Tashkent, Uzbekistan (UzDaily.com) -- At the eighteenth plenary meeting of the upper house of parliament, the discussion centered on the Law of the Republic of Uzbekistan "On Agricultural Cooperatives".

As the senators noted, this Law serves the purposes of regulating relations in the field of organizing the activities of agricultural cooperatives, their reorganization and liquidation.

An agricultural cooperative is a form of a production cooperative and is considered a commercial organization.

The law establishes the basic principles of the activity of agricultural cooperatives. In addition, mechanisms for the creation of an agricultural cooperative are established, in particular, the procedure for the creation and state registration of a cooperative, the allocation of land plots to agricultural cooperatives and their use, as well as requirements for the charter of an agricultural cooperative.

At the same time, provisions are provided for the procedure for creating management bodies, executive bodies, the supervisory board of the cooperative and their powers, the procedure for convening meetings and making decisions.

The law establishes the legal basis for the sources of formation of the property of an agricultural cooperative, share contributions and a share fund, distribution of profits and losses, property liability of the cooperative and its members.

In addition, the issues of membership in an agricultural cooperative are disclosed. In particular, it is noted that members of an agricultural cooperative can be individuals who have reached the age of sixteen, as well as legal entities that meet the requirements of the charter of an agricultural cooperative.

Mechanisms for exercising control over the activities of an agricultural cooperative are also being established. In particular, the charter of an agricultural cooperative may provide for the creation of an audit commission of the cooperative, that is, the election of an auditor.

Thanks to the implementation of this Law, a legal basis for the formation of cooperative relations in agriculture will be created, the activities of cooperatives will develop, and full legal regulation of relations between economic entities will be carried out.

The law was approved by the senators.