Investment share as the certification of right on property lot in the fund

The author investigates share investment fund and its share, regulated by the acting Russian legislation as uncertificated securities. Share investment fund as the technology of professional trust control of the united monetary resources (property) of the investors association is intensively developing in Russia. Share investment fund represents the separate complex of property, which is transmitted to the confidential management carried out by shareholders - the founders of the confidential management (this complex includes as well the property gain, obtained in the process of such management). Each shareholder agrees to unite their investments (property) with the property (money) of other founders of confidential management. The right on property lot in such fund is certified by securities, which is called investment share and assigned by managing company. Investment share provides the right on the portion in the common, indivisible property of fund and simultaneously certifies the obligatory financial connection with the managing company, which is entrusted to administrate property. Investment share does not relate to issuable securities, it is provided by the very managing company; moreover, this company can be substituted, that never happens with the bodies issuing other documents. In this case, in contrast to other documents, the investment share does not assume the presence of debtor, the share does not intermediate some equivalent in the debtor's property, which can be recovered; it only reflects property lot in the fund. To compensate for the acquired investment share, its owner possesses the right of general property in the proportional part.