LAW OF TURKMENISTAN

of November 21, 2015 No. 306-V

About property

This Law determines patterns of ownership in Turkmenistan, legal and economic basis of the relations of property, condition of emergence of the property right and is aimed at the development of the relations of property, ensuring protection and protection of the property right.

Chapter I. General provisions

Article 1. Basic concepts

In this Law the following basic concepts are used:

1) property – system of the economic and legal relations characterizing social and economic and organizational forms of distribution (assignment) of property;

2) the property right – legislatively settled public (property and personal non-property) the relations on ownership, use and the order of property:

a) right of possession – the actual domination permitted by the law over property;

b) right to use – the right of personal use of useful properties of property. Right to use includes also possibility of person not to use the property;

c) the order right – the right of inclusion of property in economic circulation by making of the civil transactions providing its alienation or transfer to temporary ownership and use;

3) the right of economic maintaining – the right of the company to own, use and dispose of the property assigned to it the owner of this property in the limits set by the law;

4) the right of operational management – form of the property right to the property given by the owner to operational management to the company (organization) according to which this company (organization) can dispose of this property only with the consent of the owner.

Article 2. Legislation of Turkmenistan on property

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

2. The property relations which are not provided by this Law are regulated by the civil legislation and other regulatory legal acts of Turkmenistan.

3. The relations on creation and use of inventions, opening, works of science, literature and art and other objects of intellectual property right are regulated by the legislation on copyright and the related rights and other legislation of Turkmenistan.

4. If the international treaty of Turkmenistan, establishes other rules than provided by this Law, then rules of the international treaty are applied.

Article 3. State regulation of the relations of property

1. State regulation of the relations of property consists in reduction of the relations of the right and obligations of the owner in compliance with objectively caused requirements of priority of the public benefit and is provided via legislatively fixed property right state regulation machinery.

2. The state regulation machinery of the property right provides:

1) privatization and privatization of the state-owned and municipal property;

2) the change of the property relations of private property on economic resources in public concerns performed on compensation basis;

3) regulation of substantial components of property of social and economic nature, including way:

a) the restrictions imposed by the state on the owner during its business activity, such as establishment of requirements in the field of employment relationships, observance of standards, ecological standard rates, quality assurance of the made goods and services and other requirements, and also regulation of land use, management activity according to the concept of social partnership;

b) income adjustments on the basis of their redistribution according to the tax legislation of Turkmenistan and at the expense of social transfers for separate categories of citizens.

Article 4. Property right

1. The property right in Turkmenistan arises according to the procedure and on conditions which are provided by this Law and other regulatory legal acts of Turkmenistan.

2. The property right in Turkmenistan is recognized and protected by the law. In Turkmenistan the property right of citizens, legal entities of Turkmenistan, the state to the property which is located abroad is recognized and protected by the law.

3. The person of law of property (owner) at discretion owns, uses and disposes of the property belonging to him taking into account the restrictions set by the legislation of Turkmenistan.

4. The owner can transfer the competences on ownership, use and the order of property to other person, to use property as subject of pledge or to encumber it otherwise, to transfer the property to the possession or management to other person, and also has the right to make any actions which are not contradicting the legislation of Turkmenistan concerning the property. The owner can use property for implementation of the business or other activity which is not contradicting the legislation of Turkmenistan.

5. The results of economic and other use of property which are fruits of such use of property belong to the owner of this property if other is not stipulated by the legislation Turkmenistan or the contract of the owner with other person (further - the agreement).

6. In cases, on conditions and in limits, stipulated by the legislation Turkmenistan, the obligation can be assigned to the owner to allow limited use of its property of other persons.

7. The owner bears the burden connected with content of the property belonging to it, and also risk of his accidental death or accidental spoil if other is not stipulated by the legislation Turkmenistan or the agreement.

8. Implementation of the property right shall not cause environmental damage, violate the rights and interests of physical persons and legal entities protected by the legislation of Turkmenistan and the state.

Article 5. Property right objects

Can be objects of the property right: earth, its subsoil, mountain branches, water resources, airspace, forest fund, plant and animal life, property complexes, buildings, constructions, housing-and-municipal objects, equipment, money, securities and other objects of property of production, consumer, social, cultural and other appointment, objects of culture, opening, invention, industrial designs, trademarks and service marks, other results of intellectual activities.

Article 6. Persons of law of property. Patterns of ownership

1. Persons of law of property in Turkmenistan are physical persons and legal entities, the state.

2. The property in Turkmenistan acts in the following forms:

1) private;

2) state;

3) property of public associations;

4) property of cooperative associations;

5) property of joint businesses;

6) the mixed (joint) property;

7) property of foreign states, their legal entities and citizens;

8) property of the international organizations.

3. Other patterns of ownership which are not provided by this Law can be established by the legislation of Turkmenistan.

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