RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN,
STATE MANAGEMENT COMMITTEE STATE-OWNED PROPERTY OF THE REPUBLIC OF UZBEKISTAN

of August 11, 2011 No. No. 51, 01/12-18/05

About approval of the Regulations on payment procedure of services of trustees in trust management of the state shares

List of amending documents

According to the Budget code of the Republic of Uzbekistan, presidential decrees 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", of July 20, 2007 No. UP-3897 "About Additional Measures for Deepening of Processes of Privatization of the Companies of Strategic Industries of Economy", resolutions of the Cabinet of Ministers of the Republic of Uzbekistan of April 19, 2003 No. 189 "About measures for enhancement of corporate management by the privatized companies", of July 24, 2007 No. 151 "About procedure for use by the state of the special participation right in management ("golden share") of joint-stock companies", of November 14, 2012 No. 322 "About the organization of activities of the State committee of the Republic of Uzbekistan for privatization, demonopolization and development of the competition", of December 30, 2012 No. 374 "About measures for the organization of activities of the State committee of the Republic of Uzbekistan for privatization, demonopolization and development of the competition", of June 11, 2013 "About measures for the organization of activities of the Center for management of the state assets under the State committee of the Republic of Uzbekistan on privatization, demonopolization and development of the competition" the Ministry of Finance of the Republic of Uzbekistan and the State committee of the Republic of Uzbekistan on privatization, demonopolization and development of the competition decide No. 165:

1. Approve Regulations on payment procedure of services of trustees in trust management of the state shares according to appendix.

2. Recognize to invalid:

the resolution of the Ministry of Finance of the Republic of Uzbekistan and the State committee of the Republic of Uzbekistan on management of state-owned property and supports of entrepreneurship of July 16, 2003 No. No. 86, 01/06-7 "About approval of the Regulations on payment procedure of services in management of the state shares" (рег. No. 1262 of August 1, 2003) (The bulletin of regulations of the ministries, state committees and departments of the Republic of Uzbekistan, 2003, No. 15);

the resolution of the Ministry of Finance of the Republic of Uzbekistan and the State committee of the Republic of Uzbekistan on management of state-owned property and support of entrepreneurship of March 4, 2004 No. No. 38, 01/06-04 "About modification and amendments in Regulations on payment procedure of services in management of the state shares" (рег. No. 1262-1 of April 12, 2004) (Collection of the legislation of the Republic of Uzbekistan, 2004, No. 15, the Art. 180);

the resolution of the Ministry of Finance of the Republic of Uzbekistan and the State committee of the Republic of Uzbekistan on management of state-owned property of January 25, 2006 No. No. 7, 01/06-18/01 "About modification and amendments in Regulations on payment procedure of services in management of the state shares" (рег. No. 1262-2 of February 18, 2006) (Collection of the legislation of the Republic of Uzbekistan, 2006, No. 8, the Art. 56);

the resolution of the Ministry of Finance of the Republic of Uzbekistan and the State committee of the Republic of Uzbekistan on management of state-owned property of April 6, 2007 No. No. 37, 01/12-18/08 "About modification and amendments in Regulations on payment procedure of services in management of the state shares" (рег. No. 1262-3 of May 7, 2007) (Collection of the legislation of the Republic of Uzbekistan, 2007, Art. No. 19-20, 204).

3. This resolution becomes effective after ten days from the date of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Minister of Finance

R. Azimov

Acting chairman of the State management committee state-owned property

A. Abdukhakimov

Appendix

to the Resolution of the Ministry of Finance, State committee of the Republic of Uzbekistan on management of state-owned property of August 11, 2011 No. No. 51, 01/12-18/05

Regulations on payment procedure of services of trustees in trust management of the state shares

This Provision determines payment procedure of services of trustees in trust management of the state shares.

I. General provisions

1. This Provision extends to joint-stock companies and limited liability companies (further - economic societies) which state share is delivered in trust management (except as specified transfers to trustees investment assets according to decisions of the President of the Republic of Uzbekistan and the Cabinet of Ministers of the Republic of Uzbekistan).

2. In this Provision the following concepts are applied:

the state share - shares or shares in authorized capitals (authorized capital) of economic societies belonging to state bodies, executive bodies on places, to public institutions, including the Central bank of the Republic of Uzbekistan and Fund of reconstruction and developments of the Republic of Uzbekistan;

the trustee - the state attorney, the trustee investment assets or commercial bank with which the trust management agreement of the state share is signed;

the cost of services - the fixed remuneration on management of the state share.

