SHAREHOLDERS 'CAPITAL – the capital that the enterprises, organized as joint stock companies (corporations), receive by emission of their shares. The action is a long-term security that gives the owner two basic rights: the right to participate in the distribution of one part of the company's profit in the form of a dividend and the right to participate in the management of the enterprise (according to the principle – one share one vote). Historically, equity and shareholding in Macedonia have a modest tradition. In the period between the two world wars and during World War II, the number of banks and enterprises in the territory of today's Republic of Macedonia, organized as joint stock companies, was insignificant: Gevgeliska Bank AD – Gevgelija, Skopska Popular Bank, Ribnica Joint Stock Company – Ohrid, Tetovo credit bank – Tetovo et al. In the socialist socio-economic system, for ideological reasons, the share capital did not exist. With the adoption of the Law on Transformation of Enterprises with Social Capital (c. Privatization in the Republic of Macedonia) and after the completion of privatization control performed according to Yugoslav laws, the internal conversion (these de facto were quasi-shares) into ordinary shares. The Law on Transformation of Enterprises with Social Capital required large and medium-sized enterprises (small as an exception) to be transformed into joint-stock companies. At the end of 1992 (before the start of the privatization) in the Republic of Macedonia there were about 400 large and medium enterprises. According to the Law on Trade Companies, the shareholder form of the organization of enterprises is obligatory if more than 50 persons are founding the company. Through the privatization process, the number of shareholders in the Republic of Macedonia exceeded 250,000 persons. Meanwhile, through the free circulation of shares and the redeployment of shareholdings, that number is reduced to 138,000. The establishment of the Macedonian Stock Exchange (v. Macedonian Stock Exchange AD Skopje) and the adoption of the new Law on Issuance and Trading of Securities (Ⅱ 1997), which ordered all transactions in securities in the Republic of Macedonia to be realized on the stock exchange, gave a new impetus to the development of shareholders' equity and shareholding in the country. The continuous increase in the number and value of the stock exchange transactions, the gradual enrichment of the securities portfolio, the listing of the best Macedonian companies on the stock exchange, the increased inflow of foreign portfolio investments in the Republic of Macedonia, the increased interest of physical persons for trading in securities, contribute to the gradual expansion of the shareholder culture in the country. LIT: Agency of the Republic of Macedonia for Transformation of Enterprises with Social Capital, Handbook for Application of the Law on Transformation of Enterprises with Social Capital, Skopje, March 1994; Macedonian Stock Exchange Inc., 10 years Macedonian Stock Exchange, Skopje, 2006. T. F.

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