გიორგი გიგუაშვილი

გიორგი ჯუღელი

განმარტებები
საქართველოს კანონზე
„მეწარმეთა შესახებ“
( 2022 wlis Tebervlis mdgomareobiT )
 გიორგი გიგუაშვილი
გიორგი ჯუღელი

განმარტებები
საქართველოს კანონზე
„მეწარმეთა შესახებ“
(2022 wlis Tebervlis mdgomareobiT)

Tbilisi 2022
განმარტებები საქართველოს კანონზე „მეწარმეთა შესახებ~ შეიქმნა ევროპის რეკონსტ-
რუქციისა და განვითარების ბანკისა (EBRD) და საქართველოს ინვესტორთა საბჭოს სა-
მდივნოს მხარდაჭერით.
ცვლილებების გათვალისწინებით, ავტორების მიერ გადამუშავებულ იქნა „განმარტებები
„მეწარმეთა შესახებ~ საქართველოს კანონპროექტზე~, რომლიც გამოიცა 2021 წელს პრო-
ექტის _ „საქართველოს კომერციული სამართლისა და პრაქტიკის გაუმჯობესება~ _ მხა-
რდაჭერით, რომელსაც გერმანიის საერთაშორისო თანამშრომლობის საზოგადოება (GIZ)
ახორციელებდა.
დოკუმენტის შინაარსზე სრულად პასუხისმგებელნი არიან ავტორები. მასში გამოთქმული
მოსაზრებები არ გამოხატავს EBRD-ის, ინვესტორთა საბჭოს ან ინვესტორთა საბჭოს სა-
მდივნოს მოსაზრებებს.
ინვესტორთა საბჭო ფინანსდება გაერთიანებული სამეფოს კარგი მმართველობის ფონდის
(GGF) მიერ, ევროპის რეკონსტრუქციისა და განვითარების ბანკის (EBRD) მეშვეობით.

ავტორები:
1-ლი _ მე-20 მუხლები _ გიორგი გიგუაშვილი
21-ე _ 34-ე მუხლები _ გიორგი ჯუღელი
35-ე _ 58-ე მუხლები _ გიორგი გიგუაშვილი
59-ე _ 78-ე მუხლები _ გიორგი ჯუღელი
79-ე _ 93-ე მუხლები _ გიორგი გიგუაშვილი
94-ე _ 149-ე მუხლები _ გიორგი ჯუღელი
150-ე _ 255-ე მუხლები _ გიორგი გიგუაშვილი

© ინვესტორთა საბჭოს სამდივნო

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Sinaarsi

winasityvaoba.........................................................................................................................11

ka­ri I. zogadi na­wi­li

Ta­vi I. Se­sa­va­li de­bu­le­be­bi

mux­li 1. ka­no­nis ga­mo­ye­ne­bis sfe­ro da dis­po­zi­ci­u­ro­bis prin­ci­pi.........................14
mux­li 2. me­war­mis cne­ba........................................................................................................16
mux­li 3. saq­mi­a­no­ba, ro­me­lic sa­me­war­meo saq­mi­a­no­bad ar mi­iC­ne­va............................18

Ta­vi II. me­war­mis da­fuZ­ne­ba

mux­li 4. sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo do­ku­men­te­bi da ma­Ti for­ma... 20
mux­li 5. sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­ba..................................21
mux­li 6. wes­de­ba....................................................................................................................26
mux­li 7. sa­me­war­meo sa­zo­ga­do­e­bis par­tni­o­ri...............................................................28
mux­li 8. me­war­mis re­gis­tra­cia..........................................................................................29
mux­li 9. sa­me­war­meo sa­zo­ga­do­e­bis re­gis­tra­ci­is წინა პირობა....................................31
mux­li 10. pa­su­xis­mgeb­lo­ba sa­me­war­meo sa­zo­ga­do­e­bis re­gis­tra­ci­am­de
mi­si sa­xe­liT gan­xor­ci­el ­ e­bu­li moq­me­de­bis­Tvis...........................................32
mux­li 11. in­di­vi­du­a­lu­ri me­war­mis re­gis­tra­cia............................................................33
mux­li 12. re­gis­tri­re­bu­li mo­na­ce­me­bis cvli­le­bis re­gis­tra­cia..............................35
mux­li 13. re­es­tris sa­ja­ro­o­ba da in­for­ma­ci­is ga­moq­vey­ne­bis val­de­bu­le­ba...........38
mux­li 14. re­es­tris mo­na­cem­Ta uty­u­a­ro­bi­sa da sis­ru­lis pre­zum­fcia.....................41
mux­li 15. me­war­mis fi­li­a­li.................................................................................................43
mux­li 16. me­war­mis sa­fir­mo sa­xel­wo­de­ba..........................................................................46
mux­li 17. saq­mi­a­ni we­ri­li da veb­gver­di.............................................................................50
mux­li 18. ma­re­gis­tri­re­be­li or­ga­nos Sety­ob ­ i­ne­bis Ca­ba­re­bis we­si............................51

Ta­vi III. er­Ti pi­ris sa­me­war­meo sa­zo­ga­do­e­ba

mux­li 19. er­Ti pi­ris sa­me­war­meo sa­zo­ga­do­e­ba.................................................................54
mux­li 20. we­ri­lo­bi­Ti for­mis dac­vis val­de­bu­le­ba......................................................55

Ta­vi ­IV. Se­na­ta­ni
mux­li 21. Se­na­ta­nis cne­ba......................................................................................................56
mux­li 22. Se­na­ta­nis sa­ga­ni.....................................................................................................57
mux­li 23. Se­na­ta­nis sa­xe­e­bi...................................................................................................58
mux­li 24. Se­na­ta­nis gan­xor­ci­e­le­bis we­si da va­da...........................................................58
mux­li 25. Se­na­ta­nis gan­xor­ci­e­le­bis or­ga­ni­za­ci­u­li uz­run­vel­yo­fa.......................60
mux­li 26. par­tni­o­ris pa­su­xis­mgeb­lo­ba.............................................................................61
mux­li 27. Se­na­ta­nis gan­xor­ci­e­le­bis val­de­bu­le­bis­gan
ga­Ta­vi­suf­le­bis da­uS­veb­lo­ba...........................................................................62

Ta­vi V. sa­me­war­meo sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­li,

wi­li, di­vi­den­di
mux­li 28. sa­me­war­meo sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­lis cne­ba...........................64
mux­li 29. wi­li..........................................................................................................................65
mux­li 30. wi­lis gan­kar­gva.....................................................................................................65
mux­li 31. di­vi­den­dis mi­Re­bis uf­le­ba................................................................................67
mux­li 32. ga­ce­mu­li di­vi­den­dis dab­ru­ne­ba.......................................................................68
mux­li 33. di­vi­den­dis ga­ce­mis SezR­ud­va............................................................................68
mux­li 34. sxva­Ta ka­no­ni­er
­ i in­te­re­se­bi­sa da uf­le­be­bis................................................69
gaT­va­lis­wi­ne­bi­sa da Ta­nas­wo­ruf­le­bi­an ­ o­bis prin­ci­pi...............................69

Ta­vi VI. sa­me­war­meo sa­zo­ga­do­e­bis or­ga­no­e­bi

mux­li 35. zo­ga­di de­bu­le­be­bi..............................................................................................71
mux­li 36. sa­er­To kre­ba..........................................................................................................72
mux­li 37. sa­er­To kre­bis ga­dawy­ve­ti­le­ba..........................................................................76
mux­li 38. sa­er­To kre­bis oq­mi...............................................................................................78
mux­li 39. sa­er­To kre­bis ga­dawy­ve­ti­le­bis an mi­si na­wi­lis ba­Ti­lo­ba.........................79
mux­li 40. sa­er­To kre­bis ga­dawy­ve­ti­le­bis ba­Ti­lad cno­bis Sem­deg
gan­xor­ci­e­le­bu­li Ro­nis­Zi­eb ­ e­bi........................................................................82
mux­li 41. sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no...........................................83
mux­li 42. sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos
war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­ba.............................................................84
mux­li 43. sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos
Se­mad­gen­lo­ba da mis mi­er ga­dawy­ve­ti­le­bis mi­Re­bis we­si.............................86
mux­li 44. sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­ris Ta­nam­de­bo­ba­ze
da­niS­vna da Ta­nam­de­bo­bi­dan ga­Ta­vi­suf­le­ba..................................................89
mux­li 45. sa­sam­sa­xu­ro xel­Sek­ru­le­ba................................................................................91
mux­li 46. sa­me­war­meo sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wo...........................................93
mux­li 47. sa­me­war­meo sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­ris
mo­va­le­o­ba da pa­su­xis­mgeb­lo­ba..........................................................................96
mux­li 48. ge­ne­ra­lu­ri sa­vaW­ro min­do­bi­lo­ba...................................................................96
mux­li 49. sa­me­war­meo sa­zo­ga­do­e­ba­Si sa­sa­mar­Tlos mi­er da­niS­nu­li
pi­re­bis ga­sam­rje­lo da xar­je­bis anazR­a­u­re­ba..............................................98
mux­li 51. zrun­vis mo­va­le­o­ba gan­sa­kuT­re­bul vi­Ta­re­ba­Si..........................................101
mux­li 52. sa­me­war­meo ga­dawy­ve­ti­le­bis Ta­vi­suf­le­ba...................................................102
mux­li 53. kon­ku­ren­ci­is ak­rZal­va.....................................................................................104
mux­li 54. saq­mi­a­ni Se­saZ­leb­lo­bis miT­vi­se­bis ak­rZal­va...............................................106
mux­li 55. so­li­da­ru­li pa­su­xis­mgeb­lo­ba........................................................................109

Ta­vi VII. bu­Ral­tru­li aR­ricx­va, an­ga­riS­ge­ba da au­di­ti..............................111

mux­li 56. bu­Ral­tru­li aR­ricx­va, an­ga­riS­ge­ba da au­di­ti..........................................111
mux­li 59. au­di­tis ko­mi­te­ti...............................................................................................112
mux­li 58. au­di­tor­Tan­/a­u­di­to­rul fir­mas­Tan da­de­bu­li
xel­Sek­ru­le­bi­dan gas­vla..................................................................................115

Ta­vi VIII. sa­me­war­meo sa­zo­ga­do­eb ­ is re­or­ga­ni­za­ci­a.

ucxo qve­ya­na­Si re­gis­tri­re­bu­li me­war­mis
re­gis­tra­ci­is sa­qar­Tve­lo­Si gad­mo­ta­na
mux­li 59. sa­me­war­meo sa­zo­ga­do­e­bis re­or­ga­ni­za­ci­is for­me­bi...................................116
mux­li 60. sa­me­war­meo sa­zo­ga­do­e­bis gar­daq­mna...............................................................116
mux­li 61. ga­dawy­ve­ti­le­ba gar­daq­mnis Se­sa­xeb................................................................118
mux­li 62. gar­daq­mnis pi­ro­be­bi...........................................................................................120
mux­li 63. gar­daq­mnis Se­sa­xeb ga­dawy­ve­ti­le­bis ga­moq­vey­ne­ba......................................121
mux­li 64. gar­daq­mnis re­gis­tra­cia....................................................................................121
mux­li 65. sa­me­war­meo sa­zo­ga­do­e­be­bis Ser­wyma da
sa­me­war­meo sa­zo­ga­do­e­bis ga­yo­fa....................................................................122
mux­li 66. ga­dawy­ve­ti­le­ba Ser­wymis­/ga­yo­fis Se­sa­xeb.....................................................126
mux­li 67. Ser­wymis­/ga­yo­fis geg­ma......................................................................................127
mux­li 68. sa­aq­cio sa­zo­ga­do­e­bis Ser­wymis­/ga­yo­fis an­ga­ri­Si.......................................130
mux­li 69. Ser­wymis­/ga­yo­fis geg­mis pro­eq­tis ga­moq­vey­ne­ba da
Sety­o­bi­ne­ba Se­saZ­lo Ser­wymis­/ga­yo­fis Se­sa­xeb...........................................131
mux­li 70. sa­aq­cio sa­zo­ga­do­e­bis Ser­wymis­/ga­yo­fis geg­mis‑pro­eq­tis Se­mow­me­ba.....134
mux­li 71. Ser­wymis­/ga­yo­fis geg­mis dam­tki­ce­ba..............................................................135
mux­li 72. mi­er­Te­bi­sa da Se­Ze­niT ga­yo­fis gan­sa­kuT­re­bu­li Sem­Txve­ve­bi..................135
mux­li 73. Ser­wymis­/ga­yo­fis re­gis­tra­cia........................................................................141
mux­li 74. sa­me­war­meo sa­zo­ga­do­e­bis re­or­ga­ni­za­ci­is pro­ces­Si
kre­di­tor­Ta dac­va.............................................................................................143
mux­li 75. par­tni­or­Ta wi­le­bis ga­mos­yid­va sa­me­war­meo sa­zo­ga­do­e­bis
re­or­ga­ni­za­ci­is dros........................................................................................145
mux­li 76. sa­me­war­meo sa­zo­ga­do­e­be­bis Ser­wyma/­sa­me­war­meo
sa­zo­ga­do­e­bis ga­yo­fa re­a­bi­li­ta­ci­is dros..................................................147
mux­li 77. sa­me­war­meo sa­zo­ga­do­e­bis re­do­mi­ci­le­ba......................................................147

Ta­vi IX. sa­me­war­meo sa­zo­ga­do­e­bis daS­la. xar­ve­zi­a­ni sa­zo­ga­do­e­ba

mux­li 78. sa­me­war­meo sa­zo­ga­do­e­bis daS­la......................................................................149
mux­li 79. sa­me­war­meo sa­zo­ga­do­e­bis daS­la sa­sa­mar­Tlos ga­dawy­ve­ti­le­biT,
par­tni­o­ris gan­cxa­de­bis­/sar­Ce­lis sa­fuZ­vel­ze...........................................151
mux­li 80. xar­ve­zi­an
­ i sa­zo­ga­do­e­ba....................................................................................152
mux­li 81. sa­me­war­meo sa­zo­ga­do­e­bis lik­vi­da­ci­is pro­ce­sis dawy­eb ­ a.........................154
mux­li 82. sa­me­war­meo sa­zo­ga­do­e­bis daS­lis Se­sa­xeb
kre­di­to­re­bis­Tvis Sety­o­bi­ne­bis val­de­bu­le­ba...........................................155
mux­li 83. lik­vi­da­to­ri........................................................................................................156
mux­li 84. lik­vi­da­to­ris uf­le­ba­mo­si­le­ba......................................................................158
mux­li 85. qo­ne­bis ga­na­wi­le­ba..............................................................................................159
mux­li 86. lik­vi­da­ci­is pro­ces­Si kre­di­tor­Ta dac­va...................................................160
mux­li 87. daS­li­li sa­me­war­meo sa­zo­ga­do­e­bis mi­er ar­se­bo­bis gag­rZe­le­ba..............161
mux­li 88. sa­me­war­meo sa­zo­ga­do­e­bis re­gis­tra­ci­is ga­uq­me­ba.......................................162
mux­li 89. lik­vi­di­re­bu­li sa­me­war­meo sa­zo­ga­do­e­bis
do­ku­men­ta­ci­is Se­nax­vis val­de­bu­le­ba...........................................................163
mux­li 90. lik­vi­da­ci­is pro­ce­sis ga­nax­le­ba dar­Ce­ni­li qo­ne­bis
aR­mo­Ce­nis an da­ma­te­bi­Ti sa­lik­vi­da­cio moq­me­de­be­bis
gan­xor­ci­e­le­bis au­ci­leb­lo­bis ga­mo.............................................................164
mux­li 91. in­di­vi­du­a­lu­ri me­war­mis re­gis­tra­ci­is ga­uq­me­ba........................................164

Ta­vi X. xan­daz­mu­lo­ba da Se­ci­le­ba.

ga­sa­Civ­re­bis uf­le­ba­mo­si­le­ba da va­de­bi
mux­li 92. xan­daz­mu­lo­bi­sa da Se­ci­le­bis va­de­bi............................................................166
mux­li 93. sa­er­To kre­bis, sa­meT­val­yu­reo sab­Wos, xel­mZRva­ne­li
or­ga­nos­/xel­mZRva­ne­li pi­ris ga­dawy­ve­ti­le­bis
Se­ci­le­bis­/ga­sa­Civ­re­bis uf­le­ba­mo­si­le­ba da va­de­bi...................................166
ka­ri II. ker­Zo na­wi­li

Ta­vi XI. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba

mux­li 94. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is cne­ba.................................170
mux­li 95. wes­de­ba­Si cvli­le­bis Se­ta­na kon­sen­su­siT.....................................................170
mux­li 96. Se­na­ta­nis gan­xor­ci­e­le­bis val­de­bu­le­ba.......................................................171
mux­li 97. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is war­mo­mad­gen­lo­ba..........172
mux­li 98. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is
par­tni­o­ris Se­sa­ge­be­li......................................................................................173
mux­li 99. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is sa­er­To kre­ba..................174
mux­li 100. sa­er­To kre­bis mi­er ga­dawy­ve­ti­le­bis mi­Re­ba................................................174
mux­li 101. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is xel­mZRva­ne­lo­ba.............175
mux­li 102. par­tni­o­re­bis Tan­xmo­ba da xel­mZRva­ne­li par­tni­o­ris­Tvis
xel­mZRva­ne­lo­bi­Ti uf­le­ba­mo­si­le­bis Ca­mor­Tme­va.....................................177
mux­li 103. par­tni­o­ris mi­er kon­tro­lis gan­xor­ci­e­le­bis uf­le­ba.............................177
mux­li 104. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is mo­ge­ba da za­ra­li...........178
mux­li 105. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is
mo­ge­bi­sa da za­ra­lis ga­na­wi­le­ba......................................................................179
mux­li 106. par­tni­o­ris mi­er fu­lis ga­xar­jva...................................................................179
mux­li 107. par­tni­o­ris­Tvis xar­je­bis anazR­a­ur ­ e­ba.........................................................181
mux­li 108. par­tni­o­ris mi­er wi­lis gas­xvi­se­ba..................................................................181
mux­li 109. par­tni­o­ris gas­vla an ga­ricx­va so­li­da­ru­li
pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan.................................................................182
mux­li 110. ur­Ti­er­To­be­bi so­li­da­ru­li pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­e­bi­dan par­tni­o­ris gas­vlis­/ga­ricx­vis Sem­deg............................184
mux­li 111. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis
par­tni­o­ris gar­dac­va­le­ba................................................................................185

Ta­vi XII. ko­man­di­tu­ri sa­zo­ga­do­e­ba

mux­li 112. ko­man­di­tu­ri sa­zo­ga­do­eb
­ is cne­ba...................................................................188
mux­li 113. ko­man­di­tis mi­er kon­tro­lis gan­xor­ci­e­le­bis uf­le­ba..............................188
mux­li 114. ko­man­di­tu­ri sa­zo­ga­do­eb
­ is xel­mZRva­ne­lo­ba...............................................189
mux­li 115. ko­man­di­tis xmis uf­le­ba....................................................................................190
mux­li 116. ko­man­di­tis sa­ga­ran­tio Tan­xa...........................................................................191
mux­li 117. ko­man­di­tis sa­ga­ran­tio Tan­xis Sem­ci­re­ba.....................................................192
mux­li 118. ko­man­di­tu­ri sa­zo­ga­do­eb
­ is war­mo­mad­gen­lo­ba............................................192
mux­li 119. ko­man­di­tis war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­ba.....................................192
mux­li 120. ko­man­di­tu­ri sa­zo­ga­do­eb
­ is mo­ge­bi­sa da za­ra­lis ga­na­wi­le­ba..................193
mux­li 121. ko­man­di­tis mi­er mo­ge­bis mi­Re­ba.......................................................................193
mux­li 122. ko­man­di­tis mi­er wi­lis gas­xvi­se­ba an mem­kvid­re­ob ­ iT ga­da­ce­ma.................194

Ta­vi XIII. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba

mux­li 123. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis cne­ba...................................195
mux­li 124. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no.....195
mux­li 125. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wo.....197
mux­li 126. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis
par­tni­or­Ta ga­dawy­ve­ti­le­ba............................................................................198
mux­li 127. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is sa­er­To kre­ba.....................200
mux­li 128. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is
par­tni­or­Ta rig­ga­re­Se kre­ba...........................................................................203
mux­li 129. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is sa­er­To kre­bis...................205
ga­dawy­ve­ti­le­bis sa­er­To kre­bis Ca­ta­re­bis ga­re­Se mi­Re­ba.........................205
mux­li 130. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is par­tni­o­ris
sa­er­To kre­ba­Si mo­na­wi­le­o­ba............................................................................207
mux­li 131. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is par­tni­o­ris
mi­er xmis mi­ce­mi­sa da par­tni­or­Ta ga­dawy­ve­ti­le­bis
mi­Re­ba­Si mo­na­wi­le­o­bis we­se­bi da pi­ro­be­bi....................................................208
mux­li 132. xme­bis aku­mu­li­re­bis me­To­dis ga­mo­ye­ne­ba SezR­u­du­li
pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si...................................................................209
mux­li 133. wi­li SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ a­Si...................................209
mux­li 134. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is
gan­Tav­se­bu­li ka­pi­ta­li.....................................................................................210
mux­li 135. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is wi­le­bis kla­se­bi................211
mux­li 136. wi­lis sa­xe­eb­ i da SezR­u­du­li pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­e­bis mi­er axa­li wi­le­bis ga­moS­ve­ba.................................................212
mux­li 137. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is mi­er
ga­moS­ve­bu­li axa­li wi­le­bis upi­ra­te­si Ses­yid­vis uf­le­ba.........................215
mux­li 138. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is par­tni­o­ris
mi­er Se­na­ta­nis gan­xor­ci­e­le­ba.........................................................................217
mux­li 139. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is par­tni­o­ris
mi­er Se­na­ta­nis ga­nu­xor­ci­e­leb­lo­ba da mi­si Se­de­ge­bi................................218
mux­li 140. sa­val­de­bu­lo da ne­ba­yof­lo­bi­Ti da­ma­te­bi­Ti Se­na­ta­ne­bi..........................219
mux­li 141. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is wi­lis ga­da­ce­ma.................221
mux­li 142. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is mi­er
sa­ku­Tar ka­pi­tal­Si wi­lis Se­Ze­na......................................................................222
mux­li 143. par­tni­o­ris ga­ricx­va SezR­u­du­li pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­e­bi­dan...................................................................................................223
mux­li 144. par­tni­o­ris gas­vla SezR­u­du­li pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­e­bi­dan...................................................................................................227
mux­li 145. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is
di­vi­den­dis ga­na­wi­le­ba.......................................................................................230
mux­li 146. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is par­tni­o­ris
mi­er in­for­ma­ci­is mi­Re­bi­sa da do­ku­men­ta­ci­is gac­no­bis uf­le­ba................ 233
mux­li 147. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is sa­sar­geb­lod
par­tni­o­ris sar­Ce­lis Se­ta­nis uf­le­ba...........................................................234
mux­li 148. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is par­tni­o­ris
mi­er do­mi­nan­tu­ri mdgo­ma­re­o­bis bo­ro­tad ga­mo­ye­ne­ba..............................235
mux­li 149. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is par­tni­or­Ta
Se­Tan­xme­ba.............................................................................................................235

Ta­vi XIV. sa­aq­cio sa­zo­ga­do­e­ba

mux­li 150. sa­aq­cio sa­zo­ga­do­e­bis cne­ba.............................................................................236
mux­li 151. aq­ci­is cne­ba..........................................................................................................237
mux­li 152. sa­aq­cio sa­zo­ga­do­e­ba­Si Se­na­ta­nis gan­xor­ci­e­le­ba.......................................238
mux­li 153. ne­ba­dar­Tu­li, ga­moS­ve­bu­li da gan­Tav­se­bu­li aq­ci­e­bi................................244
mux­li 154. aq­ci­is no­mi­na­lu­ri Ri­re­bu­le­ba.......................................................................245
mux­li 155. aq­cia no­mi­na­lu­ri Ri­re­bu­le­bis ga­re­Se.........................................................246
mux­li 156. sa­aq­cio sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­li............................................247
mux­li 157. aq­ci­e­bis kon­so­li­di­re­ba da da­na­wev­re­ba.......................................................249
mux­li 158. aq­ci­is kla­si. aq­ci­ad kon­ver­ti­re­ba­di sxva fa­si­an ­ i qa­Ral­di.....................250
mux­li 159. aq­ci­a­Ta ga­da­ce­ma, ro­me­lic da­mo­ki­de­bu­lia sa­aq­cio
sa­zo­ga­do­eb­ is Tan­xmo­ba­ze.................................................................................253
mux­li 160. sa­aq­cio sa­zo­ga­do­e­bis mi­er axa­li aq­ci­eb ­ is Ta­vis
sa­sar­geb­lod gan­Tav­se­bis ak­rZal­va................................................................254
mux­li 161. sa­ku­Ta­ri aq­cia.....................................................................................................255
mux­li 162. aq­ci­a­Ta re­es­tri..................................................................................................258
mux­li 163. sa­aq­cio sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­lis
cvli­le­bis gan­xor­ci­e­le­bis we­si.....................................................................260
mux­li 164. ka­pi­ta­lis gaz­rda da­ma­te­bi­Ti aq­ci­eb ­ is ga­moS­ve­biT....................................262
mux­li 165. axa­li aq­ci­eb­ is ga­moS­ve­ba sa­aq­cio sa­zo­ga­do­e­bis
sa­ku­Ta­ri qo­ne­bis xar­jze..................................................................................264
mux­li 166. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos mi­er
ka­pi­ta­lis gaz­rda ne­ba­dar­Tu­li ka­pi­ta­lis far­gleb­Si.............................266
mux­li 167. aq­ci­a­Ta upi­ra­te­si Ses­yid­vis uf­le­ba.............................................................268
mux­li 168. sa­re­zer­vo ka­pi­ta­li...........................................................................................272
mux­li 169. gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­ba................................................................273
mux­li 170. ka­pi­ta­lis Sem­ci­re­ba sa­aq­cio sa­zo­ga­do­e­bis mi­er aq­ci­aT ­ a ga­uq­me­biT.....278
mux­li 171. sa­aq­cio sa­zo­ga­do­e­bis ka­pi­ta­lis ar­se­bi­Ti da­na­kar­gi................................280
mux­li 172. aq­ci­o­ne­ris uf­le­be­bi.........................................................................................280
mux­li 173. aq­ci­o­ner­Ta da­ma­te­bi­Ti uf­le­be­bi..................................................................282
mux­li 174. spe­ci­a­lu­ri au­di­to­ris da­niS­vna....................................................................284
mux­li 175. aq­ci­o­ne­ris mo­va­le­o­be­bi...................................................................................287
mux­li 176. aq­ci­o­ne­ris mi­er do­mi­nan­tu­ri mdgo­ma­re­o­bis bo­ro­tad
ga­mo­ye­ne­ba da zi­a­nis anazR­a­u­re­bis val­de­bu­le­ba........................................288
mux­li 177. aq­ci­o­ner­Ta Se­Tan­xme­ba......................................................................................291
mux­li 178. aq­ci­o­ner­Ta Se­Tan­xme­ba­Si sa­aq­cio sa­zo­ga­do­eb ­ is mo­na­wi­le­o­ba.................293
mux­li 179. sa­aq­cio sa­zo­ga­do­e­bis mi­er aq­ci­a­Ta ga­mos­yid­va..........................................293
mux­li 180. wli­u­ri an­ga­ri­Si­sa da sa­me­ur­neo mdgo­ma­re­ob ­ is
Se­sa­xeb an­ga­ri­Sis Sed­ge­na..................................................................................296
mux­li 181. sa­aq­cio sa­zo­ga­do­e­ba­Si di­vi­den­dis ga­ce­mis we­si.........................................297
mux­li 182. sa­aq­cio sa­zo­ga­do­e­bis or­ga­no­Ta sis­te­ma......................................................300
mux­li 183. sa­aq­cio sa­zo­ga­do­e­bis wli­u­ri da rig­ga­re­Se sa­er­To kre­be­bi...................302
mux­li 184. sa­er­To kre­bis kom­pe­ten­cia..............................................................................303
mux­li 185. ga­we­u­li mu­Sa­o­bis mo­wo­ne­ba..............................................................................305
mux­li 186. sa­er­To kre­bis mow­ve­vis we­si.............................................................................307
mux­li 187. sa­er­To kre­bis mow­ve­va aq­ci­o­ne­ris­/aq­ci­o­ne­re­bis moTx­ov­niT...................308
mux­li 188. sa­er­To kre­bis mom­za­de­ba..................................................................................309
mux­li 189. Sety­o­bi­ne­ba sa­er­To kre­bis mow­ve­vis Se­sa­xeb................................................310
mux­li 190. sa­er­To kre­bis ma­sa­le­bis gac­no­ba...................................................................313
mux­li 191. sa­er­To kre­bis dRis wes­rig­Si sa­kiTx­e­bis da­ma­te­bi­sa da
mi­sa­Re­bi ga­dawy­ve­ti­le­bis pro­eq­tis war­dge­nis uf­le­be­bi........................314
mux­li 192. sa­er­To kre­bis mo­na­wi­le aq­ci­on ­ e­re­bi............................................................317
mux­li 193. sa­er­To kre­ba­Si mo­na­wi­le­o­ba............................................................................319
mux­li 194. sa­er­To kre­bis Ca­ta­re­bi­sa da xmis mi­ce­mis for­me­bi....................................322
mux­li 195. xma­Ta um­rav­le­so­bis prin­ci­pi da wes­de­ba­Si/­sa­dam­fuZ­neb­lo
Se­Tan­xme­ba­Si cvli­le­bis Se­ta­na.......................................................................324
mux­li 197. xmis uf­le­bis da­mo­u­ki­deb­lad gan­xor­ci­e­le­ba.............................................326
mux­li 198. sa­er­To kre­bis mim­di­na­re­o­ba............................................................................327
mux­li 199. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­ri­sa da
xel­mZRva­ne­li pi­ris ar­Ce­va xme­bis aku­mu­li­re­bis me­To­diT.......................329
mux­li 200. sa­er­To kre­bis oq­mi.............................................................................................330
mux­li 201. ken­Wis­yris Se­de­ge­bis Se­sa­xeb in­for­ma­ci­is
ga­moq­vey­ne­bis val­de­bu­le­ba..............................................................................332
mux­li 202. aq­ci­o­ne­ris uf­le­ba in­for­ma­ci­a­ze..................................................................332
mux­li 203. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no..............................................335
mux­li 204. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­ris da­niS­vna..................................338
mux­li 205. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos Tav­mjdo­ma­re...................340
mux­li 206. sa­aq­cio sa­zo­ga­do­e­bis aR­mas­ru­le­be­li xel­mZRva­ne­li pi­ri......................342
mux­li 207. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos sxdo­ma...............................342
mux­li 208. in­te­res­Ta kon­fliq­ti........................................................................................343
mux­li 209. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos kom­pe­ten­cia.....................346
mux­li 210. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo
sab­Wos wev­ris pa­su­xis­mgeb­lo­ba.......................................................................348
mux­li 211. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos Tan­xmo­ba...........................349
mux­li 212. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­rTa ar­Ce­va...................350
mux­li 213. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos
wev­ro­bi­dan ga­mow­ve­va da gas­vla......................................................................351
mux­li 215. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos Se­mad­gen­lo­bis
cvli­le­bis Se­sa­xeb in­for­ma­ci­is ga­moq­vey­ne­ba..............................................354
mux­li 216. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos
Tav­mjdo­ma­re da mi­si mo­ad­gi­le.......................................................................354
mux­li 217. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos sxdo­ma...............................356
mux­li 218. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos
ga­dawy­ve­ti­le­be­bi...............................................................................................358
mux­li 219. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos
wev­rTa anazR­au ­ ­re­ba............................................................................................359
mux­li 220. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos ko­mi­te­te­bi.......................361
mux­li 221. pa­su­xis­mgeb­lo­bis ini­ci­i­re­ba...........................................................................362
mux­li 222. aq­ci­o­ne­ris sar­Ce­li sa­aq­cio sa­zo­ga­do­eb ­ is
moTx­ov­ni­dan ga­mom­di­na­re.................................................................................363
mux­li 223. mniS­vne­lo­va­ni ga­ri­ge­ba.....................................................................................365
mux­li 224. mniS­vne­lo­va­ni ga­ri­ge­bis da­de­bis we­si...........................................................367
mux­li 225. mi­no­ri­ta­ri aq­ci­o­ne­ris aq­ci­is sa­val­de­bu­lo mi­yid­va................................369

Ta­vi XV. ko­o­pe­ra­ti­vi

mux­li 226. ko­o­pe­ra­ti­vis cne­ba............................................................................................373
mux­li 227. ko­o­pe­ra­ti­vis dam­fuZ­neb­le­bi..........................................................................374
mux­li 228. ko­o­pe­ra­ti­vis gan­Tav­se­bu­li ka­pi­ta­li...........................................................375
mux­li 229. ko­o­pe­ra­ti­vis wev­rTa re­es­tri.........................................................................376
mux­li 230. pai...........................................................................................................................376
mux­li 231. ko­o­pe­ra­tiv­Si wev­ris mi­Re­ba.............................................................................377
mux­li 232. ko­o­pe­ra­ti­vis in­ves­to­ri wev­ri........................................................................378
mux­li 233. ko­o­pe­ra­ti­vis wev­ro­bis Sewy­ve­ta.....................................................................379
mux­li 234. wev­ris gas­vla ko­o­pe­ra­ti­vi­dan........................................................................379
mux­li 235. ko­o­pe­ra­ti­vi­dan ga­sul wev­rTan an­ga­riS­swo­re­ba.........................................381
mux­li 236. wev­ris ga­ricx­va ko­o­pe­ra­ti­vi­dan....................................................................382
mux­li 237. ko­o­pe­ra­ti­vis wev­ris mi­er pa­is gas­xvi­se­ba.....................................................383
mux­li 238. ko­o­pe­ra­ti­vis wev­ris gar­dac­va­le­ba...............................................................383
mux­li 239. ko­o­pe­ra­ti­vis sa­er­To kre­bis mi­er ga­dawy­ve­ti­le­bis mi­Re­ba......................384
mux­li 240. sa­er­To kre­bis mu­Sa­o­ba­Si mo­na­wi­le­o­ba...........................................................385
mux­li 241. sa­er­To kre­bis mow­ve­va.......................................................................................386
mux­li 242. sa­er­To kre­bis mow­ve­vis va­da da dRis wes­ri­gi..............................................387
mux­li 243. gan­cxa­de­ba sa­er­To kre­bis mow­ve­vis Se­sa­xeb..................................................388
mux­li 244. sa­er­To kre­bis oq­mi.............................................................................................389
mux­li 245. par­tni­or­Ta wli­u­ri kre­bis kom­pe­ten­cia......................................................389
mux­li 246. sa­er­To kre­bis eq­sklu­zi­u­ri kom­pe­ten­cia sxva
sa­kiTx­eb­Tan da­kav­Si­re­biT................................................................................391
mux­li 247. war­mo­mad­ge­nel­Ta kre­ba.....................................................................................392
mux­li 248. ko­o­pe­ra­ti­vis mar­Tvis sis­te­mis­/mo­de­lis
ar­Ce­vis Se­saZ­leb­lo­ba........................................................................................394
mux­li 249. ko­o­pe­ra­ti­vis sa­meT­val­yu­reo sab­Wo..............................................................395
mux­li 250. ko­o­pe­ra­ti­vis sa­meT­val­yu­reo sab­Wos kom­pe­ten­cia.....................................397
mux­li 251. ko­o­pe­ra­ti­vis xel­mZRva­ne­li or­ga­no da mi­si kom­pe­ten­cia.........................398
mux­li 252. ko­o­pe­ra­ti­vis xel­mZRva­ne­li pi­ris fun­qci­e­bi da mi­si ar­Ce­va...................399
mux­li 253. ko­o­pe­ra­ti­vis mo­ge­bi­sa da za­ra­lis ga­na­wi­le­ba............................................400

Ta­vi XVI. gar­da­ma­va­li da das­kvni­Ti de­bu­le­be­bi...............................................402

mux­li 254. gar­da­ma­va­li de­bu­le­be­bi...................................................................................402
mux­li ­255.  das­kvni­Ti ­de­bu­le­be­bi.......................................................................................404
 wi­na­sity­va­o­ba

Ta­na­med­ro­ve sa­xiT kon­ti­nen­tu­ri ev­ro­pis po­zi­ti­u­ri sa­mar­T­lis Ca­

mo­ya­li­be­bas upir­ve­le­sad un­da vu­mad­lo­deT glo­sa­to­rebs, Sua sa­uk ­ u­
ne­eb­Si moR­va­we iurist mec­ni­e­rebs, rom­leb­mac it­vir­Tes an­ti­ku­ri ro­
ma­u­li sa­mar­T­lis wya­ro­eb ­ is am­sax­ve­li teq­s­te­bis ko­men­ti­re­bis saq­me.
mxo­lod am gziT gax­da Se­saZ­le­be­li Ta­na­med­ro­ve ka­cob­ri­o­bis­T­vis, rom
mTe­li sicxa­diT ga­sa­ge­bi gam­x­da­ri­yo mra­va­li sa­mar­T­leb­ri­vi maq­si­mis,
mra­va­li iuri­di­u­li ka­non­zo­mi­e­re­bi­sa da pa­ra­dig­mis ar­si. amas­Ta­na­ve,
mxo­lod am gziT gax­da Se­saZ­le­be­li, rom sa­mar­T­leb­ri­vi az­rov­ne­ba ar
yo­fi­li­yo ac­de­ni­li sa­ku­Ta­ri da zo­ga­dad az­rov­ne­bis is­to­ri­u­li evo­
lu­ci­is gzas.
es war­mo­a­Cens Cems pi­rad pa­ti­vis­ce­mas yve­la im ada­mi­a­ni­sad­mi, vinc
xels mo­ki­debs sa­mar­T­leb­ri­vi aq­te­bis ko­men­ti­re­bis uzo­mod Sro­ma­te­
vad saq­mes. es me­tad da­sa­fa­se­be­li Sro­maa, rad­gan ga­ci­le­biT di­dia is
praq­ti­ku­li da­niS­nu­le­ba, rac sa­mar­T­leb­ri­vi aq­te­bis ko­men­ta­rebs ga­
aC­nia Ta­na­med­ro­ve sa­mar­T­lis uki­de­ga­no siv­r­ce­eb­Si. ka­non­Se­moq­me­de­
bis pro­cess ax­lavs er­Ti praq­ti­ku­li ka­non­zo­mi­e­re­ba. ka­no­nis teq­s­ti
iS­vi­a­Tad aris im­de­nad cxa­di, rom az­ri da­u­kar­gos im frTi­an fra­zas,
rom­lis Ta­nax­ma­dac ka­no­ni uf­ro go­ni­e­ria, vid­re ka­non­m­de­be­li. ama­Sic
ga­mo­i­xa­te­ba sa­mar­T­lis mec­ni­er­ e­bis si­di­a­de, rom em­sa­xu­re­ba um­niS­vn­ e­
lo­va­nes mi­zans _ ga­i­gos sa­mar­T­leb­ri­vi teq­s­te­bi­dan ara is rac we­ria,
ara­med is, rac go­niv­ru­li gan­sj ­ is Se­de­gad amo­i­kiTxe­ba. swo­red es gan­
sazR­v­ravs ka­no­nis ko­men­ta­re­bis mniS­v­ne­lo­bas.
ka­non­Ta ko­men­ti­re­bis praq­ti­ku­li mniS­vn ­ e­lo­ba er­Ti orad iz­r­de­ba,
ro­de­sac gan­mar­te­bis sa­ga­nia axa­li sa­ka­non­m­deb­lo aq­tis teq­s­ti. ara­
nak­le­bad mniS­v­ne­lo­va­nia doq­t­ri­na­lu­ri mxa­rec, mag­ram ro­de­sac vsa­
ub­robT ise­Ti sa­ka­non­md ­ eb­lo aq­tis teq­s­tis ko­men­ti­re­ba­ze, ro­mel­Tan
da­kav­Si­re­bi­Tac jer ar ar­se­bobs sa­sa­mar­T­lo praq­ti­ka, ro­de­sac iuris­
p­ru­den­ci­as jer ar ga­u­cia pa­su­xe­bi das­mul an da­sas­mel aq­tu­a­lur kiTx­
veb­Tan da­kav­Si­re­biT, aseT dros ka­no­nis ko­men­ta­re­bi aris fas­da­u­de­be­
li Sro­ma im um­niS­v­ne­lo­va­ne­si wi­na­pi­ro­bis Se­saq­m­ne­lad, ra­sac Se­de­gad
un­da moh­y­ves ka­no­nis swo­rad dam­kv ­ id­re­ba.
da ki­dev uf­ro me­tia ka­no­nis ko­men­ta­ris praq­ti­ku­li mniS­v­ne­lo­ba
ma­Sin, ro­de­sac ka­no­nis „mom­xm ­ a­reb­le­bi“ uf­ro xSi­rad ari­an ara­i­ur ­ is­
te­bi da, ro­de­sac saq­me gvaqvs yo­vel­dRi­u­ro­ba­Si xSi­rad ga­mo­sa­ye­ne­bel
sa­ka­non­m­deb­lo aq­t­Tan. aseT­Ta So­ris ki sa­kor­po­ra­cio ur­Ti­er­To­be­bis
mom­wes­ri­ge­be­li sa­mar­T­leb­ri­vi aq­te­bi yo­vel­T­vis in­te­re­sis cen­t­r­Si
eq­ce­va.

11
 erT dros, swo­red aseT ko­men­tars war­mo­ad­gen­da 1994 wels „me­war­
me­Ta Se­sa­xeb“ mi­Re­bu­li sa­qar­Tv ­ e­los ka­no­nis ko­men­ta­re­bi, rom­lis qo­
nis pri­vi­le­gi­iT im dro­is iuris­te­bi aR­Wur­va Cve­ni dro­is ga­mor­Ce­ul­
ma iuris­teb­ma, ba­ton­ma Te­do ni­ni­Zem da ba­ton­ma la­do Wan­tu­ri­am. ma­Ti
wvli­li Ta­na­med­ro­ve qar­Tu­li sa­kor­po­ra­cio sa­mar­T­lis, Ta­na­med­ro­ve
ker­Zo sa­mar­T­lis gan­vi­Ta­re­ba­Si mar­T­lac udi­de­sia.
mas Sem­deg bev­r­ma wyal­ma Ca­i­a­ra, vid­re sa­qar­T­ve­los par­la­men­t­ma
2021 wels mi­i­Ro axa­li ka­no­ni „me­war­me­Ta Se­sa­xeb“. am uzar­ma­zar saq­me­
Si sa­qar­T­ve­los ius­ti­ci­is sa­mi­nis­t­ros mi­er Ca­mo­ya­li­be­bu­li sa­mu­Sao
jgu­fis wev­re­bis mi­er ga­we­u­li Sro­ma gan­sa­kuT­re­bul aR­niS­v­nas sa­Wi­ro­
ebs. sxvebs So­ris, swo­red ba­to­ni irak­li bur­du­lis, ba­to­ni Sal­va pa­
pu­aS­vi­lis, ba­to­ni gi­or­gi ju­Re­lis, ba­to­ni gi­or­gi gi­gu­aS­vi­lis, qal­ba­
to­ni iri­na wa­qa­Zis wvlils min­da ga­vus­va xa­zi.
da Se­uZ­le­be­lia ar ga­mov­yo sa­gan­ge­bod da xa­zi ar ga­vus­va im faqts,
rom „me­war­me­Ta Se­sa­xeb“ sa­qar­T­ve­los axa­li ka­no­nis ide­is war­ma­te­biT
gan­xor­ci­e­le­ba­Si mTa­va­ri wvli­li ekuT­v­nis sa­qar­T­ve­los ius­ti­ci­is sa­
mi­nis­t­ros swo­red im pe­ri­o­dis xel­m­ZR­va­nels, rom­lis gan­mav­lo­ba­Sic
da­iwyo mu­Sa­o­ba me­war­me­Ta Se­sa­xeb am axa­li ka­no­nis pro­eq­tis Seq­m­na­ze
da mom­zad­da ki­dec. cal­sa­xad Se­iZ­le­ba iT­q­vas, rom qal­ba­to­ni Tea wu­
lu­ki­a­nis pi­ra­di wvli­lis ga­re­Se es brwyin­va­le idea da es di­a­di saq­me
ub­ra­lod ver gan­xor­ci­el­de­bo­da.
„me­war­me­Ta Se­sa­xeb“ sa­qar­T­ve­los 2021 wlis ka­no­nis ko­men­ta­ris es
Se­sa­niS­na­vi ga­mo­ce­ma, aris Zal­zed ga­be­du­li ini­ci­a­ti­va, rom am um­niS­v­
ne­lo­va­nes sa­ka­non­m­deb­lo aqts Se­eq­m­nas uke­Te­si pi­ro­be­bi yo­vel­dRi­ur
cxov­re­ba­Si war­ma­te­bu­li praq­ti­ku­li gan­xor­ci­e­le­bis­T­vis. naS­ro­mi,
Ta­vi­si xa­ris­xiT da ma­Ra­li do­niT, nam­d­vi­lad im­sa­xu­rebs yve­la im Se­
qe­bas, ro­me­lic wi­na ab­za­ce­bi­dan ga­mom­di­na­re­obs da is nam­d­vi­lad SeZ­
lebs, rom Se­as­ru­los sa­ku­Ta­ri mi­sia.
vi­sur­veb­di, rom am ko­men­ta­re­bis ga­mo­ce­miT sa­fuZ­ve­li da­e­dos siR­
r­mi­se­ul dis­ku­si­as sa­kor­po­ra­cio sa­mar­T­lis kon­cep­tu­a­lu­ri sa­kiTxe­
bis ir­g­v­liv, rac im­pl ­ e­men­ta­ci­is me­tad rTul da grZel gzas ga­uk­va­
lavs „me­war­me­Ta Se­sa­xeb“ sa­qar­T­ve­los axal ka­nons. ko­men­ta­re­bis ase­Ti
aq­tu­a­lu­ro­ba auci­le­be­li წინა პირობაa sa­kuT­riv ka­no­nis ir­g­vl ­ iv me­
ti cod­nis, me­ti kva­li­fi­ka­ci­is Tav­moy­ris­T­vis da ma­Ra­li do­nis iuris­
p­ru­den­ci­is Ca­mo­ya­li­be­bis­T­vis. ama­Sia swo­red am ga­mo­ce­mis fun­qc ­ ia.
dar­w­mu­ne­bu­li var, rom am ga­mo­ce­mas bev­ri mkiTx­ve­li ga­mo­uC­n­de­ba ara
mxo­lod pro­fe­si­o­nal­Ta So­ris, ara­med sa­zo­ga­do­eb ­ a da­in­te­res­de­ba am
Te­me­biT da SeZ­lebs mi­i­Ros pa­su­xi mis­T­vis sa­in­te­re­so yve­la sa­kiTxis
Ta­o­ba­ze.

12
 da bo­los, gar­da imi­sa, rom uR­r­mes mad­lo­bas ga­da­vux­di am ga­mor­Ce­
u­li ga­mo­ce­mis av­to­rebs (ko­men­ta­re­bis Zal­zed ma­Ra­li xa­ris­xis­T­vis da
am ga­be­du­li na­bi­jis­T­vis), amas­Ta­na­ve, vu­sur­veb maT war­ma­te­bas sa­kor­
po­ra­cio sa­mar­T­lis Sem­d­gom kvle­va­Si. es ha­e­ri­viT auci­le­be­lia qar­Tu­
li sa­mar­T­lis Sem­dg­ o­mi mdgra­di gan­vi­Ta­re­bis­T­vis.
TviT am wigns ki vu­sur­veb aq­tu­a­lu­ro­bis xan­g­r­Z­li­vad Se­nar­Cu­ne­bas,
rac Se­iZ­le­ba me­ti yu­radRe­bis miq­ce­vas da ki­dev bevr ga­da­mu­Sa­ve­bul
ga­mo­ce­mas.

mi­xe­il sar­j­ve­la­Ze
Tbi­li­si
2022 we­li

13
ka­ri I. zogadi na­wi­li

Ta­vi I. Se­sa­va­li de­bu­le­be­bi

mux­li 1. ka­no­nis ga­mo­ye­ne­bis sfe­ro da dis­po­zi­ci­u­ro­bis prin­ci­pi

1. es ka­no­ni awes­ri­gebs me­war­mis sa­mar­Tleb­riv for­mebs, ma­Ti da­

fuZ­ne­bi­sa da re­gis­tra­ci­is pro­ce­du­rebs da maT saq­mi­a­no­bas­Tan
da­kav­Si­re­bul sa­kiTx­ebs. Tu aR­niS­nu­li pro­ce­du­ra an sa­kiTxi
gan­sxva­ve­bu­lad wes­rig­de­ba sxva sa­ka­non­mdeb­lo aq­tiT an sxva sa­ka­
non­mdeb­lo aq­tis sa­fuZ­vel­ze mi­Re­bu­li/­ga­mo­ce­mu­li sa­qar­Tve­los
erov­nu­li ban­kis Se­sa­ba­mi­si sa­mar­Tleb­ri­vi aq­tiT, moq­me­debs es
sxva sa­ka­non­mdeb­lo aq­ti/­sa­qar­Tve­los erov­nu­li ban­kis Se­sa­ba­mi­si
sa­mar­Tleb­ri­vi aq­ti.
2. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis, ko­man­di­tu­ri sa­
zo­ga­do­e­bis, SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis, ko­o­pe­
ra­ti­vis wes­de­biT an par­tni­or­Ta Se­Tan­xme­biT Se­iZ­le­ba ga­ni­sazR­
vros am ka­no­niT dad­ge­ni­lis­gan gan­sxva­ve­bu­li we­se­bi, gar­da im Sem­
Txve­vi­sa, ro­de­sac, nor­mis Si­na­ar­si­dan da miz­ni­dan ga­mom­di­na­re,
cxa­di­a, rom is im­pe­ra­ti­u­li­a.
3. sa­me­war­meo sa­zo­ga­do­e­bis wes­de­biT (Sem­dgom _ wes­de­ba) Se­iZ­le­ba
mo­wes­rig­des ag­reT­ve is sa­kiTx­e­bi, rom­le­bic am ka­no­niT ar aris
mo­wes­ri­ge­bu­li, an ga­niv­rcos am ka­no­nis is nor­me­bi, rom­le­bic Se­
sa­ba­mis sa­kiTx­ebs amom­wu­ra­vad ar awes­ri­gebs.
4. sa­aq­cio sa­zo­ga­do­e­bis wes­de­biT an aq­ci­o­ner­Ta Se­Tan­xme­biT am ka­
no­niT dad­ge­ni­lis­gan gan­sxva­ve­bu­li we­se­bi Se­iZ­le­ba ga­ni­sazR­vros
mxo­lod ka­no­niT daS­ve­bul Sem­Txve­veb­sa da far­gleb­Si.

me­war­me­Ta Se­sa­xeb ka­non­mdeb­lo­bis um­Tav­re­si amo­ca­na sa­me­war­meo saq­mi­a­

no­bis gan­xor­ci­el ­ e­bis msur­ve­li pi­re­bi­saT­vis Ta­nas­wo­ri sa­Ta­ma­So mo­ed­nis
uz­run­vel­yo­fa­a. am amo­ca­nis Se­sas­ru­leb­lad, ka­non­mde­be­li qmnis stan­dar­
te­bis, in­for­ma­ci­is xel­mi­saw­vdo­mo­bi­sa da qce­vis mo­di­fi­ka­ci­is uz­run­vel­
myo­fi nor­ma­ti­u­li in­stru­men­te­bis sis­te­ma­ti­ze­bul ka­ta­logs „me­war­me­Ta
Se­sa­xeb“ sa­qar­Tve­los ka­no­nis sa­xiT. es nor­me­bi mo­i­cavs, ro­gorc sa­me­war­
meo saq­mi­a­no­bis gan­xor­ci­e­le­bis uSu­a­lo kon­struq­ci­ebs, ise maT da­fuZ­ne­
bas­Tan, re­gis­tra­ci­a­sa da ar­se­bo­bas­Tan da­kav­Si­re­bul sa­kiTx­ebs.
„me­war­me­Ta Se­sa­xeb“ ka­no­nis sxva sa­mar­Tleb­riv aq­teb­Tan kve­Tis mas­
Sta­bis gaT­va­lis­wi­ne­biT, Sem­dgo­mi ga­u­geb­ro­be­bis Ta­vi­dan asa­ci­leb­lad,
ka­no­nis pir­ve­li­ve mux­lis pir­vel pun­qtSi mo­ce­mu­lia am ka­no­ni­sa da sx-

14
va sa­mar­Tleb­ri­vi aq­te­bis ur­Ti­er­Tmi­mar­Te­bis sa­kiTx­i. ker­Zod, Tu sxva
spe­ci­a­lu­ri sa­ka­non­mdeb­lo aq­tiT mo­wes­ri­ge­bu­lia igi­ve sa­kiTx­i, ga­mo­i­
ye­ne­ba spe­ci­a­lu­ri sa­ka­non­mdeb­lo aq­ti. ase­ve, sa­fi­nan­so sfe­ro­Si sa­mar­
Tal­Se­moq­me­de­bis gan­sa­kuT­re­bu­li Ta­vi­se­bu­re­bis gaT­va­lis­wi­ne­biT, „me­
war­me­Ta Se­sa­xeb“ ka­no­nis Ca­na­wer­sa da sa­ka­non­mdeb­lo aq­tis sa­fuZ­vel­ze
mi­Re­bul­/ga­mo­ce­mul sa­qar­Tve­los erov­nu­li ban­kis Se­sa­ba­mis sa­mar­Tleb­
riv aqts So­ris kon­ku­ren­ci­is ­ as upi­ra­te­so­ba eni­We­ba erov­nu­li ban­kis Se­
sa­ba­mi­si sa­mar­Tleb­ri­vi aq­tis Ca­na­wers.
sa­kor­po­ra­cio sa­mar­Tal­Si ker­Zo ini­ci­a­ti­va, no­va­cia da ne­bis av­to­no­
mia ga­na­pi­ro­bebs kon­ku­ren­ci­a­sa da gan­vi­Ta­re­bas. Se­sa­ba­mi­sad, ka­no­nis nor­
meb­ma er­Tob­li­o­ba­Si un­da uz­run­vel­yon yve­la­saT­vis am Ta­vi­suf­le­bis maq­
si­ma­lu­ri xel­mi­saw­vdo­mo­ba sa­vaW­ro Za­la­uf­le­bis ga­wo­nas­wo­re­bis, tran­
szaq­ci­ul ­ i xar­je­bis Sem­ci­re­bi­sa da „baz­ris wa­ru­ma­teb­lo­bis“ kla­si­ku­ri
sa­xe­e­bis ga­mo­ricx­vis gziT. am miz­nis uz­run­vel­yo­fi­saT­vis ka­non­mdeb­lis
im­pe­ra­ti­ul­-nor­ma­ti­u­li in­ter­ven­ci­a, da­saS­ve­bia mxo­lod im Sem­Txve­va­Si,
Tu is ur­Ti­er­To­bis „sus­ti“ mxa­ris Ri­re­bu­li in­te­re­sis dac­vas em­sa­xu­re­
ba. ka­non­mde­be­li dgas am Ri­re­bu­le­ba­Ta kon­fliq­tSi sa­u­ke­Te­so ba­lan­sis
pov­nis gan­sa­kuT­re­biT rTu­li ga­mow­ve­vis wi­na­Se. wi­nam­de­ba­re mux­lis me-2,
me-4 pun­qte­bi swo­red am amo­ca­nis ga­dawy­ve­tas em­sa­xu­re­ba. ker­Zod:

 sa­aq­cio sa­zo­ga­do­e­be­bis Sem­Txve­va­Si, dis­po­zi­ci­u­ria mxo­lod is

nor­ma, ro­me­lic pir­da­pir mi­u­Ti­Tebs aq­ci­o­ne­re­bis mi­er ka­no­ni­sa­
gan gan­sxva­ve­bu­li we­sis Se­Tan­xme­bis Se­saZ­leb­lo­ba­ze;
 sxva sa­mar­Tleb­ri­vi for­me­bis Sem­Txve­va­Si, dis­po­zi­ci­u­ria yve­la
nor­ma, gar­da im nor­me­bi­sa, ro­mel­Ta Si­na­ar­si­dan da miz­ni­dan ga­mom­
di­na­re, cxa­di­a, rom isi­ni im­pe­ra­ti­u­li­a. es de­bu­le­ba sak­ma­od viw­
rod un­da iq­nes gan­mar­te­bu­li. ker­Zod, nor­mis gan­mar­te­bi­sas Tav­da­
pir­ve­li daS­ve­ba mi­si dis­po­zi­ci­u­ri bu­ne­ba­a, ris Sem­de­gac am nor­mam
un­da ga­i­a­ros mi­si im­pe­ra­ti­u­li xa­si­a­Tis mtki­ce­bis tes­ti. am tes­tis
dros un­da Se­fas­des nor­mis Si­na­ar­si da mi­za­ni. ma­ga­li­Ti­saT­vis, im­
pe­ra­ti­u­lia ka­no­nis 31-e mux­lis me-2 pun­qti, ro­me­lic da­uS­veb­lad
acx­a­debs di­vi­den­dis ga­ce­mis zo­gad ak­rZal­vas an 111-e mux­lis me-
3 pun­qti, ro­me­lic mi­u­Ti­Tebs, rom sps-Si yve­la par­tni­o­ris xel­
mZRva­ne­lo­bi­Ti saq­mi­a­no­bis­gan sru­lad Ca­mo­ci­le­bis da­uS­ve­be­li­a.

aq­ve xa­zi un­da ga­es­vas wi­nam­de­ba­re mux­lis me­sa­me pun­qtis Si­na­ars. is

far­Tod, sa­kor­po­ra­cio sa­mar­Tleb­ri­vi ur­Ti­er­To­be­bis ker­Zo­sa­mar­
Tleb­ri­vi bu­ne­bi­dan ga­mom­di­na­re un­da iq­nes gan­mar­te­bu­li. ker­Zod, es
nor­ma iZ­le­va Se­saZ­leb­lo­bas sa­wes­de­bo av­to­no­mi­is far­gleb­Si dis­po­zi­

15
ci­u­ri nor­me­bi­dan ga­dax­ve­vas­Tan er­Tad, ase­ve mo­wes­rig­des yve­la sa­kiTx­i,
ro­me­lic ka­no­niT pir­da­pir ar aris da­re­gu­li­re­bu­li an ga­niv­rcos ka­no­
nis is nor­me­bi, rom­le­bic Se­sa­ba­mis sa­kiTx­ebs amom­wu­ra­vad ar awes­ri­gebs.

mux­li 2. me­war­mis cne­ba

1. me­war­med mi­iC­ne­va fi­zi­ku­ri pi­ri an iu­ri­di­u­li pi­ri, ro­mel­sac

aqvs sa­war­mo.
2. sa­war­mo aris sa­me­war­meo saq­mi­a­no­bis gan­xor­ci­e­le­bis or­ga­ni­ze­bu­
li sis­te­ma. sa­me­war­meo saq­mi­a­no­ba aris mo­ge­bis mi­Re­bis miz­niT gan­
xor­ci­e­le­bu­li mar­Tlzo­mi­e­ri, ara­er­Tje­ra­di, da­mo­u­ki­de­be­li da
or­ga­ni­ze­bu­li saq­mi­a­no­ba.
3. sa­me­war­meo saq­mi­a­no­ba Se­iZ­le­ba gan­xor­ci­el­des in­di­vi­du­a­lu­ri
me­war­mis an sa­me­war­meo sa­zo­ga­do­e­bis for­miT. so­li­da­ru­li pa­su­
xis­mgeb­lo­bis sa­zo­ga­do­e­ba, ko­man­di­tu­ri sa­zo­ga­do­e­ba, SezR­u­du­
li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba, sa­aq­cio sa­zo­ga­do­e­ba, ko­o­pe­ra­
ti­vi sa­me­war­meo sa­zo­ga­do­e­ba­a.
4. sa­me­war­meo sa­zo­ga­do­e­ba aris iu­ri­di­u­li pi­ri.
5. in­di­vi­du­a­lu­ri me­war­me ar aris iu­ri­di­u­li pi­ri. igi saq­mi­an ur­Ti­
er­To­ba­Si Ta­vis uf­le­bebs axor­ci­e­lebs da mo­va­le­o­bebs as­ru­lebs,
ro­gorc fi­zi­ku­ri pi­ri. in­di­vi­du­a­lu­ri me­war­me sa­me­war­meo saq­mi­
a­no­bi­dan war­mo­So­bi­li val­de­bu­le­be­bis­Tvis kre­di­to­ris wi­na­Se
pa­suxs agebs pi­ra­dad, mTe­li Ta­vi­si qo­ne­biT, Tu in­di­vi­du­a­lur me­
war­me­sa da kre­di­tors So­ris Se­Tan­xme­biT (gar­da sa­qar­Tve­los sa­
mo­qa­la­qo ko­deq­siT gan­sazR­vru­li xel­Sek­ru­le­bis stan­dar­tu­li
pi­ro­be­bi­sa) sxva ram ar aris gaT­va­lis­wi­ne­bu­li.

sa­war­mo war­mo­ad­gens sa­me­war­meo saq­mi­a­no­bis gan­xor­ci­e­le­bis or­ga­

ni­ze­bul sis­te­mas. am or­ga­ni­za­ci­ul ­ i sis­te­mis meS­ve­o­biT axor­ci­e­le­ben
me­war­me­e­bi sa­me­war­meo saq­mi­a­no­bas. ka­no­nis me-2 mux­li swo­red am­gva­rad
aya­li­bebs me­war­mis cne­bas. aseT or­ga­ni­za­ci­ul sis­te­ma­Ta sa­mar­Tleb­ri­vi
for­me­bis ka­ta­lo­gi ama­ve mux­lSi nu­me­rus cla­u­sus­-is prin­ci­pi­Taa gan­sazR­
vru­li. uf­ro kon­kre­tu­lad, sa­me­war­meo saq­mi­a­no­ba Se­iZ­le­ba gan­xor­ci­
el­des eq­sklu­zi­u­rad, mxo­lod am mux­lSi da­sa­xe­le­bu­li sa­mar­Tleb­ri­vi
for­me­bis meS­ve­o­biT. ker­Zod, sa­me­war­meo saq­mi­a­no­ba Se­iZ­le­ba gan­xor­ci­
el­des me­war­me fi­zi­kur pi­ris an sa­me­war­meo sa­zo­ga­do­e­bis meS­ve­o­biT, ro­
me­lic aris iu­ri­di­ul ­ i pi­ri:

16
 in­di­vi­du­a­lu­ri me­war­me aris er­Ta­der­Ti me­war­me su­bi­eq­ti, ro­me­lic
saq­mi­an ur­Ti­er­To­ba­Si Ta­vis uf­le­bebs axor­ci­el ­ ebs da mo­va­le­o­bebs as­
ru­lebs, ro­gorc fi­zi­ku­ri pi­ri. sxva me­war­me su­bi­eq­te­bi uf­le­bebs axor­
ci­e­le­ben da mo­va­le­o­bebs as­ru­le­ben ro­gorc sa­me­war­meo sa­zo­ga­do­e­be­bi,
iu­ri­di­u­li pi­ris for­miT.
me­war­mes eni­We­ba sa­me­war­meo saq­mi­an­ o­bis gan­xor­ci­e­le­bis eq­sklu­zi­ur ­ i
uf­le­ba­mo­si­le­ba. da­uS­ve­be­lia sa­me­war­meo saq­mi­an ­ o­bis gan­xor­ci­e­le­ba me­
war­med re­gis­tra­ci­is ga­re­Se (gar­da e.w. wi­na­re sa­zo­ga­do­e­bis far­gleb­Si
gan­xor­ci­e­le­bu­li sa­ga­mo­nak­li­so saq­mi­a­no­bi­sa, rac ka­no­nis me-10 mux­lSia
mo­wes­ri­ge­bu­li). ase­Ti saq­mi­a­no­ba Ca­iT­vle­ba uka­no­no sa­me­war­meo saq­mi­a­
no­bad, rac ga­mo­iw­vevs Se­sa­ba­mis sis­xlis­sa­mar­Tleb­riv pa­su­xis­mgeb­lo­bas.
sa­me­war­meo saq­mi­an
­ o­bad ki mi­iC­ne­va saq­mi­a­no­ba, ro­me­lic er­Tdro­u­lad
ak­ma­yo­fi­lebs Se­fa­se­bis tes­tis xu­Ti­ve kom­po­nents:

1. mar­Tlzo­mi­e­re­ba Se­sa­ba­mi­si saq­mi­a­no­ba Tav­se­ba­dia sa­qar­Tve­

los moq­med ka­non­mdeb­lo­bas­Tan. ker­Zod,
da­saS­ve­bia ne­bis­mi­er­ i im saq­mi­a­no­bis gan­xor­
ci­e­le­ba, ro­me­lic ka­no­niT pir­da­pir ar aris
ak­rZa­lu­li. ase­ve, mar­Tlzo­mi­e­re­ba mo­i­cavs
seg­men­tu­rad, sa­Wi­ro­eb ­ i­sa­mebr, Se­sa­ba­mi­si
li­cen­zi­is­/ne­bar­Tvis ar­se­bo­bas.
2. ara­er­Tje­ra­do­ba saq­mi­a­no­ba ata­rebs sis­te­ma­ti­ze­bul xa­si­aTs,
is miz­nob­ri­vad mi­mar­Tu­lia mra­val­je­ra­do­
bi­sa­ken.

17
 3. da­mo­u­ki­deb­lo­ba saq­mi­a­no­ba xor­ci­el­de­ba par­tni­o­re­bi­sa­gan
da­mo­u­ki­deb­lad, sa­ku­Ta­ri sa­xe­li­Ta da sa­ku­
Ta­ri pa­su­xis­mgeb­lo­bis far­gleb­Si.
4. or­ga­ni­ze­bu­lo­ba saq­mi­a­no­ba xor­ci­el­de­ba or­ga­ni­ze­bu­lad, ka­
non­mdeb­lo­biT gan­sazR­vru­li me­war­mis er­T-
er­Ti sa­mar­Tleb­ri­vi for­mis meS­ve­o­biT.
5. mo­ge­bis mi­Re­bis saq­mi­a­no­ba xor­ci­el­de­ba mo­ge­bis mi­sa­Re­bad,
mi­za­ni mi­u­xe­da­vad am saq­mi­a­no­bis faq­tob­ri­vi Se­de­
gi­sa.

mux­li 3. saq­mi­a­no­ba, ro­me­lic sa­me­war­meo saq­mi­a­no­bad ar mi­iC­ne­va

1. sa­me­war­meo saq­mi­a­no­bad ar mi­iC­ne­va fi­zi­ku­ri pi­re­bis sa­xe­lov­ne­bo,

sa­mec­ni­e­ro, sa­me­di­ci­no, ar­qi­teq­tu­ru­li, sa­ad­vo­ka­to, sa­ar­bit­ra­
Jo, sa­me­di­a­to­ro, sa­no­ta­ro, au­di­to­ru­li an sa­kon­sul­ta­cio (maT
So­ris, sa­ga­da­sa­xa­do kon­sul­tan­tTa) saq­mi­a­no­ba, ag­reT­ve fi­zi­ku­
ri pi­re­bis an iu­ri­di­u­li pi­re­bis an sxva or­ga­ni­za­ci­u­li war­mo­naq­
mne­bis mi­er eleq­tro­e­ner­gi­is ga­ma­na­wi­le­bel qsel­Tan mi­er­Te­bu­li
mik­ro­sim­Zlav­ris eleq­tro­sad­gu­riT sar­geb­lo­ba Se­sa­ba­mi­si ka­non­
mdeb­lo­biT dad­ge­ni­li we­siT.
2. sa­me­war­meo saq­mi­a­no­bad ar mi­iC­ne­va fi­zi­ku­ri pi­re­bis sa­sof­lo-­
sa­me­ur­neo an saty­e­o-­sa­me­ur­neo saq­mi­a­no­ba, gar­da im Sem­Txve­vi­sa,
ro­de­sac mis gan­sa­xor­ci­e­leb­lad mud­mi­vad da­saq­me­bu­lia 5 pi­ri
ma­inc, ro­me­lic ar aris war­mo­e­bis mflo­be­lis oja­xis wev­ri. aseT
Sem­Txve­va­Si saq­mi­a­no­bis gan­xor­ci­e­le­bis­Tvis au­ci­le­be­lia me­war­
mis sa­mar­Tleb­ri­vi for­mis da­fuZ­ne­ba.
3. Tu spe­ci­a­lu­ri ka­no­niT sxva ram ar aris dad­ge­ni­li, am mux­lis pir­ve­
li pun­qtiT gaT­va­lis­wi­ne­bu­li saq­mi­a­no­bis gan­ma­xor­ci­e­le­bel fi­zi­
kur pi­rebs _ Ta­vi­su­fa­li pro­fe­si­is war­mo­mad­gen­lebs Se­uZ­li­aT ga­
mo­i­ye­non am ka­no­niT gan­sazR­vru­li me­war­mis sa­mar­Tleb­ri­vi for­me­bi.

ka­no­nis Se­sa­val de­bu­le­beb­Si me-3 mux­lis sa­xiT Se­mo­Ta­va­ze­bu­lia e.w.

Ta­vi­su­fa­li pro­fe­si­e­bis amom­wu­ra­vi ka­ta­lo­gi. „Ta­vi­su­fa­li pro­fe­si­e­
bi“ _ es aris pro­fe­si­e­bi, rom­le­bic, mar­Ta­li­a, ga­reg­nu­li niS­ne­biT ak­ma­
yo­fi­le­ben sa­me­war­meo saq­mi­a­no­bis Se­fa­se­bis tes­tis ele­men­tebs, Tum­ca,
Ta­vi­an­Ti xa­si­a­Ti­dan ga­mom­di­na­re, mi­e­kuT­vne­bi­an Ta­vi­su­fal pro­fe­si­ebs.

18
ker­Zod, ase­Ti saq­mi­an ­ o­be­bi upi­ra­te­sad saq­mi­an
­ o­bis gan­ma­xor­ci­e­leb­
lis uSu­a­lo in­te­leq­tu­a­lur da Se­moq­me­de­biT mom­sa­xu­re­ba­ze, mis pi­rad
unar­-Cve­veb­zea dam­ya­re­bu­li da ro­gorc ar­sob­ri­vad, ise is­to­ri­u­lad ar
ga­ne­kuT­vne­bi­an sa­me­war­meo saq­mi­an
­ o­bis sa­xes. Ta­vi­su­fa­li pro­fe­si­eb­ is
amom­wu­rav Ca­mo­naT­val­Si eq­ce­va:

mi­u­xe­da­vad imi­sa, rom e.w. Ta­vi­su­fa­li pro­fe­si­e­bis war­mo­mad­gen­le­bi

ar mi­iC­ne­vi­an me­war­me­e­bad, maT saq­mi­a­no­bis or­ga­ni­za­ci­u­li efeq­ti­a­no­bis
gaz­rdis miz­niT Se­uZ­li­aT ga­mo­iy ­ e­non me­war­me­Ta sa­mar­Tleb­ri­vi for­me­
bi. aqe­dan ga­mo­nak­li­si iq­ne­ba mxo­lod is Sem­Txve­ve­bi, ro­de­sac am saq­mi­a­
no­bi­saT­vis me­war­mis sa­mar­Tleb­ri­vi for­mis ga­mo­ye­ne­bas SezR­u­davs spe­
ci­a­lu­ri ka­non­mdeb­lo­ba.1

1
მაგალითად, „ნოტარიატის შესახებ“ საქართველოს კანონის მე-19 მუხლის მე-2 პუნქტის
მიხედვით, დაუშვებელია საერთო სანოტარო ბიუროს შექმნა სააქციო საზოგადოების
ფორმით. იხ. „ნოტარიატის შესახებ“ საქართველოს კანონი (სსმ, 46, 22/12/2009), მუხლი 19.
[05.02.2022].

19
Ta­vi II. me­war­mis da­fuZ­ne­ba

mux­li 4. sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo

do­ku­men­te­bi da ma­Ti for­ma

1. sa­me­war­meo sa­zo­ga­do­e­bis da­sa­fuZ­neb­lad au­ci­le­be­lia sa­me­war­

meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­ba.
2. sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­ba we­ri­lo­biT
for­mde­ba da mas xels awers sa­me­war­meo sa­zo­ga­do­e­bis yve­la dam­
fuZ­ne­be­li par­tni­o­ri.
3. sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­ba­ze xel­mo­we­ra
sa­no­ta­ro we­siT mow­mde­ba. xel­mo­we­ris sa­no­ta­ro we­siT da­mow­me­ba
sa­val­de­bu­lo ar aris, Tu igi dad­ge­ni­li we­siT da­mow­me­bu­lia sa­
qar­Tve­los ius­ti­ci­is sa­mi­nis­tros mmar­Tve­lo­bis sfe­ro­Si moq­me­di
sa­ja­ro sa­mar­Tlis iu­ri­di­u­li pi­ris _ sa­ja­ro re­es­tris erov­nu­li
sa­a­gen­tos (Sem­dgom _ ma­re­gis­tri­re­be­li or­ga­no) an ma­re­gis­tri­re­
be­li or­ga­nos mi­er uf­le­ba­mo­si­li sxva ad­mi­nis­tra­ci­u­li or­ga­nos
an sxva pi­ris mi­er, an Tu xel­mo­we­ra Ses­ru­le­bu­lia „e­leq­tro­nu­li
do­ku­men­ti­sa da eleq­tro­nu­li san­do mom­sa­xu­re­bis Se­sa­xeb“ sa­qar­
Tve­los ka­no­nis Se­sa­ba­mi­sad.
4. war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­ba mo­iTx­ovs sa­no­ta­ro we­siT
da­mow­me­bas an xel­mo­we­ris „e­leq­tro­nu­li do­ku­men­ti­sa da eleq­
tro­nu­li san­do mom­sa­xu­re­bis Se­sa­xeb“ sa­qar­Tve­los ka­no­nis Se­sa­
ba­mi­sad Ses­ru­le­bas.

sa­me­war­meo sa­zo­ga­do­e­bis da­sa­fuZ­neb­lad au­ci­le­be­lia sa­me­war­meo

sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­bis Seq­mna. sa­dam­fuZ­neb­lo Se­
Tan­xme­ba pir­ve­li na­bi­jia sa­me­war­meo sa­zo­ga­do­e­bis war­mo­So­bis gza­ze.
swo­red sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo do­ku­men­tis ma­re­gis­
tri­re­bel or­ga­no­Si war­dge­nis gziT da sxva au­ci­le­be­li pro­ce­du­re­
bis gav­lis Se­de­gad war­mo­i­So­ba srul­fa­so­va­ni sa­me­war­meo sa­zo­ga­do­eb ­ a,
ro­mel­sac eni­We­ba sa­me­war­meo saq­mi­a­no­bis gan­xor­ci­e­le­bis uf­le­ba­mo­si­
le­ba.
sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­ba for­mde­ba we­ri­
lo­biT da mas xels awers sa­me­war­meo sa­zo­ga­do­e­bis yve­la dam­fuZ­ne­be­li
par­tni­o­ri, ro­mel­Ta xel­mo­we­ra mow­mde­ba sa­no­ta­ro we­siT. re­gis­tra­ci­
is pro­ce­sis ga­mar­ti­ve­bis miz­niT, ka­no­ni iT­va­lis­wi­nebs sa­dam­fuZ­neb­lo

20
Se­Tan­xme­bis ga­for­me­bas xel­mo­we­re­bis sa­no­ta­ro we­siT da­mow­me­bis ga­re­
Sec. ker­Zod, sa­no­ta­ro we­siT da­mow­me­ba sa­val­de­bu­lo ar aris, Tu:

 xel­mo­we­ra dad­ge­ni­li we­siT da­mow­me­bu­lia ma­re­gis­tri­re­be­li or­

ga­nos mi­er;
 xel­mo­we­ra dad­ge­ni­li we­siT da­mow­me­bu­lia ma­re­gis­tri­re­be­li or­
ga­nos mi­er uf­le­ba­mo­si­li:
- sxva ad­mi­nis­tra­ci­u­li or­ga­nos mi­er;
- sxva pi­ris mi­er;
an
 xel­mo­we­ra Ses­ru­le­bu­lia „e­leq­tro­nu­li do­ku­men­ti­sa da eleq­
tro­nu­li san­do mom­sa­xu­re­bis Se­sa­xeb“ sa­qar­Tve­los ka­no­nis Se­sa­
ba­mi­sad.
 ka­no­niT da­re­gu­li­re­bu­lia sa­dam­fuZ­neb­lo Se­Tan­xme­ba­ze war­mo­
mad­gen­lis meS­ve­o­biT xel­mo­we­ris sa­kiTx­ic. ker­Zod, war­mo­mad­gen­
lo­bi­Ti uf­le­ba­mo­si­le­ba mo­iTx­ovs sa­no­ta­ro we­siT da­mow­me­bas an
„e­leq­tro­nu­li do­ku­men­ti­sa da eleq­tro­nu­li san­do mom­sa­xu­re­bis
Se­sa­xeb“ sa­qar­Tve­los ka­no­nis Se­sa­ba­mi­sad xel­mo­we­ras.

mux­li 5. sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­ba

1. sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­ba Se­i­cavs wes­

de­bas da am mux­liT gaT­va­lis­wi­ne­bul mo­na­ce­mebs.
2. ne­bis­mi­e­ri sa­mar­Tleb­ri­vi for­mis sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­
fuZ­neb­lo Se­Tan­xme­ba wes­de­bas­Tan er­Tad un­da Se­i­cav­des Sem­deg
mo­na­ce­mebs:
a) sa­me­war­meo sa­zo­ga­do­e­bis sa­fir­mo sa­xel­wo­de­bas;
b) sa­me­war­meo sa­zo­ga­do­e­bis iu­ri­di­ul mi­sa­marTs;
g) yo­ve­li par­tni­o­ris­/dam­fuZ­neb­lis sa­i­den­ti­fi­ka­cio mo­na­ce­
mebs _ sa­xels, gvars, sacx­ov­re­be­li ad­gi­lis mi­sa­marTs da pi­
rad no­mers, xo­lo Tu par­tni­o­ri iu­ri­di­u­li pi­ria _ mis sa­fir­
mo sa­xel­wo­de­bas, iu­ri­di­ul mi­sa­marTs da sa­i­den­ti­fi­ka­cio
no­mers;
d) sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­lo­ba­sa da war­mo­mad­gen­
lo­ba­ze uf­le­ba­mo­si­li pi­ris, sa­meT­val­yu­reo sab­Wos ar­se­bo­bis
Sem­Txve­va­Si _ ag­reT­ve sa­meT­val­yu­reo sab­Wos wev­ris sa­i­den­ti­fi­

21
 ka­cio mo­na­ce­mebs da uf­le­ba­mo­si­le­bis va­das, Tu ase­Ti va­da gan­
sazR­vru­li­a;
e) ge­ne­ra­lu­ri sa­vaW­ro war­mo­mad­gen­lis ar­se­bo­bis Sem­Txve­va­Si _
mis sa­i­den­ti­fi­ka­cio an sa­re­gis­tra­cio mo­na­ce­mebs, ag­reT­ve mi­si
uf­le­ba­mo­si­le­bis va­das;
v) par­tni­o­ris wi­lis mmar­Tve­lis ar­se­bo­bis Sem­Txve­va­Si _ mis sa­i­
den­ti­fi­ka­cio an sa­re­gis­tra­cio mo­na­ce­mebs;
z) sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­lo­ba­sa da war­mo­mad­gen­
lo­ba­ze uf­le­ba­mo­si­li pi­ris, sa­meT­val­yu­reo sab­Wos ar­se­bo­bis
Sem­Txve­va­Si _ ag­reT­ve sa­meT­val­yu­reo sab­Wos wev­rTa ra­o­de­no­bas
da ma­Ti da­niS­vni­sa da ga­Ta­vi­suf­le­bis wess, Tu es sa­kiTx­e­bi am ka­
no­nis­gan gan­sxva­ve­bu­lad aris mo­wes­ri­ge­bu­li, ase­ve aR­niS­nul wev­
rTa uf­le­ba­mo­si­le­bas;
T) am ka­no­nis 42-e mux­lis me-2 pun­qtiT ga­va­lis­wi­ne­bu­li er­Tob­li­
vi war­mo­mad­gen­lo­bis­gan gan­sxva­ve­bu­li for­mis war­mo­mad­gen­lo­bis
ar­se­bo­bis Sem­Txve­va­Si _ mis aR­we­ras.
3. Tu dam­fuZ­neb­le­bis mi­er Se­mu­Sa­ve­bu­li wes­de­ba ar ar­se­bobs, stan­
dar­tu­li wes­de­ba mi­iC­ne­va sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­
lo Se­Tan­xme­bis na­wi­lad.
4. ko­man­di­tu­ri sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­ba da­ma­te­biT
un­da Se­i­cav­des in­for­ma­ci­as imis Ta­o­ba­ze, Tu ro­me­li par­tni­o­ria
ko­man­di­ti, da in­for­ma­ci­as mi­si Se­na­ta­nis ode­no­bis Se­sa­xeb.
5. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­
Tan­xme­ba da­ma­te­biT un­da Se­i­cav­des Sem­deg in­for­ma­ci­as:
a) im wi­le­bis ode­no­bas, rom­le­bic gas­ca SezR­u­du­li pa­su­xis­mgeb­
lo­bis sa­zo­ga­do­e­bam sazR­a­u­ris sa­nac­vlod, mi­u­xe­da­vad imi­sa, mi­
Re­bu­li aqvs Tu ara am sa­me­war­meo sa­zo­ga­do­e­bas sazR­a­u­ri (gan­Tav­
se­bu­li wi­li), ag­reT­ve ka­pi­tal­Si par­tni­or­Ta wi­lob­riv mo­na­wi­le­
o­bas. isi­ni ga­mo­xa­tu­li un­da iyos pro­cen­te­biT da ma­Ti ja­mi un­da
Se­ad­gen­des 100 pro­cents;
b) ar­se­bo­bis Sem­Txve­va­Si _ da­fuZ­ne­bis mo­men­tis­Tvis ka­pi­ta­
lis maq­si­ma­lur ode­no­bas, rom­lis far­gleb­Sic SezR­u­du­li
pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bas Se­uZ­lia mo­ma­val­Si mi­i­Ros wi­
le­bis gan­Tav­se­bis Se­sa­xeb ga­dawy­ve­ti­le­ba (ne­ba­dar­Tu­li ka­pi­
ta­li);
g) ar­se­bo­bis Sem­Txve­va­Si _ da­fuZ­ne­bis mo­men­tis­Tvis ga­moS­ve­bu­li
wi­le­bis ode­no­bas, ag­reT­ve in­for­ma­ci­as ma­Ti gan­Tav­se­bis Sem­Txve­

22
 va­Si ka­pi­tal­Si par­tni­or­Ta ar­se­bu­li wi­le­bi­sa da pro­cen­tu­li
mo­na­wi­le­o­bis xe­la­xa­li ga­da­na­wi­le­bis Ta­o­ba­ze;
d) ar­se­bo­bis Sem­Txve­va­Si _ wi­le­bis no­mi­na­lur Ri­re­bu­le­bas;
e) spe­ci­a­lur pi­ro­bas, ro­me­lic zRu­davs wi­le­bis gas­xvi­se­bas, ase­
Ti SezR­ud­vis ar­se­bo­bis Sem­Txve­va­Si;
v) am pun­qtis „d“ da „e“ qve­pun­qte­biT gaT­va­lis­wi­ne­bul in­for­ma­ci­
as Ti­To­e­u­li kla­sis wil­Tan mi­mar­Te­biT.
6. sa­aq­cio sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­ba da­ma­te­biT un­da
Se­i­cav­des Sem­deg in­for­ma­ci­as:
a) sa­aq­cio sa­zo­ga­do­e­bis re­gis­tra­ci­is mo­men­tis­Tvis gan­Tav­se­bu­
li ka­pi­ta­lis ode­no­bas;
b) ka­pi­ta­lis maq­si­ma­lur ode­no­bas, rom­lis far­gleb­Sic sa­aq­cio
sa­zo­ga­do­e­bas Se­uZ­lia mo­ma­val­Si mi­i­Ros aq­ci­e­bis gan­Tav­se­bis Se­
sa­xeb ga­dawy­ve­ti­le­ba (ne­ba­dar­Tu­li ka­pi­ta­li), ag­reT­ve aq­ci­e­bis
no­mi­na­lur Ri­re­bu­le­bas (ar­se­bo­bis Sem­Txve­va­Si);
g) sa­aq­cio sa­zo­ga­do­e­bis da­fuZ­ne­bis mo­men­tis­Tvis gan­Tav­se­bu­li
aq­ci­e­bis no­mi­na­lur Ri­re­bu­le­bas (ar­se­bo­bis Sem­Txve­va­Si) da maT
ode­no­bas, xo­lo no­mi­na­lu­ri Ri­re­bu­le­bis ga­re­Se gan­Tav­se­bu­li
aq­ci­e­bis Sem­Txve­va­Si _ maT ode­no­bas;
d) spe­ci­a­lur pi­ro­bas, ro­me­lic zRu­davs aq­ci­e­bis gas­xvi­se­bas, ase­
Ti SezR­ud­vis ar­se­bo­bis Sem­Txve­va­Si;
e) am pun­qtis „g“ da „d“ qve­pun­qte­biT gaT­va­lis­wi­ne­bul in­for­ma­ci­
as Ti­To­e­u­li kla­sis aq­ci­as­Tan mi­mar­Te­biT;
v) sa­aq­cio sa­zo­ga­do­e­bis da­fuZ­ne­bis mo­men­tis­Tvis gan­Tav­se­bu­li ka­
pi­ta­lis ga­naR­de­bu­li na­wi­lis (ga­naR­de­bu­li ka­pi­ta­li) ode­no­bas;
z) ara­fu­la­di Se­na­ta­nis sa­nac­vlod ga­moS­ve­bu­li aq­ci­e­bis no­mi­na­
lur Ri­re­bu­le­bas, xo­lo no­mi­na­lu­ri Ri­re­bu­le­bis ga­re­Se ga­moS­
ve­bu­li aq­ci­e­bis Sem­Txve­va­Si _ maT ode­no­bas, Se­na­ta­nis sa­xes da Se­
na­ta­nis­Tvis val­de­bu­li pi­ris sa­xel­s/sa­xel­wo­de­bas;
T) sa­aq­cio sa­zo­ga­do­e­bis da­fuZ­ne­bas­Tan, ag­reT­ve li­cen­zi­is­/ne­
bar­Tvis mo­po­ve­bas­Tan da­kav­Si­re­bul im ar­se­bul an sa­va­ra­u­do xar­
jebs, rom­le­bic sa­aq­cio sa­zo­ga­do­e­bam un­da ga­i­Ros;
i) da­fuZ­ne­bas­Tan, ag­reT­ve li­cen­zi­is­/ne­bar­Tvis mo­po­ve­bas­Tan da­kav­
Si­re­bu­li moq­me­de­be­bis gan­xor­ci­e­le­ba­Si mo­na­wi­le pir­Ta mi­er sa­aq­
cio sa­zo­ga­do­e­bis­gan mi­Re­bul an mi­sa­Reb eko­no­mi­kur sar­ge­bels.
7. ko­o­pe­ra­ti­vis sa­dam­fuZ­neb­lo Se­Tan­xme­ba da­ma­te­biT un­da Se­i­cav­
des in­for­ma­ci­as pa­is no­mi­na­lu­ri Ri­re­bu­le­bis Se­sa­xeb.

23
 8. am mux­lis me-2 pun­qtis „a“, „b“, „z“ da „T“ qve­pun­qte­biT, me-5 pun­qtis
„b“ da „g“ qve­pun­qte­bi­Ta da me-6 da me-7 pun­qte­biT gaT­va­lis­wi­ne­bu­
li mo­na­ce­me­bis­/in­for­ma­ci­is cvli­le­ba mo­iTx­ovs ga­dawy­ve­ti­le­bis
wes­de­bis cvli­le­bis­Tvis sa­Wi­ro um­rav­le­so­biT mi­Re­bas.
9. sa­qar­Tve­los mo­qa­la­qe­o­bis ar­mqo­ne fi­zi­ku­ri pi­ris an ucxo sa­
xel­mwi­fos iu­ri­di­u­li pi­ris Sem­Txve­va­Si sa­me­war­meo sa­zo­ga­do­e­bis
sa­dam­fuZ­neb­lo do­ku­men­ti un­da Se­i­cav­des sa­qar­Tve­los mo­qa­la­
qis­Tvis an sa­qar­Tve­lo­Si re­gis­tri­re­bu­li sa­me­war­meo sa­zo­ga­do­e­
bis­Tvis dad­ge­nil ek­vi­va­len­tur mo­na­ce­mebs, rom­le­bic ga­mo­i­ye­ne­
ba sa­qar­Tve­lo­Si sa­no­ta­ro moq­me­de­be­bis Ses­ru­le­bis dros pi­ris
iden­ti­fi­ka­ci­is­Tvis.
10. me­war­mis iu­ri­di­u­li mi­sa­mar­Ti aris mi­si fi­zi­ku­ri mi­sa­mar­Ti sa­
qar­Tve­los te­ri­to­ri­a­ze.

ka­non­mdeb­lo­ba sa­me­war­meo saq­mi­a­no­bis gan­xor­ci­e­le­bis msur­ve­lebs

aR­Wur­vavs efeq­ti­an ­ i sa­me­war­meo saq­mi­a­no­bis gan­xor­ci­e­le­bi­saT­vis sa­Wi­
ro me­war­mis sa­mar­Tleb­ri­vi for­miT. amav­dro­u­lad, ka­non­mdeb­lo­biT Se­
Ta­va­ze­bu­li me­war­mis sa­mar­Tleb­ri­vi for­mis or­ga­ni­za­ci­u­li kon­struq­
cia ver iq­ne­ba uni­ver­sa­lu­ri xa­si­a­Tis da ver upa­su­xebs me­war­me­o­bis
msur­vel­Ta in­di­vi­du­al ­ u­ri ga­mow­ve­ve­bis far­To pa­lit­ras.
sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­ba sa­zo­ga­do­e­bis is
kon­sti­tu­ci­u­ri do­ku­men­ti­a, rom­li­Tac ka­non­mdeb­lo­biT dad­ge­nil far­
gleb­Si, in­di­vi­du­a­lu­ri amo­ca­ne­bis Se­sa­ba­mi­sad, par­tni­o­re­bis mi­er un­da
ga­ni­sazR­vros sa­zo­ga­do­e­bis or­ga­ni­za­ci­u­li struq­tu­ra. sa­dam­fuZ­neb­
lo Se­Tan­xme­ba Ta­vis Tav­Si mo­i­cavs or na­wils: (1) wes­de­bas da (2) ka­no­niT
gan­sazR­vrul sxva in­for­ma­ci­as.

24
 ka­non­Si war­mod­ge­ni­li kon­cef­ci­iT, wes­de­ba _ es aris sa­me­war­meo sa­
zo­ga­do­e­bis is do­ku­men­ti, rom­lis cvli­le­bis sa­Wi­ro­e­bac iS­vi­a­Tad un­da
dad­ges. Se­sa­ba­mi­sad, pa­ra­le­lu­rad ar­se­bobs stan­dar­tu­li wes­de­bis in­
sti­tu­ti ro­gorc Sab­lo­nu­ri, ara­in­di­vi­du­a­li­ze­bu­li do­ku­men­ti, ro­me­
lic par­tni­o­re­bis sur­vi­li­sa­mebr, Se­iZ­le­ba, Se­sa­ba­mi­si for­mis sa­me­war­
meo sa­zo­ga­do­e­ba­ze gav­rcel­des.
ze­mo­aR­niS­nu­li mid­go­mi­dan ga­mom­di­na­re, wes­de­bis sa­val­de­bu­lo kom­
po­nen­te­bi ise­Ti sa­kiTx­e­bi­a, rom­le­bi­Tac nak­le­bad xde­ba sa­zo­ga­do­e­bis
in­di­vi­du­a­li­ze­ba. wes­de­bis es stan­dar­tu­li ni­mu­Si dam­tki­ce­bu­lia sa­
qar­Tve­los ius­ti­ci­is mi­nis­tris 2021 wlis 29 no­em­bris #791 brZa­ne­biT.1
ase­Ti mza do­ku­men­tis ar­se­bo­ba mniS­vne­lov­nad amar­ti­vebs sa­zo­ga­do­e­bis
da­fuZ­ne­bis pro­cess da par­tni­o­rebs um­ci­rebs sa­me­war­meo saq­mi­a­no­bis
dawy­e­bi­saT­vis sa­Wi­ro xar­jebs.
Se­da­re­biT cva­le­ba­di is in­for­ma­ci­a, ro­me­lic kon­kre­tul sa­me­war­meo
sa­zo­ga­do­e­bas­Tan aris da­kav­Si­re­bu­li (ma­ga­li­Tad: sa­fir­mo sa­xel­wo­de­
ba, par­tni­o­re­bi­sa da xel­mZRva­ne­li pi­ris da sxv.), ar­se­bobs wes­de­bis miR­
ma, sa­dam­fuZ­neb­lo Se­Tan­xme­bis sxva na­wil­Si. sxva­das­xva sa­mar­Tleb­ri­vi
for­mis sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­ba­Si asa­sa­xi
ase­Ti sa­val­de­bu­lo mo­na­ce­me­bis de­ta­lu­ri ka­ta­lo­gi war­mod­ge­ni­lia wi­
nam­de­ba­re mux­lis me-­2-me-7 pun­qteb­Si.
sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­bas xels awers yve­
la par­tni­o­ri. mog­vi­a­ne­biT ki am do­ku­men­tSi cvli­le­bis gan­xor­ci­e­le­ba
Se­saZ­le­be­lia sa­er­To kre­ba­ze xme­bis um­rav­le­so­biT ga­dawy­ve­ti­le­bis mi­
Re­bis gziT. aqe­dan ga­mo­nak­li­sia cal­ke­u­li mo­na­ce­me­bi, ro­mel­Ta cvli­
le­bac sa­Wi­ro­ebs wes­de­bis cvli­le­bi­saT­vis au­ci­le­be­li um­rav­le­so­biT
ga­dawy­ve­ti­le­bis mi­Re­bas. aseT ga­dawy­ve­ti­le­ba­Ta amom­wu­ra­vi Ca­mo­naT­va­
li war­mod­ge­ni­lia ka­no­nis wi­nam­de­ba­re mux­lis me-8 pun­qtSi.
mux­lis me-9 pun­qti eT­mo­ba sa­qar­Tve­los mo­qa­la­qe­o­bis ar­mqo­ne fi­zi­
ku­ri pi­re­bis an ucxo qvey­nis iu­ri­di­u­li pi­re­bis Sem­Txve­va­Si, sa­dam­fuZ­
neb­lo do­ku­men­tis cal­ke­ul ek­vi­va­len­tur mo­na­ce­mebs. me-10 pun­qti ki
iu­ri­di­u­li mi­sa­mar­Tis de­fi­ni­ci­as. ker­Zod, me­war­me su­bi­eq­tTan ko­mu­ni­
ka­ci­i­sas bun­do­va­ne­be­bis Ta­vi­dan aci­le­bi­sa da ko­mu­ni­ka­ci­is ga­mar­ti­ve­
bis miz­niT, sa­dam­fuZ­neb­lo Se­Tan­xme­ba­Si aR­niS­nu­li iu­ri­di­u­li mi­sa­mar­
Ti av­to­ma­tu­rad iT­vle­ba sa­qar­Tve­los te­ri­to­ri­a­ze me­war­mis fi­zi­kur
mi­sa­mar­Tad.

1
იხ. https://matsne.gov.ge/ka/document/view/5275911?publication=0 [05.02.2022].

25
mux­li 6. wes­de­ba

1. ne­bis­mi­e­ri sa­mar­Tleb­ri­vi for­mis sa­me­war­meo sa­zo­ga­do­e­bis wes­

de­ba un­da Se­i­cav­des sul mci­re Sem­deg mo­na­ce­mebs:
a) sa­me­war­meo sa­zo­ga­do­e­bis sa­mar­Tleb­riv for­mas;
b) sa­me­war­meo sa­zo­ga­do­e­bis saq­mi­a­no­bis sa­gans. saq­mi­a­no­bis sag­nad
Se­iZ­le­ba mi­e­Ti­Tos ro­gorc zo­ga­di sa­me­war­meo saq­mi­a­no­ba, ise kon­
kre­tu­li saq­mi­a­no­bis sa­ga­ni;
g) par­tni­or­Ta So­ris Se­Tan­xme­bul SezR­ud­vas wil­ze sa­kuT­re­bis
uf­le­bas­Tan da­kav­Si­re­biT, ase­Ti Se­Tan­xme­bis ar­se­bo­bis Sem­Txve­va­
Si;
d) in­for­ma­ci­as par­tni­or­Ta Se­Tan­xme­bis ar­se­bo­bis Ta­o­ba­ze, Tu
ase­Ti Se­Tan­xme­ba ar­se­bobs.
2. stan­dar­tul wes­de­bebs sa­me­war­meo sa­zo­ga­do­e­bis sa­mar­Tleb­ri­vi
for­me­bis mi­xed­viT am­tki­cebs sa­qar­Tve­los ius­ti­ci­is mi­nis­tri
(Sem­dgom _ mi­nis­tri). mi­nis­tris mi­er stan­dar­tul wes­de­ba­Si cvli­
le­bis gan­xor­ci­e­le­ba an mi­si ga­uq­me­ba ar ga­mo­iw­vevs im sa­me­war­meo
sa­zo­ga­do­e­bis wes­de­ba­Si cvli­le­bis Se­ta­nis sa­Wi­ro­e­bas, ro­mel­sac
re­gis­tra­ci­is miz­ne­bis­Tvis ga­mo­ye­ne­bu­li hqon­da im mo­men­tis­Tvis
moq­me­di stan­dar­tu­li wes­de­ba, gar­da im Sem­Txve­vi­sa, ro­de­sac
stan­dar­tul wes­de­ba­Si cvli­le­bis gan­xor­ci­e­le­bis an mi­si ga­uq­me­
bis mi­ze­zia ka­no­nis Se­sa­ba­mi­si cvli­le­ba, ro­me­lic aval­de­bu­lebs
sa­me­war­meo sa­zo­ga­do­e­bas, uz­run­vel­yos wes­de­bis ka­no­nis im­pe­ra­
ti­ul moTx­ov­nas­Tan Se­sa­ba­mi­so­ba.

ka­no­nis kon­cef­ci­iT, wes­de­ba _ es aris sa­me­war­meo sa­zo­ga­do­e­bis er­

Tgva­ri kon­sti­tu­ci­u­ri do­ku­men­ti, rom­lis cvli­le­bis sa­Wi­ro­e­bac iS­vi­
a­Tad un­da dad­ges da rom­lis mi­za­ni­a, iar­se­bos stan­dar­tu­li wes­de­bis
ni­muS­ma, ro­me­lic sa­me­war­meo saq­mi­a­no­bis dawy­eb
­ is ga­mar­ti­ve­bis­Tvis Se­
iZ­le­ba ga­mo­i­ye­non sa­zo­ga­do­e­bis dam­fuZ­neb­leb­ma. wes­de­bis ase­Ti ni­mu­
Sis ar­se­bo­ba ram­de­ni­me mi­zans em­sa­xu­re­ba. pir­vel­yov­li­sa, is am­ci­rebs
sa­dam­fuZ­neb­lo xarjs. ase­ve, wes­de­bis ase­Ti ni­mu­Sis ar­se­bo­ba dam­fuZ­
neb­le­bi­saT­vis qmnis Se­saZ­leb­lo­bas, kva­li­fi­ci­ur ­ i iu­ri­di­u­li dax­ma­re­
bis ga­re­Se hqon­deT sa­me­war­meo saq­mi­a­no­bis gan­xor­ci­e­le­bi­saT­vis sa­mar­
Tleb­ri­vad ga­mar­Tu­li da da­ba­lan­se­bul do­ku­men­ti. da­ma­te­biT, wes­de­bis
stan­dar­tu­li ni­mu­Si sa­qar­Tve­los ius­ti­ci­is mi­nistrs aZ­levs Se­saZ­leb­
lo­bas, stan­dar­tul wes­de­ba­Si swra­fad asa­xos praq­ti­ka­Si ga­mov­le­ni­li

26
bun­do­va­ni si­tu­a­ci­e­bis ga­daW­ris sa­Su­a­le­be­bi. wes­de­bis es stan­dar­tu­li
ni­mu­Si dam­tki­ce­bu­lia sa­qar­Tve­los ius­ti­ci­is mi­nis­tris 2021 wlis 29
no­em­bris #791 brZa­ne­biT.1
amas­Ta­na­ve, stan­dar­tu­li wes­de­bis ar­se­bo­ba ar zRu­davs dam­fuZ­neb­
le­bis Se­saZ­leb­lo­bas, Ta­vad Se­ad­gi­non sa­zo­ga­do­e­bis wes­de­ba. wes­de­ba,
sul mci­re, un­da mo­i­cav­des: (1) sa­mar­Tleb­riv for­mas; (2) saq­mi­a­no­bis
sa­gans, ro­mel­ze­dac Se­iZ­le­ba mi­e­Ti­Tos ro­gorc zo­ga­di sa­me­war­meo saq­
mi­a­no­ba, ise kon­kre­tu­li saq­mi­a­no­bis sa­ga­ni (a­se­Ti Se­saZ­leb­lo­ba sa­Su­a­
le­bas aZ­levs par­tni­o­rebs sur­vi­lis Sem­Txve­va­Si ar Se­izR­u­don Ta­vi wi­
nas­war gan­sazR­vru­li saq­mi­a­no­bis sa­xiT da axa­li saq­mi­a­no­bis wa­mowy­e­bis
Sem­Txve­va­Si sa­Wi­ro ar gax­des wes­de­bis cvli­le­bi­saT­vis sa­Wi­ro Se­sa­ba­mi­
si pro­ce­du­re­bis gav­la); (3) par­tni­or­Ta So­ris Se­Tan­xme­bul SezR­ud­vas
wil­ze sa­kuT­re­bis uf­le­bas­Tan da­kav­Si­re­biT, Tu ase­Ti Se­Tan­xme­ba ar­se­
bobs; (4) in­for­ma­ci­as par­tni­or­Ta Se­Tan­xme­bis ar­se­bo­bis Ta­o­ba­ze, Tu
ase­Ti Se­Tan­xme­ba ar­se­bobs.
Se­sa­ba­mi­si for­mis sa­zo­ga­do­e­bis stan­dar­tu­li wes­de­bis ga­mo­ye­ne­ba
Ta­vad am sa­zo­ga­do­e­bis dam­fuZ­ne­bel par­tni­or­Ta sur­vil­zea da­mo­ki­de­
bu­li. im Sem­Txve­va­Si, Tu par­tni­o­rebs surT stan­dar­tu­li wes­de­bis ga­mo­
ye­ne­ba, maT amis Se­sa­xeb sa­dam­fuZ­neb­lo Se­Tan­xme­ba­Si un­da aR­niS­non. aseT
Sem­Txve­va­Si ius­ti­ci­is mi­nis­tris mi­er Se­sa­ba­mi­si sa­mar­Tleb­ri­vi for­mis
su­bi­eq­tis­Tvis dam­tki­ce­bu­li stan­dar­tu­li wes­de­ba mi­iC­ne­va sa­me­war­meo
sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­bis na­wi­lad da da­er­Tvis su­bi­eq­
tis sa­re­gis­tra­cio do­ku­men­ta­ci­as. sa­re­gis­tra­cio miz­ne­bis­Tvis, stan­
dar­tu­li wes­de­bis qa­Ral­dis an eleq­tro­nu­li ver­si­is sa­a­gen­to­Si war­
dge­na ar mo­iTx­o­ve­ba. amas­Tan, Se­saZ­le­be­lia stan­dar­tu­li wes­de­bis mxo­
lod sru­li sa­xiT ga­zi­a­re­ba. mas­Si ra­i­me sa­xis cvli­le­bis Se­ta­ni­sas igi­ve
we­se­bi gav­rcel­de­ba, rac dam­fuZ­neb­le­bis mi­er da­mo­u­ki­deb­lad Sed­ge­ni­
li wes­de­bis war­mod­ge­nis Sem­Txve­va­Si.
sa­qar­Tve­los ius­ti­ci­is mi­nis­tris mi­er dam­tki­ce­bul stan­dar­tul
wes­de­ba­Si cvli­le­bis gan­xor­ci­e­le­ba an mi­si ga­uq­me­ba ar ga­mo­iw­vevs im
sa­me­war­meo sa­zo­ga­do­e­bis wes­de­bis cvli­le­bis sa­Wi­ro­e­bas, ro­mel­sac re­
gis­tra­ci­is miz­ne­bis­Tvis ga­mo­ye­ne­bu­li hqon­da im mo­men­ti­saT­vis moq­me­di
stan­dar­tu­li wes­de­ba. amas­Ta­na­ve, wes­de­ba­Si cvli­le­bis sa­Wi­ro­e­ba war­
mo­i­So­ba im Sem­Txve­va­Si Tu stan­dar­tul wes­de­ba­Si cvli­le­bis gan­xor­ci­
e­le­bis­/ga­uq­me­bis mi­ze­zi ka­no­nis Se­sa­ba­mi­si cvli­le­ba­a. ase­Ti Sem­Txve­va

1
იხ. https://matsne.gov.ge/ka/document/view/5275911?publication=0 [05.02.2022].

27
aval­de­bu­lebs sa­me­war­meo sa­zo­ga­do­e­bas, Ta­vi­si wes­de­ba ka­no­nis im­pe­ra­
ti­ul moTx­ov­neb­Tan Se­sa­ba­mi­so­ba­Si mo­iy­va­nos.

mux­li 7. sa­me­war­meo sa­zo­ga­do­e­bis par­tni­o­ri

1. sa­me­war­meo sa­zo­ga­do­e­bis par­tni­o­ri aris pi­ri, ro­me­lic sa­me­war­

meo sa­zo­ga­do­e­bis wi­lis me­sa­kuT­rea (am ka­no­nis zo­gad na­wil­Si
ter­mi­ni „par­tni­o­ri“ mo­i­cavs so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­
zo­ga­do­e­bis, ko­man­di­tu­ri sa­zo­ga­do­e­bis, SezR­u­du­li pa­su­xis­mgeb­
lo­bis sa­zo­ga­do­e­bis par­tni­ors, sa­aq­cio sa­zo­ga­do­e­bis aq­ci­o­ners,
ko­o­pe­ra­ti­vis pa­is mflo­bels).
2. sa­me­war­meo sa­zo­ga­do­e­bis par­tni­o­ri Se­iZ­le­ba iyos ro­gorc fi­
zi­ku­ri pi­ri, ise iu­ri­di­u­li pi­ri, ag­reT­ve iu­ri­di­u­li pi­ris sta­
tu­sis ar­mqo­ne, re­gis­tri­re­bu­li, da­mo­u­ki­de­be­li or­ga­ni­za­ci­u­li
war­mo­naq­mni, ro­mel­sac Se­uZ­lia sa­ku­Ta­ri sa­xe­liT Se­i­Zi­nos uf­le­
be­bi da ai­Ros val­de­bu­le­be­bi.
3. wil­ze sa­kuT­re­bis uf­le­bis Se­Ze­na­ze Se­iZ­le­ba da­wes­des SezR­ud­ve­
bi ka­no­niT an wes­de­biT pir­da­pir gaT­va­lis­wi­ne­bul Sem­Txve­veb­Si.

sa­me­war­meo sa­zo­ga­do­e­ba­Ta sa­mar­Tleb­ri­vi for­me­bis ar­se­bo­ba sa­mo­

qa­la­qo brun­vis mo­na­wi­le­e­bi­saT­vis sa­me­war­meo saq­mi­a­no­bis er­Tob­li­vad,
ko­or­di­ni­re­bu­lad war­mar­Tvis au­ci­le­be­li or­ga­ni­ze­bu­li kon­struq­ci­
is aR­Wur­vis mi­zans em­sa­xu­re­ba. am saq­mi­a­no­bis er­Tob­li­vad gan­ma­xor­ci­e­
le­be­li pi­re­bi ki iwo­de­bi­an par­tni­o­re­bad. ker­Zod, par­tni­o­rad mi­iC­ne­va
pi­ri, ro­mel­sac aqvs sa­kuT­re­bis uf­le­ba sa­me­war­meo sa­zo­ga­do­e­bis wil­ze.
wi­lis me­sa­kuT­re da, Se­sa­ba­mi­sad, sa­zo­ga­do­e­bis par­tni­o­ri Se­iZ­le­ba
iyos ro­gorc fi­zi­ku­ri, ase­ve iu­ri­di­ul ­ i pi­ris sta­tu­sis ar­mqo­ne re­gis­
tri­re­bu­li, da­mo­uk ­ i­de­be­li or­ga­ni­za­ci­u­li war­mo­naq­mni, ro­mel­sac ga­
aC­nia una­ri sa­ku­Ta­ri sa­xe­liT Se­iZ­ i­nos uf­le­be­bi da ikis­ros val­de­bu­le­
be­bi da sxva iu­ri­di­u­li pi­ri.
1

wi­li sa­mo­qa­la­qo brun­vis obi­eq­ti­a. ne­bis­mi­er pirs Se­uZ­lia flob­des

wils, sar­geb­lob­des mi­siT da gan­kar­gav­des mas. amas­Ta­na­ve, wi­nam­de­ba­re

1
მაგალითად, „საინვესტიციო ფონდების შესახებ“ საქართველოს კანონით განსაზ­ღვ­
რუ­ლი ერთობლივი საინვესტიციო ფონდი, რომელიც არ წარმოადგენს იურიდიულ პირს. იხ.
„საინვესტიციო ფონდების შესახებ“ საქართველოს კანონი (6805-რს, ვებ, 22/07/2020), მუხლი
2. [05.02.2022].

28
mux­li iZ­le­va ka­non­mdeb­lo­biT wi­lis Se­Ze­nis uf­le­bis SezR­ud­va­ze blan­
ke­tur mi­Ti­Te­bas.

mux­li 8. me­war­mis re­gis­tra­cia

1. me­war­mis re­gis­tra­cia sa­val­de­bu­lo­a. me­war­mis re­gis­tra­cia mo­i­

cavs ro­gorc sa­xel­mwi­fo re­gis­tra­ci­as, ise sa­ga­da­sa­xa­do re­gis­
tra­ci­as. me­war­mis re­gis­tra­ci­as axor­ci­e­lebs ma­re­gis­tri­re­be­li
or­ga­no.
2. me­war­me­Ta da ara­sa­me­war­meo (a­ra­ko­mer­ci­u­li) iu­ri­di­u­li pi­re­bis re­
es­trSi (Sem­dgom _ re­es­tri) da­cu­li mo­na­ce­me­bis re­gis­tra­ci­is, re­
gis­tri­re­bul mo­na­ce­meb­Si cvli­le­be­bis Se­ta­ni­sa da ma­Ti ga­uq­me­bis
Se­sa­xeb in­for­ma­ci­as ma­re­gis­tri­re­be­li or­ga­no eleq­tro­nu­lad ug­
zav­nis sa­qar­Tve­los fi­nan­sTa sa­mi­nis­tros mmar­Tve­lo­bis sfe­ro­Si
Se­ma­val sa­ja­ro sa­mar­Tlis iu­ri­di­ul pirs _ Se­mo­sav­le­bis sam­sa­xurs.
3. re­es­trSi un­da da­re­gis­trir­des mxo­lod so­li­da­ru­li pa­su­xis­
mgeb­lo­bis sa­zo­ga­do­e­bis, ko­man­di­tu­ri sa­zo­ga­do­e­bis, SezR­u­du­li
pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­o­ri/­dam­fuZ­ne­be­li.
4. ma­re­gis­tri­re­be­li or­ga­nos­Tvis war­dge­ni­li mo­na­ce­me­bi­sa da do­
ku­men­te­bis nam­dvi­lo­bis­Tvis, ma­Ti Si­na­ar­sis sis­wo­ri­sa da Seq­mnis
pro­ce­du­re­bis dac­vis­Tvis pa­su­xis­mge­be­lia am ka­no­niT an­/da sa­me­
war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­biT gan­sazR­vru­li,
aR­niS­nu­li mo­na­ce­me­bi­sa da do­ku­men­te­bis Seq­mnis uf­le­ba­mo­si­le­
bis mqo­ne or­ga­no. ma­re­gis­tri­re­be­li or­ga­no pa­su­xis­mge­be­lia mxo­
lod re­gis­tri­re­bu­li mo­na­ce­me­bi­sa da am or­ga­no­Si da­cu­li sa­re­
gis­tra­cio da sxva do­ku­men­te­bis ur­Ti­er­TSe­sa­ba­mi­so­bi­sa da usaf­
rTxo­e­bis­Tvis.
5. re­es­tris war­mo­e­bis we­si da re­gis­tra­ci­is pi­ro­be­bi ga­ni­sazR­vre­ba
„sa­ja­ro re­es­tris Se­sa­xeb“ sa­qar­Tve­los ka­no­niT, „me­war­me­Ta da ara­
sa­me­war­meo (a­ra­ko­mer­ci­ul) iu­ri­di­ul pir­Ta re­gis­tra­ci­is Se­sa­xeb“
in­struq­ci­is dam­tki­ce­bis Ta­o­ba­ze“ sa­qar­Tve­los ius­ti­ci­is mi­nis­
tris brZa­ne­biT (Sem­dgom _ in­struq­ci­a) da sxva nor­ma­ti­u­li aq­te­biT.
6. me­war­me war­mo­So­bi­lad mi­iC­ne­va re­es­trSi re­gis­tra­ci­is mo­men­ti­dan.
7. me­war­mis re­gis­tra­ci­is Se­sa­xeb ma­re­gis­tri­re­be­li or­ga­nos ga­dawy­
ve­ti­le­ba Za­la­Sia ma­re­gis­tri­re­be­li or­ga­nos er­Ti­an eleq­tro­
nul por­tal­ze gan­Tav­se­bis­Ta­na­ve.

29
 me­war­mis sa­xel­mwi­fo le­gi­ti­ma­cia da, Se­sa­ba­mi­sad, mi­si war­mo­So­ba da­
kav­Si­re­bu­lia mi­si re­gis­tra­ci­is faq­tTan. swo­red re­gis­tra­ci­is pro­
ce­du­re­bis dad­go­mis Sem­dgom war­mo­i­So­ba srul­fa­so­va­ni me­war­me su­bi­
eq­ti, ro­mel­sac ga­aC­nia sa­me­war­meo saq­mi­a­no­bis gan­xor­ci­e­le­bis uf­le­
ba. me­war­mis re­gis­tra­cia sa­val­de­bu­lo­a. sxva Sem­Txve­va­Si sa­xe­ze gvaqvs
sa­qar­Tve­los sis­xlis sa­mar­Tlis ko­deq­siT gaT­va­lis­wi­ne­bu­li uka­no­no
sa­me­war­meo saq­mi­a­no­ba, ese igi sa­me­war­meo saq­mi­a­no­ba re­gis­tra­ci­is ga­
re­Se.
ka­no­nis Ta­nax­mad, me­war­mis re­gis­tra­ci­is eq­sklu­zi­u­ri kom­pe­ten­cia
aqvs sa­qar­Tve­los ius­ti­ci­is sa­mi­nis­tros mmar­Tve­lo­bis sfe­ro­Si moq­me­
di sa­ja­ro sa­mar­Tlis iu­ri­di­ul pirs _ sa­ja­ro re­es­tris erov­nul sa­a­
gen­tos. biz­ne­sis dawy­e­bis ga­mar­ti­ve­bis miz­niT, ma­re­gis­tri­re­be­li or­
ga­no er­Tdro­u­lad ax­dens ro­gorc sa­xel­mwi­fo, ise sa­ga­da­sa­xa­do re­gis­
tra­ci­as, ris Sem­de­gac Se­sa­ba­mi­si mo­na­ce­me­bi ma­re­gis­tri­re­be­li or­ga­nos
mi­er eleq­tro­nu­lad eg­zav­ne­ba sa­qar­Tve­los fi­nan­sTa sa­mi­nis­tros mmar­
Tve­lo­bis sfe­ro­Si Se­ma­val sa­ja­ro sa­mar­Tlis iu­ri­di­ul pirs _ Se­mo­sav­
le­bis sam­sa­xurs. re­es­tris war­mo­e­bis we­si da re­gis­tra­ci­is pi­ro­be­bi ga­
ni­sazR­vre­ba „sa­ja­ro re­es­tris Se­sa­xeb“ sa­qar­Tve­los ka­no­niT, „me­war­me­Ta
da ara­sa­me­war­meo (a­ra­ko­mer­ci­ul) iu­ri­di­ul pir­Ta re­gis­tra­ci­is Se­sa­
xeb“ in­struq­ci­is dam­tki­ce­bis Ta­o­ba­ze“ sa­qar­Tve­los ius­ti­ci­is mi­nis­
tris brZa­ne­biT1 da sxva nor­ma­ti­ul ­ i aq­te­biT.
re­gis­tra­ci­as eq­vem­de­ba­re­ba mxo­lod so­li­da­ru­li pa­su­xis­mgeb­lo­
bis sa­zo­ga­do­e­bis, ko­man­di­tu­ri sa­zo­ga­do­eb ­ i­sa da SezR­u­du­li pa­su­xis­
mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­o­ri/­dam­fuZ­ne­be­li. Se­sa­ba­mi­sad, sa­aq­cio
sa­zo­ga­do­eb­ e­bi da ko­o­pe­ra­ti­ve­bi aq­ci­o­ne­re­bis­/me­pa­i­e­e­bis re­gis­tra­ci­
as mo­ax­de­nen da maT re­estrs awar­mo­eb ­ en gan­cal­ke­ve­bu­lad, ama­ve sa­mar­
Tleb­ri­vi for­me­bis Tav­Si gaT­va­lis­wi­ne­bu­li we­se­biT.
wi­nam­de­ba­re mux­lis um­niS­vne­lo­va­ne­si fun­qciaa ma­re­gis­tri­re­be­li
or­ga­nos mxri­dan, ro­gorc pir­ve­la­di re­gis­tra­ci­i­sas, ise re­gis­tri­
re­bu­li mo­na­ce­me­bis cvli­le­bi­sas, sa­re­gis­tra­ci­od war­mod­ge­ni­li mo­
na­ce­me­bis Se­mow­me­bis far­gle­bis gan­sazR­vra. ker­Zod, ma­re­gis­tri­re­
bel or­ga­nos eva­le­ba war­dge­ni­li do­ku­men­ta­ci­is mxo­lod for­ma­lu­ri
da ara ma­te­ri­a­lu­ri, ese igi Si­na­ar­sob­ri­vi sis­wo­ris, Se­mow­me­ba. es imas
gu­lis­xmobs, rom ma­re­gis­tri­re­be­li or­ga­no pa­su­xis­mge­be­lia mxo­lod
re­gis­tri­re­bu­li mo­na­ce­me­bi­sa da mas­Tan da­cu­li sa­re­gis­tra­cio Tu
1
შესაბამისი ბრძანება იხ.
https://matsne.gov.ge/ka/document/view/4924135?publication=1. [05.02.2022].

30
sxva do­ku­men­ta­ci­is ur­Ti­er­TSe­sa­ba­mi­so­ba­sa da usaf­rTxo­e­ba­ze. ma­re­
gis­tri­re­bel or­ga­no­Si war­dge­ni­li mo­na­ce­me­bis­/do­ku­men­ta­ci­is nam­
dvi­lo­ba­ze, ma­Ti Si­na­ar­sis sis­wo­re­sa da Seq­mnis pro­ce­du­re­bis dac­va­ze
pa­su­xis­mge­be­lia ka­no­niT da sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo
Se­Tan­xme­biT gan­sazR­vru­li, am mo­na­ce­me­bi­sa da do­ku­men­te­bis Seq­mna­ze
uf­le­ba­mo­si­li su­bi­eq­ti. aR­niS­nu­li mid­go­ma Se­e­sa­ba­me­ba sa­er­Ta­So­ri­so
praq­ti­kas, rom­lis mi­xed­vi­Tac ma­re­gis­tri­re­be­li or­ga­nos amo­ca­nas ar
war­mo­ad­gens do­ku­men­te­bis mi­Re­bis pro­ce­du­re­bis sis­wo­ri­sa da ka­no­ni­
e­re­bis kvle­va (ma­te­ri­a­lu­ri Se­mow­me­ba), rac ki­dev uf­ro amar­ti­vebs da
aC­qa­rebs pir­ve­la­di da Sem­dgo­mi cvli­le­be­bis re­gis­tra­ci­is pro­ce­du­
ras.

mux­li 9. sa­me­war­meo sa­zo­ga­do­e­bis re­gis­tra­ci­is წინა პირობა

1. sa­me­war­meo sa­zo­ga­do­e­bis re­gis­tra­ci­is­Tvis ma­re­gis­tri­re­bel

or­ga­nos wa­red­gi­ne­ba:
a) sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­ba;
b) sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­lo­ba­sa da war­mo­mad­gen­lo­
ba­ze uf­le­ba­mo­si­li Ti­To­e­u­li pi­ris Tan­xmo­ba aR­niS­nu­li fun­qci­
is Ses­ru­le­ba­ze, gar­da im Sem­Txve­vi­sa, ro­de­sac ma­Ti ne­ba ga­mo­xa­
tu­lia sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­ba­Si.
2. sa­qar­Tve­los ka­non­mdeb­lo­biT Se­iZ­le­ba dad­gin­des sa­me­war­meo sa­
zo­ga­do­e­bis re­gis­tra­ci­is sxva wi­na­pi­ro­be­bic.

ka­no­nis me-9 mux­lis re­gu­li­re­bis sa­ga­ni im do­ku­men­ta­ci­is ka­ta­lo­gis

Seq­mna­a, rom­lis war­dge­nac me­war­mis re­gis­tra­ci­is wi­na pi­ro­ba­a. amas­Ta­na­
ve, es Ca­mo­naT­va­li ar aris amom­wu­ra­vi da sa­qar­Tve­los ka­non­mdeb­lo­biT
Se­saZ­le­be­lia dad­gin­des re­gis­tra­ci­is sxva wi­na pi­ro­be­bic. wi­nam­de­ba­re
mux­lSi dad­ge­ni­li we­sis mi­xed­viT ki, ma­re­gis­tri­re­bel or­ga­nos un­da wa­
red­gi­nos ori do­ku­men­ti: (1) sa­dam­fuZ­neb­lo Se­Tan­xme­ba; (2) xel­mZRva­ne­
lo­ba­sa da war­mo­mad­gen­lo­ba­ze uf­le­ba­mo­si­li Ti­To­e­u­li pi­ris Tan­xmo­ba
ase­Ti fun­qci­is Ses­ru­le­ba­ze. amas­Ta­na­ve, Tan­xmo­bis do­ku­men­tis cal­
ke war­mod­ge­na ar aris au­ci­le­be­li Tu xel­mZRva­ne­li pi­ris ne­ba ga­mo­xa­
tu­lia sa­dam­fuZ­neb­lo Se­Tan­xme­ba­Si (ma­ga­li­Tad, Tu xel­mZRva­ne­li pi­ri
amav­dro­u­lad sa­zo­ga­do­e­bis dam­fuZ­ne­be­lia da is xels awers sa­dam­fuZ­
neb­lo Se­Tan­xme­bas).

31
mux­li 10. pa­su­xis­mgeb­lo­ba sa­me­war­meo sa­zo­ga­do­e­bis re­gis­tra­ci­am­de
mi­si sa­xe­liT gan­xor­ci­e­le­bu­li moq­me­de­bis­Tvis

1. sa­me­war­meo sa­zo­ga­do­e­bis re­gis­tra­ci­am­de mi­si sa­xe­liT na­kis­ri

val­de­bu­le­be­bis­Tvis uSu­a­lod da Se­uzR­u­da­vad, ro­gorc so­li­da­
ru­li mo­va­le­e­bi, pa­suxs age­ben sa­me­war­meo sa­zo­ga­do­e­bis dam­fuZ­
ne­be­li par­tni­o­re­bi da im moq­me­de­bis gan­ma­xor­ci­e­leb­le­bi, ro­
mel­mac ga­mo­iw­via am val­de­bu­le­be­bis war­mo­So­ba, Tu kre­di­tor­Tan
sxva ram ar aris Se­Tan­xme­bu­li.
2. sa­me­war­meo sa­zo­ga­do­e­bis re­gis­tra­ci­am­de mi­si sa­xe­liT mo­po­ve­bu­
li uf­le­be­bi da na­kis­ri val­de­bu­le­be­bi sa­me­war­meo sa­zo­ga­do­e­bis
mi­er mo­wo­ne­bis Sem­Txve­va­Si iq­ce­va sa­me­war­meo sa­zo­ga­do­e­bis uf­
le­be­bad da val­de­bu­le­be­bad. aseT Sem­Txve­va­Si sa­me­war­meo sa­zo­ga­
do­e­bis dam­fuZ­ne­be­li par­tni­o­re­bi da im moq­me­de­bis gan­ma­xor­ci­e­
leb­le­bi, ro­mel­mac ga­mo­iw­via aR­niS­nu­li uf­le­be­bis an­/da val­de­
bu­le­be­bis war­mo­So­ba, Ta­vi­suf­lde­bi­an am val­de­bu­le­be­bis­gan, Tu
kre­di­tor­Tan sxva ram ar aris Se­Tan­xme­bu­li.

wes­de­ba­ze xel­mo­we­ris mo­men­ti­dan mis re­gis­tra­ci­am­de Su­a­led­Si sa­me­

war­meo sa­zo­ga­do­e­ba da­fuZ­ne­bu­li­a, Tum­ca iu­ri­di­u­li pi­ri jer ki­dev ar
aris war­mo­So­bi­li, vi­na­id ­ an, ka­no­ni iu­ri­di­u­li pi­ris war­mo­So­bas swo­red
re­gis­tra­ci­is faqts ukav­Si­rebs. am pe­ri­od­Si ar­se­bul war­mo­naqmns Se­iZ­
le­ba vu­wo­doT „wi­na­re sa­zo­ga­do­eb ­ a“. wi­na­re sa­zo­ga­do­e­bas praq­ti­ku­li
da­niS­nu­le­ba aqvs gan­sa­kuT­re­biT im qvey­neb­Si, sa­dac re­gis­tra­ci­is pro­
ce­du­ra ram­de­ni­medR­ia­ n pro­cess ukav­Sir­de­ba, ra dro­sac Se­saZ­le­be­li­a,
au­ci­le­be­li iyos mo­ma­va­li sa­me­war­meo sa­zo­ga­do­e­bi­saT­vis, gan­sa­kuT­re­
biT mi­si re­gis­tra­ci­is miz­ne­bi­saT­vis, gar­kve­u­li moq­me­de­be­bis gan­xor­
ci­e­le­ba. wi­nam­de­ba­re ka­no­ni me­war­mis re­gis­tra­ci­is uki­du­re­sad mar­tiv
pro­ce­du­rebs iT­va­lis­wi­nebs, ra­mac re­gis­tra­ci­is pro­ce­du­re­bis xan­
grZli­vo­ba mi­ni­mu­mam­de un­da da­iy­va­nos. Tum­ca, mi­u­xe­da­vad ami­sa, ma­inc
iar­se­bebs „i­u­ri­di­ul ­ i wa­mi“, rom­li­Tac wes­de­ba­ze xel­mo­we­ra win ga­us­
wrebs sa­zo­ga­do­eb ­ is re­gis­tra­ci­as. am dro­is xan­grZli­vo­ba ki da­mo­ki­de­
bu­lia sa­me­war­meo sa­zo­ga­do­e­bis dam­fuZ­ne­bel­Ta sur­vil­sa da sxva­das­xva
su­bi­eq­tur Tu obi­eq­tu­ri faq­tor­ze.
ka­no­nis me-9 mux­li qmnis nor­ma­ti­ul sa­fuZ­vels imi­saT­vis, rom wes­de­
ba­ze xel­mo­we­ris Sem­dgom mo­ma­va­li sa­me­war­meo sa­zo­ga­do­e­bis sa­xe­liT
gan­xor­ci­el ­ e­bu­li moq­me­de­be­bi ar mo­eq­ces sa­qar­Tve­los sis­xlis sa­mar­

32
Tlis ko­deq­siT gaT­va­lis­wi­ne­bu­li uka­no­no sa­me­war­meo saq­mi­a­no­bis gan­
mar­te­bis qveS. ase­Ti re­gu­li­re­ba gar­kve­ul uf­le­ba­u­na­ri­a­no­bas ani­Webs
wi­na­re sa­zo­ga­do­e­bas, ris Se­de­ga­dac mas Se­uZ­lia sa­ku­Ta­ri sa­xe­liT Se­
i­Zi­nos uf­le­be­bi da ikis­ros val­de­bu­le­be­bi, maT So­ris: gax­snas sa­ban­ko
an­ga­ri­Si, iyos uZ­ra­vi da moZ­ra­vi qo­ne­bis me­sa­kuT­re da iyos sa­sa­mar­Tlo
pro­ce­sis mxa­re.
amas­Ta­na­ve, pa­su­xis­mgeb­lo­bis na­wil­Si aR­sa­niS­na­vi­a, rom sa­me­war­meo sa­
zo­ga­do­e­bis re­gis­tra­ci­am­de mi­si sa­xe­liT na­kisr val­de­bu­le­beb­ze, uSu­
a­lod da Se­uzR­ud ­ a­vad, ro­gorc so­li­da­ru­li mo­va­le­e­bi, pa­suxs age­ben
sa­me­war­meo sa­zo­ga­do­eb ­ is dam­fuZ­ne­be­li par­tni­o­re­bi da Sem­sru­leb­le­bi
im moq­me­de­bi­sa, ro­mel­mac ga­mo­iw­via val­de­bu­le­bis war­mo­So­ba, Tu kre­di­
tor­Tan sxva ram ar aris Se­Tan­xme­bu­li. cal­ke aR­niS­vnis Rir­sia pos­tsa­re­
gis­tra­cio pa­su­xis­mgeb­lo­bis sa­kiTx­i. ker­Zod, sa­me­war­meo sa­zo­ga­do­e­bis
sa­xe­liT mis re­gis­tra­ci­am­de mo­po­ve­bu­li uf­le­be­bi da na­kis­ri val­de­bu­
le­be­bi sa­me­war­meo sa­zo­ga­do­e­bis mi­er mo­wo­ne­bis Sem­Txve­va­Si iq­ce­va sa­me­
war­meo sa­zo­ga­do­e­bis uf­le­be­bad da val­de­bu­le­be­bad. aseT Sem­Txve­va­Si,
sa­me­war­meo sa­zo­ga­do­eb ­ is dam­fuZ­ne­be­li par­tni­o­re­bi da Sem­sru­leb­le­bi
im moq­me­de­bi­sa, ro­mel­mac ga­mo­iw­via uf­le­be­bis an val­de­bu­le­bis war­mo­
So­ba, Ta­vi­suf­lde­bi­an val­de­bu­le­bis­gan, Tu kre­di­tor­Tan sxva ram ar iq­
ne­ba Se­Tan­xme­bu­li.

mux­li 11. in­di­vi­du­a­lu­ri me­war­mis re­gis­tra­cia

1. in­di­vi­du­a­lur me­war­med re­gis­tra­ci­is­Tvis an cvli­le­bis re­gis­

tra­ci­is­Tvis fi­zi­ku­ri pi­ri ma­re­gis­tri­re­bel or­ga­nos wa­rud­gens
we­ri­lo­biT gan­cxa­de­bas in­di­vi­du­a­lur me­war­med re­gis­tra­ci­is an
cvli­le­bis re­gis­tra­ci­is moTx­ov­niT da sa­qar­Tve­los mo­qa­la­qis
pi­ra­do­bis da­ma­das­tu­re­bel do­ku­ments, xo­lo Tu gan­mcxa­de­be­li
aris sa­qar­Tve­los mo­qa­la­qe­o­bis ar­mqo­ne pi­ri an ucxo sa­xel­mwi­
fos mo­qa­la­qe _ pi­ra­do­bis da­ma­das­tu­re­bel do­ku­ments, ro­me­lic
ga­mo­i­ye­ne­ba sa­no­ta­ro moq­me­de­be­bis Ses­ru­le­bis dros pi­ris iden­
ti­fi­ka­ci­is­Tvis.
2. am mux­lis pir­ve­li pun­qtiT gaT­va­lis­wi­ne­bu­li gan­cxa­de­ba un­da Se­
i­cav­des Sem­deg mo­na­ce­mebs:
a) gan­mcxa­deb­lis sa­xels;
b) gan­mcxa­deb­lis iu­ri­di­ul mi­sa­marTs;

33
 g) gan­mcxa­deb­lis pi­rad no­mers, xo­lo Tu gan­mcxa­de­be­li aris sa­
qar­Tve­los mo­qa­la­qe­o­bis ar­mqo­ne pi­ri an ucxo sa­xel­mwi­fos mo­qa­
la­qe _ mis mi­er war­dge­ni­li pi­ra­do­bis da­ma­das­tu­re­be­li do­ku­men­
tis sa­i­den­ti­fi­ka­cio mo­na­ce­mebs;
d) gan­mcxa­deb­lis xel­mo­we­ras.
3. in­di­vi­du­a­lur me­war­med re­gis­tra­ci­is­Tvis an cvli­le­bis re­gis­
tra­ci­is­Tvis gan­cxa­de­bis ma­re­gis­tri­re­be­li or­ga­nos­Tvis war­
dge­nis uf­le­ba aqvT ag­reT­ve „o­ku­pi­re­bu­li te­ri­to­ri­e­bis Se­sa­xeb“
sa­qar­Tve­los ka­no­niT gan­sazR­vrul oku­pi­re­bul te­ri­to­ri­eb­ze _
af­xa­ze­Tis av­to­no­mi­u­ri res­pub­li­kis te­ri­to­ri­eb­sa da cxin­va­lis
re­gi­on­Si (yo­fi­li sam­xreT ose­Tis av­to­no­mi­u­ri ol­qis te­ri­to­ri­
eb­ze) le­gi­ti­mu­rad mcxov­reb fi­zi­kur pi­rebs, rom­le­bic sa­qar­Tve­
los ka­non­mdeb­lo­biT dad­ge­ni­li we­siT ari­an re­gis­tri­re­bu­li da
rom­leb­sac mi­ni­We­bu­li aqvT pi­ra­di no­me­ri.
4. am mux­lis me-3 pun­qtiT gaT­va­lis­wi­ne­bu­li fi­zi­ku­ri pi­re­bis in­di­vi­
du­a­lur me­war­med re­gis­tra­ci­is we­si ga­ni­sazR­vre­ba in­struq­ci­iT.

in­di­vi­du­a­lu­ri me­war­me ar aris iu­ri­di­u­li pi­ri, is saq­mi­an ur­Ti­er­

To­beb­Si mo­na­wi­le­obs ro­gorc fi­zi­ku­ri pi­ri. aqe­dan ga­mom­di­na­re, mas ar
ga­aC­nia or­ga­ni­za­ci­ul ­ i struq­tu­ra, ma­Sin ro­de­sac, am ka­no­nis um­Tav­re­
si amo­ca­na swo­red me­war­me­Ta or­ga­ni­za­ci­ul­-sa­mar­Tleb­ri­vi sa­kiTx­eb ­ is
mo­wes­ri­ge­ba­a. Se­sa­ba­mi­sad, „me­war­me­Ta Se­sa­xeb“ ka­no­ni yve­la­ze nak­le­bad
swo­red in­di­vi­du­al ­ ur me­war­mes­Tan da­kav­Si­re­bul sa­kiTx­ebs awes­ri­gebs,
am mo­wes­ri­ge­bi­dan um­Tav­re­si _ in­di­vi­du­a­lu­ri me­war­mis re­gis­tra­cia da
war­mo­So­ba ki me-11 mux­lis far­gleb­Sia war­mod­ge­ni­li.
fi­zi­kur­ma pir­ma in­di­vi­du­al ­ ur me­war­med re­gis­tra­ci­i­saT­vis, Se­sa­ba­
mi­sad, sa­me­war­meo saq­mi­an ­ o­bis gan­xor­ci­e­le­bis le­gi­ti­ma­ci­is mo­po­ve­bi­
saT­vis, Tav­da­pir­vel etap­ze, ma­re­gis­tri­re­bel or­ga­nos un­da mi­mar­Tos
we­ri­lo­bi­Ti gan­cxa­de­biT da wa­rud­gi­nos Ta­vi­si iden­ti­fi­ka­ci­i­saT­vis
sa­Wi­ro do­ku­men­ti. igi­ve we­si moq­me­debs re­gis­tri­re­bul mo­na­ce­meb­Si
cvli­le­bis Se­ta­na­ze.
ma­re­gis­tri­re­bel or­ga­no­Si war­dge­ni­li gan­cxa­de­ba un­da Se­i­cav­des
Sem­deg mo­na­ce­mebs: (1) gan­mcxa­deb­lis sa­xels; (2) iu­ri­di­ul mi­sa­marTs;
(3) gan­mcxa­deb­lis pi­rad no­mers, xo­lo Tu gan­mcxa­de­be­li mo­qa­la­qe­o­bis
ar­mqo­ne pi­ri an ucxo sa­xel­mwi­fos mo­qa­la­qe­a, mis mi­er pi­ra­do­bis da­sa­
das­tu­reb­lad war­dge­ni­li do­ku­men­tis sa­i­den­ti­fi­ka­cio mo­na­ce­mebs; (4)
gan­mcxa­deb­lis xel­mo­we­ras.

34
 ama­ve mux­lSi, ase­ve, gaT­va­lis­wi­ne­bu­lia „me­war­me­Ta Se­sa­xeb“ ka­no­nis
is de­bu­le­be­bi, rom­leb­mac oku­pi­re­bul te­ri­to­ri­eb­ze le­gi­ti­mu­rad
mcxov­reb fi­zi­kur pi­rebs un­da mis­ces Se­saZ­leb­lo­ba, sa­qar­Tve­los da­
nar­Cen te­ri­to­ri­a­ze ga­na­xor­ci­e­lon sa­me­war­meo saq­mi­a­no­ba, ra­Ta mox­des
ma­Ti sa­qar­Tve­los eko­no­mi­kur siv­rce­Si re­in­teg­ra­ci­a. ker­Zod, vi­na­i­dan
am pi­rebs ume­tes Sem­Txve­va­Si ar ga­aC­ni­aT sa­qar­Tve­los pas­por­ti an pi­ra­
do­bis mow­mo­ba, maT uf­le­ba eni­We­baT, ma­re­gis­tri­re­bel or­ga­no­Si sa­ku­
Ta­ri Ta­vis iden­ti­fi­ci­re­ba mo­ax­di­non sa­qar­Tve­los ka­non­mdeb­lo­biT
dad­ge­ni­li spe­ci­a­lu­ri we­siT, maT­Tvis mi­ni­We­bu­li pi­ra­di nom­ris meS­ve­
o­biT.

mux­li 12. re­gis­tri­re­bu­li mo­na­ce­me­bis cvli­le­bis re­gis­tra­cia

1. am ka­no­nis me-5 da me-6 mux­le­biT gaT­va­lis­wi­ne­bu­li mo­na­ce­me­bis

cvli­le­ba re­es­trSi un­da da­re­gis­trir­des.
2. re­gis­tri­re­bu­li mo­na­ce­me­bis cvli­le­ba xor­ci­el­de­ba sa­me­war­meo
sa­zo­ga­do­e­bis xel­mZRva­ne­lo­ba­sa da war­mo­mad­gen­lo­ba­ze uf­le­ba­
mo­si­li pi­ris mi­mar­Tvis sa­fuZ­vel­ze, Tu wes­de­biT an am cvli­le­bis
re­gis­tra­ci­is sa­fuZ­vlad war­dge­ni­li ga­ri­ge­biT sxva ram ar aris
gaT­va­lis­wi­ne­bu­li.
3. am mux­lis me-2 pun­qtiT gaT­va­lis­wi­ne­bu­li pi­ris mi­mar­Tvis gar­da,
am ka­no­nis me-5 mux­lis me-2 pun­qtis „g“ qve­pun­qtiT gaT­va­lis­wi­ne­
bu­li mo­na­ce­me­bis cvli­le­ba wi­lis gas­xvi­se­bis Sem­Txve­va­Si Se­iZ­
le­ba gan­xor­ci­el­des ag­reT­ve wi­lis gam­sxvi­se­be­li par­tni­o­ris an
Sem­Ze­nis moTx­ov­nis sa­fuZ­vel­ze, xo­lo mem­kvid­re­o­bis Sem­Txve­va­Si
_ mem­kvid­ris­/mem­kvid­re­e­bis moTx­ov­nis sa­fuZ­vel­ze. am ka­no­nis me-5
mux­lis me-2 pun­qtis „d“ qve­pun­qtiT gaT­va­lis­wi­ne­bu­li mo­na­ce­me­bis
cvli­le­ba Se­iZ­le­ba gan­xor­ci­el­des ase­ve ne­bis­mi­e­ri par­tni­o­ris
moTx­ov­nis sa­fuZ­vel­ze. re­gis­tra­ci­i­sad­mi daq­vem­de­ba­re­bu­li sa­
me­war­meo sa­zo­ga­do­e­bis ka­pi­tal­Si par­tni­o­ris wi­lob­ri­vi mo­na­wi­
le­o­bis cvli­le­ba, ag­reT­ve am ka­no­nis me-5 mux­lis me-2 pun­qtis „v“
qve­pun­qtiT gaT­va­lis­wi­ne­bu­li mo­na­ce­me­bis cvli­le­ba Se­iZ­le­ba gan­
xor­ci­el­des ase­ve Se­sa­ba­mi­si par­tni­o­ris mi­mar­Tvis sa­fuZ­vel­ze.
4. Tu sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­biT sxva we­
si ar aris dad­ge­ni­li, wes­de­bis cvli­le­bas xels awers par­tni­or­Ta
sa­er­To kre­bis­/aq­ci­o­ner­Ta sa­er­To kre­bis­/ko­o­pe­ra­ti­vis wev­rTa

35
 sa­er­To kre­bis (Sem­dgom _ sa­er­To kre­ba) Tav­mjdo­ma­re. Tu sa­er­
To kre­bas no­ta­ri­u­si es­wre­ba, sa­er­To kre­bis oqms ad­gens da xels
awers no­ta­ri­u­sic. Tu sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo
Se­Tan­xme­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li, wes­de­bis cvli­le­
ba­ze an mis axal re­daq­ci­a­ze par­tni­o­re­bis xel­mo­we­re­bi sa­Wi­ro ar
aris. wes­de­bis cvli­le­bis da­mow­me­ba­ze vrcel­de­ba am ka­no­nis me-4
mux­lis me-3 pun­qtiT dad­ge­ni­li we­si.
5. re­gis­tri­re­bu­li mo­na­ce­me­bis cvli­le­bis gan­sa­xor­ci­e­leb­lad
war­dge­ni­li ga­ri­ge­ba da­mow­me­bu­li un­da iyos am ka­no­nis me-4 mux­
lis me-3 pun­qtiT dad­ge­ni­li we­siT.
6. sa­me­war­meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­ba­Si cvli­le­bis
gan­xor­ci­e­le­bis moTx­ov­nis Sem­Txve­va­Si ma­re­gis­tri­re­bel or­ga­nos
am cvli­le­bis teq­stTan er­Tad un­da wa­red­gi­nos sa­dam­fuZ­neb­lo
Se­Tan­xme­bis kon­so­li­di­re­bu­li teq­sti. war­dge­ni­li kon­so­li­di­re­
bu­li teq­stis xar­ve­zi re­gis­tra­ci­is Se­ma­fer­xe­be­li ga­re­mo­e­ba­a.
7. me­war­mis re­gis­tri­re­bu­li mo­na­ce­mis cvli­le­ba xor­ci­el­de­ba „sa­
ja­ro re­es­tris Se­sa­xeb“ sa­qar­Tve­los ka­no­ni­sa da sxva nor­ma­ti­u­li
aq­te­bis Se­sa­ba­mi­sad.
8. wil­ze sa­kuT­re­bis uf­le­bis wi­nas­wa­ri re­gis­tra­cia xor­ci­el­de­ba
„sa­ja­ro re­es­tris Se­sa­xeb“ sa­qar­Tve­los ka­no­niT uZ­rav niv­Tze uf­
le­bis wi­nas­wa­ri re­gis­tra­ci­is­Tvis dad­ge­ni­li we­siT.
9. Tu so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si, ko­man­di­tur sa­
zo­ga­do­e­ba­Si, SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si wi­lis
Sem­Zen­ma pir­ma sa­kuT­re­bis uf­le­bis re­gis­tra­ci­as­Tan er­Tad mo­iTx­
o­va ise­Ti cvli­le­bis gan­xor­ci­e­le­ba, rom­lis sa­fuZ­vlad ar­se­bul
sa­kiTx­Tan da­kav­Si­re­bi­Tac ga­dawy­ve­ti­le­ba Se­eZ­lo mi­e­Ro mas, ro­
gorc wi­lis me­sa­kuT­res, wi­lis me­sa­kuT­red mi­si re­gis­tra­ci­is Sem­
deg ga­dawy­ve­ti­le­ba uf­le­ba­mo­si­li pi­ris mi­er mi­Re­bu­lad mi­iC­ne­va.
10. „sa­in­ves­ti­cio fon­de­bis Se­sa­xeb“ sa­qar­Tve­los ka­no­niT gan­sazR­
vru­li av­to­ri­ze­bu­li sa­in­ves­ti­cio kom­pa­ni­is am mux­lis pir­ve­li
pun­qtiT gaT­va­lis­wi­ne­bu­li mo­na­ce­me­bis cvli­le­bis gan­sa­xor­ci­e­
leb­lad da­in­te­re­se­bu­li pi­ri wa­rad­gens sa­qar­Tve­los erov­nu­li
ban­kis Tan­xmo­bas, gar­da sa­qar­Tve­los erov­nu­li ban­kis sa­mar­Tleb­
ri­vi aq­tiT gan­sazR­vru­li Sem­Txve­ve­bi­sa.
11. re­zo­lu­ci­is re­Jim­Si myo­fi ko­mer­ci­u­li ban­kis re­gis­tri­re­bu­li
mo­na­ce­mis cvli­le­ba sa­qar­Tve­los erov­nu­li ban­kis mi­mar­Tvis sa­
fuZ­vel­ze re­es­trSi da­u­yov­neb­liv re­gis­trir­de­ba.

36
 ga­ri­ge­bis mo­na­wi­le­e­bis Se­saZ­leb­lo­ba, sa­ja­rod xel­mi­saw­vdo­mi wya­
ro­dan mi­i­Ron amom­wu­ra­vi da si­met­ri­ul ­ i in­for­ma­ci­a, am­ci­rebs maT tran­
saq­ci­ul xar­jebs, zrdis ga­ri­ge­bis sa­er­To eko­no­mi­kur efeqts, axa­li­sebs
ga­ri­ge­bebs da, Se­sa­ba­mi­sad, xels uwy­obs sta­bi­lur sa­mo­qa­la­qo brun­vas.
amas­Tan, re­es­trSi Ta­vis Se­sa­xeb ar­se­bu­li in­for­ma­ci­is ga­nax­le­bis mo­
ti­va­cia Se­sa­ba­mis su­bi­eqts nak­le­bad aqvs. amis mi­ze­zi Se­iZ­le­ba iyos is,
rom ase­Ti ga­nax­le­ba da­kav­Si­re­bu­lia Se­sa­ba­mi­si fi­nan­su­ri, dro­is, ada­mi­
a­nu­ri da sxva re­sur­se­bis ga­Re­bas­Tan mniS­vne­lo­va­ni pir­da­pi­ri, sa­pa­su­xo
amo­na­ge­bis ga­re­Se. ase­ve, Se­sa­ba­mis su­bi­eqts in­for­ma­ci­is sa­ja­rod ga­moq­
vey­ne­bi­sa­ken Se­iZ­le­ba ar ubiZ­gos Ta­vad ba­zar­mac, nak­le­bi kon­ku­ren­ci­
is da mom­xma­reb­lis mxri­dan sus­ti sa­baz­ro Za­la­uf­le­bis ga­mo. swo­red
am mi­ze­ziT, ka­no­nis me-12 mux­lSi dad­ge­ni­lia re­es­trSi re­gis­tri­re­bu­li
mo­na­ce­me­bis ga­nax­le­bis val­de­bu­le­ba da we­si.
upir­ve­les yov­li­sa, ga­nax­le­bis val­de­bu­le­ba Se­e­xe­ba sa­zo­ga­do­eb ­ is
ar­se­bo­bis um­Tav­res do­ku­ments _ sa­dam­fuZ­neb­lo Se­Tan­xme­bas. re­es­trSi
ar­se­bu­li am mo­na­ce­mis ga­nax­le­bis val­de­bu­le­ba ekis­re­ba sa­zo­ga­do­e­bis
xel­mZRva­nel pirs. xel­mZRva­nel­ma pir­ma Ta­vi­si am val­de­bu­le­bis Se­sas­
ru­leb­lad ma­re­gis­tri­re­bel or­ga­nos un­da wa­rud­gi­nos sa­er­To kre­bis
Tav­mjdo­ma­ris xel­mo­we­ri­li wes­de­bis cvli­le­ba, ra­zec in­di­vi­du­a­lu­
rad Ti­To­e­u­li par­tni­o­ris xel­mo­we­ra sa­Wi­ro ar aris. amas­Tan, xel­mo­
we­ra­ze vrcel­de­ba sa­no­ta­ro da­mow­me­bis val­de­bu­le­ba. sa­no­ta­ro we­siT
da­mow­me­ba sa­val­de­bu­lo ar aris, Tu:
 xel­mo­we­ra dad­ge­ni­li we­siT da­mow­me­bu­lia ma­re­gis­tri­re­be­li or­
ga­nos mi­er;
 xel­mo­we­ra dad­ge­ni­li we­siT da­mow­me­bu­lia ma­re­gis­tri­re­be­li or­
ga­nos mi­er uf­le­ba­mo­si­li:
- sxva ad­mi­nis­tra­ci­u­li or­ga­nos mi­er;
- sxva pi­ris mi­er;
an
 xel­mo­we­ra Ses­ru­le­bu­lia „e­leq­tro­nu­li do­ku­men­ti­sa da eleq­
tro­nu­li san­do mom­sa­xu­re­bis Se­sa­xeb“ sa­qar­Tve­los ka­no­nis Se­sa­
ba­mi­sad.

ma­re­gis­tri­re­bel or­ga­nos­Tan ko­mu­ni­ka­cia sa­zo­ga­do­e­bis war­mo­mad­

gen­lo­ba­ze uf­le­ba­mo­si­li pi­ris kom­pe­ten­ci­a­a. amas­Ta­na­ve, ka­no­nis wi­
nam­de­ba­re mux­li gan­sazR­vravs ram­de­ni­me ga­monა­k­liss am we­si­dan, ker­
Zod:

37
  par­tni­or­ is sa­id ­ en­ti­fi­ka­cio mo­na­ce­me­bis cvli­le­bis uf­le­ba sa­
zo­ga­do­e­bis xel­mZRva­nel pir­Tan er­Tad ase­ve eni­We­ba am wi­lis Sem­
Zen­sa da gam­sxvi­se­bels;
 xel­mZRva­ne­lo­ba­sa da war­mo­mad­gen­lo­ba­ze uf­le­ba­mo­si­li pi­ris,
ag­reT­ve, ase­Tis ar­se­bo­bis Sem­Txve­va­Si, sa­meT­val­yu­reo sab­Wos wev­
ris sa­i­den­ti­fi­ka­cio mo­na­ce­me­bis da uf­le­ba­mo­si­le­bis va­dis re­
gis­tra­ci­is uf­le­ba aqvT sa­zo­ga­do­e­bis xel­mZRva­nel pirs da ne­bis­
mi­er par­tni­ors;
 re­gis­tra­ci­as daq­vem­de­ba­re­bul par­tni­or­Ta wi­lob­ri­vi mo­na­wi­le­
o­bis cvli­le­bis re­gis­tra­ci­as ax­dens sa­zo­ga­do­eb ­ is xel­mZRva­ne­li
pi­ri an Se­sa­ba­mi­si par­tni­o­ri;
 par­tni­or­ is wi­lis mmar­Tve­lis sa­i­den­ti­fi­ka­cio an re­gis­tra­ci­is
mo­na­ce­me­bis re­gis­tra­ci­is uf­le­ba aqvT sa­zo­ga­do­e­bis xel­mZRva­
nel pirs da Se­sa­ba­mis par­tni­ors;
 wil­ze sa­kuT­re­bis uf­le­bas­Tan er­Tad im ga­dawy­ve­ti­le­bis re­gis­
tra­ci­is uf­le­ba, ro­mel­ze ga­dawy­ve­ti­le­ba Se­eZ­lo mi­e­Ro am par­
tni­ors _ Ta­vad am par­tni­ors.

wi­nam­de­ba­re mux­lis me-10 da me-11 pun­qte­bi ad­ge­nen gar­kve­ul ga­mo­nak­

li­sebs erov­nu­li ban­kis ze­dam­xed­ve­lo­bas daq­vem­de­ba­re­bu­li su­bi­eq­te­
bi­saT­vis. ker­Zod, av­to­ri­ze­bu­li sa­in­ves­ti­cio kom­pa­ni­is sa­re­gis­tra­cio
do­ku­men­tis cvli­le­bis miz­niT da­in­te­re­se­bu­li pi­ri val­de­bu­li iq­ne­ba,
wa­rad­gi­nos sa­qar­Tve­los erov­nu­li ban­kis Tan­xmo­ba. ase­ve, sa­qar­Tve­los
erov­nul banks eni­We­ba re­zo­lu­ci­is re­Jim­Si myo­fi ko­mer­ci­u­li ban­kis
re­gis­tri­re­bu­li mo­na­ce­mis cvli­le­bis uf­le­ba­mo­si­le­ba.

mux­li 13. re­es­tris sa­ja­ro­o­ba da in­for­ma­ci­is ga­moq­vey­ne­bis val­de­bu­le­ba

1. re­es­trSi re­gis­tri­re­bu­li mo­na­ce­me­bi sa­ja­ro­a. ne­bis­mi­er pirs

aqvs uf­le­ba, ga­ec­nos re­es­trSi re­gis­tri­re­bul mo­na­ce­mebs da ma­
re­gis­tri­re­be­li or­ga­nos­gan mi­i­Ros amo­na­we­ri.
2. amo­na­we­ri ga­i­ce­ma sa­qar­Tve­los mTav­ro­bis dad­ge­ni­le­biT amo­na­
we­ris mom­za­de­bis­Tvis gan­sazR­vrul va­da­Si da dad­ge­ni­li sa­fa­su­
ris ga­dax­dis Sem­deg. amo­na­we­ri mzad­de­ba re­es­tris, sa­ja­ro-­sa­mar­
Tleb­ri­vi SezR­ud­vis, sa­ga­da­sa­xa­do gi­rav­no­bis­/i­po­Te­kis, moZ­rav
niv­Teb­sa da ara­ma­te­ri­a­lur qo­neb­riv si­ke­Te­ze uf­le­ba­Ta da mo­

38
 va­le­Ta re­es­tre­bis mo­na­ce­me­bis sa­fuZ­vel­ze da asa­xavs amo­na­we­ris
mom­za­de­bis mo­men­tis­Tvis Za­la­Si myof mo­na­ce­mebs re­gis­tri­re­bu­
li su­bi­eq­tis Se­sa­xeb.
3. re­gis­tra­ci­is pro­ces­Si war­dge­ni­li do­ku­men­te­bis eleq­tro­nu­li
as­le­bi gan­Tav­se­bu­lia ma­re­gis­tri­re­be­li or­ga­nos er­Ti­an eleq­
tro­nul por­tal­ze da sa­fa­su­ris ga­dax­dis ga­re­Se xel­mi­saw­vdo­mia
ne­bis­mi­e­ri pi­ris­Tvis. re­gis­tra­ci­is moTx­ov­na mi­iC­ne­va mo­na­cem­Ta
su­bi­eq­tis mi­er per­so­na­lu­ri mo­na­ce­me­bis am mux­lis Se­sa­ba­mi­sad
da­mu­Sa­ve­ba­ze Tan­xmo­bis gan­cxa­de­bad.
4. am ka­no­niT an wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­veb­Si ga­moq­vey­ne­
bad mi­iC­ne­va faq­tis Ta­o­ba­ze in­for­ma­ci­is an do­ku­men­tis ma­re­gis­
tri­re­be­li or­ga­nos er­Ti­an eleq­tro­nul por­tal­ze gan­Tav­se­ba.
5. am ka­no­niT gaT­va­lis­wi­ne­bu­li sxva Sem­Txve­ve­bis gar­da, un­da ga­moq­
vey­ndes:
a) re­es­trSi re­gis­tri­re­bu­li mo­na­ce­me­bi da maT­Si gan­xor­ci­e­le­bu­
li yve­la cvli­le­ba;
b) sul mci­re we­li­wad­Si er­Txel _ sa­aq­cio sa­zo­ga­do­e­bis gan­Tav­se­
bu­li ka­pi­ta­lis ode­no­ba, Tu es mo­na­ce­mi re­es­trSia re­gis­tri­re­
bu­li.
6. me­war­mis, sazR­var­ga­reT re­gis­tri­re­bu­li me­war­mis fi­li­a­lis xel­
mZRva­ne­lo­ba­ze uf­le­ba­mo­si­li pi­ri pa­su­xis­mge­be­lia am ka­no­niT
gaT­va­lis­wi­ne­bu­li ga­mo­saq­vey­ne­be­li mo­na­ce­me­bis re­es­tris­Tvis
mi­wo­de­bis­Tvis. am val­de­bu­le­bis Se­us­ru­leb­lo­bis­Tvis ad­mi­nis­
tra­ci­u­li pa­su­xis­mgeb­lo­ba ga­ni­sazR­vre­ba sa­qar­Tve­los ka­non­
mdeb­lo­biT.

tran­saq­ci­is eko­no­mi­ku­ri efeq­ti­a­no­ba pir­da­pi­raa da­kav­Si­re­bu­li mo­

na­wi­le mxa­re­Ta in­for­ma­ci­is si­met­ri­ul ­ o­ba­ze. swo­red ami­tom ga­ri­ge­bis
mxa­re­eb
­ i did re­surss xar­ja­ven sa­Wi­ro da san­do in­for­ma­ci­is mo­po­ve­ba­
ze. am Sem­Txve­va­Si ka­non­mde­bels Se­uZ­lia im­gva­ri sa­ka­non­mdeb­lo Car­Cos
Seq­mna, ro­go­ri­Tac mxa­re­ebs mo­ex­sne­baT in­for­ma­ci­is mo­po­ve­bas­Tan da­
kav­Si­re­bu­li ba­ri­e­re­bi da xar­je­bi, ri­Tac wa­xa­lis­de­ba sa­mo­qa­la­qo brun­
va. swo­red sa­ja­ro re­es­tris in­for­ma­ci­is xel­mi­saw­vdo­mo­bis uz­run­vel­
yo­fa xde­ba ka­no­nis me-13 mux­liT.
upir­ve­les yov­li­sa, ka­nons Se­mo­aqvs ma­re­gis­tri­re­be­li or­ga­nos eleq­
tro­nu­li por­ta­lis, ro­gorc er­Ti­a­ni da sa­ja­rod xel­mi­saw­vdo­mi eleq­
tro­nu­li siv­rcis, cne­ba. eleq­tro­nu­li por­ta­lis meS­ve­o­biT mox­de­ba:

39
  ma­re­gis­tri­re­bel or­ga­no­Si re­gis­tra­ci­is pro­ces­Si war­dge­ni­li
do­ku­men­te­bis ga­sa­ja­ro­e­ba;
 sa­me­war­meo sa­zo­ga­do­e­bis mi­er mas­ze ka­no­niT da­kis­re­bu­li ga­moq­
vey­ne­bis val­de­bu­le­bis Ses­ru­le­ba (ma­ga­li­Tad: Ser­wymis­/ga­yo­fis
geg­mis, kre­bis mow­ve­vis Se­sa­xeb Sety­o­bi­ne­bis ga­moq­vey­ne­ba, gan­Tav­
se­bu­li ka­pi­ta­lis Sem­ci­re­bis Se­sa­xeb ga­dawy­ve­ti­le­bis ga­moq­vey­ne­
ba da sxv.);
 me­war­mis av­to­ri­ze­bu­li mom­xma­reb­lis siv­rcis meS­ve­o­biT me­war­
mes­Tan ofi­ci­a­lu­ri gziT ko­mu­ni­ka­cia da mis­Tvis sxva­das­xva eleq­
tro­nu­li ser­vi­sis Se­Ta­va­ze­ba.

wi­nam­de­ba­re mux­li ne­bis­mi­er pirs aZ­levs Se­saZ­leb­lo­bas ga­ec­nos re­

es­trSi re­gis­tri­re­bul mo­na­ce­mebs da ma­re­gis­tri­re­be­li or­ga­nos­gan mi­
i­Ros amo­na­we­ri. amo­na­we­ri Se­ic ­ avs amo­na­we­ris mom­za­de­bis mo­men­tis­Tvis
Za­la­Si myof mo­na­ce­mebs re­gis­tri­re­bu­li su­bi­eq­tis Se­sa­xeb.
gar­da amo­na­we­ri­sa, re­gis­tra­ci­is pro­ces­Si war­dge­ni­li do­ku­men­te­bis
eleq­tro­nu­li as­le­bi gan­Tav­se­bu­lia ma­re­gis­tri­re­be­li or­ga­nos er­Ti­an
eleq­tro­nul por­tal­ze da sa­fa­su­ris ga­dax­dis ga­re­Se xel­mi­saw­vdo­mia
ne­bis­mi­e­ri pi­ris­Tvis. am Sem­Txve­va­Si er­Tma­neTs upi­ris­pir­de­ba Se­sa­ba­
mi­si su­bi­eq­tis gar­kve­u­li per­so­na­lu­ri mo­na­ce­mis dac­vi­sa da qve­ya­na­Si
sa­mo­qa­la­qo brun­vis ar­se­bo­bis in­te­re­si, sa­dac ka­non­mde­be­li upi­ra­te­
so­bas mi­si gan­sa­kuT­re­bu­li sa­zo­ga­do­eb­ri­vi mniS­vne­lo­bis gaT­va­lis­wi­ne­
biT am uka­nas­knels ani­Webs. Se­sa­ba­mis ka­non­mdeb­lo­bas­Tan wi­na­aR­mde­go­bis
Ta­vi­dan asa­ci­leb­lad wi­nam­de­ba­re mux­li mi­u­Ti­Tebs, rom re­gis­tra­ci­is
moTx­ov­na mi­iC­ne­va mo­na­cem­Ta su­bi­eq­tis mi­er per­so­na­lu­ri mo­na­ce­me­bis
da­mu­Sa­ve­ba­ze Tan­xmo­bis gan­cxa­de­bad.
re­es­tris mo­na­ce­me­bis sa­ja­ro­o­bi­sa da sis­ru­lis dac­vis mniS­vne­lo­
ba­ze mi­u­Ti­Tebs am nor­ma­Si ga­mo­ye­ne­bu­li „brZa­ne­ba da kon­tro­li“-s sa­
ka­non­mdeb­lo teq­ni­kac, ro­mel­sac ker­Zo­sa­mar­Tleb­riv ur­Ti­er­To­beb­Si
ka­non­mde­be­li sa­ga­mo­nak­li­sod, mxo­lod im Sem­Txve­va­Si iye­nebs Tu in­te­
re­si Ta­vi­si sa­zo­ga­do­eb­ri­vi mniS­vne­lo­biT sa­Wi­ro­ebs sa­xel­mwi­fos mxri­
dan upi­ro­bo dac­vas. ker­Zod, wi­nam­de­ba­re mux­li mi­u­Ti­Tebs qce­vis wes­ze
- ka­no­niT ga­moq­vey­ne­bis­Tvis gaT­va­lis­wi­ne­bu­li mo­na­ce­mis re­es­tris­Tvis
mi­wo­de­ba­ze da ase­ve, mi­uT ­ i­Tebs ad­mi­nis­tra­ci­ul pa­su­xis­mgeb­lo­ba­ze am
we­sis dar­Rve­vi­saT­vis. uf­ro kon­kre­tu­lad, am mo­va­le­o­bis dar­Rve­vi­saT­
vis ad­mi­nis­tra­ci­ul ­ i pa­su­xis­mgeb­lo­ba da­e­kis­re­baT sa­zo­ga­do­e­bis­/sazR­

40
var­ga­reT re­gis­tri­re­bu­li me­war­mis fi­li­a­lis xel­mZRva­nel pi­rebs. pir­
vel etap­ze am mo­va­le­o­bis dar­Rve­va ga­mo­iw­vevs sa­me­war­meo sa­zo­ga­do­e­bis,
ase­ve, sazR­var­ga­reT re­gis­tri­re­bu­li sa­me­war­meo sa­zo­ga­do­e­bis fi­li­a­
lis xel­mZRva­ne­lo­ba­ze uf­le­ba­mo­si­li pi­ris gaf­rTxi­le­bas. gaf­rTxi­le­
bi­dan 1 Tvis va­da­Si gaf­rTxi­le­biT gan­sazR­vru­li moTx­ov­nis Se­us­ru­leb­
lo­ba ga­mo­iw­vevs ama­ve pi­ris da­ja­ri­me­bas 200 la­ris ode­no­biT. amas­Tan,
val­de­bu­le­bis Ses­ru­le­bis da Se­us­ru­leb­lo­bis Ta­o­ba­ze in­for­ma­cia ai­
sa­xe­ba er­Ti­an eleq­tro­nul por­tal­ze, rac xel­mi­saw­vdo­mi iq­ne­ba ne­bis­
mi­e­ri da­in­te­re­se­bu­li pi­ris­Tvis.

mux­li 14. re­es­tris mo­na­cem­Ta uty­u­a­ro­bi­sa da sis­ru­lis pre­zum­fcia

1. re­es­trSi re­gis­tri­re­bu­li, ga­moq­vey­ne­bu­li mo­na­ce­me­bis mi­marT

moq­me­debs uty­u­a­ro­bi­sa da sis­ru­lis pre­zum­fci­a.
2. me­sa­me pir­Tan ur­Ti­er­To­ba­Si me­war­me re­es­trSi re­gis­tri­re­bul
mo­na­ce­mebs Se­iZ­le­ba da­ey­rdnos mxo­lod ma­Ti ga­moq­vey­ne­bis Sem­
deg, gar­da im Sem­Txve­vi­sa, ro­de­sac me­war­me da­am­tki­cebs, rom me­sa­
me pi­ris­Tvis Se­sa­ba­mi­si faq­ti an do­ku­men­ti cno­bi­li iyo.
3. me­sa­me pir­Tan im ur­Ti­er­To­be­bis far­gleb­Si, rom­le­bic mo­na­ce­me­
bis re­gis­tra­ci­i­dan da ga­moq­vey­ne­bi­dan 15 dRis va­da­Si war­mo­iS­va,
da­saS­ve­bia re­gis­tri­re­bul da ga­moq­vey­ne­bul mo­na­ce­meb­ze day­
rdno­ba, gar­da im Sem­Txve­vi­sa, ro­de­sac me­sa­me pi­ri da­am­tki­cebs,
rom man Se­sa­ba­mi­si faq­ti­sa da do­ku­men­tis Ta­o­ba­ze ar ico­da da
arc Se­iZ­le­bo­da scod­no­da.
4. me­sa­me pirs uf­le­ba aqvs, da­ey­rdnos im mo­na­ce­mebs, ro­mel­Ta re­gis­
tra­ci­i­sa da ga­moq­vey­ne­bis pro­ce­du­ra ar das­ru­le­bu­la, gar­da im
Sem­Txve­vi­sa, ro­de­sac es mo­na­ce­me­bi Za­la­Si Se­dis mxo­lod ma­Ti re­
gis­tra­ci­i­sa da ga­moq­vey­ne­bis Sem­deg.
5. sa­me­war­meo sa­zo­ga­do­e­bis war­mo­mad­gen­lo­ba­ze uf­le­ba­mo­si­li pi­
ris Ta­nam­de­bo­ba­ze da­niS­vni­sa da mis Se­sa­xeb mo­na­cem­Ta sa­Ta­na­do
we­siT re­gis­tra­ci­i­sa da ga­moq­vey­ne­bis Sem­Txve­va­Si me­sa­me pir­Tan
ur­Ti­er­To­ba­Si am pi­ris Ta­nam­de­bo­ba­ze da­niS­vnas­Tan da­kav­Si­re­bul
xar­vez­ze day­rdno­ba da­uS­ve­be­li­a, gar­da im Sem­Txve­vi­sa, ro­de­sac
sa­me­war­meo sa­zo­ga­do­e­ba da­am­tki­cebs, rom me­sa­me pi­ris­Tvis es xar­
ve­zi cno­bi­li iyo.

41
 gar­da Se­sa­ba­mi­si pi­ris mi­er in­for­ma­ci­is re­es­tri­saT­vis mi­wo­de­bis mo­
ti­va­ci­is nak­le­bo­bis me-12 da me-13 mux­leb­Si gan­xi­lu­li Sem­Txve­ve­bi­sa,
Se­sa­ba­mis su­bi­eqts, ase­ve, Se­iZ­le­ba hqon­des mi­za­ni ga­ri­ge­bis me­o­re mxa­
res mi­a­wo­dos aras­ru­li­/a­ras­wo­ri in­for­ma­ci­a. es Se­iZ­le­ba mox­des gan­sa­
kuT­re­biT ma­Sin, ro­de­sac me­o­re mxa­res ar ga­aC­nia in­for­ma­ci­is ga­da­mow­me­
bis an mcdar in­for­ma­ci­as­Tan da­kav­Si­re­bu­li da­vis wa­mowy­e­bis sa­Ta­na­do
re­sur­se­bi. swo­red ami­tom, ka­non­mde­be­li Se­sa­ba­mis su­bi­eqts aram­xo­lod
akis­rebs in­for­ma­ci­is re­es­tri­saT­vis war­dge­nis val­de­bu­le­bas, ara­med
ba­zars icavs, ro­gorc re­gis­tra­ci­is ­ as war­dge­ni­li mcda­ri in­for­ma­ci­i­
sa­gan, ise re­es­tris mo­na­ce­me­bis sxva ne­bis­mi­e­ri xar­ve­zi­sa­gan. Tun­dac er­
Ti ga­mo­nak­li­si sis­ru­li­sa da uty­u­a­ro­bi­dan, ma­ku­la­tu­rad ga­da­aq­cev­da
re­es­tris mi­er ga­moq­vey­ne­bul yve­la sxva mo­na­cems. re­es­tris mo­na­ce­mis
san­do­o­bis da­sa­ca­vad, ga­moq­vey­ne­bu­li re­gis­tri­re­bu­li mo­na­ce­mis mi­
marT moq­me­debs (1) uty­u­a­ro­bi­sa da (2) sis­ru­lis pre­zum­fci­a.

sa­mo­qa­la­qo brun­vi­saT­vis, re­es­tris mo­na­ce­me­bis sis­ru­li­sa da uty­

u­a­ro­bis pa­ra­le­lu­rad, ara­nak­leb mniS­vne­lo­va­nia am mo­na­ce­me­bis sta­bi­
lu­ro­bis gan­cda. Ta­na­med­ro­ve teq­no­lo­gi­eb ­ is pi­ro­beb­Si, Se­mow­me­bu­li
in­for­ma­cia yo­vel­wa­mi­e­rad ga­nax­le­ba­di­a. mxa­re­ebs ki, gan­vi­Ta­re­bu­li
fi­nan­su­ri baz­ris pi­ro­beb­Si, saq­mi­an ur­Ti­er­To­beb­Si er­Tma­ne­Tis mi­marT
Se­saZ­le­be­lia dRis gan­mav­lo­ba­Si aTo­biT av­to­ma­tu­ri tran­saq­ci­is Ses­
ru­le­ba mo­u­wi­oT, ro­mel­Ta Se­de­ge­bi gar­kve­u­li pe­ri­od ­ u­lo­biT jam­de­
ba. Se­sa­ba­mi­sad, tran­saq­ci­e­bis jaW­vis dawy­eb­ i­sas mo­po­ve­bu­li mo­na­ce­mi
ara­Tu am cik­lis das­ru­le­bis, ara­med Se­mow­me­bis­Ta­na­ve moZ­ve­le­bu­li­a.
aR­niS­nul ga­mow­ve­va­ze sa­pa­su­xod wi­nam­de­ba­re mux­lSi dad­ge­ni­lia dro­
is Su­a­le­di, rom­li­Tac mxa­res eZ­le­va Se­saZ­leb­lo­ba, da­ey­rdnos go­niv­

42
ru­li dro­iT ad­re Se­mow­me­bul mo­na­cems. ker­Zod, Tu Se­sa­ba­mi­si pi­ri im
ur­Ti­er­To­be­bis far­gleb­Si, rom­le­bic war­mo­iS­va re­gis­tra­ci­i­sa da ga­
moq­vey­ne­bi­dan 15 dRis va­da­Si, da­am­tki­cebs, rom man re­gis­tri­re­bu­li
faq­ti­sa da do­ku­men­tis Ta­o­ba­ze ar ico­da da arc Se­iZ­le­bo­da scod­no­da,
me­war­me su­bi­eq­ti ve­Rar da­ey­rdno­ba ga­nax­le­bul re­gis­tri­re­bul mo­na­
cems. aq au­ci­le­be­lia mtki­ce­bis tvir­Tsa da Se­fa­se­bis tes­tze xaz­gas­ma.
am Sem­Txve­va­Si mtki­ce­bis tvir­Ti ekis­re­ba im pirs, ro­me­lic da­ey­rdno
moZ­ve­le­bul mo­na­cems. amas­Tan, man un­da da­am­tki­cos ori ku­mu­la­ti­u­ri
pi­ro­bis er­Tdro­u­li ar­se­bo­ba: (1) su­bi­eq­tu­ri kom­po­nen­ti - ar ico­da Se­
sa­ba­mi­si faq­ti­sa da do­ku­men­tis Ta­o­ba­ze da (2) obi­eq­tu­ri kom­po­nen­ti
- ga­re­mo­faq­to­re­bis gaT­va­lis­wi­ne­biT, sa­Ta­na­do win­da­xe­du­lo­bis pi­ro­
beb­Si Se­uZ­le­be­li iyo mas scod­no­da Se­sa­ba­mi­si faq­ti­sa da do­ku­men­tis
Ta­o­ba­ze.

mux­li 15. me­war­mis fi­li­a­li

1. me­war­mes Se­uZ­lia da­a­ar­sos fi­li­a­li. es fi­li­a­li ar aris iu­ri­di­u­

li pi­ri. sa­qar­Tve­lo­Si re­gis­tri­re­bu­li me­war­mis fi­li­a­li ar re­
gis­trir­de­ba.
2. Ta­vi­su­fal in­dus­tri­ul zo­na­Si re­gis­tri­re­bul me­war­mes Se­uZ­lia
am mux­lis me-­5 _ me-9 pun­qte­bis Se­sa­ba­mi­sad da­a­ar­sos fi­li­a­li Ta­
vi­su­fa­li in­dus­tri­u­li zo­nis ga­reT.
3. in­dus­tri­u­li zo­nis ga­reT re­gis­tri­re­bul me­war­mes Se­uZ­lia am
mux­lis me-­5 _ me-9 pun­qte­bis Se­sa­ba­mi­sad da­a­ar­sos fi­li­a­li Ta­vi­
su­fal in­dus­tri­ul zo­na­Si.
4. sazR­var­ga­reT re­gis­tri­re­bu­li me­war­mis fi­li­a­lis re­gis­tra­ci­is­
Tvis sa­Wi­ro yve­la do­ku­men­ti un­da wa­red­gi­nos ma­re­gis­tri­re­bel
or­ga­nos sa­qar­Tve­los ka­non­mdeb­lo­bis Se­sa­ba­mi­sad da­mow­me­bu­li
for­miT.
5. sazR­var­ga­reT re­gis­tri­re­bu­li me­war­mis fi­li­a­lis re­gis­tra­ci­is
Se­sa­xeb gan­cxa­de­ba un­da Se­i­cav­des Sem­deg mo­na­ce­mebs:
a) me­war­mis sa­fir­mo sa­xel­wo­de­bas;
b) me­war­mis iu­ri­di­ul mi­sa­marTs;
g) me­war­mis saq­mi­a­no­bis Zi­ri­Tad ad­gils;
d) me­war­mis sa­mar­Tleb­riv for­mas da im qve­ya­nas, rom­lis ka­non­
mdeb­lo­bac vrcel­de­ba me­war­mis re­gis­tra­ci­a­ze;

43
 e) ucxo qvey­nis im or­ga­nos da­sa­xe­le­bas, rom­lis mi­e­rac re­gis­tri­
re­bu­lia me­war­me, da re­gis­tra­ci­is no­mers, Tu am qvey­nis ka­non­
mdeb­lo­biT re­gis­tra­cia sa­val­de­bu­loa an sa­val­de­bu­lo ar aris,
Tum­ca me­war­me re­gis­tri­re­bu­li­a;
v) fi­li­a­lis sa­fir­mo sa­xel­wo­de­bas, ro­me­lic Sed­ge­ba me­war­mis sa­
fir­mo sa­xel­wo­de­bi­sa da da­ma­te­bis­gan „fi­li­a­li“ an „me­war­mis sa­
fir­mo sa­xel­wo­de­bis­gan gan­sxva­ve­bu­li sa­fir­mo sa­xel­wo­de­ba“;
z) fi­li­a­lis iu­ri­di­ul mi­sa­marTs;
T) fi­li­a­lis xel­mZRva­ne­lis sa­i­den­ti­fi­ka­cio mo­na­ce­mebs da mi­si
war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­bis mo­cu­lo­bas. Tu fi­li­als
war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­bis mqo­ne ram­de­ni­me pi­ri hyavs,
mi­Ti­Te­bu­li un­da iyos, isi­ni fi­li­als er­Tad war­mo­ad­ge­nen Tu
cal­-cal­ke;
i) me­war­mis, ag­reT­ve fi­li­a­lis saq­mi­a­no­bis sa­gans. mi­si mi­Ti­Te­bi­sas
ga­mo­i­ye­ne­ba am ka­no­niT dad­ge­ni­li nor­me­bi sa­war­mos saq­mi­a­no­bis
sag­nis wes­de­biT gan­sazR­vris Se­sa­xeb;
k) ar­se­bo­bis Sem­Txve­va­Si _ fi­li­a­lis re­gis­tra­ci­is mo­men­tis­Tvis
sa­me­war­meo sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­lis ode­no­bas. 6.
sazR­var­ga­reT re­gis­tri­re­bu­li me­war­mis fi­li­a­lis re­gis­tra­ci­is
Se­sa­xeb gan­cxa­de­bas un­da da­er­Tos: a) sa­qar­Tve­los ka­non­mdeb­lo­
bis Se­sa­ba­mi­sad da­mow­me­bu­li, me­war­mis re­gis­tra­ci­is da­ma­das­tu­
re­be­li do­ku­men­ti;
b) sa­qar­Tve­los ka­non­mdeb­lo­bis Se­sa­ba­mi­sad da­mow­me­bu­li sa­me­war­
meo sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo do­ku­men­te­bi da wes­de­ba;
g) do­ku­men­ti, rom­li­Tac dgin­de­ba sa­me­war­meo sa­zo­ga­do­e­bis xel­
mZRva­ne­lo­ba­sa da war­mo­mad­gen­lo­ba­ze uf­le­ba­mo­si­li pi­ris vi­na­
o­ba da sa­i­den­ti­fi­ka­cio mo­na­ce­me­bi, ag­reT­ve in­for­ma­cia mi­si Ta­
nam­de­bo­ba­ze da­niS­vni­sa da uf­le­ba­mo­si­le­bis va­dis amo­wur­vis Ta­
o­ba­ze. es do­ku­men­ti un­da Se­i­cav­des mi­Ti­Te­bas imis Ta­o­ba­ze, pi­ri
fi­li­als war­mo­ad­gens, ro­gorc sa­me­war­meo sa­zo­ga­do­e­bis or­ga­nos
wev­ri Tu ro­gorc fi­li­a­lis saq­mi­a­no­bas­Tan da­kav­Si­re­biT sa­me­war­
meo sa­zo­ga­do­e­bis mud­mi­vi war­mo­mad­ge­ne­li;
d) sa­qar­Tve­los ka­non­mdeb­lo­bis Se­sa­ba­mi­sad da­mow­me­bu­li me­war­
mis (mis xel­mZRva­ne­lo­ba­ze uf­le­ba­mo­si­li Se­sa­ba­mi­si pi­ris­/or­ga­
nos) ga­dawy­ve­ti­le­ba fi­li­a­lis da­ar­se­bis Se­sa­xeb;
e) fi­li­a­lis xel­mZRva­ne­lad­/war­mo­mad­gen­lad da­sa­niS­ni pi­ris Tan­
xmo­ba.

44
 7. ar­se­bo­bis Sem­Txve­va­Si sa­aq­cio sa­zo­ga­do­e­bis, SezR­u­du­li pa­su­xis­
mgeb­lo­bis sa­zo­ga­do­e­bis fi­li­a­li val­de­bu­lia sa­me­war­meo sa­zo­
ga­do­e­bis fi­nan­su­ri an­ga­riS­ge­ba/­kon­so­li­di­re­bu­li an­ga­riS­ge­ba,
ro­me­lic Sed­ge­ni­li, au­di­ti­re­bu­li da ga­moq­vey­ne­bu­lia me­war­mis
re­gis­tra­ci­is gan­ma­xor­ci­e­le­be­li qvey­nis ka­non­mdeb­lo­bis Se­sa­ba­
mi­sad, ga­mo­aq­vey­nos an ga­na­Tav­sos sa­me­war­meo sa­zo­ga­do­e­bis­/fi­li­
a­lis veb­gver­dze.
8. fi­li­a­lis xel­mZRva­ne­lo­ba­ze uf­le­ba­mo­si­li pi­ri val­de­bu­lia ma­
re­gis­tri­re­bel or­ga­nos ac­no­bos am mux­liT gaT­va­lis­wi­ne­bu­li
re­gis­tra­ci­is­Tvis sa­val­de­bu­lo ne­bis­mi­e­ri mo­na­ce­mis cvli­le­
bis Se­sa­xeb, ag­reT­ve fi­li­a­lis da­xur­vis, sa­me­war­meo sa­zo­ga­do­e­bis
daS­lis, mi­si lik­vi­da­ci­is pro­ce­du­ris dawy­e­bi­sa da das­ru­le­bis,
lik­vi­da­to­re­bis vi­na­o­bis, ma­Ti Ta­nam­de­bo­ba­ze da­niS­vni­sa da uf­
le­ba­mo­si­le­bis va­dis amo­wur­vis, ga­dax­di­su­u­na­ro­bis saq­mis war­
mo­e­bis gax­sni­sa da das­ru­le­bis, me­war­mis re­gis­tra­ci­is ga­uq­me­bis
Ta­o­ba­ze.
9. me­war­mis ar­se­bo­bis Sewy­ve­tiT wyde­ba mi­si fi­li­a­lis ar­se­bo­bac.

fi­li­al­ i _ es aris sa­me­war­meo sa­zo­ga­do­eb

­ is ad­gil­sam­yof­lis miR­ma
ar­se­bu­li war­mo­naq­mni, ro­me­lic me­war­mes ex­ma­re­ba Ta­vis mom­xma­re­bel­
Tan ur­Ti­er­To­bis efeq­ti­a­nad gan­xor­ci­e­le­ba­Si. Se­sa­ba­mi­sad, me­war­mis
fi­li­als dam­xma­re mniS­vne­lo­ba aqvs, is da­mo­u­ki­deb­lad ar re­gis­trir­
de­ba da ar aris gan­cal­ke­ve­bu­li iu­ri­di­u­li pi­ris sta­tu­sis ma­ta­re­be­
li su­bi­eq­ti.
ka­no­nis me-15 mux­lis mi­xed­viT, fi­li­a­li Se­iZ­le­ba hqon­deT ara mxo­
lod sa­me­war­meo sa­zo­ga­do­e­bebs, ara­med in­di­vi­du­a­lur me­war­me­eb­sac.
me-15 mux­lis me-­4-me-5 pun­qte­bi sru­lad eT­mo­ba sazR­var­ga­reT re­gis­
tri­re­bu­li me­war­mis fi­li­a­lis re­gis­tra­ci­is sa­kiTx­ebs, sa­dac ka­no­niT
xde­ba ev­ro­kav­Si­ris 2017/1132 di­req­ti­vis 29-e-­43-e mux­leb­Tan sa­qar­Tve­
los ka­non­mdeb­lo­bis da­ax­lo­e­ba da dgin­de­ba im in­for­ma­ci­is nus­xa, ro­
me­lic re­gis­tra­ci­i­saT­vis ma­re­gis­tri­re­bel or­ga­nos un­da mi­ew ­ o­dos.
me-6 pun­qtSi ki war­mod­ge­ni­lia zo­ga­dad ne­bis­mi­er ­ i me­war­mis fi­li­a­lis
re­gis­tra­ci­i­saT­vis war­mo­sad­ge­ni in­for­ma­ci­is Ca­mo­naT­va­li. amas­Tan,
ka­no­ni uS­vebs sa­qar­Tve­lo­Si ara mxo­lod sazR­var­ga­reT re­gis­tri­re­
bu­li sa­me­war­meo sa­zo­ga­do­e­bis fi­li­a­lis re­gis­tra­ci­as, ara­med, ase­ve,
ucxo qvey­nis in­di­vi­du­a­lu­ri me­war­mis fi­li­a­lis re­gis­tra­ci­is Se­saZ­
leb­lo­bas.

45
mux­li 16. me­war­mis sa­fir­mo sa­xel­wo­de­ba

1. me­war­mis sa­fir­mo sa­xel­wo­de­ba aris sa­xe­li, ro­me­lic ase­Tad re­

gis­tri­re­bu­lia re­es­trSi da rom­li­Tac me­war­me saq­mi­a­no­bas axor­
ci­e­lebs.
2. me­war­mis sa­fir­mo sa­xel­wo­de­bad Se­iZ­le­ba ga­mo­ye­ne­bul iq­nes in­di­
vi­du­a­lu­ri me­war­mis an sa­me­war­meo sa­zo­ga­do­e­bis par­tni­o­ris sa­xe­
li an­/da gva­ri. ase­ve Se­saZ­le­be­lia sa­fir­mo sa­xel­wo­de­ba Se­ir­Ces
sa­me­war­meo sa­zo­ga­do­e­bis saq­mi­a­no­bis sag­nis mi­xed­viT an iyos fan­
ta­zi­is na­yo­fi am mux­lis me-­5gme-8 pun­qte­biT dad­ge­ni­li pi­ro­be­bis
dac­viT.
3. me­war­mis sa­fir­mo sa­xel­wo­de­ba un­da Se­i­cav­des mi­si sa­mar­Tleb­ri­vi
for­mis aR­mniS­vnel da­ma­te­bas:
a) in­di­vi­du­a­lu­ri me­war­mis Sem­Txve­va­Si _ „in­di­vi­du­a­lu­ri me­war­me“
an „in­dme­war­me“;
b) so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis Sem­Txve­va­Si _ „so­
li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba“ an „sps“;
g) ko­man­di­tu­ri sa­zo­ga­do­e­bis Sem­Txve­va­Si _ „ko­man­di­tu­ri sa­zo­ga­
do­e­ba“ an „ks“;
d) SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis Sem­Txve­va­Si _
„SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba“ an „Sps“;
e) sa­aq­cio sa­zo­ga­do­e­bis Sem­Txve­va­Si _ „sa­aq­cio sa­zo­ga­do­e­ba“ an
„ss“;
v) ko­o­pe­ra­ti­vis Sem­Txve­va­Si _ „ko­o­pe­ra­ti­vi“ an „ko­op.“.
4. Tu so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si an ko­man­di­tur
sa­zo­ga­do­e­ba­Si per­so­na­lu­rad pa­su­xis­mge­be­li pi­ri aris mxo­lod
ise­Ti sa­zo­ga­do­e­ba, rom­lis par­tni­or­Ta pa­su­xis­mgeb­lo­ba SezR­u­
du­li­a, mi­si sa­fir­mo sa­xel­wo­de­ba un­da Se­i­cav­des da­ma­te­bas „SezR­
u­du­li pa­su­xis­mgeb­lo­bis sps“ an „SezR­u­du­li pa­su­xis­mgeb­lo­bis
ks“.
5. me­war­mis (gar­da in­di­vi­du­a­lu­ri me­war­mi­sa) sa­fir­mo sa­xel­wo­de­ba
un­da gan­sxvav­de­bo­des uk­ve re­gis­tri­re­bu­li me­war­mis sa­fir­mo sa­
xel­wo­de­bis­gan. me­war­mis sa­fir­mo sa­xel­wo­de­ba un­da Se­ic­va­los an
mas un­da da­er­Tos da­ma­te­ba, Tu es sa­Wi­roa am sa­xel­wo­de­bis sxva me­
war­mis sa­fir­mo sa­xel­wo­de­bis­gan gan­sas­xva­veb­lad.
6. me­war­mis sa­fir­mo sa­xel­wo­de­ba un­da iyos qar­Tul ena­ze.
7. me­war­mis sa­fir­mo sa­xel­wo­de­ba ar un­da Se­i­cav­des iseT gra­fi­kul

46
 sim­bo­lo­ebs, rom­leb­sac ar aqvs enob­ri­vi nor­me­biT dad­ge­ni­li bge­
ri­Ti an sity­vi­e­ri Se­saty­vi­si.
8. da­uS­ve­be­lia me­war­mis sa­fir­mo sa­xel­wo­de­ba­Si ga­mo­ye­ne­bul iq­nes:
a) ise­Ti sity­va an sity­vaT­wyo­ba, ro­me­lic Se­i­cavs sa­qar­Tve­los
kon­sti­tu­ci­u­ri wyo­bi­le­bis dam­xo­bis an Za­la­do­biT Sec­vlis, qvey­
nis da­mo­u­ki­deb­lo­bis xel­yo­fis, mi­si te­ri­to­ri­u­li mTli­a­no­bis
dar­Rve­vis mo­wo­ne­bas an­/da amis­ken mo­wo­de­bas an ro­me­lic em­sa­xu­
re­ba qve­ya­na­Si erov­nu­li, kuTx­u­ri, re­li­gi­u­ri an so­ci­a­lu­ri SuR­
lis gaR­vi­ve­bas an omis, te­ro­riz­mis, Za­la­do­bis an­/da sa­qar­Tve­los
ka­non­mdeb­lo­bis dar­Rve­vis mo­wo­ne­bas an­/da pro­pa­gan­das;
b) ise­Ti sity­va an sity­vaT­wyo­ba, ro­me­lic aR­vi­vebs SuRls ra­sis,
ka­nis fe­ris, enis, sqe­sis, re­li­gi­is, po­li­ti­ku­ri Tu sxva Se­xe­du­le­
bis, erov­nu­li, eT­ni­ku­ri da so­ci­a­lu­ri kuT­vni­le­bis, war­mo­So­bis,
qo­neb­ri­vi an wo­deb­ri­vi mdgo­ma­re­o­bis, pro­fe­si­is, sacx­ov­re­be­li an
da­ba­de­bis ad­gi­lis, oja­xu­ri mdgo­ma­re­o­bis, seq­su­a­lu­ri ori­en­ta­
ci­is, gen­de­ru­li iden­to­bis, jan­mrTe­lo­bis mdgo­ma­re­o­bis, SezR­u­
du­li Se­saZ­leb­lo­bis an sxva sa­fuZ­vliT, ag­reT­ve ewi­na­aR­mde­ge­ba
sa­ja­ro wes­rigs da zne­o­bis sa­yo­vel­Ta­od aRi­a­re­bul nor­mebs;
g) ise­Ti da­ma­te­ba, ro­mel­mac Se­iZ­le­ba Sec­do­ma­Si Se­iy­va­nos me­sa­me
pi­ri an­/da ga­mo­iw­vi­os Sec­do­ma an­/da ga­u­geb­ro­ba me­war­mis sa­mar­
Tleb­riv for­mas­Tan, saq­mi­a­no­bis mo­cu­lo­bas­Tan an xa­si­aT­Tan an­/
da par­tni­or­Ta ur­Ti­er­To­bis Si­na­ar­sTan da­kav­Si­re­biT;
d) sa­xel­mwi­fo, af­xa­ze­Tis av­to­no­mi­u­ri res­pub­li­kis, aWa­ris av­to­
no­mi­u­ri res­pub­li­kis an mu­ni­ci­pa­li­te­tis or­ga­nos (da­we­se­bu­le­
bis), „sa­ja­ro sa­mar­Tlis iu­ri­di­u­li pi­ris Se­sa­xeb“ sa­qar­Tve­los
ka­no­nis Se­sa­ba­mi­sad Seq­mni­li sa­ja­ro sa­mar­Tlis iu­ri­di­u­li pi­ris,
sa­ja­ro-­sa­mar­Tleb­ri­vi uf­le­ba­mo­si­le­bis gan­ma­xor­ci­e­le­be­li sx­
va or­ga­nos an mo­qa­la­qe­Ta po­li­ti­ku­ri ga­er­Ti­a­ne­bis da­sa­xe­le­bis
iden­tu­ri an mim­sgav­se­bu­li for­mu­li­re­ba, gar­da am pi­re­bis mi­er
da­fuZ­ne­bu­li an­/da ma­Ti wi­lob­ri­vi mo­na­wi­le­o­biT ar­se­bu­li iu­ri­
di­u­li pi­re­bi­sa;
e) sa­qar­Tve­lo­Si re­gis­tri­re­bu­li sxva iu­ri­di­u­li pi­ris sa­xel­wo­
de­bis iden­tu­ri an mim­sgav­se­bu­li for­mu­li­re­ba, am pi­ris Tan­xmo­
bis ga­re­Se;
v) sa­qar­Tve­lo­Si sa­yo­vel­Ta­od cno­bi­li pi­ris sa­fir­mo sa­xel­wo­de­
bis iden­tu­ri an im­de­nad mim­sgav­se­bu­li for­mu­li­re­ba, ro­mel­mac
Se­iZ­le­ba ga­mo­iw­vi­os aR­re­va, am pi­ris Tan­xmo­bis ga­re­Se;

47
 z) „sa­ja­ro da­we­se­bu­le­ba­Si in­te­res­Ta Se­u­Tav­seb­lo­bi­sa da ko­ruf­
ci­is Se­sa­xeb“ sa­qar­Tve­los ka­no­nis me-2 mux­lis pir­ve­li pun­qtiT
gan­sazR­vru­li Ta­nam­de­bo­bis pi­ris Ta­nam­de­bo­bis aR­mniS­vne­li
sity­va an sity­vaT­wyo­ba;
T) sa­qar­Tve­los ka­non­mdeb­lo­biT gan­sazR­vru­li sam­xed­ro wo­de­bis
an sa­xel­mwi­fo spe­ci­a­lu­ri wo­de­bis an­/da dip­lo­ma­ti­u­ri ran­gis aR­
mniS­vne­li ter­mi­nis iden­tu­ri an mim­sgav­se­bu­li sity­va an sity­vaT­
wyo­ba;
i) ucen­zu­ro an Se­u­racx­myo­fe­li sity­va an sity­vaT­wyo­ba;
k) fi­zi­ku­ri pi­ris sa­xe­li, mi­si we­ri­lo­bi­Ti Tan­xmo­bis ga­re­Se;
l) fi­zi­ku­ri pi­ris sa­xe­li mi­si gar­dac­va­le­bi­dan ara­nak­leb 30 wlis
gan­mav­lo­ba­Si, gar­da im Sem­Txve­vi­sa, ro­de­sac ar­se­bobs am pi­ris mem­
kvid­ris we­ri­lo­bi­Ti Tan­xmo­ba mi­si sa­xe­lis ga­mo­ye­ne­ba­ze.
9. ma­re­gis­tri­re­be­li or­ga­no Se­sa­ba­mis mo­na­cem­Ta ba­zeb­ze day­rdno­
biT amow­mebs am mux­liT dad­ge­ni­li pi­ro­be­bis dac­vas. Tu ma­re­gis­
tri­re­bel or­ga­no­Si ar­se­bu­li in­for­ma­cia ara­sak­ma­ri­si aR­moC­nda,
igi uf­le­ba­mo­si­lia da­in­te­re­se­bul pirs am mux­liT gaT­va­lis­wi­ne­
bu­li ga­re­mo­e­be­bis arar­se­bo­bis da­sa­das­tu­reb­lad da­ma­te­bi­Ti in­
for­ma­ci­is­/do­ku­men­te­bis war­dge­na mos­Txo­vos.
10. pi­ri, ro­me­lic mar­Tlsa­wi­na­aR­mde­god sar­geb­lobs sxva iu­ri­di­u­li
pi­ris sa­fir­mo sa­xel­wo­de­biT, val­de­bu­lia uf­le­ba­mo­si­li pi­ris
moTx­ov­nis sa­fuZ­vel­ze Sewy­vi­tos ase­Ti sar­geb­lo­ba da aa­nazR­a­
u­ros mar­Tlsa­wi­na­aR­mde­go sar­geb­lo­biT ga­mow­ve­u­li zi­a­ni. sa­me­
war­meo sa­zo­ga­do­e­bas Se­uZ­lia dam­rRvevs aR­niS­nu­li zi­a­nis anazR­a­
u­re­bis nac­vlad mos­Txo­vos sxva iu­ri­di­u­li pi­ris sa­fir­mo sa­xel­
wo­de­biT mar­Tlsa­wi­na­aR­mde­go sar­geb­lo­biT mi­Re­bu­li sar­geb­lis
sa­me­war­meo sa­zo­ga­do­e­bis­Tvis ga­da­ce­ma an am­gva­ri sar­geb­lis mi­Re­
bis uf­le­bis daT­mo­ba.

me­war­mis iden­ti­fi­ci­re­ba, Zi­ri­Ta­dad, ori mo­na­ce­mis _ sa­fir­mo sa­xel­

wo­de­bi­sa da sa­i­den­ti­fi­ka­cio nom­ris meS­ve­o­biT xor­ci­el­de­ba. amas­Ta­na­
ve, sa­i­den­ti­fi­ka­cio no­mer­Tan Se­da­re­biT sa­fir­mo sa­xel­wo­de­bas ga­ci­le­
biT di­di eko­no­mi­ku­ri mniS­vne­lo­ba aqvs sa­me­war­meo sa­zo­ga­do­e­bi­saT­vis,
vi­na­i­dan praq­ti­ka­Si mom­xma­re­bel­Ta ume­te­so­ba me­war­mis iden­ti­fi­ci­re­
bas swo­red sa­fir­mo sa­xel­wo­de­bis meS­ve­o­biT ax­dens.
ka­non­Si Se­mo­Ta­va­ze­bu­li de­fi­ni­ci­is mi­xed­viT, me­war­mis sa­fir­mo sa­
xel­wo­de­ba aris sa­xe­li, ro­me­lic re­gis­tri­re­bu­lia ase­Tad re­es­trSi

48
da rom­li­Tac saq­mi­an ­ obs me­war­me. iu­ri­di­u­li pi­ris Sem­Txve­va­Si sa­fir­mo
sa­xel­wo­de­ba uni­ka­lu­ria da re­gis­tra­ci­i­sas mi­Ti­Te­bu­li sa­fir­mo sa­
xel­wo­de­ba ar un­da em­Txve­o­des uk­ve re­gis­tri­re­bu­li iu­ri­di­u­li pi­ris
sa­fir­mo sa­xel­wo­de­bas. sa­xel­wo­de­bis uni­ka­lu­ro­bis we­si ar vrcel­de­ba
in­di­vi­du­a­lu­ri me­war­mis mi­er sa­ku­Ta­ri sa­xe­lis ga­mo­ye­ne­ba­ze.
gar­da sa­qar­Tve­lo­Si re­gis­tri­re­bu­li iu­ri­di­u­li pi­ris iden­tu­ri
sa­fir­mo sa­xel­wo­de­bis ga­mo­ye­ne­bis ak­rZal­vi­sa, ka­no­ni zRu­davs sa­qar­
Tve­lo­Si sa­yo­vel­Ta­od cno­bi­li sa­fir­mo sa­xel­wo­de­bis iden­tu­ri an im­
de­nad mim­sgav­se­bu­li for­mu­li­re­bis ga­mo­ye­ne­bas, rom­li­Tac Cnde­ba aR­
re­vis Se­saZ­leb­lo­ba, am pi­ris Tan­xmo­bis ga­re­Se. am Sem­Txve­va­Si is Tu ra
Ca­iT­vle­ba sa­yo­vel­Ta­od cno­bil sa­fir­mo sa­xel­wo­de­bad da mis im­de­nad
mim­sgav­se­bul for­mu­li­re­bad, rom gaC­nde­ba aR­re­vis Se­saZ­leb­lo­ba, un­da
ga­dawy­des in­di­vi­du­al ­ u­rad, yo­vel kon­kre­tul Sem­Txve­va­Si, ma­re­gis­tri­
re­be­li or­ga­nos mi­er.
aR­re­vis Ta­vi­dan asa­ci­leb­lad, im pirs, ro­me­lic mar­Tlsa­wi­na­aR­mde­
god sar­geb­lobs sxva iu­ri­di­ul ­ i pi­ris sa­fir­mo sa­xel­wo­de­biT, ekis­re­
ba val­de­bu­le­ba, uf­le­ba­mo­si­li pi­ris moTx­ov­nis sa­fuZ­vel­ze da­u­yov­
neb­liv Sewy­vi­tos ase­Ti sar­geb­lo­ba. sar­geb­lo­bis Sewy­ve­tis moTx­ov­nis
pa­ra­le­lu­rad iu­ri­di­ul pirs Se­uZ­lia dam­rRve­vi­sa­gan mo­iTx­o­vos mi­si
sa­fir­mo sa­xel­wo­de­biT mar­Tlsa­wi­na­aR­mde­go sar­geb­lo­biT ga­mow­ve­u­li
zi­a­nis anazR­a­u­re­ba an am sar­geb­lo­biT mi­Re­bu­li sar­geb­lis sa­me­war­meo
sa­zo­ga­do­e­bis­Tvis ga­da­ce­ma an am­gva­ri sar­geb­lis mi­Re­bis uf­le­bis daT­
mo­ba.
aq­ve aR­sa­niS­na­vi­a, rom, ka­no­nis amoq­me­de­bam­de re­es­trSi uk­ve re­gis­
tri­re­bu­lia iden­tu­ri sa­fir­mo sa­xel­wo­de­bis mqo­ne me­war­me su­bi­eq­te­bi.
imi­saT­vis, rom aseT pi­rebs ar da­e­kis­roT re­gis­tri­re­bu­li mo­na­ce­mis ga­
nax­le­bis val­de­bu­le­ba da me­sa­me pi­reb­Tan ur­Ti­er­To­ba­Si Se­i­nar­Cu­non is
sa­fir­mo sa­xel­wo­de­ba, rom­li­Tac isi­ni cno­bil­ni ari­an, ka­no­niT, sa­ga­mo­
nak­li­sod, maT­ze ar vrcel­de­ba sa­fir­mo sa­xel­wo­de­bis uni­ka­lu­ro­bas­Tan
da­kav­Si­re­bu­li we­si. amas­Tan im Sem­Txve­va­Si, Tu isi­ni Se­ic­vli­an sa­fir­mo
sa­xel­wo­de­bas, Sec­vli­li sa­xel­wo­de­ba ar un­da da­em­Txves sxva re­gis­tri­
re­bu­li me­war­me su­bi­eq­tis sa­fir­mo sa­xel­wo­de­bas.
sa­xel­wo­de­ba ga­mo­xa­tul un­da iq­nes qar­Tul ena­ze da ar un­da Se­i­cav­
des iseT gra­fi­kul sim­bo­lo­ebs, ro­mel­Tac ar aqvT enob­ri­vi nor­me­biT
dad­ge­ni­li bge­ri­Ti an sity­vi­er ­ i Se­saty­vi­si. ase­ve, me­war­mis sa­fir­mo sa­
xel­wo­de­ba un­da Se­ic ­ av­des sa­mar­Tleb­ri­vi for­mis aR­mniS­vnel da­ma­te­bas.

49
sa­mar­Tleb­ri­vi for­mis aR­niS­vnis gan­sxva­ve­bu­li we­si moq­me­debs im Sem­
Txve­va­ze, ro­de­sac so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si an ko­
man­di­tur sa­zo­ga­do­eb ­ a­Si per­so­na­lu­rad pa­su­xis­mge­be­li pi­ri aris mxo­
lod ise­Ti sa­zo­ga­do­e­ba, ro­mel­Sic par­tni­or­Ta pa­su­xis­mgeb­lo­ba SezR­
u­du­li­a. aseT Sem­Txve­va­Si sa­fir­mo sa­xel­wo­de­ba un­da Se­i­cav­des „SezR­u­
du­li pa­su­xis­mgeb­lo­bis sps-is“ an „SezR­u­du­li pa­su­xis­mgeb­lo­bis ks-is“
aR­mniS­vnel da­ma­te­bas.
me­war­me Ta­vi­su­fa­lia sa­fir­mo sa­xel­wo­de­bis Ser­Ce­vi­sas. Tum­ca cal­ke­
ul Sem­Txve­veb­Si, Se­sa­ba­mi­si le­gi­ti­mu­ri miz­nis ar­se­bo­bis pi­ro­beb­Si, da­
saS­ve­bia am uf­le­ba­Si Ca­re­va. wi­nam­de­ba­re mux­lis me-8 pun­qti de­ta­lu­rad
gan­sazR­vravs im sa­fir­mo sa­xel­wo­de­ba­Ta ka­ta­logs, rom­le­bic ar Se­iZ­le­
ba, me­war­mis mi­er iq­nes ga­mo­ye­ne­bu­li. ase­Ti SezR­ud­ve­bi ume­tes­wi­lad de­
mok­ra­ti­ul sa­zo­ga­do­eb ­ a­Si au­ci­le­be­li sa­xel­mwi­fo an sa­zo­ga­do­eb­ri­vi
usaf­rTxo­e­bis, te­ri­to­ri­ul ­ i mTli­a­no­bis da sxva­Ta uf­le­be­bis dac­vis
uz­run­vel­yo­fis mi­zans em­sa­xu­re­ba.

mux­li 17. saq­mi­a­ni we­ri­li da veb­gver­di

1. ko­man­di­tu­ri sa­zo­ga­do­e­bis, SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­

ga­do­e­bis, sa­aq­cio sa­zo­ga­do­e­bis yve­la saq­mi­an we­ril­ze un­da mi­e­
Ti­Tos sul mci­re Sem­de­gi mo­na­ce­me­bi:
a) sa­fir­mo sa­xel­wo­de­ba;
b) iu­ri­di­u­li mi­sa­mar­Ti;
g) sa­i­den­ti­fi­ka­cio no­me­ri.
2. saq­mi­an we­ril­ze ka­pi­tal­ze mi­Ti­Te­bi­sas es mo­na­ce­mi un­da Se­e­xe­bo­
des gan­Tav­se­bul ka­pi­tals da mis ga­naR­de­bul na­wils.
3. lik­vi­da­ci­is pro­ces­Si myof­ma sa­me­war­meo sa­zo­ga­do­e­bam saq­mi­an we­
ril­ze sa­fir­mo sa­xel­wo­de­bas­Tan er­Tad un­da mi­u­Ti­Tos da­ma­te­ba
„lik­vi­da­ci­is pro­ces­Si“. igi­ve we­si vrcel­de­ba ga­dax­di­su­u­na­ro­bis
saq­mis war­mo­e­bis pro­ces­Si myof pir­ze. es pi­ri val­de­bu­lia mi­u­Ti­
Tos ag­reT­ve „ga­dax­di­su­u­na­ro­bis pro­ces­Si“ an mi­u­Ti­Tos ga­dax­di­
su­u­na­ro­bis kon­kre­tu­li re­Ji­mis Ta­o­ba­ze _ „re­a­bi­li­ta­ci­is re­Jim­
Si“ an „ga­kot­re­bis re­Jim­Si“.
4. ucxo qvey­nis sa­me­war­meo sa­zo­ga­do­e­bis fi­li­a­lis yve­la saq­mi­an we­
ril­ze un­da mi­e­Ti­Tos ag­reT­ve fi­li­a­lis ma­re­gis­tri­re­be­li or­ga­
no da re­gis­tra­ci­is no­me­ri.

