CHAPTER THREE: OPERATION OF BUSINESS ENTITIES WITH FOREIGN INVESTMENT

Article 15. Suspension and Termination of Operations of Business Entities with Foreign Investment

1.  Investments shall be terminated in the following ways:

1) Investment which have been implemented in the forms set forth in Paragraphs 1.1 and 2 or Article 6 of this Law shall be terminated in accordance with the provisions of the Partnership and Company Law and the other relevant laws of Mongolia,

2) Investments specified in Paragraph 1.5 of Article 6 of this Law shall be terminated in accordance with the provisions of the Civil Code of Mongolia with respect to investment contracts.

2.  Investments which are terminated as provided  in Paragraph  1 of this Article shall be removed from the registration records of the  General Tax Department in accordance with the laws of Mongolia and such removal shall be made public.

3.  Investors shall notify the Central Administrative Organization in charge of foreign investment issues of the termination of  investments that have been implemented in the forms set forth in Paragraphs 1.3 and 1.6 of Article 6 of this Law within 5 business days following such termination.

4. Within 3 business days following submission of such  notice, the Central Administrative Organization in charge of foreign investment issues shall dissolve the Foreign Investment Certificate of that business entity with foreign investment based on statements of appropriate authorities which certify that all taxes have been paid and all duties to restore the natural environment have been complied with,

5. In the event of the termination of an investment, the foreign investor shall transfer its investment income and profits as specified in Article 9 of this Law,

6. The operation of business entities with foreign investment shall be suspended or terminated by decision of the Central Administrative Organization in charge of foreign investment issues in accordance with the laws of Mongolia.