PRESIDENTIAL DECREE OF THE REPUBLIC OF BELARUS

of July 17, 2014 No. 349

About reorganization of kolkhozes (agricultural production cooperatives)

For the purpose of enhancement of forms of business of activities of agricultural organizations I decide:

1. Determine that:

1.1. kolkhozes (agricultural production cooperatives) (further - kolkhozes) which are acting on the basis of the Presidential decree of the Republic of Belarus of February 2, 2001 No. 49 "About some questions of organization-legal ensuring activities of kolkhozes" (The national register of legal acts of the Republic of Belarus, 2001, No. 15, 1/2020), till May 31, 2017 are subject to transformation to economic societies or municipal unitary enterprises.

Form of business of the legal entity created as a result of transformation of kolkhoz is determined by the decision of general meeting of members of kolkhoz with observance of the requirements established by this Decree and other acts of the legislation;

1.2. when transforming kolkhoz to economic society of share in authorized capital (share) of economic society are distributed between the physical persons which are members of the transformed kolkhoz, expressed written consent to act as founders of this society and administrative and territorial unit - the area in the territory of which the kolkhoz is located (further - administrative and territorial unit).

The administrative and territorial unit share size in authorized capital of the created economic society (the number of shares) determined as a percentage cannot be less value, the indivisible fund corresponding to ratio between cost * the transformed kolkhoz and the size of authorized capital of this society.

If the kolkhoz has no equity fund of members of kolkhoz, to each member of kolkhoz who expressed written consent to act as the founder of the created economic society one stock of this society is transferred.

Members and employees of kolkhoz have the right to make money deposits in authorized capital of the created economic society with receipt of shares in the quantity corresponding to the made contribution;

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