LAW OF THE REPUBLIC OF UZBEKISTAN

of November 19, 1991 No. 427-XII

About lease

Section I. General provisions

Article 1. Lease.

Lease represents the urgent paid ownership based on the agreement and use of the earth, other natural resources, and also the property necessary for the lessee for independent implementation of economic and other activity.

Lease can be applied in all fields of activity to property of all forms and types of property which are not prohibited by legal acts of the Republic of Uzbekistan.

Article 2. Legislation on lease.

The rent relations are governed by this Law and other acts of the legislation of the Republic of Uzbekistan.

Article 3. Object of the rent relations.

Can be objects of the rent relations:

companies, separate productions, workshops, farms, other divisions, organizations;

certain buildings, constructions, equipment, vehicles, stock, tool, other material values;

the earth (the earth of agricultural purpose are leased only for production of agricultural products) and other natural resources.

Legal acts of the Republic of Uzbekistan establish types (groups) of the companies, organizations, types of property and natural resources which delivery in lease is not allowed.

Article 4. Subjects of the rent relations.

Subjects of the rent relations are the lessor and the lessee.

Lessor which possesses the right of leasing is the owner of property or the body authorized by it, including foreign legal entities and physical persons. Legal entities and physical persons, including joint businesses, international associations and the organizations, with participation of the Soviet and foreign legal entities, and also foreign states, the international organizations can be lessees.

Participation of foreign legal entities and physical persons in lease of state-owned property is regulated by the legislation of the Republic of Uzbekistan.

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