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RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of September 14, 1999 No. 4363

About Gek Gushak joint-stock company

For the purpose of creation of material and technical resources and development of structural divisions of Gek Gushak joint-stock company I decide:

1. Approve the enclosed Regulations on Gek Gushak joint-stock company.

2. To the ministries, departments, hyakimlika of welayats and Ashgabat to transfer in accordance with the established procedure to Gek Gushak joint-stock company in a month:

a) To the ministry of rural and water farms of Turkmenistan:

buildings, constructions, property and parcels of land of Boldumsazsky, Bayramalyysky, Gekdepinsky, Dashoguz, Garrygalynsky and Tedzhen experienced and production nurseries of scientific research institute of rural and water farms of the Ministry of rural and water farms of Turkmenistan;

according to the request of Gek Gushak joint-stock company the irrigated parcels of land under sowing of agricultural crops;

b) To national committee on hydrometeorology under the Cabinet of Ministers of Turkmenistan - buildings, constructions, property and the parcel of land (13,8 of hectare) of scientific base in the settlement of Bikrova;

c) to hyakimlik of Ashgabat - buildings, constructions, property and the parcel of land of Management of floriculture (15 hectares) and nursery in the settlement of Bikrova (90 hectares) of Production and municipal trust on cleaning, gardening and improvement;

d) to the plant of sanitary electric devices of Association of joint-stock companies on operation of water management systems and servicing of water users Turkmenobasuvkhyzmat of the Ministry of rural and water farms of Turkmenistan - the shop on release of polyvinyl chloride pipes.

3. To the ministry of rural and water farms of Turkmenistan together with hyakimliky Mary Region to make in accordance with the established procedure in 10 - dnevny term fixing to Gek Gushak joint-stock company of the lands located between the railroad and the Murghab River from the railway station Tagta-Bazar to the railway station of Tashkepri.

4. Associations of joint-stock companies on operation of water management systems and servicing of water users Turkmenobasuvkhyzmat of the Ministry of rural and water farms of Turkmenistan together with Gek Gushak joint-stock company to make inspection of the territory on both coast Karakumderya and Turkmenderya strip on 500 meters and to develop the feasibility statement on creation of forest strips.

5. Determine that introduction of property deposits to authorized capital of Gek Gushak joint-stock company is performed by founders at book value of these deposits.

6. To state concern of Turkmenavtoyellara, Management of Turkmendemirellara and the Ministry of rural and water farms of Turkmenistan to bring on account of the share in authorized capital of joint-stock company Flowed gushak" money in the amount of the four-months standard rate of own current assets according to expense budget.

7. Determine that:

a) the agricultural products made by Gek Gushak joint-stock company, including cotton and grain, completely remain at its order for realization and replenishment of own current assets and fixed assets;

b) self-produced sales of goods in the domestic market of Turkmenistan is enabled by Gek Gushak joint-stock company, without registration at the State commodity and raw exchange of Turkmenistan;

c) the share dividends which are in state-owned property go for refinancing of activities of Gek Gushak joint-stock company.

8. To make increase in authorized capital of Gek Gushak joint-stock company at the expense of deposits of non-state investors on condition of preserving share of the state in the amount of at least 51 percent of authorized capital of Society.

9. Exempt Gek Gushak joint-stock company and its companies from payment of all types of tax, excises, charges and duties for a period of 5 years.

10. Oblige the ministries, departments, hyakimlik of welayats, etraps and Ashgabat to repay the debt to forestries for landing material money or in the way of offsets in a month.

11. To the Ministry of Justice of Turkmenistan, the Ministry of Economics and finance of Turkmenistan, to the Ministry of conservation of Turkmenistan, Gek Gushak joint-stock company to develop in a month and in accordance with the established procedure to register the Charter of Society.

 

President of Turkmenistan

Saparmurat Turkmenbashi

Approved by the resolution of the President of Turkmenistan of September 14, 1999 No. 4363

Regulations on Gek Gushak joint-stock company

1. The Gek Gushak joint-stock company is founded according to the resolution of the President of Turkmenistan of August 26, 1999 No. 4330 "About establishment of a joint-stock company "Gek gushak" as public joint stock company which acts on the basis of the principles of economic independence and self-financing.

2. The Gek Gushak joint-stock company (further the referred to as Society) in the activities is guided by the Constitution of Turkmenistan, the laws of Turkmenistan, acts of the President of Turkmenistan, decisions of the Cabinet of Ministers of Turkmenistan, and also this Provision and the Charter of Society.

3. Domestic and foreign legal entities and physical persons can be shareholders of Society.

4. The main objectives of Society are:

cultivation and realization of landing material, tree and shrubby species, and also decorative types of plants;

implementation of lesookhranny actions in the territory of state forest resource of Turkmenistan and rational use of forest resources;

ensuring carrying out scientific research in the field of creation of green plantings, rational use of forest resources with the scientific and methodical help of the Ministry of conservation of Turkmenistan;

production and conversion of forest and agricultural products (livestock production, crop production);

implementation of wholesale and retail trade and intermediary activities;

production of installation and construction works;

implementation in accordance with the established procedure foreign economic activity.

5. Society has the isolated property considered on its separate balance in property. The property of Society consists of the contributions made by founders, the paid authorized fund, the gained income, and also other property acquired by Society on the bases according to the current legislation of Turkmenistan.

Society according to the legislation of Turkmenistan disposes of the property, proceeding from tasks of the activities and purpose of property.

6. Society for realization of the tasks set for it has the right:

on its own behalf to make transactions, to sign agreements, to acquire the property and non-property rights and to incur obligations, to be claimant and the defendant in economic court;

in the limits provided by the current legislation of Turkmenistan to buy and sell any, the securities and other financial assets emitted in Turkmenistan or beyond its limits.

7. Society is legal entity, has separate balance, settlement accounts in national and foreign currency, other accounts in banks, seal with the name, logo, stamp, forms.

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