Share capital – capital that enterprises, organized as joint stock companies (corporate) receive it by emission on their own shares. The action is a long-term paper of value that the owner brings two basic rights: the right to participate in the distribution of one part of the profits of the company in the form of dividend and the right to participate in the management of the enterprise (according to the principle – one action one vote). Historically, the share capital and the shareholder in Macedonia, have a modest tradition. In the period between the two world wars and in the time of World War II, the number of banks and enterprises on the territory of today’s RM, organized as joint stock companies, was insignificant: Gevgelija Bank AD – Gevgelija, Skopje Popular Bank, Fishing Joint Stock Company – Ohrid, Tetovo Credit Bank – Tetovo, etc. In the socialist socio-economic system, from 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 the control of privatization performed under Yugoslav law, the conversion of the internal (these de Facas were quasi-shares) in ordinary shares. The Law on Transformation of Enterprises with Social Capital posted large and medium enterprises (small, as exception) to be transformed into joint stock companies. At the end of 1992 (Before the start of privatization) there were about 400 large and medium enterprises in the Republic of Macedonia. According to the Law on Trade Companies, the share form of the organization of enterprises is obligatory if more than 50 people appear as the founders of the company. Throughout the privatization process, the number of shareholders in the Republic of Macedonia exceeded 250,000 people. Meanwhile, through the free circulation of shares and regrouping the shareholder property, that number is reduced to 138,000. The establishment of the Macedonian Stock Exchange (c. Macedonian Stock Exchange of Securities AD Skopje) and the adoption of the new Law on Issuing and Trading of Securities (ⅱ 1997), which ordered all transactions with securities in the Republic of Macedonia to be realized on the Stock They gave a new impetus for the development of equity capital and the shareholdership in the country. The continued increase in the number and value of stock transactions, the gradual enrichment of the securities portfolio, the one’s best Macedonian firms on the stock market, the increased inflow of foreign portfolio investments in the Republic of Macedonia, the increased interest of natural persons for trading in securities, etc. ., contribute to the gradual spread of the shareholder culture in the country. Lit.: Agency of the Republic of Macedonia for transformation of enterprises with social capital, manual for the application of the Law on Transformation of Enterprises with Social Capital, Skopje, March 1994; Macedonian Stock AD, 10 years Macedonian Stock Exchange, Skopje, 2006. T. F.
Original article in Macedonian language Cyrillic alphabet
Кириличен напис АКЦИОНЕРСКИ КАПИТАЛ