of October 28, 1993 No. 914-XII
About securities and stock exchanges in Turkmenistan
This Law determines the single principles of release and security circulation in the territory of Turkmenistan, basic provisions of activities of stock exchanges, regulates the rights and obligations of members of the security market and regulates their legal relationship.
1. Security - the property right certified by certain document and performed according to the procedure, specified in such document. Securities can exist in the form of the isolated documents or records on accounts. The documents confirming receipt of bank loan, introduction of the amounts of deposits of banks (except for deposit certificates of banks), debentures, wills, lottery tickets, insurance policies do not belong to securities.
2. Security circulation - purchase and sale of securities, and also other actions, stipulated by the legislation Turkmenistan, leading to change of the owner of securities.
3. In the security market of Turkmenistan the following securities have the address:
shares - the securities confirming shareholder right to participate in management of joint-stock company, distribution of its income, and in case of liquidation of joint-stock company - as well in distribution of its property;
bonds - the securities confirming the obligation of the issuer to compensate to the owner their nominal value in the terms provided in them with payment of the fixed percent;
the state debt obligations - the securities certifying the loan relations in which as the debtor the state on behalf of relevant organs acts.
The certificate - the certificate of ownership of person named in it of certain number of shares.
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The document ceased to be valid since November 18, 2014 according to article 54 of the Law of Turkmenistan of November 8, 2014