e 0 pr$!'t'#+% pr0t!p0#%"e % r0-% 0" "eset "'#'0" "'#' pr+e4' pr0t!p0#%"e, ' '-0 '# "r%&t!' -0+ #%" pr0"'+% %"+e' #e 0"0!0r %t04 r0-%, s4'tr' se "' +e pr0t!p0#%"' 0"+e#'.

Dr%&t!0 s' 0r'#e#04 0"0!0r#0&@% -0+e pr$!'t p0#%"% 6' st/'#+e %"+e' '#'"r%&t!', 409e r'sp0"+et "0 /0 stee# %"0 +e"#04 !e@e4 r0+% '#0!' "r%&t!''-0 s! '#0! "r%&t!' -0+ s% 's' 6' st/'#+e %"+e' 0"0re t'-!% r'sp0"+e%. A-0"r%&t!0 s' 0r'#e#04 0"0!0r#0&@% #e 409e 60 0r'#e#+' p'@'#+' 0"re?e#$0!4 6'-0#04 "' 6!r& st/'#+e %"+e' '#' "r%&t!', '#0! "r%&t!' -0+ s% 's' 6'-%p0!#% %"+e' 0'!e6# s% "' -%pe %"0 sr'64+er#0 s!04 %"+e% % 0s#0!#04 -'pt'%"r%&t!'.

A-0 +e p0#%"' '#' "r%&t!' s' 0r'#e#04 0"0!0r#0&@% "r%&t!%, 0"#0s#0'#0!4' "r%&t!' 6' st/'#+e %"+e' 0"+e#', t'+ '# "r%&t!' 409e pre#+et s!0+ %"0 "0 p0#%?e#0 %"+e' tre@e4 /% p0 /+e# % s-'"% s' "r%4 %s0!4' s!0+e p0#%"e"r%&t!%, 0"#0s#0 '#0!4' "r%&t!' p0 !&0+ /+e#, % r0-% 0" 7> "'#' 0" "'#'

0'!+e&te#+' 0 0"+'#+% #+e0!e p0#%"e 0" "r%&t!' '#0!' "r%&t!', 0"#0s#0 0" "'#'st/'#+' r0-' 6' 0'!+e&t'!'#+e 0 0"%/ s-%p&t#e '#0!' "r%&t!' '#0!' "r%&t!'%t!r?e#0 0s#!'-4 '-t04 %0!0r04 '#0!' "r%&t!'.

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7.. Orani *rut)a ' orani:(no1 o*o)ornou

7... Str$kt$ra

Or'# DOO s% s-%p&t#', "re-t0r %pr'!# 0"0r, #ter# re!60r 0"0rre!60r' '-0 +e pre"!?e#0 0s#!'-4 '-t04 %0!0r04 '#0!' "r%&t!'p0st0+'#+e

#'"60r#0 0r'#' #+e 0'!e6#0.7..2. Sk$p,ti!a

P(ja0 i p(st(ja!j&

)'#0! "r%&t!' s' 0r'#e#04 0"0!0r#0&@% #e s-%p&t#%.U "r%&t!% s' 0r'#e#04 0"0!0r#0&@% s' +e"#4 '#04, 0!'&@e#+' s-%p&t#e

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5. K'-0 se 6r'9'!' %"0 '#' "r%&t!' s' 0r'#e#04 0"0!0r#0&@%7. K0+' +e 0'!e6' '#' "r%&t!' s' 0r'#e#04 0"0!0r#0&@% pr+e #e0 &t0p0#%" s!0+ %"0 "0 %"+e' tre@e4 /%

8. K0 # s-%p&t#% "r%&t!' s' 0r'#e#04 0"0!0r#0&@%:. U -0+4 s%'+e!4' se "r9 s+e"#/' s-%p&t#e '#0!' "r%&t!' s' 0r'#e#04

0"0!0r#0&@%=. K'"' se s'6!' !'#re"#' s+e"#/' s-%p&t#e '#0!' "r%&t!' s' 0r'#e#04

0"0!0r#0&@%1>. K'-0 '#0! "r%&t!' s' 0r'#e#04 0"0!0r#0&@% r'+% "re-t0r' '#0!e

%pr'!#0 0"0r'11. K'-0 se r' pre"s+e"#- %pr'!#0 0"0r' "r%&t!' s' 0r'#e#04

0"0!0r#0&@%12. K0-0 p%t' 0"+e se 0"r9'!'+% re"0!#e s+e"#/e %pr'!#0 0"0r' "r%&t!' s'0r'#e#04 0"0!0r#0&@%

