The Verkhovna Rada has adopted a law regulating the work of the State Property Fund (SPF).

Bill No. 1190 on the State Property Fund proposed by people's deputies from the Socialist Party faction, Ivan Bokyi and Ivan Spodarenko, was supported by 246 MPs, with 226 votes needed for its adoption.

In keeping with the explanatory note to the bill, its authors underline the need for the regulation of the legal status and powers of the State Property Fund, as it is still functioning on the basis of the temporary provision adopted by the parliamentary resolution of June 7, 1992.

With the passed law the Parliament determined the SPF is a central body of executive power with a special status, which carries out government policy in the field of privatization of national property, manages national property facilities without the sphere of its competence, including in the course of privatization.

The law also outlines the structure of the SPF and its leadership.

In keeping with the law, the SPF chairman is appointed by the Rada on the prime minister's proposal, and discharged by the Rada, too (including the case of recognizing the SPF work unsatisfactory, judging from annual results of fulfilling the state privatization program).

The SPF chairman stays in power for five years, whereas no one can chair the SPF for more than two consecutive terms.

Deputy heads of the State Property Fund are appointed and dismissed by the Cabinet of Ministers on the Fund chair's proposal.

As Ukrainian News earlier reported, on November 2, 2006 the Verkhovna Rada adopted the first reading of the bill No. 1190 on the State Property Fund.

The Parliament adopted the bill on the State Property Fund on September 8, 2005, but President Viktor Yuschenko vetoed it.

The Rada passed the bill two more times with President's propositions, but each time it was vetoed by the President.

The source: Ukrainian News Agency