Legal Persons in the New Civil Code of Hungary
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Legal persons are the most ancient legal institutions, rooted in Roman law, providing enhanced security as they protect the owner of the asset against the business risk of the legal person’s activity. The Hungarian legal system, even in the era of socialist law, also regulated several forms of legal persons as full profit and non-profit organisations. Despite the uninterrupted presence of legal persons, it was only in the 90s that business organisations and also the non-profit organisations became widespread due to the modernisation of the Companies Act on and the revival of civil society. The present study commences by introducing the general structure of the Hungarian Civil Code of 1959 and continues with an analysis of the preliminary issues of the codification of the new Civil Code of 2013. Following that, the author provides a detailed presentation of the general rules on legal persons in the new Civil Code, highlighting the new elements in it (i.e. more freedom and the new default rules regime). In this context, the rules on associations, on foundations are analysed in depth.