CHAPTER THREE: OPERATION OF BUSINESS ENTITIES WITH FOREIGN INVESTMENT

Article 12. Valuation of Tangible and Intangible Assets

1. The value of tangible and intangible assets which will be contributed by investors to the share capital of a business entity with foreign investment shall be mutually agreed to by the investors and be estimated in a freely convertible currency and in tugrigs on the basis of a common principle of valuation.

2. The conversion rate of tugrigs into a freely convertible currency shall be made at the rate of exchange fixed by Mongol Bank at the time of the valuation.