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LAW OF TURKMENISTAN

of May 21, 2011 No. 198-IV

About the Union of Industrialists and Entrepreneurs of Turkmenistan

(In edition of the Laws of Turkmenistan of 26.08.2017 No. 604-V, 04.11.2017 of)

This Law determines legal, organizational, economic basis of activities of the Union of Industrialists and Entrepreneurs of Turkmenistan and is directed to increase in its role in development of entrepreneurship in Turkmenistan.

Chapter 1. General provisions

Article 1. Legislation of Turkmenistan on the Union of Industrialists and Entrepreneurs of Turkmenistan

2. If the international treaty of Turkmenistan establishes other rules than containing in this Law, then rules of the international treaty are applied.

Article 2. Union of Industrialists and Entrepreneurs of Turkmenistan

1. The union of physical persons and legal entities of Turkmenistan (further - the Union) is the public organization combining the industrialists and entrepreneurs performing business activity on the basis of the private pattern of ownership (further - members of the Union) designed to express and protect the rights and legitimate interests of the members, to promote development of entrepreneurship in Turkmenistan.

2. The union is not entrepreneurial legal entity.

3. The union has the isolated property belonging to it on the property right, answers for the obligations this property, can acquire on its own behalf the property and personal non-property rights and perform duties, to be claimant and the defendant in court.

The union does not answer for obligations the members and members of the Union do not answer for obligations the Union.

4. The union has full name and has the right to have the reduced name in state language.

The union has the right to have also complete and (or) reduced name in one of foreign languages.

The phrase "Union of Industrialists and Entrepreneurs of Turkmenistan" can be used in the names only by the companies and the organizations which are a part of the system of the Union.

5. The union has seal with the symbolics and text of "Trkmenistanyt Senagatzylar we telekeziler birleymesi".

6. The location of the Union is the city of Ashgabat.

Chapter 2. Purposes, main objectives and functions of the union

Article 3. Purposes and main objectives of the Union

1. The purposes of the Union are:

1) assistance to development of economy and market relations;

2) forming of modern industrial and entrepreneurial infrastructure, private sector development of economy;

3) creation of new workplaces, increase in level of labor employment and entrepreneurial activity of the population.

2. The main objectives of the Union are:

1) protection of the rights and legitimate interests of members of the Union;

2) assistance in creation of industrial and other production structures, networks of technoparks, technopolises, business incubators, technological centers, centers of innovative activities and other market structures;

3) assistance to development of agro-industrial complex and entrepreneurship in the agricultural sector of economy;

4) assistance to development of tourist capacity of Turkmenistan;

5) support of production and promotion on the market of new types of import-substituting and export-oriented products and technologies;

6) rendering to subjects entrepreneurship, including small and medium entrepreneurship, assistance in preparation, retraining and advanced training of personnel, including by the organization of professional training and training of specialists in Turkmenistan and beyond its limits;

7) assistance to participation in foreign economic activity, interregional cooperation, and also to building-up of the export potential of subjects member entrepreneurships of the Union;

8) forming of line item of members of the Union on the most important issues of economic and social development of society and state;

9) ensuring participation of members of the Union in public procurements of goods (works, services).

Article 4. Functions of the Union

1. The union according to the purposes and tasks determined by this Law performs the following functions:

1) acts on behalf of members of the Union and represents without power of attorney their legitimate interests in the relations with public authorities, other legal entities in Turkmenistan and beyond its limits;

2) participates in development of decisions of state bodies according to the procedure and the amounts established by the legislation of Turkmenistan;

3) performs public examination of development programs of the non-state sector of economy;

4) participates in preparation of regulatory legal acts of Turkmenistan on the questions entering its competence;

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