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LAW OF THE REPUBLIC OF TAJIKISTAN

of December 23, 1991 No. 452

About commodity exchange and exchange trade in the Republic of Tajikistan

(as amended on on March 25, 2011)

This law determines the organizational, economic and legal basis of forming and development of commodity exchange and stock exchange trading in the conditions of market economy and is effective in combination with other laws of the Republic of Tajikistan. Commodity exchanges and stock exchange trading promote creation of conditions for market grouping of means of production, the accelerated development of trade infrastructure, concentration of the demand and supply and forming on this basis of the prices of market balance.

Section I. General provisions

1. The commodity exchange, hereinafter referred to as "exchange", is regularly functioning market of the mass goods which are on sale according to standards and samples is the commercial organization acting on the basis of economic amateur performance.

The main objective of commodity exchange is rendering intermediary services in the conclusion of commercial transactions, streamlining of commodity trade, regulation of trading activities and settling of trade demands, collection and publication of data on the prices, condition of the industry, trade, transport and other factors exerting impact on price performance.

The exchange is legal entity, has the isolated property, can have settlement, currency and other accounts in organization of bank, seal with the name.

2. The exchange acts on the basis of this Law, other laws of the Republic of Tajikistan acquired on their basis of own Charter and rules of stock exchange trading.

3. The exchange is created on the basis of voluntary consolidation of the interested Soviet and foreign legal entities and physical persons (further interested persons) to which it is not forbidden by the current legislation.

4. The exchange is created on the principles of society on equal footing, as a rule, not setting as the purpose profit earning.

5. Subject of the conclusion of transactions at the exchange are the available (real) goods and contracts (agreements) for delivery of goods in the future realized at free prices. At the exchange only the registered brands (types) of goods are on sale. The procedure for acceptance of goods to the address in different sections of the exchange is determined by rules of the exchange.

6. The exchange builds the activities as the closed organization. Operations on the stock exchange at the exchange can be performed only by members of the exchange personally or through the authorized representatives and exchange brokers on the order of members of the exchange. Any other interested persons perform transactions at the exchange only through members of the exchange.

7. Relations of the exchange with other organizations are under construction on the basis of agreements.

Section II. Rights of the exchange

8. For implementation of the tasks facing the exchange it has the right:

a) publish own procedure and rules of activities of the exchange on the basis of this Law, to create divisions of the exchange and to establish positions of staff of the exchange with determination of their competence and functions;

b) organize and hold exchange meetings with the functions determined in rules of stock exchange trading;

c) develop own exchange standards and standard exchange contacts taking into account state standards;

d) perform operations on the stock exchange, draw up stock exchange transactions and pass decisions on exchange disputes;

e) stop for a while stock exchange trading if the prices of stock exchange transactions during the day deviate more, than at the size determined by the exchange and to relevant organs by trade in the organized goods markets;

e) establish the admission and membership fees for members of the exchange, and also other necessary money dues, levy service fee rendered by the exchange;

g) impose penalties for violation of the Charter of the exchange and rules of stock exchange trading;

h) bring in any state and government organizations of the offer on the questions delaying activities of the exchange;

i) have the representatives at other exchanges operating in the territories of member countries of Commonwealth of Independent States and abroad;

j) to independently publish the exchange bulletin, reference books and other information and advertizing publications.

Section III. Organization of the exchange

9. The exchange is created according to the decision of meeting of founders. Any interested persons to whom it is not forbidden by the current legislation can be founders of the exchange.

10. The exchange is established as voluntary consolidation of the interested persons who are hereinafter referred to as by founders. Consolidation is performed on the basis of introduction of share or participation in activities of the exchange. The size and nature of the brought share is determined by meeting of founders. In case of secession of founders the brought share returns, proceeding from its cost at the time of exit.

11. Differentiation of powers and the rights of founders and members of the exchange is determined by its Charter.

12. According to the brought share dividends can be paid. The procedure and the amount of payments is determined by general meeting of members of the exchange.

13. The organization of the exchange is performed by signing of the constituent documents determining procedure and the principles of creation of the exchange, the list of founders, the size and terms of contributing.

14. Founders prepare and hold the first meeting of the interested persons who showed willingness to become members of the exchange.

15. The first meeting of members of the exchange together with founders is held by differentiation of competence of founders and members of the exchange, approves the Charter of the exchange, elects executive bodies of the exchange, determines quantity and procedure for membership at the exchange.

16. The exchange is considered the founded legal entity from the moment of state registration. The exchange undergoes state registration according to the Law of the Republic of Tajikistan "About state registration of legal entities and individual entrepreneurs".

17. Data on the branches and representative offices of the Exchange created in the territory of the Republic of Tajikistan are introduced in the Unified State Register of Legal Entities and individual entrepreneurs according to the procedure, established by the Law of the Republic of Tajikistan "About state registration of legal entities and individual entrepreneurs".

Section IV. Members of the exchange

18. The procedure and Regulations of Admission in members of the exchange and disposal from members of the exchange are determined by its Charter.

19. Members of the exchange in case of the introduction pay the admission membership fee. This fee expresses the cost of "place" at the exchange. Made "room" is property of the member of the exchange and grants all rights and obligations of the member of the exchange determined by this Law and the Charter of the exchange.

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