of June 12, 1997 No. 228-I
About privatization and privatization
(in the new edition)
This Law determines the legal basis of privatization and privatization of objects of state-owned property and is aimed at the development of various patterns of ownership in Turkmenistan.
Privatization is understood as transformation of state-owned property to other patterns of ownership the collective companies, joint-stock companies, the companies of other forms of business.
Privatization is understood as acquisition in property of citizens or the legal entities of objects of state-owned property created by them.
The legal relationship arising in case of privatization and privatization of objects of the state-owned property including which is outside Turkmenistan are regulated by this Law and other regulatory legal acts of Turkmenistan.
This Law does not regulate recovery of property rights of owners, their heirs and legal successors on property which was nationalized, confiscated or is earlier withdrawn by different way against their will in property of the state.
The land use relations in case of privatization and privatization of objects of state-owned property are regulated by the land legislation of Turkmenistan.
Privatization and privatization of the state agricultural enterprises, housing stock, welfare organizations, objects of cultural and historical heritage are regulated by separate regulatory legal acts of Turkmenistan.
The companies belonging to them branches and affiliated enterprises, and also shops, productions, sites, buildings, constructions, other isolated property, tangible and intangible assets which are in state-owned property can be objects of privatization and privatization.
The stocks (shares) owned by the state in the authorized capital of joint-stock companies (partnerships) are also subject to privatization.
The list of the objects of state-owned property which are subject to privatization and privatization affirms the Cabinet of Ministers of Turkmenistan.
The objects which are exclusive property of the state are not subject to privatization and privatization.
Subjects of privatization and privatization are citizens of Turkmenistan, including members of labor collectives of the companies, citizens of foreign states and stateless persons, and also legal entities of Turkmenistan and foreign states.
The number of the members of labor collective participating in privatization and privatization of the company joins the workers who are on the staff of the privatized company, and also retired and the other persons having the right according to the legislation of Turkmenistan to return to former place of employment at this company.
The subjects specified regarding 1 this Article participate in privatization and privatization in accordance with general practice.
Legal entities of Turkmenistan in whom the state possesses more than 25 percent of the authorized capital can take part in privatization based on the decision of authorized body.
Privatization and privatization of objects of state-owned property in the territory of Turkmenistan are performed by the body authorized by the Cabinet of Ministers of Turkmenistan (further authorized body) which represents the interests of the state concerning state-owned property of Turkmenistan.
The authorized body within the competence publishes the regulatory legal acts governing the relations on privatization and privatization according to this Law.
Privatization and privatization of objects of state-owned property can be performed in forms:
their transformations to the collective companies, joint-stock companies, companies of other form of business;
sales at auction, investment tender;
other forms which are not contradicting the legislation of Turkmenistan.
According to the approved list of the objects of state-owned property which are subject to privatization and privatization, the authorized body publishes the corresponding information message in periodicals, creates the commission on each object of state-owned property, and also carries out other necessary preparatory work.
The commissions are included representatives of authorized body, administration of the transformed (privatized) company, its labor collective, financial body, other specialists.
The commission can involve experts and auditors with payment of their work on contractual basis.
The commission makes value assessment and recommends form of privatization and privatization of the company and prepares on it necessary documents. Results of work of the commission affirm authorized body.
The authorized body determines forms of privatization and privatization of objects of state-owned property and establishes the list of the documents submitted in case of application, the amount of special collection and the mortgage amounts.
Information on form of privatization and privatization of object of state-owned property, submission due dates of the request and other data, are published in seal after adoption of the decision by authorized body in a month.
The application for participation in privatization and privatization of objects of state-owned property moves subjects in authorized body based on the published information.
The application submitted on behalf of labor collective is accepted in the presence of at least a half of signatures of members of labor collective.
Irrespective of results of consideration of the request the amount of the special collection paid by the applicant is not subject to return.
By results of privatization of object of state-owned property the contract between authorized body and the buyer is signed.
The certain conditions obligatory for the new owner are provided in the contract for the approved period of time. Conditions are established by authorized body.
The subject of privatization acquires the property right to the privatized object from the moment of complete payment of its cost and cash receipt into the special account of authorized body if regulatory legal acts of Turkmenistan do not provide other.
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The document ceased to be valid since July 1, 2014 according to article 25 of the Law of Turkmenistan of 18.12.2013.