PRESS OF UZBEKISTAN
September 29, 2016
LAW ON JSC AND THE PROTECTION OF SHAREHOLDERS \'RIGHTS AMENDED
On September 23, 2016, Interim President of the Republic of Uzbekistan signed the law, which introduced amendments and additions to some legislative acts.
In particular, amendments and additions were introduced to the Law \"On joint-stock companies and protection of shareholders \'rights\". According to amendment to article 10 of the act, JSC is established with the participation of foreign investors, whose share shall not be less than 15% of the charter capital of a JSC, except for cases established by the decisions of the President and the Cabinet of Ministers of the Republic of Uzbekistan. Amendments were also introduced in connection with the adoption of the new edition of the Law \"On securities market\" (dated 03.06.2015 ¹ÇÐÓ-387), which abolished the depository as a separate activity on the securities market with the transfer of functions to the investment intermediaries.
According to the new wording of article 482 of the Law “On execution of judicial acts and acts of other bodies\" the debts of clients of the Central Depository of securities and professional participant of the securities market, opened in the account by the Central Depository of securities are not subject for levy.
The Law \"On execution of judicial acts and acts of other bodies\" also clarified the specifics of the arrest of securities (article 531), the delivery of securities and other valuables for safekeeping (clause 54 and 55).
In addition, on the basis of privileges and preferences for companies, provided by the decree of the President of the Republic of Uzbekistan from 21.12.2015, ¹ÏÏ-2454, articles 329 and 330 of the Tax code have been supplemented with new rules, according to which joint-stock companies with foreign investments are exempt from payment of state duty in courts of general jurisdiction and economic courts, on submitting claims for violation of their rights and legitimate interests.