Government approves amendments to consumption cooperatives law

The consumption cooperative businesses will be able to purchase the land that they use, but will have to announce their intention to buy it within 30 days of the day when the owners put it up for sale, as stipulated in the amendments to the law on consumption cooperatives, Info-Prim Neo reports. Under the legislation, the consumption cooperatives have the preemption right, which is a right to acquire existing property in preference to any other person or company. Without infringing this right, the Cabinet approved the initiative submitted by a group of lawmakers, saying the term during which the consumption cooperative businesses can decide whether to purchase the plots they use or not should be limited. Otherwise, the inalienable right of ownership over state property or the property of the territorial-administrative units is violated. As owners of these plots, the state and the territorial-administrative units have the right to sell or lease them out to other private individuals or legal entities in accordance with the law. The limitation of the term during which the consumption cooperatives can decide whether to buy the land they use or not will help remove the identified infringements and will allow the owners to exercise their rights freely.