50
 5. yve­la mo­na­ce­mi, rom­le­bic mi­e­Ti­Te­ba saq­mi­an we­ril­ze, un­da mi­e­Ti­
Tos ag­reT­ve sa­me­war­meo sa­zo­ga­do­e­bis veb­gver­dze (ar­se­bo­bis Sem­
Txve­va­Si).
6. am mux­lis moTx­ov­ne­bi exe­ba ro­gorc ma­te­ri­a­lu­ri, ise eleq­tro­nu­
li sa­xiT Sed­ge­nil saq­mi­an we­rils.
7. am mux­liT gaT­va­lis­wi­ne­bu­li val­de­bu­le­bis Se­us­ru­leb­lo­bis­
Tvis xel­mZRva­ne­lo­ba­ze uf­le­ba­mo­si­li pi­ris ad­mi­nis­tra­ci­u­li
pa­su­xis­mgeb­lo­ba ga­ni­sazR­vre­ba sa­qar­Tve­los ka­non­mdeb­lo­biT.

ka­no­nis me-17 mux­li Se­e­xe­ba saq­mi­an we­ril­sa da veb­gverds. ka­non­Si ase­

Ti mux­lis ar­se­bo­ba ev­ro­kav­Si­ris 2017/1132 di­req­ti­vis 26-e, 35-e da 39-e
mux­leb­Tan da­ax­lo­e­bas­Tan er­Tad, mi­mar­Tu­lia uke­Te­si sa­me­war­meo praq­
ti­kis dam­kvid­re­bi­sa da imis uz­run­vel­yo­fi­sa­ken, rom me­sa­me pi­reb­ma mar­
ti­vad, da­ma­te­bi­Ti da­na­xar­je­bis ga­re­Se mi­i­Ron day­rdno­ba­di in­for­ma­cia
imis Se­sa­xeb, Tu ro­mel sa­zo­ga­do­e­bas­Tan aqvT ur­Ti­er­To­ba, ra aris am sa­
zo­ga­do­e­bas­Tan sa­kon­taq­to in­for­ma­cia da aris Tu ara es sa­zo­ga­do­eb ­a
lik­vi­da­ci­is an ga­dax­di­su­un­ a­ro­bis pro­ces­Si.
sa­me­war­meo sa­zo­ga­do­e­bis saq­mi­an we­ril­sa da veb­gver­dze ze­mo­aR­niS­
nu­li in­for­ma­ci­is da­ta­nis val­de­bu­le­ba ekis­re­ba sa­me­war­meo sa­zo­ga­do­
e­bis xel­mZRva­nel pirs. mis mi­er am val­de­bu­le­bis dar­Rve­va ga­mo­iw­vevs
gaf­rTxi­le­bas, xo­lo gaf­rTxi­le­bi­dan 1 Tvis gas­vlis Sem­deg gan­me­o­re­
biT dar­Rve­va ga­mo­iw­vevs xel­mZRva­ne­lo­ba­ze uf­le­ba­mo­si­li pi­ris da­ja­
ri­me­bas, Ti­To­e­ul Sem­Txve­va­Si, 200 la­ris ode­no­biT. aR­sa­niS­na­vi­a, rom
ase­Ti san­qci­is da­we­se­ba, ase­ve, ev­ro­kav­Si­ris 2017/1132 di­req­ti­vis me-40
mux­lis moTx­ov­ni­dan ga­mom­di­na­re­obs.
Ta­vis mxriv, sa­me­war­meo sa­zo­ga­do­e­bis saq­mi­an we­ril­ze mo­na­ce­me­bis mi­
Ti­Te­bis val­de­bu­le­bis Se­us­ru­leb­lo­bis faq­teb­ze moq­ni­li re­a­gi­re­bis
miz­niT, ase­Ti faq­tis dad­ge­nis we­si ga­ni­sazR­vre­ba sa­qar­Tve­los ius­ti­
ci­is mi­nis­tris brZa­ne­biT.

mux­li 18. ma­re­gis­tri­re­be­li or­ga­nos Sety­o­bi­ne­bis Ca­ba­re­bis we­si

1. ma­re­gis­tri­re­be­li or­ga­nos Sety­o­bi­ne­ba Ca­ba­re­bu­lad mi­iC­ne­va me­

war­mis mi­er gac­no­bis­Ta­na­ve, iu­ri­di­ul mi­sa­mar­Tze Ca­ba­re­bis mo­
men­ti­dan an eleq­tro­nul mi­sa­mar­Tze gan­Tav­se­bi­dan me-15 dRes, Tu

51
 ar das­tur­de­ba eleq­tro­nul mi­sa­mar­Tze gan­Tav­se­bu­li Sety­o­bi­ne­
bis ad­re­sa­tis mi­er uf­ro ad­re gac­no­ba.
2. eleq­tro­nu­li mi­sa­mar­Ti aris me­war­me­sa da ma­re­gis­tri­re­bel or­
ga­nos So­ris ko­mu­ni­ka­ci­i­sa da me­war­mis­Tvis eleq­tro­nu­li ser­vi­
se­bis mi­wo­de­bis miz­niT ma­re­gis­tri­re­be­li or­ga­nos mi­er er­Ti­a­ni
eleq­tro­nu­li por­ta­lis far­gleb­Si me­war­mis­Tvis mi­kuT­vne­bu­li
me­war­mis av­to­ri­ze­bu­li mom­xma­reb­lis gver­di.
3. iu­ri­di­u­li mi­sa­mar­Ti­sa da eleq­tro­nu­li mi­sa­mar­Tis stan­dar­tis
gan­sazR­vri­sa da am stan­dar­tis Se­sa­ba­mi­sad re­gis­tra­ci­is­Tvis ga­
mo­i­ye­ne­ba am ka­no­niT, „sa­ja­ro re­es­tris Se­sa­xeb“ sa­qar­Tve­los ka­
no­ni­Ta da in­struq­ci­iT dad­ge­ni­li we­se­bi.

sa­Wi­ro­eb­ i­sa­mebr me­war­mes­Tan ma­re­gis­tri­reb­lis dro­u­li ko­mu­ni­ka­

cia praq­ti­kis er­T-er­Ti mniS­vne­lo­va­ni ga­mow­ve­va­a. ka­no­nis wi­nam­de­ba­re
mux­li ax­dens ma­re­gis­tri­re­be­li or­ga­nos mi­er me­war­mi­saT­vis gag­zav­ni­li
Sety­o­bi­ne­bis Ca­ba­re­bis wess. ker­Zod, ma­re­gis­tri­re­be­li or­ga­nos Sety­
o­bi­ne­ba Ca­ba­re­bu­lad mi­iC­ne­va me­war­mis mi­er gac­no­bis­Ta­na­ve, iu­ri­di­ul
mi­sa­mar­Tze Ca­ba­re­bis mo­men­ti­dan an eleq­tro­nul mi­sa­mar­Tze gan­Tav­se­
bi­dan me-15 dRes, Tu ar das­tur­de­ba eleq­tro­nul mi­sa­mar­Tze gan­Tav­se­
bu­li Sety­o­bi­ne­bis ad­re­sa­tis mi­er uf­ro ad­re gac­no­ba. amas­Tan, aR­niS­
nul al­ter­na­ti­vebs So­ris kon­ku­ren­ci­i­sas, ga­mo­i­ye­ne­ba is, ro­me­lic uf­
ro ad­re mox­da.
ase­ve, wi­nam­de­ba­re mux­lSi Se­mo­ta­ni­lia iu­ri­di­u­li mi­sa­mar­Ti­sa da
eleq­tro­nu­li mi­sa­mar­Tis sa­kiTx­i:
iu­ri­di­u­li mi­sa­mar­Ti. iu­ri­di­ul mi­sa­mar­Tad me­war­mem ma­re­gis­tri­re­
bel or­ga­no­Si un­da mi­uT ­ i­Tos is faq­tob­ri­vi mi­sa­mar­Ti, ro­mel­zec Se­saZ­
le­be­lia sa­zo­ga­do­e­bis do­ku­men­ta­ci­is gac­no­ba da ro­mel­ze mi­su­li Sety­
o­bi­ne­bac Ca­ba­re­bu­lad Ca­iT­vle­ba.
eleq­tro­nu­li mi­sa­mar­Ti. eleq­tro­nu­li mi­sa­mar­Ti aris ma­re­gis­tri­
re­be­li or­ga­nos mi­er er­Ti­a­ni eleq­tro­nu­li por­ta­lis far­gleb­Si me­
war­mis­Tvis mi­kuT­vne­bu­li me­war­mis av­to­ri­ze­bu­li mom­xma­reb­lis gver­di.
ma­re­gis­tri­re­be­li or­ga­no, re­es­trSi su­bi­eq­tis pir­ve­la­di re­gis­tra­ci­
i­sas er­Ti­an eleq­tro­nul por­tal­ze qmnis su­bi­eq­tis av­to­ri­ze­bu­li mom­
xma­reb­lis gverds _ eleq­tro­nul mi­sa­marTs. es mi­sa­mar­Ti moq­me­dia aR­
niS­nu­li su­bi­eq­tis ga­uq­me­bam­de.
ma­re­gis­tri­re­be­li Sety­o­bi­ne­ba Ca­ba­re­bu­lad Ca­iT­vle­ba me­war­mis iu­
ri­di­ul mi­sa­mar­Tze Ca­ba­re­bis mo­men­ti­dan, an me­war­mis av­to­ri­ze­bu­li

52
mom­xma­reb­lis gver­dze eleq­tro­nu­lad gan­Tav­se­bi­dan me-15 dRes. amas­
Tan, eleq­tro­nul mi­sa­mar­Tze gan­Tav­se­bu­li Sety­ob ­ i­ne­ba me-15 dRes mxo­
lod ma­Sin Se­va Za­la­Si, Tu­ki ar das­tur­de­ba uf­ro ad­re Sety­o­bi­ne­bis iu­
ri­di­ul mi­sa­mar­Tze Ca­ba­re­ba an eleq­tro­nul mi­sa­mar­Tze gan­Tav­se­bu­li
Sety­o­bi­ne­bis ad­re­sa­tis mxri­dan gac­no­ba.

53
Ta­vi III. er­Ti pi­ris sa­me­war­meo sa­zo­ga­do­e­ba

mux­li 19. er­Ti pi­ris sa­me­war­meo sa­zo­ga­do­e­ba

1. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba an sa­aq­cio sa­zo­ga­do­e­

ba Se­iZ­le­ba da­a­fuZ­nos er­Tma pir­ma.
2. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis an sa­aq­cio sa­zo­ga­do­
e­bis re­gis­tra­ci­is Sem­deg yve­la wi­lis­/aq­ci­is er­Ti par­tni­o­ris sa­
kuT­re­ba­Si ga­das­vlis Sem­Txve­va­Si es sa­me­war­meo sa­zo­ga­do­e­ba xde­
ba er­Ti pi­ris sa­me­war­meo sa­zo­ga­do­e­ba. amis Se­sa­xeb in­for­ma­cia da
par­tni­o­ris sa­i­den­ti­fi­ka­cio mo­na­ce­me­bi SezR­u­du­li pa­su­xis­mgeb­
lo­bis sa­zo­ga­do­e­bis Sem­Txve­va­Si un­da ai­sa­xos re­es­trSi, xo­lo sa­
aq­cio sa­zo­ga­do­e­bis Sem­Txve­va­Si _ aq­ci­a­Ta re­es­trSi da sa­ja­rod
xel­mi­saw­vdo­mi un­da iyos.

sa­qar­Tve­los ka­non­mdeb­lo­bis ev­ro­kav­Si­ris 2009/102/EC di­req­ti­vas­

Tan da­ax­lo­eb ­ is miz­niT, ka­no­nis me-19 da 20-e mux­leb­Si asa­xu­lia er­Ti pi­
ris sa­me­war­meo sa­zo­ga­do­e­bas­Tan da­kav­Si­re­bu­li re­gu­la­ci­e­bi.
me-19 mux­li eT­mo­ba er­Ti pi­ris sa­me­war­meo sa­zo­ga­do­e­bis cne­bas. ker­
Zod, SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba an sa­aq­cio sa­zo­ga­do­eb
­a
mi­iC­ne­va er­Ti pi­ris sa­me­war­meo sa­zo­ga­do­eb
­ ad, Tu:

 is da­fuZ­ne­bu­lia er­Ti pi­ris mi­er;

 SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis an sa­aq­cio sa­zo­ga­do­
e­bis re­gis­tra­ci­is Sem­deg yve­la wi­li­/aq­cia er­Ti par­tni­o­ris sa­
kuT­re­ba­Si ga­da­vi­da.

ro­gorc wi­nam­de­ba­re mux­lis pir­vel pun­qtSia mi­Ti­Te­bu­li, so­li­da­

ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba da ko­man­di­tu­ri sa­zo­ga­do­e­ba ver
gax­de­ba er­Ti pi­ris sa­me­war­meo sa­zo­ga­do­e­ba. amis mi­ze­zi isa­a, rom am sa­
mar­Tleb­ri­vi for­mis sa­zo­ga­do­e­bas, sul mci­re, un­da hyav­des ori par­
tni­o­ri.
wi­lis­/aq­ci­is er­Ti pi­ris sa­kuT­re­ba­Si ar­se­bo­bis Se­sa­xeb in­for­ma­cia
da par­tni­or ­ is sa­id
­ en­ti­fi­ka­cio mo­na­ce­me­bi SezR­u­du­li pa­su­xis­mgeb­lo­
bis sa­zo­ga­do­eb­ is Sem­Txve­va­Si un­da ai­sa­xos re­es­trSi, xo­lo sa­aq­cio sa­
zo­ga­do­eb­ is Sem­Txve­va­Si _ aq­ci­a­Ta re­es­trSi. sa­ja­ro re­es­tris mo­na­ce­mi
ise­dac sa­ja­rod xel­mi­saw­vdo­mi­a, er­Ti pi­ris sa­aq­cio sa­zo­ga­do­e­bis Sem­

54
Txve­va­Si ki, ase­ve, dgin­de­ba er­Ti pi­ris xel­Si sa­zo­ga­do­e­bis yve­la aq­ci­
is ar­se­bo­bis Ta­o­ba­ze Ta­vad am sa­zo­ga­do­e­bis mi­er in­for­ma­ci­is sa­ja­rod
xel­mi­saw­vdo­mo­bis uz­run­vel­yo­fis val­de­bu­le­ba.
SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ a an sa­aq­cio sa­zo­ga­do­e­ba
da­kar­gavs er­Ti pi­ris sa­me­war­meo sa­zo­ga­do­e­bis sta­tuss mog­vi­a­ne­biT, Tu
sa­zo­ga­do­e­bis wi­le­bi­/aq­ci­eb
­ i ga­da­na­wil­de­ba ara­nak­leb or pir­ze.

mux­li 20. we­ri­lo­bi­Ti for­mis dac­vis val­de­bu­le­ba

1. Tu sa­me­war­meo sa­zo­ga­do­e­bas er­Ta­der­Ti par­tni­o­ri hyavs, sa­er­

To kre­bis uf­le­ba­mo­si­le­bas is axor­ci­e­lebs. am uf­le­ba­mo­si­le­bis
far­gleb­Si mi­Re­bu­li ga­dawy­ve­ti­le­ba we­ri­lo­biT for­mde­ba.
2. sa­me­war­meo sa­zo­ga­do­e­ba­sa da mis er­Ta­derT par­tni­ors So­ris xel­
Sek­ru­le­ba un­da da­i­dos we­ri­lo­biT, gar­da im Sem­Txve­vi­sa, ro­de­
sac xel­Sek­ru­le­ba Cve­u­leb­ri­vi saq­mi­a­no­bis far­gleb­Si ide­ba

ka­no­nis me-20 mux­li eT­mo­ba ev­ro­kav­Si­ris 2009/102/EC di­req­ti­vas­Tan

da­ax­lo­eb
­ is miz­niT er­Ti pi­ris sa­me­war­meo sa­zo­ga­do­eb
­ eb­Tan da­kav­Si­re­
bul val­de­bu­le­bebs. ker­Zod:

 Tu sa­me­war­meo sa­zo­ga­do­e­bas er­Ta­der­Ti par­tni­o­ri hyavs, sa­er­To

kre­bis uf­le­ba­mo­si­le­bas is axor­ci­e­lebs da am­gva­ri uf­le­ba­mo­si­
le­bis far­gleb­Si mi­Re­bu­li ga­dawy­ve­ti­le­ba we­ri­lo­biT for­mde­ba.
 sa­me­war­meo sa­zo­ga­do­e­ba­sa da mis er­Ta­derT par­tni­ors So­ris xel­
Sek­ru­le­ba un­da da­id ­ os we­ri­lo­biT, gar­da im Sem­Txve­vi­sa, ro­ca
xel­Sek­ru­le­ba Cve­ul ­ eb­ri­vi saq­mi­a­no­bis far­gleb­Si ide­ba.

aR­niS­nu­li de­bu­le­be­bi em­sa­xu­re­ba er­Ti pi­ris sa­me­war­meo sa­zo­ga­do­

e­bi­saT­vis da­mo­u­ki­de­be­li pi­rov­nu­lo­bis Se­nar­Cu­ne­bas kor­po­ra­ci­u­li
for­ma­lo­be­bis uz­run­vel­yo­fis gziT, ra­mac un­da da­ic­vas Ta­vad am sa­me­
war­meo sa­zo­ga­do­e­bis, ro­gorc gan­cal­ke­ve­bu­li su­bi­eq­tis, da mas­Tan da­
kav­Si­re­bu­li pi­re­bis in­te­re­se­bi. maT So­ris, Seq­mnas Se­sa­ba­mi­si we­ri­lo­bi­
Ti ma­sa­le­bi, ro­mel­Tac da­vis war­mo­So­bis Sem­Txve­va­Si da­ey­rdno­ba da­vis
gan­mxil­ve­li or­ga­no.

55
Ta­vi ­IV.  Se­na­ta­ni

mux­li 21. Se­na­ta­nis cne­ba

Se­na­ta­ni aris sa­me­war­meo sa­zo­ga­do­e­bis­Tvis sa­kuT­re­ba­Si ga­da­ce­mu­li

qo­ne­ba, rom­lis eko­no­mi­ku­ri Ri­re­bu­le­ba ai­sa­xe­ba sa­me­war­meo sa­zo­ga­do­
e­bis ba­lan­sSi.

„Se­na­ta­ni“ war­mo­ad­gens qo­neb­riv si­ke­Tes, ro­me­lic sa­me­war­meo sa­zo­ga­

do­eb­ as par­tni­o­ris mi­er ga­da­ec­ e­ma sa­zo­ga­do­e­ba­Si wi­lis (mo­na­wi­le­o­bis)
sa­nac­vlod. ev­ro­kav­Si­ris 2017/1132 di­req­ti­vis 46-e mux­lis ak­rZal­vi­dan
ga­mom­di­na­re, sa­aq­cio sa­zo­ga­do­e­bis ka­pi­tal­Si Se­na­ta­ni ar Se­iZ­le­ba iyos
mom­sa­xu­re­bis ga­we­va an sa­mu­Sa­os Ses­ru­le­ba. SezR­ud­va gan­pi­ro­be­bu­lia
ma­Ti Tan­xob­ri­vi ek­vi­va­len­tis sa­i­me­dod dad­ge­ni­sa da sa­war­mos Se­sa­ba­
mi­si moTx­ov­ne­bis (i­Zu­le­biT) aR­sru­le­bas­Tan da­kav­Si­re­bu­li sir­Tu­le­e­
biT.
sa­war­mos Tav­da­pir­ve­li ka­pi­ta­lis re­a­lu­rad for­mi­re­bis miz­niT, ro­
gorc we­si, da­uS­ve­be­lia Se­na­ta­nis Se­ta­nis val­de­bu­le­bis­gan ka­pi­ta­lu­ri
ti­pis sa­zo­ga­do­e­bis (ko­o­pe­ra­ti­vi, Sps, ss) par­tni­o­ris, ase­ve ko­man­di­tu­
ri sa­zo­ga­do­e­bis ko­man­di­tis par­tni­o­ris ga­Ta­vi­suf­le­ba, gan­sa­kuT­re­biT
im Sem­Txve­veb­Si, ro­ca es au­ci­le­be­lia sa­war­mos kre­di­tor­Ta da­sak­ma­yo­
fi­leb­lad.
Tu­ki re­gis­tra­ci­is mo­men­tis­Tvis gan­xor­ci­e­le­bu­li ara­fu­la­di Se­na­
ta­nis Ri­re­bu­le­ba nak­le­bia Se­na­ta­nis Se­Tan­xme­bul Ri­re­bu­le­ba­ze, dad­
ge­ni­lia sxva­o­bis fu­la­di sa­xiT Sev­se­bis val­de­bu­le­ba, Se­ta­ni­li Ri­re­bu­
le­bis ek­vi­va­len­tu­ro­bas­Tan da­kav­Si­re­bu­li sir­Tu­le­e­bis Ta­vi­dan asa­ci­
leb­lad.
wi­lis sa­nac­vlod gan­xor­ci­el ­ e­bu­li Se­na­ta­nis­gan gan­sxvav­de­ba da­ma­
te­bi­Ti Se­na­ta­ni (140-e mux­li, 231-e mux­lis me-5 pun­qti, 228-e mux­li, 246-e
mux­lis pir­ve­li pun­qtis „e“ qve­pun­qti)1 ro­me­lic ar aris da­kav­Si­re­bu­li
par­tni­o­ris mi­er axa­li wi­lis Se­Ze­nas­Tan.
Se­na­ta­ni gan­xor­ci­el­ e­bu­lad Ca­iT­vle­ba im mo­men­ti­dan, ro­ca Se­na­ta­nis
gan­xor­ci­el ­ e­ba­ze val­de­bu­li par­tni­o­ri sa­mar­Tleb­ri­vad da­kar­gavs Se­
na­ta­nis sag­nis Ta­vi­su­fa­li gan­kar­gvis uf­le­ba­mo­si­le­bas sa­war­mos xel­

ტერმინოლოგიური უზუსტობის გამო, განმარტებას საჭიროებს 171-ე მუხლში

1

მითითებული „დამატებითი შენატანი“, რომელიც, ამჯერად, განთავსებული (საწესდებო)

კაპიტალის ახალი შენატანების სანაცვლოდ გაზრდას გულისხმობს.

56
mZRva­ne­lo­biT da war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­bis pi­ri­/or­ga­no ki
Se­i­Zens gan­kar­gvis uf­le­ba­mo­si­le­bas sa­war­mos sa­sar­geb­lod.
fu­la­di Se­na­ta­nis Sem­Txve­va­Si es xor­ci­el­de­ba Tan­xis an­ga­riS­ze Se­ta­
niT, rom­lis gan­kar­gvis uf­le­ba­mo­si­le­ba sa­war­mos war­mo­mad­gen­lo­bi­Ti
da xel­mZRva­ne­lo­bi­Ti uf­le­ba­mo­si­le­biT aR­Wur­vil pi­rebs aqvT.
ara­fu­la­di Se­na­ta­nis Sem­Txve­va­Si, sul mci­re, val­de­bu­le­biT­-sa­mar­
Tleb­ri­vi na­wi­li mo­va­lis (par­tni­o­ris) qo­ne­bi­dan Se­na­ta­nis „ga­mos­vlis­/
ga­mo­yo­fis“ da sa­war­mos qo­ne­ba­Si ga­da­ce­mi­sa das­ru­le­bu­li da srul­yo­
fi­li un­da iyos. mag., re­gis­tra­ci­as daq­vem­de­ba­re­bu­li qo­ne­bis­Tvis sak­
ma­ri­sia uxar­ve­zo ga­nacx­a­dis war­dge­na Se­sa­ba­mis ma­re­gis­tri­re­bel or­ga­
no­Si. sxva Sem­Txve­va­Si sag­nis faq­tob­ri­vi ga­da­ce­ma au­ci­le­be­lia Ta­vi­su­
fa­li gan­kar­gvis­Tvis sa­kuT­re­ba­Si ga­da­ce­mis­Tvis.
Se­na­ta­ni da mi­si Se­sa­ba­mi­si Ri­re­bu­le­ba ai­sa­xe­ba sa­me­war­meo sa­zo­ga­do­
e­bis ba­lan­sSi, rac ase­ve Ta­vi­su­fa­li gan­kar­gvis­Tvis ga­da­ce­mis er­T-er­Ti
au­ci­le­be­li ni­Sa­ni­a, vi­na­id­ an Se­na­ta­nis um­Tav­re­si fun­qcia sa­war­mos qo­
ne­bis (wmin­da aq­ti­vis) zrdaa aq­ti­vis zrdis an val­de­bu­le­bis Sem­ci­re­bis
meS­ve­o­biT.

mux­li 22. Se­na­ta­nis sa­ga­ni

Se­na­ta­nis sa­ga­ni aris qo­neb­ri­vi si­ke­Te, rom­lis sa­me­war­meo sa­zo­ga­do­

e­bis­Tvis ga­da­ce­mis val­de­bu­le­ba­sac (Se­na­ta­nis gan­xor­ci­e­le­bis val­de­
bu­le­ba) iRebs sa­me­war­meo sa­zo­ga­do­e­bis mo­ma­va­li an moq­me­di par­tni­o­ri
sa­me­war­meo sa­zo­ga­do­e­bis ka­pi­tal­Si wi­lis Se­Ze­nis an mi­si Ri­re­bu­le­bis
gaz­rdis sa­nac­vlod.

zo­ga­di we­sis mi­xed­viT, Se­na­ta­nis sa­gans Se­iZ­le­ba war­mo­ad­gen­des po­zi­

ti­u­ri Ri­re­bu­le­bis mqo­ne ne­bis­mi­e­ri qo­neb­ri­vi si­ke­Te _ uZ­ra­vi an moZ­ra­vi
qo­ne­ba, ase­ve ara­ma­te­ri­a­lu­ri qo­neb­ri­vi si­ke­Te _ uf­le­be­bi da moTx­ov­ne­bi.
ar aris au­ci­le­be­li, rom Se­na­ta­nis gan­mxor­ci­e­le­be­li par­tni­o­ri Se­
na­ta­nis sag­nis me­sa­kuT­re iyos, Se­na­ta­nis gan­xor­ci­e­le­ba Se­saZ­le­be­lia
uf­le­ba­mo­si­li me­sa­me pi­ris mi­er an mi­si Tan­xmo­biT, ase­ve Se­saZ­le­be­li­a,
zo­ga­di we­se­biT, ke­Til­sin­di­si­e­ri Se­Ze­na.
Se­na­ta­ni, gar­da da­ma­te­bi­Ti Se­na­ta­ne­bi­sa (ix. 140-e mux­li), xor­ci­el­
de­ba sa­war­mo­Si wi­lis an uk­ve mi­Re­bu­li wi­lis Ri­re­bu­le­bis zrdis sa­nac­
vlod, mag., ka­pi­ta­lis zrdis­/a­xa­li wi­le­bis ga­moS­ve­bis Sem­Txve­va­Si.

57
mux­li 23. Se­na­ta­nis sa­xe­e­bi

Se­na­ta­nis gan­xor­ci­e­le­bis val­de­bu­le­ba Se­iZ­le­ba Ses­rul­des fu­lis

ga­dax­diT (fu­la­di Se­na­ta­ni) an sxva ma­te­ri­a­lu­ri an ara­ma­te­ri­a­lu­ri qo­
neb­ri­vi si­ke­Tis ga­da­ce­miT (a­ra­fu­la­di Se­na­ta­ni). sa­mu­Sa­os Ses­ru­le­ba an
mom­sa­xu­re­bis ga­we­va Se­iZ­le­ba iyos ara­fu­la­di Se­na­ta­nis sa­ga­ni.

mux­li 24. Se­na­ta­nis gan­xor­ci­e­le­bis we­si da va­da

1. Se­na­ta­ni un­da gan­xor­ci­el­des ka­no­ni­Ta da wes­de­biT dad­ge­ni­li we­

siT da gan­sazR­vrul va­da­Si.
2. fu­la­di Se­na­ta­ni gan­xor­ci­e­le­bu­lad mi­iC­ne­va fu­lis­/Tan­xis sa­me­
war­meo sa­zo­ga­do­e­bis mi­er gax­snil sa­ban­ko an­ga­riS­ze Ca­ricx­vis mo­
men­ti­dan.
3. ara­fu­la­di Se­na­ta­ni gan­xor­ci­e­le­bu­lad mi­iC­ne­va sa­kuT­re­bis uf­
le­bis ga­da­ce­mis­Tvis sa­Wi­ro, sa­qar­Tve­los ka­non­mdeb­lo­biT dad­
ge­ni­li moq­me­de­be­bis Ses­ru­le­bis mo­men­ti­dan.
4. Tu ara­fu­la­di Se­na­ta­nis gan­xor­ci­e­le­bis dros mi­si Ri­re­bu­le­ba
Se­Tan­xme­bu­li Se­na­ta­nis ode­no­ba­ze nak­le­bi­a, par­tni­o­ri val­de­
bu­lia Se­Tan­xme­bu­li Se­na­ta­nis Ri­re­bu­le­ba fu­la­di sa­xiT Se­av­
sos.
5. Tu so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si, ko­man­di­tur
sa­zo­ga­do­e­ba­Si an SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si
ara­fu­la­di Se­na­ta­nis Ri­re­bu­le­ba mi­si gan­xor­ci­e­le­bis dros aRe­
ma­te­ba Se­Tan­xme­bu­li Se­na­ta­nis ode­no­bas, par­tni­o­ri uf­le­ba­mo­
si­lia mo­iTx­o­vos sxva­o­bis fu­la­di sa­xiT dab­ru­ne­ba, xo­lo sa­zo­
ga­do­e­ba uf­le­ba­mo­si­lia am val­de­bu­le­bis Ses­ru­le­ba ga­da­a­va­dos
ara­u­me­tes 1 wliT, Tu­ki mxa­re­e­bi sxvag­va­rad ar Se­Tan­xmde­bi­an.

23-e mux­li ga­mo­yofs fu­la­di da ara­fu­la­di Se­na­ta­nis sa­xe­ebs. ara­fu­

la­di Se­na­ta­ni mo­ic ­ avs yve­la qo­neb­riv si­ke­Tes, fu­lis gar­da, ro­me­lic
sa­war­mos qo­ne­bis (wmin­da aq­ti­vis, sa­ku­Ta­ri ka­pi­ta­lis) zrdas iw­vevs. ara­
fu­la­di val­de­bu­le­bis Ses­ru­le­ba Se­iZ­le­ba ga­mo­i­xa­tos e.w. val­de­bu­le­
bis ka­pi­ta­li­za­ci­iT, e.i. sa­war­mos mi­marT moTx­ov­nis Se­ta­niT ka­pi­tal­Si
wi­lis­/aq­ci­is mi­Re­bis sa­nac­vlod.
am­de­nad, Se­na­ta­nis sa­ga­ni Se­saZ­loa iyos:

58
  uZ­ra­vi an moZ­ra­vi niv­Te­bi
 sa­niv­To uf­le­be­bi
 fa­si­a­ni qa­Ral­de­bi
 ara­ma­te­ri­a­lu­ri qo­ne­ba (pa­ten­ti, li­cen­zia da a.S.)
 niv­Te­bis er­Tob­li­o­ba ase­ve sa­war­mo ro­gorc eko­no­mi­ku­ri er­To­ba
 ga­da­ce­ma­di uf­le­be­bi da moTx­ov­ne­bi

sa­aq­cio sa­zo­ga­do­e­bis gar­da (ix. 152-e mux­lis pir­ve­li pun­qti), sa­mu­Sa­

os Ses­ru­le­ba da mom­sa­xu­re­bis ga­we­va, rom­lis Se­de­gia sa­war­mos qo­ne­bis
zrda, da­saS­ve­bia ro­gorc Se­na­ta­ni.
„Se­iZ­le­ba Ses­rul­des“ ase­ve gu­lis­xmobs, rom Se­na­ta­nis sa­xis sa­dam­
fuZ­neb­lo Se­Tan­xme­ba­Si mi­Ti­Te­ba ar aris sa­val­de­bu­lo (gan­sxva­ve­bu­li
we­se­bi moq­me­debs sa­aq­cio sa­zo­ga­do­e­bis mi­marT (me-5 mux­lis me-6 pun­qtis
„z“ qve­pun­qti), an mi­Ti­Te­bu­li sa­xe Se­saZ­lo­a, Se­ic­va­los, Tu­ki sa­zo­ga­do­
e­ba da par­tni­o­re­bi sa­dam­fuZ­neb­lo Se­Tan­xme­bis cvli­le­biT mog­vi­a­ne­biT
sxva sa­xe­ze Se­Tan­xmdnen.
ro­gorc aR­vniS­neT, gan­sxva­ve­bu­li we­si moq­me­debs sa­aq­cio sa­zo­ga­do­
e­beb­Si, vi­na­i­dan Se­na­tan­Tan da­kav­Si­re­bu­li in­for­ma­cia ma­re­gis­tri­re­be­
li or­ga­nos pre­ven­ci­ul for­ma­lur kon­trols eq­vem­de­ba­re­ba da me­sa­me
pi­re­bis dac­vas isa­xavs miz­nad. Se­na­ta­nis sa­xes­Tan da­kav­Si­re­bu­li cvli­
le­ba re­gis­tra­ci­a­sa­val­de­bu­lo qme­de­ba­a.
24-e mux­lis mi­xed­viT, Se­na­ta­nis gan­xor­ci­el ­ e­bi­sas ga­saT­va­lis­wi­ne­be­
lia mi­si gan­xor­ci­el ­ e­bis for­ma (we­si) da va­de­bi, ase­ve am ka­no­niT dad­ge­
ni­li moTx­ov­ne­bi (im­pe­ra­ti­ul ­ i nor­me­bi). we­si­sa da va­de­bis Sec­vla im­pe­ra­
ti­u­li nor­me­bis far­gleb­Si Se­saZ­le­be­lia sa­dam­fuZ­neb­lo Se­Tan­xme­biT.
24-e mux­lis me-4 pun­qtis mi­xed­viT ara­fu­la­di Se­na­ta­nis sag­nis Ri­re­
bu­le­bis Sem­ci­re­bis ris­ke­bi­dan ga­mom­di­na­re, de­fi­ci­ti val­de­bul­ma par­
tni­or­ma un­da Se­iv­sos fu­la­di sa­xiT. sa­war­mos msgav­si moTx­ov­na xels Se­
uS­lis sa­war­mo­sa da kre­di­to­re­bis sa­zi­a­no ma­ni­pu­la­ci­ebs.
vi­na­i­dan, gar­da ss-i­sa, ara­fu­la­di Se­na­ta­nis ek­vi­va­len­tu­re­bis da­mo­
u­ki­de­be­li Se­mow­me­ba ar xde­ba, eq­vi­va­len­tu­re­bis uz­run­vel­yo­fa ise­ve,
ro­gorc par­tni­o­ris mi­marT moTx­ov­nis gan­xor­ci­e­le­ba, xel­mZRva­ne­li
or­ga­nos uf­le­ba­mo­si­le­ba da val­de­bu­le­ba­a.
24-e mux­lis me-5 pun­qti exe­ba Sem­Txve­vas, ro­ca ara­fu­la­di Se­na­ta­nis
Ri­re­bu­le­ba gan­xor­ci­e­le­bis (Se­ta­nis) mo­men­tSi mniS­vne­lov­nad aRe­ma­te­
ba Se­Tan­xme­bu­li Se­na­ta­nis ode­no­bas. sxva­o­bis fu­la­di sa­xiT moTx­ov­nis
uf­le­ba aqvs Se­na­ta­nis gan­mxor­ci­e­le­bel par­tni­ors. sa­zo­ga­do­e­bas (ss,

59
Sps) Se­uZ­lia 1 wlis va­da­Si aa­nazR­a­u­ros es sxva­o­ba, an Tu­ki Se­na­ta­nis sa­
ga­ni amis Se­saZ­leb­lo­bas iZ­le­ba, na­tu­riT da­ub­ru­nos Se­sa­ba­mi­si na­wi­li
par­tni­ors (mag. mi­wis nak­ve­Tis ga­mij­vnis da ga­da­ce­mis gziT, ga­yo­fa­di
gva­rov­nu­li niv­Te­bis Sem­Txve­va­Si). par­tni­o­ri da sa­zo­ga­do­e­ba Se­iZ­le­ba
Se­Tan­xmdnen sxvag­va­ri kom­pen­sa­ci­is for­ma­zec - mag. ka­pi­ta­lis gaz­rda (am
Sem­Txve­va­Si gaz­rda­Si mo­na­wi­le­o­bis uf­le­ba un­da mi­ec ­ es yve­la da­nar­Cen
par­tni­or­sac, par­tni­or­Ta Ta­nas­wo­ruf­le­bi­a­no­bis prin­ci­pi­dan ga­mom­di­
na­re).
SezR­u­du­li pa­su­xis­mgeb­lo­bis Sem­Txve­va­Si gaT­va­lis­wi­ne­bul un­da iq­
nas sa­war­mos ka­pi­ta­lis da ga­dax­di­su­na­ri­a­no­bis dac­vis pri­o­ri­te­ti. Se­
sa­ba­mi­sad, sxva­o­bis fu­la­di sa­xiT ga­dax­da da­saS­ve­bi­a, Tu­ki ar ir­Rve­va
145-e mux­lis me-6 pun­qtiT dad­ge­ni­li qo­ne­bis ga­na­wi­le­bis SezR­ud­ve­bi -
e.i. da­de­bi­Tia ga­dax­di­su­na­ri­a­no­bis prog­no­zi da wmin­da aq­ti­vis tes­ti.
sa­aq­cio sa­zo­ga­de­bis­Tvis msgav­si da­na­we­sis dad­ge­na praq­ti­kul da­niS­
nu­le­bas mok­le­bu­li­a, vi­na­id­ an ara­fu­la­di Se­na­ta­nis Ri­re­bu­le­bis Se­fa­
se­ba da­mo­u­ki­de­be­li eq­sper­tis mi­er xor­ci­el­de­ba.
 

mux­li 25. Se­na­ta­nis gan­xor­ci­e­le­bis or­ga­ni­za­ci­u­li uz­run­vel­yo­fa

1. ara­fu­la­di Se­na­ta­nis Ri­re­bu­le­bis Se­na­ta­nis ode­no­bas­Tan Se­sa­

ba­mi­so­bis Se­fa­se­bas da Se­na­ta­nis gan­xor­ci­e­le­bis val­de­bu­le­bis
Ses­ru­le­bis or­ga­ni­ze­bas uz­run­vel­yofs sa­me­war­meo sa­zo­ga­do­e­bis
xel­mZRva­ne­lo­bis uf­le­ba­mo­si­le­bis mqo­ne or­ga­no.
2. par­tni­o­ris moTx­ov­nis Sem­Txve­va­Si sa­me­war­meo sa­zo­ga­do­e­bis xel­
mZRva­ne­lo­bis uf­le­ba­mo­si­le­bis mqo­ne or­ga­nom un­da gas­ces we­ri­
lo­bi­Ti cno­ba Se­na­ta­nis gan­xor­ci­e­le­bis, ker­Zod, Se­na­ta­nis gan­
xor­ci­e­le­bis val­de­bu­le­bis, mi­si Ses­ru­le­bis an na­wi­lob­riv Ses­
ru­le­bis, ag­reT­ve am val­de­bu­le­bis Ses­ru­le­bis va­de­bi­sa da pi­ro­
be­bis Ta­o­ba­ze.
3. Se­na­ta­nis gan­xor­ci­e­le­bis Se­sa­xeb cno­bis bra­le­u­li uzus­to­bis­
Tvis pa­su­xis­mge­be­lia sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­lo­bis
uf­le­ba­mo­si­le­bis mqo­ne or­ga­no.
 
nor­ma um­Tav­re­sad gan­mar­te­bi­Ti xa­si­a­Ti­sa­a, vi­na­i­dan sa­me­war­meo sa­zo­
ga­do­e­bis Se­na­ta­nis ek­vi­va­len­tu­re­bis dac­vis uz­run­vel­yo­fa xel­mZRva­
ne­li or­ga­nos val­de­bu­le­ba­Ta Se­mad­ge­ne­li na­wi­li­a.

60
 me-2 pun­qti Se­na­ta­ne­bis gan­xor­ci­e­le­bis pro­ces­Tan da­kav­Si­re­biT par­
tni­o­re­bis in­for­mi­re­bu­lo­bas em­sa­xu­re­ba, ra­Ta maT ukeT SeZ­lon uf­le­
ba­Ta dac­va. ma­ga­li­Tad, mi­iR ­ on ga­dawy­ve­ti­le­ba sa­mar­Tleb­ri­vi re­ag
­ i­re­
bis Ta­o­ba­ze, xel­mZRva­ne­li or­ga­nos mxri­dan par­tni­or­Ta Ta­nas­wo­ruf­
le­bi­a­no­bis prin­ci­pis, ase­ve wes­de­bis an ka­no­nis sxva moTx­ov­na­Ta dar­Rve­
vis Sem­Txve­va­Si.
me-3 pun­qti gan­sazR­vravs xel­mZRva­ne­lo­ba­ze uf­le­ba­mo­si­li or­ga­nos
bral­ze da­mo­ki­de­bul pa­su­xis­mgeb­lo­bas ga­ce­mu­li cno­bis Si­na­ar­sob­riv
si­zus­te­ze. xel­mZRva­ne­li or­ga­nos mi­er mux­lSi mi­Ti­Te­bu­li mo­va­le­o­
be­bis mxo­lod teq­ni­ku­ri uz­run­vel­yo­fa ar aTa­vi­suf­lebs xel­mZRva­nel
or­ga­nos pa­su­xis­mgeb­lo­bis­gan.

mux­li 26. par­tni­o­ris pa­su­xis­mgeb­lo­ba

1. ko­man­di­tu­ri sa­zo­ga­do­e­bis ko­man­di­ti, SezR­u­du­li pa­su­xis­mgeb­

lo­bis sa­zo­ga­do­e­bis, sa­aq­cio sa­zo­ga­do­e­bis, ko­o­pe­ra­ti­vis par­
tni­o­ri sa­me­war­meo sa­zo­ga­do­e­bis val­de­bu­le­bis­Tvis kre­di­to­ris
wi­na­Se pa­suxs ar agebs.
2. ga­mo­nak­lis Sem­Txve­va­Si ko­man­di­tu­ri sa­zo­ga­do­e­bis ko­man­di­ti,
SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis, sa­aq­cio sa­zo­ga­
do­e­bis, ko­o­pe­ra­ti­vis par­tni­o­ri sa­me­war­meo sa­zo­ga­do­e­bis kre­
di­to­ris wi­na­Se pa­suxs agebs pi­ra­dad, Tu is pa­su­xis­mgeb­lo­bis
SezR­ud­vis sa­mar­Tleb­riv for­mas bo­ro­tad iye­nebs da sa­me­war­
meo sa­zo­ga­do­e­bas ar Se­uZ­lia kre­di­to­ris moTx­ov­nis dak­ma­yo­fi­
le­ba.
 
pir­ve­li pun­qti ad­gens SezR­u­du­li pa­su­xis­mgeb­lo­bis prin­cips, maT
So­ris, ko­man­di­tis­Tvis. gan­sxva­ve­biT 1994 wlis „me­war­me­Ta Se­sa­xeb“ ka­no­
nis­gan (me-3 mux­lis me-4 pun­qti), pi­ra­di pa­su­xis­mgeb­lo­ba zo­ga­dad ar dge­
ba mxo­lod imis ga­mo, rom Se­na­ta­ni bo­lom­de ar aris gan­xor­ci­e­le­bu­li.
zo­ga­di mid­go­mis cvli­le­ba ga­mar­Tle­bu­li­a, vi­na­i­dan Se­na­ta­nis gan­xor­
ci­e­le­bis val­de­bu­le­ba Ta­vi­si bu­ne­biT Si­da­kor­po­ra­ci­u­li val­de­bu­le­
baa par­tni­o­ri­sa sa­zo­ga­do­eb­ is mi­marT.
Tum­ca gan­sa­kuT­re­bu­lia ko­man­di­tis Sem­Txve­va. mi­si pi­ra­di pa­su­xis­
mgeb­lo­ba kre­di­to­re­bis wi­na­Se nar­Cun­de­ba sa­ga­ran­tio Tan­xis Se­u­ta­ne­li
(dab­ru­ne­bu­li) na­wi­lis ode­no­biT (ix. 116 mux­lis me-2 da me-3 .)

61
 me-2 pun­qti ad­gens e.w. gam­Wo­li pa­su­xis­mgeb­lo­bis sa­ga­mo­nak­li­so Sem­
Txve­ve­bis wi­na­pi­ro­bebs. „ga­mo­nak­lis Sem­Txve­veb­Si“ mi­a­niS­nebs SezR­u­du­
li pa­su­xis­mgeb­lo­bis prin­ci­pis dar­Rve­vis Sem­Txve­ve­bis sa­ga­mo­nak­li­so
xa­si­aTs, rac ga­saT­va­lis­wi­ne­be­lia gam­Wo­li pa­su­xis­mgeb­lo­bis dad­ge­ni­
sas sa­sa­mar­Tlo praq­ti­ka­Sic.
pa­su­xis­mgeb­lo­bis SezR­ud­vis sa­mar­Tleb­ri­vi for­mis bo­ro­tad ga­mo­
ye­ne­ba mi­a­niS­nebs Sem­Txve­veb­ze, ro­de­sac par­tni­o­ris gan­zra­xi ze­moq­me­de­
biT sa­war­mo azi­an ­ ebs kre­di­to­ris ga­mar­Tle­bul in­te­ress. kre­di­tor­Ta
da­ma­zi­a­ne­be­li gav­le­nis gac­no­bi­e­re­ba (gan­zrax­va) ase­ve bo­ro­tad ga­mo­ye­
ne­bis au­ci­le­be­li kom­po­nen­ti­a. kon­kre­tu­li faq­tob­ri­vi wi­na­pi­ro­be­bis
dad­ge­na sa­sa­mar­Tlos amo­ca­na­a.
vi­na­i­dan gam­Wo­li pa­su­xis­mgeb­lo­ba kre­di­tor­Ta dac­vas em­sa­xu­re­ba,
mi­si ga­mo­ye­ne­bis au­ci­leb­lo­ba ar dgas, Tu­ki sa­war­mos da­mo­u­ki­deb­lad
Se­uZ­lia kre­di­to­ris dak­ma­yo­fi­le­ba. e.i. bo­ro­tad ga­mo­ye­ne­bis Se­de­gi
un­da iyos sa­war­mos qo­neb­ri­vi mdgo­ma­re­o­bis im­de­nad ga­u­a­re­se­ba, rom mas
ar Se­eZ­los, da­ak­ma­yo­fi­los kre­di­to­ris moTx­ov­na. Se­uZ­leb­lo­ba gu­lis­
xmobs maT So­ris me­o­re­ul ­ i Ses­ru­le­bis (zi­a­nis anazR­a­u­re­bis) Se­uZ­leb­
lo­bas. kre­di­tors ase­ve ar un­da hqon­des moTx­ov­nis dak­ma­yo­fi­le­bis sxva
Se­saZ­leb­lo­ba, mag., uz­run­vel­yo­fis sag­nis re­al ­ i­za­ci­is gziT.
SezR­u­du­li pa­su­xis­mgeb­lo­bis prin­ci­pis sa­mar­Tleb­ri­vi da eko­no­mi­
ku­ri fa­se­u­lo­bi­dan ga­mom­di­na­re, SezR­u­du­li pa­su­xis­mgeb­lo­bis bo­ro­
tad ga­mo­ye­ne­bis mtki­ce­bis tvir­Ti kre­di­tors (mo­sar­Ce­les) ekis­re­ba.
gar­da ami­sa, mo­sar­Ce­les ekis­re­ba pir­ve­la­di va­ra­u­dis (pri­ma fa­ci­e) Seq­mna
kom­pa­ni­is ga­dax­di­su­u­na­ro­bas­Tan da­kav­Si­re­biT.
mo­pa­su­xem (par­tni­or­ma) Se­iZ­le­ba da­ic­vas Ta­vi imis mtki­ce­biT, rom
sa­war­mo ga­dax­di­su­na­ri­an ­ i­a, e.i. sa­me­war­meo sa­zo­ga­do­e­bas Ses­wevs una­ri
kre­di­tor­Ta moTx­ov­nis da­mo­u­ki­deb­lad dak­ma­yo­fi­le­bi­sa da ar ar­se­
bobs par­tni­or ­ is pi­ra­di pa­su­xis­mgeb­lo­bis au­ci­leb­lo­ba.

mux­li 27. Se­na­ta­nis gan­xor­ci­e­le­bis val­de­bu­le­bis­gan

ga­Ta­vi­suf­le­bis da­uS­veb­lo­ba

da­uS­ve­be­lia ko­man­di­tu­ri sa­zo­ga­do­e­bis ko­man­di­tis, SezR­u­du­li pa­

su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis, sa­aq­cio sa­zo­ga­do­e­bis, ko­o­pe­ra­ti­vis
par­tni­o­ris ga­Ta­vi­suf­le­ba Se­na­ta­nis gan­xor­ci­e­le­bis val­de­bu­le­bis­
gan, gar­da am ka­no­niT gaT­va­lis­wi­ne­bu­li Sem­Txve­vi­sa.

62
 mux­li em­sa­xu­re­ba sa­war­mos qo­ne­bis Se­nar­Cu­ne­bas da par­tni­or­Ta Ta­
nas­wo­ruf­le­bi­a­no­bis dac­vas.
zo­ga­di we­sis mi­xed­viT, da­uS­ve­be­lia ko­man­di­tis, Sps-is par­tni­o­ris,
ss-is aq­ci­on­ e­ris Se­na­ta­nis gan­xor­ci­e­le­bis val­de­bu­le­bis­gan gan­Ta­vi­
suf­le­ba. ga­mo­nak­li­se­bi Se­saZ­loa daS­ve­bul iq­nes ka­pi­ta­lis Sem­ci­re­bis
Sem­Txve­va­Si. ase­ve, Tu­ki yve­la par­tni­o­ri da­e­Tan­xme­ba gan­Ta­vi­suf­le­bas
da gan­Ta­vi­suf­le­ba saf­rTxes ar uq­mis kre­di­tor­Ta moTx­ov­nis dak­ma­yo­
fi­le­bas, an ar azi­an ­ ebs sa­war­mos saq­mi­an
­ o­bi­dan ga­mom­di­na­re ar­se­biT in­
te­re­sebs (a­se­ve ix. 138-e mux­li me-2 pun­qti; 169-e mux­li me-8 pun­qti).

63
Ta­vi V. sa­me­war­meo sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­li,
wi­li, di­vi­den­di
 
mux­li 28. sa­me­war­meo sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­lis cne­ba

sa­me­war­meo sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­li aris sa­me­war­meo sa­

zo­ga­do­e­bis mi­er gan­sazR­vru­li fu­la­di ode­no­ba. gan­Tav­se­bu­li ka­pi­ta­
li un­da iyos sa­me­war­meo sa­zo­ga­do­e­bis gan­Tav­se­bu­li wi­le­bis no­mi­na­lur
Ri­re­bu­le­ba­Ta ja­mis to­li, xo­lo Tu sa­me­war­meo sa­zo­ga­do­e­bas gan­Tav­
se­bu­li aqvs ag­reT­ve no­mi­na­lu­ri Ri­re­bu­le­bis ar­mqo­ne wi­le­bi, gan­Tav­
se­bu­li ka­pi­ta­li un­da aRe­ma­te­bo­des gan­Tav­se­bu­li wi­le­bis no­mi­na­lur
Ri­re­bu­le­ba­Ta jams. Tu sa­me­war­meo sa­zo­ga­do­e­bas (gar­da sa­aq­cio sa­zo­
ga­do­e­bi­sa) gan­Tav­se­bu­li aqvs mxo­lod no­mi­na­lu­ri Ri­re­bu­le­bis ar­mqo­ne
wi­le­bi, gan­Tav­se­bu­li ka­pi­ta­li Se­iZ­le­ba ga­ni­sazR­vros ne­bis­mi­e­ri ode­
no­biT.
 
me­war­me­Ta Se­sa­xeb ka­no­ni er­Tma­ne­Tis­gan mij­navs ka­pi­ta­lis sxva­das­xva
ti­pebs. „gan­Tav­se­bu­li ka­pi­ta­li“ ewo­de­ba Tan­xas, ro­mel­zec Tan­xmde­bi­an
dam­fuZ­ne­be­li par­tni­or ­ e­bi da mi­uT ­ i­Te­ben sa­dam­fuZ­neb­lo Se­Tan­xme­ba­Si.
ss-is gar­da, gan­Tav­se­bu­li ka­pi­ta­lis ar­se­bo­ba ar aris sa­val­de­bu­lo sa­
me­war­meo sa­zo­ga­do­e­be­bi­saT­vis.
gan­Tav­se­bu­li ka­pi­ta­li e.w. sa­wes­de­bo ka­pi­ta­lis ek­vi­va­len­tia (sta­tu­
tory ca­pi­tal, le­gal ca­pi­tal, char­ter ca­pi­tal, sub­scri­bed ca­pi­tal).
gan­Tav­se­bu­li ka­pi­ta­lis mTa­va­ri fun­qcia da­fuZ­ne­bi­sas ka­pi­ta­lu­ri
ti­pis sa­zo­ga­do­e­beb­Si sa­zo­ga­do­e­bis sawy­i­si ka­pi­ta­liT aR­Wur­va­a, rac,
Tun­dac mi­ni­ma­lu­rad, SezR­ud ­ u­li pa­su­xis­mgeb­lo­bis er­Tgva­ri Se­mav­se­
be­li, dam­ba­lan­se­be­li­a.
sa­zo­ga­do­e­bis da­fuZ­ne­bis Sem­dgom gan­Tav­se­bu­li ka­pi­ta­li sa­zo­ga­do­
e­bis qo­ne­bis Se­nar­Cu­ne­bas em­sa­xu­re­ba (145-e mux­lis me-6 pun­qtis me-2 win.,
181-e mux­lis pir­ve­li pun­qtis „a“ qve­pun­qti). Tum­ca, vi­na­i­dan, ss-is gar­da,
igi ara­sa­val­de­bu­lo ele­men­ti­a, ka­no­ni iZ­le­va sa­Su­a­le­bas, gan­Tav­se­bu­li
(sa­wes­de­bo) ka­pi­ta­li per­so­na­lu­ri ti­pis sa­zo­ga­do­e­beb­sac hqon­deT, rac
ar ga­mo­ricx­avs hib­ri­du­li sa­war­mo­Ta for­me­bis Seq­mnas, mag., di­vi­den­dis
po­li­ti­kiT, per­so­na­lu­ri sa­zo­ga­do­e­bis ka­pi­ta­lur sa­zo­ga­do­e­bas­Tan
da­ax­lo­e­bas.
gan­Tav­se­bu­li ka­pi­ta­lis ar­se­bo­bis Sem­Txve­va­Si, is un­da ud­ri­des gan­
Tav­se­bu­li wi­le­bis no­mi­na­lur Ri­re­bu­le­ba­Ta jams, rac gan­Tav­se­bu­li

64
(sa­wes­de­bo) ka­pi­ta­lis war­mo­mad­gen­lo­bi­To­bis ide­i­Taa na­kar­na­xe­vi, e.i.
imiT, rom wi­li war­mo­ad­gen­des sa­wes­de­bo (gan­Tav­se­bu­li) ka­pi­ta­lis gar­
kve­ul na­wils.
am ide­as ag­rZe­lebs mom­dev­no we­sic. ka­no­nis Ta­nax­mad, sa­war­mos Se­uZ­
li­a, er­Tdro­u­lad hqon­des ga­moS­ve­bu­li ro­gorc no­mi­na­lu­ri Ri­re­bu­
le­bis ar­mqo­ne, ise no­mi­na­lu­ri Ri­re­bu­le­bis mqo­ne wi­le­bi. am Sem­Txve­va­
Si, ka­pi­ta­lis war­mo­mad­gen­lo­bi­To­bis prin­ci­pi­dan ga­mom­di­na­re, gan­Tav­
se­bu­li ka­pi­ta­li un­da aRe­ma­te­bo­des no­mi­na­lu­ri Ri­re­bu­le­be­bis jams.
Tu­ki sa­war­mos mxo­lod no­mi­na­lu­ri Ri­re­bu­le­bis ar­mqo­ne wi­le­bi aqvs
gan­Tav­se­bu­li, Sps-Si gan­Tav­se­bu­li ka­pi­ta­li ne­bis­mi­e­ri Tan­xiT Se­iZ­le­ba
ga­ni­sazR­vros. ss-s Sem­Txve­va­Si, bu­neb­ri­vi­a, mxo­lod no­mi­na­lu­ri Ri­re­
bu­le­bis ar­mqo­ne wi­le­bis gan­Tav­se­bis Sem­Txve­va­Sic, gan­Tav­se­bu­li ka­pi­
ta­lis ka­no­niT dad­ge­nil ode­no­bas (ix. 156-e mux­lis pir­ve­li pun­qti) ar
un­da Ca­mo­u­var­de­bo­des.

mux­li 29. wi­li

wi­li aris uf­le­ba, ro­me­lic gu­lis­xmobs sa­me­war­meo sa­zo­ga­do­e­bis ka­

pi­tal­Si pi­ris mo­na­wi­le­o­bas da ro­mel­Ta­nac da­kav­Si­re­bu­lia uf­le­be­bi
da mo­va­le­o­be­bi. wi­li sa­kuT­re­bis sa­ga­ni­a.

mux­li 30. wi­lis gan­kar­gva

1. par­tni­ors aqvs uf­le­ba, Ta­vi­suf­lad gan­kar­gos sa­me­war­meo sa­zo­

ga­do­e­ba­Si sa­ku­Ta­ri wi­li, Tu sa­qar­Tve­los ka­non­mdeb­lo­biT, wes­
de­biT an sa­me­war­meo sa­zo­ga­do­e­bis par­tni­or­Ta Se­Tan­xme­biT wi­lis
gan­kar­gvas­Tan da­kav­Si­re­biT SezR­ud­ve­bi dad­ge­ni­li ar aris. aq­ci­
is ga­da­ce­mis ak­rZal­va da­uS­ve­be­li­a.
2. Tu wi­li sa­me­war­meo sa­zo­ga­do­e­ba­Si ram­de­ni­me pi­ris Ta­na­sa­kuT­re­
ba­Si­a, isi­ni Ta­na­par­tni­o­re­bad mi­iC­ne­vi­an. am Sem­Txve­va­Si wil­Tan
da­kav­Si­re­bu­li uf­le­be­bi Se­iZ­le­ba ga­na­xor­ci­e­los maT mi­er gan­
sazR­vrul­ma er­T-er­Tma Ta­na­par­tni­or­ma an me­sa­me pir­ma. es pi­re­bi
so­li­da­rul kre­di­to­re­bad mi­iC­ne­vi­an. aR­niS­nul Sem­Txve­va­Si moq­
me­debs sa­qar­Tve­los sa­mo­qa­la­qo ko­deq­sis nor­me­bi Ta­na­sa­kuT­re­
bis an­/da sa­zi­a­ro uf­le­be­bis Se­sa­xeb.

65
 3. Tu Ta­na­par­tni­o­re­bi an mem­kvid­re­e­bi xma­Ta um­rav­le­so­biT ver Tan­
xmde­bi­an wi­lis mar­Tva­ze, sa­me­war­meo sa­zo­ga­do­e­bis an Ta­na­par­tni­
o­ris an er­T-er­Ti mem­kvid­ris gan­cxa­de­bis sa­fuZ­vel­ze sa­sa­mar­Tlo
niS­navs wi­lis mmar­Tvels, ro­mel­sac mi­ni­We­bu­li aqvs wil­Tan da­kav­
Si­re­bu­li yve­la uf­le­ba.
4. sa­xel­mwi­fos, af­xa­ze­Tis an aWa­ris av­to­no­mi­u­ri res­pub­li­kis wi­
lob­ri­vi mo­na­wi­le­o­biT moq­me­di sa­war­mos wi­le­bis­/aq­ci­e­bis „me­war­
me­Ta Se­sa­xeb“ sa­qar­Tve­los ka­no­niT dad­ge­ni­li we­siT Ses­yid­vis­/ga­
mos­yid­vis Se­sa­xeb ga­dawy­ve­ti­le­bas iRebs sa­qar­Tve­los mTav­ro­ba.

30-e mux­lis pir­ve­li pun­qti ga­nam­tki­cebs wi­lis Ta­vi­su­fa­li gan­kar­

gvis prin­cips, rom­lis­gan ga­mo­nak­li­se­bi mxo­lod ka­non­mdeb­lo­biT an, im­
pe­ra­ti­u­li nor­me­bis far­gleb­Si, wes­de­biT Se­iZ­le­ba dad­gin­des.
per­so­na­lu­ri ti­pis sa­zo­ga­do­e­beb­Si, ase­ve per­so­na­lu­ri struq­tu­ris
mqo­ne ka­pi­ta­lur sa­zo­ga­do­eb ­ eb­Si, ur­Ti­er­Tndo­ba par­tni­or­Ta So­ris ur­
Ti­er­To­bis mniS­vne­lo­va­ni ele­men­ti­a. am­de­nad, Se­saZ­lo­a, par­tni­o­re­bis
in­te­re­seb­Si Se­di­o­des par­tni­o­ris cvli­le­ba­ze gar­kve­u­li kon­tro­lis
Se­nar­Cu­ne­ba da amis­Tvis da­ma­te­bi­Ti wi­na pi­ro­be­bis dad­ge­na (mag.: upi­ra­
te­si Ses­yid­vis uf­le­ba, sa­war­mos mi­er ga­mos­yid­vis uf­le­ba, par­tni­o­re­
bis, di­req­to­ris, sa­meT­val­yu­reo sab­Wos Tan­xmo­ba), sru­li ak­rZal­vac ki.
par­tni­or­Ta sa­kuT­re­bis dac­vis miz­ne­bi­dan ga­mom­di­na­re, am­gva­ri SezR­
ud­ve­bi da ak­rZal­ve­bi wi­lis gan­Tav­se­bam­de un­da iq­nes dad­ge­ni­li.
SezR­ud­vis an ak­rZal­vis mi­u­xe­da­vad, par­tni­ors rCe­ba mniS­vne­lo­va­ni
sa­fuZ­vliT sa­zo­ga­do­e­bi­dan gas­vlis uf­le­ba.
sa­aq­cio sa­zo­ga­do­e­bis, ro­gorc or­ga­ni­za­ci­u­li for­mis Ta­vi­se­bu­re­
bis gaT­va­lis­wi­ne­biT (ka­pi­ta­lis ba­zar­ze ori­en­ta­ci­is sa­ka­non­mdeb­lo
Ca­na­fiq­ri, fa­si­a­ni qa­Ral­de­bis maq­si­ma­lu­ri brun­va­u­na­ri­a­no­bis uz­run­
vel­yo­fa), sru­li ak­rZal­va ss-is Sem­Txve­va­Si wes­de­biT da­uS­ve­be­li­a. es ar
ga­mo­ricx­avs ga­da­ce­mis dro­eb ­ iT an pi­ro­biT SezR­ud­vas (mag. xel­mZRva­ne­
li or­ga­nos wev­re­bi­saT­vis ga­da­ce­mu­li aq­ci­e­bis Sem­Txve­va­Si e.w. res­tric­ted
stock, ro­mel­Ta ga­da­ce­mis (uf­le­bis mo­po­ve­bis ves­ting) gra­fi­ki Se­iZ­le­ba
iq­nas Se­Tan­xme­bu­li).
me-2 da me-3 pun­qte­bi Se­Ze­niT an mem­kvid­re­o­biT wi­lis me­sa­kuT­re­Ta sim­
rav­les exe­ba. Ta­na­me­sa­kuT­re­Ta uTan­xmo­e­bis ga­mo, sa­war­mos par­tni­or­Ta
ne­bis for­mi­re­bis ase­ve maT mi­marT sa­war­mos ne­bis ga­mov­le­nis Se­saZ­lo
prob­le­me­bis Ta­vi­dan asa­ci­leb­lad, pro­eq­ti Ta­na­me­sa­kuT­re­ebs sTa­va­
zobs wi­lis mmar­Tve­lis da­niS­vnis gziT ne­bis kon­so­li­di­re­bas, rac Ta­na­

66
me­sa­kuT­re­Ta um­rav­le­so­biT (Tu­ki sa­dam­fuZ­neb­lo Se­Tan­xme­ba uf­ro did
um­rav­le­so­bas ar iT­va­lis­wi­nebs) wyde­ba. Tum­ca sa­dam­fuZ­neb­lo Se­Tan­xme­
ba, Se­saZ­lo­a, mmar­Tve­lis Ser­Ce­vis sxva sa­Su­al ­ e­ba­sac iT­va­lis­wi­neb­des.
ase­ve da­saS­ve­bia Ser­Ce­vis gan­sxva­ve­bul gza­ze Ta­vad Ta­na­me­sa­kuT­re­eb ­ is
Se­Tan­xme­ba _ am Sem­Txve­va­Si yve­las Tan­xmo­biT. vi­na­i­dan ne­bis for­mi­re­
bis Se­uZ­leb­lo­ba sa­war­mos in­te­re­se­bis sa­zi­a­no Se­iZ­le­ba aR­moC­ndes,
me-3 pun­qtiT sa­war­mo­sac eni­We­ba uf­le­ba, uTan­xmo­eb ­ a sa­sa­mar­Tlo gziT
ga­daW­ras. er­Tze me­ti gan­cxa­de­bis Sem­Txve­va­Si mmar­Tve­lis da­niS­vna, sa­
war­mos in­te­re­se­bis gaT­va­lis­wi­ne­biT, sa­sa­mar­Tlos uf­le­ba­mo­si­le­ba­a.
Se­saZ­lo­a, wes­de­ba sa­ar­bit­ra­Jo Se­Tan­xme­bas Se­i­cav­des, an ama­ze Ta­na­me­sa­
kuT­re­eb­ i wi­nas­war Se­Tan­xmdnen.

mux­li 31. di­vi­den­dis mi­Re­bis uf­le­ba

1. am ka­no­niT dad­ge­ni­li we­se­bis gaT­va­lis­wi­ne­biT, sa­me­war­meo sa­zo­ga­do­

e­bis mo­ge­bis­/qo­ne­bis ga­na­wi­le­bis Se­sa­xeb ga­dawy­ve­ti­le­bis sa­fuZ­vel­
ze par­tni­ors uf­le­ba aqvs, mi­i­Ros wli­u­ri an Su­a­le­du­ri di­vi­den­di.
2. ko­man­di­tur sa­zo­ga­do­e­ba­Si, SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­
ga­do­e­ba­Si, sa­aq­cio sa­zo­ga­do­e­ba­Si, ko­o­pe­ra­tiv­Si di­vi­den­dis ga­
ce­mis zo­ga­di ak­rZal­va da­uS­ve­be­li­a.
3. di­vi­den­di dgin­de­ba sa­me­war­meo sa­zo­ga­do­e­bis par­tni­or­Ta wi­le­
bis pro­por­ci­u­lad, Tu ka­no­niT, wes­de­biT an sa­me­war­meo sa­zo­ga­do­
e­bis par­tni­or­Ta Se­Tan­xme­biT sxva ram ar aris dad­ge­ni­li.
 
pir­ve­li pun­qti gan­sazR­vravs par­tni­o­ris uf­le­bas, mo­na­wi­le­o­ba mi­i­
Ros sa­war­mos qo­ne­bis ga­na­wi­le­ba­Si. di­vi­den­dis mi­Re­bis moTx­ov­nis war­mo­
So­bis sa­fuZ­ve­lia wes­de­bi­Ta da ka­no­niT gan­sazR­vru­li we­siT di­vi­den­dis
ga­na­wi­le­bis Se­sa­xeb mi­Re­bu­li ga­dawy­ve­ti­le­ba. di­vi­den­dis ga­na­wi­le­bis
Se­sa­xeb ga­dawy­ve­ti­le­ba Se­saZ­lo­a, ey­rdno­bo­des ro­gorc fi­nan­su­ri wlis
Se­de­gebs, ase­ve Su­a­le­dur Se­de­gebs. Su­a­le­du­ri di­vi­den­di ar war­mo­ad­
gens e.w. sa­a­van­so ga­na­cems, mi­si ka­no­ni­er ­ e­ba dgin­de­ba ga­dawy­ve­ti­le­bis
mi­Re­bis mo­men­tis gaT­va­lis­wi­ne­biT, e.i. Su­a­le­du­ri di­vi­den­di ka­no­ni­e­ria
ma­Si­nac, Tu­ki fi­nan­su­ri wlis Se­de­ge­bis mi­xed­viT di­vi­den­dad ga­sa­ce­mi
Tan­xa Su­a­le­du­ri di­vi­den­dis sa­xiT ga­ce­mul­ze nak­le­bi­a.
ka­pi­ta­lur sa­zo­ga­do­e­beb­Si wes­de­biT di­vi­den­dis ak­rZal­va da­uS­ve­
be­li­a. imis gaT­va­lis­wi­ne­biT, rom e.w. saq­vel­moq­me­do­/a­ra­mo­ge­bi­an ­ i (rac

67
niS­navs mo­ge­bis­/qo­ne­bis ga­na­wi­le­bis da­uS­veb­lo­bas da ara mo­ge­bis ar­mi­
Re­bas) kor­po­ra­ci­eb­ is for­mis Se­mo­Re­ba, wi­nas­wa­ri msje­lo­be­bis mi­u­xe­da­
vad, ar gan­xor­ci­el­da. am­de­nad, mo­ge­bis­/qo­ne­bis par­tni­o­reb­ze ga­na­wi­le­
bis sru­li ak­rZal­va mo­ge­bis ga­na­wi­le­ba­ze ori­en­ti­re­bu­li ka­pi­ta­lu­ri
sa­zo­ga­do­eb
­ is­Tvis mi­zan­Se­uw
­ o­ne­li­a.
amis­gan gan­sxva­ve­biT, per­so­na­lu­ri sa­zo­ga­do­e­be­bis bu­ne­bis am­xa­na­go­
bas­Tan si­ax­lo­vis gaT­va­lis­wi­ne­biT, am­gva­ri ak­rZal­vis sa­dam­fuZ­neb­lo
Se­Tan­xme­biT gaT­va­lis­wi­ne­ba sps-i­sa da ks-is Sem­Txve­va­Si da­saS­ve­bad un­da
Ca­iT­va­los.
mux­li ar zRu­davs sps-is par­tni­o­ris mi­er sa­war­mos Tan­xe­bis ga­mo­ye­ne­
bas 106-e mux­lis mi­xed­viT.

mux­li 32. ga­ce­mu­li di­vi­den­dis dab­ru­ne­ba

da­uS­ve­be­lia ga­ce­mu­li di­vi­den­dis dab­ru­ne­bis moTx­ov­na, gar­da im Sem­

Txve­vi­sa, ro­de­sac di­vi­den­dis mim­Reb­ma par­tni­or­ma mi­si mi­Re­bi­sas ico­da
an un­da scod­no­da, rom di­vi­den­dis ga­na­wi­le­bi­sas da­ir­Rva ka­no­niT an wes­
de­biT dad­ge­ni­li nor­me­bi.

1994 wlis „me­war­me­Ta Se­sa­xeb“ ka­no­nis­gan gan­sxva­ve­biT (ix. 57-e mux­lis

me-2 pun­qti), mux­li icavs ke­Til­sin­di­si­er par­tni­ors, ro­mel­mac ka­no­nis
an wes­de­bis dar­Rve­viT ga­mocx­a­de­bu­li di­vi­den­di mi­i­Ro.
msgav­si mid­go­ma Se­es ­ a­ba­me­ba ev­ro­pu­li sa­kor­po­ra­cio sa­mar­Tlis
prin­ci­pebs (ix. 57-e mux­li, ev­ro­kav­Si­ris 2017 wlis 14 iv­ni­sis di­req­ti­va
2017/1132 sa­me­war­meo sa­mar­Tlis zo­gi­er­Ti as­peq­tis Se­sa­xeb.
mtki­ce­bis tvir­Ti sa­war­mos ekis­re­ba.

mux­li 33. di­vi­den­dis ga­ce­mis SezR­ud­va

sa­me­war­meo sa­zo­ga­do­e­bas ar aqvs uf­le­ba, gas­ces di­vi­den­di, Tu es sa­

me­war­meo sa­zo­ga­do­e­bis ga­dax­di­su­u­na­ro­bas ga­mo­iw­vevs.
 
mux­li ad­gens uzo­ga­des SezR­ud­vas yve­la for­mis sa­zo­ga­do­eb ­ is­Tvis.
qo­ne­bis ga­na­wi­le­bam ar Se­iZ­le­ba, saf­rTxe Se­uq­mnas sa­war­mos fi­nan­sur si­
cocx­li­su­na­ri­a­no­bas.

68
 ak­rZal­va gu­lis­xmobs im Sem­Txve­veb­sac, ro­de­sac ga­dax­di­su­u­na­ro­ba
eko­no­mi­ku­ri Tval­saz­ri­siT uk­ve dam­dga­ri­a, e.i. SezR­ud­va exe­ba ara mar­
to ga­dax­di­su­un
­ a­ro­bis ga­mow­ve­vas, ara­med „gaR­rma­ve­ba­sac“.

mux­li 34. sxva­Ta ka­no­ni­e­ri in­te­re­se­bi­sa da uf­le­be­bis

gaT­va­lis­wi­ne­bi­sa da Ta­nas­wo­ruf­le­bi­a­no­bis prin­ci­pi

1. par­tni­or­ma Ta­vi­si uf­le­be­biT sar­geb­lo­bi­sas mxed­ve­lo­ba­Si un­da

mi­i­Ros sa­me­war­meo sa­zo­ga­do­e­bi­sa da da­nar­Cen par­tni­or­Ta ka­no­ni­
e­ri in­te­re­se­bi da uf­le­be­bi.
2. Ta­na­bar pi­ro­beb­Si par­tni­o­rebs Ta­na­ba­ri uf­le­be­bi da mo­va­le­o­be­
bi aqvT. am prin­ci­pi­dan ga­mo­nak­li­si mxo­lod im Sem­Txve­va­Si da­iS­ve­
ba, Tu is am ka­no­niT an wes­de­biT pir­da­pir aris gaT­va­lis­wi­ne­bu­li
da au­ci­le­be­li­a, sa­me­war­meo sa­zo­ga­do­e­bis in­te­re­se­bi­dan ga­mom­di­
na­re.
3. wes­de­biT Se­iZ­le­ba par­tni­or­Ta Se­na­ta­ne­bis­gan da­mo­u­ki­deb­lad ga­
ni­sazR­vros wi­le­bi da gan­sxva­ve­bu­li uf­le­be­bi da mo­va­le­o­be­bi.

pir­ve­li pun­qti gan­sazR­vravs kor­po­ra­ci­ul­-sa­mar­Tleb­ri­vi er­Tgu­

le­bis (ke­Til­sin­di­si­e­re­bis) mo­va­le­o­bis stan­darts. igi ga­mom­di­na­re­obs
uf­le­bis bo­ro­tad ga­mo­ye­ne­bi­sa da zo­ga­di ke­Til­sin­di­si­e­re­bis prin­ci­
pi­dan (sa­mo­qa­la­qo ko­deq­sis me-8 mux­lis me-3 naw.). Tum­ca, zo­ga­di ke­Til­
sin­di­si­e­re­bis prin­ci­pis­gan gan­sxva­ve­biT, iT­va­lis­wi­nebs sa­mo­qa­la­qo sa­
mar­Tlis ke­Til­sin­di­si­e­re­bis prin­ci­pis dac­vis mo­va­le­o­ba­ze uf­ro mom­
Txovn, Ta­nam­Srom­lo­ba­ze dam­ya­re­bul kav­Sirs, ro­me­lic par­tni­ors aqvs
sa­war­mo­sa da Ta­na­par­tni­o­reb­Tan.
ama­ve dros, er­Tgu­le­bis kor­po­ra­ci­ul­-sa­mar­Tleb­ri­vi mo­va­le­o­bis
„in­ten­si­u­ro­ba“ da­mo­ki­de­bu­lia ima­ze, Tu ram­de­nad per­so­na­lu­ria sa­me­
war­meo sa­zo­ga­do­e­ba­Si par­tni­or­Ta ur­Ti­er­To­be­bi. ma­ga­li­Tad, am­xa­na­gu­
ri ti­pis sa­zo­ga­do­e­ba­Si igi ga­ci­le­biT Sem­zRu­da­vi­a, vid­re ka­pi­ta­lur
sa­zo­ga­do­e­beb­Si. Tum­ca am uka­nas­knel Sem­Txve­va­Sic Se­saZ­le­be­lia sps-is
msgav­si mid­go­me­bis ga­mo­ye­ne­ba, Tu­ki kor­po­ra­ci­is par­tni­or­Ta ur­Ti­er­
Tkav­Sir­Si per­so­na­lu­ri ele­men­ti War­bobs.
Ta­nas­wo­ruf­le­bi­a­no­bis prin­ci­pi sa­war­mo­sa da mi­si or­ga­no­e­bis Sem­
zRu­da­vi sa­xel­mZRva­ne­lo prin­ci­pi­a. mi­si dac­vis sa­ga­nia par­tni­or­Ta uf­
le­be­bi, rom­le­bic ga­um ­ ar­Tle­bel­ma dis­kri­mi­na­ci­ul­ma Ca­re­vam Se­iZ­le­ba

69
da­a­zi­a­nos. mi­si ar­si isa­a, rom sa­war­mo­sa da mis par­tni­o­rebs So­ris ur­Ti­
er­To­ba­Si msgav­si vi­Ta­re­be­bi msgav­sad un­da ga­dawy­des, xo­lo gan­sxva­ve­bu­
li _ ma­Ti Ta­vi­se­bu­re­be­bis mi­xed­viT. sxvag­va­rad Ta­nas­wo­ruf­le­bi­a­no­bis
prin­cips da­u­sa­bu­Te­be­li di­fe­ren­ci­re­bis ak­rZal­vac Se­iZ­le­ba vu­wo­doT.
am dat­vir­Tvis na­Tel­yo­fas em­sa­xu­re­ba, „Tu igi ka­no­niT an wes­de­biT aris
gaT­va­lis­wi­ne­bu­li an au­ci­le­be­lia sa­me­war­meo sa­zo­ga­do­e­bis in­te­re­se­
bi­dan ga­mom­di­na­re“, e.i. ma­Si­nac ki, ro­ca igi ar aris gaT­va­lis­wi­ne­bu­li
ka­no­niT an wes­de­biT. am­gva­ri Se­saZ­leb­lo­bis ar­se­bo­ba sa­sur­ve­lia sa­war­
mos mo­u­lod­nel ga­re­mo­e­beb­ze re­a­gi­re­bis­Tvis moq­ni­lo­bis Se­nar­Cu­ne­bis
miz­niT. wes­de­biT ga­mo­nak­li­se­bis gaT­va­lis­wi­ne­bis Se­saZ­leb­lo­ba, Ta­vis
mxriv, eq­vem­de­ba­re­ba uf­le­bis mar­Tlzo­mi­er ­ i ga­mo­ye­ne­bis da bo­ro­tad
ga­mo­ye­ne­bis da­uS­veb­lo­bis Car­Co­ebs. daS­ve­bu­li di­fe­ren­ci­a­ci­is ma­ga­li­
Tia me-3 pun­qti, rom­lis mi­xed­vi­Tac sa­me­war­meo sa­zo­ga­do­eb ­ a­Si wev­ro­bas­
Tan­/wi­lis sa­kuT­re­bas­Tan da­kav­Si­re­bu­li moTx­ov­ne­bi arap­ro­por­ci­u­la­
dac Se­iZ­le­ba ga­da­na­wil­des.

70
Ta­vi VI. sa­me­war­meo sa­zo­ga­do­e­bis or­ga­no­e­bi

mux­li 35. zo­ga­di de­bu­le­be­bi

1. sa­me­war­meo sa­zo­ga­do­e­bis or­ga­no­e­bi­a: sa­er­To kre­ba, xel­mZRva­ne­

li or­ga­no da sa­meT­val­yu­reo sab­Wo, Tu am sab­Wos Seq­mna ka­no­niT an
wes­de­biT aris gaT­va­lis­wi­ne­bu­li.
2. sa­me­war­meo sa­zo­ga­do­e­bis or­ga­no­e­bi da ma­Ti wev­re­bi saq­mi­a­no­bas
axor­ci­e­le­ben da ga­dawy­ve­ti­le­bebs iRe­ben mxo­lod ka­no­niT an wes­
de­biT gan­sazR­vru­li kom­pe­ten­ci­is far­gleb­Si.

ka­non­Si gan­sa­kuT­re­bu­li yu­radR­e­ba eq­ce­va sa­me­war­meo sa­zo­ga­do­e­bis

or­ga­no­Ta fun­qci­o­ni­re­bis mo­wes­ri­ge­bas. aR­niS­nu­li ga­mom­di­na­re­obs ka­
no­nis zo­ga­di su­lis­kve­Te­bi­dan xe­li Se­uwy­os sa­qar­Tve­lo­Si sa­u­ke­Te­so
sa­er­Ta­So­ri­so praq­ti­kis Se­sa­ba­mi­si kor­po­ra­ci­u­li mar­Tvis kul­tu­ris
Ca­mo­ya­li­be­bas da Se­am­ci­ros da­kav­Si­re­bul mxa­re­Ta tran­saq­ci­u­li xar­
je­bi, wes­de­bis far­gleb­Si sa­kiTx­is mo­wes­ri­ge­bis au­ci­leb­lo­bis da Se­
saZ­lo da­ve­bis ris­kis Sem­ci­re­bis gziT. Se­de­gad ka­non­Si de­ta­lu­rad ga­ni­
sazR­vre­ba da imij­ne­ba sa­me­war­meo sa­zo­ga­do­eb ­ is mar­Tvis or­ga­no­e­bi, ma­Ti
kom­pe­ten­ci­e­bi, ga­dawy­ve­ti­le­bis mi­Re­bis pro­ce­du­re­bi, mo­va­le­o­be­bi da
pa­su­xis­mgeb­lo­bis sa­kiTx­e­bi. aR­niS­nu­liT xde­ba sa­me­war­meo sa­zo­ga­do­e­
bis mar­Tvis or­ga­no­Ta So­ris ur­Ti­er­Tda­mo­ki­de­bu­le­bis, an­ga­riS­val­de­
bu­le­bis da ba­lan­sis Seq­mna. ase­ve, mar­ti­vi xde­ba kon­kre­tul sa­kiTx­ze pa­
su­xis­mge­be­li or­ga­nos iden­ti­fi­ci­re­ba, rac zrdis zo­ga­dad sa­war­mo­Ta
mar­Tvis efeq­ti­a­no­bas.
ka­no­nis 37-e mux­lis pir­ve­li pun­qti eT­mo­ba sa­me­war­meo sa­zo­ga­do­e­bis
mar­Tvis or­ga­no­eb ­ is ka­ta­lo­gis Seq­mnas. ker­Zod, sa­me­war­meo sa­zo­ga­do­e­
bis or­ga­no­eb ­ i­a:

 sa­er­To kre­ba;
 xel­mZRva­ne­li or­ga­no;
 sa­meT­val­yu­reo sab­Wo.

ka­no­nis 37-e mux­lis me­or ­ e pun­qtSi war­mod­ge­ni­lia sa­me­war­meo sa­zo­ga­

do­e­be­bis or­ga­no­e­bis saq­mi­a­no­bis sa­fuZ­vle­bi. ker­Zod, sa­me­war­meo sa­zo­ga­
do­e­bis or­ga­no­e­bi da ma­Ti wev­re­bi axor­ci­e­le­ben saq­mi­a­no­bas da ga­dawy­ve­
ti­le­bebs iRe­ben Sem­de­gi aq­te­biT dad­ge­ni­li kom­pe­ten­ci­e­bis far­gleb­Si:

71
  ka­no­ni - am Sem­Txve­va­Si ka­no­ni far­Tod un­da iq­nes gan­mar­te­bu­li da
mas­Si mo­ia­ z­re­ba, ro­gorc „me­war­me­Ta Se­sa­xeb“ ka­no­ni, ise sxva sa­ka­
non­mdeb­lo da ka­non­qvem­de­ba­re nor­ma­ti­u­li aq­te­bi.
 wes­de­ba - am Sem­Txve­va­Si wes­de­ba far­Tod un­da iq­nes gan­mar­te­bu­li
da is mo­ic ­ avs ka­non­Tan da wes­de­bas­Tan Tav­se­bad sxva Si­da­kor­po­ra­
ci­ul do­ku­men­teb­sac.

uSu­a­lod „me­war­me­Ta Se­sa­xeb“ ka­no­ni­sa da wes­de­bis nor­mebs So­ris ur­

Ti­er­Tmi­mar­Te­bis sa­kiTxi mo­wes­ri­ge­bu­lia in­di­vi­du­a­lu­rad, cal­ke­ul
mux­leb­Si. amas­Tan, dis­po­zi­ci­ur da im­pe­ra­ti­ul nor­mebs So­ris ga­mij­vnis
for­mu­la mo­ce­mu­lia ka­no­nis pir­vel mux­lSi. ker­Zod, maT So­ris, sa­me­
war­meo sa­zo­ga­do­eb­ is mar­Tvis or­ga­no­eb­Tan da­kav­Si­re­bu­li er­Ti da igi­ve
de­bu­le­be­bi sa­aq­cio sa­zo­ga­do­e­bis Sem­Txve­va­Si im­pe­ra­ti­ul, xo­lo yve­la
sxva sa­mar­Tleb­ri­vi for­mis Sem­Txve­va­Si dis­po­zi­ci­ur xa­si­aTs ata­re­ben.
am zo­ga­di we­si­dan ga­mo­nak­li­sia Sem­Txve­ve­bi, ro­de­sac (1) nor­ma­Si pir­da­
pir mi­eT
­ i­Te­ba mis dis­po­zi­ci­u­ro­bis Ta­o­ba­ze, rac sa­aq­cio sa­zo­ga­do­e­bis
Sem­Txve­va­Si wes­de­biT gan­sxva­ve­bu­li mo­wes­ri­ge­bis Se­saZ­leb­lo­bas iZ­le­
va da (2) nor­mis im­pe­ra­ti­ul­ i bu­ne­ba cxa­dia nor­mis Si­na­ar­si­dan da miz­ni­
dan, ris ga­moc ro­me­li­me sa­mar­Tleb­ri­vi for­mis sa­zo­ga­do­e­bis wes­de­biT
sxvag­va­ri mo­wes­ri­ge­ba da­uS­ve­be­li­a.

mux­li 36. sa­er­To kre­ba

1. sa­er­To kre­ba­Si mo­na­wi­le­o­bis uf­le­ba aqvs sa­me­war­meo sa­zo­ga­do­e­

bis yve­la par­tni­ors, gar­da am ka­no­niT gaT­va­lis­wi­ne­bu­li ga­mo­nak­
li­si Sem­Txve­vi­sa.
2. sa­me­war­meo sa­zo­ga­do­e­ba sul mci­re we­li­wad­Si er­Txel, wli­u­ri ba­
lan­sis Sed­ge­ni­dan ara­ug­vi­a­nes 6 Tvi­sa ata­rebs mo­rig sa­er­To kre­
bas. mo­ri­gi sa­er­To kre­bis Ca­ta­re­bis­Tvis pa­su­xis­mge­be­lia sa­me­war­
meo sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no.
3. sa­er­To kre­ba ir­Cevs sa­er­To kre­bis Tav­mjdo­ma­res. sa­er­To kre­bis
Tav­mjdo­ma­ris ar­Ce­vam­de an im Sem­Txve­va­Si, Tu sa­er­To kre­bis Tav­
mjdo­ma­re ar iq­na ar­Ce­u­li, kre­bas Tav­mjdo­ma­re­obs mi­si mom­wve­vi
pi­ri, mom­wve­vi or­ga­nos Tav­mjdo­ma­re an mom­wve­vi iu­ri­di­u­li pi­ris
xel­mZRva­ne­li, xo­lo Tu mom­wve­vi ram­de­ni­me pi­ria _ mom­wvev pir­Ta
an mom­wvev iu­ri­di­ul pir­Ta xel­mZRva­ne­le­bis­gan wi­lis­yriT gan­
sazR­vru­li pi­ri.

72
 4. sa­er­To kre­bis mi­er Ta­vi­si kom­pe­ten­ci­is far­gleb­Si mi­Re­bu­li ga­
dawy­ve­ti­le­bis Ses­ru­le­ba sa­val­de­bu­loa sa­me­war­meo sa­zo­ga­do­e­
bis par­tni­o­re­bi­sa da or­ga­no­e­bis­Tvis.
5. sa­er­To kre­ba ga­dawy­ve­ti­le­bas iRebs im sa­kiTx­ze, ro­me­lic ka­no­
niT sa­er­To kre­bis uf­le­ba­mo­si­le­bas ga­ne­kuT­vne­ba. sa­aq­cio sa­zo­
ga­do­e­bis gar­da, sa­er­To kre­bis uf­le­ba­mo­si­le­ba Se­iZ­le­ba ga­far­
Tov­des an de­le­gi­re­bul iq­nes wes­de­bis sa­fuZ­vel­ze.
6. sa­er­To kre­ba iRebs ga­dawy­ve­ti­le­bas xel­mZRva­ne­li or­ga­nos da sa­
meT­val­yu­reo sab­Wos mi­er ga­we­u­li mu­Sa­o­bis mo­wo­ne­bis Ta­o­ba­ze.
so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si, ko­man­di­tur sa­zo­
ga­do­e­ba­Si, SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si sa­er­To
kre­bis mi­er xel­mZRva­ne­li or­ga­nos da sa­meT­val­yu­reo sab­Wos mi­er
ga­we­u­li mu­Sa­o­bis mo­wo­ne­ba iw­vevs aR­niS­nu­li sa­me­war­meo sa­zo­ga­
do­e­bis mi­er am or­ga­no­e­bis mi­marT zi­a­nis anazR­a­u­re­bis moTx­ov­nis
uf­le­ba­ze ua­ris Tqmas, Tu es uf­le­ba aS­ka­ra iq­ne­bo­da sa­er­To kre­
bis­Tvis war­dge­ni­li do­ku­men­te­bi­sa da mi­wo­de­bu­li in­for­ma­ci­is
gul­mod­gi­ned Se­mow­me­bis Sem­Txve­va­Si.
7. sa­er­To kre­bis mow­ve­vis am ka­no­niT an­/da wes­de­biT dad­ge­ni­li we­sis
dar­Rve­vis Sem­Txve­va­Si ga­dawy­ve­ti­le­bis mi­Re­ba da­saS­ve­bi­a, Tu kre­
bas yve­la par­tni­o­ri es­wre­ba da isi­ni Ta­nax­ma ari­an kre­bis Ca­ta­re­
ba­sa da ga­dawy­ve­ti­le­bis mi­Re­ba­ze. par­tni­o­ris Tan­xmo­bad mi­iC­ne­va,
Tu igi ar mo­iTx­ovs sa­er­To kre­bis sxva dros Ca­ta­re­bas mi­si mow­ve­
vis pro­ce­du­ris dar­Rve­vis ga­mo.
8. sa­er­To kre­bis sa­Ta­na­dod mow­ve­vi­sa da Ca­ta­re­bis­Tvis pa­su­xis­mge­
be­lia am kre­bis mom­wve­vi or­ga­no.

sa­er­To kre­ba sa­me­war­meo sa­zo­ga­do­e­bis au­ci­le­be­li or­ga­no­a. yve­la

for­mis sa­me­war­meo sa­zo­ga­do­eb ­ as hyavs sa­er­To kre­ba da es or­ga­no aris
kor­po­ra­ci­ul mar­Tva­Si sa­me­war­meo sa­zo­ga­do­e­bis wi­lis me­sa­kuT­re­eb ­ is
pir­da­pi­ri mo­na­wi­le­o­bis um­Tav­re­si in­stru­men­ti. es aris mTa­va­ri fo­ru­
mi, sa­dac par­tni­o­rebs eZ­le­vaT Se­saZ­leb­lo­ba, gan­sazR­vron sa­zo­ga­do­e­
bis gan­vi­Ta­re­bis Zi­ri­Ta­di stra­te­gi­a.
sa­me­war­meo sa­zo­ga­do­e­bis sa­er­To kre­ba Se­iZ­le­ba iyos mo­ri­gi an rig­
ga­re­Se. mo­ri­gi sa­er­To kre­ba tar­de­ba wes­de­biT gan­sazR­vrul va­deb­Si.
ase­Ti va­da ar un­da aRe­ma­te­bo­des sa­me­ur­neo wlis dam­Tav­re­bi­dan 6 Tves.
gar­da ami­sa, spe­ci­al
­ ur Sem­Txve­veb­Si Se­saZ­le­be­lia rig­ga­re­Se kre­bis mow­
ve­va. par­tni­or­Ta mo­ri­gi kre­bis Ca­ta­re­ba­ze pa­su­xis­mgeb­lo­ba ekis­re­ba sa­

73
me­war­meo sa­zo­ga­do­eb ­ is xel­mZRva­nel pir­s/or­ga­nos, xo­lo rig­ga­re­Se kre­
bis mow­ve­vis sa­kiTx­e­bi mo­wes­ri­ge­bu­lia spe­ci­a­lur nor­meb­Si (ma­ga­li­Tad,
ka­no­nis 128-e mux­lis me-4 pun­qtis mi­xed­viT, Tu par­tni­or­Ta rig­ga­re­Se
kre­bis mow­ve­vis Se­sa­xeb ini­ci­at ­ o­ri par­tni­o­ris­/par­tni­o­re­bis moTx­ov­ni­
dan 20 dRis va­da­Si rig­ga­re­Se kre­ba ar iq­ne­ba mow­ve­u­li, ini­ci­a­tor par­
tni­or­s/par­tni­o­rebs uf­le­ba aqvT, Ta­vad mo­iw­vi­on kre­ba).
wi­nam­de­ba­re mux­lis me-2 pun­qtiT gan­sazR­vru­li sa­er­To kre­bis we­li­
wad­Si er­Txel Ca­ta­re­bis val­de­bu­le­ba ar gu­lis­xmobs fi­zi­ku­ri Sek­re­bis
val­de­bu­le­bas. fi­zi­ku­ri Sek­re­bis al­ter­na­ti­ve­bis kre­bis Ca­ta­re­ba teq­
ni­ku­ri sa­Su­al­ e­be­bis ga­mo­ye­ne­biT (131-e da 194-e). ase­ve ar izR­u­de­ba e.w.
vir­tu­a­lu­ri kre­be­bis Ca­ta­re­ba sxva­das­xva eleq­tro­nu­li plat­for­me­bis
ga­mo­ye­ne­biT. mux­li ase­ve ar zRu­davs Sps-Si kre­bis Ca­ta­re­bis ga­re­Se ga­
dawy­ve­ti­le­bis mi­Re­bas, Tu­ki sa­dam­fuZ­neb­lo Se­Tan­xme­ba iT­va­lis­wi­nebs
amas (mux. 129-e). am­gva­ri al­ter­na­ti­u­li sa­Su­a­le­be­bis gaT­va­lis­wi­ne­ba
gan­sa­kuT­re­biT mniS­vne­lo­va­nia ucx­o­u­ri ka­pi­ta­lis mo­na­wi­le­o­bis Sem­
Txve­va­Si.
sa­er­To kre­ba ir­Cevs sxdo­mis Tav­mjdo­ma­res. sxdo­mis Tav­mjdo­ma­re
war­mar­Tavs sxdo­mis mim­di­na­re­o­bas. is ase­ve xels awers sa­er­To kre­bis
oqms. sxdo­mis Tav­mjdo­ma­ris ar­Ce­vam­de an Tu Tav­mjdo­ma­re ar iq­na ar­Ce­
u­li, kre­bas Tav­mjdo­ma­re­obs, mi­si mom­wve­vi pi­ri, mom­wve­vi or­ga­nos Tav­
mjdo­ma­re an mom­wve­vi iu­ri­di­ul ­ i pi­ris xel­mZRva­ne­li. amas­Tan, Tu mow­ve­
va ga­na­xor­ci­e­la ram­de­ni­me pir­ma, sa­er­To kre­bis Tav­mjdo­ma­ris ar­Ce­vam­
de kre­bas ga­uZR­ve­ba wi­lis­yriT gan­sazR­vru­li pi­ri.
sa­er­To kre­bis mi­er Ta­vi­si kom­pe­ten­ci­is far­gleb­Si mi­Re­bu­li ga­dawy­
ve­ti­le­be­bi sa­val­de­bu­loa par­tni­o­re­bi­sa da sa­me­war­meo sa­zo­ga­do­e­bis
ne­bis­mi­e­ri or­ga­no­saT­vis. efeq­ti­a­ni kor­po­ra­ci­u­li mar­Tvis miR­we­vi­saT­
vis au­ci­le­be­lia mar­Tvis or­ga­no­ebs So­ris kom­pe­ten­ci­a­Ta da­na­wi­le­ba
da kon­tro­lis me­qa­niz­me­bis Seq­mna. Se­sa­ba­mi­sad, ka­no­ni de­ta­lu­rad gan­
sazR­vravs sa­er­To kre­bis kom­pe­ten­ci­a­Ta ka­ta­logs (aR­niS­nu­li ga­da­na­wi­
le­bu­lia ka­no­nis sxva­das­xva mux­lSi, maT So­ris, 126-e da 184-e mux­leb­Si).
Tum­ca ka­no­ni iZ­le­va Se­saZ­leb­lo­bas, sa­aq­cio sa­zo­ga­do­e­bis gar­da, sa­er­
To kre­bis ka­no­niT dad­ge­ni­li uf­le­ba­mo­si­le­be­bi ga­far­Tov­des, an de­le­
gi­re­bul iq­nes wes­de­bis sa­fuZ­vel­ze.
ama­ve mux­lis me-6 pun­qti eT­mo­ba ga­we­u­li mu­Sa­o­bis mo­wo­ne­bis sa­kiTx­
ebs. sa­zo­ga­do­eb ­ is xel­mZRva­ne­li pi­re­bi da sa­meT­val­yu­reo sab­Wos wev­
re­bi mo­na­wi­le­o­bas iRe­ben yo­vel­dRi­ur mar­Tva­Si. Se­sa­ba­mi­sad, ma­Ti saq­
mi­a­no­ba per­ma­nen­tu­lad ukav­Sir­de­ba me­ne­je­ru­li ga­dawy­ve­ti­le­be­bis

74
mi­Re­bas, rom­le­bic fi­nan­su­ri Tval­saz­ri­siT ris­kis Sem­cve­lia da ase­Ti
ris­kis Sem­ci­re­ba (Tum­ca, ara Ta­vi­dan aci­le­ba, rac Ta­vis­Ta­vad Se­uZ­le­be­
li­a) mxo­lod Se­sa­ba­mis or­ga­no­Ta wev­re­bis mi­er sa­ku­Ta­ri fi­du­ci­u­ri mo­
va­le­o­be­bis Ses­ru­le­bi­Taa Se­saZ­le­be­li. ase­Ti sa­ris­ko saq­mi­a­no­ba xSi­rad
war­mo­Sobs da­vas sa­zo­ga­do­e­bis mar­Tvis or­ga­no­Ta So­ris, ra­sac uar­yo­
fi­Ti gav­le­na aqvs sa­zo­ga­do­e­bis jan­saR fun­qci­o­ni­re­ba­ze. am­gva­ri da­vis
ris­kis Sem­ci­re­bis saq­me­Si mniS­vne­lo­va­ni in­stru­men­tia sa­er­To kre­bis mi­
er xel­mZRva­ne­li or­ga­nos da sa­meT­val­yu­reo sab­Wos mi­er ga­we­u­li mu­Sa­o­
bis mo­wo­ne­ba. mu­Sa­o­bis mo­wo­ne­ba iw­vevs sa­me­war­meo sa­zo­ga­do­e­bis mxri­dan
am or­ga­no­e­bis wev­re­bi­sa­gan zi­a­nis anazR­a­u­re­bis moTx­ov­nis uf­le­ba­ze ua­
ris Tqmas, Tu am moTx­ov­nis uf­le­ba aS­ka­ra iq­ne­bo­da sa­er­To kre­bi­saT­vis
war­dge­ni­li do­ku­men­te­bi­sa da mi­wo­de­bu­li in­for­ma­ci­is gul­mod­gi­ne Se­
mow­me­bis Sem­Txve­va­Si. xel­mZRva­ne­li or­ga­nos da sa­meT­val­yu­reo sab­Wos
saq­mi­a­no­bis mo­wo­ne­ba am or­ga­no­Ta wev­re­bis dac­vi­sa da kor­po­ra­ci­ul
mar­Tva­Si par­tni­o­re­bis pa­su­xis­mgeb­lo­bis zrdis­ken ga­dad­gmu­li na­bi­ji­a,
vi­na­i­dan mo­wo­ne­bas zi­a­nis anazR­a­ur ­ e­bis moTx­ov­na­ze ga­mom­ricx­a­vi ze­
moq­me­de­bis mox­de­na Se­uZ­li­a. nor­ma­Si da­ner­gi­li e.w. ga­da­xe­de-s sa­xe­liT
cno­bi­li prin­ci­pi sa­zo­ga­do­e­bis lik­vi­du­ri saq­mi­a­no­bis da Se­sa­ba­mi­sad
ris­ke­bis ga­mo­ricx­vis ki­dev er­Ti, da­ma­te­bi­Ti in­stru­men­ti­a. sa­meT­val­
yu­reo sab­Wos, xel­mZRva­nel or­ga­nos da par­tni­o­re­bis in­for­mi­re­bu­lo­
bis xa­ris­xis bu­neb­ri­vi asi­met­ri­u­lo­bi­dan da mi­wo­de­bul in­for­ma­ci­a­ze
par­tni­or ­ e­bis ga­dawy­ve­ti­le­bis da­mo­ki­de­bu­le­bi­dan ga­mom­di­na­re, pa­su­
xis­mgeb­lo­bis ga­mo­ricx­va ar xde­ba, Tu­ki par­tni­o­re­bi ar flob­dnen im in­
for­ma­ci­as, rac aS­ka­ras gax­di­da val­de­bu­le­bis dar­Rve­vas.
ga­we­u­li mu­Sa­o­bis zo­ga­di we­si­dan ga­mo­nak­li­sia sa­aq­cio sa­zo­ga­do­e­
ba, sa­dac ga­we­u­li mu­Sa­o­bis mo­wo­ne­ba ar aTa­vi­suf­lebs sa­meT­val­yu­reo
sab­Wo­sa da xel­mZRva­ne­li or­ga­nos wev­rebs sa­aq­cio sa­zo­ga­do­e­bis wi­na­Se
zi­a­nis anazR­a­u­re­bis val­de­bu­le­bi­sa­gan, rac ga­mom­di­na­re­obs am sa­mar­
Tleb­ri­vi for­mis sa­zo­ga­do­e­ba­Si aq­ci­o­ner­Ta gan­sa­kuT­re­biT di­ver­si­
fi­ci­re­bu­li struq­tu­ri­dan, ris Ta­o­ba­zec Se­da­re­biT far­To msje­lo­ba
war­mod­ge­ni­lia 185-e mux­lis gan­mar­te­ba­Si.
me-7 pun­qti Se­e­xe­ba kre­bis mow­ve­vis for­ma­lu­ri we­se­bis dar­Rve­vis sa­
mar­Tleb­riv Se­de­gebs. zo­ga­dad, kre­bis mow­ve­vis for­ma­lo­be­bis dar­Rve­va
iw­vevs sa­er­To kre­bis mi­er mi­Re­bu­li ga­dawy­ve­ti­le­bis ba­Ti­lo­bas. Tum­ca
wi­nam­de­ba­re pun­qti iZ­le­va pro­ce­du­ru­li dar­Rve­ve­bis ne­ga­ti­u­ri Se­de­
gis Ta­vi­dan aci­le­bis Se­saZ­leb­lo­bas. ker­Zod, ga­dawy­ve­ti­le­bis mi­Re­ba
da­saS­ve­bi­a, Tu­ki kre­bas yve­la par­tni­o­ri es­wre­ba da yve­la maT­ga­ni Ta­nax­

75
maa kre­bis Ca­ta­re­ba­sa da ga­dawy­ve­ti­le­be­bis mi­Re­ba­ze. kre­bis Ca­ta­re­ba­sa
da ga­dawy­ve­ti­le­bis mi­Re­ba­ze ua­ri­saT­vis sa­zo­ga­do­e­bis par­tni­or­ma un­da
ga­nacx­a­dos moTx­ov­na kre­bis sxva dros ga­mar­Tvis Ta­o­ba­ze da amis sa­fuZ­
vlad mi­u­Ti­Tos kre­bis mow­ve­vis pro­ce­du­ris dar­Rve­va.

mux­li 37. sa­er­To kre­bis ga­dawy­ve­ti­le­ba

1. Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li, sa­er­To kre­ba ga­

dawy­ve­ti­le­ba­u­na­ri­a­ni­a, Tu­ki mas es­wre­ba­/es­wre­bi­an xme­bis um­rav­
le­so­bis mqo­ne par­tni­o­ri/­par­tni­o­re­bi. Tu sa­er­To kre­ba ga­dawy­
ve­ti­le­ba­u­na­ri­a­ni ar aris, kre­bis mom­wvevs Se­uZ­lia ima­ve we­si­Ta da
ima­ve dRis wes­ri­giT xe­lax­la mo­iw­vi­os kre­ba. me­o­re kre­ba ga­dawy­
ve­ti­le­ba­u­na­ri­a­ni­a, mas­ze dam­swre xmis uf­le­bis mqo­ne par­tni­or­Ta
ra­o­de­no­bis mi­u­xe­da­vad.
2. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si, ko­man­di­tur sa­zo­
ga­do­e­ba­Si xme­bis ra­o­de­no­ba ga­mo­iT­vle­ba par­tni­or­Ta ra­o­de­no­
bis mi­xed­viT, xo­lo SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si,
sa­aq­cio sa­zo­ga­do­e­ba­Si, ko­o­pe­ra­tiv­Si _ sa­me­war­meo sa­zo­ga­do­e­bis
ka­pi­tal­Si wi­lis mi­xed­viT, Tu wes­de­biT sxva ram ar aris gaT­va­lis­
wi­ne­bu­li.
3. sa­er­To kre­ba ga­dawy­ve­ti­le­bas iRebs ken­Wis­yra­Si mo­na­wi­le­Ta
xme­bis um­rav­le­so­biT, gar­da im Sem­Txve­vi­sa, ro­de­sac ka­no­niT an
wes­de­biT gan­sazR­vru­lia xma­Ta uf­ro di­di ra­o­de­no­ba an sxva,
da­ma­te­bi­Ti pi­ro­be­bi. am ka­no­niT an wes­de­biT gaT­va­lis­wi­ne­bu­li
Ta­nam­de­bo­bis pi­ris an­/da or­ga­nos ar­Ce­vis­Tvis an al­ter­na­ti­u­li
wi­na­da­de­bis ken­Wis­yris­Tvis wes­de­ba Se­iZ­le­ba ad­gen­des gan­sxva­ve­
bul we­sebs, maT So­ris, iT­va­lis­wi­neb­des xma­Ta uf­ro mci­re ra­o­de­
no­bas.
4. sa­xel­mwi­fos, af­xa­ze­Tis an aWa­ris av­to­no­mi­u­ri res­pub­li­kis
100-pro­cen­ti­a­ni wi­lob­ri­vi mo­na­wi­le­o­biT moq­me­di sa­war­mos par­
tni­o­ris we­ri­lo­bi­Ti ga­dawy­ve­ti­le­ba/­Tan­xmo­ba sa­er­To kre­bis oq­
mis tol­fa­si do­ku­men­tia da sa­er­To kre­bis ga­dawy­ve­ti­le­bad mi­iC­
ne­va.

sa­er­To kre­bis ga­mar­Tvi­sa da ga­dawy­ve­ti­le­bis mi­Re­bis pro­ce­du­ru­li

na­wi­li Si­na­ar­sob­ri­vad Ta­vad sa­zo­ga­do­e­bis Si­da­kor­po­ra­ci­u­li mo­wes­

76
ri­ge­bis sa­ga­ni­a. Se­sa­ba­mi­sad, ka­no­ni mar­Ta­lia de­ta­lu­rad, Tum­ca dis­po­
zi­ci­u­rad gan­sazR­vravs sa­er­To kre­bis mi­er ga­dawy­ve­ti­le­be­bis mi­Re­bis
sa­kiTxs.
sa­er­To kre­ba ga­dawy­ve­ti­le­ba­un ­ a­ri­a­nia Tu mas da­es­wre­ba xmis uf­le­bis
mqo­ne par­tni­or­Ta um­rav­le­so­ba. im Sem­Txve­va­Si, Tu ar Sed­ga Se­sa­ba­mi­si
kvo­ru­mi, xel­mZRva­nel or­ga­nos an wes­de­biT sa­a­mi­sod uf­le­ba­mo­sil su­bi­
eqts Se­uZ­li­a, ima­ve we­si­Ta da ima­ve dRis wes­ri­giT xe­lax­la mo­iw­vi­os kre­
ba. me­o­re kre­ba ga­dawy­ve­ti­le­ba­u­na­ri­a­ni iq­ne­ba mas­ze war­mod­ge­ni­li xmis
uf­le­bis mqo­ne par­tni­o­re­bis ra­o­de­no­bis mi­u­xe­da­vad, rac ga­mo­ricx­avs
bo­i­ko­tis gziT sa­zo­ga­do­e­bis fun­qci­o­ni­re­bis Se­Ce­re­bis Se­saZ­leb­lo­bas.
am­xa­na­gu­ri ti­pis sa­zo­ga­do­e­beb­Si _ so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­
zo­ga­do­e­ba­sa da ko­man­di­tur sa­zo­ga­do­e­ba­Si _ xma­Ta ra­o­de­no­ba ga­mo­iT­
vle­ba par­tni­or­Ta ra­od ­ e­no­bis Se­sa­ba­mi­sad. ker­Zod, so­li­da­ru­li pa­su­
xis­mgeb­lo­bis sa­zo­ga­do­e­bis Ti­To­e­ul par­tni­ors da ko­man­di­tu­ri sa­zo­
ga­do­e­bis kom­ple­men­tars ga­aC­ni­aT Ti­To xmis uf­le­ba. ka­pi­ta­lu­ri ti­pis
sa­zo­ga­do­e­beb­Si: SezR­ud ­ u­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ a­Si, sa­aq­cio
sa­zo­ga­do­e­ba­sa da ko­o­pe­ra­tiv­Si xme­bi da­iT­vle­ba sa­me­war­meo sa­zo­ga­do­e­
bis ka­pi­tal­Si wi­lis mi­xed­viT.
sa­er­To kre­ba­ze ga­dawy­ve­ti­le­be­bi mi­i­Re­ba ken­Wis­yra­Si mo­na­wi­le xma­
Ta um­rav­le­so­biT, gar­da im Sem­Txve­vi­sa, ro­ca ka­no­niT an wes­de­biT dad­
ge­ni­lia xma­Ta uf­ro di­di um­rav­le­so­ba an sxva da­ma­te­bi­Ti pi­ro­be­bi (ma­
ga­li­Tad da­ma­te­biT pi­ro­beb­Si igu­lis­xme­ba, cal­ke­u­li kla­sis wi­lis­/
aq­ci­is mflo­bel­Ta Tan­xmo­ba, an, sa­er­To kre­bis ga­dawy­ve­ti­le­bas­Tan er­
Tad, sxva or­ga­nos ga­dawy­ve­ti­le­bis au­ci­leb­lo­ba). Se­sa­ba­mi­sad, ka­non­Si
ga­mo­ricx­u­lia Se­saZ­leb­lo­ba, wes­de­biT gaT­va­lis­wi­ne­bul iq­nes ga­dawy­
ve­ti­le­bis mi­Re­ba im Sem­Txve­va­Si, Tu sa­kiTxs mxars da­u­Wers par­tni­or­Ta
ise­Ti na­wi­li, ro­me­lic ar qmnis dam­swre­Ta um­rav­le­so­bas. am we­si­dan ga­
mo­nak­li­sia Ta­nam­de­bo­bis pi­re­bis an­/da or­ga­no­e­bis ar­Ce­va, an, ro­ca al­
ter­na­ti­ul wi­na­da­de­bebs un­da eya­ros ken­Wi. am dros wes­de­ba Se­iZ­le­ba
iT­va­lis­wi­neb­des gan­sxva­ve­bul we­sebs, maT So­ris, ga­dawy­ve­ti­le­bis mi­
Re­bas, Tu sa­kiTxs mxars da­u­Wers xme­bis gar­kve­u­li ra­od ­ e­no­ba (ro­me­lic
ar qmnis xme­bis um­rav­le­so­bas). ase­Ti re­gu­li­re­ba, uwi­na­re­sad, mi­no­ri­
ta­ri par­tni­o­re­bis dac­vis in­stru­men­ti­a, ra­Ta maT mi­e­ceT Se­saZ­leb­lo­
ba, hyav­deT sa­ku­Ta­ri war­mo­mad­gen­le­bi sxva­das­xva Ta­nam­de­bo­ba­ze Tu or­
ga­no­Si. ase­ve, mi­Ti­Te­bu­li Ca­na­we­ri azR­vevs iseT al­ba­To­bebs, ro­de­sac
al­ter­na­ti­ul sa­kiTx­Ta ga­dawy­ve­ta ver xer­xde­ba xma­Ta um­rav­le­so­bis
arar­se­bo­bis ga­mo.

77
mux­li 38. sa­er­To kre­bis oq­mi

1. sa­er­To kre­bis mow­ve­vis, mim­di­na­re­o­bi­sa da Se­de­ge­bis Se­sa­xeb am

kre­bis das­ru­le­bi­dan 15 dRis va­da­Si dge­ba oq­mi, ro­mel­sac xels
awers sa­er­To kre­bis mi­er ar­Ce­u­li an wes­de­biT gan­sazR­vru­li sa­
er­To kre­bis Tav­mjdo­ma­re. am ka­no­niT an wes­de­biT gaT­va­lis­wi­ne­
bul Sem­Txve­veb­Si sa­er­To kre­bis oqms ad­gens da amow­mebs no­ta­ri­
u­si. sa­er­To kre­bis oq­mi da­u­yov­neb­liv, sa­me­war­meo sa­zo­ga­do­e­bis
xar­jze eg­zav­ne­ba par­tni­o­rebs.
2. sa­er­To kre­bis oq­mSi un­da aRi­niS­nos:
a) sa­me­war­meo sa­zo­ga­do­e­bis sa­fir­mo sa­xel­wo­de­ba da sa­i­den­ti­fi­
ka­cio no­me­ri;
b) sa­er­To kre­bis Ca­ta­re­bis ad­gi­li da Ta­ri­Ri/­dro;
g) mi­Ti­Te­ba sa­er­To kre­bis mow­ve­vis pro­ce­du­ris dac­va­sa da am kre­
bis ga­dawy­ve­ti­le­ba­u­na­ri­a­no­ba­ze. oqms Se­iZ­le­ba da­er­Tos aR­niS­
nul ga­re­mo­e­beb­Tan da­kav­Si­re­bu­li do­ku­men­te­bi;
d) Zi­ri­Tad do­ku­men­tSi an da­nar­Tis sa­xiT _ sa­er­To kre­bis mu­Sa­o­
ba­Si mo­na­wi­le an mas­ze dam­swre xmis uf­le­bis mqo­ne par­tni­or­Ta da
sxva dam­swre pir­Ta Ca­mo­naT­va­li da sa­i­den­ti­fi­ka­cio mo­na­ce­me­bi.
war­mo­mad­gen­lo­bis Sem­Txve­va­Si oqms un­da da­er­Tos war­mo­mad­gen­
lo­bi­Ti uf­le­ba­mo­si­le­bis da­ma­das­tu­re­be­li we­ri­lo­bi­Ti do­ku­
men­ti an un­da mi­e­Ti­Tos aseT do­ku­men­tze, Tu mas sa­me­war­meo sa­zo­
ga­do­e­ba sxva do­ku­men­teb­Tan er­Tad ina­xavs;
e) sa­er­To kre­bis Tav­mjdo­ma­ris sa­i­den­ti­fi­ka­cio mo­na­ce­me­bi;
v) sa­er­To kre­bis dRis wes­ri­gi;
z) sa­er­To kre­bis ga­dawy­ve­ti­le­ba. mas­Si mi­Ti­Te­bu­li un­da iyos ken­
Wis­yris Se­de­ge­bi;
T) sa­er­To kre­bis mo­na­wi­lis mi­er kre­ba­ze mi­Re­bu­li ga­dawy­ve­ti­le­
bis mi­marT gan­sxva­ve­bu­li az­ris ga­moT­qmis an sa­wi­na­aR­mde­go po­zi­
ci­is ga­mo­xat­vis Sem­Txve­va­Si _ kre­bis Se­sa­ba­mi­si mo­na­wi­lis vi­na­o­ba
da sa­wi­na­aR­mde­go po­zi­ci­is Si­na­ar­si, Tu igi mo­iTx­ovs am az­ris­/po­
zi­ci­is oq­mSi Se­ta­nas.

sa­er­To kre­bis oq­mi aris we­ri­lo­bi­Ti do­ku­men­ti, ro­me­lic aR­wers sa­

er­To kre­bis mim­di­na­re­o­bis Se­sa­xeb in­for­ma­ci­as. kre­bis oq­mi, ro­gorc
we­ri­lo­bi­Ti Ca­na­we­ri, un­da ga­keT­des sa­zo­ga­do­e­bis wig­nSi da mas aqvs
mniS­vne­lo­va­ni is­to­ri­u­li Ri­re­bu­le­ba Sem­dgo­mi ga­u­geb­ro­be­bi­sa da da­

78
ve­bis Ta­vi­dan aci­le­bis, ase­ve, mtki­ce­bis ga­mar­ti­ve­bis saq­me­Si. ka­no­nis
far­gleb­Si sa­er­To kre­bis oq­mTan da­kav­Si­re­bu­li sa­kiTx­e­bi mo­wes­ri­ge­bu­
lia 39-e mux­lSi, xo­lo sa­aq­cio sa­zo­ga­do­e­bis Sem­Txve­va­Si me-200 mux­lSi.
sa­er­To kre­bis oq­mis Si­na­ar­sze pa­su­xis­mgeb­lo­ba ekis­re­ba sa­er­To kre­
bis Tav­mjdo­ma­res, ra­sac is adas­tu­rebs am do­ku­men­tze Ta­vi­si xel­mo­we­
riT. aR­niS­nu­li, ra Tqma un­da, ar ga­mo­ricx­avs teq­ni­ku­ri Tval­saz­ri­siT
kre­bis oq­mis sxva pi­ris, ma­ga­li­Tad sxdo­mis mdiv­nis mi­er Sed­ge­nas. Tu sa­
er­To kre­bis ga­dawy­ve­ti­le­ba Se­e­xe­ba re­gis­tri­re­bu­li mo­na­ce­mis cvli­
le­bas da sa­er­To kre­bas no­ta­ri­u­si es­wre­ba, sa­er­To kre­bis oqms ad­gens
da xels awers no­ta­ri­us ­ ic. ga­mo­nak­lis Sem­Txve­veb­Si, no­ta­ri­u­sis mi­er sa­
er­To kre­bis oq­mis Sed­ge­na da mas­ze xel­mo­we­ra sa­val­de­bu­lo­a. ker­Zod,
„fa­si­a­ni qa­Ral­de­bis baz­ris Se­sa­xeb“ sa­qar­Tve­los ka­no­niT gan­sazR­vru­
li an­ga­riS­val­de­bu­li sa­war­mos Sem­Txve­va­Si, rom­lis fa­si­a­ni qa­Ral­de­bi
sa­vaW­rod aris daS­ve­bu­li sa­fon­do bir­Ja­ze, sa­er­To kre­bis oqms ad­gens
no­ta­ri­u­si da mas xels awe­ren no­ta­ri­us ­ i da sa­er­To kre­bis Tav­mjdo­ma­re.
wi­nam­de­ba­re mux­lis me­o­re pun­qti de­ta­lu­rad gan­sazR­vravs sa­er­To
kre­bis oq­mis Si­na­ar­sob­riv kom­po­nen­tebs da am gziT am­kvid­rebs kre­bis
oq­mis Sed­ge­nis er­Tgva­ro­van praq­ti­kas. ker­Zod, sa­er­To kre­bis oq­mSi aRi­
niS­ne­ba ro­gorc sa­zo­ga­do­e­bis iden­ti­fi­ci­re­bi­saT­vis au­ci­le­be­li mo­na­
ce­me­bi, ise uSu­a­lod kre­bis for­ma­lu­ri da ma­te­ri­a­lu­ri na­wi­li.

mux­li 39. sa­er­To kre­bis ga­dawy­ve­ti­le­bis an mi­si na­wi­lis ba­Ti­lo­ba

1. ba­Ti­lo­bis am ka­no­niT gan­sazR­vru­li sa­fuZ­vle­bis gar­da, SezR­u­du­

li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si, sa­aq­cio sa­zo­ga­do­e­ba­Si sa­er­
To kre­bis ga­dawy­ve­ti­le­ba an mi­si na­wi­li ba­Ti­li­a, Tu ar ar­se­bobs
am ka­no­nis 36-e mux­lis me-7 pun­qtiT gaT­va­lis­wi­ne­bu­li Sem­Txve­va da:
a) sa­er­To kre­bis oq­mi dad­ge­ni­li we­siT da­mow­me­bu­li ar aris;
b) sa­er­To kre­ba ara­uf­le­ba­mo­sil­ma or­ga­nom­/pir­ma mo­iw­vi­a;
g) sa­er­To kre­bis mow­ve­vis Se­sa­xeb we­ri­lo­biT Sety­o­bi­ne­ba­Si mi­Ti­
Te­bu­li ar aris an aras­wo­rad aris mi­Ti­Te­bu­li sa­me­war­meo sa­zo­
ga­do­e­bis sa­fir­mo sa­xel­wo­de­ba, sa­er­To kre­bis Ca­ta­re­bis ad­gi­li,
Ta­ri­Ri an dawy­e­bis dro;
d) dar­Rve­u­lia sa­er­To kre­bis Ca­ta­re­bis Se­sa­xeb ga­dawy­ve­ti­le­bis
par­tni­o­re­bis­Tvis Sety­o­bi­ne­bis we­si;
e) sa­kiTx­i, ro­mel­sac ga­dawy­ve­ti­le­ba exe­ba, ar ga­ne­kuT­vne­ba sa­er­
To kre­bis uf­le­ba­mo­si­le­bas;

79
 v) ga­dawy­ve­ti­le­ba exe­ba wes­de­ba­Si ise­Ti cvli­le­bis Se­ta­nas, ro­me­
lic ka­nons ewi­na­aR­mde­ge­ba;
z) ga­dawy­ve­ti­le­ba ewi­na­aR­mde­ge­ba ka­no­nis im nor­mebs, ro­mel­Ta um­
Tav­re­si mi­za­nia kre­di­tor­Ta uf­le­be­bis dac­va;
T) ga­dawy­ve­ti­le­ba ewi­na­aR­mde­ge­ba sa­ja­ro wes­rigs an zne­o­bis nor­mebs;
i) ga­dawy­ve­ti­le­ba Se­ci­le­bis sa­fuZ­vel­ze sa­sa­mar­Tlom ba­Ti­lad cno.
2. am mux­lis pir­ve­li pun­qtiT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si sa­er­
To kre­bis ga­dawy­ve­ti­le­bis an mi­si na­wi­lis ba­Ti­lo­ba­ze mi­Ti­Te­ba
da­uS­ve­be­li­a, Tu sa­er­To kre­bis ga­dawy­ve­ti­le­bis re­es­trSi re­gis­
tra­ci­i­dan ga­su­lia 3 we­li, gar­da im Sem­Txve­vi­sa, ro­de­sac sa­sa­mar­
Tlo­Si sa­er­To kre­bis ga­dawy­ve­ti­le­bis ba­Ti­lad cno­ba­ze da­va am
va­dis amo­wur­vam­de da­iwy­o.

ka­no­nis 39-e mux­lSi Seq­mni­lia sa­er­To kre­bis ga­dawy­ve­ti­le­bis ba­Ti­

lo­bis sa­fuZ­vle­bis ka­ta­lo­gi. sa­er­To kre­bis ba­Ti­lo­bis sa­fuZ­vleb­Tan
da­kav­Si­re­biT „me­war­me­Ta Se­sa­xeb“ ka­nons ga­aC­nia eq­sklu­zi­u­ri da amom­wu­
ra­vi xa­si­a­Ti. ker­Zod, nor­ma­Si mi­e­Ti­Te­ba, rom sa­er­To kre­bis ga­dawy­ve­ti­
le­bis ba­Ti­lo­ba xde­ba mxo­lod am ka­non­Si gan­sazR­vru­li sa­fuZ­vle­biT.
wi­nam­de­ba­re nor­ma­Si war­mod­ge­ni­li ba­Ti­lo­bis sa­fuZ­vle­bi ukav­Sir­de­ba
ro­gorc sa­er­To kre­bis mow­ve­vi­sa da ga­mar­Tvis for­ma­lu­ri pi­ro­be­bis
dar­Rve­vas, ise mis Si­na­ar­sob­riv na­wils, ker­Zod:

80
 for­ma­lu­ri sa­fuZ­vle­bi. ka­no­nis wi­nam­de­ba­re mux­li mi­u­Ti­Tebs, sa­er­
To kre­bis ga­dawy­ve­ti­le­bis ba­Ti­lo­bis ram­de­ni­me for­ma­lur sa­fuZ­vels.
ker­Zod, (1) sa­er­To kre­bis ga­dawy­ve­ti­le­ba ba­Ti­lia Tu sa­er­To kre­bis oq­
mi dad­ge­ni­li we­siT da­mow­me­bu­li ar aris. ma­ga­li­Ti­saT­vis, dar­Rve­u­lia
ka­no­nis 200-e mux­liT gaT­va­lis­wi­ne­bu­li no­ta­ri­u­sis mi­er sa­er­To kre­bis
oq­mis xel­mo­we­ris val­de­bu­le­ba. (2) sa­er­To kre­bis ga­dawy­ve­ti­le­ba ba­Ti­
lia Tu is wes­de­biT an ka­no­niT ara­uf­le­ba­mo­sil­ma or­ga­nom­/pir­ma mo­iw­
vi­a. (3) sa­er­To kre­bis ga­dawy­ve­ti­le­ba ba­Ti­lia Tu mow­ve­vis Se­sa­xeb we­ri­
lo­biT Sety­o­bi­ne­ba­Si mi­Ti­Te­bu­li ar aris an aras­wo­rad aris mi­Ti­Te­bu­
li sa­er­To kre­bis mo­saw­ve­vis Zi­ri­Ta­di mo­na­ce­me­bi: sa­fir­mo sa­xel­wo­de­
ba, sa­er­To kre­bis Ca­ta­re­bis ad­gi­li, Ta­ri­Ri an dawy­e­bis dro. (4) ase­ve,
sa­er­To kre­bis ga­dawy­ve­ti­le­ba ba­Ti­lia Tu dar­Rve­u­lia sa­er­To kre­bis
Ca­ta­re­bis Se­sa­xeb ga­dawy­ve­ti­le­bis par­tni­o­re­bis­Tvis Sety­ob­ i­ne­bis we­si.
ma­ga­li­Tad, ss-s Sem­Txve­va­Si aR­niS­nu­li pro­ce­du­ra gaT­va­lis­wi­ne­bu­lia
ka­no­nis 189-e mux­lSi.
ma­te­ri­a­lu­ri sa­fuZ­vle­bi. (1) ka­no­ni mkveT­rad mij­navs sa­me­war­meo sa­
zo­ga­do­e­bis mar­Tvis or­ga­no­Ta kom­pe­ten­ci­ebs. ase­Ti ga­mij­vna zog­jer
dis­po­zi­ci­ur da zog­jer im­pe­ra­ti­ul xa­si­aTs ata­rebs. Tum­ca, ne­bis­mi­er
Sem­Txve­va­Si sa­er­To kre­bis ga­dawy­ve­ti­le­ba ba­Ti­lia Tu sa­kiTx­i, ro­mel­
sac ga­dawy­ve­ti­le­ba exe­ba, ar ga­ne­kuT­vne­ba sa­er­To kre­bis uf­le­ba­mo­si­
le­bas. (2) ase­ve, ba­Ti­lia sa­er­To kre­bis ga­dawy­ve­ti­le­ba wes­de­ba­Si iseT
cvli­le­bas­Tan da­kav­Si­re­biT, ro­me­lic ewi­na­aR­mde­ge­ba ka­nons. ma­ga­li­
Tad, da­uS­ve­be­lia wes­de­biT ka­no­nis im­pe­ra­ti­u­li nor­mis moTx­ov­ne­bis
daZ­le­va. (3) gar­da wes­de­bis cvli­le­bi­sa, ase­ve, da­uS­ve­be­lia sa­er­To kre­
bam mi­iR­ os ga­dawy­ve­ti­le­ba, ro­me­lic ewi­na­aR­mde­ge­ba ka­no­nis im nor­mebs,
ro­mel­Ta um­Tav­re­si mi­za­nia kre­di­tor­Ta uf­le­be­bis dac­va. ma­ga­li­Ti­
saT­vis, sa­er­To kre­bas ar Se­uZ­lia sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo
sab­Wos da xel­mZRva­ne­li or­ga­nos mi­er ga­we­u­li mu­Sa­o­bis mo­wo­ne­biT isi­ni
ga­a­Ta­vi­suf­los sa­aq­cio sa­zo­ga­do­e­bis wi­na­Se zi­a­nis anazR­a­u­re­bis val­
de­bu­le­bis­gan. ase­ve, ba­Ti­lia sa­er­To kre­bis ga­dawy­ve­ti­le­ba: Tu (4) ga­
dawy­ve­ti­le­ba ewi­na­aR­mde­ge­ba sa­ja­ro wes­rigs an zne­o­bis nor­mebs, ri­si
Se­fa­se­bac in­di­vi­du­al­ ur Sem­Txve­veb­Si un­da mox­des an (5) ga­dawy­ve­ti­le­
ba Se­ci­le­bis sa­fuZ­vel­ze sa­sa­mar­Tlom ba­Ti­lad cno.
wi­nam­de­ba­re mux­li ase­ve gan­sazR­vravs sa­er­To kre­bis ga­dawy­ve­ti­le­bis
an mi­si na­wi­lis ba­Ti­lo­bis xan­daz­mu­lo­bis va­das. ker­Zod, kre­bis ga­dawy­ve­
ti­le­bis ba­Ti­lo­ba­ze mi­Ti­Te­ba da­uS­ve­be­li­a, Tu sa­er­To kre­bis ga­dawy­ve­
ti­le­bis re­es­trSi re­gis­tra­ci­i­dan ga­su­lia 3 we­li. sa­sa­mar­Tlo­Si sa­er­To

81
kre­bis ga­dawy­ve­ti­le­bis ba­Ti­lad cno­ba­ze da­vis dawy­e­ba aCe­rebs am xan­daz­
mu­lo­bis va­das, Se­sa­ba­mi­sad, sa­sa­mar­Tlos­Tvis mi­mar­Tvis Sem­dgom 3-wli­a­ni
va­dis gas­vla ar iw­vevs kre­bis ba­Ti­lo­ba­ze mi­Ti­Te­bis da­uS­veb­lo­bas.
ase­ve, ka­no­nis 36-e mux­li­dan ga­mom­di­na­re da­uS­ve­be­lia sa­er­To kre­bis
ga­dawy­ve­ti­le­bis ba­Ti­lo­ba­ze mi­Ti­Te­ba Tu sa­er­To kre­bis mow­ve­vis we­sis
dar­Rve­vis mi­u­xe­da­vad kre­bas yve­la par­tni­o­ri es­wre­ba da isi­ni Ta­nax­ma
ari­an kre­bis Ca­ta­re­ba­sa da ga­dawy­ve­ti­le­bis mi­Re­ba­ze. aseT dros cxa­
di­a, rom pro­ce­du­ris dar­Rve­vas ar moh­yo­lia ne­ga­ti­u­ri Se­de­gi da mi­si
ga­dawy­ve­ti­le­bis ba­Ti­lo­bis sa­Wi­ro­e­ba ar ar­se­bobs. par­tni­o­ris Tan­xmo­
bad mi­iC­ne­va, Tu igi ar mo­iTx­ovs sa­er­To kre­bis sxva dros Ca­ta­re­bas mi­si
mow­ve­vis pro­ce­du­ris dar­Rve­vis ga­mo. Se­sa­ba­mi­sad, par­tni­o­ris Tan­xmo­ba
iva­ra­u­de­ba, Tu igi sa­wi­na­aR­mde­go po­zi­ci­as ar da­a­fiq­si­rebs.

mux­li 40. sa­er­To kre­bis ga­dawy­ve­ti­le­bis ba­Ti­lad cno­bis Sem­deg

gan­xor­ci­e­le­bu­li Ro­nis­Zi­e­be­bi

1. xel­mZRva­ne­li pi­re­bi val­de­bu­li ari­an sa­er­To kre­bis ga­dawy­ve­

ti­le­bis ba­Ti­lo­bis Se­sa­xeb sa­sa­mar­Tlos ka­no­ni­er Za­la­Si Se­su­li
ga­dawy­ve­ti­le­ba da­u­yov­neb­liv wa­rud­gi­non ma­re­gis­tri­re­bel or­
ga­nos, Tu sa­er­To kre­bis ga­sa­Civ­re­bu­li ga­dawy­ve­ti­le­bis sa­fuZ­
vel­ze uk­ve gan­xor­ci­el­da re­gis­tra­ci­a.
2. xel­mZRva­ne­li pi­re­bi val­de­bu­li ari­an am mux­lis pir­ve­li pun­qtiT
gaT­va­lis­wi­ne­bu­li sa­sa­mar­Tlos ga­dawy­ve­ti­le­bis Se­sa­xeb in­for­
ma­cia da­u­yov­neb­liv ga­na­Tav­son sa­me­war­meo sa­zo­ga­do­e­bis veb­gver­
dze an sxvag­va­rad mi­a­wo­don par­tni­o­rebs.

ka­no­nis me-40 mux­li eT­mo­ba sa­er­To kre­bis ga­dawy­ve­ti­le­bis ba­Ti­lo­

bis Sem­dgom ga­sa­ta­re­bel Ro­nis­Zi­e­bebs. upir­ve­les yov­li­sa, aR­niS­nu­li
mux­li miz­nad isa­xavs re­es­trSi uty­ua­ ­ri mo­na­ce­me­bis Se­nar­Cu­ne­bi­saT­vis
ga­ran­ti­e­bis Seq­mnas. ker­Zod, xel­mZRva­nel pi­rebs ekis­re­baT val­de­bu­le­
ba, sa­er­To kre­bis ga­dawy­ve­ti­le­bis ba­Ti­lo­bis Se­sa­xeb sa­sa­mar­Tlos ka­
no­ni­er Za­la­Si Se­su­li ga­dawy­ve­ti­le­ba da­u­yov­neb­liv wa­rud­gi­non ma­re­
gis­tri­re­bel or­ga­nos. ase­ve, par­tni­o­re­bis in­for­mi­re­bi­sa da ma­Ti dac­
vi­saT­vis xel­mZRva­nel pi­rebs ekis­re­baT val­de­bu­le­ba, in­for­ma­cia sa­sa­
mar­Tlos ga­dawy­ve­ti­le­bis Se­sa­xeb da­u­yov­neb­liv ga­na­Tav­son sa­me­war­meo
sa­zo­ga­do­eb­ is veb­gver­dze, an sxvag­va­rad ac­no­bon par­tni­o­rebs.

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mux­li 41. sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no

1. sa­me­war­meo sa­zo­ga­do­e­ba­Si xel­mZRva­ne­lo­bi­Ti saq­mi­a­no­bis gan­xor­

ci­e­le­bis uz­run­vel­sa­yo­fad sa­me­war­meo sa­zo­ga­do­e­bas un­da hyav­des
xel­mZRva­ne­li or­ga­no. am or­ga­nos uf­le­ba­mo­si­le­ba, ag­reT­ve mis mi­er
ga­dawy­ve­ti­le­bis mi­Re­bis we­si ga­ni­sazR­vre­ba ka­no­ni­Ta da wes­de­biT.
2. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si xel­mZRva­ne­lo­bis
uf­le­ba aqvs yve­la par­tni­ors. ko­man­di­tur sa­zo­ga­do­e­ba­Si xel­
mZRva­ne­lo­bis uf­le­ba aqvT per­so­na­lu­rad pa­su­xis­mge­bel par­tni­
o­rebs (kom­ple­men­ta­rebs), Tu par­tni­or­Ta ga­dawy­ve­ti­le­biT sa­me­
war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­lad sxva pi­ri ar da­i­niS­ne­ba. SezR­
u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si, sa­aq­cio sa­zo­ga­do­e­ba­Si,
ko­o­pe­ra­tiv­Si xel­mZRva­ne­lo­bis uf­le­ba aq­vs/aqvT xel­mZRva­nel
pir­s/pi­rebs.
3. wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des sa­me­war­meo sa­zo­ga­do­e­bis xel­
mZRva­ne­lo­bis gan­xor­ci­e­le­bas:
a) er­Ti pi­ris mi­er er­Tpi­rov­nu­lad;
b) ram­de­ni­me xel­mZRva­ne­li pi­ris mi­er er­Tob­li­vad an cal­-cal­ke;
g) yve­la xel­mZRva­ne­li pi­ris mi­er er­Tob­li­vad.
4. Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li, iva­ra­u­de­ba, rom
sa­me­war­meo sa­zo­ga­do­e­ba­Si xel­mZRva­ne­lo­biT saq­mi­a­no­bas yve­la
xel­mZRva­ne­li pi­ri er­Tob­li­vad axor­ci­e­lebs.

sa­me­war­meo sa­zo­ga­do­e­ba, ro­gorc sa­mar­Tlis da­mo­u­ki­de­be­li su­bi­eq­

ti, Ta­vis qme­du­na­ri­an­ o­bi­sa da uf­le­ba­u­na­ri­a­no­bis re­a­li­ze­bas ume­tes­wi­
lad ax­dens sa­a­mi­sod uf­le­ba­mo­si­li pi­ris _ xel­mZRva­ne­li or­ga­nos meS­
ve­o­biT. am­xa­na­gu­ri ti­pis sa­zo­ga­do­e­beb­Si ase­Ti uf­le­ba­mo­si­le­ba Ta­vad
par­tni­or ­ ebs aqvT, xo­lo ka­pi­ta­lu­ri ti­pis sa­zo­ga­do­e­beb­Si, sa­zo­ga­do­
e­bis par­tni­or­Ta­/aq­ci­on ­ er­Ta di­ver­si­fi­ci­re­bu­li struq­tu­ris gaT­va­
lis­wi­ne­biT, ami­saT­vis ar­se­bobs cal­ke or­ga­no _ di­req­to­ri.

83
 am­xa­na­gu­ri ti­pis sa­zo­ga­do­e­beb­Si par­tni­o­re­bis mi­er sa­zo­ga­do­e­bis
xel­mZRva­ne­lo­ba am sa­me­war­meo sa­zo­ga­do­eb ­ e­bis sa­mar­Tleb­ri­vi for­mis
per­so­na­lu­ri bu­ne­bi­dan ga­mom­di­na­re­obs. ker­Zod, am sa­me­war­meo sa­zo­ga­
do­eb ­ e­bis per­so­na­lu­ri pa­su­xis­mgeb­lo­bi­dan sa­zo­ga­do­e­bis val­de­bu­le­
be­bi­saT­vis. Tum­ca, ka­no­ni uS­vebs Se­saZ­leb­lo­bas wes­de­biT am sa­me­war­meo
sa­zo­ga­do­eb ­ e­bis xel­mZRva­ne­lo­bi­Ti uf­le­ba­mo­si­le­ba ga­re­Se pir­sac ga­
da­ec­ es.
sa­me­war­meo sa­zo­ga­do­eb­ as Se­iZ­le­ba hyav­des er­Ti an ram­de­ni­me xel­
mZRva­ne­li pi­ri. im Sem­Txve­va­Si Tu sa­zo­ga­do­e­bas er­Tdro­u­lad hyavs ram­
de­ni­me xel­mZRva­ne­li pi­ri, ma­Sin ka­no­ni iT­va­lis­wi­nebs xel­mZRva­ne­lo­bi­
Ti uf­le­ba­mo­si­le­bis sxva­das­xva kom­bi­na­ci­iT ga­da­na­wi­le­bis Se­saZ­leb­
lo­bas. ker­Zod, yve­la xel­mZRva­ne­li pi­ri Se­saZ­le­be­lia er­Tad xel­mZRva­
ne­lob­des sa­zo­ga­do­e­bas, ise­ve, ro­gorc Se­saZ­le­be­lia maT ase­Ti uf­le­ba­
mo­si­le­ba in­di­vi­du­al­ u­rad mi­e­ni­WoT. ase­ve, da­saS­ve­bia e.w. Se­re­u­li mo­de­
lis ar­se­bo­ba, ro­de­sac xel­mZRva­ne­li or­ga­nos mxo­lod ram­de­ni­me wev­rze
vrcel­de­ba er­Tob­li­vad an cal­-cal­ke xel­mZRva­ne­lo­bis Se­saZ­leb­lo­ba.
amas­Tan, in­di­vi­du­a­lur Sem­Txve­veb­Si Se­saZ­le­be­lia er­Tob­li­vad an cal­-
cal­ke xel­mZRva­ne­lo­ba da­mo­ki­de­bu­li iyos sa­me­war­meo sa­zo­ga­do­eb ­ is mi­
er gan­sazR­vrul pi­ro­beb­ze.
wi­nam­de­ba­re mux­li me-4 pun­qtiT ase­ve dgin­de­ba, rom Tu wes­de­biT sxva
ram ar aris gaT­va­lis­wi­ne­bu­li, iva­ra­ud ­ e­ba, rom sa­me­war­meo sa­zo­ga­do­e­ba­
Si xel­mZRva­ne­lo­biT saq­mi­a­no­bas yve­la xel­mZRva­ne­li pi­ri er­Tob­li­vad
axor­ci­e­lebs.

mux­li 42. sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos

war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­ba

1. sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no war­mo­ad­gens sa­me­

war­meo sa­zo­ga­do­e­bas me­sa­me pir­Tan ur­Ti­er­To­ba­Si. xel­mZRva­ne­li
or­ga­nos war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­ba me­sa­me pir­Tan ur­
Ti­er­To­ba­Si ar Se­iZ­le­ba Se­izR­u­dos.
2. Tu sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no ram­de­ni­me wev­
ris­gan Sed­ge­ba, isi­ni war­mo­mad­gen­lo­biT uf­le­ba­mo­si­le­bas mxo­
lod er­Tob­li­vad axor­ci­e­le­ben, gar­da im Sem­Txve­vi­sa, ro­de­sac
wes­de­ba ad­gens er­Ti an ram­de­ni­me pi­ris er­Tpi­rov­nul war­mo­mad­
gen­lo­bas an ram­de­ni­me pi­ris er­Tob­liv war­mo­mad­gen­lo­bas an uS­

84
 vebs aseT Se­saZ­leb­lo­bas. me­sa­me pir­Tan ur­Ti­er­To­ba­Si ga­mo­i­ye­ne­
ba am ka­no­nis me-14 mux­lis me-­2gme-4 pun­qte­bi.
3. Tu xel­Sek­ru­le­bis da­de­bi­sas kon­tra­hen­tis­Tvis cno­bi­li iyo sa­
me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos uf­le­ba­mo­si­le­bis
SezR­ud­vis Se­sa­xeb, sa­me­war­meo sa­zo­ga­do­e­bas aqvs am xel­Sek­ru­le­
bis Se­ci­le­bis uf­le­ba. igi­ve we­si ga­mo­i­ye­ne­ba, Tu war­mo­mad­gen­lo­
bi­Ti uf­le­ba­mo­si­le­bis mqo­ne pi­ri da kon­tra­hen­ti gan­zrax moq­me­
de­ben er­Tad, ra­Ta zi­a­ni mi­ad­ges im sa­me­war­meo sa­zo­ga­do­e­bas, rom­
lis sa­xe­li­Tac moq­me­debs war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­bis
mqo­ne pi­ri.
4. sa­me­war­meo sa­zo­ga­do­e­bis wi­na­Se ne­bis ga­mov­le­nis nam­dvi­lo­bis­
Tvis sak­ma­ri­sia ne­bis mxo­lod er­Ti xel­mZRva­ne­li pi­ris wi­na­Se ga­
mov­le­na.

sa­me­war­meo saq­mi­an
­ o­bis gan­xor­ci­el ­ e­ba uSu­a­lod ukav­Sir­de­ba mo­ge­bis
mi­Re­bis miz­niT, or­ga­ni­ze­bu­li struq­tu­ris meS­ve­o­biT, me­sa­me pi­reb­Tan
ur­Ti­er­To­bas. ase­Ti or­ga­ni­ze­bu­lo­bis er­T-er­Ti Zi­ri­Ta­di kom­po­nen­ti
ki spe­ci­a­lu­ri or­ga­nos ar­se­bo­ba­a, ro­me­lic sa­me­war­meo sa­zo­ga­do­e­bis sa­
xe­liT me­sa­me pi­reb­Tan sa­mar­Tleb­riv ur­Ti­er­To­ba­Si Se­va.
wi­nam­de­ba­re mux­lis mi­xed­viT, sa­me­war­meo sa­zo­ga­do­eb ­ is sa­xe­liT me­
sa­me pi­reb­Tan ur­Ti­er­To­bis uf­le­ba­mo­si­le­ba xel­mZRva­nel or­ga­nos eni­
We­ba. amas­Tan, da­uS­ve­be­lia am or­ga­nos war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­
le­bis me­sa­me pir­Tan ur­Ti­er­To­ba­Si SezR­ud­va. SezR­ud­vis im­pe­ra­ti­u­li
ak­rZal­vis Zi­ri­Ta­di mi­za­ni sa­ja­ro re­es­tris mo­na­ce­me­bis san­do­o­bis da
me­sa­me pi­re­bis dac­va, Se­sa­ba­mi­sad, sa­mo­qa­la­qo brun­vis xel­Sewy­ob ­ a­a. kon­
tra­hents un­da hqon­des Se­saZ­leb­lo­ba da­ey­rdnos sa­me­war­meo re­es­tri­dan
amo­na­wer­Si mi­Ti­Te­bul mo­na­ce­mebs da mas ar ga­aC­nia val­de­bu­le­ba Se­a­mow­
mos sa­sam­sa­xu­re xel­Sek­ru­le­ba an sxva Si­da­kor­po­ra­ci­u­li do­ku­men­ti.
Tu xel­Sek­ru­le­bis da­de­bi­sas kon­tra­hen­tis­Tvis cno­bi­li iyo sa­me­war­
meo sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos uf­le­ba­mo­si­le­bis SezR­ud­vis
Se­sa­xeb, ar ar­se­bobs am pi­ris „da­sa­ca­vi in­te­re­si“. Se­sa­ba­mi­sad, ka­no­ni am
Sem­Txve­va­Si uS­vebs da­de­bu­li ga­ri­ge­bis sa­me­war­meo sa­zo­ga­do­e­bis mi­er
Se­ci­le­bis Se­saZ­leb­lo­bas. stan­dar­ti „cno­bi­li iyo“ gu­lis­xmobs po­zi­
ti­ur cod­nas an ga­re­mo­eb ­ ebs, rom­le­bic mi­u­Ti­Te­ben, rom Se­uZ­le­be­li­a,
me­o­re mxa­res ar scod­no­da SezR­ud­vis Se­sa­xeb, mi­si aS­ka­ra, Tval­Si­sa­ce­mi
xa­si­a­Tis ga­mo. igi­ve we­si ga­mo­iy­ e­ne­ba Tu war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­
si­le­bis mqo­ne pi­ri da kon­tra­hen­ti gan­zrax moq­me­de­ben er­Tad, ra­Ta zi­a­

85
ni mid­go­mo­da im sa­me­war­meo sa­zo­ga­do­e­bas, rom­lis sa­xe­li­Tac moq­me­deb­
da war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­bis mqo­ne pi­ri.
xel­mZRva­ne­lo­bi­Ti uf­le­ba­mo­si­le­bis msgav­sad, ka­no­ni iZ­le­va er­Tpi­
rov­nu­li, in­di­vi­du­al ­ u­ri, er­Tob­li­vi da Se­re­u­li war­mo­mad­gen­lo­bis
Se­saZ­leb­lo­bebs. amas­Ta­na­ve, sa­zo­ga­do­e­bis wi­na­Se ne­bis ga­mov­le­nis ga­
mar­ti­ve­bi­sa da am gziT tran­saq­ci­u­li xar­je­bis Sem­ci­re­bis miz­niT, sa­
me­war­meo sa­zo­ga­do­e­bis wi­na­Se ne­bis ga­mov­le­nis nam­dvi­lo­bis­Tvis sak­ma­
ri­si iq­ne­ba mi­si ga­mov­le­na mxo­lod er­Ti xel­mZRva­ne­li pi­ris wi­na­Se. am
we­si­dan ga­mo­nak­li­sia is Sem­Txve­va, ro­de­sac sa­zo­ga­do­e­ba da­ad
­ as­tu­rebs,
rom ne­bis ga­mov­le­ni­sas pi­ri, ase­ve sa­zo­ga­do­e­bis is xel­mZRva­ne­li, rom­
lis wi­na­Sec iq­na ga­mov­le­ni­li ne­ba, miz­nad isa­xav­dnen sa­me­war­meo sa­zo­ga­
do­eb­ is in­te­re­se­bis sa­wi­na­aR­mde­god qme­de­bas.

mux­li 43. sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos

Se­mad­gen­lo­ba da mis mi­er ga­dawy­ve­ti­le­bis mi­Re­bis we­si

1. xel­mZRva­ne­li or­ga­no Se­iZ­le­ba iyos er­Tpi­rov­nu­li an ko­le­gi­u­ri.

2. Tu­ki xel­mZRva­ne­li or­ga­no ram­de­ni­me wev­ris­gan Sed­ge­ba, isi­ni sa­
ku­Ta­ri Se­mad­gen­lo­bi­dan xma­Ta um­rav­le­so­biT ir­Ce­ven xel­mZRva­
ne­li or­ga­nos Tav­mjdo­ma­res, ro­me­lic axor­ci­e­lebs ko­le­gi­u­ri
xel­mZRva­ne­li or­ga­nos or­ga­ni­za­ci­ul xel­mZRva­ne­lo­bas, Tu ka­no­
niT sxva ram ar aris dad­ge­ni­li. Tu kan­di­da­te­bi Ta­na­ba­ri ra­o­de­
no­bis xmebs mi­i­Re­ben, xel­mZRva­ne­li or­ga­nos Tav­mjdo­ma­re wi­lis­
yriT Se­ir­Ce­va.
3. ko­le­gi­u­ri xel­mZRva­ne­li or­ga­nos sxdo­ma ga­dawy­ve­ti­le­ba­u­na­ri­
a­ni­a, Tu mas es­wre­ba wev­rTa um­rav­le­so­ba. Tu sxdo­mas ar es­wre­ba
xel­mZRva­ne­li or­ga­nos Tav­mjdo­ma­re, dam­swre wev­re­bi xma­Ta um­
rav­le­so­biT ir­Ce­ven sxdo­mis Tav­mjdo­ma­res.
4. xel­mZRva­ne­li or­ga­no ga­dawy­ve­ti­le­bas iRebs mis sxdo­ma­ze dam­
swre wev­rTa xme­bis um­rav­le­so­biT. wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­
des ga­dawy­ve­ti­le­bis mi­Re­bis­Tvis au­ci­le­bel xma­Ta uf­ro did ra­
o­de­no­bas. am ka­no­niT an wes­de­biT gaT­va­lis­wi­ne­bu­li Ta­nam­de­bo­bis
pi­ris an­/da or­ga­nos ar­Ce­vis­Tvis an al­ter­na­ti­u­li wi­na­da­de­bis ken­
Wis­yris­Tvis wes­de­ba Se­iZ­le­ba ad­gen­des gan­sxva­ve­bul we­sebs, maT
So­ris, iT­va­lis­wi­neb­des xma­Ta uf­ro mci­re ra­o­de­no­bas. ga­dawy­ve­
ti­le­bis mi­Re­bi­sas xma­Ta Ta­nab­rad ga­yo­fis Sem­Txve­va­Si ga­dam­wyve­

86
 tia xel­mZRva­ne­li or­ga­nos Tav­mjdo­ma­ris­/sxdo­mis Tav­mjdo­ma­ris
xma, Tu am ka­no­niT an wes­de­biT sxva ram ar aris dad­ge­ni­li.
5. xel­mZRva­ne­li or­ga­nos wev­ri Se­iZ­le­ba iyos qme­du­na­ri­a­ni fi­zi­ku­
ri pi­ri an iu­ri­di­u­li pi­ri.
6. Tu sa­er­To kre­ba an sa­meT­val­yu­reo sab­Wo ver da­niS­navs xel­mZRva­ne­
li or­ga­nos wevrs, ri­Tac sa­me­war­meo sa­zo­ga­do­e­bis saq­mi­a­no­bas ar­se­
bi­Ti saf­rTxe eq­mne­ba, er­T-er­Ti par­tni­o­ris an kre­di­to­ris gan­cxa­
de­bis sa­fuZ­vel­ze sa­sa­mar­Tlo niS­navs xel­mZRva­ne­li or­ga­nos wev­
ris mo­va­le­o­bis Sem­sru­le­bels im va­diT, ro­me­lic sa­Wi­roa sa­er­To
kre­bis an sa­meT­val­yu­reo sab­Wos mi­er axa­li wev­ris da­niS­vnis­Tvis.
7. xel­mZRva­ne­li or­ga­no, ro­gorc we­si, ga­dawy­ve­ti­le­bas iRebs sxdo­
ma­ze. wes­de­ba Se­iZ­le­ba ad­gen­des ga­dawy­ve­ti­le­bis mi­Re­bis gan­sxva­
ve­bul wess.

wi­nam­de­ba­re mux­lis far­gleb­Si mo­wes­ri­ge­bu­lia ise­Ti sa­kiTx­e­bi, ro­

go­re­bi­ca­a: xel­mZRva­ne­li or­ga­nos Se­mad­gen­lo­bis da­kom­pleq­te­ba, Tav­
mjdo­ma­ris ar­Ce­va da ga­dawy­ve­ti­le­bis mi­Re­ba. sa­zo­ga­do­e­bis ma­xa­si­a­Teb­
le­bis, maT So­ris, par­tni­or­Ta struq­tu­ris, sa­o­pe­ra­cio are­a­lis da ka­
pi­ta­lis mo­cu­lo­bis gaT­va­lis­wi­ne­biT, xel­mZRva­ne­li or­ga­no Se­iZ­le­ba
iyos er­Tpi­rov­nu­li an ko­le­gi­ur ­ i. aR­niS­nu­li sa­kiTx­is ga­dawy­ve­ta Ta­vad
sa­zo­ga­do­e­bis Si­da­kor­po­ra­ci­u­li sa­kiTx­i­a, ris­Tvi­sac sa­ka­non­mdeb­lo
sa­fuZ­vels wi­nam­de­ba­re mux­lis pir­ve­li pun­qti qmnis.
sa­me­war­meo sa­zo­ga­do­eb­ a­Si xel­mZRva­ne­li or­ga­no Se­iZ­le­ba iyos ko­le­
gi­u­ri. am Sem­Txve­va­Si, xel­mZRva­ne­li or­ga­nos efeq­ti­a­ni saq­mi­a­no­bis miz­
niT, aq­tu­a­lu­ro­bas iZens Tav­mjdo­ma­ris ar­Ce­vis sa­kiTx­i, ro­mel­mac ko­
or­di­ni­re­ba un­da ga­uw­ i­os xel­mZRva­ne­li or­ga­nos saq­mi­a­no­bas. sa­me­war­meo
sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos Tav­mjdo­ma­re Ta­vad xel­mZRva­ne­li
or­ga­nos wev­re­bis mi­er, Ta­vi­si Se­mad­gen­lo­bi­dan Se­ir­Ce­va. im Sem­Txve­va­Si
Tu xel­mZRva­ne­li or­ga­nos wev­re­bi ver axer­xe­ben Tav­mjdo­ma­ris ar­Ce­vas,
ma­ga­li­Tad xme­bis ga­yo­fis ga­mo, Tav­mjdo­ma­re air­Ce­va wi­lis­yriT.
ko­le­gi­u­ri xel­mZRva­ne­li or­ga­nos sxdo­ma ga­dawy­ve­ti­le­ba­u­na­ri­a­ni­a,
Tu mi­si mow­ve­va mox­de­ba ka­no­niT da wes­de­biT gan­sazR­vru­li we­siT da mas
da­es­wre­ba wev­rTa um­rav­le­so­ba. sxdo­mas Tav­mjdo­ma­re­obs xel­mZRva­ne­li
or­ga­nos Tav­mjdo­ma­re. im Sem­Txve­va­Si Tu sxdo­mas ar es­wre­ba xel­mZRva­
ne­li or­ga­nos Tav­mjdo­ma­re, sxdo­mis ko­or­di­ni­re­bu­lad war­mar­Tvis miz­
niT, dam­swre wev­re­bi xma­Ta um­rav­le­so­biT air­Ce­ven am sxdo­mis Tav­mjdo­
ma­res.

87
 me-4 pun­qti xel­mZRva­ne­li or­ga­nos mi­er ga­dawy­ve­ti­le­bis mi­Re­bis exe­
ba. zo­gad we­sad dad­ge­ni­lia xme­bis um­rav­le­so­biT ga­dawy­ve­ti­le­bis mi­
Re­ba. Tum­ca kva­li­fi­ci­ur ­ i um­rav­le­so­ba yve­la an zo­gi­er­Ti ga­dawy­ve­ti­
le­bis­Tvis Se­saZ­lo­a, sa­dam­fuZ­neb­lo Se­Tan­xme­biT dad­gin­des. ram­de­ni­me
wi­na­da­de­bis war­mod­ge­nis Sem­Txve­va­Si, Se­saZ­lo­a, sa­dam­fuZ­neb­lo Se­Tan­
xme­ba e.w. ume­te­so­bis wes­sac iT­va­lis­wi­neb­des, e.i. mi­Re­bu­lad Ca­iT­va­los
wi­na­da­de­ba, ro­me­lic yve­la­ze met, mag­ram ara um­rav­les, xmas mi­i­Rebs.
Tum­ca, es pun­qti dis­po­zi­ci­ur ­ i xa­si­a­Ti­saa da wes­de­biT, Se­iZ­le­ba ga­ni­
sazR­vros gan­sxva­ve­bu­li um­rav­le­so­biT ga­dawy­ve­ti­le­be­bis mi­Re­ba, ro­
gorc zo­ga­dad ise cal­ke­ul sa­kiTx­eb­Tan mi­mar­Te­biT. ase­ve, ma­ga­li­Tad,
wes­de­ba Se­iZ­le­ba cal­ke­u­li xel­mZRva­ne­li pi­re­bis an cal­ke­u­li Sem­Txve­
ve­bis­Tvis iT­va­lis­wi­neb­des ve­tos uf­le­bas.
xel­mZRva­ne­li or­ga­no ga­dawy­ve­ti­le­bas iRebs sxdo­ma­ze. sxdo­ma Se­saZ­
le­be­lia imar­Te­bo­des, ro­gorc fi­zi­ku­ri das­wre­bis, ise eleq­tro­nu­li
for­miT. amas­Ta­na­ve, wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des ga­dawy­ve­ti­le­bis
mi­Re­bas sxdo­mis ga­mar­Tvis ga­re­Sec.
me-5 pun­qtis mi­xed­viT, xel­mZRva­ne­li or­ga­nos wev­ri Se­iZ­le­ba iyos
ro­gorc fi­zi­ku­ri, ise iu­ri­di­ul ­ i pi­ri. ase­Ti Se­saZ­leb­lo­ba ma­ga­li­Tad
in­ves­tor iu­ri­di­ul pirs aZ­levs sa­Su­a­le­bas xel­mZRva­nel or­ga­no­Si ar
iyos da­mo­ki­de­bu­li Tun­dac mis mi­er war­dge­nil an de­le­gi­re­bul wev­rze
da Ta­vad iq­nes ar­Ce­ul ­ i xel­mZRva­nel pi­rad. iu­ri­di­u­li pi­ris Sem­Txve­va­
Si xel­mZRva­ne­li or­ga­nos wev­ro­bis efeq­ti­a­nad Ses­ru­le­bi­saT­vis am su­bi­
eqts mo­uw ­ evs, ga­mo­yos sa­a­mi­sod pa­su­xis­mge­be­li pi­ri.
xel­mZRva­ne­li or­ga­nos ar­se­bo­ba da sa­zo­ga­do­e­bis fun­qci­o­ni­re­ba ur­
Ti­er­Tda­kav­Si­re­bu­li sa­kiTx­e­bi­a. Se­sa­ba­mi­sad, ka­no­niT dazR­ve­u­lia ise­
Ti Sem­Txve­va, ro­de­sac xel­mZRva­ne­lis da­niS­vna Wi­a­nur­de­ba da mis ga­re­Se
sa­zo­ga­do­eb ­ as ar Se­uZ­lia saq­mi­a­no­bis gan­xor­ci­el­ e­ba. ase­Ti wi­na pi­ro­bis
dad­go­mi­sas, Tu sa­er­To kre­ba an sa­meT­val­yu­reo sab­Wo ver da­niS­navs xel­
mZRva­ne­li or­ga­nos wevrs, ne­bis­mi­er par­tni­ors an kre­di­tors eni­We­ba uf­
le­ba, mi­mar­Tos sa­sa­mar­Tlos gan­cxa­de­biT da mo­iTx­o­vos xel­mZRva­ne­lis
sa­sa­mar­Tlos meS­ve­o­biT da­niS­vna. amas­Ta­na­ve, nor­mis far­To gan­mar­te­bis
Ta­vi­dan asa­ci­leb­lad Se­mo­ta­ni­lia sa­zo­ga­do­e­bis saq­mi­a­no­bis gan­xor­ci­
e­le­bis ar­se­bi­Ti Se­uZ­leb­lo­bis dad­ge­nis au­ci­leb­lo­ba. amis er­T-er­Ti
ma­ga­li­Tia sa­war­mos war­mo­mad­gen­lo­bis gan­xor­ci­e­le­bis Se­uZ­leb­lo­ba.
sa­sa­mar­Tlos mi­er Ser­Ce­u­li xel­mZRva­ne­li pi­ri, mar­Ta­li­a, sru­li mo­cu­
lo­biT sar­geb­lobs sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­ris uf­le­ba­mo­si­le­be­
biT, Tum­ca is ma­inc dro­e­bi­Ti xel­mZRva­ne­li pi­ria da mi­si uf­le­ba­mo­si­

88
le­ba wyde­ba ima­ve mo­men­ti­dan, ra mo­men­ti­da­nac sa­zo­ga­do­e­bis Se­sa­ba­mi­si
pa­su­xis­mge­be­li or­ga­no da­niS­navs axal xel­mZRva­nel pirs.

mux­li 44. sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­ris Ta­nam­de­bo­ba­ze

da­niS­vna da Ta­nam­de­bo­bi­dan ga­Ta­vi­suf­le­ba

1. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis, sa­aq­cio sa­zo­ga­do­

e­bis, ko­o­pe­ra­ti­vis xel­mZRva­nel pirs Ta­nam­de­bo­ba­ze niS­navs da
Ta­nam­de­bo­bi­dan aTa­vi­suf­lebs sa­er­To kre­ba, Tu mi­si da­niS­vna ar
ga­ne­kuT­vne­ba sa­meT­val­yu­reo sab­Wos uf­le­ba­mo­si­le­bas.
2. xel­mZRva­ne­li pi­ri Ta­nam­de­bo­ba­ze iniS­ne­ba ara­u­me­tes 3 wlis va­
diT, xe­lax­la da­niS­vnis uf­le­biT. Tu am va­dis amo­wur­vis Sem­deg
ka­no­niT dad­ge­ni­li we­siT ar gan­xor­ci­el­de­ba xel­mZRva­ne­li pi­ris
uf­le­ba­mo­si­le­bis axa­li va­dis an xel­mZRva­ne­lo­ba­sa da war­mo­mad­
gen­lo­ba­ze uf­le­ba­mo­si­li pi­ris cvli­le­bis re­gis­tra­ci­a, re­gis­
tri­re­bu­li xel­mZRva­ne­li pi­ris uf­le­ba­mo­si­le­ba ga­nu­sazR­vre­li
va­diT gag­rZe­le­bu­lad mi­iC­ne­va.
3. sa­er­To kre­ba, xo­lo sa­meT­val­yu­reo sab­Wos ar­se­bo­bis Sem­Txve­va­Si
_ sa­meT­val­yu­reo sab­Wo uf­le­ba­mo­si­lia ne­bis­mi­er dros ga­a­Ta­vi­
suf­los Ta­nam­de­bo­bi­dan xel­mZRva­ne­li pi­ri Se­sa­ba­mi­si sa­fuZ­vlis
mi­Ti­Te­bis ga­re­Se. ne­bis­mi­e­ri Se­Tan­xme­ba, ro­me­lic am de­bu­le­bas
ewi­na­aR­mde­ge­ba, ba­Ti­li­a.
4. xel­mZRva­nel pirs uf­le­ba aqvs, ga­dad­ges Ta­nam­de­bo­bi­dan sa­a­mi­sod
gan­sazR­vru­li pro­ce­du­re­bis dac­viT.

ka­pi­ta­lu­ri ti­pis sa­me­war­meo sa­zo­ga­do­e­beb­Si wi­lis mflo­bel­Ta di­

ver­si­fi­ci­re­bu­li struq­tu­ris gaT­va­lis­wi­ne­biT, sa­zo­ga­do­eb ­ is efeq­ti­
a­ni mar­Tvi­saT­vis iq­mne­ba gan­cal­ke­ve­bu­li mar­Tvis er­Te­u­li xel­mZRva­
ne­li or­ga­nos sa­xiT. aR­niS­nu­li or­ga­no uz­run­vel­yofs sa­zo­ga­do­e­bis
xel­mZRva­ne­lo­ba­sa da war­mo­mad­gen­lo­bas me­sa­me pi­reb­Tan ur­Ti­er­To­ba­Si,
rac gav­le­nas ax­dens sa­zo­ga­do­e­bis wi­lis mflo­bel­Ta fi­nan­sur mdgo­ma­
re­ob­ a­ze. Se­sa­ba­mi­sad, au­ci­le­be­lia ise­Ti kor­po­ra­ci­u­li mar­Tvis struq­
tu­ris Seq­mna, ro­gor­Sic kom­pe­ten­ci­aT ­ a da­na­wi­le­bi­sa da kon­tro­lis me­
qa­niz­me­bis ar­se­bo­biT miR­we­ul iq­ne­ba sa­u­ke­Te­so Se­de­gi. ase­Ti kor­po­ra­
ci­u­li mar­Tvis er­T-er­Ti um­Tav­re­si ele­men­ti sa­zo­ga­do­e­bis xel­mZRva­ne­
li or­ga­nos ar­Ce­vis kom­pe­ten­ci­is sa­er­To kre­bis­Tvis an sa­meT­val­yu­reo

89
sab­Wos­Tvis min­do­ba­a, rac xel­mZRva­nel or­ga­nos an­ga­riS­val­de­buls xdis
Se­sa­ba­mi­si or­ga­nos wi­na­Se da uz­run­vel­yofs efeq­ti­an kor­po­ra­ci­ul
mar­Tvas.
wi­nam­de­ba­re mux­lis Ta­nax­mad, SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­
do­eb­ is, sa­aq­cio sa­zo­ga­do­e­bi­sa da ko­o­pe­ra­ti­vis xel­mZRva­nel pi­rebs Ta­
nam­de­bo­ba­ze niS­navs da aTa­vi­suf­lebs sa­er­To kre­ba, Tu­ki ma­Ti da­niS­vna
ar ga­ne­kuT­vne­ba sa­meT­val­yu­reo sab­Wos kom­pe­ten­ci­as. sa­meT­val­yu­reo
sab­Wos ar­se­bo­bis Sem­Txve­va­Si xel­mZRva­ne­li pi­ris da­niS­vnis mis­Tvis ga­
dan­do­bis mTa­va­ri mi­ze­zi ase­Ti mZlav­ri in­stru­men­tis mi­ni­We­bis gziT am
or­ga­nos mi­er xel­mZRva­ne­li pi­ris saq­mi­a­no­ba­ze ze­dam­xed­ve­lo­bis efeq­
ti­a­no­bis gaz­rda­a.
xel­mZRva­ne­li or­ga­nos wev­re­bis an­ga­riS­val­de­bu­le­bis uz­run­vel­yo­
fis miz­niT, mi­zan­Se­wo­ni­li­a, isi­ni da­in ­ iS­non kon­kre­tu­li va­diT. amas­Ta­
na­ve, ase­Ti da­niS­vnis va­da un­da iyos ise­Ti xan­grZli­vo­bi­sa, rom­li­Tac,
er­Ti mxriv, gaz­rdi­li iq­ne­ba pi­ris an­ga­riS­val­de­bu­le­ba, xo­lo me­o­re mx-
riv, mas mi­e­ce­ma sa­ku­Ta­ri xed­vis praq­ti­ku­li re­a­li­ze­bis Se­saZ­leb­lo­ba.
swo­red aR­niS­nu­li­dan ga­mom­di­na­re, ka­no­ni xel­mZRva­ne­li or­ga­nos wev­ris
ar­Ce­vis maq­si­ma­lur va­dad gan­sazR­vravs ara­u­me­tes 3 wels, im pi­ro­biT,
rom Se­sa­ba­mis pirs mi­e­ce­ma Se­saZ­leb­lo­ba, xe­lax­la iq­nes ar­Ce­u­li. Tu va­
dis amo­wur­vis Sem­deg ka­no­niT dad­ge­ni­li we­siT ar mox­de­ba uf­le­ba­mo­si­
le­bis axa­li va­dis an xel­mZRva­ne­lo­ba­sa da war­mo­mad­gen­lo­ba­ze uf­le­ba­
mo­si­li pi­ris cvli­le­bis re­gis­tra­ci­a, „re­gis­tri­re­bu­li pi­ris uf­le­ba­
mo­si­le­bis va­da av­to­ma­tu­rad Ca­iT­vle­ba gag­rZe­le­bu­lad ga­nu­sazR­vre­li
va­diT“.
xel­mZRva­ne­li or­ga­nos wev­ri ar aris sa­zo­ga­do­e­bis da­saq­me­bu­li am
ter­mi­nis kla­si­ku­ri ga­ge­biT. mis mi­er Se­sas­ru­le­be­li sa­mu­Sa­os spe­ci­fi­
ki­dan ga­mom­di­na­re, mas­ze ver gav­rcel­de­ba Sro­mis ka­non­mdeb­lo­ba. gan­
sa­kuT­re­biT xaz­ga­sas­me­lia xel­Sek­ru­le­bis Sewy­ve­tis sa­kiTx­e­bi. Sro­mis
ka­non­mdeb­lo­biT dad­ge­ni­li we­siT xel­mZRva­ne­li or­ga­nos wev­rTan ur­Ti­
er­To­bis Sewy­ve­ta mniS­vne­lo­va­ni ris­kis Sem­cve­lia da Se­saZ­le­be­li­a, ga­mo­
us­wo­re­be­li zi­a­nis wi­na­Se da­a­ye­nos sa­me­war­meo sa­zo­ga­do­e­bis in­te­re­se­bi.
swo­red ami­tom wi­nam­de­ba­re mux­li xel­mZRva­ne­li or­ga­nos wev­ris gan­we­
se­ba­ze uf­le­ba­mo­sil or­ga­nos aZ­levs Se­saZ­leb­lo­bas, da­u­yov­neb­liv, sa­
Ta­na­do sa­fuZ­vlis mi­Ti­Te­bis ga­re­Se, ga­a­Ta­vi­suf­los xel­mZRva­ne­li or­
ga­nos wev­ri; me­o­re mxriv, ase­Ti nor­mis ar­se­bo­ba xel­mZRva­ne­li or­ga­nos
wevrs ar aTa­vi­suf­lebs val­de­bu­le­bi­sa­gan, ga­dad­ges mxo­lod ka­no­ni­Ta
da mas­Tan da­de­bu­li xel­Sek­ru­le­biT gan­sazR­vru­li pro­ce­du­re­bis dac­

90
viT. amis Zi­ri­Ta­di mi­ze­zi kvla­vac sa­me­war­meo sa­zo­ga­do­e­bis in­te­re­se­bis
dac­va­a, ro­me­lic mo­ul ­ od­ne­lad ar un­da dar­Ces xel­mZRva­ne­li pi­ris ga­
re­Se da mi­ec ­ es Se­saZ­leb­lo­ba mo­iZ­ i­os axa­li xel­mZRva­ne­li pi­ri. Tum­ca
aq­ve un­da aRi­niS­nos, rom me-3 pun­qti exe­ba sa­me­war­meo sa­zo­ga­do­e­bi­sa da
xel­mZRva­ne­li pi­ris sa­mar­Tleb­ri­vi ur­Ti­er­To­bis mxo­lod kor­po­ra­ci­
ul­-sa­mar­Tleb­riv na­wils. sa­sam­sa­xu­ro xel­Sek­ru­le­biT an par­tni­or­Ta
Se­Tan­xme­biT Se­iZ­le­ba gaT­va­lis­wi­ne­bul iq­nes Tav­dac­vis ise­Ti Ro­nis­Zi­
e­be­bi, ro­go­re­bi­ca­a, ma­ga­li­Tad: Sewy­ve­tis Sem­Txve­va­Si sru­li fi­nan­su­ri
kom­pen­sa­ci­a, pir­ga­sam­tex­lo da sxva.

mux­li 45. sa­sam­sa­xu­ro xel­Sek­ru­le­ba

1. xel­mZRva­ne­li pi­ris­/sa­meT­val­yu­reo sab­Wos wev­ris Ta­nam­de­bo­ba­ze

da­niS­vnis Se­sa­xeb ga­dawy­ve­ti­le­bis mi­Re­bis Sem­deg SezR­u­du­li pa­
su­xis­mgeb­lo­bis sa­zo­ga­do­e­bas­/sa­aq­cio sa­zo­ga­do­e­bas­/ko­o­pe­ra­tivs
da xel­mZRva­nel pir­s/sa­meT­val­yu­reo sab­Wos wevrs So­ris ide­ba sa­
sam­sa­xu­ro xel­Sek­ru­le­ba. mas­ze ar vrcel­de­ba Sro­mis sa­mar­Tlis
de­bu­le­be­bi. igi­ve we­si ga­mo­i­ye­ne­ba so­li­da­ru­li pa­su­xis­mgeb­lo­
bis sa­zo­ga­do­e­bis, ko­man­di­tu­ri sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­ris
mi­marT, Tu xel­mZRva­nel pi­rad iniS­ne­ba mow­ve­u­li pi­ri da ara par­
tni­o­ri.
2. xel­mZRva­nel pir­Tan sa­sam­sa­xu­ro xel­Sek­ru­le­bas sa­me­war­meo sa­
zo­ga­do­e­bis sa­xe­liT debs sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­re an
sa­er­To kre­bis is Tav­mjdo­ma­re, ro­me­lic gan­sazR­vru­lia wes­de­biT
an ar­Ce­ul iq­na im kre­bis mi­er, ro­mel­mac mi­i­Ro pi­ris xel­mZRva­nel
pi­rad ar­Ce­vis Se­sa­xeb ga­dawy­ve­ti­le­ba. sa­meT­val­yu­reo sab­Wos wev­
rTan sa­sam­sa­xu­ro xel­Sek­ru­le­bas debs sa­er­To kre­bis is Tav­mjdo­
ma­re, ro­me­lic gan­sazR­vru­lia wes­de­biT an ar­Ce­ul iq­na im kre­bis
mi­er, ro­mel­mac mi­i­Ro pi­ris xel­mZRva­nel pi­rad ar­Ce­vis Se­sa­xeb ga­
dawy­ve­ti­le­ba.
3. sa­sam­sa­xu­ro xel­Sek­ru­le­ba­Si un­da mi­e­Ti­Tos xel­mZRva­ne­li pi­ris
saq­mi­a­no­bis anazR­a­u­re­bis ode­no­ba, for­ma da pe­ri­o­du­lo­ba, sam­
sa­xu­reb­ri­vi pri­vi­le­gi­e­bi, rom­leb­sac xel­mZRva­ne­li pi­ri mi­i­Rebs
xel­Sek­ru­le­bis moq­me­de­bis gan­mav­lo­ba­Si, ag­reT­ve mi­si uf­le­be­bi
da val­de­bu­le­be­bi, rom­le­bic imoq­me­debs xel­Sek­ru­le­bis Sewy­ve­
tis Sem­de­gac. Tu sa­sam­sa­xu­ro xel­Sek­ru­le­ba ar Se­i­cavs in­for­ma­

91
 ci­as xel­mZRva­ne­li pi­ris saq­mi­a­no­bis anazR­a­u­re­bis Se­sa­xeb, iva­ra­
u­de­ba, rom igi Ta­vis saq­mi­a­no­bas usas­yid­lod axor­ci­e­lebs.
4. Tu sa­sam­sa­xu­ro xel­Sek­ru­le­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­
li, xel­mZRva­nel pir­s/sa­meT­val­yu­reo sab­Wos wevrs uf­le­ba aqvs,
mo­Sa­los sa­sam­sa­xu­ro xel­Sek­ru­le­ba da amiT ua­ri Tqvas Ta­nam­de­
bo­ba­ze, Tu­ki amis Se­sa­xeb sul mci­re 1 TviT ad­re we­ri­lo­biT Se­aty­
o­bi­nebs sa­meT­val­yu­reo sab­Wos, xel­mZRva­nel or­ga­nos an sa­er­To
kre­bas. am kre­bis mow­ve­vis val­de­bu­le­ba mas ekis­re­ba.
5. xel­mZRva­ne­li pi­ris­/sa­meT­val­yu­reo sab­Wos wev­ris Ta­nam­de­bo­bi­
dan ga­Ta­vi­suf­le­ba av­to­ma­tu­rad iw­vevs sa­me­war­meo sa­zo­ga­do­e­
bis mi­er mas­Tan da­de­bu­li sa­sam­sa­xu­ro xel­Sek­ru­le­bis moS­las, Tu
xel­Sek­ru­le­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li.

sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­ris da sa­meT­val­yu­reo sab­

Wos wev­ris Ta­nam­de­bo­ba­ze gan­we­se­ba xde­ba sa­am
­ i­sod uf­le­ba­mo­si­li or­ga­
nos mi­er da­niS­vnis aq­tis ga­mo­ce­miT. da­niS­vnis aq­ti sak­ma­ri­si sa­fuZ­ve­lia
pi­ris re­gis­tra­ci­is ­ aT­vis, ris Se­de­ga­dac am pirs war­mo­e­So­ba Se­sa­ba­mi­si
uf­le­be­bi da mo­va­le­o­be­bi. amis pa­ra­le­lu­rad xel­mZRva­nel pir­s/sa­meT­
val­yu­reo sab­Wos wevrs da sa­zo­ga­do­e­bas So­ris ide­ba spe­ci­fi­ku­ri ti­pis
xel­Sek­ru­le­ba, ro­me­lic uk­ve val­de­bu­le­biT­sa­mar­Tleb­ri­vi xa­si­a­Tis ma­
ta­re­be­lia da iT­va­lis­wi­nebs Se­sas­ru­le­bel sa­mu­Sa­os­Tan da­kav­Si­re­biT
mxa­re­ebs So­ris ar­se­bul val­de­bu­le­bebs. swo­red am spe­ci­fi­ku­ri xa­si­a­
Tis xel­Sek­ru­le­bis sa­ka­non­mdeb­lo reg­la­men­ti­re­ba xde­ba ka­no­nis 45-e
mux­lSi.
sa­war­mos da mi­si qo­ne­bis mar­Tvis gan­sa­kuT­re­bu­li uf­le­be­bis, ase­ve,
sa­zo­ga­do­eb ­ is mar­Tvis struq­tu­ra­Si xel­mZRva­nel pir­s/sa­meT­val­yu­reo
sab­Wos wev­ris ad­gi­lis gaT­va­lis­wi­ne­biT, xel­mZRva­nel pir­s/sa­meT­val­yu­
reo sab­Wos wev­ri ar war­mo­ad­gens sa­zo­ga­do­e­bis da­saq­me­buls kla­si­ku­ri
for­miT. Se­sa­ba­mi­sad, wi­nam­de­ba­re mux­li ex­mi­a­ne­ba qar­Tul sa­mar­Tleb­
riv li­te­ra­tu­ra­sa da sa­mo­sa­mar­Tlo sa­mar­Tal­Si aRi­ar ­ e­bul mo­saz­re­
bas, rom xel­Sek­ru­le­ba xel­mZRva­nel pir­Tan­/sa­meT­val­yu­reo sab­Wos wev­
rTan ar aris xel­Sek­ru­le­ba da­saq­me­bu­lan da, Se­sa­ba­mi­sad, mas­ze Sro­mis
sa­mar­Ta­li ar vrcel­de­ba. ka­no­nis Ta­nax­mad, xel­mZRva­nel pir­Tan­/sa­meT­
val­yu­reo sab­Wos wev­rTan for­mde­ba spe­ci­fi­ku­ri for­mis _ „sa­sam­sa­xu­ro
xel­Sek­ru­le­ba“, ro­mel­Sic un­da mi­eT ­ i­Tos Sro­mis anazR­a­u­re­bis ode­no­ba,
for­ma, pe­ri­o­du­lo­ba, sam­sa­xu­reb­ri­vi pri­vi­le­gi­e­bi, ro­mel­Tac pi­ri mi­i­
Rebs xel­Sek­ru­le­bis moq­me­de­bis gan­mav­lo­ba­Si, ase­ve uf­le­be­bi da val­de­

92
bu­le­be­bi, rom­le­bic imoq­me­debs xel­Sek­ru­le­bis Sewy­ve­tis Sem­deg. Tum­ca
aq­ve un­da aRi­niS­nos, rom 45-e mux­lis me-3 pun­qtiT gan­sazR­vru­li de­bu­
le­be­bis na­wi­lob­ri­vi mi­Ti­Te­ba an mi­uT
­ i­Teb­lo­bac ar war­mo­ad­gens xel­
Sek­ru­le­bis nam­dvi­lo­ba­Si eW­vis Se­ta­nis sa­mar­Tleb­riv sa­fuZ­vels.
uf­le­ba­mo­si­li or­ga­nos ne­bis­mi­er dros Se­uZ­lia ga­a­Ta­vi­suf­los Ta­
nam­de­bo­bi­dan xel­mZRva­ne­li pi­ri/­sa­meT­val­yu­reo sab­Wos wev­ri Se­sa­ba­mi­si
sa­fuZ­vlis mi­Ti­Te­bis ga­re­Se, rac av­to­ma­tu­rad iw­vevs sa­me­war­meo sa­zo­
ga­do­e­bis mxri­dan mas­Tan da­de­bu­li sa­sam­sa­xu­ro xel­Sek­ru­le­bis moS­las,
Tu xel­Sek­ru­le­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li; me­o­re mxriv, pirs
uf­le­ba aqvs, ga­dad­ges sa­am ­ i­sod gan­sazR­vru­li pro­ce­du­re­bis dac­viT.
ker­Zod, Tu sa­sam­sa­xu­ro xel­Sek­ru­le­biT sxva ram ar aris gaT­va­lis­wi­ne­
bu­li, pirs uf­le­ba eq­ne­ba, mo­Sa­los sa­sam­sa­xu­ro xel­Sek­ru­le­ba da amiT
ua­ri Tqvas Ta­nam­de­bo­ba­ze, Tu amis Se­sa­xeb, sul co­ta, er­Ti TviT ad­re
we­ri­lo­biT Se­aty­o­bi­nebs sa­meT­val­yu­reo sab­Wos, xel­mZRva­nel or­ga­nos
an sa­er­To kre­bas, rom­lis mow­ve­vis val­de­bu­le­bac mas­ve ekis­re­ba.

mux­li 46. sa­me­war­meo sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wo

1. xel­mZRva­ne­li or­ga­nos­/pi­re­bis saq­mi­a­no­bis kon­tro­lis gan­xor­ci­

e­le­bis miz­niT sa­me­war­meo sa­zo­ga­do­e­bas ka­no­niT an wes­de­biT gaT­
va­lis­wi­ne­bul Sem­Txve­veb­Si Se­iZ­le­ba hyav­des sa­meT­val­yu­reo sab­
Wo.
2. sa­meT­val­yu­reo sab­Wo axor­ci­e­lebs xel­mZRva­ne­li or­ga­nos­/pi­re­
bis saq­mi­a­no­bis kon­trols da xel­mZRva­ne­li or­ga­nos fun­qci­e­bi
mas ar Se­iZ­le­ba ga­da­e­ces, gar­da ka­no­niT gaT­va­lis­wi­ne­bu­li Sem­
Txve­vi­sa.
3. sa­meT­val­yu­reo sab­Wos sxdo­ma ga­dawy­ve­ti­le­ba­u­na­ri­a­ni­a, Tu mas
es­wre­ba wev­rTa um­rav­le­so­ba. sa­meT­val­yu­reo sab­Wo ga­dawy­ve­ti­le­
bas iRebs xma­Ta um­rav­le­so­biT, Tu wes­de­biT xma­Ta uf­ro di­di ra­o­
de­no­ba ar aris gaT­va­lis­wi­ne­bu­li.
4. im sa­me­war­meo sa­zo­ga­do­e­ba­Si, ro­mel­Sic sa­xel­mwi­fo, af­xa­ze­Tis an
aWa­ris av­to­no­mi­u­ri res­pub­li­ka flobs xma­Ta sa­er­To ra­o­de­no­bis
50 pro­cen­tze mets, sa­qar­Tve­los mTav­ro­bis, af­xa­ze­Tis an aWa­ris
av­to­no­mi­u­ri res­pub­li­kis mTav­ro­bis ga­dawy­ve­ti­le­biT Se­iZ­le­ba
Se­iq­mnas sa­meT­val­yu­reo sab­Wo. am Sem­Txve­va­Si sa­meT­val­yu­reo sab­
Wo­Si sa­xel­mwi­fos, af­xa­ze­Tis an aWa­ris av­to­no­mi­u­ri res­pub­li­kis

93
 war­mo­mad­ge­ne­li Se­iZ­le­ba iyos sa­ja­ro mo­sam­sa­xu­re, Tu mas kon­
kre­tul sa­war­mos­Tan in­te­res­Ta kon­fliq­ti ar aqvs. sa­meT­val­yu­
reo sab­Wos wev­ri, ro­me­lic imav­dro­u­lad sa­ja­ro mo­sam­sa­xu­re­a,
mis­Tvis da­kis­re­bul mo­va­le­o­bebs sa­Ta­na­do anazR­a­u­re­bis ga­re­Se
as­ru­lebs da mi­si saq­mi­a­no­ba ar mi­iC­ne­va sa­ja­ro da­we­se­bu­le­ba­Si in­
te­res­Ta Se­u­Tav­seb­lo­bad.
5. im sa­war­mo­Si, ro­mel­Sic sa­xel­mwi­fo, af­xa­ze­Tis an aWa­ris av­to­no­
mi­u­ri res­pub­li­ka flobs xma­Ta sa­er­To ra­o­de­no­bis 50 pro­cen­tze
mets, xel­mZRva­ne­li pi­ris Ta­nam­de­bo­ba­ze da­niS­vna da Ta­nam­de­bo­bi­
dan ga­Ta­vi­suf­le­ba sa­meT­val­yu­reo sab­Wom sa­war­mos xme­bis 50 pro­
cen­tze me­tis mflo­bel aq­ci­o­ners un­da Se­u­Tan­xmos.

„me­war­me­Ta Se­sa­xeb“ ka­no­ni iT­va­lis­wi­nebs sa­me­war­meo sa­zo­ga­do­e­beb­Si

ro­gorc er­Ti, ise or­sa­fe­xu­ri­an ­ i kor­po­ra­ci­ul ­ i mar­Tvis mo­de­lis ar­se­
bo­bis Se­saZ­leb­lo­bas. kor­po­ra­ci­u­li mar­Tvis erTsa­fe­xu­ri­an mo­del­Si
vxvde­biT kor­po­ra­ci­ul ­ i mar­Tvis or or­ga­nos: xel­mZRva­nel or­ga­no­sa da
sa­er­To kre­bas. kor­po­ra­ci­u­li mar­Tvis or­sa­fe­xu­ri­an mo­del­Si er­Tdro­
u­lad ar­se­bobs kor­po­ra­ci­ul ­ i mar­Tvis ori um­niS­vne­lo­va­ne­si or­ga­no _
xel­mZRva­ne­li or­ga­no da sa­meT­val­yu­reo sab­Wo. im Sem­Txve­va­Si, ro­de­sac
sa­zo­ga­do­eb­ is par­tni­or­Ta struq­tu­ra mkveT­ra­daa di­ver­si­fi­ci­re­bu­li,
sa­meT­val­yu­reo sab­Wos ar­se­bo­ba am­ci­rebs xel­mZRva­ne­li pi­re­bis saq­mi­
a­no­bis ze­dam­xed­ve­lo­bis xar­jebs. ase­ve, pro­fe­si­u­li da re­pu­ta­ci­u­li
niS­niT da­kom­pleq­te­bu­li sa­meT­val­yu­reo sab­Wo zrdis ze­dam­xed­ve­lo­
bis efeq­ti­a­no­bas. Se­sa­ba­mi­sad, sa­meT­val­yu­reo sab­Wos ar­se­bo­ba sa­aq­cio
sa­zo­ga­do­eb­ e­bis­Tvi­saa da­ma­xa­si­aT­ e­be­li, vi­na­i­dan, es sa­zo­ga­do­e­be­bi, ro­
gorc we­si, er­Ti mxriv, aer­Ti­a­ne­ben aq­ci­o­ner­Ta did ra­o­de­no­bas, me­o­re
mxriv ki, aq­ti­vo­bas axor­ci­e­le­ben fi­nan­sur baz­reb­ze Se­sa­ba­mi­sad ari­an
sxva­das­xva re­gu­la­to­re­bis mi­er dad­ge­ni­li moTx­ov­ne­bis obi­eq­te­bi da
xel­mZRva­nel pi­reb­ze ze­dam­xed­ve­lo­ba sa­Wi­ro­ebs spe­ci­a­lur cod­nas.
Tum­ca ka­no­ni ase­Ti or­ga­nos Seq­mnis Se­saZ­leb­lo­bas iT­va­lis­wi­nebs sxva
sa­mar­Tleb­ri­vi for­mis sa­me­war­meo sa­zo­ga­do­e­beb­Sic.
efeq­ti­a­ni kor­po­ra­ci­u­li mar­Tvis miR­we­vi­saT­vis, kom­pe­ten­ci­aT ­ a da­
na­wi­le­bi­sa da kon­tro­lis me­qa­niz­me­bis ar­se­bo­bis uz­run­vel­sa­yo­fad, sa­
meT­val­yu­reo sab­Wos ar Se­iZ­le­ba, ga­da­ec ­ es xel­mZRva­ne­li or­ga­nos mmar­
Tve­lo­bi­Ti fun­qci­eb ­ i, gar­da im Sem­Txve­vi­sa, Tu ase­Ti Se­saZ­leb­lo­ba,
kon­kre­tul sa­kiTx­Tan da­kav­Si­re­biT, ka­no­niT iq­ne­ba dad­ge­ni­li. ma­ga­li­

94
Tad, cal­ke­ul Sem­Txve­veb­Si sa­meT­val­yu­reo sab­Wo sar­geb­lobs sa­sa­mar­
Tlo­Si sa­aq­cio sa­zo­ga­do­e­bis war­mo­mad­gen­lo­bis uf­le­ba­mo­si­le­biT.
sa­meT­val­yu­reo sab­Wos fun­qci­e­bi sa­aq­cio sa­zo­ga­do­eb ­ is Sem­Txve­va­Si
mo­wes­ri­ge­bu­lia ka­no­nis 209-e mux­lSi. im Sem­Txve­va­Si Tu sxva sa­mar­Tleb­
ri­vi for­mis sa­me­war­meo sa­zo­ga­do­e­ba­Si ga­dawy­de­ba sa­meT­val­yu­reo sab­
Wos for­mi­re­ba, re­ko­men­di­re­bu­li­a, rom am or­ga­nos kom­pe­ten­ci­e­bis gan­
sazR­vra mox­des swo­red sa­aq­cio sa­zo­ga­do­eb ­ is mom­wes­ri­ge­be­li de­bu­le­
be­bis gaT­va­lis­wi­ne­biT.
sa­meT­val­yu­reo sab­Wos sxdo­mis war­mar­Tvi­sa da mis mi­er ga­dawy­ve­ti­
le­bis mi­Re­bis pro­ce­du­ru­li na­wi­li, ume­te­sad, Ta­vad sa­zo­ga­do­e­bis
Si­da­kor­po­ra­ci­ul ­ i sa­kiTx­ia­ . Tum­ca ma­Ra­li kor­po­ra­ci­u­li kul­tu­ris
dam­kvid­re­bis miz­niT, ka­no­ni gan­sazR­vravs aR­niS­nul­Tan da­kav­Si­re­biT
zo­gad sa­ka­non­mdeb­lo Car­Cos. ker­Zod, sa­meT­val­yu­reo sab­Wos sxdo­ma
ga­dawy­ve­ti­le­ba­u­na­ri­a­ni iq­ne­ba, Tu mas da­es­wre­ba wev­rTa um­rav­le­so­ba.
sa­meT­val­yu­reo sab­Wo ga­dawy­ve­ti­le­bebs mi­i­Rebs xma­Ta um­rav­le­so­biT.
al­ter­na­ti­ul wi­na­da­de­beb­ze ga­dawy­ve­ti­le­bis mi­Re­bi­sas (sa­er­To kre­
bis msgav­sad) Se­saZ­lo­a, sa­dam­fuZ­neb­lo Se­Tan­xme­biT, um­rav­le­so­bis nac­
vlad, „u­me­te­so­bis“ prin­ci­piT ga­dawy­ve­ti­le­bis mi­Re­bis Se­saZ­leb­lo­bis
gaT­va­lis­wi­ne­ba.
wi­nam­de­ba­re mux­li­ve awes­ri­gebs im sa­me­war­meo sa­zo­ga­do­e­ba­Si, ro­mel­
Sic sa­xel­mwi­fo, af­xa­ze­Tis an aWa­ris av­to­no­mi­u­ri res­pub­li­ka flobs
xma­Ta sa­er­To ra­o­de­no­bis 50 pro­cen­tze mets, sa­meT­val­yu­reo sab­Wos
Seq­mnis sa­kiTxs. ker­Zod, aseT dros sa­qar­Tve­los mTav­ro­bis, af­xa­ze­Tis
an aWa­ris av­to­no­mi­ur ­ i res­pub­li­kis mTav­ro­bis ga­dawy­ve­ti­le­biT Se­iZ­le­
ba Se­iq­mnas sa­meT­val­yu­reo sab­Wo.
ze­mo­aR­niS­nul Sem­Txve­va­Si sa­meT­val­yu­reo sab­Wo­Si sa­xel­mwi­fos, af­
xa­ze­Tis an aWa­ris av­to­no­mi­u­ri res­pub­li­kis war­mo­mad­ge­ne­li Se­iZ­le­ba
iyos sa­ja­ro mo­sam­sa­xu­re, rom­lic Ta­vi­su­fa­lia in­te­re­se­Ta kon­fliq­ti­
sa­gan. amas­Tan, sa­ja­ro mo­xe­les mis­Tvis da­kis­re­bul mo­va­le­o­bebs sa­Ta­na­
do anazR­a­u­re­bis ga­re­Se as­ru­lebs da mi­si saq­mi­a­no­ba ar mi­iC­ne­va sa­ja­ro
da­we­se­bu­le­ba­Si in­te­res­Ta Se­uT ­ av­seb­lo­bad.
im sa­me­war­meo sa­zo­ga­do­eb­ a­Si, ro­mel­Sic sa­xel­mwi­fo, af­xa­ze­Tis an aWa­
ris av­to­no­mi­u­ri res­pub­li­ka flobs xma­Ta sa­er­To ra­o­de­no­bis 50 pro­
cen­tze mets, xel­mZRva­ne­li pi­ris Ta­nam­de­bo­ba­ze da­niS­vna da Ta­nam­de­bo­
bi­dan ga­Ta­vi­suf­le­ba sa­meT­val­yu­reo sab­Wom sa­war­mos xme­bis 50 pro­cen­
tze me­tis mflo­bel aq­ci­o­ners un­da Se­u­Tan­xmos.

