Law on Lease.

The present Law regulates relations arising from contracts of lease of constructions, land or natural resources.The Law consists of 94 articles divided into 16 Chapters which carry, inter alia, the following titles: General provisions (1); Lease agreement (2), Ownership under lease (3); Alteration, cancellation, termination, and extension of lease agreements (4); Protection of lessee's rights of ownership (5); Buying out of (leased) property (15); Free of Charge transfer of State property (16).Chapters 6 to 14 deal with leasing of enterprises and labour and related matters. Article 3 declares that lease shall be permitted in all branches of the national economy and may be applied to all forms and types of ownership. The article lists all objects that may be subject to lease agreements. Land and natural resources shall be leased by the "Soviets of People's Deputies" (art. 4). Article 6 provides for forms of associations of lessees. Lease agreements shall be registered in accordance with article 7. Article 8 defines the scope of lease agreements. The cost of lease shall be established by a special inventory commission with the participation of the lessor and the lessee. Articles 11 to 15 deal with rental payments and other terms of the lease agreement. Article 88 outlines procedures of the buying of leased property by the lessee. Article 91 concerns the transfer of the owner of leased property to the lessee free of cost.

Amended by: Law No. 53-Z of 1997 regarding amendments to the Law on lease. (1997-07-07)