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RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of December 14, 2000 No. 4974

About creation of the State fund of development of the textile industry of Turkmenistan

(as amended on on October 7, 2002 No. 5931)

For the purpose of development of textile industry and strengthening of its material resources I decide:

1. Create the State fund of development of the textile industry of Turkmenistan.

2. Approve enclosed:

Regulations on the State fund of development of the textile industry of Turkmenistan;

3. Open special manatny and currency accounts of the State fund of development of the textile industry of Turkmenistan in Prezidentbank of Turkmenistan.

4. Determine that Council of the State fund of development of the textile industry of Turkmenistan exercises control of execution of all contracts in foreign trade and investment projects with participation of the foreign companies, and also behind use of means according to external loans in the textile industry of Turkmenistan.

 

President of Turkmenistan

Saparmurat Turkmenbashi

Approved by the resolution of the President of Turkmenistan of December 14, 2000 No. 4974

Regulations on the State fund of development of the textile industry of Turkmenistan

1. The state fund of development of the textile industry of Turkmenistan (the Fund is referred to as) is created for the purpose of support of development of the textile industry and growth in volumes of production of its products.

2. For management of fund Council which structure affirms the President of Turkmenistan is created.

3. The fund is formed for the account:

proceeds from sales of all types of products of the textile industry;

the means received from redistribution of profit and the depreciation charges of the companies of the textile industry;

recoverable amount of the objects of the textile industry transferred according to decisions of the Government of Turkmenistan to other ministries and departments;

revenues from privatization of property and objects of the textile industry;

the rent for the equipment and objects of the textile industry leased to foreign states, the companies and firms;

voluntary contributions of the companies, public organizations and citizens, and also foreign legal entities and physical persons;

proceeds from sales of superplanned amounts of products of the companies of the textile industry.

4. Fund is allocated on:

advancing of production of the textile industry;

acquisition of the equipment, equipment, spare parts, raw materials and materials;

financing of capital investments of industry and cross-industry nature;

repayment of the foreign credits, loans and percent on them;

financing of large research works for the purpose of development of the textile industry;

repayment of accounts payable of the companies and objects of the textile industry under earlier signed contracts with foreign firms;

maintenance of economic reforms in the textile industry.

5. The expenditure of fund is performed based on the decisions of Council approved by the President of Turkmenistan.

6. Council of Fund exercises control of rational use of financial resources of Fund.

7. Executive body of Fund is the directorate performing the activities under the direction of Council of Fund.

8. The chief executive Fonda is appointed and exempted by the President of Turkmenistan.

9. The currency earnings from realization of superplanned amounts of products is enlisted on personal accounts of objects of the textile industry and according to the decision of Council of Fund is spent for development of these objects.

 

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