95
mux­li 47. sa­me­war­meo sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­ris
mo­va­le­o­ba da pa­su­xis­mgeb­lo­ba

sa­me­war­meo sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­ri val­de­bu­lia

ke­Til­sin­di­si­e­rad ga­na­xor­ci­e­los sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­
ne­li or­ga­nos­/pi­re­bis saq­mi­a­no­bis kon­tro­li da ka­no­niT gaT­va­lis­wi­ne­
bul Sem­Txve­veb­Si war­mo­ad­gi­nos sa­me­war­meo sa­zo­ga­do­e­ba xel­mZRva­nel
or­ga­nos­Tan­/pi­reb­Tan ur­Ti­er­To­beb­Si.

sa­meT­val­yu­reo sab­Wos Seq­mna uf­ro msxvi­li, fi­nan­su­rad Zli­e­ri, an­ga­

riS­val­de­bu­li sa­aq­cio sa­zo­ga­do­eb ­ e­bis­Tvi­saa da­ma­xa­si­a­Te­be­li, sa­dac ka­
pi­ta­lis ba­zar­ze am sa­zo­ga­do­eb­ is wvdo­mis Se­de­gad di­ver­si­fi­ci­re­bu­li aq­
ci­o­ner­Ta struq­tu­ri­dan ga­mom­di­na­re, in­di­vi­du­a­lur aq­ci­o­ne­rebs ar ga­
aC­ni­aT xel­mZRva­ne­li pi­re­bis kon­tro­lis srul­yo­fi­li in­stru­men­te­bi da
sa­Wi­ro xde­ba am miz­ni­saT­vis gan­cal­ke­ve­bu­li or­ga­nos for­mi­re­ba. Se­sa­ba­
mi­sad, sa­meT­val­yu­reo sab­Wos mo­va­le­ob ­ eb­sa da pa­su­xis­mgeb­lo­bis mas­Stab­
Tan da­kav­Si­re­biT spe­ci­a­lu­ri re­gu­li­re­be­bi war­mod­ge­ni­lia sa­aq­cio sa­
zo­ga­do­e­bis Tav­Si. sxva sa­mar­Tleb­ri­vi for­mis sa­me­war­meo sa­zo­ga­do­e­beb­Si
ki ase­Ti or­ga­nos for­mi­re­ba praq­ti­ku­lad ar xde­ba. im Sem­Txve­va­Si ki, Tu
sa­zo­ga­do­e­bis par­tni­o­re­bis sa­meT­val­yu­reo sab­Wos Seq­mnas ma­inc ga­dawy­
ve­ten, ro­gorc mo­va­le­o­be­bis, ise pa­su­xis­mgeb­lo­bis na­wi­li ume­tes­wi­lad
sa­me­war­meo sa­zo­ga­do­e­bis wes­de­bis re­gu­li­re­bis sa­ga­ni iq­ne­ba. wi­nam­de­ba­re
mux­li ki qmnis aR­niS­nul­Tan da­kav­Si­re­bul zo­gad sa­ka­non­mdeb­lo Car­Cos.
wi­nam­de­ba­re mux­lSi xaz­gas­mu­lia sa­mi sa­kiTx­i:
(1) sa­meT­val­yu­reo sab­Wos wev­ris mo­va­le­o­be­bi. sab­Wos wev­ri mo­va­le­a,
ga­na­xor­ci­el­ os sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos­/pi­re­
bis saq­mi­a­no­bis kon­tro­li.
(2) sa­zo­ga­do­e­bis spe­ci­a­lu­ri war­mo­mad­gen­lo­ba. sab­Wos wev­ri ka­no­niT
gaT­va­lis­wi­ne­bul Sem­Txve­veb­Si, war­mo­ad­gens sa­me­war­meo sa­zo­ga­do­eb ­ as
xel­mZRva­nel or­ga­no­eb­Tan­/pi­reb­Tan ur­Ti­er­To­ba­Si.
(3) ke­Til­sin­di­si­e­re­bis stan­dar­ti. sa­meT­val­yu­reo sab­Wos wev­ri val­
de­bu­li­a, ke­Til­sin­di­si­e­rad ga­na­xor­ci­e­los Ta­vi­si saq­mi­a­no­ba.

mux­li 48. ge­ne­ra­lu­ri sa­vaW­ro min­do­bi­lo­ba

1. in­di­vi­du­a­lu­ri me­war­mis, sa­me­war­meo sa­zo­ga­do­e­bis Sem­Txve­va­Si _

sa­er­To kre­bis, xo­lo sa­meT­val­yu­reo sab­Wos ar­se­bo­bis Sem­Txve­va­

96
 Si _ sa­meT­val­yu­reo sab­Wos ga­dawy­ve­ti­le­bis sa­fuZ­vel­ze am ka­no­
nis 41-e mux­lis me-2 pun­qtiT gaT­va­lis­wi­ne­bul pi­rebs Se­uZ­li­aT
we­ri­lo­biT gas­cen ge­ne­ra­lu­ri sa­vaW­ro min­do­bi­lo­ba. ge­ne­ra­lu­ri
sa­vaW­ro min­do­bi­lo­ba Se­iZ­le­ba or an or­ze met pirs er­Tob­li­vad
mi­e­ces da ga­ni­sazR­vros, rom isi­ni cal­-cal­ke an er­Tad war­mo­ad­ge­
nen me­war­mes (sa­er­To ge­ne­ra­lu­ri sa­vaW­ro min­do­bi­lo­ba).
2. ge­ne­ra­lu­ri sa­vaW­ro min­do­bi­lo­bis mflo­be­li pi­ri re­es­trSi re­
gis­tri­re­bu­li un­da iyos.
3. ge­ne­ra­lu­ri sa­vaW­ro min­do­bi­lo­ba ge­ne­ra­lur sa­vaW­ro war­mo­mad­ge­
nels ani­Webs uf­le­ba­mo­si­le­bas, rom man sa­sa­mar­Tlo­Si da sxva ur­Ti­
er­To­beb­Si ga­na­xor­ci­e­los yve­la saq­mi­a­no­ba da sa­mar­Tleb­ri­vi moq­
me­de­ba, rom­le­bic da­kav­Si­re­bu­lia sa­war­mos fun­qci­o­ni­re­bas­Tan,
gar­da uZ­ra­vi qo­ne­bis gas­xvi­se­bi­sa da val­de­bu­le­be­biT dat­vir­Tvis
uf­le­ba­mo­si­le­be­bi­sa. uZ­ra­vi qo­ne­bis gas­xvi­se­bis an val­de­bu­le­be­
biT dat­vir­Tvis uf­le­ba­mo­si­le­ba ge­ne­ra­lur sa­vaW­ro war­mo­mad­ge­
nels mxo­lod im Sem­Txve­va­Si aqvs, Tu is mas spe­ci­a­lu­rad mi­e­ce­ma.
4. ka­no­niT pir­da­pir gaT­va­lis­wi­ne­bu­li Sem­Txve­ve­bis gar­da, me­sa­me pi­
ris­Tvis ge­ne­ra­lu­ri sa­vaW­ro min­do­bi­lo­bis far­gle­bis SezR­ud­va
ba­Ti­li­a. ge­ne­ra­lu­ri sa­vaW­ro min­do­bi­lo­bis er­Ti an ram­de­ni­me fi­
li­a­liT Se­mo­far­gvlas me­sa­me pi­ris­Tvis mxo­lod ma­Sin aqvs Za­la,
ro­de­sac fi­li­a­le­bi sxva­das­xva sa­fir­mo sa­xel­wo­de­biT imar­Te­ba.
5. ge­ne­ra­lu­ri sa­vaW­ro war­mo­mad­ge­ne­li xel­mo­we­ri­sas sa­fir­mo sa­
xel­wo­de­bas da­ur­Tavs Ta­vis sa­xel­sa da gvars da ge­ne­ra­lu­ri sa­
vaW­ro min­do­bi­lo­bis aR­mniS­vnel da­ma­te­bas.
6. ge­ne­ra­lu­ri sa­vaW­ro min­do­bi­lo­ba Se­iZ­le­ba ne­bis­mi­er dros ga­uq­
mdes ima­ve min­do­bi­lo­biT gaT­va­lis­wi­ne­bu­li anazR­a­u­re­bis moTx­
ov­nis uf­le­bis xel­yo­fis ga­re­Se.
7. ge­ne­ra­lu­ri sa­vaW­ro min­do­bi­lo­bis ga­da­ce­ma da­uS­ve­be­li­a.
8. me­war­mis re­gis­tra­ci­is ga­uq­me­ba iw­vevs ge­ne­ra­lu­ri sa­vaW­ro min­do­
bi­lo­bis Sewy­ve­tas.

ge­ne­ra­lu­ri sa­vaW­ro min­do­bi­lo­bis in­sti­tu­ti Seq­mni­lia sa­me­war­meo

miz­ne­bi­saT­vis. re­gis­tri­re­bul me­war­mes uf­le­ba aqvs, re­es­trSi re­gis­
tra­ci­is gziT gan­sazR­vros ge­ne­ra­lu­ri sa­vaW­ro min­do­bi­lo­bis mflo­be­
li pi­ri.
es pi­ri Ta­vi­si sta­tu­siT ar aris sa­me­war­meo sa­zo­ga­do­eb
­ is xel­mZRva­
ne­li or­ga­nos wev­ri da is uf­ro viw­ro uf­le­ba­mo­si­le­be­bis ma­ta­re­be­li

97
su­bi­eq­ti­a. me­tic, pro­ku­ris mflo­be­li ar aris me­war­mis or­ga­no. ase­ve,
da­uS­ve­be­lia ro­me­li­me or­ga­nos ex of­fi­cio ge­ne­ra­lu­ri sa­vaW­ro min­do­bi­
lo­biT aR­Wur­va. pro­ku­ris mflo­be­li pi­ri Se­ir­Ce­va in­di­vi­du­al ­ u­rad da
mas Se­sa­ba­mi­si uf­le­ba­mo­si­le­ba eni­We­ba in­di­vi­du­a­lu­ri me­war­mis, sa­me­
war­meo sa­zo­ga­do­e­bis Sem­Txve­va­Si _ sa­er­To kre­bis, xo­lo sa­meT­val­yu­reo
sab­Wos ar­se­bo­bis Sem­Txve­va­Si _ sa­meT­val­yu­reo sab­Wos ga­dawy­ve­ti­le­bis
sa­fuZ­vel­ze xel­mZRva­ne­li pi­re­bis mi­er ga­ce­mu­li ge­ne­ra­lu­ri sa­vaW­ro
min­do­bi­lo­biT.
ro­gorc aRi­niS­na, pro­ku­ris mflo­be­li kom­pe­ten­ci­is na­wil­Si ar uTa­
nab­rde­ba sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­nel or­ga­nos. ase­Ti min­do­bi­
lo­ba ge­ne­ra­lur sa­vaW­ro war­mo­mad­ge­nels aZ­levs uf­le­bas, sa­sa­mar­Tlo­
sa da sxva ur­Ti­er­To­beb­Si ga­na­xor­ci­e­los sa­war­mos fun­qci­o­ni­re­bas­Tan
da­kav­Si­re­bu­li saq­mi­a­no­ba da sa­mar­Tleb­ri­vi moq­me­de­be­bi. uZ­rav qo­ne­
bas­Tan da­kav­Si­re­biT pro­ku­ris mo­cu­lo­ba SezR­u­du­li­a, Tu­ki pro­ku­ris
gam­ce­mi sa­gan­ge­bod ar mi­u­Ti­Tebs am­gvar uf­le­ba­mo­si­le­ba­ze. pro­ku­ris
ga­da­ce­ma sru­li mo­cu­lo­biT da­uS­ve­be­li­a, Tum­ca, pro­ku­ris gam­ce­mis
Tan­xmo­biT, pro­ku­rists Se­saZ­lo­a, hqon­des e.w. qve­min­do­bi­lo­bis ga­ce­mis
uf­le­ba. vi­na­i­dan pro­ku­ris­ti sa­war­mos (da ara xel­mZRva­ne­li or­ga­nos)
war­mo­mad­ge­ne­li­a, sa­war­mos re­gis­tra­ci­is ga­uq­me­ba iw­vevs pro­ku­ris Sewy­
ve­ta­sac.

mux­li 49. sa­me­war­meo sa­zo­ga­do­e­ba­Si sa­sa­mar­Tlos mi­er da­niS­nu­li

pi­re­bis ga­sam­rje­lo da xar­je­bis anazR­a­u­re­ba

1. am ka­no­niT gaT­va­lis­wi­ne­bul Sem­Txve­veb­Si sa­me­war­meo sa­zo­ga­do­e­

ba­Si sa­sa­mar­Tlos mi­er da­niS­nul pi­rebs uf­le­ba aqvT, sa­me­war­meo
sa­zo­ga­do­e­bis­gan mo­iTx­o­von ga­sam­rje­lo da go­niv­rul far­gleb­Si
ga­we­u­li xar­je­bis anazR­a­u­re­ba.
2. ga­sam­rje­lo­sa da xar­je­bis anazR­a­u­re­ba­ze sa­me­war­meo sa­zo­ga­do­e­
ba­Si sa­sa­mar­Tlos mi­er da­niS­nu­li pi­re­bi­sa da sa­me­war­meo sa­zo­ga­
do­e­bis Se­u­Tan­xmeb­lo­bis Sem­Txve­va­Si ga­sam­rje­lo­sa da asa­nazR­a­u­
re­be­li xar­je­bis ode­no­bas sa­sa­mar­Tlo gan­sazR­vravs.

ka­no­nis er­T-er­Ti Zi­ri­Ta­di si­ax­le sa­me­war­meo ur­Ti­er­To­beb­Si sa­sa­

mar­Tlos ro­lis mniS­vne­lo­va­ni zrda­a, ra­mac un­da uz­run­vel­yos ur­Ti­
er­To­be­bis swo­ri mi­mar­Tu­le­bis ko­req­ti­re­ba da qve­ya­na­Si sa­u­ke­Te­so

98
sa­er­Ta­So­ri­so praq­ti­kis Se­sa­ba­mi­si sa­me­war­meo kul­tu­ris Ca­mo­ya­li­be­
ba. am miz­niT, ara­erT mux­lSi ga­Ce­ni­lia sa­sa­mar­Tlos mi­er sa­me­war­meo
sa­zo­ga­do­e­beb­Si sxva­das­xva po­zi­ci­a­ze dro­e­biT pa­su­xis­mge­be­li pi­ris
da­niS­vnis Se­saZ­leb­lo­ba (ma­ga­li­Tad, 43-e mux­lis me-6 pun­qtis mi­xed­
viT, au­ci­leb­lo­bi­sas sa­sa­mar­Tlom Se­iZ­le­ba da­niS­nos xel­mZRva­ne­li
or­ga­nos wev­ri, xo­lo 83-e mux­lis me-5 pun­qtis mi­xed­viT, lik­vi­da­to­
ri).
sa­sa­mar­Tlos mi­er da­niS­nu­li pi­re­bi ka­non­mdeb­lo­bis far­gleb­Si as­
ru­le­ben am Ta­nam­de­bo­bis pi­ri­saT­vis gaT­va­lis­wi­ne­bul mo­va­le­o­bebs. ka­
no­nis 49-e mux­li iZ­le­va sa­sa­mar­Tlos mi­er da­niS­nu­li pi­re­bis mi­er am mo­
va­le­o­be­bis Ses­ru­le­bis sa­nac­vlod ga­sam­rje­lo­sa da Ta­vi­si saq­mi­a­no­bi­
sas go­niv­rul far­gleb­Si ga­we­u­li da­na­xar­je­bis anazR­au ­ ­re­bis moTx­ov­nis
sa­mar­Tleb­riv sa­fuZ­vels. da­niS­nu­li pi­ris ga­sam­rje­los ode­no­ba­sa da
da­na­xar­je­bis anazR­a­ur­ e­ba­ze Se­Tan­xme­ba un­da mox­des am pir­sa da sa­me­war­
meo sa­zo­ga­do­eb­ as So­ris. im Sem­Txve­va­Si ki, Tu mxa­re­e­bi aseT Se­Tan­xme­bas
ver mi­aR­we­ven, ga­sam­rje­lo­sa da asa­nazR­au ­ ­re­be­li da­na­xar­je­bis ode­no­
bas gan­sazR­vravs sa­sa­mar­Tlo.

mux­li 50. zrun­vis mo­va­le­o­ba

1. xel­mZRva­ne­li pi­ri val­de­bu­lia sa­me­war­meo sa­zo­ga­do­e­bis saq­me­

ebs ga­uZR­ves mar­Tlzo­mi­e­rad da ke­Til­sin­di­si­e­ri xel­mZRva­ne­lis
gu­lis­xmi­e­re­biT, ker­Zod, mas­ze ise zru­nav­des, ro­gorc ana­lo­gi­
ur pi­ro­beb­Si un­da ez­ru­na­/e­moq­me­da Cve­u­leb­riv, sa­Rad mo­az­rov­ne
pirs, im rwme­niT, rom mi­si es moq­me­de­ba sa­me­war­meo sa­zo­ga­do­e­bis­
Tvis eko­no­mi­ku­rad yve­la­ze xel­say­re­li­a.
2. xel­mZRva­ne­li pi­ri sa­me­war­meo sa­zo­ga­do­e­bis wi­na­Se pa­suxs agebs
ke­Til­sin­di­si­e­re­bis mo­va­le­o­bis bra­le­u­li Se­us­ru­leb­lo­biT mi­
ye­ne­bu­li zi­a­nis­Tvis. da­uS­ve­be­li­a, wes­de­biT an par­tni­or­Ta ga­
dawy­ve­ti­le­biT Se­izR­u­dos xel­mZRva­ne­li pi­ris pa­su­xis­mgeb­lo­ba
am mo­va­le­o­bis gan­zrax Se­us­ru­leb­lo­bis­Tvis.
3. xel­mZRva­ne­li pi­ris mi­er sa­me­war­meo sa­zo­ga­do­e­bis­Tvis mi­ye­ne­bu­
li zi­a­nis anazR­a­u­re­bis moTx­ov­nis uf­le­ba aqvs xel­mZRva­nel or­
ga­nos, sxva xel­mZRva­nel pirs, sa­meT­val­yu­reo sab­Wos, xo­lo ka­no­
niT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si da dad­ge­ni­li we­siT _ Ti­To­e­ul
par­tni­ors. wes­de­biT Se­iZ­le­ba da­ma­te­biT ga­ni­sazR­vros is pi­ri,

99
 ro­mel­sac aqvs sa­me­war­meo sa­zo­ga­do­e­bis­Tvis mi­ye­ne­bu­li zi­a­nis
anazR­a­u­re­bis moTx­ov­nis uf­le­ba.
4. xel­mZRva­ne­li pi­ri Ta­vi­suf­lde­ba pa­su­xis­mgeb­lo­bis­gan, Tu igi
Ta­vi­si qme­de­biT sa­er­To kre­bis ga­dawy­ve­ti­le­bas as­ru­lebs, gar­da
im Sem­Txve­vi­sa, ro­de­sac man sa­er­To kre­bis ga­dawy­ve­ti­le­bis mi­Re­
bas xe­li Se­uwyo aras­wo­ri in­for­ma­ci­is mi­wo­de­biT an ico­da, rom am
ga­dawy­ve­ti­le­bis mi­Re­ba zi­ans ga­mo­iw­vev­da, mag­ram amis Ta­o­ba­ze ar
Se­aty­o­bi­na sa­er­To kre­bas ga­dawy­ve­ti­le­bis mi­Re­bam­de an aR­sru­le­
bam­de.
5. Tu ga­ri­ge­bis Ri­re­bu­le­ba sa­me­war­meo sa­zo­ga­do­e­bis aq­ti­ve­bis sa­
ba­lan­so Ri­re­bu­le­bis 50 pro­cents an wes­de­biT gaT­va­lis­wi­ne­bul
uf­ro mci­re ode­no­bas aRe­ma­te­ba, ga­ri­ge­ba sa­er­To kre­bam un­da da­
am­tki­cos.

ma­Sin, ro­de­sac war­mo­mad­gen­lis kom­pe­ten­tur ga­dawy­ve­ti­le­ba­ze da­

mo­ki­de­bu­lia war­mod­ge­ni­lis ke­Til­dRe­o­ba, war­mo­mad­ge­nels war­mo­eS ­ o­
ba fi­du­ci­u­ri mo­va­le­o­be­bi. fi­du­ci­u­ri mo­va­le­o­be­bi war­mo­mad­ge­nels
aval­de­bu­lebs, imoq­me­dos war­mo­mad­gen­lis sa­u­ke­Te­so in­te­re­se­bi­saT­vis.
xel­mZRva­ne­li or­ga­nos wev­ris ke­Til­sin­di­si­e­re­bis mo­va­le­o­ba swo­red
fi­du­ci­u­ri mo­va­le­o­be­bis Se­mad­ge­ne­li na­wi­li­a, rac aval­de­bu­lebs xel­
mZRva­ne­li or­ga­nos wev­rebs, da­ak­ma­yo­fi­lon war­mod­ge­ni­lis sa­sar­geb­lo
qce­vis gar­kve­u­li stan­dar­ti. ker­Zod, zru­nav­dnen ise, ro­gorc ana­lo­gi­
ur pi­ro­beb­Si un­da ez­ru­na Cve­ul ­ eb­riv, sa­ღad mo­az­rov­ne pirs, da moq­me­
deb­dnen im rwme­niT, rom ma­Ti es qme­de­ba eko­no­mi­ku­rad yve­la­ze xel­say­re­
lia sa­me­war­meo sa­zo­ga­do­e­bi­saT­vis.
ke­Til­sin­di­si­er
­ e­bis mo­va­le­o­bis dak­ma­yo­fi­le­bi­saT­vis xel­mZRva­ne­
li or­ga­nos wevrs mo­eTx­o­ve­ba go­niv­ru­lad, yo­vel­mxriv xel­mi­saw­vdom
in­for­ma­ci­a­ze day­rdno­biT, sa­Ta­na­do una­re­bis ga­mo­ye­ne­biT mi­i­Ros fi­
nan­su­rad, re­pu­ta­ci­ul ­ ad da sa­mar­Tleb­ri­vad sa­me­war­meo sa­zo­ga­do­e­bis­
Tvis yve­la­ze xel­say­re­li ga­dawy­ve­ti­le­be­bi.
me-3 pun­qtis Ta­nax­mad, xel­mZRva­ne­li pi­ri sa­me­war­meo sa­zo­ga­do­e­bis
wi­na­Se pa­suxs agebs zrun­vis mo­va­le­o­bis bra­le­ul ­ i dar­Rve­viT mi­ye­ne­bu­
li zi­a­ni­saT­vis. amas­Ta­na­ve, pa­su­xis­mgeb­lo­ba ga­mo­i­ricx­e­ba me-5 pun­qtiT
gaT­va­lis­wi­ne­bu­li wi­na­pi­ro­be­bis ar­se­bo­bi­sas. Ta­vis kom­pe­ten­ci­a­Si mi­
Re­bu­li par­tni­or­Ta (kre­bis) ga­dawy­ve­ti­le­bis Ses­ru­le­ba eva­le­ba xel­
mZRva­nel or­ga­nos, am­de­nad, igi gan­Ta­vi­suf­le­bu­li un­da iyos sa­war­mos

100
wi­na­Se am ga­dawy­ve­ti­le­bis Ses­ru­le­bis ga­mo zi­an ­ is anazR­a­u­re­bis­gan. es
ar vrcel­de­ba ba­Til ga­dawy­ve­ti­le­beb­ze, Tum­ca, zo­ga­dad, vrcel­de­ba
sa­ci­lo ga­dawy­ve­ti­le­beb­ze, gar­da im Sem­Txve­vi­sa, ro­ca xel­mZRva­ne­li
or­ga­nos wev­rma ico­da an uxe­Si ga­uf­rTxi­leb­lo­biT ar ico­da sa­ci­lo­o­
bis da­ma­das­tu­re­be­li ga­re­mo­e­be­bis Se­sa­xeb.
xel­mZRva­ne­li pi­ri wes­de­biT an sa­er­To kre­bis ga­dawy­ve­ti­le­biT, Se­
iZ­le­ba ga­Ta­vi­suf­ldes sa­zo­ga­do­e­bi­saT­vis ga­uf­rTxi­leb­lo­biT mi­ye­ne­
bu­li zi­a­ni­saT­vis pa­su­xis­mgeb­lo­bi­sa­gan. sa­pi­ris­pi­rod, da­uS­ve­be­lia wes­
de­biT an par­tni­or­Ta ga­dawy­ve­ti­le­biT Se­izR­u­dos xel­mZRva­ne­li pi­ris
pa­su­xis­mgeb­lo­ba mo­va­le­o­bis gan­zrax dar­Rve­vis­Tvis. pa­su­xis­mgeb­lo­bi­
sa­gan ga­Ta­vi­suf­le­bis Ta­o­ba­ze un­da ga­keT­des spe­ci­a­lu­ri mi­Ti­Te­ba.
xel­mZRva­ne­li pi­ris mi­er sa­me­war­meo sa­zo­ga­do­e­bis­Tvis mi­ye­ne­bu­li
zi­a­nis anazR­a­u­re­bis moTx­ov­nis uf­le­ba, sul mci­re, eq­ne­baT Sem­deg su­bi­
eq­tebs: (1) xel­mZRva­nel or­ga­nos; (2) sxva xel­mZRva­nels; (3) sa­meT­val­yu­
reo sab­Wos.
ka­no­niT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si da we­siT _ Ti­To­e­ul par­tni­
ors (Sdr. mux. 147-e).
me-3 pun­qti ase­ve iZ­le­va am su­bi­eq­tTa wris ga­far­To­e­bis Se­saZ­leb­lo­
bas, sa­dam­fuZ­neb­lo Se­Tan­xme­biT, maT So­ris sa­gan­ge­bo po­zi­ci­is Se­mo­Re­
biT. sak­ma­ri­si­a, Tu­ki Se­Tan­xme­ba Ca­moT­vlil xel­mZRva­nel or­ga­nos da­ma­
te­bi­Ti pi­ris gan­sazR­vris uf­le­bas mis­cems.

mux­li 51. zrun­vis mo­va­le­o­ba gan­sa­kuT­re­bul vi­Ta­re­ba­Si

Tu sa­me­war­meo sa­zo­ga­do­e­ba ga­dax­di­su­u­na­roa an ga­dax­di­su­u­na­ro­bis

sa­SiS­ro­e­bis wi­na­Se dgas, xel­mZRva­nel­ma pir­ma bra­le­u­li ga­Wi­a­nu­re­bis
ga­re­Se, mag­ram sa­me­war­meo sa­zo­ga­do­e­bis ga­dax­di­su­u­na­ro­bis dad­go­mis
mo­men­ti­dan ara­ug­vi­a­nes 3 kvi­ri­sa un­da ga­nacx­a­dos ga­dax­di­su­u­na­ro­bis
Se­sa­xeb „re­a­bi­li­ta­ci­i­sa da kre­di­tor­Ta ko­leq­ti­u­ri dak­ma­yo­fi­le­bis
Se­sa­xeb“ sa­qar­Tve­los ka­no­niT dad­ge­ni­li we­siT. ga­dax­di­su­u­na­ro­bis Se­
sa­xeb gan­cxa­de­ba bra­le­u­lad ga­Wi­a­nu­re­bu­li ar aris, Tu ze­mo­aR­niS­nu­li
pi­ri zrun­vis mo­va­le­o­bas je­rov­nad as­ru­lebs.

ka­no­nis 50-e mux­li eT­mo­ba xel­mZRva­ne­li pi­ris zrun­vis mo­va­le­o­bis

zo­ga­di stan­dar­tis gan­sazR­vras. mom­dev­no, 51-e mux­li ki spe­ci­al
­ u­ri xa­

101
si­a­Ti­saa da ad­gens ama­ve su­bi­eq­tis mo­va­le­o­bebs gan­sa­kuT­re­bul vi­Ta­re­
ba­Si. upir­ve­les yov­li­sa, mniS­vne­lo­va­nia Ta­vad gan­sa­kuT­re­bu­li vi­Ta­re­
bis gan­mar­te­ba. ase­Ti gan­mar­te­ba un­da amo­vi­kiTx­oT wi­nam­de­ba­re mux­lis
pir­vel wi­na­da­de­ba­Si. ker­Zod, gan­sa­kuT­re­bul vi­Ta­re­bad, ro­me­lic sa­zo­
ga­do­e­bis xel­mZRva­nel pirs da­ma­te­biT mo­va­le­o­bebs akis­rebs, Ca­iT­vle­ba
sa­me­war­meo sa­zo­ga­do­e­bის ga­dax­di­su­un ­ a­ro­ba an mo­sa­lod­ne­li ga­dax­di­su­
u­na­ro­ba. am dros xel­mZRva­nel­ma pi­reb­ma, bra­le­u­li ga­Wi­a­nu­re­bis ga­re­
Se, un­da ga­nacx­a­don „re­ab­ i­li­ta­ci­is
­ a da kre­di­tor­Ta ko­leq­ti­u­ri dak­ma­
yo­fi­le­bis Se­sa­xeb“ sa­qar­Tve­los ka­no­niT dad­ge­ni­li we­siT.
wi­nam­de­ba­re mux­lis Ta­nax­mad xel­mZRva­ne­li pi­ris mi­er gan­sa­kuT­re­
bul vi­Ta­re­ba­Si zrun­vis mo­va­le­o­bis dar­Rve­vad Ca­iT­vle­ba:

 gan­cxa­de­bis pir­ve­li go­niv­ru­li Se­saZ­leb­lo­bis ga­mo­u­ye­neb­lo­ba;

 gan­cxa­de­bis ga­ke­Te­ba ga­dax­di­su­u­na­ro­bis dad­go­mi­dan 3 kvi­ra­ze
gvi­an, Tu dag­vi­a­ne­bis mi­ze­zi ke­Til­sin­di­si­er
­ e­bis mo­va­le­o­bis ara­
je­ro­va­ni Ses­ru­le­ba iq­ne­ba.

mux­li 52. sa­me­war­meo ga­dawy­ve­ti­le­bis Ta­vi­suf­le­ba

1. zrun­vis mo­va­le­o­ba ar aris dar­Rve­u­li da xel­mZRva­ne­li pi­ri ar

aris val­de­bu­li, aa­nazR­a­u­ros is zi­a­ni, ro­me­lic sa­me­war­meo sa­zo­
ga­do­e­bas mis mi­er mi­Re­bu­li sa­me­war­meo ga­dawy­ve­ti­le­biT mi­ad­ga,
Tu xel­mZRva­nel pirs go­niv­ru­lad Se­eZ­lo eva­ra­u­da, rom igi sa­me­
war­meo ga­dawy­ve­ti­le­bas sak­ma­ri­si da san­do in­for­ma­ci­is sa­fuZ­
vel­ze, sa­me­war­meo sa­zo­ga­do­e­bis in­te­re­se­bi­dan ga­mom­di­na­re, da­
mo­u­ki­deb­lad da in­te­res­Ta kon­fliq­tis an sxva­Ta ze­gav­le­nis ga­
re­Se iReb­da.
2. am mux­lis pir­ve­li pun­qti ar ga­mo­i­ye­ne­ba im Sem­Txve­va­Si, ro­de­sac
sa­me­war­meo ga­dawy­ve­ti­le­ba ka­no­niT an wes­de­biT gaT­va­lis­wi­ne­bu­
li mo­va­le­o­be­bis dar­Rve­viT aris mi­Re­bu­li.

sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­re­bi mo­na­wi­le­o­bas iRe­ben sa­zo­ga­do­e­

bis yo­vel­dRi­ur mar­Tva­Si. Se­sa­ba­mi­sad, ma­Ti saq­mi­a­no­ba per­ma­nen­tu­lad
ukav­Sir­de­ba ise­Ti ga­dawy­ve­ti­le­be­bis mi­Re­bas, rom­le­bic eko­no­mi­ku­ri
Tval­saz­ri­siT ris­kis Sem­cve­lia da ase­Ti ris­kis mi­ni­mu­mam­de day­va­na mxo­

102
lod aR­niS­nul or­ga­no­Ta wev­re­bis mi­er sa­ku­Ta­ri fi­du­ci­u­ri mo­va­le­o­be­
bis Ses­ru­le­bi­Taa Se­saZ­le­be­li. ka­no­nis 52-e mux­li sa­qar­Tve­los ka­non­
mdeb­lo­ba­Si „sa­me­war­meo ga­dawy­ve­ti­le­bis Ta­vi­suf­le­bis we­sis“ Bu­si­ness
Jud­ge­ment Ru­le-s ko­di­fi­ci­re­bis mcde­lo­ba­a.
sa­me­war­meo ga­dawy­ve­ti­le­ba vi­Ta­re­bis Se­fa­se­bi­dan ga­mom­di­na­re sa­mo­
mav­lo va­ra­ud­Tan da­kav­Si­re­bu­li me­ne­je­ru­li ga­dawy­ve­ti­le­ba­a, rac ga­na­
pi­ro­bebs ki­dec am­gva­ri ga­dawy­ve­ti­le­bis mi­Re­bi­sas xel­mZRva­ne­li or­ga­
nos wev­ris dis­kre­ci­is dac­vis au­ci­leb­lo­bas. am­gva­ri dac­vis sa­Wi­ro­e­ba
gan­pi­ro­be­bu­lia sa­me­war­meo ga­dawy­ve­ti­le­bis mi­Re­bi­sas mi­si Se­de­ge­bis
srul­yo­fi­li gan­Wvre­tis Se­uZ­leb­lo­biT, xSi­rad ki _ gar­kve­u­li ris­kis
aRe­bis au­ci­leb­lo­biT.
Bu­si­ness Jud­gment Ru­le es aris er­Tgva­ri pre­zum­fcia rom, sa­zo­ga­do­
e­bis xel­mZRva­ne­li pi­ri moq­me­deb­da sa­zo­ga­do­eb ­ is sa­u­ke­Te­so in­te­re­
se­bis­Tvis Tu sa­pi­ris­pi­ro ar dam­tkic­de­ba. am wes­ze ey­rdno­ba daS­ve­bas,
rom xel­mZRva­ne­li or­ga­nos wev­re­bi yo­vel­Tvis sa­me­war­meo sa­zo­ga­do­e­
bi­saT­vis yve­la­ze mom­ge­bi­an ga­dawy­ve­ti­le­bas ver mi­i­Re­ben. Se­sa­ba­mi­sad,
xel­mZRva­ne­li or­ga­nos wev­ri Ta­vi­suf­lde­ba pa­su­xis­mgeb­lo­bi­sa­gan mas
go­niv­ru­lad Se­eZ­lo eva­ra­ud ­ a, rom igi sa­me­war­meo ga­dawy­ve­ti­le­bas sak­
ma­ri­si da san­do in­for­ma­ci­is sa­fuZ­vel­ze, sa­me­war­meo sa­zo­ga­do­e­bis in­
te­re­se­bi­dan ga­mom­di­na­re, da­mo­uk ­ i­deb­lad da in­te­res­Ta kon­fliq­tis an
sxva­Ta ze­gav­le­nis ga­re­Se iReb­da.
sa­sa­mar­Tlo da­va­Si mo­sar­Ce­lem un­da da­am­tki­cos zi­a­ni, ro­me­lic sa­
war­mos xel­mZRva­ne­li or­ga­nos wev­ris qme­de­bis Se­de­gad mi­ad­ga. gar­da
ami­sa, man, sul mci­re, pri­ma fa­cie mtki­ce­bu­le­be­bi un­da war­mo­ad­gi­nos imis
mi­sa­niS­neb­lad, rom qme­de­ba aris xel­mZRva­ne­li or­ga­nos wev­ris zrun­vis
val­de­bu­le­bis bra­le­u­li dar­Rve­va. xo­lo xel­mZRva­ne­li or­ga­nos wev­ris
da­sam­tki­ce­be­li­a, rom man da­ic­va Bu­si­ness Jud­gment Ru­le-s wi­na­pi­ro­be­bi
da, Se­sa­ba­mi­sad (rac, ga­re­mo­e­be­bis dam­tki­ce­bis Sem­Txve­va­Si uda­vod mi­iC­
ne­va), ar da­ur­Rve­via zrun­vis val­de­bu­le­ba. xel­mZRva­ne­li or­ga­nos wevrs
ase­ve Se­uZ­li­a, am­tki­cos, rom bra­li ar mi­uZR­vis val­de­bu­le­bis dar­Rve­
va­Si.
uf­ro kon­kre­tu­lad, xel­mZRva­ne­li pi­ris ke­Til­sin­di­si­er ­ e­bis mo­va­
le­o­ba ar Ca­iT­vle­ba dar­Rve­ul ­ ad da mas ar da­e­kis­re­ba im zi­a­nis anazR­a­u­
re­bis val­de­bu­le­ba, ro­me­lic sa­me­war­meo sa­zo­ga­do­e­bas mi­ad­ga xel­mZRva­
ne­li pi­ris mi­er mi­Re­bu­li sa­me­war­meo ga­dawy­ve­ti­le­bis Se­de­gad, Tu mas
go­niv­ru­lad Se­eZ­lo eva­ra­u­da, rom sa­me­war­meo ga­dawy­ve­ti­le­bas iReb­da:

103
mux­li 53. kon­ku­ren­ci­is ak­rZal­va

1. xel­mZRva­nel pirs ar aqvs uf­le­ba, sa­me­war­meo sa­zo­ga­do­e­bis Tan­

xmo­bis ga­re­Se ga­na­xor­ci­e­los igi­ve saq­mi­a­no­ba, ro­mel­sac axor­ci­
e­lebs sa­me­war­meo sa­zo­ga­do­e­ba, an iyos ima­ve sfe­ro­Si moq­me­di sa­
me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­ri. xel­mZRva­nel pir­Tan
da­de­bu­li sa­sam­sa­xu­ro xel­Sek­ru­le­biT aR­niS­nu­li val­de­bu­le­ba
Se­iZ­le­ba Za­la­Si dar­Ces mi­si Ta­nam­de­bo­bi­dan ga­Ta­vi­suf­le­bis Sem­
de­gac, mag­ram ara­u­me­tes 3 wlis va­diT. am val­de­bu­le­bis dar­Rve­
vis­Tvis Se­saZ­le­be­lia gaT­va­lis­wi­ne­bul iq­nes kom­pen­sa­ci­a. mi­si
ode­no­ba da ga­dax­dis we­si ga­ni­sazR­vre­ba sa­sam­sa­xu­ro xel­Sek­ru­
le­biT an mxa­re­Ta da­ma­te­bi­Ti Se­Tan­xme­biT. kon­ku­ren­ci­is ak­rZal­
vis we­sis dar­Rve­vis Sem­Txve­va­Si sa­me­war­meo sa­zo­ga­do­e­bas Se­uZ­lia
dam­rRvevs sa­me­war­meo sa­zo­ga­do­e­bis­Tvis mi­ye­ne­bu­li zi­a­nis­Tvis
kom­pen­sa­ci­as­Tan er­Tad Se­Tan­xme­bu­li pir­ga­sam­tex­los ga­dax­dac
mos­Txo­vos. sa­me­war­meo sa­zo­ga­do­e­bas Se­uZ­lia dam­rRvevs kom­pen­
sa­ci­is nac­vlad mos­Txo­vos sa­ku­Ta­ri an me­sa­me pi­ris sa­xe­liT da­
de­bu­li ga­ri­ge­bi­dan dam­rRve­vis mi­er mi­Re­bu­li sar­geb­lis sa­me­
war­meo sa­zo­ga­do­e­bis­Tvis ga­da­ce­ma an am­gva­ri sar­geb­lis mi­Re­bis
uf­le­bis daT­mo­ba. am uf­le­bis ga­mo­ye­ne­ba Se­uZ­lia xel­mZRva­nel

104
 or­ga­nos, sxva xel­mZRva­nel pirs, sa­meT­val­yu­reo sab­Wos, xo­lo ka­
no­niT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si _ Ti­To­e­ul par­tni­ors.
2. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si, ko­man­di­tur sa­zo­
ga­do­e­ba­Si am mux­lis pir­ve­li pun­qtiT gaT­va­lis­wi­ne­bu­li saq­mi­a­
no­bis gan­xor­ci­e­le­ba­ze Tan­xmo­bis ga­ce­ma Se­uZ­lia sa­er­To kre­bas,
xo­lo SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si, sa­aq­cio sa­zo­
ga­do­e­ba­Si, ko­o­pe­ra­tiv­Si _ im or­ga­nos, ro­me­lic niS­navs xel­mZRva­
nel pirs. aR­niS­nu­li Tan­xmo­ba Se­iZ­le­ba ga­i­ces ro­gorc zo­ga­dad,
ise kon­kre­tul saq­mi­a­no­ba­ze, ga­ri­ge­bis sa­xe­sa da sa­me­war­meo sa­zo­
ga­do­e­ba­Si mo­na­wi­le­o­ba­ze. Tan­xmo­bis ga­ce­ma­ze da­u­sa­bu­Teb­lad ua­
ris Tqma da­uS­ve­be­li­a.
3. am mux­lis pir­ve­li pun­qtiT gaT­va­lis­wi­ne­bu­li saq­mi­a­no­bis gan­xor­
ci­e­le­ba­ze Tan­xmo­ba ga­ce­mu­lad mi­iC­ne­va, Tu sa­me­war­meo sa­zo­ga­do­
e­bis xel­mZRva­ne­li pi­ris da­niS­vni­sas par­tni­o­reb­ma icod­nen, rom
sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­ri axor­ci­e­leb­da aR­niS­
nul saq­mi­a­no­bas, mag­ram mis­Tvis am saq­mi­a­no­bis Sewy­ve­ta ar mo­uTx­
o­vi­aT.

ka­no­ni awes­ri­gebs kon­ku­ren­ci­is ak­rZal­vas, ro­me­lic xel­mZRva­ne­li

or­ga­nos wevrs uk­rZa­lavs sa­me­war­meo sa­zo­ga­do­e­bis Tan­xmo­bis ga­re­Se ima­
ve saq­mi­a­no­bis gan­xor­ci­e­le­bas, ro­mel­sac ewe­va sa­me­war­meo sa­zo­ga­do­e­ba,
ase­ve uk­rZa­lavs, iyos msgavs sfe­ro­Si moq­me­di sa­me­war­meo sa­zo­ga­do­e­bis
xel­mZRva­ne­li pi­ri. kon­ku­ren­ci­is ak­rZal­va exe­ba mxo­lod xel­mZRva­nel
pi­rebs da ara par­tni­o­rebs. kon­ku­ren­ci­is ak­rZal­vis we­sis dar­Rve­va war­
mo­Sobs sa­zo­ga­do­e­bis mxri­dan zi­a­nis anazR­au ­ ­re­bis moTx­ov­nis, an da­de­
bu­li ga­ri­ge­bi­dan mi­Re­bu­li, an mi­sa­Re­bi sar­geb­lis daT­mo­bis uf­le­bas.
kon­ku­ren­ci­is ak­rZal­vis mi­za­ni sa­me­war­meo sa­zo­ga­do­e­bis dac­vaa xel­
mZRva­ne­li pi­ris mi­er am sa­war­mos Se­sa­xeb in­for­ma­ci­is an am sa­me­war­meo
sa­zo­ga­do­e­ba­Si Ta­vi­si po­zi­ci­is bo­ro­tad ga­mo­ye­ne­bi­sa­gan ara­sa­mar­Tli­a­
ni kon­ku­ren­ci­i­saT­vis.
wi­nam­de­ba­re mux­lis pir­ve­li pun­qti xel­mZRva­nel pi­rebs uk­rZa­lavs
ima­ve saq­mi­a­no­bis gan­xor­ci­e­le­bas, ro­mel­sac ewe­va sa­me­war­meo sa­zo­ga­
do­e­ba, an igi­ve sfe­ro­Si moq­me­di sa­me­war­meo sa­zo­ga­do­eb ­ is xel­mZRva­nel
pi­rad yof­nas. kon­ku­ren­ci­is ak­rZal­vis mo­va­le­o­ba ar­se­bobs pi­ris xel­
mZRva­nel pi­rad yof­nis gan­mav­lo­ba­Si. ase­ve, xel­mZRva­nel pir­Tan da­de­
bu­li sa­sam­sa­xu­ro xel­Sek­ru­le­biT aR­niS­nu­li val­de­bu­le­ba Se­iZ­le­ba
Za­la­Si dar­Ces Ta­nam­de­bo­bi­dan mi­si was­vlis Sem­de­gac, mag­ram ara­u­me­tes

105
3 wlis va­diT. xel­mZRva­nel­ma pir­ma ase­Ti kon­ku­ren­ci­is Ta­o­ba­ze un­da ac­
no­bos sa­er­To kre­bas, xo­lo SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ a­
Si, sa­aq­cio sa­zo­ga­do­e­ba­sa da ko­o­pe­ra­tiv­Si _ im or­ga­nos, ro­me­lic niS­
navs xel­mZRva­nel pirs.
kon­ku­ren­ci­is ak­rZal­vis val­de­bu­le­bis dar­Rve­vis­Tvis Se­saZ­le­be­lia
sa­sam­sa­xu­re xel­Sek­ru­le­bi­Ta da mxa­re­Ta da­ma­te­bi­Ti Se­Tan­xme­biT gaT­
va­lis­wi­ne­bul iq­nes kom­pen­sa­cia da ga­dax­dis we­si. ka­no­niT gaT­va­lis­wi­
ne­bu­li si­ax­lea wi­nam­de­ba­re mux­lis pir­ve­li პუნქტი, ro­me­lic san­qci­is
sa­xe­ebs exe­ba. dRe­van­de­li me­war­me­Ta Se­sa­xeb ka­no­nis­gan gan­sxva­ve­biT,
rTu­lad ga­sa­geb anazR­a­u­re­ba­ze ua­ris Tqmas Ca­e­nac­vla al­ter­na­ti­u­li
sar­geb­lis daT­mo­ba sa­zo­ga­do­e­bis­Tvis, an (Tu­ki sar­ge­be­li jer ar aris
mi­Re­bu­li) Se­sa­ba­mi­si moTx­ov­nis daT­mo­ba. da­na­we­si gan­pi­ro­be­bu­lia zo­
gi­erT Sem­Txve­va­Si kon­kre­tu­li zi­a­nis (mi­zez­Se­de­gob­ri­vi qo­neb­ri­vi da­
nak­li­sis) dad­ge­niT. ker­Zod, kon­ku­ren­ci­is ak­rZal­vis we­sis dar­Rve­vis
Sem­Txve­va­Si sa­me­war­meo sa­zo­ga­do­e­bas ase­ve Se­uZ­lia dam­rRvevs sa­me­war­
meo sa­zo­ga­do­e­bis­Tvis mi­ye­ne­bu­li zi­a­nis­Tvis kom­pen­sa­ci­as­Tan er­Tad
Se­Tan­xme­bu­li pir­ga­sam­tex­los ga­dax­dac mos­Txo­vos. sa­me­war­meo sa­zo­ga­
do­eb­ as Se­uZ­lia dam­rRvevs kom­pen­sa­ci­is nac­vlad mos­Txo­vos sa­ku­Ta­ri
an me­sa­me pi­ris sa­xe­liT da­de­bu­li ga­ri­ge­bi­dan dam­rRve­vis mi­er mi­Re­bu­
li sar­geb­lis sa­me­war­meo sa­zo­ga­do­e­bis­Tvis ga­da­ce­ma an am­gva­ri sar­geb­
lis mi­Re­bis uf­le­bis daT­mo­ba.
sa­er­To kre­bas, xo­lo SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si,
sa­aq­cio sa­zo­ga­do­e­ba­sa da ko­o­pe­ra­tiv­Si _ im or­ga­nos, ro­me­lic niS­navs
xel­mZRva­nel pirs, uf­le­ba eq­ne­ba, xel­mZRva­nel pirs dar­Tos ne­ba, ga­na­
xor­ci­el ­ os igi­ve saq­mi­an
­ o­ba, ra­sac ewe­va sa­me­war­meo sa­zo­ga­do­eb
­ a, an iyos
msgavs sfe­ro­Si moq­me­di sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­ri. ka­
no­nis Ta­nax­mad, ase­Ti Tan­xmo­ba Se­saZ­le­be­lia ga­i­ces Se­sa­ba­mi­si or­ga­nos
ga­dawy­ve­ti­le­bis sa­xiT. ase­ve, Tan­xmo­bad Ca­iT­vle­ba, Tu sa­me­war­meo sa­zo­
ga­do­e­bis xel­mZRva­ne­lad da­niS­vni­sas par­tni­o­re­bi­saT­vis cno­bi­li iyo,
rom sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li ewe­o­da aseT saq­mi­a­no­bas da
am saq­mi­a­no­bis Sewy­ve­ta mis­Tvis ar mo­uTx­o­vi­aT.

mux­li 54. saq­mi­a­ni Se­saZ­leb­lo­bis miT­vi­se­bis ak­rZal­va

1. xelმ­ZRva­nel pirs ar aqvs uf­le­ba, sa­me­war­meo sa­zo­ga­do­e­bis wi­

nas­wa­ri Tan­xmo­bis ga­re­Se, pi­ra­di sar­geb­lis an, am sa­zo­ga­do­e­bis

106
 gar­da, sxva pir­Ta mi­er sar­geb­lis mi­sa­Re­bad isar­geb­los sa­me­war­
meo sa­zo­ga­do­e­bis saq­mi­a­no­bis sfe­ros­Tan da­kav­Si­re­bu­li saq­mi­a­ni
Se­saZ­leb­lo­biT, ro­me­lic mis­Tvis xel­mi­saw­vdo­mi gax­da mo­va­le­o­
bis Ses­ru­le­bi­sas an Ta­nam­de­bob­ri­vi mdgo­ma­re­o­bi­dan ga­mom­di­na­re
da ro­me­lic, go­niv­ru­li Tval­saz­ri­siT, sa­me­war­meo sa­zo­ga­do­e­bis
in­te­re­sis sa­ga­ni Se­iZ­le­bo­da yo­fi­li­yo. sa­me­war­meo sa­zo­ga­do­e­bis
wi­nas­wa­ri Tan­xmo­bis mi­Re­ba sa­Wi­ro ar aris, Tu sa­er­To kre­bam an
sa­meT­val­yu­reo sab­Wom uk­ve im­sje­la aR­niS­nul Se­saZ­leb­lo­ba­ze
da ua­ri Tqva mis ga­mo­ye­ne­ba­ze. es val­de­bu­le­ba Za­la­Si rCe­ba xel­
mZRva­ne­li pi­ris Ta­nam­de­bo­bi­dan ga­Ta­vi­suf­le­bi­dan ara­u­me­tes 3
wli­sa. mas­Tan da­de­bu­li sa­sam­sa­xu­ro xel­Sek­ru­le­biT Se­iZ­le­ba uf­
ro mci­re va­da dad­gin­des.
2. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si, ko­man­di­tur sa­zo­
ga­do­e­ba­Si am mux­lis pir­ve­li pun­qtiT gaT­va­lis­wi­ne­bu­li saq­mi­a­ni
Se­saZ­leb­lo­biT sar­geb­lo­ba­ze wi­nas­wa­ri Tan­xmo­bis ga­ce­ma Se­uZ­lia
sa­er­To kre­bas, xo­lo SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­
Si, sa­aq­cio sa­zo­ga­do­e­ba­Si, ko­o­pe­ra­tiv­Si _ im or­ga­nos, ro­me­lic
niS­navs xel­mZRva­nel pirs.
3. saq­mi­a­ni Se­saZ­leb­lo­bis miT­vi­se­bis ak­rZal­vis we­sis dar­Rve­vis Sem­
Txve­va­Si sa­me­war­meo sa­zo­ga­do­e­bas Se­uZ­lia dam­rRvevs mos­Txo­vos
am dar­Rve­viT sa­me­war­meo sa­zo­ga­do­e­bis­Tvis mi­ye­ne­bu­li zi­a­nis (maT
So­ris, mi­u­Re­be­li Se­mo­sav­lis) anazR­a­u­re­ba. sa­me­war­meo sa­zo­ga­do­
e­bas Se­uZ­lia dam­rRvevs zi­a­nis anazR­a­u­re­bis nac­vlad mos­Txo­vos
sa­ku­Ta­ri an me­sa­me pi­ris sa­xe­liT da­de­bu­li ga­ri­ge­bi­dan dam­rRve­
vis mi­er mi­Re­bu­li sar­geb­lis sa­me­war­meo sa­zo­ga­do­e­bis­Tvis ga­da­
ce­ma an am­gva­ri sar­geb­lis mi­Re­bis uf­le­bis daT­mo­ba.
4. am mux­lis me-3 pun­qtiT gaT­va­lis­wi­ne­bu­li moTx­ov­nis uf­le­bis ga­mo­
ye­ne­ba Se­uZ­lia xel­mZRva­nel or­ga­nos, sa­meT­val­yu­reo sab­Wos, xo­lo
ka­no­niT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si _ Ti­To­e­ul par­tni­ors.

wi­nam­de­ba­re mux­liT sa­ka­non­mdeb­lo do­ne­ze Se­mo­dis sa­zo­ga­do­eb ­ is

xel­mZRva­ne­li pi­ris mi­er sa­zo­ga­do­e­bis saq­mi­a­ni Se­saZ­leb­lo­bis miT­vi­
se­bis ak­rZal­vis sa­kiTx­i. saq­mi­a­ni Se­saZ­leb­lo­bis miT­vi­se­bis ak­rZal­va
gu­lis­xmobs xel­mZRva­ne­lis pa­su­xis­mgeb­lo­bas im Sem­Txve­va­Si, Tu es pi­
ri pi­ra­di sar­geb­li­saT­vis ga­mo­i­ye­nebs xel­mZRva­ne­lis ran­gSi Se­Ze­nil
im saq­mi­an Se­saZ­leb­lo­bas, ro­me­lic, go­niv­ru­li Tval­saz­ri­siT, Se­saZ­
le­be­li­a, sa­me­war­meo sa­zo­ga­do­eb
­ is in­te­re­sis sa­ga­ni yo­fi­li­yo. kor­po­

107
ra­ci­u­li Se­saZ­leb­lo­be­bis miT­vi­se­bis ak­rZal­va xel­mZRva­ne­li or­ga­nos
wev­ris fi­du­ci­u­ri mo­va­le­o­be­bis Se­mad­ge­ne­li na­wi­li­a, igi icavs sa­me­
war­meo sa­zo­ga­do­e­bas xel­mZRva­ne­li pi­ris ara­ke­Til­sin­di­si­er ­ e­bi­sa­gan
da am gziT axa­li­sebs ndo­bas sa­me­war­meo sa­zo­ga­do­e­ba­sa da mis xel­mZRva­
nel pirs So­ris.
Ta­vi­si fi­du­ci­ur­ i mo­va­le­o­be­bis je­ro­va­ni Ses­ru­le­bi­saT­vis xel­
mZRva­nel­ma pir­ma Tav­da­pir­ve­lad swo­red sa­me­war­meo sa­zo­ga­do­e­bas un­da
Ses­Ta­va­zos sa­zo­ga­do­e­bis saq­mi­an
­ o­bis sfe­ros­Tan da­kav­Si­re­bu­li saq­mi­
a­ni Se­saZ­leb­lo­be­bi. ase­Ti val­de­bu­le­ba moq­me­debs pi­ris xel­mZRva­nel
pi­rad yof­nis da am pi­ris Ta­nam­de­bo­bi­dan was­vlis mo­men­ti­dan 3 wlis gan­
mav­lo­ba­Si. Tum­ca sa­sam­sa­xu­ro xel­Sek­ru­le­biT Se­iZ­le­ba mxa­re­e­bi Se­Tan­
xmdnen uf­ro nak­leb va­da­ze.
is, Tu ro­me­li Se­saZ­leb­lo­ba un­da Ca­iT­va­los sa­zo­ga­do­e­bis in­te­re­sis
sag­nad, un­da ga­dawy­des go­niv­ru­li gan­sjis Se­de­gad, rom­lis far­gleb­Sic
mxed­ve­lo­ba­Si iq­ne­ba mi­Re­bu­li ise­Ti faq­to­re­bi, ro­go­re­bi­ca­a: am Se­saZ­
leb­lo­bi­sa da sa­zo­ga­do­e­bis sa­o­pe­ra­cio are­al ­ is ur­Ti­er­Tmi­mar­Te­ba,
kor­po­ra­ci­is fi­nan­su­ri mdgo­ma­re­ob ­ i­sa da am Se­saZ­leb­lo­bis ur­Ti­er­
Tmi­mar­Te­ba, sxva ga­re­mo­e­be­bi, rom­le­bic am Se­saZ­leb­lo­bas sa­me­war­meo
sa­zo­ga­do­eb­ is­Tvis fi­nan­su­ri, sa­mar­Tleb­ri­vi an re­pu­ta­ci­u­li kuTx­iT
sa­in­te­re­sos xdis da sxv. aR­niS­nu­li faq­to­re­bis Se­fa­se­bis Se­de­gad sa­
me­war­meo sa­zo­ga­do­e­bis in­te­re­sis sa­ga­nia ne­bis­mi­e­ri saq­mi­a­ni Se­saZ­leb­
lo­ba, ro­me­li­Tac sa­war­mos Se­saZ­le­be­lia sar­ge­be­li mi­e­Ro. amas­Tan, xel­
mZRva­ne­li pi­ris es val­de­bu­le­ba vrcel­de­ba mxo­lod im saq­mi­an Se­saZ­leb­
lo­beb­ze ro­me­lic mis­Tvis xel­mi­saw­vdo­mi gax­da mo­va­le­o­bis Ses­ru­le­bi­
sas an Ta­nam­de­bob­ri­vi mdgo­ma­re­o­bi­dan ga­mom­di­na­re da is ar Se­e­xe­ba am
pi­ris mi­er sxvag­va­rad Se­Ze­nil Se­saZ­leb­lo­bebs. kon­kre­tu­li Se­saZ­leb­
lo­ba xel­mZRva­ne­li pi­ris­Tvis xel­mi­saw­vdo­mi gax­da Ta­vi­si mo­va­le­o­bis
Ses­ru­le­bi­sas­/Ta­nam­de­bob­ri­vi mdgo­ma­re­o­bi­dan ga­mom­di­na­re Tu sxva sa­
xiT, un­da ga­dawy­des in­di­vi­du­a­lur Sem­Txve­veb­Si, yve­la ga­re­mo­eb ­ is gaT­
va­lis­wi­ne­biT.
ka­no­nis Ta­nax­mad, xel­mZRva­nel pirs ase­Ti Se­saZ­leb­lo­biT pi­ra­dad
sar­geb­lo­bis uf­le­ba mxo­lod or Sem­Txve­va­Si eq­ne­ba:

 Tu mi­Re­bu­lia xel­mZRva­ne­li pi­ris gan­we­se­ba­ze uf­le­ba­mo­si­li or­

ga­nos Tan­xmo­ba;
 Tu sa­er­To kre­bam an sa­meT­val­yu­reo sab­Wom uk­ve im­sje­la aR­niS­
nul Se­saZ­leb­lo­ba­ze da ua­ri Tqva mis ga­mo­ye­ne­ba­ze.

108
 sxva Sem­Txve­va­Si xel­mZRva­ne­li pi­ri pa­suxs agebs sa­me­war­meo sa­zo­ga­
do­e­bis­Tvis mi­ye­ne­bu­li zi­an ­ is ga­mo (maT So­ris mi­u­Re­be­li Se­mo­sav­lis
ga­mo). sa­me­war­meo sa­zo­ga­do­e­bis Se­sa­ba­mi­si or­ga­nos ga­dawy­ve­ti­le­biT zi­
a­nis anazR­a­u­re­bis nac­vlad Se­iZ­le­ba moTx­ov­nil iq­nes mi­Re­bu­li sar­geb­
lis sa­me­war­meo sa­zo­ga­do­e­bis­Tvis ga­da­ce­ma an am­gva­ri sar­geb­lis mi­Re­bis
uf­le­bis daT­mo­ba.

mux­li 55. so­li­da­ru­li pa­su­xis­mgeb­lo­ba

1. val­de­bu­le­bis ram­de­ni­me xel­mZRva­ne­li pi­ris moq­me­de­biT an umoq­

me­do­biT Se­us­ru­leb­lo­bis Sem­Txve­va­Si isi­ni sa­me­war­meo sa­zo­ga­do­
e­bis wi­na­Se pa­suxs so­li­da­ru­lad age­ben.
2. sa­er­To kre­bas Se­uZ­lia mi­i­Ros ga­dawy­ve­ti­le­ba xel­mZRva­ne­li pi­
ris mi­er sa­me­war­meo sa­zo­ga­do­e­bis­Tvis mi­ye­ne­bu­li zi­a­nis anazR­a­
u­re­bis moTx­ov­na­ze ua­ris Tqmis an mas­Tan mo­ri­ge­bis Ta­o­ba­ze, Tu
am ga­dawy­ve­ti­le­bas ar Se­e­wi­na­aR­mde­ge­bi­an xma­Ta sul mci­re 10 pro­
cen­tis me­sa­kuT­re par­tni­o­re­bi. xel­mZRva­ne­li pi­ri ase­ve Ta­vi­suf­
lde­ba sa­me­war­meo sa­zo­ga­do­e­bis­Tvis mi­ye­ne­bu­li zi­a­nis anazR­a­u­
re­bis val­de­bu­le­bis­gan, Tu igi Ta­vi­si qme­de­biT sa­er­To kre­bis ga­
dawy­ve­ti­le­bas as­ru­leb­da. xel­mZRva­nel pirs, rom­lis sa­me­war­meo
sa­zo­ga­do­e­bis­Tvis mi­ye­ne­bu­li zi­a­nis anazR­a­u­re­bis val­de­bu­le­
bis­gan ga­Ta­vi­suf­le­bis sa­kiTx­ic ga­ni­xi­le­ba, ek­rZa­le­ba am sa­kiTx­
ze ken­Wis­yri­sas xmis mi­ce­ma.
3. wes­de­biT an xel­mZRva­nel pir­Tan da­de­bu­li sa­sam­sa­xu­ro xel­Sek­
ru­le­biT ar Se­iZ­le­ba ga­mo­i­ricx­os xel­mZRva­ne­li pi­ris pa­su­xis­
mgeb­lo­ba mis mi­er val­de­bu­le­bis gan­zrax Se­us­ru­leb­lo­biT sa­zo­
ga­do­e­bis­Tvis mi­ye­ne­bu­li zi­a­nis­Tvis.

ka­no­nis 50-e-­54-e mux­le­bi gan­sazR­vravs xel­mZRva­ne­li pi­ris mo­va­le­

o­bebs. ka­no­nis wi­nam­de­ba­re mux­li ki ze­mo­aR­niS­nu­li mo­va­le­o­be­bis dar­
Rve­vi­saT­vis ad­gens pa­su­xis­mgeb­lo­bis far­gleb­Tan da­kav­Si­re­bul spe­ci­
a­lur we­sebs. ker­Zod, xel­mZRva­ne­li pi­ris pa­su­xis­mgeb­lo­ba dad­ge­ba ro­
gorc moq­me­de­biT, ise umoq­me­do­biT mi­ye­ne­bu­li zi­an ­ i­saT­vis.
xel­mZRva­ne­li pi­ris pa­su­xis­mgeb­lo­ba dge­ba pi­ra­dad, uSu­a­lod, mTe­
li Ta­vi­si qo­ne­biT, xo­lo ram­de­ni­me xel­mZRva­ne­li pi­ris bra­le­u­lo­bis
Sem­Txve­va­Si, ase­ve, so­li­da­ru­lad. sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­ris

109
mi­marT ar­se­bu­li moTx­ov­na sa­zo­ga­do­e­bis aq­ti­vi­a. Se­sa­ba­mi­sad, ka­no­nis
Ta­nax­mad, am moTx­ov­nis re­al ­ i­ze­ba­ze ga­dawy­ve­ti­le­bas Ta­vad sa­me­war­meo
sa­zo­ga­do­eb
­ a mi­iR
­ ebs. Tum­ca, vi­na­id
­ an es moTx­ov­na xel­mZRva­ne­li pi­ris
mi­marT ar­se­bobs, am moTx­ov­na­ze ua­ris Tqmis uf­le­ba aqvs ara aq­ti­ve­bis
gan­kar­gva­ze zo­ga­di kom­pe­ten­ci­is mqo­ne xel­mZRva­nel or­ga­nos, ara­med
sa­zo­ga­do­eb
­ is sa­er­To kre­bas.
sa­er­To kre­bis mi­er ua­ris Tqma da­saS­ve­bi iq­ne­ba mxo­lod zo­gi­er­Ti wi­
na­pi­ro­bis ar­se­bo­bi­sas:

 xel­mZRva­ne­li pi­ris pa­su­xis­mgeb­lo­bi­sa­gan ga­Ta­vi­suf­le­bis ga­

dawy­ve­ti­le­ba mi­Re­bu­lia sa­er­To kre­ba­ze im pi­ro­biT, rom:
- am ga­dawy­ve­ti­le­bas ar ewi­na­aR­mde­ge­ba xme­bis 10%
da
- Ta­vad es pi­ri ar mo­na­wi­le­obs ken­Wis­yra­Si.

xel­mZRva­ne­li pi­ri pa­su­xis­mgeb­lo­bi­sa­gan, ase­ve, Se­iZ­le­ba ga­Ta­vi­suf­

ldes wes­de­biT an sa­sam­sa­xu­ro xel­Sek­ru­le­biT gaT­va­lis­wi­ne­bul Sem­
Txve­va­Si, ra­mac am pirs moq­me­de­bis me­ti Ta­vi­suf­le­ba un­da mi­a­ni­Wos ga­
dawy­ve­ti­le­bis mi­Re­bis pro­ces­Si. Tum­ca ase­Ti ga­Ta­vi­suf­le­ba da­saS­ve­bia
mxo­lod im zi­an­ze, ro­me­lic sa­zo­ga­do­e­bas mi­ad­ga xel­mZRva­ne­li pi­ris ga­
uf­rTxi­le­be­li moq­me­de­biT. ase­ve, ka­no­nis Ta­nax­mad, xel­mZRva­ne­li pi­ri
Ta­vi­suf­lde­ba sa­me­war­meo sa­zo­ga­do­e­bi­saT­vis mi­ye­ne­bu­li zi­a­nis anazR­
a­u­re­bis val­de­bu­le­bis­gan, Tu igi Ta­vi­si qme­de­biT as­ru­leb­da sa­er­To
kre­bis ga­dawy­ve­ti­le­bas.

110
Ta­vi VII. bu­Ral­tru­li aR­ricx­va, an­ga­riS­ge­ba da au­di­ti

mux­li 56. bu­Ral­tru­li aR­ricx­va, an­ga­riS­ge­ba da au­di­ti

1. bu­Ral­tru­li aR­ricx­va war­mo­ebs, an­ga­riS­ge­bis mom­za­de­ba da war­

dge­na xde­ba da au­di­ti xor­ci­el­de­ba „bu­Ral­tru­li aR­ricx­vis, an­
ga­riS­ge­bi­sa da au­di­tis Se­sa­xeb“ sa­qar­Tve­los ka­no­nis Se­sa­ba­mi­sad.
2. „bu­Ral­tru­li aR­ricx­vis, an­ga­riS­ge­bi­sa da au­di­tis Se­sa­xeb“ sa­
qar­Tve­los ka­no­niT gan­sazR­vru­li sa­zo­ga­do­eb­ri­vi da­in­te­re­se­bis
pi­ri (Sem­dgom _ sdp), ro­me­lic aris pir­ve­li an me­o­re ka­te­go­ri­is
sa­war­mo, val­de­bu­lia yo­vel­wli­u­rad uz­run­vel­yos sa­ku­Ta­ri fi­
nan­su­ri an­ga­riS­ge­bis­/kon­so­li­di­re­bu­li an­ga­riS­ge­bis au­di­tis
gan­xor­ci­e­le­ba „bu­Ral­tru­li aR­ricx­vis, an­ga­riS­ge­bi­sa da au­di­
tis Se­sa­xeb“ sa­qar­Tve­los ka­no­nis Se­sa­ba­mi­sad.
3. au­di­tis gan­xor­ci­e­le­ba­Si sa­me­war­meo sa­zo­ga­do­e­bis aq­ci­o­ne­re­bis­/
par­tni­o­re­bis, mmar­Tve­lo­bi­Ti or­ga­nos da sa­meT­val­yu­reo sab­Wos
wev­re­bis mo­na­wi­le­o­bam saf­rTxe ar un­da Se­uq­mnas au­di­to­ris da­mo­
u­ki­deb­lo­ba­sa da obi­eq­tu­ro­bas.
4. me­war­mis xel­mZRva­ne­li pi­re­bi da sa­meT­val­yu­reo sab­Wos wev­re­bi
er­Tob­li­vad ari­an pa­su­xis­mge­be­li „bu­Ral­tru­li aR­ricx­vis, an­ga­
riS­ge­bi­sa da au­di­tis Se­sa­xeb“ sa­qar­Tve­los ka­no­nis Se­sa­ba­mi­sad an­
ga­riS­ge­bis mom­za­de­bi­sa da war­dge­nis­Tvis.

ka­no­nis me-7 Tav­Si asa­xu­lia bu­Ral­trul aR­ricx­vas­Tan, an­ga­riS­ge­ba­sa

da au­dit­Tan da­kav­Si­re­biT ev­ro­kav­Si­ris 2013/34/EU da 2006/43/EC di­req­
ti­vis nor­me­bi, rac miz­nad isa­xavs aso­ci­re­bis Se­Tan­xme­biT na­kis­ri val­
de­bu­le­be­bis Ses­ru­le­bas da sa­qar­Tve­los ka­non­mdeb­lo­bis ev­ro­kav­Si­ris
sa­mar­Tal­Tan da­ax­lo­e­bas.
ka­no­nis 58-e mux­li ad­gens bu­Ral­tru­li aR­ricx­vis, an­ga­riS­ge­bi­sa da
au­di­tis gan­xor­ci­el ­ e­bis Zi­ri­Tad nor­mebs. ker­Zod, dgin­de­ba pir­Ta wre,
rom­le­bic eq­vem­de­ba­re­bi­an sa­val­de­bu­lo au­dits. am wre­Si eq­ce­vi­an „bu­
Ral­tru­li aR­ricx­vis, an­ga­riS­ge­bi­sa da au­di­tis Se­sa­xeb“ sa­qar­Tve­los
ka­no­niT gan­sazR­vru­li sa­zo­ga­do­eb­ri­vi da­in­te­re­se­bis pi­ri pir­ve­li1 da
1
პირველი კატეგორიის საწარმო ‒ სუბიექტი, რომლის მაჩვენებლები საანგარიშგებო პე­
რიოდის ბოლოს შემდეგი სამი კრიტერიუმიდან, სულ მცირე, ორ კრიტერიუმს აკმაყოფილებს:
აქტივების ჯამური ღირებულება 50 მილიონ ლარს აღემატება; შემოსავალი 100 მილიონ
ლარს აღემატება; საანგარიშგებო პერიოდში დასაქმებულთა საშუალო რაოდენობა 250-ს
აღემატება.

111
me­o­re1 ka­te­go­ri­eb­ is sa­war­mo­e­bi da maT ekis­re­ba val­de­bu­le­ba, yo­vel­
wli­u­rad uz­run­vel­yon sa­ku­Ta­ri fi­nan­su­ri an­ga­riS­ge­bis­/kon­so­li­di­re­
bu­li an­ga­riS­ge­bis au­di­tis gan­xor­ci­el ­ e­ba.
ase­ve, wi­nam­de­ba­re mux­li gan­sazR­vravs an­ga­riS­ge­be­bis mom­za­de­ba­sa da
war­dge­na­ze pa­su­xis­mge­bel pi­rebs. ker­Zod, dgin­de­ba, rom xel­mZRva­nel
or­ga­no­Si da sa­meT­val­yu­reo sab­Wo­Si Se­ma­va­li pi­re­bi er­Tob­li­vad iq­ne­bi­
an pa­su­xis­mgeb­le­bi an­ga­riS­ge­be­bis mom­za­de­bi­sa da war­dge­ni­saT­vis. ase­ve,
au­di­tis gan­xor­ci­e­le­ba­Si sa­me­war­meo sa­zo­ga­do­e­bis aq­ci­o­ne­reb­s/par­tni­
o­rebs, mmar­Tve­lo­biT or­ga­no­sa da sa­meT­val­yu­reo sab­Wos wev­rebs eni­We­
baT Car­Tu­lo­bis Se­saZ­leb­lo­ba im pi­ro­biT, rom maT­ma mo­na­wi­le­o­bam saf­
rTxe ar un­da Se­uq­mnas au­di­to­ris da­mo­u­ki­deb­lo­ba­sa da obi­eq­tu­ro­bas.

mux­li 59. au­di­tis ko­mi­te­ti

1. sdp-is sa­meT­val­yu­reo sab­Wo­Si iq­mne­ba au­di­tis ko­mi­te­ti, ro­me­

lic Sed­ge­ba sa­meT­val­yu­reo sab­Wos wev­re­bi­sa da, sul mci­re, er­Ti
da­mo­u­ki­de­be­li wev­ris­gan. da­mo­u­ki­de­bel wev­rad mi­iC­ne­va pi­ri, ro­
me­lic sa­mar­Tleb­ri­vad an­/da eko­no­mi­ku­rad da­kav­Si­re­bu­li ar aris
sa­war­mos­Tan, maT So­ris, ar flobs am sa­war­mos aq­ci­eb­s/wi­lebs da
ar iRebs aR­niS­nu­li sa­war­mo­dan anazR­a­u­re­bas an sxva eko­no­mi­kur
sar­ge­bels, gar­da sa­meT­val­yu­reo sab­Wos wev­ro­bis­Tvis an­/da au­di­
tis ko­mi­te­tis wev­ro­bis­Tvis dad­ge­ni­li anazR­a­u­re­bi­sa.
2. im sdp-Si, ro­mel­Sic sa­meT­val­yu­reo sab­Wo ar aris, iq­mne­ba da­mo­u­
ki­de­be­li au­di­tis ko­mi­te­ti, rom­lis wev­re­bic ari­an par­tni­or­Ta
kre­bis mi­er gan­sazR­vru­li va­diT ar­Ce­u­li da­mo­u­ki­de­be­li pi­re­bi.
3. au­di­tis ko­mi­te­tis wev­ri ar Se­iZ­le­ba iyos sa­meT­val­yu­reo sab­Wos
is wev­ri, ro­me­lic xel­mZRva­ne­li pi­ris uf­le­ba­mo­si­le­bas axor­ci­
e­lebs.
4. au­di­tis ko­mi­te­tis wev­ri un­da iyos sa­war­mos saq­mi­a­no­bis sfe­ro­Si
kom­pe­ten­tu­ri pi­ri. au­di­tis ko­mi­te­tis sul mci­re er­Ti wev­ri un­
da iyos bu­Ral­tru­li aR­ricx­vis sfe­ro­Si an­/da au­di­tis sfe­ro­Si
kom­pe­ten­tu­ri pi­ri.
1
მეორე კატეგორიის საწარმო ‒ სუბიექტი, რომელიც არ არის მესამე ან მეოთხე
კატეგორიის საწარმო და რომლის მაჩვენებლები საანგარიშგებო პერიოდის ბოლოს შემდეგი
სამი კრიტერიუმიდან, სულ მცირე, ორ კრიტერიუმს აკმაყოფილებს: აქტივების ჯამური
ღირებულება 50 მილიონ ლარს არ აღემატება; შემოსავალი 100 მილიონ ლარს არ აღემატება;
საანგარიშგებო პერიოდში დასაქმებულთა საშუალო რაოდენობა 250-ს არ აღემატება.

112
5. au­di­tis ko­mi­te­tis Tav­mjdo­ma­res au­di­tis ko­mi­te­tis wev­rTa­gan
ir­Cevs sdp-is sa­meT­val­yu­reo sab­Wo, xo­lo im sdp-Si, ro­mel­Sic sa­
meT­val­yu­reo sab­Wo ar aris, _ par­tni­or­Ta kre­ba. sdp-is sa­meT­val­
yu­reo sab­Wom­/par­tni­or­Ta kre­bam au­di­tis ko­mi­te­tis Tav­mjdo­ma­
red un­da air­Ci­os am mux­lis pir­ve­li pun­qtiT gan­sazR­vru­li da­mo­
u­ki­de­be­li pi­ri.
6. au­di­tis ko­mi­te­tis fun­qci­a­a, ze­dam­xed­ve­lo­ba ga­u­wi­os:
a) fi­nan­su­ri an­ga­riS­ge­bis Sed­ge­nis pro­cess;
b) xa­ris­xis kon­tro­lis, ris­ke­bis mar­Tvi­sa da, sa­Wi­ro­e­bis Sem­Txve­
va­Si, fi­nan­su­ri in­for­ma­ci­is Si­da au­di­tis efeq­ti­a­no­bas;
g) fi­nan­su­ri an­ga­riS­ge­bis­/kon­so­li­di­re­bu­li an­ga­riS­ge­bis au­di­
tis gan­xor­ci­e­le­bas xa­ris­xis kon­tro­lis mo­ni­to­rin­gis an­ga­riS­Si
asa­xu­li das­kvne­bis gaT­va­lis­wi­ne­biT;
d) au­di­to­ris­/a­u­di­to­ru­li fir­mis mi­er „bu­Ral­tru­li aR­ricx­vis,
an­ga­riS­ge­bi­sa da au­di­tis Se­sa­xeb“ sa­qar­Tve­los ka­no­nis moTx­ov­na­
Ta (maT So­ris, da­mo­u­ki­deb­lo­bis Se­sa­xeb nor­me­bis) dac­vas.
7. au­di­tis ko­mi­te­ti sa­meT­val­yu­reo sab­Wos, mi­si arar­se­bo­bis Sem­
Txve­va­Si ki _ par­tni­or­Ta kre­bas, aw­vdis in­for­ma­ci­as gan­xor­ci­
e­le­bu­li au­di­tis Se­de­ge­bis, fi­nan­su­ri an­ga­riS­ge­bis uty­u­a­ro­
ba­ze au­di­tis gav­le­nis da am pro­ces­Si ko­mi­te­tis mo­na­wi­le­o­bis
Se­sa­xeb.
8. au­di­tis ko­mi­te­ti ga­mos­cems re­ko­men­da­ci­ebs fi­nan­su­ri in­for­ma­
ci­is uty­u­a­ro­bis uz­run­vel­yo­fi­sa da par­tni­or­Ta kre­bis mi­er Se­
sar­Ce­vi au­di­to­ris­/a­u­di­to­ru­li fir­mis Se­sa­xeb.
9. au­di­tis ko­mi­te­ti sa­meT­val­yu­reo sab­Wos, mi­si arar­se­bo­bis Sem­
Txve­va­Si ki _ par­tni­or­Ta kre­bas, re­gu­la­ru­lad wa­rud­gens saq­mi­a­
no­bis Se­sa­xeb an­ga­riSs da da­u­yov­neb­liv aty­o­bi­nebs ma­Ti fun­qci­e­
bis gan­xor­ci­e­le­bi­sas war­mo­So­bi­li wi­na­aR­mde­go­be­bis Se­sa­xeb.
10. es mux­li ar vrcel­de­ba ko­mer­ci­ul ban­keb­ze, ro­mel­Ta saq­mi­a­no­
ba re­gu­lir­de­ba „ko­mer­ci­u­li ban­ke­bis saq­mi­a­no­bis Se­sa­xeb“ sa­qar­
Tve­los ka­no­niT, an­ga­riS­val­de­bul sa­war­mo­eb­ze, ro­mel­Ta saq­mi­a­
no­ba re­gu­lir­de­ba „fa­si­a­ni qa­Ral­de­bis baz­ris Se­sa­xeb“ sa­qar­Tve­
los ka­no­niT, mzRve­ve­leb­ze, ro­mel­Ta saq­mi­a­no­ba re­gu­lir­de­ba
„dazR­ve­vis Se­sa­xeb“ sa­qar­Tve­los ka­no­niT, sa­in­ves­ti­cio kom­pa­ni­
eb­ze, ro­mel­Ta saq­mi­a­no­ba re­gu­lir­de­ba „sa­in­ves­ti­cio fon­de­bis
Se­sa­xeb“ sa­qar­Tve­los ka­no­niT, da ara­sa­xel­mwi­fo sa­pen­sio sqe­mis
dam­fuZ­neb­leb­ze, ro­mel­Ta saq­mi­a­no­ba re­gu­lir­de­ba „a­ra­sa­xel­mwi­

113
 fo sa­pen­sio dazR­ve­vi­sa da uz­run­vel­yo­fis Se­sa­xeb“ sa­qar­Tve­los
ka­no­niT.

wi­nam­de­ba­re mux­li gan­sazR­vravs au­di­tis ko­mi­te­tis Seq­mnis val­de­bu­

le­bas da mis fun­qci­o­ni­re­bas­Tan da­kav­Si­re­bul nor­mebs. au­di­tis ko­mi­
te­ti mik­rop­ru­den­ci­u­li po­li­ti­kis mniS­vne­lo­va­ni in­stru­men­ti­a, ra­mac
un­da ga­zar­dos sa­zo­ga­do­e­bis mar­Tvis efeq­ti­a­no­ba­ze ze­dam­xed­ve­lo­ba
da Se­am­ci­ros in­di­vi­du­a­lu­ri sa­war­mos kra­xis ris­ke­bi.
gan­sa­xor­ci­e­le­be­li fun­qci­is Ta­vi­se­bu­re­be­bi­dan ga­mom­di­na­re, au­di­tis
ko­mi­te­tis wev­rTa xel­mZRva­ne­li pi­re­bi­sa­gan da­mo­u­ki­deb­lo­bas gan­sa­kuT­
re­bu­li mniS­vne­lo­ba ga­aC­ni­a. au­di­tis ko­mi­te­ti Sed­ge­ba sa­meT­val­yu­reo
sab­Wos mi­er ar­Ce­u­li wev­re­bi­sa­gan. ka­no­ni ase­ve, iT­va­lis­wi­nebs au­di­tis ko­
mi­te­tis Se­mad­gen­lo­ba­Si da­mo­uk ­ i­de­be­li wev­re­bis ar­se­bo­bas. amas­Ta­na­ve,
sa­qar­Tve­los ka­non­mdeb­lo­ba iZ­le­va ro­gorc or­sa­fe­xu­ri­a­ni, ise er­Tsa­fe­
xu­ri­a­ni kor­po­ra­ci­u­li mar­Tvis sis­te­mis Ca­mo­ya­li­be­bis Se­saZ­leb­lo­bas,
sa­dac ar ar­se­bobs sa­meT­val­yu­reo sab­Wo, ro­gorc sa­zo­ga­do­e­bis or­ga­no.
aseT sdp-Si Se­iq­mne­ba gan­cal­ke­ve­bu­li au­di­tis ko­mi­te­ti, ro­me­lic Sed­ge­ba
sa­er­To kre­bis mi­er gan­sazR­vru­li va­diT ar­Ce­u­li da­mo­uk ­ i­de­be­li wev­re­
bis­gan. ko­mi­tets saq­mi­a­no­bis or­ga­ni­za­ci­u­li ko­or­di­ni­re­bis miz­niT hyavs
Ta­vi­si Tav­mjdo­ma­re. ko­mi­te­tis Tav­mjdo­ma­res ko­mi­te­tis wev­re­bis­gan ir­
Cevs sa­meT­val­yu­reo sab­Wo, mi­si arar­se­bo­bis Sem­Txve­va­Si ki sa­er­To kre­ba.
au­di­tis ko­mi­te­ti mik­ro pru­den­ci­u­li ris­ke­bis­gan dac­vis pir­ve­li xa­
zi­a. ka­no­ni gan­sazR­vravs im Zi­ri­Tad sa­kiTx­ebs, ro­mel­Ta ze­dam­xed­ve­lo­
bis fun­qcia akis­ria au­di­tis ko­mi­tets da ad­gens ko­mi­te­tis mi­er re­ko­
men­da­ci­eb­ i­sa da saq­mi­a­no­bis an­ga­ri­Sis war­dge­nis val­de­bu­le­bas. ker­Zod,
au­di­tis ko­mi­te­tis kom­pe­ten­ci­as ga­ne­kuT­vne­ba:

114
mux­li 58. au­di­tor­Tan­/a­u­di­to­rul fir­mas­Tan da­de­bu­li
xel­Sek­ru­le­bi­dan gas­vla

1. sa­er­To kre­ba uf­le­ba­mo­si­lia mxo­lod sa­Ta­na­do sa­fuZ­vlis ar­se­

bo­bi­sas mi­i­Ros ga­dawy­ve­ti­le­ba au­di­tor­Tan­/a­u­di­to­rul fir­mas­
Tan da­de­bu­li xel­Sek­ru­le­bi­dan gas­vlis Se­sa­xeb. bu­Ral­tru­li
aR­ricx­vis war­mo­e­bi­sa da au­di­tis gan­xor­ci­e­le­bis pro­ce­du­re­bis
Se­sa­xeb az­rTa sxva­das­xva­o­ba ar Se­iZ­le­ba gax­des aR­niS­nu­li xel­Sek­
ru­le­bi­dan gas­vlis sa­fuZ­ve­li.
2. me­war­me, au­di­to­ri­/a­u­di­to­ru­li fir­ma val­de­bu­lia au­di­tor­Tan­/
a­u­di­to­rul fir­mas­Tan da­de­bu­li xel­Sek­ru­le­bi­dan gas­vli­sa da
Se­sa­ba­mi­si da­sa­bu­Te­bis Se­sa­xeb Se­aty­o­bi­nos sa­qar­Tve­los fi­nan­
sTa sa­mi­nis­tros sis­te­ma­Si Se­ma­val sa­xel­mwi­fo saq­ve­uwy­e­bo da­we­
se­bu­le­bas _ bu­Ral­tru­li aR­ricx­vis, an­ga­riS­ge­bi­sa da au­di­tis
ze­dam­xed­ve­lo­bis sam­sa­xurs.
3. sdp-is xme­bis an wi­le­bis­/aq­ci­e­bis 5 pro­cen­tis mflo­be­li par­tni­
o­ri­/aq­ci­o­ne­ri an aseT par­tni­or­Ta­/aq­ci­o­ner­Ta jgu­fi uf­le­ba­mo­
si­lia sa­Ta­na­do sa­fuZ­vlis ar­se­bo­bi­sas au­di­tor­Tan­/a­u­di­to­rul
fir­mas­Tan da­de­bu­li xel­Sek­ru­le­bi­dan gas­vlis moTx­ov­niT sa­sa­
mar­Tlos mi­mar­Tos.

ka­no­nis me-60 mux­li ad­gens au­di­to­ris­/a­u­di­to­rul fir­meb­Tan xel­

Sek­ru­le­bis Sewy­ve­tis ma­re­gu­li­re­bel nor­mebs. ker­Zod, sa­er­To kre­ba
uf­le­ba­mo­si­li iq­ne­ba, mxo­lod sa­Ta­na­do sa­fuZ­vlis ar­se­bo­bi­sas mi­i­Ros
ga­dawy­ve­ti­le­ba au­di­tor­Tan­/a­u­di­to­rul fir­mas­Tan da­de­bu­li xel­Sek­
ru­le­bi­dan gas­vlis Se­sa­xeb. ase­ve, sa­Ta­na­do sa­fuZ­vlis ar­se­bo­bi­sas, sa­sa­
mar­Tlos meS­ve­o­biT, xel­Sek­ru­le­bi­dan gas­vlis uf­le­ba eni­We­baT xme­bis
an wi­le­bis­/aq­ci­e­bis 5 pro­cen­tis mflo­be­lebs.
amis wi­nas­war amom­wu­ra­vad gan­Wvre­tis Se­uZ­leb­lo­bi­dan ga­mom­di­na­re,
ka­no­ni ar qmnis sa­Ta­na­do sa­fuZ­vel­Ta ka­ta­logs. sa­Ta­na­do sa­fuZ­vlis ar­
se­bo­ba un­da Se­fas­des in­di­vi­du­al­ u­rad, yo­vel kon­kre­tul Sem­Txve­va­Si,
Tum­ca, ka­no­nis Ta­nax­mad, bu­Ral­tru­li aR­ricx­vi­sa da au­di­tis gan­xor­ci­
e­le­bis pro­ce­du­re­bis Se­sa­xeb az­rTa sxva­das­xva­o­ba ar Se­iZ­le­ba miC­ne­ul
iq­nes aseT sa­fuZ­vlad.
ase­ve, dgin­de­ba ro­gorc me­war­mis, ise au­di­to­ris­/a­u­di­to­ru­li fir­mis
val­de­bu­le­ba, xel­Sek­ru­le­bi­dan gas­vlis Se­sa­xeb in­for­ma­ci­a, Se­sa­ba­mis
da­sa­bu­Te­bas­Tan er­Tad, wa­rud­gi­non bu­Ral­tru­li aR­ricx­vis, an­ga­riS­ge­
bi­sa da au­di­tis ze­dam­xed­ve­lo­bis sam­sa­xurs.

115
Ta­vi VIII. sa­me­war­meo sa­zo­ga­do­e­bis re­or­ga­ni­za­ci­a.
ucxo qve­ya­na­Si re­gis­tri­re­bu­li me­war­mis
re­gis­tra­ci­is sa­qar­Tve­lo­Si gad­mo­ta­na
 
mux­li 59. sa­me­war­meo sa­zo­ga­do­e­bis re­or­ga­ni­za­ci­is for­me­bi

1. da­saS­ve­bi­a, sa­me­war­meo sa­zo­ga­do­e­bis re­or­ga­ni­za­cia gan­xor­ci­el­

des Sem­de­gi for­me­biT:
a) sa­me­war­meo sa­zo­ga­do­e­bis gar­daq­mna;
b) sa­me­war­meo sa­zo­ga­do­e­be­bis Ser­wyma (mi­er­Te­ba an ga­er­Ti­a­ne­ba);
g) sa­me­war­meo sa­zo­ga­do­e­bis ga­yo­fa (da­yo­fa an ga­mo­yo­fa).
2. sa­zo­ga­do­e­bis re­or­ga­ni­za­ci­is Se­sa­xeb ga­dawy­ve­ti­le­ba­ze vrcel­
de­ba am ka­no­nis    82-e mux­lis me-2 pun­qtiT sa­me­war­meo sa­zo­ga­do­e­bis
lik­vi­da­ci­is­Tvis dad­ge­ni­li Sety­o­bi­ne­bis we­se­bi.
 

mux­li 60. sa­me­war­meo sa­zo­ga­do­e­bis gar­daq­mna

1. par­tni­or­Ta ga­dawy­ve­ti­le­bis sa­fuZ­vel­ze sa­me­war­meo sa­zo­ga­do­

e­ba Se­iZ­le­ba gar­da­iq­mnas sxva sa­mar­Tleb­ri­vi for­mis sa­me­war­meo
sa­zo­ga­do­e­bad. gar­daq­mnis Sem­deg sa­me­war­meo sa­zo­ga­do­e­ba ag­rZe­
lebs ar­se­bo­bas axa­li sa­mar­Tleb­ri­vi for­miT.
2. sa­me­war­meo sa­zo­ga­do­e­bis gar­daq­mnis Sem­Txve­va­Si axa­li sa­mar­
Tleb­ri­vi for­mis sa­me­war­meo sa­zo­ga­do­e­bis da­fuZ­ne­bas­Tan da­kav­
Si­re­biT am ka­no­niT dad­ge­ni­li moTx­ov­ne­bi ga­mo­i­ye­ne­ba gar­daq­mni­
li sa­me­war­meo sa­zo­ga­do­e­bis mi­marT.
3. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­o­re­bi, ko­
man­di­tu­ri sa­zo­ga­do­e­bis kom­ple­men­ta­re­bi so­li­da­ru­lad, pi­ra­
dad, mTe­li Ta­vi­an­Ti qo­ne­biT age­ben pa­suxs aR­niS­nu­li sa­me­war­meo
sa­zo­ga­do­e­bis im val­de­bu­le­be­bis­Tvis, rom­le­bic sa­me­war­meo sa­
zo­ga­do­e­bis gar­daq­mnam­de war­mo­iS­va, amas­Ta­na­ve, moTx­ov­na va­da­
mo­su­li gax­da mis gar­daq­mnam­de an mi­si gar­daq­mni­dan ara­ug­vi­a­nes
5 wli­sa.

ka­no­nis 59-e-­76-e mux­le­bi sa­me­war­meo sa­zo­ga­do­e­bis re­or­ga­ni­za­ci­is

(gar­daq­mna, Ser­wyma, ga­yo­fa) sa­kiTx­ebs awes­ri­gebs. amas­Tan, aR­niS­nu­li
nor­me­bi em­sa­xu­re­ba ev­ro­kav­Si­ris 2017/1132 di­req­ti­vis 87-e-­117-e (Ser­

116
wyma) da 135-e-­160-e (ga­yo­fa) mux­le­bis qar­Tul ka­non­mdeb­lo­ba­Si im­ple­
men­ta­ci­as, um­Tav­re­sad sa­aq­cio sa­zo­ga­do­e­be­bis­Tvis.
re­or­ga­ni­za­ci­a­Ta Ta­vis (VIII) zo­ga­di struq­tu­ra ase­Ti­a:

 re­or­ga­ni­za­ci­is sa­xe­e­bi;
 ga­dawy­ve­ti­le­ba re­or­ga­ni­za­ci­is Se­sa­xeb;
 ga­dawy­ve­ti­le­bis Si­na­ar­si, Tan­dar­Tu­li do­ku­men­te­bi;
 Ser­wyma/­ga­yo­fis geg­ma/­ss-is geg­mis Se­mow­me­ba;
 ss-is Ser­wyma/­ga­yo­fis an­ga­ri­Si;
 re­or­ga­ni­za­ci­is re­gis­tra­ci­a;
 ga­moq­vey­ne­bi­sa da Sety­o­bi­ne­bis we­se­bi;
 mi­no­ri­ta­re­bi/­kre­di­to­re­bi re­or­ga­ni­za­ci­a­Si;
 gan­sa­kuT­re­bu­li (ga­mar­ti­ve­bu­li) Sem­Txve­ve­bi.

re­or­ga­ni­za­ci­is miz­nis miR­we­va (sa­me­war­meo sa­zo­ga­do­e­bis qo­ne­bis an mi­

si na­wi­lis er­Ti sa­zo­ga­do­e­bi­dan me­o­re­Si (maT So­ris, sxva or­ga­ni­za­ci­ul­-
sa­mar­Tleb­ri­vi for­mis sa­war­mo­Si) ga­da­ta­na), Se­saZ­le­be­lia sa­zo­ga­do­eb ­ is
qo­ne­bis val­de­bu­le­biT­-sa­mar­Tleb­ri­vi ga­ri­ge­be­bis meS­ve­o­bi­Tac. ami­tom
re­or­ga­ni­za­cia war­mo­ad­gens ara sa­val­de­bu­lo an er­Ta­derT sa­Su­a­le­bas
am miz­nis mi­saR­we­vad, ara­med ga­mar­ti­ve­bul gzas um­ci­re­so­ba­Si myo­fi par­
tni­or ­ e­bi­sa da kre­di­to­re­bis in­te­re­se­bis dac­vis pi­ro­biT. am ga­re­mo­eb ­ is
gaT­va­lis­wi­ne­biT, re­or­ga­ni­za­ci­is sa­mar­Tleb­riv re­Jim­ze moq­me­debs amom­
wu­ra­vi Ca­mo­naT­va­lis prin­ci­pi _ e.i. da­saS­ve­bia mxo­lod re­or­ga­ni­za­ci­is
is sa­xe­e­bi da im su­bi­eq­te­bis mo­na­wi­le­o­biT, rac gan­sazR­vru­lia ka­no­niT.
re­or­ga­ni­za­ci­is pro­ce­sis de­ta­lu­ri mo­wes­ri­ge­bis au­ci­leb­lo­ba na­
kar­na­xe­via am pro­ces­Si sa­war­mos, kre­di­to­re­bi­sa da par­tni­o­re­bis sa­ka­
non­mdeb­lo dac­vis mi­ni­ma­lu­ri stan­dar­tis dad­ge­nis sa­Wi­ro­e­biT.
re­or­ga­ni­za­ci­is yve­la for­mis da­ma­xa­si­a­Te­be­li sa­er­To ni­Sa­nia is, rom
re­or­ga­ni­za­cia ar gu­lis­xmobs sa­me­war­meo sa­zo­ga­do­e­bis lik­vi­da­ci­as.
re­or­ga­ni­za­ci­e­bi Se­iZ­le­ba dav­yoT or sa­xed _ qo­ne­bis ga­da­ce­miT da ga­
da­ce­mis ga­re­Se. am uka­nas­knels mi­e­kuT­vne­ba gar­daq­mna, rom­lis dro­sac
sa­me­war­meo sa­zo­ga­do­e­ba (su­bi­eq­ti) ag­rZe­lebs ar­se­bo­bas sxva sa­mar­Tleb­
ri­vi for­miT, e.i. uz­run­vel­yo­fi­lia su­bi­eq­tis iden­tu­ro­ba gar­daq­mnam­
de da gar­daq­mnis Sem­deg (ix. me-60 mux­lis pir­ve­li pun­qti, me-2 win.) amas­
Tan, axa­li for­mis sa­zo­ga­do­e­ba un­da ak­ma­yo­fi­leb­des Se­sa­ba­mi­si or­ga­ni­
za­ci­ul­-sa­mar­Tleb­ri­vi for­mis­Tvis dad­ge­nil da­fuZ­ne­bis wi­na­pi­ro­bebs
(me-60 mux­lis me-2 pun­qti).

117
 yve­la re­or­ga­ni­za­ci­is dros, ro­me­lic mo­i­cavs qo­ne­bis ga­da­ce­mas, igi
xde­ba uni­ver­sa­lu­ri uf­le­ba­mo­nac­vle­o­bis for­miT, ka­no­nis Za­liT, Tum­
ca ne­ba­yof­lo­biT _ sa­war­mo­Ta ga­dawy­ve­ti­le­bis sa­fuZ­vel­ze.
59-e mux­lis me-2 pun­qtis lik­vi­da­ci­is­Tvis dad­ge­nil wess, Se­mo­sav­le­
bis sam­sa­xu­ris in­for­mi­re­bis Ta­o­ba­ze, re­or­ga­ni­za­ci­az ­ ec av­rce­lebs.
vfiq­robT, ka­non­mde­be­li am gziT cdi­lobs qo­neb­ri­vi mdgo­ma­re­o­bis ga­u­
a­re­se­biT, ka­pi­ta­lis dac­vis sxva­das­xva xa­ris­xi­Ta an par­tni­or­Ta pa­su­xis­
mgeb­lo­bis for­mis cvli­le­biT war­mo­So­bi­li ris­ke­bis Ta­vi­dan aci­le­bas.
me-60 mux­lis me-3 pun­qti exe­ba Sem­Txve­vebs, ro­ca gar­daq­mnis Se­de­gad
am­xa­na­gu­ri ti­pis sa­zo­ga­do­e­ba ka­pi­ta­lu­ri ti­pis sa­zo­ga­do­e­bad gar­da­iq­
mne­ba. Se­sa­ba­mi­sad ic­vle­ba sa­war­mos val­de­bu­le­be­bis­Tvis par­tni­or­Ta
pa­su­xis­mgeb­lo­bis for­ma. nor­ma zRu­davs, gar­daq­mnam­de (re­gis­tra­ci­am­
de) war­mo­So­bi­li, val­de­bu­le­be­bis­Tvis yo­fi­li par­tni­o­re­bis pa­su­xis­
mgeb­lo­bas. val­de­bu­le­bis war­mo­So­ba gu­lis­xmobs val­de­bu­le­bis sa­mar­
Tleb­ri­vi sa­fuZ­vlis war­mo­So­bas (mag. xel­Sek­ru­le­bis da­de­ba, de­liq­tu­
ri zi­a­nis war­mom­So­bi moq­me­de­bis gan­xor­ci­e­le­ba). yo­fi­li pi­ra­dad pa­su­
xis­mge­be­li par­tni­o­re­bi gar­daq­mnam­de war­mo­So­bi­li val­de­bu­le­bis­Tvis
pa­suxs ar age­ben Tu­ki val­de­bu­le­bi­dan ga­mom­di­na­re moTx­ov­ne­bis Ses­ru­
le­bis va­da re­or­ga­ni­za­ci­is re­gis­tra­ci­i­dan 5 wlis Sem­deg dad­ga.

 
mux­li 61. ga­dawy­ve­ti­le­ba gar­daq­mnis Se­sa­xeb

1. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si, ko­man­di­tur sa­zo­

ga­do­e­ba­Si gar­daq­mnis Se­sa­xeb ga­dawy­ve­ti­le­ba mi­i­Re­ba yve­la par­
tni­o­ris Tan­xmo­biT. wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des am ga­dawy­
ve­ti­le­bis ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis sul mci­re 3/4-is um­rav­
le­so­biT mi­Re­bas.
2. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis, sa­aq­cio sa­zo­ga­do­
e­bis an ko­o­pe­ra­ti­vis so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­
bad gar­daq­mnis Sem­Txve­va­Si gar­daq­mnis Se­sa­xeb ga­dawy­ve­ti­le­ba mi­
i­Re­ba  yve­la par­tni­o­ris Tan­xmo­biT, xo­lo ko­man­di­tur sa­zo­ga­do­
e­bad gar­daq­mnis Sem­Txve­va­Si _ ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis 3/4-is
um­rav­le­so­biT, im pi­ro­biT, rom am ga­dawy­ve­ti­le­bas xmas mis­cems
yve­la is par­tni­o­ri, ro­me­lic kom­ple­men­ta­ri un­da gax­des.
3. am mux­lis pir­ve­li da me-2 pun­qte­biT gaT­va­lis­wi­ne­bu­li Sem­Txve­
ve­bis gar­da, gar­daq­mnis Se­sa­xeb ga­dawy­ve­ti­le­ba mi­i­Re­ba ken­Wis­yra­

118
 Si mo­na­wi­le­Ta xme­bis 3/4-is um­rav­le­so­biT. sa­aq­cio sa­zo­ga­do­e­ba­Si
gar­daq­mnis Se­sa­xeb ga­dawy­ve­ti­le­ba mi­i­Re­ba ken­Wis­yra­Si mo­na­wi­le­
Ta xme­bis 3/4-is um­rav­le­so­biT, xo­lo sxva­das­xva kla­sis aq­ci­e­bis
ar­se­bo­bi­sas _ Ti­To­e­u­li kla­sis aq­ci­e­bis mflo­bel­Ta xme­bis 3/4-is
um­rav­le­so­biT, Tu wes­de­biT xma­Ta uf­ro di­di ra­o­de­no­ba ar aris
gaT­va­lis­wi­ne­bu­li.
4. xel­mZRva­nel­ma or­ga­nom yve­la par­tni­ors sa­er­To kre­bis mo­saw­vev­
Tan er­Tad un­da ga­ug­zav­nos Se­saq­mne­li sa­me­war­meo sa­zo­ga­do­e­bis
da­sam­tki­ce­be­li wes­de­bis pro­eq­ti da we­ri­lo­bi­Ti an­ga­ri­Si, ro­
mel­Sic asa­xu­lia sa­me­war­meo sa­zo­ga­do­e­bis gar­daq­mnis mi­ze­ze­bi da
miz­ne­bi. im sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos ga­dawy­
ve­ti­le­biT, ro­mel­sac 100-ze me­ti aq­ci­o­ne­ri hyavs, sa­er­To kre­ba
Se­iZ­le­ba mow­ve­ul iq­nes Se­sa­ba­mi­si in­for­ma­ci­is ga­moq­vey­ne­biT,
xo­lo an­ga­ri­Si xel­mi­saw­vdo­mi un­da gax­des sa­aq­cio sa­zo­ga­do­e­bis
ad­mi­nis­tra­ci­is Se­no­ba­Si Tval­sa­Ci­no ad­gil­ze da sa­aq­cio sa­zo­ga­
do­e­bis veb­gver­dze (ar­se­bo­bis Sem­Txve­va­Si) gan­Tav­se­biT. an­ga­ri­Sis
war­dge­na sa­val­de­bu­lo ar aris, Tu sa­me­war­meo sa­zo­ga­do­e­bas mxo­
lod er­Ti par­tni­o­ri hyavs an yve­la par­tni­o­ri we­ri­lo­biT uars
ga­nacx­a­debs an­ga­ri­Sis war­dge­na­ze.
5. gar­daq­mnis Se­sa­xeb ga­dawy­ve­ti­le­ba­Si mi­Ti­Te­bu­li un­da iyos:
a) sa­me­war­meo sa­zo­ga­do­e­bis axa­li sa­mar­Tleb­ri­vi for­ma;
b) sa­me­war­meo sa­zo­ga­do­e­bis axa­li sa­fir­mo sa­xel­wo­de­ba;
g) in­for­ma­cia Se­saq­mne­li sa­me­war­meo sa­zo­ga­do­e­bis wes­de­bis pro­
eq­tis Se­sa­xeb. es pro­eq­ti un­da da­er­Tos gar­daq­mnis Se­sa­xeb ga­dawy­
ve­ti­le­bas;
d) Se­saq­mnel sa­me­war­meo sa­zo­ga­do­e­ba­Si wi­lis mi­kuT­vne­bis pi­ro­be­
bi da fu­lad kom­pen­sa­ci­as­Tan (ar­se­bo­bis Sem­Txve­va­Si) da­kav­Si­re­
bu­li pi­ro­be­bi, maT So­ris, uf­le­be­bi, rom­leb­sac Se­saq­mne­li sa­me­
war­meo sa­zo­ga­do­e­ba ani­Webs wi­le­bis­/aq­ci­e­bis (gar­da Cve­u­leb­ri­vi
aq­ci­e­bi­sa) mflo­be­lebs, ag­reT­ve im par­tni­o­rebs, ro­mel­Ta wi­leb­s/
aq­ci­ebs gan­sa­kuT­re­bu­li uf­le­be­bi hqon­da mi­ni­We­bu­li, da sxva fa­
si­a­ni qa­Ral­de­bis mflo­be­lebs, an am pir­Ta mi­marT Se­Ta­va­ze­bu­li
zo­me­bi;
e) ga­dawy­ve­ti­le­ba xel­mZRva­ne­li pi­re­bis da­niS­vni­sa da sa­meT­val­
yu­reo sab­Wos wev­re­bis ar­Ce­vis Se­sa­xeb, Tu ma­Ti ar­se­bo­ba au­ci­le­
be­lia Se­saq­mne­li sa­me­war­meo sa­zo­ga­do­e­bis­Tvis. es ga­dawy­ve­ti­le­
ba un­da da­er­Tos gar­daq­mnis Se­sa­xeb ga­dawy­ve­ti­le­bas.

119
 6. gar­daq­mnis Se­sa­xeb sa­me­war­meo sa­zo­ga­do­e­bis par­tni­or­Ta ga­dawy­
ve­ti­le­ba un­da da­mow­mdes am ka­no­nis me-4 mux­lis me-3 pun­qtis Se­sa­
ba­mi­sad.

mux­lis pir­ve­li pun­qti ad­gens am­xa­na­gu­ri ti­pis sa­zo­ga­do­e­be­bis­Tvis

yve­la par­tni­or ­ is mi­er ga­dawy­ve­ti­le­bis mi­Re­bis wess da gan­sazR­vravs sa­
wes­de­bo av­to­no­mi­is far­glebs.
me-2 pun­qtiT ga­ni­sazR­vre­ba ka­pi­ta­lur sa­zo­ga­do­e­beb­Si am­xa­na­gur sa­
zo­ga­do­e­bad gar­daq­mnis Se­sa­xeb ga­dawy­ve­ti­le­bis mi­Re­bis­Tvis au­ci­le­be­li
um­rav­le­so­bis moTx­ov­ne­bi. gan­sa­kuT­re­bu­li dac­viT sar­geb­lo­ben ko­man­di­
te­bi, rom­le­bic gar­daq­mnil sa­zo­ga­do­e­ba­Si kom­ple­men­ta­re­bi un­da gax­dnen.
me-3 pun­qti gar­daq­mnis da­nar­Cen (gar­da pir­ve­li da me-2 pun­qtiT gan­
sazR­vru­li­sa) Sem­Txve­veb­Si kva­li­fi­ci­u­ri um­rav­le­so­bis moTx­ov­nas gan­
sazR­vravs. sa­aq­cio sa­zo­ga­do­e­beb­Si, ro­mel­Tac sxva­das­xva kla­sis aq­ci­e­
bi (wi­le­bi) aqvT, kva­li­fi­ci­u­ri um­rav­le­so­bis gar­da, sxva­das­xva kla­sis
Se­sa­ba­mi­si ka­pi­ta­lis mflo­bel­Ta ¾-is Tan­xmo­bac au­ci­le­be­lia1. da­na­we­
sis mi­za­ni­a, sxva­das­xva kla­sis aq­ci­a­Ta mflo­be­le­bis uf­le­be­bis dac­va _
ma­Ti in­ves­ti­ci­is ga­u­fa­su­re­bis Ta­vi­dan aci­le­bis miz­niT.
me-4 pun­qti par­tni­o­re­bis mi­er in­for­mi­re­bu­li ga­dawy­ve­ti­le­bis mi­Re­
bas em­sa­xu­re­ba da xel­mZRva­nel or­ga­no­Ta mi­er re­or­ga­ni­za­ci­is sa­me­war­
meo mi­zan­Se­wo­ni­lo­bis da­sa­bu­Te­bis val­de­bu­le­bas ad­gens.
me-5 pun­qti gar­daq­mnis Se­sa­xeb ga­dawy­ve­ti­le­bis mi­ni­ma­lur Si­na­arss
gan­sazR­vravs. maT So­ris, gar­daq­mnil sa­me­war­meo sa­zo­ga­do­e­ba­Si, par­tni­
or­Ta wi­le­bi­dan, aq­ci­e­bi­dan da sxva fa­si­an ­ i qa­Ral­de­bi­dan ga­mom­di­na­re
uf­le­bis eკ­vi­va­len­tu­ro­bis uz­run­vel­sa­yo­fad.

mux­li 62. gar­daq­mnis pi­ro­be­bi

gar­daq­mnil sa­me­war­meo sa­zo­ga­do­e­ba­Si par­tni­o­ris wi­li un­da iyos im

wi­lis pro­por­ci­u­li, ro­me­lic mas hqon­da wi­na sa­me­war­meo sa­zo­ga­do­e­ba­
Si. sxva Sem­Txve­va­Si sa­me­war­meo sa­zo­ga­do­e­bis par­tni­o­reb­ma gar­daq­mnis
Se­sa­xeb ga­dawy­ve­ti­le­ba er­Txmad un­da mi­i­Ron.

1
შესაძლებელად მიგვაჩნია მოთხოვნის შედარებით გამარტივება. კერძოდ, მაგ. 66-ე
მუხლის მე-3 პუნქტი რეორგანიზაციის სხვა შემთხვევებისთვის მოითხოვს აქციათა
მხოლოდ იმ კლასის მფლობელთა ხმების ¾-ის თანხმობას, რომელთა „უფლებებზე გავლენას
ახდენს შერწყმის/გაყოფის შესახებ გადაწყვეტილება“.

120
  62-e mux­li ad­gens pro­por­ci­ul ­ o­bis dac­vis prin­cips gar­daq­mnil sa­
zo­ga­do­e­ba­Si. Tu­ki pro­por­ci­u­lo­ba ar aris da­cu­li, ga­dawy­ve­ti­le­ba
gar­daq­mnis Se­sa­xeb par­tni­or­Ta mi­er er­Txmad un­da iq­nas mi­Re­bu­li. es
moTx­ov­na ma­Si­nac moq­me­debs, ro­ca 61-e mux­li ar ad­gens ga­dawy­ve­ti­le­bis
er­Txmad mi­Re­bas. pro­por­ci­ul ­ o­bis prin­ci­pis dac­va far­Tod un­da iq­nas
ga­ge­bu­li. ker­Zod, er­Txmad ga­dawy­ve­ti­le­bis mi­Re­ba sa­Wi­roa mxo­lod ma­
Sin, ro­ca, eko­no­mi­ku­ri Tval­saz­ri­siT, par­tni­o­ris­Tvis Se­Ta­va­ze­bu­li
mo­na­wi­le­o­bis sa­xe aS­ka­rad arap­ro­por­ci­u­lia gar­daq­mnam­de mi­si mo­na­wi­
le­o­bi­sa sa­me­war­meo sa­zo­ga­do­e­ba­Si mis gar­daq­mnam­de.

mux­li 63. gar­daq­mnis Se­sa­xeb ga­dawy­ve­ti­le­bis ga­moq­vey­ne­ba

gar­daq­mnis Se­sa­xeb sa­me­war­meo sa­zo­ga­do­e­bis par­tni­or­Ta ga­dawy­ve­ti­

le­ba un­da ga­moq­vey­ndes am ka­no­nis me-13 mux­lis me-4 pun­qtis Se­sa­ba­mi­sad.
 

mux­li 64. gar­daq­mnis re­gis­tra­cia

1. gar­daq­mnis re­gis­tra­ci­is uz­run­vel­sa­yo­fad xel­mZRva­nel­ma or­ga­

nom ma­re­gis­tri­re­bel or­ga­nos un­da wa­rud­gi­nos gan­cxa­de­ba sa­me­
war­meo sa­zo­ga­do­e­bis gar­daq­mnis Se­sa­xeb.
2. sa­me­war­meo sa­zo­ga­do­e­bis gar­daq­mnis Se­sa­xeb gan­cxa­de­bas xels un­
da awer­dnen uf­le­ba­mo­si­li pi­re­bi.
3. sa­me­war­meo sa­zo­ga­do­e­bis gar­daq­mnis Se­sa­xeb gan­cxa­de­bas un­da er­
To­des Sem­de­gi do­ku­men­te­bi:
a) sa­me­war­meo sa­zo­ga­do­e­bis par­tni­or­Ta ga­dawy­ve­ti­le­ba gar­daq­
mnis Se­sa­xeb;
b) am ka­no­nis 61-e mux­lis me-5 pun­qtis Se­sa­ba­mi­sad sa­me­war­meo sa­zo­ga­
do­e­bis par­tni­or­Ta ga­dawy­ve­ti­le­bis­Tvis dar­Tu­li do­ku­men­te­bi;
g) mo­na­ce­me­bi par­tni­or­Ta vi­na­o­bi­sa da gar­daq­mnil sa­me­war­meo sa­
zo­ga­do­e­ba­Si (gar­da ko­o­pe­ra­ti­vi­sa da sa­aq­cio sa­zo­ga­do­e­bi­sa) ma­
Ti wi­le­bis Se­sa­xeb.
4. sa­me­war­meo sa­zo­ga­do­e­bam sa­me­war­meo sa­zo­ga­do­e­bis gar­daq­mnis Se­
sa­xeb   gan­cxa­de­bas­Tan   er­Tad   un­da   wa­rad­gi­nos   yve­la   sxva
do­ku­men­ti da mo­na­ce­mi, rom­le­bic sa­Wi­roa axa­li sa­mar­Tleb­ri­vi
for­mis sa­me­war­meo sa­zo­ga­do­e­bis da­fuZ­ne­bis­Tvis.

121
 5. gar­daq­mna Za­la­Si Se­dis mi­si re­gis­tra­ci­is mo­men­ti­dan. gar­daq­mnis
re­gis­tra­ci­is Sem­deg gar­daq­mnis Se­sa­xeb sa­me­war­meo sa­zo­ga­do­e­bis
par­tni­or­Ta ga­dawy­ve­ti­le­bis ba­Ti­lo­ba­ze mi­Ti­Te­ba da­uS­ve­be­li­a.
6. sa­me­war­meo sa­zo­ga­do­e­bis gar­daq­mnis re­gis­tra­ci­is Se­sa­xeb gan­cxa­
de­ba ma­re­gis­tri­re­bel or­ga­nos Se­iZ­le­ba wa­red­gi­nos gar­daq­mnis
Se­sa­xeb sa­me­war­meo sa­zo­ga­do­e­bis par­tni­or­Ta ga­dawy­ve­ti­le­bis ga­
moq­vey­ne­bi­dan 1 Tvis Sem­deg. am va­dis dac­va sa­val­de­bu­lo ar aris,
Tu yve­la par­tni­o­ri we­ri­lo­biT uars ga­nacx­a­debs ga­sa­Civ­re­bis
uf­le­bis ga­mo­ye­ne­ba­ze, rac un­da da­mow­mdes am ka­no­niT wes­de­ba­ze
xel­mo­we­ris da­mow­me­bis­Tvis dad­ge­ni­li we­siT. kre­di­tor­Ta uf­le­
be­bi ga­ni­sazR­vre­ba am ka­no­nis 74-e mux­liT.
7. sa­qar­Tve­los ka­non­mdeb­lo­biT gaT­va­lis­wi­ne­bul Sem­Txve­veb­Si ma­
re­gis­tri­re­bel or­ga­nos un­da wa­red­gi­nos Se­sa­ba­mi­si ad­mi­nis­tra­
ci­u­li or­ga­nos Tan­xmo­ba.
 
pro­ce­du­ru­li sa­kiTx­e­bis mo­wes­ri­ge­bas­Tan er­Tad, mux­lis (ix. 64-e
mux­lis me-6 pun­qti) mi­za­ni­a, ga­mo­ricx­os da­re­gis­tri­re­bu­li re­or­ga­ni­
za­ci­is nam­dvi­lo­bis­Tvis saf­rTxis Seq­mnis al­ba­To­ba.
me-6 pun­qtSi mo­ce­mu­li va­da gar­daq­mnis Se­sa­xeb ga­dawy­ve­ti­le­bis ga­
sa­Civ­re­bis ga­mom­ricx­av va­das war­mo­ad­gens. mi­si amo­wur­vis Sem­deg gar­
daq­mnis re­gis­tra­ci­is ­ a da Za­la­Si Ses­vlis sa­mar­Tleb­ri­vi ba­ri­e­ri aRar
ar­se­bobs. kre­di­to­re­bis Se­saZ­lo moTx­ov­ne­bi ar war­mo­ad­gens aseT wi­na­
Ro­bas. ma­Ti moTx­ov­ne­bis gan­xor­ci­e­le­bis Se­saZ­leb­lo­ba dad­ge­ni­lia 75-e
mux­liT, ro­me­lic, maT mi­er gar­daq­mnis dab­rko­le­bis uf­le­bas ar gu­lis­
xmobs.

mux­li 65. sa­me­war­meo sa­zo­ga­do­e­be­bis Ser­wyma da

sa­me­war­meo sa­zo­ga­do­e­bis ga­yo­fa

1. er­Ti an er­Tze me­ti sa­me­war­meo sa­zo­ga­do­e­ba (Sem­dgom _ mi­er­Te­bu­

li sa­me­war­meo sa­zo­ga­do­e­ba) lik­vi­da­ci­is pro­ce­du­ris dawy­e­bis ga­
re­Se Se­iZ­le­ba mi­u­er­Tdes sxva sa­me­war­meo sa­zo­ga­do­e­bas (Sem­dgom
_ Sem­Ze­ni sa­me­war­meo sa­zo­ga­do­e­ba) mis­Tvis sa­ku­Ta­ri aq­ti­ve­bi­sa da
val­de­bu­le­be­bis sru­lad ga­da­ce­miT, ris sa­nac­vlo­dac mi­er­Te­bu­
li sa­me­war­meo sa­zo­ga­do­e­bis par­tni­o­re­bi mi­i­Re­ben wi­lebs Sem­Zen
sa­me­war­meo sa­zo­ga­do­e­ba­Si.

122
2. ori an or­ze me­ti sa­me­war­meo sa­zo­ga­do­e­ba (Sem­dgom _ ga­er­Ti­a­ne­bu­li
sa­me­war­meo sa­zo­ga­do­e­be­bi) lik­vi­da­ci­is pro­ce­du­ris dawy­e­bis ga­re­
Se Se­iZ­le­ba ga­er­Ti­an­des axa­li sa­me­war­meo sa­zo­ga­do­e­bis da­fuZ­ne­
biT (Sem­dgom _ ga­er­Ti­a­ne­bu­li sa­me­war­meo sa­zo­ga­do­e­ba), ro­mel­sac
ka­no­nis Za­liT sru­lad ga­da­e­ce­ma ga­er­Ti­a­ne­bu­li sa­me­war­meo sa­zo­ga­
do­e­be­bis aq­ti­ve­bi da val­de­bu­le­be­bi, ris sa­nac­vlo­dac ga­er­Ti­a­ne­
bu­li sa­me­war­meo sa­zo­ga­do­e­be­bis par­tni­o­re­bi mi­i­Re­ben wi­lebs ga­er­
Ti­a­ne­bul sa­me­war­meo sa­zo­ga­do­e­ba­Si. aq­ti­ve­bi­sa da val­de­bu­le­be­bis
ga­da­ce­ma Za­la­Si Se­dis am ka­no­nis 67-e mux­lis me-2 pun­qtis „i“ qve­pun­
qtiT an me-4 da me-5 pun­qte­biT dad­ge­ni­li we­se­bis Se­sa­ba­mi­sad.
3. sa­me­war­meo sa­zo­ga­do­e­bas, ro­me­lic un­da da­i­yos, Se­uZ­lia Ta­vi­si
aq­ti­ve­bi­sa da val­de­bu­le­be­bis na­wi­le­bi ka­no­nis Za­liT sru­lad ga­
das­ces:
a) da­yo­fis Se­de­gad ax­lad da­fuZ­ne­bul or an or­ze met sa­me­war­meo
sa­zo­ga­do­e­bas (da­yo­fa da­fuZ­ne­biT);
b) uk­ve ar­se­bul or an or­ze met sa­me­war­meo sa­zo­ga­do­e­bas (da­yo­fa
Se­Ze­niT).
4. sa­me­war­meo sa­zo­ga­do­e­bas, rom­lis­ga­nac ga­mo­i­yo­fa sa­me­war­meo sa­
zo­ga­do­e­ba, Se­uZ­lia Ta­vi­si aq­ti­ve­bi­sa da val­de­bu­le­be­bis na­wi­li/­
na­wi­le­bi ga­das­ces:
a) ga­mo­yo­fis Se­de­gad ax­lad da­fuZ­ne­bul erT an er­Tze met sa­me­
war­meo sa­zo­ga­do­e­bas (ga­mo­yo­fa da­fuZ­ne­biT);
b) uk­ve ar­se­bul erT an er­Tze met sa­me­war­meo sa­zo­ga­do­e­bas (ga­mo­
yo­fa Se­Ze­niT).
5. am mux­lis pir­ve­lig­me-4 pun­qte­biT gaT­va­lis­wi­ne­bul Sem­Txve­veb­Si
ga­er­Ti­a­ne­bul sa­me­war­meo sa­zo­ga­do­e­ba­Si/­Sem­Zen sa­me­war­meo sa­zo­
ga­do­e­ba­Si yo­fi­li sa­me­war­meo sa­zo­ga­do­e­bis­/sa­me­war­meo sa­zo­ga­do­
e­be­bis par­tni­o­rebs uf­le­ba aqvT, wi­le­bis gar­da, mi­i­Ron Se­sa­ba­mi­si
fu­la­di anazR­a­u­re­ba, Tu wi­le­bis ga­dac­vlis Ta­na­far­do­bis dac­va
Se­uZ­le­be­li­a. sa­aq­cio sa­zo­ga­do­e­bis Sem­Txve­va­Si fu­la­di anazR­a­u­
re­ba ar un­da aRe­ma­te­bo­des Ser­wymis­/ga­yo­fis miz­ne­bis­Tvis par­tni­
o­reb­ze ga­sa­ce­mi wi­le­bis no­mi­na­lu­ri Ri­re­bu­le­bis 10 pro­cents,
xo­lo Tu wi­lebs no­mi­na­lu­ri Ri­re­bu­le­ba ar aqvs _ am ka­no­nis 156-e
mux­lis me-2 pun­qtiT dad­ge­ni­li Ri­re­bu­le­bis 10 pro­cents.
6. da­uS­ve­be­lia Sem­Ze­ni sa­aq­cio sa­zo­ga­do­e­bis aq­ci­e­bis ga­ce­ma ga­yo­
fi­li sa­aq­cio sa­zo­ga­do­e­bis­/mi­er­Te­bu­li sa­aq­cio sa­zo­ga­do­e­bis im
aq­ci­e­bis sa­nac­vlod, ro­mel­Ta mflo­be­li­a:

123
 a) Sem­Ze­ni sa­aq­cio sa­zo­ga­do­e­ba an is pi­ri, ro­me­lic sa­ku­Ta­ri sa­xe­
liT da Sem­Ze­ni sa­aq­cio sa­zo­ga­do­e­bis da­va­le­biT moq­me­debs;
b) ga­yo­fi­li sa­aq­cio sa­zo­ga­do­e­ba/­mi­er­Te­bu­li sa­aq­cio sa­zo­ga­do­e­
ba an is pi­ri, ro­me­lic sa­ku­Ta­ri sa­xe­liT da ga­yo­fi­li sa­aq­cio sa­zo­
ga­do­e­bis­/mi­er­Te­bu­li sa­aq­cio sa­zo­ga­do­e­bis da­va­le­biT moq­me­debs.
7. Ser­wyma/­ga­yo­fa daS­li­li sa­me­war­meo sa­zo­ga­do­e­bis mi­marT Se­iZ­le­
ba gan­xor­ci­el­des im Sem­Txve­va­Si, Tu am sa­me­war­meo sa­zo­ga­do­e­bis
qo­ne­bis par­tni­o­rebs So­ris ga­na­wi­le­ba ar dawy­e­bu­la.
8. Ser­wyma­Si/­ga­yo­fa­Si mo­na­wi­le sa­me­war­meo sa­zo­ga­do­e­bebs Se­iZ­le­ba
sxva­das­xva sa­mar­Tleb­ri­vi for­ma hqon­des.
9. Ser­wymis­/ga­yo­fis Sem­Txve­va­Si ga­er­Ti­a­ne­bu­li sa­me­war­meo sa­zo­ga­
do­e­bis­/mi­er­Te­bu­li sa­me­war­meo sa­zo­ga­do­e­bis­/da­yo­fi­li sa­me­war­
meo sa­zo­ga­do­e­bis re­gis­tra­cia uq­mde­ba lik­vi­da­ci­is pro­ce­du­ris
dawy­e­bis ga­re­Se, xo­lo mi­si aq­ti­ve­bi da val­de­bu­le­be­bi sru­lad ga­
da­e­ce­ma ga­er­Ti­a­ne­bul sa­me­war­meo sa­zo­ga­do­e­bas­/Sem­Zen sa­me­war­meo
sa­zo­ga­do­e­bas­/ax­lad da­fuZ­ne­bul sa­me­war­meo sa­zo­ga­do­e­bas.
10. Ser­wymis Sem­Txve­va­Si ga­er­Ti­a­ne­bu­li sa­me­war­meo sa­zo­ga­do­e­ba/­Sem­
Ze­ni sa­me­war­meo sa­zo­ga­do­e­ba pa­suxs agebs yve­la val­de­bu­le­bis­
Tvis, rom­le­bic hqon­daT Ser­wymul sa­me­war­meo sa­zo­ga­do­e­bebs.
ga­yo­fis Sem­Txve­va­Si ax­lad da­fuZ­ne­bu­li sa­me­war­meo sa­zo­ga­do­e­ba/­
Sem­Ze­ni sa­me­war­meo sa­zo­ga­do­e­ba ga­yo­fi­li sa­me­war­meo sa­zo­ga­do­e­
bis val­de­bu­le­be­bis­Tvis pa­suxs agebs so­li­da­ru­lad. es pa­su­xis­
mgeb­lo­ba izR­u­de­ba ga­yo­fiT mis­Tvis mi­kuT­vne­bu­li wmin­da aq­ti­vis
ode­no­biT.
 
Ser­wyma mo­i­cavs or sa­xes _ mi­er­Te­bas (Ser­wyma Se­Ze­niT) da ga­er­Ti­an
­ e­
bas (Ser­wyma da­fuZ­ne­biT):

 mi­er­Te­bis dros er­Ti an me­ti sa­me­war­meo sa­zo­ga­do­e­ba (mi­er­Te­bu­li

sa­me­war­meo sa­zo­ga­do­e­ba) lik­vi­da­ci­is ga­re­Se uer­Tde­ba ar­se­bul
sxva sa­me­war­meo sa­zo­ga­do­e­bas (Sem­Zen sa­me­war­meo sa­zo­ga­do­eb ­ as)
da ga­das­cems mas mTel Ta­vis aq­ti­veb­sa da val­de­bu­le­bebs. sa­nac­
vlod, mi­er­Te­bu­li sa­me­war­meo sa­zo­ga­do­e­bis par­tni­o­re­bi iRe­ben
wi­lebs Sem­Zen sa­me­war­meo sa­zo­ga­do­eb ­ a­Si.
 ga­er­Ti­a­ne­bis Sem­Txve­va­Si ori an me­ti sa­me­war­meo sa­zo­ga­do­e­ba (ga­
er­Ti­a­ne­bu­li sa­me­war­meo sa­zo­ga­do­e­be­bi) lik­vi­da­ci­is ga­re­Se er­
Ti­an­de­bi­an axa­li sa­me­war­meo sa­zo­ga­do­e­bis da­fuZ­ne­bis gziT. axal

124
 sa­me­war­meo sa­zo­ga­do­e­bas ga­da­e­ce­ma ga­er­Ti­a­ne­bu­li sa­me­war­meo
sa­zo­ga­do­eb
­ e­bis mTe­li aq­ti­ve­bi da val­de­bu­le­be­bi uni­ver­sa­lu­ri
uf­le­ba­mo­nac­vle­o­bis gziT. sa­nac­vlod, ga­er­Ti­a­ne­bu­li sa­me­war­
meo sa­zo­ga­do­eb ­ e­bis par­tni­o­re­bi iRe­ben wi­lebs axal sa­me­war­meo
sa­zo­ga­do­eb
­ a­Si.

ga­yo­fa re­or­ga­ni­za­ci­is ki­dev uf­ro kom­pleq­su­ri for­ma­a. qo­ne­bis ga­

da­ta­na­ze aqac moq­me­debs uni­ver­sa­lu­ri uf­le­ba­mo­nac­vle­o­bis da ne­ba­
yof­lo­bi­To­bis prin­ci­pi. Tum­ca, ker­Zo av­to­no­mi­is far­gleb­Si, ga­ri­ge­
biT (ga­dawy­ve­ti­le­biT) ga­ni­sazR­vre­ba is qo­ne­ba, ro­me­lic da­eq­vem­de­ba­re­
ba uni­ver­sa­lu­ri uf­le­ba­mo­nac­vle­o­biT ga­da­ce­mas.
ga­yo­fis ori um­Tav­re­si for­maa _ da­yo­fa da ga­mo­yo­fa. ori­ve sa­xe, Ta­
vis mxriv, mo­i­cavs da­fuZ­ne­biT da mi­er­Te­biT for­mebs. ase­ve da­saS­ve­bia
kom­bi­ni­re­bu­li for­ma, e.i. qo­ne­bis er­Ti na­wi­liT mi­er­Te­ba, me­o­re­Ti ki _
da­fuZ­ne­ba.
me-5 pun­qti mo­i­cavs da­ma­te­biT fu­lad ga­dax­das ga­dac­vlis pro­por­
ci­u­lo­bis maq­si­ma­lu­ri dac­vis miz­niT, ro­ca mxo­lod wi­le­bis ga­dac­
vliT amis miR­we­va Se­uZ­le­be­li­a. sa­ka­non­mdeb­lo kon­cef­ci­iT, qo­ne­bis
mim­Re­bi sa­me­war­meo sa­zo­ga­do­e­bis mxri­dan, qo­ne­bis ga­da­ce­mis sa­nac­vlo,
„Ses­ru­le­bas“ war­mo­ad­gens mo­na­wi­le­o­ba qo­ne­bis mim­Re­bi sa­zo­ga­do­eb ­ is
ka­pi­tal­Si da ara sxvag­va­ri anazR­a­u­re­ba. Se­sa­ba­mi­sad, fu­lad ga­dax­das
da­ma­te­bi­Ti, Se­mav­se­be­li fun­qcia aqvs. Tum­ca, Tan­xis mim­Re­bi par­tni­o­
ris Tan­xmo­bis Sem­Txve­va­Si, ga­dawy­ve­ti­le­ba Se­iZ­le­ba iT­va­lis­wi­neb­des
wi­lis Ri­re­bu­le­bis sru­lad fu­la­di sa­xiT anazR­a­u­re­bas dad­ge­nil
far­gleb­Si.
me-6 pun­qti krZa­lavs sa­aq­cio sa­zo­ga­do­eb ­ is sa­ku­Ta­ri aq­ci­eb
­ is war­mo­
So­bas re­or­ga­ni­za­ci­is (Ser­wyma, ga­yo­fa) Se­de­gad. Se­sa­ba­mi­sad, ga­yo­fi­li
an mi­er­Te­bu­li sa­war­mos sa­ku­Ta­ri wi­lis an im wi­lis sa­nac­vlod, ro­mel­
sac mi­er­Te­bul an ga­yo­fil sa­war­mo­Si Sem­Ze­ni sa­aq­cio sa­zo­ga­do­e­ba an mi­
si da­va­le­bi­Ta da xar­jiT moq­me­di me­sa­me pi­ri flobs, da­ma­te­bi­Ti aq­ci­e­bi
ar ga­i­ce­ma.
me-7 pun­qti exe­ba daS­li­sa da lik­vi­da­ci­is pro­ce­si sa­war­mos Ser­wyma­
Si an ga­yo­fa­Si mo­na­wi­le­o­bas. re­or­ga­ni­za­cia lik­vi­da­ci­is pro­ces­Si zo­
ga­dad da­saS­ve­bi­a, maT So­ris ma­Si­nac Tu­ki kre­di­to­re­bis dak­ma­yo­fi­le­ba
sa­war­mos qo­ne­biT kre­di­to­re­bis dak­ma­yo­fi­le­ba dawy­e­bu­li­a. Ser­wyma/­ga­
yo­fis Se­sa­xeb ga­dawy­ve­ti­le­bis mi­Re­ba ver mox­de­ba Tu­ki uk­ve dawy­e­bu­lia
par­tni­or­Ta So­ris nar­Ce­ni qo­ne­bis ga­na­wi­le­bis pro­ce­si.

125
 me-9 pun­qti exe­ba sa­war­mos sa­mar­Tleb­riv beds, rom­le­bic ar­se­bo­bas
wyve­ten re­or­ga­ni­za­ci­is Se­de­gad. re­or­ga­ni­za­ci­is zo­ga­di ide­i­dan ga­mom­
di­na­re, am­gva­ri sa­war­mos lik­vi­da­cia ar xor­ci­el­de­ba. sa­war­mos qo­ne­ba
ip­so ju­re ga­da­e­ce­ma qo­ne­bis mim­Reb axal an ar­se­bul sa­war­mos.
me-10 pun­qti:
Ser­wymis Sem­Txve­va­Si axal­da­fuZ­ne­bu­li (ga­er­Ti­a­ne­bu­li) an qo­ne­bis
mim­Re­bi (mi­er­Te­bi­sas) sa­war­mo sru­lad agebs pa­suxs Tav­da­pir­ve­li sa­war­
mos val­de­bu­le­be­bis­Tvis.
ga­yo­fis dros dad­ge­ni­lia ga­yo­fa­Si mo­na­wi­le sa­war­mo­e­bis so­li­da­ru­
li pa­su­xis­mgeb­lo­ba. Tum­ca un­da gan­vas­xva­oT, sa­war­mo, ro­mel­mac ga­yo­
fis geg­miT mi­i­Ro cal­ke­u­li val­de­bu­le­ba da da­nar­Cen qo­ne­bis mim­Reb­/
a­xal­da­fuZ­ne­bul sa­war­mo­e­bi, rom­le­bic uSu­a­lo mo­va­le­ebs ar war­mo­ad­
ge­nen. ter­min „Sem­Zen sa­war­mo­Si“, aR­niS­nul Sem­Txve­va­Si, ase­ve un­da vi­gu­
lis­xmoT ga­mo­yo­fis far­gleb­Si dar­Ce­ni­li (Tav­da­pir­ve­li) sa­war­moc.
am­de­nad, sa­war­mo ro­me­lic kon­kre­tu­li val­de­bu­le­bis mim­Re­bi­a, Se­
uzR­u­da­vad agebs pa­suxs aR­niS­nu­li val­de­bu­le­bi­dan ga­mom­di­na­re moTx­
ov­neb­ze. sxva da­nar­Ce­ni ga­yo­fa­Si mo­na­wi­le Sem­Ze­ni an axal­da­fuZ­ne­bu­li
sa­war­mo­e­bi ki - mas­Tan er­Tad so­li­da­ru­lad, Tum­ca mxo­lod ga­yo­fiT
maT­Tvis mi­kuT­vne­bu­li wmin­da aq­ti­vis ode­no­biT.

mux­li 66. ga­dawy­ve­ti­le­ba Ser­wymis­/ga­yo­fis Se­sa­xeb

1. Ser­wymis­/ga­yo­fis Se­sa­xeb ga­dawy­ve­ti­le­bas iRebs Ser­wyma­Si/­ga­yo­

fa­Si mo­na­wi­le yo­ve­li sa­me­war­meo sa­zo­ga­do­e­bis sa­er­To kre­ba.
2. da­fuZ­ne­biT ga­yo­fis Sem­Txve­va­Si Ser­wymis­/ga­yo­fis Se­sa­xeb ga­dawy­
ve­ti­le­bas iRebs ga­yo­fi­li sa­me­war­meo sa­zo­ga­do­e­ba, xo­lo Se­Ze­niT
ga­yo­fis Sem­Txve­va­Si mas iRe­ben ga­yo­fi­li sa­me­war­meo sa­zo­ga­do­e­ba
da Sem­Ze­ni sa­me­war­meo sa­zo­ga­do­e­be­bi. aR­niS­nul ga­dawy­ve­ti­le­bas
ga­er­Ti­a­ne­bis Sem­Txve­va­Si iRe­ben ga­er­Ti­a­ne­bu­li sa­me­war­meo sa­zo­
ga­do­e­be­bi, xo­lo mi­er­Te­bis Sem­Txve­va­Si _ mi­er­Te­bu­li sa­me­war­meo
sa­zo­ga­do­e­ba da Sem­Ze­ni sa­me­war­meo sa­zo­ga­do­e­ba.
3. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si, sa­aq­cio sa­zo­ga­do­
e­ba­Si, ko­o­pe­ra­tiv­Si Ser­wymis­/ga­yo­fis Se­sa­xeb ga­dawy­ve­ti­le­ba mi­
i­Re­ba ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis 3/4-is um­rav­le­so­biT, xo­lo
sxva Sem­Txve­va­Si mas yve­la par­tni­o­ri er­Txmad iRebs. Tu Ser­wyma­
Si/­ga­yo­fa­Si mo­na­wi­le sa­aq­cio sa­zo­ga­do­e­bas sxva­das­xva kla­sis aq­

126
 ci­e­bi aqvs ga­moS­ve­bu­li, Ser­wymis­/ga­yo­fis Se­sa­xeb ga­dawy­ve­ti­le­bas
ken­Wi yve­la kla­sis aq­ci­e­bis mflo­bel­TaT­vis cal­-cal­ke ey­re­ba,
Tu­ki maT uf­le­beb­ze gav­le­nas ax­dens es ga­dawy­ve­ti­le­ba.
4. Ser­wymis­/ga­yo­fis Se­de­gad war­mo­So­bi­li axa­li sa­me­war­meo sa­zo­ga­
do­e­bis da­fuZ­ne­bi­sa da re­gis­tra­ci­is miz­ne­bis­Tvis ga­mo­i­ye­ne­ba am
ka­no­nis Se­sa­ba­mi­si  moTx­ov­ne­bi, Tu Ser­wymas­Tan­/ga­yo­fas­Tan da­kav­Si­
re­bu­li am ka­no­nis de­bu­le­be­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li.
 
mux­li gan­sazR­vravs re­or­ga­ni­za­ci­is Se­sa­xeb ga­dawy­ve­ti­le­bis mim­Reb
sa­me­war­meo sa­zo­ga­do­e­bebs da ga­dawy­ve­ti­le­bis mi­Re­bis­Tvis au­ci­le­bel
um­rav­le­so­bebs. um­rav­le­so­ba gan­sazR­vru­lia im­pe­ra­ti­u­lad, sa­dam­fuZ­
neb­lo Se­Tan­xme­ba Se­saZ­lo­a, iT­va­lis­wi­neb­des uf­ro did um­rav­le­so­bas
da sxva da­ma­te­biT pi­ro­bebs.
me-3 pun­qtSi uf­le­beb­ze gav­le­nis mox­de­na gu­lis­xmobs uar­yo­fiT gav­
le­nas Se­sa­ba­mi­si kla­sis aq­ci­aT ­ a mflo­be­leb­ze. ss-is gar­da, Sps-is sa­dam­
fuZ­neb­lo Se­Tan­xme­bac Se­saZ­lo­a, iT­va­lis­wi­neb­des sxva­das­xva kla­sis wi­
le­bis mflo­bel­Ta ana­lo­gi­ur uf­le­bebs. ga­dawy­ve­ti­le­ba kla­se­bis mi­er
Se­saZ­lo­a, mi­Re­bul iq­nes sa­gan­ge­bo kre­bis far­gleb­Si an mis ga­re­Se. Se­
sa­ba­mi­si kre­bis mow­ve­vis Sem­Txve­va­Si mis uf­le­ba­u­na­ri­a­no­ba­sa da ga­dawy­
ve­ti­le­bis mi­Re­ba­ze moq­me­debs re­or­ga­ni­za­ci­is Se­sa­xeb ga­dawy­ve­ti­le­bis­
Tvis dad­ge­ni­li zo­ga­di we­se­bi. kre­bis ga­re­Se ga­dawy­ve­ti­le­bis mi­Re­bi­sas
um­rav­le­so­ba ga­mo­iT­vle­ba Se­sa­ba­mi­si kla­sis mflo­bel­Ta ka­pi­tal­Si sru­
li mo­na­wi­le­o­bi­dan.
me-4 pun­qtis Ta­nax­mad re­or­ga­ni­za­ci­is far­gleb­Si da­fuZ­ne­bu­li sa­zo­
ga­do­e­ba un­da ak­ma­yo­fi­leb­des Se­sa­ba­mis or­ga­ni­za­ci­ul­-sa­mar­Tleb­ri­vi
for­mis sa­war­mo­e­bis da­fuZ­ne­bis­Tvis dad­ge­nil pi­ro­bebs, Tum­ca re­or­ga­
ni­za­ci­is in­sti­tu­tis Ta­vi­se­bu­re­ba­Ta gaT­va­lis­wi­ne­biT.

mux­li 67. Ser­wymis­/ga­yo­fis geg­ma

1. Ser­wymis Sem­Txve­va­Si Ser­wyma­Si mo­na­wi­le yve­la sa­me­war­meo sa­zo­

ga­do­e­bis xel­mZRva­ne­lo­ba­ze uf­le­ba­mo­si­li or­ga­no­e­bi, Se­Ze­niT
ga­yo­fis Sem­Txve­va­Si _ ga­yo­fi­li sa­me­war­meo sa­zo­ga­do­e­bi­sa da Sem­
Ze­ni sa­me­war­meo sa­zo­ga­do­e­be­bis xel­mZRva­ne­lo­ba­ze uf­le­ba­mo­si­
li or­ga­no­e­bi, xo­lo da­fuZ­ne­biT ga­yo­fis Sem­Txve­va­Si _ ga­yo­fi­li
sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no Se­i­mu­Sa­ve­ben­/Se­i­

127
 mu­Sa­vebs Ser­wymis­/ga­yo­fis geg­mas. es geg­ma iT­va­lis­wi­nebs Ser­wymis­/
ga­yo­fis pi­ro­bebs.
2. Ser­wymis­/ga­yo­fis geg­ma un­da Se­ic­ av­des sul mci­re Sem­deg mo­na­ce­mebs:
a) Ser­wyma­Si/­ga­yo­fa­Si mo­na­wi­le yo­ve­li sa­me­war­meo sa­zo­ga­do­e­bis
sa­i­den­ti­fi­ka­cio mo­na­ce­mebs, ag­reT­ve mis da ax­lad da­fuZ­ne­bu­li
sa­me­war­meo sa­zo­ga­do­e­bis sa­mar­Tleb­riv for­mas, sa­fir­mo sa­xel­
wo­de­ba­sa da iu­ri­di­ul mi­sa­marTs;
b) wi­le­bis ga­dac­vlis Ta­na­far­do­bas da am ka­no­nis 65-e mux­lis me-
5 pun­qtiT gaT­va­lis­wi­ne­bu­li fu­la­di anazR­a­u­re­bis ode­no­bas, Tu
ase­Ti anazR­a­u­re­ba ga­mo­i­ye­ne­ba;
g) Sem­Zen sa­me­war­meo sa­zo­ga­do­e­ba­Si­/ax­lad da­fuZ­ne­bul sa­me­war­meo
sa­zo­ga­do­e­ba­Si wi­le­bis ga­ce­mas­Tan da­kav­Si­re­bul pi­ro­bebs;
d) Ta­riRs, rom­lis dad­go­mi­da­nac am pun­qtis „g“ qve­pun­qtiT gaT­va­
lis­wi­ne­bu­li wi­le­bi maT mflo­be­lebs ani­Webs uf­le­bas, mo­na­wi­le­
o­ba mi­i­Ron sa­me­war­meo sa­zo­ga­do­e­bis mo­ge­ba­Si, ag­reT­ve ar­se­bo­bis
Sem­Txve­va­Si _ spe­ci­a­lur pi­ro­bas, ro­me­lic gav­le­nas ax­dens aR­niS­
nul uf­le­ba­ze;
e) Ta­riRs, rom­lis dad­go­mi­da­nac Ser­wymu­li sa­me­war­meo sa­zo­ga­do­
e­be­bis­/ga­yo­fi­li sa­me­war­meo sa­zo­ga­do­e­bis ga­ri­ge­be­bi bu­Ral­tru­
li miz­ne­bis­Tvis ga­er­Ti­a­ne­bu­li sa­me­war­meo sa­zo­ga­do­e­bis­/Sem­Ze­ni
sa­me­war­meo sa­zo­ga­do­e­bis­/ax­lad da­fuZ­ne­bu­li sa­me­war­meo sa­zo­ga­
do­e­bis ga­ri­ge­be­bad mi­iC­ne­va;
v) uf­le­bebs, rom­leb­sac ga­er­Ti­a­ne­bu­li sa­me­war­meo sa­zo­ga­do­e­ba/­
Sem­Ze­ni sa­me­war­meo sa­zo­ga­do­e­ba­/ax­lad da­fuZ­ne­bu­li sa­me­war­meo sa­
zo­ga­do­e­ba ani­Webs Ser­wymu­li sa­me­war­meo sa­zo­ga­do­e­be­bis­/ga­yo­fi­
li sa­me­war­meo sa­zo­ga­do­e­bis wi­le­bis­/aq­ci­e­bis (gar­da Cve­u­leb­ri­vi
aq­ci­e­bi­sa) mflo­be­lebs, ag­reT­ve im par­tni­o­rebs, ro­mel­Ta wi­leb­s/
aq­ci­ebs gan­sa­kuT­re­bu­li uf­le­be­bi hqon­da mi­ni­We­bu­li, da sxva fa­si­a­
ni qa­Ral­de­bis mflo­be­lebs, an am pir­Ta mi­marT Se­Ta­va­ze­bul zo­mebs;
z) yve­la sar­ge­bels, rom­le­bic eni­We­baT­/e­ni­We­ba Ser­wyma­Si/­ga­yo­fa­
Si mo­na­wi­le ro­me­li­me sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­nel pi­
rebs, sa­meT­val­yu­reo sab­Wos wev­rebs, par­tni­o­rebs an da­mo­u­ki­de­
bel au­di­tors;
T) sa­Wi­ro­e­bis Sem­Txve­va­Si _ axa­li sa­meT­val­yu­reo sab­Wos Se­mad­
gen­lo­bas;
i) ga­yo­fis Sem­Txve­va­Si Sem­Ze­ni sa­me­war­meo sa­zo­ga­do­e­bis­Tvis­/ax­
lad da­fuZ­ne­bu­li sa­me­war­meo sa­zo­ga­do­e­bis­Tvis ga­da­sa­ce­mi aq­ti­

128
 ve­bi­sa da val­de­bu­le­be­bis amom­wu­rav aR­we­ra­sa da ga­na­wi­le­bas;
k) ga­yo­fi­li sa­me­war­meo sa­zo­ga­do­e­bis par­tni­o­re­bis­Tvis Sem­Ze­ni
sa­me­war­meo sa­zo­ga­do­e­bis­/ax­lad da­fuZ­ne­bu­li sa­me­war­meo sa­zo­ga­
do­e­bis wi­le­bis mi­kuT­vne­bas da im kri­te­ri­ums, rom­lis sa­fuZ­vel­
ze­dac mi­e­kuT­vna maT isi­ni;
l) wi­lis no­mi­na­lur Ri­re­bu­le­bas, ro­mel­sac mi­i­Re­ben par­tni­o­re­
bi Sem­Zen sa­me­war­meo sa­zo­ga­do­e­ba­Si­/ax­lad da­fuZ­ne­bul sa­me­war­meo
sa­zo­ga­do­e­ba­Si/­ga­er­Ti­a­ne­bul sa­me­war­meo sa­zo­ga­do­e­ba­Si, Tu ase­Ti
Ri­re­bu­le­ba ga­mo­i­ye­ne­ba.
3. Ser­wymis­/ga­yo­fis geg­mas Tan er­Tvis Sem­de­gi do­ku­men­te­bi, rom­le­
bic mi­si ga­nu­yo­fe­li na­wi­li­a:
a) mi­er­Te­bis an Se­Ze­niT ga­yo­fis Sem­Txve­va­Si _ Sem­Ze­ni sa­me­war­meo
sa­zo­ga­do­e­bis wes­de­ba­Si cvli­le­be­bis pro­eq­ti;
b) ga­er­Ti­a­ne­bis an da­fuZ­ne­biT ga­yo­fis Sem­Txve­va­Si _ ga­er­Ti­a­ne­bu­
li sa­me­war­meo sa­zo­ga­do­e­bis­/ax­lad da­fuZ­ne­bu­li sa­me­war­meo sa­zo­
ga­do­e­bis wes­de­bis pro­eq­ti.
4. Tu ga­yo­fis geg­miT ro­me­li­me aq­ti­vi ar aris mi­kuT­vne­bu­li Sem­Ze­
ni sa­me­war­meo sa­zo­ga­do­e­bis­Tvis an ax­lad da­fuZ­ne­bu­li sa­me­war­
meo sa­zo­ga­do­e­bis­Tvis da mi­si mi­kuT­vne­ba verc ga­yo­fis geg­mis mi­
xed­viT dgin­de­ba, es aq­ti­vi mi­e­kuT­vne­ba yve­la Sem­Zen sa­me­war­meo
sa­zo­ga­do­e­bas an ax­lad da­fuZ­ne­bul sa­me­war­meo sa­zo­ga­do­e­bas ga­
yo­fis geg­miT maT­Tvis mi­kuT­vne­bu­li wmin­da aq­ti­ve­bis pro­por­ci­
u­lad.
5. Tu ga­yo­fis geg­miT ro­me­li­me val­de­bu­le­ba ar aris mi­kuT­vne­bu­li
Sem­Ze­ni sa­me­war­meo sa­zo­ga­do­e­bis­Tvis an ax­lad da­fuZ­ne­bu­li sa­me­
war­meo sa­zo­ga­do­e­bis­Tvis da mi­si mi­kuT­vne­ba verc ga­yo­fis geg­mis
mi­xed­viT dgin­de­ba, yve­la Sem­Ze­ni sa­me­war­meo sa­zo­ga­do­e­ba an ax­
lad da­fuZ­ne­bu­li sa­me­war­meo sa­zo­ga­do­e­ba am val­de­bu­le­bis­Tvis
pa­suxs agebs so­li­da­ru­lad, mag­ram ara­u­me­tes ga­yo­fis geg­miT maT­
Tvis mi­kuT­vne­bu­li wmin­da aq­ti­ve­bi­sa.
 
mux­li ad­gens re­or­ga­ni­za­ci­a­Si mo­na­wi­le sa­war­mo­e­bis xel­mZRva­nel
or­ga­no­Ta mo­va­le­o­bas, Se­ad­gi­non re­or­ga­ni­za­ci­is (Ser­wyma/­ga­yo­fis) geg­
ma, ro­me­lic struq­tu­ru­li Ro­nis­Zi­e­bis gan­xor­ci­e­le­bis er­Tgvar pro­
eqts war­mo­ad­gens.
mux­li ase­ve gan­sazR­vravs re­or­ga­ni­za­ci­is geg­mis mi­ni­ma­lur Si­na­arss.
maT So­ris:

129
  wi­le­bis ga­da­ce­mis­/ga­dac­vlis pi­ro­bebs da pro­por­ci­u­lo­bis Se­
nar­Cu­ne­bis miz­niT da­ma­te­biT fu­lad kom­pen­sa­ci­as.
 geg­ma un­da gan­sazR­vrav­des Ta­riRs, rom­lis Sem­de­gac wi­lis mflo­
bels sa­war­mos qo­ne­ba­Si (mo­ge­ba­Si) mo­na­wi­le­o­bis uf­le­ba eZ­le­va
(di­vi­den­dis uf­le­ba).
 sa­mar­Tleb­ri­vad re­or­ga­ni­za­cia nam­dvi­lia (Za­la­Si Se­dis) mxo­lod
mi­si re­gis­tra­ci­is mo­men­ti­dan. ami­tom, geg­ma ase­ve un­da ad­gen­des
Ta­riRs, rom­lis Sem­de­gac, fi­nan­su­ri an­ga­riS­ge­bis Tval­saz­ri­siT,
qo­ne­bis ga­dam­ce­mi (Ser­wymu­li/­ga­yo­fi­li) sa­me­war­meo sa­zo­ga­do­e­
bis tran­saq­ci­e­bi, fi­nan­su­ri an­ga­riS­ge­bis miz­ne­bi­saT­vis, Ca­iT­vle­
ba qo­ne­bis mim­Re­bi (Sem­Ze­ni­/a­xa­lad da­fuZ­ne­bu­li) sa­me­war­meo sa­zo­
ga­do­e­bis ga­ri­ge­be­bad.
 ase­ve au­ci­le­be­li­a, Cve­ul­ eb­ri­vi wi­le­bis gar­da, sxva wi­leb­Tan da­
kav­Si­re­bu­li uf­le­be­bis ek­vi­va­len­tu­ro­bis dac­vis miz­niT gan­xor­
ci­el
­ e­bu­li Ro­nis­Zi­eb­ e­bis mi­Ti­Te­ba.
 Ser­wymis­/ga­yo­fis geg­ma­Si ase­ve un­da mi­e­Ti­Tos is qo­neb­ri­vi uf­le­
be­bi (sar­ge­be­li), rom­le­bic xel­mZRva­ne­lo­ba­ze uf­le­ba­mo­sil pi­
rebs, sa­meT­val­yu­reo sab­Wos wev­rebs, par­tni­o­rebs an da­mo­u­ki­de­
bel au­di­tors eni­We­baT re­or­ga­ni­za­ci­as­Tan da­kav­Si­re­biT;

me-3 pun­qti iT­va­lis­wi­nebs sa­dam­fuZ­neb­lo Se­Tan­xme­bis axa­li re­daq­ci­

is (cvli­le­bas) an axa­li sa­dam­fuZ­neb­lo Se­Tan­xme­bis dar­Tvas mo­iTx­ovs,
Tu­ki amis au­ci­leb­lo­ba ar­se­bobs.
me-4 da me-5 pun­qte­bi exe­ba ga­yo­fis geg­ma­Si „ga­mor­Ce­ni­li“ aq­ti­vi­sa da
val­de­bu­le­be­bis sa­mar­Tleb­riv beds. igi, Ti­To­e­u­li sa­war­mos­Tvis mi­
kuT­vne­bul wmin­da aq­ti­vis Ri­re­bu­le­bis far­gleb­Si, Se­sa­ba­mi­sad ad­gens
sa­er­To, ide­a­lur­-wi­lob­riv sa­kuT­re­ba­sa da val­de­bu­le­be­bis­Tvis so­li­
da­rul pa­su­xis­mgeb­lo­bas.

mux­li 68. sa­aq­cio sa­zo­ga­do­e­bis Ser­wymis­/ga­yo­fis an­ga­ri­Si

1. Ser­wyma­Si/­ga­yo­fa­Si mo­na­wi­le sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­lo­

ba­ze uf­le­ba­mo­si­li pi­re­bi am­za­de­ben sa­aq­cio sa­zo­ga­do­e­bis Ser­
wymis­/ga­yo­fis an­ga­riSs. es an­ga­ri­Si de­ta­lu­rad un­da gan­mar­tav­des:
a) Ser­wymis­/ga­yo­fis geg­mis de­bu­le­bebs, maT sa­mar­Tleb­riv da eko­
no­mi­kur sa­fuZ­vlebs;

130
 b) wi­le­bis ga­dac­vlis Ta­na­far­do­bis gan­sazR­vris kri­te­ri­u­meb­sa
da me­To­debs, ag­reT­ve wi­le­bis ga­dac­vlis Ta­na­far­do­bis Se­fa­se­bi­
sas war­mo­So­bil siZ­ne­le­ebs, Tu ase­Ti siZ­ne­le­e­bi war­mo­iS­va;
g) ga­yo­fis dros, sa­Wi­ro­e­bis Sem­Txve­va­Si, in­for­ma­ci­as am ka­no­nis
164-e mux­lis me-4 pun­qtiT gaT­va­lis­wi­ne­bu­li ara­fu­la­di Se­na­ta­
nis Se­sa­xeb, in­for­ma­ci­as Sem­Ze­ni sa­aq­cio sa­zo­ga­do­e­bis­Tvis an­ga­
ri­Sis mom­za­de­bis Ta­o­ba­ze da mi­Ti­Te­bas ma­re­gis­tri­re­be­li or­ga­
nos mi­er mis re­gis­tra­ci­a­ze.
2. sa­qar­Tve­los ka­non­mdeb­lo­biT gaT­va­lis­wi­ne­bu­li Sem­Txve­ve­bis
gar­da, sa­aq­cio sa­zo­ga­do­e­bis Ser­wymis­/ga­yo­fis an­ga­ri­Sis mom­za­de­
ba sa­val­de­bu­lo ar aris, Tu Ser­wyma­Si/­ga­yo­fa­Si mo­na­wi­le sa­aq­cio
sa­zo­ga­do­e­bis yve­la aq­ci­o­ne­ri we­ri­lo­biT uars ga­nacx­a­debs an­ga­
ri­Sis war­dge­na­ze.
 
mux­li mTli­a­nad efuZ­ne­ba ev­ro­pu­li 2017/1132 sa­kor­po­ra­cio sa­mar­
Tlis zo­gi­er­Ti as­peq­tis Se­sa­xeb di­req­ti­vis moTx­ov­nebs (ix. di­req­ti­vis
95-e da 141-e mux­le­bi). igi sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­re­bis
mi­er re­or­ga­ni­za­ci­is Se­sa­xeb an­ga­ri­Sis mom­za­de­bis val­de­bu­le­bas ad­
gens. an­ga­ri­Si um­Tav­re­sad re­or­ga­ni­za­ci­is eko­no­mi­ku­r mi­zan­Se­wo­ni­lo­
bas un­da gan­mar­tav­des, gan­sa­kuT­re­biT ki aq­ci­e­bis­/wi­le­bis ga­da­na­wi­le­
bis sa­mar­Tli­a­no­bas asa­bu­Teb­des.
Tu­ki qo­ne­bis mim­Reb sa­aq­cio sa­zo­ga­do­e­beb­Si ga­yo­fas­Tan da­kav­Si­re­
biT gan­xor­ci­el­da ka­pi­ta­lis gaz­rda (a­xa­li aq­ci­e­bis ga­moS­ve­ba) ga­dam­
ce­mi kom­pa­ni­is par­tni­o­re­bis­Tvis ga­da­sa­ce­mad da amas­Tan da­kav­Si­re­biT
mom­za­de­bul iq­na da­mo­u­ki­de­be­li eq­sper­tis das­kvna, an­ga­ri­Si un­da Se­i­
cav­des mi­Ti­Te­bas am das­kvna­ze. das­kvnis mom­za­de­ba ar aris au­ci­le­be­li,
Tu­ki ga­yo­fis geg­ma Se­mow­me­bu­lia da­mo­u­ki­de­be­li eq­sper­tis mi­er (ix. 70-e
mux­li, 164-e mux­lis me-5 pun­qti).
an­ga­ri­Sis mom­za­de­ba­ze ua­ri Se­iZ­le­ba iT­qvas yve­la aq­ci­o­ne­ris we­ri­
lo­bi­Ti Tan­xmo­biT.

mux­li 69. Ser­wymis­/ga­yo­fis geg­mis pro­eq­tis ga­moq­vey­ne­ba da

Sety­o­bi­ne­ba Se­saZ­lo Ser­wymis­/ga­yo­fis Se­sa­xeb

1. Ser­wyma­Si/­ga­yo­fa­Si mo­na­wi­le yo­ve­li  sa­me­war­meo sa­zo­ga­do­e­bis

xel­mZRva­ne­lo­ba­ze uf­le­ba­mo­si­li or­ga­no val­de­bu­lia ga­mo­aq­vey­

131
 nos Ser­wymis­/ga­yo­fis geg­mis pro­eq­ti an ga­na­Tav­sos is sa­me­war­meo
sa­zo­ga­do­e­bis veb­gver­dze im sa­er­To kre­bam­de 30 dRis gan­mav­lo­
ba­Si, ro­mel­mac un­da da­am­tki­cos Ser­wymis­/ga­yo­fis geg­ma. Ser­wymis­/
ga­yo­fis geg­mis pro­eq­ti ufa­sod un­da iyos xel­mi­saw­vdo­mi.
2. Ser­wyma­Si/­ga­yo­fa­Si mo­na­wi­le sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­
lo­ba­ze uf­le­ba­mo­si­li or­ga­no val­de­bu­lia sa­aq­cio sa­zo­ga­do­e­bis
aq­ci­o­ner­TaT­vis ufa­so xel­mi­saw­vdo­mo­bis uz­run­vel­sa­yo­fad sa­
aq­cio sa­zo­ga­do­e­bis ad­mi­nis­tra­ci­is Se­no­ba­Si an sa­aq­cio sa­zo­ga­
do­e­bis veb­gver­dze an­da ma­re­gis­tri­re­be­li or­ga­nos er­Ti­an eleq­
tro­nul por­tal­ze, ag­reT­ve sa­ja­ro sa­mar­Tlis iu­ri­di­u­li pi­ris
_ „sa­qar­Tve­los sa­ka­non­mdeb­lo mac­nis“ veb­gver­dze Ser­wymis­/ga­yo­
fis geg­mis da­sam­tki­ceb­lad mow­ve­u­li sa­er­To kre­bis Ca­ta­re­bis
Ta­ri­Ram­de sul co­ta 30 dRis gan­mav­lo­ba­Si ga­mo­aq­vey­nos Sem­de­gi
do­ku­men­te­bi:
a) Ser­wymis­/ga­yo­fis geg­mis pro­eq­ti;
b) Ser­wyma­Si/­ga­yo­fa­Si mo­na­wi­le sa­me­war­meo sa­zo­ga­do­e­be­bis bo­lo
3 wlis fi­nan­su­ri an­ga­riS­ge­be­bi Se­sa­da­ri­so­bis prin­ci­pis dac­viT;
g) fi­nan­su­ri an­ga­riS­ge­ba, ro­me­lic Sed­ge­ni­lia Ser­wymis­/ga­yo­fis
geg­mis pro­eq­tis ga­moq­vey­ne­bam­de ara­u­ad­res me­sa­me Tvis pir­vel
ricx­vSi. sa­aq­cio sa­zo­ga­do­e­ba Ta­vi­suf­lde­ba am val­de­bu­le­bis­gan,
Tu mas „bu­Ral­tru­li aR­ricx­vis, an­ga­riS­ge­bi­sa da au­di­tis Se­sa­xeb“
sa­qar­Tve­los ka­no­niT dad­ge­ni­li we­siT ga­moq­vey­ne­bu­li aqvs na­xe­
va­ri wlis fi­nan­su­ri an­ga­riS­ge­ba;
d) ar­se­bo­bis Sem­Txve­va­Si _ Ser­wymis­/ga­yo­fis an­ga­ri­Si;
e) ar­se­bo­bis Sem­Txve­va­Si _ da­mo­u­ki­de­be­li au­di­to­ris an­ga­ri­Si.
3. Ser­wyma­Si/­ga­yo­fa­Si mo­na­wi­le sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li
or­ga­no val­de­bu­lia sa­er­To kre­ba­sa da Ser­wyma­Si/­ga­yo­fa­Si mo­na­wi­
le yo­ve­li sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­nel or­ga­nos ac­no­
bos Ser­wymis­/ga­yo­fis geg­mis pro­eq­tis mom­za­de­bi­dan sa­er­To kre­
bis Ca­ta­re­bam­de pe­ri­od­Si aq­ti­ve­bi­sa da val­de­bu­le­be­bis mniS­vne­
lo­va­ni cvli­le­bis gan­xor­ci­e­le­bis Se­sa­xeb.
4. Tu am ka­no­nis 72-e mux­lis me-3 pun­qtis Se­sa­ba­mi­sad ar xde­ba ga­yo­
fis Se­sa­xeb ga­dawy­ve­ti­le­bis sa­er­To kre­bis mi­er dam­tki­ce­ba, ga­yo­
fa­Si mo­na­wi­le sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no val­
de­bu­lia sa­er­To kre­ba­sa da ga­yo­fa­Si mo­na­wi­le yo­ve­li sa­me­war­meo
sa­zo­ga­do­e­bis xel­mZRva­nel or­ga­nos ac­no­bos ga­yo­fis geg­mis pro­
eq­tis mom­za­de­bis Sem­dgom pe­ri­od­Si aq­ti­ve­bi­sa da val­de­bu­le­be­

132
 bis mniS­vne­lo­va­ni cvli­le­bis gan­xor­ci­e­le­bis Se­sa­xeb ase­Ti cvli­
le­bis gan­xor­ci­e­le­bi­dan 5 sa­mu­Sao dRis va­da­Si.

mux­lis mi­za­ni­a, uz­run­vel­yos re­or­ga­ni­za­ci­a­Si mo­na­wi­le sa­war­mo­eb

­ is
par­tni­or­Ta mi­er in­for­mi­re­bu­li ga­dawy­ve­ti­le­bis mi­Re­ba. amis uz­run­
vel­sa­yo­fad pir­ve­li pun­qti Ser­wymis­/ga­yo­fis geg­mis pro­eq­tis ufa­so
xel­mi­saw­vdo­mo­bis val­de­bu­le­bas ad­gens, sul mci­re, re­or­ga­ni­za­ci­is
Ta­o­ba­ze ga­dawy­ve­ti­le­bis mi­Re­bam­de. mux­lis miz­ni­dan ga­mom­di­na­re, geg­
ma sa­war­mos par­tni­o­re­bis­Tvis ufa­sod un­da iyos xel­mi­saw­vdo­mi (maT So­
ris, Se­saZ­lo­a, mxo­lod eleq­tro­nu­li for­miT)
me­o­re mux­li sa­aq­cio sa­zo­ga­do­eb­ e­bis­Tvis gaz­rdil ga­moq­vey­ne­bis mo­
va­le­o­bebs ad­gens. aR­niS­nu­li 2017/1132 ev­ro­di­req­ti­vis moTx­ov­ne­bi­dan
ga­mom­di­na­re­obs (di­req­ti­vis 97-e da 143-e mux­le­bis pir­ve­li pun­qti). ga­
moq­vey­ne­ba-­xel­mi­saw­vdo­mo­bis mo­va­le­o­bas eq­vem­de­ba­re­ba:

 Ser­wymis­/ga­yo­fis geg­ma (pro­eq­ti)1

 Ser­wyma­Si/­ga­yo­fa­Si mo­na­wi­le sa­war­mo­e­bis bo­lo 3 wlis fi­nan­su­ri
an­ga­riS­ge­be­bi
 Se­sa­ba­mis Sem­Txve­va­Si (Tu­ki bo­lo fi­nan­su­ri an­ga­riS­ge­bis Ta­ri­
Ri­dan Ser­wymis­/ga­yo­fis geg­mis Sed­ge­nis Ta­ri­Ram­de 6 Tve­ze me­tia
ga­su­li), ase­ve Su­al­ e­du­ri an­ga­riS­ge­ba (ba­lan­si) (ac­co­un­ting sta­te­
ment), rom­lis Ta­ri­Ria Ser­wymis pro­eq­tis Ta­riR­ze ara­ua­ d­res 3
Tvi­sa.
 xel­mZRva­ne­li or­ga­nos mi­er mom­za­de­bu­li mox­se­ne­ba Ser­wymis Se­sa­
xeb (ar­se­bo­bis Sem­Txve­va­Si)
 da­mo­u­ki­de­be­li au­di­to­ris das­kvna Ser­wymis Se­sa­xeb (ar­se­bo­bis
Sem­Txve­va­Si)

re­or­ga­ni­za­ci­a­Si mo­na­wi­le sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­

no­e­bi ase­ve val­de­bu­li ari­an, Ser­wyma/­ga­yo­fis geg­mis mom­za­de­bis Ta­ri­
Ri­dan aq­ti­ve­bi­sa da val­de­bu­le­be­bis mniS­vne­lo­va­ni cvli­le­bis Se­sa­xeb
in­for­ma­cia mi­a­wo­don sa­er­To kre­bas da Ser­wyma/­ga­yo­fa­Si mo­na­wi­le sxva
sa­war­mo­e­bis xel­mZRva­nel or­ga­no­ebs. 
1
კანონი იყენებს ტერმინებს „შერწყმა/გაყოფის გეგმა“ (67-ე მუხლი) და „შერწყმა/
გაყოფის გეგმის პროექტი“. ორივე შემთხვევაში უნდა ვიგულისხმოთ ერთი და იგივე
დოკუმენტი. ტერმინოლოგიური სხვაობა, სავარაუდოთ, განპირობებულია დირექტივის
სხვადასხვა ვერსიაში ტერმინებს შორის მცირე სხვაობით (ინგლ. „Draft terms of merger/divi-
sion” გერ. „Verschmelzungs-/Spaltungsplan”)

133
mux­li 70. sa­aq­cio sa­zo­ga­do­e­bis Ser­wymis­/ga­yo­fis geg­mis‑pro­eq­tis
Se­mow­me­ba

1. Tu Ser­wyma­Si/­ga­yo­fa­Si sa­aq­cio sa­zo­ga­do­e­ba mo­na­wi­le­obs, sa­aq­cio

sa­zo­ga­do­e­bis Ser­wymis­/ga­yo­fis geg­mis pro­eqts amow­mebs Ser­wyma­
Si/­ga­yo­fa­Si mo­na­wi­le mxa­re­e­bis mi­er Ser­Ce­u­li da­mo­u­ki­de­be­li
au­di­to­ri. Ser­wyma­Si/­ga­yo­fa­Si mo­na­wi­le sa­aq­cio sa­zo­ga­do­e­bas Se­
iZ­le­ba hyav­des er­Ti an er­Tze me­ti sa­er­To au­di­to­ri. da­mo­u­ki­de­
be­li au­di­to­ri am­za­debs we­ri­lo­biT das­kvnas da mas par­tni­o­rebs
wa­rud­gens. da­mo­u­ki­de­be­li au­di­to­ris mi­er aR­niS­nu­li geg­mis pro­
eq­tis Se­mow­me­ba da we­ri­lo­bi­Ti das­kvnis war­dge­na sa­Wi­ro ar aris,
Tu ama­ze Se­Tan­xmde­ba Ser­wyma­Si/­ga­yo­fa­Si mo­na­wi­le sa­aq­cio sa­zo­
ga­do­e­bis yve­la aq­ci­o­ne­ri.
2. da­mo­u­ki­de­be­li au­di­to­ris das­kvna­Si mo­ce­mu­li un­da iyos imis Se­
fa­se­ba, aris Tu ara sa­aq­cio sa­zo­ga­do­e­bis Ser­wymis­/ga­yo­fis geg­
mis pro­eq­tiT gaT­va­lis­wi­ne­bu­li wi­le­bis ga­dac­vlis Ta­na­far­do­ba
sa­mar­Tli­a­ni da mi­zan­Se­wo­ni­li. am das­kvna­Si mo­ce­mu­li un­da iyos
ag­reT­ve:
a) wi­le­bis ga­dac­vlis Ta­na­far­do­bis dad­ge­nis­Tvis ga­mo­ye­ne­bu­li
me­To­di;
b) Se­fa­se­ba, ram­de­nad aris wi­le­bis ga­dac­vlis Ta­na­far­do­bis dad­
ge­nis­Tvis ga­mo­ye­ne­bu­li me­To­di adek­va­tu­ri mo­ce­mu­li Sem­Txve­vis­
Tvis, wi­le­bis ra Ta­na­far­do­ba dgin­de­ba Ti­To­e­u­li am me­To­dis ga­
mo­ye­ne­bis Se­de­gad da ro­go­ria wi­le­bis ga­dac­vlis Ta­na­far­do­bis
dad­ge­nis­Tvis ga­mo­ye­ne­bu­li Ti­To­e­u­li me­To­dis xved­ri­Ti wi­li;
g) wi­le­bis ga­dac­vlis Ta­na­far­do­bis dad­ge­ni­sas war­mo­So­bi­li siZ­
ne­le­e­bi, Tu ase­Ti siZ­ne­le­e­bi war­mo­iS­va.
3. da­mo­u­ki­de­be­li au­di­to­ri uf­le­ba­mo­si­lia sa­aq­cio sa­zo­ga­do­e­bis­
gan mi­i­Ros da ga­mo­ik­vli­os yve­la sa­Wi­ro do­ku­men­ti da in­for­ma­ci­a.

sa­aq­cio sa­zo­ga­do­e­bis mi­er mom­za­de­bu­li Ser­wyma/­ga­yo­fis ge­ge­ma (pro­

eq­ti) ase­ve eq­vem­de­ba­re­ba Se­mow­me­bas da­mo­u­ki­de­be­li au­di­to­ris mi­er.
Se­mow­me­bis mTa­va­ri mi­za­nia aq­ci­e­bis­/wi­le­bis ga­da­na­wi­le­bis sa­mar­Tli­a­
no­bis (ek­vi­va­len­tu­ro­bis) dad­ge­na, ra­Ta da­cul iq­nes re­or­ga­ni­za­ci­a­Si
mo­na­wi­le sa­war­mo­Ta par­tni­o­re­bis uf­le­be­bi.
mux­li ase­ve ad­gens am val­de­bu­le­bis­gan sa­aq­cio sa­zo­ga­do­e­bis gan­Ta­
vi­suf­le­bis Se­saZ­leb­lo­bas yve­la aq­ci­o­ne­ris Tan­xmo­biT.

134
mux­li 71. Ser­wymis­/ga­yo­fis geg­mis dam­tki­ce­ba

1. Ser­wymis­/ga­yo­fis geg­mas am­tki­cebs sa­er­To kre­ba am ka­no­nis 61-e

mux­liT dad­ge­ni­li we­siT. sa­er­To kre­bis mi­er Ser­wymis­/ga­yo­fis
geg­mis dam­tki­ce­bis Sem­Txve­va­Si Ser­wymis­/ga­yo­fis Se­sa­xeb ga­dawy­ve­
ti­le­ba mi­Re­bu­lad mi­iC­ne­va.
2. sa­er­To kre­ba­ze Ser­wymis­/ga­yo­fis geg­mas­Tan er­Tad ken­Wi ey­re­ba
Sem­Ze­ni sa­me­war­meo sa­zo­ga­do­e­bis wes­de­ba­Si cvli­le­be­bis pro­eqts
ase­Ti cvli­le­be­bis gan­xor­ci­e­le­bis sa­Wi­ro­e­bis Sem­Txve­va­Si, xo­lo
axa­li sa­me­war­meo sa­zo­ga­do­e­bis da­fuZ­ne­bis Sem­Txve­va­Si ken­Wi ey­
re­ba axa­li sa­me­war­meo sa­zo­ga­do­e­bis wes­de­bis pro­eqts.

Ser­wyma/­ga­yo­fis geg­mis dam­tki­ce­biT (mo­wo­ne­biT) sa­zo­ga­do­e­ba iRebs

ga­dawy­ve­ti­le­bas re­or­ga­ni­za­ci­is Se­sa­ba­mi­si Ro­nis­Zi­e­bis gan­xor­ci­e­le­
bis Ta­o­ba­ze. ga­dawy­ve­ti­le­bis mi­Re­bis­Tvis au­ci­le­be­li um­rav­le­so­be­bi
ga­ni­sazR­vre­ba Ta­vad Ser­wymis­/ga­yo­fis ga­dawy­ve­ti­le­bis mi­sa­Re­bad au­ci­
le­be­li um­rav­le­so­biT.1
ga­dawy­ve­ti­le­bas­Tan er­Tad ase­ve mtkic­de­ba wes­de­bis cvli­le­bis an
axa­li wes­de­bis pro­eq­te­bi (mag. axa­li sa­war­mos da­fuZ­ne­bis an Sem­Ze­ni sa­
zo­ga­do­e­bis mi­er ka­pi­ta­lis gaz­rdis Sem­Txve­va­Si).

mux­li 72. mi­er­Te­bi­sa da Se­Ze­niT ga­yo­fis gan­sa­kuT­re­bu­li Sem­Txve­ve­bi

1. Tu Sem­Ze­ni sa­me­war­meo sa­zo­ga­do­e­ba flobs mi­er­Te­bu­li sa­me­war­meo

sa­zo­ga­do­e­bis wi­le­bis sul mci­re 90 pro­cents, mag­ram ar flobs
mTel wi­lebs, aseT Sem­Txve­va­ze ar vrcel­de­ba am ka­no­nis 66-e mux­
lis me-3 pun­qtiT, 68-e mux­lis pir­ve­li pun­qtis „a“ da „b“ qve­pun­qte­
bi­Ta da me-2 pun­qtiT, 69-e mux­lis me-2 da me-4 pun­qte­bi­Ta da 70-e
mux­liT gan­sazR­vru­li moTx­ov­ne­bi, Tu­ki par­tni­o­rebs aqvT am ka­
no­nis 75-e mux­liT dad­ge­ni­li we­siT wi­le­bis ga­mos­yid­vis uf­le­ba.
2. Tu Sem­Ze­ni sa­me­war­meo sa­zo­ga­do­e­ba an mi­si da­va­le­biT moq­me­di me­sa­
me pi­ri mi­er­Te­bu­li sa­me­war­meo sa­zo­ga­do­e­bis mTel wi­lebs flobs,
mas­ze ar vrcel­de­ba am ka­no­nis 66-e mux­lis me-3 pun­qtiT, 67-e mux­
lis me-2 pun­qtis „b“ _ „d“ qve­pun­qte­biT, 68-e mux­liT, 69-e mux­lis me-

1
ვფიქრობთ, მუხლის პირველი პუნქტი უნდა უთითებდეს 66-ე მუხლს.

135
 2 pun­qtis „d“ da „e“ qve­pun­qte­bi­Ta da me-4 pun­qtiT da 70-e mux­liT
gaT­va­lis­wi­ne­bu­li val­de­bu­le­be­bi.
3. Tu Sem­Ze­ni sa­me­war­meo sa­zo­ga­do­e­be­bi ga­yo­fi­li sa­me­war­meo sa­zo­
ga­do­e­bis mTel wi­lebs flo­ben, ga­yo­fis Se­sa­xeb ga­dawy­ve­ti­le­bis
ga­yo­fi­li sa­me­war­meo sa­zo­ga­do­e­bis sa­er­To kre­bis mi­er dam­tki­ce­
ba sa­Wi­ro ar aris.
4. Tu ga­yo­fi­li sa­me­war­meo sa­zo­ga­do­e­bis par­tni­o­rebs Ti­To­e­u­li
ax­lad da­fuZ­ne­bu­li sa­me­war­meo sa­zo­ga­do­e­bis wi­le­bi ga­yo­fi­li
sa­me­war­meo sa­zo­ga­do­e­bis ka­pi­tal­Si ma­Ti wi­le­bis pro­por­ci­u­lad
mi­e­ni­WaT, aseT Sem­Txve­va­ze ar vrcel­de­ba am ka­no­nis 68-e mux­lis
pir­ve­li pun­qtiT, 69-e mux­lis me-2 pun­qtis „g“ _ „e“ qve­pun­qte­bi­Ta
da me-4 pun­qtiT da 70-e mux­liT gan­sazR­vru­li moTx­ov­ne­bi.
5. am mux­lis pir­ve­li da me-2 pun­qte­biT gaT­va­lis­wi­ne­bu­li Sem­Ze­ni
sa­me­war­meo sa­zo­ga­do­e­ba ga­yo­fis­/Ser­wymis Za­la­Si Ses­vlam­de sul
co­ta 30 dRiT ad­re aty­o­bi­nebs sa­me­war­meo sa­zo­ga­do­e­bis par­tni­
o­rebs ga­yo­fis­/Ser­wymis Se­sa­xeb Se­sa­ba­mi­si sa­mar­Tleb­ri­vi for­mis
sa­me­war­meo sa­zo­ga­do­e­bis sa­er­To kre­bis mow­ve­vis­Tvis dad­ge­ni­li
we­siT. Se­sa­ba­mis Sem­Txve­va­Si ga­mo­i­ye­ne­ba am ka­no­nis 69-e mux­liT
do­ku­men­te­bis ga­moq­vey­ne­bi­sa da xel­mi­saw­vdo­mo­bis­Tvis dad­ge­ni­
li we­se­bi.
6. am mux­lis me-5 pun­qtiT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si Sem­Ze­ni sa­me­
war­meo sa­zo­ga­do­e­bis par­tni­or­s/par­tni­or­Ta jgufs, rom­lis wi­li
Se­ad­gens sa­me­war­meo sa­zo­ga­do­e­bis ka­pi­ta­lis sul mci­re 5 pro­cents,
xo­lo so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si an ko­man­di­tur
sa­zo­ga­do­e­ba­Si _ Ti­To­e­ul par­tni­ors uf­le­ba aqvs, mo­iTx­o­vos sa­er­
To kre­bis mow­ve­va Sety­o­bi­ne­bis mi­Re­bi­dan 15 dRis va­da­Si. aseT Sem­
Txve­va­Si mi­er­Te­bis Se­sa­xeb ga­dawy­ve­ti­le­bas iRebs sa­er­To kre­ba. Se­
sa­ba­mis Sem­Txve­va­Si ga­mo­i­ye­ne­ba am ka­no­nis 69-e mux­liT do­ku­men­te­bis
ga­moq­vey­ne­bi­sa da xel­mi­saw­vdo­mo­bis­Tvis dad­ge­ni­li we­se­bi.
 
72-e mux­lis amo­ca­naa gar­kve­ul­ i Se­Ra­va­Te­bi da­a­we­sos re­or­ga­ni­za­ci­is
sa­gan­ge­bo Sem­Txve­ve­bis­Tvis. mux­lis idea ga­mom­di­na­re­obs ev­ro­kav­Si­ris
2017/1132 di­req­ti­vis Se­sa­ba­mi­si de­bu­le­be­bi­dan, ro­mel­Ta Si­na­ar­si mi­mo­
xi­lu­lia qve­moT mo­ce­mul cxri­leb­Si:
72-e mux­lis pir­ve­li pun­qti efuZ­ne­ba ev­ro­kav­Si­ris 2017/1132 di­req­
ti­vis 113-e da 114-e mux­lebs, rom­le­bic mi­er­Te­biT Ser­wymis gan­sa­kuT­re­
bul Sem­Txve­vas exe­ba.

136
 di­req­ti­vis (2017/1132) 113-e da 114-e da 115-e mux­lebs Si­na­ar­si

(113-e mux­li) Tu­ki mi­er­Te­bas axor­ci­e­lebs kom­pa­ni­a, ro­me­lic flobs

90% an mets, mag­ram ara yve­la wils, mi­er­Te­bul kom­pa­ni­(a)­(eb­)Si ar aris
sa­Wi­ro Sem­Ze­ni kom­pa­ni­is sa­er­To kre­bis ga­dawy­ve­ti­le­ba Tu­ki da­cu­lia
Sem­de­gi moTx­ov­ne­bi:

 Ser­wymis pro­eq­ti (geg­ma), Sem­Zen kom­pa­ni­as­Tan da­kav­Sიre­biT, ga­moq­

vey­nde­ba sul mci­re 1 TviT ad­re mi­er­Te­bu­li kom­pa­ni­is­/e­bis Se­sa­ba­
mis sa­er­To kre­bam­de.
 ama­ve va­da­Si Sem­Ze­ni kom­pa­ni­is yve­la aq­ci­o­ners un­da ჰqon­des Se­
saZ­leb­lo­ba kom­pa­ni­is ofis­Si ga­ec­nos da Se­a­mow­mos (maT So­ris mo­
iTx­o­vos as­li) Sem­de­gi do­ku­men­te­bi (al­ter­na­ti­ul ­ ad, isi­ni un­da
ga­moq­vey­ndes kom­pa­ni­is veb­gver­dze, sul mci­re, Se­sa­ba­mi­si sa­er­To
kre­bis das­ru­le­bam­de):
 Ser­wymis geg­ma
 Ser­wyma­Si mo­na­wi­le kom­pa­ni­ebs bo­lo 3 wlis fi­nan­su­ri an­ga­riS­­
ge­be­bi
 Se­sa­ba­mis Sem­Txve­va­Si (Tu­ki bo­lo fi­nan­su­ri an­ga­riS­ge­bis Ta­
ri­Ri­dan Ser­wymis pro­eq­tis Sed­ge­nis Ta­ri­Ram­de 6 Tve­ze me­tia ga­
su­li), ase­ve Su­a­le­du­ri an­ga­riS­ge­ba (ba­lan­si) (ac­co­un­ting sta­te­ment),
rom­lis Ta­ri­Ria Ser­wymis pro­eq­tis Ta­riR­ze ara­u­ad­res 3 Tvi­sa.
 xel­mZRva­ne­li or­ga­nos mi­er mom­za­de­bu­li mox­se­ne­ba Ser­wymis
Se­sa­xeb
 da­mo­u­ki­de­be­li au­di­to­ris das­kvna Ser­wymis Se­sa­xeb
 Sem­Ze­ni kom­pa­ni­is gan­Tav­se­bu­li ka­pi­ta­lis sul mci­re 5 % mflo­
bel aq­ci­o­ner­(eb)s un­da ჰqon­deT uf­le­ba, Sem­Ze­ni kom­pa­ni­is sar­To
kre­bis mow­ve­vis moTx­ov­nis uf­le­ba.

(114-e mux­li) ar aris au­ci­le­be­li (wev­rma sa­xel­mwi­fo­eb­ma ar un­da

mo­iTx­o­von):

 xel­mZRva­ne­li or­ga­nos mox­se­ne­ba Ser­wymis Se­sa­xeb (a­se­ve Ser­

wymis geg­mis (pro­eq­tis) Sed­ge­ni­dan sa­er­To kre­bis Ca­ta­re­bis Ta­
ri­Ram­de Su­a­led­Si mom­xda­ri mniS­vne­lo­va­ni qo­neb­ri­vi cvli­le­be­
bis Se­sa­xeb Sety­o­bi­ne­ba)
 da­mo­u­ki­de­be­li au­di­to­ris das­kvna Ser­wymis Se­sa­xeb

137
  Sem­Ze­ni kom­pa­ni­is aq­ci­o­ne­re­bis­Tvis gac­no­ba/­Se­mow­me­bis uf­le­
bis mi­ce­ma (ix. ze­moT)

Tu­ki

mi­er­Te­bu­li kom­pa­ni­is mi­no­ri­ta­r aq­ci­o­ne­rebs mi­e­ce­maT uf­le­ba,

moTx­o­von ma­Ti aq­ci­e­bis ga­mos­yid­va sa­mar­Tli­an fa­sad, da uTan­xmo­e­bis
Sem­Txve­va­Si fa­sis sa­kiTxi un­da ga­dawy­vიtოs sa­sa­mar­Tlom an Se­sa­ba­mis­ma
ad­mi­nis­tra­ci­ul­ma or­ga­no.

Tum­ca, am wi­na­pi­ro­be­bis ga­mo­ye­ne­ba ar aris sa­Wi­ro, Tu­ki

Sem­Ze­ni kom­pa­nia uf­le­ba­mo­si­lia wi­nas­wa­ri sa­ja­ro sa­ten­de­ro Se­Ta­va­

ze­bis ga­re­Se mo­iTx­o­vos mi­er­Te­bu­li kom­pa­ni­is­/e­bis dar­Ce­ni­li aq­ci­o­ne­re­
bis­gan mi­yi­don mas aq­ci­e­bi sa­mar­Tli­an fa­sad Ser­wymis gan­xor­ci­e­le­bam­de.

115-e mux­li

igi­ve Se­Ra­va­Te­bi Se­saZ­loa gav­rcel­des mi­er­Te­ba­ze, ro­de­sac mi­er­

Te­bu­li kom­pa­ni­is­/kom­pa­ni­e­bis wi­lebs Se­sa­ba­mi­si ode­no­biT (sul mci­re
90%) flo­ben Sem­Ze­ni kom­pa­nia an­/da mi­si da­va­le­biT da xar­jiT (on be­half)
moq­me­di pi­re­bi.

di­req­ti­vis mi­mo­xi­lu­li de­bu­le­be­bi­dan ga­mom­di­na­re un­da iq­nas ga­

ge­bu­li 72-e mux­lis pir­ve­li pun­qtic. Se­sa­ba­mi­sad, mi­Ti­Te­ba 66-e mux­lis
me-3 pun­qtze, vfiq­robT, ara­zus­ti­a. 66-e me-3 pun­qti sa­war­mos sxva­das­xva
for­me­bis­Tvis ga­dawy­ve­ti­le­bis mi­Re­bis­Tvis au­ci­le­bel um­rav­le­so­bebs
ad­gens. Ca­na­we­ri un­da uTi­Teb­des di­req­ti­vis msgavs ga­mo­nak­lis­ze e.i.
mas­ze rom mi­er­Te­bis­Tvis ar aris au­ci­le­be­li Sem­Ze­ni sa­me­war­meo sa­zo­
ga­do­e­bis sa­er­To kre­bis ga­dawy­ve­ti­le­ba. gar­da ami­sa, ar aris au­ci­le­be­
li mi­er­Te­ba­Si mo­na­wi­le sa­aq­cio sa­zo­ga­do­e­be­bis xel­mZRva­ne­li or­ga­nos
mox­se­ne­ba da Ser­wymis geg­mis Se­mow­me­ba da­mo­u­ki­de­be­li au­di­to­ris mi­er
(68-e mux­lis pir­ve­li pun­qtis „a da b“ qve­pun­qte­bi da me-2 pun­qti1). ase­ve
ar aris sa­Wi­ro 69-e mux­liT Ser­wymis­Tvis gaT­va­lis­wi­ne­bu­li ga­moq­vey­ne­
bis, Se­mow­me­bis da Sety­o­bi­ne­bis we­se­bi­sa da uf­le­be­bis dac­va2.
1
უფრო მარტივია, მიეთითოს 68-ე მუხლი მთლიანად
2
ამ შემთხვევაშიც 69-ე მუხლის მე-4 პუნქტის ნაცვლად (რომელიც გაყოფას ეხება) უნდა
მიეთითოს მე-3 პუნქტი.

138
 aR­niS­nu­li Se­Ra­va­Te­bis (Sem­Ze­ni sa­zo­ga­do­e­bis sa­er­To kre­bis ga­dawy­
ve­ti­le­bis, xel­mZRva­ne­li or­ga­nos da da­mo­u­ki­de­be­li au­di­to­ris mi­er
Se­mow­me­bis ara­sa­val­de­bu­lo­ba) wi­na pi­ro­baa mi­er­Te­bu­li sa­zo­ga­do­e­bis
um­ci­re­so­ba­Si myof par­tni­o­rebs uf­le­ba, mos­Txo­von Sem­Zen sa­zo­ga­do­e­
bas ma­Ti wi­le­bis ga­mos­yid­va sa­mar­Tli­an fa­sad.
72-e mux­lis me-2 pun­qti efuZ­ne­ba ev­ro­kav­Si­ris 2017/1132 di­req­ti­vis 110-e
da 111-e da 112-e mux­lebs da 100%-i­a­ni Svi­lo­bi­lis mi­er­Te­bas awes­ri­gebs.

di­req­ti­vis (2017/1132) 110-e da 111-e da 112-e mux­lebs Si­na­ar­si

(110-e mux­li) Tu­ki er­Ti an ram­de­ni­me kom­pa­nia uer­Tde­ba kom­pa­ni­as,

ro­me­lic flobs mas­Si/­maT­Si yve­la xmis uf­le­bis mqo­ne wi­lebs an sxva
fa­si­an qa­Ral­debs, ro­me­lic xmis uf­le­bas iZ­le­va

 Ser­wymis geg­ma­Si ar aris sa­Wi­ro Se­de­gi mo­na­ce­me­bis mi­e­Ti­Te­ba:

 wi­le­bis ga­dac­vlis Ta­na­far­do­ba da naR­di fu­lis ga­dax­da
 Sem­Zen kom­pa­ni­a­Si wi­le­bis ga­da­ce­mis pi­ro­be­bi
 Ta­ri­Ri, rom­lis Sem­de­gac aR­niS­nu­li aq­ci­e­bi iZ­le­va mo­ge­ba­Si mo­
na­wi­le­o­bis uf­le­bas da amas­Tan da­kav­Si­re­bul sa­gan­ge­bo pi­ro­be­bi
 ase­ve ar aris au­ci­le­be­li:
 Ser­wymis Se­sa­xeb xel­mZRva­ne­li or­ga­nos mox­se­ne­ba (a­se­ve Ser­
wymis geg­mis (pro­eq­tis) Sed­ge­ni­dan sa­er­To kre­bis Ca­ta­re­bis Ta­
ri­Ram­de Su­a­led­Si mom­xda­ri mniS­vne­lo­va­ni qo­neb­ri­vi cvli­le­be­
bis Se­sa­xeb Sety­o­bi­ne­ba)
 da­mo­u­ki­de­be­li au­di­to­ris das­kvna
 Se­sa­ba­mi­sad, ar ga­mo­i­ye­ne­ba aq­ci­o­ne­re­bis mi­er ma­Ti Se­mow­me­bis uf­
le­bac
 ar ga­mo­iy ­ e­ne­ba pi­ro­ba „Se­Ze­ne­li kom­pa­ni­is par­tni­o­ri xde­ba mim­Re­
bi kom­pa­ni­is par­tni­o­ri“
 wev­ri sa­xel­mwi­fo­e­bis ka­non­mdeb­lo­biT ar dgin­de­ba aq­ci­o­ne­re­bis
mi­marT mi­er­Te­bu­li sa­war­mos xel­mZRva­ne­le­bis da da­mo­u­ki­de­be­li
au­di­to­re­bis pa­su­xis­mgeb­lo­ba

(111-e mux­li) ar aris au­ci­le­be­li sa­er­To kre­be­bis ga­dawy­ve­ti­le­ba, Tu­ki

 Ser­wymis Za­la­Si Ses­vlam­de sul mci­re 1 TviT ad­re ga­moq­vey­nde­ba

Ser­wymis pro­eq­ti;

139
  ama­ve va­da­Si Sem­Ze­ni kom­pa­ni­e­bis aq­ci­o­ne­re­bi uf­le­ba­mo­si­li iq­ne­bi­
an, Sem­Ze­ni kom­pa­ni­is re­gis­tri­re­bul ofis­Si, ga­ec­non da Se­a­mow­mon
(Se­saZ­le­be­lia am val­de­bu­le­bis Ses­ru­le­ba kom­pa­ni­is veb­gver­dze
kre­bis das­ru­le­bam­de do­ku­men­te­bis gan­Tav­se­biT) Sem­de­gi do­ku­
men­te­bi, (a­se­ve mo­iTx­ov­ on as­le­bi):
 Ser­wymis geg­ma (pro­eq­ti)
 Ser­wyma­Si mo­na­wi­le kom­pa­ni­e­bis bo­lo sa­mi wlis fi­nan­su­ri an­
ga­riS­ge­ba da wli­u­ri mox­se­ne­ba
 Su­al ­ e­du­ri an­ga­riS­ge­ba (ba­lan­si), rom­lis Ta­ri­Ri ara­u­me­tes
3 TviT ad­rea Ser­wymis pro­eq­tis Ta­riR­ze, Tu­ki bo­lo fi­nan­su­ri
an­ga­riS­ge­bis Ta­ri­Ri­dan Ser­wymis pro­eq­tis Sed­ge­nis Ta­ri­Ram­de 6
Tve­ze me­tia ga­su­li.
 Sem­Ze­ni kom­pa­ni­is ka­pi­ta­lis 5 % mflo­bel aq­ci­o­ner­(eb)s aqvT Sem­
Ze­ni kom­pa­ni­is sar­To kre­bis mow­ve­vis moTx­ov­nis uf­le­ba, ro­me­lic
mi­i­Rebs mi­er­Te­bis Se­sa­xeb ga­dawy­ve­ti­le­bas.

(112-e mux­lis mi­xed­viT, 110-e da 111-e mux­le­biT gaT­va­lis­wi­ne­bu­li Se­

Ra­va­Te­bi igi­ve Se­Ra­va­Te­bi Se­saZ­loa gav­rcel­des mi­er­Te­ba­ze, ro­de­sac
mi­er­Te­bu­li kom­pa­ni­is­/kom­pa­ni­e­bis wi­lebs sru­lad flo­ben Sem­Ze­ni kom­pa­
nia an­/da mi­si da­va­le­biT da xar­jiT (on be­half) moq­me­di pi­re­bi.

Se­sa­ba­mi­sad un­da ga­ni­mar­tos 72-e mux­lis me-2 pun­qtic. ker­Zod 100%

Svi­lo­bi­li sa­war­mos mi­er­Te­bi­sas, ar aris sa­Wi­ro sa­er­To kre­be­bis ga­
dawy­ve­ti­le­be­bi (66-e mux­lis me-3 pun­qti),1 Ser­wymis geg­mis sa­val­de­bu­lo
Si­na­ar­sSi Sem­ci­re­bu­lia (67-e mux­lis me-2 pun­qtis „b“ da „d“ qve­pun­qte­bi),
xel­mZRva­ne­li or­ga­nos mi­er Ser­wymis an­ga­ri­Sis Sed­ge­na ase­ve da­mo­u­ki­de­
be­li au­di­to­ris an­ga­ri­Sis mom­za­de­ba ar aris sa­val­de­bu­lo (68-e mux­li,
70-e mux­li), Se­sa­ba­mi­sad, maT arc ga­moq­vey­ne­bis da Sety­o­bi­ne­bis val­de­
bu­le­ba exe­ba (69-e mux­lis me-2 pun­qtis „d“ da „e“ qve­pun­qte­bi da me-4 pun­
qti2). ase­ve ar aris au­ci­le­be­li Ser­wymis Se­mow­me­ba da­mo­u­ki­de­be­li au­di­
to­ris mi­er (70-e mux­li).
72-e mux­lis pir­ve­li pun­qtis­gan gan­sxva­ve­biT, 72-e mux­lis me-2 mux­lSi
mi­Ti­Te­bu­lia „mi­si da­va­le­biT moq­me­di me­sa­me pi­ri“, rac di­req­ti­vis mi­er
1
ვფიქრობთ, 66-ე მუხლის მე-3 პუნქტის შინაარსიდან გამომდინარე, უმჯობესია კრე­ბე­ბის
გადაწყვეტილებების ვალდებულებისგან განთავისუფლება უფრო ცალსახად იყოს ჩამო­ყა­
ლიბებული.
2
პირველი პუნქტის მსგავსად, აქაც უნდა მიეთითოს არა 69-ე მუხლის მე-4 არამედ მე-3
პუნქტი.

140
wev­ri sa­xel­mwi­fo­e­bis­Tvis dad­ge­nil Se­saZ­leb­lo­bas ex­mi­a­ne­ba (ix. ze­moT
di­req­ti­vis 112-mux­lis aR­we­ra)1.
72-e mux­lis me­sa­me pun­qti exe­ba ga­yo­fas (da­yo­fa, ga­mo­yo­fa) ro­ca Sem­
Ze­ni sa­zo­ga­do­e­be­bi er­Tad flo­ben ga­yo­fi­li sa­war­mos yve­la wils. mux­li
efuZ­ne­ba 2017/1132 di­req­ti­vis 154-e muxls.
72-e mux­lis me-4 pun­qti aR­wers axa­li sa­war­mo­eb ­ is da­fuZ­ne­biT ga­yo­fis
Sem­Txve­vas, ro­ca ga­yo­fi­li sa­war­mos par­tni­o­rebs axal sa­war­mo­(eb­)Si ga­
yo­fi­li sa­me­war­meo sa­zo­ga­do­e­bis ka­pi­tal­Si ma­Ti wi­le­bi pro­por­ci­u­lad
ga­da­e­ce­maT. 72-e mux­lis me-4 pun­qti ey­rdno­ba ev­ro­kav­Si­ris 2017/1132 di­
req­ti­vis 156-e mux­lis me-4 punqts. ker­Zoდ, re­or­ga­ni­za­ci­is msgavs Sem­
Txve­veb­Si, ka­no­ni (i­se­ve ro­gorc di­req­ti­va) ar mo­iTx­ovs ga­yo­fis Se­sa­xeb
sa­war­mo­Ta xel­mZRva­ne­li or­ga­no­e­bis mox­se­ne­bis mom­za­de­bas da ga­moq­vey­
ne­bas (68-e mux­lis pir­ve­li pun­qti, 69-e mux­lis me-2 pun­qtis „d“ qve­pun­
qti), au­di­to­ris an­ga­ri­Sis mom­za­de­bas­/ga­moq­vey­ne­bas (69-e mux­lis me-2
pun­qtis „e“ qve­pun­qti, 70-e mux­li) da Su­a­le­du­ri ba­lan­sis mom­za­de­bas
(69-e mux­lis me-2 pun­qtis „g“ qve­pun­qti). re­or­ga­ni­za­ci­a­Si mo­na­wi­le sa­aq­
cio sa­zo­ga­do­e­bis xel­mZRva­nel or­ga­nos ar war­mo­e­So­ba qo­neb­ri­vi mdgo­
ma­re­o­bis mniS­vne­lo­va­ni cvli­le­be­bis Sety­o­bi­ne­bis val­de­bu­le­ba.2
72-e mux­lis me-5 pun­qti efuZ­ne­ba ev­ro­di­req­ti­vis (2017/1132) 111-e da
113-e mux­lebs da war­mo­ad­gens pir­ve­li da me-2 pun­qtiT daS­ve­bu­li Se­Ra­
va­Te­bis ga­mo­ye­ne­bis წინა პირობაs. ase­ve di­req­ti­vis msgav­sad, 72-e mux­lis
me-6 pun­qtiT ka­pi­ta­lu­ri sa­zo­ga­do­e­be­bis sul mci­re 5% me­sa­kuT­re­ebs,
xo­lo am­xa­na­gur sa­zo­ga­do­e­beb­Si (sps, ks) Ti­To­e­ul par­tni­ors eni­We­ba
uf­le­ba mo­iTx­o­vos re­or­ga­ni­za­ci­is (Ser­wymis) Se­sa­xeb sa­er­To kre­bis mi­
er ga­dawy­ve­ti­le­bis mi­Re­ba.

mux­li 73. Ser­wymis­/ga­yo­fis re­gis­tra­cia

1. Ser­wymis­/ga­yo­fis re­es­trSi re­gis­tra­ci­is Se­sa­xeb gan­cxa­de­ba ma­

re­gis­tri­re­bel or­ga­nos  un­da wa­red­gi­nos Ser­wymis­/ga­yo­fis geg­
mis ga­moq­vey­ne­bi­dan 1 Tvis Sem­deg. am va­dis dac­va sa­val­de­bu­lo ar
aris, Tu yve­la par­tni­o­ri we­ri­lo­biT uars ga­nacx­a­debs Se­sa­ba­mi­si
uf­le­bis ga­mo­ye­ne­ba­ze. kre­di­tor­Ta uf­le­be­bi ga­ni­sazR­vre­ba am ka­
no­nis 74-e mux­liT.
1
იგივე შესაძლებლობას დირექტივა ითვალისწინებს 90% შვილობილის მიერთებისას
(იხ. 115-ე მუხლი)
2
ამ შემთხვევაშიც მითითება უნდა იყოს 69-ე მუხლის მე-3 პუნქტზე.

141
 2. Ser­wymis­/ga­yo­fis re­es­trSi re­gis­tra­ci­is Se­sa­xeb gan­cxa­de­bas un­
da da­er­Tos Sem­de­gi do­ku­men­te­bi:
a) Ser­wymis­/ga­yo­fis geg­ma;
b) Sem­Ze­ni sa­me­war­meo sa­zo­ga­do­e­bis wes­de­ba­Si cvli­le­be­bi an ax­lad
da­fuZ­ne­bu­li sa­me­war­meo sa­zo­ga­do­e­bis wes­de­ba;
g) sa­er­To kre­bis ga­dawy­ve­ti­le­ba, rom­li­Tac dam­tkic­da Ser­wymis­/
ga­yo­fis geg­ma, ag­reT­ve sa­er­To kre­bis oq­mi (ar­se­bo­bis Sem­Txve­va­Si);
d) ar­se­bo­bis Sem­Txve­va­Si _ ga­dawy­ve­ti­le­ba ax­lad da­fuZ­ne­bu­li sa­
me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­re­bi­sa da sa­meT­val­yu­reo
sab­Wos wev­re­bis ar­Ce­vis Se­sa­xeb;
e) ar­se­bo­bis Sem­Txve­va­Si _ da­mo­u­ki­de­be­li au­di­to­ris an­ga­ri­Si;
v) ar­se­bo­bis Sem­Txve­va­Si _ Ser­wymis­/ga­yo­fis an­ga­ri­Si;
z) sa­xel­mwi­fo da­we­se­bu­le­bis an sxva kom­pe­ten­tu­ri or­ga­nos Tan­
xmo­ba Ser­wyma­ze/­ga­yo­fa­ze, Tu es sa­qar­Tve­los ka­non­mdeb­lo­biT
aris gaT­va­lis­wi­ne­bu­li.
3. Tu Ser­wyma/­ga­yo­fa iw­vevs axa­li sa­me­war­meo sa­zo­ga­do­e­bis da­fuZ­ne­
bas, Ser­wymis­/ga­yo­fis re­es­trSi re­gis­tra­ci­is Se­sa­xeb gan­cxa­de­bas
un­da da­er­Tos yve­la sxva do­ku­men­ti da mo­na­ce­mi, rom­le­bic sa­Wi­
roa Se­sa­ba­mi­si sa­mar­Tleb­ri­vi for­mis sa­me­war­meo sa­zo­ga­do­e­bis
da­fuZ­ne­bis­Tvis.
4. Ser­wyma/­ga­yo­fa Za­la­Si Se­dis mi­si re­gis­tra­ci­is mo­men­ti­dan. Ser­
wymis­/ga­yo­fis re­gis­tra­ci­is Sem­deg Ser­wymis­/ga­yo­fis Se­sa­xeb sa­me­
war­meo sa­zo­ga­do­e­bis ga­dawy­ve­ti­le­bis ba­Ti­lo­ba­ze mi­Ti­Te­ba da­
uS­ve­be­li­a.
5. Ser­wymis­/ga­yo­fis re­gis­tra­ci­as­Tan er­Tad mi­er­Te­bu­li sa­me­war­meo
sa­zo­ga­do­e­bis an da­yo­fi­li sa­me­war­meo sa­zo­ga­do­e­bis re­gis­tra­cia
uq­mde­ba.
6. sa­qar­Tve­los ka­non­mdeb­lo­biT gaT­va­lis­wi­ne­bul Sem­Txve­veb­Si ma­
re­gis­tri­re­bel or­ga­nos un­da wa­red­gi­nos Se­sa­ba­mi­si ad­mi­nis­tra­
ci­u­li or­ga­nos Tan­xmo­ba.
 
Ser­wyma/­ga­yo­fis geg­mis ga­moq­vey­ne­bi­dan dad­ge­ni­li er­TTvi­a­ni va­da
gaT­va­lis­wi­ne­bu­lia par­tni­o­re­bis mi­er ga­dawy­ve­ti­le­bis ga­sa­Civ­re­bis
uf­le­bis ga­mo­ye­ne­bis­Tvis (ix. 93-e mux­lis me-2 pun­qti). geg­mis­/ga­dawy­ve­
ti­le­bis ga­sa­Civ­re­bis uf­le­bis ga­mo­ye­ne­bis­Tvis dad­ge­ni­li va­dis dac­va
ar aris au­ci­le­be­li, Tu­ki par­tni­o­re­bi we­ri­lo­biT uars ity­vi­an ga­sa­Civ­
re­ba­ze. for­mis mi­marT da­ma­te­biT ga­mo­i­ye­ne­ba 64-e mux­lis me-6 pun­qtiT
gaT­va­lis­wi­ne­bu­li we­si. ua­ri, am Sem­Txve­va­Si, 93-e mux­lis me-2 pun­qtiT

142
gan­sazR­vru­li sxva pi­re­bic („g“ da „d“ qve­pun­qte­bi) mi­mar­Tac moq­me­debs.
Tu­ki re­or­ga­ni­za­ci­is gan­xor­ci­e­le­bis­Tvis ar aris au­ci­le­be­li par­
tni­or­Ta kre­bis ga­dawy­ve­ti­le­ba (ga­mar­ti­ve­bu­li Sem­Txve­ve­bi 72-e mux­
lis pir­ve­li, me-2 da me-3 pun­qte­bis mi­xed­viT) ga­sa­Civ­re­ba­ze Se­sa­ba­mi­sad
vrcel­de­ba 93-e mux­lis me-3 da me-4 pun­qte­bi.
mux­lis me-2 pun­qti ad­gens Ser­wymi­sa da ga­yo­fis re­gis­tra­ci­is­Tvis au­
ci­le­bel do­ku­men­teb­sa da wi­na pi­ro­bebs.
me-3 pun­qti azus­tebs, rom re­or­ga­ni­za­ci­is far­gleb­Si da­fuZ­ne­bu­li
sa­zo­ga­do­e­ba un­da ak­ma­yo­fi­leb­des pi­ro­bebs, rom­le­bic au­ci­le­be­lia Se­
sa­ba­mi­si for­mis sa­zo­ga­do­e­bis Cve­u­leb­ri­vi da­fuZ­ne­bis­Tvis. am wi­na pi­
ro­bis ga­mo­ye­ne­bi­sas ga­saT­va­lis­wi­ne­be­lia re­or­ga­ni­za­ci­is­Tvis Ta­vi­se­
bu­re­be­bi, am­de­nad, daT­qma ga­mo­i­ye­ne­ba mu­ta­tis mu­tan­dis.
me-4 pun­qtis mi­xed­viT, re­gis­tra­ci­as re­or­ga­ni­za­ci­is­Tvis e.w. kon­
sti­tu­ci­u­ri mniS­vne­lo­ba aqvs. gar­da ami­sa, re­or­ga­ni­za­ci­is Se­sa­xeb ga­
dawy­ve­ti­le­bis mi­Re­bi­sas daS­ve­bu­li dar­Rve­ve­bi swor­de­ba re­gis­tra­
ci­is Za­liT. Se­sa­ba­mi­sad, re­gis­tra­ci­is Sem­deg re­or­ga­ni­za­ci­is Se­sa­xeb
ga­dawy­ve­ti­le­bis ba­Ti­lo­ba­ze mi­Ti­Te­ba da­uS­ve­be­li­a. ga­sa­Civ­re­bis uf­
le­bis mqo­ne pi­ri, ro­mel­Tac ar ga­mo­i­ye­na ga­sa­Civ­re­bis uf­le­ba pir­ve­
li pun­qtiT gan­sazR­vrul va­da­Si, kar­gavs mas. me-4 pun­qtiT dad­ge­ni­li
sa­mar­Tleb­ri­vi Se­de­gi gav­le­nas ar ax­dens zi­a­nis anazR­a­u­re­bis Se­saZ­lo
moTx­ov­neb­ze.

mux­li 74. sa­me­war­meo sa­zo­ga­do­e­bis re­or­ga­ni­za­ci­is pro­ces­Si

kre­di­tor­Ta dac­va

1. re­or­ga­ni­za­ci­a­Si mo­na­wi­le sa­me­war­meo sa­zo­ga­do­e­be­bis kre­di­to­

rebs uf­le­ba aqvT, re­or­ga­ni­za­ci­is re­gis­tra­ci­i­dan 3 Tvis va­da­Si
mos­Txo­von sa­me­war­meo sa­zo­ga­do­e­bas ma­Ti moTx­ov­ne­bis uz­run­vel­
yo­fa, Tu da­am­tki­ce­ben, rom re­or­ga­ni­za­cia saf­rTxes uq­mnis am
moTx­ov­ne­bis dak­ma­yo­fi­le­bas. aR­niS­nu­li uf­le­ba aqvT im kre­di­to­
rebs, ro­mel­Ta moTx­ov­ne­bic gar­daq­mnis Se­sa­xeb ga­dawy­ve­ti­le­bis
an Ser­wymis­/ga­yo­fis geg­mis ga­moq­vey­ne­bam­de war­mo­iS­va.
2. am mux­lis pir­ve­li pun­qti vrcel­de­ba re­or­ga­ni­za­ci­is pro­ces­Si
myo­fi sa­me­war­meo sa­zo­ga­do­e­be­bis ob­li­ga­ci­a­Ta mflo­be­leb­ze­dac,
gar­da im Sem­Txve­vi­sa, ro­de­sac re­or­ga­ni­za­cia ob­li­ga­ci­a­Ta mflo­
be­le­bis kre­bam an Ti­To­e­ul­ma mflo­bel­ma in­di­vi­du­a­lu­rad da­am­
tki­ca.

143
 3. wi­lis­/aq­ci­is gar­da, sxva fa­si­a­ni qa­Ral­de­bis mflo­be­lebs, rom­
leb­sac mi­ni­We­bu­li aqvT gan­sa­kuT­re­bu­li uf­le­be­bi, ax­lad da­fuZ­
ne­bul sa­me­war­meo sa­zo­ga­do­e­ba­Si/­Sem­Zen sa­me­war­meo sa­zo­ga­do­e­ba­
Si/­gar­daq­mnil sa­me­war­meo sa­zo­ga­do­e­ba­Si un­da mi­e­ceT igi­ve uf­le­
be­bi, rom­le­bic hqon­daT re­or­ga­ni­za­ci­is pro­ces­Si myof sa­me­war­
meo sa­zo­ga­do­e­ba­Si, gar­da im Sem­Txve­vi­sa, ro­de­sac aR­niS­nul uf­
le­beb­Si cvli­le­be­bi am fa­si­a­ni qa­Ral­de­bis mflo­be­le­bis kre­bam
an Ti­To­e­ul­ma mflo­bel­ma in­di­vi­du­a­lu­rad da­am­tki­ca an ro­de­sac
moq­me­debs pi­ro­ba, rom am uf­le­ba­Ta mflo­be­lebs eq­ne­baT ax­lad
da­fuZ­ne­bu­li sa­me­war­meo sa­zo­ga­do­e­bis­gan­/Sem­Ze­ni sa­me­war­meo sa­
zo­ga­do­e­bis­gan­/gar­daq­mni­li sa­me­war­meo sa­zo­ga­do­e­bis­gan fa­si­a­ni
qa­Ral­de­bis ga­mos­yid­vis moTx­ov­nis uf­le­ba.
 
74-e mux­li aq­cents gar­daq­mnis Se­sa­xeb ga­dawy­ve­ti­le­bis an Ser­wyma/­ga­
yo­fis geg­mis ga­moq­vey­ne­bam­de ar­se­bul kre­di­tor­Ta in­di­vi­du­a­lur dac­
va­ze ake­Tebs.
1994 wlis ka­no­nis kon­cef­ci­is­gan gan­sxva­ve­biT, ka­no­niT kre­di­to­
re­bis ar­se­bo­ba ar war­mo­ad­gens re­or­ga­ni­za­ci­is da­mab­rko­le­bel ga­re­
mo­e­bas. re­or­ga­ni­za­ci­is­Tvis arc kre­di­tor­Ta Tan­xmo­baa sa­Wi­ro, rac,
Ser­wyma/­ga­yo­fis Sem­Txve­va­Si, ise­dac ga­mom­di­na­re­obs re­or­ga­ni­za­ci­is­
Tvis da­ma­xa­si­a­Te­be­li uni­ver­sa­lu­ri uf­le­ba­mo­nac­vle­o­bis prin­ci­pi­
dan.
kre­di­to­rebs uf­le­ba eZ­le­vaT, moTx­ov­nis uz­run­vel­yo­fa mo­iTx­o­von
mim­Re­bi an ax­lad da­fuZ­ne­bu­li sa­zo­ga­do­e­bi­dan, Tu­ki da­am­tki­ce­ben, rom
re­or­ga­ni­za­cia maT moTx­ov­nis dak­ma­yo­fi­le­bas saf­rTxes uq­mnis.
74-e mux­lis me-2 da ima­ve dac­vas sTa­va­zobs kre­di­to­rebs, rom­le­bic
sa­war­mos ob­li­ga­ci­ebs flo­ben, gar­da im Sem­Txve­vi­sa, ro­ca msgav­si fa­si­
a­ni qa­Ral­de­bis mflo­be­leb­ma mo­i­wo­nes ga­dawy­ve­ti­le­ba re­or­ga­ni­za­ci­is
Se­sa­xeb. au­ci­le­be­lia fa­si­a­ni qa­Ral­de­bis Ti­To­e­u­li mflo­be­lis Tan­
xmo­ba.
sxva fa­si­a­ni qa­Ral­de­bis mflo­be­lebs, ro­mel­Tac sa­gan­ge­bo uf­le­be­
bi aqvT mi­ni­We­bu­li (mag., of­ci­e­bi), igi­ve uf­le­be­bi un­da mi­e­ceT re­or­ga­
ni­za­ci­is Sem­deg. cvli­le­be­bi am uf­le­beb­Si da­saS­ve­bia mxo­lod fa­si­a­ni
qa­Ral­de­bis mflo­bel­Ta Tan­xmo­biT. gar­da im Sem­Txve­ve­bi­sa, ro­ca Se­sa­
ba­mi­si fa­si­a­ni qa­Ral­de­bis mflo­be­lebs aqvT ax­lad da­fuZ­ne­bu­li/­Sem­Ze­
ni/­gar­daq­mni­li sa­war­mos­gan ma­Ti fa­si­a­ni qa­Ral­de­bis ga­mos­yid­vis moTx­
ov­nis uf­le­ba.

