In accordance with the Law of Turkmenistan on joint stock companies, a joint stock company (hereinafter referred to as a company) is an enterprise in which deposits of individuals and (or) legal entities are combined into a statutory fund, divided into a certain number of shares, certifying the obligations of the participants of the company (shareholders) to relation to the joint stock company.
Shareholders have the right to:
- participate in the management of the affairs of the company, determined by the charter of the company;
- receive part of the profit (dividends) from the activities of the company;
- make transactions with the shares of the company belonging to them in the manner prescribed by the law and the charter of the company;
- transfer the rights (or part of the rights) provided by the share to its representative (representatives);
- receive information about the company's activities, including getting acquainted with accounting and reporting data and other documentation in the manner prescribed by the company's charter;
- receive, in the event of liquidation of the company, a part of the value of the property remaining after settlements with creditors, or its value in the manner prescribed by the legislation of Turkmenistan and the charter of the company;
- challenge the decisions made by the company in court.
Shareholders may also have other rights stipulated by other regulatory legal acts of Turkmenistan and the charter of the company, including the preemptive right to receive products (services) produced by the company, as well as to purchase the company's shares of a new issue.
Source: Law of Turkmenistan on joint stock companies
