RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN, STATE COMMITTEE OF THE REPUBLIC OF UZBEKISTAN ON MANAGEMENT OF THE STATE-OWNED PROPERTY AND SUPPORT OF THE ENTREPRENEURSHIP

of May 16, 2003 No. 86, on July 16, 2003 No. 01/06-7

About approval of the Regulations on payment procedure of services in management of the state shares

In pursuance of the Presidential decree of the Republic of Uzbekistan of January 24, 2003 N UP-3202 "About Measures for Cardinal Increase in Share and Value of Private Sector in Economy of Uzbekistan" and resolutions of the Cabinet of Ministers of the Republic of Uzbekistan of April 19, 2003 N189 "About Measures for Enhancement of Corporate Management by the Privatized Companies" is decided:

1. Approve the enclosed Regulations on payment procedure of services in management of the state shares.

2. This resolution becomes effective after ten days from the moment of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Appendix

to the Resolution of the Ministry of Finance of the Republic of Uzbekistan of May 16, 2003 No. 86, the State committee of the Republic of Uzbekistan on management of state-owned property and support of entrepreneurship of July 16, 2003 No. 01/06-7

Regulations on payment procedure of services in management of the state shares

This procedure N UP-3202 "About Measures for Cardinal Increase in Share and Value of Private Sector in Economy of Uzbekistan" and resolutions of the Cabinet of Ministers of the Republic of Uzbekistan of April 19, 2003 is developed by N189 "About Measures for Enhancement of Corporate Management by the Privatized Companies" in pursuance of the Presidential decree of the Republic of Uzbekistan of January 24, 2003 and determines procedure for forming and use of the money intended for payment of cost of services and bonus trustees in economic societies.

This procedure extends to joint-stock companies, societies with the limited and accessorial liability (further economic societies), share of the state in whom 25 and more percent from authorized fund and is subject to transfer to trust management of the state attorney and managing companies.

Operation of this resolution also extends to economic societies, the share of the state in which 25 and less percent from authorized fund and is subject to transfer to trustees for the period before their complete realization.

I. Basic concepts

1. In this Procedure the following concepts are applied:

"the state attorney" - the physical person designated in economic societies in which the share of the state exceeds 25 percent before date of transmission of share of the state in management to professional managing companies and having the right to combine these activities with other paid position;

"managing company" - the legal entity having the license of managing company granted by authorized state body and exercising trust management of investment assets according to the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of 19.04.2003 of N189;

"trustee" - the state attorneys appointed in the procedure established by the legislation or the managing companies having the corresponding licenses and also in stipulated by the legislation cases, bodies of the public and economic board;

"the state share" - the shares of joint-stock companies and share in authorized capitals of societies with the limited and accessorial liability (further shares) which are in state-owned property;

"the cost of services" - the fixed remuneration on management of the state assets of the trustee;

"bonus" - extra fee on management of the state assets dependent on the dividends for the state share added and paid for the accounting period;

"dividends" - income gained according to shares and from equity in the authorized capital of economic societies.

II. Sources of forming of means and reporting

2. Sources of forming of means, for payment of cost of services and trustees the dividends for the current year paid on the state blocks of shares (shares) to the budget are.

In case of shortage of dividends for the current year, paid on the state blocks of shares (shares) and intended for payment of cost of services and bonus trustees for their payment part of the general means which arrived from privatization and privatization will be used.

3. Payment of cost of services and bonus trustees will be performed from separate sub-account on payment of cost of services and bonus, opened by the State Property Committee in the Central bank of the Republic of Uzbekistan.

4. The State Property Committee annually makes calculation of the project of expense budget on payment of cost of services and bonus on management of the state shares with breakdown on quarters on the basis of agreements and graphics of the forthcoming step-by-step transfer of the state shares to trust management, and also quarterly reports of trustees.

5. The State Property Committee provides payment under the estimate of cost of services and bonus trustees the forthcoming year in the Ministry of Finance for the subsequent inclusion in the draft of the government budget in accordance with the established procedure.

6. Trustees quarterly to the 30th following reporting submit in the State Property Committee of the Republic of Uzbekistan the activities report on management of the state shares in the forms approved by the State Property Committee with application of copies of payment documents about transfer of dividends on the state shares (in case of implementation of the actual payments).

7. Based on the submitted reports the State Property Committee prepares the estimate on fee and bonus trustees with indication of sources of payment and till the 5th day of the second month following reporting sends to the Ministry of Finance.

Based on the provided estimate Ministry of Finance within 5 working days transfers into the sub-account of the State Property Committee funds on fee and bonus trustees at the expense of the dividends which arrived from the companies included in the estimate of payment.

The State Property Committee makes quarter payment of services in management of the state shares:

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info