144
mux­li 75. par­tni­or­Ta wi­le­bis ga­mos­yid­va sa­me­war­meo sa­zo­ga­do­e­bis
re­or­ga­ni­za­ci­is dros

1. par­tni­ors, ro­mel­mac sa­er­To kre­ba­ze xma sa­me­war­meo sa­zo­ga­do­e­

bis re­or­ga­ni­za­ci­is sa­wi­na­aR­mde­god mis­ca, un­da mi­e­ces am kre­bis
Ca­ta­re­bi­dan 20 dRis va­da, ra­Ta sa­me­war­meo sa­zo­ga­do­e­bas we­ri­lo­
biT mi­mar­Tos Ta­vi­si wi­lis ga­mos­yid­vis moTx­ov­niT.
2. par­tni­o­rebs, rom­leb­mac am ka­no­nis sa­fuZ­vel­ze mo­iTx­o­ves wi­le­
bis ga­mos­yid­va, sa­me­war­meo sa­zo­ga­do­e­bam wi­le­bis sa­nac­vlod sa­
mar­Tli­a­ni fa­si un­da ga­da­u­xa­dos. sa­me­war­meo sa­zo­ga­do­e­bis xel­
mZRva­nel­ma or­ga­nom aq­ci­e­bis ga­mo­sas­yi­di fa­sis dad­ge­nis Se­sa­xeb
ga­dawy­ve­ti­le­ba un­da mi­i­Ros da par­tni­ors un­da ac­no­bos am mux­
lis pir­ve­li pun­qtiT gan­sazR­vru­li va­dis gas­vli­dan 20 dRis gan­
mav­lo­ba­Si, xo­lo wi­le­bis ga­mo­sas­yi­dad Tan­xa ga­dax­di­li un­da iq­
nes wi­le­bis ga­mo­sas­yi­di fa­sis dad­ge­nis Se­sa­xeb ga­dawy­ve­ti­le­bis
mi­Re­bi­dan ara­ug­vi­a­nes 30 dRi­sa. re­or­ga­ni­za­ci­is Se­de­gad Ca­mo­ya­
li­be­bu­li sa­me­war­meo sa­zo­ga­do­e­ba uf­le­ba­mo­si­lia re­or­ga­ni­za­ci­
i­dan 1 wlis gan­mav­lo­ba­Si ga­yi­dos ga­mos­yi­du­li wi­le­bi par­tni­or­
Ta mi­er upi­ra­te­si Ses­yid­vis uf­le­biT an mi­i­Ros ga­dawy­ve­ti­le­ba
ga­mos­yi­du­li wi­le­bis ga­uq­me­bis Se­sa­xeb.
3. par­tni­ors, ro­me­lic ar aris Ta­nax­ma Ta­vi­si wi­lis ga­mos­yid­vis
fas­ze, uf­le­ba aqvs, wi­lis ga­mo­sas­yi­di fa­sis Se­sa­xeb Sety­o­bi­ne­bis
mi­Re­bi­dan 20 dRis va­da­Si mi­mar­Tos sa­sa­mar­Tlos wi­lis sa­mar­Tli­a­
ni fa­sis dad­ge­nis moTx­ov­niT. am uf­le­bis ga­mo­ye­ne­bis Se­de­gad par­
tni­o­ri kar­gavs yve­la uf­le­bas Ta­vis wil­ze, gar­da mis sa­nac­vlod
sa­mar­Tli­a­ni fa­sis mi­Re­bis uf­le­bi­sa. sa­sa­mar­Tlo gan­xil­vis dros
re­or­ga­ni­za­ci­is pro­ce­si ar Cer­de­ba.
4. Tu sa­sa­mar­Tlos mi­er da­niS­nu­li da­mo­u­ki­de­be­li au­di­to­ri da­ad­gens,
rom par­tni­o­ris wi­lis Ri­re­bu­le­ba sa­me­war­meo sa­zo­ga­do­e­bis mi­er Se­
Ta­va­ze­bu­li Ri­re­bu­le­bis to­lia an mas­ze nak­le­bi­a, da­mo­u­ki­de­be­li
au­di­to­ris xar­jebs par­tni­o­ri aa­nazR­a­u­rebs. wi­na­aR­mdeg Sem­Txve­va­
Si es xar­je­bi sa­me­war­meo sa­zo­ga­do­e­bas da­e­kis­re­ba. Tu sa­sa­mar­Tlos
mi­er dad­ge­ni­li wi­lis Ri­re­bu­le­ba sa­me­war­meo sa­zo­ga­do­e­bis mi­er Se­
Ta­va­ze­bul Ri­re­bu­le­ba­ze me­ti­a, sa­me­war­meo sa­zo­ga­do­e­bam yve­la par­
tni­o­ris wi­le­bi ima­ve, me­ti Ri­re­bu­le­biT un­da ga­mo­is­yi­dos.
5. sa­me­war­meo sa­zo­ga­do­e­bam par­tni­o­ris wi­li un­da ga­mo­is­yi­dos sa­sa­
mar­Tlos mi­er mi­si Ri­re­bu­le­bis dad­ge­ni­dan 30 dRis va­da­Si.

145
 6. sa­me­war­meo sa­zo­ga­do­e­ba­sa da par­tni­o­rebs So­ris Se­Tan­xme­biT wi­
lis ga­mos­yid­vis va­da Se­iZ­le­ba ga­i­zar­dos wi­lis ga­mo­sas­yi­di fa­sis
dad­ge­ni­dan ara­u­me­tes 3 Tvi­sa.
 
wi­lis­/aq­ci­is ga­mos­yid­vis moTx­ov­nis uf­le­ba mxo­lod im par­tni­o­rebs
eni­We­baT, rom­le­bic mo­na­wi­le­ob­dnen xmis mi­ce­mis pro­ce­du­ra­Si da re­or­
ga­ni­za­ci­is wi­na­aR­mdeg mis­ces xma. wi­lis Ri­re­bu­le­bis anazR­au ­ ­re­ba un­
da mox­des sa­mar­Tli­an fa­sad, ro­gorc we­si, fu­la­di sa­xiT. Tum­ca yve­la
par­tni­o­ris Tan­xmo­biT, an, Tu­ki gaT­va­lis­wi­ne­bu­li sa­dam­fuZ­neb­lo Se­
Tan­xme­biT, da­saS­ve­bia ara­fu­la­di anazR­a­u­re­bac. par­tni­ors kon­kre­tul
aq­tiv­ze moTx­ov­nis uf­le­ba ar ga­aC­ni­a. ga­mos­yi­du­li wi­le­bi sa­war­mos ga­
dawy­ve­ti­le­biT Se­iZ­le­ba kvlav gas­xvis­des an ga­uq­mdes.
wi­lis sa­mar­Tli­an Ri­re­bu­le­bas­Tan da­kav­Si­re­bul da­vebs wyvets sa­
sa­mar­Tlo. sa­zo­ga­do­eb ­ is Se­Ta­va­ze­bis Se­sa­xeb Sety­o­bi­ne­be­bis mi­Re­bi­dan
30 dRis gan­mav­lo­ba­Si par­tni­ors Se­uZ­li­a, mi­mar­Tos sa­sa­mar­Tlos. am va­
dis gas­vla mi­iC­ne­va aq­cep­tad. Se­mo­Ta­va­ze­bis mi­Re­biT, maT So­ris, va­dis
uSe­de­god gas­vliT an sa­sa­mar­Tlo­sad­mi mi­mar­TviT, par­tni­o­ri, wi­li­dan
ga­mom­di­na­re, inar­Cu­nebs mxo­lod Se­sa­ba­mi­si sa­mar­Tli­a­ni fa­sis mi­Re­bis
uf­le­bas.
sa­zo­ga­do­e­bas sa­sa­mar­Tlos mi­er da­niS­nu­li da­mo­u­ki­de­be­li au­di­to­
ris xar­je­bi da­ek ­ is­re­ba mxo­lod im Sem­Txve­va­Si, Tu­ki wi­lis sa­mar­Tli­an ­i
fa­si me­tia sa­war­mos mi­er Se­mo­Ta­va­ze­bul Tav­da­pir­vel fas­ze.
sa­ku­Ta­ri wi­le­bis­/gas­vlis we­se­bi Se­sa­ba­mi­sad vrcel­de­ba re­or­ga­ni­
za­ci­is far­gleb­Si wi­lis ga­mos­yid­va­ze/­gas­vlis sa­nac­vlod kom­pen­sa­
ci­az ­ e. Tu­ki kom­pen­sa­cia ga­dax­di­li ar aris re­or­ga­ni­za­ci­am­de, re­or­
ga­ni­za­ci­is Sem­dgo­mi sa­zo­ga­do­e­ba agebs pa­suxs ga­mos­yid­va­ze. am­je­rad
ga­mos­yid­va­ze qo­ne­bis mim­Re­bi­/a­xa­li sa­zo­ga­do­eb ­ is Se­sa­ba­mi­si we­se­bi gav­
rcel­de­ba.
Tu­ki cxa­di­a, rom Tav­da­pir­vel sa­zo­ga­do­e­bas ar aqvs ga­mos­yid­vis­Tvis
sak­ma­ri­si da­saS­ve­bi qo­ne­ba, re­or­ga­ni­za­ci­is ga­dawy­ve­ti­le­ba sa­ci­loa (Se­
sa­ba­mis va­da­Si Se­saZ­loa ga­sa­Civ­rdes). Tu­ki ar ga­sa­Civ­rda re­gis­tra­ci­as
kom­pen­sa­ci­is ga­da­ux­de­lo­ba re­gis­tra­ci­as xels ar uS­lis. Tum­ca par­tni­
o­ris unar­Cun­de­ba Se­sa­ba­mi­si Tan­xis moTx­ov­na sa­zo­ga­do­e­bis­/sa­zo­ga­do­e­
be­bis mi­marT.
ga­yo­fis Sem­Txve­va­Si qo­ne­bis mim­Reb (maT So­ris dar­Ce­nil sa­zo­ga­do­e­
bas) so­li­da­ru­li pa­su­xis­mgeb­lo­ba ekis­re­ba igi par­tni­or ­ is uf­le­ba­Ta
dac­vi­dan ga­mom­di­na­re yve­la dar­Ce­ni­li sa­war­mos pir­da­pi­ri da so­li­da­

146
ru­li mo­va­le­ob ­ aa e.i. Cve­u­leb­ri­vi kre­di­to­ru­li moTx­ov­ne­bi­sa­gan gan­
sxva­ve­biT, mi­Re­bul wmin­da aq­tiv­ze mib­mu­li SezR­ud­va (65-e mux­lis me-10
pun­qtis me-2 win.) ar moq­me­debs.

mux­li 76. sa­me­war­meo sa­zo­ga­do­e­be­bis Ser­wyma/­sa­me­war­meo

sa­zo­ga­do­e­bis ga­yo­fa re­a­bi­li­ta­ci­is dros

am ka­no­nis 65-e _ ­75-e mux­le­bi ar vrcel­de­ba im sa­war­mo­ze, rom­lis mi­

mar­Tac dawy­e­bu­lia re­a­bi­li­ta­ci­is saq­mis war­mo­e­ba.
 

mux­li 77. sa­me­war­meo sa­zo­ga­do­e­bis re­do­mi­ci­le­ba

1. ucxo qve­ya­na­Si re­gis­tri­re­bu­li me­war­mis re­gis­tra­cia Se­iZ­le­ba

gad­mo­ta­nil iq­nes sa­qar­Tve­lo­Si, ise, rom ar da­ir­Rves me­war­mis
saq­mi­a­no­bis uwy­ve­to­ba.
2. am mux­lis pir­ve­li pun­qtiT gaT­va­lis­wi­ne­bu­li me­war­me Se­iZ­le­ba
da­re­gis­trir­des mxo­lod sa­qar­Tve­los ka­non­mdeb­lo­biT gaT­va­
lis­wi­ne­bu­li sa­mar­Tleb­ri­vi for­miT.
3. sa­qar­Tve­lo­Si re­gis­tri­re­bul me­war­mes uf­le­ba aqvs, mi­si re­gis­
tra­cia ga­da­i­ta­nos ucxo qve­ya­na­Si, ise, rom ar da­ir­Rves me­war­mis
saq­mi­a­no­bis uwy­ve­to­ba, Sem­de­gi pi­ro­be­bis ar­se­bo­bi­sas:
a) am qve­ya­nas­Tan da­de­bu­li sa­er­Ta­So­ri­so xel­Sek­ru­le­biT ar aris
ak­rZa­lu­li aR­niS­nul ucxo qve­ya­na­Si re­gis­tri­re­bu­li me­war­mis
re­gis­tra­ci­is sxva qve­ya­na­Si ga­da­ta­na;
b) sa­qar­Tve­lo­Si re­gis­tri­re­bu­li me­war­mis wi­na­aR­mdeg sa­qar­Tve­
lo­Si ar mim­di­na­re­obs sa­sa­mar­Tlo da­va an ga­dax­di­su­u­na­ro­bis saq­
mis war­mo­e­ba an sis­xlis sa­mar­Tlis saq­mis war­mo­e­ba;
g) sa­qar­Tve­lo­Si re­gis­tri­re­bu­li me­war­mis re­gis­tra­ci­is ucxo
qve­ya­na­Si ga­da­ta­nis dro­is­Tvis me­war­mes sa­qar­Tve­los sa­ga­da­sa­xa­
do or­ga­no­e­bis mi­marT sa­ga­da­sa­xa­do da­va­li­a­ne­ba ar aqvs.
4. ucxo qve­ya­na­Si re­gis­tri­re­bu­li me­war­mis re­gis­tra­ci­is sa­qar­Tve­
lo­Si gad­mo­ta­na aris me­war­mis re­or­ga­ni­za­ci­is tol­fa­si da mas­ze
vrcel­de­ba am ka­no­niT gaT­va­lis­wi­ne­bu­li sa­me­war­meo sa­zo­ga­do­e­
bis re­or­ga­ni­za­ci­is mom­wes­ri­ge­be­li nor­me­bi, ma­Ti Si­na­ar­sis gaT­
va­lis­wi­ne­biT.

147
 5. ucxo qve­ya­na­Si re­gis­tri­re­bu­li me­war­mis re­gis­tra­ci­is sa­qar­Tve­
lo­Si gad­mo­ta­ni­sa da sa­qar­Tve­lo­Si re­gis­tri­re­bu­li sa­war­mos re­
gis­tra­ci­is ucxo qve­ya­na­Si ga­da­ta­nis we­si da pi­ro­be­bi ga­ni­sazR­
vre­ba in­struq­ci­iT.

ka­no­nis 77-e mux­li awes­ri­gebs re­do­mi­ci­le­bis sa­kiTxs. re­do­mi­ci­le­

bis de­fi­ni­ci­is Seq­mna Se­saZ­le­be­lia wi­nam­de­ba­re mux­lis pir­vel pun­qteb­
ze day­rdno­biT. ker­Zod, re­do­mi­ci­le­ba es aris ucxo qve­ya­na­Si re­gis­tri­
re­bu­li me­war­mis re­gis­tra­ci­is ga­da­ta­na ise, rom ar da­ir­Rves me­war­mis
saq­mi­a­no­bis uwy­ve­to­ba. wi­nam­de­ba­re mux­li uS­vebs, ro­gorc sa­qar­Tve­lo­
Si re­gis­tri­re­bu­li me­war­mis re­gis­tra­ci­is ucxo qve­ya­na­Si ga­da­ta­nas, ise
pi­ri­qiT.
sa­war­mos re­do­mi­ci­le­bi­saT­vis wi­nam­de­ba­re mux­li gan­sazR­vravs zo­gad
sa­ka­non­mdeb­lo Car­Cos, maT So­ris, wi­nam­de­ba­re mux­lis me-­2-me-4 pun­qteb­
Si dad­ge­ni­lia zo­ga­di xa­si­a­Tis Se­sa­ba­mi­si SezR­ud­ve­bi. amas­Tan, mux­li
Si­na­ar­sob­ri­vad blan­ke­tu­ri xa­si­a­Ti­saa da mi­u­Ti­Tebs Sem­dgom­Si sa­kiTx­
is ka­non­qvem­de­ba­re nor­ma­ti­ul ­ i aq­tis mo­wes­ri­ge­ba­ze. aR­niS­nul­ze day­
rdno­biT, me­war­mis re­do­mi­ci­le­bis sa­kiTxi de­ta­lu­ra­daa mo­wes­ri­ge­bu­li
sa­qar­Tve­los ka­no­niT, „me­war­me­Ta da ara­sa­me­war­meo (a­ra­ko­mer­ci­ul) iu­
ri­di­ul pir­Ta re­gis­tra­ci­is Se­sa­xeb“ in­struq­ci­is dam­tki­ce­bis Ta­o­ba­ze“
sa­qar­Tve­los ius­ti­ci­is mi­nis­tris brZa­ne­bis 22-e-­24-e mux­leb­Si.

148
Ta­vi IX. sa­me­war­meo sa­zo­ga­do­e­bis daS­la. xar­ve­zi­a­ni sa­zo­ga­do­e­ba

mux­li 78. sa­me­war­meo sa­zo­ga­do­e­bis daS­la

1. sa­me­war­meo sa­zo­ga­do­e­bis daS­lis sa­fuZ­vle­bi­a:

a) sa­me­war­meo sa­zo­ga­do­e­bis par­tni­or­Ta ga­dawy­ve­ti­le­ba sa­me­war­
meo sa­zo­ga­do­e­bis daS­lis Se­sa­xeb;
b) sa­me­war­meo sa­zo­ga­do­e­bis par­tni­or­Ta sa­val­de­bu­lo ra­o­de­no­
bas­Tan da­kav­Si­re­biT am ka­no­niT dad­ge­ni­li moTx­ov­nis dar­Rve­va;
g) iu­ri­di­u­li pi­ris lik­vi­da­ci­is Se­sa­xeb sis­xlis sa­mar­Tlis saq­me­
ze sa­sa­mar­Tlos ga­na­Ce­nis ka­no­ni­er Za­la­Si Ses­vla;
d) sa­me­war­meo sa­zo­ga­do­e­bis par­tni­o­ris gan­cxa­de­bis­/sar­Ce­lis sa­
fuZ­vel­ze sa­sa­mar­Tlos mi­er mi­Re­bu­li ga­dawy­ve­ti­le­ba sa­me­war­meo
sa­zo­ga­do­e­bis daS­lis Se­sa­xeb;
e) wes­de­biT gaT­va­lis­wi­ne­bu­li sxva sa­fuZ­vle­bi.
2. xel­mZRva­ne­lo­ba­sa da war­mo­mad­gen­lo­ba­ze uf­le­ba­mo­sil­ma pir­ma
am mux­lis pir­ve­li pun­qtis „a“, „b“ an „e“ qve­pun­qtiT gaT­va­lis­wi­ne­
bul Sem­Txve­va­Si ma­re­gis­tri­re­bel or­ga­nos un­da mi­mar­Tos sa­me­
war­meo sa­zo­ga­do­e­bis daS­lis re­es­trSi re­gis­tra­ci­is Se­sa­xeb gan­
cxa­de­biT. am mux­lis pir­ve­li pun­qtis „g“ an „d“ qve­pun­qtiT gaT­va­
lis­wi­ne­bul Sem­Txve­va­Si ma­re­gis­tri­re­be­li or­ga­no sa­sa­mar­Tlos
an ne­bis­mi­e­ri pi­ris gan­cxa­de­bis sa­fuZ­vel­ze are­gis­tri­rebs sa­me­
war­meo sa­zo­ga­do­e­bis daS­las. am sa­fuZ­vliT sa­me­war­meo sa­zo­ga­
do­e­bis daS­li­sas sa­qar­Tve­los ka­non­mdeb­lo­biT gaT­va­lis­wi­ne­bul
Sem­Txve­veb­Si ma­re­gis­tri­re­bel or­ga­nos un­da wa­red­gi­nos ag­reT­ve
Se­sa­ba­mi­si ad­mi­nis­tra­ci­u­li or­ga­nos Tan­xmo­ba.
3. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si, sa­aq­cio sa­zo­ga­
do­e­ba­Si, ko­o­pe­ra­tiv­Si sa­me­war­meo sa­zo­ga­do­e­bis daS­lis Se­sa­xeb
ga­dawy­ve­ti­le­ba mi­i­Re­ba ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis 3/4-is um­
rav­le­so­biT, xo­lo sxva Sem­Txve­va­Si mas yve­la par­tni­o­ri er­Txmad
iRebs.
4. im sa­war­mos daS­lis wess, rom­lis aq­ci­e­bis an wi­lis 50 pro­cen­tze
mets flobs sa­xel­mwi­fo, am­tki­cebs sa­qar­Tve­los eko­no­mi­ki­sa da
mdgra­di gan­vi­Ta­re­bis mi­nis­tri, xo­lo im sa­war­mos daS­lis wess,
rom­lis aq­ci­e­bis an wi­lis 50 pro­cen­tze mets flobs af­xa­ze­Tis an
aWa­ris av­to­no­mi­u­ri res­pub­li­ka, _ af­xa­ze­Tis an aWa­ris av­to­no­mi­
u­ri res­pub­li­kis eko­no­mi­kis sfe­ro­Si uf­le­ba­mo­si­li Se­sa­ba­mi­si

149
 mi­nis­tri. es pun­qti ar vrcel­de­ba ko­mer­ci­u­li ban­kis re­zo­lu­ci­
is re­Jim­Si sa­qar­Tve­los fi­nan­sTa sa­mi­nis­tros mi­er da­fuZ­ne­bu­li
dro­e­bi­Ti ban­kis lik­vi­da­ci­a­sa da re­zo­lu­ci­is re­Jim­Si myo­fi ko­
mer­ci­u­li ban­kis lik­vi­da­ci­a­ze, rom­le­bic xor­ci­el­de­ba spe­ci­a­
lu­ri ka­non­mdeb­lo­biT dad­ge­ni­li we­siT.
5. ma­re­gis­tri­re­be­li or­ga­no val­de­bu­lia sa­qar­Tve­los erov­nul
banks da­u­yov­neb­liv mi­a­wo­dos in­for­ma­cia „sa­ga­dax­do sis­te­mi­sa da
sa­ga­dax­do mom­sa­xu­re­bis Se­sa­xeb“ sa­qar­Tve­los ka­no­nis Se­sa­ba­mi­sad
moq­me­di sis­te­mis mo­na­wi­le sa­war­mos daS­lis pro­ce­sis dawy­e­bis re­
gis­tra­ci­is Se­sa­xeb (ar­se­bo­bis Sem­Txve­va­Si).

sa­me­war­meo sa­zo­ga­do­e­ba war­mo­iS

­ o­ba da uf­le­ba­u­na­ri­an
­ o­bas iZens re­
es­trSi re­gis­tra­ci­is gziT. ima­ve lo­gi­kiT, sa­me­war­meo sa­zo­ga­do­e­bis ar­
se­bo­bis Sewy­ve­ta xde­ba re­gis­tra­ci­is ga­uq­me­biT. uSu­a­lod pro­cess ki,
rom­lis Se­de­ga­dac uq­mde­ba sa­zo­ga­do­e­bis re­gis­tra­ci­a, ewo­de­ba sa­zo­ga­
do­eb­ is daS­la. mux­lis pir­vel pun­qtSi gan­sazR­vru­lia sa­zo­ga­do­e­bis daS­
lis sa­fuZ­vle­bis ka­ta­lo­gi:

sa­me­war­meo sa­zo­ga­do­eb ­ is ne­ba­yof­lo­bi­Ti daS­lis Ta­o­ba­ze ga­dawy­ve­

ti­le­bis mi­Re­ba ga­ne­kuT­vne­ba sa­zo­ga­do­e­bis par­tni­or­Ta kom­pe­ten­ci­as.
Se­sa­ba­mi­sad, sa­zo­ga­do­e­bis daS­lis Se­sa­xeb ga­dawy­ve­ti­le­bas iRebs par­
tni­or­Ta sa­er­To kre­ba, ka­pi­ta­lu­ri ti­pis sa­me­war­meo sa­zo­ga­do­e­beb­Si
2/3-is um­rav­le­so­biT, xo­lo am­xa­na­gu­ri ti­pis sa­zo­ga­do­e­beb­Si yve­la par­
tni­o­ris Tan­xmo­biT.
ka­no­ni ase­ve, are­gu­li­rebs im pir­Ta wres, vi­sac Se­sa­ba­mi­si sa­fuZ­vlis
ar­se­bo­bi­sas sa­zo­ga­do­eb­ is daS­lis re­es­tris Ta­o­ba­ze ma­re­gis­tri­re­be­li
or­ga­no­saT­vis mi­mar­Tvis uf­le­ba aqvs. ker­Zod:

150
 par­tni­or­Ta ga­dawy­ve­ti­le­ba sa­me­war­meo sa­zo­ sa­zo­ga­do­e­bis
ga­do­e­bis daS­lis Se­sa­xeb xel­mZRva­ne­li pi­ri
sa­me­war­meo sa­zo­ga­do­e­bis par­tni­or­Ta sa­val­ sa­zo­ga­do­e­bis
de­bu­lo ra­o­de­no­bas­Tan da­kav­Si­re­biT ka­no­niT xel­mZRva­ne­li pi­ri
gaT­va­lis­wi­ne­bu­li moTx­ov­nis dar­Rve­va
iu­ri­di­u­li pi­ris lik­vi­da­ci­is Se­sa­xeb sis­xlis sa­sa­mar­Tlo an
sa­mar­Tlis saq­me­ze sa­sa­mar­Tlos ga­na­Ce­nis ka­ ne­bis­mi­e­ri sxva pi­ri
no­ni­er Za­la­Si Ses­vla
sa­me­war­meo sa­zo­ga­do­e­bis par­tni­o­ris sar­Ce­ sa­sa­mar­Tlo an
lis sa­fuZ­vel­ze sa­sa­mar­Tlos mi­er sa­me­war­meo ne­bis­mi­e­ri sxva pi­ri
sa­zo­ga­do­e­bis daS­lis Se­sa­xeb mi­Re­bu­li ga­
dawy­ve­ti­le­ba
wes­de­biT gaT­va­lis­wi­ne­bu­li sa­fuZ­vle­bi sa­zo­ga­do­e­bis
xel­mZRva­ne­li pi­ri

mux­li 79. sa­me­war­meo sa­zo­ga­do­e­bis daS­la sa­sa­mar­Tlos ga­dawy­ve­ti­le­biT,

par­tni­o­ris gan­cxa­de­bis­/sar­Ce­lis sa­fuZ­vel­ze

1. mniS­vne­lo­va­ni sa­fuZ­vlis ar­se­bo­bi­sas, par­tni­o­ris gan­cxa­de­bis­/

sar­Ce­lis sa­fuZ­vel­ze sa­me­war­meo sa­zo­ga­do­e­ba Se­iZ­le­ba da­i­Sa­los
sa­sa­mar­Tlos ga­dawy­ve­ti­le­biT.
2. mniS­vne­lo­va­ni sa­fuZ­ve­li ar­se­bobs, Tu er­T-er­Tma par­tni­or­ma gan­
zrax an uxe­Si ga­uf­rTxi­leb­lo­biT da­ar­Rvia ka­no­niT an wes­de­biT mis­
Tvis da­kis­re­bu­li ar­se­bi­Ti mo­va­le­o­ba, an Tu par­tni­o­ri mo­va­le­o­bas
ve­Rar as­ru­lebs da sa­me­war­meo sa­zo­ga­do­e­bis mi­za­ni ve­Rar mi­iR­we­va.
3. par­tni­ors Se­uZ­lia sa­me­war­meo sa­zo­ga­do­e­bis daS­lis Se­sa­xeb gan­
cxa­de­bis sa­sa­mar­Tlo­Si Sem­ta­ni par­tni­o­ris wi­li sa­sa­mar­Tlos
meS­ve­o­biT sa­mar­Tli­an fa­sad ga­mo­is­yi­dos gan­cxa­de­bis Se­ta­ni­dan
30 dRis gan­mav­lo­ba­Si. am Sem­Txve­va­Si yo­vel par­tni­ors un­da mi­e­
ces Ta­vi­si wi­lis pro­por­ci­u­lad ga­mos­yid­va­Si mo­na­wi­le­o­bis Se­
saZ­leb­lo­ba, Tu da­nar­Ce­ni par­tni­o­re­bi wi­le­bis ga­da­na­wi­le­bis
sxva wes­ze ar Se­Tan­xmde­bi­an.
4. am mux­lis me-3 pun­qtiT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si Se­Ta­va­ze­bis
ga­ke­Te­bi­dan 30 dRis va­da­Si wi­lis ga­mos­yid­vis sa­mar­Tli­an fas­ze
mxa­re­Ta Se­u­Tan­xmeb­lo­bi­sas sa­mar­Tli­an fass ad­gens sa­sa­mar­Tlo.

151
 5. wes­de­biT Se­iZ­le­ba ga­mo­i­ricx­os an am mux­liT dad­ge­ni­li nor­me­
bis sa­wi­na­aR­mde­god Se­izR­u­dos sa­me­war­meo sa­zo­ga­do­e­bis daS­lis
moTx­ov­nis uf­le­ba.

ka­no­nis si­ax­lea sa­sa­mar­Tlos mi­er par­tni­o­ris sar­Ce­lis sa­fuZ­vel­ze

sa­me­war­meo sa­zo­ga­do­eb ­ is daS­la. aR­niS­nu­li re­gu­la­cia em­sa­xu­re­ba sa­zo­
ga­do­e­ba­Si Seq­mni­li Ci­xu­ri si­tu­a­ci­is ga­dawy­ve­tas. ma­ga­li­Tad, sa­sa­mar­
Tlom par­tni­or ­ is sar­Ce­lis sa­fuZ­vel­ze Se­iZ­le­ba da­Sa­los sa­me­war­meo
sa­zo­ga­do­eb ­ a, Tu me­o­re par­tni­or ­ i uxe­Sad ar­Rvevs mis mo­va­le­o­bebs an sa­
zo­ga­do­eb ­ a­Si xma­Ta Ta­na­ba­ri ga­da­na­wi­le­bis, e.w. de­ad­loc­k-is ga­mo par­tni­
o­re­bi ve­Rar iRe­ben ga­dawy­ve­ti­le­bas, rac, sa­bo­loo jam­Si, Se­uZ­le­bels
xdis sa­zo­ga­do­e­bis fun­qci­o­ni­re­bas.
imav­dro­u­lad, ze­moT aR­niS­nu­li wi­na pi­ro­be­bis ar­se­bo­bi­sa­sac ki, er­
Ti par­tni­o­ris in­te­res­ma da­Sa­los sa­me­war­meo sa­zo­ga­do­e­ba, ar un­da ga­
da­wo­nos sa­zo­ga­do­e­bis ar­se­bo­bis gag­rZe­le­bis sxvag­va­ri, obi­eq­tu­ri da
mxa­re­Ta da­ba­lan­se­bul in­te­re­seb­ze dam­ya­re­bu­li Se­saZ­leb­lo­ba. swo­red
ami­tom ka­no­ni Se­saZ­leb­lo­bas aZ­levs da­nar­Cen par­tni­o­rebs, Ta­vi­dan ai­
ci­lon sa­zo­ga­do­e­bis daS­la gan­mcxa­de­be­li par­tni­o­ris­Tvis wi­lis sa­mar­
Tli­an fa­sad ga­mos­yid­vis gziT. ker­Zod, gan­cxa­de­bis Sem­ta­ni par­tni­o­ris
wi­li Se­saZ­le­be­lia ga­mos­yi­dul iq­nes gan­cxa­de­bis Se­ta­ni­dan 30 dRis gan­
mav­lo­ba­Si. sa­mar­Tli­an fas­ze mxa­re­Ta Se­u­Tan­xmeb­lo­bis Sem­Txve­va­Si, ga­
mos­yid­vis sa­mar­Tli­an fass da­ad­gens sa­sa­mar­Tlo.

mux­li 80. xar­ve­zi­a­ni sa­zo­ga­do­e­ba

1. Tu sa­me­war­meo sa­zo­ga­do­e­bis re­gis­tri­re­bu­li mo­na­ce­me­bi aRar

Se­e­sa­ba­me­ba am ka­no­niT gan­sazR­vrul re­gis­tra­ci­is sa­val­de­bu­lo
pi­ro­bebs, ma­re­gis­tri­re­be­li or­ga­no Ta­vi­si ini­ci­a­ti­viT iRebs ga­
dawy­ve­ti­le­bas xar­ve­zis dad­ge­nis Se­sa­xeb da sa­me­war­meo sa­zo­ga­do­
e­bas ani­Webs xar­ve­zi­a­ni sa­zo­ga­do­e­bis sta­tuss, ris Se­sa­xe­bac mi­e­
Ti­Te­ba re­es­trSi da ec­no­be­ba sa­me­war­meo sa­zo­ga­do­e­bas. xar­ve­zi­a­ni
sa­zo­ga­do­e­bis sta­tu­sis ar­se­bo­bis pe­ri­od­Si Cer­de­ba re­gis­tri­re­
bu­li mo­na­ce­me­bis moq­me­de­ba da re­es­tri­dan amo­na­we­ri ar ga­i­ce­ma.
2. ma­re­gis­tri­re­be­li or­ga­no „sa­qar­Tve­los erov­nu­li ban­kis Se­sa­xeb“
sa­qar­Tve­los or­ga­nu­li ka­no­niT gan­sazR­vru­li sa­fi­nan­so seq­to­
ris war­mo­mad­gen­lis mi­marT, rom­lis lik­vi­da­ci­as axor­ci­e­lebs

152
 sa­qar­Tve­los erov­nu­li ban­ki, Se­sa­ba­mi­si xar­ve­zis dad­ge­nis Sem­
Txve­va­Si amis Ta­o­ba­ze we­ri­lo­biT ac­no­bebs sa­qar­Tve­los erov­nul
banks.
3. re­gis­tri­re­bu­li mo­na­ce­me­bis moq­me­de­bis Se­Ce­re­bi­sa da re­es­tri­
dan amo­na­we­ris ga­ce­mis da­uS­veb­lo­bis we­si moq­me­debs ma­re­gis­tri­
re­be­li or­ga­nos ga­dawy­ve­ti­le­bis ga­sa­Civ­re­bis Sem­Txve­va­Sic.
4. xar­ve­zi­a­ni sa­zo­ga­do­e­bis mi­er xar­ve­zis aR­mof­xvris da­ma­das­tu­re­
be­li in­for­ma­ci­is­/do­ku­men­tis war­dge­ni­sa da mis sa­fuZ­vel­ze re­
gis­tra­ci­is gan­xor­ci­e­le­bis Sem­deg xar­ve­zi­a­ni sa­zo­ga­do­e­bis sta­
tu­si uq­mde­ba.

sa­kor­po­ra­ci­o-­sa­mar­Tleb­ri­vi ka­non­mdeb­lo­bis um­Tav­re­si amo­ca­na

sa­me­war­meo saq­mi­a­no­bis gan­ma­xor­ci­e­le­be­li su­bi­eq­te­bi­saT­vis im­gva­ri
sa­ka­non­mdeb­lo Car­Cos Se­Ta­va­ze­ba­a, ro­go­ric maT mis­cems Se­saZ­leb­lo­
bas, maq­si­ma­lu­rad efeq­ti­an ­ ad war­mar­Ton sa­ku­Ta­ri saq­mi­a­no­ba um­Tav­re­
si miz­nis _ mo­ge­bis mi­Re­bi­sa­ken. am amo­ca­nis Se­sas­ru­leb­lad „me­war­me­Ta
Se­sa­xeb“ ka­no­ni sa­me­war­meo saq­mi­an­ o­bis or­ga­ni­ze­bu­lad gan­xor­ci­e­le­bis
msur­ve­lebs sTa­va­zobs me­war­me­Ta sa­mar­Tleb­riv for­mebs, rom­le­bic ka­
no­niT dad­ge­ni­li or­ga­ni­za­ci­ul ­ i struq­tu­ris ma­ta­reb­le­bi ari­an. ka­no­
nis amo­ca­nis efeq­ti­an ­ ad miR­we­vi­sa da mi­si de­bu­le­be­bis ugu­le­bel­yo­fis
Ta­vi­dan aci­le­bis miz­niT, im sa­me­war­meo sa­zo­ga­do­e­bis re­gis­tri­re­bu­li
mo­na­ce­me­bi, rom­le­bic ar ak­ma­yo­fi­lebs ka­non­mdeb­lo­biT dad­ge­nil moTx­
ov­nebs, eq­vem­de­ba­re­ba Se­Ce­re­bas.
wi­nam­de­ba­re mux­lSi­ve war­mod­ge­ni­lia Se­Ce­re­bis pro­ce­du­ra. ka­no­nis
Ta­nax­mad, mas Sem­deg, rac dad­gin­de­ba xar­ve­zi, ma­re­gis­tri­re­be­li or­
ga­no Ta­vi­si­ve ini­ci­a­ti­viT mi­iR ­ ebs ga­dawy­ve­ti­le­bas xar­ve­zis dad­ge­nis
Se­sa­xeb da sa­me­war­meo sa­zo­ga­do­e­bas mi­a­ni­Webs xar­ve­zi­a­ni sa­zo­ga­do­e­bis
sta­tuss. amas­Tan, im sa­fi­nan­so seq­to­ris war­mo­mad­gen­le­bis mi­marT, ro­
mel­Ta lik­vi­da­ci­as axor­ci­e­lebs sa­qar­Tve­los erov­nu­li ban­ki, Se­sa­ba­mi­
si xar­ve­zis dad­ge­nis Sem­Txve­va­Si ma­re­gis­tri­re­be­li or­ga­no aR­niS­nu­lis
Se­sa­xeb we­ri­lo­biT ac­no­bebs sa­qar­Tve­los erov­nul banks.
xar­ve­zi­a­ni sa­me­war­meo sa­zo­ga­do­e­bis sta­tu­si gu­lis­xmobs ara sa­zo­
ga­do­e­bis re­gis­tra­ci­is ga­uq­me­bas, ara­med mi­si re­gis­tri­re­bu­li mo­na­
ce­me­bis dro­eb ­ iT Se­Ce­re­bas. ama­ve pe­ri­od­Si xar­ve­zis Ta­o­ba­ze mi­e­Ti­Te­ba
re­es­trSi da axa­li amo­na­we­ri ar ga­ic ­ e­ma. xar­ve­zi­a­ni sa­me­war­meo sa­zo­ga­
do­e­bis sta­tu­si imoq­me­debs xar­ve­zis ar­se­bo­bis pe­ri­o­diT. xar­ve­zi­an ­ i sa­
zo­ga­do­e­bis mi­er xar­ve­zis aR­mof­xvris da­ma­das­tu­re­be­li mtki­ce­bu­le­bis

153
war­dge­ni­sa da mis sa­fuZ­vel­ze re­gis­tra­ci­is gan­xor­ci­e­le­bis Sem­deg xar­
ve­zi­a­ni sa­zo­ga­do­e­bis sta­tu­si ga­uq­mde­ba.

mux­li 81. sa­me­war­meo sa­zo­ga­do­e­bis lik­vi­da­ci­is pro­ce­sis dawy­e­ba

1. sa­me­war­meo sa­zo­ga­do­e­bis daS­lis re­gis­tra­cia iw­vevs sa­me­war­meo

sa­zo­ga­do­e­bis lik­vi­da­ci­is pro­ce­sis dawy­e­bas, gar­da im Sem­Txve­vi­
sa, ro­de­sac sa­me­war­meo sa­zo­ga­do­e­bis qo­ne­bis mi­marT dawy­e­bu­lia
ga­dax­di­su­u­na­ro­bis saq­mis war­mo­e­ba, ag­reT­ve am mux­lis me-4 pun­
qtiT gaT­va­lis­wi­ne­bu­li Sem­Txve­vi­sa.
2. lik­vi­da­ci­is pro­ces­Si myo­fi sa­me­war­meo sa­zo­ga­do­e­ba inar­Cu­nebs
iu­ri­di­u­li pi­ris sta­tuss da iye­nebs Ta­vis sa­fir­mo sa­xel­wo­de­bas
da­ma­te­biT „lik­vi­da­ci­is pro­ces­Si“.
3. lik­vi­da­ci­is pro­ces­Si myo­fi sa­me­war­meo sa­zo­ga­do­e­bis or­ga­no­e­
bi inar­Cu­ne­ben Ta­vi­anT uf­le­ba­mo­si­le­bebs, gar­da xel­mZRva­ne­li
pi­re­bi­sa, rom­leb­sac lik­vi­da­to­re­bis re­gis­tra­ci­is­Ta­na­ve uwy­
de­baT xel­mZRva­ne­lo­bi­Ti da war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­
le­be­bi.
4. iu­ri­di­u­li pi­ris wi­na­aR­mdeg sis­xlis sa­mar­Tlis saq­mis war­mo­e­bis
dawy­e­bis mo­men­ti­dan sa­sa­mar­Tlos ga­na­Ce­nis ka­no­ni­er Za­la­Si Ses­
vlam­de an sis­xlis sa­mar­Tlis saq­mis war­mo­e­bis Sewy­ve­tam­de da­uS­
ve­be­lia sis­xlis sa­mar­Tlis saq­mis mwar­mo­e­be­li or­ga­nos mi­mar­Tvis
sa­fuZ­vel­ze iu­ri­di­u­li pi­ris mi­marT lik­vi­da­ci­a­sa da re­or­ga­ni­
za­ci­as­Tan da­kav­Si­re­bu­li pro­ce­du­re­bis war­mo­e­ba.

„me­war­me­Ta Se­sa­xeb“ ka­non­Si war­mod­ge­ni­li mux­lis Ta­nax­mad, sa­zo­ga­do­

e­bis daS­lis re­git­ra­ci­is Sem­dgom iwy­e­ba lik­vi­da­ci­is pro­ce­si:

154
 am we­si­dan ga­mo­nak­li­si iq­ne­ba mxo­lod (1) sa­zo­ga­do­e­bis qo­ne­ba­ze ga­
dax­di­su­u­na­ro­bis saq­mis­war­mo­e­bis dawy­e­ba, ro­me­lic wa­ri­mar­Te­ba „re­a­bi­
li­ta­ci­i­sa da kre­di­tor­Ta ko­leq­ti­ur ­ i dak­ma­yo­fi­le­bis Se­sa­xeb“ sa­qar­
Tve­los ka­no­niT dad­ge­ni­li pro­ce­du­re­bis Se­sa­ba­mi­sad da (2) iu­ri­di­u­li
pi­ris wi­na­aR­mdeg sis­xlis sa­mar­Tlis saq­mis­war­mo­e­bis mim­di­na­re­o­bis pe­
ri­o­di, rom­lis gan­mav­lo­ba­Sic sa­zo­ga­do­eb ­ is lik­vi­da­cia da­uS­ve­be­li­a.
ka­non­Si ter­mi­ni „lik­vi­da­ci­a“ gu­lis­xmobs sa­me­war­meo sa­zo­ga­do­e­bis
aq­ti­ve­bi­sa da moTx­ov­ne­bis ga­na­wi­le­bas Se­sa­ba­mis su­bi­eq­teb­ze. lik­vi­da­
ci­is pro­ces­Si sa­me­war­meo sa­zo­ga­do­e­ba Se­i­nar­Cu­nebs iu­ri­di­u­li pi­ris
sta­tuss da ata­rebs Ta­vis sa­fir­mo sa­xel­wo­de­bas, Tum­ca spe­ci­a­lu­ri da­
na­ma­tiT _ „lik­vi­da­ci­is pro­ces­Si“. ase­ve, lik­vi­da­ci­is pro­ces­Si myo­fi sa­
me­war­meo sa­zo­ga­do­eb ­ is or­ga­no­e­bi inar­Cu­ne­ben Ta­vi­anT uf­le­ba­mo­si­le­
bebs. aqe­dan ga­mo­nak­li­si iq­ne­ba mxo­lod xel­mZRva­ne­li pi­re­bi, rom­leb­sac
lik­vi­da­to­re­bis re­gis­tra­ci­is­Ta­na­ve Se­uwy­de­baT xel­mZRva­ne­lo­bi­Ti da
war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­ba.

mux­li 82. sa­me­war­meo sa­zo­ga­do­e­bis daS­lis Se­sa­xeb

kre­di­to­re­bis­Tvis Sety­o­bi­ne­bis val­de­bu­le­ba

1. lik­vi­da­to­reb­ma ma­re­gis­tri­re­be­li or­ga­nos er­Ti­an eleq­tro­nul

por­tal­ze an Ta­vi­anT veb­gver­dze gan­cxa­de­bis ga­moq­vey­ne­biT da­u­
yov­neb­liv un­da Se­aty­o­bi­non kre­di­to­rebs sa­me­war­meo sa­zo­ga­do­
e­bis daS­lis Se­sa­xeb da un­da mo­iw­vi­on isi­ni moTx­ov­ne­bis gan­sacx­a­
deb­lad.
2. ma­re­gis­tri­re­be­li or­ga­no sa­war­mos lik­vi­da­ci­is pro­ce­sis dawy­
e­bis re­gis­tra­ci­is Se­sa­xeb in­for­ma­ci­as eleq­tro­nu­li ko­mu­ni­
ka­ci­is sa­Su­a­le­biT ug­zav­nis sa­qar­Tve­los fi­nan­sTa sa­mi­nis­tros
mmar­Tve­lo­bis sfe­ro­Si Se­ma­val sa­ja­ro sa­mar­Tlis iu­ri­di­ul pirs
_ Se­mo­sav­le­bis sam­sa­xurs, ro­me­lic Se­sa­ba­mi­si Sety­o­bi­ne­bis mi­Re­
bi­dan 10 sa­mu­Sao dRis va­da­Si uz­run­vel­yofs ma­re­gis­tri­re­be­li
or­ga­nos­Tvis su­bi­eq­tis mo­sa­lod­ne­li sa­ga­da­sa­xa­do val­de­bu­le­
bis ar­se­bo­bis Se­sa­xeb in­for­ma­ci­is mi­wo­de­bas. in­for­ma­cia imis Se­
sa­xeb, rom mo­sa­lod­ne­lia su­bi­eq­tis sa­ga­da­sa­xa­do val­de­bu­le­bis
ar­se­bo­ba, un­da Se­i­cav­des mi­Ti­Te­bas im va­da­ze, ro­mel­Sic Ca­tar­de­
ba sa­ga­da­sa­xa­do Se­mow­me­ba sa­ga­da­sa­xa­do val­de­bu­le­bis­/da­va­li­a­
ne­bis ar­se­bo­bis Se­mow­me­bis miz­niT. es va­da ar un­da aRe­ma­te­bo­des

155
 sa­war­mos lik­vi­da­ci­is pro­ce­sis dawy­e­bis re­gis­tra­ci­i­dan 90 dRes.
au­ci­leb­lo­bis Sem­Txve­va­Si sa­ga­da­sa­xa­do Se­mow­me­bis Ca­ta­re­bis
90-dRi­a­ni va­da Se­iZ­le­ba gag­rZel­des mxo­lod er­Txel, ara­u­me­tes 2
Tvi­sa. am pun­qtiT gaT­va­lis­wi­ne­bu­li su­bi­eq­tis mo­sa­lod­ne­li sa­ga­
da­sa­xa­do val­de­bu­le­bis ar­se­bo­bis Se­sa­xeb in­for­ma­ci­is mi­wo­de­bis
10-dRi­a­ni va­dis, ag­reT­ve am in­for­ma­ci­a­Si mi­Ti­Te­bu­li sa­ga­da­sa­xa­
do Se­mow­me­bis Ca­ta­re­bis va­dis uSe­de­god gas­vlis Sem­Txve­va­Si su­
bi­eq­ti sa­ga­da­sa­xa­do da­va­li­a­ne­bis ar­mqo­ned mi­iC­ne­va.

lik­vi­da­ci­is pro­ce­sis Zi­ri­Ta­di amo­ca­na kre­di­to­re­bis moTx­ov­ne­bis

dak­ma­yo­fi­le­ba­a. ka­no­nis 82-e mux­li gan­sazR­vravs im su­bi­eq­te­bis ka­ta­
logs, rom­leb­sac un­da ec­no­boT sa­zo­ga­do­e­bis lik­vi­da­ci­is Ta­o­ba­ze, ra­
Ta maT mi­e­ceT Ta­vi­an­Ti in­te­re­se­bis srul­yo­fi­lad dac­vis Se­saZ­leb­lo­ba.
ka­no­nis Se­sa­ba­mi­sad, kre­di­to­re­bis in­for­mi­re­bis val­de­bu­le­ba ekis­
re­ba sa­zo­ga­do­e­bis lik­vi­da­tors. lik­vi­da­to­reb­ma ma­re­gis­tri­re­be­li
or­ga­nos eleq­tro­nul por­tal­ze an Ta­vi­anT veb­gver­dze gan­cxa­de­bis ga­
moq­vey­ne­biT da­uy ­ ov­neb­liv un­da ac­no­bon kre­di­to­rebs sa­me­war­meo sa­zo­
ga­do­e­bis daS­lis Se­sa­xeb da mo­iw­vi­on isi­ni moTx­ov­ne­bis ga­sacx­ad
­ eb­lad.
wi­nam­de­ba­re mux­lis me-2 pun­qti eT­mo­ba sa­ga­da­sa­xa­do or­ga­nos in­for­
mi­re­bis pro­ce­du­ras:

mux­li 83. lik­vi­da­to­ri

1. sa­war­mos lik­vi­da­ci­is pro­cess er­Tob­li­vad xel­mZRva­ne­lo­ben

xel­mZRva­ne­li pi­re­bi, rom­le­bic iniS­ne­bi­an lik­vi­da­to­re­bad, gar­
da im Sem­Txve­vi­sa, ro­de­sac wes­de­ba an sa­er­To kre­bis ga­dawy­ve­ti­
le­ba lik­vi­da­to­re­bad sxva pi­re­bis da­niS­vnas iT­va­lis­wi­nebs.

156
 2. iu­ri­di­u­li pi­ris iZu­le­bi­Ti daS­lis Se­sa­xeb sis­xlis sa­mar­Tlis
saq­me­ze ka­no­ni­er Za­la­Si Se­su­li sa­sa­mar­Tlos ga­mam­tyu­ne­be­li ga­
na­Ce­nis sa­fuZ­vel­ze iu­ri­di­u­li pi­ris lik­vi­da­ci­as axor­ci­e­lebs
sa­sa­mar­Tlos mi­er gan­sazR­vru­li pi­ri.
3. lik­vi­da­to­ri un­da ak­ma­yo­fi­leb­des sa­me­war­meo sa­zo­ga­do­e­bis xel­
mZRva­ne­li pi­ris­Tvis wa­ye­ne­bul moTx­ov­nebs.
4. sa­er­To kre­ba uf­le­ba­mo­si­lia ne­bis­mi­er mo­men­tSi ga­a­Ta­vi­suf­los
lik­vi­da­to­ri, gar­da im Sem­Txve­vi­sa, ro­de­sac lik­vi­da­to­ri sa­sa­
mar­Tlos mi­er aris da­niS­nu­li.
5. mniS­vne­lo­va­ni sa­fuZ­vlis ar­se­bo­bi­sas sa­sa­mar­Tlo uf­le­ba­mo­si­
lia sa­me­war­meo sa­zo­ga­do­e­bis ro­me­li­me par­tni­o­ris, sa­aq­cio sa­zo­
ga­do­e­ba­Si, SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si an ko­o­pe­
ra­tiv­Si _ par­tni­or­Ta 10 pro­cen­tis, xo­lo sa­meT­val­yu­reo sab­Wos
ar­se­bo­bis Sem­Txve­va­Si _ ag­reT­ve sa­meT­val­yu­reo sab­Wos gan­cxa­de­
bis sa­fuZ­vel­ze ga­a­Ta­vi­suf­los lik­vi­da­to­ri an da­niS­nos axa­li
lik­vi­da­to­ri. am pun­qtiT gaT­va­lis­wi­ne­bul sa­kiTxs ga­ni­xi­lavs
pir­ve­li in­stan­ci­is sa­sa­mar­Tlo sa­me­war­meo sa­zo­ga­do­e­bis iu­ri­di­
u­li mi­sa­mar­Tis mi­xed­viT.
6. xel­mZRva­ne­li pi­ri val­de­bu­lia ma­re­gis­tri­re­bel or­ga­nos mi­mar­
Tos gan­cxa­de­biT lik­vi­da­to­re­bis re­es­trSi re­gis­tra­ci­is Se­sa­xeb.
ma­re­gis­tri­re­be­li or­ga­nos­Tvis am gan­cxa­de­biT mi­mar­Tvis uf­le­ba
aqvs par­tni­ors. aR­niS­nul gan­cxa­de­bas un­da er­To­des am ka­no­nis
me-4 mux­lis me-3 pun­qtis Se­sa­ba­mi­sad da­mow­me­bu­li do­ku­men­ti lik­
vi­da­to­ris da­niS­vnis an ga­Ta­vi­suf­le­bis da mi­si uf­le­ba­mo­si­le­bis
Se­sa­xeb, lik­vi­da­to­ris xel­mo­we­ris ni­mu­Si, xo­lo Tu lik­vi­da­to­ri
xel­mZRva­ne­li pi­ri ar aris _ ag­reT­ve lik­vi­da­to­ris Tan­xmo­ba. lik­
vi­da­to­ris an mi­si uf­le­ba­mo­si­le­bis yo­ve­li cvli­le­bi­sas cvli­le­
bis re­es­trSi re­gis­tra­ci­is Se­sa­xeb gan­cxa­de­bas wa­rad­ge­nen lik­vi­
da­to­re­bi.

lik­vi­da­ci­is pro­cess war­mar­Tavs lik­vi­da­to­ri. lik­vi­da­to­ri _ es

aris pi­ri, ro­mel­sac ka­no­niT eni­We­ba eq­sklu­zi­u­ri kom­pe­ten­ci­a, da­as­ru­
los sa­zo­ga­do­e­bis mim­di­na­re saq­me­e­bi, mo­ax­di­nos aq­ti­ve­bis re­a­li­za­cia
da Se­as­ru­los sa­me­war­meo sa­zo­ga­do­eb ­ is val­de­bu­le­be­bi. gar­da ami­sa,
lik­vi­da­tors uf­le­ba aqvs, da­dos axa­li ga­ri­ge­be­bi, Tu es lik­vi­da­ci­is­
Tvis au­ci­le­be­li­a.

157
 lik­vi­da­to­rad, ro­gorc we­si, iniS­ne­ba sa­me­war­meo sa­zo­ga­do­e­bis xel­
mZRva­ne­lo­ba­ze uf­le­ba­mo­si­li pi­ri. amas­Ta­na­ve, am zo­ga­di we­si­dan ar­se­
bobs ram­de­ni­me ga­mo­nak­li­si:

lik­vi­da­to­ri Ta­vis uf­le­ba­mo­si­le­bas iZens ma­re­gis­tri­re­bel or­ga­

no­Si re­gis­tra­ci­is mo­men­ti­dan. ma­re­gis­tri­re­bel or­ga­nos lik­vi­da­to­
ris re­gis­tra­ci­is moTx­ov­niT un­da mi­mar­Tos sa­zo­ga­do­e­bis xel­mZRva­
nel­ma pir­ma an par­tni­or­ma, ra­sac Tan un­da er­To­des no­ta­ri­u­li we­siT
da­mow­me­bu­li sa­bu­Ti lik­vi­da­to­ris da­niS­vni­sa da mi­si uf­le­ba­mo­si­le­bis
Se­sa­xeb, lik­vi­da­to­ris xel­mo­we­ris ni­mu­Si, xo­lo, Tu lik­vi­da­to­ri xel­
mZRva­ne­li pi­ri ar aris, ase­ve lik­vi­da­to­ris Tan­xmo­ba. sa­no­ta­ro we­siT
da­mow­me­ba sa­val­de­bu­lo ar aris, Tu:

 xel­mo­we­ra dad­ge­ni­li we­siT da­mow­me­bu­lia ma­re­gis­tri­re­be­li or­

ga­nos mi­er;
 xel­mo­we­ra dad­ge­ni­li we­siT da­mow­me­bu­lia ma­re­gis­tri­re­be­li or­
ga­nos mi­er uf­le­ba­mo­si­li:
- sxva ad­mi­nis­tra­ci­u­li or­ga­nos mi­er;
- sxva pi­ris mi­er;
 xel­mo­we­ra Ses­ru­le­bu­lia „e­leq­tro­nu­li do­ku­men­ti­sa da eleq­
tro­nu­li san­do mom­sa­xu­re­bis Se­sa­xeb“ sa­qar­Tve­los ka­no­nis Se­sa­
ba­mi­sad.

mux­li 84. lik­vi­da­to­ris uf­le­ba­mo­si­le­ba

1. lik­vi­da­ci­as­Tan da­kav­Si­re­bu­li saq­mi­a­no­bis gan­xor­ci­e­le­bi­sas

lik­vi­da­to­re­bi sar­geb­lo­ben ima­ve uf­le­be­biT da ekis­re­baT igi­ve

158
 mo­va­le­o­be­bi, rom­le­bic aqvT xel­mZRva­nel pi­rebs, gar­da kon­ku­
ren­ci­is ak­rZal­vi­sa. lik­vi­da­to­reb­ze vrcel­de­ba am ka­no­nis 51-e
mux­liT gaT­va­lis­wi­ne­bu­li val­de­bu­le­ba.
2. lik­vi­da­to­re­bi val­de­bu­li ari­an da­as­ru­lon mim­di­na­re saq­me­e­bi,
mo­ax­di­non aq­ti­ve­bis re­a­li­za­cia da Se­as­ru­lon sa­me­war­meo sa­zo­ga­
do­e­bis val­de­bu­le­be­bi. lik­vi­da­to­rebs uf­le­ba aqvT, da­don axa­li
ga­ri­ge­be­bi, Tu es lik­vi­da­ci­is­Tvis au­ci­le­be­li­a.
3. lik­vi­da­to­reb­ma da­niS­vnis­Ta­na­ve un­da Se­ad­gi­non ba­lan­si lik­vi­da­
ci­is dawy­e­bis dRis mdgo­ma­re­o­biT.

ka­no­nis 84-e mux­lSi gan­sazR­vru­lia lik­vi­da­to­ris uf­le­ba­mo­si­le­

ba­Ta ka­ta­lo­gi. zo­ga­dad lik­vi­da­ci­as­Tan da­kav­Si­re­bu­li saq­mi­a­no­bi­sas,
lik­vi­da­to­re­bi sar­geb­lo­ben ima­ve uf­le­be­biT da ekis­re­baT igi­ve mo­va­
le­o­be­bi, rac xel­mZRva­nel pi­rebs, gar­da kon­ku­ren­ci­is ak­rZal­vi­sa. uf­
ro kon­kre­tu­lad, lik­vi­da­to­re­bi val­de­bul­ni ari­an:

mux­li 85. qo­ne­bis ga­na­wi­le­ba

1. Tu wes­de­biT sxva we­si ar aris dad­ge­ni­li, lik­vi­da­ci­is pro­ces­Si

myo­fi sa­me­war­meo sa­zo­ga­do­e­bis qo­ne­ba na­wil­de­ba par­tni­or­Ta So­
ris maT wi­leb­Tan da­kav­Si­re­bu­li uf­le­be­bis Se­sa­ba­mi­sad.
2. Tu Se­na­ta­ne­bi sru­lad ar iyo gan­xor­ci­e­le­bu­li, Tav­da­pir­ve­lad
brun­de­ba Se­na­ta­ne­bi an ma­Ti Ri­re­bu­le­ba, xo­lo nar­Ce­ni qo­ne­ba na­wil­
de­ba par­tni­or­Ta wi­leb­Tan da­kav­Si­re­bu­li uf­le­be­bis Se­sa­ba­mi­sad.
3. Tu qo­ne­ba Se­na­ta­ne­bis da­sab­ru­neb­lad sak­ma­ri­si ar aris, nar­Ce­ni
qo­ne­ba na­wil­de­ba wi­leb­Tan da­kav­Si­re­bu­li uf­le­be­bis Se­sa­ba­mi­sad,
xo­lo Tu­ki Se­na­ta­ne­bi sru­lad ar iyo gan­xor­ci­e­le­bu­li _ gan­xor­
ci­e­le­bu­li Se­na­ta­ne­bis pro­por­ci­u­lad.

159
 lik­vi­da­ci­is pro­ces­Si myo­fi sa­me­war­meo sa­zo­ga­do­eb ­ is qo­ne­bis ga­na­
wi­le­ba par­tni­o­rebs So­ris Si­da­sa­xel­Sek­ru­le­bo av­to­no­mi­is far­gleb­Si
ga­da­sawy­ve­ti sa­kiTx­i­a. Se­sa­ba­mi­sad, ka­no­nis 85-e mux­li ad­gens qo­ne­bis ga­
na­wi­le­bis zo­gad wess, ro­me­lic par­tni­o­reb­ma wes­de­biT Se­iZ­le­ba gan­sxva­
ve­bu­lad gan­sazR­vron.
ka­no­nis Ta­nax­mad, lik­vi­da­ci­a­Si myo­fi sa­me­war­meo sa­zo­ga­do­e­bis qo­ne­
ba ga­na­wil­de­ba par­tni­o­rebs So­ris maT wi­leb­Tan da­kav­Si­re­bu­li uf­le­
be­bis Se­sa­ba­mi­sad. im Sem­Txve­va­Si, Tu ro­me­li­me par­tni­o­ris Se­na­ta­ne­bi
sru­lad ar iq­ne­ba Se­ta­ni­li, Tav­da­pir­ve­lad mox­de­ba Se­na­ta­ne­bis an ma­Ti
Ri­re­bu­le­bis dab­ru­ne­ba, xo­lo nar­Ce­ni qo­ne­ba ga­na­wil­de­ba wi­leb­Tan da­
kav­Si­re­bu­li uf­le­be­bis Se­sa­ba­mi­sad.
im Sem­Txve­va­Si, Tu kre­di­to­re­bis moTx­ov­ne­bis dak­ma­yo­fi­le­bis Sem­
dgom dar­Ce­ni­li qo­ne­ba sak­ma­ri­si ar aR­moC­nde­ba Se­na­ta­ne­bis da­sab­ru­neb­
lad, nar­Ce­ni qo­ne­ba na­wil­de­ba wi­leb­Tan da­kav­Si­re­bu­li uf­le­be­bis Se­sa­
ba­mi­sad, xo­lo Tu Se­na­ta­ne­bi sru­lad ar iyo Se­ta­ni­li, _ gan­xor­ci­e­le­bu­
li Se­na­ta­ne­bis pro­por­ci­ul ­ ad.

mux­li 86. lik­vi­da­ci­is pro­ces­Si kre­di­tor­Ta dac­va

1. qo­ne­ba Se­iZ­le­ba ga­na­wil­des mxo­lod sa­me­war­meo sa­zo­ga­do­e­bis

val­de­bu­le­be­bis da­far­vi­dan da sa­me­war­meo sa­zo­ga­do­e­bis daS­lis
Se­sa­xeb gan­cxa­de­bis ga­moq­vey­ne­bi­dan 5 Tvis Sem­deg. sa­sa­mar­Tlos
ga­dawy­ve­ti­le­bis sa­fuZ­vel­ze qo­ne­ba Se­iZ­le­ba ga­na­wil­des sa­me­war­
meo sa­zo­ga­do­e­bis daS­lis Se­sa­xeb gan­cxa­de­bis ga­moq­vey­ne­bi­dan 3
Tvis Sem­deg, Tu ar­se­bobs da­mo­u­ki­de­be­li au­di­to­ris das­kvna, rom
yve­la val­de­bu­le­ba Ses­ru­le­bu­lia da, ar­se­bu­li vi­Ta­re­bi­dan ga­
mom­di­na­re, qo­ne­bis ga­na­wi­le­ba saf­rTxes ar uq­mnis me­sa­me pir­Ta
uf­le­bebs.
2. Tu cno­bi­li kre­di­to­re­bi ar ga­nacx­a­de­ben Ta­vi­an­Ti moTx­ov­ne­bis
Se­sa­xeb, qo­ne­ba Se­iZ­le­ba ga­na­wil­des mxo­lod ma­Ti moTx­ov­ne­bis Se­
sa­ba­mi­si Ri­re­bu­le­bis sa­sa­mar­Tlos an no­ta­ri­u­sis sa­de­po­zi­to an­
ga­riS­ze gan­Tav­se­bis Sem­deg.
3. Tu val­de­bu­le­ba sa­da­voa an mi­si Ses­ru­le­bis va­da ar dam­dga­ra, qo­
ne­ba Se­iZ­le­ba mxo­lod im Sem­Txve­va­Si ga­na­wil­des, Tu­ki kre­di­tors
wa­red­gi­ne­ba val­de­bu­le­bis tol­fa­si uz­run­vel­yo­fa.

160
 sa­me­war­meo sa­zo­ga­do­eb­ is lik­vi­da­ci­is pro­ces­Si upi­ra­te­sad da­sa­ca­
vi kre­di­to­re­bis in­te­re­se­bi­a. Se­sa­ba­mi­sad, ka­non­Si baz­ris sta­bi­lu­ro­bis
xel­Sewy­o­bi­sa da sa­mar­Tli­an ­ i Ta­ma­Sis we­se­bis dad­ge­nis miz­niT gan­sazR­
vru­li­a, rom par­tni­o­rebs So­ris qo­ne­bis ga­na­wi­le­ba Se­iZ­le­ba mox­des
mxo­lod sa­me­war­meo sa­zo­ga­do­e­bis val­de­bu­le­be­bis da­far­vi­sa da sa­me­
war­meo sa­zo­ga­do­eb ­ is daS­lis Se­sa­xeb gan­cxa­de­bis ga­moq­vey­ne­bi­dan 5 Tvis
gas­vlis Sem­deg. am we­si­dan ga­mo­nak­li­sia sa­sa­mar­Tlos ga­dawy­ve­ti­le­ba,
ro­me­lic da­ey­rdno­ba da­mo­uk ­ i­de­be­li au­di­to­ris das­kvnas, rom yve­la
val­de­bu­le­ba Ses­ru­le­bu­lia da, ar­se­bu­li vi­Ta­re­bi­dan ga­mom­di­na­re, qo­
ne­bis ga­na­wi­le­ba saf­rTxes ar Se­uq­mnis me­sa­me pir­Ta uf­le­bebs. aseT dros
qo­ne­bis ga­na­wi­le­ba Se­iZ­le­ba mox­des sa­me­war­meo sa­zo­ga­do­e­bis daS­lis Se­
sa­xeb gan­cxa­de­bis ga­moq­vey­ne­bi­dan 3 Tvis gas­vlis Sem­deg.
im Sem­Txve­va­Si, Tu daS­lis ga­nacx­a­dis ga­moq­vey­ne­bi­dan 5 Tvis gan­mav­
lo­ba­Si cno­bi­li kre­di­to­re­bi ar ga­nacx­a­de­ben Ta­vi­an­Ti moTx­ov­ne­bis
Se­sa­xeb, ma­Ti moTx­ov­ne­bis Se­sa­ba­mi­si Ri­re­bu­le­bis qo­ne­ba, ka­no­nis mi­xed­
viT, gan­Tav­sde­ba sa­sa­mar­Tlos an no­ta­ri­u­sis sa­de­po­zi­to an­ga­riS­ze, ris
Sem­de­gac dar­Ce­ni­li qo­ne­ba ga­na­wil­de­ba par­tni­o­rebs So­ris.
lik­vi­da­ci­is pro­ces­Si sa­me­war­meo sa­zo­ga­do­e­bas Se­saZ­le­be­li­a, hqon­
des sa­da­vo val­de­bu­le­ba an ise­Ti moTx­ov­na, rom­lis Ses­ru­le­bis va­da
sa­zo­ga­do­e­bis daS­lis pro­ce­sis das­ru­le­bi­sas ar iq­ne­ba dam­dga­ri. aseT
dros par­tni­o­rebs So­ris qo­ne­ba Se­iZ­le­ba ga­na­wil­des mxo­lod im Sem­
Txve­va­Si, Tu kre­di­to­ris­Tvis war­dge­ni­li iq­ne­ba val­de­bu­le­bis tol­fa­
si sxvag­va­ri uz­run­vel­yo­fa.

mux­li 87. daS­li­li sa­me­war­meo sa­zo­ga­do­e­bis mi­er ar­se­bo­bis gag­rZe­le­ba

1. par­tni­or­Ta ga­dawy­ve­ti­le­bis sa­fuZ­vel­ze daS­lil­ma sa­me­war­meo

sa­zo­ga­do­e­bam Se­iZ­le­ba ga­ag­rZe­los ar­se­bo­ba, Tu amas ga­dawy­
vets sa­er­To kre­ba ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis 3/4-is um­rav­
le­so­biT da sa­me­war­meo sa­zo­ga­do­e­bis qo­ne­bis par­tni­or­Ta So­ris
ga­na­wi­le­ba ar dawy­e­bu­la. wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des xma­
Ta uf­ro di­di ra­o­de­no­bis an sxva wi­na­pi­ro­be­bis ar­se­bo­bis au­ci­
leb­lo­bas.
2. daS­li­li sa­me­war­meo sa­zo­ga­do­e­bis mi­er ar­se­bo­bis gag­rZe­le­bis Se­
sa­xeb ga­dawy­ve­ti­le­bas ma­re­gis­tri­re­bel or­ga­nos re­es­trSi re­gis­
tra­ci­is­Tvis lik­vi­da­to­re­bi wa­rud­ge­nen. maT­ve ekis­re­baT imis da­

161
 das­tu­re­bis val­de­bu­le­ba, rom sa­me­war­meo sa­zo­ga­do­e­bis qo­ne­bis
par­tni­or­Ta So­ris ga­na­wi­le­ba dawy­e­bu­li ar aris.
3. daS­li­li sa­me­war­meo sa­zo­ga­do­e­bis mi­er ar­se­bo­bis gag­rZe­le­bis Se­
sa­xeb ga­dawy­ve­ti­le­ba Za­la­Si Se­dis mxo­lod re­es­trSi mi­si re­gis­
tra­ci­is Sem­deg.

sa­me­war­meo sa­zo­ga­do­e­bis re­gis­tra­ci­is ga­uq­me­bam­de par­tni­o­rebs uf­

le­ba aqvT, Sec­va­lon sa­zo­ga­do­eb ­ is daS­lis Ta­o­ba­ze mi­Re­bu­li ga­dawy­ve­
ti­le­ba da amis Se­de­gad sa­me­war­meo sa­zo­ga­do­eb ­ am ga­ag­rZe­los ar­se­bo­ba.
daS­li­li sa­me­war­meo sa­zo­ga­do­e­bis ar­se­bo­bis gag­rZe­le­bis Se­sa­xeb ga­
dawy­ve­ti­le­ba Za­la­Sia mxo­lod re­es­trSi mi­si re­gis­tra­ci­is mo­men­ti­dan.
ami­saT­vis sa­Wi­roa ori ku­mu­la­ci­ur ­ i wi­na­pi­ro­bis ar­se­bo­ba:

 sa­er­To kre­bis ga­dawy­ve­ti­le­ba;

 sa­me­war­meo sa­zo­ga­do­e­bis qo­ne­ba ar un­da iyos par­tni­or­Ta So­ris
ga­na­wi­le­bu­li, ra­Ta Ta­vi­dan iq­nes aci­le­bu­li am gziT par­tni­o­re­
bis mi­er Se­na­ta­ne­bis ukan ga­ta­na.

aseT Sem­Txve­va­Si, daS­li­li sa­me­war­meo sa­zo­ga­do­e­bis ar­se­bo­bis gag­

rZe­le­bis Se­sa­xeb ga­dawy­ve­ti­le­ba ma­re­gis­tri­re­bel or­ga­nos wa­red­gi­ne­
ba lik­vi­da­to­re­bis mi­er. amas­Ta­na­ve, lik­vi­da­to­rebs ekis­re­baT val­de­
bu­le­ba, da­a­das­tu­ron, rom par­tni­or­Ta So­ris sa­me­war­meo sa­zo­ga­do­e­bis
qo­ne­bis ga­na­wi­le­ba jer dawy­eb
­ u­li ar yo­fi­la.

mux­li 88. sa­me­war­meo sa­zo­ga­do­e­bis re­gis­tra­ci­is ga­uq­me­ba

1. sa­me­war­meo sa­zo­ga­do­e­bis qo­ne­bis sru­lad ga­na­wi­le­ba iw­vevs sa­war­

mos lik­vi­da­ci­is das­ru­le­bas. sa­war­mos lik­vi­da­ci­is pro­ce­si un­da
das­rul­des sa­war­mos lik­vi­da­ci­is pro­ce­sis dawy­e­bis re­gis­tra­ci­
i­dan ara­ug­vi­a­nes 4 Tvi­sa, xo­lo sa­ga­da­sa­xa­do Se­mow­me­bis Ca­ta­re­bis
va­dis gag­rZe­le­bis Sem­Txve­va­Si _ sa­ga­da­sa­xa­do Se­mow­me­bis das­ru­
le­bis Se­sa­xeb in­for­ma­ci­is ma­re­gis­tri­re­be­li or­ga­nos mi­er mi­Re­
bi­dan ara­ug­vi­a­nes 1 Tvi­sa.
2. lik­vi­da­to­reb­ma ma­re­gis­tri­re­bel or­ga­nos un­da mi­mar­Ton lik­vi­da­
ci­is re­gis­tra­ci­is moTx­ov­niT, rom­lis sa­fuZ­vel­ze­dac ma­re­gis­tri­
re­be­li or­ga­no ga­a­uq­mebs sa­me­war­meo sa­zo­ga­do­e­bis re­gis­tra­ci­as.

162
 3. sa­qar­Tve­los ka­non­mdeb­lo­bis sa­fuZ­vel­ze sa­me­war­meo sa­zo­ga­do­
e­bis ga­kot­re­bu­lad ga­mocx­a­de­bis Sem­Txve­va­Si mo­va­lis war­mo­mad­
gen­lo­ba­ze uf­le­ba­mo­si­li pi­ri val­de­bu­lia ma­re­gis­tri­re­bel
or­ga­nos wa­rud­gi­nos Se­sa­ba­mi­si sa­sa­mar­Tlo gan­Ci­ne­ba mi­si ga­mo­ta­
ni­dan 30 dRis va­da­Si, ris Se­de­ga­dac sa­me­war­meo sa­zo­ga­do­e­bis re­
gis­tra­cia uq­mde­ba.

val­de­bu­le­be­bis da­far­vi­sa da dar­Ce­ni­li qo­ne­bis par­tni­or­Ta So­ris

ga­na­wi­le­bis Sem­deg xde­ba sa­zo­ga­do­e­bis re­gis­tra­ci­is ga­uq­me­ba, ro­gorc
mi­si ar­se­bo­bis Sewy­ve­tis sa­bo­loo eta­pi. re­gis­tra­ci­is ga­uq­me­ba xde­ba
ma­re­gis­tri­re­be­li or­ga­nos mi­er, lik­vi­da­to­ris mi­mar­Tvis sa­fuZ­vel­ze.
sa­war­mos lik­vi­da­ci­is pro­ce­si un­da das­rul­des sa­war­mos lik­vi­da­ci­is
pro­ce­sis dawy­e­bis re­gis­tra­ci­i­dan ara ug­vi­a­nes 4 Tvi­sa, xo­lo sa­ga­da­
sa­xa­do Se­mow­me­bis va­dis gag­rZe­le­bis Sem­Txve­va­Si _ sa­ga­da­sa­xa­do Se­mow­
me­bis das­ru­le­bis Se­sa­xeb ma­re­gis­tri­re­be­li or­ga­nos mi­er in­for­ma­ci­is
mi­Re­bi­dan ara ug­vi­a­nes er­Ti Tvi­sa.

mux­li 89. lik­vi­di­re­bu­li sa­me­war­meo sa­zo­ga­do­e­bis

do­ku­men­ta­ci­is Se­nax­vis val­de­bu­le­ba

lik­vi­di­re­bu­li sa­me­war­meo sa­zo­ga­do­e­bis do­ku­men­ta­cia Se­na­xu­li un­

da iq­nes mi­si Seq­mni­dan 6 wlis gan­mav­lo­ba­Si, xo­lo Tu es do­ku­men­ta­cia
mo­i­cavs sa­me­war­meo sa­zo­ga­do­e­bis mi­er da­de­bul xel­Sek­ru­le­bas _ xel­
Sek­ru­le­bis moq­me­de­bis va­dis gas­vli­dan 6 wlis gan­mav­lo­ba­Si, usaf­rTxo
ad­gil­ze, ro­mel­sac gan­sazR­vra­ven lik­vi­da­to­re­bi, xo­lo ma­Ti Se­u­Tan­
xmeb­lo­bis Sem­Txve­va­Si, lik­vi­da­to­ris an par­tni­o­ris gan­cxa­de­bis sa­fuZ­
vel­ze mas gan­sazR­vravs sa­sa­mar­Tlo. yo­fil par­tni­o­reb­sa da kre­di­to­
rebs Se­uZ­li­aT da­ub­rko­leb­lad ga­ec­non am do­ku­men­ta­ci­as, sa­qar­Tve­los
ka­non­mdeb­lo­biT dad­ge­ni­li SezR­ud­ve­bis gaT­va­lis­wi­ne­biT.

sa­me­war­meo sa­zo­ga­do­eb­ is lik­vi­da­ci­is pro­ce­sis lik­vi­da­to­ris mi­er

war­mar­Tva, ka­no­niT dad­ge­ni­li in­for­mi­re­bis mo­va­le­o­be­bi da sxva pro­
ce­du­re­bi em­sa­xu­re­ba daS­lil sa­me­war­meo sa­zo­ga­do­e­bas­Tan kav­Sir­Si myo­
fi yve­la pi­ris in­te­re­sis dac­vis umaR­le­si stan­dar­tis uz­run­vel­yo­fas.
Tum­ca, mi­u­xe­da­vad ami­sa, pro­ce­sis kom­pleq­su­ri xa­si­a­Ti­dan ga­mom­di­na­re,
rCe­ba da­vis war­mo­So­bis ris­ke­bi. Se­sa­ba­mi­sad, au­ci­le­be­lia we­ri­lo­bi­Ti

163
mtki­ce­bu­le­be­bis Se­nar­Cu­ne­ba, ro­mel­sac da­vis war­mo­So­bis Sem­Txve­va­Si
da­ey­rdno­ba da­vis gan­mxil­ve­li or­ga­no.
ze­mo­aR­niS­nu­li miz­niT, ka­no­nis Se­sa­ba­mi­sad, lik­vi­da­tors ekis­re­
ba lik­vi­di­re­bu­li sa­me­war­meo sa­zo­ga­do­e­bis do­ku­men­ta­ci­is usaf­rTxo
ad­gil­ze Se­nax­vis val­de­bu­le­ba. ram­de­ni­me lik­vi­da­to­ris ar­se­bo­bi­sas
usaf­rTxo ad­gi­lis Ta­o­ba­ze Se­u­Tan­xmeb­lo­bis Sem­Txve­va­Si ase­Ti ad­gi­li
ga­ni­sazR­vre­ba sa­sa­mar­Tlos mi­er.
lik­vi­da­to­re­bis mi­er Se­sa­ba­mi­si do­ku­men­ta­cia Se­na­xul un­da iq­nes ma­
Ti Seq­mni­dan, xo­lo Tu es do­ku­men­ta­cia mo­i­cavs sa­me­war­meo sa­zo­ga­do­e­
bis mi­er da­de­bul xel­Sek­ru­le­bas _ xel­Sek­ru­le­bis moq­me­de­bis va­dis gas­
vli­dan 6 wlis gan­mav­lo­ba­Si.

mux­li 90. lik­vi­da­ci­is pro­ce­sis ga­nax­le­ba dar­Ce­ni­li qo­ne­bis

aR­mo­Ce­nis an da­ma­te­bi­Ti sa­lik­vi­da­cio moq­me­de­be­bis
gan­xor­ci­e­le­bis au­ci­leb­lo­bis ga­mo

Tu sa­me­war­meo sa­zo­ga­do­e­bis re­gis­tra­ci­is ga­uq­me­bis Sem­deg ga­ir­kva,

rom dar­Ce­ni­lia qo­ne­ba an au­ci­le­be­lia da­ma­te­bi­Ti sa­lik­vi­da­cio moq­me­de­
be­bis gan­xor­ci­e­le­ba, sa­sa­mar­Tlom iu­ri­di­u­li in­te­re­sis mqo­ne pi­ris gan­
cxa­de­bis sa­fuZ­vel­ze un­da da­niS­nos igi­ve an axa­li lik­vi­da­to­ri. lik­vi­da­
to­re­bis uf­le­be­bi da mo­va­le­o­be­bi ga­ni­sazR­vre­ba am ka­no­nis 84-e mux­liT.
lik­vi­da­ci­is pro­ce­si das­rul­de­ba am ka­no­niT dad­ge­ni­li zo­ga­di we­siT.

ka­no­nis 90-e mux­li iseT Sem­Txve­vas awes­ri­gebs, ro­de­sac re­gis­tra­ci­

is ga­uq­me­bis Sem­deg aR­moC­nde­ba, rom sa­zo­ga­do­e­bas dar­Ca qo­ne­ba, an au­
ci­le­be­lia da­ma­te­bi­Ti sa­lik­vi­da­cio moq­me­de­be­bis gan­xor­ci­e­le­ba. ka­no­
nis mi­xed­viT, aR­niS­nu­lis Ta­o­ba­ze ga­dawy­ve­ti­le­bas mi­i­Rebs sa­sa­mar­Tlo
iu­ri­di­u­li in­te­re­sis mqo­ne pi­ris gan­cxa­de­bis sa­fuZ­vel­ze. Tu sa­sa­mar­
Tlo da­ad­gens, rom sa­zo­ga­do­e­bas dar­Ca qo­ne­ba, an au­ci­le­be­lia da­ma­te­
bi­Ti sa­lik­vi­da­cio moq­me­de­be­bis gan­xor­ci­e­le­ba, igi da­niS­navs lik­vi­da­
tors, ro­me­lic da­as­ru­lebs lik­vi­da­ci­is pro­cess.

mux­li 91. in­di­vi­du­a­lu­ri me­war­mis re­gis­tra­ci­is ga­uq­me­ba

1. in­di­vi­du­a­lu­ri me­war­mis re­gis­tra­ci­is ga­uq­me­bis sa­fuZ­vle­bi­a:

a) pi­ra­di gan­cxa­de­ba;

164
 b) in­di­vi­du­a­lur me­war­med re­gis­tri­re­bu­li fi­zi­ku­ri pi­ris gar­
dac­va­le­ba, sa­sa­mar­Tlos mi­er mi­si gar­dac­vli­lad ga­mocx­a­de­ba
an ug­zo­-uk­vlod da­kar­gu­lad aRi­a­re­ba, ag­reT­ve mi­si mxar­da­We­ris
mim­Re­bad cno­ba, Tu mxar­da­We­ris mim­Re­bad cno­bis Se­sa­xeb sa­sa­mar­
Tlos ga­dawy­ve­ti­le­biT sxva ram ar aris gan­sazR­vru­li.
2. in­di­vi­du­a­lu­ri me­war­mis re­gis­tra­ci­is ga­uq­me­ba iw­vevs ge­ne­ra­lu­
ri sa­vaW­ro min­do­bi­lo­bis (ar­se­bo­bis Sem­Txve­va­Si) Sewy­ve­tas.
3. in­di­vi­du­a­lu­ri me­war­mis re­gis­tra­ci­is ga­uq­me­bis Sem­Txve­va­Si mi­si
uf­le­ba­mo­nac­vlea Se­sa­ba­mi­si fi­zi­ku­ri pi­ri.
4. am mux­lis pir­ve­li pun­qtis „b“ qve­pun­qtiT gaT­va­lis­wi­ne­bul Sem­
Txve­veb­Si in­di­vi­du­a­lu­ri me­war­mis re­gis­tra­cia uq­mde­ba ne­bis­mi­
e­ri pi­ris moTx­ov­niT an ma­re­gis­tri­re­be­li or­ga­nos ini­ci­a­ti­viT.

ka­no­nis 91-e mux­lSi gan­sazR­vru­lia in­di­vi­du­a­lu­ri me­war­mis re­gis­

tra­ci­is ga­uq­me­bis spe­ci­al
­ u­ri we­se­bi. in­di­vi­du­a­lu­ri me­war­mis Sem­Txve­
va­Si re­gis­tra­cia uq­mde­ba ori sa­fuZ­vliT:

 pi­ra­di gan­cxa­de­ba;
 ne­bis­mi­e­ri pi­ris mi­mar­Tva, in­di­vi­du­a­lur me­war­med re­gis­tri­re­
bu­li fi­zi­ku­ri pi­ris (1) gar­dac­va­le­bis, (2) sa­sa­mar­Tlos mi­er mi­
si gar­dac­vli­lad ga­mocx­ad ­ e­bis an (3) ug­zo­-uk­vlod da­kar­gu­lad
aRi­a­re­bis, ase­ve, (4) mxar­da­We­ris mim­Re­bad cno­bis Sem­Txve­va­Si, Tu
mxar­da­We­ris mim­Re­bad cno­bis Se­sa­xeb sa­sa­mar­Tlos ga­dawy­ve­ti­le­
biT sxva ram ar aris gan­sazR­vru­li.

in­di­vi­du­a­lu­ri me­war­mis re­gis­tra­ci­is ga­uq­me­bis Sem­dgom in­di­vi­du­a­

lu­ri me­war­me Sewy­vets ar­se­bo­bas da mi­si uf­le­ba­mo­nac­vle gax­de­ba Se­sa­
ba­mi­si fi­zi­ku­ri pi­ri.

165
Ta­vi X. xan­daz­mu­lo­ba da Se­ci­le­ba.
ga­sa­Civ­re­bis uf­le­ba­mo­si­le­ba da va­de­bi

mux­li 92. xan­daz­mu­lo­bi­sa da Se­ci­le­bis va­de­bi

1. am ka­no­niT mo­wes­ri­ge­bu­li sa­mar­Tleb­ri­vi ur­Ti­er­To­be­bi­dan ga­

mom­di­na­re moTx­ov­na­Ta xan­daz­mu­lo­bis zo­ga­di va­daa 5 we­li. Se­sa­
ba­mis Sem­Txve­va­Si ga­mo­i­ye­ne­ba sa­qar­Tve­los sa­mo­qa­la­qo ko­deq­sis
128-e _ ­146-e mux­le­bi.
2. am ka­no­nis mi­xed­viT, Se­ci­le­bis zo­ga­di va­daa 6 Tve, ro­me­lic aiT­
vle­ba im mo­men­ti­dan, ro­de­sac Se­ci­le­bis uf­le­bis mqo­ne pir­ma ga­i­
go an un­da ga­e­go Se­ci­le­bis uf­le­bis Se­sa­xeb.

ka­no­nis 92-e mux­li eT­mo­ba xan­daz­mu­lo­bis va­de­bis sa­kiTx­ebs. ka­no­niT

zo­ga­di xan­daz­mu­lo­bis va­dad ga­ni­sazR­vre­ba 5 we­li, xo­lo Se­ci­le­bis zo­
ga­di va­da iq­ne­ba 6 Tve im mo­men­ti­dan, ro­ca Se­ci­le­bis uf­le­bis mqo­ne pir­
ma ga­i­go an un­da ga­eg
­ o Se­ci­le­bis uf­le­bis Se­sa­xeb.

mux­li 93. sa­er­To kre­bis, sa­meT­val­yu­reo sab­Wos, xel­mZRva­ne­li

or­ga­nos­/xel­mZRva­ne­li pi­ris ga­dawy­ve­ti­le­bis
Se­ci­le­bis­/ga­sa­Civ­re­bis uf­le­ba­mo­si­le­ba da va­de­bi

1. sa­er­To kre­bis, sa­meT­val­yu­reo sab­Wos, xel­mZRva­ne­li or­ga­nos­/

xel­mZRva­ne­li pi­ris ga­dawy­ve­ti­le­ba sa­ci­loa da Se­iZ­le­ba ga­sa­
Civ­rdes, Tu is ar­Rvevs sa­qar­Tve­los ka­non­mdeb­lo­bis an wes­de­bis
moTx­ov­nebs. am ga­dawy­ve­ti­le­bis ba­Ti­lad cno­ba da­uS­ve­be­li­a, Tu
dar­Rve­va ara­ar­se­bi­Ti­a.
2. sa­er­To kre­bis ga­dawy­ve­ti­le­bis Se­ci­le­bis uf­le­ba aqvT:
a) sa­er­To kre­bis mo­na­wi­le par­tni­ors, ro­me­lic es­wre­bo­da am kre­
bas da xma aR­niS­nu­li ga­dawy­ve­ti­le­bis wi­na­aR­mdeg mis­ca, xo­lo sa­
aq­cio sa­zo­ga­do­e­bis Sem­Txve­va­Si _ par­tni­ors, ro­mel­mac Ta­vi­si sa­
wi­na­aR­mde­go az­ri da­ma­te­biT Se­i­ta­na sa­er­To kre­bis oq­mSi an sa­sa­
mar­Tlos wa­rud­gi­na imis mtki­ce­bu­le­be­bi, rom mi­si sa­wi­na­aR­mde­go
az­ri sa­er­To kre­bis oq­mSi da­u­sa­bu­Teb­lad ar iq­na Se­ta­ni­li;
b) par­tni­ors, ro­me­lic sa­er­To kre­bas ar das­wre­bi­a, Tu mas sa­Ta­
na­do sa­mar­Tleb­ri­vi sa­fuZ­vlis ga­re­Se eT­qva ua­ri am kre­ba­ze daS­

166
 ve­ba­ze, an kre­ba dad­ge­ni­li we­se­bis dar­Rve­viT iq­na mow­ve­u­li, an­/da
sa­kiTx­i, ro­mel­ze­dac aR­niS­nu­li ga­dawy­ve­ti­le­ba iq­na mi­Re­bu­li,
dRis wes­rig­Si Se­ta­ni­li ar yo­fi­la;
g) xel­mZRva­nel or­ga­nos;
d) xel­mZRva­ne­li or­ga­nos wevrs, ag­reT­ve sa­meT­val­yu­reo sab­Wos
wevrs, Tu aR­niS­nu­li ga­dawy­ve­ti­le­ba mas val­de­bu­le­bas akis­rebs
an uf­le­bas uzR­u­davs.
3. sa­meT­val­yu­reo sab­Wos ga­dawy­ve­ti­le­bis Se­ci­le­bis uf­le­ba aqvT
par­tni­ors da xel­mZRva­nel or­ga­nos­/xel­mZRva­nel pirs, ag­reT­ve
sa­meT­val­yu­reo sab­Wos wevrs, Tu es ga­dawy­ve­ti­le­ba mas val­de­bu­
le­bas akis­rebs an uf­le­bas uzR­u­davs.
4. xel­mZRva­ne­li or­ga­nos­/xel­mZRva­ne­li pi­ris ga­dawy­ve­ti­le­bis Se­
ci­le­bis uf­le­ba aqvT par­tni­ors da sa­meT­val­yu­reo sab­Wos, ag­reT­
ve sxva xel­mZRva­nel pirs, Tu es ga­dawy­ve­ti­le­ba mas val­de­bu­le­bas
akis­rebs an uf­le­bas uzR­u­davs da Sem­ci­le­bel pirs mxa­ri ar da­u­
We­ria am ga­dawy­ve­ti­le­bis mi­Re­bis­Tvis.
5. ga­dawy­ve­ti­le­bis Se­ci­le­bis Se­sa­xeb sar­Ce­li Se­ta­ni­li un­da iq­nes im
mo­men­ti­dan 1 Tvis va­da­Si, ro­de­sac Se­ci­le­bis uf­le­bis mqo­ne pir­
ma ga­i­go an un­da ga­e­go am ga­dawy­ve­ti­le­bis mi­Re­bis Ta­o­ba­ze, mag­ram
ara­ug­vi­a­nes ga­dawy­ve­ti­le­bis mi­Re­bis dRi­dan 6 Tvi­sa, xo­lo Tu sa­
er­To kre­ba ka­no­nis an wes­de­bis moTx­ov­na­Ta uxe­Si dar­Rve­viT iq­na
mow­ve­u­li an Ca­ta­re­bu­li _ ga­dawy­ve­ti­le­bis mi­Re­bis dRi­dan ara­ug­
vi­a­nes 1 wli­sa. ga­dawy­ve­ti­le­bis an in­for­ma­ci­is da­mal­vis Sem­Txve­
va­Si Se­ci­le­bis va­da aiT­vle­ba im mo­men­ti­dan, ro­de­sac Se­ci­le­bis
uf­le­bis mqo­ne pi­ris­Tvis cno­bi­li gax­da aR­niS­nu­li ga­dawy­ve­ti­le­
bis Se­sa­xeb. ga­dawy­ve­ti­le­bis ga­sa­Civ­re­bis gaS­ve­bu­li va­dis aR­dge­
na da­uS­ve­be­li­a.

ka­no­nis 93-e mux­liT ga­ni­sazR­vre­ba sa­er­To kre­bis, sa­meT­val­yu­reo

sab­Wo­sa da xel­mZRva­ne­li or­ga­nos ga­dawy­ve­ti­le­be­bis ga­sa­Civ­re­bis uf­
le­bis mqo­ne su­bi­eq­te­bi da va­de­bi. sa­er­To kre­bis, sa­meT­val­yu­reo sab­Wos
da xel­mZRva­ne­li or­ga­nos­/xel­mZRva­ne­li pi­ris ga­dawy­ve­ti­le­bis sa­ci­
lo­o­bis sa­fuZ­ve­lia ka­non­mdeb­lo­bis an wes­de­bis moTx­ov­ne­bis dar­Rve­va.
amas­Ta­na­ve, da­uS­ve­be­lia ga­dawy­ve­ti­le­bis ba­Ti­lo­ba, Tu dar­Rve­va ara­ar­
se­bi­Ti­a, ra­Ta si­ke­Te­ebs So­ris kon­fliq­ti­sas upi­ra­te­so­ba ar mi­e­ni­Wos
mci­re dar­Rve­vas im­gva­rad, rom saf­rTxe Se­eq­mnas sa­er­To kre­bis ga­dawy­
ve­ti­le­be­bis sa­bo­lo­o­ba­sa da san­do­o­bas.

167
 wi­nam­de­ba­re mux­lis me-­2-me-4 pun­qteb­Si de­ta­lu­ra­daa gan­sazR­vru­li
ga­dawy­ve­ti­le­bis ga­sa­Civ­re­bis uf­le­bis mqo­ne su­bi­eq­tTa ka­ta­lo­gi:

sa­er­To kre­bis kre­bis mo­na­wi­le par­tni­ors, ro­me­lic es­wre­bo­

ga­dawy­ve­ti­le­bis da kre­bas da ga­dawy­ve­ti­le­bis wi­na­aR­mdeg mis­ca
Se­ci­le­bis xma, xo­lo sa­aq­cio sa­zo­ga­do­e­bis Sem­Txve­va­Si _
uf­le­ba aqvs Ta­vi­si sa­wi­na­aR­mde­go az­ri da­ma­te­biT Se­i­ta­na
sa­er­To kre­bis oq­mSi an sa­sa­mar­Tlos wa­rud­gi­na
mtki­ce­bu­le­be­bi imi­sa, rom mi­si sa­wi­na­aR­mde­go
az­ri da­u­sa­bu­Teb­lad ar iq­na kre­bis oq­mSi Se­ta­
ni­li
par­tni­ors, ro­me­lic ar das­wre­bia sa­er­To kre­
bas, Tu mas sa­Ta­na­do sa­mar­Tleb­ri­vi sa­fuZ­vlis
ga­re­Se eT­qva ua­ri kre­ba­ze daS­ve­ba­ze, an kre­ba
mow­ve­ul iq­na dad­ge­ni­li we­se­bis dar­Rve­viT an­/
da sa­kiTx­i, ro­mel­zec iq­na ga­dawy­ve­ti­le­ba mi­Re­
bu­li, ar iyo dRis wes­rig­Si Se­ta­ni­li
xel­mZRva­nel or­ga­nos
xel­mZRva­ne­li or­ga­nos, ase­ve sa­meT­val­yu­reo
sab­Wos wevrs, Tu sa­er­To kre­bis ga­dawy­ve­ti­le­ba
mas val­de­bu­le­bas akis­rebs an uzR­ud­ avs uf­le­
bas
sa­meT­val­yu­reo par­tni­ors
sab­Wos xel­mZRva­nel or­ga­nos­/xel­mZRva­nel pirs
ga­dawy­ve­ti­le­bis
Se­ci­le­bis sa­meT­val­yu­reo sab­Wos wevrs, Tu ga­dawy­ve­ti­le­
uf­le­ba aqvs ba mas val­de­bu­le­bas akis­rebs an uzR­u­davs ra­i­me
uf­le­bas
xel­mZRva­ne­li par­tni­ors
or­ga­nos sa­meT­val­yu­reo sab­Wos
ga­dawy­ve­ti­le­bis
Se­ci­le­bis xel­mZRva­nel pirs, Tu ga­dawy­ve­ti­le­ba mas akis­
uf­le­ba aqvs rebs val­de­bu­le­bas an uzR­u­davs uf­le­bas da man
mxa­ri ar da­u­We­ra am ga­dawy­ve­ti­le­bis mi­Re­bas

ga­dawy­ve­ti­le­bis Se­ci­le­bis Se­sa­xeb sar­Ce­lis Se­ta­nis xan­daz­mu­lo­bis

va­daa 1 Tve. am va­dis aT­vla un­da mox­des im mo­men­ti­dan, ro­ca Se­ci­le­bis
uf­le­bis mqo­ne pir­ma ga­i­go an un­da ga­e­go mi­Re­bu­li ga­dawy­ve­ti­le­bis Se­

168
sa­xeb, mag­ram ara­ug­vi­a­nes 6 Tvi­sa ga­dawy­ve­ti­le­bis mi­Re­bis dRi­dan. sa­u­
ke­Te­so kor­po­ra­ci­u­li mar­Tvis praq­ti­kis dam­kvid­re­bis miz­niT, ka­no­ni
ga­sa­Civ­re­bis ki­dev uf­ro far­To Se­saZ­leb­lo­bebs iZ­le­va uxeS dar­Rve­veb­
ze re­a­gi­re­bi­saT­vis. ker­Zod, Tu kre­ba mow­ve­ul iq­na an Ca­tar­da ka­no­nis
an wes­de­bis moTx­ov­na­Ta uxe­Si dar­Rve­viT, 1-Tvi­a­ni xan­daz­mu­lo­bis va­da
iz­rde­ba 1 wlam­de. Tu mox­da ga­dawy­ve­ti­le­bis an in­for­ma­ci­is da­mal­va,
Se­ci­le­bis er­Twli­a­ni va­da aiT­vle­ba im mo­men­ti­dan, ro­ca uf­le­ba­mo­si­li
pi­ris­Tvis cno­bi­li gax­da ase­Ti ga­dawy­ve­ti­le­bis Se­sa­xeb. ga­sa­Civ­re­bis
gaS­ve­bu­li va­dis aR­dge­na da­uS­ve­be­li­a.

169
ka­ri II. ker­Zo na­wi­li

Ta­vi XI. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba

 
mux­li 94. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis cne­ba

1. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba aris sa­me­war­meo sa­

zo­ga­do­e­ba, rom­lis par­tni­o­re­bi er­Tob­li­vad, er­Ti­a­ni sa­fir­mo
sa­xel­wo­de­biT axor­ci­e­le­ben sa­me­war­meo saq­mi­a­no­bas da am sa­zo­
ga­do­e­bis val­de­bu­le­be­bis­Tvis kre­di­to­re­bis wi­na­Se pa­suxs age­ben
uSu­a­lod da Se­uzR­u­da­vad, ro­gorc so­li­da­ru­li mo­va­le­e­bi.
2. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bas un­da hyav­des sul
mci­re 2 par­tni­o­ri.
 
mux­li aya­li­bebs so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis (sps) Zi­
ri­Tad ni­San­-Tvi­se­bebs. maT­gan um­Tav­re­sia iu­ri­di­u­li pi­ris sta­tu­si, er­Ti­
a­ni sa­fir­mo sa­xel­wo­de­ba, er­Tze me­ti par­tni­o­ris moTx­ov­na da par­tni­o­re­
bis Se­uzR­u­da­vi ga­re pa­su­xis­mgeb­lo­ba sa­zo­ga­do­e­bis val­de­bu­le­be­bis­Tvis.
sps, ro­gorc iu­ri­di­u­li pi­ri, um­Tav­re­sad, Ta­vad agebs pa­suxs Ta­vi­si
val­de­bu­le­be­bis­Tvis, maT So­ris mi­si or­ga­no­e­bis mi­er sxvis­Tvis mi­ye­ne­
bu­li zi­a­nis­Tvis (sa­mo­qa­la­qo ko­deq­sis 37-e mux­lis pir­ve­li na­wi­li). imav­
dro­u­lad, sps-is val­de­bu­le­be­bis­Tvis pi­ra­dad, uSu­al ­ od da mTe­li qo­ne­
biT pa­suxs age­ben mi­si par­tni­o­re­bic. es pa­su­xis­mgeb­lo­ba, sa­mar­Tleb­ri­
vi bu­ne­bi­sa da be­dis Tval­saz­ri­siT, da­mo­ki­de­bu­lia Ta­vad sa­zo­ga­do­e­bis
Se­sa­ba­mis val­de­bu­le­ba­ze (e­.i. aq­ce­so­ru­li­a). Tum­ca ar aris au­ci­le­be­li,
kre­di­tor­ma jer sps-is mi­marT sca­dos moTx­ov­nis gan­xor­ci­el ­ e­ba.
kre­di­to­ris dak­ma­yo­fi­le­bi­sas par­tni­ors, ro­gorc so­li­da­rul mo­va­
les, da­nar­Ce­ni par­tni­o­re­bis mi­marT, Ta­vi­si wi­lis ga­mok­le­biT, aqvs uku­
moTx­ov­nis uf­le­ba (sa­mo­qa­la­qo ko­deq­sis 473-e mux­lis pir­ve­li na­wi­li).
gar­da ami­sa, sru­li ode­no­biT reg­re­sis uf­le­ba par­tni­ors aqvs sa­zo­ga­
do­eb ­ is mi­marT, xar­jis anazR­au ­ ­re­bis for­miT (107-e mux­li).

mux­li 95. wes­de­ba­Si cvli­le­bis Se­ta­na kon­sen­su­siT

wes­de­ba­Si cvli­le­ba Se­iZ­le­ba Se­ta­nil iq­nes mxo­lod yve­la par­tni­o­

ris Tan­xmo­biT (kon­sen­su­sis prin­ci­pi), Tu wes­de­biT sxva ram ar aris gaT­
va­lis­wi­ne­bu­li.

170
 am­xa­na­gu­ri ti­pis sa­me­war­meo sa­zo­ga­do­eb
­ is ide­i­dan ga­mom­di­na­re, fun­
da­men­tu­ri Se­Tan­xme­be­bi, rom­le­bic sa­war­mos saq­mi­a­no­ba­sa da mar­Tvas exe­
ba, mxo­lod yve­la par­tni­o­ris Tan­xmo­biT Se­iZ­le­ba Se­ic­va­los, ra­Ta da­
cu­li iyos sa­war­mo­Si par­tni­or­Ta mo­na­wi­le­o­bis ga­dawy­ve­ti­le­ba.
ga­mo­nak­li­si am prin­ci­pi­dan da­saS­ve­bia sa­dam­fuZ­neb­lo Se­Tan­xme­biT.

mux­li 96. Se­na­ta­nis gan­xor­ci­e­le­bis val­de­bu­le­ba

1. Tu­ki par­tni­or­ma wes­de­bis mi­xed­viT ikis­ra Se­na­ta­nis gan­xor­ci­

e­le­bis val­de­bu­le­ba, am val­de­bu­le­bis wes­de­biT gan­sazR­vrul
va­da­Si Se­us­ru­leb­lo­bis Sem­Txve­va­Si da­nar­Cen par­tni­o­rebs Se­uZ­
li­aT mi­i­Ron ga­dawy­ve­ti­le­ba Se­na­ta­nis gan­xor­ci­e­le­bis val­de­
bu­le­bis dam­rRve­vi par­tni­o­ris so­li­da­ru­li pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­e­bi­dan ga­ricx­vis Se­sa­xeb, Tu wes­de­biT sxva ram ar aris
gaT­va­lis­wi­ne­bu­li an so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­
bas mxo­lod 2 par­tni­o­ri hyavs. Tu so­li­da­ru­li pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­e­bas mxo­lod 2 par­tni­o­ri hyavs, am pun­qtiT gaT­va­lis­wi­
ne­bu­li val­de­bu­le­bis Se­us­ru­leb­lo­bis Sem­Txve­va­Si so­li­da­ru­li
pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba Se­iZ­le­ba da­i­Sa­los am ka­no­nis IX
Ta­viT dad­ge­ni­li we­siT.
2. par­tni­ors uf­le­ba aqvs, so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­
do­e­bis sa­xe­liT mo­iTx­o­vos sxva par­tni­o­ris mi­er na­kis­ri Se­na­ta­
nis gan­xor­ci­e­le­bis val­de­bu­le­bis Ses­ru­le­ba da am miz­niT so­li­
da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba sa­sa­mar­Tlo­Si war­mo­ad­
gi­nos.
3. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis sa­xe­liT sa­sa­mar­
Tlos­Tvis sar­Ce­liT mi­mar­Tvis uf­le­ba par­tni­ors mxo­lod im Sem­
Txve­va­Si aqvs, Tu amis Se­sa­xeb Se­na­ta­nis gan­xor­ci­e­le­bis val­de­bu­
le­bis dam­rRve­vi par­tni­o­ri we­ri­lo­biT iq­na gaf­rTxi­le­bu­li da
man gaf­rTxi­le­bi­dan 1 Tvis va­da­Si ar Se­as­ru­la aR­niS­nu­li val­de­
bu­le­ba.

sps-is par­tni­o­re­bi Se­saZ­lo­a, Se­Tan­xmdnen Se­na­ta­ne­bis gan­xor­ci­e­le­

ba­ze, rac sa­zo­ga­do­eb­ is par­tni­or­ is pi­ra­di pa­su­xis­mgeb­lo­bis sa­fuZ­ve­
li­a. maT ase­ve Se­iZ­le­ba daT­qvan Se­na­ta­nis gan­xor­ci­e­le­bis va­de­bi. va­dis
Se­u­Tan­xmeb­lo­bis Sem­Txve­va­Si, sa­war­mos Se­uZ­li­a, mos­Txo­vos par­tni­ors

171
Se­na­ta­nis gan­xor­ci­e­le­ba, ro­me­lic un­da Ses­rul­des go­niv­rul va­da­Si,
Tum­ca es moTx­ov­na sa­zo­ga­do­e­bam ase­ve uf­le­bis mar­Te­bu­lad ga­mo­ye­ne­
bis prin­ci­pe­bis dac­viT un­da ga­na­xor­ci­el ­ os da ara par­tni­o­ris mZi­me
mdgo­ma­re­o­biT sar­geb­lo­bi­sa da mi­si ga­ricx­vis miR­we­vis miz­niT. ori par­
tni­o­ris ar­se­bo­bis Sem­Txve­va­Si ga­ricx­va ga­mo­ricx­u­li­a. par­tni­o­rebs Se­
uZ­li­aT ga­dawy­ve­ti­le­biT da­Sa­lon sa­zo­ga­do­e­ba.
Se­na­ta­ne­bi­dan ga­mom­di­na­re val­de­bu­le­be­bis Ses­ru­le­bis far­gleb­Si
Ti­To­e­ul par­tni­ors Se­uZ­li­a, war­mo­ad­gi­nos sa­zo­ga­do­e­ba.
ga­ricx­vis­Tvis au­ci­le­be­lia par­tni­or­Ta da sa­sa­mar­Tlos mi­er ga­
ricx­vis Se­sa­xeb ga­dawy­ve­ti­le­bis mi­Re­ba.

mux­li 97. so­li­da­ru­li pa­su­xis­mgeb­lo­bis

sa­zo­ga­do­e­bis war­mo­mad­gen­lo­ba

1. me­sa­me pi­reb­Tan ur­Ti­er­To­ba­Si so­li­da­ru­li pa­su­xis­mgeb­lo­bis

sa­zo­ga­do­e­bis war­mo­mad­gen­lo­bis uf­le­ba­mo­si­le­ba aqvs yve­la par­
tni­ors.
2. par­tni­ors mniS­vne­lo­va­ni sa­fuZ­vlis ar­se­bo­bi­sas, da­nar­Ce­ni par­
tni­o­re­bis sar­Ce­lis sa­fuZ­vel­ze sa­sa­mar­Tlos mi­er mi­Re­bu­li ga­
dawy­ve­ti­le­biT Se­iZ­le­ba Ca­mo­er­Tvas war­mo­mad­gen­lo­bi­Ti uf­le­
ba­mo­si­le­ba. mniS­vne­lo­va­ni sa­fuZ­ve­li ar­se­bobs, Tu par­tni­or­ma
na­kis­ri val­de­bu­le­be­bi uxe­Sad da­ar­Rvi­a, an Tu igi me­sa­me pi­reb­Tan
ur­Ti­er­To­ba­Si so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis war­
mo­mad­gen­lo­bas sa­Ta­na­dod ver axor­ci­e­lebs da sxva.
 
mux­li xazs us­vams so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si
yve­la par­tni­o­ris Se­uzR­u­da­vi in­di­vi­du­al­ u­ri war­mo­mad­gen­lo­bis prin­
cips. igi Se­saZ­lo­a, war­mo­mad­gen­lo­bis for­mis Tval­saz­ri­siT, sps-is sa­
dam­fuZ­neb­lo Se­Tan­xme­biT Se­izR­u­dos, mag., er­Ti an ram­de­ni­me par­tni­o­
ris­Tvis war­mo­mad­gen­lo­bi­Ti in­di­vi­du­a­lu­ri an er­Tob­li­vi uf­le­ba­mo­si­
le­bis mi­ni­We­biT.
war­mo­mad­gen­lo­bis uf­le­bis bo­ro­tad ga­mo­ye­ne­bis Ta­vi­dan asa­ci­leb­
lad, ma­Si­nac ki, ro­ca sa­dam­fuZ­neb­lo Se­Tan­xme­bis Sec­vla mxo­lod er­
Txma­daa Se­saZ­le­be­li, par­tni­ors Se­saZ­lo­a, war­mo­mad­gen­lo­bi­Ti uf­le­ba­
mo­si­le­ba Ca­mo­er­Tvas sa­sa­mar­Tlos mi­er. ami­saT­vis sa­sa­mar­Tlos da­nar­
Cen­ma par­tni­or ­ eb­ma un­da mi­mar­Ton.

172
mux­li 98. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis
par­tni­o­ris Se­sa­ge­be­li

1. Tu par­tni­ors so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis val­

de­bu­le­bas­Tan da­kav­Si­re­biT kre­di­to­ris moTx­ov­na wa­red­gi­ne­ba,
mas Se­uZ­lia wa­rad­gi­nos Se­sa­ge­be­li. mi­si war­dge­nis uf­le­ba aqvs
so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bas an pi­ra­dad par­tni­
ors kre­di­to­ris aR­niS­nu­li moTx­ov­nis sa­wi­na­aR­mde­god.
2. par­tni­ors Se­uZ­lia ua­ri Tqvas kre­di­to­ris moTx­ov­nis dak­ma­yo­fi­
le­ba­ze, vid­re so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bas aqvs
im ga­ri­ge­bis Se­ci­le­bis uf­le­ba, ro­me­lic sa­fuZ­vlad udevs kre­di­
to­ris wi­na­Se so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis val­
de­bu­le­bas.
3. par­tni­ors Se­uZ­lia ua­ri Tqvas kre­di­to­ris moTx­ov­nis dak­ma­yo­fi­
le­ba­ze, vid­re kre­di­to­ris moTx­ov­na Se­iZ­le­ba dak­ma­yo­fil­des so­
li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis va­da­mo­su­li sa­pi­ris­
pi­ro moTx­ov­nis Ses­ru­le­biT (moTx­ov­na­Ta gaq­viT­va).
4. par­tni­o­ris qo­ne­bis mi­marT iZu­le­bi­Ti aR­sru­le­bis gan­sa­xor­ci­e­
leb­lad kre­di­to­ri val­de­bu­lia so­li­da­ru­li pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­e­bis mi­marT sa­aR­sru­le­bo fur­clis ga­ce­mas­Tan er­Tad
mo­iTx­o­vos aR­niS­nu­li par­tni­o­ris mi­marT sa­aR­sru­le­bo fur­clis
ga­ce­ma.
 
Tu­ki sps-is par­tni­ors moTx­ov­na wa­red­gi­na sa­zo­ga­do­e­bis val­de­bu­le­
ba­Ta ga­mo, mas Se­uZ­li­a, Ta­vi da­ic­vas ro­gorc sa­zo­ga­do­e­bis kuT­vni­li,
ase­ve pi­ra­di Se­sa­geb­liT kre­di­to­ris mi­marT (pa­su­xis­mgeb­lo­bis ga­mom­
ricx­a­vi an da­mab­rko­le­be­li ga­re­mo­e­be­biT).
pi­ra­di Se­sa­geb­lis ma­ga­li­Tia sa­zo­ga­do­e­bis an par­tni­o­ris kre­di­
tor­Tan Se­Tan­xme­ba par­tni­o­ris pi­ra­di pa­su­xis­mgeb­lo­bis ga­mo­ricx­vis
an SezR­ud­vis Ta­o­ba­ze. sa­zo­ga­do­e­bis Se­sa­ge­be­li kre­di­to­ris mi­marT Se­
iZ­le­ba iyos, maT So­ris: val­de­bu­le­bis Ses­ru­le­ba, Ses­ru­le­bis Se­uZ­leb­
lo­ba, va­lis pa­ti­e­ba, xan­daz­mu­lo­ba. Tum­ca, Tu­ki mxo­lod par­tni­o­ris
wi­na­aR­mdeg gan­xor­ci­el­da moTx­ov­na xan­daz­mu­lo­bis va­da­Si, par­tni­ors
uf­le­ba er­Tme­va, sa­zo­ga­do­e­bis mi­marT xan­daz­mu­lo­bis ar­gu­men­ti mo­iS­
ve­li­os. sa­zo­ga­do­e­bis nac­vlad, val­de­bu­le­bis sa­mar­Tleb­ri­vi bu­ne­bis
Sec­vla par­tni­ors ar Se­uZ­li­a, mag., xel­Sek­ru­le­ba­ze ua­ris TqmiT, Sewy­
ve­tiT an Se­ci­le­biT. Tum­ca par­tni­o­ri uf­le­ba­mo­si­li­a, ua­ri Tqvas Ses­

173
ru­le­ba­ze, vid­re sa­zo­ga­do­e­bas aqvs uf­le­ba, sa­ci­lo ga­xa­dos moTx­ov­na,
an gaq­vi­Tos igi.
kre­di­tors, bu­neb­ri­vi­a, Se­uZ­li­a, mxo­lod sa­zo­ga­do­e­bis wi­na­aR­mde­gac
Se­i­ta­nos sar­Ce­li. Tu­ki mas surs, rom par­tni­o­re­bis xar­jzec da­ik­ma­yo­
fi­los moTx­ov­na, isi­ni un­da Ca­er­Ton Ta­na­mo­pa­su­xe­e­bad da mo­sar­Ce­lem
maT wi­na­aR­mde­gac un­da mo­iTx­ov ­ os aR­sru­le­bis fur­ce­li. mo­pa­su­xed Car­
Tvis ga­re­Se par­tni­ors wa­er­Tme­o­da pi­ra­di Se­sa­geb­lis ga­mo­ye­ne­bis sa­Su­
a­le­ba.

mux­li 99. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis sa­er­To kre­ba

1. par­tni­ors Se­uZ­lia 1-kvi­ri­a­ni va­dis dac­viT mo­iw­vi­os so­li­da­ru­li

pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis sa­er­To kre­ba yve­la sxva par­tni­o­
ris­Tvis mo­saw­ve­vis dazR­ve­u­li we­ri­liT an eleq­tro­nu­li fos­tiT
gag­zav­niT. mo­saw­ve­vi un­da Se­i­cav­des sa­er­To kre­bis dRis wes­ri­gis
pro­eqts. mo­saw­ve­vis mi­Re­bi­dan 3 dRis va­da­Si par­tni­o­rebs Se­uZ­li­
aT mo­iTx­o­von sa­er­To kre­bis dRis wes­rig­Si da­ma­te­be­bis Se­ta­na. es
moTx­ov­na un­da dak­ma­yo­fil­des.
2. sa­er­To kre­ba­ze par­tni­o­re­bi sa­ku­Ta­ri Se­mad­gen­lo­bi­dan, ken­Wis­
yra­Si mo­na­wi­le­Ta xme­bis um­rav­le­so­biT ir­Ce­ven sa­er­To kre­bis
Tav­mjdo­ma­res. sa­er­To kre­ba­ze yo­vel par­tni­ors aqvs 1 xma.
 
yve­la par­tni­ors uf­le­ba eni­We­ba, mo­iw­vi­os par­tni­or­Ta kre­ba, mi­u­xe­
da­vad imi­sa, mo­na­wi­le­o­ben Tu ara isi­ni sa­zo­ga­do­e­bis mar­Tva­Si.
zo­ga­dad, yo­vel par­tni­ors er­Ti xma eni­We­ba, mi­u­xe­da­vad mi­si mo­na­
wi­le­o­bi­sa sa­zo­ga­do­e­bis qo­ne­ba­Si, Tum­ca sa­dam­fuZ­neb­lo Se­Tan­xme­ba
sxvag­var de­bu­le­beb­sac Se­iZ­le­ba Se­i­cav­des xmis uf­le­bis gan­sazR­vris
Se­sa­xeb.

mux­li 100. sa­er­To kre­bis mi­er ga­dawy­ve­ti­le­bis mi­Re­ba

1. Tu­ki sa­er­To kre­bis mi­er mi­sa­Re­bi ga­dawy­ve­ti­le­ba exe­ba so­li­da­

ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis saq­mi­a­no­bis sag­nis Sec­vlas
an scil­de­ba mi­si Cve­u­leb­ri­vi saq­mi­a­no­bis far­glebs, mis mi­sa­Re­bad
au­ci­le­be­lia yve­la par­tni­o­ris Tan­xmo­ba, Tu wes­de­biT an wes­de­ba­

174
 Si Se­ta­ni­li cvli­le­biT, ro­me­lic yve­la par­tni­o­ris Tan­xmo­biT
aris mi­Re­bu­li, sxva ram ar aris gaT­va­lis­wi­ne­bu­li.
2. Tu sa­er­To kre­bis ga­dawy­ve­ti­le­ba ro­me­li­me par­tni­ors sxva par­
tni­or­Tan ara­Ta­na­bar mdgo­ma­re­o­ba­Si aye­nebs, au­ci­le­be­lia am par­
tni­o­ris Tan­xmo­ba.
3. Tu sa­er­To kre­bis mi­er mi­sa­Re­bi ga­dawy­ve­ti­le­ba exe­ba so­li­da­
ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­sa da par­tni­ors So­ris da­
vas an so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­sa da par­tni­
ors So­ris da­sa­deb ga­ri­ge­bas, es par­tni­o­ri ken­Wis­yra­Si ar mo­na­
wi­le­obs.
 
sa­dam­fuZ­neb­lo Se­Tan­xme­bis cvli­le­bas­Tan er­Tad, yve­la par­tni­o­ris
mi­er er­Txmad ga­dawy­ve­ti­le­bis mi­Re­bas mo­iTx­ovs ga­dawy­ve­ti­le­be­bi, rom­
le­bic mo­ce­mu­li sa­war­mos Cve­ul ­ eb­riv saq­mi­a­no­bas scde­ba. Tum­ca sa­dam­
fuZ­neb­lo Se­Tan­xme­biT Se­saZ­lo­a, um­rav­le­so­biT ga­dawy­ve­ti­le­bis mi­Re­
bac iq­nes dad­ge­ni­li.
me-2 pun­qtiT gaT­va­lis­wi­ne­bu­lia par­tni­o­ris Tan­xmo­ba, ro­gorc um­ci­
re­so­ba­Si myo­fi par­tni­or­ is Tav­dac­vis sa­Su­al
­ e­ba, Tu­ki mo­sa­lod­ne­li ga­
dawy­ve­ti­le­ba mas ara­Ta­na­bar mdgo­ma­re­o­ba­Si aye­nebs.
me-3 pun­qtiT gan­sazR­vru­lia in­te­res­Ta kon­fliq­tis gan­sa­kuT­re­bul
Sem­Txve­veb­Si, ro­ca par­tni­ors xmis uf­le­ba ezR­u­de­ba. es SezR­ud­va ga­
mom­di­na­re­obs kor­po­ra­ci­ul­-sa­mar­Tleb­ri­vi ke­Til­sin­di­si­e­re­bis prin­
ci­pi­dan (34-e mux­lis pir­ve­li pun­qti). ama­ve prin­ci­pi­dan ga­mom­di­na­re
par­tni­ors Se­saZ­loa ga­aC­ndes xmis mi­ce­mis val­de­bu­le­bac mag., ro­ca sa­
zo­ga­do­e­bis­Tvis sa­si­cocx­lod au­ci­le­be­li an mniS­vne­lo­va­ni sa­kiTxi
wyde­ba. am na­gu­lis­xme­vi val­de­bu­le­biT, gar­kve­ul­wi­lad, izR­u­de­ba par­
tni­o­ris zo­ga­di uf­le­ba, sa­ku­Ta­ri in­te­re­se­bi­dan ga­mom­di­na­re ga­na­xor­
ci­e­los xmis uf­le­ba.

mux­li 101. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis

xel­mZRva­ne­lo­ba

1. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis xel­mZRva­ne­lo­bis

uf­le­ba aqvs yve­la par­tni­ors. par­tni­o­ri, ro­me­lic sar­geb­lobs am
uf­le­biT da ar aris Ca­mo­ci­le­bu­li xel­mZRva­ne­lo­biT saq­mi­a­no­bas,
val­de­bu­lia ga­na­xor­ci­e­los aR­niS­nu­li saq­mi­a­no­ba. par­tni­or­ma ar

175
 un­da ga­na­xor­ci­e­los Ta­vi­si xel­mZRva­ne­lo­bi­Ti uf­le­ba­mo­si­le­bi­
dan ga­mom­di­na­re ise­Ti qme­de­ba, ro­mel­sac xel­mZRva­ne­lo­bi­Ti uf­
le­ba­mo­si­le­bis mqo­ne sxva par­tni­o­ri ewi­na­aR­mde­ge­ba.
2. Tu wes­de­biT xel­mZRva­ne­lo­bis uf­le­ba­mo­si­le­ba erT an ram­de­ni­me
par­tni­ors aqvs mi­ni­We­bu­li, sxva par­tni­o­re­bi xel­mZRva­ne­lo­biT
saq­mi­a­no­bas ar axor­ci­e­le­ben.
3. da­uS­ve­be­lia yve­la par­tni­o­ris xel­mZRva­ne­lo­bi­Ti saq­mi­a­no­bis­gan
sru­lad Ca­mo­ci­le­ba.
4. Tu so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­o­ri iu­ri­
di­u­li pi­ri­a, xel­mZRva­ne­lo­bi­Ti uf­le­ba­mo­si­le­bis gan­xor­ci­e­le­
ba mis xel­mZRva­nel­s/xel­mZRva­ne­lebs ekis­re­ba­/e­kis­re­baT.
 
war­mo­mad­gen­lo­bis msgav­sad, sps-is xel­mZRva­ne­lo­bis uf­le­ba­mo­si­le­
ba Ti­To­eu ­ l par­tni­ors aqvs. me­tic, sa­zo­ga­do­eb ­ is xel­mZRva­ne­lo­ba par­
tni­o­ris val­de­bu­le­ba­caa (me-3 pun­qti).
Se­sa­ba­mi­sad, sa­zo­ga­do­e­bis Cve­ul ­ eb­ri­vi saq­mi­a­no­bis far­gleb­Si, par­
tni­o­rebs in­di­vi­du­a­lu­ri xel­mZRva­ne­lo­bis uf­le­ba­mo­si­le­ba aqvT. xo­
lo ga­dawy­ve­ti­le­be­bi, maT So­ris, ro­me­lic sa­war­mos xel­mZRva­ne­lo­bas
exe­ba da scde­ba Cve­u­leb­ri­vi saq­mi­a­no­bis far­glebs, sa­Wi­ro­ebs yve­la par­
tni­o­ris Tan­xmo­bas.
Cve­u­leb­ri­vi saq­mi­a­no­bis far­gleb­Si mi­Re­bul ga­dawy­ve­ti­le­beb­zec
vrcel­de­ba xel­mZRva­ne­lo­ba­ze uf­le­ba­mo­si­li par­tni­o­ris Se­wi­na­aR­mde­
ge­bis uf­le­ba, rom­lis ga­mo­ye­ne­bis Sem­Txve­va­Sic, Se­sa­ba­mi­si qme­de­ba ar
un­da gan­xor­ci­el­des. yve­la par­tni­o­ris xel­mZRva­ne­lo­bis uf­le­ba gan­
sxvav­de­ba am­xa­na­go­bis saq­me­e­bis er­Tob­li­vi gaZR­ol ­ is val­de­bu­le­bis­gan,
sa­mo­qa­la­qo ko­deq­sis 934-e mux­lis pir­ve­li na­wi­lis mi­xed­viT, swo­red sa­
me­war­meo saq­mi­an ­ o­bis sa­Wi­ro­e­be­bi­dan ga­mom­di­na­re.
sa­dam­fuZ­neb­lo Se­Tan­xme­biT, Se­saZ­lo­a, xel­mZRva­ne­lo­bi­Ti uf­le­ba­mo­
si­le­ba da val­de­bu­le­ba da­e­kis­ros yve­la par­tni­ors er­Tob­li­vad, ase­ve
erT an ram­de­ni­me par­tni­ors, er­Tob­li­vad an in­di­vi­du­a­lu­rad; ase­ve Se­
saZ­le­be­lia ga­re me­ne­je­re­bis (a­ra­par­tni­o­re­bis) Car­Tva xel­mZRva­ne­lo­
ba­Si, Tum­ca yve­la par­tni­o­ris Ca­mo­ci­le­ba xel­mZRva­ne­lo­bi­Ti saq­mi­a­no­
bi­dan da­uS­ve­be­li­a.
par­tni­or­-i­u­ri­di­ul ­ i pi­ris Sem­Txve­va­Si mi­si xel­mZRva­ne­lo­bi­Ti da
war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­bis mqo­ne pi­re­bi as­ru­le­ben sps-is
xel­mZRva­ne­lis mo­va­le­o­bebs. ka­no­ni ar krZa­lavs ase­ve sa­gan­ge­bo war­mo­
mad­gen­lis da­niS­vnas sps-is xel­mZRva­ne­lo­ba­Si mo­na­wi­le­o­bis miz­niT.

176
mux­li 102. par­tni­o­re­bis Tan­xmo­ba da xel­mZRva­ne­li par­tni­o­ris­Tvis
xel­mZRva­ne­lo­bi­Ti uf­le­ba­mo­si­le­bis Ca­mor­Tme­va

1. zo­gi­er­Ti ga­ri­ge­bis da­de­bis­Tvis wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­

des par­tni­o­re­bis wi­nas­war, sa­val­de­bu­lo Tan­xmo­bas.
2. xel­mZRva­nel par­tni­ors uf­le­ba aqvs, ga­ri­ge­ba da­nar­Ce­ni par­tni­
o­re­bis Tan­xmo­bis ga­re­Sec da­dos, Tu mi­si da­de­bis ga­Wi­a­nu­re­ba so­
li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis­Tvis mZi­me Se­de­gebs ga­
mo­iw­vevs, ris Se­sa­xe­bac man da­u­yov­neb­liv un­da ac­no­bos aR­niS­nul
par­tni­o­rebs.
3. xel­mZRva­nel par­tni­ors mniS­vne­lo­va­ni sa­fuZ­vlis ar­se­bo­bi­sas,
da­nar­Ce­ni par­tni­o­re­bis sar­Ce­lis sa­fuZ­vel­ze sa­sa­mar­Tlos mi­er
mi­Re­bu­li ga­dawy­ve­ti­le­biT Se­iZ­le­ba Ca­mo­er­Tvas xel­mZRva­ne­lo­bi­
Ti uf­le­ba­mo­si­le­ba. mniS­vne­lo­va­ni sa­fuZ­ve­li ar­se­bobs, Tu par­
tni­or­ma Ta­vi­si val­de­bu­le­be­bi uxe­Sad da­ar­Rvi­a, an Tu igi so­li­
da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis xel­mZRva­ne­lo­bas sa­Ta­na­
dod ver axor­ci­e­lebs da sxva. 

sa­war­mos Cve­u­leb­ri­vi saq­mi­a­no­bis far­gleb­Sic ki, sa­dam­fuZ­neb­lo

Se­Tan­xme­ba Se­saZ­loa iT­va­lis­wi­neb­des ga­ri­ge­bis da­de­ba­ze par­tni­o­re­
bis wi­nas­war Tan­xmo­bas. Tum­ca, SezR­ud­vis ar­se­bo­bis Sem­Txve­va­Sic, xel­
mZRva­nel par­tni­ors aqvs uf­le­ba, par­tni­o­re­bis Tan­xmo­bis ga­re­Se da­dos
ga­ri­ge­ba, Tu es au­ci­le­be­lia sa­zo­ga­do­e­bis­Tvis sa­zi­a­no Se­de­gis Ta­vi­dan
asa­ci­leb­lad. amis Se­sa­xeb man da­yov­ne­bis ga­re­Se un­da ac­no­bos da­nar­Cen
par­tni­or ­ ebs.

mux­li 103. par­tni­o­ris mi­er kon­tro­lis gan­xor­ci­e­le­bis uf­le­ba

1. yve­la par­tni­ors, maT So­ris, im par­tni­ors, ro­me­lic so­li­da­ru­li

pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis xel­mZRva­ne­lo­ba­Si ar mo­na­wi­le­
obs, uf­le­ba aqvs, mi­i­Ros in­for­ma­cia so­li­da­ru­li pa­su­xis­mgeb­lo­
bis sa­zo­ga­do­e­bis saq­mi­a­no­bis Se­sa­xeb da ga­ec­nos mis saq­mi­an do­ku­
men­ta­ci­as. es uf­le­ba ar Se­iZ­le­ba Se­izR­u­dos.
2. yve­la par­tni­ors, maT So­ris, im par­tni­ors, ro­me­lic so­li­da­ru­
li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis xel­mZRva­ne­lo­ba­Si ar mo­na­wi­

177
 le­obs, uf­le­ba aqvs, mos­Txo­vos sxva par­tni­o­rebs so­li­da­ru­li pa­
su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis mi­marT ar­se­bu­li val­de­bu­le­be­bis
Ses­ru­le­ba da amis Ta­o­ba­ze so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­
ga­do­e­bis sa­xe­liT wa­rad­gi­nos sar­Ce­li.

sps-is par­tni­ors ar­se­bi­Tad Se­uzR­u­da­vi sa­in­for­ma­cio da kon­tro­

lis uf­le­be­bi aqvs, mi­u­xe­da­vad imi­sa, ekis­re­baT Tu ara maT xel­mZRva­ne­
lo­bis val­de­bu­le­ba.
„in­for­ma­cia sa­zo­ga­do­e­bis saq­mi­a­no­bis Se­sa­xeb. saq­mi­a­ni do­ku­men­ta­
ci­a“ mo­i­cavs ne­bis­mi­er in­for­ma­ci­as da do­ku­ments, ro­me­lic aqvs sa­zo­ga­
do­eb ­ as, an xel­mi­saw­vdo­mia mis­Tvis. Ca­na­we­ri im­pe­ra­ti­u­lia da sa­dam­fuZ­
neb­lo Se­Tan­xme­biT mi­si SezR­ud­va da­uS­ve­be­li­a.
Ta­na­par­tni­or­Ta mi­marT sa­zo­ga­do­e­bis mi­marT val­de­bu­le­bis Ses­ru­
le­bis moTx­ov­nis uf­le­ba, yve­la par­tni­o­ris xel­mZRva­ne­lo­bi­Ti uf­le­
ba­mo­si­le­bis prin­ci­pi­dan ga­mom­di­na­re­obs. Tum­ca par­tni­o­ri am uf­le­bas
inar­Cu­nebs ma­Si­nac, ro­ca mas xel­mZRva­ne­lis an war­mo­mad­gen­lis val­de­
bu­le­ba da uf­le­ba­mo­si­le­ba ar ekis­re­ba.
val­de­bu­le­ba­Ta Ses­ru­le­ba Se­saZ­loa gu­lis­xmob­des me­sa­me pi­ri­saT­vis
sa­zo­ga­do­eb ­ is moTx­ov­nis war­dge­nas. moTx­ov­na Se­iZ­le­ba xel­mZRva­ne­lo­
bi­Ti uf­le­ba­mo­si­le­biT aR­Wur­vi­li par­tni­o­ris­/e­bis mi­mar­Tac iq­nes war­
dge­ni­li. ama­ve moTx­ov­niT par­tni­ors Se­uZ­li­a, sa­zo­ga­do­e­bis nac­vlad wa­
rad­gi­nos sar­Ce­li (ac­tio pro so­ci­o).

mux­li 104. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis

mo­ge­ba da za­ra­li

1. Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li, yo­ve­li sa­me­ur­

neo wlis bo­los fi­nan­su­ri an­ga­riS­ge­bis sa­fuZ­vel­ze dgin­de­ba so­
li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis wli­u­ri mo­ge­ba an za­
ra­li da ga­mo­iT­vle­ba mas­Si yo­ve­li par­tni­o­ris wi­li.
2. par­tni­o­ris wi­li mo­ge­ba mi­e­ma­te­ba am par­tni­o­ris Se­na­tans, Tu is 
sru­lad ar iyo gan­xor­ci­e­le­bu­li.
3. par­tni­o­ris wi­li za­ra­li da mis mi­er sa­me­ur­neo wlis gan­mav­lo­ba­Si
so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis an­ga­ri­Si­dan ga­xar­
ju­li fu­li ga­mo­ak­lde­ba am par­tni­o­ris wil mo­ge­bas.

178
mux­li 105. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis
mo­ge­bi­sa da za­ra­lis ga­na­wi­le­ba

1. par­tni­ors uf­le­ba aqvs, so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­

do­e­bis wli­u­ri mo­ge­bi­dan, ro­me­lic sa­me­ur­neo wlis bo­los aris
dad­ge­ni­li, mo­iTx­o­vos di­vi­den­di so­li­da­ru­li pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­e­bis ka­pi­tal­Si mi­si wi­lis Se­sa­ba­mi­si Tan­xis 4 pro­cen­tis
ode­no­biT. Tu wli­u­ri mo­ge­bis Tan­xa sak­ma­ri­si ar aris, di­vi­den­dis
da­an­ga­ri­Se­bis pro­cen­ti Se­sa­ba­mi­sad mcir­de­ba.
2. am mux­lis pir­ve­li pun­qtiT gaT­va­lis­wi­ne­bu­li di­vi­den­dis da­an­
ga­ri­Se­bi­sas ga­iT­va­lis­wi­ne­ba par­tni­o­ris mi­er sa­me­ur­neo wlis
gan­mav­lo­ba­Si gan­xor­ci­e­le­bu­li Se­na­ta­ni mi­si gan­xor­ci­e­le­bi­dan
sa­me­ur­neo wlis bo­lom­de dar­Ce­ni­li dro­is pro­por­ci­u­lad. Tu
par­tni­or­ma sa­me­ur­neo wlis gan­mav­lo­ba­Si ga­xar­ja fu­li so­li­da­
ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis ka­pi­tal­Si mi­si wi­li­dan, ga­
xar­ju­li fu­li/­Tan­xa ga­iT­va­lis­wi­ne­ba ga­xar­jvam­de ga­su­li dro­is
pro­por­ci­u­lad.
3. am mux­lis pir­ve­li da me-2 pun­qte­bis Se­sa­ba­mi­sad di­vi­den­dis da­an­
ga­ri­Se­bi­sas Tan­xis ga­moT­vlis Se­de­gad dar­Ce­ni­li mo­ge­ba, ag­reT­ve
sa­me­ur­neo wlis za­ra­li par­tni­o­rebs So­ris Ta­nab­rad na­wil­de­ba.
4. wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des so­li­da­ru­li pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­e­bis mo­ge­bis an za­ra­lis ga­na­wi­le­bis am mux­liT dad­ge­ni­
lis­gan gan­sxva­ve­bul wess.
5. par­tni­o­ri val­de­bu­li ar aris da­ab­ru­nos is Tan­xa, ro­mel­sac igi
ke­Til­sin­di­si­e­rad da sa­Ta­na­dod Sed­ge­ni­li ba­lan­sis sa­fuZ­vel­ze
mo­ge­bis sa­xiT mi­i­Rebs.
 

mux­li 106. par­tni­o­ris mi­er fu­lis ga­xar­jva

1. par­tni­ors uf­le­ba aqvs, so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­

ga­do­e­bis sa­la­ro­dan sa­ku­Ta­ri xar­je­bis­Tvis ga­mo­i­ta­nos bo­lo
sa­me­ur­neo wels mis­Tvis gan­kuT­vni­li wi­li ka­pi­ta­lis 10 pro­cen­
tam­de ode­no­bis Tan­xa da, Tu es am sa­zo­ga­do­e­bas aS­ka­rad zi­ans ar
aye­nebs, mo­iTx­o­vos bo­lo sa­me­ur­neo wlis mo­ge­bi­dan Ta­vi­si wi­
li mo­ge­bis ga­mo­ta­na, ro­me­lic Se­iZ­le­ba aRe­ma­te­bo­des aR­niS­nul
Tan­xas.

179
 2. wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des par­tni­o­ris mi­er fu­lis ga­xar­
jvis­Tvis am mux­lis pir­ve­li pun­qtiT dad­ge­ni­lis­gan gan­sxva­ve­bul
we­sebs, maT So­ris, par­tni­o­ris mi­er fu­lis ga­xar­jvis Ta­o­ba­ze sa­
er­To kre­bis ga­dawy­ve­ti­le­bis mi­Re­bis au­ci­leb­lo­bas.
3. am mux­lis pir­ve­li pun­qtiT gaT­va­lis­wi­ne­bu­li Sem­Txve­vis gar­da,
par­tni­ors ar aqvs   uf­le­ba, Ta­vis wil ka­pi­tals mo­ak­los Tan­xa da­
nar­Ce­ni par­tni­o­re­bis Tan­xmo­bis ga­re­Se.

sa­zo­ga­do­e­bis va­le­bis­Tvis kre­di­tor­Ta wi­na­Se par­tni­or­Ta pi­ra­di da

Se­uzR­u­da­vi pa­su­xis­mgeb­lo­bis gaT­va­lis­wi­ne­biT, wi­lob­ri­vi mo­na­wi­le­o­
bis ga­mo­an­ga­ri­Se­bi­sa da qo­ne­bis ga­na­wi­le­bis wess ka­no­ni mxo­lod dis­po­
zi­ci­u­rad gan­sazR­vravs (104-e da 105-e mux­le­bi).
104-e mux­lis mi­xed­viT, wi­lob­ri­vi mo­na­wi­le­o­bis ga­mo­an­ga­ri­Se­bis dis­
po­zi­ci­u­ri we­si gan­mar­te­bu­lia mo­ce­mul ma­ga­liT­Si:
sps-is par­tni­o­reb­ma A-m da B-m, Se­sa­ba­mi­sad, 100 000 da 200 000 Se­i­ta­nes
sps-is ka­pi­tal­Si.
sa­ku­Ta­ri ka­pi­ta­li _ par­tni­or A-s ka­pi­ta­lis an­ga­ri­Si _ 100 000, par­
tni­or B-s ka­pi­ta­lis an­ga­ri­Si _ 200 000.
pir­vel sa­me­ur­neo wels sps-is mo­ge­bam Se­ad­gi­na 9 000, me-2 wels _ 90
000. me-3 sa­me­ur­neo wels sps-m ga­ni­ca­da za­ra­li 120 000-is ode­no­biT. me-4
sa­me­ur­neo wels mo­ge­bam 30 000 Se­ad­gi­na. B-m sa­war­mos Tan­xe­bi­dan pi­ra­di
miz­ne­bis­Tvis da­xar­ja 50 000.
wi­lob­ri­vi mo­na­wi­le­o­bis (mo­ge­ba-­za­ra­lis) da­an­ga­ri­Se­ba. we­li 1-li:
ka­pi­ta­li _ 300 000; A-s wi­li _ 100 000; B-s wi­li _ 200 000. we­li me-2: ka­pi­
ta­li 309 000; A-s wi­li _ 103 000; B-s wi­li _ 106 000. we­li me-3: ka­pi­ta­li
399 000; A-s wi­li _ 133 000; B-s wi­li _ 166 000; me-4 we­li: ka­pi­ta­li 279 000;
A-s wi­li _ 93 000; B-s wi­li _ 186 000. we­li me-5: ka­pi­ta­li 259 000; A-s wi­li
_ 103 000; B-s wi­li _ 156 000.
ka­no­nis Ta­nax­mad, ase­ve dis­po­zi­ci­ur da­na­wess efuZ­ne­ba mo­ge­bis ga­na­
wi­le­ba sps-Si, ro­me­lic iT­va­lis­wi­nebs ro­gorc sps-is am­xa­na­gur bu­ne­bas
(par­tni­or­Ta Ta­na­ba­ri, Se­na­ta­nis­gan da­mo­u­ki­de­be­li uf­le­ba-­mo­va­le­o­be­
bi er­Tma­ne­Tis da sa­zo­ga­do­e­bis mi­marT), ase­ve ka­pi­tal­Si Ti­To­e­u­li par­
tni­o­ris wi­lob­ri­vi mo­na­wi­le­o­bis ode­no­bas. Se­sa­ba­mi­sad, par­tni­ors aqvs
uf­le­ba, Tav­da­pir­ve­lad mi­iR ­ os sa­zo­ga­do­e­bis ka­pi­tal­Si mi­si wi­lob­ri­
vi mo­na­wi­le­o­bis Tan­xob­ri­vi ek­vi­va­len­tis 4% (pro­cen­ti wi­lob­riv ka­pi­
tal­ze); dar­Ce­ni­li Tan­xa ki Ta­nab­rad na­wil­de­ba par­tni­o­rebs So­ris. im
Sem­Txve­va­Si, Tu mo­ge­ba nak­le­bia Tan­xa­ze, ro­me­lic au­ci­le­be­lia Ti­To­

180
e­u­li par­tni­o­ris wi­lis 4%-is da­sa­fa­ra­vad, pro­cen­tic Se­sa­ba­mi­sad Sem­
cir­de­ba. mo­ce­mul ma­ga­liT­Si pir­ve­li wlis mo­ge­ba ver fa­ravs 4%-i­a­ni
ko­e­fi­ci­en­tis moTx­ov­nas (e­.i. 4,000 + 8, 000), Se­sa­ba­mi­sad, igi 3%-i­an
­ i ko­e­
fi­ci­en­tiT ga­na­wil­de­ba (3 000 + 6 000).

mux­li 107. par­tni­o­ris­Tvis xar­je­bis anazR­a­u­re­ba

so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba val­de­bu­lia par­tni­ors

au­nazR­a­u­ros yve­la is au­ci­le­be­li xar­ji, ro­me­lic man so­li­da­ru­li pa­
su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis saq­mi­a­no­bis uz­run­vel­sa­yo­fad gas­wi­a.

sa­war­mos val­de­bu­le­be­bis­Tvis kre­di­to­ris wi­na­Se par­tni­o­ris pa­su­

xis­mgeb­lo­ba pir­da­pi­ri­a. am­de­nad, kre­di­tors Se­uZ­li­a, uSu­a­lod par­tni­
ors mos­Txo­vos val­de­bu­le­bis Ses­ru­le­ba. 107-e mux­li­dan ga­mom­di­na­re,
par­tni­ors, ro­mel­mac Se­as­ru­la kre­di­to­ris moTx­ov­niT sa­war­mos val­
de­bu­le­ba, uf­le­ba aqvs, sps-is­gan mo­iTx­o­vos ga­dax­di­li Tan­xa, ro­gorc
„a­u­ci­le­be­li xar­ji, ro­me­lic man so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­
ga­do­e­bis saq­mi­a­no­bi­dan ga­mom­di­na­re ga­i­Ro“. kre­di­to­ris dak­ma­yo­fi­le­
bi­sas par­tni­ors, ro­gorc so­li­da­rul mo­va­les, ase­ve aqvs da­nar­Ce­ni par­
tni­o­re­bis mi­marT, Ta­vi­si wi­lis ga­mok­le­biT, uku­moTx­ov­nis uf­le­ba, e.i.
Se­sa­ba­mi­sad moq­me­debs so­li­da­rul mo­va­le­Ta So­ris an­ga­riS­swo­re­bis we­
se­bi (sa­mo­qa­la­qo ko­deq­sis 473-e mux­lis pir­ve­li na­wi­li).
Si­da val­de­bu­le­be­bis ga­da­na­wi­le­ba daS­ve­bu­lia sxvag­va­ra­dac, Tu amas
sa­dam­fuZ­neb­lo an par­tni­or­Ta Se­Tan­xme­ba iT­va­lis­wi­nebs.
107-e mux­li sps-is miz­ne­bis­Tvis da­va­le­bis da am­xa­na­go­bis xel­Sek­ru­le­
bis far­gleb­Si rwmu­ne­bu­lis da xel­mZRva­ne­li pi­ris xar­je­bis anazR­a­ur ­ e­
bis we­sis su­lis­kve­Te­bas gad­mos­cems (sa­mo­qa­la­qo ko­deq­sis 717-e mux­li).

 
mux­li 108. par­tni­o­ris mi­er wi­lis gas­xvi­se­ba

1. par­tni­ors Se­uZ­lia yve­la sxva par­tni­o­ris wi­nas­wa­ri Tan­xmo­bis

Sem­Txve­va­Si ga­as­xvi­sos Ta­vi­si wi­li, Tu wes­de­biT sxva ram ar aris
gaT­va­lis­wi­ne­bu­li.
2. par­tni­o­ris mi­er wi­lis gas­xvi­se­bis­Tvis sa­Wi­roa we­ri­lo­bi­Ti xel­
Sek­ru­le­ba.

181
 am­xa­na­gu­ri ti­pis sa­me­war­meo sa­zo­ga­do­e­bis per­so­na­lu­ri bu­ne­bi­dan ga­
mom­di­na­re, mas­Si wi­lis (wev­ro­bis) daT­mo­ba (gas­xvi­se­ba) gar­Tu­le­bu­li­a.
igi yve­la da­nar­Ce­ni par­tni­o­ris Tan­xmo­bas sa­Wi­ro­ebs. Tum­ca es moTx­ov­na
dis­po­zi­ci­u­ria da dam­fuZ­ne­be­li Se­Tan­xme­biT, Se­saZ­lo­a, uf­ro „Ta­vi­su­
fa­li“ re­Ji­mi da­wes­des, mag., ua­ri iT­qvas Tan­xmo­bis val­de­bu­le­ba­ze. sps-
is sa­dam­fuZ­neb­lo Se­Tan­xme­biT, ase­ve Se­iZ­le­ba da­we­se­bul iq­nes wi­lis
gas­xvi­se­bis sxva wi­na­pi­ro­be­bic.
ama­ve gar­Tu­le­bu­li re­Ji­mis ga­mo­xa­tu­le­baa we­ri­lo­bi­Ti for­mis moTx­
ov­na.

mux­li 109. par­tni­o­ris gas­vla an ga­ricx­va so­li­da­ru­li

pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan

1. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan gas­vlis sur­vi­

lis Sem­Txve­va­Si par­tni­or­ma amis Se­sa­xeb sa­me­ur­neo wlis das­ru­le­
bam­de sul co­ta 6 TviT ad­re un­da ga­nacx­a­dos.
2. Tu par­tni­o­ris mi­marT ga­dax­di­su­u­na­ro­bis saq­mis war­mo­e­bis far­
gleb­Si ga­kot­re­bis pro­ce­si iwy­e­ba, igi so­li­da­ru­li pa­su­xis­mgeb­
lo­bis sa­zo­ga­do­e­bi­dan ga­su­lad mi­iC­ne­va ga­kot­re­bis re­Ji­mis dawy­
e­bis mo­men­ti­dan.
3. Tu par­tni­or­ma so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis wi­
na­Se na­kis­ri ar­se­bi­Ti mo­va­le­o­ba gan­zrax an uxe­Si ga­uf­rTxi­leb­
lo­biT ar Se­as­ru­la, an Tu igi am mo­va­le­o­bas ve­Rar as­ru­lebs, an
Tu ar­se­bobs sxva mniS­vne­lo­va­ni sa­fuZ­ve­li, sxva par­tni­o­re­bis
moTx­ov­nis sa­fuZ­vel­ze sa­sa­mar­Tlos Se­uZ­lia mi­i­Ros ga­dawy­ve­ti­
le­ba par­tni­o­ris so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan
ga­ricx­vis Se­sa­xeb.
 
sps-is par­tni­o­ris uf­le­bis ga­mo­ye­ne­ba, ga­vi­des sa­zo­ga­do­e­bi­dan, am­
xa­na­go­bis msgav­si de­bu­le­be­bis­gan gan­sxva­ve­biT (sa­mo­qa­la­qo ko­deq­sis
938-e mux­lis me-3 na­wi­lis pir­ve­li wi­na­da­de­ba), ar iw­vevs sa­zo­ga­do­eb ­ is
daS­las.
imi­saT­vis, rom gas­vlam uar­yo­fi­Ti Se­de­gi ar ga­mo­i­Ros sa­zo­ga­do­eb ­ is­
Tvis, pir­ve­li pun­qti gas­vlis­Tvis sa­gan­ge­bo va­das iT­va­lis­wi­nebs. ker­
Zod, gas­vla xor­ci­el­de­ba mxo­lod sa­me­ur­neo wlis bo­los­Tvis. gas­vlis

182
Se­sa­xeb par­tni­or­ma am mo­men­tam­de, sul mci­re, 6 TviT ad­re un­da ga­nacx­
a­dos. gas­vlis wi­na­pi­ro­be­bi Se­saZ­lo­a, de­ta­lu­rad ga­i­we­ros sa­dam­fuZ­
neb­lo Se­Tan­xme­biT, maT So­ris Se­izR­u­dos igi, mag., ga­mo­i­ricx­os me-2 pun­
qtiT gaT­va­lis­wi­ne­bu­li gas­vla par­tni­or­ze ga­dax­di­su­u­na­ro­bis gax­snis
mi­ze­ziT. Tum­ca sa­dam­fuZ­neb­lo Se­Tan­xme­biT ver Se­izR­u­de­ba sa­pa­tio mi­
ze­ziT (mniS­vne­lo­va­ni sa­fuZ­vliT) gas­vlis uf­le­ba.
Tu­ki sa­dam­fuZ­neb­lo Se­Tan­xme­ba gas­vlis uf­le­bis mi­ze­zeb­ze ara­fers
am­bobs, par­tni­ors (va­dis dac­vis pi­ro­biT) ne­bis­mi­er dros Se­uZ­li­a, ga­vi­
des sa­zo­ga­do­e­bi­dan. am Sem­Txve­va­Sic ke­Til­sin­di­si­e­re­bi­sa da uf­le­bis
bo­ro­tad ga­mo­ye­ne­bis ak­rZal­vis prin­ci­pe­bi, kon­kre­tul ga­re­mo­e­beb­Si,
gas­vlis da­saS­ve­bo­bis Si­na­ar­sob­riv far­glebs ad­gens.
prin­ci­pi, rom­lis mi­xed­vi­Tac sps-i­dan par­tni­o­ris gas­vla ar iw­vevs
sa­zo­ga­do­e­bis daS­las, or­wev­ri­a­ni sps-i­dan par­tni­o­ris gas­vla­zec ga­mo­i­
ye­ne­ba. Tum­ca, msgavs Sem­Txve­va­Si sa­me­war­meo re­es­tris Ca­na­we­ri sps-is Se­
sa­xeb xar­ve­zi­a­ni­a. par­tni­o­rebs Se­uZ­li­aT, daS­la axa­li par­tni­o­ris mi­Re­
biT Ta­vi­dan ai­ci­lon, ra­zec ga­dawy­ve­ti­le­ba gas­vlis Za­la­Si Ses­vlam­de
un­da iyos mi­Re­bu­li.
sa­zo­ga­do­eb­ i­dan par­tni­o­ris ga­ricx­va mxo­lod sa­sa­mar­Tlos ga­dawy­ve­
ti­le­biT xde­ba, ro­mel­sac win un­da us­wreb­des dar­Ce­ni­li par­tni­o­re­bis
ga­dawy­ve­ti­le­ba er­Txmad, Tum­ca am mxriv sa­dam­fuZ­neb­lo Se­Tan­xme­ba nak­
leb um­rav­le­so­ba­sac Se­iZ­le­ba iT­va­lis­wi­neb­des, rac sa­fuZ­vlad un­da da­
e­dos sps-is sar­Cels par­tni­o­ris ga­ricx­vis Ta­o­ba­ze, rom­lis Se­ta­na xel­
mZRva­nel par­tni­ors Se­uZ­lia da eva­le­ba.
„mniS­vne­lo­va­ni sa­fuZ­vlis“ amom­wu­ra­vi sa­ka­non­mdeb­lo ga­we­ra Se­uZ­le­
be­li­a. zo­ga­dad, ga­ricx­vis sa­fuZ­ve­li Se­iZ­le­ba gax­des par­tni­o­ris mi­er
ar­se­bi­Ti val­de­bu­le­bis dar­Rve­va, ra­mac par­tni­or­Ta So­ris ndo­ba ga­
mo­us­wo­reb­lad da­az ­ i­an
­ a da saf­rTxe Se­uq­mna sa­zo­ga­do­e­bis saq­mi­a­no­bis
nor­ma­lu­rad war­mar­Tvas. ase­ve Se­iZ­le­ba, mo­va­le­o­bis Se­us­ru­leb­lo­bas
arab­ra­le­u­li Se­uZ­leb­lo­bac da­e­dos sa­fuZ­vlad, mag., xan­grZli­vi avad­
myo­fo­ba. Tum­ca sa­zo­ga­do­e­bis saq­mi­a­no­bis nor­ma­lu­ri gan­vi­Ta­re­ba saf­
rTxis qve­Sa­a, „mniS­vne­lov­nad sa­fuZ­vlad“ Se­iZ­le­ba gan­xi­lul iq­nes pi­ra­
di uTan­xmo­eb ­ ac par­tni­o­rebs So­ris, ro­me­lic uSu­a­lod ar ukav­Sir­de­ba
sa­zo­ga­do­e­bis saq­mi­a­no­bas.
sa­dam­fuZ­neb­lo Se­Tan­xme­ba Se­iZ­le­ba iT­va­lis­wi­neb­des ga­ricx­vis kon­
kre­tul sa­fuZ­vlebs, maT So­ris amom­wu­ra­va­dac, an ga­mo­ricx­av­des ki­dec
par­tni­or ­ is ga­ricx­vis Se­saZ­leb­lo­bas.

183
mux­li 110. ur­Ti­er­To­be­bi so­li­da­ru­li pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­e­bi­dan par­tni­o­ris gas­vlis­/ga­ricx­vis Sem­deg

1. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan par­tni­o­ris gas­

vlis­/ga­ricx­vis Sem­Txve­va­Si so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­
ga­do­e­ba­Si mi­si wi­li da­e­ma­te­ba sxva par­tni­o­re­bis wi­lebs am wi­le­
bis pro­por­ci­u­lad.
2. sxva par­tni­o­re­bi val­de­bu­li ari­an so­li­da­ru­li pa­su­xis­mgeb­lo­
bis sa­zo­ga­do­e­bi­dan ga­su­li/­ga­ricx­u­li par­tni­o­ri ga­a­Ta­vi­suf­
lon so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis va­le­bis­gan da
mas ga­da­u­xa­don kom­pen­sa­cia im Tan­xis ode­no­biT, ro­mel­sac igi so­
li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis daS­lis Sem­Txve­va­Si
mi­i­Reb­da. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan ga­sul­/
ga­ricx­ul par­tni­ors uz­run­vel­yo­fis moTx­ov­nis uf­le­ba ar aqvs.
so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan ga­su­li/ ga­ricx­u­
li par­tni­o­ris so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis kre­
di­to­re­bis wi­na­Se na­kis­ri is val­de­bu­le­be­bi, rom­le­bic so­li­da­ru­
li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan mis gas­vlam­de/­ga­ricx­vam­de
war­mo­iS­va, Za­la­Si rCe­ba am par­tni­o­ris gas­vli­dan­/ga­ricx­vi­dan 3
wlis gan­mav­lo­ba­Si.
3. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis qo­ne­bis Ri­re­bu­le­ba
un­da Se­fas­des im dRis­Tvis, ro­de­sac so­li­da­ru­li pa­su­xis­mgeb­lo­
bis sa­zo­ga­do­e­bi­dan par­tni­o­ris gas­vla Za­la­Si Se­dis an par­tni­o­ris
mi­marT ga­dax­di­su­u­na­ro­bis saq­mis war­mo­e­bis far­gleb­Si ga­kot­re­
bis pro­ce­si iwy­e­ba an­da aRiZ­vre­ba sar­Ce­li par­tni­o­ris so­li­da­ru­
li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan ga­ricx­vis Se­sa­xeb. Se­sa­ba­mi­si
moTx­ov­na un­da Ses­rul­des ga­mo­yo­fis ba­lan­sis war­dge­ni­sas.

sps-i­dan par­tni­o­ris gas­vlis an ga­ricx­vis Sem­Txve­va­Si mi­si wi­li pro­

por­ci­u­lad so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis qo­ne­ba­Si ga­
da­na­wil­de­ba da­nar­Cen par­tni­o­rebs So­ris.
ka­no­nis 110-e mux­lis me-2 pun­qtis Ca­na­we­ri, rom­li­Tac „par­tni­o­re­bi
val­de­bul­ni ari­an, so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan gam­
svle­li an ga­ricx­u­li par­tni­o­ri ga­a­Ta­vi­suf­lon so­li­da­ru­li pa­su­xis­
mgeb­lo­bis sa­zo­ga­do­e­bis va­le­bi­sa­gan“, moq­me­debs mxo­lod Si­da ur­Ti­er­
To­ba­Si da ar war­mo­ad­gens kre­di­to­ris wi­na­Se yo­fi­li par­tni­o­ris pa­su­
xis­mgeb­lo­bis ga­mom­ricx­av sa­fuZ­vels.

184
 sa­zo­ga­do­eb
­ is kre­di­to­re­bis mi­marT yo­fi­li par­tni­o­ris pa­su­xis­mgeb­
lo­bas exe­ba 110-e mux­lis me-3 pun­qti, ro­me­lic mas Za­la­Si to­vebs mxo­
lod „Zve­li“ va­le­bis­Tvis da mxo­lod gas­vli­dan 3 wlis gan­mav­lo­ba­Si (e­.i.
im val­de­bu­le­bis mi­marT, ro­mel­Ta sa­mar­Tleb­ri­vi sa­fuZ­ve­li war­mo­iS­va
par­tni­or ­ is gas­vlam­de, xo­lo mis­gan ga­mom­di­na­re moTx­ov­na va­da­mo­su­li
gax­da da gan­xor­ci­el­da gas­vli­dan 3 wlis gan­mav­lo­ba­Si)1. msgav­si we­si
moq­me­debs wi­lis gas­xvi­se­bis Sem­Txve­va­Sic.
kom­pen­sa­ci­is ga­dax­dis miz­niT, so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­
ga­do­e­bis qo­ne­bis Ri­re­bu­le­ba un­da Se­fas­des im dRi­saT­vis, ro­ca so­li­da­
ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan gas­vla Za­la­Si Se­dis sa­me­ur­neo
wlis bo­los, ga­dax­di­su­u­na­ro­bis (ga­kot­re­bis) saq­mis­war­mo­e­bis dawy­e­biT,
Tu­ki es sa­fuZ­ve­li ar aris ga­mo­ricx­ul ­ i sa­dam­fuZ­neb­lo Se­Tan­xme­biT. ga­
ricx­vis Sem­Txve­va­Si, qo­ne­bis Ri­re­bu­le­ba ga­ni­sazR­vre­ba ga­ricx­vis Ta­o­
ba­ze sar­Ce­lis Se­ta­nis Ta­ri­RiT.

mux­li 111. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis

par­tni­o­ris gar­dac­va­le­ba

1. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­o­ris gar­

dac­va­le­bis Sem­Txve­va­Si mi­si wi­li da­e­ma­te­ba sxva par­tni­o­re­bis wi­
lebs. so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bam gar­dac­vli­li 
par­tni­o­ris  mem­kvid­re­ebs  un­da  ga­da­u­xa­dos  am  ka­no­nis  110-e mux­
lis me-2 pun­qtiT gaT­va­lis­wi­ne­bu­li kom­pen­sa­ci­a, Tu wes­de­biT sxva
ram ar aris gaT­va­lis­wi­ne­bu­li.
2. Tu wes­de­biT gaT­va­lis­wi­ne­bu­li­a, rom gar­dac­vli­li par­tni­o­ri
mis­ma mem­kvid­rem un­da Ca­a­nac­vlos, yo­vel mem­kvid­res Se­uZ­lia mi­i­
Ros so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si mo­na­wi­le­o­bis
Se­sa­xeb ga­dawy­ve­ti­le­ba, imis mi­xed­viT, mi­e­ni­We­ba Tu ara mas ko­man­
di­tis sta­tu­si da mi­iC­ne­va Tu ara gar­dac­vli­li par­tni­o­ris Se­na­
ta­ni­dan mi­si kuT­vni­li wi­li sa­ko­man­di­to Se­na­ta­nad.
3. Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li, ko­man­di­tis wi­li
mo­ge­ba ga­ni­sazR­vre­ba gar­dac­vli­li par­tni­o­ris Se­na­ta­ni­dan mem­
kvid­ris kuT­vni­li wi­lis mi­xed­viT.

1
კანონით სასურველია ერთგვარი მიდგომა დადგინდეს ყოფილ პირადად პასუხისმგებელ
პარტნიორთან დაკaვშირებით. ამდენად, უმჯობესია მე-60 მუხლის მე-3 პუნქტი (გარდაქმნა)
ასევე 3-წლიან გამომრიცხავ ვადას ადგენდეს.

185
 4. Tu da­nar­Ce­ni par­tni­o­re­bi ar da­e­Tan­xme­bi­an gar­dac­vli­li par­tni­
o­ris mem­kvid­ris ko­man­di­tad dar­Ce­nas am mux­lis me-2 pun­qtis Se­sa­
ba­mi­sad, ga­mo­i­ye­ne­ba am mux­lis pir­ve­li pun­qti.
5. gar­dac­vli­li par­tni­o­ris mem­kvid­rem Se­iZ­le­ba Se­sa­ba­mi­si gan­cxa­
de­ba ga­a­ke­Tos mem­kvid­re­o­bis mi­Re­bi­dan 6 Tvis va­da­Si. Tu mem­kvid­
re ar Se­dis so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si, ro­
gorc so­li­da­ru­lad pa­su­xis­mge­be­li par­tni­o­ri, igi pa­suxs agebs
am sa­zo­ga­do­e­bis im va­le­bis­Tvis, rom­le­bic mi­si sta­tu­sis gar­kve­
vam­de war­mo­iS­va, da sa­qar­Tve­los sa­mo­qa­la­qo ko­deq­siT dad­ge­ni­li
im we­se­bis Se­sa­ba­mi­sad, rom­le­bic sa­an­der­Zo da­na­kis­ris­Tvis mem­
kvid­ris pa­su­xis­mgeb­lo­bas gan­sazR­vravs.
6. Tu par­tni­o­ro­ba gar­dac­vli­li par­tni­o­ris ram­de­ni­me mem­kvid­res
surs, isi­ni Ta­na­par­tni­o­re­bi iq­ne­bi­an.
7. gar­dac­vli­li par­tni­o­ris mem­kvid­ris mi­er mi­si ko­man­di­tis sta­tu­
siT Ca­nac­vle­ba iw­vevs so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­
bis ko­man­di­tur sa­zo­ga­do­e­bad gar­daq­mnas, ra­ze­dac ar vrcel­de­ba
am ka­no­niT sa­me­war­meo sa­zo­ga­do­e­bis re­or­ga­ni­za­ci­is­Tvis dad­ge­
ni­li nor­me­bi. ko­man­di­tu­ri sa­zo­ga­do­e­ba val­de­bu­lia uz­run­vel­
yos sa­re­gis­tra­cio do­ku­men­ta­ci­is ko­man­di­tu­ri sa­zo­ga­do­e­bis
ma­re­gu­li­re­bel we­seb­Tan Se­sa­ba­mi­so­ba gar­dac­vli­li par­tni­o­ris
mem­kvid­ris mi­er mi­si ko­man­di­tis sta­tu­siT Ca­nac­vle­bis Se­sa­xeb ga­
dawy­ve­ti­le­bis mi­Re­bi­dan 2 Tvis va­da­Si.
 
dis­po­zi­ci­u­ri we­sis mi­xed­viT, par­tni­o­ris gar­dac­va­le­ba gas­vlis
msgavs Se­de­gebs iw­vevs. gar­dac­vli­lis wi­li pro­por­ci­u­lad na­wil­de­ba
dar­Ce­nil par­tni­o­reb­ze. kom­pen­sa­ci­a­ze uf­le­bis mqo­ne pi­re­bad ki par­
tni­o­ris mem­kvid­re­e­bi mi­iC­ne­vi­an. gan­sxva­ve­bu­li Se­de­ge­bi sa­dam­fuZ­neb­lo
Se­Tan­xme­biT un­da mo­wes­rig­des. am­xa­na­go­bi­sa­gan gan­sxva­ve­biT (sa­mo­qa­la­
qo ko­deq­sis 939-e mux­lis me-2 na­wi­lis „a“ qve­pun­qti), par­tni­o­ris gar­dac­
va­le­ba mxo­lod ma­Sin Se­iZ­le­ba iq­ces sa­zo­ga­do­eb ­ is daS­lis sa­fuZ­vlad,
Tu­ki es sa­dam­fuZ­neb­lo Se­Tan­xme­biT aris gaT­va­lis­wi­ne­bu­li.
Se­saZ­lo­a, sa­dam­fuZ­neb­lo Se­Tan­xme­biT dad­ge­nil iq­nes gar­dac­vli­
li wev­ris wi­lis mem­kvid­re­o­biT ga­das­vlis Se­saZ­leb­lo­ba. mem­kvid­re­o­ba,
anu, Tu vis dar­Ce­ba wi­li, Se­saZ­lo­a, mam­kvid­reb­lis mi­er an­der­ZiT ga­ni­
sazR­vros. Tu­ki an­der­Zi ar ar­se­bobs an Se­sa­ba­mi­si da­na­we­si ar aris gaT­
va­lis­wi­ne­bu­li mas­Si, moq­me­debs ka­no­nis­mi­er ­ i mem­kvid­re­o­bis we­si: er­Tze
me­ti mem­kvid­ris Sem­Txve­va­Si, ga­ug ­ eb­ro­bis praq­ti­ku­li gar­Tu­le­be­bis Ta­

186
vi­dan asa­ci­leb­lad, er­Ti wi­lis mim­Re­bi mem­kvid­ris Se­sa­xeb Ca­na­we­ri iq­
nes gaT­va­lis­wi­ne­bu­li, ro­me­lic Se­iZ­le­ba ukav­Sir­de­bo­des sta­tuss (mag.,
mxo­lod me­uR­le an Svi­li), asaks, ga­naT­le­bas an sxva ga­re­mo­e­bas. ase­Ti Ca­
na­we­ris arar­se­bo­bi­sas mem­kvid­re­e­bi wi­lis Ta­na­me­sa­kuT­re­e­bi xde­bi­an. sa­
dam­fuZ­neb­lo Se­Tan­xme­ba Se­saZ­lo­a, iT­va­lis­wi­neb­des sxvag­var wess, mag.,
cal­ke wi­le­bis ga­da­ce­mas sam­kvid­ro qo­ne­ba­Si Ti­To­e­u­li mem­kvid­ris wi­
lis Se­sa­ba­mi­sad.
po­ten­ci­u­ri par­tni­o­ri un­da da­e­Tan­xmos mis axal sta­tuss, vi­na­i­dan
par­tni­or ­ ad Ses­vla val­de­bu­le­beb­sac iT­va­lis­wi­nebs, upir­ve­les yov­li­
sa, pa­su­xis­mgeb­lo­bas sa­zo­ga­do­e­bis val­de­bu­le­be­bis­Tvis kre­di­to­re­bis
wi­na­Se. Tum­ca sam­kvid­ros mi­Re­bis Sem­Txve­va­Sic, yo­vel mem­kvid­res da­ma­
te­biT uf­le­ba eZ­le­va, mi­si Ses­vla sa­zo­ga­do­e­ba­Si ko­man­di­tis sta­tu­sis
mi­ni­We­bas da mam­kvid­reb­lis Se­na­ta­ni ko­man­di­tis Se­na­ta­nad gan­xil­vas da­
u­kav­Si­ros.
par­tni­o­re­bis Tan­xmo­ba iw­vevs so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­
ga­do­e­bis ko­man­di­tur sa­zo­ga­do­e­bad ga­mar­ti­ve­bul gar­daq­mnas. da­nar­Cen
par­tni­or ­ ebs uf­le­ba aqvT, ua­ri Tqvan po­ten­ci­u­ri par­tni­o­ris wi­na­pi­ro­
bis Ses­ru­le­ba­ze, rac, va­dis da­uc­ve­lad, sa­zo­ga­do­e­bi­dan gas­vlis uf­le­
bas war­mo­Sobs. mem­kvid­ris sta­tu­sis gar­kve­vam­de _ ara­u­me­tes 3 Tve sam­
kvid­ros mi­Re­bi­dan _ igi pa­suxs agebs sa­zo­ga­do­e­bis am pe­ri­od­Si war­mo­
So­bil val­de­bu­le­beb­ze mi­Re­bu­li sam­kvid­ro­Si mi­si wi­lis Ri­re­bu­le­bis
far­gleb­Si.

187
Ta­vi XII. ko­man­di­tu­ri sa­zo­ga­do­e­ba

mux­li 112. ko­man­di­tu­ri sa­zo­ga­do­e­bis cne­ba

1. ko­man­di­tu­ri sa­zo­ga­do­e­ba aris sa­me­war­meo sa­zo­ga­do­e­ba, rom­lis

par­tni­o­re­bi er­Tob­li­vad, er­Ti­a­ni sa­fir­mo sa­xel­wo­de­biT axor­
ci­e­le­ben sa­me­war­meo saq­mi­a­no­bas da ro­mel­Ta­gan sul mci­re 1 par­
tni­o­ris pa­su­xis­mgeb­lo­ba ko­man­di­tu­ri sa­zo­ga­do­e­bis kre­di­to­
re­bis wi­na­Se SezR­u­du­lia Se­sa­ba­mi­si sa­ga­ran­tio Tan­xis ode­no­biT
(ko­man­di­ti), xo­lo sxva par­tni­o­ri/­par­tni­o­re­bi kre­di­to­re­bis wi­
na­Se pa­suxs ageb­s/a­ge­ben uSu­a­lod da Se­uzR­u­da­vad, ro­gorc so­li­
da­ru­li mo­va­le­e­bi (kom­ple­men­ta­ri).
2. ko­man­di­tu­ri sa­zo­ga­do­e­bis mi­marT am ka­no­nis zo­ga­di na­wi­liT
dad­ge­nil we­seb­Tan er­Tad ga­mo­i­ye­ne­ba so­li­da­ru­li pa­su­xis­mgeb­
lo­bis sa­zo­ga­do­e­bis mom­wes­ri­ge­be­li nor­me­bi, Tu am Ta­viT sxva ram
ar aris gaT­va­lis­wi­ne­bu­li.
 
sps-is­gan gan­sxva­ve­biT, ko­man­di­tur sa­zo­ga­do­e­ba­Si er­Ti an ram­de­ni­me
par­tni­o­ris pa­su­xis­mgeb­lo­ba sa­zo­ga­do­eb ­ is val­de­bu­le­be­bis­Tvis SezR­u­
du­lia maT mi­er Se­ta­ni­li e.w. sa­ga­ran­tio Tan­xiT.
vi­na­i­dan ko­man­di­tu­ri sa­zo­ga­do­e­ba so­li­da­ru­li pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­eb ­ is mo­na­Te­sa­ve, sa­gan­ge­bo for­ma­a, am for­mis mom­wes­ri­ge­bel
spe­ci­a­lur nor­meb­Tan er­Tad ga­mo­iy ­ e­ne­ba sps-is mom­wes­ri­ge­be­li de­bu­le­
be­bi. ori­ve for­ma _ sps da ks _ am­xa­na­gu­ri ti­pis sa­me­war­meo iu­ri­di­u­li
pi­re­bi­a. am­de­nad, da­ma­te­biT da sub­si­di­u­rad Se­saZ­le­be­lia sa­mo­qa­la­qo
ko­deq­sis am­xa­na­go­bis mom­wes­ri­ge­be­li we­se­bis ga­mo­ye­ne­ba (sa­mo­qa­la­qo ko­
deq­sis 930-e da mom­dev­no mux­le­bi).
ko­man­di­tis pi­ra­di pa­su­xis­mgeb­lo­ba sa­zo­ga­do­e­bis va­le­bis­Tvis ga­mo­
ricx­u­li­a, Tu­ki man bo­lom­de ga­na­xor­ci­el ­ a Ta­vi­si Se­na­ta­ni (sa­ga­ran­tio
Tan­xa). sxva Sem­Txve­va­Si mi­si pa­su­xis­mgeb­lo­bis sa­mar­Tleb­ri­vi bu­ne­ba
ise­Ti­ve­a, ro­go­ric kom­ple­men­ta­ri­sa, Tum­ca SezR­u­du­lia Se­u­ta­ne­li Se­
na­ta­nis ode­no­biT.

mux­li 113. ko­man­di­tis mi­er kon­tro­lis gan­xor­ci­e­le­bis uf­le­ba

1. ko­man­dits uf­le­ba aqvs, mo­iTx­o­vos ko­man­di­tu­ri sa­zo­ga­do­e­bis

wli­u­ri an­ga­ri­Sis as­li da Se­sa­ba­mi­si saq­mi­a­ni do­ku­men­ta­ci­is gac­
no­bis sa­fuZ­vel­ze Se­a­mow­mos am an­ga­ri­Sis sis­wo­re.

188
 2. mniS­vne­lo­va­ni sa­fuZ­vlis ar­se­bo­bi­sas sa­sa­mar­Tlos Se­uZ­lia er­T-
er­Ti ko­man­di­tis gan­cxa­de­bis sa­fuZ­vel­ze ne­bis­mi­er dros mo­iTx­
o­vos ko­man­di­tu­ri sa­zo­ga­do­e­bis ba­lan­si­sa da wli­u­ri an­ga­ri­Sis
mo­na­ce­me­bis, ag­reT­ve sxva in­for­ma­ci­i­sa da do­ku­men­te­bis mis­Tvis
war­dge­na.
3. am mux­lis pir­ve­li da me-2 pun­qte­biT gaT­va­lis­wi­ne­bu­li uf­le­ba
ko­man­dits ar Se­iZ­le­ba Ca­mo­er­Tvas an Se­ezR­u­dos wes­de­biT.
 
mi­u­xe­da­vad imi­sa, rom ko­man­di­ti e.w. pa­si­u­ri par­tni­o­ria _ ar mo­na­wi­
le­obs xel­mZRva­ne­lo­ba­Si, ar war­mo­ad­gens sa­zo­ga­do­e­bas _ mas uf­le­ba
aqvs, Se­am­ ow­mos wli­u­ri fi­nan­su­ri an­ga­riS­ge­bis sis­wo­re da­mo­uk ­ i­deb­
lad an eq­sper­tis meS­ve­o­biT. pir­vel pun­qtSi Ca­mo­ya­li­be­bu­li Se­mow­me­
bis uf­le­ba­Ta Ta­vi­se­bu­re­ba is aris, rom igi SezR­u­du­lia wli­u­ri fi­nan­
su­ri an­ga­riS­ge­biT da mi­si ga­ge­bis an sis­wo­ris Se­mow­me­bis­Tvis sa­Wi­ro
do­ku­men­ta­ci­iT. Se­sa­ba­mi­sad, mi­si uf­le­be­bi uf­ro SezR­u­du­li­a, vid­re
103-e mux­lis pir­ve­li pun­qtiT gaT­va­lis­wi­ne­bu­li kom­ple­men­ta­ris uf­
le­be­bi.
mniS­vne­lo­va­ni sa­fuZ­vlis ar­se­bo­bi­sas, mag., ro­ca ar­se­bobs gan­sa­kuT­
re­bu­li sa­Wi­ro­e­ba ko­man­di­tis uf­le­be­bis dac­vi­sa, ko­man­dits Se­uZ­li­a,
mo­iTx­ovs sxva in­for­ma­cia da do­ku­men­ta­ci­ac, e.i. ro­me­lic da­kav­Si­re­
bu­li ar aris fi­nan­su­ri an­ga­riS­ge­bis sis­wo­ris Se­mow­me­bis­Tvis. aqac kon­
kre­tul Sem­Txve­va­Si un­da ga­dawy­des, Tu ra in­for­ma­cia da do­ku­men­ti­caa
au­ci­le­be­li ko­man­di­tis uf­le­ba­Ta dac­vis­Tvis. sa­sa­mar­Tlos Car­Tu­lo­
ba au­ci­le­be­li xde­ba, Tu­ki sa­zo­ga­do­e­ba ar da­ak­ma­yo­fi­lebs ko­man­di­tis
moTx­ov­nas.
sa­dam­fuZ­neb­lo Se­Tan­xme­biT Se­saZ­lo­a, mxo­lod ga­far­Tov­des es uf­
le­be­bi.

mux­li 114. ko­man­di­tu­ri sa­zo­ga­do­e­bis xel­mZRva­ne­lo­ba

1. ko­man­dits ar Se­uZ­lia imoq­me­dos ko­man­di­tu­ri sa­zo­ga­do­e­bis Cve­u­

leb­ri­vi sa­me­war­meo saq­mi­a­no­bis far­gleb­Si kom­ple­men­ta­re­bis mi­er
gan­xor­ci­e­le­bu­li xel­mZRva­ne­lo­bi­Ti saq­mi­a­no­bis sa­wi­na­aR­mde­god.
Tu kom­ple­men­ta­re­bis moq­me­de­ba scil­de­ba ko­man­di­tu­ri sa­zo­ga­do­
e­bis Cve­u­leb­riv sa­me­war­meo saq­mi­a­no­bas, sa­Wi­roa sa­er­To kre­bis ga­
dawy­ve­ti­le­ba, rom­lis mi­Re­ba­Si ko­man­di­te­bic mo­na­wi­le­o­ben.

189
 2. Tu ko­man­dits xel­Sek­ru­le­biT mi­ni­We­bu­li aqvs iu­ri­di­u­li mniS­
vne­lo­bis moq­me­de­bis gan­xor­ci­e­le­bis uf­le­ba­mo­si­le­ba, igi ko­man­
di­tu­ri sa­zo­ga­do­e­bis wi­na­Se pa­suxs agebs, ro­gorc SezR­u­du­li pa­
su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no. ko­man­di­tis
mi­er wi­lis gas­xvi­se­bis Sem­Txve­va­Si xel­mZRva­ne­lo­bi­Ti uf­le­ba­mo­
si­le­ba wi­lis Sem­Zen­ze ar ga­da­dis.
 
zo­ga­dad, ko­man­di­tu­ri sa­zo­ga­do­eb ­ is xel­mZRva­ne­lo­ba­ze vrcel­de­ba
so­li­da­ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is we­se­bi. kom­ple­men­ta­re­bi
sar­geb­lo­ben in­di­vi­du­a­lu­ri xel­mZRva­ne­lo­bi­Ti uf­le­ba­mo­si­le­biT, Ti­
To­eu ­ ­lis pro­tes­tis uf­le­bis gaT­va­lis­wi­ne­biT.
ko­man­di­te­bi ar mo­na­wi­le­ob ­ en sa­war­mos xel­mZRva­ne­lo­ba­Si. amas­Tan,
xel­mZRva­ne­lo­bi­dan Ca­mo­ci­le­bu­li kom­ple­men­ta­re­bis msgav­sad, mo­na­
wi­le­o­ben ga­dawy­ve­ti­le­bis mi­Re­ba­Si da ase­ve aqvT pro­tes­tis uf­le­ba,
Tu­ki ga­dawy­ve­ti­le­ba scde­ba sa­war­mos Cve­ul ­ eb­ri­vi saq­mi­a­no­bis far­
glebs (ix. me-100 mux­lis pir­ve­li pun­qti, 101-e mux­lis pir­ve­li pun­
qti).
Tu­ki ko­man­dits sa­dam­fuZ­neb­lo Se­Tan­xme­biT na­wi­lob­riv an sru­lad
aqvs xel­mZRva­ne­lo­bi­Ti uf­le­ba­mo­si­le­ba mi­ni­We­bu­li, mas­ze Se­sa­ba­mi­sad
vrcel­de­ba Sps-is di­req­to­ris val­de­bu­le­be­bi da pa­su­xis­mgeb­lo­ba. Sps-
is xel­mZRva­ne­lo­ba­ze mi­Ti­Te­ba gan­pi­ro­be­bu­lia ko­man­di­tis, ro­gorc pa­
si­u­ri „ga­re­Se“ par­tni­o­ris sta­tu­siT, ro­me­lic uf­ro mow­ve­ul me­ne­jers
uax­lov­de­ba, vid­re kom­ple­men­tar­-xel­mZRva­nels.

mux­li 115. ko­man­di­tis xmis uf­le­ba

1. ko­man­dits aqvs sa­er­To kre­ba­Si mo­na­wi­le­o­bis uf­le­ba.

2. ko­man­dits sa­er­To kre­ba­ze xmis uf­le­ba aqvs mxo­lod ka­no­niT an
wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­veb­Si. yo­vel ko­man­dits aqvs 1
xma, Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li.
 
ko­man­dits xmis uf­le­ba aqvs, Tu­ki ga­dawy­ve­ti­le­ba Cve­u­leb­ri­vi saq­mi­
a­no­bis far­glebs scde­ba.
sa­dam­fuZ­neb­lo Se­Tan­xme­biT mi­si xmis uf­le­ba Se­saZ­lo­a, ga­far­Tov­
des. Cve­ul ­ eb­ri­vi saq­mi­a­no­bis far­glebs ga­reT mi­sa­Re­bi ga­dawy­ve­ti­le­be­

190
bis­Tvis ko­man­di­tis xmis uf­le­bis SezR­ud­va mi­si ar­se­bi­Ti uf­le­bis SezR­
ud­vaa da da­uS­ve­be­li­a.

mux­li 116. ko­man­di­tis sa­ga­ran­tio Tan­xa

1. ko­man­di­tis sa­ga­ran­tio Tan­xa ko­man­di­tu­ri sa­zo­ga­do­e­bis kre­di­

to­re­bis mi­marT ga­ni­sazR­vre­ba re­es­trSi mi­Ti­Te­bu­li sa­ga­ran­tio
Tan­xis ode­no­biT.
2. ko­man­di­ti ko­man­di­tu­ri sa­zo­ga­do­e­bis kre­di­to­re­bis wi­na­Se pa­suxs
agebs mxo­lod sa­ga­ran­tio Tan­xiT. Tu sa­ga­ran­tio Tan­xa sru­lad ar
aris Se­ta­ni­li, ko­man­di­ti ko­man­di­tu­ri sa­zo­ga­do­e­bis kre­di­to­re­
bis wi­na­Se pa­suxs agebs mis mi­er ga­nu­xor­ci­e­le­be­li Se­na­ta­nis ode­
no­bi­Tac.
3. ko­man­di­tis­Tvis sa­ga­ran­tio Tan­xis dab­ru­ne­bis Sem­Txve­va­Si ko­man­
di­tu­ri sa­zo­ga­do­e­bis kre­di­to­re­bis mi­marT sa­ga­ran­tio Tan­xa Se­
ta­ni­lad ar mi­iC­ne­va.
4. re­es­trSi mi­Ti­Te­bu­li sa­ga­ran­tio Tan­xis ara­re­gis­tri­re­bul mo­
ma­te­bas kre­di­to­re­bi Se­iZ­le­ba mxo­lod im Sem­Txve­va­Si da­ey­rdnon,
Tu mo­ma­te­ba saq­mi­an ur­Ti­er­To­beb­Si dam­kvid­re­bu­li we­siT gax­de­
ba cno­bi­li an ko­man­di­tu­ri sa­zo­ga­do­e­ba amis Se­sa­xeb kre­di­to­rebs
sxva gziT Se­aty­o­bi­nebs.
 
ko­man­di­tis pi­ra­di pa­su­xis­mgeb­lo­bis­Tvis kre­di­to­re­bis mi­marT gan­
msazR­vre­lia sa­ga­ran­tio Tan­xis re­gis­tri­re­bu­li da ga­moq­vey­ne­bu­li
ode­no­ba.
Tu­ki sa­zo­ga­do­e­ba da­ub­ru­nebs (ga­da­ux­dis) ko­man­dits sa­ga­ran­tio Tan­
xas an mis na­wils, ma­Sin, Se­sa­ba­mi­sad, kvlav war­mo­i­So­ba ko­man­di­tis pi­ra­di
pa­su­xis­mgeb­lo­ba. dab­ru­ne­ba mo­ic ­ avs, zo­ga­dad, yve­la ga­dax­das, rom­lis
Se­de­ga­dac ko­man­di­tis Se­na­ta­nis (ka­pi­ta­lis) an­ga­ri­Si re­gis­tri­re­bul
sa­ga­ran­tio Tan­xa­ze me­tad Sem­cir­de­ba, maT So­ris mo­ge­bis ga­na­wi­le­biT,
an e.w. fa­ru­li dab­ru­ne­bi­Tac, e.i., ro­ca sa­zo­ga­do­e­ba srul­fa­so­van sa­pa­
su­xo Ses­ru­le­bas ver iRebs (mag., Se­u­sa­ba­mod di­di nas­yi­do­bis fa­sis ga­
dax­da). Tum­ca ko­man­dits ar aqvs er­Txel sru­lad gan­xor­ci­e­le­bu­li sa­
ga­ran­tio Tan­xis kvlav Sev­se­bis val­de­bu­le­ba.
re­gis­tra­ci­am­de sa­ga­ran­tio Tan­xis ode­no­bis mo­ma­te­bas kre­di­to­re­bi
ver da­ey­rdno­bi­an, gar­da im Sem­Txve­vi­sa, Tu­ki es faq­ti maT­Tvis Cve­u­leb­

191
ri­vi saq­mi­a­ni ur­Ti­er­To­bi­dan gax­da cno­bi­li an sa­zo­ga­do­e­bam Ta­vad Se­
aty­o­bi­na maT amis Se­sa­xeb.

mux­li 117. ko­man­di­tis sa­ga­ran­tio Tan­xis Sem­ci­re­ba

ko­man­di­tis sa­ga­ran­tio Tan­xis Sem­ci­re­ba ar iw­vevs mi­si pa­su­xis­mgeb­

lo­bis Sem­ci­re­bas, Tu kre­di­to­ris wi­na­Se ko­man­di­tu­ri sa­zo­ga­do­e­bis
val­de­bu­le­ba mi­si sa­ga­ran­tio Tan­xis Sem­ci­re­bam­de war­mo­iS­va.
 
kre­di­to­ru­li moTx­ov­ne­bis­Tvis, ro­mel­Ta sa­mar­Tleb­ri­vi sa­fuZ­ve­li sa­
ga­ran­tio Tan­xis Sem­ci­re­bis re­gis­tra­ci­am­de war­mo­iS­va, sa­ga­ran­tio Tan­xis
Sem­ci­re­ba sa­mar­Tleb­riv Se­degs ar iw­vevs. Se­sa­ba­mi­sad, kre­di­to­ris mi­marT
ko­man­di­tis Se­saZ­lo pi­ra­di pa­su­xis­mgeb­lo­ba, am sa­fuZ­vlis war­mo­So­bis
dro­is­Tvis sa­ga­ran­tio Tan­xis re­gis­tri­re­bu­li ode­no­baa gan­msazR­vre­li.

mux­li 118. ko­man­di­tu­ri sa­zo­ga­do­e­bis war­mo­mad­gen­lo­ba

me­sa­me pi­reb­Tan ur­Ti­er­To­ba­Si ko­man­di­tur sa­zo­ga­do­e­bas war­mo­ad­

ge­nen kom­ple­men­ta­re­bi, Tu wes­de­biT kom­ple­men­tars war­mo­mad­gen­lo­bis
uf­le­ba­mo­si­le­ba SezR­u­du­li ar aqvs.

118-e mux­li ime­o­rebs am­xa­na­gu­ri ti­pis sa­zo­ga­do­e­bis Se­uzR­u­da­vad

pa­su­xis­mge­be­li par­tni­o­re­bis mi­er in­di­vi­du­a­lu­ri war­mo­mad­gen­lo­bis
prin­cips. Se­sa­ba­mi­sad, ga­mo­iy
­ e­ne­ba so­li­da­ru­li pa­su­xis­mgeb­lo­bis mom­
wes­ri­ge­be­li de­bu­le­be­bi.

mux­li 119. ko­man­di­tis war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­ba

ko­man­di­tu­ri sa­zo­ga­do­e­bis war­mo­mad­gen­lo­bis uf­le­ba­mo­si­le­ba ko­

man­dits aqvs mxo­lod min­do­bi­lo­bis sa­fuZ­vel­ze, ro­mel­sac kom­ple­men­
ta­re­bi gas­ce­men.

ko­man­dits Se­uZ­li­a, iyos sa­zo­ga­do­e­bis war­mo­mad­ge­ne­li min­do­bi­lo­

biT, ise­ve ro­gorc pro­ku­ris­ti. ko­man­di­tis mi­er war­mo­mad­gen­lo­bi­Ti

192
uf­le­ba­mo­si­le­bis ga­re­Se da­de­bul ga­ri­ge­ba­ze vrcel­de­ba sa­mo­qa­la­qo
ko­deq­sis Se­sa­ba­mi­si we­se­bi (sa­mo­qa­la­qo ko­deq­sis 111-e, 113-e mux­le­bi)

mux­li 120. ko­man­di­tu­ri sa­zo­ga­do­e­bis mo­ge­bi­sa da za­ra­lis ga­na­wi­le­ba

1. ko­man­di­tis wi­li mo­ge­ba mxo­lod ma­nam­de da­e­ricx­e­ba ko­man­di­tu­ri

sa­zo­ga­do­e­bis ka­pi­tal­Si mis wils, sa­nam es wi­li wes­de­biT gaT­va­
lis­wi­ne­bu­li sa­ga­ran­tio Tan­xis ode­no­bas ar mi­aR­wevs.
2. ko­man­di­ti ko­man­di­tu­ri sa­zo­ga­do­e­bis za­ra­lis anazR­a­u­re­ba­Si mo­
na­wi­le­obs Ta­vi­si sa­ga­ran­tio Tan­xi­sa da mis mi­er ga­nu­xor­ci­e­le­be­
li Se­na­ta­nis ode­no­biT.
 

mux­li 121. ko­man­di­tis mi­er mo­ge­bis mi­Re­ba

1. ko­man­dit­ma kuT­vni­li mo­ge­ba Se­iZ­le­ba mi­i­Ros mxo­lod Ta­vi­si wi­

lis pro­por­ci­u­lad. mas ar Se­uZ­lia mo­iTx­o­vos es mo­ge­ba, vid­re mi­
si Se­na­ta­ni wes­de­biT gaT­va­lis­wi­ne­bul Tan­xa­ze nak­le­bi­a.
2. ko­man­di­ti val­de­bu­li ar aris da­ab­ru­nos is Tan­xa, ro­mel­sac igi
ke­Til­sin­di­si­e­rad da sa­Ta­na­dod Sed­ge­ni­li ba­lan­sis sa­fuZ­vel­ze
mo­ge­bis sa­xiT mi­i­Rebs.

ko­man­dits mo­ge­ba­Si mo­na­wi­le­o­bis uf­le­ba aqvs im­de­nad, ram­de­na­dac

mi­si Se­na­ta­ni sru­lad aris Sev­se­bu­li (maT So­ris ar aris Sem­ci­re­bu­li
za­ral­Si mo­na­wi­le­o­bis Se­de­gad).
Se­na­ta­nis Sev­se­bis Sem­deg ko­man­di­tis mo­ge­ba­Si mo­na­wi­le­o­bis uf­le­ba
ga­ni­sazR­vre­ba mi­si Se­na­ta­nis ode­no­biT wi­lob­riv ka­pi­tal­Si.
am Ta­vi­se­bu­re­be­bis gaT­va­lis­wi­ne­biT, Se­sa­ba­mi­sad ga­mo­i­ye­ne­ba so­li­da­
ru­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis we­se­bi (105-e mux­li).
sa­dam­fuZ­neb­lo Se­Tan­xme­biT Se­saZ­lo­a, ka­no­nis­gan gan­sxva­ve­bu­li we­se­
bi ga­ni­sazR­vros, ro­gorc kom­ple­men­ta­re­bis, ase­ve ko­man­di­te­bis mo­ge­ba­
sa da za­ral­Si mo­na­wi­le­o­bis Ta­o­ba­ze.
ko­man­di­tis Se­na­ta­ni Ta­vi­si bu­ne­biT kor­po­ra­ci­a­Si par­tni­o­ris mi­er
gan­xor­ci­e­le­bul Se­na­tans uax­lov­de­ba, vi­na­i­dan kre­di­to­re­bis wi­na­Se
ko­man­di­tis pa­su­xis­mgeb­lo­bis SezR­ud­vis wi­na pi­ro­ba­a. mi­si ode­no­ba ase­
ve mi­eT­ i­Te­ba sa­dam­fuZ­neb­lo Se­Tan­xme­ba­Si, ro­mel­sac me­sa­me pi­re­bi un­da
da­ey­rdnon.

193
 sa­ga­ran­tio Tan­xa, ro­gorc fi­nan­su­ri tvir­Tis sa­zo­mi, ko­man­di­tis­
Tvis Si­da ur­Ti­er­To­ba­Sic gan­msazR­vre­li­a. Se­sa­ba­mi­sad, za­ra­le­bi ko­
man­di­tis an­ga­riSs (ka­pi­tal­Si) ga­mo­ak­lde­ba mxo­lod sa­ga­ran­tio Tan­xis
sa­er­To ode­no­bam­de. Se­sa­ba­mi­sad, 105-e mux­lis me-3 pun­qtis ga­mo­ye­ne­ba,
rom­lis mi­xed­vi­Tac za­ra­le­bi Ta­nab­rad na­wil­de­ba par­tni­o­reb­ze, ko­man­
di­tis Sem­Txve­va­Si SezR­u­du­lia Se­na­ta­nis ode­no­bam­de.
 

mux­li 122. ko­man­di­tis mi­er wi­lis gas­xvi­se­ba an mem­kvid­re­o­biT ga­da­ce­ma

1. ko­man­dit­ma Ta­vi­si wi­li Se­iZ­le­ba ga­as­xvi­sos an mem­kvid­re­o­biT ga­

das­ces sxva par­tni­o­re­bis Tan­xmo­bis ga­re­Se, Tu wes­de­biT sxva ram
ar aris gaT­va­lis­wi­ne­bu­li.
2. ko­man­di­tis mi­er wi­lis gas­xvi­se­bis­Tvis sa­Wi­roa we­ri­lo­bi­Ti xel­
Sek­ru­le­ba.
 
ko­man­di­tis mi­er Ta­vi­si wi­lis (mo­na­wi­le­o­bis) daT­mo­bas an mem­kvid­re­
o­biT ga­da­ce­mas mxo­lod ma­Sin sWir­de­ba Ta­na­par­tni­or­Ta Tan­xmo­ba, Tu­ki
amas sa­dam­fuZ­neb­lo Se­Tan­xme­ba iT­va­lis­wi­nebs. Se­sa­ba­mi­si ga­re­mo­eb
­ e­bis
dad­go­mi­sas (a­ras­ru­lad gan­xor­ci­e­le­bu­li sa­ga­ran­tio Se­na­ta­ni, an sa­ga­
ran­tio Tan­xis dab­ru­ne­ba) yo­fi­li ko­man­di­ti, axal ko­man­dit­Tan er­Tad,
kre­di­to­re­bis wi­na­Se kvlav agebs pa­suxs Se­u­ta­ne­li Se­na­ta­niT, im val­de­
bu­le­be­bis­Tvis, rom­le­bic war­mo­iS­va mis gas­vlam­de, gas­vli­dan 3 wlis
gan­mav­lo­ba­Si; ase­ve ekuT­vnis xar­je­bis anazR­a­ur­ e­bi­sa da reg­re­sis uf­le­
ba Ta­na­par­tni­o­re­bi­sa da sa­zo­ga­do­eb
­ is mi­marT (107-e mux­li, sa­mo­qa­la­qo
ko­deq­sis 473-e mux­li).

194
Ta­vi XIII. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba
 
mux­li 123. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis cne­ba

1. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba aris sa­me­war­meo sa­zo­

ga­do­e­ba, rom­lis ka­pi­ta­li da­yo­fi­lia wi­le­bad, xo­lo am sa­zo­ga­
do­e­bis val­de­bu­le­be­bis­Tvis par­tni­o­re­bis pa­su­xis­mgeb­lo­ba SezR­
u­du­li­a.
2. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba kre­di­to­ris wi­na­Se
mTe­li Ta­vi­si qo­ne­biT agebs pa­suxs.
3. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba par­tni­or­Ta val­de­bu­
le­be­bis­Tvis pa­suxs ar agebs.
 
mux­li gan­sazR­vravs SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis um­
Tav­res ni­San­-Tvi­se­bebs:

 sa­mar­Tal­su­bi­eq­tu­ro­bas;
 ka­pi­ta­lis wi­le­bad da­yo­fas;
 SezR­u­dul pa­su­xis­mgeb­lo­bas.

sa­ka­non­mdeb­lo Ca­na­fiq­riT, Sps mi­sa­da­ge­bu­lia im mci­re da sa­Su­a­lo

biz­nes­su­bi­eq­te­bis moTx­ov­ni­le­beb­ze, ro­mel­Ta wi­le­bi ar aris daS­ve­bu­
li sa­ja­ro Se­Ta­va­ze­bis­Tvis.
ka­no­ni SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb
­ is par­tni­or­Ta ode­
no­bis Tval­saz­ri­siT SezR­ud­vas ar Se­ic ­ avs.

mux­li 124. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis

xel­mZRva­ne­li or­ga­no

1. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bas xel­mZRva­ne­lobs da

me­sa­me pi­reb­Tan ur­Ti­er­To­ba­Si war­mo­ad­gens xel­mZRva­ne­li or­ga­
no, ro­me­lic Sed­ge­ba er­Ti an ram­de­ni­me xel­mZRva­ne­li pi­ris­gan.
ram­de­ni­me xel­mZRva­ne­li pi­ris ar­se­bo­bis Sem­Txve­va­Si ga­mo­i­ye­ne­ba
Se­sa­ba­mi­si nor­me­bi sa­aq­cio sa­zo­ga­do­e­bis or­ga­no­e­bis Se­sa­xeb. xel­
mZRva­ne­li pi­ri Se­iZ­le­ba iyos ro­gorc fi­zi­ku­ri pi­ri, ise iu­ri­di­
u­li pi­ri.

195
 2. xel­mZRva­ne­li pi­ri val­de­bu­lia xel­mZRva­ne­lo­bi­Ti da war­mo­mad­
gen­lo­bi­Ti uf­le­ba­mo­si­le­be­bis gan­xor­ci­e­le­bi­sas par­tni­or­Ta ga­
dawy­ve­ti­le­bas da­e­mor­Ci­los.
3. xel­mZRva­ne­li pi­ri uf­le­ba­mo­si­lia ga­dawy­ve­ti­le­ba mi­i­Ros yve­la
im sa­kiTx­ze, ro­me­lic, ka­no­nis an wes­de­bis Ta­nax­mad, ar ga­ne­kuT­vne­
ba par­tni­or­Ta an sa­meT­val­yu­reo sab­Wos kom­pe­ten­ci­as. amas­Ta­na­ve,
sa­er­To kre­ba uf­le­ba­mo­si­lia am ka­no­nis 195-e mux­lis me-3 pun­qtiT
gaT­va­lis­wi­ne­bu­li um­rav­le­so­biT mi­i­Ros ga­dawy­ve­ti­le­ba ne­bis­mi­
er sa­kiTx­ze.
4. xel­mZRva­nel pir­Tan ur­Ti­er­To­bis Si­na­ar­si da mi­si saq­mi­a­no­bis
anazR­a­u­re­ba ga­ni­sazR­vre­ba am ka­no­ni­Ta da sa­sam­sa­xu­ro xel­Sek­
ru­le­biT, ro­mel­sac xel­mZRva­nel pir­Tan debs sa­er­To kre­ba, xo­
lo mar­Tvis du­a­lis­tu­ri sis­te­mis Sem­Txve­va­Si _ sa­meT­val­yu­reo
sab­Wo.
5. xel­mZRva­ne­li pi­ris gar­dac­va­le­bis, Ta­nam­de­bo­bi­dan ga­dad­go­mis
an mi­si uf­le­ba­mo­si­le­bis sxvag­va­rad Sewy­ve­tis Sem­Txve­va­Si par­
tni­o­reb­ma axa­li xel­mZRva­ne­li pi­ri 1 Tvis va­da­Si un­da air­Ci­on.

 sa­war­mos xel­mZRva­ne­lo­ba da war­mo­mad­gen­lo­ba di­req­to­ris uf­le­ba­

mo­si­le­ba da val­de­bu­le­ba­a. am fun­qci­a­Ta sru­li an ar­se­bi­Tad sru­li ga­
dan­do­ba da­uS­ve­be­li­a.
me-3 pun­qti ase­ve ad­gens SezR­ud ­ ul pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si
ga­dawy­ve­ti­le­bis mi­Re­bis dis­po­zi­ci­ur kom­pe­ten­ci­as. ker­Zod, Tu­ki ka­no­
niT an wes­de­biT gar­kve­ul sa­kiTx­ze ga­dawy­ve­ti­le­bis mi­Re­ba ar aris mi­
kuT­vne­bu­li sa­er­To kre­bis an sa­meT­val­yu­reo sab­Wos (ar­se­bo­bis Sem­Txve­
va­Si) kom­pe­ten­ci­as, di­req­to­ri (xel­mZRva­ne­li or­ga­no) uf­le­ba­mo­si­lia
mi­i­Ros ga­dawy­ve­ti­le­ba.
ama­ve dros, sa­aq­cio sa­zo­ga­do­e­bis­gan gan­sxva­ve­biT (ix. 203-e mux­lis me-
2 pun­qti), par­tni­o­rebs uf­le­ba aqvT, sa­war­mos xel­mZRva­ne­lo­bis sa­kiTx­
eb­Tan da­kav­Si­re­biT sa­val­de­bu­lo mi­Ti­Te­be­bi mis­cen di­req­tors. am prin­
ci­pis ga­mo­Za­xi­lia me-2 da me-3 pun­qtis de­bu­le­be­bi, rom­lis mi­xed­vi­Tac,
di­req­to­ri val­de­bu­lia par­tni­or­Ta mi­Ti­Te­bebs da­e­mor­Ci­los, maT So­
ris sa­war­mos xel­mZRva­ne­lo­bi­Ti uf­le­ba­mo­si­le­be­bis gan­xor­ci­e­le­bi­sas.
gar­da ami­sa, par­tni­o­rebs kva­li­fi­ci­u­ri _ sa­dam­fuZ­neb­lo Se­Tan­xme­bis
cvli­le­bis­Tvis au­ci­le­be­li _ um­rav­le­so­biT Se­uZ­li­aT im sa­kiTx­eb­zec
mi­i­Ron ga­dawy­ve­ti­le­ba, rom­le­bic sa­dam­fuZ­neb­lo Se­Tan­xme­biT di­req­
to­ris kom­pe­ten­ci­as ga­ne­kuT­vne­ba.

196
 Tu­ki SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis xel­mZRva­ne­lo­ba
ko­le­gi­u­ri or­ga­nos mi­er xor­ci­el­de­ba, mis fun­qci­o­ni­re­ba­ze Se­sa­ba­
mi­sad (e­.i. Sps-is Ta­vi­se­bu­re­be­bis gaT­va­lis­wi­ne­biT, maT So­ris ka­no­nis
dis­po­zi­ci­u­ro­bis prin­ci­pis (ix. pir­ve­li mux­lis me-2 pun­qti), vrcel­
de­ba sa­aq­cio sa­zo­ga­do­eb ­ is Se­sa­ba­mi­si de­bu­le­be­bi (ix. 203-207 mux­le­
bi).
ka­no­nis mi­xed­viT, di­req­to­ri Se­saZ­le­be­lia ase­ve iyos iu­ri­di­u­li pi­
ri. am Sem­Txve­va­Si, xel­mZRva­ne­lo­bi­sa da war­mo­mad­gen­lo­bis val­de­bu­le­
bi­dan ga­mom­di­na­re pa­su­xis­mgeb­lo­ba so­li­da­ru­lad un­da gav­rcel­des iu­
ri­di­ul pir­ze da fi­zi­kur pir­ze/­pi­reb­ze, ro­mel­Ta meS­ve­o­bi­Tac igi di­
req­to­ris uf­le­ba­mo­si­le­bebs axor­ci­e­lebs.
di­req­tor­Tan sa­war­mos val­de­bu­le­biT­-sa­mar­Tleb­ri­vi ur­Ti­er­To­be­
bi wes­rig­de­ba sa­sam­sa­xu­ro xel­Sek­ru­le­biT. sa­sam­sa­xu­ro xel­Sek­ru­le­bis
pi­ro­bebs am­tki­ce­ben par­tni­o­re­bi, rom­le­bic ase­ve gan­sazR­vra­ven xel­
Sek­ru­le­bis da­de­bi­sas sa­war­mos war­mo­mad­gen­lo­bis wess.
sa­war­mos in­te­re­se­bis dac­vis miz­niT, di­req­to­ris va­kan­tu­ri Ta­nam­de­
bo­ba un­da Se­iv­sos er­Ti Tvis va­da­Si.

mux­li 125. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis

sa­meT­val­yu­reo sab­Wo

1. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba qmnis sa­meT­val­yu­reo

sab­Wos, Tu ka­no­ni an wes­de­ba iT­va­lis­wi­nebs sa­meT­val­yu­reo sab­Wos
ar­se­bo­bas.
2. sa­meT­val­yu­reo sab­Wo­ze Se­sa­ba­mis Sem­Txve­va­Si vrcel­de­ba am ka­no­
nis 209-eg­220-e mux­le­bi, Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­
ne­bu­li.
3. sa­meT­val­yu­reo sab­Wos wev­rze vrcel­de­ba am ka­no­nis 51-e da 53-e
mux­le­bi, Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li.
 
SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­doe­bas Se­iZ­le­ba ga­aC­ndes sa­
meT­val­yu­reo sab­Wo. mas­ze vrcel­de­ba sa­aq­cio sa­zo­ga­do­e­bis mom­wes­
ri­ge­be­li Se­sa­ba­mi­si de­bu­le­be­bi. Tum­ca, dis­po­zi­ci­u­ri mo­wes­ri­ge­bis
prin­ci­pi­dan ga­mom­di­na­re, Sps-is wes­de­biT Se­iZ­le­ba Se­sa­ba­mi­si sa­ka­non­
mdeb­lo de­bu­le­be­bis mo­di­fi­ci­re­ba da ma­Ti mi­sa­da­ge­ba sa­war­mos Ta­vi­
se­bu­re­beb­ze.

197
mux­li 126. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis
par­tni­or­Ta ga­dawy­ve­ti­le­ba

1. par­tni­or­Ta ga­dawy­ve­ti­le­bis mi­Re­ba au­ci­le­be­lia Sem­de­gi sa­kiTx­

e­bis ga­da­sawy­ve­tad:
a) fi­nan­su­ri an­ga­ri­Sis dam­tki­ce­ba;
b) SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis qo­ne­bis par­tni­or­
Ta So­ris ga­na­wi­le­ba;
g) SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis mi­er sa­ku­Tar ka­pi­
tal­Si wi­lis Se­Ze­na;
d) wi­le­bi­dan an wi­le­bis kla­se­bi­dan ga­mom­di­na­re uf­le­be­bis cvli­le­ba;
e) par­tni­o­ris ga­ricx­va SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­
e­bi­dan;
v) par­tni­o­ris gas­vla SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan;
z) xel­mZRva­ne­li pi­ris Ta­nam­de­bo­ba­ze da­niS­vna, mas­Tan sa­sam­sa­xu­
ro xel­Sek­ru­le­bis da­de­ba da mi­si Ta­nam­de­bo­bi­dan ga­Ta­vi­suf­le­ba;
T) sa­meT­val­yu­reo sab­Wos Seq­mna, gar­da im Sem­Txve­vi­sa, ro­de­sac sa­
meT­val­yu­reo sab­Wos Seq­mna ka­no­niT aris gaT­va­lis­wi­ne­bu­li;
i) sa­meT­val­yu­reo sab­Wos wev­ris ar­Ce­va, ar­Ce­vis va­dis gan­sazR­vra,
ga­Ta­vi­suf­le­ba;
k) di­req­to­ri­sa da sa­meT­val­yu­reo sab­Wos an­ga­ri­Se­bis dam­tki­ce­ba;
l) sa­meT­val­yu­reo sab­Wos wev­ris saq­mi­a­no­bis anazR­a­u­re­bis gan­
sazR­vra;
m) sa­meT­val­yu­reo sab­Wos wev­ris an di­req­to­ris wi­na­aR­mdeg mim­di­
na­re sa­sa­mar­Tlo pro­ces­Si mo­na­wi­le­o­ba (maT So­ris, am pro­ce­sis­
Tvis war­mo­mad­gen­lis da­niS­vna);
n) SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis re­or­ga­ni­za­ci­a;
o) SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis daS­la;
p) SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­
Tan­xme­bis­/wes­de­bis cvli­le­bis mi­Re­ba.
2. par­tni­or­Ta ga­dawy­ve­ti­le­bis mi­sa­Re­bad au­ci­le­be­lia ken­Wis­yra­Si
mo­na­wi­le­Ta xme­bis na­xe­var­ze me­ti, Tu wes­de­biT sxva ram ar aris gaT­
va­lis­wi­ne­bu­li. par­tni­o­ris xme­bis ra­o­de­no­ba ga­mo­iT­vle­ba SezR­u­
du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis ka­pi­tal­Si am par­tni­o­ris wi­
lis mi­xed­viT, Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li.
3. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­
Tan­xme­bis­/wes­de­bis cvli­le­ba mi­Re­bu­li un­da iq­nes ken­Wis­yra­Si mo­

198
 na­wi­le­Ta xme­bis 3/4-is um­rav­le­so­biT, Tu wes­de­biT xma­Ta uf­ro di­
di ra­o­de­no­ba ar aris gaT­va­lis­wi­ne­bu­li.
4. im ga­dawy­ve­ti­le­bis mi­Re­ba, ro­me­lic exe­ba wi­le­bis ro­me­li­me
klas­Tan da­kav­Si­re­bu­li uf­le­bis cvli­le­bas (maT So­ris, uf­le­bis
gan­xor­ci­e­le­bis pro­ce­du­ris cvli­le­bas), da­ma­te­biT sa­Wi­ro­ebs
cvli­le­bi­sad­mi daq­vem­de­ba­re­bu­li kla­sis gan­Tav­se­bul wi­leb­Tan
da­kav­Si­re­bu­li xme­bis sa­er­To ra­o­de­no­bis sul mci­re 3/4-is mflo­
bel­Ta Tan­xmo­bas, Tu wes­de­bis Se­sa­ba­mi­si na­wi­liT, ro­me­lic par­
tni­o­reb­ma er­Txmad mi­i­Res, sxva ram ar aris gaT­va­lis­wi­ne­bu­li.
5. Tu par­tni­o­ri, mi­sa­Re­bi ga­dawy­ve­ti­le­bis Ta­nax­mad, Ta­vi­suf­lde­ba
SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis wi­na­Se na­kis­ri val­
de­bu­le­bis­gan, mi­si val­de­bu­le­bis mo­cu­lo­ba mcir­de­ba, ga­dawy­ve­
ti­le­ba exe­ba mas­Tan ga­ri­ge­bis da­de­bas an mis wi­na­aR­mdeg sar­Ce­lis
aR­Zvras, mo­ri­ge­bas an sar­Cel­ze ua­ris Tqmas, am par­tni­ors ar aqvs
aR­niS­nul sa­kiTx­eb­Tan da­kav­Si­re­biT xmis mi­ce­mis uf­le­ba. mas ase­ve
ar aqvs uf­le­ba, sxva par­tni­o­ris sa­xe­liT mis­ces xma, gar­da im Sem­
Txve­vi­sa, ro­de­sac mi­si min­do­bi­lo­ba am sa­kiTxs exe­ba.

mux­li Se­i­cavs par­tni­o­re­bis (sa­er­To kre­bis) kom­pe­ten­ci­as mi­kuT­vne­

bu­li sa­kiTx­e­bis ara­a­mom­wu­rav Ca­mo­naT­vals.
ka­no­nis pir­ve­li mux­lis me-2 pun­qtis da 36-e mux­lis me-5 pun­qtis gaT­va­
lis­wi­ne­biT, Se­saZ­le­be­lia cal­ke­ul ­ i uf­le­ba­mo­si­le­be­bis wes­de­biT an wes­
de­bis Sem­cvle­li um­rav­le­so­biT sa­er­To kre­bis mi­er de­le­gi­re­ba sa­war­mos
sxva or­ga­no­eb­ze (di­req­to­ri, sa­meT­val­yu­reo sab­Wo). am­gva­ri de­le­gi­re­bis
sa­Su­a­le­ba exe­ba mag. „a“ _ „g“ pun­qtebs. Tu­ki SezR­u­dul pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­e­ba­Si Seq­mni­lia sa­meT­val­yu­reo sab­Wo „z“, „k“ da „m“ pun­qte­biT
gaT­va­lis­wi­ne­bul uf­le­ba­mo­si­le­bebs di­req­to­re­bis na­wil­Si sa­meT­val­yu­
reo sab­Wo axor­ci­e­lebs, Tu­ki wes­de­biT sxvag­va­rad ar aris dad­ge­ni­li.
sxva pun­qteb­Si Ca­moT­vlil uf­le­ba­mo­si­le­bebs uSu­a­lod par­tni­o­re­bi
axor­ci­e­le­ben.
me-2 pun­qti ad­gens ub­ra­lo um­rav­le­so­biT ga­dawy­ve­ti­le­bis mi­Re­bis
dis­po­zi­ci­ur prin­cips. Se­saZ­le­be­lia wes­de­biT ub­ra­lo um­rav­le­so­ba­ze
uf­ro mkac­ri moTx­ov­na da­wes­des an ad­gen­des 37-e mux­lis me-3 pun­qtiT
dad­ge­nil al­ter­na­ti­vis ga­mo­ye­ne­bas („Ta­nam­de­bo­bis pi­ris an­/da or­ga­nos
ar­Ce­vis­Tvis an al­ter­na­ti­u­li wi­na­da­de­bis ken­Wis­yris­Tvis wes­de­ba Se­iZ­
le­ba ad­gen­des gan­sxva­ve­bul­ we­seb­s, maT­ So­ris­, iT­va­lis­wi­neb­des xma­Ta­
uf­ro mci­re ­ra­o­de­nob­as“).

199
 me-3 pun­qti im­pe­ra­ti­ul
­ i­a. wes­de­biT Se­saZ­le­be­li mxo­lod um­rav­le­so­
bis moTx­ov­nis gam­kac­re­ba, rac wes­de­bis­/sa­dam­fuZ­neb­lo Se­Tan­xme­bis sta­
bi­lu­ro­bas da um­ci­re­so­ba­Si myo­fi par­tni­o­re­bis dac­vas em­sa­xu­re­ba.
igi­ve mi­zans isa­xavs me-4 pun­qti, ro­me­lic wil­Ta kla­seb­Tan da­kav­Si­
re­bu­li uf­le­be­bis cvli­le­bis gar­Tu­le­bul pro­ce­du­ras em­sa­xu­re­ba.
gar­da sar­To kre­bis (par­tni­or ­ e­bis) ¾ mi­Re­bu­li ga­dawy­ve­ti­le­bi­sa, mi­
si nam­dvi­lo­bis­Tvis, au­ci­le­be­lia cvli­le­bas daq­vem­de­ba­re­bu­li kla­sis
gan­Tav­se­bul wi­leb­Tan da­kav­Si­re­bu­li xme­bis sa­er­To ode­no­bis 3/4-is
mflo­bel­Ta Tan­xmo­ba. am prin­ci­pi­dan ga­dax­ve­va da­saS­ve­bia wes­de­bis de­
bu­le­bis Ta­nax­mad, ro­me­lic yve­la par­tni­o­ris mi­er er­Txmad aris mi­Re­
bu­li1.
me-5 pun­qti par­tni­o­ris in­te­res­Ta kon­fliq­tis sxva­das­xva Sem­Txve­vi­
sas xmis uf­le­bis SezR­ud­vas ad­gens. in­te­res­Ta kon­fliq­tis dad­ge­ni­li
Sem­Txve­ve­bis ar­se­bo­bi­sas par­tni­ors ase­ve SezR­ud ­ u­li aqvs Ta­na­par­tni­
o­re­bis kre­ba­ze (ga­dawy­ve­ti­le­bis mi­Re­bi­sas) war­mod­ge­nis uf­le­ba, Tu­
ki mas sa­gan­ge­bod am sa­kiTx­is ga­da­sawy­ve­tad ar aqvs Ta­na­par­tni­or­(eb­)is
war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­ba mi­ni­We­bu­li. me-5 pun­qtis Ca­na­we­ri
„ga­dawy­ve­ti­le­ba exe­ba mas­Tan ga­ri­ge­bas“ mo­i­cavs di­req­tor­Tan sa­sam­sa­
xu­ro xel­Sek­ru­le­bis pi­ro­beb­sac, Tum­ca ara Ta­vad di­req­to­rad da­niS­
vnis ga­dawy­ve­ti­le­bas. am­gva­ri ga­dawy­ve­ti­le­ba kor­po­ra­ci­u­li aq­ti­a, ro­
mel­Si mo­na­wi­le­o­bis uf­le­bac par­tni­or kan­di­dats ka­no­niT ar ezR­u­de­ba.

mux­li 127. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis sa­er­To kre­ba

1. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­

no, xo­lo wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si _ sa­meT­val­yu­
reo sab­Wo sa­er­To kre­bas iw­vevs we­li­wad­Si er­Txel ma­inc, gar­da am
ka­no­nis 129-e mux­liT gaT­va­lis­wi­ne­bu­li Sem­Txve­vi­sa.
2. sa­er­To kre­ba, ro­me­lic ixi­lavs SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­
zo­ga­do­e­bis saq­mi­a­no­bis wli­ur Se­de­gebs, mo­iw­ve­va wli­u­ri ba­lan­

1
135-ე მუხლის მე-4 პუნქტი 126-ე მუხლის მე-4 პუნქტის თითქმის იდენტურ ჩანაწერს
შეიცავს. გარდა ამისა, 135-ე მუხლში (მიუხედავად იმისა, რომ თავდაპირველად მხოლოდ
უფლების ცვლილებაზეა საუბარი, ნახსენებია „ვალდებულებების შესრულების პროცედურის
ცვლილებას“ რაც არ შეესაბამება 126-მუხლის მე-4 პუნქტის ერთ-ერთ მიზანს - კერძოდ კლასთან
დაკავშირებული დამატებითი ვალდებულების შემოღების შეუძლებლობას უმრავლესობის
გადაწყვეტილებით. შესაბამისად, 135-ე მუხლის მე-4 პუნქტი, ვალდებულებების ნაწილში
უნდა დაექვემდებაროს ყველა პარტნიორის თანხმობის წინა პირობას.

200
 sis Sed­ge­ni­dan 6 Tvis va­da­Si, Tu wes­de­biT uf­ro mci­re va­da ar aris
gaT­va­lis­wi­ne­bu­li.
3. sa­er­To kre­ba tar­de­ba xel­mZRva­ne­li or­ga­nos, xo­lo wes­de­biT gaT­
va­lis­wi­ne­bul Sem­Txve­va­Si _ sa­meT­val­yu­reo sab­Wos mi­er sa­er­To
kre­bis mow­ve­vis Se­sa­xeb Sety­o­bi­ne­bis ga­moq­vey­ne­bi­dan da par­tni­
o­re­bis­Tvis mo­saw­ve­ve­bis gag­zav­ni­dan sul co­ta 14 dRis Sem­deg.
wes­de­biT Se­iZ­le­ba dad­gin­des gan­sxva­ve­bu­li va­da. sa­er­To kre­bis
Ca­ta­re­bis ad­gi­li da dro ga­u­mar­Tleb­lad ar un­da zRu­dav­des par­
tni­o­ris sa­er­To kre­ba­Si mo­na­wi­le­o­bis uf­le­bas.
4. sa­er­To kre­bis mow­ve­vis Se­sa­xeb Sety­o­bi­ne­ba/­mo­saw­ve­vi un­da Se­i­cav­
des sa­er­To kre­bis dRis wes­rigs.
5. par­tni­ors uf­le­ba aqvs, xel­mZRva­nel or­ga­nos mos­Txo­vos sa­er­
To kre­bis dRis wes­ri­gis Ti­To­e­u­li sa­kiTx­is Ta­o­ba­ze gan­mar­te­
be­bis ga­ce­ma da wa­rad­gi­nos Ta­vi­si moTx­ov­na­/az­ri. Tu par­tni­o­ris
moTx­ov­na sa­er­To kre­bam­de sul co­ta 3 dRiT ad­re we­ri­lo­biT iq­
ne­ba war­dge­ni­li, igi un­da dak­ma­yo­fil­des an Se­ta­ni­li un­da iq­nes
dRis wes­rig­Si er­T-erT sa­kiTx­ad. par­tni­ors Se­uZ­lia ama­ve we­siT
mo­iTx­o­vos dRis wes­rig­Si sa­kiTx­is Se­ta­na/­da­ma­te­ba. sa­er­To kre­
bis dRis wes­ri­gis sa­kiTx­is Ta­o­ba­ze gan­mar­te­be­bis ga­ce­ma­ze an
dRis wes­rig­Si sa­kiTx­is Se­ta­nis moTx­ov­na­ze ua­ris Tqma da­saS­ve­
bia mxo­lod SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis ar­se­bi­
Ti in­te­re­se­bis da­sa­ca­vad, rac we­ri­lo­biT un­da iq­nes da­sa­bu­Te­
bu­li.
6. sa­er­To kre­ba­ze Se­iZ­le­ba mow­ve­ul iq­nen ag­reT­ve SezR­u­du­li pa­su­
xis­mgeb­lo­bis sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­re­bi, sa­meT­val­yu­reo
sab­Wos wev­re­bi da sxva pi­re­bi.
 
pir­ve­li pun­qti Se­i­cavs we­li­wad­Si er­Txel kre­bis mow­ve­vis dis­po­zi­ci­
ur val­de­bu­le­bas. ar aris sa­val­de­bu­lo, Tu­ki sa­dam­fuZ­neb­lo Se­Tan­xme­
ba iT­va­lis­wi­nebs kre­bis mow­ve­vis ga­re­Se par­tni­or­Ta ga­dawy­ve­ti­le­bis
mi­Re­bis Se­saZ­leb­lo­bas. kre­bis mow­ve­vis uf­le­ba­mo­si­le­ba da val­de­bu­le­
ba sa­war­mos xel­mZRva­nel or­ga­nos ekuT­vnis. wes­de­biT Se­saZ­le­be­lia es
uf­le­ba­mo­si­le­ba ga­far­Tov­des da mow­ve­vis uf­le­ba­mo­si­le­ba sa­meT­val­
yu­reo sab­Wos (ar­se­bo­bis Sem­Txve­va­Si) mi­e­ni­Wos. amas­Tan, mux­li miz­nad
ar sa­xavs am uf­le­bis mqo­ne pir­Ta gan­sazR­vris Tval­saz­ri­siT sa­wes­de­bo
av­to­no­mi­is SezR­ud­vas mag. am uf­le­bis par­tni­o­re­bis­Tvis (maT So­ris ne­
bis­mi­er
­ i par­tni­o­ris­Tvis) mi­ni­We­bas.

201
 mo­ri­gi kre­ba, ro­gorc we­si, mo­iw­ve­va sa­war­mos wli­u­ri fi­nan­su­ri Se­
de­ge­bis gan­xil­vi­sa da mo­wo­ne­bis miz­niT. me-2 pun­qtiT dad­ge­ni­lia am miz­
niT kre­bis mow­ve­va wli­u­ri ba­lan­sis Sed­ge­ni­dan ara­ug­vi­a­nes 6 Tvi­sa.
sa­dam­fuZ­neb­lo Se­Tan­xme­biT gan­sazR­vru­li kre­bis mow­ve­va­ze uf­le­ba­
mo­sil­ma or­ga­nom kre­ba un­da mo­iw­vi­os, sul mci­re, 14-dRi­a­ni va­dis dac­
viT, mow­ve­vi­dan kre­bis Ta­ri­Ram­de. Tum­ca sa­war­mos Ta­vi­se­bu­re­be­bi­dan
ga­mom­di­na­re (mag.: par­tni­or­Ta ode­no­ba, ad­gil­sam­yo­fe­li) sa­dam­fuZ­neb­
lo Se­Tan­xme­biT Se­saZ­lo­a, ga­ni­sazR­vros sxva uf­ro mci­re an di­di va­da.
kre­bis mow­ve­vis ad­gi­lis gan­sazR­vras, zo­ga­dad, ka­no­ni ar zRu­davs. ar
aris au­ci­le­be­li, kre­ba mxo­lod sa­war­mos iu­ri­di­ul mi­sa­mar­Tze Ca­tar­
des. Tum­ca kvlav, sa­war­mos Ta­vi­se­bu­re­be­bi­dan ga­mom­di­na­re, mow­ve­vis ad­
gi­li da dro sa­gan­ge­bod ar un­da ab­rko­leb­des par­tni­o­re­bis mi­er kre­ba­
ze das­wre­bis uf­le­bas.
me-3 pun­qti kre­bis mow­ve­vis Se­sa­xeb in­for­ma­ci­is ga­moq­vey­ne­bas mo­iTx­
ovs. ga­moq­vey­ne­bad iT­vle­ba kre­bis mow­ve­vis Ta­o­ba­ze in­for­ma­ci­is gan­Tav­
se­ba ma­re­gis­tri­re­be­li or­ga­nos er­Ti­an eleq­tro­nul por­tal­ze (ix. me-3
mux­lis me-4 pun­qti). gar­da ami­sa, par­tni­o­rebs kre­bis Ta­o­ba­ze mo­saw­ve­vi
un­da ga­eg­zav­nos. ka­non­mdeb­lis mi­za­ni par­tni­o­re­bis­Tvis kre­bis mow­ve­vis
Se­sa­xeb in­for­ma­ci­is xel­mi­saw­vdo­mo­bis uz­run­vel­yo­fa­a. da­saS­ve­bia ase­
ve eleq­tro­nu­li (mag. eleq­tro­nu­li fos­tiT) par­tni­o­re­bis mow­ve­va. Sps-
is mom­wes­ri­ge­be­li nor­me­bis dis­po­zi­ci­u­ro­bis prin­ci­pi­dan ga­mom­di­na­re,
sa­dam­fuZ­neb­lo Se­Tan­xme­ba/­wes­de­ba Se­saZ­loa gan­sxva­ve­bu­lad awes­ri­geb­
des mow­ve­vis sa­kiTxs; mag. iT­va­lis­wi­neb­des mow­ve­vas mxo­lod ga­moq­vey­ne­
bis an mo­saw­ve­ve­bis dag­zav­niT, an ga­moq­vey­ne­bis Se­saZ­leb­lo­bas sa­war­mos
veb­sa­it­ze, nac­vlad ma­re­gis­tri­re­be­li or­ga­nos er­Ti­a­ni eleq­tro­nu­li
por­ta­li­sa.
me-4 pun­qti kre­bis mow­ve­vis Sety­o­bi­ne­ba­Si mxo­lod dRis wes­ri­gis mi­
Ti­Te­bas mo­iTx­ovs. sa­dam­fuZ­neb­lo Se­Tan­xme­biT Se­saZ­lo­a, sxva moTx­ov­ne­
bic dad­gin­des. kre­bis mow­ve­vis Se­sa­xeb Sety­o­bi­ne­ba da, zo­ga­dad, par­tni­
o­re­bi­saT­vis kre­bis mi­er gan­sa­xil­ve­li sa­kiTx­e­bis Se­sa­xeb in­for­ma­ci­is
mi­wo­de­ba un­da em­sa­xu­re­bo­des par­tni­or­Ta mi­er in­for­mi­re­bu­li ga­dawy­
ve­ti­le­bis mi­Re­bis uf­le­bis gan­xor­ci­e­le­bas.
me-5 pun­qti kre­bas­Tan da­kav­Si­re­biT par­tni­o­ris in­for­ma­ci­is mi­Re­bis
da kre­ba­ze az­ris ga­moT­qmis uf­le­bas exe­ba. par­tni­o­ris mi­er gan­mar­te­be­
bis moTx­ov­na we­ri­lo­biT kre­bis Ta­ri­Ram­de, sul mci­re, sa­mi dRiT ad­re
iq­ne­ba war­dge­ni­li. igi un­da Ses­rul­des kre­bam­de an kre­bis mim­di­na­re­o­
bi­sas. Tum­ca dag­vi­an­ e­biT war­dge­ni­li moTx­ov­nac sa­war­mos xel­mZRva­nel­

202
ma an sa­meT­val­yu­reo or­ga­nom, SeZ­le­bis­dag­va­rad, un­da ga­iT­va­lis­wi­nos.
Tum­ca mci­re Su­a­le­dis ga­mo, am­gva­ri moTx­ov­ne­bis mi­marT amom­wu­ra­vi gan­
mar­te­bis val­de­bu­le­bis dad­ge­na mi­zan­Se­u­wo­ne­li­a. par­tni­ors ase­ve Se­uZ­
li­a, mo­iTx­o­vos dRis wes­rig­Si sa­kiTx­is da­ma­te­ba. Tu­ki war­dge­nis va­da
dar­Rve­u­li­a, par­tni­ors Se­saZ­lo­a, sa­kiTx­is mom­za­de­bis Se­uZ­leb­lo­bis
ga­mo, ua­ri eT­qvas sa­kiTx­is da­ma­te­ba­ze.
aR­niS­nu­li uf­le­be­bis gan­xor­ci­e­le­ba­ze (gan­mar­te­be­bis mi­ce­ma­ze an
dRis wes­rig­Si sa­kiTx­is da­ma­te­ba­ze) ua­ri we­ri­lo­biT un­da da­sa­buT­des
mi­mar­Tvis ad­re­sa­ti or­ga­nos mi­er. ua­ri ga­mar­Tle­bu­lia mxo­lod SezR­u­
du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis ar­se­bi­Ti in­te­re­se­bis sa­fuZ­vel­
ze, rac Se­saZ­lo­a, ga­mow­ve­u­li iyos ko­mer­ci­u­li sa­i­dum­lo­e­bis kon­ku­ren­
te­bis mi­er ga­mo­ye­ne­bis re­al­ u­ri ris­kiT an par­tni­o­ris mi­er mi­Re­bu­li
in­for­ma­ci­is sa­war­mos sa­zi­an­ od, _ rac ar amo­i­wu­re­ba mxo­lod ma­te­ri­a­
lu­ri zi­a­niT, _ ga­mo­ye­ne­bis saf­rTxiT.
mux­lSi mi­Ti­Te­bu­li uf­le­be­bis gan­xor­ci­e­le­ba ar aris da­mo­ki­de­bu­li
ima­ze, aqvs Tu ara par­tni­ors xmis uf­le­ba, an aris Tu ara mi­si xmis uf­le­
ba SezR­u­du­li kon­kre­tul sa­kiTx­Tan da­kav­Si­re­biT.

mux­li 128. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis

par­tni­or­Ta rig­ga­re­Se kre­ba

1. par­tni­or­Ta rig­ga­re­Se kre­bis mow­ve­vis uf­le­ba aq­vs/aqvT xel­

mZRva­nel or­ga­nos an sa­meT­val­yu­reo sab­Wos (ar­se­bo­bis Sem­Txve­va­
Si), xo­lo xel­mZRva­ne­li pi­re­bis ar­yof­nis Sem­Txve­va­Si (gar­dac­va­
le­ba, Ta­nam­de­bo­bi­dan ga­dad­go­ma, ma­Ti uf­le­ba­mo­si­le­bis sxvag­va­
rad Sewy­ve­ta da sxva) _ par­tni­or­s/par­tni­o­rebs, ro­me­lic­/rom­le­
bic flob­s/flo­ben SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis
wi­le­bis an xmis uf­le­bis mqo­ne wi­le­bis sul mci­re 5 pro­cents.
2. par­tni­or­s/par­tni­o­rebs, ro­me­lic­/rom­le­bic flob­s/flo­ben
SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis wi­le­bis an xmis uf­
le­bis mqo­ne wi­le­bis sul mci­re 5 pro­cents (i­ni­ci­a­to­ri par­tni­
o­ri/­par­tni­o­re­bi), uf­le­ba aq­vs/aqvT, wes­de­bis Se­sa­ba­mi­sad kre­bis
mow­ve­vis uf­le­ba­mo­si­le­bis mqo­ne or­ga­nos mos­Txo­vos­/mos­Txo­von
par­tni­or­Ta rig­ga­re­Se kre­bis mow­ve­va. par­tni­or­Ta rig­ga­re­Se kre­
bis mow­ve­vis moTx­ov­nis uf­le­ba war­mo­i­So­ba bo­lo sa­er­To kre­bis
Ca­ta­re­bi­dan ara­u­ad­res 1 Tvi­sa.

203
 3. par­tni­or­Ta rig­ga­re­Se kre­bis mow­ve­vis Se­sa­xeb ini­ci­a­to­ri par­
tni­o­ris­/par­tni­o­re­bis moTx­ov­na we­ri­lo­biT un­da iq­nes war­dge­ni­
li da un­da Se­i­cav­des mi­si dRis wes­ri­gis sa­kiTx­ebs. am sa­kiTx­e­bis
Si­na­ar­si un­da Se­e­sa­ba­me­bo­des sa­qar­Tve­los ka­non­mdeb­lo­bas, SezR­
u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis miz­neb­sa da saq­mi­a­no­bis
xa­si­aTs. sa­er­To kre­bis mow­ve­vis uf­le­ba­mo­si­le­bis mqo­ne or­ga­no
val­de­bu­lia aR­niS­nu­li moTx­ov­nis mi­Re­bi­dan ara­ug­vi­a­nes 3 Tvi­sa
Ca­a­ta­ros par­tni­or­Ta rig­ga­re­Se kre­ba.
4. Tu par­tni­or­Ta rig­ga­re­Se kre­bis mow­ve­vis Se­sa­xeb ini­ci­a­to­ri par­
tni­o­ris­/par­tni­o­re­bis moTx­ov­nis war­dge­ni­dan 20 dRis va­da­Si is
ar mo­iw­ve­va, ini­ci­a­tor par­tni­or­s/par­tni­o­rebs uf­le­ba aq­vs/aqvT,
Ta­vad mo­iw­vi­os­/mo­iw­vi­on rig­ga­re­Se kre­ba, da­am­tki­cos­/da­am­tki­con
mi­si dRis wes­ri­gi da air­Ci­os­/a­ir­Ci­on rig­ga­re­Se kre­bis Tav­mjdo­
ma­re am ka­no­nis 36-e mux­liT dad­ge­ni­li we­siT. par­tni­or­Ta rig­ga­
re­Se kre­ba ga­dawy­ve­ti­le­ba­u­na­ri­a­ni­a, Tu mas es­wre­bi­an SezR­u­du­li
pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis xme­bis um­rav­le­so­bis mflo­be­li
par­tni­o­re­bi.
5. par­tni­or­Ta rig­ga­re­Se kre­bis mow­ve­vis xar­je­bi SezR­u­du­li pa­su­
xis­mgeb­lo­bis sa­zo­ga­do­e­bas ekis­re­ba. par­tni­or­Ta rig­ga­re­Se kre­
ba mo­iw­ve­va da tar­de­ba sa­er­To kre­bis­Tvis am ka­no­niT an wes­de­biT
dad­ge­ni­li zo­ga­di we­se­bis dac­viT.

zo­ga­dad, sa­war­mos rig­ga­re­Se kre­bas iw­vevs kre­bis mow­ve­va­ze uf­le­ba­

mo­si­li or­ga­no, sa­war­mos sa­Wi­ro­e­bi­dan ga­mom­di­na­re. Tu­ki am uf­le­ba­mo­
si­le­bis gan­xor­ci­e­le­ba Se­sa­ba­mi­si or­ga­nos mi­er Se­uZ­le­be­lia di­req­to­
ris gar­dac­va­le­bis, Ta­nam­de­bo­bi­dan ga­dad­go­mis an mi­si uf­le­ba­mo­si­le­
be­bis Sewy­ve­tis ga­mo, mow­ve­va Se­uZ­li­aT par­tni­o­rebs, rom­le­bic flo­ben
wi­le­bis, sul mci­re, 5%-s. wes­de­ba Se­saZ­loa rig­ga­re­Se kre­bis mow­ve­vis
nak­le­bad Sem­zRu­dav we­sebs iT­va­lis­wi­neb­des (mag. 5% ze nak­leb zRvars
ad­gen­des, vrclad awes­ri­geb­des „xel­mZRva­nel pir­Ta ar­yof­nis“ Si­na­arss).
me­o­re na­wi­li exe­ba par­tni­or­Ta mi­er rig­ga­re­Se kre­bis ini­ci­re­bis uf­
le­bas. am uf­le­bis gan­xor­ci­e­le­ba xde­ba kre­bis mow­ve­va­ze uf­le­ba­mo­si­li
or­ga­no­sad­mi we­ri­lo­bi­Ti mi­mar­Tvis gziT. dRis wes­ri­gis sa­kiTx­e­bi un­
da ukav­Sir­de­bo­des sa­war­mos saq­mi­a­no­bas, maT So­ris Se­saZ­lo sa­mo­mav­lo
geg­mebs. ini­ci­at­ o­reb­ma ase­ve un­da da­a­sa­bu­Ton rig­ga­re­Se kre­bis Ca­ta­re­
bis au­ci­leb­lo­ba. imis gaT­va­lis­wi­ne­biT rom wes­de­ba Se­iZ­le­ba Se­i­cav­des
127-e mux­lis me-3 pun­qtis­gan gan­sxva­ve­bul, maT So­ris, uf­ro xan­grZliv

204
va­das, rig­ga­re­Se kre­bis Ca­ta­re­bis maq­si­ma­lu­ri va­da ini­ci­a­to­re­bis we­
ri­lo­bi­Ti moTx­ov­nis mi­Re­bi­dan 3 Tvea (me-4 punqt.). Tum­ca, Tu­ki kre­ba
ar iq­ne­ba mow­ve­ul ­ i mi­mar­Tvi­dan 20 dRis va­da­Si, ini­ci­a­tor par­tni­ors
Se­uZ­li­a, mo­iw­vi­os kre­ba. mow­ve­vis pro­ce­du­ra­ze, Se­sa­ba­mi­sad, vrcel­de­
ba kre­bis mow­ve­vis mi­marT dad­ge­ni­li zo­ga­di moTx­ov­ne­bi. kre­bis mow­ve­
vis bo­ro­tad ga­mo­ye­ne­bis Ta­vi­dan asa­ci­leb­lad da­ma­te­bi­Ti ga­ran­ti­is
Se­saq­mne­lad ka­no­ni sa­val­de­bu­lod ad­gens ase­Ti kre­bis ga­dawy­ve­ti­le­
ba­u­na­ri­a­no­bis moTx­ov­nas. ka­no­nis mi­xed­viT mow­ve­u­li rig­ga­re­Se kre­bis
xar­je­bi sa­zo­ga­do­e­bas ekis­re­ba. Se­sa­ba­mi­sad, sa­kiTx­ze da­vis Sem­Txve­va­Si
sa­sa­mar­Tlom (sa­zo­ga­do­eb ­ as Se­uZ­lia ga­a­sa­Civ­ros par­tni­o­ris­/e­bis mi­er
kre­bis mow­ve­va me-3 pun­qtSi mi­Ti­Te­bu­li pro­ce­du­ru­li da Si­na­ar­sob­ri­
vi moTx­ov­ne­bis Se­us­ru­leb­lo­bis ga­mo) un­da da­ad­gi­nos rig­ga­re­Se kre­bis
mow­ve­vis uf­le­bis ga­mo­ye­ne­bis mar­Tlzo­mi­e­re­ba, maT So­ris, me-2 pun­qtis
Si­na­ar­sob­ri­vi moTx­ov­ne­bi­dan ga­mom­di­na­re (go­niv­ru­li kav­Si­ri sa­war­mos
saq­mi­a­no­bas­Tan, rig­ga­re­Se kre­bis au­ci­leb­lo­ba).
 

mux­li 129. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis sa­er­To kre­bis

ga­dawy­ve­ti­le­bis sa­er­To kre­bis Ca­ta­re­bis ga­re­Se mi­Re­ba

1. wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si par­tni­or­Ta ga­dawy­ve­

ti­le­bis mi­sa­Re­bad sa­er­To kre­bis mow­ve­va au­ci­le­be­li ar aris.
sa­er­To kre­bis mow­ve­vis uf­le­ba­mo­si­le­bis mqo­ne or­ga­no/­pi­ri ga­
da­sawy­ve­ti sa­kiTx­e­bis Sem­cvel dRis wes­rigs da par­tni­or­Ta ga­
dawy­ve­ti­le­bis pro­eqts ug­zav­nis par­tni­o­rebs maT re­gis­tri­re­
bul mi­sa­mar­Teb­ze, xo­lo wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si
_ eleq­tro­nu­li for­miT. gzav­ni­li par­tni­or­Ta ga­dawy­ve­ti­le­bis
pro­eq­tsa da dRis wes­rig­Tan er­Tad un­da Se­i­cav­des:
a) mi­Ti­Te­bas im va­da­ze, ro­mel­Sic par­tni­o­reb­ma sa­er­To kre­bis
mow­ve­vis uf­le­ba­mo­si­le­bis mqo­ne or­ga­nos we­ri­lo­biT un­da ac­no­
bon Ta­vi­an­Ti po­zi­cia ga­da­sawy­vet sa­kiTx­eb­Tan da­kav­Si­re­biT, gar­
da im Sem­Txve­vi­sa, ro­de­sac es va­da gan­sazR­vru­lia wes­de­biT an ga­
dawy­ve­ti­le­bis pro­eq­tiT. Tu aR­niS­nu­li va­da wes­de­biT an ga­dawy­
ve­ti­le­bis pro­eq­tiT gan­sazR­vru­li ar aris, is 15 dRes Se­ad­gens da
aiT­vle­ba par­tni­o­ris mi­er ga­dawy­ve­ti­le­bis pro­eq­tis mi­Re­bi­dan;
b) ga­dawy­ve­ti­le­bis mi­sa­Re­bad au­ci­le­bel yve­la in­for­ma­ci­as­/mo­na­
cems da do­ku­ments;

205
 g) wes­de­biT gaT­va­lis­wi­ne­bul sxva do­ku­men­teb­sa da in­for­ma­ci­as­/
mo­na­ce­mebs.
2. wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des par­tni­o­ris we­ri­lo­biT po­zi­
ci­a­ze par­tni­o­ris xel­mo­we­ris sa­no­ta­ro we­siT da­mow­me­bas.
3. Tu am mux­lis pir­ve­li pun­qtis „a“ qve­pun­qtiT gaT­va­lis­wi­ne­bul va­
da­Si par­tni­o­ri sa­er­To kre­bis mow­ve­vis uf­le­ba­mo­si­le­bis mqo­ne
or­ga­nos we­ri­lo­biT ar ac­no­bebs Ta­vis Tan­xmo­bas par­tni­or­Ta ga­
dawy­ve­ti­le­bis pro­eq­tze, mi­iC­ne­va, rom igi am pro­eqts ar eTan­xme­ba.
4. par­tni­or­Ta ga­dawy­ve­ti­le­bis sa­er­To kre­bis Ca­ta­re­bis ga­re­Se mi­
Re­bi­sas xma­Ta um­rav­le­so­ba ga­mo­iT­vle­ba yve­la par­tni­o­ris xme­bis
sa­er­To ra­o­de­no­bi­dan.
5. am mux­lis Ta­nax­mad mi­Re­bul par­tni­or­Ta ga­dawy­ve­ti­le­bas xels
awers sa­er­To kre­bis mow­ve­vis uf­le­ba­mo­si­le­bis mqo­ne or­ga­no. igi
mis as­lebs, rom­leb­ze­dac mi­Ti­Te­bu­lia ga­dawy­ve­ti­le­bis mi­Re­bis
Ta­ri­Ri, ug­zav­nis par­tni­o­rebs am ga­dawy­ve­ti­le­bis mi­Re­bi­dan ara­
ug­vi­a­nes 5 dRi­sa.

mux­li exe­ba par­tni­or­Ta kre­bis ga­re­Se par­tni­or­Ta ga­dawy­ve­ti­le­bis

mi­Re­bas. mi­si mi­za­ni­a, or­ga­ni­za­ci­ul
­ i xar­je­bis da­zog­vis sa­Su­a­le­ba mis­
ces sa­war­mos. amas­Tan, kre­bis ini­ci­a­tor­ma or­ga­nom (par­tni­or­ma) un­da
uz­run­vel­yos par­tni­or­Ta sa­Ta­na­do in­for­mi­re­ba ga­da­sawy­ve­ti sa­kiTx­
e­bis Se­sa­xeb, mi­a­wo­don maT dRis wes­ri­gi, ga­dawy­ve­ti­le­bis pro­eq­te­bi da
yve­la sa­Wi­ro in­for­ma­cia dRis wes­ri­gis sa­kiTx­eb­Tan da­kav­Si­re­biT.
ase­ve un­da iq­nes gan­sazR­vru­li ga­da­sawy­vet sa­kiTx­eb­ze par­tni­or­Ta we­
ri­lo­bi­Ti po­zi­ci­is SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis­Tvis Ca­ba­
re­bis go­niv­ru­li va­da, Tu­ki sa­dam­fuZ­neb­lo Se­Tan­xme­ba msgavs va­das ar iT­
va­lis­wi­nebs. ka­no­ni dis­po­zi­ci­u­rad ad­gens 15-dRi­an va­das, Se­sa­ba­mi­si par­
tni­o­ris mi­er ga­dawy­ve­ti­le­bis pro­eq­tis mi­Re­bi­dan. Tu­ki Tan­xmo­ba ar iq­ne­
ba sa­zo­ga­do­e­bis­Tvis Ca­ba­re­bu­li dad­ge­ni­li va­dis gan­mav­lo­ba­Si, iT­vle­ba,
rom par­tni­o­ri sa­kiTx­is Se­mo­Ta­va­ze­bu­li for­miT ga­dawy­ve­tas ar eTan­xme­ba.
kre­bis ga­re­Se par­tni­or­Ta ga­dawy­ve­ti­le­bis mi­Re­bis Ta­vi­se­bu­re­bis
ga­mo mi­ce­mul da­de­biT xma­Ta ra­o­de­no­ba ga­mo­iT­vle­ba yve­la par­tni­o­ris
xmis uf­le­ba­Ta gaT­va­lis­wi­ne­biT.
sa­dam­fuZ­neb­lo Se­Tan­xme­ba Se­saZ­lo­a, ad­gen­des xmis mi­ce­mis do­ku­men­
tze xel­mo­we­ris nam­dvi­lo­bis no­ta­ri­u­li da­das­tu­re­bis moTx­ov­nas, rac
da­ma­te­bi­Ti ga­ran­tiaa xmis mi­ce­mis pro­ces­Si ara­ke­Til­sin­di­si­e­ri Ca­re­
vis wi­na­aR­mdeg.

206
 ga­dawy­ve­ti­le­ba mi­Re­bu­lad Ca­iT­vle­ba yve­la par­tni­o­ris mi­er po­zi­ci­
is da­fiq­si­re­bis an Se­sa­ba­mi­si va­dis uSe­de­god gas­vlis Sem­deg. Se­sa­ba­mi­si
ga­dawy­ve­ti­le­bis oqms ad­gens da xels awers ga­dawy­ve­ti­le­bis ini­ci­a­to­
ri. ga­dawy­ve­ti­le­ba un­da da­eg­zav­nos par­tni­o­rebs.
dis­po­zi­ci­u­ro­bis prin­ci­pi­dan ga­mom­di­na­re, kre­bis ga­re­Se ga­dawy­ve­
ti­le­bis mi­Re­bis pro­ce­du­ra (maT So­ris va­de­bi) sa­war­mos sa­dam­fuZ­neb­lo
Se­Tan­xme­bam­/wes­de­bam Se­iZ­le­ba gan­sxva­ve­bu­lad mo­aw
­ es­ri­gos. am Sem­Txve­
va­Sic da­cul un­da iq­nas par­tni­or­Ta mi­er in­for­mi­re­bu­li ga­dawy­ve­ti­le­
bis mi­Re­bi­sa da par­tni­or­Ta Ta­nas­wo­ruf­le­bi­a­no­bis moTx­ov­ne­bi.

mux­li 130. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­o­ris

sa­er­To kre­ba­Si mo­na­wi­le­o­ba

1. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­o­ri sa­er­To

kre­ba­Si pi­ra­dad an war­mo­mad­gen­lis meS­ve­o­biT mo­na­wi­le­obs. war­
mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­ba (min­do­bi­lo­ba) ga­i­ce­ma we­ri­lo­
biT, erT an ram­de­ni­me sa­er­To kre­ba­ze war­mo­mad­gen­lo­bis an gar­
kve­u­li va­dis gan­mav­lo­ba­Si war­mo­mad­gen­lo­bis uf­le­biT.
2. sa­er­To kre­ba­Si par­tni­o­ris war­mo­mad­gen­lis meS­ve­o­biT mo­na­wi­le­
o­bis  Ta­o­ba­ze  un­da ec­no­bos sa­er­To kre­bis mom­wvev or­ga­nos da mas
Se­sa­ba­mi­si min­do­bi­lo­ba am kre­bis Ca­ta­re­bam­de an kre­bis dawy­e­bis­
Ta­na­ve un­da wa­red­gi­nos.
 
kre­ba­Si war­mo­mad­gen­lis meS­ve­o­biT mo­na­wi­le­o­ba­ze Se­sa­ba­mi­sad vrcel­
de­ba ga­ri­ge­ba­Si war­mo­mad­gen­lo­bis we­se­bi (sa­mo­qa­la­qo ko­deq­sis 103-e-­
114-e mux­le­bi).
pir­ve­li pun­qti ad­gens min­do­bi­lo­bis Si­na­ar­sob­riv far­glebs. ker­Zod,
igi SeZ­le­ba ga­ic ­ es par­tni­o­ris mi­er war­mo­mad­ge­nel­ze gar­kve­u­li va­diT
an kre­ba­Ta ra­o­de­no­bis mi­Ti­Te­biT. sa­dam­fuZ­neb­lo Se­Tan­xme­ba, sa­war­mos
in­te­re­se­bi­dan ga­mom­di­na­re, Se­saZ­lo­a, min­do­bi­lo­bis sxva wi­na­pi­ro­bebs,
maT So­ris SezR­ud­veb­sac, ad­gen­des. Tum­ca igi usa­mar­Tlod ar un­da zRu­
dav­des kre­ba­Si war­mo­mad­gen­lis meS­ve­o­biT mo­na­wi­le­o­bis uf­le­bas.
par­tni­o­ris war­mo­mad­gen­lo­bis Se­sa­xeb min­do­bi­lo­ba mo­iTx­ovs we­
ri­lo­biT for­mas. ase­ve Se­iZ­le­baa ga­mo­ye­ne­bul iq­nas me-4 mux­lis me-4
pun­qtiT Se­mo­Ta­va­ze­bu­li al­ter­na­ti­va (xel­mo­we­ris Ses­ru­le­ba „e­leq­
tro­nu­li do­ku­men­ti­sa da eleq­tro­nu­li san­do mom­sa­xu­re­bis Se­sa­xeb“

207
sa­qar­Tve­los ka­no­nis­ Se­sa­ba­mi­sad). xel­mo­we­ris nam­dvi­lo­bis no­ta­ri­u­li
da­das­tu­re­ba an min­do­bi­lo­bis no­ta­ri­u­li da­mow­me­ba sa­val­de­bu­lo ar
aris, Tum­ca Se­saZ­loa dad­ge­nil iq­nes wes­de­biT.

mux­li 131. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­o­ris

mi­er xmis mi­ce­mi­sa da par­tni­or­Ta ga­dawy­ve­ti­le­bis
mi­Re­ba­Si mo­na­wi­le­o­bis we­se­bi da pi­ro­be­bi

1. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­o­ris mi­er xmis

mi­ce­mi­sa da par­tni­or­Ta ga­dawy­ve­ti­le­bis mi­Re­ba­Si mo­na­wi­le­o­bis
we­se­bi da pi­ro­be­bi dgin­de­ba wes­de­biT. au­ci­le­be­li­a, am we­seb­sa da
pi­ro­beb­ze mi­e­Ti­Tos sa­er­To kre­bis mow­ve­vis Se­sa­xeb do­ku­men­tSi
an par­tni­or­TaT­vis gag­zav­nil par­tni­or­Ta ga­dawy­ve­ti­le­bis pro­
eq­tSi. Tu wes­de­ba aR­niS­nul we­seb­sa da pi­ro­bebs ar ad­gens, maT
SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­
no gan­sazR­vravs.
2. wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des, rom par­tni­ors, ro­me­lic sa­er­
To kre­ba­Si arc pi­ra­dad da arc war­mo­mad­gen­lis meS­ve­o­biT ar mo­
na­wi­le­obs, Se­uZ­lia am kre­bis Ca­ta­re­bam­de dis­tan­ci­u­rad, we­ri­lo­
biT, am mux­lis me-3 pun­qtiT dad­ge­ni­li we­siT mis­ces xma mi­si dRis
wes­ri­giT gaT­va­lis­wi­ne­bul sa­kiTx­eb­Tan da­kav­Si­re­biT. am Sem­Txve­
va­Si mi­iC­ne­va, rom par­tni­or­ma mo­na­wi­le­o­ba mi­i­Ro sa­er­To kre­bis
dRis wes­ri­giT gaT­va­lis­wi­ne­bu­li sa­kiTx­e­bis gan­xil­va­Si.
3. Tu wes­de­biT daS­ve­bu­lia sa­er­To kre­ba­ze dam­swre an ar­myo­fi par­
tni­o­ris mi­er xmis teq­ni­ku­ri sa­Su­a­le­bis ga­mo­ye­ne­biT mi­ce­ma, am­gva­
rad mi­ce­mu­li xma mxo­lod ma­Sin iq­ne­ba gaT­va­lis­wi­ne­bu­li, Tu Se­
saZ­le­be­lia xmis uf­le­bis ga­mo­ye­ne­bis uf­le­ba­mo­si­le­bis mqo­ne pi­
ri­sa da Se­sa­ba­mi­si wi­le­bis sar­wmu­no iden­ti­fi­ci­re­ba. ne­bis eleq­
tro­nu­li ko­mu­ni­ka­ci­is sa­Su­a­le­biT ga­mov­le­ni­sas au­ci­le­be­li­a,
igi da­das­tur­des no­ta­ri­u­sis mi­er an eleq­tro­nu­li xel­mo­we­riT,
sa­qar­Tve­los ka­non­mdeb­lo­biT dad­ge­ni­li we­siT.
4. xmis uf­le­bis ga­mo­ye­ne­bis uf­le­ba­mo­si­le­bis mqo­ne pi­ri­sa da Se­
sa­ba­mi­si wi­le­bis sar­wmu­no iden­ti­fi­ci­re­bis­Tvis pa­su­xis­mge­be­li
ari­an sa­er­To kre­bis Tav­mjdo­ma­re da am kre­bis mom­wve­vi or­ga­no.
 
ix. ase­ve 36-e mux­lis gan­mar­te­ba.

208
 mux­li um­Tav­re­sad exe­ba teq­ni­ku­ri sa­Su­a­le­be­bis ga­mo­ye­ne­biT da ko­
res­pon­den­ci­iT xmis mi­ce­mis uf­le­bas.
msgav­si sa­Su­al­ e­be­bis ga­mo­ye­ne­bas Se­saZ­lo­a, iT­va­lis­wi­neb­des sa­zo­ga­
do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­ba.
am­gva­ri Se­saZ­leb­lo­be­biT sar­geb­lo­bis wes­sa da pi­ro­bebs ad­gens sa­dam­
fuZ­neb­lo Se­Tan­xme­ba an di­req­to­ri. ase­ve Se­saZ­lo­a, ga­mo­ye­ne­bis zo­ga­di
sa­fuZ­vle­bi ai­sa­xos sa­dam­fuZ­neb­lo Se­Tan­xme­ba­Si, xo­lo teq­ni­ku­ri gan­
xor­ci­e­le­bis pi­ro­be­bi dad­gin­des di­req­to­ris ga­dawy­ve­ti­le­biT. um­Tav­
re­si წინა პირობა aris is, rom teq­ni­ku­ri sa­Su­al ­ e­be­biT xmis mi­ce­mis nam­dvi­
lo­bis­Tvis xmis mim­ce­mis sa­im ­ e­do iden­ti­fi­ci­re­ba uz­run­vel­yo­fil iyos.
teq­ni­ku­ri sa­Su­a­le­be­biT, ase­ve ko­res­pon­den­ci­iT xmis mi­ce­ma, ga­dawy­ve­
ti­le­ba­u­na­ri­a­no­bis dad­ge­nis miz­ne­bis­Tvis, iT­vle­ba kre­ba­ze das­wre­bad.
wes­de­ba Se­iZ­le­ba de­ta­lu­rad awes­ri­geb­des teq­ni­ku­ri sa­Su­al ­ e­be­bis
ga­mo­ye­ne­bis we­sebs. ase­ve iT­va­lis­wi­neb­des par­tni­o­re­bis­Tvis ga­dawy­ve­
ti­le­bis mi­Re­bis pro­ces­Si Ta­na­mo­na­wi­le­o­bis sxva sa­Su­a­le­beb­sac - mag.
vir­tu­a­lu­ri ke­Te­be­bis Ca­ta­re­bas. am Sem­Txve­va­Sic, gaT­va­lis­wi­ne­bul un­
da iq­nas me-3 pun­qtis moTx­ov­ne­bi par­tni­or­Ta, war­mo­mad­ge­nel­Ta iden­ti­
fi­ci­re­bi­sa da ne­bis ga­mov­le­nis san­do­o­bis uz­run­vel­sa­yo­fad.

mux­li 132. xme­bis aku­mu­li­re­bis me­To­dis ga­mo­ye­ne­ba SezR­u­du­li

pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si

wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si an par­tni­or­Ta ga­dawy­ve­ti­le­

biT, SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos
an sa­meT­val­yu­reo sab­Wos asar­Ce­vad ga­mo­i­ye­ne­ba am ka­no­nis 199-e mux­liT
gaT­va­lis­wi­ne­bu­li xme­bis aku­mu­li­re­bis me­To­di.

 ix. 199-e mux­lis gan­mar­te­ba.

mux­li 133. wi­li SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si

1. wi­li aris uf­le­bis sa­ga­ni, ro­me­lic gan­sazR­vravs SezR­u­du­li pa­

su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis ka­pi­tal­Si pi­ris mo­na­wi­le­o­bas.
2. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis ka­pi­tal­Si par­tni­o­
ris Se­na­ta­ni ga­ni­sazR­vre­ba mi­si wi­lis pro­por­ci­u­lad.

209
 pir­ve­li pun­qti wi­lis, ro­gorc uf­le­bis, gan­sazR­vris mcde­lo­ba­a. de­fi­
ni­ci­is mi­xed­viT, wi­li, ro­gorc uf­le­ba, vlin­de­ba sa­war­mos ka­pi­tal­Si (e­qu­ity)
pi­ris mo­na­wi­le­o­biT da mas Se­sa­ba­mi­si uf­le­ba-­mo­va­le­o­be­bi ukav­Sir­de­ba.
me-2 pun­qti wi­li­sa da Se­sa­ba­mi­si Se­na­ta­nis pro­por­ci­u­lo­bis dis­po­zi­
ci­ur prin­cips ad­gens, rom­lis­gan ga­dax­ve­va da­saS­ve­bia sa­dam­fuZ­neb­lo
Se­Tan­xme­biT­/wes­de­biT ase­ve par­tni­or­Ta Se­Tan­xe­biT­/xel­Sek­ru­le­biT (ix.
ase­ve 34-e mux­lis me-3 pun­qti).

mux­li 134. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis

gan­Tav­se­bu­li ka­pi­ta­li

1. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bas Se­iZ­le­ba hqon­des

gan­Tav­se­bu­li ka­pi­ta­li.
2. Tu SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bas aqvs mxo­lod no­
mi­na­lu­ri Ri­re­bu­le­bis mqo­ne wi­le­bi, gan­Tav­se­bu­li ka­pi­ta­lis
ode­no­ba un­da Se­ad­gen­des no­mi­na­lu­ri Ri­re­bu­le­bis mqo­ne wi­le­bis
jams. Tu SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bas gan­Tav­se­bu­
li aqvs ro­gorc no­mi­na­lu­ri Ri­re­bu­lis mqo­ne wi­le­bi, ise no­mi­na­
lu­ri Ri­re­bu­le­bis ar­mqo­ne wi­le­bi, gan­Tav­se­bu­li ka­pi­ta­lis ode­
no­ba aRe­ma­te­ba no­mi­na­lu­ri Ri­re­bu­le­bis mqo­ne wi­le­bis jams. Tu
SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bas gan­Tav­se­bu­li aqvs
mxo­lod no­mi­na­lu­ri Ri­re­bu­le­bis ar­mqo­ne wi­le­bi, gan­Tav­se­bu­li
ka­pi­ta­li Se­iZ­le­ba ga­ni­sazR­vros ne­bis­mi­e­ri ode­no­biT.
3. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­
ta­li erov­nul va­lu­ta­Si un­da ga­mo­i­sa­xos.
4. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­
ta­lis Tav­da­pir­ve­li  ode­no­ba ga­ni­sazR­vre­ba sa­dam­fuZ­neb­lo Se­
Tan­xme­biT. gan­Tav­se­bu­li ka­pi­ta­lis ode­no­bis cvli­le­bis Se­sa­xeb
ga­dawy­ve­ti­le­bas par­tni­o­re­bi iRe­ben.
5. sa­dam­fuZ­neb­lo Se­Tan­xme­biT Se­iZ­le­ba ga­ni­sazR­vros wi­le­bis­/ro­me­
li­me kla­sis wi­le­bis mi­sa­Re­bi mi­ni­ma­lu­ri Se­na­ta­ni (wi­lis no­mi­na­
lu­ri Ri­re­bu­le­ba). sxva­das­xva kla­sis wi­le­bis no­mi­na­lu­ri Ri­re­
bu­le­be­bi Se­iZ­le­ba ga­ni­sazR­vros sxva­das­xva ode­no­biT.

da­fuZ­ne­bis gar­Tu­le­bis Ta­vi­dan asa­ci­leb­lad, ka­no­ni ar gan­sazR­

vravs gan­Tav­se­bu­li (sa­wes­de­bo) ka­pi­ta­lis mi­ni­ma­lur ode­no­bas da arc

210
mi­si, ro­gorc sa­ku­Ta­ri ka­pi­ta­lis, sa­val­de­bu­lo Se­mad­ge­ne­li na­wi­lis
ar­se­bo­bas ad­gens. Se­sa­ba­mi­sad, sa­war­mo Se­saZ­lo­a, ar­se­bob­des gan­Tav­se­
bu­li (sa­wes­de­bo) ka­pi­ta­lis, ro­gorc mya­ri ode­no­bis ga­re­Se.
Tu­ki par­tni­o­re­bi ga­dawy­ve­ten, rom gan­Tav­se­bu­li (sa­wes­de­bo) ka­pi­ta­li,
ro­gorc mya­ri cif­ri, ga­iT­va­lis­wi­non sa­ku­Ta­ri ka­pi­ta­lis struq­tu­ra­Si
da amas­Tan sa­war­mos mxo­lod no­mi­na­lu­ri Ri­re­bu­le­bis wi­le­bi aqvs gan­Tav­
se­bu­li, gan­Tav­se­bu­li (sa­wes­de­bo) ka­pi­ta­li un­da ud­ri­des wi­le­bis no­mi­na­
lu­ri Ri­re­bu­le­bis jams. am gziT uz­run­vel­yo­fi­lia gan­Tav­se­bu­li (sa­wes­
de­bo) ka­pi­ta­lis da wi­le­bis ur­Ti­er­Tkav­Si­ri da ga­mo­xa­tavs SezR­ud ­ u­li pa­
su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis ka­pi­ta­lis wi­le­bad da­yo­fis prin­cips (123-e
mux­lis pir­ve­li pun­qti). ama­ve prin­ci­pi­dan ga­mom­di­na­re, Tu­ki sa­zo­ga­do­e­
bis gan­Tav­se­bu­li wi­le­bis na­wils ar ga­aC­nia no­mi­na­lu­ri Ri­re­bu­le­ba, gan­
Tav­se­bu­li (sa­wes­de­bo) ka­pi­ta­lis ode­no­ba un­da aRe­ma­te­bo­des wi­le­bis no­
mi­na­lur Ri­re­bu­le­ba­Ta jams. sxva Sem­Txve­va­Si, gan­Tav­se­bu­li (sa­wes­de­bo)
ka­pi­ta­li Se­iZ­le­ba ga­ni­sazR­vros ne­bis­mi­e­ri ode­no­biT erov­nul va­lu­ta­Si.
sa­zo­ga­do­eb­ is sa­dam­fuZ­neb­lo Se­Tan­xme­ba un­da iT­va­lis­wi­neb­des gan­
Tav­se­bu­li (sa­wes­de­bo) ka­pi­ta­lis ode­no­bas, rom­lis cvli­le­bac par­tni­
or­Ta kom­pe­ten­ci­as mi­e­kuT­vne­ba.
me-5 pun­qti gan­sazR­vravs wi­lis no­mi­na­lu­ri Ri­re­bu­le­bis cne­bas, rac
ukav­Sir­de­ba sa­nac­vlod mi­ni­ma­lu­ri Se­na­ta­nis ode­no­bas. ka­no­ni uS­vebs
ase­ve sxva­das­xva wi­lis­Tvis sxva­das­xva ode­no­bis no­mi­na­lu­ri Ri­re­bu­le­
bis dad­ge­nas, am Sem­Txve­va­Si, sxva­das­xva no­mi­na­lu­ri Ri­re­bu­le­bis wi­li
sxva­das­xva klass mi­ek ­ uT­vne­ba.

 
mux­li 135. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis wi­le­bis kla­se­bi

1. wes­de­biT Se­iZ­le­ba daS­ve­bul iq­nes SezR­u­du­li pa­su­xis­mgeb­lo­bis

sa­zo­ga­do­e­bis wi­le­bis gan­sxva­ve­bu­li kla­se­bis ar­se­bo­ba. wi­le­bi,
rom­le­bic iden­tur uf­le­beb­sa da val­de­bu­le­bebs war­mo­Sobs, wi­
le­bis erT klass qmnis.
2. er­Ti kla­sis yve­la wi­lis no­mi­na­lu­ri Ri­re­bu­le­ba er­Ti da igi­ve
un­da iyos.
3. sxva­das­xva kla­sis wi­leb­Tan da­kav­Si­re­bul uf­le­beb­sa da mo­va­le­o­
bebs da maT Si­na­arss awes­ri­gebs wes­de­ba.
4. im ga­dawy­ve­ti­le­bis mi­Re­ba, ro­me­lic exe­ba wi­le­bis ro­me­li­me klas­
Tan da­kav­Si­re­bu­li uf­le­bis cvli­le­bas (maT So­ris, uf­le­bis gan­

211
 xor­ci­e­le­bis an val­de­bu­le­bis Ses­ru­le­bis pro­ce­du­ris cvli­le­
bas), da­ma­te­biT sa­Wi­ro­ebs Se­sa­ba­mi­si kla­sis gan­Tav­se­bul wi­leb­
Tan da­kav­Si­re­bu­li xme­bis sa­er­To ra­o­de­no­bis sul mci­re 3/4-is
mflo­bel­Ta Tan­xmo­bas, Tu wes­de­bis Se­sa­ba­mi­si na­wi­liT, ro­me­lic
par­tni­o­reb­ma er­Txmad mi­i­Res, sxva ram ar aris gaT­va­lis­wi­ne­bu­li.
 
ka­no­ni ar­se­bi­Tad srul Ta­vi­suf­le­bas aZ­levs par­tni­o­rebs, sa­war­mos
sa­Wi­ro­e­bebs mo­ar­gon ka­pi­ta­lis struq­tu­ra, ker­Zod wi­leb­Tan da­kav­Si­
re­bu­li da uf­le­be­bi­sa da mo­va­le­o­be­bis Tval­saz­ri­siT. es Ta­vi­suf­le­ba
ar amo­i­wu­re­ba Cve­u­leb­ri­vi an pri­vi­le­gi­re­bu­li wi­le­bis ga­moS­ve­biT. sa­
dam­fuZ­neb­lo Se­Tan­xme­ba un­da gan­sazR­vrav­des im uf­le­ba-­mo­va­le­o­bebs,
rom­le­bic wi­le­bis Ti­To­e­ul klass ukav­Sir­de­ba, maT So­ris gan­kar­gvis an
uf­leb­ri­vi dat­vir­Tvis SezR­ud­vebs.
mi­no­ri­ta­re­bis dac­vis moTx­ov­ni­le­bi­dan ga­mom­di­na­re, wi­leb­Tan da­
kav­Si­re­bu­li uf­le­be­bis cvli­le­ba, par­tni­or­Ta ga­dawy­ve­ti­le­bis gar­da,
sa­Wi­ro­ebs Se­sa­ba­mi­si kla­sis gan­Tav­se­bul wi­leb­Tan da­kav­Si­re­bu­li xme­
bis sa­er­To ode­no­bis 3/4-is mflo­bel par­tni­or­Ta Tan­xmo­bas.
mux­lis me-4 pun­qti 126-e mux­lis me-4 pun­qtis TiT­qmis iden­tur Ca­na­
wers Se­i­cavs. gar­da ami­sa, 135-e mux­lSi (mi­u­xe­da­vad imi­sa, rom Tav­da­pir­
ve­lad mxo­lod uf­le­bis cvli­le­ba­zea sa­ub ­ a­ri) nax­se­ne­bia „val­de­bu­le­
be­bis Ses­ru­le­bis pro­ce­du­ris cvli­le­ba“ rac ar Se­e­sa­ba­me­ba 126-mux­lis
me-4 pun­qtis er­T-erT mi­zans - klas­Tan da­kav­Si­re­bu­li da­ma­te­bi­Ti val­de­
bu­le­bis Se­mo­Re­bis Se­uZ­leb­lo­bas um­rav­le­so­bis ga­dawy­ve­ti­le­biT. Se­sa­
ba­mi­sad, 135-e mux­lis me-4 pun­qti, val­de­bu­le­be­bis na­wil­Si un­da da­eq­vem­
de­ba­ros yve­la par­tni­o­ris Tan­xmo­bis wi­na pi­ro­bas.

mux­li 136. wi­lis sa­xe­e­bi da SezR­u­du­li pa­su­xis­mgeb­lo­bis

sa­zo­ga­do­e­bis mi­er axa­li wi­le­bis ga­moS­ve­ba

1. wi­li gan­Tav­se­bu­lad mi­iC­ne­va, Tu is gas­ca SezR­u­du­li pa­su­xis­mgeb­

lo­bis sa­zo­ga­do­e­bam sxva pir­ze gar­kve­u­li sazR­a­u­ris sa­nac­vlod,
mi­u­xe­da­vad imi­sa, mi­Re­bu­li aqvs Tu ara am sa­zo­ga­do­e­bas es sazR­a­u­ri.
2. wi­le­bi, ro­mel­Ta gan­Tav­se­bis Se­sa­xeb ga­dawy­ve­ti­le­bac par­tni­or­
Ta ga­dawy­ve­ti­le­biT an wes­de­biT gan­sazR­vrul­ma or­ga­nom mi­i­Ro an
par­tni­o­reb­ma mi­i­Res, aris ga­moS­ve­bu­li wi­le­bi. ga­moS­ve­bu­li wi­le­
bi re­es­trSi aRi­ricx­e­ba  da gan­Tav­se­bam­de uf­le­beb­sa da mo­va­le­o­
bebs ar war­mo­Sobs. wi­le­bis gan­Tav­se­bas axor­ci­e­lebs SezR­u­du­li
pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no.

212
3. wi­li, ro­me­lic par­tni­or­Ta ga­dawy­ve­ti­le­bis Se­sa­ba­mi­sad Se­saZ­
loa mo­ma­val­Si iq­nes ga­moS­ve­bu­li da gan­Tav­se­bu­li, aris ne­ba­dar­
Tu­li wi­li. ne­ba­dar­Tu­li wi­lis ode­no­ba, kla­si, SezR­u­du­li pa­su­
xis­mgeb­lo­bis sa­zo­ga­do­e­bis ka­pi­tal­Si Se­sa­ba­mi­si wi­li, ag­reT­ve
mi­si no­mi­na­lu­ri Ri­re­bu­le­ba (Tu ase­Ti Ri­re­bu­le­ba dad­ge­ni­li­a)
SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­
Tan­xme­ba­Si un­da ai­sa­xos.
4. par­tni­or­Ta ga­dawy­ve­ti­le­biT an SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­
zo­ga­do­e­bis sa­dam­fuZ­neb­lo Se­Tan­xme­biT Se­iZ­le­ba dad­gin­des is pi­
ro­be­bi, ro­mel­Ta ar­se­bo­bis Sem­Txve­va­Si da ro­mel­Ta Se­sa­ba­mi­sa­dac
un­da iq­nes ga­moS­ve­bu­li da gan­Tav­se­bu­li ne­ba­dar­Tu­li wi­le­bi.
5. ne­ba­dar­Tu­li wi­le­bis far­gleb­Si wi­le­bis ga­moS­ve­bis Se­sa­xeb ga­
dawy­ve­ti­le­bas iRe­ben par­tni­o­re­bi an iRebs wes­de­biT an par­tni­
or­Ta ga­dawy­ve­ti­le­biT gan­sazR­vru­li uf­le­ba­mo­si­li or­ga­no. aR­
niS­nu­li ga­dawy­ve­ti­le­ba un­da Se­i­cav­des wi­le­bis ode­no­bas, no­mi­na­
lur Ri­re­bu­le­bas (Tu ase­Ti Ri­re­bu­le­ba dad­ge­ni­li­a) da klass. es
ga­dawy­ve­ti­le­ba Se­iZ­le­ba Se­i­cav­des ag­reT­ve wi­le­bis gan­Tav­se­bis
va­das, mi­ni­ma­lur fass an sxva pi­ro­bebs.
6. wes­de­biT an par­tni­or­Ta ga­dawy­ve­ti­le­biT Se­iZ­le­ba ga­ni­sazR­vros,
rom wi­le­bis gar­kve­u­li pi­ro­be­biT ga­nu­Tav­seb­lo­bis Sem­Txve­va­Si
ga­nu­Tav­se­be­li wi­le­bi Se­saZ­loa ga­uq­mdes, ra­mac, Ta­vis mxriv, Se­
saZ­le­be­lia ga­mo­iw­vi­os ga­moS­ve­bu­li wi­le­bis ode­no­bis ga­uq­me­bu­
li wi­le­bis ode­no­biT Sem­ci­re­ba. SezR­u­du­li pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no sa­dam­fuZ­neb­lo Se­Tan­xme­ba­Si
Se­sa­ba­mis cvli­le­bas axor­ci­e­lebs.
7. wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si, par­tni­or­Ta ga­dawy­ve­ti­
le­bis Se­sa­ba­mi­sad, wi­le­bi Se­iZ­le­ba ga­i­ces par­tni­o­reb­ze an er­Ti
an ram­de­ni­me kla­sis wi­le­bis mflo­bel par­tni­o­reb­ze pro­por­ci­u­
lad, Se­na­ta­ne­bis gan­xor­ci­e­le­bis moTx­ov­nis ga­re­Se (SezR­u­du­li
pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis qo­ne­bi­dan wi­le­bis ga­moS­ve­ba). er­
Ti kla­sis wi­le­bi ar Se­iZ­le­ba ga­i­ces, ro­gorc wi­le­bi SezR­u­du­li
pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis qo­ne­bi­dan, sxva kla­sis wi­le­bis
mflo­bel par­tni­o­reb­ze, gar­da im Sem­Txve­vi­sa, ro­de­sac ga­sa­ce­mi
wi­le­bis an ma­Ti na­wi­lis ga­moS­ve­bam­de wes­de­ba iT­va­lis­wi­neb­da aseT
Se­saZ­leb­lo­bas an ga­mo­saS­ve­bi kla­sis wi­le­bis mflo­be­li par­tni­o­
re­bi xma­Ta um­rav­le­so­biT da­e­Tan­xmnen am wi­le­bis ga­ce­mas an­/da gan­
Tav­se­bul wi­leb­Si ga­mo­saS­ve­bi wi­le­bis kla­si ar ar­se­bobs.

213
 mux­lis mi­xed­viT, SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is ka­pi­
ta­lis struq­tu­ra da­u­ax­lov­da sa­aq­cio sa­zo­ga­do­e­bis ka­pi­ta­lis struq­
tu­ras. am­de­nad, SezR­ud ­ u­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis wi­lob­ri­vi
ka­pi­ta­lic Se­iZ­le­ba ne­ba­dar­Tul, ga­moS­ve­bul da gan­Tav­se­bul wi­le­bad
da­i­yos. Tum­ca ase­Ti struq­tu­ra mxo­lod sa­ka­non­mdeb­lo Se­Ta­va­ze­baa da
ara ka­pi­ta­lis struq­tu­ris gar­Tu­le­bis mcde­lo­ba. SezR­u­du­li pa­su­xis­
mgeb­lo­bis sa­zo­ga­do­eb ­ is ka­pi­ta­li Se­saZ­lo­a, mar­ti­vi for­miT mxo­lod
gan­Tav­se­bu­li wi­le­bis sa­xiT Ca­mo­ya­lib­des.
ne­ba­dar­Tu­li wi­le­bi gu­lis­xmobs sa­zo­ga­do­e­bis sa­dam­fuZ­neb­lo do­
ku­men­tSi wi­le­bis sa­xe­o­be­bi­sa da ma­Ti maq­si­ma­lu­ri da­saS­ve­bi sa­er­To
ode­no­bis, ase­ve maT­Tan da­kav­Si­re­bu­li uf­le­ba-­mo­va­le­o­be­bis aR­we­ras,
maT So­ris ad­gens no­mi­na­lur Ri­re­bu­le­bas, ase­Tis ar­se­bo­bis Sem­Txve­va­
Si. Se­sa­ba­mi­sad, ne­ba­dar­Tu­li ka­pi­ta­lis (wi­le­bis) gan­sazR­vris uf­le­ba­
mo­si­le­ba par­tni­o­rebs ekuT­vniT.
ga­moS­ve­bis etap­ze wi­li iq­mne­ba ro­gorc sa­kuT­re­bi­sa da flo­bis obi­
eq­ti, mi­u­xe­da­vad imi­sa, aris Tu ara igi kon­kre­tu­li par­tni­o­ris sa­kuT­
re­ba­Si. ro­gorc we­si, ga­moS­ve­ba gar­da­ma­va­li eta­pia gan­Tav­se­bam­de. Tu­ki
am or etaps So­ris aris dro­iT ­ i Su­a­le­di, re­es­trSi un­da ai­sa­xos wi­le­bi
uk­ve ga­moS­ve­bis etap­ze.
par­tni­or ­ e­bis­Tvis wi­le­bis aq­ci­e­bis ga­da­ce­miT (gan­Tav­se­biT) wi­le­bi
uk­ve gan­Tav­se­bul wi­le­bad gar­da­iq­mne­ba.
ne­ba­dar­Tu­li wi­le­bis far­gleb­Si wi­le­bis ga­moS­ve­bis an gan­Tav­se­bis Se­
sa­xeb ga­dawy­ve­ti­le­ba, Se­saZ­lo­a, par­tni­o­reb­ma mi­i­Ron. Tum­ca uf­ro praq­
ti­ku­lia am uf­le­bis ga­da­ce­ma wes­de­biT an par­tni­or­Ta ga­dawy­ve­ti­le­biT,
maT So­ris dro­e­bi­Tac, xel­mZRva­ne­li an sa­meT­val­yu­reo or­ga­nos­Tvis;
ase­ve, praq­ti­ku­li sa­Wi­ro­e­bis gaT­va­lis­wi­ne­biT, ga­dawy­ve­ti­le­ba un­da
Se­i­cav­des Zi­ri­Tad in­for­ma­ci­as wi­le­bis Ta­o­ba­ze, amas­Tan, Se­iZ­le­ba, ad­
gen­des gan­Tav­se­bis va­debs, gan­Tav­se­bis fass, ga­nu­Tav­seb­lo­bis Se­de­gebs,
ma­ga­li­Tad: ga­uq­me­bas da ne­ba­dar­Tu­li ka­pi­ta­lis Se­sa­ba­mis Sem­ci­re­bas,
ase­ve sxva da­ma­te­biT pi­ro­bebs. Tu­ki ga­nu­Tav­seb­lo­bis Se­de­gi wi­le­bis ga­
uq­me­ba da ne­ba­dar­Tu­li ka­pi­ta­lis Se­sa­ba­mi­si Sem­ci­re­ba­a, amis­Tvis, da­ma­
te­biT, par­tni­or­Ta ga­dawy­ve­ti­le­ba ar aris sa­Wi­ro. xel­mZRva­nel or­ga­no­
ebs Se­uZ­li­aT, par­tni­or­Ta wi­nas­war mi­Re­bu­li ga­dawy­ve­ti­le­ba Ta­vad ga­na­
xor­ci­e­lon sa­re­gis­tra­cio mo­na­ce­meb­Si Se­sa­ba­mi­si cvli­le­be­bis Se­ta­niT.
me-7 pun­qti exe­ba axa­li wi­le­bis ga­moS­ve­bas SezR­u­du­li pa­su­xis­mgeb­
lo­bis qo­ne­bis xar­jze, rac ka­pi­ta­lis no­mi­na­lur zrdas gu­lis­xmobs,

214
vi­na­i­dan am dros sa­war­mos aq­ti­vi ar iz­rde­ba. igi xor­ci­el­de­ba sa­war­
mos qo­ne­bis „ka­pi­ta­li­za­ci­iT“ (mag.: Ta­vi­su­fa­li re­zer­ve­bi, ga­u­na­wi­le­
be­li mo­ge­ba) da ara par­tni­or­Ta­gan axa­li Se­na­ta­ne­bis gan­xor­ci­el ­ e­bis
gziT. wi­le­bi ga­i­ce­ma ar­se­bul par­tni­o­reb­ze ar­se­bu­li pro­por­ci­is Se­
sa­ba­mi­sad.
Tu­ki sa­war­mos wi­lob­ri­vi ka­pi­ta­lis rTu­li struq­tu­ra aqvs, e.i.
sxva­das­xva sa­xis (kla­sis) wi­lebs uS­vebs er­Ti kla­sis wi­le­bi, ro­gorc
we­si, ga­ic­ e­ma ama­ve kla­sis wi­le­bis mflo­be­leb­ze. ga­mo­nak­li­se­bi da­
saS­ve­bi­a, ro­ca wi­le­bis gan­Tav­se­bam­de es gaT­va­lis­wi­ne­bu­lia wes­de­
biT, ga­mo­saS­ve­bi kla­sis wi­le­bis mflo­be­li par­tni­o­re­bi xma­Ta um­rav­
le­so­biT da­e­Tan­xme­bi­an am­gvar ga­mo­ce­mas, an ga­i­ce­ma axa­li kla­sis wi­
le­bi.

mux­li 137. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis mi­er

ga­moS­ve­bu­li axa­li wi­le­bis upi­ra­te­si Ses­yid­vis uf­le­ba

1. Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li, SezR­u­du­li pa­su­

xis­mgeb­lo­bis sa­zo­ga­do­e­bis mi­er ga­moS­ve­bu­li axa­li wi­le­bis upi­
ra­te­si Ses­yid­vis uf­le­ba aqvT par­tni­o­rebs.
2. Tu wes­de­biT an am mux­lis me-6 pun­qtis Se­sa­ba­mi­sad mi­Re­bu­li ga­
dawy­ve­ti­le­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li, SezR­u­du­li pa­
su­xis­mgeb­lo­bis sa­zo­ga­do­e­bas ar aqvs uf­le­ba, ga­na­Tav­sos ga­moS­
ve­bu­li wi­le­bi an pir­Ta ga­nu­sazR­vrel wres Ses­Ta­va­zos wi­le­bis
ne­bis­mi­e­ri pi­ro­be­biT gan­Tav­se­ba, vid­re igi par­tni­o­rebs we­ri­lo­
biT ar Ses­Ta­va­zebs ga­moS­ve­bu­li wi­le­bis ima­ve pi­ro­be­biT Se­Ze­nas
da amis­Tvis go­niv­rul va­das ar ga­nu­sazR­vravs.
3. ga­moS­ve­bu­li axa­li wi­le­bis upi­ra­te­si Ses­yid­vis uf­le­bis ga­mo­ye­
ne­bis Se­Ta­va­ze­bis Sem­Txve­va­Si SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­
ga­do­e­bam par­tni­ors am uf­le­bis ga­mo­ye­ne­bis­Tvis un­da mis­ces go­
niv­ru­li va­da, mag­ram ara­nak­leb 14 dRi­sa.
4. ga­moS­ve­bu­li axa­li wi­le­bis upi­ra­te­si Ses­yid­vis uf­le­ba moq­me­
debs wi­lis pro­por­ci­u­lad, Tu yve­la par­tni­o­ri am uf­le­bis ga­
mo­ye­ne­bis sxva wes­ze ar Se­Tan­xmda. Tu pro­por­ci­u­lo­bis dac­viT
Se­Ta­va­ze­bu­li wi­le­bi par­tni­o­rebs So­ris zus­tad ver na­wil­de­ba,
im wi­le­bis upi­ra­te­si Ses­yid­vis wess, rom­le­bic par­tni­o­rebs So­

215
 ris ver na­wil­de­ba, xma­Ta um­rav­le­so­biT gan­sazR­vra­ven par­tni­o­
re­bi.
5. par­tni­ors, ro­mel­sac aqvs ga­moS­ve­bu­li axa­li wi­le­bis upi­ra­te­si
Ses­yid­vis uf­le­ba, Se­uZ­lia am mux­lis me-3 pun­qtiT gan­sazR­vrul
va­da­Si ua­ri Tqvas aR­niS­nul uf­le­ba­ze ne­bis­mi­e­ri me­sa­me pi­ris sa­
sar­geb­lod.
6. axa­li wi­lis ga­moS­ve­bi­sas mi­si upi­ra­te­si Ses­yid­vis uf­le­ba Se­iZ­
le­ba Se­izR­u­dos an ga­mo­i­ricx­os par­tni­or­Ta ga­dawy­ve­ti­le­biT,
ro­me­lic mi­i­Re­ba ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis sul mci­re 3/4-is
um­rav­le­so­biT. es ga­dawy­ve­ti­le­ba Se­iZ­le­ba mi­Re­bul iq­nes mxo­
lod SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis xel­mZRva­ne­li
or­ga­nos mox­se­ne­bis sa­fuZ­vel­ze, ro­mel­Sic mi­Ti­Te­bu­lia aR­niS­nu­
li uf­le­bis SezR­ud­vis an ga­mo­ricx­vis go­niv­ru­li sa­fuZ­vle­bi da
da­sa­bu­Te­bu­lia wi­lis ga­da­ce­mis Ri­re­bu­le­ba.
 
mux­li exe­ba axa­li wi­le­bis pro­por­ci­ul upi­ra­te­si Ses­yid­vis uf­le­
bas. es uf­le­ba Se­iZ­le­ba ga­mo­ir
­ icx­os wes­de­biT an kon­kre­tu­li ka­pi­ta­lis
gaz­rdis far­gleb­Si ken­Wis­yra­Si mo­na­wi­le par­tni­or­Ta ¾-is ga­dawy­ve­ti­
le­biT. am Sem­Txve­va­Si di­req­to­ri/­di­req­to­re­bi val­de­bu­li ari­an, we­ri­
lo­biT da­a­sa­bu­Ton SezR­ud­vis an ga­mo­ricx­vis sa­Wi­ro­e­ba. da­na­we­si exe­ba
da­ma­te­bi­Ti ka­pi­ta­lis emi­sas (ka­pi­ta­lis gaz­rdas) ne­bis­mi­e­ri for­miT,
e.i. Sem­Txve­veb­sac, ro­de­sac for­ma­lu­rad axa­li, da­mo­u­ki­de­be­li wi­lis
ga­moS­ve­ba ar xde­ba.
wes­de­bis Se­sa­ba­mis cvli­le­ba­ze vrcel­de­ba 135-e mux­lis me-4 pun­qtis
da­na­we­si. pro­por­ci­u­lo­bis prin­ci­pi Se­saZ­lo­a, da­ir­Rves, Tu­ki amas da­e­
Tan­xme­ba yve­la par­tni­o­ri.
upi­ra­te­si Ses­yid­vis uf­le­bis ga­mo­ye­ne­bis­Tvis dad­ge­ni­li pro­ce­du­
ris gav­lam­de sa­zo­ga­do­e­bas ar aqvs uf­le­ba, me­sa­me pi­reb­ze ga­na­Tav­sos
axa­li wi­le­bi (a­xa­li ka­pi­ta­li). uf­le­bis ga­mo­ye­ne­bis­Tvis par­tni­o­rebs
un­da mi­e­ceT, sul mci­re, 14 dRe. par­tni­ors uf­le­ba aqvs, ua­ri Tqvas ga­
mo­ye­ne­ba­ze, maT So­ris, me­sa­me pi­ris sa­sar­geb­lod. ua­rad mi­iC­ne­va va­dis
uSe­de­god gas­vlac. sa­dam­fuZ­neb­lo Se­Tan­xme­ba/­wes­de­ba Se­saZ­lo­a, zRu­
dav­des me­sa­me pi­ris sa­sar­geb­lod ua­ris Tqmas, an amis­Tvis da­nar­Ce­ni par­
tni­o­re­bis Tan­xmo­bas mo­iTx­ov­des.
upi­ra­te­si Ses­yid­vis uf­le­bis ga­mo­ye­ne­bis de­ta­le­bi Se­saZ­lo­a, ga­ni­
sazR­vros sa­dam­fuZ­neb­lo Se­Tan­xme­biT­/wes­de­biT.

216
mux­li 138. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­o­ris
mi­er Se­na­ta­nis gan­xor­ci­e­le­ba

1. par­tni­o­ri val­de­bu­lia Se­Tan­xme­bu­li Se­na­ta­ni ga­na­xor­ci­e­los

fu­la­di sa­xiT an ara­fu­la­di sa­xiT, Tu ara­fu­la­di Se­na­ta­ni wes­de­
biT ak­rZa­lu­li ar aris.
2. sa­er­To kre­ba uf­le­ba­mo­si­lia ga­a­Ta­vi­suf­los par­tni­o­ri Se­na­ta­
nis gan­xor­ci­e­le­bis val­de­bu­le­bis­gan, gar­da im Sem­Txve­vi­sa, ro­de­
sac Se­na­ta­nis gan­xor­ci­e­le­ba au­ci­le­be­lia kre­di­tor­Ta moTx­ov­
ne­bis an SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis fun­qci­o­ni­
re­bis­Tvis mniS­vne­lo­va­ni in­te­re­sis da­sak­ma­yo­fi­leb­lad.
3. Tu Se­na­ta­nis gan­xor­ci­e­le­bis val­de­bu­le­bis­gan ga­Ta­vi­suf­le­ba
exe­ba no­mi­na­lu­ri Ri­re­bu­le­bis mqo­ne wils, ga­Ta­vi­suf­le­ba da­saS­
ve­bia mxo­lod gan­Tav­se­bu­li ka­pi­ta­lis Se­sa­ba­mi­sad Sem­ci­re­biT.
4. Se­na­ta­ni un­da gan­xor­ci­el­des wes­de­biT an par­tni­or­Ta Se­Tan­xme­
biT dad­ge­ni­li we­siT. Se­na­ta­nis sru­lad an na­wi­lob­riv gan­xor­ci­
e­le­ba wi­le­bis gan­Tav­se­bis­Ta­na­ve sa­val­de­bu­lo ar aris. Se­na­ta­nis
gan­xor­ci­e­le­bis va­dis Ta­o­ba­ze Se­Tan­xme­bis arar­se­bo­bis Sem­Txve­
va­Si Se­na­ta­ni un­da gan­xor­ci­el­des SezR­u­du­li pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­e­bis moTx­ov­ni­dan go­niv­rul va­da­Si, ro­me­lic ga­ni­sazR­
vre­ba am sa­zo­ga­do­e­bis sa­Wi­ro­e­bis, par­tni­or­Ta qo­neb­ri­vi mdgo­ma­
re­o­bi­sa da Se­sas­ru­le­be­li val­de­bu­le­bis mo­cu­lo­bis gaT­va­lis­wi­
ne­biT.
 
sa­aq­cio sa­zo­ga­do­e­bis­gan gan­sxva­ve­biT, qo­ne­bis Se­ta­na­u­na­ri­a­no­bis
Tval­saz­ri­siT, SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis­Tvis SezR­
ud­va ar aris dad­ge­ni­li.
par­tni­or­Ta ga­dawy­ve­ti­le­biT, Se­saZ­lo­a, par­tni­o­ri ga­Ta­vi­suf­ldes
Se­u­ta­ne­li Se­na­ta­nis gan­xor­ci­e­le­bis val­de­bu­le­bis­gan, Tu­ki sa­war­mos
una­ri, da­ak­ma­yo­fi­los kre­di­to­re­bi, ar mcir­de­ba (mag. ga­dax­di­su­u­na­ro­
bis saf­rTxis gaz­rdiT an ga­dax­di­su­un ­ a­ro­bis gaR­rma­ve­biT) an sa­war­mos
si­cocx­li­su­na­ri­a­no­ba sxvag­va­rad ar dge­ba saf­rTxis wi­na­Se. gar­da ami­
sa, Se­na­ta­nis gan­xor­ci­le­bis val­de­bu­le­bi­sa­gan dros da­cu­li un­da iq­nes
par­tni­or­Ta Ta­nas­wo­ruf­le­bi­a­no­bis prin­ci­pi (34-e mux­lis me-2 pun­qti).
Tu­ki Sps-s aqvs gan­Tav­se­bu­li (sa­wes­de­bo) ka­pi­ta­li, da gan­Ta­vi­suf­le­ba
exe­ba no­mi­na­lu­ri Ri­re­bu­le­bis mqo­ne wi­lebs, Se­sa­ba­mi­sad un­da Sem­cir­
des gan­Tav­se­bu­li (sa­wes­de­bo) ka­pi­ta­li.

217
 ka­no­ni ase­ve ar ad­gens Se­na­ta­nis gan­xor­ci­e­le­bis sa­val­de­bu­lo va­
debs da ar ga­ni­xi­lavs Se­na­ta­nis gan­xor­ci­el ­ e­bas wi­lis gan­Tav­se­bis წინა
პირობაd. sa­dam­fuZ­neb­lo Se­Tan­xme­ba Se­saZ­lo­a, de­ta­lu­rad awes­ri­geb­des
Se­ta­nis gan­xor­ci­e­le­bis wess, wi­na pi­ro­beb­sa da va­debs. Tu­ki va­de­bi ar
aris dad­ge­ni­li, Se­na­ta­ni moTx­ov­ni­dan go­niv­rul va­da­Si un­da iq­nes gan­
xor­ci­el­ e­bu­li. Se­na­ta­ni Se­ta­nil un­da iq­nes wes­de­biT an par­tni­or­Ta Se­
Tan­xme­biT gaT­va­lis­wi­ne­bu­li we­siT.

mux­li 139. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­o­ris

mi­er Se­na­ta­nis ga­nu­xor­ci­e­leb­lo­ba da mi­si Se­de­ge­bi

1. Tu­ki par­tni­o­ri dad­ge­nil va­da­Si ar ga­na­xor­ci­e­lebs Se­na­tans, va­

da­ga­da­ci­le­bu­li Se­na­ta­nis Ri­re­bu­le­bas ericx­e­ba am va­dis ga­da­ci­
le­bis wli­u­ri pro­cen­ti sa­qar­Tve­los erov­nu­li ban­kis mi­er Se­sa­
ba­mi­si pe­ri­o­dis­Tvis dad­ge­ni­li re­fi­nan­si­re­bis ga­nak­ve­Tis or­ma­gi
ode­no­biT, Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li.
2. Se­na­ta­nis gan­xor­ci­e­le­bis va­dis ga­da­ci­le­bis Sem­Txve­va­Si xel­
mZRva­nel or­ga­nos Se­uZ­lia da­iwy­os wi­lis Ca­mor­Tme­vis pro­ce­si.
par­tni­ors un­da ga­eg­zav­nos Sety­o­bi­ne­ba am pro­ce­sis dawy­e­bis Se­
sa­xeb da Se­na­ta­nis gan­xor­ci­e­le­bis­Tvis un­da mi­e­ces da­ma­te­bi­Ti va­
da ara­nak­leb 30 dRi­sa.
3. Se­na­ta­nis gan­xor­ci­e­le­bis da­ma­te­bi­Ti va­dis uSe­de­god gas­vlis
Sem­deg mis dam­rRvev par­tni­ors Se­sa­ba­mi­si we­ri­lo­bi­Ti Sety­o­bi­
ne­ba eg­zav­ne­ba da igi SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis
sa­sar­geb­lod kar­gavs Ta­vis wils, na­wi­lob­riv gan­xor­ci­e­le­bul
Se­na­tans da mas­Tan da­kav­Si­re­bul uf­le­bebs. Se­na­tan­Tan da­kav­Si­re­
bu­li moTx­ov­ne­bi Za­la­Si rCe­ba.

ka­no­nis 139-e mux­li, wi­lis sa­nac­vlo Se­na­ta­nis Se­u­tan­lo­bis ga­mo,

wi­lis Ca­mor­Tme­vis wess ad­gens. am me­qa­niz­mis amoq­me­de­ba SezR­u­du­li pa­
su­xis­mgeb­lo­bis sa­zo­ga­do­eb­ is uf­le­baa da ara Se­na­ta­nis va­da­Si Se­u­tan­
lo­bis av­to­ma­tu­ri sa­mar­Tleb­ri­vi Se­de­gi. sa­dam­fuZ­neb­lo Se­Tan­xme­biT,
Se­saZ­lo­a, ga­mo­i­ricx­os ki­dec am uf­le­bis ga­mo­ye­ne­ba. ase­ve Se­saZ­le­be­lia
wes­de­biT al­ter­na­ti­ul ­ i san­qci­e­bis, Se­na­ta­nis dro­u­lad gan­xor­ci­e­le­
bis uz­run­vel­myo­fi san­qci­e­bis da­we­se­ba (mag.: gas­xvi­se­bis da uf­leb­ri­vi
dat­vir­Tvis SezR­ud­va, xmis an di­vi­den­dis uf­le­bis SezR­ud­va, di­vi­den­

218
dis xar­jze gaq­viT­va a.S.). wi­lis Ca­mor­Tme­vis we­si ar war­mo­ad­gens Se­na­
tan­Tan da­kav­Si­re­bu­li sa­war­mos moTx­ov­nis sa­sar­Ce­lo gziT gan­xo­r­cie­
le­bis dab­rko­le­bas.
Tu­ki Se­na­ta­nis gan­xor­ci­e­le­bis va­da da­ir­Rva da sa­zo­ga­do­e­bam, ro­
mel­sac pro­ces­Si di­req­to­ri war­mo­ad­gens, wi­lis Ca­mor­Tme­vis gza air­
Ci­a, un­da ga­af­rTxi­los par­tni­o­ri mo­sa­lod­ne­li Se­de­gis Se­sa­xeb da, sul
mci­re, 30-dRi­a­ni da­ma­te­bi­Ti va­da un­da mis­ces mas. igi­ve we­si ga­mo­i­ye­ne­ba,
Tu­ki sa­zo­ga­do­e­bis moTx­ov­ni­dan go­niv­rul va­da­Si par­tni­or­ma ar ga­na­
xor­ci­e­la Se­na­ta­ni, Tu­ki kon­kre­tu­li va­da Se­na­ta­nis gan­xor­ci­el ­ e­bis­
Tvis ar aris gaT­va­lis­wi­ne­bu­li. sa­dam­fuZ­neb­lo Se­Tan­xme­ba Se­saZ­loa da­
ma­te­biT wi­na pi­ro­beb­sac ad­gen­des, mag. mo­iTx­ov­des par­tni­or­Ta kre­bis
ga­dawy­ve­ti­le­bas Ca­mor­Tme­vis pro­ce­sis da­sawy­e­bad.
sa­zo­ga­do­eb­ a val­de­bu­li­a, da­ma­te­bi­Ti va­da mis­ces par­tni­ors. da­ma­te­
bi­Ti va­dis uSe­de­god gas­vlis Sem­deg sa­zo­ga­do­e­bis cal­mxri­vi mi­Re­ba­sa­
val­de­bu­lo ne­bis ga­mov­le­niT par­tni­o­ri kar­gavs wils da gan­xor­ci­e­le­
bul na­wi­lob­riv Se­na­tans.
Se­u­ta­nel Se­na­tan­Tan da­kav­Si­re­biT sa­zo­ga­do­e­bis moTx­ov­na Za­la­Si
rCe­ba. es da­na­we­si kre­di­to­re­bis dac­vis miz­niT aris na­kar­na­xe­vi. wi­lis
Ca­mor­Tme­viT (mis kvlav gan­Tav­se­bam­de) sa­zo­ga­do­e­bis da­nak­li­si Se­u­ta­
ne­li Se­na­ta­ni­dan ga­mom­di­na­re ar aR­mof­xvri­la. sa­zo­ga­do­e­bas Se­uZ­li­a,
ne­bis­mi­er
­ i for­miT ga­as­xvi­sos Ca­mor­Tme­u­li wi­li, maT So­ris: da­nar­Ce­ni
par­tni­or ­ e­bis Se­na­ta­ne­biT Se­av­sos de­fi­ci­ti, an axal par­tni­ors ga­das­
ces igi. wes­de­ba Se­saZ­le­be­li­a, iT­va­lis­wi­neb­des ase­ve qo­neb­ri­vi da­nak­li­
sis Sev­se­bis sxva for­meb­sac (mag.: auq­ci­o­nis we­siT gas­xvi­se­ba, da­nar­Ce­ni
par­tni­or ­ e­bis mi­er da­nak­li­si Sev­se­bis val­de­bu­le­ba (am Sem­Txve­va­Si, Tu­
ki aR­niS­nu­li de­bu­le­ba cvli­le­bis sa­xiT Se­dis wes­de­ba­Si, mas yve­la par­
tni­or­ma un­da da­uW ­ i­ros mxa­ri).

 
mux­li 140. sa­val­de­bu­lo da ne­ba­yof­lo­bi­Ti da­ma­te­bi­Ti Se­na­ta­ne­bi

1. wi­le­bis gan­Tav­se­bam­de wes­de­ba an wes­de­bis cvli­le­ba, ro­me­lic Se­

sa­ba­mi­si wi­lis mflo­bel­ma par­tni­o­reb­ma er­Txmad mi­i­Res, Se­iZ­le­ba
iT­va­lis­wi­neb­des par­tni­or­Ta ga­dawy­ve­ti­le­bis Ta­nax­mad par­tni­
o­re­bis mi­er da­ma­te­bi­Ti Se­na­ta­nis fu­la­di sa­xiT gan­xor­ci­e­le­bis
val­de­bu­le­bas da ad­gen­des, ro­mel wils exe­ba da­ma­te­bi­Ti Se­na­ta­
nis gan­xor­ci­e­le­bis val­de­bu­le­ba. aseT Sem­Txve­va­Si wes­de­ba un­da
gan­sazR­vrav­des da­ma­te­bi­Ti Se­na­ta­nis maq­si­ma­lur ode­no­bas.

219
 2. par­tni­o­re­bi da­ma­te­biT Se­na­tans Ta­vi­an­Ti wi­le­bis pro­por­ci­u­
lad axor­ci­e­le­ben.
3. sa­val­de­bu­lo da­ma­te­bi­Ti Se­na­ta­nis ga­nu­xor­ci­e­leb­lo­bi­sas Se­sa­
ba­mis Sem­Txve­va­Si ga­mo­i­ye­ne­ba am ka­no­nis 139-e mux­li, gar­da im Sem­
Txve­vi­sa, ro­de­sac par­tni­o­ri ga­dis SezR­u­du­li pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­e­bi­dan am ka­no­nis 144-e mux­lis Se­sa­ba­mi­sad.
4. par­tni­ors, di­req­to­ris Tan­xmo­biT, Se­uZ­lia ga­na­xor­ci­e­los da­
ma­te­bi­Ti ne­ba­yof­lo­bi­Ti Se­na­ta­ni ara­fu­la­di sa­xi­Tac, ma­Si­nac ki,
ro­ca wes­de­ba da­ma­te­bi­Ti Se­na­ta­nis gan­xor­ci­e­le­bis val­de­bu­le­
bas ar iT­va­lis­wi­nebs.
 
da­ma­te­bi­Ti Se­na­ta­ni par­tni­o­ris da­ma­te­bi­Ti val­de­bu­le­bis for­ma­a,
ro­me­lic sa­zo­ga­do­e­bis­Tvis fi­nan­su­ri dax­ma­re­bis ga­we­vas gu­lis­xmobs,
mis ka­pi­tal­Si fu­la­di Se­na­ta­nis gan­xor­ci­e­le­biT. wi­lis sa­nac­vlod, Se­
na­ta­nis­gan gan­sxva­ve­biT, da­ma­te­bi­Ti Se­na­ta­ni ar ax­dens gav­le­nas wi­le­bis
pro­por­ci­a­ze. Tum­ca, Tu­ki par­tni­o­re­bis sxva ra­me­ze ar Se­Tan­xme­bu­lan,
da­ma­te­bi­Ti Se­na­ta­ni par­tni­o­reb­ze wi­le­bis pro­por­ci­u­lad un­da ga­da­na­
wil­des.
mi­no­ri­ta­ri par­tni­o­re­bis dac­vis in­te­re­se­bi­dan ga­mom­di­na­re, pir­ve­li
pun­qti ad­gens sa­val­de­bu­lo da­ma­te­bi­Ti Se­na­ta­nis Se­sa­xeb ga­dawy­ve­ti­le­
bis mi­Re­bis sa­gan­ge­bo wess. par­tni­o­ris mi­er Ta­vi­si Se­saZ­lo fi­nan­su­ri
tvir­Tis gan­Wvre­tis miz­niT, sa­dam­fuZ­neb­lo Se­Tan­xme­ba un­da iT­va­lis­wi­
neb­des da­ma­te­bi­Ti Se­na­ta­nis maq­si­ma­lur ode­no­bas. xo­lo Tu­ki da­ma­te­
bi­Ti Se­na­ta­nis val­de­bu­le­ba dgin­de­ba wes­de­bis Se­sa­ba­mi­si cvli­le­biT,
gar­da ken­Wis­yra­Si mo­na­wi­le xme­bis ¾ Tan­xmo­bi­sa (wes­de­bis cvli­le­ba ix.
126-e mux­lis me-3 pun­qti), cvli­le­bas un­da da­e­Tan­xmos yve­la par­tni­o­ri
ro­mel­Tac exe­ba da­ma­te­bi­Ti Se­na­ta­nis val­de­bu­le­ba.
ka­non­pro­eq­tTan (ix. ju­Re­li/­gi­gu­aS­vi­li, gan­mar­te­be­bi „me­war­me­Ta Se­
sa­xeb ka­no­nis“ pro­eq­tze, 2021, 142-e mux­li, pir­ve­li pun­qti, gv. 160) Se­da­
re­biT, ga­dawy­ve­ti­le­bis mi­Re­bis we­sis gam­kac­re­bis ga­mo (ix. pro­eq­ti mux­
li 142-e, pun­qti pir­ve­li), 144-e mux­lis pir­ve­li pun­qtis „d“ qve­pun­qtma
praq­ti­ku­li mniS­vne­lo­ba da­kar­ga.
or­mxri­vi ne­bis Sem­Txve­va­Si par­tni­ors Se­uZ­li­a, ne­ba­yof­lo­bi­Tac ga­
na­xor­ci­el ­ os da­ma­te­bi­Ti Se­na­ta­ni, maT So­ris ara­fu­la­di sa­xi­Tac.
sa­val­de­bu­lo da­ma­te­bi­Ti Se­na­ta­nis Se­u­tan­lo­ba­ze vrcel­de­ba Se­na­ta­
nis Se­u­tan­lo­bis zo­ga­di sa­mar­Tleb­ri­vi Se­de­ge­bi (mag. wi­lis Ca­mor­Tme­
vis pro­ce­du­ris Se­saZ­leb­lo­ba ix. 139-e mux­li).

220
mux­li 141. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis wi­lis ga­da­ce­ma

1. par­tni­ors Se­uZ­lia ga­das­ces (ga­as­xvi­sos an uf­leb­ri­vad dat­vir­

Tos) Ta­vi­si wi­li SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­sa da
par­tni­or­Ta Tan­xmo­bis ga­re­Se.
2. ga­dawy­ve­ti­le­ba, ro­me­lic zRu­davs, krZa­lavs an­/da par­tni­o­re­bis
an SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis Tan­xmo­ba­ze da­mo­
ki­de­buls xdis par­tni­o­ris mi­er Ta­vi­si wi­lis ga­da­ce­mas (gas­xvi­
se­bas an uf­leb­ri­vad dat­vir­Tvas) an­da cvli­le­ba Se­aqvs moq­med
SezR­ud­va­Si, ak­rZal­va­Si an wi­lis ga­da­ce­mis­Tvis (gas­xvi­se­bis­Tvis
an uf­leb­ri­vad dat­vir­Tvis­Tvis) sa­Wi­ro Tan­xmo­bis ga­ce­mis wes­Si,
mi­i­Re­ba mxo­lod yve­la im par­tni­o­ris Tan­xmo­biT, ro­mel­sac aR­niS­
nu­li SezR­ud­va an ak­rZal­va exe­ba.
3. wi­lis ga­da­ce­mis Se­sa­xeb Se­Tan­xme­ba we­ri­lo­biT un­da ga­for­mdes.
4. par­tni­o­ri val­de­bu­lia wi­lis ga­da­ce­mis Se­sa­xeb Se­Tan­xme­bis ga­
for­me­bis­Ta­na­ve ac­no­bos amis Ta­o­ba­ze SezR­u­du­li pa­su­xis­mgeb­lo­
bis sa­zo­ga­do­e­bas.
5. wi­lis ga­da­ce­ma Za­la­Si Se­dis ma­re­gis­tri­re­be­li or­ga­nos mi­er wi­
lis axa­li par­tni­o­ris sa­xel­ze re­gis­tra­ci­is­Ta­na­ve. am Sem­Txve­va­
Si ga­mo­i­ye­ne­ba ke­Til­sin­di­si­e­ri Sem­Ze­nis Se­sa­xeb sa­qar­Tve­los ka­
non­mdeb­lo­biT dad­ge­ni­li nor­me­bi.
6. wi­lis gas­xvi­se­bis mo­men­tSi gas­xvi­se­bul wil­Tan da­kav­Si­re­bu­li Se­
us­ru­le­be­li val­de­bu­le­be­bis­Tvis SezR­u­du­li pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­e­bis wi­na­Se so­li­da­ru­lad age­ben pa­suxs wi­lis gam­sxvi­se­
be­li da wi­lis Sem­Ze­ni par­tni­o­re­bi, Tu wes­de­biT sxva ram ar aris
gaT­va­lis­wi­ne­bu­li.

wi­lis, ro­gorc mi­moq­ce­va­di uf­le­bis, ga­da­ce­ma an uf­leb­ri­vi dat­vir­

Tva ar mo­iTx­ovs sa­zo­ga­do­e­bis an par­tni­or­Ta Tan­xmo­bas. aR­niS­nu­li Ta­
vi­suf­le­bis SezR­ud­va an ga­mo­ricx­va _ sa­dam­fuZ­neb­lo Se­Tan­xme­ba­Si Se­
sa­ba­mi­si cvli­le­bis Se­ta­na _ yve­la im par­tni­o­ris Tan­xmo­bas sa­Wi­ro­ebs,
ro­mel­Tac aR­niS­nu­li SezR­ud­va an ak­rZal­va exe­ba. par­tni­o­ris val­de­bu­
le­ba­a, sa­zo­ga­do­e­bas ac­no­bos wi­lis ga­da­ce­mis Se­sa­xeb, val­de­bu­le­biT
­sa­mar­Tleb­ri­vi Se­Tan­xme­bis ga­for­me­bam­de, rac da­kav­Si­re­bu­lia di­req­
to­ris uf­le­ba­mo­si­le­bas­Tan, mi­mar­Tos re­estrs par­tni­o­ris cvli­le­bis
Ta­o­ba­ze (me-12 mux­lis me-2 pun­qti). Se­Tan­xme­ba mo­iTx­ovs mar­tiv we­ri­lo­
biT for­mas.

221
 brun­vis sta­bi­lu­ro­bis in­te­re­se­bi­dan ga­mom­di­na­re, me-5 pun­qti wi­lis
ga­da­ce­mas (sa­niv­To sa­mar­Tleb­riv Se­degs) ukav­Si­rebs sa­me­war­meo re­es­
trSi Se­sa­ba­mis re­gis­tra­ci­as. aras­wo­ri re­gis­tra­ci­is Sem­Txve­va­Si, ke­Til­
sin­di­si­e­ri Sem­Ze­nis uf­le­be­bi da­cu­lia ama­ve pun­qtis me-2 wi­na­da­de­biT.
ga­nu­xor­ci­e­le­bel Se­na­tan­Ta da­kav­Si­re­biT, pa­su­xis­mgeb­lo­ba wi­lis
gas­xvi­se­bis Sem­Txve­va­Si, so­li­da­ru­lad na­wil­de­ba gam­sxvi­se­bel­sa da
Sem­Zens So­ris, Tum­ca, sa­dam­fuZ­neb­lo Se­Tan­xme­ba Se­saZ­lo­a, gan­sxva­ve­
bul wess iT­va­lis­wi­neb­des. pa­su­xis­mgeb­lo­bi­dan ga­mom­di­na­re, fi­nan­su­ri
tvir­Tis ga­da­na­wi­le­ba Sem­Zen­sa da gam­sxvi­se­bels So­ris Se­saZ­lo­a, ma­Ti­ve
Se­Tan­xme­biT gan­sxva­ve­bu­lad mo­wes­rig­des.

mux­li 142. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis mi­er

sa­ku­Tar ka­pi­tal­Si wi­lis Se­Ze­na

1. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis mi­er sa­ku­Tar ka­pi­

tal­Si wi­lis Se­Ze­ni­sas Se­sa­ba­mis Sem­Txve­veb­Si ga­mo­i­ye­ne­ba am ka­no­
nis 145-e mux­lis pir­ve­li, me-4 da me-7 pun­qte­bi. da­saS­ve­bia sa­ku­Tar
ka­pi­tal­Si im wi­lis Se­Ze­na, rom­lis mi­sa­Re­bi Se­na­ta­ni sru­lad aris
gan­xor­ci­e­le­bu­li.
2. da­uS­ve­be­lia SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis mi­er sa­
ku­Tar ka­pi­tal­Si im wi­lis sru­lad Se­Ze­na, ro­me­lic iZ­le­va Se­uzR­
u­dav xmis uf­le­bas an SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis
lik­vi­da­ci­is pro­ce­sis das­ru­le­bi­sas mi­si qo­ne­bis mi­Re­bis uf­le­bas.
3. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis mi­er sa­ku­Tar ka­pi­
tal­Si wi­lis Se­Ze­nis an ima­ve wi­lis aR­niS­nu­li sa­zo­ga­do­e­bis Svi­
lo­bi­li sa­war­mos mi­er Se­Ze­nis Sem­Txve­va­Si es wi­li xme­bis daT­vlis,
am sa­zo­ga­do­e­bis qo­ne­bis ga­na­wi­le­bis, mi­si daS­lis moTx­ov­nis da wi­
lis flo­bi­dan ga­mom­di­na­re sxva uf­le­be­bis gan­xor­ci­e­le­bis miz­ne­
bis­Tvis ar ga­iT­va­lis­wi­ne­ba.
4. Tu wes­de­ba iT­va­lis­wi­nebs SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­
do­e­bis mi­er sa­ku­Tar ka­pi­tal­Si Se­Ze­ni­li wi­lis ga­uq­me­bas, am wi­lis
ga­uq­me­bis Se­sa­xeb ga­dawy­ve­ti­le­bas par­tni­o­re­bi iRe­ben. aR­niS­nu­li
wi­lis ga­uq­me­ba wes­de­ba­Si un­da ai­sa­xos.
5. am ka­no­nis an wes­de­bis dar­Rve­viT SezR­u­du­li pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­e­bis mi­er sa­ku­Tar ka­pi­tal­Si Se­Ze­ni­li wi­li un­da ga­i­yi­
dos an ga­uq­mdes im ka­len­da­ru­li wlis das­ru­le­bam­de, ro­mel­Sic is
iq­na Se­Ze­ni­li.

222
 6. am mux­lis moTx­ov­ne­bi Se­sa­ba­mis Sem­Txve­va­Si vrcel­de­ba me­sa­me pi­
ris mi­er Ta­vi­si sa­xe­liT da SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­
do­e­bis xar­jiT SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis ka­pi­
tal­Si wi­lis Se­Ze­na­ze.
 
sa­war­mos mi­er sa­ku­Ta­ri wi­lis Se­Ze­na da­saS­ve­bi­a. mas­ze igi­ve SezR­ud­
va vrcel­de­ba, rac di­vi­den­dis ga­na­wi­le­ba­ze. Se­sa­ba­mi­sad, gan­Tav­se­bu­li
wi­le­bis ga­mos­yid­va da­saS­ve­bia wmin­da aq­ti­vis far­gleb­Si. gan­Tav­se­bu­li
ka­pi­ta­lis ar­se­bo­bis Sem­Txve­va­Si, wmin­da aq­tivs un­da ga­mo­ak­ldes gan­
Tav­se­bu­li ka­pi­ta­lis ode­no­ba. da­saS­ve­bi ga­mos­yid­vis წინა პირობაa ase­
ve da­de­bi­Ti ga­dax­di­su­na­ri­a­no­bis prog­no­zi.1 gar­da ami­sa, ga­mos­yid­va ar
un­da mox­des im­gva­rad, rom amis Se­de­gad Se­uzR­u­da­vi xmis uf­le­bis mqo­ne
wi­le­bi da wi­le­bi, ro­mel­Tac lik­vi­da­ci­is Sem­deg mTe­li nar­Ce­ni qo­ne­bis
mi­Re­bis uf­le­ba ukav­Sir­de­ba, sru­lad iq­nes ga­mos­yi­du­li. SezR­ud­va miz­
nad isa­xavs mdgo­ma­re­o­bis Ta­vi­dan aci­le­bas, ro­ca ga­mos­yid­vis Se­de­gad
sa­war­mo­Si gar­kve­u­li ga­dawy­ve­ti­le­bis mi­Re­bis Se­saZ­leb­lo­ba an lik­vi­da­
ci­is far­gleb­Si qo­ne­bis par­tni­o­reb­ze ga­na­wi­le­ba izR­u­de­ba.
ga­mos­yi­du­li wi­le­bi­dan ga­mom­di­na­re, uf­le­be­bi Cer­de­ba, ra­Ta ar mox­
des sa­war­mos xel­mZRva­ne­le­bis mi­er wi­le­bi­dan ga­mom­di­na­re uf­le­bis sa­
war­mos sa­wi­na­aR­mde­go miz­ne­biT ga­mo­ye­ne­ba. igi­ve we­si vrcel­de­ba Svi­lo­
bi­li sa­war­mos sa­kuT­re­ba­Si ar­se­bul wi­leb­ze.
sa­ku­Ta­ri wi­le­bis sa­mar­Tleb­riv beds sa­dam­fuZ­neb­lo Se­Tan­xme­ba gan­
sazR­vravs, rac, Se­saZ­lo­a, maT ga­uq­me­ba­sac ad­gen­des. ga­uq­me­ba sa­val­de­
bu­lo­a, Tu­ki sa­ku­Ta­ri wi­lis Se­Ze­na ka­non­dar­Rve­viT mox­da da mim­di­na­re
ka­len­da­ru­li wlis gan­mav­lo­ba­Si ver gan­Tav­sda. Tu­ki sa­war­mos aqvs gan­
Tav­se­bu­li (sa­wes­de­bo) ka­pi­ta­li, no­mi­na­lu­ri Ri­re­bu­le­bis mqo­ne wi­lis
ga­uq­me­bis Sem­Txve­va­Si, gan­Tav­se­bu­li ka­pi­ta­li Se­sa­ba­mi­sad un­da Sem­cir­
des ra­Ta da­cul iq­nas 134-e mux­lis me-2 pun­qtis moTx­ov­na.
me-6 pun­qti exe­ba Sem­Txve­vebs, ro­ca Sem­Ze­ni sa­war­mos e.w. cru­ma­gi­e­ri pi­ri­a.

mux­li 143. par­tni­o­ris ga­ricx­va SezR­u­du­li pa­su­xis­mgeb­lo­bis

sa­zo­ga­do­e­bi­dan

1. mniS­vne­lo­va­ni sa­fuZ­vlis ar­se­bo­bi­sas sa­sa­mar­Tlos Se­uZ­lia par­

tni­or­Ta ga­dawy­ve­ti­le­bis Se­sa­ba­mi­sad war­dge­ni­li SezR­u­du­li
1
ამდენად, არაზუსტია მუხლის პირველ პუნქტში 145-ე მუხლის პირველი, მე-4 და მე-7
პუნქტებზე მითითება. მითითება უნდა ეხებოდეს 145-ე მუხლის მე-6 და მე-8 პუნქტებს.

223
 pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis sar­Ce­lis sa­fuZ­vel­ze mi­i­Ros ga­
dawy­ve­ti­le­ba par­tni­o­ris SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­
do­e­bi­dan ga­ricx­vis Se­sa­xeb.
2. mniS­vne­lo­va­ni sa­fuZ­ve­li ar­se­bobs, ro­de­sac par­tni­o­ris qme­de­ba
mniS­vne­lo­van zi­ans aye­nebs SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­
bis in­te­re­sebs an mi­si par­tni­o­rad dar­Ce­na sa­zi­a­noa SezR­u­du­li pa­su­
xis­mgeb­lo­bis sa­zo­ga­do­e­bis Sem­dgo­mi saq­mi­a­no­bis­Tvis, Tu par­tni­o­ri
SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bam we­ri­lo­biT uSe­de­god
ga­af­rTxi­la SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis in­te­re­se­
bis da­ma­zi­a­ne­be­li qme­de­bis Sewy­ve­ti­sa da Se­saZ­lo ga­ricx­vis Se­sa­xeb.
3. Tu wes­de­biT xma­Ta uf­ro di­di ra­o­de­no­ba ar aris gaT­va­lis­wi­ne­
bu­li, am mux­lis pir­ve­li pun­qtiT gaT­va­lis­wi­ne­bu­li par­tni­or­Ta
ga­dawy­ve­ti­le­ba mi­i­Re­ba ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis um­rav­le­
so­biT, mag­ram ara­nak­leb SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­
e­bis im wi­le­bis sa­er­To ode­no­bis na­xev­ri­sa, rom­le­bic iZ­le­va am
sa­kiTx­ze ken­Wis­yra­Si mo­na­wi­le­o­bis uf­le­bas. am Sem­Txve­va­Si par­
tni­ors, rom­lis sa­wi­na­aR­mde­go ga­dawy­ve­ti­le­bac un­da iq­nes mi­Re­
bu­li, xmis uf­le­ba ar aqvs. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­
do­e­ba­Si, ro­mel­sac 2 par­tni­o­ri hyavs, ga­dawy­ve­ti­le­bas am ka­no­nis
me-20 mux­lis pir­ve­li  pun­qtis Se­sa­ba­mi­sad iRebs me­o­re par­tni­o­ri.
4. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bas Se­uZ­lia am mux­lis pir­
ve­li pun­qtiT gaT­va­lis­wi­ne­bu­li sar­Ce­liT sa­sa­mar­Tlos mi­mar­Tos
Se­sa­ba­mi­si par­tni­or­Ta ga­dawy­ve­ti­le­bis mi­Re­bi­dan 30 dRis va­da­Si.
5. sa­sa­mar­Tlos Se­uZ­lia SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­
bis moTx­ov­niT, saq­me­ze sa­bo­loo ga­dawy­ve­ti­le­bis mi­Re­bam­de par­
tni­ors Se­u­Ce­ros xmis uf­le­ba an sxva ara­qo­neb­ri­vi uf­le­be­bi.
6. sa­sa­mar­Tlos mi­er par­tni­o­ris SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­
zo­ga­do­e­bi­dan ga­ricx­vis Se­sa­xeb ga­dawy­ve­ti­le­bis mi­Re­bis Sem­Txve­
va­Si par­tni­o­ri ga­ricx­u­lad mi­iC­ne­va sa­sa­mar­Tlos ga­dawy­ve­ti­le­
bis ka­no­ni­er Za­la­Si Ses­vlis mo­men­ti­dan.
7. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan ga­ricx­u­li par­tni­
o­ris wi­le­bi SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bas ga­da­e­ce­
ma. wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des ga­ricx­u­li par­tni­o­ris wi­
le­bis dar­Ce­ni­li par­tni­o­re­bis­Tvis pro­por­ci­u­lad ga­da­ce­mas   an
wi­lis­/wi­le­bis ga­uq­me­bas.
8. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan ga­ricx­ul par­tni­
ors un­da mi­e­ces wi­lis sa­mar­Tli­a­ni fa­si. Se­sa­ba­mis Sem­Txve­veb­Si
ga­mo­i­ye­ne­ba am ka­no­nis 145-e mux­lis pir­ve­li, me-4 da me-7 pun­qte­bi.

224
 par­tni­o­ris ga­ricx­va da­saS­ve­bia mxo­lod mniS­vne­lo­va­ni sa­fuZ­vlis
ar­se­bo­bi­sas. mniS­vne­lo­va­ni sa­fuZ­vlis ar­se­bo­bis cal­ke­u­li Sem­Txve­ve­
bis dad­ge­na sa­sa­mar­Tlo praq­ti­kis amo­ca­na­a. me-2 pun­qti Se­i­cavs zo­gad
kri­te­ri­u­mebs, rom­le­bic gu­lis­xmobs par­tni­o­ris mi­er sa­zo­ga­do­e­bis in­
te­re­se­bis­Tvis sa­zi­an ­ o qme­de­be­bis gan­xor­ci­e­le­bas, rac, ndo­bis dar­Rve­
vis ga­mo, Se­uZ­le­bels xdis Ta­na­par­tni­o­re­bis­Tvis, sa­zo­ga­do­eb ­ is in­te­re­
se­bi­dan ga­mom­di­na­re, mas­Tan er­Tad saq­mi­a­no­bas.
zi­a­nis ma­te­ri­a­li­za­cia (dad­go­ma) amis­Tvis ar aris au­ci­le­be­li. xSi­
rad, Ta­vad zi­a­nis dad­go­mis faq­ti ar aris re­le­van­tu­ri, Tu­ki par­tni­
o­ris qme­de­ba Ta­vis­Ta­vad (mi­si uar­yo­fi­Ti fi­nan­su­ri Se­de­gis dad­go­mis
gar­Sec) sa­zo­ga­do­eb ­ is in­te­re­se­bis wi­na­aR­mde­gaa mi­mar­Tu­li da par­tni­o­
rebs So­ris ar­se­bul ndo­bas, ro­gorc sa­war­mos ar­se­bo­bis gan­msazR­vrel
ele­ments, ga­mo­us­wo­reb­lad an­grevs.
Tu­ki aS­ka­raa rom par­tni­o­ris moq­me­de­be­bis mTa­va­ri ma­moZ­ra­ve­be­li
mo­ti­vi sa­me­war­meo sa­zo­ga­do­e­bis in­ter­se­bi­sad­mi ga­uf­rTxi­le­be­li da­
mo­ki­de­bu­le­ba­a, sa­ka­non­mdeb­lo we­seb­Tan for­ma­lu­ri Se­sa­ba­mi­so­bac ki
ar aq­cevs maT ka­no­ni­e­rad. ga­reg­nu­lad ka­non­Se­sa­ba­mi­si qme­de­be­bi sa­mo­qa­
la­qo-­sa­mar­Tleb­ri­vi Se­fa­se­biT uf­le­bis bo­ro­tad ga­mo­ye­ne­baa (sk 115-e
mux­li), rac ase­ve zo­ga­di ke­Til­sin­di­si­er ­ e­bis prin­ci­pis (sk 8 III) ga­mo­
xa­tu­le­ba da da­kon­kre­te­ba­a. uze­na­e­si sa­sa­mar­Tlos gan­mar­te­biT, mar­
1

Tlsa­wi­na­aR­mde­god iT­vle­ba uf­le­bis gan­xor­ci­e­le­ba, ro­me­lic zi­ans

aye­nebs sxva pirs da ar isa­xavs uf­le­bis gan­xor­ci­el ­ e­bis au­ci­leb­lo­biT
na­kar­na­xe­vi in­te­re­sis dac­vas. 2

ga­ricx­vis წინა პირობაa isic, rom sa­zi­a­no qme­de­be­bis Sewy­ve­tis­ken ga­

ricx­va­ze mi­Ti­Te­biT par­tni­o­ri uSe­de­god iq­na gaf­rTxi­le­bu­li sa­zo­ga­
do­e­bis (di­req­to­ris) mi­er. di­req­to­ris Se­sa­ba­mi­si we­ri­lo­bi­Ti gaf­rTxi­
le­ba Se­saZ­lo­a, ey­rdno­bo­des par­tni­or­Ta ga­dawy­ve­ti­le­bas.
ga­ricx­vis sa­mar­Tleb­ri­vi sa­fuZ­ve­lia sa­sa­mar­Tlos ga­dawy­ve­ti­le­ba.
ga­ricx­vis sar­Ce­li Se­aqvs sa­zo­ga­do­e­bas (di­req­tors) ga­sa­ricxi par­
tni­o­ris wi­na­aR­mdeg, par­tni­or­Ta Se­sa­ba­mi­si ga­dawy­ve­ti­le­bis sa­fuZ­vel­
ze. ga­dawy­ve­ti­le­bis mi­Re­bi­sas ga­sa­ricx par­tni­ors ar aqvs xmis uf­le­ba,
Tum­ca igi miw­ve­ul un­da iq­nas kre­ba­ze da kvo­ru­mis Tval­saz­ri­siT mi­si
das­wre­ba gaT­va­lis­wi­ne­bul un­da iq­nas. ga­dawy­ve­ti­le­ba mi­i­Re­ba ken­Wis­
yra­Si mo­na­wi­le­Ta xme­bis um­rav­le­so­biT. sa­dam­fuZ­neb­lo Se­Tan­xme­ba Se­iZ­

1
სერგო ჯორბენაძე, სამოქალაქო კოდექსის კომენტარი, წიგნი I, თბილისი 2002, მუხ.
115 გვ. 301; ჩაჩავა, სამოქალაქო კოდექსის კომენტარი, წიგნი I, 2017, მუხლი 115., ველი 3-5.
2
სუსგ № ას-1535-1438-2012, 18 თებერვალი 2013 წ.; სუსგ № ას-1200-1129-2012, 29
ოქტომბერი 2012 წ.

225
le­ba uf­ro did um­rav­le­so­bas ad­gen­des. ga­dawy­ve­ti­le­bis mniS­vne­lo­bi­
dan ga­mom­di­na­re, me-3 pun­qti awe­sebs da­ma­te­biT წინა პირობა­sac: ga­ricx­
vas mxa­ri un­da da­u­Wi­ros ga­ricx­vis kan­di­da­tis gar­da yve­la sxva, xmis
uf­le­bis mqo­ne, par­tni­o­re­bis um­rav­le­so­bam.
rac Se­e­xe­ba ori par­tni­o­ris Sem­Txve­vas, ga­dawy­ve­ti­le­ba par­tni­o­ris
mi­er er­Tpi­rov­nu­lad, we­ri­lo­bi­Ti for­miT mi­i­Re­ba (ix. me-2 mux­lis pir­
ve­li pun­qti).
sa­sa­mar­Tlos Se­uZ­li­a, ga­dawy­ve­ti­le­bis mi­Re­bam­de mo­sar­Ce­lis moTx­
ov­niT, mo­pa­su­xe par­tni­ors Se­uC­ e­ros ara­qo­neb­ri­vi uf­le­be­bi, ro­mel­
Ta­ga­nac um­Tav­re­sia xmis uf­le­ba. msgavs SezR­ud­vas Se­saZ­lo­a, Se­i­cav­des
sa­war­mos sa­dam­fuZ­neb­lo Se­Tan­xme­bac. mo­pa­su­xe par­tni­or­-di­req­to­ris
Sem­Txve­va­Si, sa­dam­fuZ­neb­lo Se­Tan­xme­ba Se­saZ­lo­a, Se­i­cav­des xel­mZRva­ne­
lo­bi­Ti uf­le­be­bis Se­Ce­re­bis an SezR­ud­vis Se­sa­xeb da­na­wes­sac. igi­ve Se­
saZ­lo­a, miR­we­ul iq­nes, uz­run­vel­yo­fis Ro­nis­Zi­e­be­bis ga­mo­ye­ne­bis far­
gleb­Si, sa­zo­ga­do­e­bis zi­a­nis Ta­vi­dan asa­ci­leb­lad.
ga­ricx­u­li par­tni­o­ris wi­li sa­zo­ga­do­e­bas ub­run­de­ba. igi Se­saZ­lo­a,
ga­uq­mdes an kvlav gan­Tav­sdes, maT So­ris, pro­por­ci­u­lad dar­Ce­nil par­
tni­o­reb­ze.
ga­ricx­va ar qmnis ga­ricx­u­li par­tni­o­ris qo­neb­ri­vi uf­le­be­bis da­zi­
a­ne­bis sa­fuZ­vels. am­de­nad, mas sru­lad un­da au­nazR­a­ur­des wi­lis sa­mar­
Tli­a­ni (sa­baz­ro) Ri­re­bu­le­ba. ka­pi­ta­lis dac­vis mo­saz­re­bi­dan ga­mom­di­
na­re, anazR­a­u­re­ba un­da mox­des sa­war­mos qo­ne­bis ga­na­wi­le­bis­Tvis dad­ge­
nil far­gleb­Si.
Tu­ki, uk­ve, ga­ricx­vis Ta­o­ba­ze par­tni­or­Ta ga­dawy­ve­ti­le­bis mi­Re­bi­
sas ar srul­de­ba 145-e mux­lis pi­ro­be­bi (qo­ne­bis ga­na­wi­le­bis da­saS­ve­bo­
bis wi­na­pi­ro­be­bi) ga­dawy­ve­ti­le­ba ba­Ti­lia (39-e mux­lis pir­ve­li pun­qtis
„z“ qve­pun­qti). Tu­ki ka­no­nis dac­viT wi­lis Ri­re­bu­le­bis anazR­au ­ ­re­ba ver
xer­xde­ba 145-e mux­lis moTx­ov­na­Ta dac­vis Se­uZ­leb­lo­bis ga­mo (e­.i. 145-e
mux­lis pi­ro­be­bi ga­dawy­ve­ti­le­bis mi­Re­bis Sem­deg aRar ar­se­bobs), par­
tni­o­re­bi, ro­mel­Tac mi­i­Res ga­ricx­vis val­de­bu­le­ba, sa­kor­po­ra­ci­o-­sa­
mar­Tleb­ri­vi ke­Til­sin­di­si­e­re­bi­sa da er­Tgu­le­bis (34-e mux­lis pir­ve­li
pun­qti) prin­ci­pi­dan ga­mom­di­na­re, val­de­bu­li ari­an, uz­run­vel­yon ga­
dawy­ve­ti­le­bis ka­no­nis Se­sa­ba­mi­sad Ses­ru­le­ba. maT So­ris, au­ci­leb­lo­bis
Sem­Txve­va­Si, pro­por­ci­u­lad aR­Wur­von sa­war­mo Se­sa­ba­mi­si sax­sre­biT ga­
ricx­u­lis wi­lis Ri­re­bu­le­bis asa­nazR­au ­ r
­ eb­lad, an mi­i­Ron ga­dawy­ve­ti­
le­ba daS­lis Se­sa­xeb. Tu­ki ga­ricx­u­li par­tni­o­ris in­te­re­si sa­zo­ga­do­e­bis
qo­ne­bi­dan ver kma­yo­fil­de­ba, par­tni­or­Ta umoq­me­do­bis ga­mo, mas Se­uZ­li­a,
da­nak­li­si Tan­xa pro­por­ci­u­lad mo­iTx­o­vos par­tni­o­re­bis­gan, ro­mel­Tac

226
ga­ricx­vis ga­dawy­ve­ti­le­ba mi­i­Res. sa­dam­fuZ­neb­lo Se­Tan­xme­ba Se­saZ­lo­a,
gan­sxva­ve­bu­lad da de­ta­lu­rad awes­ri­geb­des ga­ricx­u­li par­tni­or ­ is wi­
lis Ri­re­bu­le­bis kom­pen­sa­ci­is, maT So­ris par­tni­or­Ta sub­si­di­u­ri pa­su­
xis­mgeb­lo­bis for­meb­sac.
Se­saZ­le­be­lia ram­de­ni­me par­tni­o­ris ga­ricx­vac Tu, ga­ricx­vis sa­mar­
Tleb­ri­vi wi­na­pi­ro­be­bi dak­ma­yo­fi­le­bu­lia Ti­To­eu­ l par­tni­or­Tan da­
kav­Sre­biT. Tum­ca, un­da gan­vas­xvaoT, ram­de­ni­me par­tni­o­ri iricx­eb ­ a er­
Ti faq­tob­ri­vi sa­fuZ­vli­dan ga­mom­di­na­re Tu sxva­das­xva da­mo­u­ki­de­be­li
moq­me­de­bis (sa­fuZ­vlis) ga­mo.
Tu­ki ram­de­ni­me par­tni­o­ris er­Tob­li­vi, ur­Ti­er­TSe­Tan­xme­biT moq­me­
de­bis (er­Tob­li­vi faq­tob­ri­vi sa­fuZ­vlis) ga­mo aR­moC­nda ga­sa­ricx­Ta So­
ris, ga­sa­ricx par­tni­o­rebs xmis uf­le­ba ar aqvT, ma­Si­nac ki Tu­ki Ti­To­e­
ul­Tan da­kav­Sre­biT cal­ke ga­dawy­ve­ti­le­ba mi­i­Re­ba. sxva Sem­Txve­va­Si e.i.
ro­ca ga­ricx­va gan­sxva­ve­bul faq­tob­riv sa­fuZ­vlebs em­ya­re­ba, ken­Wis­yra
in­di­vi­du­a­lu­rad un­da Ca­tar­des da xmis uf­le­ba mxo­lod Se­sa­ba­mis ga­sa­
ricx par­tni­ors ezR­ud ­ e­ba.

mux­li 144. par­tni­o­ris gas­vla SezR­u­du­li pa­su­xis­mgeb­lo­bis

sa­zo­ga­do­e­bi­dan

1. par­tni­ors uf­le­ba aqvs, ga­vi­des SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­

zo­ga­do­e­bi­dan wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­veb­Si an im Sem­
Txve­va­Si, Tu SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis xel­
mZRva­ne­lo­bis an sxva par­tni­o­re­bis qme­de­be­bi mniS­vne­lov­nad azi­
a­nebs mis in­te­re­sebs, an­da Tu ar­se­bobs er­T-er­Ti Sem­de­gi mniS­vne­
lo­va­ni sa­fuZ­ve­li/­ga­re­mo­e­ba:
a) SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis saq­mi­a­no­bis sa­ga­ni
mniS­vne­lov­nad Se­ic­va­la;
b) SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bas di­vi­den­di bo­lo 3
wlis gan­mav­lo­ba­Si ar ga­u­na­wi­le­bi­a, mi­u­xe­da­vad imi­sa, rom SezR­
u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis fi­nan­su­ri mdgo­ma­re­o­ba
amis sa­Su­a­le­bas iZ­le­o­da;
g) SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bam mi­i­Ro am ka­no­nis
135-e mux­lis me-4 pun­qtiT gaT­va­lis­wi­ne­bu­li ga­dawy­ve­ti­le­ba;
d) sxva par­tni­o­reb­ma mi­i­Res ga­dawy­ve­ti­le­ba da­ma­te­bi­Ti Se­na­ta­nis
gan­xor­ci­e­le­bis val­de­bu­le­bis Se­sa­xeb, ro­me­lic mas­ze­dac vrcel­
de­ba.

227
 2. Tu am mux­lis pir­ve­li pun­qtiT gaT­va­lis­wi­ne­bu­li ga­re­mo­e­bis
war­mo­So­bis sa­fuZ­ve­lia par­tni­or­Ta ga­dawy­ve­ti­le­ba, par­tni­ors
SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan gas­vlis uf­le­ba
mxo­lod im Sem­Txve­va­Si war­mo­e­So­ba, Tu mas aR­niS­nu­li ga­dawy­ve­ti­
le­bis­Tvis mxa­ri ar da­u­We­ri­a.
3. par­tni­or­ma SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bas we­ri­lo­
biT un­da Se­aty­o­bi­nos am sa­zo­ga­do­e­bi­dan mi­si gas­vli­sa da gas­vlis
mi­ze­ze­bis Ta­o­ba­ze. aR­niS­nu­li Sety­o­bi­ne­bis mi­Re­bis­Ta­na­ve SezR­
u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no sx­
va par­tni­o­rebs ac­no­bebs am par­tni­o­ris sa­zo­ga­do­e­bi­dan gas­vlis
Se­sa­xeb, ris Sem­de­gac par­tni­o­re­bi iRe­ben ga­dawy­ve­ti­le­bas SezR­
u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan par­tni­o­ris gas­vla­ze
Tan­xmo­bis mi­ce­mis, ag­reT­ve mi­si wi­lis SezR­u­du­li pa­su­xis­mgeb­lo­
bis sa­zo­ga­do­e­bis­Tvis ga­da­ce­mis, da­nar­Cen par­tni­o­reb­ze pro­por­
ci­u­lad ga­da­na­wi­le­bis an ga­uq­me­bis Se­sa­xeb.
4. Tu Se­sa­ba­mi­si Sety­o­bi­ne­bis mi­Re­bi­dan 30 dRis va­da­Si par­tni­o­re­bi
ar mi­i­Re­ben am mux­lis me-3 pun­qtiT gaT­va­lis­wi­ne­bul ga­dawy­ve­ti­le­
bebs an ga­dawy­ve­ti­le­biT uars ity­vi­an SezR­u­du­li pa­su­xis­mgeb­lo­
bis sa­zo­ga­do­e­bi­dan par­tni­o­ris gas­vla­ze Tan­xmo­bis mi­ce­ma­ze, xel­
mZRva­ne­li or­ga­no amis Se­sa­xeb da­u­yov­neb­liv ac­no­bebs sa­zo­ga­do­e­
bi­dan gas­vlis msur­vel par­tni­ors. Tu xel­mZRva­ne­li or­ga­no Se­sa­
ba­mi­si Sety­o­bi­ne­bis mi­Re­bi­dan 30 dRis va­da­Si ar ac­no­bebs SezR­u­du­
li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan gas­vlis msur­vel par­tni­ors
par­tni­or­Ta mi­er ra­i­me ga­dawy­ve­ti­le­bis mi­Re­bis Se­sa­xeb, mi­iC­ne­va,
rom par­tni­o­reb­ma SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan
par­tni­o­ris gas­vla­ze Tan­xmo­bis mi­ce­ma­ze ua­ri ga­nacx­a­des.
5. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan gas­vlis msur­ve­li
par­tni­o­ris wi­lis Ri­re­bu­le­ba un­da dad­gin­des mxa­re­Ta Se­Tan­xme­
biT, xo­lo ma­Ti Se­Tan­xme­bis Se­uZ­leb­lo­bis Sem­Txve­va­Si _ mxa­re­e­bis
mi­er da­niS­nu­li da­mo­u­ki­de­be­li au­di­to­ris mi­er. Tu mxa­re­e­bi da­
mo­u­ki­de­be­li au­di­to­ris kan­di­da­tu­ra­ze ver Tan­xmde­bi­an, da­mo­u­
ki­de­bel au­di­tors er­T-er­Ti mxa­ris gan­cxa­de­bis sa­fuZ­vel­ze niS­
navs sa­sa­mar­Tlo.
6. mxa­re­eb­s  da­mo­u­ki­de­be­li au­di­to­ris mom­sa­xu­re­bis Ri­re­bu­le­bis
anazR­a­u­re­ba Ta­nab­rad ekis­re­baT da isi­ni au­di­to­ris mom­sa­xu­re­bis
Ri­re­bu­le­bis anazR­a­u­re­bis­Tvis mis wi­na­Se so­li­da­ru­lad age­ben pa­
suxs, Tu mxa­re­Ta Se­Tan­xme­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li.
7. par­tni­o­ris SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan gas­
vlis Se­sa­xeb ga­dawy­ve­ti­le­bas iRebs sa­sa­mar­Tlo par­tni­o­ris gan­

228
 cxa­de­bis sa­fuZ­vel­ze, am mux­lis pir­ve­li pun­qtiT gaT­va­lis­wi­ne­
bu­li ga­re­mo­e­bis ar­se­bo­bis Sem­Txve­va­Si. aR­niS­nu­li gan­cxa­de­bis
war­dge­na da­saS­ve­bia par­tni­or­Ta mi­er am mux­lis me-4 pun­qtiT gaT­
va­lis­wi­ne­bu­li ga­dawy­ve­ti­le­bis mi­Re­bi­dan 30 dRis gan­mav­lo­ba­Si,
xo­lo Tu es ga­dawy­ve­ti­le­ba mi­Re­bu­li ar iq­na _ 30-dRi­a­ni va­dis
uSe­de­god gas­vli­dan 30 dRis gan­mav­lo­ba­Si. sa­sa­mar­Tlo gan­sazR­
vravs ag­reT­ve SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan gam­
svle­li par­tni­o­ris wi­lis Ri­re­bu­le­bas da mis­Tvis wi­lis Ri­re­bu­
le­bis anazR­a­u­re­bis va­das, ro­me­lic ar un­da aRe­ma­te­bo­des sa­sa­
mar­Tlos ga­dawy­ve­ti­le­bis Za­la­Si Ses­vli­dan 30 dRes.
8. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bi­dan gam­svlel par­tni­
ors wi­lis Ri­re­bu­le­ba un­da au­nazR­a­ur­des:
a) anazR­a­u­re­bis ode­no­ba­ze mxa­re­Ta Se­Tan­xme­bi­dan 15 dRis gan­mav­
lo­ba­Si, Tu mxa­re­e­bi sxva va­da­ze ar Se­Tan­xme­bu­lan;
b) da­mo­u­ki­de­be­li au­di­to­ris mi­er mxa­re­e­bis­Tvis we­ri­lo­bi­Ti das­
kvnis war­dge­ni­dan 30 dRis gan­mav­lo­ba­Si;
g) sa­sa­mar­Tlos mi­er gan­sazR­vrul va­da­Si.
9. am mux­lis me-8 pun­qtiT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si ga­mo­i­ye­ne­ba
am ka­no­nis 145-e mux­lis pir­ve­li, me-4 da me-7 pun­qte­bi.
 
pir­ve­li pun­qti Se­i­cavs mniS­vne­lo­va­ni sa­fuZ­vle­bis Ca­mo­naT­vals, ro­
me­lic Se­iZ­le­ba Se­iv­sos sa­dam­fuZ­neb­lo Se­Tan­xme­bis Se­sa­ba­mi­si de­bu­le­
be­bi­Tac. gas­vlis zo­ga­di sa­fuZ­ve­lia par­tni­o­ris in­te­re­se­bis usa­mar­
Tlo mniS­vne­lo­va­ni da­zi­an ­ e­ba.
par­tni­o­ri val­de­bu­li­a, we­ri­lo­biT ac­no­bos sa­zo­ga­do­e­bas gas­vlis
Ta­o­ba­ze mi­ze­ze­bis mi­Ti­Te­biT. di­req­to­ris da­u­yov­neb­li­vi mi­mar­Tvis sa­
fuZ­vel­ze par­tni­o­ris gas­vlis Se­sa­xeb mi­mar­Tvis dak­ma­yo­fi­le­bis Ta­o­ba­
ze ga­dawy­ve­ti­le­bas par­tni­o­re­bi iRe­ben, maT So­ris ga­su­li par­tni­o­ris
wi­lis Ta­o­ba­ze. Se­saZ­lo­a, ga­su­li par­tni­o­ris wi­lis beds sa­dam­fuZ­neb­lo
Se­Tan­xme­ba gan­sazR­vrav­des.
Tu­ki par­tni­o­re­bis di­req­to­ris mi­mar­Tvi­dan 30 dRis gan­mav­lo­ba­Si
ar mi­i­Re­ben ga­dawy­ve­ti­le­bas par­tni­o­ris gas­vlis sa­kiTx­Tan da­kav­Si­re­
biT, an uars ity­vi­an gas­vlis moTx­ov­nis dak­ma­yo­fi­le­ba­ze, di­req­tor­ma
da­u­yov­neb­liv un­da ac­no­bos gam­svlel par­tni­ors amis Ta­o­ba­ze. 30 dRis
uSe­de­god gas­vla iT­vle­ba par­tni­or­Ta ua­rad. kre­bis ga­dawy­ve­ti­le­ba
gas­vlis moTx­ov­nis dak­ma­yo­fi­le­bis Ta­o­ba­ze ase­ve da­u­yov­neb­liv un­da
ec­no­bos gam­svlel par­tni­ors. Sety­o­bi­ne­bis val­de­bu­le­ba ar ar­se­bobs,
Tu­ki par­tni­o­ri mo­na­wi­le­obs par­tni­or­Ta mi­er ga­dawy­ve­ti­le­bis mi­Re­bis
pro­ces­Si.

229
 gas­vlis წინა პირობაa gam­svle­li (ga­su­li) par­tni­o­ris­Tvis wi­lis kom­
pen­sa­ci­is ga­dax­da wi­lis sa­mar­Tli­a­ni Ri­re­bu­le­bis ode­no­biT. par­tni­
o­ris mi­mar­Tva­ze par­tni­or­Ta Tan­xmo­bis Sem­Txve­va­Si sa­war­mom da gam­
svlel­ma par­tni­or­ma un­da mo­il ­ a­pa­ra­kon gam­svle­lis wi­lis sa­mar­Tli­a­ni
anazR­a­u­re­bis Ta­o­ba­ze, Tu­ki sa­dam­fuZ­neb­lo Se­Tan­xme­ba ar gan­sazR­vravs
anazR­a­u­re­bis wess. Se­u­Tan­xmeb­lo­bis Sem­Txve­va­Si fass ad­gens mxa­re­Ta mi­
er da­niS­nu­li au­di­to­ri. au­di­to­ris kan­di­da­tu­ra­ze Se­u­Tan­xmeb­lo­bis
Sem­Txve­va­Si ki, sa­war­mos an gam­svle­li par­tni­o­ris mi­mar­Tvis sa­fuZ­vel­ze
au­di­tors sa­sa­mar­Tlo niS­navs.
Tu­ki par­tni­o­re­bi uars ga­nacx­a­de­ben gas­vla­ze, gam­svlel par­tni­ors
Se­uZ­li­a, mi­mar­Tos sa­sa­mar­Tlos gas­vlis Se­sa­xeb moTx­ov­niT. gas­vlis wi­
na­pi­ro­beb­Tan er­Tad sa­sa­mar­Tlo ase­ve msje­lobs gam­svle­li par­tni­o­
ris­Tvis wi­lis Ri­re­bu­le­bis anazR­a­u­re­bis Ta­o­ba­ze.
anazR­a­u­re­bis ga­dax­da­ze Se­sa­ba­mi­sad vrcel­de­ba 145-e mux­lis ka­pi­
ta­lis dac­vis we­se­bi. Tu­ki gam­svle­li par­tni­o­ris wi­lis Ri­re­bu­le­bis
anazR­a­u­re­ba dad­ge­nil far­gleb­Si ver xer­xde­ba, mniS­vne­lo­va­ni sa­fuZ­
vlis ar­se­bo­bi­sas, gam­svlel par­tni­ors Se­uZ­li­a, ga­mo­sa­va­li daS­lis sar­
Ce­liT eZe­bos (79-e mux­li).
me-8 pun­qtSi mi­Ti­Te­bu­li va­de­bi Se­iZ­le­ba Se­ic­va­los mxa­re­Ta Se­Tan­
xme­biT. am­de­nad mxo­lod me-8 pun­qtis „a“ qve­pun­qtSi am ga­re­mo­e­bis mi­Ti­
Te­ba ar ga­mo­ricx­vas „b“ da „g“ qve­pun­qteb­Si mi­Ti­Te­bu­li va­de­bis cvli­le­
bas mxa­re­eb­ is mi­er.
sa­dam­fuZ­neb­lo Se­Tan­xme­biT ase­ve Se­saZ­le­be­lia 144-e mux­liT dad­ge­
ni­li pro­ce­du­ris mo­di­fi­ci­re­ba, ke­Til­sin­di­si­e­re­bi­sa da par­tni­or­Ta
Ta­nas­wo­ruf­le­bi­a­no­bis prin­ci­pe­bis (ix. 34-e mux­li) gaT­va­lis­wi­ne­biT.
ase­ve da­cul un­da iq­nas 144-e mux­lis mTa­va­ri prin­ci­pi - mniS­vne­lo­va­ni
sa­fuZ­vlis ar­se­bo­bi­sas, gas­vlis uf­le­ba, wi­lis sa­mar­Tli­a­ni Ri­re­bu­le­
bis ode­no­biT, kom­pen­sa­ci­is mi­Re­bis sa­nac­vlod. es xels ar uS­lis kom­pen­
sa­ci­is ga­moT­vlis me­To­dis­/for­mu­lis wi­nas­war dad­ge­nas an kom­pen­sa­ci­is
ode­no­ba­ze uTan­xmo­e­bis ga­daW­ris al­ter­na­ti­u­li gze­bis gaT­va­lis­wi­ne­
bas sa­dam­fuZ­neb­lo Se­Tan­xme­biT.

mux­li 145. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis

di­vi­den­dis ga­na­wi­le­ba

1. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­

no fi­nan­su­ri an­ga­riS­ge­bis mo­na­ce­me­bis gaT­va­lis­wi­ne­biT am­za­debs
SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis di­vi­den­dis par­tni­o­

230
 reb­ze ga­na­wi­le­bis Se­sa­xeb wi­na­da­de­bas da mas par­tni­o­rebs wa­rud­
gens. xel­mZRva­ne­li or­ga­no val­de­bu­lia par­tni­o­rebs di­vi­den­dis
SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­o­reb­ze ga­na­
wi­le­bis Se­sa­xeb wi­na­da­de­bas­Tan er­Tad wa­rud­gi­nos gan­cxa­de­ba sa­
zo­ga­do­e­bis ga­dax­di­su­na­ri­a­no­bis Se­sa­xeb, rom­li­Tac das­tur­de­ba,
rom di­vi­den­dis ga­na­wi­le­bis dRi­dan mom­dev­no ka­len­da­ru­li wlis
gan­mav­lo­ba­Si es sa­zo­ga­do­e­ba SeZ­lebs va­da­mo­su­li val­de­bu­le­be­bis
Cve­u­leb­ri­vi an­/da da­geg­mi­li saq­mi­a­no­bis far­gleb­Si Ses­ru­le­bas.
2. par­tni­o­re­bi iRe­ben xel­mZRva­ne­li or­ga­nos wi­na­da­de­bis Se­sa­ba­mis
an mis­gan gan­sxva­ve­bul ga­dawy­ve­ti­le­bas di­vi­den­dis par­tni­o­reb­ze
ga­na­wi­le­bis Se­sa­xeb. di­vi­den­dis par­tni­o­reb­ze ga­na­wi­le­bis Se­sa­
xeb par­tni­or­Ta ga­dawy­ve­ti­le­ba­Si un­da mi­e­Ti­Tos di­vi­den­dis ga­
na­wi­le­bis Ta­ri­Ri.
3. di­vi­den­dis moTx­ov­nis uf­le­ba war­mo­e­So­ba im pirs, ro­me­lic am mux­
lis me-2 pun­qtiT gaT­va­lis­wi­ne­bu­li ga­dawy­ve­ti­le­bis mi­Re­bis mo­
men­tSi SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­o­ri­a.
4. di­vi­den­di par­tni­o­reb­ze un­da ga­na­wil­des di­vi­den­dis par­tni­o­
reb­ze ga­na­wi­le­bis Se­sa­xeb par­tni­or­Ta ga­dawy­ve­ti­le­ba­Si mi­Ti­Te­
bu­li Ta­ri­Ri­dan wes­de­biT an am ga­dawy­ve­ti­le­biT gan­sazR­vrul va­
da­Si, ro­me­lic ar un­da aRe­ma­te­bo­des aR­niS­nu­li ga­dawy­ve­ti­le­bis
mi­Re­bi­dan 9 Tves. Tu di­vi­den­dis par­tni­o­reb­ze ga­na­wi­le­bis Se­sa­
xeb ga­dawy­ve­ti­le­ba­Si Ta­ri­Ri mi­Ti­Te­bu­li ar aris, di­vi­den­dis ga­
na­wi­le­bis Ta­ri­Rad mi­iC­ne­va am ga­dawy­ve­ti­le­bis mi­Re­bis Ta­ri­Ri.
di­vi­den­di mis ga­na­wi­le­bam­de aris SezR­u­du­li pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­e­bis val­de­bu­le­ba.
5. gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­bis Sem­Txve­va­Si da­uS­ve­be­lia gan­
Tav­se­bu­li ka­pi­ta­lis ga­mo­Ta­vi­suf­le­bu­li ode­no­biT di­vi­den­dis
ga­na­wi­le­ba gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­bis Ta­ri­Ri­dan 6 Tvis
gan­mav­lo­ba­Si. Se­sa­ba­mis Sem­Txve­va­Si ga­mo­i­ye­ne­ba am ka­no­nis 169-e
mux­li.
6. di­vi­den­dis par­tni­o­reb­ze ga­na­wi­le­ba da­uS­ve­be­li­a, Tu di­dia imis
al­ba­To­ba, rom amis Se­de­gad SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­
ga­do­e­ba mom­dev­no ka­len­da­ru­li wlis gan­mav­lo­ba­Si ver SeZ­lebs
va­da­mo­su­li val­de­bu­le­be­bis Cve­u­leb­ri­vi an­/da da­geg­mi­li saq­mi­a­
no­bis far­gleb­Si Ses­ru­le­bas. ase­ve da­uS­ve­be­lia di­vi­den­dis par­
tni­o­reb­ze ga­na­wi­le­ba, Tu amis Se­de­gad SezR­u­du­li pa­su­xis­mgeb­
lo­bis sa­zo­ga­do­e­bis aq­ti­ve­bi ve­Rar da­fa­ravs val­de­bu­le­beb­sa da
gan­Tav­se­bu­li ka­pi­ta­lis ode­no­bas. da­uS­ve­be­lia ag­reT­ve re­zer­ve­
bis ga­na­wi­le­ba, Tu es ak­rZa­lu­lia ka­no­niT an wes­de­biT.

231
 7. par­tni­ors an par­tni­or­Tan da­kav­Si­re­bul pirs Se­uZ­li­a  sa­xel­Sek­
ru­le­bo ur­Ti­er­To­ba hqon­des SezR­u­du­li pa­su­xis­mgeb­lo­bis  sa­
zo­ga­do­e­bas­Tan  (maT  So­ris,  iyos  xel­mZRva­ne­li pi­ri  an  sa­meT­
val­yu­re­o  sab­Wos wev­ri da mi­i­Ros am sa­zo­ga­do­e­bis­gan Se­sa­ba­mi­si
xel­Sek­ru­le­bi­dan  ga­mom­di­na­re sazR­a­u­ri), Tu xel­Sek­ru­le­bis pi­
ro­be­bi da xel­Sek­ru­le­biT dad­ge­ni­li sazR­a­u­ri ar­se­bi­Tad Se­e­sa­
ba­me­ba da­mo­u­ki­de­bel pi­rebs So­ris ar­se­bu­li sa­xel­Sek­ru­le­bo ur­
Ti­er­To­bis pi­ro­bebs.
8. am mux­liT gaT­va­lis­wi­ne­bu­li val­de­bu­le­be­bis Se­us­ru­leb­lo­bis
Sem­Txve­va­Si par­tni­o­ri val­de­bu­lia da­ab­ru­nos mi­Re­bu­li di­vi­den­
di/­sazR­a­u­ri, Tu man ico­da an un­da scod­no­da di­vi­den­dis ga­na­wi­
le­bis an di­vi­den­dis­/sazR­a­u­ris mi­Re­bis da­uS­veb­lo­bis Se­sa­xeb. am
mux­liT gaT­va­lis­wi­ne­bu­li val­de­bu­le­be­bis Se­us­ru­leb­lo­bis­Tvis
xel­mZRva­ne­li  pi­ri  SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis
wi­na­Se pa­suxs agebs so­li­da­ru­lad, mTe­li Ta­vi­si qo­ne­biT, pir­da­
pir da uSu­a­lod. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bas ar
Se­uZ­lia ua­ri Tqvas am uf­le­bis ga­mo­ye­ne­ba­ze.

SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si ka­pi­ta­lis dac­va, par­

tni­o­reb­ze qo­ne­bis ga­na­wi­le­bis dros, aq­cents ake­Tebs ara mo­ge­ba­ze, ara­
med wmin­da aq­tiv­ze, uf­ro zus­tad ki, Tan­xa­ze, rom­li­Tac sa­war­mos wmin­
da aq­ti­vi aRe­ma­te­ba gan­Tav­se­bu­li ka­pi­ta­lis cifrs, mi­si ar­se­bo­bis Sem­
Txve­va­Si (ix. me-6 pun­qti).
qo­ne­bis ga­na­wi­le­bis me­o­re წინა პირობა (ix. me-6 pun­qti) sa­war­mos ga­
dax­di­su­na­ri­a­no­bis da­de­bi­Ti prog­no­zi­a. di­req­to­reb­ma amis Se­sa­xeb un­
da mi­u­Ti­Ton e.w. ga­dax­di­su­na­ri­a­no­bis gan­cxa­de­ba­Si (pir­ve­li pun­qti).
ga­dax­di­su­na­ri­a­no­bis per­speq­ti­va di­req­tor­ma da par­tni­o­reb­ma ase­ve
un­da ga­iT­va­lis­wi­non, Se­sa­ba­mi­sad, di­vi­den­dis ga­na­wi­le­bis wi­na­da­de­bis
mom­za­de­bi­sa da di­vi­den­dis ga­mocx­a­de­bis Se­sa­xeb ga­dawy­ve­ti­le­bis mi­Re­
bis dros.
Tum­ca di­vi­den­dis ga­na­wi­le­bis Se­sa­xeb wi­na­da­de­bas di­req­to­ri am­za­
debs, par­tni­o­re­bi ar ari­an Se­bo­Wi­li am wi­na­da­de­biT. maT ka­no­nis far­
gleb­Si sru­li dis­kre­cia aqvT di­vi­den­dad sa­war­mos qo­ne­bis ga­na­wi­le­
bas­Tan da­kav­Si­re­biT. di­vi­den­dis ga­na­wi­le­bis pe­ri­o­du­lo­ba Se­iZ­le­ba
Se­izR­u­dos sa­dam­fuZ­neb­lo Se­Tan­xme­biT. gar­da amis, wli­u­ri di­vi­den­dis
ga­na­wi­le­bis wi­na­da­de­ba da par­tni­or­Ta Se­sa­ba­mi­si ga­dawy­ve­ti­le­ba un­da
ey­rdno­bo­des fi­nan­su­ri an­ga­riS­ge­bis mo­na­ce­mebs. sa­me­ur­neo wlis gan­
mav­lo­ba­Si ga­mocx­ad ­ e­bu­li di­vi­den­di ga­i­ce­ma di­req­to­ri­sa da par­tni­o­

232
re­bis pa­su­xis­mgeb­lo­biT da, Se­sa­ba­mi­sad, ase­ve san­do mo­na­ce­mebs un­da ey­
rdno­bo­des (mag., Su­al ­ e­dur fi­nan­sur an­ga­riS­ge­bas).
di­vi­den­dis ga­na­wi­le­bis Se­sa­xeb ga­dawy­ve­ti­le­bis mi­Re­biT, sa­war­mo
iRebs val­de­bu­le­bas, ga­an ­ a­wi­los „ga­mocx­a­de­bu­li“ di­vi­den­di. di­vi­den­di
un­da ga­na­wil­des ga­dawy­ve­ti­le­biT an sa­dam­fuZ­neb­lo Se­Tan­xme­biT dad­
ge­nil va­da­Si, ro­me­lic 9 Tves ar un­da aRe­ma­te­bo­des. Tu­ki ase­Ti va­da mi­
Ti­Te­bu­li ar aris, di­vi­den­dis moTx­ov­nis uf­le­ba war­mo­i­So­ba da va­da­mo­
su­lia ga­dawy­ve­ti­le­bis mi­Re­bis­Ta­na­ve. di­vi­den­dis „kre­di­to­ri­a“ par­tni­
o­ri, ro­me­lic par­tni­o­ri iyo di­vi­den­dis ga­mocx­a­de­bis mo­men­tSi.
gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­bis xar­jze qo­ne­bis par­tni­o­reb­ze ga­
na­wi­le­ba­ze Se­sa­ba­mi­sad moq­me­debs sa­aq­cio sa­zo­ga­do­e­bis­Tvis dad­ge­ni­li
we­se­bi: ga­moq­vey­ne­bis val­de­bu­le­ba (gan­Tav­se­bu­li (sa­wes­de­bo) ka­pi­ta­li
Sps-is Sem­Txve­va­Si re­gis­tra­ci­as daq­vem­de­ba­re­bu­li mo­na­ce­mi ar aris),
6-Tvi­a­ni Sem­zRu­da­vi va­da, ro­me­lic ga­moq­vey­ne­bi­dan un­da aiT­va­los, da
kre­di­tor­Ta in­di­vi­du­a­lu­ri Tav­dac­vis uf­le­ba (ix. 169-e mux­lis me-3 da
me-8 pun­qte­bi).
me-7 pun­qti exe­ba sa­war­mo­sa da par­tni­o­rebs So­ris sa­xel­Sek­ru­le­bo
ur­Ti­er­To­ba­Si e.w. gaS­li­li mkla­vis prin­ci­pis dac­vas da fa­ru­li di­vi­
den­dis ak­rZal­vas.
me-8 pun­qti ka­non­dar­Rve­viT mi­Re­bu­li di­vi­den­dis ukan dab­ru­ne­bas
mo­iTx­ovs, Tu­ki par­tni­o­ri ar aris ke­Til­sin­di­si­e­ri ka­non­dar­Rve­vis mi­
marT. di­vi­den­dis ga­mocx­ad ­ e­bis far­gleb­Si val­de­bu­le­bis dar­Rve­viT
ga­mow­ve­ul­ i zi­a­nis dad­go­mis Sem­Txve­va­Si, pa­su­xis­mgeb­lo­ba ekis­re­baT
sa­war­mos xel­mZRva­nel pi­rebs. me-8 pun­qti ga­mo­i­ye­ne­ba fa­ru­li di­vi­den­
dis Sem­Txve­va­Sic. ama­ze mi­uT ­ i­Tebs da­zus­te­ba „u­kan da­ab­ru­nos mi­Re­bu­li
di­vi­den­di an sazR­a­u­ri“. fa­ru­li di­vi­den­dis Sem­Txve­va­Si anazR­a­u­re­bas
eq­vem­de­ba­re­ba fi­nan­su­ri da­nak­li­si, ro­me­lic sa­war­mom ga­ni­ca­da „gaS­li­
li mkla­vis“ prin­ci­pis dar­Rve­viT da­de­bu­li ga­ri­ge­bis Se­de­gad. Ta­vad
ga­ri­ge­ba ar aris ba­Ti­li. am Tval­saz­ri­siT, 145-e mux­lis me-8 pun­qti war­
mo­ad­gens lex spe­ci­a­lis-s sa­mo­qa­la­qo ko­deq­sis 54-e mux­lis sa­mar­Tleb­ri­vi
Se­de­gis mi­marT.

 
mux­li 146. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­o­ris
mi­er in­for­ma­ci­is mi­Re­bi­sa da do­ku­men­ta­ci­is gac­no­bis uf­le­ba

1. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­

no val­de­bu­lia par­tni­ors moTx­ov­nis­Ta­na­ve, go­niv­rul va­da­Si mi­

233
 a­wo­dos in­for­ma­cia SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis
saq­mi­a­no­bis Se­sa­xeb da mis­ces SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­
ga­do­e­bis saq­mi­a­ni do­ku­men­ta­ci­is gac­no­bis sa­Su­a­le­ba.
2. am mux­lis pir­ve­li pun­qtiT gaT­va­lis­wi­ne­bu­li in­for­ma­ci­is ga­ce­
ma­ze ua­ris Tqma da­saS­ve­bia SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­
do­e­bis ar­se­bi­Ti in­te­re­se­bis xel­yo­fis ris­kis­gan da­sa­ca­vad. ua­ri
we­ri­lo­biT un­da iq­nes da­sa­bu­Te­bu­li. in­for­ma­ci­is ga­ce­ma­ze ua­ris
Tqma ase­ve da­saS­ve­bi­a, Tu moTx­ov­ni­li in­for­ma­cia sa­ja­rod xel­mi­
saw­vdo­mi­a.
3. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­o­ris mi­er spe­
ci­a­lu­ri au­di­to­ris da­niS­vnis moTx­ov­nis mi­marT ga­mo­i­ye­ne­ba am ka­
no­nis 174-e mux­li.
 
in­for­ma­ci­is mi­Re­bis uf­le­ba ar amo­i­wu­re­ba par­tni­or­Ta kre­bis (ga­
dawy­ve­ti­le­bis) ir­gvliv in­for­ma­ci­is mi­Re­bis uf­le­biT. SezR­u­du­li
pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­ors ne­bis­mi­er dros Se­uZ­li­a,
in­for­ma­cia mos­Txovs sa­war­mos xel­mZRva­nels. in­for­ma­ci­is uf­le­ba mo­
i­cavs sa­war­mos saq­mi­a­no­bas­Tan pir­da­pir an ara­pir­da­pir da­kav­Si­re­bul
ne­bis­mi­er sa­kiTxs. rac uf­ro kon­kre­tu­lia moTx­ov­ni­li in­for­ma­ci­a,
miT uf­ro di­di mniS­vne­lo­ba Se­iZ­le­ba mi­en ­ i­Wos mi­wo­de­bu­li in­for­ma­ci­is
amom­wu­ra­vi sa­xiT mi­wo­de­bas.
in­for­ma­ci­is uf­le­ba ase­ve gu­lis­xmobs sa­zo­ga­do­e­bis saq­mi­a­ni do­ku­
men­ta­ci­is gac­no­bas, Tum­ca Ta­vis­Ta­vad ar gu­lis­xmobs sa­war­mos xar­jze
as­le­bis moTx­ov­nis uf­le­bas.
me-2 pun­qtTan da­kav­Si­re­biT ix. 127-e mux­lis me-5 pun­qtis gan­mar­te­ba.
me-3 pun­qtTan da­kav­Si­re­biT ix. 174-e mux­lis gan­mar­te­ba.

mux­li 147. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis sa­sar­geb­lod

par­tni­o­ris sar­Ce­lis Se­ta­nis uf­le­ba

SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis sa­sar­geb­lod par­tni­o­

ris sar­Ce­lis Se­ta­nis Sem­Txve­va­Si ga­mo­i­ye­ne­ba am ka­no­nis 222-e mux­li.

SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­eb ­ is sa­sar­geb­lod par­tni­

o­ris sar­Ce­lis mi­marT Se­sa­ba­mi­sad ga­mo­i­ye­ne­ba, sa­aq­cio sa­zo­ga­do­e­bis
moTx­ov­nis gan­xor­ci­e­le­bis miz­niT, aq­ci­o­ne­ris sar­Ce­lis mom­wes­ri­ge­be­
li nor­me­bi (222-e mux­li).
ix. 222-e mux­lis gan­mar­te­ba

234
mux­li 148. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­o­ris
mi­er do­mi­nan­tu­ri mdgo­ma­re­o­bis bo­ro­tad ga­mo­ye­ne­ba

SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­o­ris mi­er do­mi­

nan­tu­ri mdgo­ma­re­o­bis bo­ro­tad ga­mo­ye­ne­bis Sem­Txve­va­Si ga­mo­i­ye­ne­ba am
ka­no­nis 176-e mux­li.

ix. 176-e mux­lis gan­mar­te­ba

 

mux­li 149. SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­or­Ta

Se­Tan­xme­ba

SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis par­tni­or­Ta Se­Tan­xme­ba­

ze vrcel­de­ba am ka­no­nis 177-e da 178-e mux­le­bi.

ix. 177-e da 178-e mux­le­bis gan­mar­te­ba

235
Ta­vi XIV. sa­aq­cio sa­zo­ga­do­e­ba

mux­li 150. sa­aq­cio sa­zo­ga­do­e­bis cne­ba

1. sa­aq­cio sa­zo­ga­do­e­ba aris sa­me­war­meo sa­zo­ga­do­e­ba, rom­lis ka­pi­

ta­li da­yo­fi­lia aq­ci­e­bad.
2. aq­ci­o­ne­ri sa­aq­cio sa­zo­ga­do­e­bis val­de­bu­le­be­bis­Tvis pa­suxs ar
agebs.
3. sa­aq­cio sa­zo­ga­do­e­ba kre­di­to­ris wi­na­Se mTe­li Ta­vi­si qo­ne­biT
agebs pa­suxs.
4. sa­aq­cio sa­zo­ga­do­e­ba aq­ci­o­ner­Ta val­de­bu­le­be­bis­Tvis pa­suxs ar
agebs.

sa­aq­cio sa­zo­ga­do­e­ba sxva ara­fe­ri­a, Tu ara SezR­u­du­li pa­su­xis­mgeb­lo­

bis sa­zo­ga­do­e­ba, ro­mel­sac aqvs sa­ku­Ta­ri wi­lob­ri­vi fi­nan­su­ri in­stru­
men­te­bis ka­pi­ta­lis ba­zar­ze gan­Tav­se­bis Se­saZ­leb­lo­ba. Ta­vis mxriv, qvey­
nis eko­no­mi­ku­ri gan­vi­Ta­re­bis­Tvis ka­pi­ta­lis baz­ris sta­bi­lu­ri fun­qci­o­
ni­re­bis mniS­vne­lo­bis, in­ves­tor­Ta dac­vis ma­Ra­li stan­dar­tis dad­ge­ni­sa
da, rac mTa­va­ri­a, „war­mo­mad­gen­lo­bi­Ti xar­je­bis“ Se­sam­ci­reb­lad am­gva­ri
sa­mar­Tleb­ri­vi for­mis me­war­me su­bi­eq­tis fun­qci­o­ni­re­ba, SezR­u­du­li pa­
su­xis­mgeb­lo­bis sa­zo­ga­do­e­bas­Tan Se­da­re­biT, moq­ce­u­lia me­tad de­ta­lur
da, xSir Sem­Txve­va­Si, im­pe­ra­ti­u­li sa­ka­non­mdeb­lo Car­Cos far­gleb­Si.

sa­mar­Tleb­ri­vi par­tni­or­Ta par­tni­or­Ta xel­mZRva­ne­lo­ba­ze wi­lob­ri­vi

for­ma mi­ni­ma­lu­ri pi­ra­di uf­le­ba­mo­si­li fi­nan­su­ri
au­ci­le­be­li pa­su­xis­mgeb­lo­ba su­bi­eq­ti in­stru­men­tis
ra­o­de­no­ba sa­ja­ro
Se­Ta­va­ze­bis una­ri
so­li­da­ru­li 2 ki par­tni­o­re­bi ara
pa­su­xis­mge­bo­bis er­Tob­li­vad
sa­zo­ga­do­e­ba
ko­man­di­tu­ri 2 na­wi­lob­riv kom­ple­men­ta­ri ara
sa­zo­ga­do­e­ba (mxo­lod
kom­ple­men­ta­re­bi)
SezR­u­du­li 1 ara di­req­to­ri ara
pa­su­xis­mgeb­lo­bis
sa­zo­ga­do­e­ba
sa­aq­cio 1 ara di­req­to­ri ki
sa­zo­ga­do­e­ba

ka­no­nis 152-e mux­lSi war­mod­ge­ni­lia eko­no­mi­kur ur­Ti­er­To­ba­Ta um­

niS­vne­lo­va­ne­si fi­gu­ris _ sa­aq­cio sa­zo­ga­do­e­bis cne­ba. mux­li mo­i­cavs
sa­aq­cio sa­zo­ga­do­e­bis cne­bis iseT um­niS­vne­lo­va­nes kom­po­nen­tebs, ro­go­

236
re­bi­ca­a: ka­pi­ta­lis da­yo­fa aq­ci­e­bad; aq­ci­o­ne­ri­sa da sa­aq­cio sa­zo­ga­do­
e­bis val­de­bu­le­be­bis ga­mij­vna da sa­aq­cio sa­zo­ga­do­e­bis pa­su­xis­mgeb­lo­
bis far­gle­bi.
wi­nam­de­ba­re mux­lis pir­ve­li pun­qtiT mo­wes­ri­ge­bu­lia me­war­me su­bi­
eq­tis am­gva­ri sa­mar­Tleb­ri­vi for­mis cne­bis uni­ka­lur ele­men­ti _ sa­
zo­ga­do­e­bis ka­pi­ta­lis da­yo­fa ka­pi­ta­lis ba­zar­ze mi­moq­ce­vad wi­lob­riv
fi­nan­sur in­stru­men­tad _ aq­ci­e­bad. ka­pi­ta­lis swo­red am­gva­ri da­yo­fa
aZ­levs sa­aq­cio sa­zo­ga­do­e­bas Ria ba­zar­ze sa­ku­Ta­ri wi­lob­ri­vi fi­nan­su­
ri in­stru­men­te­bis gan­Tav­se­bis gziT da­ma­te­bi­Ti ka­pi­ta­lis mo­zid­vi­sa da
Sem­dgom­Si am fi­nan­su­ri in­stru­men­te­bis me­o­rad ba­zar­ze brun­vi­dan ga­
mow­ve­u­li ara­pir­da­pi­ri si­ke­Te­e­biT sar­geb­lo­bis Se­saZ­leb­lo­bas.
152-e mux­lis da­nar­Ce­ni sa­mi pun­qti eT­mo­ba sa­zo­ga­do­e­bi­sa da aq­ci­o­ne­
ris val­de­bu­le­bebs So­ris ar­se­bul zRvars da kor­po­ra­ci­u­li sa­far­ve­
lis sa­kiTx­ebs, rac am sa­zo­ga­do­e­bi­sa da mi­si par­tni­o­re­bis ur­Ti­er­ga­mij­
vnis sa­mar­Tleb­riv sa­fuZ­vels qmnis. aq­ci­o­ner­sa da fiq­ci­ur war­mo­naqmns
So­ris am­gva­ri mka­fio zRvris ar­se­bo­ba Ta­vis Tav­Si gu­lis­xmobs sa­me­war­
meo sa­zo­ga­do­e­bi­sa da mas­Si in­ves­ti­ci­is gan­ma­xor­ci­e­leb­lis qo­ne­bi­sa
da pa­su­xis­mgeb­lo­bis srul ga­mij­vnas. ase­Ti Se­saZ­leb­lo­ba aris mniS­vne­
lo­va­ni ia­ra­Ri eko­no­mi­kis gan­vi­Ta­re­bi­saT­vis. vi­na­i­dan, mi­si ar ar­se­bo­
bis Sem­Txve­va­Si, Se­uZ­le­be­li iq­ne­bo­da im ris­kis gan­sazR­vra, ro­mel­sac
cal­ke­u­li in­ves­to­ri gas­wev­da me­ne­je­re­bis moq­me­de­bis­Tvis. pa­su­xis­mgeb­
lo­bi­sa­gan dam­ca­vi in­stru­men­ti gan­sa­kuT­re­biT po­zi­ti­u­rad moq­me­debs
mci­re in­ves­to­reb­ze, ro­mel­Tac sa­zo­ga­do­e­bis ga­dawy­ve­ti­le­beb­ze ze­gav­
le­nis mi­ni­ma­lu­ri an, iS­vi­aT Sem­Txve­va­Si, nu­lo­va­ni Se­saZ­leb­lo­ba aqvT.

mux­li 151. aq­ci­is cne­ba

aq­cia aris re­gis­tri­re­bu­li, de­ma­te­ri­a­li­ze­bu­li, sa­xe­lo­bi­Ti fa­si­a­

ni qa­Ral­di, ro­me­lic gan­sazR­vravs sa­aq­cio sa­zo­ga­do­e­bis ka­pi­tal­Si pi­
ris mo­na­wi­le­o­bas.

aq­ci­is ar­se­bo­bam­de in­ves­to­ris mi­er Ta­vi­si uf­le­ba-­mo­va­le­o­be­bis

sxva pi­ri­saT­vis ga­da­ce­ma ukav­Sir­de­bo­da rig bun­do­va­ne­bebs. ma­ga­li­Ti­
saT­vis, in­di­vi­du­al­ ur Sem­Txve­veb­Si un­da dad­ge­ni­li­yo re­a­lu­rad ra
uf­le­ba-­mo­va­le­o­be­bis ga­da­ce­ma xde­bo­da, hqon­da Tu ara am pirs am uf­
le­ba-­mo­va­le­o­be­bis sxva pi­ris­Tvis ga­da­ce­mis uf­le­ba da sxva. am prob­le­
mis ga­daW­ra mox­da stan­dar­ti­ze­bu­li, fur­cel­ze ar­se­bul ser­ti­fi­ka­tis

237
Seq­mnis gziT, ro­mel­Sic in­teg­ri­re­bul iq­na in­ves­to­ris uf­le­be­bi da
mo­va­le­o­be­bi. ar­sob­ri­vad aq­cia gax­da fi­nan­su­ri in­stru­men­ti, ro­me­lic
gan­sazR­vravs aq­ci­o­ne­ris uf­le­ba­Ta mas­Stabs sa­aq­cio sa­zo­ga­do­e­ba­Si. Ta­
vis mxriv am ser­ti­fi­ka­tis sa­mo­qa­la­qo-­sa­mar­Tleb­ri­vi ga­ri­ge­bis ga­da­ce­
mis gziT da­iwyo mas­Si ar­se­bu­li uf­le­ba-­mo­va­le­o­be­bis ga­da­ce­ma. mog­vi­
a­ne­biT, sa­vaW­ro ur­Ti­er­To­be­bis gan­vi­Ta­re­bas­Tan er­Tad, ma­te­ri­a­lu­ris
sa­xiT aq­ci­is ga­da­ce­mis ba­ri­e­ris mox­snis miz­niT mox­da aq­ci­eb ­ is de­ma­te­
ri­a­li­za­ci­a. de­ma­te­ri­a­li­za­ci­is Se­de­gad, dRe­i­saT­vis aq­ci­a­ze sa­kuT­re­
bis uf­le­ba war­mo­iS ­ o­ba eleq­tro­nu­li for­miT mas­ze sa­kuT­re­bis uf­le­
bis re­gis­tra­ci­is gziT.
sa­er­Ta­So­ri­so, gan­vi­Ta­re­bu­li qvey­ne­bis praq­ti­ka­Si, zo­gi­erT Sem­
Txve­va­Si aRar xde­ba aq­ci­is pir­da­pi­ri re­gis­tra­ci­ac ki. mas­ze sa­kuT­re­bis
uf­le­ba war­mo­i­So­ba Su­am ­ av­lis (ma­ga­li­Tad, bro­ke­ris an ban­kis) fa­si­a­ni
qa­Ral­de­bis an­ga­riS­ze Ca­na­we­ris ga­ke­Te­bis gziT. am an­ga­riS­ze moq­ce­u­lia
gva­rov­nu­li fa­si­an ­ i qa­Ral­de­bis er­Tob­li­o­ba da Se­sa­ba­mi­si Ca­na­we­ris ar­
se­bo­ba pirs ani­Webs am fa­si­an qa­Ral­deb­ze Ta­na­sa­kuT­re­bis uf­le­bas.
ka­no­nis 153-e mux­li ka­pi­ta­lis baz­ris am fi­nan­su­ri in­stru­men­tis cne­
bas eT­mo­ba. ka­non­Si war­mod­ge­ni­li aq­ci­is cne­ba­Si aq­cen­ti ga­max­vi­le­bu­
lia aq­ci­is re­gis­tri­re­bul da de­ma­te­ri­a­li­ze­bul bu­ne­ba­ze. ro­gorc
aRi­niS­na de­ma­te­ri­a­li­ze­bul aq­ci­as ar ga­aC­nia ma­te­ri­a­lu­ri for­ma da igi
eleq­tro­nu­li sa­xiT ar­se­bobs da mi­si mom­qce­va xde­ba swo­red am sis­te­ma­Si
ar­se­bul an­ga­ri­Seb­Si mi­si re­gis­tra­ci­is gziT.

mux­li 152. sa­aq­cio sa­zo­ga­do­e­ba­Si Se­na­ta­nis gan­xor­ci­e­le­ba

1. sa­mu­Sa­os Ses­ru­le­ba an mom­sa­xu­re­bis ga­we­va ar Se­iZ­le­ba iyos sa­aq­

cio sa­zo­ga­do­e­ba­Si ara­fu­la­di Se­na­ta­nis gan­xor­ci­e­le­bis sa­ga­ni.
2. Se­na­ta­nis gan­xor­ci­e­le­bis we­si da va­da ga­ni­sazR­vre­ba ka­no­niT an­/
da wes­de­biT. Tu aR­niS­nu­li va­da dad­ge­ni­li ar aris, aq­ci­o­ner­ma
Se­na­ta­ni un­da ga­na­xor­ci­e­los sa­aq­cio sa­zo­ga­do­e­bis moTx­ov­nis
Sem­deg, go­niv­rul va­da­Si. aq­ci­is gas­xvi­se­bis mo­men­tis­Tvis mas­Tan
da­kav­Si­re­bu­li Se­us­ru­le­be­li val­de­bu­le­be­bis­Tvis gam­sxvi­se­be­
li aq­ci­o­ne­ri Sem­Zen­Tan er­Tad sa­aq­cio sa­zo­ga­do­e­bis wi­na­Se so­li­
da­ru­lad agebs pa­suxs, Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­
bu­li.
3. sa­aq­cio sa­zo­ga­do­e­bis da­fuZ­ne­bi­sas an mi­si ka­pi­ta­lis gaz­rdi­sas
aq­ci­o­ner­ma Se­na­ta­ni un­da ga­na­xor­ci­e­los sa­aq­cio sa­zo­ga­do­e­bis

238
 re­gis­tra­ci­is an mi­si ka­pi­ta­lis gaz­rdis mo­men­ti­dan 5 wlis va­da­Si,
Tu wes­de­biT uf­ro mci­re va­da ar aris gaT­va­lis­wi­ne­bu­li.
4. sa­aq­cio sa­zo­ga­do­e­bis re­gis­tra­ci­is an ka­pi­ta­lis gaz­rdis mo­men­
tis­Tvis aq­ci­o­ner­ma fu­la­di Se­na­ta­ni un­da ga­na­xor­ci­e­los Se­sa­ba­
mi­si ga­moS­ve­bu­li aq­ci­is no­mi­na­lu­ri Ri­re­bu­le­bis sul mci­re 25
pro­cen­tis ode­no­biT, xo­lo no­mi­na­lu­ri Ri­re­bu­le­bis arar­se­bo­
bis Sem­Txve­va­Si _ am ka­no­nis 156-e mux­lis me-2 pun­qtiT dad­ge­ni­li
Ri­re­bu­le­bis sul mci­re 25 pro­cen­tis ode­no­biT.
5. Tu­ki aq­ci­o­ner­ma da­ar­Rvia fu­la­di Se­na­ta­nis gan­xor­ci­e­le­bis va­
da, va­da­mo­sul ga­nu­xor­ci­e­le­bel fu­lad Se­na­tans ericx­e­ba wli­u­
ri pro­cen­ti sa­qar­Tve­los erov­nu­li ban­kis mi­er Se­sa­ba­mi­si pe­ri­o­
dis­Tvis dad­ge­ni­li re­fi­nan­si­re­bis ga­nak­ve­Tis or­ma­gi ode­no­biT,
Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li. sa­aq­cio sa­zo­ga­
do­e­bam da­ma­te­biT Se­iZ­le­ba mo­iTx­o­vos aR­niS­nu­li va­dis dar­Rve­
viT ga­mow­ve­u­li zi­a­nis anazR­a­u­re­ba. igi­ve we­si vrcel­de­ba ara­fu­
lad Se­na­tan­ze.
6. aq­ci­o­ne­ris mi­er fu­la­di Se­na­ta­nis gan­xor­ci­e­le­bis va­dis dar­Rve­
vi­sas sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel or­ga­nos Se­uZ­lia da­iwy­
os aq­ci­is Ca­mor­Tme­vis pro­ce­si. am Sem­Txve­va­Si sa­aq­cio sa­zo­ga­do­
e­ba val­de­bu­lia ga­af­rTxi­los aq­ci­o­ne­ri aq­ci­is Ca­mor­Tme­vis pro­
ce­sis dawy­e­bis Se­sa­xeb da fu­la­di Se­na­ta­nis gan­xor­ci­e­le­bis­Tvis
mis­ces mas da­ma­te­bi­Ti va­da ara­nak­leb 30 dRi­sa.
7. da­ma­te­bi­Ti va­dis uSe­de­god gas­vlis Sem­deg xel­mZRva­ne­li or­ga­
nos mi­er gag­zav­ni­li Sety­o­bi­ne­biT aq­ci­o­ne­ri sa­aq­cio sa­zo­ga­do­e­
bis sa­sar­geb­lod kar­gavs aq­ci­as, gan­xor­ci­e­le­bul Se­na­tans da mas­
Tan da­kav­Si­re­bul uf­le­bebs. ga­nu­xor­ci­e­le­bel Se­na­tan­Tan da­kav­
Si­re­bu­li sa­aq­cio sa­zo­ga­do­e­bis moTx­ov­ne­bi Za­la­Si rCe­ba.
8. xel­mZRva­nel or­ga­nos ne­bis­mi­er mo­men­tSi Se­uZ­lia mi­i­Ros ga­dawy­
ve­ti­le­ba aq­ci­is Ca­mor­Tme­vis pro­ce­sis Sewy­ve­tis Se­sa­xeb.
9. xel­mZRva­ne­li or­ga­nos mi­er am mux­liT gaT­va­lis­wi­ne­bu­li uf­le­
ba­mo­si­le­be­bis gan­sa­xor­ci­e­leb­lad wes­de­ba Se­iZ­le­ba iT­va­lis­wi­
neb­des sa­meT­val­yu­reo sab­Wos Tan­xmo­bis au­ci­leb­lo­bas. es uf­le­
ba­mo­si­le­be­bi Se­iZ­le­ba mTli­a­nad an na­wi­lob­riv ga­ni­sazR­vros sa­
er­To kre­bis uf­le­ba­mo­si­le­be­bad, Tu wes­de­ba iT­va­lis­wi­nebs aseT
Se­saZ­leb­lo­bas.
10. sa­aq­cio sa­zo­ga­do­e­bis re­gis­tra­ci­am­de aq­ci­o­ne­re­bis mi­er Ser­Ce­
ul­ma da­mo­u­ki­de­bel­ma au­di­tor­ma ne­bis­mi­er ara­fu­lad Se­na­tan­Tan
da­kav­Si­re­biT un­da Se­ad­gi­nos an­ga­ri­Si, ro­me­lic un­da ga­moq­vey­ndes

239
 ma­re­gis­tri­re­be­li or­ga­nos eleq­tro­nul por­tal­ze. da­mo­u­ki­de­be­
li au­di­to­ri Se­iZ­le­ba iyos fi­zi­ku­ri pi­ri an iu­ri­di­u­li pi­ri.
11. da­mo­u­ki­de­be­li au­di­to­ris an­ga­ri­Si sul mci­re un­da Se­i­cav­des
ara­fu­la­di Se­na­ta­nis Se­mad­ge­ne­li Ti­To­e­u­li aq­ti­vis aR­we­ras,
ga­mo­ye­ne­bul Se­fa­se­bis me­To­debs da mi­Ti­Te­bas imis Ta­o­ba­ze, Se­e­
sa­ba­me­ba Tu ara am me­To­de­bis ga­mo­ye­ne­biT mi­Re­bu­li Ri­re­bu­le­ba
Se­sa­ba­mi­si aq­ci­e­bis ra­o­de­no­ba­sa da no­mi­na­lur Ri­re­bu­le­bas, xo­
lo no­mi­na­lu­ri Ri­re­bu­le­bis arar­se­bo­bis Sem­Txve­va­Si _ am ka­no­nis
156-e mux­lis me-2 pun­qtiT dad­ge­nil Ri­re­bu­le­bas.
12. Ser­wymis­/ga­yo­fis Se­de­gad da­fuZ­ne­bu­li axa­li sa­me­war­meo sa­zo­ga­
do­e­bis mi­marT am mux­lis me-9 pun­qtis moTx­ov­na ar ga­mo­i­ye­ne­ba, Tu
Ser­wymis­/ga­yo­fis geg­mis pro­eq­ti Se­mow­me­bu­lia da­mo­u­ki­de­be­li
au­di­to­ris mi­er am ka­no­nis 70-e mux­liT dad­ge­ni­li we­siT.

Se­sa­ta­nis ar­si. sa­aq­cio sa­zo­ga­do­e­bis, ro­gorc iu­ri­di­u­li pi­ris,

er­T-er­Ti Zi­ri­Ta­di ma­xa­si­a­Te­be­li sa­kuT­re­bis qo­nis una­ri­a, ro­me­lic
Sem­dgom­Si ga­mo­ye­ne­bul un­da iq­nes sa­me­war­meo sa­zo­ga­do­e­bis miz­ne­bi­
saT­vis da Se­de­gad ga­na­pi­ro­bos eko­no­mi­kur ur­Ti­er­To­beb­Si am­gva­ri
su­bi­eq­tis srul­fa­so­va­ni in­teg­ri­re­ba. sa­aq­cio sa­zo­ga­do­e­ba­Si ka­pi­ta­
lis Tav­moy­ra sa­war­mos gan­vi­Ta­re­bis sxva­das­xva etap­ze sxva­das­xva wya­
ro­dan xde­ba. sawy­is sta­di­a­ze, vid­re sa­me­war­meo saq­mi­a­no­bis Se­de­gad
an sa­ban­ko re­sur­se­bi­dan­/ka­pi­ta­lis baz­ri­dan fu­la­di re­sur­se­bis Tav­
moy­ra mox­de­ba, sa­aq­cio sa­zo­ga­do­e­bis ka­pi­ta­liT aR­Wur­vis Zi­ri­Ta­di
wya­ro aq­ci­o­ne­re­bis Se­na­ta­ne­bi­a. swo­red aq­ci­on ­ er­Ta Se­na­ta­neb­ma un­
da uz­run­vel­yon fun­qci­o­ni­re­ba­di sa­aq­cio sa­zo­ga­do­e­bis for­mi­re­ba.
amas­Tan, cal­ke­ul Sem­Txve­veb­Si ka­non­mdeb­lo­biT Se­iZ­le­ba dad­ge­nil
iq­nes sa­zo­ga­do­e­bis sa­ku­Ta­ri ka­pi­ta­lis (e­qu­ity ca­pi­tal) mi­ni­ma­lu­ri au­
ci­le­be­li Ta­na­far­do­ne­bi sa­zo­ga­do­e­bis sa­er­To qo­ne­bas­Tan.1
154-e mux­lis mux­lis pir­ve­li, me­o­re, me­sa­me da me­oTxe pun­qte­bi eT­mo­
ba Se­na­ta­nis for­ma­sa da mi­si Se­ta­nis wess. Si­na­ar­sob­ri­vad Se­na­ta­ni aris
sa­zo­ga­do­eb­ i­saT­vis ga­da­ce­mu­li aq­ti­vi, ro­me­lic sa­aq­cio sa­zo­ga­do­eb ­ is
Ta­vi­su­fa­li gan­kar­gvis sfe­ro­Si eq­ce­va. sa­aq­cio sa­zo­ga­do­e­bis ka­pi­tal­
Si Se­na­ta­ni Se­iZ­le­ba gan­xor­ci­el­des fu­la­di an ara­fu­la­di sa­xiT. amas­
Ta­na­ve, sa­aq­cio sa­zo­ga­do­e­bis gan­sa­kuT­re­bu­lad ka­pi­ta­lu­ri bu­ne­bi­dan

1
მაგალითად, კომერციული ბანკების შემთხვევაში საკუთარი კაპიტალის ოდენო­ბას­­თან
დაკავშირებული მოთხოვნები შესაძლებელია გამომდინარეობდეს „საბანკო ზედამხედველო­
ბის ბაზელის კომიტეტის“ მიერ დადგენილი სტანდარტების მიხედვით ჩამოყალიბებული
სპეციალური ეროვნული კანონმდებლობიდან.

240
ga­mom­di­na­re, ara­fu­lad Se­na­ta­nad ver Ca­iT­vle­ba sa­mu­Sa­os Ses­ru­le­ba an
mom­sa­xu­re­bis ga­we­va.
Se­sa­ta­nis Se­ta­nis pro­ce­du­rul na­wil­Si war­mod­ge­ni­li ka­no­ni iZ­le­
va sa­wes­de­bo av­to­no­mi­is far­gleb­Si Se­sa­ta­nis Se­ta­nis we­si­sa da va­de­bis
gan­sazR­vris av­to­no­mi­as. imav­dro­u­lad, ev­ro­kav­Si­ris 2012/30 di­req­ti­vi­
dan ga­mom­di­na­re, ar­se­bobs cal­ke­ul ­ i im­pe­ra­ti­u­li de­bu­le­be­bi.
Se­sa­ta­nis Se­ta­nis va­da. aq­ci­o­ne­re­bis mi­er Ta­vi­si Se­na­ta­nis gan­xor­ci­
e­le­bis maq­si­ma­lur va­dad gan­sazR­vru­lia 5 we­li. wes­de­biT, aq­ci­o­ne­rebs
Se­uZ­li­aT, Se­Tan­xmdnen Se­sa­ta­nis gan­xor­ci­e­le­bis uf­ro nak­leb va­da­ze.
Se­sa­ta­nis Se­ta­nis va­dis aT­vla mox­de­ba sa­zo­ga­do­e­bis re­gis­tra­ci­is mo­
men­ti­dan, xo­lo Sem­dgom­Si ka­pi­ta­lis gaz­rdis miz­niT gan­sa­xor­ci­e­le­be­
li Se­sa­ta­ne­bis Sem­Txve­va­Si ka­pi­ta­lis gaz­rdis mo­men­ti­dan.
im Sem­Txve­va­Si, Tu Se­na­ta­nis gan­xor­ci­e­le­bis va­da ar aris mi­Ti­Te­bu­
li wes­de­ba­Si, ma­Sin iva­ra­u­de­ba, rom sa­zo­ga­do­e­bas uf­le­ba aqvs, ne­bis­mi­er
dros, da­u­yov­neb­liv an kon­kre­tu­li dro­ze mi­Ti­Te­biT, mos­Txo­vos aq­ci­
o­ners Se­sa­ta­nis gan­xor­ci­el ­ e­ba. amas­Tan, vi­na­i­dan Se­na­ta­neb­ze pa­su­xis­
mge­be­li su­bi­eq­ti sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos wev­ri­a,
swo­red mas­ve ekis­re­ba val­de­bu­le­ba, sa­Wi­ro­e­bis war­mo­So­bi­sas dro­u­lad
mo­ax­di­nos am of­ci­iT sar­geb­lo­bis uf­le­bis re­a­li­ze­ba.
Se­sa­ta­nis Se­ta­nis we­si. sa­zo­ga­do­e­bis re­gis­tra­ci­is an ka­pi­ta­lis gaz­
rdis mo­men­ti­saT­vis Se­na­ta­ne­bi gan­xor­ci­e­le­bul un­da iq­nes Se­sa­ba­mi­si
ga­moS­ve­bu­li aq­ci­e­bis no­mi­na­lu­ri Ri­re­bu­le­bis­/gan­Tav­se­bu­li ka­pi­ta­
lis, sul mci­re, 25%-is ode­no­biT.
ka­no­ni iT­va­lis­wi­nebs ara­fu­la­di Se­na­ta­ne­bis Se­fa­se­bis de­ta­lur
pro­ce­du­ras, ro­me­lic ev­ro­kav­Si­ris 2012/30 di­req­ti­vi­dan ga­mom­di­na­re­
obs. im Sem­Txve­va­Si, Tu Se­na­ta­nis gan­xor­ci­e­le­ba sa­zo­ga­do­e­bis ka­pi­tal­
Si ara­fu­la­di for­miT xor­ci­el­de­ba, ar­se­bobs ma­Ti ze­Se­fa­se­bis ris­ki,
ris Se­de­ga­dac sa­zo­ga­do­e­bis gan­Tav­se­bul ka­pi­tal­sa da mis faq­tob­riv
qo­ne­bas So­ris war­mo­iq­mne­ba mkveT­ri dis­ba­lan­si, ris­ma ris­kmac Se­saZ­le­
be­li­a, mkveT­rad ga­zar­dos tran­saq­ci­u­li xar­je­bi sa­zo­ga­do­e­bas­Tan da­
kav­Si­re­bu­li mxa­re­eb ­ is­Tvis an ga­mo­iw­vi­os ama­ve pi­re­bi­saT­vis ar­se­bi­Ti
zi­a­nis mi­ye­ne­ba.
am­gva­ri uar­yo­fi­Ti efeq­te­bis Ta­vi­dan aci­le­bis miz­niT, sa­zo­ga­do­e­bas
ekis­re­ba val­de­bu­le­ba, Se­ar­Ci­os au­di­to­ri, rom­lis mi­e­rac Se­fa­se­bul
iq­ne­ba ara­fu­la­di Se­na­ta­ne­bi. am miz­niT, au­di­to­ri Se­ad­gens an­ga­riSs,
ro­me­lic, sul mci­re, un­da Se­ic ­ av­des Se­na­ta­nis Se­mad­ge­ne­li Ti­To­e­u­li
aq­ti­vis aR­we­ras, ise­ve, ro­gorc ga­mo­ye­ne­bu­li Se­fa­se­bis me­To­deb­sa da

241
das­kvnas Se­es ­ a­ba­me­ba Tu ara am me­To­de­bis ga­mo­ye­ne­biT mi­Re­bu­li Ri­re­
bu­le­ba, sul mci­re, ma­Ti Se­sa­ba­mi­si aq­ci­eb ­ is ra­o­de­no­ba­sa da no­mi­na­lur
Ri­re­bu­le­bas, xo­lo no­mi­na­lu­ri Ri­re­bu­le­bis arar­se­bo­bi­sas gan­Tav­se­
bu­li ka­pi­ta­lis dad­ge­nil Ri­re­bu­le­bas.
ara­sa­Wi­ro xar­je­bis Sem­ci­re­bis miz­niT, aR­niS­nu­li we­si­dan er­Ta­der­
Ti ga­mo­nak­li­sia Ser­wymis­/ga­yo­fis Se­de­gad da­fuZ­ne­bu­li axa­li sa­me­war­
meo sa­zo­ga­do­e­ba, Tu Ser­wymis­/ga­yo­fis geg­ma uk­ve Se­mow­me­bu­lia da­mo­u­ki­
de­be­li eq­sper­tis mi­er.
Se­sa­ta­nis Se­u­tan­lo­bis sa­mar­Tleb­ri­vi Se­de­gi. ka­no­ni wi­nam­de­ba­re mux­
lis me-­5-me-9 pun­qte­bi eT­mo­ba sa­zo­ga­do­eb ­ is aq­ci­o­ne­ris mi­er kuT­vni­li
Se­na­ta­nis ga­nu­xor­ci­e­leb­lo­bis sa­mar­Tleb­riv Se­de­gebs. ker­Zod, Se­na­ta­
nis gan­xor­ci­e­le­bis va­dis dar­Rve­vis Sem­Txve­va­Si va­da­mo­sul Se­u­ta­nel
Se­na­tans, Tu wes­de­biT sxva ram ar iq­ne­ba gaT­va­lis­wi­ne­bu­li, da­er ­ icx­eb­a
wli­u­ri pro­cen­ti sa­qar­Tve­los erov­nu­li ban­kis mi­er Se­sa­ba­mi­si pe­ri­o­
dis­Tvis dad­ge­ni­li re­fi­nan­si­re­bis ga­nak­ve­Tis or­ma­gi ode­no­biT, Tu wes­
de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li. amas­Ta­na­ve, ase­Ti san­qcia ar
aTa­vi­suf­lebs pirs sa­zo­ga­do­e­bis­Tvis mi­ye­ne­bu­li zi­an ­ is anazR­a­u­re­bis
moTx­ov­ni­sa­gan. sa­aq­cio sa­zo­ga­do­eb ­ as rCe­ba uf­le­ba, mo­iTx­o­vos va­dis
dar­Rve­viT ga­mow­ve­ul ­ i zi­a­nis anazR­a­u­re­ba. amas­Tan, aq­ci­is gas­xvi­se­bis
Sem­Txve­va­Si, gas­xvi­se­bis mo­men­tis­Tvis mas­Tan da­kav­Si­re­bu­li Se­us­ru­le­
be­li val­de­bu­le­be­bi­saT­vis sa­aq­cio sa­zo­ga­do­eb ­ is wi­na­Se gam­sxvi­se­be­li
aq­ci­o­ne­ri, Sem­Zen­Tan er­Tad, so­li­da­ru­lad agebs pa­suxs, Tu wes­de­biT
sxva ram ar aris dad­ge­ni­li.
ka­no­nis no­va­ciaa aq­ci­a­Ta Ca­mor­Tme­vis mka­fio pro­ce­du­re­bis ga­we­ra.
aq­ci­o­ne­ris ga­ricx­vis pro­ce­du­re­bis dawy­e­ba eq­ce­va xel­mZRva­ne­li or­ga­
nos eq­sklu­zi­ur kom­pe­ten­ci­a­Si. aR­niS­nu­li uf­le­ba­mo­si­le­be­bi mTli­a­nad
an na­wi­lob­riv Se­iZ­le­ba ga­da­e­ces sa­er­To kre­bas, an am uf­le­bis re­a­li­ze­
ba da­eq­vem­de­ba­ros sa­meT­val­yu­reo sab­Wos wi­nas­war Tan­xmo­bas. aq­ci­e­bis
Ca­mor­Tme­vis pro­ce­du­ra iwy­e­ba aq­ci­o­ne­ris gaf­rTxi­le­biT aq­ci­is Ca­mor­
Tme­vis pro­ce­sis dawy­e­bis Ta­o­ba­ze da mis­Tvis da­ma­te­bi­Ti va­dis mi­ce­miT.
iseT go­niv­rul va­dad, ro­me­lic, er­Ti mxriv, mi­ni­mu­mam­de Se­am­ci­reb­da sa­
zo­ga­do­eb ­ i­saT­vis zi­a­nis mi­ye­ne­bis saf­rTxes, xo­lo me­o­re mxriv, uz­run­
vel­yof­da aq­ci­o­ne­ri­saT­vis val­de­bu­le­bis Ses­ru­le­bis Se­saZ­leb­lo­bas,
ka­non­Si mo­ce­mu­lia 30 dRe. im Sem­Txve­va­Si, Tu aq­ci­o­ne­ri da­ma­te­biT dad­
ge­ni­li va­dis gan­mav­lo­ba­Sic ar mo­ax­dens val­de­bu­le­bis Ses­ru­le­bas, xel­
mZRva­ne­li or­ga­nos mi­er amis Ta­o­ba­ze Sety­o­bi­ne­bis Sem­dgom aq­ci­o­ne­ri
da­kar­gavs im aq­ci­as, ro­mel­zec aqvs Se­u­ta­ne­li Se­na­ta­ni. ase­ve, aq­ci­o­ners

242
ar da­ub­run­de­ba uk­ve na­wi­lob­riv gan­xor­ci­e­le­bu­li Se­na­ta­ni da sa­aq­cio
sa­zo­ga­do­e­bas dar­Ce­ba Se­u­ta­nel Se­sa­tan­Tan da­kav­Si­re­bu­li moTx­ov­ne­bi.

am­gva­ri eko­no­mi­kur­-sa­mar­Tleb­ri­vi Se­de­gi, er­Ti Se­xed­viT, Se­iZ­le­

ba ga­da­War­be­bu­lic Can­des, Tum­ca aseT­ma mkac­rma mid­go­mam un­da uz­run­
vel­yos aq­ci­o­ner­Ta mi­er sa­ku­Ta­ri mo­va­le­o­be­bis je­rov­nad Ses­ru­le­ba.
sa­aq­cio sa­zo­ga­do­e­bas, ro­gorc eko­no­mi­ku­ri ur­Ti­er­To­be­bis da­mo­u­ki­
de­bel mo­na­wi­les, aqvs mo­lo­di­ni, rom aq­ci­o­ne­ri iq­ne­ba ke­Til­sin­di­si­e­
ri da je­rov­nad Se­as­ru­leb­da Ta­vis val­de­bu­le­bas. am­gva­ri mo­lo­di­nis
far­gleb­Si ki aR­niS­nu­li sa­war­mo swevs sa­me­war­meo ur­Ti­er­To­beb­Tan da­
kav­Si­re­bul risks. me­tic, aq­ci­o­ne­ris mi­er Ta­vi­si val­de­bu­le­bis Se­us­ru­
leb­lo­ba sa­me­war­meo sa­zo­ga­do­e­ba Se­iZ­le­ba da­a­ye­nos ga­dax­du­u­na­ro­bis
an ka­pi­tal­Tan da­kav­Si­re­biT spe­ci­a­lu­ri ka­non­mdeb­lo­biT gan­sazR­vrul
moTx­ov­neb­Tan Se­uT ­ av­seb­lo­bis wi­na­Se. Se­sa­ba­mi­sad, au­ci­le­be­lia ise­Ti
sa­ka­non­mdeb­lo Car­Cos for­mi­re­ba, ro­me­lic, er­Ti mxriv, ori­en­ti­re­bu­
li iq­ne­ba val­de­bu­le­ba­Ta Se­us­ru­leb­lo­bis Ta­vi­dan aci­le­ba­ze, me­o­re
mxriv ki, val­de­bu­le­bis dar­Rve­vi­sas Seq­mnis zi­an ­ is maq­si­ma­lu­rad Sem­ci­
re­bis me­qa­niz­mebs.
ama­ve kon­teq­stSi, wi­nam­de­ba­re mux­li Se­i­cavs xel­mZRva­ne­li or­ga­nos
uf­le­ba­mo­si­le­bas, ne­bis­mi­er mo­men­tSi mi­i­Ros ga­dawy­ve­ti­le­ba aq­ci­is Ca­
mor­Tme­vis pro­ce­sis Sewy­ve­tis Se­sa­xeb. ase­Ti zo­ga­di Ca­na­we­ri ar un­da iq­
nes gan­mar­te­bu­li im­gva­rad, rom xel­mZRva­ne­li or­ga­no ab­so­lu­tu­ri dis­
kre­ci­is far­gleb­Si iRebs ga­dawy­ve­ti­le­bas Ca­mor­Tme­vis pro­ce­du­ris Sewy­
ve­tis Ta­o­ba­ze. am Sem­Txve­va­Si xel­mZRva­ne­li or­ga­nos ga­dawy­ve­ti­le­ba­ze
vrcel­de­ba xel­mZRva­ne­li or­ga­nos wev­ris mi­marT ka­no­niT dad­ge­ni­li val­
de­bu­le­be­bi. Se­sa­ba­mi­sad, ga­dawy­ve­ti­le­bis mi­Re­bis pro­ces­Si xel­mZRva­ne­
li or­ga­no Se­bo­Wi­lia sa­aq­cio sa­zo­ga­do­e­bis sa­u­ke­Te­so in­te­re­se­biT.

