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LAW OF TURKMENISTAN

of March 31, 2012 No. 289-IV

About shared-equity construction of apartment houses and other real estate objects

(The last edition from 04-11-2017)

This Law establishes legal, economic and organizational basis of activities in the field of shared-equity construction, governs the relations connected with shared-equity construction of apartment houses and other real estate objects due to attraction of money of physical persons and legal entities, establishes guarantees of protection of the rights and legitimate interests of shareholders and builders.

Chapter I. General provisions

Article 1. The basic concepts used in this Law

For the purposes of this Law the following basic concepts are used:

1) shared-equity construction - type of construction in case of which builders raise money of shareholders for construction of apartment houses and (or) other real estate objects;

2) the builder – the legal entity created according to the legislation of Turkmenistan, raising money of shareholders for construction by own forces and (or) with involvement of the third parties of the apartment house and (or) other real estate object on the parcel of land provided to it according to the procedure, established by the legislation of Turkmenistan;

3) the shareholder – the citizen of Turkmenistan who reached eighteen-year age, constantly living in Turkmenistan, the physical person who is engaged in business activity without formation of legal entity, the legal entity created according to the legislation of Turkmenistan, the participations in shared-equity construction of the apartment house or other real estate object which signed the contract with the builder (further - the agreement of participation in shared-equity construction);

4) the agreement of participation in shared-equity construction - the agreement signed between the builder and the shareholder, regulating the legal relationship connected with asset construction of shared-equity construction;

5) apartment houses – residential buildings, and also the subjects to welfare, administrative, household and trade assignment which are in these residential buildings, under construction due to attraction of money of shareholders;

6) other real estate objects – the separate subjects to welfare, administrative, household, trade and production assignment which are under construction due to attraction of money of shareholders;

7) permission to commissioning - the act of the state inspection of acceptance of the apartment house and (or) other real estate object.

Article 2. The legislation of Turkmenistan in the field of shared-equity construction

The legislation of Turkmenistan in the field of shared-equity construction is based on the Constitution of Turkmenistan and consists of this Law and other regulatory legal acts of Turkmenistan.

If the international treaty of Turkmenistan establishes other rules than containing in this Law, then rules of the international treaty are applied.

Article 3. Coverage of this Law

Operation of this Law extends to the relations between shareholders and builders based on the agreement on shared-equity construction or other contractual commitments connected with shared-equity construction.

Article 4. Objects of shared-equity construction

Objects of shared-equity construction are:

1) apartments and single-family apartment houses (further - the apartment);

2) the subjects to welfare, administrative, household and trade assignment or their separate part which are in apartment apartment houses;

3) separate subjects to welfare, administrative, household, trade and production assignment or their separate parts.

Chapter II. State regulation and control in the field of shared-equity construction

Article 5. State regulation and control in the field of shared-equity construction

State regulation and control in the field of shared-equity construction are performed by the Cabinet of Ministers of Turkmenistan, and also authorized body in the field of construction (further - authorized body) and bodies of the local executive authority in the territory of which shared-equity construction of apartment houses and (or) other real estate objects is performed.

Article 6. Competence of the Cabinet of Ministers of Turkmenistan

Cabinet of Ministers of Turkmenistan:

1) determines state policy in the field of shared-equity construction;

2) is determined by authorized body in the field of shared-equity construction;

3) Voided according to the Law of Turkmenistan of 20.03.2017.

4) adopts regulatory legal acts in the field of shared-equity construction;

5) exercises control in the field of shared-equity construction;

6) performs other functions in the field of shared-equity construction.

Article 7. Competence of authorized body

Authorized body:

1) realizes state policy in the field of shared-equity construction;

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