This Law shall govern the requirements for the designation of the free zone area and operation, the activities that may be conducted in the free zone, the requirements for conduct of such activities, and the requirements for termination of the free zone operation, as well as the establishment, legal status, and competences of the Free Zones Administration.
In many developed countries outside of the English speaking world, company boards are appointed as representatives of both shareholders and employees to "codetermine" company strategy.[2] Corporate law is often divided into corporate governance (which concerns the various power relations within a corporation) and corporate finance (which concerns the rules on how capital is used).
The specific terms used in this Law shall have the following meaning:
1. The free zone is a part of the territory of the Republic of Serbia (hereinafter referred to as: Serbia) which is specially inclosed and identified, and in which activities are conducted under the conditions specified by this Law (hereinafter referred to as: the zone);
2. The founder of the zone is a local self-government authority, a company or entrepreneur, which made the decision, or with other founder concluded a contract on foundation of the zone, and which, through the zone management company, submits the application for approval of the designation of the area;
3. The zone management company is the company which ensures the requirements for the unimpaired conduct of activities in the zone; 4. The related person is a person with a capacity of related person in the context of the law that regulates the corporate profit tax;
5. The user of the zone is a legal and natural person that conducts activity in the zone;
6. The foundation of the zone is adoption of the decision by the competent local self-government authority, company or entrepreneur, or concluding the contract on foundation of the zone between the local self-government authority, company or entrepreneur;