LAW RSFSR

of June 26, 1991 No. 1488-1

About investing activities in RSFSR

I. General provisions

Article 1. Investments and investing activities

1. Investments are the money, purpose-oriented bank deposits, shares, shares and other securities, technologies, machines, the equipment, the credits, any other property or property rights, intellectual values put in objects entrepreneurial and other types of activity for the purpose of profit earning (income) and achievement of positive social effect.

2. The investing activities are attachment of investments, or investment, and set of practical actions for realization of investments.

Investment into creation and reproduction of fixed assets is performed in the form of capital investments.

Article 2. Subjects of investing activities

1. Subjects of investing activities are investors, customers, contractors, users of objects of investing activities, and also suppliers, legal entities (the banking, insurance and intermediary organizations, the investment exchanges) and other participants of investment process.

2. Physical persons and legal entities, including foreign, and also the states and the international organizations can be subjects of investing activities.

3. Investors are the subjects of investing activities performing attachment of own, loan or raised funds in the form of investments and providing their target use.

Can act as investors:

bodies, authorized to manage the state-owned and municipal property or property rights;

citizens, companies, entrepreneurial associations and other legal entities;

foreign physical persons and legal entities, states and international organizations.

Consolidation of means by investors for implementation of joint investment is allowed.

Investors can act as investors, customers, creditors, buyers, and also to perform functions of any other participant of investing activities.

4. Investors can be customers, and also any other physical persons and legal entities authorized by the investor (investors) to enable the realization of the investment project, without interfering at the same time with business and other activity of other participants of investment process if other is not provided by the agreement (contract) between them.

If the customer is not investor, he is allocated with rights of possession, uses and orders of investments for the period and within the powers established by the specified agreement and according to the legislation existing in the territory of RSFSR.

5. Investors, and also other physical persons and legal entities, the state and municipal authorities, foreign states and the international organizations for which object of investing activities is created can be users of objects of investing activities.

If the user of object of investing activities is not investor, relations between it and the investor are determined by the agreement (decision) on the investment according to the procedure established by the legislation of RSFSR.

6. Subjects of investing activities have the right to combine functions of two or several participants.

Article 3. Objects of investing activities

Objects of investing activities in RSFSR are the newly created and modernized fixed assets and current assets in all industries and spheres of the national economy of RSFSR, securities, purpose-oriented money deposits, scientific and technical products, other objects of property, and also property rights and the intellectual property rights.

Investment into objects which creation and use does not meet the requirements of the environmental, sanitary and hygienic and other standards established by the legislation existing in the territory of RSFSR is forbidden or causes damage to the rights and interests of citizens, legal entities protected by the law and the states.

Article 4. Investing activities of citizens and legal entities of RSFSR in the territory of foreign states and foreign investors in the territory of RSFSR

1. Citizens and legal entities of RSFSR have the right to perform investing activities abroad according to this Law, the legislation of foreign states and international agreements.

2. The investment performed by foreign physical persons and legal entities, the states and the international organizations in the territory of RSFSR is regulated by this Law and the Law RSFSR "About foreign investments", and also other legal acts existing in the territory of RSFSR.

II. Implementation of investing activities

Article 5. Rights of investors

1. All investors have the equal rights to implementation of investing activities.

The investment of property and property rights into objects of investing activities which is not prohibited by the legislation of RSFSR and the republics as a part of RSFSR is recognized the inalienable right of the investor and is protected by the law.

2. The investor independently determines amounts, the directions, the sizes and investment soundness and at discretion attracts on contractual, mainly competitive, basis (including through the biddings of the contract) the physical persons and legal entities necessary for it for realization of investments.

3. The investor who is not the user of objects of investing activities has the right to control their target use and to perform in the relations with users of such objects other rights provided by the agreement (contract) and the legislation existing in the territory of RSFSR.

4. The investor has the right to transfer under the agreement (contract) the competences on investments and their results to citizens, legal entities, the state and municipal authorities in the procedure established by the law.

5. The investor has the right to own, use and dispose of objects and results of investments, including to perform trading activities and reinvestment in the territory of RSFSR, according to legal acts of RSFSR and the republics as a part of RSFSR.

By the legislation of RSFSR and the republics as a part of RSFSR objects, investment into which does not involve directly acquisition of property right to them, can be determined, but does not exclude possibility of the subsequent ownership, operational management or participation of the investor in the income from operation of these objects.

6. The investor has the right to acquire property necessary for it at citizens and legal entities is direct or through intermediaries in the prices and on the conditions determined by agreement of the parties without restrictions on amount and the nomenclature if it does not contradict the legislation existing in the territory of RSFSR.

Article 6. Obligations of subjects of investing activities

1. Subjects of investing activities shall:

respect the rules and standards which procedure for establishment is determined by the legislation of the USSR, RSFSR and the republics as a part of RSFSR;

fulfill the requirements of state bodies and officials shown within their competence.

2. The participants of investing activities who are carrying out the corresponding work types shall have licenses or certificates for implementation of the activities in accordance with the legislation of the Russian Federation.

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