RESOLUTION 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

In pursuance of the Presidential decree of the Republic of Uzbekistan of January 24, 2003 and for the purpose of further implementation of the principles of corporate management at the privatized companies the Cabinet of Ministers decides No. UP-3202 "About Measures for Cardinal Increase in Share and Value of Private Sector in Economy of Uzbekistan":

1. Approve Regulations on trustees by investment assets according to appendix No. 3.

2. To complexes of the Cabinet of Ministers jointly with the Special commission on questions of enhancement of management of the privatized companies, the Ministry of Justice of the Republic of Uzbekistan till July 1, 2003 to bring constituent documents of associations, corporations, companies, other economic associations into compliance with requirements of the Presidential decree of January 24, 2003 No. UP-3202, meaning exception of the provisions allowing to interfere unreasonably with operational activity of the companies which are their part.

If necessary to provide to the Cabinet of Ministers of the offer on modification of the decisions of the Government regulating questions of the organization of activities of separate economic associations.

3. To the State Property Committee of the Republic of Uzbekistan:

in a month to develop and approve the schedule of step-by-step transfer in 2003-2004 on competitive basis of the state blocks of shares (shares, shares) in trust management to professional managing companies;

till July 1, 2003 to sign contracts with the state attorneys on management of the state assets of joint-stock companies in which the share of the state constitutes 26 and more percent, valid through their transfer to trust management to professional managing companies;

if necessary to prolong agreements with trustees on management of the state assets in the amount of 25 and less percent of authorized capital of joint-stock companies for the period before their complete realization in the exchange and off-exchange markets according to the resolution of the Cabinet of Ministers of April 17, 2003 No. 185 "About the program of privatization and privatization of the companies for 2003-2004".

4. Determine that:

combination of activities of members of audit committees with their labor activity for hiring in these joint-stock companies is not allowed;

the value assessment of the state blocks of shares (shares, shares), except for the companies privatized on individual projects is made according to the legislation the estimative organizations and established Goskomkonkurention of the Republic of Uzbekistan as the starting price in case of their realization;

the state blocks of shares (shares) in authorized capitals of the economic societies having strategic importance for republic economy are delivered in trust management according to the decision of the President of the Republic of Uzbekistan, the Cabinet of Ministers or Commission on monitoring of effective use of the state share fraction in joint-stock associations and the companies;

management expenses are performed by the state blocks of shares (share, shares) at the expense of part of the dividends which arrived in the Government budget of the Republic of Uzbekistan on the state blocks of shares (to shares, shares), and in case of their absence - at the expense of Fund for management, transformation and privatization of the state assets.

To the State Property Committee, the Ministry of Finance together with the Ministry of Justice of the Republic of Uzbekistan to develop and approve payment procedure of services in management of the state assets in a month.

5. Establish that earlier formed joint-stock companies which authorized capital as of February 1, 2003 constituted the amount less than 50 thousand US dollars in equivalent at the Central Bank rate of the Republic of Uzbekistan shall give till January 1, 2004 the authorized funds up to the size at least the specified amount for date of re-registration, or be transformed in accordance with the established procedure to other forms of business.

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