RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of February 17, 2003 No. 6129

About questions of the State fund of development of the Golden Age of Turkmenistan

For the purpose of ensuring financing of the priority programs and projects of development of production and infrastructure base of the country determining the forward and balanced growth of national economy, promoting increase in material wealth of the Turkmen people in the 21st century - the Golden Age of Turkmenistan, I decide:

1. Form the State fund of development of the Golden Age of Turkmenistan.

2. Approve the developments of the Golden Age of Turkmenistan enclosed structure of Council of the State fund and Regulations on it.

3. Determine that:

money of the State fund of development of the Golden Age of Turkmenistan is stored on the accounts opened in the Central bank of Turkmenistan;

remaining balance of means on the Special reserve accounts of the Government of Turkmenistan opened according to the resolution of the President of Turkmenistan from 9 Bitaraplyk 2002 No. 6012, is subject to transfer in full into bank accounts of the State fund of development of the Golden Age of Turkmenistan.

4. Determine that:

the charges, payments and duties carried to sources of means of the State fund of development of the Golden Age of Turkmenistan are levied at the rates and in the sizes regulated by the current legislation of Turkmenistan and are subject to transfer on bank accounts of Fund no later than 7 working days from the moment of acquisition of right of the requirement of their payment;

the charges, payments and duties carried to sources of means of the State fund of development of the Golden Age of Turkmenistan and levied in foreign currency are distributed in equal proportion (50:50) between Fund and currency reserve of Turkmenistan.

5. To the state companies and the organizations, and also the bank performing collection of the charges, payments and duties carried to sources of means of the State fund of development of the Golden Age of Turkmenistan to provide their timely and complete transfer on bank accounts of Fund.

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