II. Sources of forming of fee of the trustee

3. The source of means for fee of trustees is created at the expense of the dividends which arrived in the government budget on the state share for accounting year if other procedure is not provided by the trust management agreement of the state share. At the same time fee for the fourth quarter of accounting year is performed in the first quarter the next year behind it within the means provided in the government budget on these purposes depending on receipt of dividends in the government budget in reporting year.

In case of shortage of the dividends on the state share which arrived in the government budget in reporting year and intended for payment of cost of services of trustees or their not receipt (not charge) for fee general fund on management, transformation and privatization of the state assets is used.

4. Ceased to be valid according to the Resolution of the Ministry of Economics and finance of the Republic of Uzbekistan, Agency on management of the state assets of the Republic of Uzbekistan of 07.11.2025 No. 301

5. The agency on management of the state assets of the Republic of Uzbekistan (further - the Agency of the state assets) annually makes calculation of the project of expense budget on payment of cost of services in management of the state shares with breakdown on quarters on the basis of agreements, the schedule of the forthcoming step-by-step transfer of the state shares to trust management and quarterly reports of trustees.

6. The agency of the state assets no later than July 1 represents payment under the estimate of fee of trustees the forthcoming year to the Ministry of Economics and finance for the subsequent inclusion in the draft of the Government budget in accordance with the established procedure.

7. Trustees submit to the Agency of the state assets activities reports on management of the state shares in form and in the terms established by the trust management agreement of the state share.

8. Based on studying of the submitted reports the Agency of the state assets prepares the estimate on fee of trustees with indication of sources of payment and till the 20th day of the second month following reporting sends to the Ministry of Economics and finance.

At the same time the estimate of fee of trustees following the results of the fourth quarter of accounting year is prepared based on the state assets submitted by them in the Agency of annual statements in accordance with the established procedure and goes to the Ministry of Economics and finance till April 1 of the year following after accounting year.

The estimate joins fee of trustees only for the accounting period, except as specified, stipulated in Item the 11th this provision.

Fee of the confidential managing directors who are not included in the estimate provided for the corresponding accounting period by the Agency of the state assets and the Ministry of Economics and finance is not made, except as specified, stipulated in Item the 11th this provision.

Responsibility for reliability and correctness of creation of the estimate of fee bears the Agency of the state assets.

9. Based on the provided estimate Ministry of Economics and finance within 10 working days lists in Fund for management, transformation and privatization of the state assets of funds for fee of trustees at the expense of the dividends on the state shares which arrived from the economic societies included in the estimate of payment.

during 10 banking days from the moment of the revenues to Fund for management, transformation and privatization of the state assets of the means belonging to Fund, listed by the Ministry of Economics and finance at the expense of part of the dividends on the state shares paid to the budget;

during 10 banking days by general fund on management, transformation and privatization of the state assets, if:

insufficiency of dividends on the state share for payment of cost of services;

the directions of dividends on the state shares for other purposes specified in decisions of the President of the Republic of Uzbekistan or the Cabinet of Ministers of the Republic of Uzbekistan;

acceptances by general shareholder meeting (meeting of participants) of the decision on the direction arrived to reconstruction and modernization of the company;

not works society of the actual dividend payouts in the accounting period;

impossibility of payment of dividends by joint-stock company owing to restrictions according to article 54 of the Law of the Republic of Uzbekistan "About joint-stock companies and protection of shareholder rights";

impossibility of profit distribution by limited liability company owing to restrictions according to article 26 of the Law of the Republic of Uzbekistan "About limited liability companies".

10. After payment transfer of services in Fund for management, transformation and privatization of the state assets the Agency of the state assets notifies on it trustees, and also on representation of details of personal or settlement accounts by them (if payment is performed for the first time) in form and in the terms established by the trust management agreement of the state share.

Payment of cost of services of trustees is made by the Agency of the state assets by transfer of the corresponding amounts to their personal or settlement accounts in bank.

11. The money intended for payment of cost of services both not demanded by trustees and not transferred into their personal or settlement accounts in connection with non-presentation to the Agency of the state assets of the relevant documents remains in Fund of management, transformations and privatizations of the state assets.

