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LAW OF TURKMENISTAN

of November 9, 2013

About daykhansky economy

(as amended of the Law of Turkmenistan of 26.03.2016)

This Law determines the basic principles of creation of daykhansky economy and the legal basis of its activities.

Chapter I. General provisions

Article 1. Daykhansky economy

1. Daykhansky economy is the agricultural enterprise created by members of one or several families for joint maintaining farm-production.

2. The spouses, children including adopted, who reached age of 18 years, parents and other close relatives can be members of daykhansky economy.

3. Persons working in it according to the employment contract cannot be members of daykhansky economy.

Article 2. Legislation of Turkmenistan on daykhansky economy

1. The legislation of Turkmenistan on daykhansky economy is based on the Constitution of Turkmenistan and consists of this Law and other regulatory legal acts of Turkmenistan.

2. If the international treaty of Turkmenistan establishes other rules than provided present By the law, then rules of the international treaty are applied.

Article 3. Property of daykhansky economy

1. The Daykhansky economy can have in property economic and other constructions, plantings, the productive and working cattle (bird), agricultural machinery and stock, vehicles, and also other property necessary for independent maintaining farm-production, storage, realization, conversion of the agricultural products made by it.

2. The gained income is property of daykhansky economy and is used by it at discretion.

3. Proprietary insurance of daykhansky economy is voluntary.

Article 4. Maintaining daykhansky economy

1. The Daykhansky economy is independent production unit.

2. The Daykhansky economy independently determines the direction of the activities, and also resolves other issues connected with housekeeping.

The direction and production volumes of the daykhansky economy making products under lease are established by the lessor on the basis of the agreement.

In case of cultivation of crops on the basis of the state order the daykhansky economy uses the privileges provided by the state.

Products made over contractual commitments by daykhansky economy, including daykhansky economy lessee remain at its order and are implemented by it independently at free prices.

3. Relations of daykhansky economy with physical persons and legal entities of Turkmenistan and foreign states are performed on the basis of agreements and regulatory legal acts of Turkmenistan.

4. The interests of daykhansky economy are represented by his head or other member of economy under its power of attorney.

Chapter II. Creation of Daykhansky economy

Article 5. Procedure for creation of daykhansky economy

The Daykhansky economy is created according to the decision of his founder (founders).

Article 6. Foundation agreemtn of daykhansky economy

1. Basis for creation and activities of daykhansky economy is the foundation agreemtn which is signed by founders of daykhansky economy.

The foundation agreemtn is not signed if the daykhansky economy is created by one founder.

The foundation agreemtn is the constituent document of daykhansky economy.

2. The foundation agreemtn shall contain:

1) decision of founders on creation of daykhansky economy, its name and location;

2) the list of founders – physical persons with indication of their names, the residence and the documents proving their identity;

3) powers of founders, and also persons who are authorized to represent the interests of the created daykhansky economy in the course of its creation and registration;

4) size of authorized fund;

5) the information about structure, the size and terms of entering into authorized capital of money deposit of each founder or about money value of contribution in natural form or in the form of property rights;

6) procedure for decision making about introduction of additional deposits to authorized capital, and also effects of untimely introduction of deposits;

7) decision on approval of the charter of daykhansky economy;

8) procedure for profit distribution and indemnification;

9) procedure for exit of founders from structure of daykhansky economy.

The foundation agreemtn of daykhansky economy can include also other conditions concerning creation of daykhansky economy and its activities, not contradicting this Law and other regulatory legal acts of Turkmenistan.

3. The size of authorized capital of daykhansky economy shall constitute at least five minimum wages established by the legislation of Turkmenistan.

4. The agreement is signed by all founders or their authorized representatives.

Representatives of founders shall have the appropriate authority granting the right to creation of daykhansky economy and to signing of the foundation agreemtn.

5. Conditions of the foundation agreemtn are obligatory for the founders who signed this agreement and also for the new participants who entered daykhansky economy after its organization and registration.

Article 7. Charter of daykhansky economy

1. The charter of daykhansky economy is its constituent document determining legal status of daykhansky economy as the legal entity.

2. The charter shall contain:

1) name, legal address of daykhansky economy;

2) the list of founders – physical persons with indication of their names, the residence and the documents proving their identity;

3) purposes and types of activity of daykhansky economy;

4) data on the size of authorized fund, shares of founders in property of daykhansky economy;

5) procedure for transition of shares of members of daykhansky economy;

6) procedure for profit distribution and indemnification;

7) conditions of reorganization and termination of activities.

The charter can contain also other provisions which are not contradicting the legislation of Turkmenistan.

3. The charter shall be approved by general meeting of founders unanimously and is signed by all founders or their authorized representatives. In case of creation of daykhansky economy by one founder the charter affirms and signed by this founder.

4. Charter copies, and also all documents on introduction of subsequent changes are stored in the body which performed the state registration.

Article 8. Registration of daykhansky economy

1. Registration of daykhansky economy is performed according to the procedure, established by the legislation of Turkmenistan.

2. The Daykhansky economy is considered framed from the moment of receipt of the certificate on the state registration then it acquires the status of the legal entity by it.

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