243
mux­li 153. ne­ba­dar­Tu­li, ga­moS­ve­bu­li da gan­Tav­se­bu­li aq­ci­e­bi

1. ne­ba­dar­Tu­li aq­ci­e­bi ga­ni­sazR­vre­ba sa­dam­fuZ­neb­lo Se­Tan­xme­biT

gaT­va­lis­wi­ne­bul gan­sa­Tav­se­bel aq­ci­a­Ta maq­si­ma­lu­ri ra­o­de­no­biT.
2. ga­moS­ve­bul aq­ci­e­bad mi­iC­ne­va aq­ci­e­bi, ro­mel­Ta zus­ti ra­o­de­no­
bac ga­ni­sazR­vre­ba sa­aq­cio sa­zo­ga­do­e­bis uf­le­ba­mo­si­li or­ga­nos
ga­dawy­ve­ti­le­biT da rom­le­bic gan­Tav­se­bis Se­sa­xeb ga­dawy­ve­ti­le­
biT dad­ge­ni­li pi­ro­biT un­da iq­nes gan­Tav­se­bu­li da ga­dax­di­li.
3. gan­Tav­se­bul aq­ci­e­bad mi­iC­ne­va aq­ci­e­bi, rom­le­bic ga­ce­mu­lia sa­
aq­cio sa­zo­ga­do­e­bis mi­er sxva pi­ris­Tvis gar­kve­u­li Tan­xis an sxva
sazR­a­u­ris ga­dax­dis pi­ro­biT da dad­ge­ni­li we­siT re­gis­tri­re­bu­
lia aq­ci­a­Ta re­es­trSi, ro­mel­sac awar­mo­ebs sa­aq­cio sa­zo­ga­do­e­ba
an da­mo­u­ki­de­be­li re­gis­tra­to­ri da ro­mel­Sic aR­niS­nu­lia aq­ci­e­
bis re­gis­tri­re­bu­li me­sa­kuT­re­e­bi­sa da maT sa­kuT­re­ba­Si ar­se­bu­li
aq­ci­e­bis ra­o­de­no­ba, kla­si da maT­Tan da­kav­Si­re­bu­li, sa­qar­Tve­los
ka­non­mdeb­lo­biT gaT­va­lis­wi­ne­bu­li sxva in­for­ma­ci­a.

sa­aq­cio sa­zo­ga­do­e­ba da gan­Tav­se­bu­li aq­ci­e­bis ar­se­bo­ba er­Tma­ne­Ti­

sa­gan ga­nu­yo­fe­li­a. aq­ci­a­Ta gan­Tav­se­ba mniS­vne­lo­va­nia ara mxo­lod sa­
zo­ga­do­eb ­ is ar­se­bo­bis­Tvis au­ci­le­be­li ka­pi­ta­lis for­mi­re­bis, ara­med
Ta­vad ase­Ti sa­zo­ga­do­eb ­ is Zi­ri­Ta­di ma­xa­si­a­Teb­lis ka­pi­ta­lis aq­ci­e­bad
da­yo­fis praq­ti­ku­lad re­al ­ i­ze­bis­Tvis. amas­Ta­na­ve, aq­ci­a­Ta pir­ve­la­di
gan­Tav­se­biT ar srul­de­ba sa­zo­ga­do­e­bis ka­pi­ta­lis aq­ci­e­bad da­yo­fis
pro­ce­si da sa­zo­ga­do­e­bis Sem­dgom ga­mow­ve­veb­ze sa­pa­su­xod gan­Tav­se­bu­
li aq­ci­eb ­ is ra­o­de­no­ba mud­mi­vad cvla­di­a, ra­sac win uZR­vis aq­ci­on ­ er­Ta
mxri­dan im aq­ci­e­bis gan­sazR­vra, rom­lis Sem­dgo­mi ga­moS­ve­ba da gan­Tav­
se­baa Se­saZ­le­be­li. ka­no­nis 155-e mux­li eT­mo­ba sa­aq­cio sa­zo­ga­do­e­bis ka­
pi­ta­lis for­mi­re­bis am kom­pleq­su­ri sa­kiTx­is cne­ba­Ta do­ne­ze gan­sazR­
vras. wi­nam­de­ba­re mux­lis far­gleb­Si war­mod­ge­ni­lia ro­gorc ne­ba­dar­
Tu­li, ise ga­moS­ve­bu­li da gan­Tav­se­bu­li aq­ci­is cne­ba.
ne­ba­dar­Tu­li aq­ci­e­bi. ne­ba­dar­Tu­li aq­ci­eb ­ i ga­ni­sazR­vre­ba sa­me­war­
meo sa­zo­ga­do­e­bis wes­de­biT gan­Tav­se­bis­Tvis gaT­va­lis­wi­ne­bul aq­ci­a­Ta
maq­si­ma­lu­ri ode­no­biT. ne­ba­dar­Tu­li amis mi­za­ni sa­zo­ga­do­e­bis wi­na­Se
ar­se­bul ga­mow­ve­veb­ze moq­ni­li re­a­gi­re­bis­Tvis fun­da­men­tis Seq­mna da
me­nej­men­tis efeq­ti­an ­ o­bis zrda­a. ker­Zod, ba­zar­ze ar­se­bul ga­mow­ve­veb­
ze sa­pa­su­xod, mmar­Tvel or­ga­nos xSi­rad eni­We­ba Se­saZ­leb­lo­ba, sa­er­To
kre­bis mi­er wi­nas­war gan­sazR­vru­li ne­ba­dar­Tu­li ka­pi­ta­lis far­gleb­Si
mi­i­Ros ga­dawy­ve­ti­le­ba aq­ci­e­bis ga­moS­ve­bis Ta­o­ba­ze.

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 ga­moS­ve­bu­li aq­ci­e­bi. aq­ci­a­Ta im ode­no­bas, ro­me­lic sa­aq­cio sa­zo­ga­
do­e­bis uf­le­ba­mo­si­li or­ga­nos ga­dawy­ve­ti­le­biT ga­ni­sazR­vra, ro­gorc
ode­no­ba, ro­me­lic eq­vem­de­ba­re­ba gan­Tav­se­ba­sa da ga­dax­das, ewo­de­ba ga­
moS­ve­bu­li aq­ci­e­bi. sa­zo­ga­do­e­ba er­Ti da ima­ve aq­ci­is ga­moS­ve­bas ax­dens
mxo­lod er­Txel, xo­lo Sem­dgom­Si sa­zo­ga­do­eb ­ is aq­ci­o­ne­rebs in­ves­ti­ci­
i­dan gas­vlis, wi­na wels ga­u­ce­me­li di­vi­den­dis xar­jze gaz­rdi­li aq­ci­
e­bis Ri­re­bu­le­bis ga­fu­la­de­bis Tu sxva mi­ze­ze­biT Se­saZ­leb­lo­ba aqvT,
me­o­rad ba­zar­ze mo­ax­di­non ma­Ti re­a­li­ze­ba. im Sem­Txve­va­Sic ki, Tu sa­zo­
ga­do­e­ba mi­i­Rebs ga­dawy­ve­ti­le­bas aq­ci­e­bis ga­mos­yid­vis Ta­o­ba­ze, ase­Ti
aq­ci­eb­ i, mar­Ta­li­a, kar­ga­ven gan­Tav­se­bu­lis sta­tuss da iwo­de­bi­an sa­xa­zi­
no aq­ci­e­bad, Tum­ca rCe­bi­an ga­moS­ve­bu­lad, im­de­nad, ram­de­na­dac sa­zo­ga­
do­e­bas aqvs Se­saZ­leb­lo­ba, mo­ax­di­nos ma­Ti ga­da­yid­va.
gan­Tav­se­bu­li aq­ci­e­bi. im aq­ci­ebs, ro­me­lic ga­ce­mu­lia sa­aq­cio sa­zo­ga­
do­e­bis mi­er sxva pi­ris­Tvis fu­lis an sxva sazR­a­u­ris ga­dax­dis pi­ro­biT da
dad­ge­ni­li we­siT da­re­gis­tri­re­bu­lia sa­aq­cio sa­zo­ga­do­e­bis re­es­trSi,
ewo­de­ba gan­Tav­se­bu­li aq­ci­e­bi. aq­ve aR­sa­niS­na­vi­a, rom gan­Tav­se­bu­li aq­
ci­e­bis ode­no­ba mniS­vne­lov­nad ic­vle­ba sa­zo­ga­do­e­bis fun­qci­o­ni­re­bis
sxva­das­xva etap­ze. ker­Zod, gan­Tav­se­bu­li aq­ci­e­bis ode­no­ba, ro­gorc we­
si, pro­por­ci­u­lad ic­vle­ba imis mi­xed­viT, sa­zo­ga­do­e­ba mi­i­Rebs axa­li aq­
ci­e­bis ga­moS­ve­bis gziT ka­pi­ta­lis zrdis Tu sa­ku­Ta­ri aq­ci­e­bis ga­mos­yid­
vis gziT ka­pi­ta­lis Sem­ci­re­bis Ta­o­ba­ze ga­dawy­ve­ti­le­bas.
ama­ve mux­lSi pir­ve­lad vxvde­biT aq­ci­a­Ta re­es­tris Se­sa­xeb Ca­na­wers.
aq­ci­a­Ta re­es­tri _ es aris sa­zo­ga­do­e­bis re­es­tri, ro­mel­sac awar­mo­ebs
sa­aq­cio sa­zo­ga­do­e­ba an da­mo­uk ­ i­de­be­li re­gis­tra­to­ri. aq­ci­aT ­ a re­es­
trSi aR­niS­nu­lia re­gis­tri­re­bu­li me­sa­kuT­re­eb ­ i­sa da maT sa­kuT­re­ba­Si
ar­se­bu­li aq­ci­e­bis ode­no­ba, kla­si da maT­Tan da­kav­Si­re­bu­li, ka­non­mdeb­
lo­biT gan­sazR­vru­li sxva in­for­ma­ci­a. re­es­trSi in­for­ma­cia mim­di­na­re
re­Jim­Sia ga­nax­le­ba­di da aqvs fun­da­men­tu­ri mniS­vne­lo­ba sa­zo­ga­do­e­bis
ka­pi­tal­Si sa­kuT­re­bis uf­le­bis da­sa­das­tu­reb­lad.

mux­li 154. aq­ci­is no­mi­na­lu­ri Ri­re­bu­le­ba

1. sa­dam­fuZ­neb­lo Se­Tan­xme­biT Se­iZ­le­ba ga­ni­sazR­vros is Ri­re­bu­le­

ba, ro­mel­ze nak­le­bi Ri­re­bu­le­bi­Tac da­uS­ve­be­lia Se­sa­ba­mi­si kla­
sis aq­ci­is ga­moS­ve­ba (aq­ci­is no­mi­na­lu­ri Ri­re­bu­le­ba).
2. er­Ti kla­sis yve­la aq­ci­is no­mi­na­lu­ri Ri­re­bu­le­ba er­Ti da igi­ve
un­da iyos.

245
 aq­ci­is no­mi­na­lu­ri Ri­re­bu­le­ba aris aq­ci­is is mi­ni­ma­lu­ri wi­nas­war
gan­sazR­vru­li fa­si, ro­mel­ze nak­le­bi Ri­re­bu­le­bi­Tac ar un­da mox­des
am aq­ci­e­bis pir­ve­lad ba­zar­ze ga­moS­ve­ba. ka­no­nis 154-e mux­li sa­aq­cio
sa­zo­ga­do­e­bis aq­ci­is no­mi­na­lu­ri Ri­re­bu­le­bis cne­bis gan­sazR­vras eT­
mo­ba.
aR­niS­nu­li mux­lis mi­xed­viT, no­mi­na­lu­ri Ri­re­bu­le­ba aris aq­ci­is
wes­de­biT gan­sazR­vru­li is Ri­re­bu­le­ba, ro­mel­ze nak­le­bi Ri­re­bu­le­
bi­Tac da­uS­ve­be­lia mo­ce­mu­li kla­sis aq­ci­is ga­moS­ve­ba. swo­red no­mi­
na­lu­ri Ri­re­bu­le­bis am­gva­ri fiq­sa­cia ga­nas­xva­vebs aq­ci­is no­mi­na­lur
Ri­re­bu­le­bas aq­ci­is re­a­lu­ri Ri­re­bu­le­bi­sa­gan, ro­me­lic aris aq­ci­is
is Ri­re­bu­le­ba, rom­li­Tac kon­kre­tu­li mo­men­ti­saT­vis ba­zar­ze Se­saZ­
le­be­lia am aq­ci­is Se­Ze­na. sa­pi­ris­pi­rod, no­mi­na­lur Ri­re­bu­le­bas re­a­
lu­ri Ri­re­bu­le­bi­sa­gan gan­sxva­ve­biT ar aqvs kav­Si­ri moTx­ov­na-­mi­wo­de­
bas­Tan.

mux­li 155. aq­cia no­mi­na­lu­ri Ri­re­bu­le­bis ga­re­Se

1. sa­aq­cio sa­zo­ga­do­e­bas Se­uZ­lia gas­ces aq­cia no­mi­na­lu­ri Ri­re­bu­

le­bis ga­re­Se.
2. no­mi­na­lu­ri Ri­re­bu­le­bis ga­re­Se aq­ci­is ga­moS­ve­bis mi­ni­ma­lu­ri
Ri­re­bu­le­ba dgin­de­ba Se­sa­ba­mis gan­Tav­se­bul ka­pi­tal­Si mi­si wi­
liT.

sa­aq­cio sa­zo­ga­do­e­bas Se­iZ­le­ba hqon­des aq­ci­e­bi no­mi­na­lu­ri Ri­re­bu­

le­biT an ase­Tis ga­re­Se. aq­cia no­mi­na­lu­ri Ri­re­bu­le­bis ga­re­Se aris no­
mi­na­lu­ri Ri­re­bu­le­bis mqo­ne aq­ci­is al­ter­na­ti­va. swo­red am­gva­ri aq­ci­is
cne­bis gan­sazR­vras eT­mo­ba ka­no­nis 155-e mux­li.
sa­xel­wo­de­ba­Si ar­se­bu­li mi­Ti­Te­ba no­mi­na­lu­ri Ri­re­bu­le­bis ar­qo­nis
Ta­o­ba­ze ar un­da iq­nes gan­mar­te­bu­li im­gva­rad, rom aseT aq­ci­ebs „ar ga­aC­
ni­aT“ Ri­re­bu­le­ba. wi­nam­de­ba­re mux­lis me­o­re pun­qti iZ­le­va no­mi­na­lu­ri
Ri­re­bu­le­bis ar­mqo­ne aq­ci­is ga­moS­ve­bis mi­ni­ma­lu­ri Ri­re­bu­le­bis kal­ku­
la­ci­is me­Tods. am pun­qtis mi­xed­viT, no­mi­na­lu­ri Ri­re­bu­le­bis ar­mqo­ne
aq­ci­is ga­moS­ve­bis in­di­vi­du­a­lu­ri Ri­re­bu­le­ba dgin­de­ba sa­zo­ga­do­eb ­ is
ka­pi­tal­Si ma­Ti ode­no­bis pro­por­ci­u­lad. ker­Zod, ase­Ti Ri­re­bu­le­ba
dad­gin­de­ba no­mi­na­lu­ri Ri­re­bu­le­bis ar­mqo­ne aq­ci­e­biT for­mi­re­bu­li
gan­Tav­se­bu­li ka­pi­ta­lis ja­mis ga­yo­fiT no­mi­na­lu­ri Ri­re­bu­le­bis ar­mqo­
ne aq­ci­e­bis ode­no­ba­ze:

246
 amas­Tan, me­or ­ e pun­qtSi gan­sa­kuT­re­bu­li yu­radR­e­ba un­da mi­eq­ces sity­
vas „Se­sa­ba­mi­si“. ker­Zod, im Sem­Txve­va­Si, Tu sa­zo­ga­do­e­bas ram­de­ni­me kla­
sis aq­cia aqvs, ma­Sin sa­zo­ga­do­e­bis da­fuZ­ne­bi­sas no­mi­na­lu­ri Ri­re­bu­le­
bis ar­mqo­ne aq­ci­is ga­moS­ve­bis Ri­re­bu­le­ba da­i­an­ga­ri­Se­ba am kla­sis aq­ci­e­
biT Sem­dga­ri ka­pi­ta­lis ga­yo­fiT ama­ve kla­sis aq­ci­o­ne­re­bis ra­o­de­no­ba­ze.
mTli­a­no­ba­Si no­mi­na­lu­ri Ri­re­bu­le­bis ar­mqo­ne aq­ci­e­bi ise­Ti­ve efeq­
tu­ro­biT ax­de­nen sa­aq­cio sa­zo­ga­do­e­bis ka­pi­ta­lis for­mi­re­bas, ro­gorc
no­mi­na­lu­ri Ri­re­bu­le­bis mqo­ne aq­ci­e­bi. amas­Tan, gar­da sa­xel­wo­deb­ri­vi
da kal­ku­la­ci­u­ri sxva­o­be­bi­sa, no­mi­na­lu­ri Ri­re­bu­le­bis mqo­ne aq­ci­e­bis
da ase­Tis ga­re­Se aq­ci­e­bis ar­se­bo­bas aqvs Se­sa­ba­mi­si sa­bu­Ral­tro gan­sxva­
ve­be­bic, ma­Ti gan­cal­ke­ve­biT aR­ricx­vis sa­xiT.

mux­li 156. sa­aq­cio sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­li

1. sa­aq­cio sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­lis mi­ni­ma­lu­ri ode­

no­ba sa­aq­cio sa­zo­ga­do­e­bis re­gis­tra­ci­is mo­men­tis­Tvis un­da Se­ad­
gen­des sul mci­re 100 000 lars.
2. Tu sa­aq­cio sa­zo­ga­do­e­bas aqvs mxo­lod no­mi­na­lu­ri Ri­re­bu­le­bis
mqo­ne aq­ci­e­bi, gan­Tav­se­bu­li ka­pi­ta­lis ode­no­ba un­da Se­ad­gen­des
no­mi­na­lu­ri Ri­re­bu­le­bis mqo­ne aq­ci­a­Ta jams. Tu sa­aq­cio sa­zo­ga­
do­e­bas gan­Tav­se­bu­li aqvs ro­gorc no­mi­na­lu­ri Ri­re­bu­le­bis mqo­
ne aq­ci­e­bi, ise no­mi­na­lu­ri Ri­re­bu­le­bis ar­mqo­ne aq­ci­e­bi, gan­Tav­
se­bu­li ka­pi­ta­lis ode­no­ba aRe­ma­te­ba no­mi­na­lu­ri Ri­re­bu­le­bis
mqo­ne aq­ci­a­Ta jams. Tu sa­aq­cio sa­zo­ga­do­e­bas gan­Tav­se­bu­li aqvs
mxo­lod no­mi­na­lu­ri Ri­re­bu­le­bis ar­mqo­ne aq­ci­e­bi, gan­Tav­se­bu­li
ka­pi­ta­lis ode­no­ba Se­ad­gens sul mci­re am mux­lis pir­ve­li pun­
qtiT dad­ge­nil ode­no­bas.
3. Tu aq­ci­is gan­Tav­se­bis Se­de­gad mi­Re­bu­li Ri­re­bu­le­ba aRe­ma­te­ba
aq­ci­is no­mi­na­lur Ri­re­bu­le­bas, aR­niS­nu­li na­me­ti aris sa­aq­cio sa­
zo­ga­do­e­bis sa­re­zer­vo ka­pi­ta­li, ro­mel­ze­dac ar vrcel­de­ba am ka­
no­nis 168-e mux­lis pir­ve­li da me-2 pun­qte­bis moTx­ov­ne­bi.

247
 4. gan­Tav­se­bu­li ka­pi­ta­lis ode­no­ba aRi­niS­ne­ba sa­aq­cio sa­zo­ga­do­e­
bis ba­lan­sSi.

ka­non­Si er­Tma­ne­Tis­ga­naa ga­mij­nu­li gan­Tav­se­bu­li da mi­ni­ma­lu­ri gan­

Tav­se­bu­li ka­pi­ta­lis cne­be­bi. am­gva­ri ga­mij­vna swo­red 156-e mux­lSi mi­
ni­ma­lu­ri gan­Tav­se­bu­li ka­pi­ta­lis sa­xiT axa­li ter­mi­nis Se­mo­ta­niT da
mi­si kon­kre­tul Tan­xob­riv ode­no­bas­Tan da­kav­Si­re­biT xde­ba. Sem­dgom
mux­leb­Si ki aseT ga­mij­vnas Tan sdevs gan­Tav­se­bul ka­pi­tal­sa da mi­ni­ma­
lur gan­Tav­se­bul ka­pi­tal­Tan da­kav­Si­re­bu­li spe­ci­a­lu­ri re­gu­la­ci­e­bi.
„mi­ni­ma­lu­ri gan­Tav­se­bu­li ka­pi­ta­li“ aris aqam­de sa­qar­Tve­los ka­non­
mdeb­lo­ba­sa da sa­mec­ni­e­ro li­te­ra­tu­ra­Si far­Tod gav­rce­le­bul ter­min
„sa­wes­de­bo ka­pi­ta­lis“ kon­cep­tu­a­lu­ri ana­lo­gi. sa­xel­wo­de­ba „mi­ni­ma­lu­
ri gan­Tav­se­bu­li ka­pi­ta­li“ Se­ir­Ca ev­ro­kav­Si­ris 2012/30 di­req­ti­vis Tar­
gma­ni­dan (Mi­ni­mum Sub­scri­bed Ca­pi­tal).
gan­Tav­se­bu­li ka­pi­ta­li war­mo­ad­gens im aq­ci­ebs, rom­le­bic ga­ce­mu­
lia sa­aq­cio sa­zo­ga­do­e­bis mi­er sxva pi­ris­Tvis gar­kve­u­li Tan­xis an sx-
va sazR­a­u­ris ga­dax­dis pi­ro­biT. Ta­vis mxriv, mi­ni­ma­lu­ri gan­Tav­se­bu­li
ka­pi­ta­li _ esaa is er­Te­u­li, ro­mel­ze nak­leb­sac, ka­no­nis im­pe­ra­ti­u­li
daT­qmi­dan ga­mom­di­na­re, ar un­da Se­ad­gen­des sa­zo­ga­do­eb ­ is mi­er gan­Tav­se­
bu­li ka­pi­ta­li.
ev­ro­kav­Si­ris 2012/30 di­req­ti­vis mi­xed­viT, mo­na­wi­le mxa­re­eb­ma sa­aq­
cio sa­zo­ga­do­e­bis mi­ni­ma­lur gan­Tav­se­bul ka­pi­ta­lad un­da gan­sazR­vron
25 000 ev­ro. ka­non­ze mu­Sa­o­bis pro­ces­Si ga­dawy­da, rom e.w. la­ri­za­ci­is
po­li­ti­ki­dan ga­mom­di­na­re mi­zan­Se­wo­ni­li iq­ne­bo­da Tan­xis erov­nul va­
lu­ta­Si ga­mo­sax­va. Se­sa­ba­mi­sad, mi­e­Ti­Ta, rom sa­aq­cio sa­zo­ga­do­e­bis re­
gis­tra­ci­is mo­men­ti­saT­vis sa­aq­cio sa­zo­ga­do­eb ­ is ba­lan­sSi aR­niS­nu­li
gan­Tav­se­bu­li ka­pi­ta­lis ode­no­ba ar un­da iyos 100 000 lar­ze nak­le­bi.
sa­Ta­na­do ka­pi­ta­liT sa­aq­cio sa­zo­ga­do­e­bis aR­Wur­vis uz­run­vel­sa­yo­
fad wi­nam­de­ba­re mux­lis me­o­re pun­qti ad­gens moTx­ov­nas, rom, Tu sa­aq­cio
sa­zo­ga­do­eb ­ as aqvs no­mi­na­lu­ri Ri­re­bu­le­bis aq­ci­e­bi, gan­Tav­se­bu­li ka­pi­
ta­lis ode­no­ba un­da Se­ad­gen­des, sul mci­re, no­mi­na­lu­ri Ri­re­bu­le­bis
aq­ci­a­Ta jams, xo­lo im Sem­Txve­va­Si, Tu sa­aq­cio sa­zo­ga­do­e­bas gan­Tav­se­bu­
li aqvs ase­ve no­mi­na­lu­ri Ri­re­bu­le­bis ar­mqo­ne aq­ci­e­bi, _ aRe­ma­te­bo­des
mas. im Sem­Txve­va­Si ki, Tu sa­aq­cio sa­zo­ga­do­e­bas gan­Tav­se­bu­li aqvs mxo­
lod no­mi­na­lu­ri Ri­re­bu­le­bis ar­mqo­ne aq­ci­e­bi, gan­Tav­se­bu­li ka­pi­ta­lis
ode­no­ba un­da Se­ad­gen­des, sul mci­re, 100 000 lars.
amas­Ta­na­ve, ka­no­nis ama­ve mux­lSi vxvde­biT sa­re­zer­vo ka­pi­ta­lis for­
mi­re­bis er­T-er­Ti wya­ros Se­sa­xeb Ca­na­wers. ker­Zod, is ode­no­ba, ro­me­lic

248
aRe­ma­te­ba aq­ci­a­Ta no­mi­na­lu­ri Ri­re­bu­le­bis ode­no­bis jams, miq­ce­u­li
iq­ne­ba sa­aq­cio sa­zo­ga­do­eb
­ is sa­re­zer­vo ka­pi­tal­Si. Tum­ca, aR­niS­nul­Tan
da­kav­Si­re­biT vrcel­de­ba ri­gi spe­ci­al ­ u­ri we­se­bi­sa, ra­zec de­ta­lu­ri
msje­lo­ba war­mod­ge­ni­lia 168-e mux­lis gan­mar­te­ba­Si.

mux­li 157. aq­ci­e­bis kon­so­li­di­re­ba da da­na­wev­re­ba

1. no­mi­na­lu­ri Ri­re­bu­le­bis mqo­ne aq­ci­e­bi Se­iZ­le­ba kon­so­li­di­re­

bul an da­na­wev­re­bul iq­nes Ti­To­e­u­li aq­ci­is no­mi­na­lu­ri Ri­re­bu­
le­bi­sa da ra­o­de­no­bis Se­sa­ba­mi­si cvli­le­biT.
2. no­mi­na­lu­ri Ri­re­bu­le­bis ar­mqo­ne aq­ci­e­bi Se­iZ­le­ba kon­so­li­di­re­
bul an da­na­wev­re­bul iq­nes ma­Ti ra­o­de­no­bis Se­sa­ba­mi­si cvli­le­
biT.
3. aq­ci­e­bis kon­so­li­di­re­bis an da­na­wev­re­bis Se­sa­xeb ga­dawy­ve­ti­le­bas
iRebs sa­er­To kre­ba ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis ara­nak­leb 3/4-
is um­rav­le­so­biT, Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li.
sxva­das­xva kla­sis aq­ci­e­bis ar­se­bo­bis Sem­Txve­va­Si sa­Wi­roa ag­reT­ve
ka­pi­ta­lis im na­wi­lis mflo­bel­Ta 3/4-is um­rav­le­so­bis Tan­xmo­ba,
ro­mel­ze­dac mi­sa­Re­bi ga­dawy­ve­ti­le­ba ax­dens gav­le­nas.
4. aq­ci­e­bis kon­so­li­di­re­ba da da­na­wev­re­ba xde­ba sa­aq­cio sa­zo­ga­do­e­
bis ka­pi­tal­Si Ti­To­e­u­li aq­ci­o­ne­ris wi­lis Se­nar­Cu­ne­bis pi­ro­biT.

aq­ci­a­Ta kon­so­li­di­re­ba (Con­so­li­da­ti­on of Sha­res) aris sa­aq­cio sa­zo­ga­

do­e­bis gan­Tav­se­bu­li aq­ci­e­bis ra­o­de­no­bis Sem­ci­re­ba, aq­ci­is Ri­re­bu­
le­bis pro­por­ci­u­lad gaz­rdis miz­niT. aq­ci­a­Ta kon­so­li­da­ci­a, ume­tes­
wi­lad, ga­mo­i­ye­ne­ba an­ga­riS­val­de­bu­li sa­aq­cio sa­zo­ga­do­e­be­bis mi­er ba­
zar­ze ar­se­bul ga­mow­ve­veb­ze efeq­tu­ri re­a­gi­re­bi­saT­vis. kon­so­li­da­ci­
is Se­de­gad moq­med aq­ci­o­ne­rebs uka­vi­aT uf­ro nak­le­bi ode­no­bis aq­ci­e­bi,
Tum­ca Ti­To­eu ­ ­li aq­ci­is Ri­re­bu­le­ba pro­por­ci­u­la­daa gaz­rdi­li. aq­ci­a­
Ta kon­so­li­di­re­bis au­ci­le­be­li wi­na pi­ro­baa sa­aq­cio sa­zo­ga­do­e­bis ka­pi­
tal­Si Ti­To­eu ­ ­li aq­ci­o­ne­ris wi­lis Se­nar­Cu­ne­ba. Se­sa­ba­mi­sad, ar ic­vle­
ba, arc in­di­vi­du­a­lu­ri aq­ci­o­ne­ris qo­ne­ba, da arc sa­aq­cio sa­zo­ga­do­e­bis
ka­pi­ta­li.
sa­pi­ris­pi­rod, aq­ci­a­Ta da­na­wev­re­bi­sas (Stock Split) sa­aq­cio sa­zo­ga­do­
e­ba is­wraf­vis ar­se­bu­li ka­pi­ta­lis pi­ro­beb­Si aq­ci­a­Ta me­ti ra­o­de­no­bis
mi­Re­bi­sa­ken. amis mi­za­ni, ume­tes Sem­Txve­va­Si, aq­ci­is fa­sis Sem­ci­re­ba­a,
ra­Ta es aq­ci­e­bi xel­mi­saw­vdo­mi gax­des in­ves­tor­Ta far­To wri­saT­vis. am

249
Sem­Txve­va­Sic, sa­aq­cio sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­lis si­di­de uc­
vle­li rCe­ba.

aq­ci­eb
­ is kon­so­li­di­re­ba da aq­ci­is da­na­wi­le­ba mniS­vne­lo­va­ni in­stru­
men­tia sa­zo­ga­do­e­bis wi­na­Se ar­se­bul sxva­das­xva ga­mow­ve­va­ze sa­pa­su­xod.
amas­Ta­na­ve, mas pir­da­pi­ri gav­le­na aqvs in­di­vi­du­al ­ u­rad Ti­To­e­ul aq­ci­
o­ner­ze. Se­sa­ba­mi­sad, ase­Ti ga­dawy­ve­ti­le­ba mi­i­Re­ba sa­er­To kre­ba­ze ken­
Wis­yra­Si mo­na­wi­le xma­Ta sak­ma­od ma­Ra­li _ 3/4-is um­rav­le­so­biT. amas­Ta­na­
ve, in­ves­tor­Ta da­cu­lo­bis xa­ris­xis ki­dev uf­ro gaz­rdis miz­niT, ka­no­ni
iT­va­lis­wi­nebs Ti­To­e­u­li im kla­sis aq­ci­is mi­er sa­kiTx­is da­mo­u­ki­deb­lad
ken­Wis­yras, ro­mel­zec gav­le­nas ax­dens ase­Ti ga­dawy­ve­ti­le­ba.

mux­li 158. aq­ci­is kla­si. aq­ci­ad kon­ver­ti­re­ba­di sxva fa­si­a­ni qa­Ral­di

1. Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li, aq­cia Se­iZ­le­ba

iyos Cve­u­leb­ri­vi an pri­vi­le­gi­re­bu­li. 1 Cve­u­leb­ri­vi aq­cia sa­er­
To kre­ba­ze 1 xmis uf­le­bas uz­run­vel­yofs. pri­vi­le­gi­re­bu­li aq­cia
xmis uf­le­bas ar uz­run­vel­yofs, gar­da ka­no­niT an wes­de­biT gaT­va­
lis­wi­ne­bu­li Sem­Txve­ve­bi­sa. pri­vi­le­gi­re­bul aq­ci­a­Ta ra­o­de­no­ba
ar un­da aRe­ma­te­bo­des gan­Tav­se­bu­li aq­ci­e­bis ra­o­de­no­bis na­xe­vars.
2. pri­vi­le­gi­re­bu­li aq­cia mis mflo­bels ani­Webs wes­de­biT dad­ge­nil
upi­ra­te­so­bas di­vi­den­dis ga­nak­ve­Ti­sa da mi­Re­bis ri­gi­To­bis mxriv.
igi­ve upi­ra­te­so­ba moq­me­debs daS­li­li sa­me­war­meo sa­zo­ga­do­e­bis
qo­ne­bis aq­ci­o­ner­Ta So­ris ga­na­wi­le­bi­sas, Tu wes­de­biT sxva ram ar
aris gaT­va­lis­wi­ne­bu­li.

250
 3. er­Ti kla­sis aq­ci­e­bi maT mflo­be­lebs Ta­na­bar uf­le­bebs ani­Webs.
4. sa­aq­cio sa­zo­ga­do­e­bam Se­iZ­le­ba Se­mo­i­Ros am mux­liT gaT­va­lis­wi­ne­
bu­lis­gan gan­sxva­ve­bu­li kla­sis aq­ci­e­bi.
5. ne­bis­mi­e­ri kla­sis aq­ci­a­Ta ra­o­de­no­ba, maT­Tan da­kav­Si­re­bu­li uf­
le­be­bi da mo­va­le­o­be­bi, ag­reT­ve am uf­le­be­bi­sa da mo­va­le­o­be­bis
Sec­vlis pi­ro­ba un­da ai­sa­xos wes­de­ba­Si (xo­lo sa­ja­ro Se­Ta­va­ze­bis
Sem­Txve­va­Si _ ag­reT­ve emi­si­is pros­peq­tSi) am kla­sis aq­ci­is gan­Tav­
se­bam­de. aq­ci­is gan­Tav­se­bis Sem­deg gan­Tav­se­bul aq­ci­as­Tan da­kav­Si­
re­bu­li uf­le­bi­sa da mo­va­le­o­bis Sec­vla da­saS­ve­bia mxo­lod Se­sa­
ba­mi­si kla­sis aq­ci­e­bis mflo­bel­Ta 3/4-is Tan­xmo­biT.
6. sa­aq­cio sa­zo­ga­do­e­bas Se­uZ­lia ka­no­niT dad­ge­ni­li we­siT ga­mo­uS­
vas aq­ci­ad kon­ver­ti­re­ba­di sxva fa­si­a­ni qa­Ral­di.

sa­aq­cio sa­zo­ga­do­eb­ a­Si in­ves­ti­re­bis mi­za­ni da da­in­te­re­se­bis xa­ris­xi

sxva­das­xva aq­ci­o­ne­ri­saT­vis Se­saZ­le­be­lia gan­sxva­ve­bu­li iyos. zo­gi­erT
aq­ci­o­ners Se­iZ­le­ba amoZ­ra­veb­des sa­zo­ga­do­e­bis mar­Tva­Si mo­na­wi­le­o­bis
gziT sa­war­mos gan­vi­Ta­re­bis mxar­da­We­ra da am gziT grZel­va­di­an ur­Ti­
er­To­ba­Si msxvi­li Se­mo­sav­lis mi­Re­ba. sxva Sem­Txve­veb­Si aq­ci­o­ne­re­bi ume­
tes­wi­lad is­wraf­vi­an mok­le­va­di­an per­speq­ti­va­Si Se­mo­sav­lis zrdis­ken
da miz­nad ar isa­xa­ven sa­ku­Ta­ri in­ves­ti­ci­is sa­zo­ga­do­e­bas­Tan grZel­va­di­
a­nad da­kav­Si­re­bas. swo­red ami­tom sa­aq­cio sa­zo­ga­do­e­bis sa­mar­Tleb­ri­
vi for­ma aR­Wur­vi­lia Se­saZ­leb­lo­biT, in­ves­to­rebs mi­aw ­ o­dos sxva­das­xva
uf­le­bi­sa da mo­va­le­o­bis ma­ta­re­be­li fa­si­a­ni qa­Ral­de­bi. ka­no­nis 160-e
mux­li am­gva­ri Se­saZ­leb­lo­bis sa­ka­non­mdeb­lo sa­fuZ­vels qmnis. wi­nam­de­
ba­re mux­lis far­gleb­Si mo­wes­ri­ge­bu­lia Cve­u­leb­ri­vi da pri­vi­le­gi­re­bu­
li kla­sis aq­ci­eb­Tan, ase­ve, sxva kla­sis aq­ci­e­bis Se­mo­Re­bas­Tan, ga­moS­ve­
bu­li aq­ci­eb ­ is uf­le­ba-­mo­va­le­o­be­bis Sec­vla­sa da aq­ci­eb­Si kon­ver­ti­re­
ba­di fa­si­a­ni qa­Ral­de­bis ga­moS­ve­bas­Tan da­kav­Si­re­bu­li sa­kiTx­e­bi.
aq­ci­e­bi er­Ti da ima­ve uf­le­be­biT qmni­an aq­ci­a­Ta erT klass. ka­no­ni
nor­ma­ti­ul do­ne­ze are­gu­li­rebs aq­ci­a­Ta or klass _ Cve­u­leb­rivs da
pri­vi­le­gi­re­buls. amas­Ta­na­ve, ka­non­mde­be­li ver Seq­mnis aq­ci­a­Ta kla­se­
bis im­gvar uni­fi­ci­re­bul ka­ta­logs, ro­me­lic sa­baz­ro ur­Ti­er­To­ba­Ta
mra­val­fe­rov­ne­bi­dan ga­mom­di­na­re, Tan­xved­ra­Si mo­va Ti­To­e­u­li sa­aq­cio
sa­zo­ga­do­e­bis in­te­res­Tan. Se­sa­ba­mi­sad, ka­no­ni iT­va­lis­wi­nebs wes­de­biT
sxva kla­sis aq­ci­is Seq­mni­sa da mi­si Si­na­ar­sis Ta­vi­suf­lad gan­sazR­vris
Se­saZ­leb­lo­bas.
Cve­u­leb­ri­vi kla­sis aq­cia yve­la­ze gav­rce­le­bul, ka­pi­tal­ze da­fuZ­
ne­bul, fa­si­a­ni qa­Ral­dis sa­xe­a. swo­red am­gva­ri fi­nan­su­ri in­stru­men­tis

251
mflo­be­li war­mo­ad­gens im pirs, ro­me­lic qmnis sa­zo­ga­do­e­bis ope­ri­re­bi­
saT­vis au­ci­le­bel pir­ve­lad ka­pi­tals. me­tic, praq­ti­ka­Si xSi­rad Sev­xvde­
biT im sa­aq­cio sa­zo­ga­do­eb ­ ebs, sa­dac Cve­u­leb­ri­vi kla­sis aq­ciaa is er­
Ta­der­Ti fi­nan­su­ri in­stru­men­ti, ro­me­lic sa­aq­cio sa­zo­ga­do­e­bas aqvs.
Cve­u­leb­ri­vi kla­sis aq­ci­is gan­sa­kuT­re­bu­li ma­xa­si­a­Te­be­lia in­ves­tor­Ta
pir­da­pi­ri mo­na­wi­le­o­ba sa­zo­ga­do­e­bis ka­pi­tal­Si. amas­Tan, mar­Ta­li­a, Cve­
u­leb­ri­vi kla­sis aq­ci­o­ne­re­bi flo­ben im aq­ci­ebs, rom­le­bic er­Ti­an ­ o­ba­
Si sa­zo­ga­do­eb ­ is ka­pi­tals qmni­an, Tum­ca maT ar Se­uZ­li­aT, sa­zo­ga­do­e­bis
qo­ne­ba­ze ga­na­xor­ci­e­lon ba­to­no­ba ise, ro­gorc pi­rad sa­kuT­re­ba­ze. Cve­
u­leb­ri­vi kla­sis aq­ci­is mflo­be­lebs ar aqvT uf­le­ba, mo­iTx­o­von sa­zo­
ga­do­e­ba­Si sa­ku­Ta­ri ka­pi­ta­lis ukan ga­moTx­o­va, ri­Tac ase­Ti aq­ci­o­ne­re­bi
iRe­ben fi­nan­sur risks sa­zo­ga­do­e­bis saq­mi­a­no­ba­ze. am­gva­ri ris­ki in­ves­
tor­Ta mo­ge­bis, sa­zo­ga­do­e­bis war­ma­te­bul me­nej­men­tze da­mo­ki­de­bu­
le­bas ga­na­pi­ro­bebs. swo­red sa­zo­ga­do­eb ­ is ka­pi­tal­Si wi­lis flo­ba, anu
sa­zo­ga­do­eb ­ is war­ma­te­bu­lo­ba­ze sa­ku­Ta­ri qo­neb­ri­vi mdgo­ma­re­o­bis da­
mo­ki­de­bu­le­ba aris am­gva­ri kla­sis aq­ci­on ­ e­ris kor­po­ra­ci­ul mar­Tva­Si
gan­sa­kuT­re­bu­li Car­Tu­lo­bis mi­ze­zi. Cve­u­leb­ri­vi kla­sis aq­ci­o­ne­re­bi
war­mo­ad­ge­nen sa­zo­ga­do­e­bis in­sa­id ­ e­rebs da sar­geb­lo­ben sa­zo­ga­do­e­bis
mniS­vne­lo­van ga­dawy­ve­ti­le­beb­ze ze­gav­le­nis uf­le­biT.
sa­pi­ris­pi­rod, pri­vi­le­gi­re­bu­li kla­sis aq­cia ar iZ­le­va kor­po­ra­ci­
ul mar­Tva­Si xmis uf­le­biT mo­na­wi­le­o­bis Se­saZ­leb­lo­bas, Tum­ca mi­si
mflo­be­li sar­geb­lobs gar­kve­u­li pri­vi­le­gi­e­biT. ka­no­niT gan­mtki­ce­bu­
lia pri­vi­le­gi­re­bu­li kla­sis aq­ci­is upi­ra­te­so­ba di­vi­den­dis ga­nak­ve­Tis
da mi­Re­bis ri­gi­To­bis mxriv, ase­ve, qo­ne­bis mi­Re­bis upi­ra­te­so­ba daS­li­li
sa­zo­ga­do­eb ­ is qo­ne­bis aq­ci­o­ner­Ta So­ris ga­na­wi­le­bi­sas. am­gva­ri upi­ra­
te­so­be­bis gaT­va­lis­wi­ne­biT, pri­vi­le­gi­re­bu­li kla­sis aq­cia aris Cve­u­
leb­ri­vi kla­sis aq­ci­as ­ a da ob­li­ga­ci­as So­ris ar­se­bu­li hib­ri­du­li fi­
nan­su­ri in­stru­men­ti.
ase­ve, ka­no­ni iT­va­lis­wi­nebs aq­ci­aS ­ i kon­ver­ti­re­ba­di fa­si­a­ni qa­Ral­
de­bis Se­mo­Re­bis Se­saZ­leb­lo­bas. kon­ver­ti­re­ba­do­ba gu­lis­xmobs fa­si­a­
ni qa­Ral­dis mflo­be­lis Se­saZ­leb­lo­bas, ga­dac­va­los kuT­vni­li fa­si­an ­i
qa­Ral­de­bi ama­ve fi­nan­su­ri in­stru­men­tis emi­ten­tis mi­er ga­moS­ve­bul an
ga­mo­saS­veb sxva kla­sis fa­si­an qa­Ral­deb­Si.
ama­ve mux­lSia gan­mtki­ce­bu­li sa­wes­de­bo av­to­no­mi­is mi­mar­Te­ba aq­ci­a­
Ta kla­seb­Tan. ker­Zod, er­Ti mxriv, mo­ce­mu­lia Se­saZ­leb­lo­ba, Se­mo­Re­bul
iq­nes ro­gorc gan­sxva­ve­bu­li kla­sis aq­ci­e­bi, ise Sec­vlil iq­nes aq­ci­eb ­ is
ra­o­de­no­ba an maT­Tan da­kav­Si­re­bu­li uf­le­ba-­mo­va­le­o­be­bi. amas­Ta­na­ve,
aq­ci­o­ne­re­bis dac­vis sa­er­Ta­So­ri­so praq­ti­kis Se­sa­ba­mi­si stan­dar­tis uz­

252
run­vel­sa­yo­fad ka­no­ni iT­va­lis­wi­nebs aq­ci­eb­Tan da­kav­Si­re­bu­li uf­le­ba-­
mo­va­le­o­be­bis Sec­vlis mkacr pi­ro­bebs. ker­Zod, Sec­vlis pi­ro­ba wi­nas­war
un­da ai­sa­xos sa­aq­cio sa­zo­ga­do­e­bis wes­de­ba­Si (xo­lo sa­ja­ro Se­Ta­va­ze­
bis Sem­Txve­va­Si _ ase­ve emi­si­is pros­peq­tSi), am sa­xis aq­ci­is gan­Tav­se­bam­
de. aq­ci­is gan­Tav­se­bis Sem­deg ki gan­Tav­se­bul aq­ci­as­Tan da­kav­Si­re­bu­li
uf­le­ba-­mo­va­le­o­bis Sec­vla da­saS­ve­bia mxo­lod ama­ve kla­sis aq­ci­e­bis
mflo­bel­Ta 3/4-is Tan­xmo­biT. Se­sa­ba­mi­sad, aseT sa­ga­mo­nak­li­so Sem­Txve­
va­Si xmis uf­le­ba eni­We­ba xmis uf­le­bis ar­mqo­ne aq­ci­a­sac. ase­Ti ken­Wis­yra
in­di­vi­du­a­lu­rad un­da ga­im­ ar­Tos Ti­To­e­u­li im kla­sis aq­ci­is­Tvis, ro­
mel­Ta uf­le­ba-­mo­va­le­o­beb­sac aR­niS­nu­li cvli­le­ba exe­ba.

mux­li 159. aq­ci­a­Ta ga­da­ce­ma, ro­me­lic da­mo­ki­de­bu­lia sa­aq­cio

sa­zo­ga­do­e­bis Tan­xmo­ba­ze

1. cal­ke­u­li sa­xe­e­bis aq­ci­e­bis ga­da­ce­ma Se­iZ­le­ba da­mo­ki­de­bu­li iyos

sa­aq­cio sa­zo­ga­do­e­bis Tan­xmo­ba­ze. ase­Ti aq­ci­is ga­da­ce­ma­ze sa­aq­
cio sa­zo­ga­do­e­bis Tan­xmo­bis ga­ce­mis we­si dgin­de­ba wes­de­biT aq­ci­
is ga­da­ce­mam­de.
2. „fa­si­a­ni qa­Ral­de­bis baz­ris Se­sa­xeb“ sa­qar­Tve­los ka­no­niT gan­
sazR­vru­li sa­ja­ro fa­si­a­ni qa­Ral­dis ga­da­ce­ma­ze sa­aq­cio sa­zo­ga­
do­e­bis Tan­xmo­bis ga­ce­mis da­we­se­ba da­uS­ve­be­li­a.

sa­aq­cio sa­zo­ga­do­eb­ a­Ta er­T-er­Ti Zi­ri­Ta­di Ta­vi­se­bu­re­ba ka­pi­ta­lis

da­yo­faa Ta­na­ba­ri mniS­vne­lo­bis fi­nan­sur in­stru­men­te­bad da am fi­nan­
su­ri in­stru­men­te­bis mi­moq­ce­va­do­ba Ria ba­zar­ze. ase­Ti mi­moq­ce­va Ta­vi­
su­fa­li­a, rac gan­pi­ro­be­bu­lia ka­pi­ta­lis baz­ris gan­vi­Ta­re­bis xel­Sewy­o­
bis in­te­re­siT. ka­no­nis 159-e mux­li eT­mo­ba Ria ti­pis sa­zo­ga­do­e­bi­saT­vis
ara­da­ma­xa­si­a­Te­bel aq­ci­aT
­ a Tan­xmo­ba­sa­val­de­bu­lo ga­ce­mis prin­cips. aR­
niS­nul mux­lSi mo­wes­ri­ge­bu­lia ro­gorc Tan­xmo­ba­sa­val­de­bu­lo ga­ce­mis
cne­ba da mi­si gan­sazR­vris we­si, ise ase­Ti SezR­ud­vis dad­ge­nis Se­saZ­leb­
lo­bi­dan ga­mo­nak­li­si.
wi­nam­de­ba­re mux­lis pir­ve­li pun­qti iZ­le­va Se­saZ­leb­lo­bas, mxa­re­eb­ma
aq­ci­is gan­Tav­se­bam­de gan­sazR­vron, rom am sa­xis aq­ci­is gas­xvi­se­ba da­mo­ki­
de­bu­lia sa­aq­cio sa­zo­ga­do­e­bis Tan­xmo­ba­ze. ase­ve, wes­de­ba­Si­ve un­da ga­ni­
sazR­vros ase­Ti Tan­xmo­bis ga­ce­mis we­si.
gan­sa­kuT­re­bu­li Ta­vi­se­bu­re­be­biT xa­si­aT­de­ba sa­ja­ro fa­si­a­ni qa­Ral­
de­bis mi­moq­ce­va. ka­pi­ta­lis baz­ris Seq­mnis in­te­re­se­bi­dan ga­mom­di­na­re,

253
mniS­vne­lo­va­ni­a, rom an­ga­riS­val­de­bu­li sa­war­mos aq­cia eq­vem­de­ba­re­bo­
des Ta­vi­su­fal mi­moq­ce­vas. Se­sa­ba­mi­sad, aq­ci­e­bis Ta­vi­su­fa­li mi­moq­ce­vi­
saT­vis sa­er­To kre­bam ua­ri un­da Tqvas ga­moS­ve­bu­li aq­ci­e­bis upi­ra­te­si
Ses­yid­vis uf­le­ba­ze. aqe­dan ga­mom­di­na­re, Tan­xmo­ba­sa­val­de­bu­lo ga­ce­mis
in­sti­tu­ti ar gav­rcel­de­ba „fa­si­a­ni qa­Ral­de­bis baz­ris Se­sa­xeb“ sa­qar­
Tve­los ka­no­niT gan­sazR­vru­li sa­ja­ro fa­si­a­ni qa­Ral­dis ga­da­ce­ma­ze.

mux­li 160. sa­aq­cio sa­zo­ga­do­e­bis mi­er axa­li aq­ci­e­bis Ta­vis

sa­sar­geb­lod gan­Tav­se­bis ak­rZal­va

1. sa­aq­cio sa­zo­ga­do­e­bam axa­li aq­ci­e­bi ar Se­iZ­le­ba ga­na­Tav­sos Ta­vis

sa­sar­geb­lod.
2. Tu sa­aq­cio sa­zo­ga­do­e­bis aq­ci­e­bi gan­Tav­sda ise­Ti me­sa­me pi­ris sa­
sar­geb­lod, ro­me­lic sa­ku­Ta­ri sa­xe­liT da sa­aq­cio sa­zo­ga­do­e­bis
da­va­le­biT moq­me­debs, mi­iC­ne­va, rom es aq­ci­e­bi gan­Tav­sda me­sa­me pi­
ris sa­sar­geb­lod.
3. am mux­lis pir­ve­li pun­qtis moTx­ov­nis dar­Rve­vis Sem­Txve­va­Si sa­
aq­cio sa­zo­ga­do­e­bis aq­ci­o­ne­re­bi, xo­lo gan­Tav­se­bu­li ka­pi­ta­lis
gaz­rdi­sas _ mmar­Tve­lo­bi­Ti or­ga­nos wev­re­bi val­de­bu­li ari­an ga­
da­i­xa­don aq­ci­e­bis sa­fa­su­ri, gar­da im Sem­Txve­vi­sa, ro­de­sac isi­ni
da­am­tki­ce­ben sa­ku­Ta­ri bra­lis arar­se­bo­bas.

sa­aq­cio sa­zo­ga­do­e­bis, ro­gorc fiq­ci­u­ri war­mo­naq­mnis, er­T-er­Ti um­

Tav­re­si da­niS­nu­le­ba ka­pi­ta­lis ga­er­Ti­a­ne­baa pir­Ta sa­er­To sa­me­war­meo
miz­nis mi­saR­we­vad. ka­pi­ta­lis ase­Ti ga­er­Ti­a­ne­bis er­T-er­Ti wya­ro aq­ci­
e­bis gan­Tav­se­bis Se­de­gad mi­Re­bu­li in­ves­ti­ci­e­bi­a. im Sem­Txve­va­Si, Tu
Ta­vad sa­aq­cio sa­zo­ga­do­eb ­ a yi­du­lobs Ta­vis­sa­ve aq­ci­as, es, er­Ti mxriv,
ub­ru­nebs aq­ci­o­ners mis mi­er Se­ta­nil Se­na­tans da ar­Tu­lebs sa­aq­cio sa­
zo­ga­do­eb ­ is fun­qci­o­ni­re­bis Se­saZ­leb­lo­bas (gan­sa­kuT­re­biT, Tu Se­Ze­ni­
lia xmis uf­le­bis mqo­ne aq­ci­eb ­ i), xo­lo me­o­re mxriv, ar ga­aC­nia ara­na­i­ri
pir­da­pi­ri po­zi­ti­u­ri fi­nan­su­ri efeq­ti, gar­da baz­ri­saT­vis aq­ci­e­bis
moTx­ov­nis Ta­ob ­ a­ze mcda­ri, Sec­do­ma­Si Sem­yva­ni cno­be­bis mi­wo­de­bi­sa. Se­
sa­ba­mi­sad, ka­no­nis 160-e mux­li eT­mo­ba sa­aq­cio sa­zo­ga­do­e­bis mi­er aq­ci­e­
bis Ta­vis sa­sar­geb­lod gan­Tav­se­bis ak­rZal­vas.
ka­no­nis mi­xed­viT, sa­aq­cio sa­zo­ga­do­e­bis axa­li aq­ci­e­bi ar Se­iZ­le­ba
gan­Tav­se­bul iq­nes ama­ve sa­zo­ga­do­e­bis sa­sar­geb­lod. amas­Ta­na­ve, Tu sa­
aq­cio sa­zo­ga­do­e­bis aq­ci­e­bi gan­Tav­se­bul iq­na sa­ku­Ta­ri sa­xe­liT, mag­ram

254
sa­aq­cio sa­zo­ga­do­e­bis da­va­le­biT moq­med me­sa­me pir­ze, iT­vle­ba, rom aq­
ci­e­bi gan­Tav­sda me­sa­me pi­ris sa­sar­geb­lod.
ama­ve mux­lis me­sa­me pun­qtSia war­mod­ge­ni­li san­qci­re­bis me­qa­niz­mic.
ker­Zod, am mux­lis pir­ve­li pun­qtis dar­Rve­vis Sem­Txve­va­Si, sa­aq­cio sa­
zo­ga­do­e­bis aq­ci­o­ne­re­bi, gan­Tav­se­bu­li ka­pi­ta­lis gaz­rdis Sem­Txve­va­Si
ki, mmar­Tve­lo­bi­Ti or­ga­nos wev­re­bi val­de­bul­ni ari­an ga­da­i­xa­don aq­ci­
e­bis sa­fa­su­ri. Tum­ca, es pi­re­bi pa­su­xis­mgeb­lo­bi­sa­gan Ta­vi­suf­lde­bi­an
Tu isi­ni da­am­tki­ce­ben bra­lis ar ar­se­bo­bas.

mux­li 161. sa­ku­Ta­ri aq­cia

1. sa­aq­cio sa­zo­ga­do­e­bas uf­le­ba aqvs, am mux­lis me-3 pun­qtiT dad­ge­

ni­li pi­ro­be­bis dac­viT Se­i­Zi­nos da ga­as­xvi­sos sa­ku­Ta­ri aq­ci­e­bi.
2. sa­aq­cio sa­zo­ga­do­e­bas sa­ku­Ta­ri aq­ci­e­bi­dan aq­ci­o­ne­ris uf­le­be­
bi ar war­mo­e­So­ba. igi­ve we­si vrcel­de­ba mi­si Svi­lo­bi­li sa­war­mos
kuT­vni­li aq­ci­e­bi­dan ga­mom­di­na­re xmis uf­le­ba­ze.
3. sa­aq­cio sa­zo­ga­do­e­bis mi­er sa­ku­Ta­ri aq­ci­e­bis ga­mos­yid­va da­saS­ve­
bia Sem­de­gi pi­ro­be­bis dac­viT:
a) sa­er­To kre­bam un­da gas­ces ne­bar­Tva sa­ku­Ta­ri aq­ci­e­bis ga­mos­
yid­vis Se­sa­xeb. am ne­bar­Tva­Si un­da mi­e­Ti­Tos ga­mo­sas­yi­di aq­ci­e­bis
maq­si­ma­lu­ri ra­o­de­no­ba, ne­bar­Tvis moq­me­de­bis va­da, ro­me­lic un­da
iyos ara­u­me­tes 5 wli­sa, ag­reT­ve aq­ci­e­bis ga­mos­yid­vis mi­ni­ma­lu­ri
da maq­si­ma­lu­ri fa­se­bi sas­yid­li­a­ni ga­mos­yid­vis Sem­Txve­va­Si;
b) sa­ku­Ta­ri aq­ci­e­bis ga­mos­yid­vam ar un­da ga­mo­iw­vi­os sa­aq­cio sa­
zo­ga­do­e­bis wmin­da aq­ti­vis Sem­ci­re­ba sa­aq­cio sa­zo­ga­do­e­bis bo­lo
dam­tki­ce­bul sa­fi­nan­so wlis fi­nan­sur an­ga­riS­ge­ba­Si aR­niS­nul
gan­Tav­se­bu­li ka­pi­ta­lis Tan­xa­ze nak­leb ode­no­bam­de, ag­reT­ve ka­
no­niT an wes­de­biT gaT­va­lis­wi­ne­bu­li im re­zer­ve­bis jam­ze nak­leb
ode­no­bam­de, ro­mel­Ta aq­ci­o­ne­reb­ze ga­na­wi­le­ba da­uS­ve­be­li­a;
g) ga­mos­yi­du­li un­da iq­nes mxo­lod is aq­ci­a, rom­lis Se­sa­ba­mi­si Se­
na­ta­nic sru­lad aris gan­xor­ci­e­le­bu­li.
4. sa­aq­cio sa­zo­ga­do­e­bis mi­er ga­mos­yi­du­li sa­ku­Ta­ri aq­ci­e­bis no­mi­
na­lu­ri Ri­re­bu­le­ba ar un­da aRe­ma­te­bo­des gan­Tav­se­bu­li aq­ci­e­bis
25 pro­cents. igi­ve we­si ga­mo­i­ye­ne­ba am ka­no­nis 156-e mux­lis me-2
pun­qtiT dad­ge­ni­li Ri­re­bu­le­bis mi­marT, Tu aq­ci­is no­mi­na­lu­ri
Ri­re­bu­le­ba gan­sazR­vru­li ar aris.

255
 5. am mux­lis me-4 pun­qtiT gaT­va­lis­wi­ne­bu­li sa­ku­Ta­ri aq­ci­e­bis ga­
mos­yid­va da­uS­ve­be­li­a, Tu am aq­ci­e­bis ga­mos­yid­vis mo­men­tSi sa­aq­
cio sa­zo­ga­do­e­ba ga­dax­di­su­u­na­roa an aq­ci­a­Ta ga­mos­yid­vis Se­de­
gad igi Se­iZ­le­ba ga­dax­di­su­u­na­ro­bis sa­SiS­ro­e­bis wi­na­Se dad­ges.
6. sa­ku­Ta­ri aq­ci­e­bi, rom­le­bic sa­aq­cio sa­zo­ga­do­e­bam gan­Tav­se­bu­li
ka­pi­ta­lis Se­sam­ci­reb­lad Se­i­Zi­na an ga­mo­is­yi­da, un­da ga­a­uq­mos sa­
aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel­ma or­ga­nom.
7. am mux­lis me-3 an me-4 pun­qtis moTx­ov­na­Ta dar­Rve­vis Sem­Txve­va­Si
sa­aq­cio sa­zo­ga­do­e­ba val­de­bu­lia 1 wlis va­da­Si ga­as­xvi­sos ga­mos­
yi­du­li sa­ku­Ta­ri aq­ci­e­bi. Tu ga­mos­yi­du­li aq­ci­e­bi am va­da­Si ar
gas­xvis­da, isi­ni un­da ga­uq­mdes da gan­Tav­se­bu­li ka­pi­ta­li un­da Sem­
cir­des.
8. am mux­liT dad­ge­ni­li we­se­bi vrcel­de­ba ag­reT­ve me­sa­me pi­ris mi­er
aq­ci­is sa­ku­Ta­ri sa­xe­liT da sa­aq­cio sa­zo­ga­do­e­bis da­va­le­biT Se­
Ze­nis Sem­Txve­va­ze.
9. sa­aq­cio sa­zo­ga­do­e­bis mi­er sa­ku­Ta­ri aq­ci­e­bis Se­Ze­nis Sem­Txve­va­Si
am aq­ci­e­bi­dan ga­mom­di­na­re uf­le­be­bi Cer­de­ba.
10. sa­aq­cio sa­zo­ga­do­e­bis mi­er sa­ku­Ta­ri aq­ci­e­bis Se­Ze­nis Sem­Txve­va­Si
fi­nan­sur an­ga­riS­ge­ba­Si un­da ai­sa­xos „bu­Ral­tru­li aR­ricx­vis, an­
ga­riS­ge­bi­sa da au­di­tis Se­sa­xeb“ sa­qar­Tve­los ka­no­nis me-7 mux­lis
me-6 pun­qtis „e“ qve­pun­qtiT gaT­va­lis­wi­ne­bu­li mo­na­ce­me­bi.
11. sa­aq­cio sa­zo­ga­do­e­bis mi­er uSu­a­lod an am mux­lis me-8 pun­qtiT
gaT­va­lis­wi­ne­bu­li me­sa­me pi­ris meS­ve­o­biT sa­aq­cio sa­zo­ga­do­e­bis
aq­ci­e­bis uz­run­vel­yo­fis sa­Su­a­le­bad ga­mo­sa­ye­neb­lad daS­ve­ba­ze
Se­sa­ba­mis Sem­Txve­va­Si vrcel­de­ba am mux­liT sa­ku­Ta­ri aq­ci­e­bis Se­
Ze­nis­Tvis dad­ge­ni­li we­se­bi, gar­da im Sem­Txve­vi­sa, ro­de­sac aq­ci­
ebs uz­run­vel­yo­fis sa­Su­a­le­bad iye­ne­ben ko­mer­ci­u­li ban­ke­bi an
sxva fi­nan­su­ri in­sti­tu­te­bi Cve­u­leb­ri­vi saq­mi­a­no­bis far­gleb­Si.
12. Tu sa­aq­cio sa­zo­ga­do­e­ba sxva sa­aq­cio sa­zo­ga­do­e­ba­Si an SezR­u­du­
li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­ba­Si flobs xmis uf­le­bis mqo­ne
aq­ci­e­bis an wi­le­bis na­xe­var­ze mets an sxvag­va­rad im­yo­fe­ba do­mi­
nan­tur mdgo­ma­re­o­ba­Si, aR­niS­nu­li sa­aq­cio sa­zo­ga­do­e­bis an SezR­
u­du­li pa­su­xis­mgeb­lo­bis sa­zo­ga­do­e­bis mi­er sa­aq­cio sa­zo­ga­do­e­
bis wi­lis Se­Ze­na an flo­ba am mux­liT gaT­va­lis­wi­ne­bu­li sa­ku­Ta­ri
aq­ci­is Se­Ze­nad mi­iC­ne­va da mas­ze vrcel­de­ba Se­sa­ba­mi­si mom­wes­ri­ge­
be­li nor­me­bi, gar­da im Sem­Txve­vi­sa, ro­de­sac Sem­Ze­ni no­mi­na­lu­ri
mflo­be­lia da ar moq­me­debs sa­aq­cio sa­zo­ga­do­e­bis sa­xe­liT an da­
va­le­biT an im sa­aq­cio sa­zo­ga­do­e­bis an SezR­u­du­li pa­su­xis­mgeb­lo­

256
 bis sa­zo­ga­do­e­bis sa­xe­liT an da­va­le­biT, ro­mel­Sic sa­aq­cio sa­zo­
ga­do­e­ba flobs xmis uf­le­bis mqo­ne aq­ci­e­bis an wi­le­bis na­xe­var­ze
mets an sxvag­va­rad im­yo­fe­ba do­mi­nan­tur mdgo­ma­re­o­ba­Si.

sa­aq­cio sa­zo­ga­do­e­ba ara­er­Ti mi­ze­zis ga­mo Se­iZ­le­ba aR­moC­ndes Ta­

vi­si aq­ci­e­bis Se­Ze­nis sa­Wi­ro­e­bis wi­na­Se. aq­ci­e­bis ga­mos­yid­va Se­iZ­le­ba
mox­des aq­ci­o­ne­re­bi­saT­vis, aq­ci­e­bis gan­Tav­se­bi­sas ga­dax­di­li na­me­ti Ri­
re­bu­le­bis ukan dab­ru­ne­bis miz­niT. es in­stru­men­ti ase­ve xSi­rad ga­mo­i­
ye­ne­ba sa­ku­Ta­ri aq­ci­e­bis­Tvis lik­vi­do­bis ga­saz­rde­lad. sa­ku­Ta­ri aq­ci­e­
bis Se­Ze­na zo­gi­erT Sem­Txve­va­Si xde­ba mog­vi­a­ne­biT da­saq­me­bu­le­bi­saT­vis
anazR­a­u­re­bis sa­xiT ma­Ti ga­da­ce­mis miz­niT. aq­ci­e­bis ga­mos­yid­va, ase­ve,
mniS­vne­lo­va­ni Tav­dac­vi­Ti in­stru­men­tia mtru­li da­uf­le­bis Ta­vi­dan
aci­le­bi­saT­vis.
ze­moT aR­niS­nu­li si­ke­Te­e­bis pa­ra­le­lu­rad, aq­ci­eb ­ is ga­mos­yid­va gar­
kve­u­li saf­rTxis ma­ta­re­be­lia da is, ro­gorc me­ne­je­re­bis, ise aq­ci­o­ne­
re­bis mxri­dan bo­ro­tad Se­iZ­le­ba iq­nes ga­mo­ye­ne­bu­li. swo­red si­ke­Te­eb­
sa da ris­kebs So­ris go­niv­ru­li ba­lan­sis da­sa­ca­vad ka­no­nis 161-e mux­li
are­gu­li­rebs e.w. usaf­rTxo nav­sa­yu­del­Tan (Sa­fe Har­bo­ur) da­kav­Si­re­bul
sa­kiTx­ebs, im­gva­rad, rom, er­Ti mxriv, sa­aq­cio sa­zo­ga­do­e­ba ar dar­Ces sa­
ku­Ta­ri aq­ci­e­bis ga­mos­yid­vis una­ris ga­re­Se, xo­lo me­o­re mxriv, Ta­vi­dan
iq­nes aci­le­bu­li ase­Ti in­stru­men­tis bo­ro­tad ga­mo­ye­ne­ba.
sa­zo­ga­do­e­bis in­te­res­sa da baz­ris saf­rTxe­ebs So­ris go­niv­ru­li ba­
lan­sis mi­saR­we­vad sa­aq­cio sa­zo­ga­do­eb ­ is mi­er sa­ku­Ta­ri aq­ci­eb­ is flo­ba
daS­ve­bu­lia mxo­lod ram­de­ni­me ku­mu­la­ci­u­ri wi­na­pi­ro­bis ar­se­bo­bis Sem­
Txve­va­Si. upir­ve­les yov­li­sa, da­saS­ve­bia mxo­lod im aq­ci­eb ­ is ga­mos­yid­va,
ro­mel­Ta Se­na­ta­nic bo­lom­dea gan­xor­ci­e­le­bu­li. amas­Ta­na­ve, aR­niS­nu­li
Se­saZ­le­be­lia gan­xor­ci­el­des mxo­lod sa­er­To kre­bis ga­dawy­ve­ti­le­biT,
ro­me­lic un­da Se­i­cav­des: ga­mo­sas­yi­di aq­ci­eb ­ is maq­si­ma­lur ode­no­bas,
ne­bar­Tvis moq­me­de­bis va­das, ro­me­lic ar un­da aRe­ma­te­bo­des 5 wels da,
sas­yid­li­a­ni ga­mos­yid­vis Sem­Txve­va­Si, ga­mos­yid­vis mi­ni­ma­lur da maq­si­
ma­lur fass. sa­zo­ga­do­e­bis eko­no­mi­ku­ri sta­bi­lu­ro­bis uz­run­vel­yo­fis
miz­niT ka­non­Si mi­Ti­Te­bu­li­a, rom sa­ku­Ta­ri aq­ci­eb ­ is ga­mos­yid­vam ar un­
da ga­mo­iw­vi­os sa­aq­cio sa­zo­ga­do­e­bis wmin­da aq­ti­vis Sem­ci­re­ba sa­aq­cio
sa­zo­ga­do­eb ­ is bo­los dam­tki­ce­bu­li sa­fi­nan­so wlis fi­nan­su­ri an­ga­riS­
ge­bis mi­xed­viT gan­Tav­se­bu­li ka­pi­ta­lis Tan­xis ode­no­ba­ze nak­leb ode­
no­bam­de, ase­ve ka­no­niT an wes­de­biT gaT­va­lis­wi­ne­bu­li im re­zer­ve­bis ja­
mis ode­no­ba­ze nak­leb ode­no­bam­de, ro­mel­Ta aq­ci­o­ne­reb­ze ga­na­wi­le­ba
da­uS­ve­be­li­a.

257
 ka­no­ni ad­gens ro­gorc ga­mos­yid­va­di aq­ci­e­bis li­mi­tebs, ise ga­mos­yid­
vis am­krZa­lav pi­ro­bebs. ker­Zod, sa­ku­Ta­ri ga­mos­yi­du­li aq­ci­eb ­ is Ri­re­
bu­le­ba ar un­da aRe­ma­te­bo­des gan­Tav­se­bu­li aq­ci­eb ­ is 25%-s. amas­Ta­na­ve,
ga­mos­yid­va da­uS­ve­be­li­a, Tu ga­mos­yid­vis mo­men­tSi sa­aq­cio sa­zo­ga­do­e­ba
ga­dax­di­su­u­na­ro­a, an Se­iZ­le­ba, aq­ci­a­Ta ga­mos­yid­vis Se­de­gad ga­dax­di­su­u­
na­ro­bis saf­rTxis wi­na­Se aR­moC­ndes.
aR­niS­nu­li we­se­bis dar­Rve­vi­saT­vis dgin­de­ba Tan­mde­vi Se­de­ge­bic. ker­
Zod, moTx­ov­na­Ta dar­Rve­vis Sem­Txve­va­Si sa­aq­cio sa­zo­ga­do­e­ba 1 wlis va­
da­Si val­de­bu­li­a, ga­as­xvi­sos ga­mos­yi­du­li aq­ci­eb ­ i. Tu am va­da­Si ar mox­da
ga­mos­yi­du­li aq­ci­e­bis gas­xvi­se­ba, isi­ni un­da ga­uq­mdes da Sem­cir­des gan­
Tav­se­bu­li ka­pi­ta­li. xel­mZRva­ne­li or­ga­nos wev­ris mi­er ga­uq­me­bas eq­vem­
de­ba­re­ba ase­ve is sa­ku­Ta­ri aq­ci­e­bi, rom­le­bic Se­Ze­ni­li an ga­mos­yi­du­lia
sa­aq­cio sa­zo­ga­do­e­bis mi­er gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­bis miz­niT.
ka­no­nis wi­nam­de­ba­re mux­li azR­vevs de­do­bi­li sa­war­mos mi­er Svi­lo­bi­
li sa­war­mos aq­ci­e­biT ma­ni­pu­li­re­bis Se­saZ­leb­lo­ba­sac. ker­Zod, sa­aq­cio
sa­zo­ga­do­eb­ is mi­er sxva sa­aq­cio sa­zo­ga­do­e­ba­Si an SezR­u­du­li pa­su­xis­
mgeb­lo­bis sa­zo­ga­do­eb ­ a­Si xmis uf­le­bis mqo­ne aq­ci­e­bis an wi­le­bis na­xe­
var­ze me­tis flo­bis an sxva mxriv do­mi­nan­tur mdgo­ma­re­o­ba­Si yof­nis Sem­
Txve­va­Si, aR­niS­nu­li sa­aq­cio sa­zo­ga­do­e­bis an SezR­u­du­li pa­su­xis­mgeb­
lo­bis sa­zo­ga­do­eb ­ is mi­er sa­aq­cio sa­zo­ga­do­e­bis wi­lis Se­Ze­na an flo­ba
ga­ni­xi­le­ba ro­gorc sa­ku­Ta­ri aq­ci­is Se­Ze­na da mas­ze gav­rcel­de­ba Se­sa­ba­
mi­si re­gu­la­ci­e­bi. am we­si­dan ga­mo­nak­li­sia is Sem­Txve­va, ro­de­sac Sem­Ze­
ni aris no­mi­na­lu­ri mflo­be­li da ar moq­me­debs sa­aq­cio sa­zo­ga­do­e­bis an
im sa­zo­ga­do­e­bis sa­xe­liT Tu da­va­le­biT, ro­mel­Sic sa­aq­cio sa­zo­ga­do­e­ba
flobs xmis uf­le­bis mqo­ne aq­ci­e­bis an wi­le­bis na­xe­var­ze mets, an im­yo­fe­
ba sxva mxriv do­mi­nan­tur mdgo­ma­re­o­ba­Si.

mux­li 162. aq­ci­a­Ta re­es­tri

1. aq­ci­a­Ta re­es­tri, ro­mel­Sic aRi­ricx­e­ba aq­ci­a­ze sa­kuT­re­bis uf­le­

ba, iwar­mo­e­ba sa­qar­Tve­los erov­nu­li ban­kis mi­er dad­ge­ni­li Se­sa­
ba­mi­si we­se­biT. aq­ci­a­Ta re­es­trSi aq­ci­o­ne­re­bi­sa da ma­Ti uf­le­be­bis
re­gis­tra­ci­is­Tvis pa­su­xis­mge­be­lia sa­qar­Tve­los ka­non­mdeb­lo­biT
an­/da wes­de­biT gan­sazR­vru­li, aq­ci­a­Ta re­es­tris war­mo­e­bis uf­le­
ba­mo­si­le­bis mqo­ne pi­ri.
2. aq­ci­a­ze sa­kuT­re­bis uf­le­ba da mis­gan ga­mom­di­na­re aq­ci­o­ne­ris uf­
le­be­bi war­mo­i­So­ba, ic­vle­ba da wyde­ba aq­ci­a­Ta re­es­trSi re­gis­

258
 tra­ci­is mo­men­ti­dan an no­mi­na­lu­ri mflo­be­lis aq­ci­a­Ta re­es­trSi
Ca­na­wer­Si aR­ricx­vis mo­men­ti­dan, Tu, am Ca­na­we­ris Se­sa­ba­mi­sad, aq­
cia no­mi­na­lur mflo­be­lo­ba­Sia ga­da­ce­mu­li.
3. aq­ci­o­ne­ris aq­ci­a­ze sa­kuT­re­bis uf­le­ba das­tur­de­ba aq­ci­a­Ta re­
es­trSi Ca­na­we­riT an no­mi­na­lu­ri mflo­be­lis Ca­na­we­riT. aq­ci­o­ners
un­da mi­e­ces aq­ci­a­Ta re­es­tri­dan amo­na­we­ri an no­mi­na­lu­ri mflo­be­
lis amo­na­we­ri. aq­ci­a­Ta re­es­tri­dan amo­na­we­ris ga­ce­mis­Tvis pa­su­
xis­mge­be­lia sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no, xo­lo am
mux­lis me-4 da me-5 pun­qte­biT gaT­va­lis­wi­ne­bul Sem­Txve­veb­Si _ da­
mo­u­ki­de­be­li re­gis­tra­to­ri. no­mi­na­lu­ri mflo­be­lis amo­na­we­ris
ga­ce­mis­Tvis pa­su­xis­mge­be­lia Ta­vad no­mi­na­lu­ri mflo­be­li.
4. sa­aq­cio sa­zo­ga­do­e­ba, rom­lis aq­ci­o­ner­Ta ra­o­de­no­ba 50-ze me­ti­a,
val­de­bu­lia aq­ci­a­Ta re­es­tri awar­mo­os da­mo­u­ki­de­be­li re­gis­tra­
to­ris meS­ve­o­biT.
5. sa­aq­cio sa­zo­ga­do­e­bas, rom­lis aq­ci­o­ner­Ta ode­no­ba 50-s ar aRe­ma­
te­ba, Se­uZ­lia aq­ci­a­Ta re­es­tri awar­mo­os Ta­vad an da­mo­u­ki­de­be­li
re­gis­tra­to­ris meS­ve­o­biT, gar­da „fa­si­a­ni qa­Ral­de­bis baz­ris Se­
sa­xeb“ sa­qar­Tve­los ka­no­niT gan­sazR­vru­li an­ga­riS­val­de­bu­li sa­
war­mo­si, rom­lis aq­ci­a­Ta re­es­tri da­mo­u­ki­de­bel­ma re­gis­tra­tor­
ma un­da awar­mo­os.

aq­ci­is, ro­gorc fa­si­a­ni qa­Ral­dis, er­T-er­Ti Zi­ri­Ta­di Ta­vi­se­bu­re­ba

mi­si brun­vis gan­sa­kuT­re­bu­li we­se­bi­a. wi­le­bi­sa­gan gan­sxva­ve­biT, aq­cia ar
re­gis­trir­de­ba „me­war­me­Ta, ara­sa­me­war­meo (a­ra­ko­mer­ci­u­li) iu­ri­di­u­li
pi­re­bis re­es­trSi“. aq­ci­az­ e sa­kuT­re­bis aR­ricx­va xor­ci­el­de­ba gan­cal­
ke­ve­biT, aq­ci­a­Ta re­es­trSi.
ka­no­nis 162-e mux­li eT­mo­ba aq­ci­a­Ta re­es­tris war­mo­eb ­ is zo­ga­di sa­ka­
non­mdeb­lo Car­Cos Seq­mnas. wi­nam­de­ba­re mux­lSi mo­wes­ri­ge­bu­lia ise­Ti
sa­kiTx­e­bi, ro­go­re­bi­ca­a: re­es­trSi re­gis­tra­ci­is sa­mar­Tleb­ri­vi Se­de­
ge­bi, amo­na­we­ri re­es­tri­dan da da­mo­u­ki­de­be­li re­gis­tra­to­ris sa­kiTx­
e­bi.
sa­aq­cio sa­zo­ga­do­e­bas uf­le­ba aqvs, aq­ci­a­Ta re­es­tri awar­mo­os da­mo­u­
ki­deb­lad an da­mo­u­ki­de­be­li re­gis­tra­to­ris meS­ve­o­biT. re­es­tris mwar­
mo­e­be­li su­bi­eq­tis Ser­Ce­vis Ta­vi­suf­le­bi­dan ar­se­bobs ram­de­ni­me ga­mo­
nak­li­si. ker­Zod, sa­aq­cio sa­zo­ga­do­e­ba, rom­lis aq­ci­o­ner­Ta ra­o­de­no­ba
or­moc­da­aT­ze me­ti­a, val­de­bu­li­a, awar­mo­os aq­ci­a­Ta re­es­tri da­mo­u­ki­de­
be­li re­gis­tra­to­ris meS­ve­o­biT. da­mo­u­ki­de­be­li re­gis­tra­to­ris meS­ve­
o­biT aq­ci­o­ner­Ta re­es­tris war­mo­e­bis val­de­bu­le­ba vrcel­de­ba „fa­si­a­ni

259
qa­Ral­de­bis baz­ris Se­sa­xeb“ sa­qar­Tve­los ka­no­niT gan­sazR­vrul an­ga­riS­
val­de­bul sa­war­mo­zec.
aq­ci­a­ze sa­kuT­re­bis uf­le­ba war­mo­iS­ o­ba am uf­le­bis aq­ci­a­Ta re­es­trSi
re­gis­tra­ci­is mo­men­ti­dan. Se­sa­ba­mi­sad, re­es­tris ga­mar­Tu­lad war­mo­e­bas
fun­da­men­tu­ri mniS­vne­lo­ba aqvs sa­aq­cio sa­zo­ga­do­eb ­ is fun­qci­o­ni­re­bi­
saT­vis. ka­no­niT aq­ci­a­Ta re­es­tris war­mo­e­bis we­se­bis gan­sazR­vris uf­le­
ba­mo­si­le­ba mi­ni­We­bu­li aqvs sa­qar­Tve­los erov­nul banks.
aq­ci­a­Ta re­es­trSi gan­xor­ci­e­le­bu­li Ca­na­we­riT sa­kuT­re­bis uf­le­bis
war­mo­So­bis pa­ra­le­lu­rad gan­sa­kuT­re­bul mniS­vne­lo­bas iZens amo­na­we­
ri, ro­mel­mac un­da da­a­das­tu­ros aq­ci­o­ne­ris sa­kuT­re­ba aq­ci­a­ze. moTx­
ov­nis Sem­Txve­va­Si, aq­ci­o­ners un­da mi­ec­ es amo­na­we­ri aq­ci­a­Ta re­es­tri­dan
an no­mi­na­lu­ri mflo­be­lis amo­na­we­ri. amo­na­we­ris ga­ce­ma­ze pa­su­xis­mgeb­
lo­ba ekis­re­ba sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos, xo­lo Tu
sa­aq­cio sa­zo­ga­do­e­ba aq­ci­o­ner­Ta re­estrs awar­mo­ebs da­mo­u­ki­de­be­li
re­gis­tra­to­ris meS­ve­o­biT, ma­Sin da­mo­u­ki­de­bel re­gis­tra­tors. „fa­si­a­
ni qa­Ral­de­bis baz­ris“ Se­sa­xeb sa­qar­Tve­los ka­no­niT gaT­va­lis­wi­ne­bu­li
no­mi­na­lu­ri mflo­be­lis amo­na­we­ris ga­ce­mis­Tvis pa­su­xis­mge­be­lia Ta­vad
no­mi­na­lu­ri mflo­be­li.

mux­li 163. sa­aq­cio sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­lis

cvli­le­bis gan­xor­ci­e­le­bis we­si

1. sa­aq­cio sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­lis cvli­le­ba xor­ci­

el­de­ba sa­qar­Tve­los ka­non­mdeb­lo­bi­sa da wes­de­bis Se­sa­ba­mi­sad.
2. gan­Tav­se­bu­li ka­pi­ta­lis cvli­le­bis Se­sa­xeb ga­dawy­ve­ti­le­bas
iRebs sa­er­To kre­ba.
3. gan­Tav­se­bu­li ka­pi­ta­lis cvli­le­bis Se­sa­xeb ga­dawy­ve­ti­le­ba­Si mi­
Ti­Te­bu­li un­da iyos cvli­le­bis gan­xor­ci­e­le­bis sa­fuZ­ve­li, we­si
da Se­sa­ba­mi­si Tan­xa. es ga­dawy­ve­ti­le­ba un­da Se­i­cav­des ag­reT­ve in­
for­ma­ci­as gan­sa­Tav­se­be­li an ga­sa­uq­me­be­li aq­ci­e­bis ra­o­de­no­bi­sa
da no­mi­na­lu­ri Ri­re­bu­le­bis Se­sa­xeb, Tu aq­ci­is Ri­re­bu­le­ba gan­
sazR­vru­li­a.
4. gan­Tav­se­bu­li ka­pi­ta­lis cvli­le­bis Se­sa­xeb ga­dawy­ve­ti­le­ba nam­
dvi­lia mi­si re­gis­tra­ci­i­sa da ga­moq­vey­ne­bis mo­men­ti­dan. Se­sa­ba­mi­
si moTx­ov­nis uz­run­vel­yo­fa ekis­re­ba sa­aq­cio sa­zo­ga­do­e­bis xel­
mZRva­nel or­ga­nos.
5. gan­Tav­se­bu­li ka­pi­ta­lis gaz­rdi­sas Se­saZ­le­be­li­a:

260
 a) ga­moS­ve­bul da gan­Tav­se­bul iq­nes axa­li aq­ci­e­bi;
b) ga­moS­ve­bul da gan­Tav­se­bul iq­nes axa­li aq­ci­e­bi sa­aq­cio sa­zo­ga­
do­e­bis sa­ku­Ta­ri qo­ne­bis ga­mo­ye­ne­biT;
g) ga­moS­ve­bul da gan­Tav­se­bul iq­nes axa­li aq­ci­e­bi gan­Tav­se­bu­li
aq­ci­e­bis no­mi­na­lu­ri Ri­re­bu­le­bis mo­ma­te­bis xar­jze, sa­aq­cio sa­
zo­ga­do­e­bis sa­ku­Ta­ri qo­ne­bis ga­mo­ye­ne­biT.
6. axa­li aq­ci­e­bis ga­moS­ve­ba, ag­reT­ve gan­Tav­se­bu­li aq­ci­e­bis no­mi­na­
lu­ri Ri­re­bu­le­bis mo­ma­te­ba un­da da­re­gis­trir­des dad­ge­ni­li we­
siT.
7. gan­Tav­se­bu­li ka­pi­ta­lis cvli­le­bis Se­sa­xeb ga­dawy­ve­ti­le­bis mi­sa­
Re­bad au­ci­le­be­lia Ca­tar­des cal­-cal­ke ken­Wis­yra yve­la kla­sis
aq­ci­e­bis­Tvis, ro­mel­Ta mflo­be­le­bis uf­le­beb­ze­dac aR­niS­nu­li
ga­dawy­ve­ti­le­ba gav­le­nas ax­dens.
8. am mux­lis moTx­ov­ne­bi ga­mo­i­ye­ne­ba aq­ci­ad kon­ver­ti­re­ba­di sxva fa­
si­a­ni qa­Ral­dis ga­moS­ve­bi­sas Se­sa­ba­mis Sem­Txve­va­Si, mag­ram ar moq­
me­debs Ta­vad kon­ver­ta­ci­a­ze.

kon­ku­ren­tu­li baz­ris pi­ro­beb­Si ris­kis mar­Tvis, mom­xma­reb­li­saT­vis

axa­li pro­duq­tis Se­Ta­va­ze­bis, ga­moc­di­li me­nej­men­tis da­qi­ra­ve­bis Tu
sxva mok­le an grZel­va­di­an ­ i pro­eq­tis da­fi­nan­se­bis miz­niT, an pi­ri­qiT, ka­
pi­ta­lis da­na­kar­gze sa­pa­su­xod sa­aq­cio sa­zo­ga­do­eb ­ am Se­saZ­le­be­li­a, mi­i­
Ros ga­dawy­ve­ti­le­ba ka­pi­ta­lis gaz­rdis an Sem­ci­re­bis Ta­o­ba­ze. ka­no­nis
163-e mux­li sa­aq­cio sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­lis cvli­le­bis
wess are­gu­li­rebs.
sa­aq­cio sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­lis Se­sa­xeb in­for­ma­cia
wes­de­bis ga­nu­yo­fe­li na­wi­li­a. Se­sa­ba­mi­sad, gan­Tav­se­bu­li ka­pi­ta­lis
cvli­le­bac wes­de­bis cvli­le­bis le­gi­ti­ma­ci­is mqo­ne or­ga­nos _ sa­er­To
kre­bis kom­pe­ten­ci­a­a. amas­Ta­na­ve, vi­na­i­dan gan­Tav­se­bu­li ka­pi­ta­lis cvli­
le­ba mniS­vne­lov­nad cvlis sa­aq­cio sa­zo­ga­do­e­ba­Si Ti­To­e­u­li aq­ci­o­ne­
ris mo­na­wi­le­o­bis mo­cu­lo­bas, ka­no­niT dad­ge­ni­lia Ti­To­e­u­li im kla­sis
aq­ci­o­ner­Ta mi­er sa­kiTx­is da­mo­u­ki­deb­lad mxar­da­We­ris val­de­bu­le­ba,
rom­leb­zec es cvli­le­ba ax­dens uSu­al ­ o gav­le­nas. aR­niS­nu­li ga­dawy­ve­
ti­le­ba sa­val­de­bu­lo Za­lis Se­sa­Ze­nad xel­mZRva­ne­li or­ga­nos mi­er un­da
ga­moq­vey­ndes.
ka­no­ni gan­sazR­vravs sa­er­To kre­bis am ga­dawy­ve­ti­le­bis Si­na­ar­ssac,
ra­mac un­da uz­run­vel­yos pro­ce­sis maq­si­ma­lu­ri gam­Wvir­va­lo­ba da yve­la
da­kav­Si­re­bu­li mxa­ris da­cu­lo­ba. ker­Zod, sa­er­To kre­bis ga­dawy­ve­ti­le­
ba un­da Se­ic­ av­des mi­Ti­Te­bas cvli­le­bis sa­fuZ­vel­ze, cvli­le­bis wes­sa da

261
Tan­xa­ze. ga­dawy­ve­ti­le­ba­Si, ase­ve, un­da aRi­niS­nos mo­na­ce­me­bi gan­sa­Tav­se­
be­li an ga­sa­uq­me­be­li aq­ci­e­bis ra­o­de­no­bis Se­sa­xeb da aq­ci­a­Ta no­mi­na­lu­
ri Ri­re­bu­le­ba (a­se­Tis ar­se­bo­bis Sem­Txve­va­Si).
ka­no­nis ama­ve mux­lSi zo­ga­di cne­be­bis sa­xi­Taa war­mod­ge­ni­li gan­Tav­se­
bu­li ka­pi­ta­lis gaz­rdis ori­ve me­To­di: axa­li aq­ci­e­bis gan­Tav­se­ba da aq­ci­
a­Ta no­mi­na­lu­ri Ri­re­bu­le­bis gaz­rda, rac Sem­dgo­mi mux­le­bis de­ta­lu­ri
re­gu­li­re­bis sa­ga­ni­a. aq­ve aR­sa­niS­na­vi­a, rom ka­no­nis 163-e mux­liT dad­ge­ni­
li we­se­bi moq­me­debs aq­ci­aS ­ i kon­ver­ti­re­ba­di sxva fa­si­a­ni qa­Ral­dis ga­moS­
ve­bis Sem­Txve­va­Sic, vi­na­i­dan isi­ni kon­ver­ti­re­bis uf­le­bis re­a­li­za­ci­is
Sem­Txve­va­Si mniS­vne­lo­van gav­le­nas mo­ax­de­nen ar­se­bul aq­ci­o­ner­Ta struq­
tu­ra­ze. amas­Ta­na­ve, rad­gan am mux­liT dad­ge­ni­li we­se­bi uk­ve vrcel­de­ba
aq­ci­a­Si kon­ver­ti­re­ba­di fa­si­a­ni qa­Ral­de­bis ga­moS­ve­ba­ze, uSu­al ­ od kon­
ver­ti­re­bis pro­ces­ze mi­si gav­rce­le­ba aRar aris aq­tu­a­lu­ri.

mux­li 164. ka­pi­ta­lis gaz­rda da­ma­te­bi­Ti aq­ci­e­bis ga­moS­ve­biT

1. Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li, da­ma­te­bi­Ti aq­ci­

e­bis ga­moS­ve­biT ka­pi­ta­lis gaz­rdis Se­sa­xeb ga­dawy­ve­ti­le­bas iRebs
sa­er­To kre­ba ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis ara­nak­leb 3/4-iT.
2. da­ma­te­bi­Ti aq­ci­e­bis ga­moS­ve­biT ka­pi­ta­lis gaz­rdis Se­sa­xeb ga­
dawy­ve­ti­le­ba­Si mi­e­Ti­Te­ba gan­sa­Tav­se­be­li aq­ci­e­bis ra­o­de­no­ba da
sa­xe, ag­reT­ve ma­Ti gan­Tav­se­bis we­si da pi­ro­be­bi.
3. ka­pi­ta­lis gaz­rdi­sas ga­moS­ve­bu­li aq­ci­e­bi ma­Ti gan­Tav­se­bis mo­men­
tis­Tvis ga­naR­de­bu­li un­da iyos no­mi­na­lu­ri Ri­re­bu­le­bis sul mci­
re 25 pro­cen­tiT, xo­lo no­mi­na­lu­ri Ri­re­bu­le­bis arar­se­bo­bis Sem­
Txve­va­Si _ am ka­no­nis 156-e mux­lis me-2 pun­qtiT dad­ge­ni­li Ri­re­bu­
le­bis sul mci­re 25 pro­cen­tiT. Tu aq­ci­e­bi am Ri­re­bu­le­beb­ze ma­Ral
fa­sad aris ga­moS­ve­bu­li, sxva­o­ba sru­lad un­da iq­nes ga­dax­di­li.
4. Tu ka­pi­ta­lis gaz­rdi­sas aq­ci­e­bi ara­fu­la­di Se­na­ta­nis sa­nac­vlod ga­
i­ce­ma, es Se­na­ta­ni sru­lad un­da gan­xor­ci­el­des ka­pi­ta­lis gaz­rdis
Se­sa­xeb ga­dawy­ve­ti­le­bis mi­Re­bi­dan 5 wlis va­da­Si. aR­niS­nul Sem­Txve­
va­Si ara­fu­la­di Se­na­ta­ni Se­fa­se­bu­li da ga­moq­vey­ne­bu­li un­da iq­nes
am ka­no­nis 152-e mux­lis me-10 da me-11 pun­qte­biT dad­ge­ni­li we­siT.
5. am mux­lis me-4 pun­qtiT gaT­va­lis­wi­ne­bu­li Se­fa­se­ba sa­Wi­ro ar aris,
Tu sa­aq­cio sa­zo­ga­do­e­bis ka­pi­ta­li iz­rde­ba aq­ci­a­Ta sa­ja­ro Se­Ta­
va­ze­bis far­gleb­Si an Ser­wymis­/ga­yo­fis gan­xor­ci­e­le­bi­sas mi­er­Te­
bu­li sa­me­war­meo sa­zo­ga­do­e­bis­/ga­yo­fi­li sa­me­war­meo sa­zo­ga­do­e­

262
 bis aq­ci­o­ne­re­bis anazR­a­u­re­bis ga­ce­mis miz­niT da Ser­wymis­/ga­yo­
fis geg­mis pro­eq­ti Se­mow­me­bu­lia da­mo­u­ki­de­be­li au­di­to­ris mi­er
am ka­no­nis 70-e mux­liT dad­ge­ni­li we­siT.

sa­aq­cio sa­zo­ga­do­e­bis uni­ka­lu­ri ma­xa­si­aT ­ e­be­li axa­li aq­ci­eb ­ is Ria

ba­zar­ze gan­Tav­se­bis gziT ope­ri­re­bi­saT­vis au­ci­le­be­li ka­pi­ta­lis mo­
zid­vis una­ri­a. ka­no­nis 164-e mux­li am uni­ka­lu­ro­bis Zi­ri­Tad sa­ka­non­
mdeb­lo sa­fuZ­vels qmnis. mux­lis far­gleb­Si mo­wes­ri­ge­bu­lia ise­Ti sa­
kiTx­e­bi, ro­go­re­bi­ca­a: ga­dawy­ve­ti­le­ba da­ma­te­bi­Ti aq­ci­e­bis ga­moS­ve­bis
gziT ka­pi­ta­lis gaz­rdis Se­sa­xeb, mi­ni­ma­lu­ri ga­sa­naR­de­be­li mo­cu­lo­ba
da Se­na­ta­nis sa­kiTx­e­bi.
ga­dawy­ve­ti­le­ba da­ma­te­bi­Ti aq­ci­e­bis ga­moS­ve­bis gziT ka­pi­ta­lis gaz­
rdis Se­sa­xeb pir­da­pir da uSu­a­lo gav­le­nas ax­dens sa­aq­cio sa­zo­ga­do­e­bis
ka­pi­ta­li­sa da mi­si aq­ci­o­ne­re­bis struq­tu­ra­ze. Se­sa­ba­mi­sad, aq­ci­o­ner­Ta
qo­neb­riv da mar­TviT uf­le­beb­ze gav­le­nis mom­xde­ni es ga­dawy­ve­ti­le­ba
eq­ce­va sa­er­To kre­bis kom­pe­ten­ci­aS ­ i. sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­
lis ode­no­ba wes­de­bis Se­mad­ge­ne­li na­wi­li­a. aqe­dan ga­mom­di­na­re, ga­dawy­
ve­ti­le­ba sa­Wi­ro­ebs wes­de­bis cvli­le­bi­saT­vis dad­ge­nil xma­Ta ra­o­de­no­
bis _ ken­Wis­yra­Si mo­na­wi­le xma­Ta ara­nak­leb 3/4-is mxar­da­We­ras. amas­Ta­na­
ve, ka­no­ni iZ­le­va ga­dawy­ve­ti­le­bis mi­Re­bis gan­sxva­ve­bu­li we­sis dad­ge­nis
Se­saZ­leb­lo­bas. ka­non­Si gan­sazR­vru­lia ga­dawy­ve­ti­le­ba­Si mi­sa­Ti­Te­be­li
in­for­ma­ci­is ka­ta­lo­gic. ker­Zod, da­ma­te­bi­Ti aq­ci­e­bis ga­moS­ve­bis gziT
ka­pi­ta­lis gaz­rdis ga­dawy­ve­ti­le­ba­Si aRi­niS­ne­ba gan­sa­Tav­se­be­li aq­ci­e­
bis ra­o­de­no­ba da sa­xe, gan­Tav­se­bis we­si da pi­ro­be­bi.
ka­pi­ta­lis gaz­rdis dros ga­moS­ve­bu­li aq­ci­eb ­ i gan­Tav­se­bis mo­men­tis­
Tvis un­da iyos ga­naR­de­bu­li ma­Ti Ri­re­bu­le­bis, sul mci­re, 25%-iT. amas­
Ta­na­ve, zo­gi­erT Sem­Txve­va­Si Se­saZ­le­be­lia mox­des aq­ci­e­bis gan­Tav­se­ba
no­mi­na­lur Ri­re­bu­le­ba­ze ma­Ral fa­sad (sha­re pre­mi­um). ase­Ti na­ma­tiT gan­
Tav­se­ba Se­saZ­le­be­li­a, em­sa­xu­re­bo­des iseT miz­nebs, ro­go­re­bi­ca­a: sa­zo­ga­
do­e­bis sa­re­zer­vo ka­pi­ta­lis Seq­mna an aq­ci­aT ­ a gan­Tav­se­bis Ri­re­bu­le­bis
da­far­va. Se­sa­ba­mi­sad, am sxva­ob ­ is dro­u­li anazR­au ­ ­re­ba em­sa­xu­re­ba uSu­a­
lod aq­ci­a­Ta gan­Tav­se­bis miz­nebs da igi un­da iyos ga­dax­di­li sru­lad.
ka­pi­ta­lis gaz­rdis dros aq­ci­eb ­ is ga­ce­ma Se­saZ­le­be­lia mox­des fu­lis
an ara­fu­la­di Se­na­ta­nis sa­nac­vlod. ara­fu­la­di Se­na­ta­ni sa­aq­cio sa­zo­
ga­do­e­bis miz­ne­bi­saT­vis ar Se­iZ­le­ba iyos sa­mu­Sa­os Ses­ru­le­ba da mom­sa­
xu­re­bis ga­we­va. ase­Ti Se­sa­ta­ni sru­lad un­da iq­nes Se­ta­ni­li ka­pi­ta­lis
gaz­rdis Se­sa­xeb ga­dawy­ve­ti­le­bis mi­Re­bi­dan 5 wlis va­da­Si, rac em­sa­xu­re­
ba sa­zo­ga­do­eb­ is dro­ul da efeq­ti­an aR­Wur­vas Se­pi­re­bu­li Ri­re­bu­le­bis

263
aq­ti­ve­biT. amas­Ta­na­ve, ara­fu­la­di Se­sa­ta­nis Ri­re­bu­le­bas­Tan da­kav­Si­
re­bu­li ma­ni­pu­li­re­bis, maT So­ris, Se­sa­ta­nis ze­Se­fa­se­bis Ta­vi­dan asa­ci­
leb­lad, sa­zo­ga­do­e­bis mi­er Ser­Ce­ul ­ i da­mo­u­ki­de­be­li au­di­to­ris mi­er
un­da Sed­ges an­ga­ri­Si Se­sa­ta­nis Se­fa­se­bas­Tan da­kav­Si­re­biT, ro­me­lic
un­da ga­moq­vey­ndes re­es­trSi. au­di­tors ekis­re­ba val­de­bu­le­ba, da­ad­gi­
nos, aris Tu ara Se­na­ta­ne­bis ja­mu­ri Ri­re­bu­le­ba, sul mci­re, aq­ci­e­bis
no­mi­na­lu­ri Ri­re­bu­le­bis jam­Tan, xo­lo ro­de­sac xde­ba aq­ci­e­bis ga­moS­ve­
ba am Ri­re­bu­le­beb­ze ma­Ral fa­sad (sha­re pre­mi­um), ma­Sin _ aseT Ri­re­bu­le­
bas­Tan Se­sa­ba­mi­si. aR­niS­nu­li we­se­bis gaT­va­lis­wi­ne­biT, Se­iZ­le­ba iT­qvas,
rom aq­ci­e­bis gaz­rdi­sas Se­na­ta­nis gan­xor­ci­el ­ e­ba­ze vrcel­de­ba sa­aq­cio
sa­zo­ga­do­eb ­ is ka­pi­tal­Si Se­na­ta­nis gan­xor­ci­e­le­bis zo­ga­di prin­ci­pe­bi.
me­xu­Te pun­qtSi dad­ge­ni­lia au­di­to­ru­li Se­mow­me­bis we­si­dan ga­mo­nak­
li­se­bi. ker­Zod, au­di­to­ru­li Se­mow­me­ba ar aris sa­Wi­ro, Tu sa­aq­cio sa­zo­
ga­do­e­bis ka­pi­ta­li iz­rde­ba aq­ci­a­Ta sa­ja­ro Se­Ta­va­ze­bis far­gleb­Si. amis
mi­ze­zi isa­a, rom aq­ci­a­Ta sa­ja­ro Se­Ta­va­ze­bi­sas baz­ris ze­dam­xed­ve­lo­bis
gan­ma­xor­ci­el ­ e­be­li or­ga­nos mi­er dad­ge­ni­li we­se­biT ise­dac xde­ba yve­la
am in­for­ma­ci­is de­ta­lu­ri Ses­wav­la. aR­niS­nuls ki Sem­dgom­Si, ro­gorc we­
si, ax­lavs ki­dev er­Ti fil­tri _ me­o­ra­d bazarze dad­ge­ni­li stan­dar­te­bi.
me­o­re ga­mo­nak­li­sia ama­ve pun­qtSi gaT­va­lis­wi­ne­bu­li re­or­ga­ni­za­ci­is is
Ro­nis­Zi­eb­ e­bi, ra dro­sac in­for­ma­cia uk­ve Se­mow­me­bu­lia da­mo­u­ki­de­be­li
eq­sper­tis mi­er.
ama­ve mux­lSia mo­wes­ri­ge­bu­li Se­na­ta­nis Se­ta­nam­de aq­ci­o­ne­ris mi­er
Ta­vi­si aq­ci­is gas­xvi­se­bis Tan­mde­vi Se­de­ge­bi, ra­mac un­da uz­run­vel­yos
aq­ci­o­ne­ris ara­ke­Til­sin­di­si­e­re­bis ga­mo­ricx­va da sa­zo­ga­do­e­bis ka­pi­ta­
liT aR­Wur­va. ker­Zod, im Sem­Txve­va­Si, Tu aq­ci­is gas­xvi­se­ba xde­ba sa­aq­cio
sa­zo­ga­do­eb ­ is aq­ci­o­ne­ris mi­er gas­xvi­se­bis mo­men­tSi aq­ci­eb­Tan da­kav­Si­
re­bu­li Se­us­ru­le­be­li val­de­bu­le­be­bi­saT­vis, sa­aq­cio sa­zo­ga­do­e­bis wi­
na­Se gam­sxvi­se­be­li aq­ci­o­ne­ri, Sem­Zen­Tan er­Tad, so­li­da­ru­lad agebs pa­
suxs, Tu sxva ram ar aris dad­ge­ni­li wes­de­biT.

mux­li 165. axa­li aq­ci­e­bis ga­moS­ve­ba sa­aq­cio sa­zo­ga­do­e­bis

sa­ku­Ta­ri qo­ne­bis xar­jze

Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li, sa­er­To kre­bam Se­iZ­

le­ba ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis ara­nak­leb 3/4-iT mi­i­Ros ga­dawy­ve­ti­
le­ba am ka­no­nis 156-e mux­lis me-3 pun­qtiT gaT­va­lis­wi­ne­bu­li sa­aq­cio sa­
zo­ga­do­e­bis sa­re­zer­vo ka­pi­ta­lis gar­daq­mniT an ga­u­na­wi­le­be­li mo­ge­bis

264
ga­mo­ye­ne­biT axa­li aq­ci­e­bis ga­moS­ve­bis Se­sa­xeb, rom­le­bic aq­ci­o­ne­reb­ze
pro­por­ci­u­lad na­wil­de­ba. sa­re­zer­vo ka­pi­ta­li da ga­u­na­wi­le­be­li mo­ge­
ba ar Se­iZ­le­ba gan­Tav­se­bul ka­pi­ta­lad gar­da­iq­mnas, Tu sa­aq­cio sa­zo­ga­
do­e­bis bo­lo wli­u­ri an Su­a­le­du­ri ba­lan­si za­rals mow­mobs.

sa­aq­cio sa­zo­ga­do­eb ­ is mi­er Ta­vi­si aq­ci­e­bis sa­ja­ro Se­Ta­va­ze­ba sa­Wi­

ro­ebs mniS­vne­lo­van dro­sa da fi­nan­sur re­sur­sebs. upir­ve­les yov­li­sa,
ga­mo­sa­yo­fia uSu­a­lod IPO-s pro­ces­Tan da­kav­Si­re­bu­li xar­je­bi; me­o­re
da, um­Tav­re­si _ esaa sa­zo­ga­do­e­bis aq­ci­o­ne­re­bis da­sak­ma­yo­fi­leb­lad
pe­ri­o­dul sawy­i­seb­ze ga­dax­di­li sar­ge­be­li, ro­me­lic grZel­va­di­an per­
speq­ti­va­Si al­ter­na­ti­u­li me­To­de­biT da­fi­nan­se­bis mi­Re­bi­saT­vis ga­sa­
wev xar­jebs aRe­ma­te­ba. ase­ve, cal­ke aR­niS­vnas im­sa­xu­rebs sa­zo­ga­do­e­bis
kon­tro­lis da­kar­gvas­Tan, mar­Tvis gar­Tu­le­bas­Tan, ba­zar­ze mi­moq­ce­va­di
gan­Tav­se­bu­li aq­ci­e­bis ra­o­de­no­bis gaz­rdas­Tan da sxva ara­erT faq­tor­
Tan da­kav­Si­re­bu­li ris­ke­bi.
swo­red ami­tom, im Sem­Txve­va­Si, Tu sa­aq­cio sa­zo­ga­do­e­bas aqvs mxo­lod
fi­nan­su­ri re­sur­se­bis mo­Zi­e­bis mo­ti­vi (da ara aq­ci­aT ­ a sa­ja­ro Se­Ta­va­ze­
bis ara­pir­da­pi­ri sar­ge­be­li), isi­ni aq­ci­aT ­ a sa­ja­ro gan­Tav­se­ba­ze upi­ra­
te­sad ka­pi­ta­lis zrdis Si­da kor­po­ra­ci­ul me­qa­niz­mebs mi­mar­Ta­ven. amis
er­T-er­Ti Zi­ri­Ta­di wya­ro ki sa­zo­ga­do­eb ­ is mo­ge­bis re­in­ves­ti­re­baa aq­ci­
e­bis sa­nac­vlod. ase­ve, Se­sa­ba­mi­si pi­ro­be­bis ar­se­bo­bis Sem­Txve­va­Si Se­saZ­
le­be­lia sa­aq­cio sa­zo­ga­do­eb ­ is sa­re­zer­vo ka­pi­ta­lis im na­wi­lis gar­daq­
mna, ro­me­lic for­mi­re­bul iq­na aq­ci­a­Ta gan­Tav­se­bis Se­de­gad mi­Re­bu­li
Ri­re­bu­le­bis na­me­tiT aq­ci­is no­mi­na­lur Ri­re­bu­le­ba­ze.
im Sem­Txve­va­Si, Tu sa­aq­cio sa­zo­ga­do­e­ba ax­dens Se­mo­sav­lis re­in­ves­ti­
re­bas, ris sa­nac­vlo­dac is aq­ci­o­ners ga­das­cems aq­ci­ebs, aq­ci­o­ne­rebs yo­
vel­Tvis Se­uZ­li­aT, ara­pir­da­pi­ri gziT mi­i­Ron mo­ge­ba aq­ci­is re­al ­ i­za­ci­is
Se­de­gad; me­o­re mxriv, sa­zo­ga­do­e­bi­dan mo­ge­bis di­vi­den­dis sa­xiT ga­di­ne­ba
sa­zo­ga­do­e­bas da­mo­ki­de­buls xdis ga­re _ Zvi­rad Ri­re­bu­li da­fi­nan­se­bis
_ wya­ro­eb­ze. Se­sa­ba­mi­sad, sa­zo­ga­do­e­bis gan­vi­Ta­re­bi­saT­vis zog­jer Se­saZ­
le­be­lia um­jo­be­si iyos sa­zo­ga­do­e­ba­Si ka­pi­ta­lis da­to­ve­ba. aq­ci­o­ne­ris
mi­er Se­mo­sav­lis mi­Re­bis in­te­res­sa da mo­ge­bis re­in­ves­ti­re­bis au­ci­leb­
lo­bas So­ris ba­lan­sis mi­saR­we­vad ka­no­nis wi­nam­de­ba­re mux­lSi war­mod­ge­
ni­lia ga­u­na­wi­le­be­li mo­ge­bis ga­mo­ye­ne­biT axa­li aq­ci­e­bis ga­moS­ve­bis Se­
saZ­leb­lo­ba, rom­le­bic aq­ci­o­ne­reb­ze pro­por­ci­u­lad na­wil­de­ba.
sa­re­zer­vo ka­pi­ta­li aris spe­ci­fi­ku­ri miz­ne­bis­Tvis aku­mu­li­re­bu­li
fi­nan­se­bi. ase­Ti mi­za­ni Se­iZ­le­ba iyos sa­aq­cio sa­zo­ga­do­e­bis ga­su­li sa­
me­ur­neo wlis za­ra­lis an za­ra­lis naS­Tis da­far­vi­sa da sa­aq­cio sa­zo­ga­

265
do­eb­ is aq­ci­a­Ta ga­mos­yid­vis­Tvis, Tu sa­aq­cio sa­zo­ga­do­e­bas sxva sax­sre­bi
ar aqvs. Tum­ca, sa­aq­cio sa­zo­ga­do­e­bis sa­re­zer­vo ka­pi­ta­lis im na­wi­lis
mi­marT, ro­me­lic for­mi­re­bul iq­na aq­ci­a­Ta gan­Tav­se­bis Se­de­gad mi­Re­bu­
li Ri­re­bu­le­bis na­me­tiT aq­ci­is no­mi­na­lur Ri­re­bu­le­ba­ze, vrcel­de­ba
gan­sxva­ve­bu­li re­Ji­mi. ker­Zod, Tu wes­de­biT sxva ram ar aris dad­ge­ni­li,
sa­er­To kre­ba­ze ken­Wis­yra­Si mo­na­wi­le xma­Ta ara­nak­leb 3/4-iT Se­saZ­le­be­
li­a, mi­Re­bul iq­nes ga­dawy­ve­ti­le­ba sa­aq­cio sa­zo­ga­do­e­bis am sa­re­zer­vo
ka­pi­ta­lis gar­daq­mnis gziT axa­li aq­ci­eb ­ is ga­moS­ve­bis Se­sa­xeb, ro­me­lic
aq­ci­o­ne­reb­ze pro­por­ci­u­lad ga­da­na­wil­de­ba.
ze­mo­aR­niS­nu­li ga­dawy­ve­ti­le­bis mi­sa­Re­bad sa­Wi­roa ori ku­mu­la­ci­u­
ri pi­ro­bis ar­se­bo­ba: pir­ve­li, esaa sa­er­To kre­ba­ze dam­swre xme­bis ¾-iT
ga­dawy­ve­ti­le­bis mi­Re­ba da, me­o­re, bo­lo wli­u­ri an Su­a­le­du­ri ba­lan­sis
da­de­bi­Ti maC­ve­ne­be­li. am წინა პირობა­Ta mi­ze­zi isa­a, rom da­na­kar­ge­bis ar­
se­bo­bi­sas Se­uZ­le­be­lia mo­ge­bis re­in­ves­ti­re­ba­ze sa­u­ba­ri (mo­ge­bis arar­
se­bo­bis ga­mo), xo­lo sa­re­zer­vo ka­pi­ta­li aseT Sem­Txve­va­Si gvev­li­ne­ba
sa­zo­ga­do­eb­ is fi­nan­su­ri siZ­ne­le­eb
­ is pre­ven­ci­eb
­ is me­qa­niz­mad da mi­si Se­
nar­Cu­ne­ba aR­niS­nu­li miz­ne­bis­Tvi­saa au­ci­le­be­li.

mux­li 166. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos mi­er

ka­pi­ta­lis gaz­rda ne­ba­dar­Tu­li ka­pi­ta­lis far­gleb­Si

1. wes­de­biT an sa­er­To kre­bis ga­dawy­ve­ti­le­biT sa­aq­cio sa­zo­ga­do­

e­bis xel­mZRva­nel or­ga­nos Se­iZ­le­ba mi­e­ni­Wos uf­le­ba­mo­si­le­ba,
mi­i­Ros ga­dawy­ve­ti­le­ba axa­li aq­ci­e­bis wes­de­biT dad­ge­nil maq­si­
ma­lur ra­o­de­no­bam­de ga­moS­ve­bis Se­sa­xeb. am uf­le­ba­mo­si­le­bis maq­
si­ma­lu­ri va­da dgin­de­ba wes­de­biT da igi ar un­da aRe­ma­te­bo­des 5
wels. ga­moS­ve­bu­li axa­li aq­ci­e­bis maq­si­ma­lu­ri ra­o­de­no­ba ar un­da
aRe­ma­te­bo­des ne­ba­dar­Tu­li aq­ci­e­bis ra­o­de­no­bis 50 pro­cents. Tu
axa­li aq­ci­e­bis ga­moS­ve­bis uf­le­ba­mo­si­le­ba mi­ni­We­bu­lia ara wes­
de­biT, ara­med sa­er­To kre­bis ga­dawy­ve­ti­le­biT, es ga­dawy­ve­ti­le­ba
un­da ga­moq­vey­ndes da aq­ci­a­Ta re­es­trSi un­da ai­sa­xos.
2. sa­dam­fuZ­neb­lo Se­Tan­xme­ba­Si an sa­er­To kre­bis ga­dawy­ve­ti­le­ba­Si
Se­iZ­le­ba mi­e­Ti­Tos gan­sa­Tav­se­be­li aq­ci­e­bis ra­o­de­no­ba, kla­si da
mi­ni­ma­lu­ri fa­si.
3. wes­de­biT an sa­er­To kre­bis ga­dawy­ve­ti­le­biT Se­iZ­le­ba ga­ni­sazR­
vros da­ma­te­bi­Ti pi­ro­be­bi am mux­liT gaT­va­lis­wi­ne­bu­li uf­le­ba­
mo­si­le­bis ga­mo­sa­ye­neb­lad.

266
 4. am mux­lis moTx­ov­ne­bi ga­mo­i­ye­ne­ba aq­ci­ad kon­ver­ti­re­ba­di sxva fa­
si­a­ni qa­Ral­dis ga­moS­ve­bi­sas Se­sa­ba­mis Sem­Txve­va­Si, mag­ram ar moq­
me­debs Ta­vad kon­ver­ta­ci­a­ze.

axa­li aq­ci­e­bis ga­moS­ve­bis gziT ka­pi­ta­lis zrda sak­ma­od kom­pleq­su­ri

kor­po­ra­ci­u­li aq­ti­vo­ba­a. ase­Ti kom­pleq­su­ro­ba cal­ke­ul Sem­Txve­va­Si
Se­saZ­le­be­li­a, wi­na­aR­mde­go­ba­Si mo­di­o­des sa­zo­ga­do­e­bis wi­na­Se ar­se­bul
ga­mow­ve­veb­ze Se­da­re­biT mar­ti­vi re­a­gi­re­bis in­te­res­Tan. Se­sa­ba­mi­sad,
cal­ke­ul Sem­Txve­va­Si sa­Wi­roa sa­zo­ga­do­e­bis top­me­nej­men­ti­saT­vis me­ne­
je­ru­li Za­la­uf­le­bis gaz­rda da maT­Tvis wi­nas­war dad­ge­ni­li ne­ba­dar­
Tu­li aq­ci­e­bis far­gleb­Si axa­li aq­ci­e­bis ga­moS­ve­bis Se­saZ­leb­lo­bis mi­
ni­We­ba. swo­red aR­niS­nu­li sa­kiTx­is mo­wes­ri­ge­bas eT­mo­ba ka­no­nis 166-e
mux­li.
ga­dawy­ve­ti­le­ba da­ma­te­bi­Ti aq­ci­e­bis ga­moS­ve­bis gziT ka­pi­ta­lis gaz­
rdis Se­sa­xeb pir­da­pir da uSu­a­lo gav­le­nas ax­dens sa­aq­cio sa­zo­ga­do­e­bis
ka­pi­ta­li­sa da mi­si aq­ci­o­ne­re­bis struq­tu­ra­ze. Se­sa­ba­mi­sad, aq­ci­o­ner­Ta
qo­neb­riv da mar­TviT uf­le­beb­ze gav­le­nis mom­xde­ni es ga­dawy­ve­ti­le­ba
eq­ce­va sa­er­To kre­bis kom­pe­ten­ci­a­Si. aqe­dan ga­mom­di­na­re, sa­zo­ga­do­eb ­ is
xel­mZRva­nel or­ga­no­ze ase­Ti ga­dawy­ve­ti­le­bis mi­Re­bis uf­le­ba­mo­si­le­
bis sa­ga­mo­nak­li­sod ga­dan­do­ba da­saS­ve­bia mxo­lod ori me­To­diT, ro­
mel­Ta wya­ro isev aq­ci­o­ne­re­bi iq­ne­bi­an: (1) er­Ti _ esaa uSu­a­lod sa­er­To
kre­bis ga­dawy­ve­ti­le­ba, ro­me­lic un­da ga­moq­vey­ndes da ai­sa­xos aq­ci­a­Ta
re­es­trSi; (2) me­or ­ e _ esaa aq­ci­o­ne­re­bis mi­er sa­zo­ga­do­e­bis wes­de­ba­Si Se­
sa­ba­mi­si Ca­na­we­ris ga­ke­Te­ba. kor­po­ra­ci­u­li mar­Tvis ba­lan­sis dac­vi­sa da
ga­dan­do­bis Se­de­gad ka­pi­ta­lis zrdis pro­ce­si­dan aq­ci­o­ner­Ta sru­lad
ga­mo­ricx­vis Ta­vi­dan aci­le­bis miz­niT, mux­lis pir­vel­sa­ve pun­qtSi dad­
ge­ni­lia uf­le­ba­mo­si­le­bis ga­dan­do­bis far­gle­bi. ker­Zod, un­da dad­gin­
des ro­gorc ga­moS­ve­ba­di ka­pi­ta­lis maq­si­ma­lu­ri ode­no­ba, ro­me­lic ar
un­da aRe­ma­te­bo­des sa­zo­ga­do­e­bis ne­ba­dar­Tu­li ka­pi­ta­lis 50%-s, ise va­
da, ro­me­lic Se­mo­far­glu­lia ara­um ­ e­tes 5 wliT.
ka­non­Si ase­ve dad­ge­ni­li­a, rom, gar­da ze­mo­aR­niS­nu­li sa­val­de­bu­lod
ga­da­sawy­ve­ti sa­kiTx­e­bi­sa, sa­er­To kre­bis ga­dawy­ve­ti­le­ba­Si an wes­de­ba­Si
Se­saZ­lo­a, mo­ce­mu­li iyos ne­ba­dar­Tu­li aq­ci­e­bis ra­o­de­no­ba, kla­si da mi­
ni­ma­lu­ri fa­si. ase­ve, sa­er­To kre­bis ga­dawy­ve­ti­le­ba­Si an wes­de­ba­Si Se­
saZ­lo­a, mo­ce­mu­li iyos sxva da­ma­te­bi­Ti pi­ro­be­bi ne­ba­dar­Tul ka­pi­tal­
Tan da­kav­Si­re­bu­li uf­le­ba­mo­si­le­bis ga­mo­ye­ne­bis­Tvis.
am mux­liT gaT­va­lis­wi­ne­bu­li we­se­bi vrcel­de­ba kon­ver­ti­re­ba­di sxva
fa­si­a­ni qa­Ral­dis ga­moS­ve­bis Sem­Txve­va­Sic. amis mi­ze­zi isa­a, rom kon­ver­

267
ti­re­bis uf­le­bis re­al ­ i­za­ci­is Sem­Txve­va­Si mi­vi­RebT ima­ve mo­ce­mu­lo­
bas, rac dad­ge­bo­da aq­ci­is ga­moS­ve­bis Sem­Txve­va­Si. amas­Ta­na­ve, vi­na­i­dan
am mux­liT dad­ge­ni­li we­se­bi uk­ve vrcel­de­ba ka­pi­ta­lis gaz­rda­ze kon­
ver­ti­re­ba­di fa­si­an
­ i qa­Ral­de­bis ga­moS­ve­bi­sas, uSu­a­lod kon­ver­ti­re­bis
pro­ces­ze mi­si gav­rce­le­ba aRar aris aq­tu­al ­ u­ri.

mux­li 167. aq­ci­a­Ta upi­ra­te­si Ses­yid­vis uf­le­ba

1. axa­li aq­ci­e­bis ga­moS­ve­bis Se­sa­xeb sa­er­To kre­bis ga­dawy­ve­ti­le­bis

mi­Re­bis Sem­Txve­va­Si Tav­da­pir­ve­lad ima­ve kla­sis aq­ci­is mflo­bel
aq­ci­o­ners, xo­lo Sem­dgom _ sxva aq­ci­o­ners sa­ku­Ta­ri wi­lis pro­
por­ci­u­lad aqvs axa­li aq­ci­e­bis upi­ra­te­si Ses­yid­vis uf­le­ba.
2. aq­ci­a­Ta upi­ra­te­si Ses­yid­vis uf­le­ba Se­iZ­le­ba ga­uq­mdes axa­li aq­ci­
e­bis ga­moS­ve­bis Se­sa­xeb sa­er­To kre­bis ga­dawy­ve­ti­le­biT, ro­me­lic
mi­i­Re­ba ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis um­rav­le­so­biT, ag­reT­ve am
ka­no­nis 166-e mux­liT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si ne­ba­dar­Tu­
li ka­pi­ta­lis far­gleb­Si ka­pi­ta­lis gaz­rdi­sas sa­er­To kre­bis wi­
nas­wa­ri Tan­xmo­biT mi­Re­bu­li sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li
or­ga­nos ga­dawy­ve­ti­le­biT. aseT Sem­Txve­va­Si sa­er­To kre­ba­ze war­
mod­ge­ni­li un­da iy­vnen sa­er­To xme­bis ara­nak­leb 2/3-is mflo­be­li
aq­ci­o­ne­re­bi. aR­niS­nu­li ga­dawy­ve­ti­le­ba Se­iZ­le­ba mi­Re­bul iq­nes
mxo­lod sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos we­ri­lo­bi­
Ti mox­se­ne­bis sa­fuZ­vel­ze, ro­mel­Sic mi­Ti­Te­bu­lia aq­ci­a­Ta upi­ra­
te­si Ses­yid­vis uf­le­bis ga­uq­me­bis sa­fuZ­vle­bi da da­sa­bu­Te­bu­lia
axa­li aq­ci­e­bis ga­moS­ve­bis Ri­re­bu­le­ba. aq­ci­a­Ta upi­ra­te­si Ses­yid­
vis uf­le­bis ga­uq­me­bis Se­sa­xeb sa­er­To kre­bis ga­dawy­ve­ti­le­ba un­da
ga­moq­vey­ndes am ka­no­niT dad­ge­ni­li we­siT.
3. aq­ci­a­Ta upi­ra­te­si Ses­yid­vis uf­le­ba ga­uq­me­bu­lad ar mi­iC­ne­va, Tu
axa­li aq­ci­e­bis ga­moS­ve­bis Se­sa­xeb sa­er­To kre­bis ga­dawy­ve­ti­le­ba
iT­va­lis­wi­nebs axa­li aq­ci­e­bis ko­mer­ci­u­li ban­kis­Tvis an sab­ro­ke­
ro kom­pa­ni­is­Tvis ga­moS­ve­bas im val­de­bu­le­biT, rom is mi­Re­bul aq­
ci­ebs Ses­Ta­va­zebs sa­aq­cio sa­zo­ga­do­e­bis aq­ci­o­ne­rebs aq­ci­a­Ta upi­
ra­te­si Ses­yid­vis uf­le­bis ga­mo­ye­ne­bis­Tvis.
4. sa­aq­cio sa­zo­ga­do­e­bam aq­ci­a­Ta upi­ra­te­si Ses­yid­vis uf­le­bis ga­
mo­ye­ne­bis Se­sa­xeb xmis uf­le­bis mqo­ne aq­ci­a­Ta ara­nak­leb 1 pro­cen­
tis mflo­bel aq­ci­o­ne­rebs dazR­ve­u­li we­ri­liT un­da Se­aty­o­bi­nos,
xo­lo da­nar­Cen aq­ci­o­ne­rebs _ dazR­ve­u­li we­ri­liT an Se­sa­ba­mi­si

268
 in­for­ma­ci­is sa­ku­Tar veb­gver­dze an ma­re­gis­tri­re­be­li or­ga­nos
eleq­tro­nul por­tal­ze ga­moq­vey­ne­biT. sa­aq­cio sa­zo­ga­do­e­bam aq­
ci­o­ne­rebs am uf­le­bis ga­mo­ye­ne­bis­Tvis un­da mis­ces sul mci­re 14
dRis va­da, ro­me­lic aiT­vle­ba Sety­o­bi­ne­bis Se­sa­ba­mi­si pi­ris­Tvis
Ca­ba­re­bis an in­for­ma­ci­is ga­moq­vey­ne­bis mo­men­ti­dan.
5. am mux­liT dad­ge­ni­li we­se­bi ga­mo­i­ye­ne­ba sa­aq­cio sa­zo­ga­do­e­bis mi­
er aq­ci­eb­Si kon­ver­ta­ci­is an aq­ci­eb­ze ga­dac­vlis uf­le­bis mqo­ne
fa­si­a­ni qa­Ral­de­bis ga­moS­ve­bi­sas an sa­ses­xo val­de­bu­le­bis aRe­bi­
sas Se­sa­ba­mis Sem­Txve­va­Si, mag­ram ar moq­me­debs am fa­si­a­ni qa­Ral­de­
bi­dan an sa­ses­xo val­de­bu­le­bi­dan ga­mom­di­na­re kon­ver­ta­ci­is an ga­
dac­vlis uf­le­bis ga­mo­ye­ne­ba­ze.
6. Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li, aq­ci­a­Ta upi­ra­te­
si Ses­yid­vis uf­le­ba ar moq­me­debs:
a) im aq­ci­e­bis mi­marT, rom­le­bic ga­moS­ve­bu­lia sa­war­mos an mi­si Svi­
lo­bi­li sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos wev­re­
bis, war­mo­mad­gen­le­bis, da­saq­me­bu­le­bis, da­kav­Si­re­bu­li pi­re­bis
anazR­a­u­re­bis ga­ce­mis miz­niT, maT So­ris, ma­Ti kuT­vni­li, aq­ci­eb­Si
kon­ver­ti­re­ba­di fa­si­a­ni qa­Ral­de­bi­dan an of­ci­o­ne­bi­dan ga­mom­di­
na­re uf­le­be­bis da­sak­ma­yo­fi­leb­lad. Tu aR­niS­nu­li aq­ci­e­bi am miz­
niT, da­niS­nu­le­bi­sa­mebr ar iq­na ga­mo­ye­ne­bu­li, maT­ze vrcel­de­ba
aq­ci­a­Ta upi­ra­te­si Ses­yid­vis uf­le­ba;
b) ara­fu­la­di Se­na­ta­nis sa­nac­vlod ga­moS­ve­bu­li aq­ci­e­bis mi­marT;
g) sa­aq­cio sa­zo­ga­do­e­bis mi­er ga­mos­yi­du­li sa­ku­Ta­ri aq­ci­e­bis mi­
marT, ma­Ti xe­la­xa­li gan­Tav­se­bis Sem­Txve­va­Si.
7. Tu sa­aq­cio sa­zo­ga­do­e­ba­Si ar­se­bobs sxva­das­xva kla­sis aq­ci­e­bi,
rom­leb­sac xmis an sa­aq­cio sa­zo­ga­do­e­bis qo­ne­bis ga­na­wi­le­ba­Si mo­
na­wi­le­o­bis gan­sxva­ve­bu­li uf­le­be­bi ukav­Sir­de­ba, sa­dam­fuZ­neb­lo
Se­Tan­xme­ba Se­iZ­le­ba iT­va­lis­wi­neb­des aq­ci­a­Ta upi­ra­te­si Ses­yid­vis
uf­le­bis im kla­sis aq­ci­e­bis mflo­be­li aq­ci­o­ne­re­bis mi­er upi­ra­te­
si ga­mo­ye­ne­bis uf­le­bas, ro­me­li kla­sis aq­ci­e­bis ga­moS­ve­bac xde­ba.

sa­aq­cio sa­zo­ga­do­e­bis, ro­gorc SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­

ga­do­e­bi­sa­gan gan­cal­ke­ve­bu­li sa­mar­Tleb­ri­vi for­mis, er­T-er­Ti Zi­ri­Ta­
di Ta­vi­se­bu­re­ba mi­si ka­pi­ta­lis da­yo­faa im­gvar wi­lob­riv fi­nan­sur in­
stru­men­te­bad, rom­le­bic mi­moq­ce­va­dia ka­pi­ta­lis ba­zar­ze. ase­Ti mi­moq­
ce­va Ta­vi­su­fa­lia da Si­da­kor­po­ra­ci­u­li ba­ri­e­re­bis da­we­se­ba da­uS­ve­be­
li­a; me­o­re mxriv, zo­gi­erT Sem­Txve­va­Si Se­saZ­le­be­lia ar­se­bob­des Ta­vad
sa­zo­ga­do­e­bis an mis aq­ci­o­ner­Ta in­te­re­si, mo­ax­di­non aq­ci­o­ner­Ta wris

269
di­ver­si­fi­ci­re­bis ga­mo­ricx­va. ase­ve, upi­ra­te­si Ses­yid­vis uf­le­bas gan­
sa­kuT­re­bu­li mniS­vne­lo­ba aqvs mi­no­ri­ta­ri aq­ci­o­ne­re­bis da­sa­ca­vad, ro­
mel­Ta mi­ni­ma­lu­ri gav­le­na sa­zo­ga­do­e­bis mar­Tva­ze ki­dev uf­ro Se­iZ­le­ba
Sem­cir­des xmis uf­le­bis mqo­ne axa­li aq­ci­e­bis gan­Tav­se­bis Sem­Txve­va­Si.
wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si aq­ci­is upi­ra­te­si Ses­yid­vis
uf­le­ba Se­saZ­le­be­lia mi­e­bas kon­kre­tu­li kla­sis aq­ci­as. ker­Zod, sxva­
das­xva kla­sis aq­ci­e­bis ar­se­bo­bis Sem­Txve­va­Si, ro­mel­Tac ukav­Sir­de­baT
xmis an sa­zo­ga­do­e­bis qo­ne­bis ga­na­wi­le­ba­Si mo­na­wi­le­o­bis gan­sxva­ve­bu­li
uf­le­be­bi, sa­zo­ga­do­e­bis wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des aq­ci­e­bis upi­
ra­te­si Ses­yid­vis uf­le­bis upi­ra­te­si ga­mo­ye­ne­bis uf­le­bas im kla­sis aq­
ci­o­ne­re­bis mi­er, ro­mel­Ta kla­sis aq­ci­a­Ta ga­moS­ve­bac xde­ba.
aq­ci­is upi­ra­te­si Ses­yid­vis uf­le­bis ga­mo­ye­ne­ba­ze ua­ri. upi­ra­te­si aq­
ci­e­bis upi­ra­te­si Ses­yid­vis uf­le­ba ma­Jo­ri­ta­ri aq­ci­o­ne­re­bi­saT­vis sa­zo­
ga­do­eb­ a­ze kon­tro­lis da­kar­gvi­sa­gan dac­vis, xo­lo mi­no­ri­ta­ri aq­ci­o­ne­
re­bi­saT­vis sa­ku­Ta­ri mi­ni­ma­lu­ri gav­le­nis Se­nar­Cu­ne­bis Zi­ri­Ta­di in­stru­
men­ti­a. sa­aq­cio sa­zo­ga­do­e­bis ka­pi­ta­li­sa da aq­ci­o­ner­Ta struq­tu­ra­ze am­
de­nad mniS­vne­lo­va­ni gav­le­nis mom­xde­ni ga­dawy­ve­ti­le­ba eq­ce­va aq­ci­o­ner­
Ta sa­er­To kre­bis kom­pe­ten­ci­aS ­ i. ka­no­nis wi­nam­de­ba­re mux­li de­ta­lu­rad
gan­sazR­vravs sa­er­To kre­bis mi­er ga­dawy­ve­ti­le­bis mi­Re­bis pro­ce­du­rul
da Si­na­ar­sob­riv na­wils. upir­ve­les yov­li­sa, aq­ci­o­ner­Ta sa­Ta­na­do in­for­
mi­re­bu­lo­bis uz­run­vel­sa­yo­fad ka­no­niT dgin­de­ba sa­kiTx­ze xel­mZRva­ne­
li or­ga­nos mi­er sa­er­To kre­bi­saT­vis we­ri­lo­bi­Ti mox­se­ne­bis war­mod­ge­
nis val­de­bu­le­ba. ga­ni­sazR­vre­ba aR­niS­nu­li mox­se­ne­bis Si­na­ar­sic, rom­lis
mi­xed­vi­Tac mas­Si un­da mi­e­Ti­Tos ga­uq­me­bis sa­fuZ­vle­bi da da­sa­buT­des aq­
ci­is ga­moS­ve­bis Ri­re­bu­le­ba. da­ma­te­biT, ka­no­ni aq­ci­o­ner­Ta Car­Tu­lo­bis
uz­run­vel­sa­yo­fad ad­gens, rom im sa­er­To kre­bas, ro­me­lic iRebs ga­dawy­
ve­ti­le­bas aq­ci­e­bis upi­ra­te­si Ses­yid­vis uf­le­ba­ze ua­ris Tqmis Ta­o­ba­ze,
un­da es­wre­bo­des, sul mci­re, sa­er­To xme­bis 2/3-is mqo­ne aq­ci­o­ne­re­bi, xo­
lo ga­dawy­ve­ti­le­ba mi­Re­bul un­da iq­nes ken­Wis­yra­Si mo­na­wi­le xme­bis um­
rav­le­so­biT. Tu axa­li aq­ci­e­bis ga­moS­ve­ba xde­ba ne­ba­dar­Tu­li ka­pi­ta­lis
far­gleb­Si, ma­Sin upi­ra­te­si Ses­yid­vis uf­le­ba­ze am aq­ci­eb­ze ga­uv­rce­leb­
lo­bis Ta­o­ba­ze ga­dawy­ve­ti­le­bas iRebs xel­mZRva­ne­li or­ga­no. ase­ve, sa­
val­de­bu­lo iq­ne­ba sa­er­To kre­bis am ga­dawy­ve­ti­le­bis ga­moq­vey­ne­ba.
ka­no­niT spe­ci­a­lu­ri we­si dgin­de­ba im axa­li aq­ci­e­bis mi­marT, rom­le­
bic ga­moS­ve­bu­lia ban­ke­bi­sa da sab­ro­ke­ro kom­pa­ni­eb ­ i­saT­vis. zog­jer axa­
li aq­ci­e­bis ga­moS­ve­ba, Se­saZ­le­be­li­a, sa­Wi­ro iyos sa­ban­ko an sab­ro­ke­ro
ur­Ti­er­To­beb­Si. ma­ga­li­Tad, aq­ci­eb ­ i Se­saZ­le­be­li­a, ga­mo­ye­ne­bul iq­nes
sa­ban­ko da­we­se­bu­le­bis moTx­ov­nis da­sak­ma­yo­fi­leb­lad. aseT dros upi­

270
ra­te­si Ses­yid­vis uf­le­bis ga­uq­me­bad ar Ca­iT­vle­ba, Tu axa­li aq­ci­e­bis
ga­moS­ve­bis Se­sa­xeb mi­Re­bu­li ga­dawy­ve­ti­le­ba iT­va­lis­wi­nebs axa­li aq­ci­
e­bis ga­moS­ve­bas im val­de­bu­le­biT, rom ban­ke­bi da sab­ro­ke­ro kom­pa­ni­e­bi
mi­Re­bul ama­ve aq­ci­ebs Sem­dgom­Si re­a­li­za­ci­is Sem­Txve­va­Si aq­ci­o­ne­rebs
upi­ra­te­si uf­le­bis ga­mo­ye­ne­bis miz­niT Ses­Ta­va­ze­ben.
aq­ci­is upi­ra­te­si Ses­yid­vis uf­le­bis ga­mo­ye­ne­ba. ume­tes Sem­Txve­va­Si
Se­saZ­le­be­li­a, aq­ci­is upi­ra­te­si Ses­yid­vis ga­mo­ye­ne­bis uf­le­ba­ze ua­ris
Tqmis sa­kiTxi sa­er­Tod ar dad­ges dRis wes­rig­Si; ase­ve, Se­saZ­le­be­li­a, rom
sa­er­To kre­bam mxa­ri ar da­uW ­ i­ros am uf­le­bis ga­mo­ye­ne­ba­ze ua­ris Tqmis
sa­kiTxs. ase­Ti wi­na pi­ro­be­bis ar­se­bo­bi­sas ka­no­ni gan­sazR­vravs upi­ra­te­
si Ses­yid­vis uf­le­bis ga­mo­ye­ne­bis im­gvar pro­ce­du­ras, ro­me­lic am uf­le­
biT sar­geb­lo­bis obi­eq­tur Se­saZ­leb­lo­bas mis­cems Ti­To­e­ul aq­ci­o­ners.
ker­Zod, ka­no­niT dgin­de­ba val­de­bu­le­ba, rom sa­zo­ga­do­e­bam xmis uf­le­bis
mqo­ne aq­ci­aT­ a ara­nak­leb 1%-is mflo­bel aq­ci­o­ne­rebs aq­ci­aT ­ a upi­ra­te­si
Ses­yid­vis uf­le­bis ga­mo­ye­ne­bis Se­sa­xeb dazR­ve­u­li we­ri­liT un­da Se­aty­o­
bi­nos. re­sur­se­bis da­zog­vis miz­niT, da­nar­Cen aq­ci­o­ne­rebs aq­ci­a­Ta upi­ra­
te­si Ses­yid­vis uf­le­bis ga­mo­ye­ne­bis Se­sa­xeb Se­iZ­le­ba ec­no­boT in­for­ma­
ci­is sa­aq­cio sa­zo­ga­do­e­bis veb­gver­dze an eleq­tro­nul por­tal­ze ga­moq­
vey­ne­biT. upi­ra­te­si Ses­yid­vis uf­le­bis ga­mo­ye­ne­bi­saT­vis gan­sazR­vru­li
dro un­da iZ­le­o­des fu­la­di re­sur­se­bis mo­bi­li­ze­bis Se­saZ­leb­lo­bas. Se­
sa­ba­mi­sad, ka­no­nis mi­xed­viT, sa­aq­cio sa­zo­ga­do­e­bam am uf­le­bis ga­mo­ye­ne­
bis­Tvis aq­ci­o­ne­rebs, sul mci­re, 14-dRi­an ­ i va­da un­da mis­ces. es va­da aiT­
vle­ba Sety­ob ­ i­ne­bis Ca­ba­re­bis an in­for­ma­ci­is ga­moq­vey­ne­bis mo­men­ti­dan.
ase­ve, wi­nam­de­ba­re mux­li ad­gens aq­ci­is upi­ra­te­si Ses­yid­vis uf­le­
bis ga­mo­ye­ne­bis ri­gi­To­bas. ker­Zod, Tu sa­aq­cio sa­zo­ga­do­e­ba­Si ar­se­bobs
sxva­das­xva kla­sis aq­ci­eb ­ i, rom­leb­sac xmis an sa­aq­cio sa­zo­ga­do­e­bis qo­
ne­bis ga­na­wi­le­ba­Si mo­na­wi­le­ob ­ is gan­sxva­ve­bu­li uf­le­be­bi ukav­Sir­de­ba,
sa­dam­fuZ­neb­lo Se­Tan­xme­ba Se­iZ­le­ba iT­va­lis­wi­neb­des aq­ci­a­Ta upi­ra­te­si
Ses­yid­vis uf­le­bis im kla­sis aq­ci­e­bis mflo­be­li aq­ci­o­ne­re­bis mi­er upi­
ra­te­si ga­mo­ye­ne­bis uf­le­bas, ro­me­li kla­sis aq­ci­e­bis ga­moS­ve­bac xde­ba.
aseT dros Tav­da­pir­ve­lad aq­ci­eb ­ i Se­Ta­va­ze­bul un­da iq­nes ima­ve kla­sis
aq­ci­o­ne­re­bi­saT­vis, xo­lo Sem­dgom­Si sxva aq­ci­o­ne­re­bi­saT­vis. im Sem­Txve­
va­Si, Tu aq­ci­e­bis Ses­yid­vis sur­vils ga­moT­qvams er­Ti da igi­ve ri­gi­To­bis
ram­de­ni­me aq­ci­o­ne­ri, maT Ta­vi­si wi­lis pro­por­ci­u­lad aqvT aq­ci­e­bis Ses­
yid­vis uf­le­ba.
upi­ra­te­si Ses­yid­vis am mux­liT gaT­va­lis­wi­ne­bu­li we­se­bi vrcel­de­
ba kon­ver­ti­re­ba­di sxva fa­si­an ­ i qa­Ral­dis ga­moS­ve­bis Sem­Txve­va­Sic. amis
mi­ze­zi isa­a, rom kon­ver­ti­re­bis uf­le­bis re­a­li­za­ci­is Sem­Txve­va­Si mi­vi­

271
RebT ima­ve mo­ce­mu­lo­bas, rac dad­ge­bo­da aq­ci­is ga­moS­ve­bis Sem­Txve­va­Si.
amas­Ta­na­ve, vi­na­id
­ an am mux­liT dad­ge­ni­li we­se­bi uk­ve vrcel­de­ba kon­ver­
ti­re­bad fa­si­a­ni qa­Ral­de­bis ga­moS­ve­ba­ze, uSu­a­lod kon­ver­ti­re­bis pro­
ces­ze mi­si gav­rce­le­ba aRar aris aq­tu­a­lu­ri.

mux­li 168. sa­re­zer­vo ka­pi­ta­li

1. wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des sa­re­zer­vo ka­pi­ta­lis Seq­mnas.

sa­re­zer­vo ka­pi­ta­li un­da Se­ad­gen­des gan­Tav­se­bu­li ka­pi­ta­lis
sul mci­re 10 pro­cents, Tu wes­de­biT uf­ro di­di ode­no­ba ar aris
dad­ge­ni­li. sa­re­zer­vo ka­pi­ta­lis aR­niS­nul ode­no­ba­Si Ca­iT­vle­ba
am ka­no­nis 156-e mux­lis me-3 pun­qtiT gaT­va­lis­wi­ne­bu­li ode­no­ba
(ar­se­bo­bis Sem­Txve­va­Si).
2. vid­re sa­re­zer­vo ka­pi­ta­lis ode­no­ba wes­de­biT dad­ge­nil zRvars
ar mi­aR­wevs, sa­aq­cio sa­zo­ga­do­e­ba val­de­bu­lia wli­u­ri wmin­da mo­
ge­bi­dan sa­re­zer­vo ka­pi­tal­Si yo­vel­wli­u­rad ga­da­i­ta­nos sax­sre­bi
im ode­no­biT, ro­mel­sac ad­gens sa­er­To kre­ba da ro­me­lic ar un­da
iyos wli­u­ri wmin­da mo­ge­bis 5 pro­cen­tze nak­le­bi.
3. sa­re­zer­vo ka­pi­ta­li gan­kuT­vni­lia sa­aq­cio sa­zo­ga­do­e­bis ga­su­li
sa­me­ur­neo wlis za­ra­lis an za­ra­lis naS­Tis da­far­vi­sa da sa­aq­cio
sa­zo­ga­do­e­bis aq­ci­a­Ta ga­mos­yid­vis­Tvis, Tu sa­aq­cio sa­zo­ga­do­e­bas
sxva sax­sre­bi ar aqvs.

sa­aq­cio sa­zo­ga­do­e­bas yo­vel­dRi­ur ope­ra­ci­eb­Si ga­mo­ye­ne­bu­li ka­pi­

ta­lis pa­ra­le­lu­rad un­da hqon­des sa­gan­ge­bo si­tu­ac ­ i­eb­ze re­a­gi­re­bi­saT­
vis au­ci­le­be­li da­na­zo­gi. ase­Ti da­na­zo­gi iq­mne­ba sa­aq­cio sa­zo­ga­do­eb ­ is
sa­re­zer­vo ka­pi­ta­lis sa­xiT. sa­re­zer­vo ka­pi­ta­li aras­dros eq­ce­va in­ves­
to­ris sa­kuT­re­ba­Si di­vi­den­dis sa­xiT. ka­no­nis 168-e mux­li qmnis sa­aq­cio
sa­zo­ga­do­eb­ a­Si sa­re­zer­vo ka­pi­ta­lis mo­wes­ri­ge­bis zo­gad nor­ma­ti­ul
Car­Cos, mux­lis far­gleb­Si mo­wes­ri­ge­bu­lia ise­Ti sa­kiTx­e­bi, ro­go­re­bi­
ca­a: sa­re­zer­vo ka­pi­ta­lis cne­ba da mo­cu­lo­ba, sa­re­zer­vo ka­pi­ta­lis Sev­
se­ba da sa­re­zer­vo ka­pi­ta­lis ga­mo­ye­ne­bis sa­fuZ­vle­bi.
ka­no­nis mi­xed­viT, wes­de­biT Se­iZ­le­ba gaT­va­lis­wi­ne­bul iq­nes sa­re­zer­
vo ka­pi­ta­lis Seq­mna, ro­me­lic gan­kuT­vni­li iq­ne­ba (1) sa­aq­cio sa­zo­ga­do­e­
bis ga­su­li sa­me­ur­neo wlis za­ra­lis an za­ra­lis naS­Tis da­far­vis­Tvis da
(2) sa­aq­cio sa­zo­ga­do­e­bis aq­ci­a­Ta ga­mos­yid­vis­Tvis, Tu­ki sa­aq­cio sa­zo­ga­
do­eb­ as sxva sax­sre­bi ar aqvs.

272
 im Sem­Txve­va­Si, Tu sa­aq­cio sa­zo­ga­do­e­ba qmnis sa­re­zer­vo ka­pi­tals, igi
un­da Se­ad­gen­des gan­Tav­se­bu­li ka­pi­ta­lis, sul mci­re, 10%-s. wes­de­biT Se­
saZ­le­be­lia uf­ro ma­Ra­li ode­no­bis dad­ge­na. amas­Ta­na­ve, sa­re­zer­vo ka­pi­
ta­lis Sev­se­bis uz­run­vel­sa­yo­fad dgin­de­ba, rom, vid­re sa­re­zer­vo ka­pi­ta­
lis ode­no­ba ar mi­aR­wevs wes­de­biT gan­sazR­vrul zRvars, sa­aq­cio sa­zo­ga­
do­e­ba val­de­bu­li­a, wli­u­ri wmin­da mo­ge­bi­dan sa­re­zer­vo ka­pi­tal­Si yo­vel­
wli­u­rad ga­da­i­ta­nos sax­sre­bi, rom­lis ode­no­bac dgin­de­ba sa­er­To kre­bis
mi­er da ro­me­lic ar un­da iyos wli­u­ri wmin­da mo­ge­bis 5%-ze nak­le­bi.
aq­ve aR­sa­niS­na­vi­a, rom sa­re­zer­vo ka­pi­ta­lis mi­ni­ma­lur ode­no­bas­Tan
da mis Sev­se­bas­Tan da­kav­Si­re­bu­li moTx­ov­ne­bi ar vrcel­de­ba aq­ci­is gan­
Tav­se­bis Se­de­gad mi­Re­bu­li aq­ci­is no­mi­na­lur Ri­re­bu­le­bis na­ma­tiT Seq­
mnil sa­re­zer­vo ka­pi­tal­ze. amis mi­ze­zi isa­a, rom sa­me­war­meo sa­zo­ga­do­
e­bas ar hqon­da gan­zra­xu­li sa­re­zer­vo ka­pi­ta­lis Seq­mna, Se­sa­ba­mi­sad, ar
iq­ne­bo­da mar­Te­bu­li ase­Ti val­de­bu­le­bis da­we­se­ba. Tum­ca, im Sem­Txve­va­
Si Tu sa­aq­cio sa­zo­ga­do­eb ­ as wes­de­biT gan­sazR­vru­li aqvs sa­re­zer­vo ka­
pi­ta­lis Seq­mna, ma­Sin, 10%-is gan­sazR­vri­sas mas­Si ga­iT­va­lis­wi­ne­ba ze­mo­
aR­niS­nu­li na­me­ti Ri­re­bu­le­ba.

mux­li 169. gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­ba

1. sa­aq­cio sa­zo­ga­do­e­ba uf­le­ba­mo­si­lia Se­am­ci­ros gan­Tav­se­bu­li ka­

pi­ta­li.
2. gan­Tav­se­bu­li ka­pi­ta­li Se­iZ­le­ba Sem­cir­des aq­ci­a­Ta no­mi­na­lu­ri
Ri­re­bu­le­bis an am ka­no­nis 156-e mux­lis me-2 pun­qtiT dad­ge­ni­li
Ri­re­bu­le­bis Sem­ci­re­bis an aq­ci­a­Ta sa­er­To ra­o­de­no­bis Sem­ci­re­
bis, maT So­ris, sa­aq­cio sa­zo­ga­do­e­bis mi­er gan­Tav­se­bu­li aq­ci­e­bis
na­wi­lis ga­mos­yid­vi­sa da ga­uq­me­bis, Sem­Txve­va­Si.
3. gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­bis Se­sa­xeb ga­dawy­ve­ti­le­ba da mi­
si Sem­ci­re­bis Ta­o­ba­ze in­for­ma­cia un­da ga­moq­vey­ndes da aq­ci­a­Ta
re­es­trSi un­da ai­sa­xos.
4. gan­Tav­se­bu­li ka­pi­ta­lis aq­ci­a­Ta no­mi­na­lu­ri Ri­re­bu­le­bis an am
ka­no­nis 156-e mux­lis me-2 pun­qtiT dad­ge­ni­li Ri­re­bu­le­bis Sem­ci­
re­bis Se­sa­xeb ga­dawy­ve­ti­le­biT Se­iZ­le­ba gaT­va­lis­wi­ne­bul iq­nes
sa­aq­cio sa­zo­ga­do­e­bis mi­er Se­sa­ba­mi­si aq­ci­o­ne­re­bis­Tvis Tan­xis ga­
dax­da. am ga­dawy­ve­ti­le­biT un­da dad­gin­des:
a) is ode­no­ba, rom­li­Tac mcir­de­ba gan­Tav­se­bu­li ka­pi­ta­li;
b) im aq­ci­a­Ta sa­xe­e­bi, ro­mel­Ta Ri­re­bu­le­bac mcir­de­ba, da is si­di­
de, rom­li­Tac mcir­de­ba Ti­To­e­u­li aq­ci­is Ri­re­bu­le­ba;

273
 g) Ti­To­e­u­li sa­xis aq­ci­is Sem­ci­re­bu­li Ri­re­bu­le­ba;
d) is Tan­xa, ro­me­lic xmar­de­ba aq­ci­a­Ta Ri­re­bu­le­bis Sem­ci­re­bis Se­
de­gad sa­aq­cio sa­zo­ga­do­e­bis mi­er aq­ci­o­ne­re­bis anazR­a­u­re­bis ga­
ce­mas.
5. gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­bis Se­sa­xeb ga­dawy­ve­ti­le­bas iRebs
sa­er­To kre­ba ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis 3/4-is um­rav­le­so­biT.
aseT Sem­Txve­va­Si sa­er­To kre­ba­ze war­mod­ge­ni­li un­da iy­vnen sa­er­
To xme­bis ara­nak­leb 2/3-is mflo­be­li aq­ci­o­ne­re­bi. am ga­dawy­ve­ti­
le­bis mi­sa­Re­bad un­da Ca­tar­des cal­-cal­ke ken­Wis­yra yve­la kla­sis
aq­ci­e­bis­Tvis, rom­leb­ze­dac aR­niS­nu­li ga­dawy­ve­ti­le­ba gav­le­nas
ax­dens. sa­er­To kre­bam es ga­dawy­ve­ti­le­ba Se­iZ­le­ba mi­i­Ros mxo­lod
sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wi­na­da­de­bis, xo­lo
mar­Tvis mo­nis­tu­ri sis­te­mis Sem­Txve­va­Si _ sa­aq­cio sa­zo­ga­do­e­bis
xel­mZRva­ne­li or­ga­nos wi­na­da­de­bis sa­fuZ­vel­ze. sa­er­To kre­bis
mow­ve­vis Se­sa­xeb Sety­o­bi­ne­ba­Si un­da mi­e­Ti­Tos gan­Tav­se­bu­li ka­pi­
ta­lis Sem­ci­re­bis mi­za­ni da me­To­di.
6. im pir­Ta wris Se­sa­xeb mo­na­ce­me­bi, rom­leb­sac gan­Tav­se­bu­li ka­pi­
ta­lis aq­ci­a­Ta Ri­re­bu­le­bis Sem­ci­re­bis Se­sa­xeb ga­dawy­ve­ti­le­bis
sa­fuZ­vel­ze uf­le­ba aqvT, sa­aq­cio sa­zo­ga­do­e­bis­gan mi­i­Ron Tan­xa
an­/da sa­aq­cio sa­zo­ga­do­e­bis fa­si­a­ni qa­Ral­de­bi, dgin­de­ba wes­de­ba­
Si gan­xor­ci­e­le­bu­li cvli­le­bis ga­moq­vey­ne­bis Ta­ri­RiT.
7. sa­aq­cio sa­zo­ga­do­e­bas ar aqvs uf­le­ba, mi­i­Ros gan­Tav­se­bu­li ka­pi­
ta­lis Sem­ci­re­bis Se­sa­xeb ga­dawy­ve­ti­le­ba, Tu:
a) Sem­ci­re­bis Se­de­gad gan­Tav­se­bu­li ka­pi­ta­lis ode­no­ba am ka­no­nis
156-e mux­lis pir­ve­li pun­qtis moTx­ov­nas ver ak­ma­yo­fi­lebs;
b) ar das­ru­le­bu­la yve­la aq­ci­is ga­mos­yid­va, rom­le­bic am mux­lis
me-2 pun­qtis Se­sa­ba­mi­sad ga­mos­yi­du­li un­da iq­nes;
g) am ga­dawy­ve­ti­le­bis mi­Re­bis Sem­Txve­va­Si sa­aq­cio sa­zo­ga­do­e­ba
mis mi­er aq­ci­o­ne­re­bis­Tvis Tan­xis ga­dax­dis an sa­aq­cio sa­zo­ga­do­
e­bis sxva fa­si­a­ni qa­Ral­de­bis ga­da­ce­mis Se­de­gad ga­dax­di­su­u­na­ro
gax­de­ba an ga­dax­di­su­u­na­ro­bis sa­SiS­ro­e­bis wi­na­Se dad­ge­ba;
d) ar­se­bobs sa­qar­Tve­los ka­non­mdeb­lo­biT gaT­va­lis­wi­ne­bu­li sxva
Sem­Txve­ve­bi.
8. gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­bis Se­de­gad aq­ci­o­ne­re­bis­Tvis
Tan­xis ga­dax­da an gan­Tav­se­bul ka­pi­tal­Si Se­na­ta­nis gan­xor­ci­e­
le­bis­gan ma­Ti mTli­a­nad an na­wi­lob­riv ga­Ta­vi­suf­le­ba da­saS­ve­bia
mxo­lod gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­bis Se­sa­xeb ga­dawy­ve­ti­
le­bis mi­Re­bis Ta­o­ba­ze in­for­ma­ci­is ga­moq­vey­ne­bi­dan ara­nak­leb 6

274
 Tvis Sem­deg, Tu kre­di­tor­Ta is moTx­ov­ne­bi, rom­le­bic gan­Tav­se­
bu­li ka­pi­ta­lis Sem­ci­re­bis Se­sa­xeb ga­dawy­ve­ti­le­bis ga­moq­vey­ne­
bam­de war­mo­iS­va, sa­aq­cio sa­zo­ga­do­e­bam da­ak­ma­yo­fi­la an uz­run­
vel­yo, an Tu sa­sa­mar­Tlom ma­Ti moTx­ov­na ar da­ak­ma­yo­fi­la. aR­
niS­nu­li dak­ma­yo­fi­le­ba an uz­run­vel­yo­fa kre­di­to­reb­ma sa­aq­cio
sa­zo­ga­do­e­bis­gan un­da mi­i­Ron, Tu maT aR­niS­nu­li ga­dawy­ve­ti­le­bis
ga­moq­vey­ne­bi­dan 6 Tvis gan­mav­lo­ba­Si ga­nucx­a­des sa­aq­cio sa­zo­ga­
do­e­bas amis Ta­o­ba­ze, gar­da im Sem­Txve­vi­sa, ro­de­sac, sa­aq­cio sa­zo­
ga­do­e­bis aq­ti­ve­bis gaT­va­lis­wi­ne­biT, kre­di­to­re­bis dac­va sa­Wi­ro
ar aris. kre­di­to­rebs uf­le­ba aqvT, mo­iTx­o­von uz­run­vel­yo­fa,
Tu sa­aq­cio sa­zo­ga­do­e­bis mi­marT ma­Ti moTx­ov­ne­bi va­da­mo­su­li ar
aris. kre­di­tor­Ta aR­niS­nu­li uf­le­be­bis Ta­o­ba­ze mi­Ti­Te­bu­li un­
da iyos ga­moq­vey­ne­bul ga­dawy­ve­ti­le­ba­Si gan­Tav­se­bu­li ka­pi­ta­lis
Sem­ci­re­bis Se­sa­xeb.

sa­aq­cio sa­zo­ga­do­eb­ is gan­Tav­se­bu­li ka­pi­ta­lis ode­no­ba ic­vle­ba ba­

zar­ze ar­se­bu­li ga­mow­ve­ve­bis sa­pa­su­xod. cvli­le­ba Se­saZ­le­be­lia gu­lis­
xmob­des ro­gorc sa­aq­cio sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­lis gaz­
rdas, ise mis Sem­ci­re­bas. sa­aq­cio sa­zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­lis
Sem­ci­re­ba Se­iZ­le­ba ram­de­ni­me Zi­ri­Tad mi­zezs ukav­Sir­de­bo­des, ma­ga­li­
Tad: ka­pi­ta­lis Sem­ci­re­ba Se­iZ­le­ba mox­des in­di­vi­du­a­lu­ri aq­ci­is no­mi­
na­lu­ri Ri­re­bu­le­bis Sem­ci­re­bis miz­niT an efeq­ti­an ­ i ka­pi­ta­lis struq­
tu­ris mi­saR­we­vad, ra dro­sac mcir­de­ba ba­zar­ze xel­mi­saw­vdo­mi aq­ci­eb ­ is
ra­o­de­no­ba. ka­pi­ta­lis Sem­ci­re­ba ase­ve Se­iZ­le­ba iyos sa­zo­ga­do­e­bis pa­
su­xi faq­tob­ri­vi ka­pi­ta­lis Sem­ci­re­ba­ze an Se­mo­sav­lis da­kar­gva­ze, ro­
me­lic ar Se­iZ­le­ba, da­ba­lan­se­bul iq­nes mo­sa­lod­ne­li mo­ge­biT. ka­no­nis
169-e mux­li swo­red gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­bis sa­kiTx­ebs are­
gu­li­rebs. ker­Zod, wi­nam­de­ba­re mux­lis far­gleb­Si re­gu­li­re­bu­lia ise­
Ti sa­kiTx­e­bi, ro­go­re­bi­ca­a: gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­bis me­To­de­
bi, ga­dawy­ve­ti­le­ba gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­bis Ta­o­ba­ze, gan­Tav­
se­bu­li ka­pi­ta­lis Sem­ci­re­bis pi­ro­be­bi da ga­mom­ricx­ve­li ga­re­mo­eb ­ e­bi.
ka­no­nis wi­nam­de­ba­re mux­lis mi­xed­viT, gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­
re­ba ori me­To­diT xor­ci­el­de­ba: upir­ve­les yov­li­sa, gan­Tav­se­bu­li ka­pi­
ta­lis Sem­ci­re­ba Se­iZ­le­ba mox­des sa­aq­cio sa­zo­ga­do­e­bis sa­er­To kre­bis
mi­er aq­ci­a­Ta no­mi­na­lu­ri Ri­re­bu­le­bis Sem­ci­re­bis gziT; ase­ve, gan­Tav­se­
bu­li ka­pi­ta­lis Sem­ci­re­ba Se­saZ­le­be­lia gan­Tav­se­bu­li aq­ci­e­bis ra­o­de­
no­bis Sem­ci­re­biT, rac mi­iR­we­va sa­aq­cio sa­zo­ga­do­e­bis mi­er aq­ci­a­Ta ga­
mos­yid­vi­sa da ma­Ti Sem­dgo­mi ga­uq­me­bis me­To­diT.

275
 gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­ba pir­da­pir da uSu­a­lo gav­le­nas ax­
dens ro­gorc sa­aq­cio sa­zo­ga­do­e­bis ka­pi­ta­lis, ise mi­si aq­ci­o­ne­re­bis
struq­tu­ra­ze. Se­sa­ba­mi­sad, sa­aq­cio sa­zo­ga­do­e­bis ka­pi­ta­li­sa da aq­ci­o­
ner­Ta struq­tu­ra­ze am­de­nad mniS­vne­lo­va­ni gav­le­nis mom­xde­ni ga­dawy­ve­
ti­le­ba eq­ce­va aq­ci­o­ner­Ta sa­er­To kre­bis kom­pe­ten­ci­a­Si. ka­no­nis wi­nam­
de­ba­re mux­li de­ta­lu­rad gan­sazR­vravs sa­er­To kre­bis mi­er ga­dawy­ve­ti­
le­bis mi­Re­bis pro­ce­du­rul da Si­na­ar­sob­riv na­wils.
upir­ve­les yov­li­sa, am mux­lSi de­ta­lu­rad re­gu­lir­de­ba gan­Tav­se­
bu­li ka­pi­ta­lis Se­sam­ci­reb­lad sa­er­To kre­bis mow­ve­vis, Ca­ta­re­bi­sa da
ga­dawy­ve­ti­le­bis mi­Re­bis da­ma­te­bi­Ti pi­ro­be­bi. sa­er­To kre­bis mow­ve­vis
Se­sa­xeb Sety­o­bi­ne­ba­Si un­da mi­e­Ti­Tos gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­
bis mi­za­ni da gan­xor­ci­e­le­bis me­To­di. amas­Ta­na­ve, Ti­To­eu ­ l aq­ci­o­ner­ze
ga­dawy­ve­ti­le­bis pir­da­pi­ri da uSu­a­lo ze­gav­le­nis gaT­va­lis­wi­ne­biT,
ka­no­niT uz­run­vel­yo­fi­lia sa­er­To kre­ba­Si aq­ci­o­ner­Ta maq­si­ma­lu­ri
Car­Tu­lo­ba. ker­Zod, ga­dawy­ve­ti­le­ba gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­
bis Se­sa­xeb mi­i­Re­ba sa­er­To kre­ba­ze ken­Wis­yra­Si mo­na­wi­le xma­Ta ¾-is um­
rav­le­so­biT. am kre­ba­ze war­mod­ge­ni­li un­da iyos sa­er­To xma­Ta ara­nak­
leb ori me­sa­me­dis mflo­be­li aq­ci­o­ne­re­bi. aq­ci­a­Ta Ti­To­e­u­li kla­sis
in­te­re­sis dac­vis miz­niT, ken­Wis­yra gan­cal­ke­ve­bu­lad un­da Ca­tar­des
yve­la im kla­si­saT­vis, ro­mel­zec aR­niS­nu­li ga­dawy­ve­ti­le­ba gav­le­nas
ax­dens.
ase­ve, ga­ni­sazR­vre­ba mi­sa­Re­bi ga­dawy­ve­ti­le­bis Si­na­ar­sob­ri­vi kom­po­
nen­te­bic. ker­Zod, gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­bis Ta­ob ­ a­ze ga­dawy­
ve­ti­le­biT un­da dad­gin­des: ode­no­ba, rom­li­Tac mcir­de­ba gan­Tav­se­bu­li
ka­pi­ta­li; im aq­ci­a­Ta sa­xe, ro­mel­Ta Ri­re­bu­le­bac mcir­de­ba da si­di­de,
rom­li­Tac mcir­de­ba Ti­To­e­u­li aq­ci­is Ri­re­bu­le­ba; Ti­To­e­u­li sa­xis aq­
ci­is Sem­ci­re­bu­li Ri­re­bu­le­ba; is Tan­xa, ro­me­lic em­sa­xu­re­ba Ri­re­bu­le­
bis Sem­ci­re­bis Se­de­gad sa­aq­cio sa­zo­ga­do­eb ­ is mi­er aq­ci­o­ner­Ta anazR­a­u­
re­bas.
aq­ci­is no­mi­na­lu­ri Ri­re­bu­le­bis Sem­ci­re­bis gziT gan­Tav­se­bu­li ka­pi­
ta­lis Sem­ci­re­ba pir­da­pir am­ci­rebs am aq­ci­is mflo­be­lis qo­ne­bas. Se­sa­
ba­mi­sad, dgin­de­ba am aq­ci­o­ne­re­bis uf­le­ba, mi­i­Ron anazR­a­u­re­ba sa­aq­cio
sa­zo­ga­do­eb­ i­sa­gan. anazR­au
­ ­re­ba Se­saZ­le­be­lia mox­des ro­gorc fu­la­di
sa­xiT, ise sa­aq­cio sa­zo­ga­do­e­bis fa­si­a­ni qa­Ral­de­biT.
war­mod­ge­ni­li ka­no­niT, ev­ro­kav­Sir­Tan aso­ci­re­bis Se­Tan­xme­biT na­kis­
ri val­de­bu­le­be­bis Ses­ru­le­bis miz­niT, ga­ni­sazR­vre­ba mi­ni­ma­lu­ri gan­
Tav­se­bu­li ka­pi­ta­lis cne­ba. Se­sa­ba­mi­sad, wi­nam­de­ba­re mux­lSi dad­ge­ni­lia
100 000 la­ris ode­no­biT qve­da zRva­ri, ro­mel­ze qve­mo­Tac sa­aq­cio sa­zo­

276
ga­do­e­bas ezR­u­de­ba gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­ba; ase­ve, ka­pi­ta­lis
Sem­ci­re­ba da­uS­ve­be­lia iqam­de, vid­re ar mox­de­ba yve­la im aq­ci­is ga­mos­
yid­va, rom­le­bic ka­pi­ta­lis Sem­ci­re­bis miz­niT un­da iq­nes ga­mos­yi­du­li.
im Sem­Txve­va­Si, Tu ka­pi­ta­lis Sem­ci­re­ba xde­ba sa­zo­ga­do­eb
­ is mi­er aq­ci­a­Ta
ga­mos­yid­vi­sa da ga­uq­me­bis gziT, ka­pi­ta­lis Sem­ci­re­ba ase­ve da­uS­ve­be­li­a,
Tu ga­mos­yid­vis Se­de­gad sa­zo­ga­do­e­ba gax­de­ba ga­dax­di­su­u­na­ro, an aR­moC­
nde­ba ase­Ti saf­rTxis wi­na­Se. am mux­lSi war­mod­ge­nil im წინა პირობა­Ta ka­
ta­lo­gi, ro­mel­Ta ar­se­bo­bi­sa­sac da­uS­ve­be­lia gan­Tav­se­bu­li ka­pi­ta­lis
Sem­ci­re­ba, ar aris amom­wu­ra­vi da iZ­le­va ka­non­mdeb­lo­biT sxva da­ma­te­bi­
Ti wi­na pi­ro­be­bis gan­sazR­vris Se­saZ­leb­lo­ba­sac.
mux­lis me-8 pun­qti mTli­a­nad eT­mo­ba ka­pi­ta­lis Sem­ci­re­bi­sas kre­di­
tor­Ta dac­vis me­qa­niz­mebs. gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­bis Se­de­gad
aq­ci­o­ne­ris­Tvis ga­dax­da an ma­Ti mTli­an ­ ad Tu na­wi­lob­riv gan­Ta­vi­suf­
le­ba gan­Tav­se­bul ka­pi­tal­Si Se­na­ta­nis Se­ta­nis­gan da­iS­ve­ba mxo­lod gan­
Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­bis Se­sa­xeb mi­Re­bu­li ga­dawy­ve­ti­le­bis Ta­
o­ba­ze in­for­ma­ci­is ga­moq­vey­ne­bi­dan ara­nak­leb 6 Tvis Sem­deg; amas­Ta­na­ve,
ka­pi­ta­lis Sem­ci­re­bis me­o­re ku­mu­la­ci­u­ri pi­ro­baa sa­zo­ga­do­e­bis mi­er
kre­di­to­re­bis im moTx­ov­ne­bis sru­lad dak­ma­yo­fi­le­ba an uz­run­vel­yo­fa,
rom­le­bic gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­bis Se­sa­xeb ga­dawy­ve­ti­le­bis
ga­moq­vey­ne­bam­de war­mo­iS­va. ase­Ti dak­ma­yo­fi­le­ba an moTx­ov­nis uz­run­
vel­yo­fa sa­aq­cio sa­zo­ga­do­e­bis mi­er kre­di­to­rebs un­da mi­e­ceT, Tu maT
ga­dawy­ve­ti­le­bis ga­moq­vey­ne­bi­dan 6 Tvis gan­mav­lo­ba­Si ga­nucx­a­des sa­aq­
cio sa­zo­ga­do­e­bas aR­niS­nu­lis Ta­o­ba­ze.
ka­no­nis ama­ve mux­lis mer­ve pun­qtSi­ve dad­ge­ni­lia ze­mo­aR­niS­nu­li
we­si­dan ga­mo­nak­li­si. ker­Zod, es we­se­bi ar vrcel­de­ba im Sem­Txve­veb­ze,
ro­de­sac kre­di­to­re­bis dac­va sa­Wi­ro ar aris. is ga­re­mo­e­ba ki, Tu ra Ca­
iT­vle­ba dac­vis sa­Wi­ro­e­bis arar­se­bo­bad, un­da Se­fas­des in­di­vi­du­al ­ ur
Sem­Txve­veb­Si, gan­sa­kuT­re­biT, kre­di­to­ris moTx­ov­ni­sa da Sem­ci­re­bis Se­
de­gad dar­Ce­ni­li ka­pi­ta­lis ode­no­bis Ta­na­far­do­bis mxed­ve­lo­ba­Si mi­
Re­biT.
ka­no­ni ase­ve iT­va­lis­wi­nebs im kre­di­tor­Ta dac­vis me­qa­niz­meb­sac, ro­
mel­Ta moTx­ov­nac sa­aq­cio sa­zo­ga­do­e­bis mi­marT ar aris va­da­mo­su­li.
ase­Ti kre­di­to­re­bi sar­geb­lo­ben uf­le­biT, mos­Txo­von sa­aq­cio sa­zo­
ga­do­e­bas Ta­vi­si moTx­ov­nis uz­run­vel­yo­fa. ase­Ti uf­le­bis ar­se­bo­bis
Ta­o­ba­ze in­for­mi­re­bis val­de­bu­le­ba ki ekis­re­ba sa­aq­cio sa­zo­ga­do­eb ­ as,
ker­Zod, me­war­me val­de­bu­li­a, gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­bis Se­sa­
xeb ga­moq­vey­ne­bul ga­dawy­ve­ti­le­ba­Si mi­u­Ti­Tos ase­Ti uf­le­bis ar­se­bo­
bis Ta­o­ba­ze.

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mux­li 170. ka­pi­ta­lis Sem­ci­re­ba sa­aq­cio sa­zo­ga­do­e­bis mi­er
aq­ci­a­Ta ga­uq­me­biT

1. sa­er­To kre­ba uf­le­ba­mo­si­lia ka­pi­ta­lis Sem­ci­re­bis miz­niT ga­

a­uq­mos sa­aq­cio sa­zo­ga­do­e­bis an im me­sa­me pi­ris mi­er ga­mos­yi­du­
li aq­ci­e­bi, ro­me­lic sa­ku­Ta­ri sa­xe­liT da sa­aq­cio sa­zo­ga­do­e­bis
da­va­le­biT moq­me­debs, ag­reT­ve iZu­le­biT ga­a­uq­mos gan­Tav­se­bu­li
aq­ci­e­bi. Tu aq­ci­e­bis ga­uq­me­bis pi­ro­be­bi da pro­ce­du­ra wes­de­biT
dad­ge­ni­li ar aris, isi­ni sa­er­To kre­bis ga­dawy­ve­ti­le­biT ga­ni­
sazR­vre­ba.
2. gan­Tav­se­bu­li aq­ci­e­bis iZu­le­biT ga­uq­me­ba da­saS­ve­bi­a, Tu es pir­
da­pir gaT­va­lis­wi­ne­bu­lia an ne­ba­dar­Tu­lia wes­de­biT aq­ci­e­bis
gan­Tav­se­bam­de. Tu wes­de­biT ne­ba­dar­Tu­lia mxo­lod aq­ci­e­bis iZu­
le­biT ga­uq­me­ba, aq­ci­e­bi iZu­le­biT uq­mde­ba sa­er­To kre­bis ga­dawy­
ve­ti­le­biT, gar­da im Sem­Txve­vi­sa, ro­de­sac aq­ci­e­bis iZu­le­biT ga­
uq­me­bas er­Txmad eTan­xme­bi­an is aq­ci­o­ne­re­bi, rom­leb­sac es ga­dawy­
ve­ti­le­ba exe­ba.
3. aq­ci­is ga­uq­me­ba­ze vrcel­de­ba ka­pi­ta­lis Sem­ci­re­bis Se­sa­xeb we­se­bi,
am mux­lis Ta­vi­se­bu­re­ba­Ta gaT­va­lis­wi­ne­biT.
4. Tu sa­aq­cio sa­zo­ga­do­e­bas sxva­das­xva kla­sis aq­ci­e­bi aqvs ga­moS­
ve­bu­li, aq­ci­e­bis ga­uq­me­bis Se­sa­xeb ga­dawy­ve­ti­le­bas ken­Wi yve­la
kla­sis aq­ci­e­bis mflo­bel­TaT­vis cal­-cal­ke ey­re­ba, Tu­ki maT uf­
le­beb­ze es ga­dawy­ve­ti­le­ba gav­le­nas ax­dens. Se­sa­ba­mis Sem­Txve­
veb­Si ga­mo­i­ye­ne­ba am ka­no­nis 37-e mux­lis pir­ve­li pun­qti da 195-e
mux­li.
5. am ka­no­nis 169-e mux­lis me-8 pun­qtiT dad­ge­ni­li we­se­bi ar vrcel­
de­ba im aq­ci­eb­ze, ro­mel­Ta Se­sa­ba­mi­si Se­na­ta­nic sru­lad aris gan­
xor­ci­e­le­bu­li, Tu:
a) aq­ci­e­bi sa­aq­cio sa­zo­ga­do­e­bas usas­yid­lod ga­da­e­ce­ma;
b) aq­ci­e­bis ga­uq­me­bis­Tvis kom­pen­sa­cia ga­da­ix­de­ba am ka­no­nis 181-e
mux­lis pir­ve­li da me-2 pun­qte­biT daS­ve­bu­li Tan­xis far­gleb­Si.
6. am mux­lis me-4 pun­qtiT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si sa­aq­cio sa­
zo­ga­do­e­bam ga­uq­me­bu­li aq­ci­e­bis no­mi­na­lu­ri Ri­re­bu­le­bis, xo­lo
mi­si arar­se­bo­bis Sem­Txve­va­Si _ am ka­no­nis 157-e mux­lis me-2 pun­
qtiT dad­ge­ni­li Ri­re­bu­le­bis ode­no­biT un­da Seq­mnas re­zer­vi, ro­
me­lic ar Se­iZ­le­ba ga­na­wil­des aq­ci­o­ne­reb­ze. aR­niS­nu­li re­zer­vis
ga­mo­ye­ne­ba da­saS­ve­bia mxo­lod sa­aq­cio sa­zo­ga­do­e­bis za­ra­lis da­
sa­fa­ra­vad an gan­Tav­se­bu­li ka­pi­ta­lis ga­saz­rde­lad.

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 7. aq­ci­a­Ta ga­uq­me­biT ka­pi­ta­lis Sem­ci­re­bis Sem­Txve­va­Si am ka­no­nis
169-e mux­lis me-5 pun­qtis moTx­ov­ne­bi ar ga­mo­i­ye­ne­ba.

ka­no­nis 169-e mux­li ad­gens sa­aq­cio sa­zo­ga­do­e­bis ka­pi­ta­lis Sem­ci­re­

bis zo­gad sa­ka­non­mdeb­lo Car­Cos. ase­Ti Sem­ci­re­ba, ro­gorc ama­ve mux­lis
far­gleb­Si iq­na gan­xi­lu­li, Se­saZ­le­be­lia aq­ci­a­Ta no­mi­na­lu­ri Ri­re­bu­
le­bis Sem­ci­re­biT an aq­ci­aT ­ a ga­mos­yid­vi­Ta da ma­Ti ga­uq­me­biT. ka­no­nis
wi­nam­de­ba­re 170-e mux­lis re­gu­li­re­bis sa­ga­ni ki 169-e mux­liT gan­sazR­
vru­li zo­ga­di sa­ka­non­mdeb­lo Car­Cos far­gleb­Si uSu­a­lod aq­ci­e­bis ga­
uq­me­bas­Tan da­kav­Si­re­bu­li spe­ci­a­lu­ri we­se­bis dad­ge­na­a.
170-e mux­lis pir­ve­li pun­qtiT dgin­de­ba sa­aq­cio sa­zo­ga­do­e­bis sa­er­
To kre­bis uf­le­ba­mo­si­le­ba, ka­pi­ta­lis Sem­ci­re­bis miz­niT ga­a­uq­mos sa­aq­
cio sa­zo­ga­do­e­bis an im me­sa­me pi­ris ga­mos­yi­du­li aq­ci­eb ­ i, ro­me­lic moq­
me­debs sa­ku­Ta­ri sa­xe­liT da sa­aq­cio sa­zo­ga­do­e­bis da­va­le­biT. am sa­kiTx­
ze mow­ve­u­li sa­er­To kre­bis mi­marT ar vrcel­de­ba ka­no­nis 169-e mux­lis
me-5 pun­qtiT kvo­rum­Tan, ga­dawy­ve­ti­le­bis mim­Reb um­rav­le­so­ba­sa da ga­
dawy­ve­ti­le­bis Si­na­ar­sTan da­kav­Si­re­bu­li moTx­ov­ne­bi. ise­ve, ro­gorc ka­
pi­ta­lis cvlas­Tan da­kav­Si­re­bul Ti­To­e­ul sa­kiTx­ze, aq­ci­e­bis ga­uq­me­bis
Se­sa­xeb ga­dawy­ve­ti­le­bis mi­Re­bi­saT­vis dgin­de­ba aq­ci­a­Ta yve­la im kla­sis
mi­er sa­kiTx­is cal­-cal­ke ken­Wis­yris val­de­bu­le­ba, rom­leb­zec es ga­dawy­
ve­ti­le­ba ax­dens gav­le­nas.
ze­mo­aR­niS­nu­li ga­dawy­ve­ti­le­bis mi­Re­bi­sas sa­aq­cio sa­zo­ga­do­eb ­ am un­
da Seq­mnas re­zer­vi. re­zer­vSi Tan­xis ode­no­ba ga­ni­sazR­vre­ba ga­sa­uq­me­be­
li aq­ci­eb ­ is no­mi­na­lu­ri Ri­re­bu­le­be­bis ja­miT, an im aq­ci­a­Ta Ri­re­bu­le­
bis ja­miT, ro­mel­Tac ar ga­aC­ni­aT no­mi­na­lu­ri Ri­re­bu­le­ba. aR­niS­nu­li
re­zer­vi ar Se­iZ­le­ba ga­na­wil­des aq­ci­o­ne­reb­ze da mi­si ga­mo­ye­ne­ba da­saS­
ve­bia mxo­lod sa­aq­cio sa­zo­ga­do­e­bis za­ra­lis da­far­vis an gan­Tav­se­bu­li
ka­pi­ta­lis gaz­rdis miz­niT.
ga­mos­yi­du­li aq­ci­e­bis ga­uq­me­ba aq­ci­e­bis ga­uq­me­bis mxo­lod er­T-er­Ti
for­ma­a. ka­no­ni ase­ve ic­nobs aq­ci­a­Ta iZu­le­biT ga­uq­me­bis Se­saZ­leb­lo­bas.
aq­ci­a­Ta iZu­le­bi­Ti ga­uq­me­ba niS­navs sa­zo­ga­do­eb ­ is sa­er­To kre­bis ga­dawy­
ve­ti­le­bas, rom­lis mi­xed­vi­Tac ar mo­iTx­ov ­ e­ba uSu­a­lod am aq­ci­is mflo­
be­lis pir­da­pi­ri Tan­xmo­ba. amas­Ta­na­ve, gan­Tav­se­bu­li aq­ci­is iZu­le­biT ga­
uq­me­ba da­saS­ve­bi­a, Tu es aq­ci­is gan­Tav­se­bam­de pir­da­pir gaT­va­lis­wi­ne­bu­
lia an ne­ba­dar­Tu­lia wes­de­biT. Tu aq­ci­is iZu­le­biT ga­uq­me­ba ne­ba­dar­Tu­
lia wes­de­biT, aq­ci­e­bi uq­mde­ba sa­er­To kre­bis ga­dawy­ve­ti­le­biT. sa­er­To
kre­bis ga­dawy­ve­ti­le­ba ar aris au­ci­le­be­li, Tu iZu­le­biT ga­uq­me­bas er­
Txmad eTan­xme­bi­an is aq­ci­o­ne­re­bi, ro­mel­Tac exe­baT es ga­dawy­ve­ti­le­ba.

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mux­li 171. sa­aq­cio sa­zo­ga­do­e­bis ka­pi­ta­lis ar­se­bi­Ti da­na­kar­gi

Tu, sa­an­ga­riS­ge­bo pe­ri­o­dis an Su­a­le­du­ri fi­nan­su­ri an­ga­riS­ge­bis

mi­xed­viT, sa­aq­cio sa­zo­ga­do­e­bis wmin­da aq­ti­vis Ri­re­bu­le­ba sa­aq­cio sa­
zo­ga­do­e­bis gan­Tav­se­bu­li ka­pi­ta­lis na­xe­var­ze nak­le­bi­a, da­u­yov­neb­liv
un­da iq­nes mow­ve­u­li sa­er­To kre­ba, ro­me­lic ga­ni­xi­lavs sa­aq­cio sa­zo­ga­
do­e­bis Se­saZ­lo daS­lis sa­kiTxs an sxva au­ci­le­be­li Ro­nis­Zi­e­bis gan­xor­
ci­e­le­bis Se­saZ­leb­lo­bas, maT So­ris, gan­Tav­se­bu­li ka­pi­ta­lis Sem­ci­re­
bas an aq­ci­o­ner­Ta mi­er da­ma­te­bi­Ti Se­na­ta­ne­bis gan­xor­ci­e­le­bas.

sa­aq­cio sa­zo­ga­do­eb ­ is ka­pi­ta­li aris ara mxo­lod sa­zo­ga­do­e­bis saq­

mi­a­no­bis da­fi­nan­se­bis wya­ro, ara­med kre­di­tor­Ta dac­vis um­niS­vne­lo­va­
ne­si me­qa­niz­mi. sa­aq­cio sa­zo­ga­do­e­be­bi Ta­vi­si mo­cu­lo­biT, ro­gorc we­si,
qvey­nis fi­nan­su­ri sis­te­mis­Tvis mniS­vne­lo­va­ni su­bi­eq­te­bi ari­an. Ti­To­e­
u­li sa­aq­cio sa­zo­ga­do­e­bis krax­ma, Se­saZ­le­be­lia sis­te­mu­ri efeq­ti iqo­
ni­os baz­ris mi­marT ndo­ba­sa da sxva sa­zo­ga­do­e­be­bis saq­mi­an ­ o­ba­ze, mi­u­xe­
da­vad imi­sa, es sa­zo­ga­do­eb ­ e­bi ari­an Tu ara am sa­aq­cio sa­zo­ga­do­e­bas­Tan
pir­da­pir da­kav­Si­re­bu­li su­bi­eq­te­bi. Ta­vis mxriv, baz­ris sxva, gan­sa­kuT­
re­biT sa­xel­Sek­ru­le­bo ur­Ti­er­To­beb­Si ar­myof su­bi­eq­tebs ar ga­aC­ni­aT
Se­saZ­leb­lo­ba Ca­ix ­ e­don kon­kre­tu­li sa­war­mos fi­nan­sur do­ku­men­ta­ci­a­Si
da ai­Zu­lon is mo­ax­di­nos dro­u­li re­a­gi­re­ba mniS­vne­lo­van fi­nan­sur da­
na­kar­geb­ze. swo­red amis Ta­vi­dan asa­ci­leb­lad, 171-e mux­li qmnis val­de­
bu­le­bas, ar­se­bi­Ti da­na­kar­gis pi­ro­beb­Si mas­ze re­ag ­ i­re­bi­saT­vis mow­ve­ul
iq­nes sa­aq­cio sa­zo­ga­do­e­bis sa­er­To kre­ba.
ka­no­nis mi­xed­viT, ar­se­biT da­na­kar­gad mi­iC­ne­va is ga­re­mo­e­ba, ro­de­sac,
sa­an­ga­riS­ge­bo pe­ri­o­dis an Su­a­le­du­ri fi­nan­su­ri an­ga­riS­ge­bis mi­xed­viT,
sa­aq­cio sa­zo­ga­do­e­bis wmin­da aq­ti­vis Ri­re­bu­le­ba nak­le­bia sa­aq­cio sa­
zo­ga­do­eb ­ is gan­Tav­se­bu­li ka­pi­ta­lis na­xe­var­ze.
sa­er­To kre­ba val­de­bu­li­a, air­Ci­os ori al­ter­na­ti­vi­dan er­T-er­Ti: (1)
da­Sa­los sa­aq­cio sa­zo­ga­do­e­ba; (2) im Sem­Txve­va­Si, Tu mi­iC­nevs, rom sa­zo­
ga­do­e­bas aqvs per­speq­ti­va da ar un­da mox­des sa­zo­ga­do­e­bis daS­la, ma­Sin
ga­ni­xi­los is Ro­nis­Zi­eb ­ e­bi, rom­le­bic am me­war­me su­bi­eqts fi­nan­sur re­a­
bi­li­ta­ci­a­Si da­ex­ma­re­ba.

mux­li 172. aq­ci­o­ne­ris uf­le­be­bi

1. aq­ci­o­ners uf­le­ba aqvs:

a) mo­na­wi­le­o­ba mi­i­Ros sa­er­To kre­ba­Si;

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 b) ga­ec­nos sa­er­To kre­bis dRis wes­ri­giT gaT­va­lis­wi­ne­bul sa­
kiTx­ebs;
g) ka­no­ni­Ta da wes­de­biT dad­ge­ni­li we­siT ga­ec­nos sa­aq­cio sa­zo­
ga­do­e­bis do­ku­men­tebs da mi­i­Ros ma­Ti as­le­bi beW­du­ri for­miT an
eleq­tro­nu­lad, Tu aq­ci­o­ners wi­nas­war aqvs gan­cxa­de­bu­li Tan­
xmo­ba in­for­ma­ci­is eleq­tro­nu­li ko­mu­ni­ka­ci­is sa­Su­a­le­be­biT mi­
Re­ba­ze, ag­reT­ve sa­aq­cio sa­zo­ga­do­e­bis­gan mi­i­Ros in­for­ma­cia am
ka­no­nis 202-e mux­li­Ta da wes­de­biT dad­ge­ni­li we­siT;
d) mi­i­Ros di­vi­den­di;
e) Ta­vi­suf­lad gan­kar­gos Ta­vis sa­kuT­re­ba­Si ar­se­bu­li aq­ci­e­bi;
v) ka­no­niT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si sa­aq­cio sa­zo­ga­do­e­bas
mos­Txo­vos Ta­vis sa­kuT­re­ba­Si ar­se­bu­li aq­ci­e­bis ga­mos­yid­va;
z) mi­i­Ros nar­Ce­ni qo­ne­ba sa­aq­cio sa­zo­ga­do­e­bis lik­vi­da­ci­is Se­de­gad;
T) ga­na­xor­ci­e­los am ka­no­niT, sa­qar­Tve­los sxva sa­ka­non­mdeb­lo aq­
te­biT an, ka­no­ni­dan ga­mom­di­na­re, wes­de­biT gaT­va­lis­wi­ne­bu­li sxva
uf­le­ba­mo­si­le­be­bi.
2. aq­ci­o­ners uf­le­ba aqvs, Ta­vi­suf­lad gan­kar­gos Ta­vis mflo­be­lo­ba­
Si ar­se­bu­li aq­ci­e­bi sa­aq­cio sa­zo­ga­do­e­bis an sxva aq­ci­o­ne­re­bis Tan­
xmo­bis ga­re­Se, Tu ka­no­niT an wes­de­biT sxva ram ar aris dad­ge­ni­li.

sa­aq­cio sa­zo­ga­do­e­bis, ro­gorc SezR­u­du­li pa­su­xis­mgeb­lo­bis sa­zo­

ga­do­e­bi­sa­gan gan­cal­ke­ve­bu­li me­war­mis sa­mar­Tleb­ri­vi for­mis, er­T-er­
Ti Zi­ri­Ta­di Ta­vi­se­bu­re­ba mi­si ka­pi­ta­lis da­yo­faa ka­pi­ta­lis ba­zar­ze
mi­moq­ce­vad wi­lob­riv fi­nan­sur in­stru­men­te­bad. sa­aq­cio sa­zo­ga­do­e­bis
am­gva­ri Ri­a­o­ba iw­vevs aq­ci­o­ner­Ta wris mkveTr di­ver­si­fi­ka­ci­as, am­ci­
rebs sa­aq­cio sa­zo­ga­do­eb ­ is ga­dawy­ve­ti­le­beb­ze aq­ci­o­ne­ris ze­gav­le­nis
mas­Stabs da zrdis me­nej­men­tis TviT­ne­bo­bis ris­kebs. aseT Sem­Txve­va­Si
sa­aq­cio sa­zo­ga­do­e­bas, ro­gorc sa­mar­Tlis da­mo­u­ki­de­bel su­bi­eq­tsa,
da mis aq­ci­o­ne­rebs So­ris war­mo­i­So­ba ara­Ta­na­ba­ri sa­vaW­ro Za­la­uf­le­ba,
rac ne­ga­ti­u­rad ai­sa­xe­ba ro­gorc pir­da­pir tran­saq­ci­ul xar­jeb­ze, ise
am tran­saq­ci­eb ­ i­dan ga­mom­di­na­re eko­no­mi­kur Se­de­geb­ze. me­o­re mxriv, sa­
Wi­roa pro­fe­si­o­nal me­nej­ments mi­e­ces moq­me­de­bis sa­Wi­ro Ta­vi­suf­le­ba,
ra­Ta maT SeZ­lon pi­ra­di unar­-Cve­ve­bi­sa da cod­nis ga­mo­ye­ne­ba sa­zo­ga­do­
e­bis war­ma­te­bu­li fun­qci­o­ni­re­bi­saT­vis. aseT dros nor­ma­ti­u­li aq­ti Se­
saZ­le­be­li­a, ga­mo­ye­ne­bul iq­nes im­gva­rad, rom er­Ti mxriv aR­dges mxa­re­e­
bis sa­vaW­ro Za­la­uf­le­bas So­ris ba­lan­si, me­o­re mxriv ki uz­run­vel­yo­fil
iq­nes kom­pe­ten­ci­aT­ a im­gva­ri da­na­wi­le­ba, rom kor­po­ra­ci­u­li mar­Tvis Ti­
To­eu ­ l su­bi­eqts mi­ec­ es sa­me­war­meo sa­zo­ga­do­e­bis war­ma­te­bi­saT­vis sa­ku­
Ta­ri Se­saZ­leb­lo­be­bis maq­si­ma­lu­rad ga­mo­ye­ne­bis Se­saZ­leb­lo­ba.

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 ze­mo­aR­niS­nu­li miz­niT, ka­non­Si de­ta­lu­ri da ume­tes­wi­lad im­pe­ra­ti­
u­li sa­xi­Taa war­mod­ge­ni­li sa­aq­cio sa­zo­ga­do­e­bis kor­po­ra­ci­ul mar­Tva­
Si Car­Tu­li su­bi­eq­te­bis kom­pe­ten­ci­a­Ta ka­ta­lo­gi. ka­no­nis 172-e mux­li
awes­ri­gebs aq­ci­o­ne­ris fun­da­men­tur uf­le­bebs. wi­nam­de­ba­re mux­li aris
mxo­lod aq­ci­o­ne­ris Zi­ri­Ta­di uf­le­be­bis Se­sa­xeb zo­gad nor­ma­ti­u­li Car­
Co, rac Sem­dgom­Si de­ta­lu­ra­daa CaS­li­li sa­aq­cio sa­zo­ga­do­eb ­ is Tav­Si. am
mux­lSi mo­ce­mu­li uf­le­be­bi ki or ka­te­go­ri­ad Se­iZ­le­ba daj­guf­des:

mux­li 173. aq­ci­o­ner­Ta da­ma­te­bi­Ti uf­le­be­bi

1. xma­Ta 5 pro­cen­tis mflo­bel aq­ci­o­ne­rebs, am ka­no­nis 172-e mux­liT

gaT­va­lis­wi­ne­bu­li uf­le­be­bis gar­da, am ka­no­nis an wes­de­bis Se­sa­ba­
mi­sad, uf­le­ba aqvT:
a) sa­aq­cio sa­zo­ga­do­e­bis Se­sa­ba­mis xel­mZRva­nel or­ga­nos mos­Txo­
von sa­aq­cio sa­zo­ga­do­e­bis sa­xe­liT da­de­bu­li ga­ri­ge­be­bis as­le­bi.
sa­aq­cio sa­zo­ga­do­e­bis Se­sa­ba­mi­si or­ga­no uf­le­ba­mo­si­li­a, sa­aq­cio

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 sa­zo­ga­do­e­bis in­te­re­se­bi­dan ga­mom­di­na­re, ua­ri ga­nacx­a­dos am as­
le­bis­/in­for­ma­ci­is ga­ce­ma­ze;
b) mo­iTx­o­von sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos, xo­lo
mar­Tvis mo­nis­tu­ri sis­te­mis Sem­Txve­va­Si _ sa­aq­cio sa­zo­ga­do­e­bis
xel­mZRva­ne­li or­ga­nos rig­ga­re­Se sxdo­mis Ca­ta­re­ba;
g) ka­no­niT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si mo­iw­vi­on rig­ga­re­Se sa­er­
To kre­ba;
d) mo­iTx­o­von sa­er­To kre­bis dRis wes­rig­Si sa­kiTx­is da­ma­te­ba am
ka­no­nis 191-e mux­liT dad­ge­ni­li we­siT.
2. wes­de­bam aq­ci­o­ners an am mux­lis pir­ve­li pun­qtiT gaT­va­lis­wi­ne­
bul aq­ci­o­ne­reb­s/aq­ci­o­ner­Ta jgufs Se­iZ­le­ba sxva da­ma­te­bi­Ti uf­
le­be­bi mi­a­ni­Wos.

ka­no­nis 172-e mux­liT dad­ge­ni­lia aq­ci­on ­ er­Ta sa­ba­zi­so uf­le­be­bi. pa­

ra­le­lu­rad, sa­aq­cio sa­zo­ga­do­e­bis ka­pi­tal­Si wi­lis zrdis pro­por­ci­u­
lad iz­rde­ba kor­po­ra­ci­ul mar­Tva­Si aq­ci­o­ner­Ta mo­na­wi­le­o­bis mas­Sta­
bic. Se­sa­ba­mi­sad, ar­se­bobs uf­le­be­bi, ro­me­lic aq­ci­o­ners eni­We­ba kon­kre­
tul zRvar­ze me­ti ode­no­biT aq­ci­e­bis flo­bis Sem­Txve­va­Si. ma­ga­li­Tad,
ka­no­nis 173-e mux­liT dad­ge­ni­lia xma­Ta 5%-is mflo­be­li aq­ci­o­ne­ris
ise­Ti gan­sa­kuT­re­bu­li uf­le­be­bi, ro­go­re­bi­ca­a: sa­aq­cio sa­zo­ga­do­e­bis
sa­xe­liT da­de­bu­li ga­ri­ge­bis as­le­bis moTx­ov­nis uf­le­ba; sa­meT­val­yu­
reo sab­Wos, xo­lo mo­nis­tur sis­te­ma­Si xel­mZRva­ne­li or­ga­nos rig­ga­re­
Se sxdo­mis Ca­ta­re­bis moTx­ov­nis uf­le­ba; ka­no­niT dad­ge­nil Sem­Txve­va­Si
aq­ci­o­ner­Ta rig­ga­re­Se sa­er­To kre­bis mow­ve­vis uf­le­ba da sa­er­To kre­bis
dRis wes­rig­Si sa­kiTx­is da­ma­te­bis uf­le­ba.
mi­u­xe­da­vad aq­ci­o­ner­Ta gan­sa­kuT­re­bu­li in­te­re­si­sa, sa­zo­ga­do­eb ­ is
xel­mZRva­ne­lo­ba ma­inc xel­mZRva­ne­li or­ga­nos wev­re­bis, xo­lo xel­mZRva­
ne­li or­ga­nos wev­reb­ze ze­dam­xed­ve­lo­ba sa­meT­val­yu­reo sab­Wos kom­pe­
ten­ci­a­a. xel­mZRva­nel da ze­dam­xed­vel or­ga­no­ebs eva­le­baT, Se­i­nar­Cu­non
ba­lan­si kor­po­ra­ci­ul mar­Tva­Si da da­ic­van sa­aq­cio sa­zo­ga­do­e­ba cal­
ke­ul aq­ci­o­ner­Ta ara­ke­Til­sin­di­si­e­re­bi­sa­gan. swo­red ami­tom sa­aq­cio
sa­zo­ga­do­e­bis Se­sa­ba­mi­si or­ga­no, sa­aq­cio sa­zo­ga­do­e­bis in­te­re­si­dan ga­
mom­di­na­re, uf­le­ba­mo­si­li­a, ua­ri ga­nacx­a­dos aq­ci­o­ne­re­bi­saT­vis sa­aq­cio
sa­zo­ga­do­e­bis sa­xe­liT da­de­bu­li ga­ri­ge­bis as­le­bis an in­for­ma­ci­is mi­
wo­de­ba­ze. am Sem­Txve­va­Si ua­ris Tqma un­da efuZ­ne­bo­des sa­aq­cio sa­zo­ga­
do­e­bis sa­u­ke­Te­so in­te­re­sebs.
sa­zo­ga­do­eb­ is ka­pi­tal­Si in­ves­ti­re­bis Ta­o­ba­ze pir­Ta da­in­te­re­se­ba
did­wi­la­daa da­mo­ki­de­bu­li in­ves­ti­ci­is dac­vis xa­ris­xze. Se­sa­ba­mi­sad, ka­

283
no­ni gan­sazR­vravs aq­ci­o­ner­Ta dac­vis au­ci­le­bel mi­ni­mums. pa­ra­le­lu­
rad ama­ve mux­lSi mo­ce­mu­lia zo­ga­di mi­Ti­Te­ba imis Ta­o­ba­ze, rom in­ves­
ti­ci­a­Ta mo­zid­vis miz­niT sa­aq­cio sa­zo­ga­do­eb
­ as aqvs Se­saZ­leb­lo­ba, wes­
de­biT gan­sazR­vros aq­ci­o­ne­ris an aq­ci­o­ner­Ta jgu­fis da­ma­te­bi­Ti uf­le­
be­bi. ase­Ti uf­le­ba Se­iZ­le­ba iyos, ma­ga­li­Tad, xel­mZRva­nel or­ga­no­Si an
sa­meT­val­yu­reo sab­Wo­Si war­mo­mad­gen­lis yo­lis uf­le­ba.

mux­li 174. spe­ci­a­lu­ri au­di­to­ris da­niS­vna

1. sa­aq­cio sa­zo­ga­do­e­ba val­de­bu­lia aq­ci­e­bis sul mci­re 5 pro­cen­tis

mflo­be­li aq­ci­o­ne­re­bis mi­mar­Tvi­sa da sa­er­To kre­bis ga­dawy­ve­
ti­le­bis sa­fuZ­vel­ze ga­na­xor­ci­e­los sa­aq­cio sa­zo­ga­do­e­bis sa­me­
ur­neo moq­me­de­bis an wli­u­ri fi­nan­su­ri an­ga­riS­ge­bis spe­ci­a­lu­ri
Se­mow­me­ba, Tu is ka­no­niT ar eq­vem­de­ba­re­ba sa­val­de­bu­lo au­dits.
amis­Tvis igi niS­navs spe­ci­a­lur au­di­tors.
2. aq­ci­o­ners, rom­lis in­te­res­sac exe­ba sa­aq­cio sa­zo­ga­do­e­bis sa­me­
ur­neo moq­me­de­bis spe­ci­a­lu­ri Se­mow­me­ba, xmis uf­le­ba ar aqvs.
3. Tu sa­er­To kre­ba uars ity­vis spe­ci­a­lu­ri au­di­to­ris da­niS­vna­ze
sa­aq­cio sa­zo­ga­do­e­bis im sa­me­ur­neo moq­me­de­bis spe­ci­a­lu­ri Se­mow­
me­bis gan­sa­xor­ci­e­leb­lad, rom­lis Sem­deg 5 wel­ze me­ti ar ga­su­la,
spe­ci­a­lur au­di­tors aq­ci­e­bis sul mci­re 5 pro­cen­tis mflo­be­li
aq­ci­o­ne­re­bis gan­cxa­de­bis sa­fuZ­vel­ze niS­navs sa­sa­mar­Tlo, Tu­ki
ar­se­bobs sa­fuZ­vli­a­ni va­ra­u­di, rom am sa­me­ur­neo moq­me­de­bis gan­
xor­ci­e­le­bi­sas ka­no­ni an wes­de­ba uxe­Sad da­ir­Rva.
4. Tu sa­er­To kre­ba spe­ci­a­lur au­di­tors da­niS­navs, aq­ci­e­bis sul mci­
re 5 pro­cen­tis mflo­be­li aq­ci­o­ne­re­bis gan­cxa­de­bis sa­fuZ­vel­ze
sa­sa­mar­Tlom Se­iZ­le­ba Ca­a­nac­vlos sa­er­To kre­bis mi­er da­niS­nu­li
spe­ci­a­lu­ri au­di­to­ri, Tu­ki mas ar aqvs Se­sa­ba­mi­si kva­li­fi­ka­cia an
ar­se­bobs eW­vi mis mi­u­ker­Zo­eb­lo­ba­sa da san­do­o­bas­Tan da­kav­Si­re­
biT. aR­niS­nu­li gan­cxa­de­biT sa­sa­mar­Tlos­Tvis mi­mar­Tvis va­daa 14
dRe, ro­me­lic aiT­vle­ba sa­er­To kre­bis Ca­ta­re­bis Ta­ri­Ri­dan.
5. sa­sa­mar­Tlos mi­er spe­ci­a­lu­ri au­di­to­ris da­niS­vnis Sem­Txve­va­Si
sa­aq­cio sa­zo­ga­do­e­bas ekis­re­ba sa­sa­mar­Tlos xar­je­bis anazR­a­u­
re­bis, ag­reT­ve sa­sa­mar­Tlos mi­er da­niS­nu­li spe­ci­a­lu­ri au­di­to­
ris­Tvis sa­sa­mar­Tlos mi­er dad­ge­ni­li anazR­a­u­re­bis ga­dax­dis val­
de­bu­le­ba.
6. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no da sa­meT­val­yu­reo
sab­Wo val­de­bu­li ari­an iTa­nam­Srom­lon spe­ci­a­lur au­di­tor­Tan,

284
 maT So­ris, mis­cen mas sa­aq­cio sa­zo­ga­do­e­bis do­ku­men­ta­ci­is, fu­la­
di sax­sre­bi­sa da sa­sa­qon­lo ma­ra­ge­bis Se­mow­me­bis Se­saZ­leb­lo­ba da
mi­a­wo­don yve­la sxva sa­Wi­ro in­for­ma­ci­a.
7. Tu sa­sa­mar­Tlos mi­er spe­ci­a­lu­ri au­di­to­ris da­niS­vna gan­mcxa­de­
bel­Ta mi­er sa­sa­mar­Tlos­Tvis gan­zrax an uxe­Si ga­uf­rTxi­leb­lo­
biT mi­wo­de­bul aras­wor in­for­ma­ci­as efuZ­ne­bo­da, gan­mcxa­deb­lebs
ekis­re­baT sa­aq­cio sa­zo­ga­do­e­bis­Tvis xar­je­bis anazR­a­u­re­bis val­
de­bu­le­ba.
8. spe­ci­a­lur­ma au­di­tor­ma sa­me­ur­neo moq­me­de­bis spe­ci­a­lu­ri Se­mow­
me­bis Se­de­geb­Tan da­kav­Si­re­biT we­ri­lo­bi­Ti das­kvna un­da Se­ad­gi­
nos. am das­kvna­Si un­da ai­sa­xos ag­reT­ve is ga­re­mo­e­be­bi, rom­leb­mac
Se­iZ­le­ba sa­aq­cio sa­zo­ga­do­e­bis in­te­re­sebs mniS­vne­lo­va­ni zi­a­ni mi­
a­ye­nos, mag­ram ro­mel­Ta gac­no­ba au­ci­le­be­lia sa­er­To kre­bis mi­er
Se­mow­me­bu­li sa­me­ur­neo moq­me­de­bis Se­sa­fa­seb­lad.
9. spe­ci­a­lur­ma au­di­tor­ma Ta­vis mi­er xel­mo­we­ri­li das­kvna da­u­yov­
neb­liv un­da wa­rud­gi­nos sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel or­
ga­nos. es das­kvna un­da ga­moq­vey­ndes. sa­aq­cio sa­zo­ga­do­e­bis xel­
mZRva­nel­ma or­ga­nom aR­niS­nu­li das­kvna sa­aq­cio sa­zo­ga­do­e­bis sa­
meT­val­yu­reo sab­Wos un­da wa­rud­gi­nos da mi­si gan­xil­vis sa­kiTxi
mo­ri­gi sa­er­To kre­bis dRis wes­rig­Si un­da Se­i­ta­nos.

aq­ci­o­ne­ris fi­nan­su­ri in­te­re­se­bis sa­Ta­na­dod dac­va pir­da­pir da

uSu­a­lo kav­Sir­Sia qve­ya­na­Si ar­se­bu­li da­na­zo­ge­bis me­war­me su­bi­eq­te­bis
ka­pi­tal­Si in­ves­ti­re­bis wa­xa­li­se­bas­Tan. am­gva­ri da­cu­lo­bis er­T-er­Ti
Zi­ri­Ta­di gan­ma­pi­ro­be­be­li aq­ci­o­ne­ris Se­saZ­leb­lo­ba­a, iyos sa­Ta­na­dod
in­for­mi­re­bu­li sa­me­ur­neo moq­me­de­bis an wli­u­ri fi­nan­su­ri an­ga­riS­ge­
bis Se­sa­xeb. ka­no­nis 174-e mux­li 5% aq­ci­e­bis mflo­be­li aq­ci­o­ne­ri­saT­vis
qmnis spe­ci­a­lu­ri au­di­to­ris meS­ve­o­biT sa­aq­cio sa­zo­ga­do­e­bis sa­me­ur­
neo moq­me­de­bis an wli­u­ri fi­nan­su­ri an­ga­riS­ge­bis spe­ci­a­lu­ri Se­mow­me­
bis moTx­ov­nis uf­le­bis nor­ma­ti­ul sa­fuZ­vels.
aq­ci­o­ne­ri­saT­vis sa­aq­cio sa­zo­ga­do­eb
­ is sa­me­ur­neo moq­me­de­bis an wli­
u­ri fi­nan­su­ri an­ga­riS­ge­bis spe­ci­a­lu­ri Se­mow­me­bis moTx­ov­nis uf­le­bis
mi­ni­We­ba qmnis er­Tgvar ba­lanss kor­po­ra­ci­ul mar­Tva­Si aq­ci­o­ne­reb­sa da
xel­mZRva­nel pi­rebs So­ris. ker­Zod, aq­ci­o­ne­ris xel­Si ase­Ti uf­le­ba mniS­
vne­lo­va­ni ia­ra­Ria me­nej­men­tis saq­mi­a­no­bis kon­tro­li­saT­vis. wi­nam­de­ba­
re mux­lis far­gleb­Si mo­wes­ri­ge­bu­lia ise­Ti sa­kiTx­eb ­ i, ro­go­re­bi­ca­a:
spe­ci­a­lu­ri au­di­to­ris da­niS­vnis Ta­o­ba­ze moTx­ov­na, sa­er­To kre­bis ga­
dawy­ve­ti­le­ba au­di­to­ris da­niS­vnis Ta­o­ba­ze, sa­sa­mar­Tlos Car­Tu­lo­ba,
uSu­a­lod an­ga­ri­Sis Si­na­ar­sob­ri­vi mxa­re da an­ga­ri­Sis gan­xil­va.

