This Law establishes forms of property ownership, providing for the recognition and protection of property rights. Owners (physical persons, legal entities or the State) shall have the right of possession, use and transfer. Objects of property rights covered by this Law include: land, soil, water, air space, vegetation and wildlife, buildings, installations, equipment, subjects of material and spiritual culture, intellectual property, information, money, securities and other moveable and real property. The law provides for joint ventures as well. The law defines the objects of private ownership, collective ownership, leased enterprises, collective enterprises, cooperatives, economic societies or partnerships, companies and State ownership, among others. Article 63 provides for the right to compensation in case of legislation terminating the right of ownership. Provision is also made for cases in which the State may expropriate, requisition and confiscate private property.
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The FAO Legal Office provides in-house counsel in accordance with the Basic Texts of the Organization, gives legal advisory services to FAO members, assists in the formulation of