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RESOLUTION OF THE CABINET OF MINISTERS OF UKRAINE

of November 9, 2016 No. 1052

About approval of the Procedure for establishment of the accurate purposes of activities for the state unitary enterprises and economic societies in which authorized capital more than 50 percent of shares (shares) belong to the state

According to the subitem "ts" of Item "About management of objects of state-owned property" the Cabinet of Ministers of Ukraine decides 18 parts two of article 5 of the Law of Ukraine:

1. Approve the Procedure for establishment of the accurate purposes of activities for the state unitary enterprises and economic societies in which authorized capital more than 50 percent of shares (shares) belong to the state which is applied.

2. To the subjects of management of objects of state-owned property performing functions on management of the state unitary enterprises, economic societies which 100 percent of shares (shares) belong to the state in six-months time from the date of entry into force of this resolution to establish the accurate purposes of activities for the specified state unitary enterprises and economic societies.

To the subjects of management of objects of state-owned property performing functions on management of economic societies in which authorized capital more than 50 percent of shares (shares) belong to the state in four-months time from the effective date of this resolution to initiate holding general shareholder meeting (participants) for consideration of question of establishment of the accurate purposes of activities for such economic societies.

Prime Minister of Ukraine

V. Groysman

Approved by the Resolution of the Cabinet of Ministers of Ukraine of November 9, 2016, No. 1052

Procedure for establishment of the accurate purposes of activities for the state unitary enterprises and economic societies in which authorized capital more than 50 percent of shares (shares) belong to the state

1. This Procedure determines the mechanism of establishment of the accurate purposes of activities for the state unitary enterprises (further - the companies) and economic societies in which authorized capital more than 50 percent of shares (shares) belong to the state (further - societies).

Action of this Procedure does not extend to the companies, societies which are in process of the termination or concerning which proceeedings about bankruptcy, and also banks are initiated.

2. The purpose of establishment of accurate corporate objectives, societies improvement of supervision of efficiency of activities of the supervisory board of the company, society, the director and executive body of society is.

3. The accurate purposes of activities for the company, society in which authorized capital 100 percent of shares (shares) belong to the state are established by the solution of subject of management of objects of state-owned property which exercises enterprise management, corporate laws which belong to the state in the authorized capital of society (further - the subject of management), taking into account main types of economic activity of the company, society. The accurate purposes of activities of society in which authorized capital more than 50 percent of shares (shares) belong to the state are established by general meeting of shareholders (participants) of society taking into account main types of economic activity of society.

4. The subject of management or general meeting of shareholders (participants) of society in which authorized capital more than 50 percent of shares (shares) belong to the state establish accurate corporate objectives, societies annually till December 15 of the year preceding the period for which the accurate purposes are established.

5. Taking into account main types of economic activity of the company, society for it it can be determined one or two such accurate purposes of activities:

production of market activities - in case core activity of the company, society is production of the goods (performance of works, rendering services) competing with the goods (works, services) made (which are carried out, rendered) by subjects of managing of all patterns of ownership;

accomplishment of special functions - in case core activity of the company, society is accomplishment of the functions assigned to the company, society by the state provided that during execution of such functions the company, society does not compete with other subjects of managing.

 

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