of July 23, 2002 No. 121
About finance lease (leasing)
Accepted by General Court of Jogorku Kenesh of the Kyrgyz Republic on June 13, 2002
Approved by the Meeting of national representatives of Jogorku Kenesh of the Kyrgyz Republic on July 3, 2002
The purposes of this Law are development of forms of investments on the basis of finance lease - leasing (further - leasing), protection of the property rights, rights of participants of investment process, ensuring efficiency of investment.
In this Law legal and organizational and economic features of leasing are determined.
1. Scope of this Law is leasing of the property relating to inconsumable things, including the parcels of land (except other natural objects), transferred to temporary ownership and use to physical persons and legal entities.
2. Legal relationship on leasing are regulated by the Civil code of the Kyrgyz Republic, this Law, and also other regulatory legal acts published according to the legislation of the Kyrgyz Republic.
3. If the international treaty of the Kyrgyz Republic ratified in the procedure established by the law determines other rules, than those which are provided by this Law are applied rules of the international treaty.
In this Law the following basic concepts are used:
leasing - set of the economic and legal relations arising in connection with implementation of the agreement of leasing, including acquisition of subject of leasing;
the agreement of leasing - the agreement according to which the lessor (further - the lessor) shall acquire in property specified by the lessee (further - the leasing recipient) property at the seller determined by it (leasing recipient) and to provide to the leasing recipient this property for a fee in temporary ownership and use.
At the same time the agreement of leasing shall contain one or more of the following signs:
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