1*. K'-0 se "0#0se 0"%-e %pr'!#0 0"0r' "r%&t!' s' 0r'#e#04 0"0!0r#0&@%13. N' -0+ #'# se r' #ter# re!60r "r%&t!' s' 0r'#e#04 0"0!0r#0&@%15. N'!e" #'+4'#+e "!' r'60' pret'#-' s!0+st!' '#' "r%&t!' s' 0r'#e#04

0"0!0r#0&@%

. AKIONARSKO DR%&!VO

. . Poja1 i karakt(ri'tik(

P(ja0 i (d%("(r!(st a ()a"&&A-/0#'rs-0 "r%&t!0 % s4s% 0!0 6'-0#' +este pr!re"#0 "r%&t!0 -0+e 0s#!'

+e"#0 !&e pr'!#$ ;6-$ /' % s!0+st!% '-/0#'r' r'" 0'!+'#+' 0"re?e#e"+e't#0st, p0" 6'+e"#-4 p0s0!#4 4e#04, + +e 0s#0!# -'pt' %t!r?e# p0"+e+e# #' '-/+e.

A-/0#'rs-0 "r%&t!0 0"0!'r' 6' s!0+e 0'!e6e /+e0-%p#04 40!#04.

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A-/0#'r '-/0#'rs-0 "r%&t!' #e 0"0!'r'+% 6' 0'!e6e "r%&t!', 0s4 "0 6#0s'%0!0re#0 ' #e%p'@e#0 %0' % 40!#% "r%&t!', % s-'"% s' (OPD.

A-/0#'rs-0 "r%&t!0 40% 0s#0!'t ;6-' pr'!#' /', "04'@' str'#'. L/' -0+'0s#!'+% '-/0#'rs-0 "r%&t!0 #'-0# restr'/+e, -'0 /' -0+' #'-#'"#0 prst%pe'-/0#'rs-04 "r%&t!% #'6!'+% se F '-/0#'r. A-/0#'rs-0 "r%&t!0 409e t +e"#0'#0

s'40 6't!0re#0 '-/0#'rs-0 "r%&t!0 !&e'#0.A-/0#'rs-0 "r%&t!0 4' s!0+% 40!#%. O#' +e !'s#&t!0 "r%&t!', "0- s%'-/0#'r !'s#/ #'" "r%&t!04. I40!#' "r%&t!' 0"!0+e#' +e 0" 40!#e '-/0#'r'"r%&t!'. U0 '-/0#'r' 40!#' +e "r%&t!' 0s4 0#$ st!'r -0+e s% "'te #' -0r&@e#+e"r%&t!% %6 6'"r9'#0 pr'!0 s!0+#e, ' '-/0#'r ste '-/+e pr'!' -0+' 6 '-/+e, -'0'#st!', pr06'6e. U 40!#% '-/0#'r' "r%&t!' %'6e pr'!' -0+' '-/0#'r 4' % 0"#0s%#' "r%&t!0, ' #e 40!#' "r%&t!'. U pr'!#4 0"#0s4' s' tre@4 /4' #0s'/ pr'!' 0'!e6' +e s'40 "r%&t!0. Dr%&t!0 #e 0"0!'r' 6' 0'!e6e s!0+$ '#0!' F '-/0#'r',-'0 &t0 # '-/0#'r #e 0"0!'r'+% 6' 0'!e6e "r%&t!' pers0#'#04 40!#04, !e@ s'40s#0se r6- p0s0!'#+' "r%&t!' "0 !r+e"#0st s!0 %0' % "r%&t!0 0s4 "0 6#0s'%0!0re#0 ' #e%p'@e#0 %0' % 40!#% "r%&t!'.

A-/0#'rs-0 "r%&t!0 4' 0s#0!# -'pt' 4#4%4 +e pr0ps'# 6'-0#04 -0+ +e%t!r?e# p0"+e+e# #' '-/+e 0"re?e#e #04#'#e r'%#0!0"st!e#e !r+e"#0st pre"st'!+' 6r !r+e"#0st s!$ '-/+'. A-/+' pre"st'!+' $'rt+% 0" !r+e"#0st -0+% +e6"'0 '-/0#'rs-0 "r%&t!0 /% -0+e +e %090 sre"st!' % 0s#0!# -'pt' "r%&t!'. T0 +e,t'-0?e, spr'!' -0+04 se "0-'6%+e '#st!0 % "r%&t!% % -0+0+ s% s'"r9'#' pr'!''-/0#'r', -'0 '#' "r%&t!'. A-/0#'r 409e 4't +e"#% !&e '-/+', 6'!s#0 0"!r+e"#0st s!0 %0'. Pre#0s '-/+' +e, p0 pr'!%, s00"'#.

