The USV Annals of Economics and Public Administration, Vol 10, No 3

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Theoretical consideration for securities issued by joint stock company

Laurentiu Novac-Diaconu, Adrian Lupascu


In this moment in Romania and in the European economy securities issued by joint stock company occupies a very important role. Stocks and bonds are debt securities which it individualises by certain characteristics .Without them, joint-stock companies could not exist . The stock is a fraction of the authorised capital that has always to be of an equal value. In the anonymous stock companies, the social shares can have an inequal value. If the constitutive document does not say different, the stocks give to the owners equal rights. The stock represents the credit title that observes the rights and obligations that are part of the quality of shareholder. In other words, the document in which it is incorporated the shareholder’s right. The bonds are fractions of an unique loan contracted by the company. They represent the company’s obligation to return the borrowed money. The titles of the bonds are equal and indivisible. The bonds from the same emission have an unitary regime. Through the incorporation of the obligation of reimbursement in the title, the bonds are transmissible. Through this article we will see their role and solutions for a better aplication for Romania in the context of actual European economy.

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                     Ştefan cel Mare University of Suceava                   Faculty of Economics and Public Administration


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