LAW OF TURKMENISTAN

of August 26, 2017 No. 594-V

About charity *

This Law establishes the legal basis of regulation of charity.

Chapter I. General provisions

Article 1. The basic concepts used in this Law

For the purposes of this Law the used basic concepts mean the following:

1) charity – the voluntary activities performed by philanthropists for the purpose of rendering to beneficiaries social and other support in type of charitable gifts;

2) philanthropists – legal entities irrespective of pattern of ownership, and also the physical persons performing charitable gifts disinterestedly for the benefit of beneficiaries in forms:

a) non-paid or on favorable terms transfer into the ownership of property, including money and (or) intellectual property items;

b) non-paid or on favorable terms investment with rights of possession, use and order any objects of the property right;

c) non-paid or on favorable terms performance of works, rendering services;

3) beneficiaries – the physical persons and legal entities receiving charitable gifts from philanthropists;

4) charitable gifts – property, including money, the works, services directed to the charitable purposes;

5) charity foundation (further – fund) – one of organization-legal forms of the public association which is non-commercial forming, not having membership which purpose of creation is forming of property on the basis of voluntary contributions of founders, deposits of his participants and other receipts which are not prohibited by the legislation of Turkmenistan and use of the specified property on the charity purpose;

6) the charitable program – complex of the actions approved by the philanthropist directed to the solution of the tasks answering the charity purpose.

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