A-/0#'rs-0 "r%&t!0 #'st'+e #' 0s#0!% 0s#!'-0 '-t' 0"%-' 0 0s#!'#+%, '-0"r%&t!0 0s#!' +e"#0 /e, 0"#0s#0 %0!0r 0 0s#!'#+%, '-0 "r%&t!0 0s#!' "!' !&e/'. P0re" 0s#!'-0 '-t' '-/0#'rs-0 "r%&t!0 409e "' 4' st't%t -0+4 se 9e%re?%+e p0s0!'#+e %pr'!+'#+e "r%&t!04.

A-/0#'rs-0 "r%&t!0 p0s%+e p0" 6'+e"#-4 p0s0!#4 4e#04 409e t re'#0,e&@e, pers0#'#0, re?e.

A-/0#'rs-0 "r%&t!0 0s#!' se p0st0+ r'" 0'!+'#+' 0"re?e#e "+e't#0st, % /+%st/'#+' "0t. K'-0 se r'" 0 pr!re"#04 "r%&t!%, '-/0#'rs-0 "r%&t!0 se '!pr!re"#04, pr0;t#04 "+e't#0&@%. A-/0#'rs-0 "r%&t!0 +e +e"# 0- pr!re"#0"r%&t!' -0+ se 409e '!t 0 -0+04 pr!re"#04 "+e't#0&@%.

A-/0#'rs-0 "r%&t!0 +e pr'!#0 /e. Pr'!# s%+e-t!tet ste %ps04 % rest'rpr!re"#$ s%+e-'t'.

. 2. Vr't( ak-ionar'ki+ *ruta)a

A-/0#'rs-0 "r%&t!0 409e t 6't!0re#0 0t!0re#0.

A-0 % 0s#!'-04 '-t% #+e #'!e"e#' !rst' '-/0#'rs-0 "r%&t!', '-/0#'rs-0"r%&t!0 +e 0t!0re#0.

.2.. 5at"(r&!( dr$,t"(

('t!0re#0 '-/0#'rs-0 "r%&t!0 +e "r%&t!0 +e se '-/+e 6"'+% s'40 #+e0!40s#!'4' 0r'#e#04 r0+% "r%$ /', % s-'"% s' 6'-0#04.

('t!0re#0 '-/0#'rs-0 "r%&t!0 409e 4't #'+!&e 1>> '-/0#'r'.

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34/88

A-0 se r0+ '-/0#'r' 6't!0re#0 '-/0#'rs-0 "r%&t!' p0!e@' 0"r9 6#'" 1>>'-/0#'r' % per0"% "%9e4 0" 0"#% "'#', t0 "r%&t!0 p0st'+e 0t!0re#0 "r%&t!0.

('t!0re#0 "r%&t!0 #e 409e !r&t %ps '-/+' +'!#04 p0#%"04 #' "r% #'##%"t s!0+e '-/+e +'!#4 p%te4.

('t!0re#0 '-/0#'rs-0 "r%&t!0 409e p0st't 0t!0re#0 "r%&t!0, 0"#0s#0 0t!0re#0

'-/0#'rs-0 "r%&t!0 409e p0st't 6't!0re#0 '-/0#'rs-0 "r%&t!0, % s-'"% s' 0!46'-0#04 pr0ps4' -0+4' se %re?%+e tr9&te $'rt+' 0" !r+e"#0st.Pret!'r'#+e 6't!0re#0 '-/0#'rs-0 "r%&t!' % 0t!0re#0 '-/0#'rs-0 "r%&t!0,

0"#0s#0 0t!0re#0 '-/0#'rs-0 "r%&t!' % 6't!0re#0 '-/0#'rs-0 "r%&t!0, !r& se64+e#04 0s#!'-0 '-t' #e s4'tr' se pr04+e#04 pr'!#e ;0r4e pr!re"#0 "r%&t!', %s4s% 0!0 6'-0#'.

