Statutes (stanovy) represent another underlying document of a company (altogether with a Memorandum of Association). Statutes are not compulsory in the case of a limited liability company, nonetheless, it can be determined within the memorandum of association, that the company shall issue them. These statutes regulate the internal organisation of the company as well as matters included in the Memorandum of Association in more detail. In the case of a joint-stock company, the statutes are issued compulsorily and prescribed by the law. Legislation also defines all essential elements they must include.