RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of February 3, 1998 No. 3531

Questions of Association of joint-stock companies on technological and agrochemical servicing of agricultural industry of Turkmenistan

In pursuance of the Presidential decree of Turkmenistan of December 23, 1996 2082 "About enhancement of system of technological servicing of agricultural industry" and in communication by assignment on other departments of functions on providing agricultural industry with mineral fertilizers, agricultural chemicals and remedies of plants I decide software:

1. Exclude from the name of Association of joint-stock companies on technological and agrochemical servicing of agricultural industry Turkmenobakhyzmat of the word ".... and agrochemical" and to hereinafter refer to as its Association of joint-stock companies on technological servicing of agricultural industry Turkmenobakhyzmat.

2. Approve Regulations on Association of joint-stock companies on technological servicing of agricultural industry Turkmenobakhyzmat.

3. In Item 2 of the Presidential decree of Turkmenistan of December 23, 1996 No. 2082 "About enhancement of system of technological servicing of agricultural industry to exclude words"... and agrochemical".

Approved by the resolution of the President of Turkmenistan of February 3, 1998 No. 3531

Regulations on Turkmenobakhyzmat association

The Turkmenobakhyzmat association is created and No. 2082 "About enhancement of system of technological servicing of agricultural industry" and resolutions of the President of Turkmenistan of December 23, 1996 No. 2926 "Questions of Association of joint-stock companies on technological and agrochemical servicing of agricultural industry Turkmenobakhyzmat functions based on the Presidential decree of Turkmenistan of December 23, 1996.

Article 1. Name and location

1. Full official name of Association:

in Russian - Association of joint-stock companies on technological servicing of agricultural industry Turkmenobakhyzmat;

on Turkmen, language - Both hozhalygyn of the onumchilik-equipment taydan hyzmat etmek baradaka the shareholder of zhemgyetlerinitsa Turkmenobakhyzmat of assotsiatsiyasa.

2. Abbreviated name of Association:

in Russian - Turkmenobakhyzmat Association;

in Turkmen - Turkmenobakhyzmat of assotsiatsiyasa;

in English - Turkmenavtoservice Assotsiation.

3. Legal address of Association: Turkmenistan, 744000, Ashgabat, Prospekt Magtymguly, 109.

4. Term of activities of Association: it is not limited.

Article 2. Legal position of Association

5. The association is legal entity, has seal with the image of the State Emblem of Turkmenistan and the name, logo, separate balance, settlement, current and other accounts in manats and foreign currency in organizations of banks.

The rights and obligations of the legal entity the Association acquires from the moment of receipt of the certificate on state registration granted by the holder of the Unified state register of enterprises and organizations of all patterns of ownership and managing of Turkmenistan.

6. On the form of business the Association is specialized state-owned company, authorized to own and manage the state-owned property transferred to it (blocks of shares in the authorized capital of Affiliated and other enterprises) according to the purposes and tasks directed to intensification of development of agricultural production in the country.

7. The association is authorized holder of the controlling stake of the stocks of its affiliated enterprises brought in the Unified state register of enterprises and organizations of all patterns of ownership and managing of Turkmenistan in the form of joint-stock companies owned by the state.

The association is the supreme body of management of the production and economic complex on technological servicing of agricultural industry performing the activities on the principles of cost accounting.

8. The association submits directly to the Cabinet of Ministers of Turkmenistan.

9. The association is legal successor of the abolished Association of technological servicing Selservice of the Ministry of Agriculture of Turkmenistan.

10. The association in the activities is guided by the Constitution of Turkmenistan, the laws of Turkmenistan, acts of the President of Turkmenistan, resolutions of Majlis of Turkmenistan, decisions of the Cabinet of Ministers of Turkmenistan and this Provision.

Article 3. Object of activity of Association

11. Main objective of activities of Association is increase in efficiency of technological servicing and material logistics of agricultural industry of Turkmenistan.

12. The main objectives of activities of Association are:

ownership and management of shares and other securities emitted by affiliated enterprises;

rendering economic, financial and managerial services for branches and representations, and also affiliated enterprises and their branches;

achievement of stable financial wellbeing and effective potential production, and also investment appeal of affiliated enterprises and their branches;

technological servicing, material logistics of country associations and other producers of agricultural products, irrespective of patterns of ownership;

implementation of state policy in the field of mechanization, material servicing of agricultural industry, including:

- implementation of measures for development of complex highly effective competitive mechanization of agricultural production;

- studying of market situation, marketing, and also delivery of means of mechanization (including "small") on the consumer market;

- ensuring effective lease of the equipment which is purchased at the expense of the state currency resources and resources of the State fund of development of agricultural industry of Turkmenistan for ensuring production of amounts of agricultural products according to the state order;

- the analysis and perspective forecasting of development of system of material servicing of agricultural industry taking into account both internal, and external factors, and also development and entering into the Cabinet of Ministers of Turkmenistan of offers on development of industry;

- implementation of functions of the state supervision of use of agricultural machinery by means of inspection Gosseltekhnadzor.

13. The association according to the tasks assigned to it performs the foreign economic, business and other activity according to the procedure and on the bases provided by the current legislation of Turkmenistan.

Article 4. Competences of Association

14. The association for achievement of the authorized purposes of the activities has the right to make on its own behalf transactions, to sign contracts, to acquire the property and non-property rights and to incur obligations, to be claimant and the defendant in court.

15. The association has the right to buy and sell in the limits provided by the current legislation of Turkmenistan any, emitted in Turkmenistan or beyond its limits, securities, other financial assets.

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