• Created: 28.01.2022
• Updated: 25.05.2023
• Read: 37441

Affiliates

In accordance with article 85 of the Law of the Republic of Uzbekistan “On joint-stock companies and protection of shareholders' rights”, persons interested in a transaction by a company are recognized as those who are affiliated with that company.

The following are recognized as affiliates of a company:

1) a legal entity that owns twenty or more percent of the shares of this company;

2) an individual together with close relatives who owns twenty or more percent of the shares of this company;

3) a member of the supervisory board, a person exercising the powers of a director or a member of the board of this company;

4) a legal entity, with twenty or more percent in the authorized capital (authorized fund) of which this company owns;

5) a legal entity that is a subsidiary business company of this company or a subsidiary business company of the same company, the subsidiary business of which this company is;

6) a legal entity with twenty or more percent in the authorized capital (authorized fund) of which is owned by the same person as a person who owns twenty or more percent in the authorized capital (authorized fund) of this company;

7) a legal entity, at least one third of the composition of the supervisory board of which is made up of the same persons and their close relatives as the persons and their close relatives, comprising at least one third of the supervisory board of this company;

8) a legal entity, the functions of the head of the executive body in which the same person or his/her close relatives performs as the person or his/her close relatives, who is the director or member of the board of this company;

9) a legal entity, the functions of the head or member of the executive body in which is performed by a person who together with close relatives makes up at least one third of the composition of the supervisory board of this company;

10) a legal entity, at least one third of the composition of the supervisory board of which, together with close relatives, is a person who exercises the powers of a director or member of the board of this company;

11) a legal entity that is part of a business association with this company.

The affiliates of a shareholder - an individual who is an affiliate of a company, are recognized:

1) a legal entity, twenty or more percent of the authorized capital (authorized fund) of which is owned by this individual and (or) his/her close relatives;

2) a legal entity in which this shareholder or his/her close relatives are members of the supervisory board;

3) a legal entity in which this shareholder or his/her close relatives exercise the powers of a member of the executive body.

Paragraph 1, 2 , 4, 6 of part two and paragraph 1 of part three of this article also apply to persons acting as a trustee or representative of a shareholder.