285
 wi­nam­de­ba­re mux­lis pir­ve­li pun­qtiT ne­bis­mi­er ­ i kla­sis aq­ci­e­bis, sul
mci­re, 5%-is mflo­bels uf­le­ba eni­We­ba, da­a­ye­nos sa­aq­cio sa­zo­ga­do­eb ­ is
sa­me­ur­neo moq­me­de­bis an wli­u­ri fi­nan­su­ri an­ga­riS­ge­bis spe­ci­a­lu­ri Se­
mow­me­bis sa­kiTx­i. ase­Ti uf­le­ba ga­mo­ir ­ icx­e­ba, Tu sa­kiTx­is au­di­to­ru­li
Se­mow­me­ba ka­non­mdeb­lo­biT ise­dac sa­val­de­bu­lo­a. aq­ci­o­ne­ris mi­mar­Tvis
Sem­dgom sa­kiTxi ga­da­e­ce­ma sa­er­To kre­bas gan­xil­vi­saT­vis. mux­li ar ad­
gens spe­ci­a­lur re­gu­li­re­bas uSu­a­lod kre­bis mi­er sa­kiTx­is ga­dawy­ve­
tis for­ma­lur da ma­te­ri­a­lur mxa­res­Tan da­kav­Si­re­biT da sa­kiTx­is gan­
xil­va­ze gav­rcel­de­ba sa­er­To kre­bas­Tan da­kav­Si­re­biT ka­non­Si ar­se­bu­li
zo­ga­di we­se­bi. spe­ci­al­ u­ri au­di­to­ris da­niS­vnis pro­ces­Si aq­ci­o­ners,
rom­lis in­te­res­sac exe­ba sa­me­ur­neo moq­me­de­bis spe­ci­a­lu­ri Se­mow­me­
ba, am sa­kiTx­is mi­marT uwy­de­ba xmis uf­le­ba. xmis uf­le­bis Sewy­ve­ta­Si ar
un­da iq­nes mo­az­re­bu­li sa­TaT­bi­ro xmis uf­le­bis Sewy­ve­ta, ro­me­lic aq­
ci­o­ners aseT dro­sac unar­Cun­de­ba, Tum­ca sa­er­To kre­bis obi­eq­tu­ro­bi­
saT­vis, au­ci­le­be­lia mas ar Se­eZ­los kon­kre­tu­li ga­dawy­ve­ti­le­bi­saT­vis
xmis mi­ce­ma.
wi­nam­de­ba­re mux­lis me-4 pun­qti eT­mo­ba mi­no­ri­ta­ri aq­ci­o­ne­ris dac­
vis uz­run­vel­yo­fas sa­sa­mar­Tlo me­qa­niz­mis Se­mo­ta­nis gziT. ker­Zod, Tu
sa­er­To kre­ba da­niS­navs au­di­tors, ro­mel­sac ar ga­aC­nia Se­sa­ba­mi­si kva­
li­fi­ka­cia an mi­uk ­ er­Zo­eb­lo­ba, 5% aq­ci­aT­ a mflo­bels uf­le­ba eni­We­ba,
kre­bis mi­er ase­Ti au­di­to­ris da­niS­vni­dan 14 dRis gan­mav­lo­ba­Si mi­mar­
Tos sa­sa­mar­Tlos spe­ci­a­lu­ri au­di­to­ris axa­li au­di­to­riT Ca­nac­vle­bis
Ta­o­ba­ze. aseT Sem­Txve­va­Si, sa­aq­cio sa­zo­ga­do­e­bas ekis­re­ba sa­sa­mar­Tlos
xar­je­bis anazR­a­u­re­bis val­de­bu­le­ba da sa­sa­mar­Tlos mi­er da­niS­nu­li
spe­ci­a­lu­ri au­di­to­ris­Tvis sa­sa­mar­Tlos mi­er dad­ge­ni­li anazR­a­u­re­bis
ga­dax­da. sa­pi­ris­pi­rod, Tu sa­sa­mar­Tlos mi­er spe­ci­a­lu­ri au­di­to­ris
da­niS­vna ey­rdno­bo­da gan­mcxa­deb­lis mi­er sa­sa­mar­Tlos­Tvis gan­zrax an
uxe­Si ga­uf­rTxi­leb­lo­biT mi­wo­de­bul aras­wor in­for­ma­ci­as, gan­mcxa­de­
bels ekis­re­ba sa­aq­cio sa­zo­ga­do­e­bis­Tvis xar­je­bis anazR­a­u­re­bis val­de­
bu­le­ba.
sa­er­To kre­bas Se­uZ­li­a, ua­ri Tqvas spe­ci­a­lu­ri au­di­to­ris da­niS­vna­
ze im mo­ti­viT, rom moTx­ov­ni­li sa­me­ur­neo moq­me­de­be­bis bo­lo Se­mow­me­bi­
dan ga­su­lia 5 wel­ze nak­le­bi. am Sem­Txve­va­Si, aq­ci­o­ners Se­uZ­li­a, mo­iTx­
o­vos au­di­to­ris da­niS­vna sa­sa­mar­Tlos meS­ve­o­biT. aseT dros spe­ci­a­lu­
ri au­di­to­ris da­niS­vna Cve­ul ­ eb­riv­ze ma­Ra­li stan­dar­tiT da­sa­bu­Te­bas
mo­iTx­ovs. ker­Zod, au­di­to­ri da­in ­ iS­ne­ba sa­sa­mar­Tlos mi­er, mxo­lod im
Sem­Txve­va­Si, Tu ar­se­bobs sa­fuZ­vli­a­ni va­ra­u­di, rom sa­me­ur­neo moq­me­de­
be­bi­sas uxe­Sad da­ir­Rva ka­no­ni an wes­de­ba.

286
 au­di­to­ris mi­er saq­mi­a­no­bis srul­yo­fi­lad war­mar­Tva pir­da­pir kav­
Sir­Sia au­di­tor­sa da sa­zo­ga­do­e­bis sxva­das­xva or­ga­nos So­ris efeq­ti­an
Ta­nam­Srom­lo­bas­Tan. Se­sa­ba­mi­sad, sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel
or­ga­nos da sa­meT­val­yu­reo sab­Wos ekis­re­baT val­de­bu­le­ba, iTa­nam­Srom­
lon spe­ci­a­lur au­di­tor­Tan. maT So­ris, mis­cen sa­aq­cio sa­zo­ga­do­e­bis
do­ku­men­ta­ci­is, fu­la­di sax­sre­bis da sa­sa­qon­lo ma­ra­ge­bis Se­mow­me­bis
Se­saZ­leb­lo­ba da mi­a­wo­don yve­la sxva sa­Wi­ro in­for­ma­ci­a. ase­Ti val­de­
bu­le­bis Se­us­ru­leb­lo­ba ki Ca­iT­vle­ba am or­ga­no­e­bis wev­re­bis mi­er mo­va­
le­o­ba­Ta dar­Rve­vad da ga­mo­iw­vevs Se­sa­ba­mis pa­su­xis­mgeb­lo­bas.
spe­ci­a­lur­ma au­di­tor­ma Se­mow­me­bis Se­de­geb­Tan da­kav­Si­re­biT un­da Se­
ad­gi­nos we­ri­lo­bi­Ti das­kvna. ka­no­ni gan­sazR­vravs ase­Ti das­kvnis Si­na­ar­
sob­ri­vi na­wi­lis mi­ni­ma­lur au­ci­le­bel stan­dar­tsac. ker­Zod, das­kvna­Si
un­da ai­sa­xos is ga­re­mo­e­be­bi, rom­leb­mac Se­iZ­le­ba mniS­vne­lo­va­ni zi­a­ni
mi­a­ye­non sa­aq­cio sa­zo­ga­do­e­bis in­te­re­sebs. mom­za­de­bu­li das­kvna spe­ci­
a­lur­ma au­di­tor­ma da­u­yov­neb­liv un­da wa­rud­gi­nos xel­mZRva­nel or­ga­
nos, ro­mel­sac ekis­re­ba das­kvnis ga­moq­vey­ne­bis da mi­si sa­meT­val­yu­reo
sab­Wos­Tvis war­dge­nis, ase­ve, mi­si gan­xil­vis sa­kiTx­is mom­dev­no sa­er­To
kre­bis dRis wes­rig­Si Se­ta­nis val­de­bu­le­ba.

mux­li 175. aq­ci­o­ne­ris mo­va­le­o­be­bi

aq­ci­o­ne­ri val­de­bu­li­a:
a) ga­na­xor­ci­e­los Se­na­ta­ni kuT­vni­li aq­ci­is mi­sa­Re­bad;
b) sa­aq­cio sa­zo­ga­do­e­bas an aq­ci­a­Ta re­gis­tra­tors mi­a­wo­dos in­
for­ma­cia mas­Tan da­kav­Si­re­bu­li ne­bis­mi­e­ri im mo­na­ce­mis cvli­le­
bis Se­sa­xeb, ro­me­lic re­gis­tri­re­bu­lia aq­ci­a­Ta re­es­trSi;
g) Se­as­ru­los sxva mo­va­le­o­be­bi, rom­le­bic gaT­va­lis­wi­ne­bu­lia ka­
no­niT an, ka­no­ni­dan ga­mom­di­na­re, wes­de­biT.

sa­aq­cio sa­zo­ga­do­e­bas, sxva sa­mar­Tleb­ri­vi for­mis me­war­me su­bi­eq­te­

bi­sa­gan ka­pi­ta­lis mo­zid­vis Se­saZ­leb­lo­ba­Ta mra­val­fe­rov­ne­ba ga­mo­ar­
Cevs. Tum­ca am sa­mar­Tleb­ri­vi for­mis sa­zo­ga­do­e­bi­saT­vi­sac ki da­fuZ­
ne­bis etap­ze dawy­eb ­ i­Ti ka­pi­ta­lis for­mi­re­bis wya­ro mi­si­ve aq­ci­o­ne­re­bi
ari­an. ka­no­nis 175-e mux­li aq­ci­o­ne­ris mo­va­le­o­bebs, mis val­de­bu­le­bas
Se­e­xe­ba, Se­i­ta­nos Se­na­ta­ni kuT­vni­li aq­ci­is mo­sa­po­veb­lad.
gar­da aq­ci­eb ­ is mo­sa­po­veb­lad Se­na­ta­nis gan­xor­ci­e­le­bi­sa, wi­nam­de­ba­
re mux­li uTi­Tebs ka­non­Si aq­ci­o­ne­ris sxva spe­ci­al ­ ur mo­va­le­o­ba­Ta ar­

287
se­bo­ba­zec da qmnis sa­aq­cio sa­zo­ga­do­e­bis wes­de­biT mo­va­le­o­ba­Ta dad­
ge­nis Se­saZ­leb­lo­bi­saT­vis nor­ma­ti­ul sa­fuZ­vels. amas­Ta­na­ve, pir­da­pir
gan­sazR­vravs aq­ci­o­ne­ris iseT spe­ci­fi­kur mo­va­le­o­bas, ro­go­ri­caa sa­aq­
cio sa­zo­ga­do­e­bis an aq­ci­a­Ta re­gis­tra­to­ri­saT­vis, mas­Tan da­kav­Si­re­bu­
li ne­bis­mi­er
­ i im mo­na­ce­mis cvli­le­bis Ta­o­ba­ze in­for­ma­ci­is mi­wo­de­bis
val­de­bu­le­ba, ro­me­lic re­gis­tri­re­bu­lia aq­ci­aT­ a re­es­trSi.

mux­li 176. aq­ci­o­ne­ris mi­er do­mi­nan­tu­ri mdgo­ma­re­o­bis bo­ro­tad

ga­mo­ye­ne­ba da zi­a­nis anazR­a­u­re­bis val­de­bu­le­ba

1. Tu sa­aq­cio sa­zo­ga­do­e­bis do­mi­nan­tma aq­ci­o­ner­ma Ta­vi­si do­mi­nan­

tu­ri mdgo­ma­re­o­ba gan­zrax ga­mo­i­ye­na am sa­aq­cio sa­zo­ga­do­e­bis sa­
zi­a­nod, man un­da aa­nazR­a­u­ros mi­ye­ne­bu­li zi­a­ni.
2. do­mi­nant aq­ci­o­ne­rad mi­iC­ne­va aq­ci­o­ne­ri an er­Tad moq­med aq­ci­
o­ner­Ta jgu­fi, ro­mel­sac aqvs praq­ti­ku­li Se­saZ­leb­lo­ba, ga­dam­
wyve­ti gav­le­na mo­ax­di­nos sa­er­To kre­ba­ze Ca­ta­re­bu­li ken­Wis­yris
Se­deg­ze. es aq­ci­o­ne­ri­/aq­ci­o­ner­Ta jgu­fi val­de­bu­li­a, sa­aq­cio sa­
zo­ga­do­e­bis­Tvis mi­ye­ne­bu­li zi­a­nis gar­da, aa­nazR­a­u­ros ag­reT­ve
aq­ci­o­ne­ris­Tvis mi­ye­ne­bu­li zi­a­ni, gar­da im zi­a­ni­sa, ro­me­lic mas
mi­ad­ga sa­aq­cio sa­zo­ga­do­e­bis­Tvis mi­ye­ne­bu­li zi­a­ni­dan ga­mom­di­na­
re, maT So­ris, mi­si aq­ci­e­bis Ri­re­bu­le­bis Sem­ci­re­biT.
3. pi­ri, ro­me­lic gan­zrax iye­neb­da Ta­vis Za­la­uf­le­bas sa­aq­cio sa­zo­
ga­do­e­bis sa­wi­na­aR­mde­god, ag­reT­ve ze­moq­me­de­bas ax­den­da sa­aq­cio
sa­zo­ga­do­e­bis mmar­Tve­li or­ga­nos wev­rze, ra­Ta am wevrs sa­aq­cio
sa­zo­ga­do­e­bis sa­wi­na­aR­mde­go ise­Ti qme­de­ba Ca­e­di­na, ro­mel­mac zi­
a­ni ga­mo­iw­vi­a, val­de­bu­lia sa­aq­cio sa­zo­ga­do­e­bas au­nazR­a­u­ros
mi­ye­ne­bu­li zi­a­ni. aR­niS­nu­li pi­ri val­de­bu­li­a, sa­aq­cio sa­zo­ga­
do­e­bis­Tvis mi­ye­ne­bu­li zi­a­nis gar­da, aa­nazR­a­u­ros ag­reT­ve aq­ci­o­
ne­ris­Tvis mi­ye­ne­bu­li zi­a­ni, gar­da im zi­a­ni­sa, ro­me­lic mas mi­ad­ga
sa­aq­cio sa­zo­ga­do­e­bis­Tvis mi­ye­ne­bu­li zi­a­ni­dan ga­mom­di­na­re, maT
So­ris, mi­si aq­ci­e­bis Ri­re­bu­le­bis Sem­ci­re­biT.
4. sa­aq­cio sa­zo­ga­do­e­bis mmar­Tve­li or­ga­nos wev­ri, ro­mel­mac ar Se­
as­ru­la mo­va­le­o­ba, pa­suxs agebs so­li­da­ru­lad, am mux­lis me-3 pun­
qtiT gaT­va­lis­wi­ne­bul pir­Tan er­Tad. sa­meT­val­yu­reo sab­Wos an
xel­mZRva­ne­li or­ga­nos mi­er am qme­de­bis mo­wo­ne­ba sa­aq­cio sa­zo­ga­
do­e­bis mmar­Tve­li or­ga­nos wevrs ar aTa­vi­suf­lebs zi­a­nis anazR­a­
u­re­bis val­de­bu­le­bis­gan. xel­mZRva­ne­li pi­ri val­de­bu­li ar aris

288
 aa­nazR­a­u­ros zi­a­ni, Tu mi­si qme­de­ba ka­no­nis Se­sa­ba­mi­sad mi­Re­bul
sa­er­To kre­bis ga­dawy­ve­ti­le­bas efuZ­ne­bo­da.
5. sa­aq­cio sa­zo­ga­do­e­bis­Tvis mi­ye­ne­bu­li zi­a­nis­Tvis so­li­da­ru­lad
agebs pa­suxs is pi­ric, ro­mel­mac zi­a­nis ga­mom­wve­vi qme­de­bis Se­de­
gad sar­ge­be­li mi­i­Ro da gan­zrax mo­ax­di­na ze­moq­me­de­ba am mux­lis
me-3 pun­qtiT gaT­va­lis­wi­ne­bul pir­ze.
6. kre­di­to­ris­Tvis zi­a­nis anazR­a­u­re­bis val­de­bu­le­ba ar uq­mde­ba sa­
aq­cio sa­zo­ga­do­e­bis mi­er Se­sa­ba­mis moTx­ov­neb­ze ua­ris TqmiT an
ima­ze mi­Ti­Te­biT, rom zi­a­nis ga­mom­wve­vi qme­de­ba sa­er­To kre­bis ga­
dawy­ve­ti­le­bas efuZ­ne­bo­da.

ka­no­nis 175-e mux­li qmnis aq­ci­o­ner­Ta mo­va­le­o­be­bis zo­gad nor­ma­ti­

ul Ca­na­wers da uTi­Tebs aq­ci­o­ne­ris Zi­ri­Tad mo­va­le­o­ba­ze _ Se­i­ta­nos
Se­na­ta­ni mis­Tvis gan­kuT­vni­li aq­ci­e­bis mi­sa­Re­bad. amas­Ta­na­ve, es mo­va­le­
o­ba ar aris aq­ci­o­ne­ris er­Ta­der­Ti val­de­bu­le­ba, aq­ci­o­ners aqvs Se­saZ­
leb­lo­ba, Ta­vi­suf­lad sar­geb­lob­des mi­si aq­ci­e­biT, maT So­ris, kre­ba­ze
iReb­des ga­dawy­ve­ti­le­bas uSu­al ­ od Ta­vi­si in­te­re­se­bi­dan ga­mom­di­na­re.
amis pa­ra­le­lu­rad, mi­no­ri­ta­ri aq­ci­o­ne­re­bis dac­vis ma­Ra­li stan­dar­tis
dad­ge­ni­saT­vis au­ci­le­be­li­a, aq­ci­o­ners Se­ezR­u­dos do­mi­nan­tu­ri mdgo­
ma­re­o­bis bo­ro­tad ga­mo­ye­ne­ba. swo­red am sa­kiTxs eT­mo­ba ka­no­nis 176-e
mux­li. ker­Zod, wi­nam­de­ba­re mux­li gan­sazR­vravs do­mi­nan­tu­ri mdgo­ma­re­
o­bis gan­mar­te­bas da mi­si bo­ro­tad ga­mo­ye­ne­bis sa­mar­Tleb­riv Se­de­gebs.
upir­ve­les yov­li­sa, mniS­vne­lo­va­nia do­mi­nan­tu­ri mdgo­ma­re­o­bis gan­
mar­te­ba. wi­nam­de­ba­re mux­lis me­o­re pun­qti iT­va­lis­wi­nebs do­mi­nan­ti aq­
ci­o­ne­ris Sem­deg gan­mar­te­bas: „do­mi­nan­tad iT­vle­ba aq­ci­o­ne­ri an er­Tad
moq­med aq­ci­on ­ er­Ta jgu­fi, ro­mel­sac aqvs praq­ti­ku­li Se­saZ­leb­lo­ba, ga­
dam­wyve­ti ze­gav­le­na mo­ax­di­nos sa­er­To kre­bis ken­Wis­yris Se­deg­ze“. Tum­
ca ras gu­lis­xmobs ga­dam­wyve­ti gav­le­nis mox­de­nis Se­saZ­leb­lo­ba, es uk­
ve in­di­vi­du­a­lu­ri Se­fa­se­bis sa­ga­ni­a. zo­ga­di Tval­saz­ri­siT, do­mi­nan­tad
un­da iq­nes miC­ne­u­li aq­ci­o­ne­ri an im aq­ci­o­ner­Ta er­Tad moq­me­di jgu­fi,
rom­leb­sac aqvT xmis uf­le­bis mqo­ne aq­ci­a­Ta 50%-s plus er­Ti aq­ci­a. Tum­
ca in­di­vi­du­a­lur Sem­Txve­veb­Si er­Tma pir­ma an pir­Ta jguf­ma Se­saZ­le­be­
li­a, aq­ci­o­ner­Ta struq­tu­ris ma­Ra­li di­ver­si­fi­ka­ci­is pi­ro­beb­Si uf­ro
da­ba­li ra­o­de­no­bis aq­ci­e­bi­Tac SeZ­los sa­zo­ga­do­e­bis kon­tro­li. Se­sa­ba­
mi­sad, aR­niS­nu­li sa­kiTxi un­da Se­fas­des in­di­vi­du­al ­ u­rad, kon­kre­tu­li
aq­ci­o­ne­ris ze­gav­le­nis obi­eq­tu­ri mas­Sta­bis Se­fa­se­bis gziT.
imi­saT­vis, rom do­mi­nant aq­ci­o­ners da­ek ­ is­ros zi­a­nis anazR­au ­ ­re­bis
mo­va­le­o­ba, sa­Wi­roa sa­mi ku­mu­la­ci­ur ­ i pi­ro­bis ar­se­bo­ba: (1) sa­xe­ze un­da

289
iyos do­mi­nan­ti aq­ci­on ­ e­ri, ro­me­lic ax­dens Ta­vi­si do­mi­nan­tu­ri mdgo­
ma­re­o­bis re­a­li­ze­bas kon­kre­tul sa­kiTx­Tan mi­mar­Te­biT; (2) aR­niS­nu­li
mdgo­ma­re­o­bis ga­mo­ye­ne­bas Se­de­gad un­da mos­dev­des zi­an
­ i da (3) sa­xe­ze un­
da iyos gan­zrax­va.

wi­nam­de­ba­re mux­lis me-3 pun­qti eT­mo­ba asa­nazR­a­u­re­be­li zi­a­nis ga­

moT­vlis wess. ker­Zod, do­mi­nant aq­ci­o­ner­s/aq­ci­o­ner­Ta jgufs ekis­re­
ba val­de­bu­le­ba, sa­aq­cio sa­zo­ga­do­e­bis­Tvis mi­ye­ne­bu­li zi­an ­ is gar­da,
aa­nazR­a­u­ros aq­ci­o­ne­ris­Tvis mi­ye­ne­bu­li zi­a­ni. amas­Ta­na­ve, aq­ci­o­ne­ris­
Tvis mi­ye­ne­bul zi­an­Si ar ian­ga­ri­Se­ba is zi­a­ni, ro­me­lic am aq­ci­o­ner­ma
mi­i­Ro sa­aq­cio sa­zo­ga­do­eb­ is­Tvis mi­ye­ne­bu­li zi­a­ni­dan ga­mom­di­na­re, maT
So­ris, Ta­vi­si aq­ci­e­bis Ri­re­bu­le­bis Sem­ci­re­biT. aR­niS­nu­li ga­mom­di­na­
re­obs do­mi­nan­ti aq­ci­o­ne­ri­saT­vis er­Ti da ima­ve zi­a­nis or­jer anazR­a­u­
re­bis da­kis­re­bis ga­mo­ricx­vi­dan.
ze­mo­aR­niS­nu­li we­se­bi vrcel­de­ba ase­ve im pir­ze, ro­me­lic gan­zrax
iye­nebs Ta­vis Za­la­uf­le­bas sa­aq­cio sa­zo­ga­do­e­bis wi­na­aR­mdeg, ase­ve,
ze­moq­me­de­bas axor­ci­e­lebs sa­aq­cio sa­zo­ga­do­e­bis mmar­Tve­li or­ga­nos
wev­rze am uka­nas­knel­Ta mxri­dan sa­aq­cio sa­zo­ga­do­e­bis sa­wi­na­aR­mde­go
ise­Ti qme­de­be­bis Ca­sa­de­nad, ro­mel­Tac zi­a­ni moh­yva. aseT Sem­Txve­va­Si
zi­a­nis anazR­a­u­re­bis val­de­bu­le­bi­sa­gan ar Ta­vi­suf­lde­ba arc sa­aq­cio
sa­zo­ga­do­eb ­ is xel­mZRva­ne­li or­ga­nos wev­rTa da sa­meT­val­yu­reo sab­Wos
is wev­re­bi, rom­leb­mac da­ar­Rvi­es sa­zo­ga­do­e­bis mi­marT Ta­vi­si fi­du­ci­
u­ri mo­va­le­o­be­bi. am we­si­dan ga­mo­nak­li­sia is Sem­Txve­va, ro­de­sac me­nej­
men­tis qme­de­ba efuZ­ne­bo­da ka­no­nis Se­sa­ba­mi­sad mi­Re­bul sa­er­To kre­bis
ga­dawy­ve­ti­le­bas. aR­niS­nul pir­sa da mas­ze Ta­vi­si Za­la­uf­le­bis gan­zrax
ga­mom­ye­ne­bel pirs mi­ye­ne­bu­li zi­a­ni­saT­vis ekis­re­baT so­li­da­ru­li pa­
su­xis­mgeb­lo­ba. er­Ti mxriv, pa­su­xis­mgeb­lo­bis Ta­vi­dan aci­le­bis ga­mo­sa­
ricx­ad, me­o­re mxriv, ki sa­Wi­ro­e­bi­sas kre­di­tor­Ta da­sak­ma­yo­fi­leb­lad

290
qo­ne­bis Se­nar­Cu­ne­bis miz­niT, sa­meT­val­yu­reo sab­Wos an xel­mZRva­ne­li
or­ga­nos mi­er ase­Ti qme­de­bis mo­wo­ne­ba ar aTa­vi­suf­lebs mmar­Tve­li or­
ga­nos wevrs zi­a­nis anazR­au­ r
­ e­bis mo­va­le­o­bi­sa­gan. kre­di­to­ri­saT­vis zi­a­
nis anazR­a­u­re­bis val­de­bu­le­ba ki ar qre­ba sa­aq­cio sa­zo­ga­do­e­bis mi­er am
moTx­ov­neb­ze ua­ris Tqmis Se­de­gad, an ima­ze mi­Ti­Te­biT, rom qme­de­ba efuZ­
ne­ba sa­er­To kre­bis ga­dawy­ve­ti­le­bas.

mux­li 177. aq­ci­o­ner­Ta Se­Tan­xme­ba

1. aq­ci­o­ne­re­bi an aq­ci­o­ne­re­bi da me­sa­me pi­ri uf­le­ba­mo­si­li ari­

an da­don xel­Sek­ru­le­ba, rom­lis sa­fuZ­vel­ze­dac xel­Sek­ru­le­bis
mo­na­wi­le mxa­re­e­bi val­de­bu­li iq­ne­bi­an dad­ge­ni­li we­siT ga­na­xor­
ci­e­lon aq­ci­i­dan ga­mom­di­na­re an sxva uf­le­be­bi da Se­as­ru­lon Se­
sa­ba­mi­si mo­va­le­o­be­bi (aq­ci­o­ner­Ta Se­Tan­xme­ba). aq­ci­o­ner­Ta Se­Tan­
xme­bis da­de­bis Se­sa­xeb da­u­yov­neb­liv un­da ec­no­bos sa­aq­cio sa­zo­
ga­do­e­bas.
2. aq­ci­o­ner­Ta Se­Tan­xme­ba spe­ci­a­lur for­mas ar mo­iTx­ovs. aq­ci­o­ner­
Ta Se­Tan­xme­bis mo­na­wi­le mxa­ris mi­er im aq­ci­is gas­xvi­se­bis Sem­Txve­
va­Si, ro­mel­Tan da­kav­Si­re­bi­Tac da­de­bu­lia aq­ci­o­ner­Ta Se­Tan­xme­
ba, aq­ci­o­ner­Ta Se­Tan­xme­bi­dan ga­mom­di­na­re uf­le­be­bi da mo­va­le­o­
be­bi Sem­Zen­ze ar ga­da­dis, gar­da im Sem­Txve­vi­sa, ro­de­sac es spe­ci­a­
lu­rad iyo gaT­va­lis­wi­ne­bu­li aq­ci­o­ner­Ta Se­Tan­xme­bi­Ta da aq­ci­is
gas­xvi­se­bis xel­Sek­ru­le­biT.
3. aq­ci­o­ner­Ta Se­Tan­xme­bis Ses­ru­le­ba sa­val­de­bu­loa mxo­lod mi­si
mxa­re­e­bis­Tvis. aq­ci­o­ners aq­ci­i­dan ga­mom­di­na­re uf­le­be­bis gan­
xor­ci­e­le­ba­ze ua­ri ar un­da eT­qvas mis mi­er aq­ci­o­ner­Ta Se­Tan­xme­
bis dar­Rve­vis Sem­Txve­va­Sic ki. aq­ci­o­ner­Ta Se­Tan­xme­bis dar­Rve­va
ar Se­iZ­le­ba gax­des sa­aq­cio sa­zo­ga­do­e­bis or­ga­no­Ta ga­dawy­ve­ti­
le­be­bis ga­ba­Ti­le­bis sa­fuZ­ve­li.

aq­ci­o­ne­re­bi an aq­ci­o­ne­re­bi da me­sa­me pi­ri uf­le­ba­mo­si­li ari­an, da­don

xel­Sek­ru­le­ba, rom­lis sa­fuZ­vel­ze am xel­Sek­ru­le­bis mo­na­wi­le mxa­re­e­bi
val­de­bul­ni iq­ne­bi­an, gan­sazR­vru­li we­siT ga­na­xor­ci­e­lon aq­ci­i­dan ga­
mom­di­na­re an sxva uf­le­be­bi da mo­va­le­o­be­bi. am Se­Tan­xme­bas ewo­de­ba aq­
ci­o­ner­Ta Se­Tan­xme­ba da igi ka­no­nis 177-e mux­lis re­gu­li­re­bis sa­ga­ni­a.
wi­nam­de­ba­re mux­li gan­sazR­vravs aq­ci­o­ner­Ta Se­Tan­xme­bis cne­bas, Se­Tan­
xme­bis for­mas da mo­na­wi­le­o­bis sa­mar­Tleb­riv Se­de­gebs.

291
 aq­ci­o­ner­Ta Se­Tan­xme­ba ar un­da iq­nes ga­i­gi­ve­bu­li sa­zo­ga­do­eb ­ is wes­
de­bas­Tan. ma­Sin, ro­de­sac sa­zo­ga­do­e­bis wes­de­ba aris sa­zo­ga­do­e­bis fun­
qci­o­ni­re­bis kon­sti­tu­ci­u­ri do­ku­men­ti, aq­ci­o­ner­Ta Se­Tan­xme­bis ar­se­
bo­ba efuZ­ne­ba mas­Si mo­na­wi­le­ob ­ is ne­ba­yof­lo­bi­To­bas. Se­Tan­xme­ba dge­ba
aq­ci­o­ner­Ta ne­ba-­sur­vi­liT da, Zi­ri­Ta­dad, efeq­tu­ria ma­Sin, ro­de­sac aq­
ci­o­ner­Ta struq­tu­ris ma­Ra­li di­ver­si­fi­ka­ci­is pi­ro­beb­Si sa­zo­ga­do­e­bas
mxo­lod ram­de­ni­me aq­ti­u­ri aq­ci­o­ne­ri hyavs.
aq­ci­o­ner­Ta Se­Tan­xme­ba uSu­a­lod mxa­re­eb ­ i­saT­vis ata­rebs mbo­Wav xa­
si­aTs da mas ar ga­aC­nia gav­le­na aq­ci­o­ner­sa da sa­zo­ga­do­eb ­ as So­ris ur­
Ti­er­To­ba­ze. swo­red aR­niS­nu­lis ga­ran­ti­ebs iT­va­lis­wi­nebs wi­nam­de­ba­
re mux­lis me­o­re da me­sa­me pun­qte­bi. ker­Zod, aq­ci­o­ners ar un­da eT­qvas
ua­ri aq­ci­i­dan ga­mom­di­na­re uf­le­be­bis gan­xor­ci­e­le­ba­ze mi­si mxri­dan
aq­ci­o­ner­Ta Se­Tan­xme­bis dar­Rve­vis Sem­Txve­va­Sic. aq­ci­o­ner­Ta Se­Tan­xme­
bis sa­zo­ga­do­eb ­ i­sa­gan da­mo­uk
­ i­de­bel xa­si­aT­ze mety­ve­lebs isic, rom Se­
Tan­xme­bis dar­Rve­va ar Se­iZ­le­ba gax­des sa­aq­cio sa­zo­ga­do­e­bis or­ga­no­Ta
ga­dawy­ve­ti­le­bis ba­Ti­lo­bis sa­fuZ­ve­li. me­tic, xel­Sek­ru­le­bis mo­na­wi­le
mxa­ris mi­er im aq­ci­is gas­xvi­se­bis Sem­Txve­va­Si, ro­mel­Tan da­kav­Si­re­bi­Tac
da­de­bu­lia Se­Tan­xme­ba, aq­ci­o­ner­Ta Se­Tan­xme­bi­dan ga­mom­di­na­re uf­le­be­bi
da mo­va­le­o­be­bi Sem­Zen­ze ar ga­da­dis. am we­si­dan ga­mo­nak­li­sia is Sem­Txve­
va, rom­lis dro­sac es spe­ci­a­lu­rad iyo gaT­va­lis­wi­ne­bu­li Se­Tan­xme­bi­Ta
da aq­ci­is gas­xvi­se­bis xel­Sek­ru­le­biT.
aq­ci­o­ner­Ta Se­Tan­xme­bis da­de­ba ar mo­iTx­ovs ra­i­me spe­ci­al ­ ur for­mas,
Tum­ca aq­ci­o­ner­Ta Se­Tan­xme­ba praq­ti­ka­Si, ro­gorc we­si, ide­ba we­ri­lo­bi­
Ti for­miT da mow­mde­ba no­ta­ri­u­sis mi­er. ka­no­ni sa­val­de­bu­lod ad­gens
aq­ci­o­ner­Ta Se­Tan­xme­bis Ta­o­ba­ze sa­aq­cio sa­zo­ga­do­e­bis Sety­o­bi­ne­bis
val­de­bu­le­bas.
ka­no­ni Ri­ad to­vebs aq­ci­o­ner­Ta Se­Tan­xme­bis Si­na­ar­sob­riv na­wil­sac. bevr
aq­ci­o­ners gan­sa­kuT­re­biT star­ta­pul pe­ri­od­Si Se­saZ­le­be­li­a, hqon­des
sur­vi­li, da­dos aq­ci­o­ner­Ta Se­Tan­xme­ba sa­zo­ga­do­e­bis dam­fuZ­neb­leb­Tan,
gan­sa­kuT­re­biT imi­saT­vis, rom Ta­vi­dan­ve mox­des ur­Ti­er­Tmo­lo­di­ne­bis dek­
la­ri­re­ba, ra dro­sac Se­Tan­xme­bas Se­uZ­li­a, gan­sa­kuT­re­bu­li fun­qcia Se­as­
ru­los. aq­ci­o­ner­Ta Se­Tan­xme­bis in­sti­tu­ti iZ­le­va Se­saZ­leb­lo­bas, kon­kre­
tul in­ves­tor­Ta mo­sa­zi­dad dad­gin­des gan­sa­kuT­re­bu­li uf­le­be­bi.
aq­ci­o­ner­Ta Se­Tan­xme­ba Se­saZ­le­be­lia Sewy­des ram­de­ni­me me­To­diT. ma­
ga­li­Tad, aq­ci­o­ner­Ta Se­Tan­xme­ba wyde­ba aq­ci­o­ner­Ta Se­Tan­xme­biT gaT­va­
lis­wi­ne­bu­li pi­ro­be­bis dad­go­miT, ase­ve, ro­me­li­me aq­ci­o­ne­ris mi­er Se­
Tan­xme­bis dar­Rve­viT an sa­zo­ga­do­eb ­ is da­to­ve­biT, rac iw­vevs mas­Tan da­
kav­Si­re­bu­li de­bu­le­be­bis ara­fun­qci­u­ro­bas.

292
mux­li 178. aq­ci­o­ner­Ta Se­Tan­xme­ba­Si sa­aq­cio sa­zo­ga­do­e­bis mo­na­wi­le­o­ba

sa­aq­cio sa­zo­ga­do­e­ba uf­le­ba­mo­si­lia mo­na­wi­le­o­ba mi­i­Ros aq­ci­o­ner­

Ta Se­Tan­xme­ba­Si, Tu es ar ewi­na­aR­mde­ge­ba sa­qar­Tve­los ka­non­mdeb­lo­bas
an wes­de­bas.

aq­ci­o­ner­Ta Se­Tan­xme­ba, mi­u­xe­da­vad mi­si sa­xel­wo­de­bi­sa, ar ukav­Sir­de­ba

mxo­lod aq­ci­o­ne­rebs. sa­aq­cio sa­zo­ga­do­e­bas, ro­gorc sa­mo­qa­la­qo ur­Ti­
er­To­ba­Ta su­bi­eqts, Ta­va­dac Se­uZ­li­a, mo­na­wi­le­o­ba mi­i­Ros aq­ci­o­ner­Ta Se­
Tan­xme­ba­Si. swo­red aR­niS­nu­lis dek­la­ri­re­bas ax­dens ka­no­nis 178-e mux­li.
sa­aq­cio sa­zo­ga­do­e­bas uf­le­ba eni­We­ba, mo­na­wi­le­o­ba mi­i­Ros aq­ci­o­ner­
Ta Se­Tan­xme­ba­Si, im pi­ro­biT, rom es ar ewi­na­aR­mde­ge­ba ka­non­mdeb­lo­bas
an sa­aq­cio sa­zo­ga­do­eb ­ is wes­de­bas. ase­Ti mo­na­wi­le­o­biT, ro­gorc we­si,
uz­run­vel­yo­fi­lia sa­zo­ga­do­e­bis aq­ci­o­ne­re­bis in­te­re­se­bis dac­va, maT
So­ris kor­po­ra­ci­u­li mar­Tvis na­wil­Si, ase­ve di­vi­den­dis ga­na­wi­le­bi­sas.
Se­Tan­xme­ba­Si mo­na­wi­le­o­biT ki Ta­vad sa­aq­cio sa­zo­ga­do­e­ba sar­geb­lis sa­
xiT iRebs in­ves­to­ris da­in­te­re­se­bas da da­ma­te­bi­Ti ka­pi­ta­lis mo­zid­vas
sa­aq­cio sa­zo­ga­do­e­bis Sem­dgo­mi fun­qci­o­ni­re­bis da­fi­nan­se­bi­saT­vis.

mux­li 179. sa­aq­cio sa­zo­ga­do­e­bis mi­er aq­ci­a­Ta ga­mos­yid­va

1. aq­ci­o­ners uf­le­ba aqvs, sa­aq­cio sa­zo­ga­do­e­bas am mux­liT dad­ge­

ni­li we­siT mos­Txo­vos Ta­vi­si aq­ci­e­bis Se­fa­se­ba da ga­mos­yid­va, Tu
man sa­er­To kre­ba­ze mxa­ri ar da­u­Wi­ra iseT ga­dawy­ve­ti­le­bas, ro­me­
lic ga­u­mar­Tleb­lad da ar­se­bi­Tad la­xavs am aq­ci­o­ne­ris uf­le­bebs
an exe­ba sa­aq­cio sa­zo­ga­do­e­bis re­or­ga­ni­za­ci­as. wes­de­ba Se­iZ­le­ba
de­ta­lu­rad awes­ri­geb­des aq­ci­e­bis Se­fa­se­ba­sa da ga­mos­yid­vas­Tan
da­kav­Si­re­bul sa­kiTx­ebs.
2. Tu da­geg­mi­lia am mux­lis pir­ve­li pun­qtiT gaT­va­lis­wi­ne­bu­li ga­
dawy­ve­ti­le­bis mi­Re­ba, sa­er­To kre­bis mow­ve­vis Se­sa­xeb Sety­o­bi­ne­
ba­Si de­ta­lu­rad un­da aRi­we­ros ga­da­sawy­ve­ti sa­kiTx­i, mas­Tan da­
kav­Si­re­bu­li aq­ci­e­bis ga­mos­yid­vis moTx­ov­nis uf­le­ba da mi­si gan­
xor­ci­e­le­bis we­si.
3. am mux­lis pir­ve­li pun­qtiT gaT­va­lis­wi­ne­bu­li ga­dawy­ve­ti­le­bis
mi­Re­bi­dan 45 dRis gan­mav­lo­ba­Si aq­ci­o­ners uf­le­ba aqvs, sa­aq­cio
sa­zo­ga­do­e­bas we­ri­lo­biT mos­Txo­vos Ta­vi­si aq­ci­e­bis ga­mos­yid­va.
es uf­le­ba ar ar­se­bobs, Tu:

293
 a) aq­ci­o­ner­ma sru­lad ar ga­na­xor­ci­e­la ga­mo­sas­yi­di aq­ci­e­bis Se­sa­
ba­mi­si Se­na­ta­ni;
b) aq­ci­o­ner­ma ga­mo­sas­yi­di aq­ci­e­bi am mux­lis me-2 pun­qtiT gaT­va­
lis­wi­ne­bu­li Sety­o­bi­ne­bis gag­zav­nis Sem­deg Se­i­Zi­na.
4. aq­cia ga­mos­yi­du­li un­da iq­nes sul mci­re mi­si sa­baz­ro Ri­re­bu­le­
biT. aq­ci­is sa­baz­ro Ri­re­bu­le­ba ga­ni­sazR­vre­ba Ri­re­bu­le­bis im
cvli­le­bis ga­uT­va­lis­wi­neb­lad, ro­me­lic aq­ci­is ga­mos­yid­vis uf­
le­bis war­mom­Sob­ma qme­de­bam ga­mo­iw­vi­a.
5. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel­ma or­ga­nom ga­mo­sas­yi­di aq­ci­e­
bis ra­o­de­no­bi­sa da ga­mos­yid­vis fa­sis Se­Ta­va­ze­bis Se­sa­xeb ga­dawy­
ve­ti­le­ba un­da mi­i­Ros am mux­lis me-3 pun­qtiT gan­sazR­vru­li va­dis
gas­vli­dan 30 dRis gan­mav­lo­ba­Si, xo­lo aq­ci­e­bis ga­mos­yid­vis­Tvis
Tan­xa ga­dax­di­li un­da iq­nes aR­niS­nu­li ga­dawy­ve­ti­le­bis mi­Re­bi­dan
ara­ug­vi­a­nes 30 dRi­sa, Tu mxa­re­e­bi sxva ra­me­ze ar Se­Tan­xmdnen.
6. aq­ci­o­ners, ro­me­lic ar eTan­xme­ba sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­
ne­li or­ga­nos uars aq­ci­e­bis ga­mos­yid­va­ze an sa­aq­cio sa­zo­ga­do­e­
bis xel­mZRva­ne­li or­ga­nos ga­dawy­ve­ti­le­biT gan­sazR­vrul aq­ci­e­
bis ga­mos­yid­vis pi­ro­bebs, uf­le­ba aqvs, mi­mar­Tos sa­sa­mar­Tlos am
ga­dawy­ve­ti­le­bis Se­sa­xeb Sety­o­bi­ne­bis gag­zav­ni­dan 30 dRis gan­mav­
lo­ba­Si.
7. aq­ci­e­bis ga­mos­yid­va da­uS­ve­be­li­a, Tu:
a) aq­ci­e­bis ga­mos­yid­vis­Tvis ga­da­sax­de­li Tan­xa aRe­ma­te­ba sa­ku­Ta­
ri ka­pi­ta­lis 25 pro­cents;
b) aq­ci­e­bis ga­mos­yid­vis mo­men­tSi sa­aq­cio sa­zo­ga­do­e­ba ga­dax­di­su­
u­na­roa an aq­ci­a­Ta ga­mos­yid­vis Se­de­gad igi Se­iZ­le­ba ga­dax­di­su­u­na­
ro­bis sa­SiS­ro­e­bis wi­na­Se dad­ges.
8. Tu Se­Ta­va­ze­bu­lia ima­ze me­ti aq­ci­is ga­mos­yid­va, vid­re daS­ve­bu­lia
am mux­lis me-7 pun­qtiT, es aq­ci­e­bi sxva­das­xva gam­yid­ve­lis­gan pro­
por­ci­u­lad un­da iq­nes ga­mos­yi­du­li.

ka­no­nis 179-e mux­liT gan­mtki­ce­bu­lia aq­ci­o­ne­ris dac­vis er­T-er­Ti

Zi­ri­Ta­di in­stru­men­ti _ sa­aq­cio sa­zo­ga­do­e­bis mi­er aq­ci­aT­ a ga­mos­yid­va.
mux­lis far­gleb­Si mo­wes­ri­ge­bu­lia ise­Ti sa­kiTx­e­bi, ro­go­re­bi­ca­a: aq­ci­e­
bis ga­mos­yid­vis wi­na­pi­ro­be­bi, pro­ce­du­ra da aq­ci­eb
­ is ga­mos­yid­vis ga­mom­
ricx­ve­li wi­na­pi­ro­be­bi.
wi­nam­de­ba­re mux­lis mi­xed­viT, Ti­To­e­u­li aq­ci­o­ne­ri, ro­mel­sac aqvs
sa­kiTx­is gan­xil­vi­sas ken­Wis­yra­Si mo­na­wi­le­o­bis uf­le­ba, aR­Wur­vi­lia Se­
saZ­leb­lo­biT, sa­aq­cio sa­zo­ga­do­eb ­ as mos­Txo­vos Ta­vi­si aq­ci­e­bis Se­fa­se­

294
ba da ga­mos­yid­va. ase­Ti uf­le­ba­mo­si­le­ba war­mo­i­So­ba, Tu am aq­ci­o­ner­ma
ken­Wis­yris pro­ce­du­ri­sas mxa­ri ar da­u­Wi­ra iseT ga­dawy­ve­ti­le­bas, ro­
me­lic ar­se­bi­Tad la­xavs mis uf­le­bebs. aseT Sem­Txve­va­Si au­ci­le­be­li­a,
aq­ci­o­ner­ma ken­Wis­yris pro­ces­Si sa­kiTx­is wi­na­aR­mdeg mis­ces Ta­vi­si xma.
ki­dev er­Ti sa­fuZ­ve­li, rom­lis ar­se­bo­bis dro­sac aq­ci­o­ners war­mo­e­So­ba
Ta­vi­si aq­ci­e­bis ga­mos­yid­vis moTx­ov­nis uf­le­ba, aris re­or­ga­ni­za­ci­is Ta­
o­ba­ze mi­Re­bu­li ga­dawy­ve­ti­le­ba.
im Sem­Txve­va­Si, Tu sa­er­To kre­bis mi­er ga­ni­xi­le­ba wi­na ab­zac­Si mi­Ti­Te­
bu­li sa­kiTx­e­bi, sa­kiTx­is mniS­vne­lo­bi­dan ga­mom­di­na­re, da­ma­te­bi­Ti moTx­
ov­ne­bi dgin­de­ba sa­er­To kre­bis mo­saw­vev­Tan da­kav­Si­re­biT. ker­Zod, sa­
er­To kre­bis mow­ve­vis Se­sa­xeb Sety­o­bi­ne­ba­Si de­ta­lu­rad un­da aRi­we­ros
ga­da­sawy­ve­ti sa­kiTx­i, mas­Tan da­kav­Si­re­bu­li ga­mos­yid­vis moTx­ov­nis uf­
le­ba da mi­si gan­xor­ci­e­le­bis we­si. im Sem­Txve­va­Si, Tu sa­er­To kre­ba ma­inc
mi­i­Rebs aseT ga­dawy­ve­ti­le­bas, aq­ci­o­ners ga­dawy­ve­ti­le­bis mi­Re­bi­dan 45
dRis gan­mav­lo­ba­Si uf­le­ba aqvs, we­ri­lo­biT mos­Txo­vos sa­aq­cio sa­zo­ga­
do­e­bas Ta­vi­si aq­ci­e­bis ga­mos­yid­va.
ga­mos­yid­vis Ta­o­ba­ze ga­dawy­ve­ti­le­bas iRebs sa­zo­ga­do­e­bis xel­mZRva­
ne­li or­ga­no, ro­mel­mac un­da gan­sazR­vros ga­mo­sas­yi­di aq­ci­e­bis ra­o­de­
no­ba da fa­si. ga­mos­yid­va un­da mox­des moTx­ov­nis war­dge­nis va­dis amo­wur­
vi­dan 30 dRis gan­mav­lo­ba­Si, ra­sac mom­dev­no 30 dRis gan­mav­lo­ba­Si un­da
moh­yves ga­mos­yid­vis fa­sis ga­dax­da. ga­mos­yid­vis fa­si ar un­da iyos aq­ci­
a­Ta sa­baz­ro Ri­re­bu­le­ba­ze nak­le­bi. sa­baz­ro Ri­re­bu­le­bis ga­moT­vli­sas
ar ian­ga­ri­Se­ba is ga­uf­ a­su­re­ba, ro­me­lic ga­mo­iw­via ga­mos­yid­vis uf­le­bis
war­mom­Sob­ma qme­de­bam.

wi­nam­de­ba­re mux­lis me-3 da me-7 pun­qte­bi ad­ge­nen aq­ci­e­bis ga­mos­yid­

vis da­uS­veb­lo­bis wi­na­pi­ro­bebs. ker­Zod, aq­ci­a­Ta ga­mos­yid­vis uf­le­ba ar
war­mo­i­So­ba, Tu aq­ci­o­ne­ris mi­er sru­lad ar aris Se­ta­ni­li ga­mo­sas­yi­di
aq­ci­eb­ is Se­sa­ba­mi­si Se­na­ta­ni. ase­ve, aq­ci­o­ners ar aqvs aq­ci­eb
­ is ga­mos­yid­
vis moTx­ov­nis uf­le­ba, Tu man es aq­ci­e­bi Se­i­Zi­na Sety­o­bi­ne­bis dag­zav­nis
Sem­deg. ase­Ti Ca­na­we­ris mi­ze­zi isa­a, rom am dros pirs ise­dac Se­eZ­lo, ua­
ri eT­qva aq­ci­a­Ta Se­Ze­na­ze. sa­zo­ga­do­e­bis fi­nan­su­ri siZ­ne­le­e­bis Ta­vi­dan
aci­le­bis in­te­re­si­dan ga­mom­di­na­re, ga­mos­yid­va ar da­iS­ve­ba im Sem­Txve­va­

295
Si, Tu: (1) aq­ci­e­bis ga­mos­yid­vis­Tvis ga­da­sax­de­li Tan­xa aRe­ma­te­ba sa­ku­
Ta­ri ka­pi­ta­lis 25%-s, an (2) ga­mos­yid­vis mo­men­tSi sa­aq­cio sa­zo­ga­do­eb ­a
ga­dax­di­su­u­na­ro­a, an, (3) Se­iZ­le­ba, aq­ci­a­Ta ga­mos­yid­vis Se­de­gad ga­dax­
di­su­u­na­ro­bis saf­rTxis wi­na­Se aR­moC­ndes. aseT Sem­Txve­va­Si ga­mos­yid­va
da­iS­ve­ba mxo­lod ze­mo­aR­niS­nu­li SezR­ud­ve­bis far­gleb­Si ar­se­bu­li aq­
ci­e­bis mi­marT, xo­lo Tu aseT aq­ci­o­ner­Ta ra­o­de­no­ba bev­ri­a, ma­Sin Ti­To­
e­u­li aq­ci­on
­ e­ri­sa­gan aq­ci­e­bis ga­mos­yid­va un­da mox­des ma­Ti kuT­vni­li wi­
lob­ri­vi fa­si­a­ni qa­Ral­de­bis pro­por­ci­u­lad.
im Sem­Txve­va­Si, Tu aq­ci­o­ne­ri ar da­e­Tan­xme­ba ga­mos­yid­va­ze xel­mZRva­
ne­li or­ga­nos uars an xel­mZRva­ne­li or­ga­nos ga­dawy­ve­ti­le­biT gan­sazR­
vrul ga­mos­yid­vis pi­ro­bebs, wi­nam­de­ba­re mux­liT mas uf­le­ba eni­We­ba, mi­
mar­Tos sa­sa­mar­Tlos am ga­dawy­ve­ti­le­bis Ta­o­ba­ze Sety­o­bi­ne­bis mi­Re­bi­
dan 30 dRis gan­mav­lo­ba­Si.

mux­li 180. wli­u­ri an­ga­ri­Si­sa da sa­me­ur­neo mdgo­ma­re­o­bis

Se­sa­xeb an­ga­ri­Sis Sed­ge­na

1. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no ad­gens wli­ur an­ga­

riS­sa da sa­me­ur­neo mdgo­ma­re­o­bis Se­sa­xeb an­ga­riSs, ag­reT­ve wmin­da
mo­ge­bis ga­mo­ye­ne­bis Se­sa­xeb wi­na­da­de­bas sa­meT­val­yu­reo sab­Wos­
Tvis war­sad­ge­nad.
2. wmin­da mo­ge­bis ga­mo­ye­ne­bis Se­sa­xeb wi­na­da­de­bis mo­wo­ne­bis Sem­Txve­
va­Si sa­meT­val­yu­reo sab­Wo mas da­sam­tki­ceb­lad wa­rud­gens sa­er­To
kre­bas. Tu sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no da sa­meT­
val­yu­reo sab­Wo ver Se­Tan­xmde­bi­an wmin­da mo­ge­bis ga­mo­ye­ne­ba­ze,
maT wmin­da mo­ge­bis ga­mo­ye­ne­bis Se­sa­xeb ori­ve wi­na­da­de­ba un­da ga­
ac­non sa­er­To kre­bas da un­da uz­run­vel­yon sa­er­To kre­bis mi­er
al­ter­na­ti­ul wi­na­da­de­bebs So­ris ar­Ce­va­nis ga­ke­Te­ba.
3. sa­er­To kre­bis ga­dawy­ve­ti­le­biT Se­iZ­le­ba wmin­da mo­ge­ba mTli­a­nad
an na­wi­lob­riv dar­Ces sa­aq­cio sa­zo­ga­do­e­bas da gaT­va­lis­wi­ne­bul
iq­nes axa­li an­ga­ri­Sis Sed­ge­nis dros.

sa­aq­cio sa­zo­ga­do­e­bis wli­ur an­ga­ri­Si da sa­me­ur­neo mdgo­ma­re­o­bis Se­

sa­xeb an­ga­ri­Si aris er­Tgva­ri ana­rek­li imis Ta­o­ba­ze, ra fi­nan­su­ri mdgo­
ma­re­o­baa sa­war­mo­Si, ra qo­ne­bas flobs da ra val­de­bu­le­be­bi aqvs me­war­me
su­bi­eqts. do­ku­men­tis am­gva­ri mniS­vne­lo­bi­dan ga­mom­di­na­re, mi­si sa­bo­
loo sa­xiT for­mi­re­ba­Si kor­po­ra­ci­u­li mar­Tvis sa­mi­ve Zi­ri­Ta­di or­ga­no

296
_ aq­ci­o­ner­Ta sa­er­To kre­ba, sa­meT­val­yu­reo sab­Wo da xel­mZRva­ne­li or­
ga­no ari­an Car­Tul­ni. swo­red am do­ku­men­tis Sed­ge­na re­gu­lir­de­ba ka­no­
nis 180-e mux­lSi. mi­Ti­Te­bu­li mux­lis far­gleb­Si mo­wes­ri­ge­bu­lia ise­Ti
sa­kiTx­e­bi, ro­go­re­bi­ca­a: an­ga­ri­Sis mom­za­de­ba, gan­xil­va da dam­tki­ce­ba.
wi­nam­de­ba­re mux­liT gaT­va­lis­wi­ne­bul do­ku­men­ta­ci­a­Si de­ta­lu­rad
ai­sa­xe­ba in­for­ma­cia sa­zo­ga­do­e­bis aq­ti­ve­bis, val­de­bu­le­be­bi­sa da sa­zo­
ga­do­e­bis ka­pi­ta­lis Ri­re­bu­le­bis Se­sa­xeb. am do­ku­men­te­bis Sed­ge­na xel­
mZRva­ne­li or­ga­nos kom­pe­ten­ci­as ga­ne­kuT­vne­ba. xel­mZRva­ne­li or­ga­no
do­ku­men­tTan er­Tad wi­na­da­de­bas wmin­da mo­ge­bis ga­mo­ye­ne­bis Ta­o­ba­ze wa­
rud­gens sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos. es uka­nas­kne­li,
Ta­vis mxriv, val­de­bu­li­a, mo­wo­ne­bis Sem­Txve­va­Si do­ku­men­ta­cia wa­rud­gi­
nos sa­er­To kre­bas mi­si dam­tki­ce­bi­saT­vis; me-2 pun­qti­ve are­gu­li­rebs im
sa­kiTxs, Tu ra xde­ba sa­meT­val­yu­reo sab­Wo­sa da xel­mZRva­nel or­ga­nos
So­ris Se­u­Tan­xmeb­lo­bis Sem­Txve­va­Si. ker­Zod, Tu xel­mZRva­ne­li or­ga­no
da sa­meT­val­yu­reo sab­Wo ver Se­Tan­xmde­bi­an wmin­da mo­ge­bis ga­mo­ye­ne­ba­ze,
maT wmin­da mo­ge­bis ga­mo­ye­ne­bis ori­ve wi­na­da­de­ba un­da ac­no­bon sa­er­To
kre­bas. aseT dros maT eva­le­baT, uz­run­vel­yon ar­se­bul al­ter­na­ti­ul
va­ri­an­tebs So­ris ar­Ce­va­nis ga­ke­Te­ba sa­er­To kre­bis mi­er, am uka­nas­kne­li­
saT­vis sa­ku­Ta­ri po­zi­ci­eb ­ is sa­Ta­na­do da­sa­bu­Te­bis gziT.
Ta­vis mxriv, sa­er­To kre­ba war­dge­ni­li in­for­ma­ci­is gaT­va­lis­wi­ne­biT
wmin­da mo­ge­bis gan­kar­gvas­Tan da­kav­Si­re­biT iRebs ori ga­dawy­ve­ti­le­bi­
dan er­T-erTs. ker­Zod, sa­er­To kre­bis ga­dawy­ve­ti­le­biT Se­iZ­le­ba wmin­da
mo­ge­ba mTli­a­nad an na­wi­lob­riv dar­Ces sa­aq­cio sa­zo­ga­do­eb ­ a­Si da gaT­va­
lis­wi­ne­bul iq­nes axa­li an­ga­ri­Sis dros, an mox­des mi­si mTli­a­nad ga­na­wi­
le­ba.

mux­li 181. sa­aq­cio sa­zo­ga­do­e­ba­Si di­vi­den­dis ga­ce­mis we­si

1. sa­aq­cio sa­zo­ga­do­e­ba uf­le­ba­mo­si­lia Su­a­le­du­ri an wli­u­ri fi­nan­

su­ri Se­de­ge­bis mi­xed­viT, ka­no­niT dad­ge­ni­li we­siT mi­i­Ros gan­Tav­
se­bul aq­ci­eb­ze di­vi­den­dis sa­xiT mo­ge­bis ga­na­wi­le­bis Se­sa­xeb ga­
dawy­ve­ti­le­ba, gar­da im Sem­Txve­vi­sa, ro­de­sac:
a) di­vi­den­dis ga­na­wi­le­bam­de an di­vi­den­dis ga­na­wi­le­bis Se­de­gad sa­
aq­cio sa­zo­ga­do­e­bis bo­lo fi­nan­sur an­ga­riS­ge­ba­Si aR­niS­nu­li wmin­
da aq­ti­vis ode­no­ba iq­ne­ba uf­ro nak­le­bi, vid­re gan­Tav­se­bu­li ka­
pi­ta­lis ode­no­ba da ka­no­niT an wes­de­biT gaT­va­lis­wi­ne­bu­li im re­
zer­ve­bis ode­no­ba, ro­mel­Ta aq­ci­o­ne­reb­ze ga­na­wi­le­ba da­uS­ve­be­li­a;

297
 b) ga­sa­na­wi­le­be­li di­vi­den­dis ode­no­ba aRe­ma­te­ba bo­lo fi­nan­sur
an­ga­riS­ge­ba­Si aR­niS­nul, xo­lo Su­a­le­du­ri di­vi­den­dis Sem­Txve­va­Si
_ bo­lo fi­nan­su­ri an­ga­riS­ge­bis Sed­ge­nis Sem­deg mi­Re­bul, sa­aq­cio
sa­zo­ga­do­e­bis wmin­da mo­ge­bis­Tvis wi­na wle­bis ga­u­na­wi­le­be­li mo­
ge­bi­sa da Ta­vi­su­fa­li re­zer­ve­bi­dan ga­mo­Ta­vi­suf­le­bu­li sax­sre­
bis da­ma­te­biT da wi­na wle­bis da­u­fa­ra­vi za­ra­li­sa da ka­no­niT an
wes­de­biT dad­ge­nil re­zer­veb­Si ga­da­sa­ricxi Tan­xe­bis ga­mok­le­biT
mi­Re­bul ode­no­ba­ze;
g) di­vi­den­dis ga­dax­dis dRis­Tvis an di­vi­den­dis ga­dax­dis Se­de­gad
sa­aq­cio sa­zo­ga­do­e­ba ga­dax­di­su­u­na­ro gax­de­ba an ga­dax­di­su­u­na­ro­
bis sa­SiS­ro­e­bis wi­na­Se dad­ge­ba.
2. Tu gan­Tav­se­bu­li ka­pi­ta­lis mo­uTx­ov­ne­li na­wi­li sa­ba­lan­so do­ku­
men­tSi aR­niS­nul aq­ti­veb­Si mi­Ti­Te­bu­li ar aris, mi­si Ri­re­bu­le­ba
un­da ga­mo­ak­ldes am mux­lis pir­ve­li pun­qtis „a“ qve­pun­qtiT gaT­va­
lis­wi­ne­bul gan­Tav­se­bul ka­pi­tals.
3. di­vi­den­di ga­dax­di­li un­da iq­nes fu­liT, Tu di­vi­den­dis ga­dax­dis
Se­sa­xeb sa­er­To kre­bis ga­dawy­ve­ti­le­biT di­vi­den­dis sxva qo­ne­biT
ga­ce­ma dad­ge­ni­li ar aris.
4. di­vi­den­dis ga­dax­dis (maT So­ris, di­vi­den­dis mo­cu­lo­bi­sa da Ti­
To­e­u­li sa­xis aq­ci­a­ze di­vi­den­dis ga­ce­mis for­mis) Se­sa­xeb ga­dawy­
ve­ti­le­bas iRebs sa­er­To kre­ba. di­vi­den­dis mo­cu­lo­ba ar Se­iZ­le­ba
aRe­ma­te­bo­des sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos mi­er,
xo­lo mar­Tvis mo­nis­tu­ri sis­te­mis Sem­Txve­va­Si _ sa­aq­cio sa­zo­ga­
do­e­bis xel­mZRva­ne­li or­ga­nos mi­er 2/3-is um­rav­le­so­biT mi­Re­bu­li
ga­dawy­ve­ti­le­biT re­ko­men­de­bul ode­no­bas.
5. di­vi­den­dis ga­ce­mis va­da da we­si ga­ni­sazR­vre­ba wes­de­biT an sa­er­To
kre­bis ga­dawy­ve­ti­le­biT. di­vi­den­dis ga­ce­mis va­da ar un­da aRe­ma­
te­bo­des sa­er­To kre­bis mi­er di­vi­den­dis ga­dax­dis Se­sa­xeb ga­dawy­
ve­ti­le­bis mi­Re­bis dRi­dan 6 Tves, Tu wes­de­biT an sa­er­To kre­bis
ga­dawy­ve­ti­le­biT di­vi­den­dis ga­ce­mis uf­ro mci­re va­da ar aris
dad­ge­ni­li.
6. aq­ci­o­ner­ze ga­ce­mu­li di­vi­den­di, ro­mel­sac es aq­ci­o­ne­ri ar mi­i­
Rebs, di­vi­den­dis ga­dax­dis Se­sa­xeb ga­dawy­ve­ti­le­bis mi­Re­bis dRi­
dan 5 wlis Sem­deg un­da ga­uq­mdes da sa­aq­cio sa­zo­ga­do­e­bis­Tvis mi­si
moTx­ov­na da­uS­ve­be­li­a.
7. wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des di­vi­den­dis aq­ci­as­Tan da­kav­Si­
re­bu­li Se­na­ta­nis gan­xor­ci­e­le­bu­li na­wi­lis pro­por­ci­u­lad ga­na­
wi­le­bas.

298
 op­ti­ma­lu­ri di­vi­den­dis po­li­ti­kas sa­aq­cio sa­zo­ga­do­e­bis war­ma­te­bu­
li fun­qci­o­ni­re­bis saq­me­Si ga­dam­wyve­ti ad­gi­li uka­vi­a. ka­no­nis 181-e mux­
li eT­mo­ba qve­ya­na­Si swo­ri di­vi­den­dis po­li­ti­kis dam­kvid­re­bis xel­Sewy­
o­bas. wi­nam­de­ba­re mux­lis far­gleb­Si mo­wes­ri­ge­bu­lia ise­Ti sa­kiTx­e­bi,
ro­go­re­bi­ca­a: di­vi­den­dis ga­ce­mis pe­ri­o­du­lo­ba; ga­mom­ricx­ve­li ga­re­mo­
e­be­bi; di­vi­den­dis for­ma da pro­por­ci­a; ga­dawy­ve­ti­le­bis mi­Re­ba di­vi­den­
dis ga­ce­mis Ta­o­ba­ze da di­vi­den­dis mi­Re­ba.
ga­dawy­ve­ti­le­ba di­vi­den­dis ga­ce­mi­sa da mi­si ode­no­bis Se­sa­xeb Si­da­fi­
nan­sur ga­dawy­ve­ti­le­ba­Ta ricxvs ga­ne­kuT­vne­ba da re­ko­men­de­bu­li­a, mas­Si
ka­non­mdeb­lis Ca­re­vis mas­Sta­bi mi­ni­mu­mam­de iq­nes day­va­ni­li. amis pa­ra­le­
lu­rad, di­vi­den­dis aras­wo­ri po­li­ti­ka Se­saZ­lo­a, sa­zi­a­no aR­moC­ndes ara
mxo­lod sa­zo­ga­do­e­bis cal­ke­ul ­ i aq­ci­o­ne­ris, ara­med uSu­a­lod kor­po­ra­
ci­is, kre­di­to­re­bis da sa­zo­ga­dod baz­ri­saT­vis. ma­ga­li­Tad, ka­non­mdeb­
lis Ca­re­va aq­tu­a­lu­ri xde­ba ma­Sin, ro­de­sac iq­mne­ba aq­ci­o­ne­re­bis mi­er
di­vi­den­dis ga­na­wi­le­bis gziT ope­ri­re­ba­di ka­pi­ta­li­sa­gan sa­aq­cio sa­zo­
ga­do­e­bis dac­lis an sa­aq­cio sa­zo­ga­do­eb ­ is mi­er kre­di­tor­Ta dak­ma­yo­fi­
le­bis Se­saZ­leb­lo­bis mniS­vne­lov­nad Sem­ci­re­bis saf­rTxe. swo­red ami­
tom wi­nam­de­ba­re mux­lis pir­ve­li pun­qti ad­gens im Sem­Txve­vebs, ro­de­sac
da­uS­ve­be­lia mo­ge­bis sa­xiT di­vi­den­dis ga­na­wi­le­ba. ker­Zod:

 di­vi­den­dis ga­na­wi­le­bam­de an ga­na­wi­le­bis Se­de­gad bo­lo fi­nan­

sur an­ga­riS­ge­ba­Si mo­ce­mu­li sa­aq­cio sa­zo­ga­do­eb ­ is wmin­da aq­ti­vis
ode­no­ba nak­le­bi iq­ne­ba, vid­re gan­Tav­se­bu­li ka­pi­ta­lis ode­no­ba
da ka­no­niT an wes­de­biT gaT­va­lis­wi­ne­bu­li is re­zer­ve­bi, ro­mel­Ta
aq­ci­o­ne­reb­ze ga­na­wi­le­ba da­uS­ve­be­li­a, im pi­ro­biT, rom, Tu gan­Tav­
se­bu­li ka­pi­ta­lis mo­uTx­ov­ne­li na­wi­li sa­ba­lan­so do­ku­men­tSi naC­
ve­neb aq­ti­veb­Si mi­Ti­Te­bu­li ara aris, mi­si Ri­re­bu­le­ba un­da ga­mo­
ak­ldes gan­Tav­se­bul ka­pi­tals.
 wli­u­ri di­vi­den­dis Tan­xa me­tia bo­lo fi­nan­sur an­ga­riS­ge­ba­Si mo­
ce­mul, xo­lo Su­a­le­du­ri di­vi­den­dis Sem­Txve­va­Si, bo­lo fi­nan­su­
ri an­ga­riS­ge­bis Sem­dgom mi­Re­bul, sa­aq­cio sa­zo­ga­do­e­bis wmin­da
mo­ge­ba­ze wi­na wle­bis ga­un ­ a­wi­le­be­li mo­ge­bi­sa da Ta­vi­su­fa­li re­
zer­ve­bi­dan ga­mo­Ta­vi­suf­le­bu­li sax­sre­bis da­ma­te­biT da wi­na wle­
bis da­u­fa­ra­vi za­ra­li­sa da ka­no­niT an wes­de­biT dad­ge­nil re­zer­
veb­Si ga­da­sa­ricxi Tan­xe­bis ga­mok­le­biT mi­Re­bul ode­no­ba­ze.
 di­vi­den­dis ga­dax­dis dRis­Tvis an ga­dax­dis Se­de­gad sa­aq­cio sa­zo­
ga­do­e­ba gax­de­ba ga­dax­di­su­u­na­ro, an ga­dax­di­su­u­na­ro­bis saf­rTxis
wi­na­Se aR­moC­nde­ba.

299
 ga­dawy­ve­ti­le­ba di­vi­den­dis ga­dax­dis, di­vi­den­dis mo­cu­lo­bi­sa da Ti­
To­eu ­ ­li sa­xis aq­ci­az
­ e di­vi­den­dis ga­ce­mis for­mis Se­sa­xeb mi­i­Re­ba sa­er­
To kre­bis mi­er. aq­ci­o­ne­re­bi, xSir Sem­Txve­va­Si, ori­en­ti­re­bul­ni ari­an,
mi­i­Ron maq­si­ma­lu­ri Se­mo­sa­va­li mok­le­va­di­an per­speq­ti­va­Si. aR­niS­nu­li,
ro­gorc we­si, wi­na­aR­mde­go­ba­Si mo­dis sa­aq­cio sa­zo­ga­do­e­bis grZel­va­di­a­
ni gan­vi­Ta­re­bis in­te­res­Tan. Se­sa­ba­mi­sad, am or Se­pi­ris­pi­re­bul in­te­ress
So­ris go­niv­ru­li ba­lan­sis miR­we­vis miz­niT, ka­no­niT dgin­de­ba ga­sa­ce­mi
di­vi­den­dis ze­da zRva­ri. ase­Ti ze­da We­ri ga­ni­sazR­vre­ba sa­meT­val­yu­reo
sab­Wos, xo­lo mo­nis­tur sis­te­ma­Si xel­mZRva­ne­li or­ga­nos mi­er, 2/3-is um­
rav­le­so­biT mi­Re­bu­li re­ko­men­de­bu­li ode­no­biT.
di­vi­den­dis ga­dax­dis for­ma fu­li­a. amas­Ta­na­ve, sa­er­To kre­ba uf­le­
ba­mo­si­li­a, mi­i­Ros ga­dawy­ve­ti­le­ba di­vi­den­dis sxva for­miT ga­na­wi­le­bis
Ta­o­ba­ze. di­vi­den­dis ga­dax­dis va­da ar un­da aRe­ma­te­bo­des 6 Tves di­vi­
den­dis ga­na­wi­le­bis Ta­o­ba­ze ga­dawy­ve­ti­le­bis mi­Re­bi­dan. am va­dis gaz­
rda, maT So­ris, wes­de­bi­Tac da­uS­ve­be­li­a. amas­Ta­na­ve, sa­er­To kre­ba sar­
geb­lobs Se­saZ­leb­lo­biT, gan­sazR­vros di­vi­den­dis ga­ce­mis uf­ro mci­re
va­da an sxva we­si. igi­ve sa­kiTxi Se­iZ­le­ba iq­nes mo­wes­ri­ge­bu­li sa­zo­ga­do­
e­bis wes­de­bi­Tac. maT So­ris, wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des di­vi­den­
dis ga­na­wi­le­bas aq­ci­as­Tan da­kav­Si­re­bu­li Se­na­ta­nis gan­xor­ci­e­le­bu­li
na­wi­lis pro­por­ci­u­lad.
ga­ce­mu­li di­vi­den­di, mi­Re­bul un­da iq­nes aq­ci­o­ne­ris mxri­dan. ase­Ti
mi­Re­bis va­dad, ka­no­nis mi­xed­viT gan­sazR­vru­lia 5 we­li. im Sem­Txve­va­Si,
Tu aq­ci­on ­ e­ris mi­er mas­ze ga­ce­mu­li di­vi­den­di ar iq­ne­ba mi­Re­bu­li, di­
vi­den­dis ga­dax­dis Se­sa­xeb ga­dawy­ve­ti­le­bis mi­Re­bi­dan 5 wlis gas­vlis
Sem­deg di­vi­den­di eq­vem­de­ba­re­ba ga­uq­me­bas. Se­sa­ba­mi­sad, aR­niS­nu­li Tan­xa
dab­run­de­ba sa­aq­cio sa­zo­ga­do­e­bis ka­pi­tal­Si, aT­vi­se­bul iq­ne­ba sxva­das­
xva ope­ra­ci­a­Si da sa­zo­ga­do­e­bi­sa­gan mi­si moTx­ov­na aRar da­iS­ve­ba.

mux­li 182. sa­aq­cio sa­zo­ga­do­e­bis or­ga­no­Ta sis­te­ma

1. sa­aq­cio sa­zo­ga­do­e­bis or­ga­no­e­bi­a: sa­er­To kre­ba da xel­mZRva­ne­li

or­ga­no (mar­Tvis mo­nis­tu­ri sis­te­mis ar­Ce­vi­sas) an sa­er­To kre­ba,
sa­meT­val­yu­reo sab­Wo da xel­mZRva­ne­li or­ga­no (mar­Tvis du­a­lis­
tu­ri sis­te­mis ar­Ce­vi­sas).
2. sa­aq­cio sa­zo­ga­do­e­bas Se­iZ­le­ba hqon­des mar­Tvis du­a­lis­tu­ri an
mo­nis­tu­ri sis­te­ma. du­a­lis­tu­ria mar­Tvis sis­te­ma, ro­de­sac sa­
aq­cio sa­zo­ga­do­e­bas, sa­er­To kre­bi­sa da xel­mZRva­ne­li or­ga­nos

300
 gar­da, hyavs sa­meT­val­yu­reo sab­Wo. mo­nis­tu­ria mar­Tvis sis­te­ma,
ro­de­sac sa­aq­cio sa­zo­ga­do­e­bas ar hyavs sa­meT­val­yu­reo sab­Wo.
mar­Tvis sis­te­mis ar­Ce­vis Se­sa­xeb ga­dawy­ve­ti­le­ba mi­i­Re­ba sa­aq­cio
sa­zo­ga­do­e­bis da­fuZ­ne­bi­sas da aRi­niS­ne­ba wes­de­ba­Si. mar­Tvis sis­
te­mis ar­Ce­vis Se­sa­xeb ga­dawy­ve­ti­le­ba Se­iZ­le­ba Se­ic­va­los, Tu mis
Sec­vlas mxars da­u­Wers sa­er­To kre­ba ken­Wis­yra­Si mo­na­wi­le­Ta xme­
bis ara­nak­leb 3/4-iT.
3. Tu sa­aq­cio sa­zo­ga­do­e­ba aris „fa­si­a­ni qa­Ral­de­bis baz­ris Se­sa­xeb“
sa­qar­Tve­los ka­no­niT gan­sazR­vru­li an­ga­riS­val­de­bu­li sa­war­mo,
rom­lis fa­si­a­ni qa­Ral­de­bi sa­vaW­rod aris daS­ve­bu­li sa­fon­do bir­
Ja­ze, an Tu sa­aq­cio sa­zo­ga­do­e­ba sa­qar­Tve­los erov­nu­li ban­kis mi­
er aris li­cen­zi­re­bu­li, sa­val­de­bu­loa ara­nak­leb 3 da ara­u­me­tes
21 wev­ris­gan Sem­dga­ri sa­meT­val­yu­reo sab­Wos Seq­mna.

„me­war­me­Ta Se­sa­xeb“ ka­no­ni iZ­le­va sa­aq­cio sa­zo­ga­do­eb

­ a­Si, ro­gorc er­
Ti ise or­sa­fe­xu­ri­an ­ i kor­po­ra­ci­ul­ i mar­Tvis mo­de­lis ar­se­bo­bis Se­saZ­
leb­lo­bas. kor­po­ra­ci­ul ­ i mar­Tvis erTsa­fe­xi­u­ri­an mo­del­Si vxvde­biT
kor­po­ra­ci­u­li mar­Tvis or or­ga­nos: xel­mZRva­nel or­ga­no­sa da sa­er­To
kre­bas. kor­po­ra­ci­ul ­ i mar­Tvis or­sa­fe­xu­ri­an mo­del­Si er­Tdro­u­lad
ar­se­bobs kor­po­ra­ci­ul ­ i mar­Tvis ori um­niS­vne­lo­va­ne­si or­ga­no _ xel­
mZRva­ne­li or­ga­no da sa­meT­val­yu­reo sab­Wo.
sa­aq­cio sa­zo­ga­do­eb ­ is, er­T-er­Ti Zi­ri­Ta­di ni­Sa­ni aq­ci­o­ner­Ta mkveT­
rad di­ver­si­fi­ci­re­bu­li struq­tu­ra­a, rac ga­mow­ve­u­lia am sa­mar­Tleb­
ri­vi for­mis sa­zo­ga­do­eb ­ is una­riT, ga­na­Tav­sos sa­ku­Ta­ri wi­lob­ri­vi fa­
si­a­ni qa­Ral­de­bi Ria ba­zar­ze. Se­sa­ba­mi­sad, aq­ci­o­ner­Ta struq­tu­ris di­
ver­si­fi­ka­ci­is gaT­va­lis­wi­ne­biT mcir­de­ba in­di­vi­du­a­lu­ri aq­ci­o­ne­ris
Se­saZ­leb­lo­ba efeq­ti­a­ni ze­dam­xed­ve­lo­ba mo­ax­di­nos sa­zo­ga­do­e­bis mar­
Tva­ze. me­tic, fi­nan­su­ri in­Ji­ne­ri­is gan­vi­Ta­re­bis kval­dak­val, Ta­na­med­
ro­ve sam­ya­ro­Si aq­cia sul uf­ro me­tad kar­gavs in­di­vi­du­a­lur xa­si­aTs,
mi­si flo­ba ki xde­ba Su­a­mav­le­bis mTe­li jaW­vis meS­ve­o­biT. am jaW­vSi ki ki­
dev uf­ro rTul­de­ba aq­ci­o­ne­ris Se­saZ­leb­lo­ba uSu­a­lod mi­i­Ros mo­na­wi­
le­o­ba kor­po­ra­ci­ul mar­Tva­Si. ase­ve, aR­niSvnas im­sa­xu­rebs is faq­ti, rom
sa­aq­cio sa­zo­ga­do­e­be­bi, ro­gorc we­si, Car­Tul­ni ari­an fi­nan­sur ba­zar­ze
tran­saq­ci­eb­Si, Se­sa­ba­mi­sad ari­an sxva­das­xva re­gu­la­to­re­bis mi­er dad­ge­
ni­li moTx­ov­ne­bis obi­eq­te­bi da xel­mZRva­nel pi­reb­ze ze­dam­xed­ve­lo­ba
sa­Wi­ro­ebs spe­ci­al­ ur cod­nas.
ze­mo­aR­niS­nu­li prob­le­me­bis ga­da­saW­re­lad, sa­aq­cio sa­zo­ga­do­eb ­ a­Si,
ro­gorc we­si, iq­mne­ba sa­meT­val­yu­reo sab­Wo. im Sem­Txve­va­Si, ro­de­sac sa­

301
zo­ga­do­eb­ is aq­ci­o­ner­Ta struq­tu­ra mkveT­ra­daa di­ver­si­fi­ci­re­bu­li,
sa­meT­val­yu­reo sab­Wos ar­se­bo­ba am­ci­rebs xel­mZRva­ne­li pi­re­bis saq­mi­
a­no­bis ze­dam­xed­ve­lo­bis xar­jebs. ase­ve, pro­fe­si­u­li da re­pu­ta­ci­u­li
niS­niT da­kom­pleq­te­bu­li sa­meT­val­yu­reo sab­Wo zrdis ze­dam­xed­ve­lo­bis
efeq­ti­a­no­bas.
ga­dawy­ve­ti­le­ba mar­Tvis sis­te­mis ar­Ce­vis Se­sa­xeb mi­i­Re­ba sa­aq­cio sa­
zo­ga­do­eb­ is da­fuZ­ne­bi­sas da aRi­niS­ne­ba sa­aq­cio sa­zo­ga­do­e­bis wes­de­ba­
Si. amas­Ta­na­ve, mog­vi­a­ne­biT kor­po­ra­ci­u­li mar­Tvis mo­de­li Se­iZ­le­ba Se­
ic­va­los, Tu Sec­vlas mxars da­u­Wers sa­er­To kre­ba­ze ken­Wis­yra­Si mo­na­wi­
le xma­Ta ara­nak­leb 3/4.

mux­li 183. sa­aq­cio sa­zo­ga­do­e­bis wli­u­ri da rig­ga­re­Se sa­er­To kre­be­bi

1. sa­er­To kre­ba mo­iw­ve­va ka­no­ni­Ta da wes­de­biT gaT­va­lis­wi­ne­bul Sem­

Txve­veb­Si.
2. sa­aq­cio sa­zo­ga­do­e­bis wli­u­ri sa­er­To kre­ba tar­de­ba wes­de­biT
gan­sazR­vrul va­da­Si, mag­ram sa­me­ur­neo wlis das­ru­le­bi­dan ara­ug­
vi­a­nes 3 Tvi­sa.

sa­aq­cio sa­zo­ga­do­e­bis wli­ur ­ i sa­er­To kre­ba aris kor­po­ra­ci­ul mar­

Tva­Si aq­ci­o­ne­re­bis pir­da­pi­ri mo­na­wi­le­o­bis um­Tav­re­si in­stru­men­ti.
gan­sa­kuT­re­biT did sa­aq­cio sa­zo­ga­do­e­beb­Si, ro­gorc we­si, es aris is er­
Ta­der­Ti fo­ru­mi, sa­dac aq­ci­o­ne­rebs eZ­le­vaT Se­saZ­leb­lo­ba, top­me­nej­
men­tis uSu­a­lo Car­Tu­lo­biT gan­sazR­vros sa­zo­ga­do­e­bis gan­vi­Ta­re­bis
stra­te­gi­a. ka­no­nis 183-e mux­li aq­ci­o­ner­Ta sa­er­To kre­bis mow­ve­vis zo­
gad sa­ka­non­mdeb­lo sa­fuZ­vels qmnis.
sa­aq­cio sa­zo­ga­do­e­bis sa­er­To kre­ba Se­iZ­le­ba iyos mo­ri­gi an rig­ga­re­
Se. mo­ri­gi sa­er­To kre­ba tar­de­ba wes­de­biT gan­sazR­vrul va­deb­Si, ro­me­
lic ar un­da aRe­ma­te­bo­des sa­me­ur­neo wlis dam­Tav­re­bi­dan 3 Tves. ami­sa­
gan gan­sxva­ve­biT, rig­ga­re­Se kre­ba mo­iw­ve­va mxo­lod spe­ci­a­lur Sem­Txve­
veb­Si. sa­aq­cio sa­zo­ga­do­e­ba­Si, ro­me­lic aq­ci­o­ner­Ta struq­tu­ris ma­Ra­
li di­ver­si­fi­ka­ci­iT xa­si­aT­de­ba, yo­vel­dRi­u­ri saq­mi­a­no­ba wa­ri­mar­Te­ba
xel­mZRva­ne­li or­ga­nos mi­er, xo­lo xel­mZRva­ne­li or­ga­nos mi­er sa­ku­Ta­ri
fun­qci­eb ­ is sa­zo­ga­do­e­bis sa­uk
­ e­Te­so in­te­re­se­bis Se­sa­ba­mi­sad gan­xor­
ci­e­le­bi­saT­vis ar­se­bobs ka­no­niT dad­ge­ni­li ri­gi me­qa­niz­me­bi sa­meT­val­
yu­reo sab­Wos Seq­mnis da an­ga­riS­val­de­bu­le­bis uz­run­vel­myo­fi im­pe­ra­
ti­u­li ka­no­nis­mi­er
­ i moTx­ov­ne­bis sa­xiT. Se­sa­ba­mi­sad, rig­ga­re­Se sa­er­To

302
kre­bis mow­ve­vis sa­Wi­ro­eb­ a iS­vi­aT Sem­Txve­veb­Si ar­se­bobs. Tum­ca sa­ga­mo­
nak­li­so Sem­Txve­veb­Si, ka­no­ni iZ­le­va Se­saZ­leb­lo­bas, sa­zo­ga­do­e­bis aq­ci­
o­ne­reb­ma, xel­mZRva­nel­ma or­ga­nom da sa­meT­val­yu­reo sab­Wos wev­reb­ma mo­
iw­vi­on rig­ga­re­Se sa­er­To kre­ba.

mux­li 184. sa­er­To kre­bis kom­pe­ten­cia

1. sa­er­To kre­ba iRebs ga­dawy­ve­ti­le­bebs am ka­no­ni­Ta da wes­de­biT sa­

er­To kre­bis kom­pe­ten­ci­is­Tvis mi­kuT­vne­bul sa­kiTx­eb­ze, maT So­ris:
a) wes­de­ba­Si cvli­le­bis Se­ta­nis Se­sa­xeb, wes­de­bis axa­li re­daq­ci­is
mi­Re­bis Se­sa­xeb;
b) am ka­no­nis me-5 mux­lis me-6 pun­qtiT gaT­va­lis­wi­ne­bul sa­kiTx­eb­
ze; g) sa­aq­cio sa­zo­ga­do­e­bis mar­Tvis sis­te­mis (mo­nis­tu­ri an du­a­
lis­tu­ri) Sec­vlis Se­sa­xeb;
d) sa­aq­cio sa­zo­ga­do­e­bis re­or­ga­ni­za­ci­is Se­sa­xeb;
e) sa­aq­cio sa­zo­ga­do­e­bis daS­lis, lik­vi­da­to­ris da­niS­vnis, Su­a­le­
du­ri da sa­bo­loo sa­lik­vi­da­cio ba­lan­se­bis dam­tki­ce­bis Se­sa­xeb;
v) sa­aq­cio sa­zo­ga­do­e­bis mi­er aq­ci­a­Ta ga­mos­yid­vis ne­bar­Tvis ga­ce­
mis Se­sa­xeb;
z) gan­Tav­se­bu­li ka­pi­ta­lis cvli­le­bis Se­sa­xeb;
T) sa­meT­val­yu­reo sab­Wos (mar­Tvis du­a­lis­tu­ri sis­te­mis Sem­
Txve­va­Si) an xel­mZRva­ne­li or­ga­nos (mar­Tvis mo­nis­tu­ri sis­te­mis
Sem­Txve­va­Si) Se­mad­gen­lo­bis, wev­re­bis ra­o­de­no­bis, ma­Ti ar­Ce­vis,
va­dam­de ga­mow­ve­vis, anazR­a­u­re­bis ode­no­bi­sa da struq­tu­ris gan­
sazR­vris Se­sa­xeb;
i) sa­aq­cio sa­zo­ga­do­e­bis au­di­tis an­ga­ri­Sis dam­tki­ce­bi­sa da au­di­
tis gan­ma­xor­ci­e­le­be­li pi­ris Ser­Ce­vis Se­sa­xeb;
k) fi­nan­su­ri an­ga­ri­Sis dam­tki­ce­bi­sa da di­vi­den­dis ga­na­wi­le­bis Se­
sa­xeb;
l) sa­er­To kre­bis mim­di­na­re­o­bis we­sis dad­ge­ni­sa da xmis dam­Tvle­
li ko­mi­si­is ar­Ce­vis Se­sa­xeb;
m) sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos­/pi­re­bis da sa­aq­
cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­re­bis wi­na­aR­mdeg mim­
di­na­re sa­sa­mar­Tlo pro­ces­Si mo­na­wi­le­o­bis Se­sa­xeb, maT So­ris, aR­
niS­nu­li pro­ce­sis­Tvis war­mo­mad­gen­lis da­niS­vnis Ta­o­ba­ze;
n) Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li, sa­aq­cio sa­zo­
ga­do­e­bis mi­er im qo­ne­bis Se­Ze­nis, gas­xvi­se­bis, gac­vlis (er­Tma­neT­

303
 Tan da­kav­Si­re­bu­li ga­ri­ge­be­bis) an sxvag­va­rad dat­vir­Tvis Se­sa­xeb,
rom­lis Ri­re­bu­le­ba sa­aq­cio sa­zo­ga­do­e­bis aq­ti­ve­bis sa­ba­lan­so
Ri­re­bu­le­bis na­xe­var­ze mets Se­ad­gens, gar­da ise­Ti ga­ri­ge­bi­sa, ro­
me­lic Cve­u­leb­riv sa­war­moo saq­mi­a­no­bas exe­ba;
o) aq­ci­a­Ta ra­o­de­no­bis, no­mi­na­lu­ri Ri­re­bu­le­bis, kla­se­bi­sa da
maT­Tan da­kav­Si­re­bu­li uf­le­be­bis gan­sazR­vris Se­sa­xeb;
p) aq­ci­a­Ta no­mi­na­lu­ri Ri­re­bu­le­bis cvli­le­bis an da­ma­te­bi­Ti aq­
ci­e­bis gan­Tav­se­bis Se­sa­xeb;
J) am ka­no­niT an wes­de­biT gaT­va­lis­wi­ne­bul ga­ri­ge­ba­ze Tan­xmo­bis
ga­ce­mis Se­sa­xeb;
r) sxva iu­ri­di­u­li pi­ris da­fuZ­ne­bis an wi­lob­ri­vi mo­na­wi­le­o­bis Se­sa­xeb;
s) xel­mZRva­nel pir­Ta anazR­a­u­re­bis for­mi­sa da ode­no­bis gan­sazR­
vris Se­sa­xeb.
2. wes­de­biT an sa­er­To kre­bis ga­dawy­ve­ti­le­biT am mux­lis pir­ve­li
pun­qtis „o“ _ „s“ qve­pun­qte­biT gaT­va­lis­wi­ne­bul sa­kiTx­eb­ze ga­dawy­
ve­ti­le­be­bis mi­Re­bis uf­le­ba­mo­si­le­ba Se­iZ­le­ba ga­da­e­ces sa­aq­cio
sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos an xel­mZRva­nel or­ga­nos.
3. sa­er­To kre­bas ar aqvs uf­le­ba, mi­i­Ros ga­dawy­ve­ti­le­be­bi im sa­kiTx­eb­
ze, rom­le­bic sxva or­ga­no­e­bis kom­pe­ten­ci­as ga­ne­kuT­vne­ba, gar­da im
Sem­Txve­ve­bi­sa, ro­de­sac es or­ga­no­e­bi sa­er­To kre­bas ma­Ti kom­pe­ten­
ci­is­Tvis mi­kuT­vne­bu­li sa­kiTx­is ga­dawy­ve­tis Txov­niT mi­mar­Ta­ven.

aq­ci­o­ne­ri­saT­vis sa­er­To kre­ba­ze xmis uf­le­ba aris sa­zo­ga­do­e­bis mar­

Tvas­Tan da­ma­kav­Si­re­be­li Zi­ri­Ta­di ar­xi da Ta­vi­si in­ves­ti­ci­is dac­vis um­
Tav­re­si in­stru­men­ti. ka­no­nis 184-e mux­li eT­mo­ba aq­ci­o­ne­ris mi­er xmis
uf­le­bis re­a­li­za­ci­is er­Ta­derT pir­da­pir ber­kets, aq­ci­o­ner­Ta sa­er­To
kre­bas. wi­nam­de­ba­re mux­lis far­gleb­Si war­mod­ge­ni­lia aq­ci­o­ner­Ta sa­
er­To kre­bis kom­pe­ten­ci­as mi­kuT­vne­bu­li sa­kiTx­e­bis sru­li ka­ta­lo­gi,
ase­ve, war­mod­ge­ni­lia de­bu­le­be­bi sa­er­To kre­ba­sa da sa­zo­ga­do­e­bis kor­
po­ra­ci­u­li mar­Tvis sxva Zi­ri­Tad su­bi­eq­tebs So­ris kom­pe­ten­ci­a­Ta da­na­
wi­le­bis Ta­o­ba­ze.
sa­er­To kre­bis kom­pe­ten­cia or jgu­fad Se­iZ­le­ba iq­nes kla­si­fi­ci­re­
bu­li: er­Ti _ esaa ka­non­Si sa­er­To kre­bis kom­pe­ten­ci­as pir­da­pir mi­kuT­
vne­bu­li sa­kiTx­e­bi da me­o­re _ am­gvar sa­kiTx­ebs miR­ma, sa­zo­ga­do­e­bis wes­
de­biT sa­er­To kre­bis kom­pe­ten­ci­as mi­kuT­vne­bu­li sa­kiTx­e­bi. amas­Ta­na­ve,
sa­er­To kre­bas uf­le­ba ar aqvs, mi­iR ­ os ga­dawy­ve­ti­le­be­bi im sa­kiTx­eb­ze,
rom­le­bic ga­ne­kuT­vne­ba sxva or­ga­no­eb ­ is uf­le­ba­mo­si­le­bas, gar­da im Sem­
Txve­ve­bi­sa, ro­ca es or­ga­no­eb ­ i Txov­niT mi­mar­Ta­ven sa­er­To kre­bas maT

304
kom­pe­ten­ci­as mi­kuT­vne­bu­li sa­kiTx­is ga­da­sawy­ve­tad. kom­pe­ten­ci­a­Ta am­
gva­ri da­na­wi­le­ba qmnis uf­le­ba­mo­si­li su­bi­eq­tis (Zi­ri­Ta­dad xel­mZRva­
ne­li or­ga­nos) moq­me­de­bis Ta­vi­suf­le­bas sa­ku­Ta­ri cod­ni­sa da una­re­bis
far­gleb­Si ga­na­xor­ci­e­los Ta­vi­si uf­le­ba­mo­si­le­be­bi, uz­run­vel­yofs
kor­po­ra­ci­u­li mar­Tvis su­bi­eq­tTa So­ris ur­Ti­er­Tba­lanss, pa­su­xis­mge­
be­li su­bi­eq­tis mar­tiv iden­ti­fi­ci­re­bas da mTli­a­no­ba­Si ga­na­pi­ro­bebs
efeq­ti­an kor­po­ra­ci­ul mar­Tvas.
sa­er­To kre­bis mow­ve­va da Ca­ta­re­ba sak­ma­od Zvi­ri pro­duq­ti­a, ro­gorc
pir­da­pi­ri fi­nan­su­ri, ise, sxva re­sur­se­bis Tval­saz­ri­siT. Se­sa­ba­mi­sad,
zo­gi­erT Sem­Txve­va­Si Se­saZ­le­be­li­a, uf­ro efeq­tu­ri iyos cal­ke­ul sa­
kiTx­eb­ze (aq­ci­a­Ta ra­o­de­no­bis, no­mi­na­lu­ri Ri­re­bu­le­bis, kla­se­bi­sa da
maT­Tan da­kav­Si­re­bu­li uf­le­be­bis gan­sazR­vra; aq­ci­a­Ta no­mi­na­lu­ri Ri­
re­bu­le­bis cvli­le­ba an da­ma­te­bi­Ti aq­ci­e­bis gan­Tav­se­ba; ka­no­niT an wes­
de­biT gaT­va­lis­wi­ne­bul ga­ri­ge­beb­ze Tan­xmo­bis ga­ce­ma; sxva iu­ri­di­u­li
pi­re­bis da­fuZ­ne­bis an wi­lob­ri­vi mo­na­wi­le­o­bis Se­sa­xeb ga­dawy­ve­ti­le­be­
bis mi­Re­ba; xel­mZRva­ne­li pi­ris anazR­a­u­re­bis for­mi­sa da ode­no­bis dad­
ge­na), ga­dawy­ve­ti­le­bis mi­Re­bis uf­le­ba­mo­si­le­bis sxva, Se­da­re­biT mci­re
zo­mis or­ga­no­saT­vis ga­da­ce­ma. amis gaT­va­lis­wi­ne­biT, wi­nam­de­ba­re mux­li
uS­vebs Se­saZ­leb­lo­bas, wes­de­biT an sa­er­To kre­bis ga­dawy­ve­ti­le­biT aq­
ci­o­ner­Ta sa­er­To kre­bis kom­pe­ten­ci­as mi­kuT­vne­bul cal­ke­ul (ka­no­niT
pir­da­pir gan­sazR­vrul) sa­kiTx­eb­ze ga­dawy­ve­ti­le­bis mi­Re­bis uf­le­ba­mo­
si­le­ba ga­da­ec
­ es sa­meT­val­yu­reo sab­Wos an xel­mZRva­ne­li or­ga­nos.

mux­li 185. ga­we­u­li mu­Sa­o­bis mo­wo­ne­ba

1. wli­u­ri an­ga­ri­Sis, wli­u­ri ba­lan­si­sa da mo­ge­bis ga­na­wi­le­bis Se­

sa­xeb ga­dawy­ve­ti­le­bis dam­tki­ce­bi­sas mo­ri­gi sa­er­To kre­ba iRebs
ga­dawy­ve­ti­le­bas sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos da
xel­mZRva­ne­li or­ga­nos mi­er wlis gan­mav­lo­ba­Si ga­we­u­li mu­Sa­o­bis
mo­wo­ne­bis Ta­o­ba­ze. sa­er­To kre­bis ga­dawy­ve­ti­le­biT an xmis uf­le­
bis mqo­ne aq­ci­e­bis 10 pro­cen­tis mflo­be­li aq­ci­o­ne­re­bis moTx­ov­
niT sa­meT­val­yu­reo sab­Wos cal­ke­u­li wev­re­bi­sa da cal­ke­u­li xel­
mZRva­ne­li pi­re­bis mi­er ga­we­u­li mu­Sa­o­bis mo­wo­ne­bis­Tvis cal­ke
ken­Wis­yra tar­de­ba.
2. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos da xel­mZRva­ne­li
or­ga­nos mi­er ga­we­u­li mu­Sa­o­bis mo­wo­ne­ba maT ar aTa­vi­suf­lebs sa­
aq­cio sa­zo­ga­do­e­bis wi­na­Se zi­a­nis anazR­a­u­re­bis val­de­bu­le­bis­gan.

305
 xel­mZRva­ne­li pi­re­bi­sa da sa­meT­val­yu­reo sab­Wos wev­re­bis mi­er sa­ku­
Ta­ri saq­mi­a­no­bis gan­xor­ci­el ­ e­bas­Tan da­kav­Si­re­bu­li da­ve­bis Sem­ci­re­bi­
saT­vis mniS­vne­lo­va­ni in­stru­men­tia sa­er­To kre­bis mi­er am or­ga­no­Ta ga­
we­u­li mu­Sa­o­bis mo­wo­ne­ba. amas­Ta­na­ve, sa­aq­cio sa­zo­ga­do­e­bis Sem­Txve­va­Si
es in­sti­tu­ti ka­no­nis zo­gad na­wil­Si Ca­mo­ya­li­be­bu­li msgav­si in­sti­tu­
ti­sa­gan gan­sxva­ve­bu­li­a. sa­aq­cio sa­zo­ga­do­e­be­bi, ro­gorc we­si, fi­nan­su­
ri baz­re­bis aq­ti­ur ­ i mo­na­wi­le­eb
­ i ari­an. Se­sa­ba­mi­sad, sa­zo­ga­do­e­bis fi­
nan­su­ri do­ku­men­ta­cia gan­sa­kuT­re­biT kom­pleq­su­ri xa­si­a­Ti­sa­a. kom­pleq­
su­ro­bi­dan ga­mom­di­na­re „sa­er­To kre­bis­Tvis war­dge­ni­li do­ku­men­te­bi­sa
da mi­wo­de­bu­li in­for­ma­ci­is gul­mod­gi­ned Se­mow­me­bis“ zo­gad na­wil­Si
dad­ge­ni­li stan­dar­ti ver iq­ne­ba sak­ma­ri­si, vi­na­i­dan, sa­kiTx­is Ses­wav­la
mo­iTx­ovs spe­ci­a­lur cod­nas. Se­sa­ba­mi­sad, mo­wo­ne­bi­saT­vis mniS­vne­lo­va­
ni sa­mar­Tleb­rivi Se­de­ge­bis da­kav­Si­re­bis Sem­Txve­va­Si, aq­ci­o­ne­ri da­mo­ki­
de­bu­li gax­de­ba spe­ci­a­lu­ri cod­nis mqo­ne pi­ris da­qi­ra­ve­ba­ze an dar­Ce­ba
cod­nis da­ba­li stan­dar­tiT. ase­ve, sa­zo­ga­do­e­bis aq­ci­o­ner­Ta mkveT­rad
di­ver­si­fi­ci­re­bu­li struq­tu­ri­dan ga­mom­di­na­re, sa­Wi­roa xel­mZRva­ne­li
pi­re­bis pa­su­xis­mgeb­lo­bis ma­Ra­li stan­dar­tis da­we­se­ba da mi­no­ri­ta­ri
aq­ci­o­ne­re­bis dac­vis ma­Ral stan­dar­tis dad­ge­na. am yve­laf­ris gaT­va­
lis­wi­ne­biT ga­we­ul ­ i mu­Sa­o­bis mo­wo­ne­ba ar aTa­vi­suf­lebs sa­meT­val­yu­
reo sab­Wo­sa da xel­mZRva­nel or­ga­nos sa­aq­cio sa­zo­ga­do­e­bis wi­na­Se zi­a­
nis anazR­a­u­re­bis val­de­bu­le­bi­sa­gan.
ase­Ti mo­wo­ne­bis Zi­ri­Ta­di mi­za­ni Tav­da­pir­vel etap­ze saq­mi­a­no­biT kma­
yo­fi­le­bis dek­la­ri­re­ba­a, ra­mac, er­Ti mxriv, un­da uz­run­vel­yos kor­po­
ra­ci­u­li mar­Tvis or­ga­no­ebs So­ris in­for­mi­re­bu­lo­bis zrda, vi­na­i­dan,
aq­ci­o­ners ma­inc uC­nde­ba gar­kve­ul ­ i ara­pir­da­pi­ri „val­de­bu­le­ba“ ga­ec­
nos xel­mZRva­ne­li pi­re­bis saq­mi­a­no­bas, rad­gan mas ma­inc uwevs sa­ku­Ta­ri
po­zi­ci­is da­fiq­si­re­ba, ra­sac Sem­dgom­Si da­vis war­mo­So­bis Sem­Txve­va­Si
Se­saZ­le­be­lia hqon­des mtki­ce­bu­le­bi­Ti xa­si­a­Ti. me­o­re mxriv, aR­niS­nu­li
ma­inc am­ci­rebs po­ten­ci­ur ­ i da­ve­bis risks, maT So­ris, mo­wo­ne­bis mtki­ce­
bu­le­bad ga­mo­ye­ne­bis Se­saZ­leb­lo­bis ga­mo.
sa­er­To kre­bis mi­er sa­meT­val­yu­reo sab­Wos da xel­mZRva­ne­li or­ga­nos
mu­Sa­o­bis mo­wo­ne­ba xde­ba wli­ur ­ i an­ga­ri­Sis, wli­u­ri ba­lan­si­sa da mo­ge­bis
ga­na­wi­le­bis Se­sa­xeb ga­dawy­ve­ti­le­bis dam­tki­ce­bis pa­ra­le­lu­rad. amas­
Ta­na­ve, ka­no­ni iZ­le­va ara mxo­lod ko­leq­ti­u­ri, ara­med in­di­vi­du­a­lu­ri
Se­fa­se­bis Se­saZ­leb­lo­ba­sac. ker­Zod, sa­er­To kre­bis ga­dawy­ve­ti­le­biT an
xmis uf­le­bis mqo­ne aq­ci­aT ­ a 10%-is mflo­bel aq­ci­o­ner­Ta moTx­ov­niT, sa­
meT­val­yu­reo sab­Wo­sa da xel­mZRva­ne­li or­ga­nos cal­ke­u­li wev­ris ga­we­u­
li mu­Sa­o­bis mo­wo­ne­ba Se­iZ­le­ba mox­des cal­ke ken­Wis­yriT.

306
mux­li 186. sa­er­To kre­bis mow­ve­vis we­si

1. kre­bas iw­vevs sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no. ka­no­ni

an wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des ag­reT­ve sa­er­To kre­bis sxva
pi­re­bis mi­er mow­ve­vas.
2. Tu sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no ar as­ru­lebs Ta­
vis mo­va­le­o­bas da ar iw­vevs sa­er­To kre­bas, sa­aq­cio sa­zo­ga­do­e­bis
sa­meT­val­yu­reo sab­Wo val­de­bu­lia mo­iw­vi­os sa­er­To kre­ba.
3. kre­bis mow­ve­vis Se­sa­xeb ga­dawy­ve­ti­le­ba mi­i­Re­ba ken­Wis­yra­Si mo­na­
wi­le­Ta xme­bis um­rav­le­so­biT, ris Ta­o­ba­ze­dac dge­ba sxdo­mis oq­mi.
sxdo­mis oq­mSi un­da aRi­niS­nos, aris Tu ara sa­er­To kre­ba mow­ve­u­li
aq­ci­o­ner­Ta ini­ci­a­ti­viT.
4. sa­er­To kre­bis mow­ve­vis, mom­za­de­bi­sa da Ca­ta­re­bis xar­je­bi ekis­re­
ba sa­aq­cio sa­zo­ga­do­e­bas.

sa­er­To kre­bis mow­ve­vis pro­ce­du­ru­li uz­run­vel­yo­fa aq­ci­o­ne­ris

mi­er Ta­vi­si uf­le­ba­mo­si­le­bis gan­xor­ci­e­le­bis qva­kuTx­e­di­a. ka­no­nis
186-e mux­li eT­mo­ba aq­ci­on ­ er­Ta sa­er­To kre­bis for­ma­lu­ri mxa­ris sa­ka­
non­mdeb­lo reg­la­men­ta­ci­as. wi­nam­de­ba­re mux­lis far­gleb­Si mo­wes­ri­ge­
bu­lia ise­Ti sa­kiTx­e­bi, ro­go­re­bi­ca­a: sa­er­To kre­bis mow­ve­va­ze pa­su­xis­
mge­be­li or­ga­no­e­bi, ga­dawy­ve­ti­le­bis mi­Re­ba kre­bis mow­ve­vis Ta­o­ba­ze da
kre­bis ga­mar­Tvis xar­je­bi.
ka­no­nis mi­xed­viT, sa­aq­cio sa­zo­ga­do­e­bis xar­jiT aq­ci­o­ner­Ta sa­er­To
kre­bis mow­ve­va­ze pa­su­xis­mge­be­lia xel­mZRva­ne­li or­ga­no. am we­si­dan ar­se­
bobs ori ga­mo­nak­li­si: upir­ve­les yov­li­sa, ka­no­ni ic­nobs ara­erT Se­saZ­
leb­lo­bas, ro­de­sac aq­ci­o­ner­Ta sa­er­To kre­ba mo­iw­ve­va sxva pi­ris (aq­ci­o­
ner­Ta 5%; sa­meT­val­yu­reo sab­Wo) mi­er. amis pa­ra­le­lu­rad, Se­saZ­le­be­lia
kon­kre­tu­li su­bi­eq­tis aR­Wur­va sa­er­To kre­bis mow­ve­vis Se­saZ­leb­lo­biT,
wes­de­ba­Si Se­sa­ba­mi­si Ca­na­we­ris ga­ke­Te­bis gziT.
sa­er­To kre­bis mow­ve­vis mi­ze­zi Se­saZ­le­be­li­a, ukav­Sir­de­bo­des kor­po­
ra­ci­u­li mar­Tvi­sas war­mo­So­bil prob­le­ma­ti­kas. aseT Sem­Txve­va­Si, xel­
mZRva­ne­li or­ga­no Se­saZ­le­be­li­a, Tavs ari­deb­des sa­er­To kre­bis mow­ve­
vas. msgav­si kri­zi­su­li mdgo­ma­re­o­bis Ta­vi­dan aci­le­bis miz­niT, ka­no­ni
iT­va­lis­wi­nebs sa­meT­val­yu­reo sab­Wos mi­er sa­er­To kre­bis mow­ve­vis Se­saZ­
leb­lo­bas. ga­dawy­ve­ti­le­ba kre­bis mow­ve­vis Se­sa­xeb sa­meT­val­yu­reo sab­
Wos mi­er mi­i­Re­ba ken­Wis­yra­Si mo­na­wi­le xma­Ta ub­ra­lo um­rav­le­so­biT, ris
Se­sa­xe­bac dge­ba sxdo­mis oq­mi. sxdo­mis oq­mSi un­da aRi­niS­nos, xde­ba Tu
ara sa­er­To kre­bis mow­ve­va aq­ci­o­ner­Ta ini­ci­a­ti­viT.

307
mux­li 187. sa­er­To kre­bis mow­ve­va aq­ci­o­ne­ris­/aq­ci­o­ne­re­bis moTx­ov­niT

1. au­ci­leb­lo­bis Sem­Txve­va­Si sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li

or­ga­no val­de­bu­lia ka­pi­ta­lis sul mci­re 5 pro­cen­tis mflo­be­li
aq­ci­o­ne­ris­/aq­ci­o­ne­re­bis (aq­ci­o­ner­Ta jgu­fis) we­ri­lo­bi­Ti moTx­
ov­nis sa­fuZ­vel­ze, am moTx­ov­nis mi­Re­bi­dan 10 dRis va­da­Si ga­mo­aq­
vey­nos ga­dawy­ve­ti­le­ba sa­er­To kre­bis mow­ve­vis Se­sa­xeb.
2. sa­er­To kre­bis mow­ve­vis Se­sa­xeb aq­ci­o­ne­ris­/aq­ci­o­ne­re­bis we­ri­lo­
biT moTx­ov­na­Si mi­Ti­Te­bu­li un­da iyos sa­er­To kre­bis mow­ve­vis au­
ci­leb­lo­ba, mi­za­ni da mi­ze­zi, ag­reT­ve mi­si dRis wes­ri­gi, ro­mel­
Sic asa­xu­lia aq­ci­o­ne­ris­/aq­ci­o­ne­re­bis mi­er moTx­ov­ni­li yve­la sa­
kiTx­i. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel or­ga­nos uf­le­ba aqvs,
sa­er­To kre­bis dRis wes­rig­Si da­a­ma­tos sa­kiTx­e­bi.
3. Tu sa­er­To kre­bis mow­ve­vis Se­sa­xeb aq­ci­o­ne­re­bis moTx­ov­na ar dak­
ma­yo­fil­de­ba, aR­niS­nul aq­ci­o­ner­Ta gan­cxa­de­bis sa­fuZ­vel­ze sa­
sa­mar­Tlos Se­uZ­lia gan­mcxa­de­bel aq­ci­o­ne­rebs mi­a­ni­Wos sa­er­To
kre­bis mow­ve­vis uf­le­ba­mo­si­le­ba da da­niS­nos sa­er­To kre­bis Tav­
mjdo­ma­re.
4. rig­ga­re­Se sa­er­To kre­bis mow­ve­vis, mom­za­de­bi­sa da Ca­ta­re­bis xar­
je­bi ekis­re­ba sa­aq­cio sa­zo­ga­do­e­bas.

ka­no­nis 186-e mux­li gan­sazR­vravs sa­er­To kre­bis mow­ve­vis zo­gad wess.

am wes­Si mi­Ti­Te­bu­li­a, rom sa­er­To kre­bis mow­ve­vis uf­le­ba­mo­si­le­ba aqvs
sa­zo­ga­do­eb­ is xel­mZRva­nel or­ga­nos. amas­Tan, mi­Ti­Te­bu­li­a, rom ka­no­niT
gaT­va­lis­wi­ne­bul Sem­Txve­veb­Si sa­er­To kre­ba Se­saZ­le­be­li­a, mow­ve­ul iq­
nes sxva pir­Ta mi­er. ka­no­nis 187-e mux­li iT­va­lis­wi­nebs swo­red aseT ga­
mo­nak­liss.
aq­ci­on
­ er­ma­/aq­ci­o­ner­Ta jguf­ma Tav­da­pir­vel etap­ze kre­bis mow­ve­
vis moTx­ov­niT un­da mi­mar­Tos kre­bis mow­ve­vis uf­le­ba­mo­si­le­bis mqo­ne
or­ga­nos _ xel­mZRva­nel or­ga­nos. au­ci­leb­lo­bis Sem­Txve­va­Si, sa­aq­cio
sa­zo­ga­do­e­bis xar­je­biT, ka­pi­ta­lis, sul mci­re, 5%-is mflo­be­li aq­ci­
o­ne­ris­/aq­ci­o­ner­Ta jgu­fis we­ri­lo­bi­Ti moTx­ov­nis sa­fuZ­vel­ze xel­
mZRva­ne­li or­ga­no val­de­bu­li­a, moTx­ov­nis mi­Re­bi­dan 10 dRis va­da­Si
ga­mo­aq­vey­nos ga­dawy­ve­ti­le­ba sa­er­To kre­bis mow­ve­vis Se­sa­xeb. aseT Sem­
Txve­va­Si sa­yu­radR­e­bo­a, rom kre­bis mow­ve­va ar aris da­mo­ki­de­bu­li aq­ci­
a­Ta klas­ze.
ro­gorc we­si, kri­zi­su­li mdgo­ma­re­o­bi­sas rig­ga­re­Se sa­er­To kre­bis
mow­ve­va Ta­vad xel­mZRva­ne­li or­ga­nos in­te­re­si­a. Tum­ca zo­gi­erT Sem­

308
Txve­va­Si xel­mZRva­ne­li or­ga­no ara mxo­lod Ta­vi­si ini­ci­a­ti­viT ar iw­vevs
sa­er­To kre­bas, ara­med ar as­ru­leb­dnen aq­ci­o­ner­Ta moTx­ov­na­sac sa­er­To
kre­bis mow­ve­vis Ta­o­ba­ze. aR­niS­nu­lis mi­ze­zi er­Ti mxriv, Se­iZ­le­ba iyos
pa­su­xis­mgeb­lo­bis Ta­vi­dan aci­le­bis mcde­lo­ba, me­o­re mxriv ki Se­saZ­le­
be­li­a, xel­mZRva­ne­li or­ga­no obi­eq­tu­rad mi­iC­nev­des, rom ar ar­se­bobs
sa­er­To kre­bis mow­ve­vis au­ci­leb­lo­ba. Tum­ca, ro­gorc ar un­da iyos xel­
mZRva­ne­li or­ga­nos mo­ti­va­ci­a, aq­ci­o­ne­rebs Ta­vad eni­We­baT ro­gorc kre­
bis mow­ve­vis, ise mi­si Tav­mjdo­ma­ris gan­sazR­vris Se­saZ­leb­lo­ba, ri­Tac
uz­run­vel­yo­fi­li iq­ne­ba aq­ci­o­ne­re­bis mi­er kor­po­ra­ci­u­li mar­Tvis mniS­
vne­lo­van sa­kiTx­eb­ze sa­ku­Ta­ri po­zi­ci­e­bis da­fiq­si­re­bis Se­saZ­leb­lo­ba.
amas­Ta­na­ve, ase­Ti uf­le­biT bo­ro­tad sar­geb­lo­bis Ta­vi­dan aci­le­bis miz­
niT, ka­no­niT Se­mo­ta­ni­lia sa­sa­mar­Tlo kon­tro­li, ker­Zod, sa­sa­mar­Tlos
Tan­xmo­bis me­qa­niz­mi.
wi­nam­de­ba­re mux­lis me-2 pun­qti aq­ci­o­ner­Ta sa­er­To kre­bis aq­ci­o­ne­re­
bis mi­er mow­ve­vis pro­ce­du­ris efeq­ti­a­nad war­mar­Tvis miz­niT, de­ta­lu­
rad gan­sazR­vravs im Si­na­arss, ra­sac kre­bis Ca­ta­re­bis Ta­o­ba­ze aq­ci­o­ne­
ris moTx­ov­na un­da Se­ic ­ av­des. ker­Zod, moTx­ov­na­Si un­da ai­sa­xos kre­bis
mow­ve­vis au­ci­leb­lo­ba, mi­za­ni, mi­ze­ze­bi da dRis wes­ri­gi, ro­mel­Sic asa­
xu­li un­da iyos am aq­ci­o­ne­ris­/aq­ci­o­ner­Ta jgu­fis mi­er moTx­ov­ni­li yve­
la sa­kiTx­i. amas­Ta­na­ve, xel­mZRva­nel or­ga­nos eni­We­ba uf­le­ba, da­a­ma­tos
dRis wes­ri­gis sa­kiTx­eb ­ i.

mux­li 188. sa­er­To kre­bis mom­za­de­ba

1. sa­er­To kre­bis mom­za­de­bi­sas sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel­ma

or­ga­nom un­da ga­dawy­vi­tos Sem­de­gi sa­kiTx­e­bi:
a) sa­er­To kre­bis Ca­ta­re­bis Ta­ri­Ri da ad­gi­li;
b) sa­er­To kre­bis Ca­ta­re­bi­sa da xmis mi­ce­mis for­me­bi;
g) sa­er­To kre­bis dRis wes­ri­gi;
d) sa­er­To kre­bis da­niS­vnis Se­sa­xeb aq­ci­o­ne­re­bis­Tvis Sety­o­bi­ne­
bis for­ma;
e) aq­ci­o­ne­re­bis­Tvis ga­da­sa­ce­mi ma­sa­le­bis nus­xa da am ma­sa­le­bis ga­
da­ce­mis we­si;
v) sa­er­To kre­bis sa­aR­ricx­vo dRe.
2. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no val­de­bu­lia ga­dawy­
vi­tos sa­er­To kre­bis Ca­ta­re­bis­Tvis au­ci­le­be­li yve­la or­ga­ni­za­
ci­u­li sa­kiTx­i.

309
 sa­er­To kre­bis mow­ve­vi­sa da Ca­ta­re­bis uz­run­vel­yo­fa xel­mZRva­ne­li
or­ga­nos kom­pe­ten­ci­a­a. ka­no­nis 188-e mux­li gan­sazR­vravs im sa­kiTx­Ta
nus­xas, ro­me­lic ga­dawy­ve­til un­da iq­nes kre­bis mow­ve­vam­de. upir­ve­les
yov­li­sa, sa­er­To kre­bis mom­za­de­bi­sas xel­mZRva­nel­ma or­ga­nom, gar­da
or­ga­ni­za­ci­ul
­ i sa­kiTx­e­bi­sa, un­da ga­dawy­vi­tos kre­bis Ca­ta­re­bis Ta­ri­
Ri, ro­me­lic Se­sa­ba­mi­sad un­da iyos Tan­xved­ra­Si ka­no­nis mo­ri­gi/­rig­ga­
re­Se sa­er­To kre­bis mow­ve­vis­Tvis dad­ge­nil moTx­ov­neb­Tan. ase­ve, kre­bis
mow­ve­vis kon­teq­stSi xel­mZRva­ne­li or­ga­no ko­le­gi­u­rad iRebs ga­dawy­ve­
ti­le­bas sa­er­To kre­bis ga­mar­Tvis ad­gil­Tan, kre­bis Ca­ta­re­bi­sa da xmis
mi­ce­mis for­mas­Tan, sa­er­To kre­bis dRis wes­rig­Tan, sa­er­To kre­bis da­
niS­vnis Se­sa­xeb aq­ci­o­ne­re­bis­Tvis Sety­o­bi­ne­bis for­mas­Tan, kre­ba­Si mo­
na­wi­le­o­bis sa­aR­ricx­vo dRes­Tan, aq­ci­on ­ er­TaT­vis mi­sa­wo­de­be­li ma­sa­le­
bis nus­xa­sa da am ma­sa­le­bis ga­da­ce­mis wes­Tan da­kav­Si­re­biT. Ti­To­e­ul am
sa­kiTx­Tan da­kav­Si­re­biT ka­no­nis spe­ci­a­lur mux­leb­Si mo­ce­mu­lia Se­sa­
ba­mi­si de­ta­lu­ri re­gu­li­re­be­bi. aqe­dan ga­mom­di­na­re, wi­nam­de­ba­re nor­
ma zo­ga­di xa­si­a­Ti­saa da am sa­kiTx­Si xel­mZRva­ne­li or­ga­nos dis­kre­ci­is
far­gle­bi ume­tes­wi­lad SezR­u­du­lia swo­red ze­mo­aR­niS­nu­li spe­ci­a­lu­
ri nor­me­biT.

mux­li 189. Sety­o­bi­ne­ba sa­er­To kre­bis mow­ve­vis Se­sa­xeb

1. sa­er­To kre­bis mow­ve­vis Se­sa­xeb ga­dawy­ve­ti­le­ba un­da ga­moq­vey­ndes

ma­re­gis­tri­re­be­li or­ga­nos eleq­tro­nul por­tal­ze sa­er­To kre­
bis Ca­ta­re­bis Ta­ri­Ram­de sul mci­re 21 dRiT ad­re.
2. sa­er­To kre­bis mow­ve­vis Se­sa­xeb ga­dawy­ve­ti­le­ba qvey­nde­ba ag­reT­ve
sa­aq­cio sa­zo­ga­do­e­bis veb­gver­dze (ar­se­bo­bis Sem­Txve­va­Si).
3. yo­ve­li mom­dev­no sa­er­To kre­ba Se­iZ­le­ba mow­ve­ul iq­nes am mux­lis
pir­ve­li pun­qtiT gan­sazR­vrul mi­ni­ma­lur va­da­ze ad­re, Tu sa­er­
To kre­ba mo­iw­ve­va pir­ve­li sa­er­To kre­bis mow­ve­vis­Tvis moTx­ov­
ni­li kvo­ru­mis arar­se­bo­bis ga­mo, pir­ve­li sa­er­To kre­ba mow­ve­ul
iq­na sa­qar­Tve­los ka­non­mdeb­lo­biT dad­ge­ni­li we­siT da mis dRis
wes­rig­Si da­ma­te­bu­li ar aris sa­kiTx­i. am Sem­Txve­va­Si bo­lo sa­er­
To kre­bi­sa da mom­dev­no sa­er­To kre­bis Ta­ri­Rebs So­ris sul mci­re
10-dRi­a­ni Su­a­le­di un­da iyos.
4. sa­er­To kre­bis mow­ve­vis Se­sa­xeb ga­moq­vey­ne­bu­li in­for­ma­ci­is sis­
wo­ri­sa da mi­si xel­mi­saw­vdo­mo­bis uz­run­vel­yo­fis­Tvis pa­su­xis­
mgeb­lo­ba ekis­re­ba sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel or­ga­nos.

310
5. sa­er­To kre­bis mow­ve­vis Se­sa­xeb ga­moq­vey­ne­bu­li in­for­ma­cia un­da
Se­i­cav­des sul mci­re Sem­deg mo­na­ce­mebs:
a) sa­aq­cio sa­zo­ga­do­e­bis sa­fir­mo sa­xel­wo­de­ba­sa da iu­ri­di­ul mi­
sa­marTs;
b) sa­er­To kre­bis Ca­ta­re­bis ad­gils, Ta­riR­sa da dros;
g) aR­niS­vnas, mo­ri­gi sa­er­To kre­ba tar­de­ba Tu rig­ga­re­Se;
d) sa­er­To kre­bis sa­aR­ricx­vo dRes da mi­Ti­Te­bas, rom sa­er­To kre­
ba­Si mo­na­wi­le­o­bi­sa da xmis mi­ce­mis uf­le­ba aqvT mxo­lod im pi­rebs,
rom­le­bic sa­aR­ricx­vo dRes aq­ci­o­ne­re­bad iricx­e­bi­an;
e) sa­er­To kre­bis dRis wes­rigs.
6. sa­aq­cio sa­zo­ga­do­e­bis veb­gver­dze, ro­me­lic aris „fa­si­a­ni qa­Ral­
de­bis baz­ris Se­sa­xeb“ sa­qar­Tve­los ka­no­niT gan­sazR­vru­li an­ga­
riS­val­de­bu­li sa­war­mo, rom­lis fa­si­a­ni qa­Ral­de­bi sa­vaW­rod aris
daS­ve­bu­li sa­fon­do bir­Ja­ze, sa­er­To kre­bis Ca­ta­re­bam­de ara­nak­
leb 21-dRi­an uwy­vet pe­ri­od­Si, xo­lo am mux­lis me-3 pun­qtiT gaT­va­
lis­wi­ne­bul Sem­Txve­va­Si _ Se­sa­ba­mi­sad Sem­ci­re­bul va­da­Si, ag­reT­ve
sa­er­To kre­bis Ca­ta­re­bis dRes aq­ci­o­ne­re­bis­Tvis, am mux­liT gaT­
va­lis­wi­ne­bu­li sxva mo­na­ce­me­bis gar­da, da­ma­te­biT xel­mi­saw­vdo­mi
un­da iyos sul mci­re Sem­de­gi in­for­ma­ci­a:
a) am mux­liT gaT­va­lis­wi­ne­bu­li Sety­o­bi­ne­ba sa­er­To kre­bis mow­ve­
vis Se­sa­xeb;
b) in­for­ma­cia sa­er­To kre­bis mow­ve­vis Ta­ri­Ris­Tvis aq­ci­a­Ta sa­er­
To ra­o­de­no­bi­sa da xme­bis Se­sa­xeb (maT So­ris, in­for­ma­cia Ti­To­e­u­
li kla­sis aq­ci­a­Ta sa­er­To ra­o­de­no­bis Ta­o­ba­ze, Tu sa­aq­cio sa­zo­
ga­do­e­bis ka­pi­ta­li da­yo­fi­lia ori an or­ze me­ti kla­sis aq­ci­e­bad);
g) sa­er­To kre­bis­Tvis war­sad­ge­ni do­ku­men­te­bi;
d) mi­sa­Re­bi ga­dawy­ve­ti­le­bis pro­eq­ti, xo­lo mi­si arar­se­bo­bis Sem­
Txve­va­Si _ sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos ko­men­ta­
ri sa­er­To kre­bis dRis wes­ri­giT gaT­va­lis­wi­ne­bul Ti­To­e­ul sa­
kiTx­ze, ag­reT­ve am ka­no­nis 191-e mux­lis pir­ve­li pun­qtis Ta­nax­mad
aq­ci­o­ne­re­bis mi­er war­mod­ge­ni­li ga­dawy­ve­ti­le­be­bis pro­eq­te­bi,
rom­le­bic sa­aq­cio sa­zo­ga­do­e­bam un­da ga­na­Tav­sos Ta­vis veb­gver­
dze am ga­dawy­ve­ti­le­be­bis mi­Re­bi­dan go­niv­rul va­da­Si;
e) sa­Wi­ro­e­bis Sem­Txve­va­Si, xmis war­mo­mad­gen­lis meS­ve­o­biT da we­ri­
lo­biT mi­ce­mis for­me­bi, gar­da im Sem­Txve­vi­sa, ro­de­sac es for­me­bi
Ti­To­e­ul aq­ci­o­ners pi­ra­dad eg­zav­ne­ba;

311
 v) im pro­ce­du­ris zus­ti aR­we­ra, ro­me­lic un­da ga­i­a­ros aq­ci­o­ner­
ma sa­er­To kre­ba­Si mo­na­wi­le­o­bi­sa da xmis mi­ce­mis­Tvis, maT So­ris:
a) am ka­no­nis 191-e mux­liT gaT­va­lis­wi­ne­bu­li uf­le­be­bi, Tu
am uf­le­be­biT sar­geb­lo­ba Se­saZ­le­be­lia sa­er­To kre­bis mow­
ve­vis Se­sa­xeb Sety­o­bi­ne­bis Sem­deg, ama­ve ka­no­nis 202-e mux­lis
moTx­ov­ne­bi­sa da aR­niS­nu­li uf­le­be­bis­Tvis dad­ge­ni­li va­de­bis
gaT­va­lis­wi­ne­biT;
b) war­mo­mad­gen­lis mi­er xmis mi­ce­mis pro­ce­du­ra, ker­Zod,
xmis mi­ce­mis for­ma da war­mo­mad­gen­lis da­niS­vnis Se­sa­xeb Sety­o­
bi­ne­bis sa­aq­cio sa­zo­ga­do­e­bis mi­er eleq­tro­nu­li for­miT mi­Re­
bis Se­saZ­leb­lo­ba;
g) am ka­no­nis 194-e mux­lis me-2 pun­qtiT gaT­va­lis­wi­ne­bul Sem­
Txve­va­Si aq­ci­o­ne­ris mi­er xmis we­ri­lo­biT an eleq­tro­nu­li ko­
mu­ni­ka­ci­is sa­Su­a­le­biT mi­ce­mis pro­ce­du­ra;
z) sa­er­To kre­bis ma­sa­le­bis sru­lad gac­no­bis ad­gi­li da pi­ro­be­bi.
7. Tu am mux­lis me-6 pun­qtis „e“ qve­pun­qtiT gaT­va­lis­wi­ne­bu­li xmis
mi­ce­mis for­me­bi sa­aq­cio sa­zo­ga­do­e­bis veb­gver­dze teq­ni­ku­ri mi­
ze­ze­bis ga­mo xel­mi­saw­vdo­mi ar aris, sa­aq­cio sa­zo­ga­do­e­bam un­da
mi­u­Ti­Tos ma­Ti ma­te­ri­a­lu­ri for­miT xel­mi­saw­vdo­mo­bis Se­sa­xeb.
aq­ci­o­ne­ris moTx­ov­nis Sem­Txve­va­Si sa­aq­cio sa­zo­ga­do­e­bam es for­
me­bi mas fos­tiT ufa­sod un­da ga­ug­zav­nos.

sa­er­To kre­bis mow­ve­vis for­ma­lu­ri mxa­ris dac­va uz­run­vel­yofs ga­u­

geb­ro­be­bis Ta­vi­dan aci­le­bas da yve­la aq­ci­o­ne­ris Se­saZ­leb­lo­bas ga­mo­
i­ye­nos kor­po­ra­ci­ul mar­Tva­Si Ta­vi­si Zi­ri­Ta­di in­stru­men­ti. Se­sa­ba­mi­
sad, for­ma­lur pi­ro­ba­Ta ka­no­nis­/wes­de­bis dar­Rve­viT gan­xor­ci­e­le­ba sa­
er­To kre­bas ara­le­gi­ti­murs xdis. am­gva­ri pi­ro­be­bis dac­vas gan­sa­kuT­re­
bu­li mniS­vne­lo­ba eni­We­ba ev­ro­kav­Si­ris sa­mar­Tal­Sic. ker­Zod, am sa­kiTxs
eT­mo­ba ev­ro­kav­Si­ris 2007/36 di­req­ti­va. es di­req­ti­va, Ta­vis mxriv, aris
aso­ci­re­bis Se­Tan­xme­bis na­wi­li da di­req­ti­vis moTx­ov­ne­bi sa­er­To kre­bis
mow­ve­vas­Tan da­kav­Si­re­biT gad­mo­ta­ni­lia ka­no­nis 189-e mux­lSi. wi­nam­de­ba­
re mux­lSi mo­wes­ri­ge­bu­lia ise­Ti sa­kiTx­e­bi, ro­go­re­bi­ca­a: sa­er­To kre­bis
mow­ve­vis Ta­o­ba­ze Sety­o­bi­ne­ba da mi­si Si­na­ar­si, ase­ve, aq­ci­o­ne­re­bi­saT­vis
mi­sa­wo­de­be­li in­for­ma­cia da do­ku­men­ta­ci­a.
sa­er­To kre­bis mow­ve­va­ze uf­le­ba­mo­si­li su­bi­eq­ti, ro­mel­sac, imav­
dro­u­lad, ga­moq­vey­ne­bu­li in­for­ma­ci­is sis­wo­ri­sa da xel­mi­saw­vdo­mo­bis
uz­run­vel­yo­fa­ze ekis­re­ba pa­su­xis­mgeb­lo­ba, aris xel­mZRva­ne­li or­ga­no.
kre­bis mow­ve­vis Ta­o­ba­ze ga­dawy­ve­ti­le­bas sa­zo­ga­do­e­bis xel­mZRva­ne­li

312
or­ga­no aq­vey­nebs kre­bis Ca­ta­re­bam­de, sul co­ta, 21 dRiT ad­re ma­re­gis­
tri­re­be­li or­ga­nos por­tal­ze da ase­Tis ar­se­bo­bis Sem­Txve­va­Si, sa­aq­cio
sa­zo­ga­do­e­bis ofi­ci­a­lur veb­gver­dze. 21-dRi­a­ni va­di­dan ga­mo­nak­li­si
da­iS­ve­ba mxo­lod im Sem­Txve­va­Si, Tu sa­er­To kre­ba mo­iw­ve­va pir­ve­li mow­
ve­viT Ca­sa­ta­re­be­li sa­er­To kre­bi­saT­vis moTx­ov­ni­li kvo­ru­mis arar­se­
bo­bis ga­mo. aseT Sem­Txve­va­Si, sa­zo­ga­do­e­bis efeq­tu­rad fun­qci­o­ni­re­bis
in­te­re­si­dan ga­mom­di­na­re, Sety­o­bi­ne­ba­sa da kre­bis Ta­riRs So­ris Se­saZ­
le­be­lia 10-dRi­a­ni Su­a­le­dis ar­se­bo­ba.
uSu­a­lod Sety­ob ­ i­ne­ba sa­er­To kre­bis mow­ve­vis Se­sa­xeb, ro­gorc we­
si, Za­li­an mSra­li da for­ma­lu­ri xa­si­a­Ti­sa­a. wi­nam­de­ba­re mux­li sa­er­
To kre­bis mow­ve­vis rek­vi­zi­tebs or na­wi­lad yofs me-5 da me-6 pun­qteb­
Si. ker­Zod, me-5 pun­qtSi mi­Ti­Te­bu­lia kre­bis mow­ve­vis is rek­vi­zi­te­bi,
rom­le­bic au­ci­le­be­lia kre­bis mo­na­wi­le­TaT­vis da kre­bis Si­na­ar­sis
gan­sa­sazR­vra­vad, ase­ve, mi­si Ca­ta­re­bis dro­i­sa da ad­gi­lis iden­ti­fi­ci­
re­bi­saT­vis. da­ma­te­biT, me-6 pun­qti ad­gens im moTx­ov­nebs, rom­le­bic uk­
ve Se­e­xe­ba im sa­aq­cio sa­zo­ga­do­e­bas, ro­me­lic aris „fa­si­a­ni qa­Ral­de­bis
baz­ris Se­sa­xeb“ sa­qar­Tve­los ka­no­niT gan­sazR­vru­li an­ga­riS­val­de­bu­li
sa­war­mo, rom­lis fa­si­an ­ i qa­Ral­de­bi sa­vaW­rod aris daS­ve­bu­li sa­fon­do
bir­Ja­ze. aseT Sem­Txve­va­Si, kre­bis mow­ve­vi­sas mi­sa­Ti­Te­be­li in­for­ma­ci­is
nus­xa ga­ci­le­biT far­Toa da, gar­kve­u­li Tval­saz­ri­siT, ata­rebs sa­xel­
mZRva­ne­lo xa­si­aTs aq­ci­o­ne­ris mi­er sa­ku­Ta­ri uf­le­ba­mo­si­le­bis gan­sa­
xor­ci­e­leb­lad.

mux­li 190. sa­er­To kre­bis ma­sa­le­bis gac­no­ba

1. sa­er­To kre­bis dRis wes­ri­gis ma­sa­le­bi un­da Se­i­cav­des ga­dawy­ve­ti­

le­bis mi­sa­Re­bad sa­Wi­ro yve­la in­for­ma­ci­as.
2. Tu sa­er­To kre­bis dRis wes­ri­giT gaT­va­lis­wi­ne­bu­lia wes­de­bis Sec­
vla an mi­si axa­li re­daq­ci­is mi­Re­ba, cvli­le­bis an axa­li re­daq­ci­is
teq­sti un­da ga­moq­vey­ndes sa­er­To kre­bis mow­ve­vis Se­sa­xeb in­for­
ma­ci­as­Tan er­Tad, gar­da im Sem­Txve­vi­sa, ro­de­sac es do­ku­men­ta­cia
yve­la aq­ci­o­ners pi­ra­dad eg­zav­ne­ba.
3. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no da sa­meT­val­yu­reo
sab­Wo val­de­bu­li ari­an ga­mo­aq­vey­non sa­er­To kre­bis dRis wes­ri­
giT gaT­va­lis­wi­ne­bul sa­kiTx­eb­ze maT mi­er mom­za­de­bu­li ga­dawy­
ve­ti­le­be­bis pro­eq­te­bi da mi­u­Ti­Ton am ga­dawy­ve­ti­le­be­bis sa­fuZ­
vle­bi.

313
 sa­aq­cio sa­zo­ga­do­e­bis sa­er­To kre­ba­ze aq­ci­o­ne­ris mi­er Ta­vi­si uf­le­
ba­mo­si­le­be­bis je­rov­nad gan­xor­ci­e­le­ba pir­da­pi­raa da­kav­Si­re­bu­li aq­
ci­o­ne­ris in­for­mi­re­bu­lo­bis xa­ris­xTan. sa­er­To kre­bis dRis wes­ri­gi da
mas­Si asa­xu­li in­for­ma­ci­is ar­se­bo­ba, kre­bis ma­sa­le­bis gac­no­bis uz­run­
vel­yo­fis ga­re­Se, azrs da­kar­gav­da. swo­red ami­tom ka­no­nis 190-e mux­li
eT­mo­ba aq­ci­o­ne­ris uf­le­bas, ga­ec­nos dRis wes­ri­gis ma­sa­lebs.
ka­no­ni de­ta­lu­rad ar gan­sazR­vravs, ra ma­sa­lebs un­da Se­i­cav­des sa­
er­To kre­bis dRis wes­ri­gi, imis gaT­va­lis­wi­ne­biT, rom, in­di­vi­du­a­lu­ri
Sem­Txve­ve­bi­dan ga­mom­di­na­re, aseT in­for­ma­ci­a­Ta speq­tri wi­nas­war ar
aris gan­sazR­vra­di. Se­sa­ba­mi­sad, kre­bis mow­ve­va­ze pa­su­xis­mge­bel or­
ga­nos ud­gin­de­ba zo­ga­di val­de­bu­le­ba, uz­run­vel­yos dRis wes­rig­Si
yve­la sa­Wi­ro in­for­ma­ci­is asax­va. amas­Ta­na­ve, xel­mZRva­ne­li or­ga­no da
sa­meT­val­yu­reo sab­Wo Tav­Ta­vi­si kom­pe­ten­ci­is far­gleb­Si val­de­bul­ni
ari­an, dRis wes­ri­giT gaT­va­lis­wi­ne­bul sa­kiTx­eb­ze ga­mo­aq­vey­non maT mi­
er mom­za­de­bu­li ga­dawy­ve­ti­le­bis pro­eq­ti da mi­u­Ti­Ton am ga­dawy­ve­ti­
le­bis sa­fuZ­vleb­ze.
ka­no­ni ase­ve, de­ta­lu­rad gan­sazR­vravs spe­ci­al ­ ur moTx­ov­nebs sa­zo­
ga­do­e­bis sa­er­To kre­ba­ze wes­de­bis cvli­le­bis sa­kiTx­is gan­xil­vis Sem­
Txve­va­Si. ker­Zod, Tu sa­er­To kre­bis dRis wes­ri­giT gaT­va­lis­wi­ne­bu­lia
wes­de­bis Sec­vla an mi­si axa­li re­daq­ci­is mi­Re­ba, cvli­le­bis teq­sti an axa­
li re­daq­cia un­da ga­moq­vey­ndes sa­er­To kre­bis mow­ve­vis Se­sa­xeb in­for­
ma­ci­as­Tan er­Tad, gar­da im Sem­Txve­vi­sa, ro­de­sac es do­ku­men­ta­cia yve­la
aq­ci­o­ners pi­ra­dad eg­zav­ne­ba.

mux­li 191. sa­er­To kre­bis dRis wes­rig­Si sa­kiTx­e­bis da­ma­te­bi­sa da

mi­sa­Re­bi ga­dawy­ve­ti­le­bis pro­eq­tis war­dge­nis uf­le­be­bi

1. ka­pi­ta­lis sul mci­re 5 pro­cen­tis mflo­bel aq­ci­o­ner­s/aq­ci­o­ner­

Ta jgufs uf­le­ba aqvs, sa­er­To kre­bis Ca­ta­re­bis Ta­ri­Ram­de 14
dRiT ad­re we­ri­lo­biT mi­mar­Tos sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­
nel or­ga­nos da:
a) mo­iTx­o­vos sa­er­To kre­bis dRis wes­rig­Si sa­kiTx­e­bis da­ma­te­ba da
Ti­To­e­ul sa­kiTxs da­ur­Tos Se­sa­ba­mi­si da­sa­bu­Te­ba an mi­sa­Re­bi ga­
dawy­ve­ti­le­bis pro­eq­ti;
b) wa­rad­gi­nos sa­er­To kre­bis dRis wes­ri­giT gaT­va­lis­wi­ne­bul an
ga­saT­va­lis­wi­ne­bel sa­kiTx­eb­ze mi­sa­Re­bi ga­dawy­ve­ti­le­be­bis pro­eq­
te­bi da da­sa­bu­Te­ba.

314
2. Tu am mux­lis pir­ve­li pun­qtis „a“ qve­pun­qtiT gaT­va­lis­wi­ne­bu­li
Sem­Txve­va iw­vevs sa­er­To kre­bis im dRis wes­rig­Si cvli­le­bis Se­ta­
nas, ro­me­lic uk­ve mi­e­wo­da aq­ci­o­ne­rebs, sa­aq­cio sa­zo­ga­do­e­ba val­
de­bu­lia aq­ci­o­ne­rebs sa­er­To kre­bis sa­aR­ricx­vo dRem­de mi­a­wo­dos
ga­nax­le­bu­li dRis wes­ri­gi am ka­no­nis 189-e mux­lis pir­ve­li da me-2
pun­qte­biT dad­ge­ni­li we­siT. Tu sa­er­To kre­bis ga­nax­le­bu­li dRis
wes­ri­gis aq­ci­o­ne­re­bis­Tvis mi­wo­de­bis val­de­bu­le­ba sa­aR­ricx­vo
dRis Sem­deg war­mo­i­So­ba, igi mi­wo­de­bu­li un­da iq­nes sa­er­To kre­bis
Ca­ta­re­bam­de go­niv­ru­li va­diT ad­re, ra­Ta aq­ci­o­ne­rebs sa­Su­a­le­ba
hqon­deT, da­niS­non war­mo­mad­gen­le­bi an xma mis­cen we­ri­lo­biT.
3. xmis uf­le­bis mqo­ne aq­ci­a­Ta sul mci­re 5 pro­cen­tis mflo­bel aq­
ci­o­ner­s/aq­ci­o­ner­Ta jgufs uf­le­ba aqvs, wa­rad­gi­nos sa­aq­cio sa­
zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­rad, xo­lo mar­Tvis mo­nis­
tu­ri sis­te­mis Sem­Txve­va­Si _ sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li
or­ga­nos wev­rad asar­Cev pir­Ta kan­di­da­tu­re­bi, Tu igi rig­ga­re­Se
sa­er­To kre­bis Ca­ta­re­bis dRem­de sul mci­re 14 dRiT ad­re wa­rud­
gens sa­Ta­na­do gan­cxa­de­bas­/wi­na­da­de­bas xel­mZRva­nel or­ga­nos. es
wi­na­da­de­ba un­da Se­i­cav­des aR­niS­nu­li kan­di­da­te­bis­Tvis ka­no­niT
dad­ge­nil sa­i­den­ti­fi­ka­cio mo­na­ce­mebs.
4. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel­ma or­ga­nom Se­Ta­va­ze­bu­li sa­
kiTxi Se­sa­ba­mi­si gan­cxa­de­bis mi­Re­bi­dan 5 dRis va­da­Si un­da Se­i­ta­
nos sa­er­To kre­bis dRis wes­rig­Si, gar­da im Sem­Txve­vi­sa, ro­de­sac
dar­Rve­u­lia gan­cxa­de­bis war­dge­nis va­da an sa­kiTxi ar ga­ne­kuT­vne­
ba sa­er­To kre­bis kom­pe­ten­ci­as. sa­er­To kre­bis dRis wes­rig­Si Se­
sa­ta­ni cvli­le­bis, ag­reT­ve aq­ci­o­ne­ris mi­er war­dge­ni­li ga­dawy­ve­
ti­le­bis pro­eq­tis mi­marT Se­sa­ba­mis Sem­Txve­va­Si ga­mo­i­ye­ne­ba ga­moq­
vey­ne­bis Se­sa­xeb am ka­no­nis 189-e mux­liT dad­ge­ni­li we­se­bi.
5. sa­er­To kre­bis dRis wes­rig­Si sa­kiTx­is Se­ta­nis Se­sa­xeb aq­ci­o­ner­Ta
gan­cxa­de­ba­ze sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos ua­ri
Se­iZ­le­ba ga­sa­Civ­rdes sa­sa­mar­Tlo­Si. sa­sa­mar­Tlos Se­uZ­lia gan­
mcxa­de­bel aq­ci­o­ne­rebs mi­a­ni­Wos Se­sa­ba­mi­si in­for­ma­ci­is ga­moq­vey­
ne­biT dRis wes­rig­Si sa­kiTx­is da­ma­te­bis uf­le­ba­mo­si­le­ba. Se­sa­ba­
mi­si sar­Ce­lis dak­ma­yo­fi­le­bis Sem­Txve­va­Si sa­sa­mar­Tlos xar­je­bi
ekis­re­ba sa­aq­cio sa­zo­ga­do­e­bas.
6. sa­er­To kre­bis dRis wes­ri­gi sa­er­To kre­ba­ze Se­iZ­le­ba Se­ic­va­los
mxo­lod im Sem­Txve­va­Si, Tu am kre­bas yve­la aq­ci­o­ne­ri es­wre­ba. sa­
er­To kre­bis dRis wes­rig­Si aR­niS­nu­li moTx­ov­nis dar­Rve­viT Se­ta­
nil sa­kiTx­ze mi­Re­bu­li ga­dawy­ve­ti­le­ba ba­Ti­li­a.

315
 sa­er­To kre­ba aq­ci­o­ner­Ta Zi­ri­Ta­di da praq­ti­ku­lad er­Ta­der­Ti Se­saZ­
leb­lo­ba­a, uSu­al ­ o mo­na­wi­le­o­ba mi­iR ­ on sa­zo­ga­do­e­bis mar­Tva­Si da da­ic­
van sa­ku­Ta­ri in­ves­ti­ci­a. Se­sa­ba­mi­sad, ka­no­nis 191-e mux­li iT­va­lis­wi­nebs
aq­ci­o­ne­ris uf­le­bas, da­a­ma­tos dRis wes­ri­gis sa­kiTx­e­bi da war­mo­ad­gi­nos
mi­sa­Re­bi ga­dawy­ve­ti­le­bis pro­eq­te­bi.
Cve­u­leb­riv, sa­er­To kre­ba un­da mim­di­na­re­ob­des Sem­de­gi dRis wes­ri­
giT: (I) mi­sa­sal­me­be­li sity­va; (II) wli­u­ri an­ga­ri­Se­bis gan­xil­va; (III) wli­u­
ri an­ga­ri­Sis mi­Re­ba; (IV) wli­u­ri ba­lan­sis gan­xil­va; wli­u­ri ba­lan­sis mi­
Re­ba; (V) au­di­to­re­bis ar­Ce­va; (VI) pi­re­bis ar­Ce­va kom­pe­ten­ci­is far­gleb­
Si; (VII) Su­am­dgom­lo­be­bi (Tu isi­ni ar exe­ba ze­mo­aR­niS­nul sa­kiTx­ebs); (VIII)
sxva da­ma­te­bi­Ti sa­kiTx­eb ­ i; (IX) Se­ma­ja­me­be­li sity­ve­bi.
dRis wes­rig­Si sa­kiTx­eb ­ is da­ma­te­bi­sa da mi­sa­Re­bi ga­dawy­ve­ti­le­bis
pro­eq­te­bis war­dge­nis uf­le­biT aR­Wur­vi­lia ka­pi­ta­lis, sul mci­re, 5%-
is mflo­be­li aq­ci­o­ne­ri­/aq­ci­o­ner­Ta jgu­fi. aq­ci­o­ner­ma am uf­le­bis re­a­
li­ze­bi­saT­vis we­ri­lo­bi­Ti for­miT, sul mci­re, 14 dRiT ad­re un­da mi­mar­
Tos kre­bis mow­ve­vis uz­run­vel­myof or­ga­nos. mi­mar­Tvis Sem­dgom aq­ci­o­
ners uf­le­ba aqvs, mo­iTx­o­vos an Ta­vad wa­rad­gi­nos sa­er­To kre­bis dRis
wes­ri­giT gaT­va­lis­wi­ne­bul an ga­saT­va­lis­wi­ne­bel sa­kiTx­eb­ze mi­sa­Re­bi
ga­dawy­ve­ti­le­bis pro­eq­te­bi da da­sa­bu­Te­ba.
ka­no­nis mi­xed­viT, im sa­aq­cio sa­zo­ga­do­e­bis veb­gver­dze, rom­lis fa­si­
a­ni qa­Ral­de­bic sa­vaW­rod daS­ve­bu­lia sa­fon­do bir­Ja­ze, sa­er­To kre­bis
dRis wes­rigs da­er­Tvis aq­ci­o­ne­re­bis mi­er war­mod­ge­ni­li ga­dawy­ve­ti­
le­bis pro­eq­te­bi. Tu aq­ci­o­ne­ris mi­er war­dge­ni­lia aR­niS­nu­li do­ku­men­
ta­ci­a, ma­Sin xel­mZRva­ne­li or­ga­no val­de­bu­li­a, sa­aR­ricx­vo dRem­de mi­
a­wo­dos aq­ci­on ­ e­rebs ga­nax­le­bu­li dRis wes­ri­gi. Tu ga­nax­le­bu­li dRis
wes­ri­gis mi­wo­de­bis val­de­bu­le­ba war­mo­i­So­ba sa­aR­ricx­vo dRis Sem­dgom,
mi­si mi­wo­de­ba un­da mox­des sa­er­To kre­bis Ca­ta­re­bam­de go­niv­ru­li va­diT
ad­re, ra­Ta aq­ci­o­ne­rebs sa­Su­a­le­ba mi­e­ceT, da­niS­non war­mo­mad­ge­ne­li an
xma mis­cen we­ri­lo­biT.
aq­ci­o­ne­re­bi­saT­vis sa­ku­Ta­ri in­te­re­se­bis dac­vis er­T-er­Ti Zi­ri­Ta­di
in­stru­men­ti, cal­ke­u­li or­ga­no­eb ­ is da­kom­pleq­te­bis Se­saZ­leb­lo­ba­a.
amas­Ta­na­ve, am or­ga­nos da­kom­pleq­te­bis pro­ces­ma ar un­da mi­i­Ros qa­o­su­
ri sa­xe, ra­Ta sa­aq­cio sa­zo­ga­do­e­ba dro­u­lad aRi­Wur­vos kor­po­ra­ci­u­li
mar­Tvis Se­sa­ba­mi­si or­ga­no­Ti da ga­nag­rZos fun­qci­o­ni­re­ba. Se­sa­ba­mi­sad,
ka­no­nis mi­xed­viT, xmis uf­le­bis mqo­ne aq­ci­a­Ta, sul co­ta, 5%-is mflo­
bel aq­ci­on ­ er­s/aq­ci­o­ner­Ta jgufs uf­le­ba aqvs, wa­rad­gi­nos sa­meT­val­
yu­reo sab­Wo­Si, xo­lo mo­nis­tur sis­te­ma­Si xel­mZRva­nel or­ga­no­Si asar­
Ce­vi kan­di­da­tu­re­bi, Tu rig­ga­re­Se kre­bis Ca­ta­re­bis dRem­de, sul co­ta,

316
14 dRiT ad­re xel­mZRva­nel or­ga­nos wa­rud­gens ga­nacx­ads amis Ta­o­ba­ze.
war­dge­ni­li wi­na­da­de­ba un­da Se­i­cav­des wev­ro­bis kan­di­da­te­bi­saT­vis ka­
no­niT dad­ge­nil sa­id ­ en­ti­fi­ka­cio mo­na­ce­mebs.
xel­mZRva­ne­li or­ga­no val­de­bu­li­a, gan­cxa­de­bis mi­Re­bi­dan 5 dRis va­da­Si
kre­bis dRis wes­rig­Si Se­i­ta­nos aq­ci­on ­ e­ris mi­er Se­mo­Ta­va­ze­bu­li sa­kiTx­i.
am we­si­dan ga­mo­nak­li­sia Sem­Txve­va, ro­de­sac dar­Rve­u­lia gan­cxa­de­bis Se­
ta­nis va­da, an sa­kiTxi ar ga­ne­kuT­vne­ba sa­er­To kre­bis kom­pe­ten­ci­as. dRis
wes­ri­gis cvli­le­ba­ze, ise­ve, ro­gorc aq­ci­o­ne­ris mi­er war­dge­ni­li ga­dawy­
ve­ti­le­bis pro­eq­tze moq­me­debs 189-e mux­lis we­se­bi ga­moq­vey­ne­bis Se­sa­xeb.
kor­po­ra­ci­ul mar­Tva­Si kri­zi­sis Seq­mnis Ta­vi­dan aci­le­bis­Tvis ka­no­
ni iT­va­lis­wi­nebs Se­saZ­leb­lo­bas, xel­mZRva­ne­li or­ga­nos ua­ri dRis wes­
rig­Si sa­kiTx­is Se­ta­nis Se­sa­xeb ga­sa­Civ­rdes sa­sa­mar­Tlo­Si. sa­sa­mar­Tlos
Se­uZ­li­a, gan­mcxa­de­bel aq­ci­o­ne­rebs mi­an ­ i­Wos ga­moq­vey­ne­bis gziT dRis
wes­rig­Si sa­kiTx­is da­ma­te­bis uf­le­ba­mo­si­le­ba. aseT Sem­Txve­va­Si aq­ci­o­ne­
ris in­te­re­se­bis da­sa­ca­vad sa­aq­cio sa­zo­ga­do­e­bas ekis­re­ba sa­sa­mar­Tlo
xar­je­bis anazR­a­u­re­ba.
ka­no­ni icavs im aq­ci­o­ner­Ta in­te­re­seb­sac, rom­le­bic ver mo­na­wi­le­o­
ben aq­ci­o­ner­Ta sa­er­To kre­ba­Si. ker­Zod, ka­no­ni ba­Ti­lad acx­a­debs ne­bis­
mi­er ga­dawy­ve­ti­le­bas, ro­me­lic mi­Re­bul iq­na iseT sa­kiTx­ze, ro­me­lic
ar iyo mi­Ti­Te­bu­li sa­er­To kre­bis dRis wes­rig­Si. aR­niS­nu­li da­na­we­si­dan
ga­mo­nak­li­sia Sem­Txve­va, ro­de­sac kre­bas da­es­wro yve­la aq­ci­o­ne­ri da mi­
Re­bul iq­na ga­dawy­ve­ti­le­ba dRis wes­ri­gis Sec­vlis Ta­o­ba­ze.

mux­li 192. sa­er­To kre­bis mo­na­wi­le aq­ci­o­ne­re­bi

1. sa­er­To kre­ba­Si mo­na­wi­le­o­bi­sa da xmis mi­ce­mis uf­le­ba aqvT mxo­

lod im aq­ci­o­ne­rebs, rom­leb­sac sa­er­To kre­bis sa­aR­ricx­vo dRis­
Tvis aq­ci­eb­ze sa­kuT­re­bis uf­le­ba hqon­daT.
2. sa­er­To kre­bis sa­aR­ricx­vo dRe ar un­da iyos sa­er­To kre­bis Ca­ta­re­
bis Ta­ri­Ram­de 30 dRiT ad­re. am ka­no­nis 189-e mux­lis me-3 pun­qtiT
gaT­va­lis­wi­ne­bul Sem­Txve­va­Si sa­er­To kre­bis mow­ve­vis Ta­riR­sa da
sa­aR­ricx­vo dRes­/Ta­riRs So­ris un­da iyos ara­nak­leb 6 dRe.
3. sa­er­To kre­ba­Si mo­na­wi­le­o­bis uf­le­bis mqo­ne pir­Ta sia un­da Se­i­
cav­des uf­le­ba­mo­si­li pi­re­bis iden­ti­fi­ka­ci­is­Tvis au­ci­le­bel
mo­na­ce­mebs, aq­ci­a­Ta da par­tni­or­Ta ka­te­go­ri­ebs, xma­Ta ra­o­de­no­
ba­sa da mi­sa­mar­Tebs, rom­leb­ze­dac un­da ga­ig­zav­nos Sety­o­bi­ne­ba
sa­er­To kre­bis mo­na­wi­le­Ta si­a­Si Sey­va­nis Se­sa­xeb.

317
 4. aq­ci­o­ners uf­le­ba aqvs, sa­aq­cio sa­zo­ga­do­e­bas mos­Txo­vos sa­er­To
kre­bis mo­na­wi­le­Ta si­a­Si Sey­va­nis, mi­si kuT­vni­li aq­ci­e­bi­sa da xme­
bis ra­o­de­no­bis da­das­tu­re­bis ga­ce­ma. aq­ci­o­ne­ris am moTx­ov­nis Se­
us­ru­leb­lo­ba sa­er­To kre­bis mow­ve­vis pro­ce­du­ris ar­se­biT dar­
Rve­vad mi­iC­ne­va.
5. aq­ci­o­ne­ris sta­tu­sis da­das­tu­re­ba Se­iZ­le­ba moTx­ov­nil iq­nes mxo­
lod aq­ci­o­ne­ris iden­ti­fi­ci­re­bis­Tvis da mxo­lod im far­gleb­Si,
rom­le­bic pro­por­ci­u­lia am miz­nis mi­saR­we­vad.
6. aq­ci­o­ne­ris uf­le­ba, ga­yi­dos an sxvag­va­rad ga­as­xvi­sos Ta­vi­si wi­li
am mux­lis me-2 pun­qtiT gan­sazR­vrul sa­aR­ricx­vo Ta­riR­s/dRes da
sa­er­To kre­bis mow­ve­vis Ta­riRs So­ris pe­ri­od­Si, ar Se­iZ­le­ba da­eq­
vem­de­ba­ros iseT SezR­ud­vas, ro­me­lic, Cve­u­leb­riv, ar imoq­me­deb­
da mis mi­marT.
7. sa­er­To kre­bis mo­na­wi­le­Ta si­is sis­wo­ris­Tvis pa­su­xis­mgeb­lo­ba
ekis­re­ba sa­er­To kre­bis mom­wvev or­ga­nos.

sa­aq­cio sa­zo­ga­do­e­bis aq­ci­o­ner­Ta struq­tu­ra, gan­sa­kuT­re­biT im sa­

aq­cio sa­zo­ga­do­e­beb­Si, ro­mel­Ta aq­ci­e­bic Ria ba­zar­ze ivaW­re­ba, mud­mi­
vad ic­vle­ba. aqe­dan ga­mom­di­na­re, sa­er­To kre­bis mow­ve­vam­de mniS­vne­lo­
va­nia da­zus­tdes im aq­ci­o­ner­Ta wre, rom­le­bic mi­i­Re­ben sa­er­To kre­ba­Si
mo­na­wi­le­o­bas. swo­red sa­aq­cio sa­zo­ga­do­e­bis sa­er­To kre­ba­Si mo­na­wi­le­
Ta gan­sazR­vras eT­mo­ba ka­no­nis 192-e mux­li. ker­Zod, wi­nam­de­ba­re mux­lis
far­gleb­Si mo­wes­ri­ge­bu­lia ise­Ti sa­kiTx­e­bi, ro­go­ri­ca­a: sa­er­To kre­bis
sa­aR­ricx­vo dRe, sa­er­To kre­ba­Si mo­na­wi­le­o­bis uf­le­bis mqo­ne pir­Ta si­a,
mi­si for­mi­re­ba da si­is sis­wo­re­ze pa­su­xis­mgeb­lo­ba.
mux­lis pir­ve­li da me­o­re pun­qte­bi Se­e­xe­ba sa­er­To kre­bis sa­aR­ricx­
vo dRis gan­sazR­vris sa­kiTxs. ker­Zod, ka­no­nis mi­xed­viT sa­er­To kre­ba­Si
mo­na­wi­le­o­bi­sa da xmis mi­ce­mis uf­le­ba aqvT im aq­ci­o­ne­rebs, rom­leb­sac
aq­ci­a­ze sa­kuT­re­bis uf­le­ba hqon­daT kre­bis sa­aR­ricx­vo dRi­saT­vis. sa­
aR­ricx­vo dRe ar un­da iyos kre­bis Ca­ta­re­bam­de 30 dRe­ze ad­re.
amas­Ta­na­ve, sa­er­To kre­bis mow­ve­vis sa­er­To pro­ce­du­re­bi ar vrcel­de­
ba im sa­er­To kre­ba­ze, ro­me­lic mo­iw­ve­va pir­ve­li mow­ve­viT Ca­sa­ta­re­be­li
sa­er­To kre­bi­saT­vis moTx­ov­ni­li kvo­ru­mis arar­se­bo­bis ga­mo. aseT Sem­
Txve­va­Si sa­er­To kre­bis mow­ve­vis va­de­bi Sem­Wid­ro­e­bu­lia da, Se­sa­ba­mi­sad,
ze­mo­aR­niS­nu­li 30-dRi­an ­ i va­da Sem­ci­re­bu­lia 6 dRem­de.
sa­aR­ricx­vo dRis ar­se­bo­ba ar uk­rZa­lavs aq­ci­o­ners, sa­aR­ricx­vo dRe­
sa da kre­bis mow­ve­vas So­ris ar­se­bul pe­ri­od­Si gan­kar­gos aq­ci­e­bi. aq­ci­o­
ne­ris uf­le­ba, am pe­ri­od­Si ga­yi­dos an sxvag­va­rad ga­as­xvi­sos Ta­vi­si aq­ci­

318
e­bi, Se­iZ­le­ba mxo­lod im SezR­ud­vebs da­eq­vem­de­ba­ros, rom­le­bic wes­de­
biT zo­ga­dad moq­me­debs am­gva­ri aq­ci­e­bis mi­marT da ar aris da­kav­Si­re­bu­
li uSu­a­lod sa­aR­ricx­vo dRes­Tan.
sa­aR­ricx­vo dRis gan­sazR­vra kre­bis Ca­ta­re­bis Ta­ri­Ram­de ara­u­ad­res
30 dRi­sa, er­Ti mxriv, sa­er­To kre­bis Ta­ri­Ris­Tvis sa­er­To kre­ba­Si mo­na­wi­
le­o­bis uf­le­bis mqo­ne aq­ci­o­ne­re­bis maq­si­ma­lu­rad zus­ti si­is Sed­ge­nas,
xo­lo me­o­re mxriv, aq­ci­o­ne­re­bi­saT­vis Se­saZ­leb­lo­bis mi­ce­mas isa­xavs
miz­nad, ra­Ta maT uzus­to­bis Sem­Txve­va­Si mo­iTx­o­von kre­ba­Si mo­na­wi­le­o­
bis uf­le­bis da­das­tu­re­ba. aqe­dan ga­mom­di­na­re, ka­no­nis wi­nam­de­ba­re mux­
lis me-3 pun­qti eT­mo­ba im mo­na­ce­mebs, ro­mel­Tac un­da Se­i­cav­des sa­aR­
ricx­vo dRi­saT­vis gan­sazR­vru­li kre­ba­Si mo­na­wi­le pir­Ta is si­a, rom­lis
sis­wo­re­ze pa­su­xis­mgeb­lo­bac kre­bis mom­wvev or­ga­nos ekis­re­ba. ker­Zod,
sia un­da Se­i­cav­des pi­re­bis iden­ti­fi­ka­ci­is­Tvis au­ci­le­bel mo­na­ce­mebs,
aq­ci­a­Ta ra­o­de­no­ba­sa da ka­te­go­ri­as, xma­Ta ra­o­de­no­ba­sa da mi­sa­marTs,
ro­mel­zec un­da ga­ig­zav­nos Sety­o­bi­ne­ba kre­bis mo­na­wi­le­Ta si­a­Si Sey­
va­nis Se­sa­xeb. amas­Ta­na­ve, Ti­To­e­ul aq­ci­o­ners eni­We­ba uf­le­ba, sa­aq­cio
sa­zo­ga­do­e­bi­sa­gan mo­iTx­o­vos kre­bis mo­na­wi­le­Ta si­a­Si Sey­va­ni­sa da mi­si
kuT­vni­li aq­ci­e­bi­sa da xma­Ta ra­o­de­no­bis da­das­tu­re­bis ga­ce­ma. aq­ci­o­ne­
ris am moTx­ov­nis Se­us­ru­leb­lo­ba iT­vle­ba kre­bis mow­ve­vis pro­ce­du­ris
dar­Rve­vad, rac pir­da­pir gav­le­nas iqo­ni­ebs sa­er­To kre­bis ga­dawy­ve­ti­
le­bis ba­Ti­lo­ba­ze.
amas­Ta­na­ve, aq­ci­o­ners ga­da­War­be­bu­li moTx­ov­ne­bis Se­de­gad, ar un­da
ga­ur­Tul­des sa­er­To kre­ba­Si mo­na­wi­le­o­bis Se­saZ­leb­lo­ba. swo­red ami­
tom, ka­no­ni ad­gens val­de­bu­le­bas, rom aq­ci­o­ne­ris sta­tu­sis da­das­tu­re­
ba iyos mxo­lod ise­Ti moTx­ov­nis sa­ga­ni, rac sa­Wi­roa aq­ci­o­ne­ris iden­ti­
fi­ci­re­bis­Tvis da mxo­lod im far­gleb­Si, rac pro­por­ci­u­lia am miz­nis
mi­saR­we­vad.

mux­li 193. sa­er­To kre­ba­Si mo­na­wi­le­o­ba

1. aq­ci­o­ners sa­er­To kre­ba­Si mo­na­wi­le­o­bi­sa da xmis mi­ce­mis uf­le­bis

gan­xor­ci­e­le­ba Se­uZ­lia ro­gorc pi­ra­dad, ise war­mo­mad­gen­lis meS­
ve­o­biT.
2. war­mo­mad­gen­lis da­niS­vna da war­mo­mad­gen­lis da­niS­vnis Se­sa­xeb
Sety­o­bi­ne­ba xde­ba we­ri­lo­biT an eleq­tro­nu­lad. amas­Ta­na­ve, „fa­
si­a­ni qa­Ral­de­bis baz­ris Se­sa­xeb“ sa­qar­Tve­los ka­no­niT gan­sazR­
vrul­ma an­ga­riS­val­de­bul­ma sa­war­mom, rom­lis fa­si­a­ni qa­Ral­de­bi

319
 sa­vaW­rod aris daS­ve­bu­li sa­fon­do bir­Ja­ze, aq­ci­o­ne­rebs Ta­vad an
me­sa­me pi­ris meS­ve­o­biT un­da Ses­Ta­va­zos Sety­o­bi­ne­bis sul mci­re 1
efeq­ti­a­ni eleq­tro­nu­li sa­Su­a­le­ba.
3. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel pir­sa da sa­meT­val­yu­reo sab­
Wos wevrs ar aqvT uf­le­ba, sa­er­To kre­ba­Si mo­na­wi­le­o­ba mi­i­Ron,
ro­gorc aq­ci­o­ner­Ta war­mo­mad­gen­leb­ma.
4. war­mo­mad­ge­nels aqvs sa­er­To kre­ba­ze sity­viT ga­mos­vli­sa da Se­
kiTx­ve­bis das­mis igi­ve uf­le­be­bi, rom­le­bic mis mi­er war­mod­ge­nil
aq­ci­o­ners eq­ne­bo­da.
5. da­uS­ve­be­lia aq­ci­o­ne­ris uf­le­be­bis war­mo­mad­gen­lis meS­ve­o­biT
gan­xor­ci­e­le­bis SezR­ud­va, gar­da war­mo­mad­ge­nel­sa da im aq­ci­o­
ners So­ris po­ten­ci­u­ri in­te­res­Ta kon­fliq­tis ar­se­bo­bis Sem­Txve­
vi­sa, rom­lis sa­xe­li­Tac un­da imoq­me­dos war­mo­mad­ge­nel­ma.
6. war­mo­mad­ge­ne­li val­de­bu­lia ga­am­JRav­nos aq­ci­o­ne­re­bis mi­er im
ris­kis Se­sa­fa­seb­lad sa­Wi­ro faq­te­bi, rom war­mo­mad­ge­nel­ma Se­iZ­
le­ba ga­na­xor­ci­e­los ara aq­ci­o­ne­ris, ara­med sxva pi­ris in­te­re­se­bi.
7. war­mo­mad­ge­nel­sa da aq­ci­o­ners So­ris in­te­res­Ta kon­fliq­ti war­
mo­i­So­ba, Tu war­mo­mad­ge­ne­li aris:
a) sa­aq­cio sa­zo­ga­do­e­bis sa­kon­tro­lo pa­ke­tis mflo­be­li aq­ci­o­
ne­ri an sxva sa­me­war­meo sa­zo­ga­do­e­ba, ro­mel­sac ase­Ti aq­ci­o­ne­ri
akon­tro­lebs;
b) sa­aq­cio sa­zo­ga­do­e­bis an am pun­qtis „a“ qve­pun­qtiT gaT­va­lis­wi­
ne­bu­li sa­me­war­meo sa­zo­ga­do­e­bis mmar­Tve­lo­bi­Ti or­ga­nos an sa­
meT­val­yu­reo sab­Wos wev­ri; g) sa­aq­cio sa­zo­ga­do­e­bis an am pun­qtis
„a“ qve­pun­qtiT gaT­va­lis­wi­ne­bu­li sa­me­war­meo sa­zo­ga­do­e­bis au­di­
to­ri an da­saq­me­bu­li;
d) am pun­qtis „a“ _ „g“ qve­pun­qte­biT gaT­va­lis­wi­ne­bu­li ro­me­li­me
fi­zi­ku­ri pi­ris oja­xis wev­ri.
8. war­mo­mad­ge­nel­ma xma un­da mis­ces mis mi­er war­mod­ge­ni­li aq­ci­o­ne­
ris in­struq­ci­e­bis Se­sa­ba­mi­sad.
9. Tu ram­de­ni­me aq­ci­o­ne­ris war­mo­mad­ge­ne­li er­Ti da igi­ve pi­ri­a, mas
uf­le­ba aqvs, sxva­das­xva aq­ci­o­ne­ris­Tvis sxva­das­xvag­va­rad mis­ces
xma.
10. war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­bis Sewy­ve­ta­ze vrcel­de­ba am
mux­lis me-2 pun­qti.
11. xel­mZRva­ne­li or­ga­no da sa­meT­val­yu­reo sab­Wo val­de­bu­li ari­an
mo­na­wi­le­o­ba mi­i­Ron sa­er­To kre­bis mu­Sa­o­ba­Si.

320
 12. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos da sa­meT­val­yu­reo
sab­Wos sul mci­re Ti­To wevrs un­da mi­e­ces sa­er­To kre­ba­ze sity­
viT ga­mos­vlis Se­saZ­leb­lo­ba.

gan­vi­Ta­re­bu­li ka­pi­ta­lis baz­ris pi­ro­beb­Si sa­aq­cio sa­zo­ga­do­e­ba fi­

nan­su­ri re­sur­se­bis sa­er­To sa­me­war­meo miz­ne­bis­Tvis mo­bi­li­ze­bis er­T-
er­Ti um­Tav­re­si in­stru­men­ti­a. am for­mis sa­zo­ga­do­e­ba­Si in­ves­ti­re­bis
mi­marT in­te­ress Ta­nab­rad iCe­nen ro­gorc in­di­vi­du­a­lu­ri, ise in­sti­tu­
ci­u­ri in­ves­to­re­bi. aseT pi­ro­beb­Si, ro­de­sac in­ves­tors mniS­vne­lov­nad
aqvs di­ver­si­fi­ci­re­bu­li sa­ku­Ta­ri in­ves­ti­ci­e­bi sxva­das­xva sa­zo­ga­do­
e­ba­Si, au­ci­le­be­li xde­ba mis­Tvis kor­po­ra­ci­ul mar­Tva­Si mo­na­wi­le­o­bis
moq­ni­li me­qa­niz­me­bis Se­Ta­va­ze­ba. swo­red sa­er­To kre­ba­Si mo­na­wi­le­o­bis
sa­kiTx­ebs Se­e­xe­ba ka­no­nis 193-e mux­li. wi­nam­de­ba­re mux­li awes­ri­gebs iseT
um­niS­vne­lo­va­nes sa­kiTx­ebs, ro­go­re­bi­ca­a: xmis mi­ce­ma war­mo­mad­gen­lis
meS­ve­o­biT, in­te­res­Ta kon­fliq­ti, xmis mi­ce­mis in­struq­ci­a, war­mo­mad­gen­
lo­bi­Ti uf­le­ba­mo­si­le­bis war­mo­So­ba da Sewy­ve­ta, sa­er­To kre­ba­Si xel­
mZRva­ne­li or­ga­nos da sa­meT­val­yu­reo sab­Wos mo­na­wi­le­o­bis far­gle­bi.
ka­no­nis mi­xed­viT, sa­er­To kre­ba­Si mo­na­wi­le­o­bi­sa da xmis mi­ce­mis uf­
le­bas aq­ci­o­ne­ri axor­ci­e­lebs ro­gorc pi­ra­dad, ise war­mo­mad­gen­lis meS­
ve­o­biT. es Ca­na­we­ri em­sa­xu­re­ba e.w. Vo­ting by Prox­y-is qar­Tul ka­non­mdeb­
lo­ba­Si da­ner­gvas. in­ves­tor­Ta di­di na­wi­li, nac­vlad sa­er­To kre­ba­Si
uSu­a­lo mo­na­wi­le­o­bi­sa, upi­ra­te­so­bas ani­Webs pro­fe­si­o­na­lis da­qi­ra­ve­
bas, ro­me­lic maT nac­vlad da spe­ci­al ­ ur cod­na­ze day­rdno­biT ga­na­xor­
ci­e­lebs xmis mi­ce­mas. aq­ci­o­ne­ris war­mo­mad­ge­nels aqvs sa­er­To kre­ba­Si
mo­na­wi­le­o­bas­Tan da­kav­Si­re­bu­li yve­la is uf­le­ba, rac war­mod­ge­nil aq­
ci­o­ners eq­ne­bo­da. ka­no­ni krZa­lavs war­mo­mad­gen­lis meS­ve­o­biT aq­ci­o­ne­
ris uf­le­be­bis gan­xor­ci­e­le­bis ra­im ­ e for­miT SezR­ud­vas. am we­si­dan ki
er­Ta­der­Ti ga­mo­nak­li­sia war­mo­mad­ge­nel­sa da im aq­ci­o­ners So­ris po­ten­
ci­u­ri in­te­res­Ta kon­fliq­ti, rom­lis sa­xe­li­Tac un­da imoq­me­dos war­mo­
mad­ge­nel­ma.
war­mo­mad­gen­lis da­niS­vna da war­mo­mad­gen­lis da­niS­vnis Ta­o­ba­ze Sety­
o­bi­ne­ba xde­ba we­ri­lo­biT an eleq­tro­nu­li for­miT, maT So­ris, eleq­
tro­nu­li por­ta­lis meS­ve­ob ­ iT. amas­Tan, is sa­aq­cio sa­zo­ga­do­e­ba, rom­lis
fa­si­a­ni qa­Ral­de­bi sa­vaW­rod aris daS­ve­bu­li sa­fon­do bir­Ja­ze, Ta­vad an
me­sa­me pi­ris meS­ve­o­biT, aq­ci­o­ne­rebs un­da sTa­va­zob­des eleq­tro­nu­li sa­
Su­a­le­be­biT Sety­o­bi­ne­bis, sul mci­re, erT efeq­tur sa­Su­a­le­bas.
sa­aq­cio sa­zo­ga­do­e­bis wli­u­ri sa­er­To kre­ba aris kor­po­ra­ci­ul mar­
Tva­Si aq­ci­o­ne­re­bis pir­da­pi­ri mo­na­wi­le­o­bis um­Tav­re­si in­stru­men­ti.

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gan­sa­kuT­re­biT did sa­aq­cio sa­zo­ga­do­e­beb­Si, ro­gorc we­si, es aris is er­
Ta­der­Ti fo­ru­mi, sa­dac aq­ci­o­ne­rebs eZ­le­vaT Se­saZ­leb­lo­ba, top­me­nej­
men­tis uSu­a­lo Car­Tu­lo­biT gan­sazR­vros sa­zo­ga­do­e­bis gan­vi­Ta­re­bis
stra­te­gia da pir­da­pi­ri kon­tro­li ga­u­wi­on kor­po­ra­ci­u­li mar­Tvis sxva
or­ga­no­e­bis saq­mi­a­no­bas. Se­sa­ba­mi­sad, am­gva­ri ba­lan­sis dar­Rve­vis Ta­vi­
dan aci­le­bis miz­niT ka­no­ni zRu­davs xel­mZRva­ne­li or­ga­nos da sa­meT­
val­yu­reo sab­Wos wev­re­bis, ro­gorc aq­ci­o­ner­Ta war­mo­mad­gen­lis, mo­na­
wi­le­o­bas sa­er­To kre­ba­Si.
ka­no­ni war­mo­mad­ge­nels aval­de­bu­lebs, ga­am­JRav­nos yve­la is faq­ti,
ra­mac po­ten­ci­u­rad SeZ­le­ba mi­si saq­mi­a­no­bis ke­Til­sin­di­si­e­rad Ses­ru­
le­bis Se­saZ­leb­lo­ba SezR­ud ­ os. ase­Ti wi­na­pi­ro­be­bi ki de­ta­lu­rad Ca­
moT­vli­lia wi­nam­de­ba­re mux­lis me-7 pun­qtSi. es Sem­Txve­ve­bi, Zi­ri­Ta­dad,
ukav­Sir­de­ba sa­zo­ga­do­eb ­ a­Si pir­da­pir an ara­pir­da­pir ka­pi­ta­lis flo­bas,
me­nej­men­tSi mo­na­wi­le­o­bis mi­Re­bas an me­nej­men­tze ze­dam­xed­ve­lo­bis kom­
pe­ten­ci­as, ase­ve, ze­moT Ca­moT­vlil pir­Ta oja­xis wev­ro­bas.
war­mo­mad­ge­ne­li xmis mi­ce­mis pro­ces­Si SezR­u­du­lia aq­ci­o­ne­ris mi­er ga­
ce­mu­li in­struq­ci­e­biT. aseT­ma mi­Ti­Te­bam Se­saZ­le­be­li­a, pir­da­pir da­a­val­
de­bu­los war­mo­mad­ge­ne­li, mxa­ri da­uW ­ i­ros kon­kre­tul sa­kiTxs an xma mis­
ces wi­na­aR­mdeg. amas­Ta­na­ve, er­Tsa da ima­ve war­mo­mad­ge­nels, vi­na­i­dan is moq­
me­debs sxvi­si sa­xe­liT da sxvi­si­ve in­te­re­se­bis sa­sar­geb­lod, uf­le­ba eni­We­
ba, sxva­das­xva war­mod­ge­ni­li pi­ris xma sxva­das­xvag­va­rad ga­da­a­na­wi­los.
sa­er­To kre­bis meS­ve­o­biT ara mxo­lod is sa­kiTx­e­bi wyde­ba, rom­le­bic
Sem­dgom­Si me­nej­men­tis Se­sas­ru­le­be­li­a, ara­med es sa­kiTx­eb ­ i Se­saZ­le­be­
li­a, uSu­a­lod ukav­Sir­de­bo­des xel­mZRva­ne­li or­ga­nos da sa­meT­val­yu­
reo sab­Wos saq­mi­a­no­bas. Se­sa­ba­mi­sad, yve­la da­kav­Si­re­bu­li mxa­ris mo­na­wi­
le­o­bis, maT So­ris, am pir­Ta mo­saz­re­ba­Ta mos­me­ni­sa da am gziT efeq­ti­a­ni
kor­po­ra­ci­u­li mar­Tvis miR­we­vis miz­niT, ka­no­ni iT­va­lis­wi­nebs xel­mZRva­
ne­li or­ga­nos da sa­meT­val­yu­reo sab­Wos wev­re­bis val­de­bu­le­bas, mo­na­wi­
le­o­ba mi­i­Ron sa­er­To kre­bis mu­Sa­o­ba­Si. maT So­ris, sul co­ta, erT wevrs
ma­inc un­da mi­e­ces sa­er­To kre­ba­ze sity­viT ga­mos­vlis Se­saZ­leb­lo­ba.

mux­li 194. sa­er­To kre­bis Ca­ta­re­bi­sa da xmis mi­ce­mis for­me­bi

1. wes­de­biT an wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si sa­aq­cio sa­

zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos ga­dawy­ve­ti­le­biT Se­saZ­le­be­
lia sa­er­To kre­bas mo­na­wi­le­e­bi ara mxo­lod uSu­a­lod es­wre­bod­
nen, ara­med am for­mas­Tan er­Tad an mis nac­vlad ga­mo­ye­ne­bul iq­nes
eleq­tro­nu­li ko­mu­ni­ka­ci­is sa­Su­a­le­be­bi.

322
 2. wes­de­biT an wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si sa­aq­cio sa­
zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos ga­dawy­ve­ti­le­biT Se­saZ­le­be­
lia daS­ve­bul iq­nes aq­ci­o­ne­ris mi­er xmis mi­ce­ma sa­er­To kre­ba­ze
da­us­wreb­lad, maT So­ris, eleq­tro­nu­li ko­mu­ni­ka­ci­is sa­Su­a­le­bis
ga­mo­ye­ne­biT. wes­de­biT an wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si
sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos ga­dawy­ve­ti­le­biT
aq­ci­o­ner­ma xma Se­iZ­le­ba mis­ces we­ri­lo­biT­/e­leq­tro­nu­li ko­mu­ni­
ka­ci­is sa­Su­a­le­biT sa­er­To kre­bis dawy­e­bam­de an sa­er­To kre­bis mim­
di­na­re­o­bi­sas.
3. xmis mi­ce­mi­sas eleq­tro­nu­li ko­mu­ni­ka­ci­is sa­Su­a­le­be­bis ga­mo­ye­ne­
bis Sem­Txve­va­Si uz­run­vel­yo­fi­li un­da iyos pi­ris iden­ti­fi­ka­ci­is
Se­saZ­leb­lo­ba da eleq­tro­nu­li ko­mu­ni­ka­ci­is sis­te­mis usaf­rTxo­
e­ba, ris­Tvi­sac pa­su­xis­mgeb­lo­ba ekis­re­ba sa­aq­cio sa­zo­ga­do­e­bis
xel­mZRva­nel or­ga­nos.
4. wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si sa­aq­cio sa­zo­ga­do­e­bis
xel­mZRva­ne­li or­ga­nos ga­dawy­ve­ti­le­biT Se­saZ­le­be­lia gan­xor­
ci­el­des sa­er­To kre­bis vi­de­o- da au­di­ot­ran­sli­re­ba, ag­reT­ve
uz­run­vel­yo­fil iq­nes or­mxri­vi eleq­tro­nu­li ko­mu­ni­ka­ci­a, rac
aq­ci­o­ne­rebs sa­Su­a­le­bas mis­cems, sa­er­To kre­bas dis­tan­ci­u­rad mi­
mar­Ton.

Ta­na­med­ro­ve teq­no­lo­gi­e­bis pi­ro­beb­Si in­ves­to­rebs sul uf­ro uad­

vil­de­baT msof­li­os sxva­das­xva wer­til­Si in­ves­ti­ci­is gan­xor­ci­e­le­ba.
Se­sa­ba­mi­sad, ne­bis­mi­e­ri kor­po­ra­cia un­da cdi­lob­des Seq­mnas in­ves­to­re­
bi­saT­vis Ta­vi­si uf­le­bis dac­vis maq­si­ma­lu­rad efeq­ti­a­ni Se­saZ­leb­lo­
be­bi. in­ves­tor­Ta dac­vi­saT­vis mniS­vne­lo­va­ni­a, Se­iq­mnas sa­er­To kre­ba­Si
mo­na­wi­le­o­bis efeq­ti­a­ni, Ta­na­med­ro­ve teq­no­lo­gi­eb­ze da­fuZ­ne­bu­li Se­
saZ­leb­lo­be­bi.
sa­aq­cio sa­zo­ga­do­e­bis ga­dawy­ve­ti­le­beb­ze aq­ci­o­ne­ris ze­gav­le­nis Se­
saZ­leb­lo­ba­Ta sa­xe­e­bi­dan (xmis uf­le­ba, ga­dawy­ve­ti­le­bis ga­sa­Civ­re­ba, in­
ves­ti­ci­id ­ an gas­vla) xmis uf­le­bis efeq­ti­a­nad gan­xor­ci­e­le­bis Se­saZ­leb­
lo­ba, ro­gorc in­ves­to­ris, ise sa­zo­ga­do­e­bis­Tvis yve­la­ze mom­ge­bi­a­ni­a,
vi­na­i­dan, is nak­leb da­na­xar­jebs ukav­Sir­de­ba (ma­ga­li­Tad, da­vis war­mo­
So­bis an aq­ci­is ga­yid­vis Sem­Txve­va­Si, aq­ci­e­bis gaz­rdil­ma mi­wo­de­bam, Se­
saZ­le­be­lia gav­le­na mo­ax­di­nos aq­ci­is fas­ze Sem­ci­re­bis mi­mar­Tu­le­biT).
amis gaT­va­lis­wi­ne­biT, ka­no­nis 194-e mux­lSi mka­fi­o­daa mo­wes­ri­ge­bu­li
sa­er­To kre­bis Ca­ta­re­bi­sa da xmis mi­ce­mis for­me­bi. ker­Zod, wi­nam­de­ba­re
mux­lis far­gleb­Si mo­wes­ri­ge­bu­lia ise­Ti sa­kiTx­e­bi, ro­go­re­bi­ca­a: sa­er­
To kre­bis Ca­ta­re­bis for­ma, xmis mi­ce­ma eleq­tro­nu­li for­miT, sa­er­To

323
kre­bis au­di­o­vi­zu­a­lu­ri tran­sli­re­ba da aq­ci­o­ne­ris Se­saZ­leb­lo­bis uz­
run­vel­yo­fa, eleq­tro­nu­li for­miT mi­mar­Tos sa­er­To kre­bas.
sa­aq­cio sa­zo­ga­do­e­bis wes­de­biT an wes­de­biT gaT­va­lis­wi­ne­bul Sem­
Txve­va­Si xel­mZRva­ne­li or­ga­nos ga­dawy­ve­ti­le­biT sa­er­To kre­ba, mo­na­
wi­le­Ta fi­zi­ku­ri das­wre­bis for­mas­Tan er­Tad an mis nac­vlad, Se­iZ­le­ba
Ca­tar­des eleq­tro­nu­li ko­mu­ni­ka­ci­is sa­Su­al ­ e­ba­Ta ga­mo­ye­ne­biT. ase­Ti
eleq­tro­nu­li for­ma, ra Tqma un­da, un­da uz­run­vel­yof­des Ti­To­e­u­li
aq­ci­o­ne­ris iden­ti­fi­ci­re­bas da ax­den­des ma­ni­pu­li­re­bis Se­saZ­leb­lo­bis
ga­mo­ricx­vas.
gar­da sa­er­To kre­bis eleq­tro­nu­li for­miT Ca­ta­re­bi­sa, ka­no­ni iT­va­
lis­wi­nebs wes­de­biT an wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si xel­mZRva­
ne­li or­ga­nos ga­dawy­ve­ti­le­biT sa­er­To kre­ba­ze fi­zi­ku­ri das­wre­bis ga­
re­Se xmis mi­ce­mis Se­saZ­leb­lo­bis gan­sazR­vras. amas­Ta­na­ve, sity­ve­bi „maT
So­ris, eleq­tro­nu­li sa­Su­a­le­biT“ mi­a­niS­nebs, rom sa­er­To kre­ba­ze xmis
mi­ce­ma Se­saZ­le­be­lia ne­bis­mi­e­ri obi­eq­tu­ri for­miT, ma­ga­li­Tad: we­ri­lo­
biT, el. fos­tis, te­le­fo­nis an in­ter­ne­tis sa­Su­a­le­biT. aq­ci­o­ne­ris mi­er
xmis mi­ce­ma am for­miT Se­saZ­le­be­li­a, ro­gorc sa­er­To kre­bam­de, ise sa­er­
To kre­bis mim­di­na­re­o­bi­sas. eleq­tro­nu­li ko­mu­ni­ka­ci­is sa­Su­a­le­ba­Ta ga­
mo­ye­ne­bis Sem­Txve­va­Si uz­run­vel­yo­fi­li un­da iyos pi­ris iden­ti­fi­ka­ci­is
Se­saZ­leb­lo­ba da eleq­tro­nu­li ko­mu­ni­ka­ci­is sis­te­mis usaf­rTxo­e­ba, ra­
zec pa­su­xis­mgeb­lo­ba ekis­re­ba sa­zo­ga­do­e­bis xel­mZRva­nel or­ga­nos.
xmis mi­ce­mis uf­le­ba ar aris sa­er­To kre­ba­Si aq­ci­o­ne­ris mo­na­wi­le­o­
bis er­Ta­der­Ti in­stru­men­ti. aq­ci­on ­ e­ris­Tvis, ase­ve, gan­sa­kuT­re­bu­li
mniS­vne­lo­ba eni­We­ba sity­viT ga­mos­vlis uf­le­bas. Se­sa­ba­mi­sad, ka­no­ni
iT­va­lis­wi­nebs Se­saZ­leb­lo­bas, wes­de­biT pir­da­pir ase­Tis gaT­va­lis­wi­ne­
bis Sem­Txve­va­Si, xel­mZRva­nel­ma or­ga­nom mi­i­Ros ga­dawy­ve­ti­le­ba sa­er­To
kre­bis vi­de­o- da au­di­ot­ran­sli­re­bis Ta­o­ba­ze. sa­er­To kre­bis vi­de­o- da
au­di­ot­ran­sli­re­bis Sem­Txve­va­Si uz­run­vel­yo­fil un­da iq­nes or­mxri­vi
eleq­tro­nu­li ko­mu­ni­ka­cia da aq­ci­o­ne­rebs mi­e­ceT Se­saZ­leb­lo­ba, dis­
tan­ci­u­rad mi­mar­Ton sa­er­To kre­bas.

mux­li 195. xma­Ta um­rav­le­so­bis prin­ci­pi da wes­de­ba­Si/­sa­dam­fuZ­neb­lo

Se­Tan­xme­ba­Si cvli­le­bis Se­ta­na

1. sa­er­To kre­ba ga­dawy­ve­ti­le­bas iRebs ken­Wis­yra­Si mo­na­wi­le­Ta xme­

bis um­rav­le­so­biT, Tu am ka­no­niT an wes­de­biT ga­dawy­ve­ti­le­bis mi­
sa­Re­bad xma­Ta uf­ro di­di ra­o­de­no­ba ar aris gaT­va­lis­wi­ne­bu­li.

324
 2. ken­Wis­yra Se­iZ­le­ba aq­ci­a­Ta kla­se­bis mi­xed­viT cal­-cal­ke Ca­tar­
des.
3. wes­de­ba­Si/­sa­dam­fuZ­neb­lo Se­Tan­xme­ba­Si Se­sa­ta­ni cvli­le­ba mi­Re­bu­
li un­da iq­nes ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis 3/4-is um­rav­le­so­biT,
Tu wes­de­biT xma­Ta uf­ro di­di ra­o­de­no­ba ar aris gaT­va­lis­wi­ne­bu­
li.

sa­er­To kre­ba, ro­gorc ko­le­gi­u­ri or­ga­no, ga­dawy­ve­ti­le­bas iRebs mas­

ze gan­xi­lu­li sa­kiTx­is um­rav­le­so­bis mi­er mxar­da­We­ris gziT. amas­Tan, sa­
yu­radR­e­bo­a, rom es um­rav­le­so­ba da­iT­vle­ba ken­Wis­yra­Si da ara sa­er­To
kre­ba­Si mo­na­wi­le pi­re­bi­dan. amas­Ta­na­ve, sa­me­war­meo sa­zo­ga­do­e­bas Ta­vad
Se­uZ­lia wes­de­biT da­ad­gi­nos kon­kre­tu­li ga­dawy­ve­ti­le­bis mi­sa­Re­bad
uf­ro ma­Ra­li um­rav­le­so­ba. aqe­dan ga­mo­nak­li­sia is Sem­Txve­va, ro­de­sac
sa­vaW­ro Za­la­uf­le­bis ga­Ta­nab­re­bi­saT­vis, ma­ga­li­Tad mi­no­ri­ta­ri aq­ci­o­
ne­ris da­sa­ca­vad, ka­no­niT­ve dgin­de­ba uf­ro ma­Ra­li um­rav­le­so­ba. ma­ga­li­
Ti­saT­vis, ama­ve mux­lis me-3 pun­qtSi mi­e­Ti­Te­ba, rom wes­de­bis cvli­le­ba
mi­Re­bul un­da iq­nes ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis 3/4-is um­rav­le­so­biT,
Tu wes­de­biT uf­ro ma­Ra­li um­rav­le­so­ba ar aris gaT­va­lis­wi­ne­bu­li.
amas­Ta­na­ve, cal­ke­ul sa­kiTx­eb­ze ken­Wis­yra Se­iZ­le­ba in­di­vi­du­a­lu­rad
ga­i­mar­Tos Ti­To­e­ul ­ i kla­sis aq­ci­is
­ aT­vis. amas­Ta­na­ve, me­o­re pun­qtis er­
Ti Se­xed­viT dis­kre­ci­u­li sity­vaT­wyo­ba (ker­Zod sity­va „Se­iZ­le­ba“) ar
un­da iq­nes gan­mar­te­bu­li im­gva­rad, rom ka­no­nis im­pe­ra­ti­u­li nor­ma iZ­le­
va dis­kre­ci­as in­di­vi­du­a­lur Sem­Txve­veb­Si aseT ken­Wis­yra­ze Se­iZ­le­ba ua­
ri iq­nas naT­qva­mi, mi­u­xe­da­vad imi­sa, rom wes­de­ba an ka­no­nis sxva mux­le­bi
iT­va­lis­wi­nebs cal­-cal­ke ken­Wis­yris val­de­bu­le­bas. aR­niS­nu­li pun­qtis
mi­za­ni sxva­a. ker­Zod, is er­Ti mxriv, qmnis ase­Ti wes­de­biT gaT­va­lis­wi­ne­
bis Se­saZ­leb­lo­bas, me­o­re mxriv ki ga­mo­ricx­avs wi­na­aR­mde­go­bas ka­no­nis
im spe­ci­a­lur nor­meb­Tan, sa­dac sxva­das­xva kla­sis aq­ci­o­ne­re­bi­saT­vis
cal­-cal­ke ken­Wis­yris val­de­bu­le­bis ar­se­bo­ba­ze mi­Ti­Te­baa (ma­ga­li­Tad
169-e mux­lis me-5 pun­qti).

mux­li 196. aq­ci­o­ne­ris xmis uf­le­ba

1. Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li, aq­ci­o­ne­ris xmis

uf­le­ba ga­ni­sazR­vre­ba aq­ci­a­Ta ra­o­de­no­bis mi­xed­viT.
2. aq­ci­o­ne­ris xmis uf­le­ba war­mo­i­So­ba aq­ci­is sa­nac­vlod Se­na­ta­nis
sru­lad gan­xor­ci­e­le­bis mo­men­ti­dan, Tu wes­de­biT dad­ge­ni­li ar

325
 aris xmis uf­le­bis war­mo­So­ba Se­na­ta­nis na­wi­lob­riv gan­xor­ci­e­
le­bis Sem­Txve­vis­Tvis. am Sem­Txve­va­Si sa­aq­cio sa­zo­ga­do­e­bis xel­
mZRva­ne­li or­ga­no val­de­bu­lia aq­ci­a­Ta re­es­tris mwar­mo­e­bel pirs
mi­a­wo­dos in­for­ma­cia Se­na­ta­nis gan­Tav­se­bul aq­ci­a­Ta sa­nac­vlod
gan­xor­ci­e­le­bis Se­sa­xeb.

ka­no­nis 196-e mux­liT mo­wes­ri­ge­bu­lia sa­er­To kre­ba­Si aq­ci­o­ne­ris xmis

uf­le­bis gan­sazR­vris we­si. ker­Zod, aq­ci­o­ne­ris xmis uf­le­bis mo­cu­lo­ba
da­an­ga­riS­de­ba aq­ci­a­Ta ra­o­de­no­bis mi­xed­viT.
aq­ci­o­ners xmis uf­le­ba eni­We­ba Se­sa­ta­nis sru­lad Se­ta­nis mo­men­ti­dan.
aR­niS­nuls ori Zi­ri­Ta­di mi­ze­zi aqvs: upir­ve­les yov­li­sa, sa­aq­cio sa­zo­
ga­do­e­bis sa­er­To kre­ba aris kor­po­ra­ci­ul mar­Tva­Si aq­ci­o­ne­re­bis pir­da­
pi­ri mo­na­wi­le­o­bis da Ta­vi­si in­ves­ti­ci­is dac­vis um­Tav­re­si in­stru­men­
ti. Se­sa­ba­mi­sad, Tu in­ves­ti­cia ar aris gan­xor­ci­el­ e­bu­li, arc mi­si dac­
vis in­stru­men­tis ar­se­bo­baa sa­Wi­ro; me­o­re, xmis uf­le­bis mi­u­ni­Web­lo­ba
aris rep­re­si­u­li me­qa­niz­mi, ro­me­lic aq­ci­o­ners ubiZ­gebs na­kis­ri Se­sa­ta­
nis sru­lad Se­ta­ni­sa­ken. Tum­ca sa­zo­ga­do­e­bis wes­de­ba Se­saZ­le­be­lia iT­
va­lis­wi­neb­des Se­na­ta­nis na­wi­lob­riv gan­xor­ci­e­le­bis Sem­Txve­va­Si xmis
uf­le­bis mi­ni­We­bis Se­saZ­leb­lo­ba­sac.

mux­li 197. xmis uf­le­bis da­mo­u­ki­deb­lad gan­xor­ci­e­le­ba

1. ba­Ti­lia xel­Sek­ru­le­ba an wes­de­bis Ca­na­we­ri, rom­li­Tac aq­ci­o­ners

eva­le­ba xmis uf­le­bis sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­
nos an sa­meT­val­yu­reo sab­Wos mi­Ti­Te­biT gan­xor­ci­e­le­ba.
2. ba­Ti­lia Se­Tan­xme­ba, ro­me­lic zo­ga­dad aval­de­bu­lebs aq­ci­o­ners,
xmis uf­le­ba sa­aq­cio sa­zo­ga­do­e­bis or­ga­no­Ta mi­Ti­Te­be­bis Se­sa­ba­
mi­sad ga­mo­i­ye­nos.
3. aq­ci­o­ne­ri an mi­si war­mo­mad­ge­ne­li xmis uf­le­bas ver ga­mo­i­ye­nebs,
Tu sa­er­To kre­ba ixi­lavs am aq­ci­o­ne­ris­Tvis sa­aq­cio sa­zo­ga­do­e­
bis moTx­ov­nis wa­ye­ne­bis an mas­Tan ga­ri­ge­bis da­de­bis sa­kiTxs, aR­
niS­nul aq­ci­o­ners gan­sa­xil­vel sa­kiTx­Tan da­kav­Si­re­biT in­te­res­Ta
kon­fliq­ti aqvs an es sa­kiTxi sxvag­va­rad pir­da­pir ukav­Sir­de­ba mas.

aq­ci­o­ne­ris mi­er xmis da­mo­uk

­ i­deb­lad mi­ce­mis prin­ci­pi sa­kor­po­ra­cio
sa­mar­Tlis uzo­ga­de­si prin­ci­pi­a. es prin­ci­pi icavs ara mxo­lod aq­ci­o­ne­
ris uf­le­bas, ara­med uz­run­vel­yofs sa­aq­cio sa­zo­ga­do­e­bis or­ga­no­ebs

326
So­ris Za­la­uf­le­bis da­na­wi­le­bis gziT ba­lan­sis miR­we­vas, ra­mac un­da Seq­
mnas sa­zo­ga­do­e­bis efeq­ti­a­ni kor­po­ra­ci­u­li mar­Tva. ka­no­nis 197-e mux­
lis mi­xed­viT, ba­Ti­lia xel­Sek­ru­le­ba an wes­de­bis Ca­na­we­ri, rom­li­Tac
aq­ci­o­ners ekis­re­ba xmis uf­le­bis gan­xor­ci­e­le­ba xel­mZRva­ne­li or­ga­nos
an sa­meT­val­yu­reo sab­Wos mi­Ti­Te­bis sa­fuZ­vel­ze. me­tic, gar­da kor­po­
ra­ci­u­li mar­Tvis am ori Zi­ri­Ta­di or­ga­no­si, ka­no­ni krZa­lavs ne­bis­mi­er
Se­Tan­xme­bas, ro­me­lic zo­ga­dad aval­de­bu­lebs aq­ci­o­ners, xmis uf­le­ba
ga­mo­i­ye­nos sa­aq­cio sa­zo­ga­do­e­bis sxva ne­bis­mi­er or­ga­nos mi­Ti­Te­be­bis
Se­sa­ba­mi­sad.
aq­ci­o­ne­ris xmis uf­le­ba ar ga­ne­kuT­vne­ba aq­ci­o­ne­ris ab­so­lu­tur uf­
le­ba­Ta ka­te­go­ri­as. igi Se­iZ­le­ba, Se­izR­u­dos cal­ke­ul Sem­Txve­veb­Si, ro­
de­sac es au­ci­le­be­lia sa­aq­cio sa­zo­ga­do­e­bis sa­u­ke­Te­so in­te­re­se­bi­saT­
vis. swo­red aR­niS­nuls uz­run­vel­yofs ka­no­nis wi­nam­de­ba­re mux­lis me-2
pun­qti, rom­lis mi­xed­vi­Tac, aq­ci­o­ners ar ga­aC­nia xmis uf­le­ba, Tu sa­zo­
ga­do­e­bis sa­er­To kre­ba ixi­lavs mis mi­marT moTx­ov­nis wa­ye­ne­bis, Se­saZ­lo
in­te­res­Ta kon­fliq­tis an aR­niS­nul pir­Tan sxvag­va­rad da­kav­Si­re­bul sa­
kiTxs.

mux­li 198. sa­er­To kre­bis mim­di­na­re­o­ba

1. sa­er­To kre­ba mim­di­na­re­obs am ka­no­niT an wes­de­biT dad­ge­ni­li we­

siT.
2. sa­er­To kre­bas Tav­mjdo­ma­re­obs sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­
yu­reo sab­Wos Tav­mjdo­ma­re, xo­lo mar­Tvis mo­nis­tu­ri sis­te­mis
Sem­Txve­va­Si _ sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos Tav­
mjdo­ma­re. ma­Ti ar­yof­ni­sas sa­er­To kre­bis Tav­mjdo­ma­res xma­Ta um­
rav­le­so­biT ir­Cevs sa­er­To kre­ba. wes­de­ba Se­iZ­le­ba ad­gen­des sa­er­
To kre­bis Tav­mjdo­ma­ris gan­sazR­vris sxva wess.
3. sa­er­To kre­bis gax­snam­de tar­de­ba sa­er­To kre­ba­ze ga­mocx­a­de­bu­li
aq­ci­o­ne­re­bis (ma­Ti war­mo­mad­gen­le­bis) re­gis­tra­ci­a. aq­ci­o­ne­ri,
ro­mel­mac re­gis­tra­cia ar ga­i­a­ra, kvo­ru­mis gan­sazR­vri­sas ar ga­
iT­va­lis­wi­ne­ba da mas ar aqvs ken­Wis­yra­Si mo­na­wi­le­o­bis uf­le­ba.
4. ken­Wis­yris for­ma Se­iZ­le­ba dad­gin­des wes­de­biT. Tu wes­de­ba ken­Wis­
yris for­mas ar ad­gens, mas gan­sazR­vravs sa­er­To kre­ba ken­Wis­yra­Si
mo­na­wi­le­Ta xme­bis um­rav­le­so­biT. sa­er­To kre­ba­ze ken­Wis­yra­Si mo­
na­wi­le­Ta xme­bis ara­nak­leb 3/4-iT Se­iZ­le­ba ga­ni­sazR­vros wes­de­biT
dad­ge­ni­li ken­Wis­yris for­mis­gan gan­sxva­ve­bu­li ken­Wis­yris for­ma.

