THE ORDER OF THE MINISTRY OF UKRAINE FOR SCIENCE AND TECHNOLOGIES

of March 3, 1998 No. 59

About approval of regulations concerning procedure for financing of innovative projects

According to the Presidential decree of Ukraine No. 1132/96 of 29.11.96. "About subordination of the State innovative fund to the Ministry of Ukraine for science and technologies", for the purpose of rational and effective use of budgetary funds when financing innovative projects I ORDER:

1. Approve the Procedure for the conclusion of innovative agreements in case of involvement of the investment managing director it (is applied).

2. Approve the Procedure for accomplishment of functions of the investment managing innovative project it (is applied).

3. Approve the Procedure for the conclusion and accomplishment of innovative agreements in case of investment into securities it (is applied).

4. Approve the Procedure for use of securities for payment under innovative agreements it (is applied).

5. Approve the Approximate agreement of financial leasing it (is applied).

6. Approve the Approximate innovative agreement which provides application of financial leasing it (is applied).

Approved by the order of the Ministry of Ukraine for science and technologies of March 3, 1998, No. 59

Procedure for the conclusion of innovative agreements in case of involvement of the investment managing director

1. General provisions

1.1. The procedure for the conclusion of innovative agreements in case of involvement of the investment managing director (further - the Procedure) is developed according to the Laws of Ukraine "About investing activities", "About securities and stock exchange", the Civil code of Ukraine and other regulatory legal acts of Ukraine for the purpose of determination of conditions of the conclusion of innovative agreements and implementation by investment managing directors of control of implementation of innovative projects.

1.2. Requirements of the Procedure extend to all participants of innovative activities, inclusive with the central executive bodies, local public administrations, legal entities and physical persons.

2. Basic concepts and terms

2.1. In this Procedure the following terms are used in such sense:

The investor - the State innovative fund (its regional department) which performs financing of the innovative project.

The investment managing director - the legal entity who on behalf and at the expense of the funds allocated by the Investor carries out financing and/or material logistics of implementation of the innovative project. In case of investment of own means under the innovative agreement - in addition acts as the investor.

The company - the company, the organization or organization, irrespective of pattern of ownership and subordination which is payer of collection to Gosinnofond and the contractor of the innovative project.

3. Forms of financing of innovative projects

3.1. Depending on the economic and social importance of the innovative project, term of its realization, form of business of the Company and object of investing activities, financing is performed as:

a) innovative loan - economic activity which provides transfer to the Company of means of the Investor to temporary use on the terms of security, return, urgency and special-purpose character of their use;

b) financial investment - economic activity which provides acquisition of rights at the expense of means of the Investor of corporate laws and/or securities of the Company and is directed to implementation of the innovative project by the Company;

c) financial leasing (lease) - economic activity which provides acquisition by the Investor (according to its order - other legal entity), by request of the company contractor of the innovative project, fixed assets - with their further transfer to use to this Company for the term of implementation of the innovative project which does not exceed the term of complete depreciation of such fixed assets, with obligatory subsequent transfer of property on such fixed assets to the Company after their complete depreciation;

d) operational leasing (lease) - economic activity which provides transfer by the Investor (according to its order - other legal entity) to the company contractor of the innovative project of fixed assets in use for the term which does not exceed the term of their complete depreciation, with obligatory return of such fixed assets to their owner after the termination of the duration of the agreement.

3.2. The innovative loan and financial investment to the Company is performed by the Investor independently or through the Investment managing director.

3.2.1. The term of provision of innovative loan, financial investment and operational leasing (lease) is determined by each project separately and, as a rule, cannot exceed 3 years from the moment of obtaining by their Company.

3.2.2. The term of financial leasing (lease) depends on the term of complete depreciation of fixed assets. Accelerated depreciation of such fixed assets which procedure for application is determined by the current legislation is allowed.

3.3. The investment managing director independently determines terms and procedure for investment of own means into corporate laws or securities of the Company, remaining at the same time, according to the order of the Investor, Investment managing directors of the project.

4. Procedure for the conclusion of the innovative agreement

4.1. Premises of the conclusion of the innovative agreement is the innovative offer of the Company.

Consideration of the offer by the parties is drawn up by the protocol on intentions in which the list of questions which need the decision before signing of the innovative agreement is determined.

4.2. The innovative agreement is signed in the presence of the set of documents determined by the regulations approved by the Investor, positive conclusions of state examination of the project, decision making about procedure and form of financing and appointment of the Investment project manager.

4.3. The decision on the conclusion of the innovative agreement, terms and forms of financing of the innovative project, and also the form of ensuring accomplishment of obligations is taken by Scientific and technical council of Gosinnofond.

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