At the same time if the funds allocated for fee from the government budget remain in Fund for management, transformation and privatization of the state assets more than 90 days, these means are subject to return to the government budget in full.

In case of the request of trustees for payment of cost of services after the expiration of 90 days payment of money is performed according to the procedure, established by this Provision.

III. Calculation of cost of services of trustees

12. In case of management of shares not complete quarter calculation of cost of services of trustees is made for the period the actual management (the number of days from the moment of the introduction of the trust management agreement in force).

13. The cost of services in management of the state shares in the economic societies having strategic importance of trustees investment assets (commercial banks) for reporting quarter is calculated by multiplication quadruple the minimum wage on the corresponding coefficient according to appendix 1 to this Provision.

The cost of services in management of the state shares in the economic societies having strategic importance of the state attorneys for reporting quarter is calculated by multiplication double the minimum wage on the corresponding coefficient according to appendix 1 to this Provision.

14. The cost of services in management of the state shares of the economic societies which do not have strategic importance of trustees investment assets (commercial banks) for reporting quarter is calculated by multiplication double the minimum wage on the corresponding coefficient according to appendix 2 to this Provision.

The cost of services in management of the state shares of the economic societies which do not have strategic importance of the state attorneys for reporting quarter is calculated by multiplication of the one-and-a-half size of the minimum wage by the corresponding coefficient according to appendix 2 to this Provision.

15. Fee of trustees in reporting quarter is not made in case:

non-presentation or incomplete representation at the scheduled time of the activities report on management of the state shares and copies of payment orders about transfer of the corresponding part of dividends on the state shares (if the actual payment is performed);

increases in comparison with the previous reporting quarter of overdue debt according to the dividends added on the state share;

availability of losses if term from the moment of the conclusion of the trust management agreement constitutes more than six months.

16. In the following cases the cost of fee of trustees for reporting quarter is multiplied by the corresponding decreasing coefficient of 0,6:

availability of overdue debt of society according to the dividends added on the state share;

failure to carry out of the forecast quarter indicators by society on net profit provided in the business plan of society.

17. Ceased to be valid according to the Resolution registered by the Ministry of Justice of the Republic of Uzbekistan of 30.07.2015 No. 2263-1

IV.

No. 301 voided according to the Resolution of the Ministry of Economics and finance of the Republic of Uzbekistan, Agency on management of the state assets of the Republic of Uzbekistan of 07.11.2025

Appendix №1 

to Regulations on payment procedure of services of trustees in trust management of the state shares

Coefficients of cost determination of services of trust management of the state share in authorized capitals of the economic societies having strategic importance for republic economy

№ payment order	The extent of nominal value of the state share delivered in trust management (one million bags)	Coefficient
1.	to 500	5,0
2.	to 700	5,5
3.	to 900	6,5
4.	till 1100	7,5
5.	till 1300	8,5
6.	till 1500	9,5
7.	till 1700	10,5
8	till 1900	11,5
9.	till 2100	12,5
10.	till 2300	13,5
11.	till 2500	14,0
12.	till 2700	14,5
13.	till 2900	15,0
14.	to 3100	15,5
15.	to 3300	16,0
16.	to 3500	16,5
17.	to 3700	17,0
18.	to 3900	17,5
19.	to 4100	18,0
20.	over 4100	18,5	".

Appendix № 2

to Regulations on payment procedure of services of trustees in trust management of the state shares

Coefficients of cost determination of services of trust management of the state share in authorized capitals of the economic societies which do not have strategic importance for republic economy

№ payment order	The extent of nominal value of the state share delivered in trust management (one million bags)	Coefficient
1.	to 500	4,5
2.	to 700	5,0
3.	to 900	5,5
4.	till 1100	6,0
5.	till 1300	6,5
6.	till 1500	7,0
7.	till 1700	7,5
8.	till 1900	8,0
9.	till 2100	8,5
10.	till 2300	9,0
11.	till 2500	9,5
12.	till 2700	10,0
13.	till 2900	10,5
14.	to 3100	11,0
15.	to 3300	11,5
16.	to 3500	12,0
17.	to 3700	12,5
18.	to 3900	13,0
19.	to 4100	13,5
20.	over 4100	14,0	".

 

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