Formal series over a group are studied as an algebraic system with componen
twise composition and a partial operation of convolution '*'. For right-ord
ered groups a module of formal power series is introduced and studied; thes
e are formal sums with well-ordered supports. Special attention is paid to
systems of formal power series (whose supports are well-ordered with respec
t to the ascending order) that form an L-basis, that is, such that every fo
rmal power series can be expanded uniquely in this system. L-bases are rela
ted to automorphisms of the module of formal series that have natural prope
rties of monotonicity and a-linearity. The relations gamma * beta = 0 and g
amma * beta = 1 are also studied. Note that in the case of a totally ordere
d group the system of formal power series forms a skew field with valuation
(Mal'tsev and Neumann, 1948-1949.). Bibliography: 6 titles.