Uzbekistan passes law on protection of private property
TASHKENT. Sept 25 (Interfax) - Uzbek President Islom Karimov on Monday signed the law On the Protection of Private Property and Guarantees of Owners' Rights. The law became effective after being published in the media on Tuesday.
"The purpose of the document is to regulate relations arising in the sphere of private property protection and guarantees of owners' rights," Abdurashid Altiyev, chairman of the Senate committee on the budget and economic reform issues, said commenting on the adoption of the document.
The law will strengthen legal protection of private property and provide additional guarantees of the inviolability of private property in the development of the appropriate constitutional norm, Altiyev said.
"This law was drawn up during the implementation of the presidential policies to further advance democratic reforms and form civil society in the country. It is aimed at expanding the guarantees of owners' rights," the senator said.
The senator believes the enactment of the new law will help "create favorable conditions for effective functioning in the economy of private property, will provide incentives to business initiatives and guarantees to owners' business activities by increasing their wealth, which will promote further development of market relations in the country."
The law, which has four chapters and 29 articles, outlines the main guarantees of owners' rights. It provides that every private individual and non-state legal entity has a right to private property, which is not restricted as regards its quantity and value. Private property is inviolable and is protected by the state. The right of private property is timeless.
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