(' pret!'r'#+e 6't!0re#0 '-/0#'rs-0 "r%&t!' % 0t!0re#0 '-/0#'rs-0 "r%&t!0,0"#0s#0 0t!0re#0 '-/0#'rs-0 "r%&t!' % 6't!0re#0 '-/0#'rs-0 "r%&t!0 p0tre#0 +e0"0re#+e!omisije za hartije od vrijednosti, % s-'"% s' pr0ps4' -0+4' se %re?%+etr9&te $'rt+' 0" !r+e"#0st.

.2.2. Ot"(r&!( dr$,t"(

A-/0#'rs-0 "r%&t!0 s4'tr' se 0t!0re#4 '-0 0s#!' %#e +'!# p06! 6' %ps %p't% '-/+' % !r+e4e 0s#!'#+' "r%&t!',0"#0s#0 '-0 t'-'! p06! %# "r%&t!0 #'-0#0s#!'#+'.

J'!# p06! 409e se !r&t +'!#04 p0#%"04 pr0spe-t04 % s-'"% s' 0!46'-0#04 6'-0#04 -0+4 se %re?%+e tr9&te $'rt+' 0" !r+e"#0st.

Ot!0re#0 '-/0#'rs-0 "r%&t!0 %!r&t'!' se #' er6% "r%' %re?e#' +'!#' tr9&t' %s-'"% s' 6'-0#04 -0+4 se %re?%+e tr9&te $'rt+' 0" !r+e"#0st.

Ot!0re#0 '-/0#'rs-0 "r%&t!0 #e 409e 0r'#t pre#0s '-/+'.

Upis i $p*ata ak'ija i (s!i"a#k& &0isij& (t"(r&!(% dr$,t"a

Os#!'-' pr!' e4s+' '-/+' 0t!0re#0 "r%&t!' +e %sp+e' '-0 se p0#%?e#e'-/+e 6 +'!#e p0#%"e pr0spe-t' %p&% % r0+% -0+ +e -'0 %sp+e&'# %ps pre"!?e#+'!#04 p0#%"04 -0+ +e -'0 t'-'! 06#'e# % pr0spe-t%, 0"#0s#0 '-0 se %ps'#e '-/+e%p'te #'+4'#+e % 6#0s% 0"re?e#04 (OPDF%.

A-0 se '-/+e 6 +'!#e p0#%"e pr0spe-t' #e %p&% %p'te % s-'"% s' (OPDs4'tr' se "' 0s#!'#+e '-/0#'rs-0 "r%&t!' #+e %sp+e0, ' 0s#!' s% 0'!e6# "'s0"'r#0 !r'te %ps#/4' '-/+' %p'@e#e 6#0se, e6 0"'?'#+'.

.2.-. Os!i"a#ki akt i stat$t

Os!i"a#ki akt

Os#!'- '-t '-/0#'rs-0 "r%&t!' s'"r9 #'r0t0- p%#0 4e pre!'&te ;6-0 /', 0"#0s#0 p0s0!#0 4e s+e"&te pr'!#0

/' s!'-0 0s#!'' "r%&t!',- p0s0!#0 4e s+e"&te "r%&t!',- "+e't#0st,- 06#'e#+e "' +e "r%&t!0 0t!0re#0 6't!0re#0,- 6#0s 0s#0!#0 -'pt'', %ps'#0 %p'@e#0, #'# #+e0!0 %#0&e#+',

0"#0s#0 0- % -04e se %#0s %0,

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- r0+ '-/+' #+$0!% #04#'#% !r+e"#0st, !rste -'se '-/+' -0+e +e "r%&t!00!'&@e#0 "' 6"' -'0 pr'!0 '-/+' s!'-e -'se,

- r0+ '-/+' s!'-e !rste -'se -0+e s% 6"'te,- "e#t;-'/+% 0s#!'' -0+ "'+e #e#0!'#e %0e, 0ps t$ %0' r0+ !rst'

'-/+' 6' te %0e,

- tr'+'#+e "r%&t!', 0s4 '-0 +e 0s#0!'#0 #' #e0"re?e#0 !r+e4e,- %-%p# pr0/+e#+e# 6#0s tr0&-0!' % !e6 s' 0s#!'#+e4 "r%&t!' -0+ p'"'+%

#' teret "r%&t!', pr+e #e0 &t0 +e %t!r?e#0 "' "r%&t!0 sp%#+'!' %s0!e 6'p0et'- r'"'

- p0se#e p00"#0st "0 "'#' 0s#!'#+' "r%&t!' "0 tre#%t-' -'" +e "r%&t!00!'&@e#0 "' p0#e p0s0!'#+e, -0+e s% "'te 0s#!'4' "r%04 /% -0+e +e%est!0!'0 % 0s#!'#+% "r%&t!' p0s0!4' -0+ s% p0tre# 6' "0+'#+et'-!0 0!'&@e#+'.

