LAW OF TURKMENISTAN

of September 15, 1999 No. 391-I

About leasing

This Law determines legal, organizational and economic basis of leasing and is directed to investment attraction on the basis of leasing activities.

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

- leasing - the relations arising by transfer for a fee to use to the leasing recipient of the leasing of property caused by the agreement which is made or acquired in property by the lessor for the leasing recipient;

- the lessor - the physical person or legal entity performing transfer of subject of leasing to use to the leasing recipient of the agreement of leasing;

- the leasing recipient - the physical person or legal entity receiving under the agreement of leasing in use leasing subject;

- the seller of subject of leasing - physical person or legal entity at which the lessor acquires leasing subject.

Article 2. Legislation on leasing

1. The legislation on leasing consists of this Law and other regulatory legal acts of Turkmenistan governing the leasing relations.

2. If international treaties of Turkmenistan provide other provisions than containing in this Law, then provisions of international treaties are applied.

Article 3. Leasing subject

1. The companies and other property complexes, buildings, constructions, the equipment, vehicles and other personal and real estate relating to fixed assets can be subject of leasing.

2. The parcels of land and other natural objects, and also the property prohibited to free circulation in Turkmenistan or for which the special procedure for the address is established cannot be subject of leasing.

Article 4. Subjects of leasing

1. The lessor, the leasing recipient and the seller of subject of leasing can be subjects of leasing.

2. Any of subjects of leasing can be both the resident, and the nonresident of Turkmenistan.

3. Concerning specific subject of leasing combination in one person is not allowed:

- the lessor and the leasing recipient under the agreement of leasing;

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