RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of March 13, 1999 No. 4118

About approval of the Regulations on Turkmenpagta State concern

Approve the enclosed Regulations on Turkmenpagta State concern.

Approved by the resolution of the President of Turkmenistan of March 13, 1999 No. 4118

Regulations on Turkmenpagta State concern

1. The Turkmenpagta state concern (the Concern is referred to as) is the state body performing the activities as the production and economic complex providing development and forming of the major directions of development of cotton growing and the cotton-processing industry of Turkmenistan.

The concern performs the activities on the principles of cost accounting and self-financing and submits directly to the Cabinet of Ministers of Turkmenistan.

2. The concern in the activities is guided by the Constitution of Turkmenistan, the laws of Turkmenistan and other acts of Majlis of Turkmenistan, acts of the President of Turkmenistan, decisions of the Cabinet of Ministers of Turkmenistan and this Provision.

3. The companies and the organizations which are part of Concern have complete economic independence, the rights of the legal entity, are effective according to the laws of Turkmenistan, other regulatory legal acts and this Provision.

4. The main objectives of Concern are:

implementation of decisions of the President of Turkmenistan in the field of development of cotton growing, development and forming of the major activities providing the solution of priority tasks in development of industry;

coordination of works on implementation of new types of technical equipment and maintenance at due technological level of business assets;

carrying out the investment policy providing the balanced and pro rata development of the cotton-processing industry, rational placement of productions on the territory of the country;

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