Os#!- '-t '-/0#'rs-0 "r%&t!' 409e "' s'"r9 - 4e#' '"rese pr!0 "re-t0r', 0"#0s#0 '#0!' pr!0 %pr'!#0 0"0r',- 0!'&@e#+e %pr'!#04 0"0r% "' 6"' 0"0re#e 0!'&@e#e, #e6"'te '-/+e %

s-'"% s 0!4 6'-0#04 st't%t04,- 0r'#e#+' pre#0s' '-/+' 6't!0re#0 '-/0#'rs-0 "r%&t!' - "r%' pt'#+' -0+' % s-'"% s' 0!4 6'-0#04 40% t s'st'!# "0 0s#!'-0

'-t' st't%t' "r%&t!'.

Stat$t

A-/0#'rs-0 "r%&t!0 p0re" 0s#!'-0 '-t' 409e "' 4' st't%t -0+4 se 9e%re?%+e p0s0!'#+e %pr'!+'#+e "r%&t!04.

St't%t '-/0#'rs-0 "r%&t!' #e "0st'!+' se %6 pr+'!% 6' restr'/+%.St't%t '-/0#'rs-0 "r%&t!' s'#+'!' se % ps'#0+ ;0r4.St't%t '-/0#'rs-0 "r%&t!', -'0 #+e0!e 64+e#e "0p%#e, pr06!0" pr'!#0

"e+st!0 pre4' '-/0#'r4' 0" "'#' #+e0!0 "0#0&e#+', '-0 st't%t04 #+e "r%-+e0"re?e#0.

A-0 0s#!'-4 '-t04 0!'&@e#+e 6' "0#0&e#+e 64+e#e "0p%#e st't%t''-/0#'rs-0 "r%&t!' #+e 6rt0 "'t0 s-%p&t# '-/0#'r', st't%t "r%&t!' "0#0s 4+e#+' %pr'!# 0"0r.

Od!(s (s!i"a#k(% akta i stat$ta

U s%'+% #e%s-'?e#0st 0s#!'-0 '-t' st't%t' '-/0#'rs-0 "r%&t!',pr4+e#+%+e se 0s#!'- '-t "r%&t!'.

.3. Ak-ij(

.-.. P(ja0 i karakt&ristik& ak'ija

A-/+e s% $'rt+e 0" !r+e"#0st -0+e 'se #' "0 0s#0!#0 -'pt'' '-/0#'rs-0"r%&t!'.

A-/+e se 40% 6"'!'t -'-0 % 4'ter+'#04 0-%, t'-0 !0?e#+e4 %ee-tr0#s-0+ ;0r4. U s'!re4e#4 %s0!4' !0?e#+e '-/+' % ee-tr0#s-0+ ;0r4 %Ce#tr'#04 restr% $'rt+' 0" !r+e"#0st, +e pr'!0 (dematerijalazicija akcija.

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.-.2. P(ja0 k*as& 9r(da: ak'ija

A-/+e -0+e "'+% st' '#s-' pr'!' % '-/0#'rs-04 "r%&t!% #e st% -'s% r0"'-/+'. R'6te -'se p0st0+e s'40 '-0 '-/+e "'+% r'6t' pr'!'. R'6te -'se s%s'40 t6!. 0#e re"0!#e '-/+e -0+e %!e- #e +e"#% -'s% pre;ere#/+'#e '-/+e409e t !&e -'s' pre;ere#/+'#$ '-/+'.

.-.-. O)i#!& i pr&6&r&!'ija*!& 9p("*a,+&!&: ak'ij&

A-/0#'rs-0 "r%&t!0 409e 6"'!'t 0#e re"0!#e p0!'&@e#e pr0rtet#e,pre;ere#/+'#e '-/+e.

