OREANDA-NEWS. October 01, 2008. The president has signed the law on modification and additions in the law "On joint-stock companies and protection of the rights of shareholders".

The president of Uzbekistan has signed on September, 26th the law on modification and additions in the law "On joint-stock companies and protection of the rights of shareholders", accepted on April, 26th, 1996.

Amendments to the law have been accepted by Legislative chamber on May, 21st current year and approved by the Senate on August, 28th. The law is accepted to execute the Program of development of a securities market for 2006-2007, confirmed by the decision of the head of the state "About measures on the further development of a securities market" from September, 27th, 2006, and directed on strengthening of protection of the rights of shareholders, activization and development of all share market of the country.

The law provides increase of the minimum size of the authorised capital of the closed joint-stock companies, perfection of a principle of a corporate governance regarding strengthening of the accountability of the supervisory board to general meeting of shareholders and increase of activity and responsibility of shareholders in management of the society.

According to the document, the minimum size of the authorized capital of the closed joint-stock company should make not less the sum equivalent to 50 thousand of dollars at the rate of the Central Bank for date of the state registration of a society.

The given requirement comes into force since January, 1st, 2009. Joint-Stock Companies which have not brought to specified term authorised capitals into accord with the law, are subject to transformation to other organizational-legal forms or liquidations to an order established by the legislation.