RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of August 20, 1997 No. 3322

About some measures for privatization and privatization of objects of state-owned property

According to the Law of Turkmenistan "About privatization and privatization" and for the purpose of strengthening of the state control of process of privatization and privatization of objects of state-owned property I decide:

1. Approve enclosed Regulations on privatization and privatization of objects of state-owned property in Turkmenistan and Regulations on evaluation procedure of property value of the objects of state-owned property which are subject to privatization and privatization.

2. Assign to the Ministry of Economics and finance of Turkmenistan functions on implementation of privatization and privatization of objects of state-owned property in all spheres of the national economy of Turkmenistan and to ensuring postprivatization control of their activities.

3. Determine that privatization and privatization of objects of state-owned property of Turkmenistan are performed by their sale at auctions, incorporating and carrying out investment tenders.

In case of failure to carry out by the new owner of the obligations undertaken by it in case of privatization of object of state-owned property, the privatized objects are withdrawn in accordance with the established procedure.

4. Determine that from the date of inclusion of object of state-owned property in the list of objects of privatization and privatization and about day of signing of the act of its acceptance delivery to the new owner (or state registration of joint-stock company) fixed assets of object cannot be on sale or be transferred otherwise to other physical persons or legal entities, irrespective of their form of business.

In case of privatization and privatization of object of state-owned property passes right to use to the buyer with the parcel of land which is earlier assigned to the specified object or occupied by him and necessary for ensuring operation of object.

5. Determine that in case of discrepancy of the amounts of actual costs sent in balance on construction in progress with its actual cost the value assessment is made by control measurement of actually executed physical amounts of works using the operating quotations, at the same time the amount of discrepancy remains on balance of the customer and is not subject to inclusion in structure of project cost of privatization.

6. The means received from privatization and privatization of objects of state-owned property are transferred into special accounts of the Government budget of Turkmenistan which directions of use are determined by the Cabinet of Ministers of Turkmenistan.

7. To the Ministry of Economics and finance of Turkmenistan to grant the certificates certifying the property right to subject to privatization after receipt of the first established redemption fee into the special account in the Government budget of Turkmenistan if to the new owner the Cabinet of Ministers of Turkmenistan provides payment payment by installments.

8. To the Ministry of Economics and finance of Turkmenistan to determine specific forms of privatization and privatization of each object of state-owned property and to represent their list for review to the Cabinet of Ministers of Turkmenistan.

9. Hyakimam of etraps and the cities to make branch or re-registration of the parcels of land to new owners of objects of privatization and privatization, and also to issue them the state act on right to use by the earth according to the procedure, provided by the land legislation of Turkmenistan, but no later than 3 months from the date of receipt by the new owner of the certificate certifying the property right to object (or state registration of the joint-stock company created according to procedure for privatization and privatization of the state company).

10. To joint-stock commercial banks to perform crediting of the companies included in the list of objects of privatization and privatization in coordination with the Ministry of Economics and finance of Turkmenistan.

11. Exempt new owners (legal successors) of objects from payment of penalties and other financial sanctions, stipulated by the legislation Turkmenistan which collection was not performed before privatization and privatization of the specified objects.

12. Foreign legal entities and citizens, and also legal entities and citizens of Turkmenistan, including members of labor collectives of the transformed objects of state-owned property, participate in their privatization and privatization in accordance with general practice.

13. The share in the authorized capital of the companies transformed to joint-stock companies, foreign legal entities and citizens and also legal entities and citizens of Turkmenistan is determined by the Cabinet of Ministers of Turkmenistan.

14. Declare invalid Item 3 of the resolution of the President of Turkmenistan of June 28, 1993 No. 1389 "About streamlining of use of state-owned property and regulation of processes of privatization, in Turkmenistan", the resolution of the President of Turkmenistan of November 23, 1993 No. 1581 "About measures for privatization of objects of the sphere of consumer services of the population of Turkmenistan", the resolution of the President of Turkmenistan of November 14, 1996 No. 2866 "About measures for acceleration of privatization and privatization of trade enterprises and public catering in Turkmenistan" and the Regulations on privatization of trade enterprises and public catering in Turkmenistan approved by this resolution, item 4 of the resolution of the President of Turkmenistan of April 7, 1997 No. 3090 "About privatization of the objects of state-owned property which are not finished by construction", Regulations on privatization and privatization of industrial enterprises in Turkmenistan approved by the resolution of the President of Turkmenistan of April 7, 1997 No. 3092 "About measures for acceleration of privatization and privatization of industrial enterprises in Turkmenistan".

Approved by the resolution of the President of Turkmenistan of August 20, 1997 No. 3322

Regulations on privatization and privatization of objects of state-owned property in Turkmenistan

1. This Provision determines procedure for the organization and carrying out privatization and privatization of objects of state-owned property * in Turkmenistan.

The solution of the questions which are not reflected in this Provision is regulated by the current legislation of Turkmenistan, regulations and instructions approved by the Ministry of Economics and finance of Turkmenistan and published in seal.

__________

* Object is referred to as.

2. The ministries and departments represent to the Ministry of Economics and finance of Turkmenistan the list of the objects which are subject to privatization and privatization approved with the Cabinet of Ministers of Turkmenistan.

3. The Ministry of Economics and finance of Turkmenistan taking into account offers of the ministries and departments considers and approves the list of objects and their separate divisions, and also forms of their privatization and privatization.

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