of May 23, 2015 No. 232-V
About modification and amendments in the Law of Turkmenistan "About joint-stock companies"
I. Bring in the Law of Turkmenistan "About joint-stock companies", adopted on November 23, 1999 (Sheets of Majlis of Turkmenistan, 1999, No. 4, Art. 55; 2009, No. 2, Art. 33; 2012, No. 1, Art. 48; 2015, No. 1, Art. 196), following changes and amendment:
1. State Article 2 in the following edition:
"Article 2. Legislation of Turkmenistan on joint-stock companies
1. The legislation of Turkmenistan on joint-stock companies is based on the Constitution of Turkmenistan and consists of this Law and other regulatory legal acts of Turkmenistan.
2. If the international treaty of Turkmenistan establishes other rules than provided by this Law, then rules of the international treaty are applied.".
2. To state paragraph two of part two of Article 11 in the following edition:
"-if the organization of society is performed with violation of requirements of this Law and other regulatory legal acts of Turkmenistan;".
3. In Article part two 19, in paragraph one of part one of Article 20 of the word "others legislative" shall be replaced with words "others normative legal".
4. Article part three in paragraph one 23, in Article part one 57, in paragraph one of part one of Article 61 of the word "other acts of the legislation" shall be replaced with words "other regulatory legal acts".
5. To add part one of Article 16 with the paragraph of the following content:
"Share dividends are paid according to the legislation of Turkmenistan in the field of the security market.".
6. To state part one of Article 17 in the following edition:
"1. The share - the issued investment security affirming the rights of its owner-shareholder to receipt of part of profit of society issuer in the form of dividends, participation in management of society and part of the property which remained after its liquidation.
The share issue is performed by society according to the legislation of Turkmenistan in the field of the security market.
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