Law on protection of private property comes into force in Uzbekista

Business Materials 25 September 2012 19:32 (UTC +04:00)
The law on ‘Protection of private property and insurance of owner rights’ came into law in Uzbekistan today.

Uzbekistan, Tashkent, Sept. 25 /Trend D.Azizov/

The law on 'Protection of private property and insurance of owner rights' came into law in Uzbekistan today. The document was proposed by legislative chamber of Parliament in July of this year, and approved by the Senate late in August.

The law, recently signed by the president, was published on Tuesday by Uzbekistani mass media and comes into force in one day after publishing according to the final article.
The law, directed to the strengthening of private property protection and establishment of insurance system and its integrity, strengthening of owner right insurance was president Karimov's initiative in the framework of realization of conception on further development of democratic reforms and forming of civil society in the country.

The law notes that private property is the person's right to owe, use and dispose property, purchased in accordance with legislature. Private Property is untouchable and is protected by government.

The state creates all necessary conditions to safeguard and multiply private property. An owner can be deprived of his property only in cases and manner, provided by law, the document says.
The law fixes the definition of perpetuity of the right to private property, which prevents establishment of ownership, usage and disposal period for property.

Moreover, the law guarantees the restoration of violated private property right and its legal defense, as well as compensation of the damage caused to owner.

The law also fixes the principle of owner right priority, according to which all inherent contradictions and ambiguities of the law shall be construed in favor of the owner in interactions of owner with public authorities.

The law spelled out ways to protect private property rights, issues of illegal interference of government and other agencies, local authorities and their officials in the exercise of the right of private property, the inadmissibility of interference with private property, compensation and guarantees of property rights.

The law also provides the inadmissibility of the review and cancellation of the property privatization. The document stresses that private property that occurred in the process of privatization of state property, shall be inviolable.

A separate article of the law prescribed guarantee of property rights of foreign citizens and stateless persons on the territory of Uzbekistan.

According to the law, foreign citizens and stateless persons have the same ownership rights as citizens of Uzbekistan.