LAW OF TURKMENISTAN

of November 13, 2021

About trust management of state-owned property

This Law determines the purposes, methods and procedure for trust management of state-owned property and regulates the legal relationship arising between the owner and the trustee in the course of trust management of state-owned property.

Chapter I. General provisions

Article 1. Basic concepts

The basic concepts applied in this Law:

1) trust management - method of management according to which the owner signs the trust management agreement of state-owned property with the trustee;

2) the owner - the central executive body acting on behalf of the state as one agreement party of trust management and also other bodies (organizations) authorized on that by the Cabinet of Ministers of Turkmenistan;

3) the trustee - the legal entity (except the legal entity, which more than 50 percent of the authorized capital belongs to the state) exercising trust management of state-owned property and making concerning this property according to the trust management agreement any legal and actual acts for the benefit of the owner or person (beneficiary) specified to them;

4) the trust management agreement (further - the agreement) - the agreement of the parties under which the owner gives to the trustee to certain term state-owned property to trust management and the trustee shall manage state-owned property for the benefit of the owner or person (beneficiary) specified to them;

5) transfer of state-owned property to trust management - transfer of state-owned property to the trustee on tender or method of direct (address) transfer on the conditions established by the agreement;

6) tender - method of the choice of the trustee on competitive basis on the conditions provided by this Law for transfer of state-owned property to trust management;

7) direct (address) transfer - method of transfer of state-owned property to trust management to the particular person without carrying out tender on the conditions established by the agreement.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info