RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of November 8, 2022 No. PP-415

About measures for further enhancement of the legal basis of the corporate relations

For the purpose of further enhancement of organization-legal bases of activities of the commercial organizations, the termination of some types of forms of business of legal entities which lost the relevance, and also implementation of modern corporate management methods:

1. Cancel since December 1, 2022 the following requirements concerning activities of the commercial organizations:

a) creation of services of internal audit in the following organizations:

limited liability companies, except for limited liability companies from shares of the state of 50 percent and more which book value of assets exceeds the hundred-thousandfold size of basic settlement size, and also credit institutions;

joint-stock companies from shares of the state of 50 percent and more and the state unitary enterprises which book value of assets makes less hundred-thousandfold size of basic settlement size;

b) state registration of the foundation agreement of limited liability company;

c) the notarial certificate of the power of attorney issued to representatives of the members of limited liability companies who are the legal entity for participation on general meeting;

d) establishment of the size of reserve fund during its creation in limited liability companies at least 15 percent from their authorized fund (authorized capital).

2. Determine that, since March 1, 2023, creation of the legal entity in form of business of the unitary enterprise or additional liability company is not allowed.

To the Ministry of Justice together with the relevant ministries and departments till March 1, 2023 to approve the plan of organizational measures providing completion till January 1, 2025 of processes of change of form of business of the legal entities performing activities in form of business of the unitary enterprise or additional liability company.

3. Agree with the offer of the Ministry of Justice, Ministry of Finance and Agency on management of the state assets on enhancement of the requirement of disclosure of information and reports by issuers of securities.

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