RESOLUTION
OF THE SUPREME RADA OF UKRAINE

On Provisional Ordinance on the State
Property Fund of Ukraine

The Supreme Rada of Ukraine hereby resolves:

1.  To approve the Provisional Ordinance on the State Property Fund
of Ukraine (enclosed).

2.  The Commissions of the Supreme Rada of Ukraine on matters of
economic reform and management of National economy and on matters
of the development of basic sectors of National economy, the
Cabinet of Ministers of Ukraine and the State Property Fund of
Ukraine shall by 1 October 1992 prepare and submit for
consideration of the Supreme Rada of Ukraine draft legal acts on
management of the state sector of economy, on the Cabinet of
Ministers of Ukraine and on the State Property Fund of Ukraine.

3. To establish that management of property complexes backing up
the activities of the Supreme Rada of Ukraine, the President of
Ukraine and the Cabinet of Ministers of Ukraine shall be carried
out by the appropriate services of the indicated institutions.


The Chairman of the Supreme Rada of Ukraine       I. PLIUSHCH

The City of Kiev, 7 July 1992
No 2558-XII


Approved
by Resolution of the Supreme Rada of Ukraine
of 7 June 1992
No 2558-XII

PROVISIONAL ORDINANCE
on the State Property Fund of Ukraine

The State Property Fund of Ukraine (hereinafter "Fund") is a state
body charged with carrying out state policy in the sphere of
privatization of state property and acting as lessor of property
complexes that are National property.

Fund is subordinated and accountable in its activities to the
Supreme Rada of Ukraine.
Fund is guided in its activities  by the Constitution and
legislative acts of Ukraine, of the Cabinet of Ministers of Ukraine
and by this Ordinance.

Fund shall set up its regional branches in the Republic of Crimea,
oblasts, the cities of Kiev and Sevastopol.  Where necessary, Fund
shall have the right to set up representative offices in other
cities, as well as in rayons of Ukraine.

Principal tasks of Fund shall be:
     protection of property rights of Ukraine in its territory and
abroad,
     execution of its rights to manage property of state
enterprises in the process of their privatization, creation of
joint venture enterprises,
     execution of its powers regarding organization and conduct of
privatization of assets of enterprises that are National property,
     execution of its powers of lessor in respect to property of
state enterprises and organizations and structural sub-units of
such,
     assistance in the process of de-monopolization of the economy
and creation of conditions favorable to competition among
producers.

Fund shall, in execution of tasks set to it:
     develop and submit to the Cabinet of Ministers of Ukraine,
draft state privatization programs, organize and supervise
fulfillment of such,
     alter, in the process of privatization, organizational and
legal status of enterprises that are National property, by way of
transforming such into open type joint stock companies,
     carry out powers of owner in respect to the portion of shares
of joint stock companies that should fail to be sold in the process
of privatization, in particular, carry the risk (liability) within
the scope of the indicated portion,
     sell National property in the process of privatization of such
including property of liquidated enterprises and unfinished
construction sites,
     set up privatization commissions,
     adopt plans for privatization of National property, 
     enter into agreements with intermediaries concerning
organization of preparation for privatization and sale of
privatization objects,
     issue licenses to intermediaries,
     maintain links with local privatization bodies,
     undertake measures aimed at attracting foreign investors to
participation in privatization process,
     systematically inform general public, the Supreme Rada of
Ukraine, bodies of state executive power and of local and regional
self-government on the progress of privatization of state property,
     draw up annual reports on the progress of privatization and on
balance of revenues and expenses of Fund and submit it to
consideration and approval of the Supreme Rada of Ukraine upon
agreement with the Cabinet of Ministers of Ukraine,
     act as lessor in respect of assets of integral property
complexes of enterprises, organizations and structural sub-units of
such that are in National ownership, grant permissions to
enterprises and organizations to lease property complexes of their
structural sub-units,
     take part in setting up joint venture enterprises into
registered funds of which National property is transferred,
     take part in developing draft normative acts on matters
pertaining to management of property in state ownership and
privatization of such property,
     take part in preparing and concluding international agreements
on matters of ownership and use of state property,
     represent Ukrainian interests abroad in matters related to
protection of property rights of the state.

Fund shall have the right to:
     issue, within the scope of its competence, normative documents
binding for bodies of state executive power and other legal
entities, and supervise observance of such documents,
     request any information from bodies of state executive power
necessary for the execution of tasks and functions established by
this Ordinance,
     carry out inventory of National property subject to
privatization in accordance with the state privatization program,
and commission auditing of the efficiency of the utilization of
such property,
     approve estimates of expenses out of state extra-budgetary
privatization fund within limits established by the State program
for privatization of assets of state enterprises.

7.  Fund, its regional branches and representative offices have no
right to interfere with the day-by-day economic activities of
enterprises, with the exception of cases provided for in Ukrainian
legislation and foundation documents of such enterprises. 

Fund shall be managed by the Head appointed to and dismissed from
position by the Supreme Rada of Ukraine at representation of the
President of Ukraine.

The Head of Fund shall have deputies appointed to and dismissed
from position by the Supreme Rada of Ukraine at representation of
the Head.

Heads of regional branches and local representative offices of Fund
shall be appointed to their positions by the Head of Fund at
representation of bodies of state executive power of the
appropriate administrative-territorial entities and dismissed from
their positions by the Head of Fund upon consent of such bodies.

The Head of Fund, heads of regional branches and local
representative offices bear personal responsibility for the
fulfillment of tasks set to Fund and regional branches and local
representative offices and for carrying out their functions.

The Head of Fund, his/her deputies, heads of regional branches and
local representative offices, leading officials of these bodies
shall not be People's Deputies, members of managing bodies of
political parties or other public associations, hold positions in
business and commercial organizations.  Employees of Fund, its
regional branches and local representative offices shall not be
permitted to buy privatization objects (except for cases where they
use their privatization papers).

With the purpose of ensuring the adoption of concerted decisions on
matters related to implementation of state policies in the sphere
of privatization and lease of property in National ownership, the
discussion of the principal directions of activities, the
Management Board shall be created in Fund comprising the Head of
Fund, his/her appointed deputies and leading officials of Fund. 
Personal composition of the Board shall be subject to approval by
the Presidium of the Supreme Rada of Ukraine.

Decisions adopted by the Board shall be implemented through Orders
of Fund.

12.  Limits for numbers of personnel and pay-roll funds of Fund,
its regional branches and local representative offices shall be
subject to approval by the Presidium of the Supreme Rada of
Ukraine.

Structure and personnel arrangements of Fund apparatus and
provisions on its structural sub-units shall be approved by the
Head of Fund, and the same of regional branches and local
representative offices, by heads of such on the basis of model
provisions developed by Fund in agreement with the Commission of
the Supreme Rada of Ukraine on matters of economic reform and
management of National economy.

Financing of maintenance of Fund and its regional branches
apparatus shall be made out of State budget, and financing of
maintenance of local representative offices, out of assets of
extra-budgetary privatization funds.

15. Fund, its regional branches and representative offices shell be
legal entities, possess own balances, settlement and other accounts
in bank institutions and stamps with the representation of the
State Emblem of Ukraine and their appellation.