of November 18, 2008 No. UP-4053
About measures for further increase in financial stability of the companies of real production sector
For the purpose of further increase in level of capitalization and increase in financial stability of the companies of real production sector, enhancement of mechanisms of financial improvement and management of economically insolvent companies, broad investment attraction, including means of commercial banks, in process of structural transformations of economy, upgrade, technical and technological rearmament of production:
1. Determine that:
acting open and private companies shall bring till January 1, 2010 the size of the authorized funds to the amount at least 400 thousand US dollars in equivalent at the Central Bank rate of the Republic of Uzbekistan for date of re-registration or provide transition to private pattern of ownership.
To the State Property Committee of the Republic of Uzbekistan together with the interested ministries and departments, Council of Ministers of the Republic of Karakalpakstan, khokimiyats of areas and Tashkent to carry out broad explanatory work among joint-stock companies which are not able to increase the authorized funds to the size established by this Decree, on their transformation to other forms of business.
4. To the Cabinet of Ministers to approve in a month:
Procedure for realization of the bankrupt companies to commercial banks at the auction and competitive biddings;
Regulations on the Republican commission on realization of economically insolvent companies to commercial banks.
5. To Central Bank of the Republic of Uzbekistan together with Banking association of Uzbekistan, commercial banks to develop and approve package of measures in a month on:
to enhancement in commercial banks of activities for development, examination and implementation of investment projects on upgrade, technical and technological rearmament of production at the redeemed bankrupt companies;
to completion by highly qualified specialists of structural divisions of the commercial banks dealing with issues of project investment, provision and servicing of investment loans.
6. Consider invalid paragraphs two, the third and fifth Item 3 of the Presidential decree of the Republic of Uzbekistan of January 24, 2003 No. UP-3202 "About Measures for Cardinal Increase in Share and Value of Private Sector in Economy of Uzbekistan".
7. To the State Property Committee of the Republic of Uzbekistan together with the interested ministries and departments to make in the Cabinet of Ministers the offers on changes and amendments in the legislation following from this Decree in a month.
8. To impose control of execution of this Decree on the Prime Minister of the Republic of Uzbekistan Mirziyoyev Sh. M. and the chairman of the Central bank of the Republic of Uzbekistan Mullazhanov F. M.
President of the Republic of Uzbekistan
to the Presidential decree of the Republic of Uzbekistan of November 18, 2008 No. UP-4053
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