Investors Handbook. A Legal Guide to Business in Georgia
Article 39. State owned intangible property
1. State owned intangible property includes shares and stocks, as well as all those claims and
rights that can be transferred to other persons or that are designated for earning the material
benefit to their holder or/and grant the holder the right to have a claim against other persons.
2. The Ministry creates joint stock companies and limited liability companies or/and non-en-
trepreneurial (non-commercial) legal persons based on the State owned property in accordance
with the Law of Georgia on Entrepreneurs.
Article 42. Privatization of shares and stocks via auction and direct selling
1. The auction of shares and stocks are two types: an auction with conditions and an auction
without conditions.
2. Privatization of shares and stocks in the form of direct selling can be accomplished by
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