of May 22, 2018 No. 51
About trust management of state-owned property
Accepted by Jogorku Kenesh of the Kyrgyz Republic on April 19, 2018
1. This Law determines the purposes, procedure and methods of transfer of state-owned property to trust management and regulates the legal relationship arising between the founder of trust management (the owner of property) and the trustee in the course of trust management of state-owned property.
2. Operation of this Law extends to the property belonging to the state:
1) share (share) in the capitals of economic partnerships and societies;
2) the state companies as property complex, except for property complex of the state companies functioning in system of Armed Forces of the Kyrgyz Republic.
3. Features of trust management in spheres of banking, insurance and investing activities can be established by the relevant laws.
4. Transfer of state-owned property to trust management does not attract transition of the property right to it to the trustee.
The state-owned property is delivered in trust management for the purpose of:
1) increases in efficiency of its use and profit earning;
2) attraction of external and internal investments into economy of the state;
3) implementation of economic projects.
In this Law the following concepts are used:
1) trust management - one of methods of management according to which the founder of trust management (the owner of property) signs the trust management agreement of state-owned property with the trustee;
2) the trustee - the legal entity (the commercial organization), except for the state company, exercising trust management of state-owned property and making concerning this property according to the trust management agreement any legal and actual acts for the benefit of the founder of trust management (the owner of property) or person (beneficiary) specified to them;
3) the trust management agreement - the agreement of the parties, on which one party (the founder of trust management (the owner of property) gives to other party (trustee) to certain term state-owned property to trust management, and the trustee shall manage state-owned property for the benefit of the founder of trust management (the owner of property) or person (beneficiary) specified to them;
4) tender - method of transfer of state-owned property to trust management in case of which the right to contract of trust management is acquired by the legal entity (the commercial organization), except for the state company, offered the best business plan of development of state-owned property with the obligations established by tender conditions;
5) transfer of state-owned property to trust management - transfer of state-owned property to the trustee on tender or method of direct transfer on the conditions established by the trust management agreement;
6) direct transfer - method of transfer of state-owned property to trust management to the particular person without carrying out tender on the conditions established by the trust management agreement;
7) the founder of trust management (the owner of property) - the state body authorized by the Government of the Kyrgyz Republic in the sphere of management of state-owned property.
1. The state-owned property in trust management is delivered by the founder of trust management (the owner of property). The list of the state-owned property which is subject to transfer to trust management is developed by the founder of trust management (the owner of property) and affirms the Government of the Kyrgyz Republic.
2. By transfer to trust management of the state-owned property relating to strategic objects of the Kyrgyz Republic, the Government of the Kyrgyz Republic makes the decision with the consent of Jogorku Kenesh of the Kyrgyz Republic.
3. In cases when the state-owned property delivered in trust management in the form of property complex of the state company functions under industry state body, the founder of trust management (the owner of property) includes such state-owned property in the list developed according to part of 1 this Article in coordination with its supervising industry state body.
4. The state-owned property is delivered in trust management on competitive basis or by direct transfer in the cases and procedure established by the legislation of the Kyrgyz Republic.
5. Transfer to trust management of state-owned property in the form of separate components of the whole property (the equipment, objects of construction in progress) is forbidden.
6. The state-owned property transferred to the control stands apart from other property and affects at the trustee separate balance. On it independent account is kept and for calculations the separate bank account is opened.
7. The state-owned property in the form of property complex is delivered in trust management to the legal entity (the commercial organization), except for the state company.
8. The state-owned property in the form of shares (share) in the capitals of economic partnerships and societies is delivered in trust management only to legal entities having the license for management of investment assets in the Kyrgyz Republic.
9. The cost of the state-owned property delivered in trust management is determined according to regulatory legal acts of the Kyrgyz Republic in the sphere of assessment of property.
10. In cases when subject of trust management is the state-owned property in the form of shares (share) of economic partnerships and societies, the founder of trust management (the owner of property) transfers stocks (shares) to the trustee based on the transfer order where as the bases for entering of record into system of maintaining the shareholder register the corresponding trust management agreement of investment assets (agreement number and date of its conclusion) is specified.
1. Direct transfer to trust management of state-owned property is performed according to the decision of the Government of the Kyrgyz Republic.
2. The direct cession of property is applied in cases:
1) if need of transfer of state-owned property to trust management is provided by the international treaties which came in the procedure established by the law into force which participant is the Kyrgyz Republic;
2) transfers of state-owned property to economic partnerships and societies in which the state possesses more than 51 percent of common shares (share);
3) transfers of 5 and less percent of common shares (share) of the economic partnerships and societies relating to strategic objects, other shareholder (participant) who owns 46 and more percent of common shares (share) of such economic partnership and societies, on the terms of investment the last of investments on development of object.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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