In accordance with the Law of Turkmenistan on Joint-Stock Companies, the reorganization of a joint-stock company (merger, accession, division, separation and transformation) is carried out in accordance with the legislation of Turkmenistan.
The company is considered reorganized from the moment of state registration of newly emerged legal entities and their receipt of a certificate issued by the holder of the Unified State Register.
All types of reorganization of a company (except for the transformation of the organizational and legal form of a company that has not carried out and is not carrying out a public placement of its securities) are carried out no earlier than two months after the publication of a notice of this in the official press. Creditors have the right, within 3 months from the date of their notification of the forthcoming reorganization of the company, to present a claim to the company for early termination or performance of the relevant obligations and compensation for their losses.
If the separation balance sheet does not make it possible to determine the legal successor of the reorganized company, then newly emerged legal entities shall be jointly and severally liable for the obligations of the reorganized company to its creditors.
During the reorganization of the company, it is not allowed to exchange its shares for other property or property rights, except for the shares of the company created as a result of the reorganization.
Source: Law of Turkmenistan on Joint-Stock Companies
