LAW OF TURKMENISTAN

of May 4, 2012 No. 300-IV

About modification and amendments in the Law of Turkmenistan "About the companies"

I. Bring in the Law of Turkmenistan "About the companies", adopted on June 15, 2000 (Sheets of Majlis of Turkmenistan, 2000, No. 2, Art. 13; 2009, No. 2, Art. 33; 2012, No. 1, Art. 48), following changes and amendments:

1. In the text of the Law in state language of the word "ustaw hazynasy" to replace respectively with the words "esaslyk mayasy".

2. Part the second Article 9 to recognize invalid.

3. To state part one of Article 24 in the following edition:

"1. The companies perform activities in the following forms of business:

state company;

sole proprietor company;

cooperative entity;

joint business;

company of public organization;

economic society;

joint-stock company.".

4. Add with article 27-1 of the following content:

"Article 27-1. Joint business

1. Joint business is the company created according to the procedure, established by the legislation of Turkmenistan, for the purpose of extraction of benefit due to generalization of property of physical and (or) legal entities of Turkmenistan and physical and (or) legal entities of foreign states.

2. Joint business is established on the basis of the agreement signed between his founders. At the same time the share of each founder in authorized fund shall constitute at least 10 percent from common property.

3. The property of joint business is created due to consolidation in authorized fund of shares (deposits) of the physical and (or) legal entities who are his participants and also the income.

4. The minimum size of authorized capital of joint business shall constitute the 100-fold size of the minimum wage established in Turkmenistan.

5. Joint business bears responsibility according to the undertaken obligations within the property.

6. The supreme body of joint business is general meeting of his participants. Terms, procedure for convocation and holding general meeting are determined by constituent documents of joint business.".

II. This Law becomes effective from the date of its official publication.

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