The Mejlis of Turkmenistan decrees:
To introduce to the Law of Turkmenistan “On investment activity in Turkmenistan” adopted by the Supreme Council of Turkmenistan on May 19, 1992 (Vedomosti of Mejlis of Turkmenistan, 1992, #5, art 36) the next changes (amendments):

1. To state the first clause of the second article in the following wording: “under investment activity, the totality of practical actions of state, physical and juridical persons in realisation of investments is understood”.

2. The second paragraph of the second clause of the article two, state in the following wording: “of investing, carried out by the physical persons, economic associations, societies and companies and also by other juridical persons of Turkmenistan, regardless of the form of property;

3. In the third paragraph of the second clause, article 2 the words “by the local bodies of state power” change by the word “by the bodies of local executive power”.

4. The forth paragraph of the second clause, article 2, state in the following wording: “investing by foreign states, juridical and physical persons, and also by persons without citizenship”;

5. The fifth paragraph of the second clause, Article 2, state in the following wording: “of joint investing, carried out by Turkmenistan and foreign states, juridical and physical persons and also by the persons without citizenship"”

6. In the clause one of the forth article, change the word “citizens” by physical”

7. In the clause 3, article 4, change the word “citizens” by “physical” and the word “Laws” change by the word “orders”.

8. Clause 1, article 5, state in the following wording: “Relations, connected with the realisation of investment activity in Turkmenistan are regulated by the present Law and other legislative acts of Turkmenistan”.

9. In the clause2, article 6, change the word “citizens” by the word “physical”.

10.In the clause 3, article 6 change the word “to citizens” by the word “physical”, and exclude the word “by them” from the last sentence.

11. In the clause 6, article 6, change the word “citizens” by the word “physical”.

12. Exclude the number 1 from the text of the article 7, in the third paragraph of the same article change the word “citizens” by the word “physical”.

13. State the second paragraph of the first clause, article 8 in the following wording: “present declaration on amount and sources of realised investment by them to the bodies authorised by the Cabinet of Ministers of Turkmenistan”.

14. State the second paragraph of the second clause, article 11 in the following wording: “by the system of tax privileges, stipulated by the tax legislation”

15. Change the word “citizens” in the eighth paragraph of the second clause, article 11 by the words “physical persons”. From the same paragraph, exclude the words “non-governmental enterprises” and “based on collective property”.

16. Exclude the third clause of the article 11.

17. The name of the article 12 state in the following wording: “interaction of Turkmenistan with the states”

18. Exclude the words “extra” budget funds for financing of the purposive programs of the Economic community”.

19. Exclude the third paragraph of the article 12.

20. Exclude the words: “and presented by the Cabinet of Ministers of Turkmenistan to the consideration of the Mejlis of Turkmenistan” from the second clause of the article 13.

21. Exclude clause 3 of the article 13.

22. In the clause 4 of the article 15 change the words “by local state bodies” by the words “ by the bodies of local executive power”.

23. In the name of article 16 and clause 1 of the article change the word “depositives” by the word “deposits”.

24. In the name of the article 17 and the text of that, change the words “of the local bodies of state power” and “local bodies of state power” correspondingly by the words “bodies of local executive power” and “bodies of local executive power”.

25. In the first paragraph of the second clause, article 19, exclude the words “Gengeshy, the body of which adopted an act, violating the rights of investors and participants of investment activity”.

26. In the second paragraph of the second clause, article 19 add the word “competence” after the phrase “within” and further according to the text.

27. Exclude the last sentence: “The order of compensation of damages to the investor is determined in the indicated acts” from the first paragraph of the second clause, article 22.

28. In the second paragraph of the second clause, article 22 the word “by investor” after the word “compensated” change by the word “to investors”.

29. The clause 4 of the article 22 state in the following wording: “Disputes about not fulfilment or not proper fulfilment of the obligation, concerning the investment activity between Turkmenistan and foreign states, are solved by means of negotiations or in the courts, determined by interstate treaties.

PRESIDENT OF TURKMENISTAN
SAPARMURAT NIYAZOV

Ashgabat, April 12, 1993