LAW OF TURKMENISTAN

of November 13, 2021

About trust management of state-owned property

This Law determines the purposes, methods and procedure for trust management of state-owned property and regulates the legal relationship arising between the owner and the trustee in the course of trust management of state-owned property.

Chapter I. General provisions

Article 1. Basic concepts

The basic concepts applied in this Law:

1) trust management - method of management according to which the owner signs the trust management agreement of state-owned property with the trustee;

2) the owner - the central executive body acting on behalf of the state as one agreement party of trust management and also other bodies (organizations) authorized on that by the Cabinet of Ministers of Turkmenistan;

3) the trustee - the legal entity (except the legal entity, which more than 50 percent of the authorized capital belongs to the state) 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 owner or person (beneficiary) specified to them;

4) the trust management agreement (further - the agreement) - the agreement of the parties under which the owner gives to the trustee to certain term state-owned property to trust management and the trustee shall manage state-owned property for the benefit of the owner or person (beneficiary) specified to them;

5) transfer of state-owned property to trust management - transfer of state-owned property to the trustee on tender or method of direct (address) transfer on the conditions established by the agreement;

6) tender - method of the choice of the trustee on competitive basis on the conditions provided by this Law for transfer of state-owned property to trust management;

7) direct (address) 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 agreement.

Article 2. Legislation of Turkmenistan on trust management of state-owned property

The legislation of Turkmenistan on trust management of state-owned property is based on the Constitution of Turkmenistan and consists of the Civil code of Turkmenistan, this Law and other regulatory legal acts of Turkmenistan.

Article 3. Purposes of trust management of state-owned property

The purposes of trust management of state-owned property are:

1) increase in efficiency of use of state-owned property and its profitability;

2) attraction of external and internal investments into economy of the state;

3) improvement of economic and financial condition of the state-owned property delivered in trust management, and enhancement of management of this property;

4) ensuring preserving the main profiles of activities, production and workplaces or creation of new workplaces;

5) contribution of successful implementation of social and economic programs, projects.

Article 4. Coverage of this law

1. Operation of this Law belongs to the following state-owned property:

1) shares and shares in the capitals of economic and joint-stock companies;

2) in the form of property complex - the state companies, their property (property complexes and property of strategic importance do not belong here).

2. Features of trust management in spheres of banking, insurance and investing activities can be determined by the relevant laws.

3. Operation of this Law does not belong to the oil works which are carried out according to the Law of Turkmenistan "About hydrocarbonic resources" and to the specialized activities connected with providing law and order, defense capability and safety of the state.

Chapter II. State regulation and control in the field of trust management of state-owned property

Article 5. The bodies exercising state regulation and control in the field of trust management of state-owned property

The bodies exercising state regulation and control in the field of trust management of state-owned property are the Cabinet of Ministers of Turkmenistan, the Ministry of Finance and Economy of Turkmenistan (further - authorized body), and also within the powers of the ministry, departments and local executive bodies.

Article 6. Competence of the Cabinet of Ministers of Turkmenistan in trust management of state-owned property

The Cabinet of Ministers of Turkmenistan in the field of trust management of state-owned property:

1) determines single state policy;

2) adopts regulatory legal acts;

3) according to the recommendation of authorized body is approved by the List of the state-owned property which is subject to trust management;

4) makes the decision on direct (address) transfer of state-owned property to trust management;

5) is approved by procedure for transfer of state-owned property to trust management on competitive basis;

6) performs other powers within its competence according to the legislation of Turkmenistan.

Article 7. Competence of authorized body

Authorized body in the field of trust management of state-owned property:

1) realizes single state policy;

Develops 2) and approves regulatory legal acts of Turkmenistan;

3) in coordination with the Cabinet of Ministers of Turkmenistan is approved by the List of the state-owned property which is subject to trust management;

4) on the initiative is proved by feasibility of transfer of state-owned property to trust management and represents to the Cabinet of Ministers of Turkmenistan the offer on inclusion it in the List of the state-owned property which is subject to trust management;

5) is developed by procedure for transfer of state-owned property to trust management on competitive basis and represents it to the Cabinet of Ministers of Turkmenistan;

6) is coordinated by activities of the ministries, departments and local executive bodies concerning trust management of state-owned property;

7) considers offers and reasons for the ministries, departments and local executive bodies about transfer of state-owned property to trust management;

8) represents the offer on direct (address) transfer of state-owned property to trust management to the Cabinet of Ministers of Turkmenistan;

Reports 9) about the held competition on transfer to trust management of state-owned property and the related information in mass media and on the official website of authorized body;

10) exercises control over execution by the owner and the trustee of obligations under this Law and the agreement;

11) receives from the ministries, departments and local executive bodies activities reports on transfer of state-owned property to trust management which shall contain the following information:

a) structure and cost of the state-owned property delivered in trust management;

b) the data connected with activities of the trustee within the agreement;

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