LAW OF TURKMENISTAN

of November 21, 2015 No. 306-V

About property

This Law determines patterns of ownership in Turkmenistan, legal and economic basis of the relations of property, condition of emergence of the property right and is aimed at the development of the relations of property, ensuring protection and protection of the property right.

Chapter I. General provisions

Article 1. Basic concepts

In this Law the following basic concepts are used:

1) property – system of the economic and legal relations characterizing social and economic and organizational forms of distribution (assignment) of property;

2) the property right – legislatively settled public (property and personal non-property) the relations on ownership, use and the order of property:

a) right of possession – the actual domination permitted by the law over property;

b) right to use – the right of personal use of useful properties of property. Right to use includes also possibility of person not to use the property;

c) the order right – the right of inclusion of property in economic circulation by making of the civil transactions providing its alienation or transfer to temporary ownership and use;

3) the right of economic maintaining – the right of the company to own, use and dispose of the property assigned to it the owner of this property in the limits established by the law;

4) the right of operational management – form of the property right to the property given by the owner to operational management to the company (organization) according to which this company (organization) can dispose of this property only with the consent of the owner.

Article 2. Legislation of Turkmenistan on property

1. The legislation of Turkmenistan on property is based on the Constitution of Turkmenistan and consists of this Law and other regulatory legal acts of Turkmenistan.

2. The property relations which are not provided by this Law are regulated by the civil legislation and other regulatory legal acts of Turkmenistan.

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