PRESIDENTIAL DECREE OF THE REPUBLIC OF BELARUS

of October 7, 2021 No. 385

About creation and activities of holdings

For the purpose of enhancement of legal status of holdings, procedure for their creation and operating conditions:

1. Determine that the holding is consolidation of legal entities (further - members of holding) in which:

1.1. one of legal entities - the commercial organization which is managing company of holding (further - managing company) owing to the available opportunity to exert impact on the decisions made by other legal entities - subsidiary companies of holding (further - subsidiary companies), on the basis:

ownerships of 25 percent and more common (ordinary) shares (share in authorized funds) of subsidiary companies;

managements of activities of subsidiary companies - the unitary enterprises and organizations created by managing company or in relation to which the managing company acquired the status of the founder (the owner of property) on other bases provided by legal acts;

the conclusions of the trust management agreement of 25 percent and more common (ordinary) shares (share in authorized funds) of subsidiary companies (further - the trust management agreement);

the conclusions of other agreement according to which the managing company acquires the rights on management of activities of subsidiary companies (further - other agreement).

National association cannot act as managing company;

1.2. the physical person owning property of the unitary enterprises, shares in authorized capitals of peasant farms, 25 percent and more common (ordinary) shares (share in authorized funds) of economic societies manages (participates in management) these subsidiary companies without formation of managing company (further - the owner).

2. The holding is not legal entity.

The subsidiary company cannot:

act as the member of other holding;

hold shares (shares in authorized fund) of managing company, to act as the pawnbroker of its shares (share in authorized fund), and also to exercise trust management of them.

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