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of May 19, 1992 No. 698-XII

About investing activities

(as amended of the Law of Turkmenistan of 12.04.1993)

This Law determines legal, economic and social conditions of investing activities in the territory of Turkmenistan. It is aimed at providing equal protection of the rights, interests and property of subjects of investing activities regardless of patterns of ownership.

Chapter I. General provisions

Article 1. Investments

Investments are all types of the property and intellectual values put in objects entrepreneurial and other types of activity as a result of which the profit (income) is formed or the social effect is reached.

Can be such values:

money, purpose-oriented bank deposits, shares, shares and other securities;

personal and real estate (buildings, constructions, equipment and other material values);

the property rights following from copyright, "know-how", experience and other intellectual values;

rights to use by the earth and other natural resources, and also other property rights;

other values.

Investments into reproduction of fixed assets can be performed in the form of capital investments.

Article 2. Investing activities

1. The investing activities are understood as set of practical actions of the state, physical persons and legal entities on realization of investments.

2. The investing activities are performed on basis:

the investment performed by physical persons, economic associations, societies and partnerships, and also the public and religious organizations, other legal entities of Turkmenistan irrespective of patterns of ownership;

the state investment performed by bodies of authority and management of Turkmenistan, bodies of the local executive authority at the expense of means of budgets, off-budget funds and borrowed funds and also the state companies and organizations at the expense of own and borrowed funds;

investments by foreign states, legal entities and physical persons, and also stateless persons;

the joint investment performed by Turkmenistan and foreign states, legal entities and physical persons, and also stateless persons.

Article 3. Objects of investing activities

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

Investment of objects which creation and use does not answer regulations of seismic stability, the fire is forbidden, - explosion - safety, sanitary and hygienic, ecological and town-planning requirements, and also causes damage to the rights and interests of citizens, legal entities protected by the law and the states.

Article 4. Subjects of investing activities

1. Physical persons and legal entities of Turkmenistan and foreign states, and also directly these states can be subjects (investors and participants) of investing activities.

2. Investors are the subjects of investing activities making decisions on attachment of own, loan and attracted property and intellectual values. Investors can act as investors, creditors, buyers, and also to perform functions of any participant of investing activities.

3. Participants of investing activities are the physical persons and legal entities of Turkmenistan, other states providing implementation of investments as contractors of orders or based on the order of the investor.

Article 5. Legislation of Turkmenistan on investing activities

The relations connected with implementation of investing activities in Turkmenistan are regulated by this Law and other legal acts of Turkmenistan.

The investing activities are regulated:

subjects of Turkmenistan in foreign gosudarstvakhzakonodatelstvo of the state in the territory of which these activities are performed, the corresponding international agreements and interstate agreements, and also the special legislation of Turkmenistan;

subjects - foreign states in Turkmenistan this Law and the special legislation of Turkmenistan.

Chapter II. Implementation of investing activities

Article 6. Rights of investors

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

Use by the investor of property and intellectual values on investment into the objects which are not prohibited by this Law and other legislation of Turkmenistan without any limit is recognized their inalienable right and is protected by the law.

2. The investor independently determines amounts, the directions and efficiency of the performed investments and at discretion attracts on contractual basis of the physical persons and legal entities necessary for it for realization of investments.

3. According to the decision of the investor of right of possession, use, the order of investments and results of their implementation can be transferred to other physical persons and legal entities according to the procedure, established by the law. Relations of the parties in case of the specified assignment of rights are regulated on the basis of agreements.

4. For investment financial resources in type of loan, release in the procedure for securities and loans established by the legislation can be raised.

The property of the investor can be used by it as providing its obligations. As a deposit only such property which is in property of the borrower or belongs to it as complete economic maintaining is accepted if other is not provided by legal acts of Turkmenistan. The pledged property in case of violation of bail bonds can be implemented in the procedure established by the legislation.

5. The investor has the right to own, use and dispose of objects and results of investments, including reinvestments and trading activities in the territory of Turkmenistan according to the legislation of Turkmenistan.

Objects, investment into which does not involve acquisition of property right to them, can be determined by the legislation of Turkmenistan, but does not exclude possibility of the subsequent ownership, operational management or participation of the investor in profit earning from operation of these objects, for investors of other states - with provision of the right of export out of limits of Turkmenistan.

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

Article 7. Relations between subjects of investing activities

The main legal document regulating relations between subjects of investing activities is the agreement (agreement).


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