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LAW OF TURKMENISTAN

of December 18, 2013 No. 458-IV

About privatization and privatization of state-owned property

(as amended on 13-11-2021)

This Law establishes legal, economic and organizational basis of privatization and privatization of state-owned property and is aimed at the development of entrepreneurship and creation of conditions for investment attraction and development of effective, socially oriented market economy in Turkmenistan.

Chapter I. General provisions

Article 1. Basic concepts

1. Privatization transformation of the state company in joint-stock company or the company of other form of business which founder is the state or one of founders of which shall be the state.

2. Privatization of state-owned property - paid property acquisition, being in state-owned property, in property of physical and (or) non-state legal entities.

Article 2. Legislation on privatization and privatization of state-owned property

1. The legislation of Turkmenistan on privatization and privatization of state-owned property 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 containing in this Law, then rules of the international treaty are applied.

Article 3. Coverage of this Law

1. Operation of this Law extends to the relations arising in case of privatization and privatization of state-owned property and the related relations on management of state-owned property.

2. Operation of this Law does not extend on:

1) the relations arising in case of privatization of the state housing stock, and also the state-owned property which is outside Turkmenistan;

2) recovery of property rights of owners, their heirs on property which was seized or different way against their will is earlier withdrawn according to the procedure, established by the legislation of Turkmenistan, in property of the state;

3) cases of accomplishment of obligations of Turkmenistan according to the international treaties signed by Turkmenistan.

Article 4. Basic principles of privatization and privatization of state-owned property

The basic principles of privatization and privatization of state-owned property are:

1) equal rights of citizens in case of privatization and privatization of state-owned property;

2) implementation of measures of privatization and privatization on competitive basis;

3) ensuring social protection of workers in case of privatization and privatization of state-owned property;

4) publicity of privatization and privatization of state-owned property;

5) ensuring the state and public control in the course of privatization and privatization of state-owned property.

Article 5. Realization of the basic principles of privatization and privatization of state-owned property

1. Realization of the basic principles of privatization and privatization of state-owned property is performed on the basis of the State program on privatization and privatization of state-owned property (further - the State program) and according to decisions of the Cabinet of Ministers of Turkmenistan.

2. The state program is developed by the Ministry of Finance and Economy of Turkmenistan which is authorized body in the field of privatization and privatization of state-owned property (further - authorized body) with participation of the ministries and departments, local executive bodies and affirms the Cabinet of Ministers of Turkmenistan.

Article 6. Objects of privatization and privatization of state-owned property

1. Objects of privatization and privatization of state-owned property are:

1) the state companies - as property complex;

2) buildings, constructions and objects of construction in progress;

3) production and non-productive divisions and structural units of the company as property complex which privatization does not break production cycle;

4) separate divisions of the state companies;

5) Ceased to be valid according to the Law of Turkmenistan of 23.05.2015.

6) the non-residential area in apartment houses, not considered as the area of general use;

7) shares of securities in the authorized capital of joint-stock companies, in property of the companies of various forms of business belonging to the state (including making agricultural products);

8) other state-owned property, except for the property provided by paragraph one of part two of this Article.

2. Cannot be objects of privatization and privatization of state-owned property: the subsoil, forest fund, water resources, airspace, resources of territorial waters and sea economic zone, the natural territories protected by the state or used in a special way objects of historical and cultural heritage of Turkmenistan (unique cultural and natural monuments and objects of the nature, cultural history, science and technology, including the values which are stored in the state museums, archives and libraries including rooms and buildings where they are located), and also the earth, property of Armed Forces, bodies of homeland security, border and internal troops, state educational institutions, research institutions, centers and objects of Academy of Sciences of Turkmenistan and industry academies, defensive objects, power pool system, highways, the railroads, sea and inland waterways, bulk distribution lines, intended for transportation of hydrocarbonic resources and oil products, airways, means of the Government budget of Turkmenistan, the Central bank of Turkmenistan and credit resources created by it, the state reserve, insurance and other funds, property of objects of hydrometeorological service, environmental protection and natural resources, patent service, standardization and metrology.

The state-owned property which is not connected with the main activities of the Armed Forces, bodies of homeland security, border and internal troops, state educational institutions, research institutions, centers of Academy of Sciences of Turkmenistan and industry academies provided by paragraph one of this part can be object of privatization and privatization of state-owned property.

3. By the Cabinet of Ministers of Turkmenistan other objects of state-owned property also can be carried to the objects which are not subject to privatization and privatization.

Article 7. Subjects of privatization and privatization of state-owned property

1. The citizens of Turkmenistan, foreign citizens, stateless persons, legal entities of Turkmenistan created according to the legislation of Turkmenistan (their branches, representations), the legal entities created according to the legislation of foreign states, the international organizations, their branches and permanent missions in Turkmenistan which are buyers of state-owned property and also the state bodies performing activities or participating in activities for privatization and privatization of state-owned property can be subjects of privatization and privatization of state-owned property.

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