A-/0#'rs-0 "r%&t!0 40r' 4't 'r +e"#% 0#% '-/+%. O#e '-/+e "'+%'-/0#'r4' st' pr'!', ' '-/0#'r pr'!' 0st!'r%+e 6'!s#0 0" r0+' '-/+' -0+e p0s+e"%+epr'!0 's', "!"e#"', %e&@e % r'sp0"+e -!"'/0#0 !&-'. O#e '-/+e #e 40%se pret!0rt % pre;ere#/+'#e '-/+e "r%e $'rt+e 0" !r+e"#0st.

O#e '-/+e '-/0#'rs-0 "r%&t!' pre"st'!+'+% %!+e- +e"#% -'s% '-/+'.P0!'&@e#e pre;ere#/+'#e '-/+e '-/0#'rs-0 "r%&t!' 40% t p0"+e+e#e %

"!+e !&e -'s' s' r'6t4 pr'!4' r'6te st0pe "!"e#" r'6t'

p'rt/p't!#' -%4%'t!#' pr'!' #' "!"e#"e r'6t' pr'!' #' sp't% 40!#e"r%&t!' pr -!"'/+.Pre;ere#/+'#e p0!'&@e#e '-/+e s% '-/+e -0+e #+e#4 4'0/4' "'+% 0"re?e#'

p0!'&@e#' pr'!' % 0"#0s% #' 4'0/e 0#$ '-/+' % p0e"% pr!e#st!' sp'te"!"e#"e, #'p'te -0" -!"'/+e "r%&t!'. Pre;ere#/+'#e '-/+e 40% "'t pr'!0pret!'r'#+' t$ '-/+' % 0#e '-/+e % "r%% -'s% pre;ere#/+'#$ '-/+', -'0 pr'!0pr0"'+e t$ '-/+' '-/0#'rs-04 "r%&t!%, "r. Pre;ere#/+'#e '-/+e #e "'+% pr'!0 's'#' s-%p&t# '-/0#'r' pr'!0 's' 4'+% s'40 0#e '-/+e.

O#e '-/+e '-/0#'rs-0 "r%&t!' 4'+% st% #04#'#% !r+e"#0st.P0!'&@e#e '-/+e '-/0#'rs-0 "r%&t!' ste -'se 4'+% st% #04#'#% !r+e"#0st.A-/0#'rs-0 "r%&t!0 409e 6"'!'t s'40 '-/+e #' 4e.

.-.-.. Pra"a ak'i(!ara ()i#!i; ak'ija

S!'-' 0#' '-/+' '-/0#'rs-0 "r%&t!' "'+e '-/0#'r% st' pr'!', % s-'"% s'0!4 6'-0#04, 0s#!'-4 '-t04 st't%t04 "r%&t!', -0+' %-+%%+% #'r0t0

F pr'!0 prst%p' pr'!#4 '-t4' "r%4 "0-%4e#t4' #;0r4'/+'4' "r%&t!',F pr'!0 %e&@' % r'"% s-%p&t#e "r%&t!',F pr'!0 's' % s-%p&t# "r%&t!' t'-0 "' +e"#' '-/+' %!+e- "'+e pr'!0 #' +e"'#

's,F pr'!0 #' sp't% "!"e#", #'-0# sp'te "!"e#" #' s!e 6"'te p0!'&@e#e '-/+e

% p%#04 6#0s%,F pr'!0 %e&@' % r'sp0"+e -!"'/0#0 !&-' p0 -!"'/+ "r%&t!', ' #'-0#

sp'te p0!+er'/' '-/0#'r' 0 -0+$ p0!'&@e#$ '-/+',F pr'!0 pree st/'#+' '-/+' 6 #0!$ e4s+' 6'4+e#+!$ 0!e6#/', F pr'!0 r'sp0''#+' '-/+'4' s!$ !rst' % s-'"% s' 6'-0#04.O#e '-/+e '-/0#'rs-0 "r%&t!' #e 40% se pret!0rt % p0!'&@e#e '-/+e

"r%e $'rt+e 0" !r+e"#0st.

.-.-.2. Pra"a ak'i(!ara sa p("*a,+&!i0 ak'ija0a

P0!'&@e#e '-/+e '-/0#'rs-0 "r%&t!' s!'-e -'se "'+% '-/0#'r% st' pr'!'.

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Pr'!' '-/0#'r' s' p0!'&@e#4 '-/+'4' 0"re?%+% se 0s#!'-4 '-t04 "r%&t!'.Pr'!' '-/0#'r' s' p0!'&@e#4 '-/+'4' %-+%%+% #'r0t0 pre"#0st % 0"#0s% #'

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