President of Ukraine Viktor Yanukovych has signed the law "On State property Fund", which regulates obligations, tasks and powers of the Fund.

The parliament of Ukraine adopted the law on State Property Fund on December 9 with 246 votes in favour out of 286 MPs registered in the session hall. That day Our Ukraine and BYuT factions did not participate in the voting as they left the session hall in a protest against persecution of Yulia Tymoshenko. Communist party faction also did not vote.

Chairman of the parliamentary committee on economic policy Oleksandr Bondar noted that the adopted law has a number of shortcomings, but such law is better than no law at all. He reminded that for many years there has not been any law on State Property Fund in Ukraine.

The law says that the State Property Fund is answerable to the president of Ukraine and in its activity must follow the Constitution, laws of Ukraine and presidential and governmental resolutions and decrees. Head of the State property Fund is appointed and dismissed by the President of Ukraine. Deputy heads are appointed by the Prime Minister and dismissed by the President.

The State Property Fund is obliged to submit monthly the information on its activity regarding carrying out the state program on privatization to the President and Prime Minister.

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