LAW OF TURKMENISTAN

of June 3, 2017 No. 565-V

About consumer society

This Law determines legal, organizational, economic and social bases of creation and activities of consumer societies, their unions.

Chapter I. General provisions

Article 1. Basic concepts

In this Law the following basic concepts are used:

1) consumer society – the voluntary consolidation of physical and (or) legal entities created on the basis of membership by consolidation by his founders of property shares for implementation of trading, procurement activity, production and sales of products and other activities for the purpose of requirements satisfaction of their members, the population and other consumers on different goods and services, generally on the arrangement territory;

2) the union of consumer societies – system of consumer societies, unions of the consumer societies created by them the companies, the organizations, organizations for the purpose of satisfaction of material and other requirements of the population and their members;

3) the member of consumer society – the physical and (or) legal entity who contributed introductory and share and accepted in consumer society according to the procedure, established by the charter of consumer society;

4) the admission fee – the sum of money directed to covering of the expenses connected with the accession to consumer society;

5) share – property fee of the member of consumer society in its share fund the money, securities, the parcel of land or land share, other property or property or other rights having money value;

6) share fund – the fund consisting of the share, deposit fees brought by founders (members) of consumer society during its creation or the introduction in it and which are one of sources of forming of property of consumer society;

7) reserve fund – the fund intended for covering of possible losses and losses when implementing by consumer society, union of consumer societies of authorized activities the procedure for forming and which use is determined by the charter of consumer society or union of consumer societies;

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