LAW OF THE REPUBLIC OF UZBEKISTAN

of February 7, 2025 No. ZRU-1025

About modification and amendments in some legal acts of the Republic of Uzbekistan in connection with further enhancement of the legal basis of the corporate relations

Accepted by Legislative house on September 10, 2024

Approved by the Senate on December 21, 2024

In recent years consecutive reforms on further enhancement of organization-legal bases of activities of the commercial organizations, liquidations of some types of forms of business of the legal entities who lost the value and to implementation of modern corporate management methods are undertaken.

At the same time there is need of enhancement of the corporate relations and management of legal entities, introductions of new types of institutes in the civil relations and determinations of their legal status, and also abolition of the obsolete or little significant or lost the value forms of business of legal entities.

This Law makes changes and additions to some legal acts of the Republic of Uzbekistan providing:

liquidation of form of the unitary enterprise and additional liability company;

by reorganization of legal entities by merge, accessions and changes of form of business of the right and obligation of the companies transition to the reorganized legal entity irrespective of, are specified they in the transfer document or not;

establishment of legal status of such institutes as corporate agreement, consortium and agreement of consortium;

cancellation of the requirement about state registration of the foundation agreement of limited liability companies and the changes made to it;

disclosure of solutions of the supervisory boards of economic societies on share issue, corporate bonds and other securities as essential fact according to legal documents;

publication by authorized state body on regulation of the security market of information concerning state registration of issue of securities, and also licensing for implementation of professional activity in the security market.

This Law will serve simplification of activities of economic societies and managements of their activities, to enhancement of the corporate relations, implementation of more well-tried remedies of protection of the rights of participants and shareholders of societies, prevention of bureaucracy in the corporate relations by means of cancellation of number of the procedures and requirements which lost the value in practice.

Article 1. Bring in the Law of the Republic of Uzbekistan of October 31, 1990 No. 152-XII "About property in the Republic of Uzbekistan" (Sheets of the Supreme Council of the Republic of Uzbekistan, 1990, No. 31 - 33, Art. 371; 1993, No. 5, Art. 235; 1994, No. 11-12, of Art. 285; Sheets of Oliy Majlis of the Republic of Uzbekistan, 1995, No. 6, Art. 118; 1997, No. 2, Art. 56; 2003, No. 1, Art. 8; Sheets of chambers of Oliy Majlis of the Republic of Uzbekistan, 2017, No. 9, Art. 510; 2021, appendix to No. 4; 2023, No. 10, Art. 795) following changes:

Item 2 of Article 8 to state 1) in the following edition:

"2. Education and enhancement of ownership in common is provided with provision to groups of workers of opportunity to use the gained income for the redemption of state-owned property, voluntary consolidation of property of citizens and legal entities for creation of cooperatives, other economic societies and partnerships";

2) in Article 13:

the paragraph one of Item 1 to state in the following edition:

"1. The property of the collective company arises in case of the redemption of leased property or property acquisition by other methods provided by the law";

"state or" to exclude from paragraph one of Item 2 of the word;

The paragraph third item 4 of Article 14 to exclude 3);

Articles 24 and 25 to exclude 4);

To exclude 5) from item 4 of Article 33 of the word of "complete economic maintaining";

To exclude 6) from part one of Article 36 of the word of "complete economic maintaining".

Article 2. Bring in the Law of the Republic of Uzbekistan of November 19, 1991 No. 427-XII "About lease" (Sheets of the Supreme Council of the Republic of Uzbekistan, 1992, No. 1, Art. 45; 1993, No. 9, Art. 329; Sheets of Oliy Majlis of the Republic of Uzbekistan, 2000, No. 5-6, of Art. 153; Sheets of chambers of Oliy Majlis of the Republic of Uzbekistan, 2021, appendix to No. 4; 2023, No. 10, Art. 795; 2024, No. 3, Art. 246) following changes:

1) in Article 22:

the fourth to exclude part;

the fifth and sixth to consider parts respectively parts four and heel;

2) in Article 23:

second and third to exclude parts;

the fourth to consider part part two;

Article 25 to exclude 3).

Article 3. Bring in the Law of the Republic of Uzbekistan of December 9, 1992 No. 736-XII "About pledge" (in edition of the Law of the Republic of Uzbekistan of May 1, 1998 No. 614-I) (Sheets of Oliy Majlis of the Republic of Uzbekistan, 1998, No. 5-6, of Art. 96; 2002, No. 1, Art. 20; Sheets of chambers of Oliy Majlis of the Republic of Uzbekistan, 2007, No. 4, Art. 156; 2009, No. 9, Art. 337; 2015, No. 8, Art. 312; 2018, No. 1, Art. 4, No. 4, Art. 224; 2019, No. 10, Art. 671; 2020, No. 1, Art. 3; 2021, appendix to No. 4; 2022, No. 11, Art. 1062) following changes:

1) in Article 8:

the sixth to state part in the following edition:

"The decision on pledge of the real estate which is in state-owned property is accepted by the Cabinet of Ministers of the Republic of Uzbekistan. At the same time transfer to guarantee of state-owned property which is not subject to privatization, and also the state-owned property assigned to the state organization on the right of operational management from the date of decision making about transformation of this state organization to economic society and before completion of this process is not allowed";

the seventh to exclude part;

the eighth - the eleventh to consider parts respectively parts seven - the tenth;

in word part eight "complete economic maintaining or operational management" shall be replaced with words "operational management";

To exclude 2) from part two of Article 13 of the word "or right of economic maintaining";

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