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 the contributions of individuals and (or) legal entities are combined into an authorized fund, divided into a certain number of shares, certifying the mandatory rights of the company's participants in relation to joint-stock company.
Management of the current activities of the company is carried out by its executive collegiate (board, directorate) or sole (chairman of the board, general director) body.
By the charter of the company, the management of its current activities may be entrusted to the board (management) and the general director (chairman of the board) at the same time.
If the charter of the company assigns the management of its current activities simultaneously to the collegiate and sole executive bodies, then the charter of the company must define the competence of each of these bodies. At the same time, the person exercising the functions of the sole executive body also performs the functions of the chairman of the collegial executive body of the company and is its member.
By decision of the general meeting of shareholders, the powers of the executive body may be transferred under an agreement to a commercial organization (managing organization) or an individual entrepreneur (manager). The conditions of the concluded agreement are approved by the Board of the company, unless otherwise provided by the charter of the company.
The competence of the executive body of the company includes the resolution of all issues of the current activities of the company, with the exception of those that fall within the competence of the general meeting of shareholders or the Board of the company. The general meeting of shareholders has the right to transfer to the competence of the executive body of the company part of the powers of the Board of the company and the general meeting of shareholders of the company.
The rights and obligations of the sole executive body of the company, members of the collegial executive body, the managing organization or the manager are determined by the relevant legislation of Turkmenistan, the charter of the company and the agreement concluded by each of them with the company.
The formation of the executive bodies of the company and the early termination of their powers are carried out by decision of the general meeting of shareholders, unless the charter of the company refers this to the competence of the Council of the company.
The General Director represents the interests of the company, makes transactions on behalf of the company, approves the states, issues orders and gives instructions that are binding on all employees of the company.
Combining the functions of the general director, members of the board of the company with positions in the management bodies of other organizations is allowed only with the consent of the Board of the company.
Source: Law of Turkmenistan on Joint-Stock Companies