A new and modern system of property management will be introduced in Uzbekistan. This was reported by Zamin.uz.
A draft law "On Private Funds" has been developed in our country to serve the professional management of property and the development of inheritance culture for property owners and entrepreneurs. This document is prepared based on international experience and presents an innovative mechanism that combines the distinctive features of personal and private funds.
A personal fund is a non-governmental non-profit organization established by an individual during their lifetime or according to their will after death. The main purpose of this fund is to manage the property accumulated by the founder under specified conditions and to continuously implement social, cultural, educational, and charitable projects.
Thanks to the professional management system, the business and charitable activities created by the founder will develop sustainably and remain active for many years. The draft law consists of 8 chapters and 49 articles, covering all aspects of fund activities.
The procedure for allocating fund resources to beneficiaries is clearly defined. They are divided into primary beneficiaries (specific individuals) and ordinary beneficiaries (groups of individuals).
The founding documents of the fund — the Charter and the Management Regulations — are registered with the justice authorities, which regulates the relationship between property management and governing bodies. The founder has several options for effective management of the fund's property.
Daily management is carried out individually or by a collective body. Supervision is ensured through a supreme collegial body, a guardianship council, or a special control structure.
The founder has the right to veto decisions or actions contrary to the interests of the fund. This mechanism allows citizens to manage their property not only today but also in the future according to their wishes.
This is especially important for organizing large charitable projects and continuously transferring family capital from generation to generation. The new system is expected to become a powerful tool supporting human capital in social life and contributing to economic development.
In your opinion, how can the establishment of personal funds change the culture of charity and patronage in our country?