327
 5. sa­er­To kre­bis Tav­mjdo­ma­rem sa­er­To kre­bis mo­na­wi­le yve­la aq­ci­
o­ners un­da mis­ces mi­si dRis wes­ri­giT gaT­va­lis­wi­ne­bu­li sa­kiTx­e­
bis gan­xil­vi­sas sity­viT ga­mos­vlis Se­saZ­leb­lo­ba.
6. ken­Wis­yris Se­de­ge­bi cxad­de­ba sa­er­To kre­ba­ze.

sa­aq­cio sa­zo­ga­do­eb­ is sa­er­To kre­bis msvle­lo­bis pro­ce­du­ra, ume­

tes­wi­lad, Si­da kor­po­ra­ci­u­li sa­kiTx­i­a. aqe­dan ga­mo­nak­li­si Se­iZ­le­ba
iyos ise­Ti Sem­Txve­ve­bi, ro­de­sac kon­kre­tu­li sa­kiTx­is im­pe­ra­ti­u­li mo­
wes­ri­ge­ba au­ci­le­be­lia aq­ci­o­ne­re­bis da­sa­ca­vad, Ta­na­ba­ri sa­vaW­ro Za­la­
uf­le­bis Se­saq­mne­lad da am gziT war­mo­mad­gen­lo­bi­Ti xar­je­bis Se­sam­ci­
reb­lad. swo­red am mi­ze­ze­biT, ka­no­nis me-198 mux­lis pir­ve­li pun­qti mi­u­
Ti­Tebs sa­er­To kre­bis msvle­lo­bis re­gu­li­re­bis or wya­ro­ze: ka­non­sa da
wes­de­ba­ze.
me-198 mux­lis me-2 pun­qtis mi­xed­viT, sa­er­To kre­bis Tav­mjdo­ma­re­o­ba
sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­ris kom­pe­ten­ci­as mi­e­kuT­vne­ba, xo­lo
mo­nis­tu­ri kor­po­ra­ci­ul ­ i mar­Tvis sis­te­ma­Si sa­er­To kre­bas Tav­mjdo­ma­
re­obs xel­mZRva­ne­li or­ga­nos Tav­mjdo­ma­re. am pi­ris ar­yof­nis Sem­Txve­
va­Si kre­bis Tav­mjdo­ma­ris Ser­Ce­va xde­ba Ta­vad sa­er­To kre­bis mi­er xma­Ta
um­rav­le­so­biT. es sa­kiTxi ka­non­Si dis­po­zi­ci­u­rad re­gu­lir­de­ba da wes­
de­biT aq­ci­o­ne­re­bi sar­geb­lo­ben sa­er­To kre­bis Tav­mjdo­ma­ris Ser­Ce­vis
pro­ce­du­ris sxvag­va­rad gan­sazR­vris uf­le­ba­mo­si­le­biT.
sa­er­To kre­bis gax­snam­de tar­de­ba sa­er­To kre­ba­ze ga­mocx­a­de­bu­li aq­
ci­o­ne­re­bis (ma­Ti war­mo­mad­gen­le­bis) re­gis­tra­ci­a. aq­ci­o­ne­ri, ro­mel­mac
ar ga­i­a­ra re­gis­tra­ci­a, kvo­ru­mis gan­sazR­vri­sas mxed­ve­lo­ba­Si ar mi­i­Re­
ba da mas uf­le­ba ara aqvs, mo­na­wi­le­o­ba mi­i­Ros ken­Wis­yra­Si. ken­Wis­yris
pro­ce­du­ris teq­ni­ku­ri sa­Su­al ­ e­be­biT Ca­ta­re­bis Se­saZ­leb­lo­ba ar aqvs
yve­la sa­aq­cio sa­zo­ga­do­e­bas, xo­lo ken­Wis­yris fa­ru­lo­ba yo­vel­Tvis Se­
iZ­le­ba ar iyos sa­aq­cio sa­zo­ga­do­e­bis in­te­re­si. swo­red ami­tom, ka­no­nis
mi­xed­viT, ken­Wis­yris for­ma ga­ni­sazR­vre­ba wes­de­biT. Tu wes­de­biT ase­Ti
for­ma ar aris dad­ge­ni­li, ma­Sin ken­Wis­yris for­ma un­da gan­sazR­vros sa­
er­To kre­bam. amas­Ta­na­ve, ken­Wis­yra­Si mo­na­wi­le pir­Ta ¾-s Se­uZ­lia Sec­va­
los wes­de­biT gan­sazR­vru­li ken­Wis­yris for­ma, wes­de­bis cvli­le­bis ga­
re­Se. ase­Ti ga­dawy­ve­ti­le­ba imoq­me­debs im sa­er­To kre­ba­ze, ro­mel­zec es
ga­dawy­ve­ti­le­ba iq­na mi­Re­bu­li.
aq­ci­o­ne­ris xmis uf­le­bi­sa­gan gan­sxva­ve­biT, sity­viT ga­mos­vlis uf­
le­ba aq­ci­o­ne­ris ab­so­lu­tur uf­le­ba­Ta ka­te­go­ri­as mi­e­kuT­vne­ba. mi­u­xe­
da­vad imi­sa, rom aq­ci­o­ners Se­iZ­le­ba SezR­u­du­li hqon­des xmis uf­le­ba,
da­uS­ve­be­lia sa­er­To kre­bis far­gleb­Si dRis wes­ri­giT gaT­va­lis­wi­ne­bul

328
sa­kiTx­eb­ze sity­viT ga­mos­vlis uf­le­bis SezR­ud­va. am uf­le­bas im­pe­ra­ti­
u­lad gan­sazR­vravs ka­no­nis wi­nam­de­ba­re mux­lis me-5 pun­qti.
is aq­ci­o­ne­re­bi, rom­le­bic mo­na­wi­le­ob ­ as iRe­ben sa­er­To kre­ba­Si, xSi­
rad iTx­o­ven maT mi­er mi­ce­mu­li xmis swo­rad da­fiq­si­re­bis da­zus­te­bas.
es gan­sa­kuT­re­biT aq­tu­a­lu­ria iseT Sem­Txve­veb­Si, ro­de­sac xmis uf­le­bis
mi­ce­ma xde­ba war­mo­mad­gen­lis meS­ve­o­biT. Se­sa­ba­mi­sad, ka­no­ni iT­va­lis­wi­
nebs ken­Wis­yris Se­de­ge­bis ga­mocx­a­de­bis val­de­bu­le­bas. aR­niS­nu­li mi­zan­
Se­wo­ni­lia gan­xor­ci­el­des Ti­To­e­u­li ken­Wis­yris Sem­dgom xmis uf­le­bis
ga­mo­ye­ne­bis Se­sa­xeb in­for­ma­ci­is wa­kiTx­viT an, sa­Ta­na­do teq­ni­ku­ri sa­Su­
a­le­be­bis ar­se­bo­bis Sem­Txve­va­Si, ek­ran­ze Cve­ne­biT (aR­niS­nu­li un­da gan­
xor­ci­el­des im­gva­rad, rom ar iq­nes dar­Rve­u­li ken­Wis­yris fa­ru­lo­ba).

mux­li 199. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­ri­sa da

xel­mZRva­ne­li pi­ris ar­Ce­va xme­bis aku­mu­li­re­bis me­To­diT

wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si an sa­er­To kre­bis ga­dawy­ve­

ti­le­biT sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­ri­sa da xel­
mZRva­ne­li pi­ris asar­Ce­vad ga­mo­i­ye­ne­ba xme­bis aku­mu­li­re­bis me­To­di,
rom­lis mi­xed­viT:
a) aq­ci­o­ne­ri Ta­vis yve­la xmas ana­wi­lebs ne­bis­mi­e­ri ra­o­de­no­bis kan­di­
da­teb­ze, ise, rom ken­Wis­yra­Si mo­na­wi­le­o­bi­sas mis xma­Ta ja­mu­ri ra­o­
de­no­ba ar aRe­ma­te­bo­des mis gan­kar­gu­le­ba­Si ar­se­bul xma­Ta sa­er­To
ra­o­de­no­bas;
b) aq­ci­o­ners Se­uZ­lia Ti­To­e­u­li Ta­vi­si xmiT mxo­lod mxa­ri da­u­Wi­ros
kan­di­dats;
g) Tu kan­di­da­te­bis ra­o­de­no­ba asar­Cev wev­rTa/­pir­Ta dad­ge­nil ra­o­de­no­
ba­ze nak­le­bia an mi­si to­li­a, yve­la is kan­di­da­ti, ro­mel­mac Tun­dac 1 xma
mi­i­Ro, ar­Ce­u­lad mi­iC­ne­va. Tu kan­di­da­te­bis ra­o­de­no­ba aRe­ma­te­ba asar­Cev
wev­rTa/­pir­Ta dad­ge­nil ra­o­de­no­bas, ar­Ce­u­lad mi­iC­ne­vi­an is kan­di­da­te­
bi, rom­leb­mac ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis um­rav­le­so­ba mi­i­Res.

xme­bis aku­mu­li­re­bis me­To­di _ esaa xmis mi­ce­mis sis­te­ma, ro­me­lic aq­

ci­o­ners aZ­levs Se­saZ­leb­lo­bas, ga­da­a­na­wi­los Ta­vi­si xme­bi dRis wes­ri­gis
er­Tsa da ima­ve sa­kiTx­Si Se­ma­val sxva­das­xva al­ter­na­ti­va­ze. uf­ro kon­
kre­tu­lad, aR­niS­nu­li sis­te­ma ga­mo­iy­ e­ne­ba im Sem­Txve­va­Si, ro­de­sac xde­ba
ram­de­ni­me kan­di­da­tis Ser­Ce­va da aq­ci­o­ners aqvs er­Tze me­ti xma. xme­bis
aku­mu­li­re­bis me­To­diT xmis mi­ce­mis uf­le­ba Ta­nab­rad sa­sar­geb­loa ro­

329
gorc mi­no­ri­ta­ri, ise ma­Jo­ri­ta­ri aq­ci­o­ne­ri­saT­vis. ker­Zod, ma­Jo­ri­tar
aq­ci­o­ners aqvs Se­saZ­leb­lo­ba, Ta­vi­si xme­bi ga­da­a­na­wi­los ram­de­ni­me kan­
di­dat­ze da xe­li Se­uwy­os Se­sa­ba­mi­si or­ga­nos Ta­vis­Tvis sa­sur­ve­li kan­
di­da­te­biT da­kom­pleq­te­bas. mi­no­ri­tar aq­ci­o­ne­rebs xme­bis aku­mu­li­re­
bis me­To­diT eZ­le­vaT Se­saZ­leb­lo­ba, ma­Jo­ri­ta­ri aq­ci­o­ne­ris mi­er ga­da­
na­wi­le­bu­li xme­bis pi­ro­beb­Si, Ta­vi­an­Ti xme­bis kon­cen­tri­re­ba mo­ax­di­non
erT kan­di­dat­ze da uz­run­vel­yon mi­si gay­va­na.
wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si an sa­er­To kre­bis ga­dawy­ve­ti­
le­biT sa­meT­val­yu­reo sab­Wos da xel­mZRva­ne­li or­ga­nos wev­re­bis asar­
Ce­vad ga­mo­i­ye­ne­ba xme­bis aku­mu­li­re­bis me­To­di, ro­me­lic mdgo­ma­re­obs
Sem­deg­Si: yo­ve­li aq­ci­o­ne­ri ana­wi­lebs Ta­vis xmebs war­mod­ge­nil kan­di­
dat­Ta ne­bis­mi­er ra­o­de­no­ba­ze im pi­ro­biT, rom mis mi­er ken­Wis­yra­Si mi­ce­
mul xma­Ta ja­mu­ri ra­o­de­no­ba ar un­da aRe­ma­te­bo­des mis gan­kar­gu­le­ba­Si
ar­se­bul xma­Ta srul ra­o­de­no­bas.
ze­mo­aR­niS­nul daT­qmas­Tan er­Tad ka­no­ni iT­va­lis­wi­nebs xmis mi­ce­mis
uf­le­bis ga­mo­ye­ne­bis me­Tod­Tan da­kav­Si­re­biT SezR­ud­va­sac. ker­Zod, xmis
uf­le­bis mqo­ne aq­ci­o­ners ar aqvs uf­le­ba, sa­ku­Ta­ri xma ga­mo­i­ye­nos kan­di­
da­tis wi­na­aR­mdeg.
wi­nam­de­ba­re mux­lis „g“ qve­pun­qti awes­ri­gebs kan­di­da­tis ar­Ce­vis wess.
im Sem­Txve­va­Si, Tu kan­di­da­te­bis ra­o­de­no­ba asar­Cev wev­rTa ra­o­de­no­ba­ze
nak­le­bia an mi­si to­li­a, yve­la kan­di­da­ti, ro­mel­mac mi­i­Ro Tun­dac er­Ti
xma, ar­Ce­u­lad iT­vle­ba. Ta­vi­suf­lad dar­Ce­ni­li po­zi­ci­e­bis mi­marT Ser­
Ce­vis pro­ce­si xe­lax­la un­da Ca­tar­des. im Sem­Txve­va­Si, Tu kan­di­da­te­bis
ra­o­de­no­ba aRe­ma­te­ba asar­Cev wev­rTa dad­ge­nil ra­o­de­no­bas, ar­Ce­u­lad
Ca­iT­vle­bi­an is kan­di­da­te­bi, rom­leb­mac mi­i­Res ken­Wis­yra­Si mo­na­wi­le xma­
Ta um­rav­le­so­ba.

mux­li 200. sa­er­To kre­bis oq­mi

1. sa­er­To kre­bis dam­Tav­re­bi­dan 15 dRis gan­mav­lo­ba­Si un­da Sed­ges

sa­er­To kre­bis oq­mi, ro­mel­sac xels awers sa­er­To kre­bis Tav­mjdo­
ma­re. Tu sa­er­To kre­bas no­ta­ri­u­si es­wre­ba, sa­er­To kre­bis oqms
ad­gens da xels awers no­ta­ri­u­sic. „fa­si­a­ni qa­Ral­de­bis baz­ris Se­
sa­xeb“ sa­qar­Tve­los ka­no­niT gan­sazR­vru­li an­ga­riS­val­de­bu­li sa­
war­mos Sem­Txve­va­Si, rom­lis fa­si­a­ni qa­Ral­de­bi sa­vaW­rod aris daS­
ve­bu­li sa­fon­do bir­Ja­ze, sa­er­To kre­bis oqms ad­gens no­ta­ri­u­si da
mas xels awe­ren no­ta­ri­u­si da sa­er­To kre­bis Tav­mjdo­ma­re.

330
 2. sa­er­To kre­bis oq­mSi un­da aRi­niS­nos:
a) sa­aq­cio sa­zo­ga­do­e­bis sa­fir­mo sa­xel­wo­de­ba;
b) sa­er­To kre­bis Ca­ta­re­bis ad­gi­li da Ta­ri­Ri;
g) xmis uf­le­bis mqo­ne aq­ci­a­Ta sa­er­To ra­o­de­no­ba;
d) sa­er­To kre­ba­Si mo­na­wi­le an sa­er­To kre­ba­ze war­mod­ge­ni­li xmis
uf­le­bis mqo­ne aq­ci­e­bis ra­o­de­no­ba;
e) sa­er­To kre­bis Ca­ta­re­bis for­ma, xmis mi­ce­mis for­ma da mi­Re­bu­li
ga­dawy­ve­ti­le­be­bi sa­er­To kre­bis dRis wes­ri­giT gaT­va­lis­wi­ne­bu­
li sa­kiTx­e­bis ri­gi­To­bis mi­xed­viT;
v) yo­ve­li ga­dawy­ve­ti­le­bis­Tvis _ im aq­ci­e­bis ra­o­de­no­ba, rom­le­bi­
dan ga­mom­di­na­rec mar­Tlzo­mi­e­rad iyo xme­bi mi­ce­mu­li, am xme­biT
war­mod­ge­ni­li wi­li gan­Tav­se­bul ka­pi­tal­Si, xme­bis sa­er­To ra­o­de­
no­ba, ro­gorc ga­dawy­ve­ti­le­bis sa­sar­geb­lod, ise mis sa­wi­na­aR­mde­
god mi­ce­mu­li xme­bis ra­o­de­no­ba da ma­Ti ra­o­de­no­ba, vinc xmis mi­ce­
mis­gan Ta­vi Se­i­ka­va.
3. sa­er­To kre­bis oqms un­da da­er­Tos sa­er­To kre­bis dad­ge­ni­li we­siT
mow­ve­vis da­ma­das­tu­re­be­li yve­la sa­bu­Ti.

sa­er­To kre­bis oq­mi aris we­ri­lo­bi­Ti do­ku­men­ti, ro­me­lic aR­wers sa­

er­To kre­bis mim­di­na­re­o­bis Se­sa­xeb in­for­ma­ci­as. Ca­na­we­ri xor­ci­el­de­ba
sa­zo­ga­do­e­bis wig­nSi, ro­mel­sac aqvs gan­sa­kuT­re­bu­li mex­si­e­re­bi­Ti da
mtki­ce­bu­le­bi­Ti mniS­vne­lo­ba Sem­dgo­mi ga­u­geb­ro­be­bi­sa da da­ve­bis Ta­vi­
dan asa­ci­leb­lad. ka­no­nis far­gleb­Si sa­er­To kre­bis oq­mTan da­kav­Si­re­
bu­li sa­kiTx­eb ­ i mo­wes­ri­ge­bu­lia me-200 mux­lSi. wi­nam­de­ba­re mux­li mo­i­
cavs iseT sa­kiTx­ebs, ro­go­re­bi­ca­a: kre­bis oq­mis mom­za­de­ba, Si­na­ar­si da
kre­bis oq­mis da­nar­Ti do­ku­men­te­bi.
ka­no­nis mi­xed­viT, sa­er­To kre­bis oq­mis mom­za­de­bis bo­lo va­daa sa­er­To
kre­bis dam­Tav­re­bi­dan 15 dRe. sa­er­To kre­bis oqms un­da da­er­Tos sa­er­
To kre­bis dad­ge­ni­li we­siT mow­ve­vis yve­la sa­bu­Ti. „fa­si­a­ni qa­Ral­de­bis
baz­ris Se­sa­xeb“ sa­qar­Tve­los ka­no­niT gan­sazR­vru­li an­ga­riS­val­de­bu­li
sa­war­mos Sem­Txve­va­Si, rom­lis fa­si­a­ni qa­Ral­de­bi sa­vaW­rod aris daS­ve­bu­
li sa­fon­do bir­Ja­ze da im sa­aq­cio sa­zo­ga­do­e­bis Sem­Txve­va­Si, ro­me­lic
Ta­vi­si aq­ci­e­biT ar vaW­robs sa­fon­do bir­Ja­ze, gan­sxva­ve­bu­lia kre­bis oq­
mis Sed­ge­ni­sa da xel­mo­we­ris stan­dar­te­bi. ker­Zod, zo­ga­dad sa­aq­cio sa­
zo­ga­do­e­ba­Si sa­er­To kre­bis oqms am­za­debs sxdo­mis mdi­va­ni da mas xels
awers kre­bis Tav­mjdo­ma­re. amas­Tan, Tu kre­bas es­wre­ba no­ta­ri­u­si, ma­Sin,
kre­bis oqms xe­li un­da mo­a­we­ros no­ta­ri­us­mac. im an­ga­riS­val­de­bu­li sa­
aq­cio sa­zo­ga­do­e­bis Sem­Txve­va­Si ki, rom­lis fa­si­a­ni qa­Ral­de­bi sa­vaW­rod

331
aris daS­ve­bu­li sa­fon­do bir­Ja­ze, ga­ni­sazR­vre­ba uf­ro ma­Ra­li stan­dar­
te­bi. ker­Zod, sa­er­To kre­bis oqms Se­ad­gens no­ta­ri­u­si da xels mo­a­we­ren
no­ta­ri­u­si da sa­er­To kre­bis Tav­mjdo­ma­re.
ka­no­nis wi­nam­de­ba­re mux­lis me-2 pun­qtiT de­ta­lu­rad ga­ni­sazR­vre­
ba sa­er­To kre­bis oq­mis for­ma­lu­ri da Si­na­ar­sob­ri­vi na­wi­li da am gziT
mkvid­rde­ba kre­bis oq­mis Sed­ge­nis er­Tgva­ro­va­ni praq­ti­ka.

mux­li 201. ken­Wis­yris Se­de­ge­bis Se­sa­xeb in­for­ma­ci­is

ga­moq­vey­ne­bis val­de­bu­le­ba

im sa­aq­cio sa­zo­ga­do­e­bis veb­gver­dze, ro­me­lic aris „fa­si­a­ni qa­Ral­de­

bis baz­ris Se­sa­xeb“ sa­qar­Tve­los ka­no­niT gan­sazR­vru­li an­ga­riS­val­de­
bu­li sa­war­mo, rom­lis fa­si­a­ni qa­Ral­de­bi sa­vaW­rod aris daS­ve­bu­li sa­
fon­do bir­Ja­ze, sa­er­To kre­bis Ca­ta­re­bi­dan ara­ug­vi­a­nes 15 dRi­sa un­da
ga­moq­vey­ndes in­for­ma­cia ken­Wis­yris Se­de­ge­bis Se­sa­xeb.

ka­no­ni iT­va­lis­wi­nebs kre­ba­Si mo­na­wi­le­o­bis da xmis mi­ce­mis mi­mar­Tu­

le­biT ara­erT no­va­ci­as, maT So­ris, xmis mi­ce­mas war­mo­mad­gen­lis meS­ve­
o­biT da xmis mi­ce­mas eleq­tro­nu­li for­miT. amis um­Tav­re­si mi­za­ni aq­ci­
o­ne­re­bis xar­je­bis Sem­ci­re­ba, sa­zo­ga­do­e­bis saq­mi­a­no­ba­ze ga­ad­vi­le­bu­li
meT­val­yu­re­ob ­ a da in­ves­ti­ci­e­bis wa­xa­li­se­ba­a. ama­ve mi­zans em­sa­xu­re­ba ka­
no­nis 201-e mux­lic.
gan­vi­Ta­re­bu­li ka­pi­ta­lis baz­ris pi­ro­beb­Si in­ves­to­ri Ta­vis da­na­zogs
sxva­das­xva sa­aq­cio sa­zo­ga­do­e­beb­Si aban­debs. Se­sa­ba­mi­sad, mniS­vne­lo­va­ni­a,
rom mas hqon­des Se­saZ­leb­lo­ba, in­di­vi­du­a­lu­ri mi­mar­Tvis ga­re­Se Se­im­ci­
ros xar­je­bi da xe­li mi­uw­vde­bo­des sa­er­To kre­bis dRis wes­ri­giT gaT­va­
lis­wi­ne­bu­li sa­kiTx­is ken­Wis­yris Se­de­geb­ze. amis uz­run­vel­sa­yo­fad ka­no­
nis 201-e mux­liT gaT­va­lis­wi­ne­bu­lia veb­gver­dis meS­ve­o­biT ken­Wis­yris Se­
de­ge­bis ga­moq­vey­ne­bis val­de­bu­le­ba im sa­aq­cio sa­zo­ga­do­e­bis mi­er, rom­lis
fa­si­a­ni qa­Ral­de­bi sa­vaW­rod daS­ve­bu­lia sa­fon­do bir­Ja­ze. ase­Ti ga­moq­vey­
ne­ba ki un­da mox­des sa­er­To kre­bis Ca­ta­re­bi­dan ara­ug­vi­a­nes 15 dRi­sa.

mux­li 202. aq­ci­o­ne­ris uf­le­ba in­for­ma­ci­a­ze

1. sa­er­To kre­bis mim­di­na­re­o­bi­sas sa­er­To kre­bis mo­na­wi­le aq­ci­o­

ners uf­le­ba aqvs, mi­si dRis wes­ri­giT gaT­va­lis­wi­ne­bul sa­kiTx­

332
 eb­Tan da­kav­Si­re­biT sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel or­ga­nos­/
pi­rebs da­us­vas Se­kiTx­ve­bi da mos­Txo­vos am sa­kiTx­e­bis sa­Ta­na­dod
gan­xil­vi­sa da Se­fa­se­bis­Tvis au­ci­le­be­li ne­bis­mi­e­ri in­for­ma­ci­a.
2. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no val­de­bu­lia aq­ci­o­ne­
ris Se­kiTx­vebs upa­su­xos da mas moTx­ov­ni­li in­for­ma­cia sru­lad
mi­a­wo­dos.
3. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel or­ga­nos uf­le­ba aqvs, aq­ci­o­
ners ua­ri uTx­ras moTx­ov­ni­li in­for­ma­ci­is mi­wo­de­ba­ze, Tu:
a) Se­sa­ba­mi­si in­for­ma­ci­is mi­wo­de­bam sa­aq­cio sa­zo­ga­do­e­bas Se­iZ­le­
ba mniS­vne­lo­va­ni zi­a­ni mi­a­ye­nos;
b) Se­sa­ba­mi­si in­for­ma­ci­is ga­ce­miT kon­fi­den­ci­a­lu­ri in­for­ma­cia
gam­JRav­nde­ba;
g) das­mul Se­kiTx­vas pa­su­xi sa­er­To kre­bis dawy­e­bam­de da mi­si mim­
di­na­re­o­bi­sas sa­aq­cio sa­zo­ga­do­e­bis veb­gver­dze kiTx­va-­pa­su­xis
for­ma­tiT aqvs ga­ce­mu­li.
4. Tu sa­er­To kre­bis dawy­e­bam­de sa­aq­cio sa­zo­ga­do­e­bam Ta­vi­si ini­ci­
a­ti­viT ro­me­li­me aq­ci­o­ners, aq­ci­o­ne­ris sta­tu­si­dan ga­mom­di­na­re,
mi­a­wo­da in­for­ma­ci­a, igi­ve in­for­ma­cia un­da mi­e­wo­dos sa­er­To kre­
bis mo­na­wi­le yve­la sxva aq­ci­o­ners, im Sem­Txve­va­Sic, Tu es in­for­
ma­cia sa­er­To kre­bis dRis wes­ri­giT gaT­va­lis­wi­ne­bu­li sa­kiTx­e­bis
gan­sa­xil­ve­lad au­ci­le­be­li ar aris.
5. in­for­ma­ci­is mi­wo­de­ba­ze sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­
ga­nos ua­ri Se­iZ­le­ba sa­er­To kre­bis oq­mis Sed­ge­ni­dan 15 dRis va­da­
Si ga­sa­Civ­rdes sa­sa­mar­Tlo­Si.
6. Tu sa­sa­mar­Tlo da­ak­ma­yo­fi­lebs aq­ci­o­ne­ris moTx­ov­nas, aq­ci­o­ners
moTx­ov­ni­li in­for­ma­cia sa­er­To kre­bis ga­re­Sec mi­e­wo­de­ba. sa­aq­
cio sa­zo­ga­do­e­bam igi­ve in­for­ma­cia xel­mi­saw­vdo­mi un­da ga­xa­dos
yve­la sxva da­in­te­re­se­bu­li aq­ci­o­ne­ris­Tvis.

sa­aq­cio sa­zo­ga­do­eb­ is ga­dawy­ve­ti­le­beb­ze aq­ci­o­ne­ri sa­mi me­To­diT ax­

dens ze­gav­le­nas. es me­To­de­bi­a: (1) xmis uf­le­ba, (2) sa­Ci­va­ri an (3) aq­ci­a­
Ta ga­yid­va. sa­mi­ve am uf­le­biT efeq­ti­a­nad sar­geb­lo­ba pir­da­pi­raa da­kav­
Si­re­bu­li aq­ci­o­ne­ris in­for­mi­re­bu­lo­bis xa­ris­xTan. me­tic, aq­ci­o­ne­ris
in­for­mi­re­bu­lo­ba uz­run­vel­yofs aq­ci­o­ne­reb­sa da xel­mZRva­nel pi­rebs
So­ris sa­aq­cio sa­zo­ga­do­e­bis Se­sa­xeb in­for­ma­ci­is si­met­ri­u­lo­bas da
xels uwy­obs efeq­ti­an kor­po­ra­ci­ul mar­Tvas. swo­red am mi­ze­ziT ka­no­nis
202-e mux­li aq­ci­o­ne­ri­saT­vis qmnis sa­er­To kre­ba­ze gan­sa­xil­vel sa­kiTx­
Tan da­kav­Si­re­biT in­for­ma­ci­is moTx­ov­nis nor­ma­ti­ul sa­fuZ­vels. aR­niS­

333
nu­li mux­lis far­gleb­Si mo­wes­ri­ge­bu­lia ise­Ti sa­kiTx­e­bi, ro­go­re­bi­ca­a:
aq­ci­o­ne­ris mi­er in­for­ma­ci­is moTx­ov­nis uf­le­ba, xel­mZRva­ne­li or­ga­nos
val­de­bu­le­be­bi aq­ci­o­ner­Ta in­for­mi­re­bis kon­teq­stSi, in­for­ma­ci­a­ze
ua­ris sa­fuZ­vle­bi, in­for­ma­ci­iT aq­ci­o­ne­re­bis Ta­na­ba­ri aR­Wur­va da sa­sa­
mar­Tlo kon­tro­li.
ka­no­nis mi­xed­viT, aq­ci­o­ne­ri­saT­vis in­for­ma­ci­is mi­wo­de­ba­ze val­de­
bu­li su­bi­eq­ti xel­mZRva­ne­li or­ga­no­a. sa­zo­ga­do­e­bis xel­mZRva­ne­li or­
ga­no val­de­bu­li­a, ke­Til­sin­di­si­e­rad mi­a­wo­dos sa­zo­ga­do­e­bis ka­pi­tal­Si
wil­ze sa­kuT­re­bis mqo­ne su­bi­eqts Se­sa­ba­mi­si in­for­ma­ci­a. gar­da in­for­ma­
ci­is wi­nas­war moTx­ov­nis uf­le­bi­sa, aq­ci­o­ners uSu­a­lod sa­er­To kre­bis
msvle­lo­bi­sa­sac aqvs uf­le­ba, dRis wes­ri­gis sa­kiTx­eb­Tan da­kav­Si­re­biT
xel­mZRva­nel or­ga­nos dausvas Se­kiTx­ve­bi da mo­iTx­o­vos ne­bis­mi­e­ri in­
for­ma­ci­a, ro­me­lic au­ci­le­be­lia am sa­kiTx­e­bis sa­Ta­na­dod gan­xil­vi­sa da
Se­fa­se­bis­Tvis. ka­no­ni ase­ve ad­gens xel­mZRva­ne­li or­ga­nos val­de­bu­le­
bas, moTx­ov­nis Sem­Txve­va­Si upa­su­xos aq­ci­o­ners da sru­lad mi­a­wo­dos mas
moTx­ov­ni­li in­for­ma­ci­a.
in­for­ma­ci­iT aq­ci­o­ne­ris aR­Wur­va sxva in­te­re­sebs So­ris, ase­ve, em­sa­xu­
re­ba aq­ci­on ­ e­ris gaZ­li­e­re­bis gziT kor­po­ra­ci­ul mar­Tva­Si ba­lan­sis da,
Se­sa­ba­mi­sad, sa­aq­cio sa­zo­ga­do­e­bis efeq­ti­an­ i fun­qci­o­ni­re­bis uz­run­vel­
yo­fas. aqe­dan ga­mom­di­na­re, in­for­ma­ci­is ga­ce­ma ar un­da mox­des am mi­zan­
Tan ac­de­niT. ker­Zod, au­ci­le­be­li­a, in­for­ma­ci­is ga­ce­ma mox­des in­di­vi­du­
a­lu­ri aq­ci­on ­ e­ri­sa da sa­aq­cio sa­zo­ga­do­eb
­ is in­te­re­sebs So­ris ba­lan­sis
miR­we­vis gziT. am miz­nis mi­saR­we­vad wi­nam­de­ba­re mux­lSi­vea dad­ge­ni­li is
ga­mo­nak­li­se­bi, ro­mel­Ta ar­se­bo­bi­sa­sac in­for­ma­ci­is mi­wo­de­ba­ze pa­su­xis­
mge­bel or­ga­nos eni­We­ba uf­le­ba, ua­ri Tqvas in­for­ma­ci­is ga­ce­ma­ze. ase­Ti
Sem­Txve­ve­bi­a: (1) in­for­ma­ci­is mi­wo­de­bam sa­aq­cio sa­zo­ga­do­e­bas Se­iZ­le­ba
mi­a­ye­nos mniS­vne­lo­va­ni zi­a­ni; (2) am­gva­ri in­for­ma­ci­is ga­ce­ma ga­mo­iw­vevs
kon­fi­den­ci­a­lu­ri in­for­ma­ci­is gam­JRav­ne­bas. aseT dros in­for­ma­ci­is
ga­ce­ma­ze uf­le­ba­mo­sil­ma su­bi­eq­tma un­da imoq­me­dos Ta­vi­si sa­zo­ga­do­e­
bis sa­u­ke­Te­so in­te­re­se­bis Se­sa­ba­mi­sad. gar­da am wi­na pi­ro­be­bi­sa, sa­er­To
kre­bis efeq­tu­ri msvle­lo­bi­saT­vis xel­SeS­lis Ta­vi­dan aci­le­bis miz­niT,
xel­mZRva­ne­li or­ga­no ase­ve ar aris val­de­bu­li, gas­ces in­for­ma­ci­a, Tu
das­mul Se­kiTx­va­ze pa­su­xi kre­bis ga­mar­Tvam­de da mi­si msvle­lo­bi­sas ga­ce­
mu­lia sa­aq­cio sa­zo­ga­do­e­bis veb­gver­dze kiTx­va-­pa­su­xis for­ma­tiT.
in­for­ma­ci­is si­met­ri­u­lo­ba ne­bis­mi­er tran­saq­ci­a­Si po­zi­ti­u­ri eko­
no­mi­ku­ri Se­de­gis er­T-er­Ti Zi­ri­Ta­di gan­ma­pi­ro­be­be­li­a. ka­no­ni uz­run­
vel­yofs aq­ci­o­ne­re­bi­saT­vis Ta­na­ba­ri Se­saZ­leb­lo­be­bis mi­ce­mas, mi­i­Ron
in­for­mi­re­bu­li ga­dawy­ve­ti­le­be­bi. ker­Zod, Tu sa­er­To kre­bis dawy­e­bam­

334
de ro­me­li­me aq­ci­o­ners, aq­ci­o­ne­ris sta­tu­si­dan ga­mom­di­na­re, sa­aq­cio
sa­zo­ga­do­e­bis mi­er da mi­si­ve ini­ci­a­ti­viT mi­e­wo­da in­for­ma­ci­a, ase­Ti­ve
in­for­ma­cia un­da mi­e­wo­dos sa­er­To kre­bis mo­na­wi­le yo­vel aq­ci­o­ners.
aR­niS­nu­li miz­ne­bi­saT­vis ar aqvs mniS­vne­lo­ba, es in­for­ma­cia aris au­ci­
le­be­li dRis wes­ri­gis sa­kiTx­is gan­sa­xil­ve­lad Tu ara
aq­ci­o­ne­ri­saT­vis in­for­mi­re­bis uf­le­biT dro­u­lad sar­geb­lo­bis
stra­te­gi­ul ­ i mniS­vne­lo­bi­dan ga­mom­di­na­re, wi­nam­de­ba­re mux­lSi­vea Se­
mo­ta­ni­li sa­sa­mar­Tlo kon­tro­lis spe­ci­a­lu­ri me­qa­niz­mi. ker­Zod, ua­ri
in­for­ma­ci­is mi­wo­de­ba­ze Se­iZ­le­ba ga­sa­Civ­rdes sa­sa­mar­Tlo­Si sa­er­To
kre­bis oq­mis Sed­ge­ni­dan 15 dRis va­da­Si. im Sem­Txve­va­Si, Tu sa­sa­mar­Tlo
da­ak­ma­yo­fi­lebs aq­ci­o­ne­ris moTx­ov­nas, moTx­ov­ni­li in­for­ma­cia aq­ci­
o­ners mi­ew ­ o­de­ba sa­er­To kre­bis ga­re­Sec da sa­aq­cio sa­zo­ga­do­eb­ am igi­ve
in­for­ma­cia xel­mi­saw­vdo­mi un­da ga­xa­dos yve­la sxva da­in­te­re­se­bu­li aq­
ci­o­ne­ris­Tvis.

mux­li 203. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no

1. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no sa­aq­cio sa­zo­ga­do­e­

bas mar­Tavs sa­ku­Ta­ri pa­su­xis­mgeb­lo­biT.
2. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no Ta­vi­si fun­qci­e­bis
Ses­ru­le­bi­sas val­de­bu­li ar aris Se­as­ru­los sa­aq­cio sa­zo­ga­do­
e­bis sa­meT­val­yu­reo sab­Wos, sa­er­To kre­bis an cal­ke­u­li aq­ci­o­ne­
re­bis mi­Ti­Te­be­bi. ka­no­niT an wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­
veb­Si sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no val­de­bu­lia
ga­dawy­ve­ti­le­be­bi sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos
Se­u­Tan­xmos.
3. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no val­de­bu­lia Se­as­ru­
los sa­er­To kre­bi­sa da sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­
Wos mi­er sa­ku­Ta­ri kom­pe­ten­ci­is far­gleb­Si mi­Re­bu­li ga­dawy­ve­ti­
le­be­bi.
4. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no val­de­bu­lia sa­er­To
kre­bis moTx­ov­niT mo­am­za­dos is sa­kiTx­e­bi, ro­mel­Ta ga­dawy­ve­tac
sa­er­To kre­bis kom­pe­ten­ci­as ga­ne­kuT­vne­ba.
5. yve­la sa­kiTx­i, rom­le­bic ka­no­niT an wes­de­biT ar ga­ne­kuT­vne­ba sa­
er­To kre­bis an sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos kom­
pe­ten­ci­as, ga­ne­kuT­vne­ba sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­
ga­nos kom­pe­ten­ci­as.

335
 6. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos wev­re­bi sa­aq­cio sa­
zo­ga­do­e­bas er­Tob­li­vad xel­mZRva­ne­lo­ben. igi­ve we­si moq­me­debs
mar­Tvis mo­nis­tur sis­te­ma­Si, gar­da im Sem­Txve­vi­sa, ro­de­sac xel­
mZRva­ne­lo­bi­Ti uf­le­ba­mo­si­le­ba 1 xel­mZRva­nel pirs aqvs ga­da­ce­
mu­li.
7. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no ga­dawy­ve­ti­le­bas
iRebs ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis um­rav­le­so­biT, Tu wes­de­biT
xma­Ta uf­ro di­di ra­o­de­no­ba ar aris gaT­va­lis­wi­ne­bu­li.
8. wes­de­biT an ka­no­ni­Ta da wes­de­biT dad­ge­nil far­gleb­Si sa­aq­cio sa­
zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos de­bu­le­biT Se­iZ­le­ba ise ga­ni­
sazR­vros xel­mZRva­nel pi­rebs So­ris fun­qci­a­Ta ga­na­wi­le­ba da maT
mi­er ga­dawy­ve­ti­le­ba­Ta mi­Re­bis we­si, rom uz­run­vel­yo­fil iq­nes
Ti­To­e­u­li xel­mZRva­ne­li pi­ris­Tvis mi­ni­ma­lu­ri au­ci­le­be­li fun­
qci­is Se­nar­Cu­ne­ba.
9. mar­Tvis mo­nis­tu­ri sis­te­mis Sem­Txve­va­Si sa­aq­cio sa­zo­ga­do­e­bis
xel­mZRva­ne­li or­ga­no war­mo­ad­gens sa­aq­cio sa­zo­ga­do­e­bas sa­aq­cio
sa­zo­ga­do­e­bis xel­mZRva­nel pir­Ta wi­na­aR­mdeg mim­di­na­re da­va­Si, im
wev­ris ga­mok­le­biT, rom­lis wi­na­aR­mde­gac mim­di­na­re­obs da­va.

sa­aq­cio sa­zo­ga­do­e­ba _ es aris sa­ja­ro SezR­u­du­li pa­su­xis­mgeb­lo­bis

sa­zo­ga­do­eb
­ a, ro­mel­sac aqvs sa­ku­Ta­ri wi­lob­ri­vi fi­nan­su­ri in­stru­men­
te­bis ka­pi­ta­lis ba­zar­ze gan­Tav­se­bis Se­saZ­leb­lo­ba. ase­Ti una­ri, Ta­vis
mxriv, iw­vevs aq­ci­o­ner­Ta mkveT­rad da­na­wev­re­bul struq­tu­ras. zo­ga­dad,
Se­Tan­xme­bis mxa­re­Ta sim­rav­le pir­da­pir­pro­por­ci­u­lad ai­sa­xe­ba tran­
saq­ci­u­li xar­je­bis zrda­ze. Se­sa­ba­mi­sad, sa­aq­cio sa­zo­ga­do­eb­ is efeq­ti­
a­ni kor­po­ra­ci­ul­ i mar­Tvi­saT­vis au­ci­le­be­li xde­ba xel­mZRva­ne­lo­bi­Ti
da war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­be­bis er­Ti an ram­de­ni­me pi­ris xel­
Si moq­ce­va. aR­niS­nu­li­dan ga­mom­di­na­re, sa­aq­cio sa­zo­ga­do­e­ba­Si iq­mne­ba
kor­po­ra­ci­u­li mar­Tvis gan­cal­ke­ve­bu­li in­stru­men­ti _ xel­mZRva­ne­li
pi­ri, ro­me­lic uZR­ve­ba sa­aq­cio sa­zo­ga­do­e­bis saq­mi­a­no­bas. zo­gi­erT Sem­
Txve­va­Si, ase­Ti pi­re­bis ra­o­de­no­ba er­Tze me­tia da isi­ni qmni­an ko­le­gi­
ur or­ga­nos _ xel­mZRva­nel or­ga­nos ka­no­nis 203-e mux­li eT­mo­ba swo­red
xel­mZRva­nel or­ga­nos­Tan da­kav­Si­re­bu­li zo­ga­di sa­kiTx­e­bis re­gu­li­
re­bas. wi­nam­de­ba­re mux­lis far­gleb­Si mo­wes­ri­ge­bu­lia ise­Ti sa­kiTx­eb ­ i,
ro­go­re­bi­ca­a: pa­su­xis­mgeb­lo­ba sa­war­mos mar­Tvis­Tvis, fun­qci­u­ri da­mo­
u­ki­deb­lo­ba da mi­mar­Te­ba kor­po­ra­ci­u­li mar­Tvis sxva Zi­ri­Tad or­ga­no­
eb­Tan, sab­Wos mi­er ga­dawy­ve­ti­le­bis mi­Re­bis we­si, sab­Wos wev­rebs So­ris
uf­le­ba­Ta da­na­wi­le­ba da sa­sa­mar­Tlo war­mo­mad­gen­lo­ba.

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 Cve­u­leb­riv xel­mZRva­ne­li or­ga­nos wev­rTa ra­o­de­no­ba mer­ye­obs _
3-dan iwy­e­ba da Se­saZ­le­be­lia ram­de­ni­me aTe­ul­sac ki Se­ad­gen­des. pir­Ta
ra­o­de­no­ba da­mo­ki­de­bu­lia sa­aq­cio sa­zo­ga­do­e­bis ka­pi­tal­ze, saq­mi­a­no­
bis sa­gan­sa da aq­ci­o­ner­Ta struq­tu­ra­ze. xel­mZRva­ne­li or­ga­nos wev­re­
bi er­Tob­li­vad xel­mZRva­ne­lo­ben sa­aq­cio sa­zo­ga­do­e­bas. aR­niS­nu­li­dan
ga­mo­nak­li­si Se­iZ­le­ba iyos mo­nis­tu­ri sis­te­ma, sa­dac xel­mZRva­ne­lo­bi­
Ti uf­le­ba­mo­si­le­ba Se­iZ­le­ba ga­da­ce­mu­li hqon­des aR­mas­ru­le­bel xel­
mZRva­ne­l pirs. ko­le­gi­ur ­ o­bis prin­ci­pi­dan ga­mom­di­na­re, ka­no­niT ga­ni­
sazR­vre­ba xel­mZRva­ne­li or­ga­nos mi­er ga­dawy­ve­ti­le­bis dam­swre­Ta ub­
ra­lo um­rav­le­so­biT mi­Re­ba, Tu wes­de­biT xma­Ta uf­ro di­di um­rav­le­so­ba
ar aris gaT­va­lis­wi­ne­bu­li.
xel­mZRva­ne­li or­ga­nos wev­re­bi air­Ce­vi­an sa­meT­val­yu­reo sab­Wos mi­er.
Tum­ca aR­niS­nu­li ar gu­lis­xmobs or­ga­no­ebs So­ris ver­ti­ka­lis ar­se­bo­
bas. xel­mZRva­ne­li or­ga­nos wev­re­bi gan­cal­ke­ve­bu­lad, Ta­vi­si pa­su­xis­
mgeb­lo­biT mar­Ta­ven sa­aq­cio sa­zo­ga­do­e­bas da qmni­an kor­po­ra­ci­u­li mar­
Tvis su­bi­eq­tebs So­ris ba­lanss. me­tic, sa­zo­ga­do­e­bis xel­mZRva­ne­li or­
ga­no Se­iZ­le­ba miC­ne­ul iq­nes ro­gorc yve­la­ze far­To kom­pe­ten­ci­is su­bi­
eq­ti, rom­lis gam­geb­lo­bis sfe­ro­sac, gar­da mis­Tvis wi­nas­war mi­ni­We­bu­li
kom­pe­ten­ci­i­sa, da­ma­te­biT ga­ne­kuT­vne­ba yve­la is sa­kiTx­i, rom­le­bic ka­
no­niT an wes­de­biT ar ga­ne­kuT­vne­ba sxva or­ga­no­e­bis kom­pe­ten­ci­as. Ta­vi­si
fun­qci­e­bis gan­xor­ci­el ­ e­bi­sas xel­mZRva­ne­li or­ga­no ar aris val­de­bu­li,
Se­as­ru­los sa­meT­val­yu­reo sab­Wos, sa­er­To kre­bis an cal­ke­u­li aq­ci­o­
ne­ris mi­Ti­Te­be­bi, rac uz­run­vel­yofs er­Ti mxriv am or­ga­nos da­mo­u­ki­
deb­lo­bas, me­o­re mxriv ki mis pa­su­xis­mgeb­lo­bas mi­Re­bul ga­dawy­ve­ti­le­
beb­ze. aR­niS­nu­li­dan ga­mo­nak­li­sia is Sem­Txve­ve­bi, ro­de­sac kon­kre­tu­li
sa­kiTx­is ga­dawy­ve­ta wes­de­biT an ka­no­niT gaT­va­lis­wi­ne­bul Sem­Txve­veb­Si
sa­Wi­ro­ebs sa­meT­val­yu­reo sab­Wos­Tan Se­Tan­xme­bas. amas­Ta­na­ve, xel­mZRva­
ne­li or­ga­no val­de­bu­li­a, Se­as­ru­los sa­er­To kre­bi­sa da sa­meT­val­yu­reo
sab­Wos mi­er ma­Ti kom­pe­ten­ci­is far­gleb­Si mi­Re­bu­li ga­dawy­ve­ti­le­be­bi.
xel­mZRva­ne­li or­ga­no, mar­Ta­li­a, war­mo­ad­gens ko­le­gi­ur or­ga­nos,
Tum­ca mi­si da­kom­pleq­te­bi­sas, ro­gorc we­si, mxed­ve­lo­ba­Si mi­i­Re­ba sa­aq­
cio sa­zo­ga­do­e­bis sa­o­pe­ra­cio are­a­le­bi da kad­re­bi Se­ir­Ce­vi­an dar­gob­
ri­vi spe­ci­a­li­za­ci­is mi­xed­viT. swo­red ami­tom ka­no­ni iT­va­lis­wi­nebs ka­
no­ni­Ta da wes­de­biT dad­ge­nil far­gleb­Si xel­mZRva­ne­li or­ga­nos wev­rebs
So­ris fun­qci­a­Ta ga­da­na­wi­le­bis da maT mi­er ga­dawy­ve­ti­le­ba­Ta mi­Re­bis
we­sis gan­sazR­vris Se­saZ­leb­lo­bas xel­mZRva­ne­li or­ga­nos de­bu­le­biT.
aseT dros uz­run­vel­yo­fi­li un­da iyos mi­ni­ma­lu­ri au­ci­le­be­li fun­qci­
is Se­nar­Cu­ne­ba Ti­To­e­ul ­ i xel­mZRva­ne­li pi­ris­Tvis. Ta­vis mxriv, mi­ni­ma­

337
lur au­ci­le­bel fun­qci­a­Ta Se­nar­Cu­ne­bad un­da mi­viC­ni­oT xel­mZRva­nel
pi­rebs So­ris xel­mZRva­ne­lo­bi­Ti/­war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­bis
im­gva­rad ga­da­na­wi­le­ba, ro­de­sac Ti­To­e­u­li wev­ri mi­ni­ma­lu­ri do­ziT ma­
inc sar­geb­lobs am kom­pe­ten­ci­e­bi­dan er­T-er­TiT ma­inc.
xel­mZRva­ne­li or­ga­nos Zi­ri­Tad kom­pe­ten­ci­a­Ta­gan um­niS­vne­lo­va­ne­si
war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­ba­a. war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­
si­le­bis far­gleb­Si swo­red xel­mZRva­ne­li or­ga­noa is or­ga­no, ro­mel­sac
aqvs sa­zo­ga­do­e­bis sa­xe­li­Ta da sa­sar­geb­lod sa­sa­mar­Tlos­Tvis mi­mar­
Tvis uf­le­ba­mo­si­le­ba. am we­si­dan ga­mo­nak­li­sia Sem­Txve­va, ro­de­sac da­
va xel­mZRva­ne­li or­ga­nos wev­ris wi­na­aR­mdeg mim­di­na­re­obs. aseT dros
sa­zo­ga­do­eb­ is sa­xe­liT sa­sa­mar­Tlos­Tvis mi­mar­Tvis uf­le­ba­mo­si­le­biT
sar­geb­lobs sa­zo­ga­do­eb ­ is sa­meT­val­yu­reo sab­Wo. im Sem­Txve­va­Si ki, Tu
sa­aq­cio sa­zo­ga­do­e­bas ar­Ce­u­li aqvs kor­po­ra­ci­u­li mar­Tvis mo­nis­tu­ri
mo­de­li, sa­zo­ga­do­eb ­ as xel­mZRva­ne­li or­ga­nos wev­rTan da­va­Si war­mo­ad­
gens xel­mZRva­ne­li or­ga­no im wev­ris ga­mok­le­biT, ro­mel­Ta wi­na­aR­mde­gac
mim­di­na­re­obs da­va.

mux­li 204. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­ris da­niS­vna

1. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel pirs ara­u­me­tes 3 wlis va­diT

Ta­nam­de­bo­ba­ze niS­navs da Ta­nam­de­bo­bi­dan aTa­vi­suf­lebs sa­meT­
val­yu­reo sab­Wo, xo­lo mar­Tvis mo­nis­tu­ri sis­te­mis Sem­Txve­va­Si
mas Ta­nam­de­bo­ba­ze niS­navs sa­aq­cio sa­zo­ga­do­e­bis sa­er­To kre­ba, xe­
lax­la da­niS­vnis uf­le­biT, Tu wes­de­biT sxva ram ar aris gaT­va­lis­
wi­ne­bu­li.
2. pi­ris sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel pi­rad da­niS­vnis Sem­deg
sa­aq­cio sa­zo­ga­do­e­ba mas­Tan am ka­no­nis 45-e mux­lis Se­sa­ba­mi­sad
debs sa­sam­sa­xu­ro xel­Sek­ru­le­bas. am xel­Sek­ru­le­bis moq­me­de­bis
va­da un­da Se­e­sa­ba­me­bo­des pi­ris aR­niS­nul Ta­nam­de­bo­ba­ze da­niS­vnis
va­das. sa­sam­sa­xu­ro xel­Sek­ru­le­bas sa­aq­cio sa­zo­ga­do­e­bis sa­xe­liT
debs sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­re, xo­lo mar­Tvis mo­nis­tu­
ri sis­te­mis Sem­Txve­va­Si _ sa­er­To kre­bis Tav­mjdo­ma­re.
3. Tu Wi­a­nur­de­ba sa­aq­cio sa­zo­ga­do­e­bis im xel­mZRva­ne­li pi­ris da­
niS­vna, rom­lis ga­re­Sec sa­aq­cio sa­zo­ga­do­e­ba Ta­vis saq­mi­a­no­bas
ver axor­ci­e­lebs, xel­mZRva­ne­li pi­ri aq­ci­o­ne­ris an kre­di­to­ris
gan­cxa­de­bis sa­fuZ­vel­ze Se­iZ­le­ba da­niS­nos sa­sa­mar­Tlom. sa­sa­mar­
Tlos mi­er da­niS­nul sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel pirs uf­

338
 le­ba aqvs, Ta­vi­si saq­mi­a­no­bis­Tvis sa­aq­cio sa­zo­ga­do­e­bas mos­Txo­
vos ga­sam­rje­lo da go­niv­rul far­gleb­Si fu­la­di da­na­xar­je­bis
anazR­a­u­re­ba. sa­sa­mar­Tlos mi­er da­niS­nu­li xel­mZRva­ne­li pi­ri­sa
da sa­aq­cio sa­zo­ga­do­e­bis Se­u­Tan­xmeb­lo­bis Sem­Txve­va­Si sa­sa­mar­
Tlom Ta­vad un­da gan­sazR­vros aR­niS­nu­li ga­sam­rje­los da asa­
nazR­a­u­re­be­li fi­nan­su­ri da­na­xar­je­bis ode­no­be­bi.
4. sa­sa­mar­Tlos mi­er da­niS­nul sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel
pirs uf­le­ba­mo­si­le­ba uwy­de­ba im mo­men­ti­dan, ro­de­sac axal xel­
mZRva­nel pirs da­niS­navs sa­meT­val­yu­reo sab­Wo, xo­lo mar­Tvis mo­
nis­tu­ri sis­te­mis Sem­Txve­va­Si _ sa­er­To kre­ba.

sa­aq­cio sa­zo­ga­do­e­bis efeq­ti­a­ni kor­po­ra­ci­ul ­ i mar­Tva mi­iR­we­va

mmar­Tvel or­ga­no­ebs So­ris kom­pe­ten­ci­a­Ta da­na­wi­le­bis da am da­na­wi­le­
bis Se­de­gad maT So­ris ur­Ti­er­Tda­mo­ki­de­bu­le­bi­sa da ba­lan­sis miR­we­vis
gziT. ase­Ti da­na­wi­le­bis pro­ces­Si gan­sa­kuT­re­bu­li mniS­vne­lo­ba eni­We­ba
imas, Tu ro­mel or­ga­nos eq­ne­ba xel­mZRva­ne­li or­ga­nos da­kom­pleq­te­bis
uf­le­ba­mo­si­le­ba. zo­ga­di lo­gi­ki­dan ga­mom­di­na­re, or­ga­no un­da da­a­kom­
pleq­tos im su­bi­eq­tma, ro­me­lic pa­su­xis­mge­be­lia mis ze­dam­xed­ve­lo­ba­ze,
rac, swo­red aR­niS­nu­li­dan ga­mom­di­na­re, ka­no­nis 204-e mux­lis mi­xed­viT
aqvs sa­meT­val­yu­reo sab­Wos, xo­lo mo­nis­tur sis­te­ma­Si _ sa­er­To kre­bas.
xel­mZRva­ne­li or­ga­nos wev­re­bis an­ga­riS­val­de­bu­le­bis uz­run­vel­yo­
fis miz­niT, mi­zan­Se­wo­ni­li­a, isi­ni da­in ­ iS­non kon­kre­tu­li va­diT. amas­Ta­
na­ve, ase­Ti da­niS­vnis va­da un­da iyos, er­Ti mxriv, ise­Ti xan­grZli­vo­bis,
ro­go­ric da­niS­nul pirs mis­cems sa­ku­Ta­ri xed­vis praq­ti­ku­li re­a­li­ze­
bis Se­saZ­leb­lo­bas, me­o­re mxriv ki, ga­u­Cens an­ga­riS­val­de­bu­le­bis gan­
cdas xe­lax­la ar­Ce­vis mo­ax­lo­eb ­ u­li pro­ce­sis ga­mo. swo­red aR­niS­nu­li­
dan ga­mom­di­na­re, ka­no­ni xel­mZRva­ne­li or­ga­nos wev­ris ar­Ce­vis maq­si­ma­
lur va­dad gan­sazR­vravs ara­um ­ e­tes 3 wels, im pi­ro­biT, rom pirs mi­e­ce­ma
Se­saZ­leb­lo­ba, xe­lax­la iq­nes ar­Ce­ul ­ i. amas­Tan, da­saS­ve­bia wes­de­biT xel­
mZRva­ne­li pi­ris uf­le­ba­mo­si­le­bis va­di­sa da mi­si ar­Ce­vis we­sis gan­sxva­ve­
bu­lad mo­wes­ri­ge­ba.
xel­mZRva­ne­li or­ga­nos wev­ri ar war­mo­ad­gens sa­zo­ga­do­eb ­ is da­saq­me­
buls, amas­Ta­na­ve, igi ar Se­iZ­le­ba miC­ne­ul iq­nes kla­si­ku­ri mom­sa­xu­re­bis
gam­wev su­bi­eq­tad. aseT pir­Tan for­mde­ba spe­ci­fi­ku­ri for­mis _ „sa­sam­sa­
xu­ro xel­Sek­ru­le­ba“. aR­niS­nu­li mi­ze­ziT, ka­non­Si sa­ka­non­mdeb­lo do­ne­
ze Cnde­ba sa­sam­sa­xu­ro xel­Sek­ru­le­bis cne­ba. sa­sam­sa­xu­ro xel­Sek­ru­le­
bis moq­me­de­bis va­da un­da Se­e­sa­ba­me­bo­des Ta­nam­de­bo­ba­ze da­niS­vnis va­das.
sa­sam­sa­xu­ro xel­Sek­ru­le­bas sa­aq­cio sa­zo­ga­do­e­bis sa­xe­liT debs sa­meT­

339
val­yu­reo sab­Wos Tav­mjdo­ma­re, xo­lo mo­nis­tur sis­te­ma­Si _ sa­er­To kre­
bis Tav­mjdo­ma­re.
xel­mZRva­ne­li pi­ris ar­se­bo­ba da sa­zo­ga­do­eb ­ is fun­qci­o­ni­re­ba, ur­
Ti­er­Tda­kav­Si­re­bu­li sa­kiTx­e­bi­a. Se­sa­ba­mi­sad, ka­no­ni azR­vevs iseT Sem­
Txve­vas, ro­de­sac xel­mZRva­ne­li pi­ris da­niS­vna Wi­a­nur­de­ba da mis ga­re­Se
sa­aq­cio sa­zo­ga­do­e­bas ar Se­uZ­lia saq­mi­an ­ o­bis gan­xor­ci­e­le­ba. aseT wi­na
pi­ro­bis dad­go­mi­sas ne­bis­mi­er aq­ci­on­ ers an kre­di­tors eni­We­ba uf­le­ba,
mi­mar­Tos sa­sa­mar­Tlos gan­cxa­de­biT da mo­iTx­o­vos xel­mZRva­ne­li pi­ris
sa­sa­mar­Tlos meS­ve­o­biT da­niS­vna. ase­Ti xel­mZRva­ne­li pi­ri mar­Ta­li­a,
sru­li mo­cu­lo­biT sar­geb­lobs sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­ris uf­
le­ba­mo­si­le­be­biT, Tum­ca igi ma­inc dro­eb ­ i­Ti xel­mZRva­ne­li or­ga­nos
wev­ria da mi­si uf­le­ba­mo­si­le­ba wyde­ba ima­ve mo­men­ti­dan, ra dro­i­da­nac
sa­aq­cio sa­zo­ga­do­e­bis pa­su­xis­mge­be­li or­ga­no da­niS­navs Se­sa­ba­mis pirs.
am pe­ri­o­dam­de ki sa­sa­mar­Tlos mi­er da­niS­nul xel­mZRva­nel pirs uf­le­
ba aqvs, mi­si saq­mi­a­no­bis­Tvis sa­aq­cio sa­zo­ga­do­eb ­ is­gan mo­iTx­ov
­ os ga­sam­
rje­lo, ase­ve, go­niv­rul far­gleb­Si fu­la­di da­na­xar­je­bis anazR­a­u­re­ba.
sa­sa­mar­Tlos mi­er da­niS­nu­li xel­mZRva­ne­li pi­ri­sa da sa­aq­cio sa­zo­ga­
do­eb­ is Se­uT
­ an­xmeb­lo­bis Sem­Txve­va­Si, ga­sam­rje­lo­sa da asa­nazR­au ­ ­re­be­
li xar­je­bis ode­no­bis gan­sazR­vra ase­ve sa­sa­mar­Tlo kom­pe­ten­ci­as ga­ne­
kuT­vne­ba.

mux­li 205. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos Tav­mjdo­ma­re

1. sa­aq­cio sa­zo­ga­do­e­bis ram­de­ni­me xel­mZRva­ne­li pi­ris ar­se­bo­bi­sas

sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos, xo­lo mar­Tvis mo­
nis­tu­ri sis­te­mis Sem­Txve­va­Si _ sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­
nel or­ga­nos Se­uZ­lia sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­
nos er­T-er­Ti wev­ri da­niS­nos xel­mZRva­ne­li or­ga­nos Tav­mjdo­ma­
red.
2. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos Tav­mjdo­ma­re, ro­
gorc ko­le­gi­u­ri or­ga­nos war­mo­mad­ge­ne­li, ko­or­di­na­ci­as uwevs
sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos saq­mi­a­no­bas, Tav­
mjdo­ma­re­obs xel­mZRva­ne­li or­ga­nos sxdo­mebs da akon­tro­lebs
xel­mZRva­ne­li or­ga­nos wi­na­Se an­ga­riS­val­de­bu­li or­ga­no­e­bis mi­er
maT­Tvis da­kis­re­bu­li mo­va­le­o­be­bis je­rov­nad Ses­ru­le­bas. wes­de­
ba Se­iZ­le­ba iT­va­lis­wi­neb­des xel­mZRva­ne­li or­ga­nos Tav­mjdo­ma­
ris da­ma­te­biT fun­qci­ebs.

340
 3. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos Tav­mjdo­ma­re Ta­nam­
de­bo­ba­ze air­Ce­va da Ta­nam­de­bo­bi­dan Ta­vi­suf­lde­ba ken­Wis­yra­Si
mo­na­wi­le­Ta xme­bis um­rav­le­so­biT, Tu wes­de­biT xma­Ta uf­ro di­di
ra­o­de­no­ba ar aris gaT­va­lis­wi­ne­bu­li.
4. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos Tav­mjdo­ma­ris uf­
le­ba­mo­si­le­bis va­da ar un­da aRe­ma­te­bo­des mi­si, ro­gorc xel­mZRva­
ne­li or­ga­nos wev­ris, uf­le­ba­mo­si­le­bis va­das.
5. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos Tav­mjdo­ma­rem sa­
meT­val­yu­reo sab­Wos, xo­lo mar­Tvis mo­nis­tu­ri sis­te­mis Sem­Txve­
va­Si _ sa­er­To kre­bas un­da mi­a­wo­dos in­for­ma­cia xel­mZRva­ne­li
or­ga­nos da mis­da­mi daq­vem­de­ba­re­bu­li or­ga­no­e­bis saq­mi­a­no­bis Se­
sa­xeb.

ko­le­gi­u­ri or­ga­nos saq­mi­a­no­bis uz­run­vel­yo­fa sa­Wi­ro­ebs ko­or­di­ni­

re­bis gar­kve­ul xa­risxs. swo­red ami­tom xel­mZRva­ne­li or­ga­nos Sem­Txve­
va­Si aq­tu­a­lu­ro­bas iZens sab­Wos Tav­mjdo­ma­ris ar­Ce­vis sa­kiTx­i, ro­mel­
mac ko­or­di­ni­re­ba un­da ga­uw ­ i­os am or­ga­nos saq­mi­a­no­bas. ka­no­nis 205-e
mux­li swo­red xel­mZRva­ne­li or­ga­nos Tav­mjdo­ma­re­o­bas­Tan da­kav­Si­re­
bu­li sa­kiTx­eb ­ is re­gu­li­re­bas Se­e­xe­ba. ker­Zod, ka­no­nis mi­xed­viT, ram­de­
ni­me xel­mZRva­ne­li pi­ris ar­se­bo­bis Sem­Txve­va­Si, sa­meT­val­yu­reo sab­Wos,
xo­lo mo­nis­tur sis­te­ma­Si xel­mZRva­ne­li or­ga­nos, ken­Wis­yra­Si mo­na­wi­le
xma­Ta um­rav­le­so­biT (Tu wes­de­biT uf­ro ma­Ra­li um­rav­le­so­ba ar aris
dad­ge­ni­li) Se­uZ­li­a, xel­mZRva­ne­li or­ga­nos er­T-er­Ti wev­ri da­niS­nos
xel­mZRva­ne­li or­ga­nos Tav­mjdo­ma­red. amas­Ta­na­ve, vi­na­i­dan Tav­mjdo­ma­
re un­da iyos ama­ve sab­Wos wev­ri, ka­no­niT ga­ni­sazR­vre­ba, rom Tav­mjdo­ma­
ris uf­le­ba­mo­si­le­bis va­da ar un­da aRe­ma­te­bo­des xel­mZRva­ne­li or­ga­no­
Si mi­si wev­ro­bis uf­le­ba­mo­si­le­bis va­das.
wi­nam­de­ba­re mux­lis me-2 pun­qti gan­sazR­vravs xel­mZRva­ne­li or­ga­nos
Tav­mjdo­ma­ris kom­pe­ten­ci­as. ker­Zod, xel­mZRva­ne­li or­ga­nos Tav­mjdo­
ma­re, ro­gorc ko­le­gi­u­ri or­ga­nos war­mo­mad­ge­ne­li, ko­or­di­ni­re­bas uw-
evs xel­mZRva­ne­li or­ga­nos saq­mi­a­no­bas, Tav­mjdo­ma­re­obs sxdo­mebs, akon­
tro­lebs xel­mZRva­ne­li or­ga­nos wi­na­Se an­ga­riS­val­de­bu­li or­ga­no­e­bis
mi­er maT­ze da­kis­re­bu­li mo­va­le­o­be­bis je­rov­nad Ses­ru­le­bas, aw­vdis
in­for­ma­ci­as Se­sa­ba­mis or­ga­no­ebs, xel­mZRva­ne­li or­ga­nos da mas daq­vem­
de­ba­re­bu­li or­ga­no­e­bis saq­mi­an ­ o­bis Se­sa­xeb. Ta­vis mxriv, aR­niS­nu­li is
ka­no­nis­mi­e­ri mi­ni­mu­mi­a, ro­me­lic au­ci­le­be­lia sab­Wos ko­or­di­ni­re­bu­li
mu­Sa­o­bis­Tvis da ka­no­ni to­vebs Se­saZ­leb­lo­bas, wes­de­biT gaT­va­lis­wi­ne­
bul iq­nes da­ma­te­bi­Ti fun­qci­e­bi.

341
mux­li 206. sa­aq­cio sa­zo­ga­do­e­bis aR­mas­ru­le­be­li xel­mZRva­ne­li pi­ri

wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des xel­mZRva­ne­lo­bi­Ti uf­le­ba­mo­si­le­

bis sa­aq­cio sa­zo­ga­do­e­bis aR­mas­ru­le­be­li xel­mZRva­ne­li pi­ris­Tvis ga­da­
ce­mas. sa­aq­cio sa­zo­ga­do­e­bas Se­iZ­le­ba hyav­des ram­de­ni­me aR­mas­ru­le­be­li
xel­mZRva­ne­li pi­ri.

ka­no­nis ki­dev er­Ti si­ax­lea sa­aq­cio sa­zo­ga­do­e­bis aR­mas­ru­le­be­li xel­

mZRva­ne­li pi­ris cne­bis sa­ka­non­mdeb­lo do­ne­ze gan­sazR­vra. amas­Ta­na­ve,
ka­no­nis 206-e mux­li ume­tes­wi­lad dek­la­ra­ci­u­li xa­si­a­Ti­saa da gan­sazR­
vravs, rom sa­aq­cio sa­zo­ga­do­e­bis wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des xel­
mZRva­ne­lo­bi­Ti uf­le­ba­mo­si­le­bis ga­da­ce­mas aR­mas­ru­le­be­li xel­mZRva­ne­
li pi­ri­saT­vis; ase­ve, ka­no­niT ga­ni­sazR­vre­ba Se­saZ­leb­lo­ba, rom sa­aq­cio
sa­zo­ga­do­eb­ as hyav­des ram­de­ni­me ase­Ti pi­ri. aR­mas­ru­le­be­li xel­mZRva­
ne­li pi­re­bi ari­an pa­su­xis­mge­be­li su­bi­eq­te­bi sa­zo­ga­do­e­bis saq­mi­a­no­bis
stra­te­gi­ul da­geg­mva­sa da aR­sru­le­ba­ze, ras­Tan da­kav­Si­re­bu­li de­ta­lu­
ri kom­pe­ten­ci­e­bic sru­lad sa­wes­de­bo av­to­no­mi­is far­glebs ga­ne­kuT­vne­ba.

mux­li 207. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos sxdo­ma

1. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos sxdo­mis mow­ve­vi­sa da

Ca­ta­re­bis­Tvis ga­mo­i­ye­ne­ba am ka­no­niT sa­meT­val­yu­reo sab­Wos sxdo­
mis mow­ve­vi­sa da Ca­ta­re­bis­Tvis dad­ge­ni­li we­se­bi, Tu wes­de­biT gan­
sazR­vru­li ar aris sxdo­mis mow­ve­vi­sa da Ca­ta­re­bis sxva we­si.
2. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos sxdo­ma an am sxdo­mis
na­wi­li Se­iZ­le­ba da­i­xu­ros im xel­mZRva­ne­li pi­ris­Tvis, ro­mel­Tan
da­kav­Si­re­bu­li sa­kiTx­ic ga­ni­xi­le­ba aR­niS­nul sxdo­ma­ze.

ka­no­ni de­ta­lu­rad gan­sazR­vravs kor­po­ra­ci­ul mar­Tva­Si mo­na­wi­le

Ti­To­e­u­li or­ga­nos sxdo­me­bis mow­ve­vi­sa da Ca­ta­re­bis pro­ce­du­rul sa­
kiTx­ebs. aR­niS­nu­li ga­mom­di­na­re­obs ka­no­nis miz­ni­dan, xe­li Se­uwy­os sa­u­
ke­Te­so sa­er­Ta­So­ri­so praq­ti­kis Se­sa­ba­mi­si kor­po­ra­ci­u­li mar­Tvis kul­
tu­ris Ca­mo­ya­li­be­bas. ka­no­nis 207-e mux­li gan­sazR­vravs xel­mZRva­ne­li
or­ga­nos sxdo­me­bis mow­ve­vi­sa da Ca­ta­re­bis for­ma­lur da Si­na­ar­sob­riv
sa­kiTx­ebs.
imav­dro­u­lad, wi­nam­de­ba­re nor­ma ume­te­sad blan­ke­tu­ri xa­si­a­Ti­sa­a.
ker­Zod, mux­lSi mi­Ti­Te­bu­li­a, rom xel­mZRva­ne­li or­ga­nos sxdo­me­bis mow­

342
ve­vi­sa da Ca­ta­re­bis mi­marT ga­mo­iy­ e­ne­ba ka­no­nis we­se­bi sa­meT­val­yu­reo sab­
Wos sxdo­me­bis mow­ve­vi­sa da Ca­ta­re­bis Se­sa­xeb, Tu sa­aq­cio sa­zo­ga­do­e­bis
wes­de­biT ar aris gaT­va­lis­wi­ne­bu­li sxdo­me­bis mow­ve­vi­sa da Ca­ta­re­bis
sxva we­si. aR­niS­nu­li­dan ga­mom­di­na­re, sa­meT­val­yu­reo sab­Wos sxdo­mas­Tan
da­kav­Si­re­bu­li de­bu­le­be­bis mi­sa­da­ge­biT Se­iZ­le­ba iT­qvas, rom xel­mZRva­
ne­li or­ga­nos yo­vel wevrs eni­We­ba Se­saZ­leb­lo­ba, xel­mZRva­ne­li or­ga­nos
Tav­mjdo­ma­ri­sa­gan mo­iTx­o­vos sxdo­mis da­u­yov­neb­liv mow­ve­va. moTx­ov­na­
Si un­da mi­e­Ti­Tos sxdo­mis Ca­ta­re­bis mi­ze­ze­bi da miz­ne­bi. Tav­mjdo­ma­re
val­de­bu­li­a, moTx­ov­ni­dan 10 dRis gan­mav­lo­ba­Si uz­run­vel­yos sxdo­mis
Ca­ta­re­ba. im Sem­Txve­va­Si ki, Tu or­ga­nos wev­ris moTx­ov­na sxdo­mis mow­ve­
vis Se­sa­xeb ar dak­ma­yo­fil­de­ba, am pirs Se­uZ­li­a, Tvi­Ton mo­iw­vi­os sab­Wos
sxdo­ma.
xel­mZRva­ne­li or­ga­nos sxdo­mebs ga­uZR­ve­ba am or­ga­nos Tav­mjdo­ma­re,
xo­lo mi­si ar­yof­nis Sem­Txve­va­Si Tav­mjdo­ma­ris mo­ad­gi­le. im Sem­Txve­va­Si
ki, Tu ar­cer­Ti aR­niS­nu­li pi­ri ar cxad­de­ba sxdo­ma­ze, sxdo­mis Tav­mjdo­
ma­re ga­ni­sazR­vre­ba uSu­al ­ od sxdo­mis mi­er. sxdo­mis mim­di­na­re­o­bi­sa da
ga­dawy­ve­ti­le­be­bis Se­sa­xeb un­da Sed­ges sxdo­mis oq­mi, rom­lis sis­wo­re­ze
pa­su­xis­mge­be­lia sxdo­mis Tav­mjdo­ma­re.
xel­mZRva­ne­li or­ga­nos ne­bis­mi­er wevrs aqvs Ta­na­ba­ri uf­le­ba, da­es­
wros da mo­na­wi­le­o­ba mi­iR ­ os sxdo­meb­Si. amas­Ta­na­ve, kon­kre­tu­li xel­
mZRva­ne­li pi­ris qme­de­bi­dan ga­mom­di­na­re, Tu ar­se­bobs sa­zo­ga­do­e­bis sa­
u­ke­Te­so in­te­re­se­bi­saT­vis zi­a­nis mi­ye­ne­bis saf­rTxe, ka­no­ni iZ­le­va xel­
mZRva­ne­li pi­ris aR­niS­nu­li uf­le­bis SezR­ud­vis Se­saZ­leb­lo­bas. ker­Zod,
sxdo­ma an sxdo­mis na­wi­li Se­iZ­le­ba da­i­xu­ros im pi­ri­saT­vis, ro­mel­Tan
da­kav­Si­re­bu­li sa­kiTx­ic ga­ni­xi­le­ba am sxdo­ma­ze.

mux­li 208. in­te­res­Ta kon­fliq­ti

1. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­ri val­de­bu­lia Se­sa­ba­mi­si

faq­tis Sety­o­bis­Ta­na­ve ac­no­bos sa­er­To kre­bas an sa­aq­cio sa­zo­ga­
do­e­bis sa­meT­val­yu­reo sab­Wos, xo­lo mar­Tvis mo­nis­tu­ri sis­te­mis
Sem­Txve­va­Si _ sa­er­To kre­bas an sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel
or­ga­nos ise­Ti da­de­bu­li an da­sa­de­bi ga­ri­ge­bis Se­sa­xeb, rom­lis mi­
mar­Tac is da­in­te­re­se­bu­li pi­ri­a, ag­reT­ve mi­u­Ti­Tos Ta­vi­si da­in­
te­re­se­bis xa­si­a­Ti.
2. am mux­lis pir­ve­li pun­qtiT gaT­va­lis­wi­ne­bu­li xel­mZRva­ne­li pi­ri
da­in­te­re­se­bul pi­rad mi­iC­ne­va, Tu is an mas­Tan da­kav­Si­re­bu­li pi­ri:

343
 a) ga­ri­ge­bis me­o­re mxa­re­a;
b) pir­da­pir an ara­pir­da­pir flobs im sa­me­war­meo sa­zo­ga­do­e­bis
wil­Ta 50 pro­cents an 50 pro­cen­tze mets, ro­me­lic ga­ri­ge­bis me­
o­re mxa­re­a;
g) pir­da­pir an ara­pir­da­pir flobs im sa­me­war­meo sa­zo­ga­do­e­bis
wil­ Ta 50 pro­ cents an 50 pro­ cen­ tze mets, rom­ lis sul mci­ re
50-pro­cen­ti­a­ni wi­lis me­sa­kuT­re ga­ri­ge­bis me­o­re mxa­re­a;
d) aris im sa­me­war­meo sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­ri an sa­meT­
val­yu­reo sab­Wos wev­ri, ro­me­lic ga­ri­ge­bis me­o­re mxa­re­a;
e) ga­ri­ge­bis Se­de­gad iRebs sar­ge­bels, ro­me­lic sa­me­war­meo sa­zo­
ga­do­e­ba­Si wi­lis flo­bas­Tan an xel­mZRva­ne­li or­ga­nos wev­ro­bas­
Tan da­kav­Si­re­bu­li ar aris;
v) da­in­te­re­se­bul pi­rad mi­iC­ne­va wes­de­bis Ta­nax­mad.
3. am ka­no­nis miz­ne­bis­Tvis „da­kav­Si­re­bu­li pi­ri“ ga­ni­mar­te­ba „fa­si­a­ni
qa­Ral­de­bis baz­ris Se­sa­xeb“ sa­qar­Tve­los ka­no­nis Se­sa­ba­mi­sad.
4. ga­ri­ge­bas, ro­mel­Sic da­in­te­re­se­bu­li pi­ri mo­na­wi­le­obs, wi­nas­war
am­tki­cebs sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wo, xo­lo mi­
si arar­se­bo­bis Sem­Txve­va­Si _ sa­er­To kre­ba. da­in­te­re­se­bul pirs
ek­rZa­le­ba Se­sa­ba­mis sa­kiTx­ze xmis mi­ce­ma sa­aq­cio sa­zo­ga­do­e­bis ne­
bis­mi­er or­ga­no­Si.
5. Tu sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­rTa um­rav­le­
so­ba da­in­te­re­se­bu­li pi­ri­a, ga­ri­ge­bas sa­er­To kre­ba am­tki­cebs.
6. im ga­ri­ge­bis dam­tki­ce­bis Se­sa­xeb ga­dawy­ve­ti­le­ba­Si, ro­mel­Sic da­
in­te­re­se­bu­li pi­ri mo­na­wi­le­ob­da, mi­Ti­Te­bu­li un­da iyos am pi­ris
da­in­te­re­se­bis xa­si­a­Ti, mo­cu­lo­ba da ga­ri­ge­bis sxva mniS­vne­lo­va­ni
pi­ro­be­bi.
7. am mux­lis moTx­ov­ne­bi ar vrcel­de­ba im sa­aq­cio sa­zo­ga­do­e­ba­ze,
ro­mel­sac hyavs mxo­lod er­Ti par­tni­o­ri, ro­me­lic imav­dro­u­lad
sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­ri­a, ag­reT­ve im ga­ri­ge­ba­ze,
ro­me­lic ide­ba sa­aq­cio sa­zo­ga­do­e­ba­sa da mis 100-pro­cen­ti­an Svi­
lo­bil sa­war­mos an 100-pro­cen­ti­an par­tni­ors So­ris.
8. Tu xel­Sek­ru­le­bis da­de­bi­sas kon­tra­hen­tis­Tvis cno­bi­li iyo in­
te­res­Ta kon­fliq­tis ar­se­bo­bi­sa da sa­aq­cio sa­zo­ga­do­e­bis ne­bar­
Tvis arar­se­bo­bis Se­sa­xeb, sa­aq­cio sa­zo­ga­do­e­bas aqvs ase­Ti xel­
Sek­ru­le­bis Se­ci­le­bis uf­le­ba.
9. in­te­res­Ta kon­fliq­tis we­se­bis dac­vis mo­va­le­o­bis dar­Rve­vi­sas
sa­aq­cio sa­zo­ga­do­e­bas Se­uZ­lia dam­rRvevs mos­Txo­vos mi­si dar­
Rve­viT sa­aq­cio sa­zo­ga­do­e­bis­Tvis mi­ye­ne­bu­li zi­a­nis anazR­a­u­re­ba

344
 da Se­Tan­xme­bu­li pir­ga­sam­tex­los ga­dax­da, gar­da im Sem­Txve­vi­sa,
ro­de­sac in­te­res­Ta kon­fliq­tis arar­se­bo­bi­sas ga­ri­ge­ba ar­se­bi­
Tad ima­ve pi­ro­be­biT da­i­de­bo­da. sa­aq­cio sa­zo­ga­do­e­bas Se­uZ­lia
dam­rRvevs zi­a­nis anazR­a­u­re­bis sa­nac­vlod mos­Txo­vos sa­ku­Ta­ri
an me­sa­me pi­ris sa­xe­liT da­de­bu­li ga­ri­ge­bi­dan dam­rRve­vis mi­er mi­
Re­bu­li sar­geb­lis sa­aq­cio sa­zo­ga­do­e­bis­Tvis ga­da­ce­ma an am­gva­ri
sar­geb­lis mi­Re­bis uf­le­bis daT­mo­ba.

ka­no­nis 208-e mux­li eT­mo­ba in­te­res­Ta kon­fliq­tis Ta­vi­dan aci­le­bis

mo­va­le­o­bas. am mo­va­le­o­bis far­gleb­Si xel­mZRva­ne­li or­ga­nos wev­ri val­
de­bu­li­a, sa­zo­ga­do­eb­ as ac­no­bos am sa­zo­ga­do­e­bis mi­er da­sa­de­bi im ga­ri­
ge­bis Se­sa­xeb, ro­mel­Sic xel­mZRva­ne­li pi­ri da­in­te­re­se­bu­li mxa­re­a.
in­te­res­Ta kon­fliq­ti sa­xe­zea ma­Sin, ro­de­sac ar­se­bu­li ga­re­mo­eb ­ e­bi
ze­gav­le­nas ax­dens pi­ris Se­saZ­leb­lo­ba­ze, ga­ri­ge­bis da­de­bi­sas go­niv­ru­
lad, mi­u­ker­Zo­eb­lad, pi­ra­di in­te­re­se­bis ga­re­Se imoq­me­dos sa­zo­ga­do­e­
bis sa­u­ke­Te­so in­te­re­se­bi­saT­vis. ase­Ti ze­gav­le­na sa­xe­ze­a, Tu pi­ri:

ze­mo­aR­niS­nu­li wi­na pi­ro­be­bis ar­se­bo­bi­sas pirs ekis­re­ba mo­va­le­o­ba,

pir­ve­li­ve Se­saZ­leb­lo­bis­Ta­na­ve ga­am­JRav­nos Ta­vi­si da­in­te­re­se­bi­sa da
da­in­te­re­se­bis xa­si­aT
­ is Se­sa­xeb in­for­ma­ci­a. ka­no­nis Ta­nax­mad, ga­ri­ge­ba
da­in­te­re­se­bu­li pi­ris mo­na­wi­le­o­biT wi­nas­war un­da dam­tkic­des sa­meT­
val­yu­reo sab­Wos, xo­lo am uka­nas­kne­lis arar­se­bo­bi­sas, par­tni­or­Ta kre­
bis mi­er. Tan­xmo­bas aR­niS­nu­li or­ga­no gas­cems im pi­ris aq­ti­u­ri xmis uf­
le­biT mo­na­wi­le­o­bis ga­re­Se, ro­mel­sac aqvs in­te­re­si da­sa­deb ga­ri­ge­bas­
Tan da­kav­Si­re­biT. ga­dawy­ve­ti­le­ba ga­ri­ge­bis dam­tki­ce­bis Se­sa­xeb un­da
Se­i­cav­des mi­Ti­Te­bas ase­Ti pi­ris da­in­te­re­se­bis xa­si­aT­ze, mo­cu­lo­ba­sa
da ga­ri­ge­bis sxva mniS­vne­lo­van pi­ro­beb­ze.

345
 ka­no­nis wi­nam­de­ba­re mux­li gan­sazR­vravs in­te­res­Ta kon­fliq­tis
dar­Rve­vis sa­mar­Tleb­riv Se­de­geb­sac. ker­Zod, er­Ti mxriv, sa­zo­ga­do­e­
bas uC­nde­ba ga­ri­ge­bis Se­ci­le­bis uf­le­ba Tu xel­Sek­ru­le­bis da­de­bi­sas
kon­tra­hen­tis­Tvis cno­bi­li iyo in­te­res­Ta kon­fliq­tis ar­se­bo­bi­sa da
sa­aq­cio sa­zo­ga­do­e­bis ne­bar­Tvis arar­se­bo­bis Se­sa­xeb. me­o­re mxriv, sa­
zo­ga­do­eb ­ as uC­nde­ba xel­mZRva­ne­li pi­ris mi­marT zi­a­nis da Se­Tan­xme­bu­li
pir­ga­sam­tex­los anazR­a­ur ­ e­bis moTx­ov­nis uf­le­ba. sa­aq­cio sa­zo­ga­do­e­bas
Se­uZ­lia dam­rRvevs zi­a­nis anazR­a­ur ­ e­bis sa­nac­vlod mos­Txo­vos sa­ku­Ta­ri
an me­sa­me pi­ris sa­xe­liT da­de­bu­li ga­ri­ge­bi­dan dam­rRve­vis mi­er mi­Re­bu­
li sar­geb­lis sa­aq­cio sa­zo­ga­do­e­bis­Tvis ga­da­ce­ma an am­gva­ri sar­geb­lis
mi­Re­bis uf­le­bis daT­mo­ba.

mux­li 209. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos kom­pe­ten­cia

1. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wo axor­ci­e­lebs sa­aq­

cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos saq­mi­a­no­bis kon­trols
da dad­ge­nil far­gleb­Si Ta­nam­Srom­lobs mas­Tan sa­aq­cio sa­zo­ga­
do­e­bis­Tvis mniS­vne­lo­va­ni sa­kiTx­e­bis mom­za­de­bi­sa da ga­dawy­ve­tis
pro­ces­Si.
2. mar­Tvis mo­nis­tu­ri sis­te­mis ar­se­bo­bi­sas sa­meT­val­yu­reo sab­Wos
fun­qci­as as­ru­leb­s/as­ru­le­ben ara­aR­mas­ru­le­be­li xel­mZRva­ne­li
pi­ri/­pi­re­bi. Tu xel­mZRva­ne­li or­ga­no mxo­lod aR­mas­ru­le­be­li
xel­mZRva­ne­li pi­re­bis­gan Sed­ge­ba, sa­aq­cio sa­zo­ga­do­e­bis sa­meT­
val­yu­reo sab­Wos fun­qci­as as­ru­lebs sa­er­To kre­ba. Se­sa­ba­mis Sem­
Txve­va­Si ga­mo­i­ye­ne­ba am ka­no­niT dad­ge­ni­li nor­me­bi sa­meT­val­yu­
reo sab­Wos kom­pe­ten­ci­is Se­sa­xeb.
3. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos uf­le­ba aqvs:
a) sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel or­ga­nos ne­bis­mi­er dros
mos­Txo­vos sa­aq­cio sa­zo­ga­do­e­bis saq­mi­a­no­bis an­ga­ri­Si;
b) ga­mo­iTx­o­vos, ga­ni­xi­los, Se­a­mow­mos da Se­is­wav­los sa­aq­cio sa­
zo­ga­do­e­bis saq­mi­a­ni do­ku­men­ta­ci­a, maT So­ris, sa­bu­Ral­tro do­ku­
men­ta­ci­a, sa­aq­cio sa­zo­ga­do­e­bis qo­neb­ri­vi obi­eq­te­bi da sa­la­ro;
am moq­me­de­be­bis gan­xor­ci­e­le­ba da­a­va­los sa­meT­val­yu­reo sab­Wos
Ti­To­e­ul wevrs an maT gan­sa­xor­ci­e­leb­lad mo­iw­vi­os eq­sper­te­bi;
g) Se­a­mow­mos sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos wli­u­ri
an­ga­ri­Se­bi, wi­na­da­de­be­bi mo­ge­bis ga­na­wi­le­bis Se­sa­xeb, saq­mi­a­no­bis
an­ga­ri­Si da amis Ta­o­ba­ze mo­ax­se­nos sa­er­To kre­bas;

346
 d) war­mo­ad­gi­nos sa­aq­cio sa­zo­ga­do­e­ba xel­mZRva­nel pir­Tan ur­Ti­
er­To­ba­Si, maT So­ris, sa­sa­mar­Tlo­Si;
e) am ka­no­niT an wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­veb­Si ga­a­sa­Civ­
ros sa­er­To kre­bis ga­dawy­ve­ti­le­be­bi.
4. sa­meT­val­yu­reo sab­Wos wevrs uf­le­ba aqvs, ga­ec­nos xel­mZRva­ne­li
or­ga­nos­/xel­mZRva­ne­li pi­ris mi­er war­dge­nil an­ga­ri­Seb­sa da in­
for­ma­ci­as.
5. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wo val­de­bu­lia mo­iw­vi­
os sa­er­To kre­ba, Tu amas mo­iTx­ovs sa­aq­cio sa­zo­ga­do­e­bis in­te­re­
se­bi.
6. wes­de­biT an ka­no­ni­Ta da wes­de­biT dad­ge­nil far­gleb­Si sa­aq­cio
sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos de­bu­le­biT Se­iZ­le­ba ise ga­
ni­sazR­vros sa­meT­val­yu­reo sab­Wos wev­rebs So­ris fun­qci­a­Ta ga­na­
wi­le­ba da maT mi­er ga­dawy­ve­ti­le­ba­Ta mi­Re­bis we­si, rom uz­run­vel­
yo­fil iq­nes sa­meT­val­yu­reo sab­Wos Ti­To­e­u­li wev­ris­Tvis mi­ni­ma­
lu­ri au­ci­le­be­li fun­qci­is Se­nar­Cu­ne­ba.

sa­aq­cio sa­zo­ga­do­e­bis efeq­ti­an­ i kor­po­ra­ci­ul ­ i mar­Tvi­saT­vis mmar­

Tvel or­ga­no­ebs So­ris kom­pe­ten­ci­aT ­ a da­na­wi­le­bis da am da­na­wi­le­bis
Se­de­gad maT So­ris ur­Ti­er­Tda­mo­ki­de­bu­le­bi­sa da ba­lan­sis miR­we­vis
er­T-er­Ti in­stru­men­ti im­pe­ra­ti­u­li nor­me­bi­a, rom­le­bic ga­mo­ricx­a­ven
or­ga­no­ebs So­ris kom­pe­ten­ci­a­Ta aR­re­vas. swo­red sa­meT­val­yu­reo sab­
Wos kom­pe­ten­ci­a­Ta nor­ma­ti­u­li ka­ta­lo­gis Seq­mnas em­sa­xu­re­ba ka­no­nis
209-e mux­li.
sa­meT­val­yu­reo sab­Wo axor­ci­e­lebs xel­mZRva­ne­li or­ga­nos saq­mi­a­no­
bis ze­dam­xed­ve­lo­bas da dad­ge­nil far­gleb­Si Ta­nam­Srom­lobs mas­Tan
sa­aq­cio sa­zo­ga­do­e­bis­Tvis mniS­vne­lo­va­ni sa­kiTx­e­bis mom­za­de­bi­sa da ga­
dawy­ve­tis pro­ces­Si. amas­Ta­na­ve, vi­na­id ­ an ka­no­ni iZ­le­va kor­po­ra­ci­u­li
mar­Tvis er­Tsa­fe­xu­ri­an ­ i mo­de­lis Ser­Ce­vis Se­saZ­leb­lo­bas, wi­nam­de­ba­re
mux­lSi­ve gan­sazR­vru­lia aseT Sem­Txve­va­Si sab­Wos kom­pe­ten­ci­is ga­da­na­wi­
le­bis sa­kiTx­i. ker­Zod, mo­nis­tur sis­te­ma­Si sa­meT­val­yu­reo sab­Wos fun­
qci­as Se­as­ru­lebs ara­aR­mas­ru­le­be­li xel­mZRva­ne­li pi­re­bi. amas­Ta­na­ve,
vi­na­i­dan, ara­aR­mas­ru­le­be­li xel­mZRva­ne­li pi­ris mow­ve­va cal­ke­ul Sem­
Txve­veb­Si Se­saZ­le­be­li­a, ga­um­ ar­Tleb­lad zrdi­des kon­kre­tu­li sa­aq­cio
sa­zo­ga­do­e­bis xar­jebs, ka­no­ni to­vebs xel­mZRva­ne­li or­ga­nos im­gva­rad
da­kom­pleq­te­bis Se­saZ­leb­lo­bas, sa­dac ara­aR­mas­ru­le­be­li xel­mZRva­ne­
li pi­re­bi ar iq­ne­bi­an sab­Wo­Si war­mod­ge­ni­li. Tum­ca, aseT Sem­Txve­va­Si sa­
meT­val­yu­reo sab­Wos fun­qci­as Se­as­ru­lebs aq­ci­o­ner­Ta sa­er­To kre­ba.

347
 sa­meT­val­yu­reo sab­Wos Zi­ri­Ta­di amo­ca­na xel­mZRva­ne­li pi­re­bis saq­
mi­a­no­ba­ze ze­dam­xed­ve­lo­ba­a. ka­no­nis wi­nam­de­ba­re mux­li de­ta­lu­rad
gan­sazR­vravs sab­Wos kom­pe­ten­ci­as, ro­me­lic, Zi­ri­Ta­dad, ukav­Sir­de­ba
sab­Wos uf­le­ba­mo­si­le­bas, iyos sa­Ta­na­dod in­for­mi­re­bu­li da ase­Ti in­
for­mi­re­bu­lo­bis pi­ro­beb­Si mo­ax­di­nos xel­mZRva­ne­li or­ga­nos ze­dam­
xed­ve­lo­ba, ase­ve, war­mo­ad­gi­nos sa­zo­ga­do­eb­ a xel­mZRva­ne­li or­ga­nos wev­
reb­Tan da­va­Si.
sa­zo­ga­do­e­bis sa­er­To kre­bis mow­ve­va da Ca­ta­re­ba ga­ne­kuT­vne­ba xel­
mZRva­ne­li or­ga­nos kom­pe­ten­ci­as. Tum­ca cal­ke­ul Sem­Txve­veb­Si Se­saZ­
le­be­li­a, xel­mZRva­ne­li pi­re­bi bo­ro­tad sar­geb­lob­dnen am uf­le­biT da
ar iw­vev­dnen sa­er­To kre­bas am pi­re­bi­saT­vis Se­saZ­lo ne­ga­ti­u­ri Se­de­gis
ga­mo. aseT Sem­Txve­va­Si au­ci­le­be­lia kre­bis mow­ve­vis kom­pe­ten­ci­iT aR­
Wur­vi­li al­ter­na­ti­u­li or­ga­nos ar­se­bo­ba. aqe­dan ga­mom­di­na­re, ka­no­
nis wi­nam­de­ba­re mux­liT sa­meT­val­yu­reo sab­Wos ekis­re­ba val­de­bu­le­ba,
mo­iw­vi­os sa­er­To kre­ba, Tu amas mo­iTx­ovs sa­aq­cio sa­zo­ga­do­eb ­ is in­te­
re­se­bi.
sa­meT­val­yu­reo sab­Wo, mar­Ta­li­a, war­mo­ad­gens ko­le­gi­ur or­ga­nos,
Tum­ca mi­si da­kom­pleq­te­bi­sas, ro­gorc we­si, mxed­ve­lo­ba­Si mi­i­Re­ba sa­aq­
cio sa­zo­ga­do­eb ­ is sa­o­pe­ra­cio are­a­le­bi da kad­re­bi Se­ir­Ce­vi­an dar­gob­
ri­vi spe­ci­a­li­za­ci­is mi­xed­viT. pro­fe­si­u­li da re­pu­ta­ci­u­li niS­niT da­
kom­pleq­te­bu­li sa­meT­val­yu­reo sab­Wo mkveT­rad zrdis am or­ga­nos efeq­
ti­a­no­bas. aqe­dan ga­mom­di­na­re ka­no­ni iT­va­lis­wi­nebs ka­no­ni­Ta da wes­de­biT
dad­ge­nil far­gleb­Si sa­meT­val­yu­reo sab­Wos wev­rebs So­ris fun­qci­a­Ta
ga­da­na­wi­le­bis da maT mi­er ga­dawy­ve­ti­le­bis mi­Re­bis we­sis gan­sazR­vris
Se­saZ­leb­lo­bas sa­meT­val­yu­reo sab­Wos de­bu­le­biT. aseT dros uz­run­
vel­yo­fi­li un­da iyos mi­ni­ma­lu­ri au­ci­le­be­li fun­qci­is Se­nar­Cu­ne­ba sab­
Wos Ti­To­e­ul ­ i wev­ri­saT­vis. Ta­vis mxriv, mi­ni­ma­lur au­ci­le­bel fun­qci­a­
Ta Se­nar­Cu­ne­bad un­da mi­viC­ni­oT sab­Wos wev­rebs So­ris uf­le­ba­mo­si­le­bis
im­gva­rad ga­da­na­wi­le­ba, ro­de­sac Ti­To­e­u­li wev­ri mi­ni­ma­lu­ri do­ziT ma­
inc sar­geb­lobs sa­meT­val­yu­reo kom­pe­ten­ci­iT.

mux­li 210. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo

sab­Wos wev­ris pa­su­xis­mgeb­lo­ba

sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­rze Se­sa­ba­mis Sem­

Txve­veb­Si vrcel­de­ba am ka­no­nis 50-e, 51-e, 53-e da 55-e mux­le­bi sa­aq­cio
sa­zo­ga­do­e­bis xel­mZRva­ne­li pi­re­bis pa­su­xis­mgeb­lo­bis Se­sa­xeb.

348
 sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­re­bi ar ari­an sa­zo­ga­
do­e­bis xel­mZRva­ne­lo­ba­sa da war­mo­mad­gen­lo­ba­ze uf­le­ba­mo­si­li pi­re­bi.
me­tic, kor­po­ra­ci­ul ­ i mar­Tvis efeq­tu­ri me­qa­niz­mis Seq­mna swo­red am or
or­ga­nos So­ris kom­pe­ten­ci­a­Ta mka­fio da­na­wi­le­bi­Ta da ba­lan­sis Seq­mniT
mi­iR­we­va. Se­sa­ba­mi­sad, ka­no­nis 210-e mux­lis mi­Ti­Te­ba sa­meT­val­yu­reo sab­
Wos wev­reb­ze xel­mZRva­ne­li pi­re­bis pa­su­xis­mgeb­lo­bis Se­sa­xeb nor­me­bis
gav­rce­le­bis Ta­o­ba­ze ar un­da iq­nes sity­va­sity­vi­Ti mniS­vne­lo­biT ga­ge­
bu­li da igi un­da ga­ni­mar­tos sis­te­mu­rad. nor­ma­Si ar­se­bul sity­vaT­wyo­
ba­Si ga­mo­ye­ne­bu­li ter­mi­ni „Se­sa­ba­mi­sad“, swo­red pa­su­xis­mgeb­lo­bis Se­sa­
xeb de­bu­le­be­bis gar­kve­ul ­ i Ta­vi­se­bu­re­be­biT gav­rce­le­bas us­vams xazs.
ker­Zod, aR­niS­nu­li de­bu­le­be­bi sa­meT­val­yu­reo sab­Wos wev­rze vrcel­de­
ba im far­gleb­sa da sa­kiTx­eb­Tan da­kav­Si­re­biT, rac sa­meT­val­yu­reo sab­Wos
wevrs akis­ri­a. Se­sa­ba­mi­sad, aR­niS­nu­li mo­va­le­o­be­bis Ses­ru­le­bis na­wil­Si
ver iq­ne­ba xel­mZRva­ne­li or­ga­nos wev­reb­sa da sa­meT­val­yu­reo sab­Wos wev­
rebs So­ris to­lo­bis ni­Sa­ni das­mu­li da Ti­To­e­u­li Sem­Txve­va Se­fa­se­bul
un­da iq­nes in­di­vi­du­a­lu­rad.

mux­li 211. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos Tan­xmo­ba

1. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos fun­qci­e­bi sa­aq­cio

sa­zo­ga­do­e­bis xel­mZRva­ne­lo­bis sfe­ro­Si ar Se­iZ­le­ba ga­da­e­ces sa­
aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos.
2. wes­de­biT an sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos ga­dawy­
ve­ti­le­biT Se­iZ­le­ba ga­ni­sazR­vros sa­kiTx­e­bi, ro­mel­Ta ga­da­sawy­ve­
tad sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no sa­meT­val­yu­reo
sab­Wos Tan­xmo­bas sa­Wi­ro­ebs.
3. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos mi­er Tan­xmo­bis ga­ce­
ma­ze ua­ris Tqmis Sem­Txve­va­Si sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li
or­ga­no uf­le­ba­mo­si­lia mo­iTx­o­vos Se­sa­ba­mi­si Tan­xmo­bis sa­er­To
kre­bis mi­er ga­ce­ma. sa­er­To kre­bis mi­er Tan­xmo­bis ga­ce­mis­Tvis sa­Wi­
roa ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis ara­nak­leb 3/4-is um­rav­le­so­ba.

efeq­tu­ri kor­po­ra­ci­ul ­ i mar­Tvis sis­te­ma _ es aris im we­se­bi­sa da pro­

ce­du­re­bis er­Tob­li­o­ba, rom­li­Tac miR­we­u­lia ba­lan­si kor­po­ra­ci­u­li
mar­Tvis or­ga­no­ebs So­ris. am­gva­ri ba­lan­sis ar­se­bo­ba mi­iR­we­va im Sem­Txve­
va­Si, Tu sa­Ta­na­do­daa uz­run­vel­yo­fi­li or­ga­no­Ta da­mo­u­ki­deb­lo­ba. swo­
red am mi­zans em­sa­xu­re­ba ka­no­nis 211-e mux­li.

349
 mux­lis 1-li pun­qti mkac­rad mij­navs or­ga­no­Ta fun­qci­ur da­mo­u­ki­deb­
lo­bas da mi­Ti­Te­bu­li­a, rom xel­mZRva­ne­li or­ga­nos fun­qci­e­bi sa­aq­cio
sa­zo­ga­do­eb
­ is xel­mZRva­ne­lo­bis sfe­ro­Si ar Se­iZ­le­ba ga­da­e­ces sa­meT­
val­yu­reo sab­Wos. amas­Ta­na­ve, in­di­vi­du­a­lu­ri ga­mow­ve­ve­bis sa­pa­su­xod ze­
dam­xed­ve­lo­bi­sa da ur­Ti­er­Tba­lan­sis efeq­ti­a­ni me­qa­niz­mis Se­saq­mne­lad
mi­Ti­Te­bu­li­a, rom wes­de­biT an sa­meT­val­yu­reo sab­Wos ga­dawy­ve­ti­le­biT
Se­iZ­le­ba ga­ni­sazR­vros sa­kiTx­e­bi, ro­mel­Ta ga­da­sawy­ve­tad xel­mZRva­ne­
li or­ga­no sa­Wi­ro­ebs sa­meT­val­yu­reo sab­Wos Tan­xmo­bas.
or or­ga­nos So­ris Ta­nam­Srom­lo­ba did­wi­la­daa da­mo­ki­de­bu­li efeq­
tu­ri an­tik­ri­zi­su­li me­qa­niz­mis ar­se­bo­ba­ze, ro­mel­mac ara mxo­lod ar­se­
bu­li Ci­xu­ri si­tu­a­ci­i­dan un­da Seq­mnas ga­mo­sa­va­li, ara­med uz­run­vel­yos
ase­Ti Sem­Txve­ve­bis pre­ven­ci­a. Se­sa­ba­mi­sad, sa­meT­val­yu­reo sab­Wos mi­er
Tan­xmo­bis ga­ce­ma­ze ua­ris Tqmis Sem­Txve­va­Si, xel­mZRva­ne­li or­ga­no uf­
le­ba­mo­si­li­a, mo­iTx­o­vos Tan­xmo­bis ga­ce­ma sa­er­To kre­bis mi­er. sa­er­To
kre­bis mi­er Tan­xmo­bis ga­ce­mis­Tvis sa­Wi­roa ken­Wis­yra­Si mo­na­wi­le xma­Ta
ara­nak­leb 3/4-is um­rav­le­so­ba.

mux­li 212. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­rTa ar­Ce­va

1. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wo un­da Sed­ge­bo­des sul

mci­re 3 wev­ris­gan. wes­de­biT Se­iZ­le­ba ga­ni­sazR­vros mis wev­rTa maq­
si­ma­lu­ri ra­o­de­no­ba.
2. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­ri Se­iZ­le­ba iyos
ro­gorc fi­zi­ku­ri pi­ri, ise iu­ri­di­u­li pi­ri.
3. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wevrs ir­Cevs sa­er­To
kre­ba ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis um­rav­le­so­biT an sa­meT­val­
yu­reo sab­Wo­Si wev­ris de­le­gi­re­biT, Tu ka­no­niT an wes­de­biT sxva
ram ar aris dad­ge­ni­li.
4. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wo­Si wev­ris de­le­gi­re­
bis uf­le­ba wes­de­biT Se­iZ­le­ba mi­e­ni­Wos mxo­lod cal­ke­ul aq­ci­o­
ne­rebs an gar­kve­u­li aq­ci­e­bis mflo­be­lebs. sa­aq­cio sa­zo­ga­do­e­bis
sa­meT­val­yu­reo sab­Wos de­le­gi­re­bul wev­rTa ra­o­de­no­ba ar un­da
aRe­ma­te­bo­des sa­meT­val­yu­reo sab­Wos wev­rTa 1/3-s.
5. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos yo­ve­li wev­ri air­Ce­
va ara­u­me­tes 3 wlis va­diT. sa­meT­val­yu­reo sab­Wos wev­ris uf­le­ba­
mo­si­le­bis va­da mi­si amo­wur­vis Sem­deg av­to­ma­tu­rad grZel­de­ba sa­
er­To kre­bis Ca­ta­re­bam­de da am kre­ba­ze axa­li wev­re­bis ar­Ce­vam­de.
sa­meT­val­yu­reo sab­Wos wev­ri Se­iZ­le­ba axa­li va­diT air­Ces.

350
 sa­meT­val­yu­reo sab­Wo ko­le­gi­u­ri or­ga­no­a. swo­rad uz­run­vel­yofs ka­
no­nis 212-e mux­li. ker­Zod, wi­nam­de­ba­re mux­li, upir­ve­les yov­li­sa, gan­
sazR­vravs im mi­ni­ma­lur ode­no­bas, ro­mel­ze nak­le­bic ar Se­iZ­le­ba iyos
sab­Wos wev­rTa ra­o­de­no­ba. mi­ni­ma­lu­ri ode­no­bis gan­sazR­vri­sas ka­non­Si
gaT­va­lis­wi­ne­bul iq­na e.w. de­ad­lock saf­rTxe da wev­rTa ra­o­de­no­bad ga­ni­
sazR­vra ara­nak­leb sa­mi. iqi­dan ga­mom­di­na­re, rom sa­zo­ga­do­e­bis ma­xa­si­a­
Teb­le­bis, maT So­ris, aq­ci­o­ner­Ta da xel­mZRva­ne­li or­ga­nos wev­rTa ra­o­
de­no­bis gaT­va­lis­wi­ne­biT, Se­uZ­le­be­lia sab­Wos wev­rTa ze­da ra­o­de­no­bis
uni­fi­ci­re­bu­lad gan­sazR­vra, ka­no­ni to­vebs Se­saZ­leb­lo­bas, sa­zo­ga­do­e­
bam Ta­vad gan­sazR­vros sa­meT­val­yu­reo sab­Wos wev­rTa maq­si­ma­lu­ri ra­o­
de­no­ba.
sa­meT­val­yu­reo sab­Wo­Si wev­ris yo­lis in­te­re­si xSi­rad aqvT msxvil
in­ves­to­rebs, rom­le­bic Ta­vad ari­an iu­ri­di­u­li pi­re­bi, an moq­me­de­ben
iu­ri­di­u­li pi­ris meS­ve­o­biT. Se­sa­ba­mi­sad, ka­no­ni iZ­le­va Se­saZ­leb­lo­bas,
sab­Wos wev­ri iyos ro­gorc fi­zi­ku­ri, ise iu­ri­di­u­li pi­ri. imav­dro­u­lad,
ka­non­Si­ve ga­ni­sazR­vre­ba sab­Wos wev­rad pi­ris ar­Ce­vis maq­si­ma­lu­ri 3-wli­
a­ni va­da, ra­mac un­da uz­run­vel­yos aR­niS­nu­li or­ga­nos wev­rTa ise­Ti in­
ten­si­vo­biT cvla, ro­go­ric uz­run­vel­yofs sa­zo­ga­do­e­bis xel­mZRva­ne­li
pi­re­bis efeq­ti­an ze­dam­xed­ve­lo­bas da xels ar Se­uS­lis sa­meT­val­yu­reo
sab­Wos wev­ris da­mo­u­ki­deb­lo­bas xel­mZRva­nel pir­Tan pi­ra­di ur­Ti­er­To­
be­bis Ca­mo­ya­li­be­bis ga­mo.
sa­meT­val­yu­reo sab­Wos da­kom­pleq­te­bis zo­ga­di we­sis mi­xed­viT, wev­
ri air­Ce­va sa­er­To kre­bis mi­er ken­Wis­yra­Si mo­na­wi­le xma­Ta ub­ra­lo um­
rav­le­so­biT. Tum­ca zo­gi­er­Ti in­ves­ti­ci­is gan­xor­ci­e­le­ba Se­saZ­le­be­lia
ukav­Sir­de­bo­des in­ves­to­ris sur­vils, da­azR­vi­os Ta­vi­si ris­ki xel­mZRva­
ne­li or­ga­nos ze­dam­xed­ve­lo­bis uSu­al ­ o da pir­da­pi­ri me­qa­niz­mis ar­se­
bo­biT. Se­sa­ba­mi­sad, ka­no­ni iT­va­lis­wi­nebs Se­saZ­leb­lo­bas, wes­de­biT gaT­
va­lis­wi­ne­bul Sem­Txve­va­Si cal­ke­ul aq­ci­o­ners an kon­kre­tu­li aq­ci­e­bis
mflo­be­lebs mi­e­ni­WoT ja­mu­rad ara­u­me­tes sab­Wos 1/3-is da­kom­pleq­te­bis
Se­saZ­leb­lo­ba.

mux­li 213. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos

wev­ro­bi­dan ga­mow­ve­va da gas­vla

1. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos ar­Ce­u­li wev­ri sa­er­

To kre­bis ga­dawy­ve­ti­le­biT Se­iZ­le­ba ne­bis­mi­er dros iq­nes ga­mow­
ve­u­li sa­meT­val­yu­reo sab­Wos wev­ro­bi­dan. es ga­dawy­ve­ti­le­ba mi­i­

351
 Re­ba ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis um­rav­le­so­biT, Tu wes­de­biT
xma­Ta uf­ro di­di ra­o­de­no­ba ar aris gaT­va­lis­wi­ne­bu­li.
2. uf­le­ba­mo­sil­ma pir­ma ne­bis­mi­er dros Se­iZ­le­ba ga­mo­iw­vi­os sa­aq­
cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos de­le­gi­re­bu­li wev­ri.
Tu wes­de­biT gaT­va­lis­wi­ne­bu­li de­le­gi­re­bis sa­fuZ­vle­bi aRar ar­
se­bobs, sa­meT­val­yu­reo sab­Wos de­le­gi­re­bu­li wev­ris ga­mow­ve­vis
Se­sa­xeb ga­dawy­ve­ti­le­bas iRebs sa­er­To kre­ba.
3. sa­meT­val­yu­reo sab­Wos yo­vel wevrs ne­bis­mi­er dros Se­uZ­lia ga­vi­
des sa­meT­val­yu­reo sab­Wos wev­ro­bi­dan, ise, rom zi­a­ni ar mi­ad­ges
sa­aq­cio sa­zo­ga­do­e­bas, gar­da im Sem­Txve­vi­sa, ro­de­sac mas aqvs sa­
pa­tio mi­ze­zi.
4. Tu sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­ris sa­meT­val­
yu­reo sab­Wos wev­ro­bi­dan gas­vli­dan 6 Tvis gan­mav­lo­ba­Si ar air­Ce­va
axa­li wev­ri, sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos gan­cxa­
de­bis sa­fuZ­vel­ze sa­sa­mar­Tlos Se­uZ­lia da­niS­nos sa­meT­val­yu­reo
sab­Wos axa­li wev­ri. es we­si ga­mo­i­ye­ne­ba im Sem­Txve­va­Sic, ro­de­sac
sa­meT­val­yu­reo sab­Wos wev­rTa ra­o­de­no­ba wes­de­biT gan­sazR­vrul
ra­o­de­no­ba­ze nak­le­bi­a.
5. sa­sa­mar­Tlos mi­er da­niS­nul sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­
reo sab­Wos wevrs uf­le­ba­mo­si­le­ba uwy­de­ba sa­meT­val­yu­reo sab­Wos
axa­li wev­ris ka­no­niT dad­ge­ni­li we­siT ar­Ce­vis­Ta­na­ve.

sab­Wos wev­ri un­da em­sa­xu­re­bo­des sa­aq­cio sa­zo­ga­do­e­bis sa­uk ­ e­Te­so in­

te­re­sebs. swo­red sa­meT­val­yu­reo sab­Wos wev­reb­ma un­da uz­run­vel­yon, sa­
zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos yo­vel­dRi­ur saq­mi­an ­ o­ba­ze ze­dam­xed­
ve­lo­bis gan­xor­ci­e­le­bis gziT, aq­ci­o­ne­re­bis in­ves­ti­ci­is dac­va. Ta­vis
mxriv, am dros, aq­tu­a­lo­bas iZens Ta­vad sa­meT­val­yu­reo sab­Wos wev­rTa an­
ga­riS­val­de­bu­lo­bis uz­run­vel­yo­fis efeq­ti­a­ni sis­te­mis Seq­mna. amis uz­
run­vel­yo­fis er­Ti­-er­Ti mniS­vne­lo­va­ni me­qa­niz­mi sab­Wos wev­ris ga­mow­ve­
vis Se­saZ­leb­lo­ba­a. ka­no­nis 213-e mux­li gan­sazR­vravs sa­meT­val­yu­reo sab­
Wos wev­ro­bi­dan pi­ris ga­mow­ve­vi­sa da ne­ba­yof­lo­biT gas­vlis sa­fuZ­vlebs.
sa­meT­val­yu­reo sab­Wos ar­Ce­ul ­ i wev­re­bis ga­mow­ve­vis uf­le­biT sar­geb­
lobs aq­ci­o­ner­Ta sa­er­To kre­ba. kre­bis ga­dawy­ve­ti­le­biT, mis mi­er ar­Ce­
u­li pi­ri ne­bis­mi­er dros Se­iZ­le­ba ga­mow­ve­ul iq­nes sab­Wos wev­ro­bi­dan.
ga­dawy­ve­ti­le­ba mi­iR
­ e­ba ken­Wis­yra­Si mo­na­wi­le xma­Ta ub­ra­lo um­rav­le­so­
biT. amas­Tan, sa­meT­val­yu­reo sab­Wos wev­ris ga­mow­ve­vis­Tvis wes­de­biT Se­
saZ­le­be­lia dad­gin­des xma­Ta uf­ro me­ti ra­o­de­no­ba. amis pa­ra­le­lu­rad,
sa­meT­val­yu­reo sab­Wos de­le­gi­re­bu­li wev­ri Se­iZ­le­ba ga­mo­iw­vi­os am wev­

352
ris de­le­gi­re­ba­ze uf­le­ba­mo­sil­ma pir­ma. Tu wes­de­biT gaT­va­lis­wi­ne­bu­
li de­le­gi­re­bis sa­fuZ­vle­bi aRar ar­se­bobs, ma­Si­nac wev­ris ga­mow­ve­vis
sa­kiTx­ze ga­dawy­ve­ti­le­bis uf­le­bas kar­gavs is pi­ri, ro­mel­mac mo­ax­di­na
sab­Wos wev­ris ar­Ce­va da ga­mow­ve­va­ze ga­dawy­ve­ti­le­bis uf­le­ba­mo­si­le­ba
ga­da­va aq­ci­o­ner­Ta sa­er­To kre­ba­ze.
sa­meT­val­yu­reo sab­Wos wev­ris ga­mow­ve­va iZu­le­bi­Ti xa­si­a­Tis Ro­nis­Zi­
e­ba­a. amis pa­ra­le­lu­rad, sa­meT­val­yu­reo sab­Wos wevrs ne­ba­yof­lo­bi­Tac
Se­uZ­lia da­to­vos da­ka­ve­bu­li Ta­nam­de­bo­ba. Tum­ca aR­niS­nu­li uf­le­ba ar
aris ab­so­lu­tu­ri xa­si­aT ­ is. ker­Zod, pirs ar Se­uZ­li­a, da­to­vos sa­meT­val­
yu­reo sab­Wos wev­ro­ba, Tu ar­se­bobs am qme­de­biT sa­aq­cio sa­zo­ga­do­e­bi­
saT­vis mniS­vne­lo­va­ni zi­an ­ i mi­ye­ne­bis saf­rTxe. Tum­ca im dros, ro­de­sac
sa­xe­zea sa­pa­tio mi­ze­zi, ka­no­ni ma­inc uS­vebs wev­ro­bi­dan gas­vlis Se­saZ­
leb­lo­bas zi­a­nis mi­ye­ne­bis saf­rTxis ar­se­bo­bis mi­u­xe­da­vad.
sa­meT­val­yu­reo sab­Wo sa­aq­cio sa­zo­ga­do­e­bis efeq­ti­a­ni kor­po­ra­ci­
u­li mar­Tvis kon­struq­ci­is er­T-er­Ti fun­da­men­ti­a. Se­sa­ba­mi­sad, ka­no­ni
azR­vevs im Sem­Txve­vebs, ro­de­sac sab­Wo sru­li Se­mad­gen­lo­biT ar aris
da­kom­pleq­te­bu­li da saf­rTxe eq­mne­ba sa­aq­cio sa­zo­ga­do­e­bis fun­qci­o­ni­
re­bas. ker­Zod, Tu sa­meT­val­yu­reo sab­Wos wev­ris gas­vli­dan 6 Tvis gan­
mav­lo­ba­Si ar iq­ne­ba ar­Ce­ul ­ i axa­li wev­ri, sa­sa­mar­Tlos, xel­mZRva­ne­li
or­ga­nos gan­cxa­de­bis sa­fuZ­vel­ze, Se­uZ­li­a, da­niS­nos axa­li wev­ri. es we­si
ga­mo­i­ye­ne­ba im Sem­Txve­va­Sic, ro­de­sac sa­meT­val­yu­reo sab­Wos wev­rTa ra­o­
de­no­ba nak­le­bia wes­de­biT gan­sazR­vrul ra­o­de­no­ba­ze. sa­sa­mar­Tlos mi­er
da­niS­nu­li sa­meT­val­yu­reo sab­Wos wev­ri, mar­Ta­li­a, sru­li mo­cu­lo­biT
sar­geb­lobs sab­Wos wev­ris uf­le­ba­mo­si­le­be­biT, Tum­ca igi ma­inc dro­e­
biT da­niS­nu­li pi­ri­a. mi­si uf­le­ba­mo­si­le­ba wyde­ba ima­ve mo­men­ti­dan, ra
dro­i­da­nac sa­aq­cio sa­zo­ga­do­e­bis sa­er­To kre­ba air­Cevs axal sa­meT­val­
yu­reo sab­Wos wevrs. am pe­ri­o­dam­de ki sa­sa­mar­Tlos mi­er da­niS­nul sab­Wos
wevrs uf­le­ba aqvs, mi­si saq­mi­an ­ o­bis­Tvis sa­aq­cio sa­zo­ga­do­e­bis­gan mo­iTx­
o­vos ga­sam­rje­lo.

mux­li 214. Ta­nam­de­bo­ba­Ta Se­Tav­se­bis da­uS­veb­lo­ba

1. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­ri imav­dro­u­lad ar

Se­iZ­le­ba iyos sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos wev­ri.
2. wes­de­ba da­ma­te­biT Se­iZ­le­ba gan­sazR­vrav­des im Ta­nam­de­bo­ba­Ta
nus­xas, ro­mel­Ta Se­Tav­se­bac ek­rZa­le­ba sa­aq­cio sa­zo­ga­do­e­bis sa­
meT­val­yu­reo sab­Wos wevrs.

353
 sa­meT­val­yu­reo sab­Wos Zi­ri­Ta­di fun­qcia xel­mZRva­ne­li or­ga­nos saq­
mi­a­no­ba­ze ze­dam­xed­ve­lo­bis gan­xor­ci­e­le­ba­a. am mi­ze­ziT, gan­sa­kuT­re­bu­
li mniS­vne­lo­ba eni­We­ba sa­meT­val­yu­reo sab­Wos wev­re­bis ga­mij­vnas xel­
mZRva­ne­li or­ga­nos wev­re­bi­sa­gan. swo­red ami­tom, ka­no­nis 214-e mux­li
krZa­lavs im pi­ris sa­meT­val­yu­reo sab­Wos wev­ro­bas, ro­me­lic, imav­dro­u­
lad, sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­nos wev­ri­a.
Ta­vis saq­mi­a­no­ba­Si sab­Wos sru­li da­mo­u­ki­deb­lo­ba ar mi­iR­we­va mxo­
lod xel­mZRva­ne­li pi­ris­Tvis sa­meT­val­yu­reo sab­Wos wev­ro­bis ak­rZal­
viT. xSir Sem­Txve­va­Si, sab­Wo Se­saZ­le­be­li­a, kon­trols uwev­des sxva or­
ga­no­eb­ is saq­mi­a­no­ba­sac. Se­sa­ba­mi­sad, wi­nam­de­ba­re mux­lis me-2 pun­qtSi mi­
Ti­Te­bu­li­a, rom sa­aq­cio sa­zo­ga­do­e­bis wes­de­ba da­ma­te­biT Se­iZ­le­ba gan­
sazR­vrav­des im Ta­nam­de­bo­ba­Ta nus­xas, ro­mel­Ta Se­Tav­se­bac ak­rZa­lu­li
aqvs sa­meT­val­yu­reo sab­Wos wevrs.

mux­li 215. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos Se­mad­gen­lo­bis

cvli­le­bis Se­sa­xeb in­for­ma­ci­is ga­moq­vey­ne­ba

sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no val­de­bu­lia ga­mo­aq­vey­nos

sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos Se­mad­gen­lo­bis cvli­le­bis,
sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­ris ar­Ce­vi­sa da mas­Tan da­kav­Si­re­bu­li
yve­la cvli­le­bis Se­sa­xeb in­for­ma­ci­a, ag­reT­ve aR­niS­nu­li in­for­ma­cia ga­
na­Tav­sos sa­aq­cio sa­zo­ga­do­e­bis veb­gver­dze (ar­se­bo­bis Sem­Txve­va­Si).

ka­no­nis 215-e mux­li ad­gens sa­meT­val­yu­reo sab­Wos Se­mad­gen­lo­bas­Tan,

maT So­ris sab­Wos Tav­mjdo­ma­ris ar­Ce­va­sa da maT­Tan da­kav­Si­re­bu­li yo­
ve­li cvli­le­bis ga­sa­ja­ro­e­bis val­de­bu­le­bas. ase­Tis uz­run­vel­yo­fa ki,
ka­no­nis mi­xed­viT, xel­mZRva­ne­li or­ga­nos kom­pe­ten­ci­a­a. ga­moq­vey­ne­bam
un­da uz­run­vel­yos aq­ci­o­ner­Ta in­for­mi­re­ba nak­le­bi da­na­xar­je­biT, da
amas­Ta­na­ve, mi­si wev­re­bis vi­na­ob
­ is mniS­vne­lo­bi­dan ga­mom­di­na­re, ba­zars
mi­a­wo­dos sig­na­li sa­meT­val­yu­reo sab­Wos san­do­o­bas­Tan da­kav­Si­re­biT.

mux­li 216. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos

Tav­mjdo­ma­re da mi­si mo­ad­gi­le

1. sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­re­sa da mis mo­ad­gi­les ir­Cevs

sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wo Ta­vis wev­rTa­gan,
ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis um­rav­le­so­biT. Tu­ki kan­di­da­te­bi

354
 Ta­na­ba­ri ra­o­de­no­bis xmebs mi­i­Re­ben, sa­meT­val­yu­reo sab­Wos Tav­
mjdo­ma­red da­i­niS­ne­ba maT So­ris uxu­ce­si kan­di­da­ti, Tu wes­de­biT
sxva ram ar aris gaT­va­lis­wi­ne­bu­li.
2. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­re ko­or­
di­na­ci­as uwevs sa­meT­val­yu­reo sab­Wos saq­mi­a­no­bas, Tav­mjdo­ma­re­
obs sa­meT­val­yu­reo sab­Wos sxdo­mebs da war­mo­ad­gens sa­meT­val­yu­
reo sab­Wos sa­aq­cio sa­zo­ga­do­e­bis sxva or­ga­no­eb­Tan, Ta­nam­de­bo­bis
pi­reb­sa da Ta­nam­Srom­leb­Tan ur­Ti­er­To­beb­Si.
3. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­re val­de­
bu­lia sis­te­ma­tu­rad hqon­des ur­Ti­er­To­ba sa­aq­cio sa­zo­ga­do­e­bis
xel­mZRva­nel or­ga­nos­Tan, ga­ni­xi­los mas­Tan sa­aq­cio sa­zo­ga­do­e­bis
gan­vi­Ta­re­bis stra­te­gia da mo­sa­lod­ne­li ris­ke­bi.
4. sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­ne­li or­ga­no val­de­bu­lia sa­aq­cio
sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­res mi­a­wo­dos in­
for­ma­cia im mniS­vne­lo­va­ni mov­le­ne­bis Se­sa­xeb, rom­leb­mac Se­iZ­
le­ba gav­le­na mo­ax­di­nos sa­aq­cio sa­zo­ga­do­e­bis saq­mi­a­no­ba­ze, ag­
reT­ve mo­sa­lod­ne­li Se­de­ge­bis Se­fa­se­ba. sa­meT­val­yu­reo sab­Wos
Tav­mjdo­ma­re val­de­bu­lia mi­Re­bu­li in­for­ma­cia mi­a­wo­dos sa­meT­
val­yu­reo sab­Wos wev­rebs da sa­Wi­ro­e­bis Sem­Txve­va­Si mo­iw­vi­os sa­
meT­val­yu­reo sab­Wos sxdo­ma.
5. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­ris mo­ad­
gi­le as­ru­lebs sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­ris fun­qci­ebs
mi­si ar­yof­nis an mis mi­er mo­va­le­o­be­bis Ses­ru­le­bis Se­uZ­leb­lo­bis
Sem­Txve­va­Si.
6. wes­de­biT Se­iZ­le­ba ga­ni­sazR­vros sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­
yu­reo sab­Wos Tav­mjdo­ma­ris da­ma­te­bi­Ti uf­le­ba­mo­si­le­ba, Tu es
ar ewi­na­aR­mde­ge­ba ka­nons.

ko­le­gi­u­ri or­ga­nos saq­mi­a­no­bis uz­run­vel­yo­fa sa­Wi­ro­ebs ko­or­di­

ni­re­bis gar­kve­ul xa­risxs. ami­tom sa­meT­val­yu­reo sab­Wos Sem­Txve­va­Si
aq­tu­a­lu­ro­bas iZens sab­Wos Tav­mjdo­ma­ris ar­Ce­vis sa­kiTx­i, ro­mel­mac
ko­or­di­ni­re­ba un­da ga­uw
­ i­os am or­ga­nos saq­mi­a­no­bas. ka­nons 217-e mux­li
swo­red sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­res­Tan
da­kav­Si­re­bul sa­kiTx­ebs are­gu­li­rebs. wi­nam­de­ba­re mux­lis far­gleb­Si
mo­wes­ri­ge­bu­lia ise­Ti sa­kiTx­e­bi, ro­go­re­bi­ca­a: Tav­mjdo­ma­ris ar­Ce­va da
mi­si mo­va­le­o­bis Ses­ru­le­ba, Ta­nam­Srom­lo­ba xel­mZRva­nel or­ga­nos­Tan
da sa­meT­val­yu­reo sab­Wos kom­pe­ten­ci­is gaz­rda sa­aq­cio sa­zo­ga­do­eb ­ is
wes­de­biT.

355
 sab­Wos in­sti­tu­ci­u­ri da­mo­u­ki­deb­lo­bis uz­run­vel­yo­fis au­ci­leb­
lo­bi­dan ga­mom­di­na­re, ka­no­nis mi­xed­viT, Ta­vad sa­meT­val­yu­reo sab­Wo Ta­
vi­si Se­mad­gen­lo­bi­dan ir­Cevs sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­re­sa da
mis mo­ad­gi­les (ro­me­lic as­ru­lebs sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­
ris fun­qci­ebs Tav­mjdo­ma­ris ar­yof­ni­sas an mis mi­er mo­va­le­ob ­ e­bis Ses­
ru­le­bis Se­uZ­leb­lo­bi­sas). sab­Wos Tav­mjdo­ma­re da mi­si mo­ad­gi­le air­
Ce­va ken­Wis­yra­Si mo­na­wi­le xma­Ta ub­ra­lo um­rav­le­so­biT. im Sem­Txve­va­Si,
Tu kan­di­da­te­bi mi­i­Re­ben xme­bis Ta­na­bar ra­od ­ e­no­bas, Tav­mjdo­ma­red da­
i­niS­ne­ba maT So­ris uxu­ce­si, Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­
bu­li.
ka­no­nis mi­xed­viT, sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­res ekis­re­ba sab­
Wos saq­mi­a­no­bis ko­or­di­ni­re­bis, sab­Wos sxdo­me­bis Tav­mjdo­ma­re­o­bis da
ama­ve or­ga­nos sa­aq­cio sa­zo­ga­do­e­bis sxva or­ga­no­eb­Tan, Ta­nam­de­bo­bis pi­
reb­sa da Ta­nam­Srom­leb­Tan war­mod­ge­nis mo­va­le­ob ­ a. wi­nam­de­ba­re mux­li­ve
swo­red Tav­mjdo­ma­res aval­de­bu­lebs, Se­as­ru­los xi­dis fun­qcia sa­meT­
val­yu­reo sab­Wo­sa da xel­mZRva­ne­l or­ga­nos So­ris da uz­run­vel­yos or­
ga­no­Ta ur­Ti­er­TTa­nam­Srom­lo­ba. amis uz­run­vel­sa­yo­fad Tav­mjdo­ma­re
val­de­bu­li­a, hqon­des sis­te­ma­tu­ri ur­Ti­er­To­ba xel­mZRva­ne­li or­ga­nos­
Tan, ga­ni­xi­los mas­Tan sa­aq­cio sa­zo­ga­do­e­bis gan­vi­Ta­re­bis stra­te­gia da
mo­sa­lod­ne­li ris­ke­bi. ima­ve miz­niT, xel­mZRva­ne­li or­ga­no val­de­bu­li­a,
sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­res mi­aw ­ o­dos in­for­ma­cia mniS­vne­lo­
va­ni mov­le­ne­bis Se­sa­xeb, ro­mel­Tac gav­le­na Se­iZ­le­ba hqon­deT sa­aq­cio
sa­zo­ga­do­eb­ is saq­mi­an
­ o­ba­ze, ase­ve, mi­a­wo­dos mo­sa­lod­ne­li Se­de­ge­bis Se­
fa­se­ba. sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­res eva­le­ba, mi­Re­bu­li in­for­
ma­cia mi­a­wo­dos sa­meT­val­yu­reo sab­Wos wev­rebs da sa­Wi­ro­e­bi­sas mo­iw­vi­os
sa­meT­val­yu­reo sab­Wos sxdo­ma.
ka­no­nis wi­nam­de­ba­re mux­liT dad­ge­ni­lia sa­meT­val­yu­reo sab­Wos Tav­
mjdo­ma­ris uf­le­ba­mo­si­le­ba­Ta mi­ni­mu­mi. sa­aq­cio sa­zo­ga­do­e­bis aq­ci­o­ne­
rebs aqvT Se­saZ­leb­lo­ba, sa­zo­ga­do­e­bis in­di­vi­du­al ­ u­ri ma­xa­si­a­Teb­le­bi­
dan ga­mom­di­na­re wes­de­biT gan­sazR­vron sa­meT­val­yu­reo sab­Wos Tav­mjdo­
ma­ris da­ma­te­bi­Ti uf­le­ba­mo­si­le­ba im far­gleb­Si, rac ar Se­e­wi­na­aR­mde­ge­
ba ka­nons.

mux­li 217. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos sxdo­ma

1. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos sxdo­ma un­da Ca­tar­

des we­li­wad­Si er­Txel ma­inc. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­

356
 reo sab­Wos Tav­mjdo­ma­re val­de­bu­lia uz­run­vel­yos sa­meT­val­yu­
reo sab­Wos sxdo­mis Ca­ta­re­ba.
2. sa­meT­val­yu­reo sab­Wos wevrs an xel­mZRva­nel or­ga­nos uf­le­ba
aqvs, sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­res mos­Txo­vos sa­meT­val­
yu­reo sab­Wos sxdo­mis da­u­yov­neb­liv mow­ve­va. am moTx­ov­na­Si un­da
mi­e­Ti­Tos rig­ga­re­Se sxdo­mis Ca­ta­re­bis mi­ze­ze­bi da miz­ne­bi. sa­meT­
val­yu­reo sab­Wos Tav­mjdo­ma­re val­de­bu­lia moTx­ov­ni­dan 10 dRis
gan­mav­lo­ba­Si uz­run­vel­yos sa­meT­val­yu­reo sab­Wos sxdo­mis Ca­ta­
re­ba.
3. Tu sa­meT­val­yu­reo sab­Wos sxdo­mis mow­ve­vis Se­sa­xeb moTx­ov­na ar
dak­ma­yo­fil­de­ba, sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos
wevrs an xel­mZRva­nel or­ga­nos Se­uZ­lia Ta­vad mo­iw­vi­os sa­meT­val­
yu­reo sab­Wos sxdo­ma.
4. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos sxdo­mas uZR­ve­ba sa­
meT­val­yu­reo sab­Wos Tav­mjdo­ma­re, mi­si ar­yof­ni­sas _ sa­meT­val­yu­
reo sab­Wos Tav­mjdo­ma­ris mo­ad­gi­le, xo­lo mi­si ar­yof­nis Sem­Txve­
va­Si _ sa­meT­val­yu­reo sab­Wos er­T-er­Ti wev­ri. aR­niS­nu­li sxdo­mis
mim­di­na­re­o­bi­sa da mi­Re­bu­li ga­dawy­ve­ti­le­be­bis Se­sa­xeb dge­ba sa­
meT­val­yu­reo sab­Wos sxdo­mis oq­mi. am oq­mis sis­wo­ri­sa da srul­yo­
fi­le­bis­Tvis pa­su­xis­mge­be­lia sa­meT­val­yu­reo sab­Wos sxdo­mis Tav­
mjdo­ma­re.

ka­no­ni de­ta­lu­rad gan­sazR­vravs kor­po­ra­ci­ul mar­Tva­Si mo­na­wi­le Ti­

To­eu ­ ­li or­ga­nos sxdo­me­bis mow­ve­vi­sa da Ca­ta­re­bis pro­ce­du­rul sa­kiTx­
ebs. aR­niS­nu­li ga­mom­di­na­re­obs ka­no­nis miz­ni­dan, xe­li Se­uwy­os sa­u­ke­Te­
so sa­er­Ta­So­ri­so praq­ti­kis Se­sa­ba­mi­si kor­po­ra­ci­u­li mar­Tvis kul­tu­
ris Ca­mo­ya­li­be­bas. swo­red am miz­niT, ka­no­nis 217-e mux­li gan­sazR­vravs
sa­meT­val­yu­reo sab­Wos sxdo­me­bis mow­ve­vi­sa da Ca­ta­re­bis for­ma­lur da
Si­na­ar­sob­riv sa­kiTx­ebs.
wi­nam­de­ba­re mux­lis pir­ve­li pun­qtiT mo­wes­ri­ge­bu­lia sa­meT­val­yu­reo
sab­Wos sxdo­me­bis Ca­ta­re­bis mi­ni­ma­lur six­Si­re _ we­li­wad­Si ara­nak­leb
er­Ti. Tum­ca ase­Ti six­Si­re praq­ti­kis­Tvis sak­ma­od da­ba­li­a. praq­ti­ka­Si
sxdo­ma­Ta op­ti­ma­lu­ri ode­no­ba sa­aq­cio sa­zo­ga­do­e­bis in­di­vi­du­a­lu­ri
ma­xa­si­a­Teb­le­bi­sa da mi­si sa­uk
­ e­Te­so in­te­re­se­bis Se­sa­ba­mi­sad un­da ga­ni­
sazR­vros, Tum­ca ara­nak­leb kvar­tal­Si er­Ti Sex­ved­ri­sa.
zo­ga­di we­siT, sa­meT­val­yu­reo sab­Wos sxdo­mis mow­ve­vis uf­le­ba aqvs
sab­Wos Tav­mjdo­ma­res. Ta­vis mxriv, sa­meT­val­yu­reo sab­Wos yo­vel wevrs an
xel­mZRva­nel or­ga­nos aqvs uf­le­ba, sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­ri­

357
sa­gan mo­iTx­o­vos sab­Wos sxdo­mis da­u­yov­neb­liv mow­ve­va. moTx­ov­na­Si un­da
mi­e­Ti­Tos rig­ga­re­Se sxdo­mis Ca­ta­re­bis mi­ze­ze­bi da miz­ne­bi. Tav­mjdo­ma­re
val­de­bu­li­a, moTx­ov­ni­dan 10 dRis gan­mav­lo­ba­Si uz­run­vel­yos sxdo­mis
Ca­ta­re­ba. sa­ga­mo­nak­li­sod, im Sem­Txve­va­Si, Tu sxdo­mis mow­ve­vis Se­sa­xeb
moTx­ov­na ar kma­yo­fil­de­ba, sa­meT­val­yu­reo sab­Wos wevrs an xel­mZRva­nel
or­ga­nos Se­uZ­li­aT, Tvi­Ton mo­iw­vi­on sa­meT­val­yu­reo sab­Wos sxdo­ma.
sa­meT­val­yu­reo sab­Wos sxdo­mebs uZR­ve­ba sa­meT­val­yu­reo sab­Wos Tav­
mjdo­ma­re, mi­si ar­yof­nis Sem­Txve­va­Si sa­meT­val­yu­reo sab­Wos Tav­mjdo­
ma­ris mo­ad­gi­le. aR­niS­nu­li pi­re­bis ar­yof­nis Sem­Txve­va­Si sab­Wos sxdo­
mam Ta­vad un­da gan­sazR­vros er­Tje­ra­dad sxdo­mis war­mar­Tva­ze pa­su­xis­
mge­be­li sab­Wos wev­ri. amas­Ta­na­ve, ka­no­ni ad­gens sxdo­mis oq­mis Sed­ge­nis
val­de­bu­le­bas, rom­lis sis­wo­re­sa da srul­yo­fi­le­ba­ze pa­su­xis­mge­be­lia
sxdo­mis Tav­mjdo­ma­re. oq­mi aris we­ri­lo­bi­Ti do­ku­men­ti, ro­me­lic aR­
wers sa­er­To kre­bis mim­di­na­re­o­bis Se­sa­xeb in­for­ma­ci­as da aqvs mniS­vne­
lo­va­ni is­to­ri­u­li Ri­re­bu­le­ba Sem­dgo­mi ga­u­geb­ro­be­bi­sa da da­ve­bis Ta­
vi­dan asa­ci­leb­lad.

mux­li 218. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos

ga­dawy­ve­ti­le­be­bi

1. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wo ga­dawy­ve­ti­le­ba­u­na­

ri­a­ni­a, Tu mis sxdo­mas es­wre­ba sa­meT­val­yu­reo sab­Wos wev­rTa sul
mci­re na­xe­va­ri. wes­de­ba Se­iZ­le­ba sa­meT­val­yu­reo sab­Wos ga­dawy­ve­
ti­le­ba­u­na­ri­a­no­bis sa­kiTxs sxvag­va­rad awes­ri­geb­des.
2. Tu­ki sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wo ga­dawy­ve­ti­le­
ba­u­na­ri­a­ni ar aris, mi­si sxdo­mis Tav­mjdo­ma­re val­de­bu­lia ara­ug­
vi­a­nes 10 dRi­sa mo­iw­vi­os axa­li sxdo­ma, ro­me­lic ga­dawy­ve­ti­le­ba­
u­na­ri­a­ni iq­ne­ba, ken­Wis­yra­Si mo­na­wi­le sab­Wos wev­rTa ra­o­de­no­bis
mi­u­xe­da­vad, Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li.
3. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wo ga­dawy­ve­ti­le­bas
iRebs ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis um­rav­le­so­biT. sa­meT­val­yu­
reo sab­Wos wevrs aqvs 1 xma, Tu ka­no­niT an wes­de­biT sxva ram ar aris
dad­ge­ni­li. xme­bis Ta­nab­rad ga­yo­fis Sem­Txve­va­Si ga­dam­wyve­tia sa­
meT­val­yu­reo sab­Wos Tav­mjdo­ma­ris, xo­lo mi­si ar­yof­nis Sem­Txve­
va­Si _ sxdo­mis Tav­mjdo­ma­ris xma.
4. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos ga­dawy­ve­ti­le­ba
for­mde­ba mi­si sxdo­mis oq­mSi Ca­na­we­riT.

358
 sa­aq­cio sa­zo­ga­do­eb
­ is sa­meT­val­yu­reo sab­Wos msvle­lo­bis pro­ce­du­
ra, ume­tes­wi­lad, Si­da kor­po­ra­ci­ul ­ i sa­kiTx­i­a. aqe­dan ga­mo­nak­li­si Se­iZ­
le­ba iyos ise­Ti Sem­Txve­ve­bi, ro­de­sac kon­kre­tu­li sa­kiTx­is mo­wes­ri­ge­ba
au­ci­le­be­lia in­ves­to­re­bis da­sa­ca­vad, sa­u­ke­Te­so kor­po­ra­ci­u­li mar­
Tvis praq­ti­kis Ca­mo­sa­ya­li­beb­lad da am gziT war­mo­mad­gen­lo­bi­Ti xar­je­
bis Se­sam­ci­reb­lad. swo­red am mi­ze­ze­biT ka­no­nis 218-e mux­lis pir­ve­li
pun­qti, ume­tes­wi­lad, dis­po­zi­ci­u­ri xa­si­aT ­ i­sa­a.
wi­nam­de­ba­re mux­lis mi­xed­viT, Tu wes­de­biT sxva ram ar aris gaT­va­lis­
wi­ne­bu­li, sa­meT­val­yu­reo sab­Wos ga­dawy­ve­ti­le­ba­u­na­ri­an ­ o­bi­saT­vis kvo­
ru­mi ga­ni­sazR­vre­ba, sul mci­re, sa­meT­val­yu­reo sab­Wos wev­rTa na­xev­riT.
imav­dro­u­lad, imi­saT­vis rom sa­meT­val­yu­reo sab­Wos fun­qci­o­ni­re­bas xe­
li ar Se­e­Sa­los, Tu sa­meT­val­yu­reo sab­Wo ar aris ga­dawy­ve­ti­le­ba­u­na­ri­
a­ni, sxdo­mis Tav­mjdo­ma­re val­de­bu­li­a, ara ug­vi­a­nes 10 dRi­sa mo­iw­vi­os
axa­li sxdo­ma, ro­me­lic ga­dawy­ve­ti­le­ba­u­na­ri­an ­ i iq­ne­ba, ken­Wis­yra­Si mo­na­
wi­le wev­rTa ra­o­de­no­bis mi­ux ­ e­da­vad. Tum­ca, wes­de­biT Se­iZ­le­ba dad­gin­
des gan­me­o­re­bi­Ti sxdo­mis­Tvis gan­sxva­ve­bu­li kvo­ru­mi.
sa­meT­val­yu­reo sab­Wo ga­dawy­ve­ti­le­bas, ro­me­lic for­mde­ba oq­mSi Ca­
na­we­riT, iRebs ken­Wis­yra­Si mo­na­wi­le xme­bis um­rav­le­so­biT. amas­Ta­na­ve, im
pi­ro­biT, rom yo­vel wevrs aqvs er­Ti xma, Tum­ca aR­niS­nu­lis­gan gan­sxva­ve­
bu­li we­se­bi Se­iZ­le­ba dad­gin­des wes­de­biT. xme­bis ga­yo­fis Sem­Txve­va­Si ga­
dam­wyve­tia sa­meT­val­yu­reo sab­Wos Tav­mjdo­ma­ris xma, xo­lo mi­si ar­yof­
nis Sem­Txve­va­Si, sxdo­mis Tav­mjdo­ma­ris xma.

mux­li 219. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos

wev­rTa anazR­a­u­re­ba

1. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­rebs maT­Tvis da­

kis­re­bu­li fun­qci­e­bis Ses­ru­le­bis­Tvis Se­iZ­le­ba mi­e­ceT anazR­a­u­
re­ba, ro­me­lic un­da Se­e­sa­ba­me­bo­des sa­aq­cio sa­zo­ga­do­e­bis fi­nan­
sur Se­saZ­leb­lo­bebs.
2. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­ris anazR­a­u­re­bis
ode­no­ba, struq­tu­ra da ga­ce­mis pe­ri­o­du­lo­ba ga­ni­sazR­vre­ba wes­
de­biT an sa­er­To kre­bis ga­dawy­ve­ti­le­biT. sa­meT­val­yu­reo sab­Wos
wevrs war­ma­te­bu­li saq­mi­a­no­bis­Tvis da­ma­te­biT Se­iZ­le­ba mi­e­ces wi­
nas­war dad­ge­ni­li we­siT gan­sazR­vru­li pre­mi­e­bi an sxva bo­nu­se­bi.
3. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos wev­rTa anazR­a­u­re­
bis Se­sa­xeb ga­dawy­ve­ti­le­ba­Si mi­Ti­Te­bu­li un­da iyos is Se­Ra­va­Te­bi

359
 da pri­vi­le­gi­e­bi, rom­le­bi­Tac isar­geb­le­ben sa­meT­val­yu­reo sab­
Wos wev­re­bi wev­ro­bis pe­ri­od­Si.

ze­dam­xed­ve­lo­bis fun­qci­is efeq­tu­rad gan­xor­ci­el ­ e­bi­saT­vis au­ci­

le­be­lia sa­meT­val­yu­reo sab­Wos wev­re­bis anazR­a­u­re­bis po­li­ti­kis Seq­
mna. am­gvar­ma po­li­ti­kam un­da uz­run­vel­yos wev­ris da­mo­u­ki­deb­lo­ba da
mo­ti­vi­re­ba mi­si in­te­re­se­bis sa­aq­cio sa­zo­ga­do­e­bis in­te­re­seb­Tan da­kav­
Si­re­bis gziT. amas­Ta­na­ve, anazR­au ­ re­bis po­li­ti­kiT un­da ga­mo­i­ricx­os
sa­meT­val­yu­reo sab­Wos wev­re­bis mo­ti­va­cia sa­zo­ga­do­eb ­ is xel­mZRva­nel­
ma or­ga­nom gas­wi­os am sa­zo­ga­do­e­bis in­di­vi­du­a­lu­ri ma­xa­si­a­Teb­le­bis
gaT­va­lis­wi­ne­biT da­saS­veb­ze me­tad sa­ris­ko saq­mi­a­no­ba. swo­red ami­saT­
vis spe­ci­a­lu­ri nor­ma­ti­u­li sa­fuZ­vlis Seq­mnas em­sa­xu­re­ba ka­no­nis 219-e
mux­li.
wi­nam­de­ba­re mux­lis mi­xed­viT, sa­meT­val­yu­reo sab­Wos wev­re­bis­Tvis
mi­ce­mu­li anazR­a­u­re­ba go­niv­rul Se­sa­ba­mi­so­ba­Si un­da iyos sa­aq­cio sa­
zo­ga­do­e­bis fi­nan­sur Se­saZ­leb­lo­beb­Tan. sa­meT­val­yu­reo sab­Wos wev­
ris anazR­au ­ ­re­bis gan­sazR­vri­sas mxed­ve­lo­ba­Si mi­i­Re­ba: pi­ris asa­ki, ga­
naT­le­ba, ga­moc­di­le­ba, sa­zo­ga­do­eb­ri­vi imi­ji, sa­aq­cio sa­zo­ga­do­eb ­ is
war­ma­te­bu­lo­ba, mi­si si­di­de, fi­nan­su­ri mdgo­ma­re­o­ba, sa­o­pe­ra­cio are­
a­le­bi da sxv.
sa­kuT­riv sa­meT­val­yu­reo sab­Wos wev­ris anazR­a­u­re­ba mra­va­li kom­po­
nen­ti­sa­gan Sed­ge­ba. anazR­a­u­re­bis struq­tu­ra, mo­cu­lo­ba da pe­ri­o­du­
lo­ba un­da ga­ni­sazR­vros sa­aq­cio sa­zo­ga­do­e­bis wes­de­biT an sa­er­To kre­
bis ga­dawy­ve­ti­le­biT. ase­Ti anazR­a­ur ­ e­ba Se­iZ­le­ba mo­i­cav­des da­ma­te­biT,
wi­nas­war dad­ge­ni­li we­siT, gan­sazR­vru­li pre­mi­eb ­ is an sxva bo­nu­se­bis mi­
ce­mas war­ma­te­bu­li saq­mi­a­no­bis­Tvis.
sa­meT­val­yu­reo sab­Wos wev­rTa anazR­a­u­re­bis yo­ve­li de­ta­li wi­nas­
war un­da iyos sa­aq­cio sa­zo­ga­do­e­bis aq­ci­o­ne­re­bi­saT­vis cno­bi­li, ra­Ta
Ta­vi­dan iq­nes aci­le­bu­li sa­zo­ga­do­e­bis in­te­re­seb­Tan ara­Tav­se­ba­di sa­
xel­fa­so po­li­ti­kis Seq­mna. Se­sa­ba­mi­sad, ka­no­niT dgin­de­ba, rom sa­er­To
kre­bis ga­dawy­ve­ti­le­ba de­ta­lu­rad un­da aR­wer­des ara mxo­lod uSu­a­lod
xel­fa­sis, pre­mi­e­bi­sa da bo­nu­se­bis sa­kiTxs, ara­med mi­Re­bul ga­dawy­ve­ti­
le­ba­Si mi­Ti­Te­bu­li un­da iyos im Se­Ra­va­Te­bi­sa da pri­vi­le­gi­eb ­ is Se­sa­xeb,
rom­le­bi­Tac sa­meT­val­yu­reo sab­Wos wev­re­bi isar­geb­le­ben wev­ro­bis gan­
mav­lo­ba­Si.
sa­meT­val­yu­reo sab­Wos wev­reb­Tan for­mde­ba sa­sam­sa­xu­ro xel­Sek­ru­
le­ba. xel­Sek­ru­le­bis Sewy­ve­tis sa­fuZ­ve­li ki sa­meT­val­yu­reo sab­Wos wev­
ro­bi­dan pi­ris gas­vla­a.

360
mux­li 220. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos ko­mi­te­te­bi

1. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos Se­uZ­lia Ta­vi­si wev­

re­bis­gan Seq­mnas ko­mi­te­te­bi, ro­mel­Ta mi­za­ni, sxva uf­le­ba­mo­si­le­
be­bis gan­xor­ci­e­le­bas­Tan er­Tad, iq­ne­ba sab­Wos sxdo­me­bis mow­ve­vis
an maT­ze gan­sa­xil­ve­li sa­kiTx­e­bis mom­za­de­ba da mi­Re­bu­li ga­dawy­
ve­ti­le­be­bis Ses­ru­le­bis kon­tro­li.
2. ko­mi­te­te­bis xel­mZRva­ne­leb­ma sa­meT­val­yu­reo sab­Wos re­gu­la­ru­
lad un­da mi­a­wo­don Se­sa­ba­mi­si in­for­ma­ci­a.
3. ko­mi­te­te­bis sa­xel­wo­de­be­bi da ra­o­de­no­ba Se­iZ­le­ba ga­ni­sazR­vros
wes­de­biT.
4. sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos fun­qci­e­bi ar Se­iZ­
le­ba sru­lad ga­da­e­ces ko­mi­te­tebs.

sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wo sa­ku­Ta­ri saq­mis mniS­

vne­lo­van na­wils ko­mi­te­te­bis meS­ve­o­biT axor­ci­e­lebs. sa­meT­val­yu­reo
sab­Wos ko­mi­te­tis Seq­mnis­Tvis spe­ci­a­lur nor­ma­ti­ul sa­fuZ­vels qmnis
ka­no­nis 2020-e mux­li. wi­nam­de­ba­re mux­liT mo­wes­ri­ge­bu­lia ko­mi­te­te­bis
Seq­mnis, in­for­ma­ci­is gac­vlis da kom­pe­ten­ci­a­Ta da­na­wi­le­bis sa­kiTx­e­bi.
wi­nam­de­ba­re mux­li ad­gens sa­meT­val­yu­reo sab­Wos uf­le­ba­mo­si­le­bas,
Ta­vi­si wev­re­bi­sa­gan Seq­mnas ko­mi­te­ti, rom­lis mi­za­nic, sxva uf­le­ba­mo­si­
le­beb­Tan er­Tad, aris sxdo­me­bis mow­ve­vis an maT­ze gan­sa­xil­ve­li sa­kiTx­
e­bis mom­za­de­ba da mi­Re­bu­li ga­dawy­ve­ti­le­be­bis aR­sru­le­bis kon­tro­li.
ase­Ti ko­mi­te­te­bis Seq­mna, ro­gorc we­si, Se­da­re­biT msxvi­li fi­nan­su­ri
baz­ris aq­ti­u­ri mo­na­wi­le sa­aq­cio sa­zo­ga­do­e­be­bis­Tvi­saa da­ma­xa­si­a­Te­be­
li. me­tic, zo­gi­erT Sem­Txve­va­Si ko­mi­te­tis Seq­mna Se­saZ­le­be­lia mik­rop­
ru­den­ci­u­li ze­dam­xed­ve­lo­bis sa­ka­non­mdeb­lo po­li­ti­ki­da­nac ga­mom­di­
na­re­ob­des. praq­ti­ka­Si yve­la­ze gav­rce­le­bu­lia au­di­tis ko­mi­te­ti, Tum­
ca, xSi­rad ase­ve iq­mne­ba anazR­au ­ r
­ e­bi­sa da no­mi­ni­re­bis ko­mi­te­te­bi.
ko­mi­te­ti aris sa­meT­val­yu­reo sab­Wos daq­vem­de­ba­re­bu­li, dam­xma­re
or­ga­no, ro­me­lic iq­mne­ba sa­zo­ga­do­e­bis kor­po­ra­ci­u­li mar­Tvis efeq­ti­
a­no­bis gaz­rdis­Tvis. swo­red aR­niS­nu­li prin­ci­pia gan­mtki­ce­bu­li wi­nam­
de­ba­re mux­lis me­o­re-­me­oTxe pun­qteb­Si. ker­Zod, ko­mi­te­te­bis sa­xel­wo­
de­ba da ma­Ti ra­o­de­no­ba ga­ni­sazR­vre­ba sa­aq­cio sa­zo­ga­do­e­bis wes­de­biT.
amas­Ta­na­ve, ka­no­nis im­pe­ra­ti­ul
­ i daT­qmis mi­xed­viT, sa­meT­val­yu­reo sab­
Wos fun­qci­eb ­ i ar Se­iZ­le­ba sru­lad ga­da­e­ces ko­mi­te­tebs. ase­ve, daq­vem­
de­ba­re­bu­lo­bis prin­ci­pi­dan ga­mom­di­na­re, ko­mi­te­te­bis xel­mZRva­ne­leb­ma
re­gu­la­ru­lad un­da mi­aw ­ o­don in­for­ma­cia sa­meT­val­yu­reo sab­Wos.

361
mux­li 221. pa­su­xis­mgeb­lo­bis ini­ci­i­re­ba

1. sa­er­To kre­bas, sa­aq­cio sa­zo­ga­do­e­bis sa­meT­val­yu­reo sab­Wos da

sa­aq­cio sa­zo­ga­do­e­bis xel­mZRva­nel or­ga­nos sa­ku­Ta­ri kom­pe­ten­
ci­is far­gleb­Si uf­le­ba aqvT, mo­iTx­o­von am or­ga­no­Ta wev­re­bis mi­
er sa­aq­cio sa­zo­ga­do­e­bis­Tvis mi­ye­ne­bu­li zi­a­nis anazR­a­u­re­ba.
2. sa­er­To kre­bis ga­dawy­ve­ti­le­biT Se­iZ­le­ba sa­meT­val­yu­reo sab­Wos
an xel­mZRva­nel or­ga­nos da­e­va­los, rom man Ta­nam­de­bo­bis pi­rebs
mos­Txo­vos maT mi­er sa­ku­Ta­ri mo­va­le­o­be­bis Se­us­ru­leb­lo­biT sa­
aq­cio sa­zo­ga­do­e­bis­Tvis mi­ye­ne­bu­li zi­a­nis anazR­a­u­re­ba.
3. zi­a­nis anazR­a­u­re­bis moTx­ov­nis Se­sa­xeb sa­er­To kre­bis ga­dawy­ve­ti­
le­ba un­da Ses­rul­des mi­si mi­Re­bi­dan 6 Tvis va­da­Si. sa­er­To kre­bas
uf­le­ba aqvs, aR­niS­nu­li moTx­ov­nis Ses­ru­le­bis miz­niT da­niS­nos
spe­ci­a­lu­ri war­mo­mad­ge­ne­li.

sa­aq­cio sa­zo­ga­do­e­bis kor­po­ra­ci­u­li mar­Tva, Se­sa­ba­mi­sad, mas­Si mo­

na­wi­le Ti­To­eu ­ ­li su­bi­eq­ti un­da em­sa­xu­re­bo­des am sa­zo­ga­do­e­bis sa­u­
ke­Te­so in­te­re­sebs. amas­Tan, kor­po­ra­ci­u­li mar­Tvis Ro­nis­Zi­eb ­ e­bis mra­
val­fe­ro­va­ni xa­si­aT ­ i­dan da mas­Si Car­Tu­li pi­re­bis ricx­vov­ne­bi­dan ga­
mom­di­na­re, mar­Tvis pro­ces­Si sa­zo­ga­do­eb ­ i­saT­vis zi­a­nis mi­ye­ne­ba ar­cTu
iS­vi­a­Ti mov­le­na­a. ase­Ti zi­a­nis pre­ven­ci­i­sa da mi­si dad­go­mis Sem­Txve­va­Si
rep­re­si­u­li me­qa­niz­mis ar­se­bo­bis­Tvis wi­nam­de­ba­re ka­no­niT gaT­va­lis­
wi­ne­bu­lia 221-e mux­li. am mux­liT gan­sazR­vru­lia zi­a­nis anazR­a­u­re­bis
moTx­ov­na­ze uf­le­ba­mo­si­li su­bi­eq­te­bi da pa­su­xis­mgeb­lo­bis ini­ci­i­re­bis
pro­ce­du­re­bi.
upir­ve­les yov­li­sa, ka­no­nis wi­nam­de­ba­re mux­lSi dek­la­ri­re­bu­lia im
or­ga­no­Ta ka­ta­lo­gi, ro­mel­Tac pa­su­xis­mgeb­lo­bis ini­ci­i­re­bis uf­le­ba
aqvT. ase­Te­bi­a: sa­er­To kre­ba, sa­meT­val­yu­reo sab­Wo da xel­mZRva­ne­li or­
ga­no, ama­ve, or­ga­no­Ta uf­le­ba­mo­si­le­be­bis far­gleb­Si.
zo­ga­dad sa­aq­cio sa­zo­ga­do­eb ­ is sa­xe­li­Ta da sa­sar­geb­lod sa­sa­mar­
Tlos­Tvis mi­mar­Tvis uf­le­ba aqvs sa­zo­ga­do­e­bis xel­mZRva­nel pirs. Tum­
ca in­ves­ti­ci­a­Ta dac­vis miz­niT, wi­nam­de­ba­re mux­li gan­sazR­vravs Se­saZ­
leb­lo­bas, sa­er­To kre­bam mi­iR ­ os ga­dawy­ve­ti­le­ba da da­a­va­los sa­meT­val­
yu­reo sab­Wos an xel­mZRva­nel or­ga­nos, rom maT mo­iTx­o­von Ta­nam­de­bo­bis
pi­re­bi­sa­gan mo­va­le­o­ba­Ta dar­Rve­viT sa­aq­cio sa­zo­ga­do­e­bis­Tvis mi­ye­ne­
bu­li zi­a­nis anazR­au ­ ­re­ba. am­gva­ri moTx­ov­na iq­ne­ba aq­ci­o­ne­ris de­ri­va­ci­
u­li sar­Ce­lis al­ter­na­ti­va (Tum­ca ara iden­tu­ri), ro­me­lic mi­ni­We­bu­li
aqvs sa­er­To kre­bas, ro­gorc sa­zo­ga­do­e­bis or­ga­nos.

362
 ka­no­ni ara­o­bi­eq­tu­ri da­yov­ne­bis pre­ven­ci­i­saT­vis iT­va­lis­wi­nebs zi­a­
nis anazR­a­u­re­bis Ta­o­ba­ze moTx­ov­nis re­a­li­ze­bis gan­sazR­vrul va­da­sac.
ker­Zod, sa­er­To kre­bis ga­dawy­ve­ti­le­ba zi­a­nis anazR­a­u­re­bis moTx­ov­nis
Se­sa­xeb un­da Ses­rul­des ga­dawy­ve­ti­le­bis mi­Re­bi­dan 6 Tvis va­da­Si. amas­
Ta­na­ve, sa­er­To kre­ba, ro­gorc ko­le­gi­ur ­ i or­ga­no, aR­niS­nu­li moTx­ov­nis
re­a­li­ze­bis­Tvis sar­geb­lobs spe­ci­al ­ u­ri war­mo­mad­gen­lis da­niS­vnis uf­
le­biT.

mux­li 222. aq­ci­o­ne­ris sar­Ce­li sa­aq­cio sa­zo­ga­do­e­bis

moTx­ov­ni­dan ga­mom­di­na­re

1. erT an ram­de­ni­me aq­ci­o­ners uf­le­ba aqvs, Se­i­ta­nos sar­Ce­li sa­ku­

Ta­ri sa­xe­liT da sa­aq­cio sa­zo­ga­do­e­bis sa­sar­geb­lod sa­aq­cio sa­
zo­ga­do­e­bis kuT­vni­li moTx­ov­nis gan­sa­xor­ci­e­leb­lad, maT So­ris,
sa­aq­cio sa­zo­ga­do­e­bis Ta­nam­de­bo­bis pir­Ta wi­na­aR­mdeg, maT mi­er
sa­ku­Ta­ri mo­va­le­o­be­bis Se­us­ru­leb­lo­biT sa­aq­cio sa­zo­ga­do­e­bis­
Tvis mi­ye­ne­bu­li zi­a­nis anazR­a­u­re­bis an mi­ye­ne­bu­li zi­a­nis anazR­
a­u­re­bis sa­nac­vlod mi­Re­bu­li sar­geb­lis sa­aq­cio sa­zo­ga­do­e­bis­
Tvis ga­da­ce­mis an am­gva­ri sar­geb­lis mi­Re­bis uf­le­bis daT­mo­bis
moTx­ov­niT.
2. aq­ci­o­ne­ri sa­Ta­na­do mo­sar­Ce­led mi­iC­ne­va, Tu igi ak­ma­yo­fi­lebs
Sem­deg pi­ro­bebs:
a) mis mi­er sar­Ce­lis aR­Zvris moTx­ov­niT sa­aq­cio sa­zo­ga­do­e­bis­
Tvis we­ri­lo­biT mi­mar­Tvi­dan ga­su­lia 90 dRe, gar­da im Sem­Txve­vi­
sa, ro­de­sac sa­aq­cio sa­zo­ga­do­e­ba am va­dis gas­vlam­de uars ity­vis
sar­Ce­lis aR­Zvra­ze an aR­niS­nu­li va­dis dac­vam Se­iZ­le­ba sa­aq­cio sa­
zo­ga­do­e­bas ga­mo­us­wo­re­be­li zi­a­ni mi­a­ye­nos;
b) sa­sa­mar­Tlo da­ad­gens, rom aq­ci­o­ne­ris moTx­ov­nis dak­ma­yo­fi­le­
ba ar ewi­na­aR­mde­ge­ba sa­aq­cio sa­zo­ga­do­e­bis upi­ra­tes in­te­ress.
3. sa­aq­cio sa­zo­ga­do­e­bas uf­le­ba aqvs, sar­Ce­lis Sem­tan aq­ci­o­ner­Tan
Se­Tan­xme­biT ne­bis­mi­er dros Ca­e­nac­vlos mas.
4. sa­sa­mar­Tlos mi­er aq­ci­o­ne­ris sa­Ta­na­do mo­sar­Ce­led miC­ne­vis Sem­
Txve­va­Si sa­aq­cio sa­zo­ga­do­e­ba val­de­bu­lia mas go­niv­rul far­gleb­
Si au­nazR­a­u­ros sar­Cel­Tan da­kav­Si­re­biT ga­we­u­li xar­je­bi. sa­aq­cio
sa­zo­ga­do­e­ba Ta­vi­suf­lde­ba am xar­je­bis anazR­a­u­re­bis val­de­bu­le­
bis­gan, Tu igi da­am­tki­cebs, rom sar­Ce­lis dak­ma­yo­fi­le­ba sa­aq­cio
sa­zo­ga­do­e­bis­Tvis sa­zi­a­no aR­moC­nda. Tu aq­ci­o­ne­ri ara­sa­Ta­na­do

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 mo­sar­Ce­led iq­na miC­ne­u­li, mas ekis­re­ba sa­aq­cio sa­zo­ga­do­e­bis mi­er
go­niv­rul far­gleb­Si ga­we­u­li im xar­je­bis anazR­a­u­re­ba, rom­le­bic
aq­ci­o­ne­ris moTx­ov­nas­Tan da­kav­Si­re­biT war­mo­iS­va.

sa­aq­cio sa­zo­ga­do­eb ­ a­Si xel­mZRva­ne­lo­bi­Ti da war­mo­mad­gen­lo­bi­Ti

uf­le­ba­mo­si­le­ba xel­mZRva­nel or­ga­nos aqvs. Se­sa­ba­mi­sad, sa­zo­ga­do­eb ­ is
xel­mZRva­nel or­ga­nos aqvs sa­sa­mar­Tlos­Tvis mi­mar­Tvis uf­le­bac. cal­
ke­ul Sem­Txve­veb­Si am or­ga­nos wev­re­bi, mi­u­xe­da­vad sa­zo­ga­do­e­bis­Tvis mi­
ye­ne­bu­li zi­a­nis ar­se­bo­bi­sa, Se­iZ­le­ba da­in­te­re­se­bul­ni iy­vnen ar aR­Zran
sar­Ce­li. ma­ga­li­Tad, im Sem­Txve­va­Si Tu sa­zo­ga­do­e­bas zi­an ­ i swo­red xel­
mZRva­nel­ma pir­ma mi­a­ye­na. Se­sa­ba­mi­sad ase­Ti Sem­Txve­ve­bis wi­na­aR­mdeg au­
ci­le­be­li xde­ba im­gva­ri ba­lan­sis Seq­mna, sa­dac aq­ci­o­ne­rebs ­ga­mo­nak­lis
Sem­Txve­va­Si sa­sa­mar­Tlos meS­ve­o­biT mi­e­ce­maT Se­saZ­leb­lo­ba, aR­Zran sar­
Ce­li sa­zo­ga­do­eb­ is sa­sar­geb­lod im pi­ris wi­na­aR­mdeg, ro­me­lic zi­ans aye­
nebs sa­zo­ga­do­e­bas. swo­red am­gva­ri sar­Ce­lis aR­Zvris­Tvis qmnis nor­ma­ti­
ul sa­fuZ­vels ka­no­nis 222-e mux­li.
ka­no­nis mi­xed­viT, aq­ci­o­ners an aq­ci­o­ne­rebs uf­le­ba aqvT, Se­i­ta­non
sar­Ce­li Ta­vi­si sa­xe­liT da sa­aq­cio sa­zo­ga­do­eb ­ is sa­sar­geb­lod sa­aq­cio
sa­zo­ga­do­eb­ is kuT­vni­li moTx­ov­nis gan­sa­xor­ci­el ­ eb­lad. ase­Ti sar­Ce­lis
far­gleb­Si war­mo­e­ba ume­tes­wi­lad sa­aq­cio sa­zo­ga­do­e­bis Ta­nam­de­bo­bis
pir­Ta wi­na­aR­mdeg mim­di­na­re­obs. sar­Ce­lis moTx­ov­nis sa­ga­ni ki Se­iZ­le­ba
iyos sa­zo­ga­do­eb ­ is­Tvis mi­ye­ne­bu­li zi­a­nis anazR­a­u­re­ba, zi­a­nis nac­vlad
sa­aq­cio sa­zo­ga­do­eb ­ is­Tvis mi­Re­bu­li sar­geb­lis ga­da­ce­ma an am­gva­ri sar­
geb­lis mi­Re­bis uf­le­bis daT­mo­ba.
de­ri­va­ci­u­li sar­Ce­li aRiZ­vre­ba sxva­Ta moq­me­de­beb­ze sa­pa­su­xod, im
pi­ris mi­er, ro­me­lic, Cve­ul ­ eb­riv ar aris uf­le­ba­mo­si­li, ga­mo­vi­des sa­
sa­mar­Tlo­Si sa­zo­ga­do­e­bis sa­xe­liT. Se­sa­ba­mi­sad, ase­Ti sa­ga­mo­nak­li­so
uf­le­biT xSi­ri da ga­um ­ ar­Tle­be­li sar­geb­lo­biT ir­Rve­va kor­po­ra­ci­u­li
mar­Tvis su­bi­eq­tebs So­ris efeq­ti­a­ni kor­po­ra­ci­u­li mar­Tvis­Tvis Seq­
mni­li kom­pe­ten­ci­a­Ta da­na­wi­le­ba da amiT miR­we­u­li ba­lan­si. gar­da ami­sa,
sa­sa­mar­Tlo da­vam Se­saZ­le­be­lia zi­a­ni mi­a­ye­nos sa­aq­cio sa­zo­ga­do­e­bas,
ro­gorc fi­nan­su­ri, ise re­pu­ta­ci­ul ­ i Tval­saz­ri­siT. aqe­dan ga­mom­di­na­
re, de­ri­va­ci­u­li sar­Ce­liT sar­geb­lo­bis­Tvis ka­no­ni ad­gens mniS­vne­lo­van
da au­ci­le­bel pro­ce­du­rul ba­ri­er ­ ebs. ker­Zod, aq­ci­o­ne­ri sa­Ta­na­do mo­
sar­Ce­led mi­iC­ne­va mxo­lod im Sem­Txve­va­Si, Tu (1) sa­sa­mar­Tlos­Tvis mi­mar­
Tvam­de aq­ci­o­ne­ri sar­Ce­lis aR­Zvris moTx­ov­niT mi­mar­Tavs sa­aq­cio sa­zo­
ga­do­e­bas we­ri­lo­bi­Ti for­miT; (2) we­ri­lo­bi­Ti mi­mar­Tvi­dan 90 dRe ga­va
ise, rom sa­aq­cio sa­zo­ga­do­e­ba ar aR­Zravs sar­Cels. 90 dRis moc­dis val­

364
de­bu­le­ba Sewy­de­ba im mo­men­ti­dan, ro­de­sac sa­aq­cio sa­zo­ga­do­e­ba uars
ity­vis sar­Ce­lis aR­Zvra­ze. ase­ve, am va­dis dac­vis sa­Wi­ro­e­ba ar ar­se­bobs
Tu aman Se­saZ­lo­a, ga­mo­us­wo­re­be­li zi­a­ni mi­a­ye­nos sa­aq­cio sa­zo­ga­do­e­bas;
(3) amis Sem­dgom aq­ci­o­ne­ri mi­mar­Tavs sa­sa­mar­Tlos; (4) bo­lo etap­ze sa­sa­
mar­Tlom un­da da­ad­gi­nos aq­ci­o­ne­ris moTx­ov­nis dak­ma­yo­fi­le­ba de­ri­va­
ci­u­li sar­Ce­lis aR­Zvras­Tan da­kav­Si­re­biT xom ar ewi­na­aR­mde­ge­ba sa­aq­cio
sa­zo­ga­do­e­bis upi­ra­tes in­te­ress. aR­niS­nu­li pro­ce­du­re­bis gav­liT aq­
ci­o­ne­ri mi­iC­ne­va sa­Ta­na­do mo­sar­Ce­led.
de­ri­va­ci­u­li sar­Ce­li gan­sxvav­de­ba in­di­vi­du­a­lu­ri sar­Ce­li­sa­gan im­
de­nad, ram­de­na­dac is aRiZ­vre­ba aq­ci­o­ne­ris sa­xe­liT, Tum­ca sa­aq­cio sa­
zo­ga­do­e­bis sa­sar­geb­lod. Se­sa­ba­mi­sad, sar­Ce­lis be­ne­fi­ci­ars _ sa­aq­cio
sa­zo­ga­do­e­bas uf­le­ba aqvs, ne­bis­mi­er dros Ca­e­nac­vlos sar­Ce­lis Sem­tan
aq­ci­o­ners, Tum­ca mxo­lod am Se­Tan­xme­biT ar­se­bo­bis Sem­Txve­va­Si. Se­sa­ba­
mi­sad, aq­ci­on­ ers uf­le­ba aqvs da­e­Tan­xmos am Ca­nac­vle­bas an Ta­vad ga­nag­
rZos da­va.
ama­ve Wril­Si aq­tu­al ­ u­ro­bas iZens xar­je­bis ga­da­na­wi­le­bis sa­kiTx­i. sa­
sa­mar­Tlos mi­er aq­ci­o­ne­ris sa­Ta­na­do mo­sar­Ce­led miC­ne­vis Sem­Txve­va­Si
sa­aq­cio sa­zo­ga­do­e­ba val­de­bu­lia aq­ci­o­ners au­nazR­a­u­ros xar­je­bi. am
xar­je­bis anazR­a­u­re­ba un­da mox­des go­niv­rul far­gleb­Si. sa­aq­cio sa­zo­
ga­do­e­ba ga­Ta­vi­suf­lde­ba xar­je­bis anazR­au ­ ­re­bis mo­va­le­o­bi­sa­gan, Tu igi
da­am­tki­cebs, rom sar­Ce­lis dak­ma­yo­fi­le­ba sa­zi­a­no aR­moC­nda sa­aq­cio
sa­zo­ga­do­e­bi­saT­vis. ase­Ti zi­an ­ i Se­iZ­le­ba gu­lis­xmob­des anazR­a­u­re­bul
da ga­we­ul xar­jebs So­ris ne­ga­ti­ur ba­lanss, sa­aq­cio sa­zo­ga­do­e­bis­Tvis
mniS­vne­lo­va­ni stra­te­gi­ul ­ i par­tni­o­ris da­kar­gvas da sxv. im Sem­Txve­va­
Si, Tu aq­ci­on ­ e­ri miC­ne­ul iq­na ara­sa­Ta­na­do mo­sar­Ce­led, aq­ci­o­ners ase­ve
da­e­kis­re­ba sa­aq­cio sa­zo­ga­do­eb ­ is mi­er im xar­je­bis anazR­au ­ ­re­ba, rom­le­
bic war­mo­iS­va aq­ci­o­ne­ris moTx­ov­nas­Tan da­kav­Si­re­biT. ase­Ti xar­je­bi Se­
iZ­le­ba iyos ma­ga­li­Tad iu­ri­di­u­li mom­sa­xu­re­bis xar­ji da is go­niv­rul
far­gleb­Si un­da iq­nes anazR­au ­ r
­ e­bu­li.

mux­li 223. mniS­vne­lo­va­ni ga­ri­ge­ba

1. Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li, mniS­vne­lo­van ga­

ri­ge­bad mi­iC­ne­va ga­ri­ge­ba an er­Ti miz­nis­Tvis gan­kuT­vni­li ram­de­
ni­me ur­Ti­er­Tda­kav­Si­re­bu­li ga­ri­ge­ba, ro­me­lic­/rom­le­bic pir­da­
pir an iri­bad aris da­kav­Si­re­bu­li sa­aq­cio sa­zo­ga­do­e­bis qo­ne­bis
(sa­aq­cio sa­zo­ga­do­e­bis aq­ti­ve­bis sa­ba­lan­so Ri­re­bu­le­bis) 25 pro­

365
 cen­tis an me­tis Se­Ze­nas­Tan, gas­xvi­se­bas­Tan an uf­leb­ri­vad dat­vir­
Tvas­Tan.
2. sa­aq­cio sa­zo­ga­do­e­bis aq­ti­ve­bis sa­ba­lan­so Ri­re­bu­le­ba dgin­de­ba
bo­lo fi­nan­su­ri an­ga­riS­ge­bis mo­na­ce­me­bis sa­fuZ­vel­ze. ga­mo­nak­
li­sia is ga­ri­ge­be­bi, rom­le­bic da­kav­Si­re­bu­lia sa­aq­cio sa­zo­ga­
do­e­bis Cve­u­leb­riv saq­mi­a­no­bas­Tan, sa­aq­cio sa­zo­ga­do­e­bis Cve­u­
leb­ri­vi aq­ci­e­bis xel­mo­we­ris (re­a­li­za­ci­is) meS­ve­o­biT gan­Tav­se­
bas­Tan, ag­reT­ve sa­aq­cio sa­zo­ga­do­e­bis mi­er Cve­u­leb­riv aq­ci­eb­Si
kon­ver­ti­re­ba­di fa­si­a­ni qa­Ral­de­bis gan­Tav­se­bas­Tan.

sa­aq­cio sa­zo­ga­do­e­bis Ri­ao ­ ­bi­dan ga­mom­di­na­re, di­ver­si­fi­ci­re­bul

aq­ci­o­ner­Ta struq­tu­ris ga­mo, efeq­ti­a­ni kor­po­ra­ci­u­li mar­Tvi­saT­vis
au­ci­le­be­li xde­ba xel­mZRva­ne­lo­bi­Ti da war­mo­mad­gen­lo­bi­Ti uf­le­ba­
mo­si­le­be­bis spe­ci­al ­ u­ri or­ga­nos _ xel­mZRva­ne­li or­ga­nos xel­Si moq­ce­
va. Se­sa­ba­mi­sad, sa­zo­ga­do­e­bis aq­ci­o­ners, ro­mel­sac am sa­zo­ga­do­e­bis ka­
pi­tal­Si wi­li ekuT­vnis, ar aqvs pir­da­pi­ri Se­saZ­leb­lo­ba, da­dos an ua­ri
Tqvas kon­kre­tu­li ga­ri­ge­bis da­de­ba­ze. aseT dros aq­ci­o­ne­ris in­te­re­sis
dac­vi­saT­vis mniS­vne­lo­bas iZens im ga­dawy­ve­ti­le­beb­Si uSu­a­lo mo­na­wi­le­
o­bis au­ci­leb­lo­ba, ro­mel­mac Se­saZ­le­be­li­a, ga­mo­us­wo­re­be­li zi­a­ni mi­a­
ye­nos mis in­ves­ti­ci­as. swo­red ami­tom ka­no­nis 223-e mux­liT dad­ge­ni­lia
mniS­vne­lo­va­ni ga­ri­ge­be­bis cne­ba, ro­me­lic ka­no­nis Sem­dgom mux­lSi eq­vem­
de­ba­re­ba da­de­bis spe­ci­al ­ ur wess.
mux­lis 1-li pun­qti gan­sazR­vravs mniS­vne­lo­va­ni ga­ri­ge­bis cne­bas. es
cne­ba Se­iZ­le­ba sa­aq­cio sa­zo­ga­do­e­bis sa­o­pe­ra­cio are­a­le­bis, ka­pi­ta­lis
si­di­dis, aq­ci­on­ er­Ta struq­tu­ris da sxva in­di­vi­du­a­lu­ri ma­xa­si­aT ­ eb­le­
bis ga­mo, Se­ic­va­los sa­aq­cio sa­zo­ga­do­e­bis wes­de­biT. im Sem­Txve­va­Si ki,
Tu aq­ci­o­ne­re­bi wes­de­biT spe­ci­a­lu­rad ar gan­sazR­vra­ven aseT cne­bas,
mniS­vne­lo­van ga­ri­ge­bad Ca­iT­vle­ba ga­ri­ge­ba an er­Ti miz­nis­Tvis gan­kuT­
vni­li ur­Ti­er­Tda­kav­Si­re­bu­li ram­de­ni­me ga­ri­ge­ba, rom­le­bic pir­da­pir
an iri­bad da­kav­Si­re­bu­lia sa­aq­cio sa­zo­ga­do­eb ­ is qo­ne­bis (sa­aq­cio sa­zo­
ga­do­e­bis aq­ti­ve­bis sa­ba­lan­so Ri­re­bu­le­bis) 25 pro­cen­tis an me­tis Se­Ze­
nas­Tan, gas­xvi­se­bas­Tan an uf­leb­riv dat­vir­Tvas­Tan. am kon­teq­stSi xa­zi
un­da ga­es­vas imas, rom mniS­vne­lo­va­ni ga­ri­ge­bis cne­ba mib­mu­lia ara gan­
Tav­se­bu­li ka­pi­ta­lis, ara­med sa­ba­lan­so qo­ne­bis ode­no­bas­Tan.
sa­aq­cio sa­zo­ga­do­e­bis aq­ti­ve­bis sa­ba­lan­so Ri­re­bu­le­ba dad­gin­de­ba
bo­lo fi­nan­su­ri an­ga­riS­ge­bis mo­na­ce­me­bis sa­fuZ­vel­ze. am we­si­dan ga­mo­
nak­li­sia is ga­ri­ge­be­bi, rom­le­bic da­kav­Si­re­bu­lia sa­aq­cio sa­zo­ga­do­e­bis
Cve­u­leb­riv saq­mi­an ­ o­bas­Tan, sa­aq­cio sa­zo­ga­do­e­bis Cve­u­leb­ri­vi aq­ci­e­bis

366
xel­mo­we­ris (re­al­ i­za­ci­is) meS­ve­o­biT gan­Tav­se­bas­Tan, an sa­aq­cio sa­zo­ga­
do­e­bis mi­er Cve­ul ­ eb­riv aq­ci­eb­Si kon­ver­ti­re­ba­di fa­si­a­ni qa­Ral­de­bis
gan­Tav­se­bas­Tan.

mux­li 224. mniS­vne­lo­va­ni ga­ri­ge­bis da­de­bis we­si

1. Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li, xel­mZRva­ne­li

or­ga­no val­de­bu­lia mniS­vne­lo­va­ni ga­ri­ge­bis da­de­bam­de mi­i­Ros sa­
meT­val­yu­reo sab­Wos an sa­er­To kre­bis, xo­lo mar­Tvis mo­nis­tu­ri
sis­te­mis Sem­Txve­va­Si _ ara­aR­mas­ru­le­be­li xel­mZRva­ne­li pi­ris an
sa­er­To kre­bis Tan­xmo­ba, imis mi­xed­viT, Tu ro­gor ana­wi­lebs ase­Ti
ga­ri­ge­bis da­de­bis Tan­xmo­bis­Tvis or­ga­no­Ta So­ris kom­pe­ten­ci­as
ka­no­ni an wes­de­ba.
2. Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li, im mniS­vne­lo­va­
ni ga­ri­ge­bis da­de­ba­ze Tan­xmo­bis ga­ce­mis Se­sa­xeb ga­dawy­ve­ti­le­bas,
rom­lis Ri­re­bu­le­ba Se­ad­gens sa­aq­cio sa­zo­ga­do­e­bis aq­ti­ve­bis sa­
ba­lan­so Ri­re­bu­le­bis 25-dan 50 pro­cen­tam­de, iRebs sa­aq­cio sa­zo­
ga­do­e­bis sa­meT­val­yu­reo sab­Wo an sa­er­To kre­ba, xo­lo mar­Tvis mo­
nis­tu­ri sis­te­mis Sem­Txve­va­Si _ ara­aR­mas­ru­le­be­li xel­mZRva­ne­li
pi­ri an sa­er­To kre­ba.
3. im mniS­vne­lo­va­ni ga­ri­ge­bis da­de­ba­ze Tan­xmo­bis ga­ce­mis Se­sa­xeb ga­
dawy­ve­ti­le­bas, rom­lis Ri­re­bu­le­ba Se­ad­gens sa­aq­cio sa­zo­ga­do­
e­bis aq­ti­ve­bis sa­ba­lan­so Ri­re­bu­le­bis 50 pro­cen­tze mets, iRebs
sa­er­To kre­ba ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis um­rav­le­so­biT, Tu
wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li.
4. mniS­vne­lo­va­ni ga­ri­ge­bis da­de­ba­ze Tan­xmo­bis ga­ce­mis Se­sa­xeb ga­
dawy­ve­ti­le­ba un­da Se­i­cav­des mo­na­ce­mebs im pi­ris Ta­o­ba­ze, ro­me­
lic am ga­ri­ge­bis mxa­re­a, ag­reT­ve in­for­ma­ci­as aR­niS­nu­li ga­ri­ge­
bis Ri­re­bu­le­bis, sag­ni­sa da sxva ar­se­bi­Ti pi­ro­be­bis Se­sa­xeb.
5. Tu mniS­vne­lo­va­ni ga­ri­ge­ba Se­i­cavs in­te­res­Ta kon­fliq­tis Sem­cve­
li ga­ri­ge­bis niS­nebs, mis mi­marT ga­mo­i­ye­ne­ba am ka­no­niT in­te­res­Ta
kon­fliq­tis Sem­cve­li ga­ri­ge­bis­Tvis dad­ge­ni­li nor­me­bi.
6. mniS­vne­lo­va­ni ga­ri­ge­ba, rom­lis mi­marT dar­Rve­u­lia am ka­no­niT
dad­ge­ni­li nor­me­bi qo­ne­bis Ri­re­bu­le­bis gan­sazR­vris an Tan­xmo­
bis ga­ce­mis we­sis Se­sa­xeb, sa­ci­loa im Sem­Txve­va­Si, Tu ga­ri­ge­bis me­
o­re mxa­rem ico­da, rom es ga­ri­ge­ba mniS­vne­lo­va­ni ga­ri­ge­bis da­de­
bis­Tvis dad­ge­ni­li we­se­bis dar­Rve­viT da­i­do.

367
 7. Tu sa­aq­cio sa­zo­ga­do­e­ba re­gis­tra­ci­i­dan 2 wlis gan­mav­lo­ba­Si
sa­aq­cio sa­zo­ga­do­e­bis aq­ci­o­ne­ris­gan Se­i­Zens aq­tivs, rom­lis Ri­
re­bu­le­ba Se­ad­gens sa­ku­Ta­ri gan­Tav­se­bu­li ka­pi­ta­lis ara­nak­leb
10 pro­cents, am ga­ri­ge­bas­Tan da­kav­Si­re­biT un­da Sed­ges da­mo­u­ki­
de­be­li au­di­to­ris an­ga­ri­Si. es an­ga­ri­Si un­da ga­moq­vey­ndes am ka­
no­nis 152-e mux­lis me-10 da me-11 pun­qte­bis Se­sa­ba­mi­sad. igi un­da
da­am­tki­cos sa­er­To kre­bam, gar­da im Sem­Txve­vi­sa, ro­de­sac ga­ri­
ge­ba da­i­do sa­aq­cio sa­zo­ga­do­e­bis Cve­u­leb­ri­vi saq­mi­a­no­bis far­
gleb­Si an sa­fon­do bir­Ja­ze gan­xor­ci­e­le­bul Ses­yid­vas­Tan da­kav­
Si­re­biT.

Ta­vis­Ta­vad mniS­vne­lo­va­ni ga­ri­ge­bis cne­bis ar­se­bo­bas az­ri ekar­ge­ba,

Tu ar iar­se­bebs ase­Ti ga­ri­ge­bis da­de­bis gan­sa­kuT­re­bu­li we­si. mniS­vne­
lo­va­ni ga­ri­ge­bis da­de­bis we­sis gan­sazR­vra sa­aq­cio sa­zo­ga­do­e­bis Si­
da­kor­po­ra­ci­u­li sa­kiTx­ia­ . Tum­ca im Sem­Txve­va­Si, Tu wes­de­biT ar aris
spe­ci­a­lu­ri re­gu­li­re­be­bi gaT­va­lis­wi­ne­bu­li, xel­mZRva­ne­li or­ga­no
mniS­vne­lo­va­ni ga­ri­ge­bis da­de­bam­de mo­va­le­a, mi­i­Ros sa­meT­val­yu­reo sab­
Wos an sa­er­To kre­bis, xo­lo mo­nis­tur sis­te­ma­Si ara­aR­mas­ru­le­be­li xel­
mZRva­ne­li pi­ris an sa­er­To kre­bis Tan­xmo­ba. am Sem­Txve­va­Si Tu sa­zo­ga­do­
e­bas ram­de­ni­me ara­aR­mas­ru­le­be­li xel­mZRva­ne­li pi­ri hyavs, sa­meT­val­yu­
reo sab­Wos mi­er ga­dawy­ve­ti­le­bis mi­Re­bis wes­Tan ana­lo­gi­is gziT, Tan­
xmo­ba mi­Re­bul un­da iq­nes am pir­Ta um­rav­le­so­bis­gan. Tan­xmo­bis ga­ce­ma
kon­kre­tu­lad am or­ga­no­Ta­gan, ro­mel­Ta kom­pe­ten­ci­as ga­ne­kuT­ve­ba igi,
da­mo­ki­de­bu­lia ga­ri­ge­bis Si­na­ar­sze, ker­Zod, ima­ze, Tu ro­gor ana­wi­lebs
ase­Ti ti­pis ga­ri­ge­bis da­de­bis Tan­xmo­bis­Tvis or­ga­no­Ta So­ris kom­pe­ten­
ci­as ka­no­ni an sa­aq­cio sa­zo­ga­do­e­bis wes­de­ba.
ka­no­ni mniS­vne­lo­van ga­ri­ge­ba­ze Tan­xmo­bis gam­ce­mi or­ga­nos gan­sazR­
vras ukav­Si­rebs ase­Ti ga­ri­ge­bis mo­cu­lo­bas. ker­Zod, ga­dawy­ve­ti­le­ba
mniS­vne­lo­va­ni ga­ri­ge­bis da­de­ba­ze Tan­xmo­bis Se­sa­xeb, rom­lis Ri­re­bu­le­
ba sa­aq­cio sa­zo­ga­do­e­bis aq­ti­ve­bis sa­ba­lan­so Ri­re­bu­le­bis 25%-dan 50%-
mde Se­ad­gens, mi­i­Re­ba sa­meT­val­yu­reo sab­Wos an sa­er­To kre­bis, xo­lo mo­
nis­tur sis­te­ma­Si ara­aR­mas­ru­le­be­li xel­mZRva­ne­li pi­re­bis an sa­er­To
kre­bis mi­er. im Sem­Txve­va­Si ki, Tu mniS­vne­lo­va­ni ga­ri­ge­bis mo­cu­lo­ba
aWar­bebs sa­ba­lan­so Ri­re­bu­le­bis 50%-i­an zRvars, ma­Sin sa­kiTxi eq­ce­va sa­
er­To kre­bis eq­sklu­zi­ur kom­pe­ten­ci­a­Si da Tan­xmo­ba ga­i­ce­ma ken­Wis­yra­Si
mo­na­wi­le xma­Ta um­rav­le­so­bis mi­er.
mniS­vne­lo­va­ni ga­ri­ge­bis da­de­ba­ze Tan­xmo­bis ga­ce­mis ga­dawy­ve­ti­le­ba
un­da Se­ic­ av­des mo­na­ce­mebs im pi­ris Ta­o­ba­ze, ro­me­lic aris am ga­ri­ge­bis

368
mxa­re, ase­ve, in­for­ma­ci­as ga­ri­ge­bis Ri­re­bu­le­bis, ga­ri­ge­bis sag­ni­sa da
sxva ar­se­bi­Ti pi­ro­be­bis Se­sa­xeb. Tu mniS­vne­lo­va­ni ga­ri­ge­ba Se­i­cavs in­te­
res­Ta kon­fliq­tis Sem­cve­li ga­ri­ge­bis niS­nebs, ma­Sin kre­bis mi­er ga­dawy­
ve­ti­le­bis mi­Re­bi­sas ase­ve ga­mo­ye­ne­bul un­da iq­nes in­te­res­Ta kon­fliq­
tis Sem­cve­li ga­ri­ge­bis­Tvis ka­no­niT dad­ge­ni­li nor­me­bi.
ka­no­niT ga­ni­sazR­vre­ba ga­ri­ge­bis da­de­bis we­sis dar­Rve­vis sa­mar­Tleb­
ri­vi Se­de­ge­bic. ker­Zod, mniS­vne­lo­va­ni ga­ri­ge­ba, rom­lis mi­marT dar­Rve­
u­lia dad­ge­ni­li nor­me­bi qo­ne­bis Ri­re­bu­le­bis gan­sazR­vris an Tan­xmo­bis
we­sis Se­sa­xeb, sa­ci­lo­a. amis­Tvis au­ci­le­be­li­a, ga­ri­ge­bis me­o­re mxa­rem
ico­des an mas un­da scod­no­da, rom ga­ri­ge­ba da­de­bu­lia mniS­vne­lo­va­ni ga­
ri­ge­bis da­de­bi­saT­vis gaT­va­lis­wi­ne­bu­li we­se­bis dar­Rve­viT.
ka­no­niT mniS­vne­lo­va­ni ga­ri­ge­bis cne­bis qveS eq­ce­va is Sem­Txve­vac,
rom­lis dro­sac iq­mne­ba aq­ci­o­ne­ris mi­er ara­pir­da­pi­ri gziT sa­ku­Ta­ri
Se­na­ta­nis ukan ga­ta­nis saf­rTxe. aR­niS­nu­lis gaT­va­lis­wi­ne­biT, Tu re­
gis­tra­ci­i­dan 2 wlis gan­mav­lo­ba­Si sa­aq­cio sa­zo­ga­do­e­ba Se­i­Zens aq­tivs
sa­aq­cio sa­zo­ga­do­e­bis aq­ci­o­ne­ris­gan, rom­lis Ri­re­bu­le­ba sa­ku­Ta­ri gan­
Tav­se­bu­li ka­pi­ta­lis ara­nak­leb 10%-i­a, am ga­ri­ge­bis mi­marT un­da Sed­ges
eq­sper­tis an­ga­ri­Si da un­da ga­moq­vey­ndes. ase­ve, ase­Ti ga­ri­ge­ba un­da dam­
tkic­des sa­er­To kre­bis mi­er. aR­niS­nu­li we­si­dan ga­mo­nak­li­sia Sem­Txve­va,
ro­de­sac xel­Sek­ru­le­ba da­id ­ o sa­zo­ga­do­e­bis Cve­u­leb­ri­vi saq­mi­a­no­bis
far­gleb­Si, an sa­fon­do bir­Ja­ze gan­xor­ci­e­le­bul Ses­yid­vas­Tan da­kav­Si­
re­biT.

mux­li 225. mi­no­ri­ta­ri aq­ci­o­ne­ris aq­ci­is sa­val­de­bu­lo mi­yid­va

1. Tu aq­ci­o­ners aq­ci­e­bis Se­Ze­nis Se­de­gad sa­kuT­re­ba­Si aqvs sa­aq­cio

sa­zo­ga­do­e­bis xme­bis ara­nak­leb 95 pro­cen­ti­sa, am aq­ci­o­ners (am
mux­lis miz­ne­bis­Tvis _ myid­ve­li) uf­le­ba aqvs, sa­mar­Tli­an fa­sad
ga­mo­is­yi­dos sxva aq­ci­o­ner­Ta aq­ci­e­bi.
2. aq­ci­a­Ta sa­val­de­bu­lo mi­yid­vis Se­sa­xeb ga­dawy­ve­ti­le­bas iRebs sa­
sa­mar­Tlo sa­qar­Tve­los sa­mo­qa­la­qo sap­ro­ce­so ko­deq­siT dad­ge­
ni­li we­siT. aq­ci­a­Ta ga­mos­yid­vis sa­mar­Tli­an fas­sa da ga­mos­yid­vis
sa­aR­ricx­vo Ta­riRs gan­sazR­vravs sa­sa­mar­Tlo sa­qar­Tve­los sa­mo­
qa­la­qo sap­ro­ce­so ko­deq­siT dad­ge­ni­li we­siT aq­ci­a­Ta sa­val­de­bu­
lo mi­yid­vis Se­sa­xeb ga­dawy­ve­ti­le­biT.
3. myid­ve­li sa­sa­mar­Tlos­Tvis mi­mar­Tvam­de ara­ug­vi­a­nes 1 Tvi­sa aq­vey­
nebs Ta­vis gan­cxa­de­bas aq­ci­a­Ta sa­val­de­bu­lo mi­yid­vis Ta­o­ba­ze. es

369
 gan­cxa­de­ba un­da Se­i­cav­des in­for­ma­ci­as aq­ci­a­Ta ga­mos­yid­vis mi­ze­
ze­bis­/pi­ro­be­bis da pro­ce­du­re­bis Se­sa­xeb.
4. 4. aq­ci­a­Ta re­es­tris mwar­mo­e­be­li pi­ri (am mux­lis miz­ne­bis­Tvis _
re­gis­tra­to­ri) sa­sa­mar­Tlos mi­er gan­sazR­vrul ga­mos­yid­vis sa­
aR­ricx­vo Ta­riRs am Ta­ri­Ram­de ara­ug­vi­a­nes 5 dRi­sa yve­la no­mi­na­
lur mflo­bels aty­o­bi­nebs. ga­mos­yid­vis sa­aR­ricx­vo Ta­ri­Ri­dan
aq­ci­a­Ta ga­mos­yid­vis pro­ce­du­re­bis das­ru­le­bam­de wyde­ba am aq­ci­
eb­Tan da­kav­Si­re­bu­li ope­ra­ci­e­bi, gar­da am mux­liT gaT­va­lis­wi­ne­
bu­li qme­de­be­bi­sa. re­gis­tra­to­ri ad­gens yve­la re­gis­tri­re­bu­li
me­sa­kuT­ris si­as ga­mos­yid­vis sa­aR­ricx­vo Ta­ri­Ris mdgo­ma­re­o­biT
(am si­a­Si mi­e­Ti­Te­ba ma­Ti vi­na­o­ba, mi­sa­mar­Te­bi da maT sa­kuT­re­ba­Si
ar­se­bul aq­ci­a­Ta ra­o­de­no­ba) (ga­mos­yid­vis re­es­tri) da myid­ve­lis
mi­er am mux­lis pir­ve­li da me-2 pun­qte­bis Se­sa­ba­mi­sad qme­de­ba­Ta
gan­xor­ci­e­le­bis da­ma­das­tu­re­be­li do­ku­men­te­bis (maT So­ris, aq­
ci­a­Ta ga­mo­sas­yi­di Tan­xis sru­lad de­po­ni­re­bis da­ma­das­tu­re­be­li
do­ku­men­tis) war­dge­nis sa­fuZ­vel­ze yve­la aq­ci­as myid­ve­lis sa­xel­
ze ga­da­a­for­mebs. re­gis­tra­to­ris xar­jebs anazR­a­u­rebs myid­ve­li.
myid­ve­li yve­la dar­Ce­ni­li aq­ci­is ga­mo­sas­yid Tan­xas ga­na­Tav­sebs
da­nar­Cen aq­ci­o­ner­Ta sa­sar­geb­lod gax­snil no­mi­na­lu­ri mflo­be­
lo­bis an­ga­riS­ze ko­mer­ci­ul ban­kSi, cen­tra­lur de­po­zi­tar­Tan an
sab­ro­ke­ro kom­pa­ni­as­Tan, ro­mel­sac myid­ve­li ga­das­cems ga­mos­yid­
vis re­estrs.

aq­ci­eb
­ is sa­val­de­bu­lo ga­mos­yid­vis Se­saZ­leb­lo­bis arar­se­bo­bis Sem­
Txve­va­Si TiT­qmis war­mo­ud­ge­ne­li xde­ba sa­ten­de­ro pro­ce­sis war­ma­te­biT
das­ru­le­ba. ne­bis­mi­e­ri msxvi­li in­ves­ti­ci­a, sa­zo­ga­do­e­ba­Si wvri­li aq­ci­
o­ne­re­bis dar­Ce­nis Sem­Txve­va­Si, av­to­ma­tu­rad xde­ba po­ten­ci­u­ri ris­kis
ma­ta­re­be­li. ker­Zod, mi­no­ri­tar aq­ci­o­ners rCe­ba ga­mud­me­bu­li ob­struq­
ci­is Se­saZ­leb­lo­ba, rac, Tun­dac, ris­kis do­ne­ze av­to­ma­tu­rad iw­vevs sa­
zo­ga­do­eb ­ is aq­ci­aT
­ a Ri­re­bu­le­bis Sem­ci­re­bas. Se­sa­ba­mi­sad, ma­Jo­ri­tar aq­
ci­o­ners rCe­ba er­Ta­der­Ti Se­saZ­leb­lo­ba _ ga­da­i­xa­dos sa­baz­ro fas­ze ga­
ci­le­biT di­di Tan­xa mi­no­ri­tar aq­ci­o­ner­Ta aq­ci­eb ­ is ga­mo­sas­yi­dad. ase­Ti
sa­mo­mav­lo per­speq­ti­vis ga­mo wvril aq­ci­o­ner­Ta um­rav­le­so­ba sa­ten­de­
ro pro­ce­sis dawy­eb ­ is­Ta­na­ve Tavs ika­vebs aq­ci­a­Ta ga­yid­vi­sa­gan, ra­Ta Sem­
dgom­Si in­ves­tor­ze ara­ke­Til­sin­di­si­er ­ i ze­gav­le­nis mox­de­nis gziT mi­i­
Ros ze­mo­aR­niS­nu­li sar­ge­be­li. Se­de­gad, faq­tob­ri­vad, war­mo­ud­ge­ne­li
xde­ba sa­zo­ga­do­e­bis efeq­tu­ri da­pat­ro­ne­ba, ro­gorc fi­nan­su­ri, ise mi­si
di­na­mi­kis Tval­saz­ri­siT.

370
 aq­ci­a­Ta sa­val­de­bu­lo ga­mos­yid­vis sa­kiTxi ver iq­ne­ba gan­xi­lu­li, sa­
qar­Tve­los sa­kon­sti­tu­cio sa­sa­mar­Tlos 2007 wlis 18 ma­i­sis ga­dawy­ve­
ti­le­ba­ze sa­Ta­na­do yu­radR­e­bis ga­max­vi­le­bis ga­re­Se. am ga­dawy­ve­ti­le­
ba­Si sa­sa­mar­Tlom ara­kon­sti­tu­ci­u­rad cno ara aq­ci­a­Ta sa­val­de­bu­lo
mi­yid­vis in­sti­tu­ti, ara­med ma­Sin ar­se­bu­li nor­ma, ro­me­lic ar iZ­le­o­da
ga­mos­yid­vis au­ci­le­be­li wi­na­pi­ro­be­bis dad­ge­ni­sa da sa­mar­Tli­a­ni fa­sis
gan­sazR­vris sa­mar­Tli­an pi­ro­bebs. swo­red aR­niS­nu­li ga­dawy­ve­ti­le­bi­
da­naa na­kar­na­xe­vi moq­med ka­non­mdeb­lo­ba­Si, ker­Zod „me­war­me­Ta Se­sa­xeb“
sa­qar­Tve­los ka­non­sa da sa­qar­Tve­los sa­mo­qa­la­qo sap­ro­ce­so ko­deq­sSi
aq­ci­a­Ta sa­val­de­bu­lo mi­yid­vas­Tan da­kav­Si­re­biT ar­se­bu­li nor­me­bi.
ev­ro­kav­Si­ris di­req­ti­vis mi­xed­viT, wev­rma sa­xel­mwi­fo­eb­ma un­da uz­
run­vel­yon Sem­Ta­va­zeb­lis uf­le­ba, da­nar­Cen­ma aq­ci­o­ne­reb­ma mas mih­yi­
don kuT­vni­li aq­ci­e­bi sa­mar­Tli­an fa­sad. Se­sa­ba­mi­sad, wev­ri sa­xel­mwi­
fo­e­bi sa­val­de­bu­lo sa­ten­de­ro Se­Ta­va­ze­bis pro­ce­sis msgav­sad, am Sem­
Txve­va­Sic uf­le­ba­mo­sil­ni ari­an, sa­ku­Ta­ri sa­mar­Tleb­riv­-e­ko­no­mi­ku­ri
kul­tu­ris gaT­va­lis­wi­ne­biT, Ta­vad gan­sazR­vron aq­ci­a­Ta sa­val­de­bu­lo
mi­yid­vis pro­ce­du­re­bi.
swo­red ze­mo­aR­niS­nul in­te­re­sebs So­ris go­niv­ru­li ba­lan­sis mi­saR­
we­vad da sa­kon­sti­tu­cio sa­sa­mar­Tlos ga­dawy­ve­ti­le­bas­Tan wi­na­aR­mde­go­
bis pre­ven­ci­is­Tvis ka­no­ni mka­fi­od gan­sazR­vravs ro­gorc aq­ci­a­Ta sa­val­
de­bu­lo mi­yid­vis pro­ce­du­rul na­wils, ise sa­mar­Tli­a­ni fa­sis gan­sazR­
vris sa­kiTxs.
ka­no­niT Tu aq­ci­e­bis Se­Ze­nis Se­de­gad aq­ci­o­ne­ris sa­kuT­re­ba­Si aR­moC­
nde­ba sa­aq­cio sa­zo­ga­do­e­bis xme­bis ara­nak­leb 95%, am aq­ci­o­ners uf­le­ba
eni­We­ba, sa­mar­Tli­an fa­sad ga­mo­is­yi­dos sxva aq­ci­o­ner­Ta aq­ci­e­bi. aq­ci­a­Ta
sa­val­de­bu­lo mi­yid­vis Se­sa­xeb ga­dawy­ve­ti­le­bis ga­mo­ta­nis, maT So­ris ga­
mos­yid­vis Ta­ri­Ri­sa da sa­mar­Tli­a­ni fa­sis gan­sazR­vris uf­le­ba­mo­si­le­ba
rCe­ba sa­sa­mar­Tlos, sa­qar­Tve­los sa­mo­qa­la­qo sap­ro­ce­so ko­deq­siT dad­
ge­ni­li we­siT.
pro­ce­du­ris dawy­e­bis pir­vel etap­ze, myid­ve­li, sa­sa­mar­Tlos­Tvis mi­
mar­Tvam­de ara ug­vi­an ­ es 1 Tvi­sa, aq­vey­nebs Ta­vis gan­cxa­de­bas aq­ci­a­Ta sa­
val­de­bu­lo mi­yid­vis Ta­o­ba­ze. gan­cxa­de­ba un­da Se­i­cav­des in­for­ma­ci­as
ga­mos­yid­vis mi­ze­ze­bis­/pi­ro­be­bi­sa da pro­ce­du­re­bis Se­sa­xeb. gan­cxa­de­bis
sa­fuZ­vel­ze aq­ci­aT ­ a re­es­tris mwar­mo­e­be­li pi­ri sa­sa­mar­Tlos mi­er dad­
ge­nil ga­mos­yid­vis sa­aR­ricx­vo Ta­ri­Ram­de ara ug­vi­a­nes 5 dRi­sa yve­la no­
mi­na­lur mflo­bels aty­o­bi­nebs ga­mos­yid­vis sa­aR­ricx­vo Ta­riRs. ga­mos­
yid­vis sa­aR­ricx­vo Ta­ri­Ri _ es aris dRe, ro­de­sac Sed­ge­ba sia re­gis­tri­
re­bu­li aq­ci­o­ne­re­bi­sa, rom­le­bic Ca­iT­vle­bi­an im su­bi­eq­te­bad, ro­mel­Ta­

371
ga­nac mox­de­ba aq­ci­eb ­ is ga­mos­yid­va. ga­mos­yid­vis sa­aR­ricx­vo Ta­ri­Ri­dan
aq­ci­a­Ta ga­mos­yid­vis pro­ce­du­re­bis das­ru­le­bam­de wyde­ba am aq­ci­eb­Tan
da­kav­Si­re­bu­li yve­la ope­ra­ci­a. re­gis­tra­to­ri ad­gens ga­mos­yid­vis sa­aR­
ricx­vo Ta­ri­Ris mdgo­ma­re­o­biT yve­la re­gis­tri­re­bu­li mflo­be­lis si­as,
ma­Ti vi­na­o­bis, mi­sa­mar­Ti­sa da maT mflo­be­lo­ba­Si ar­se­bul aq­ci­aT ­ a ra­
o­de­no­bis mi­Ti­Te­biT (ga­mos­yid­vis re­estrs) da myid­ve­lis mi­er aq­ci­e­bis
flo­bis da­ma­das­tu­re­be­li do­ku­men­tis, sa­sa­mar­Tlos ga­dawy­ve­ti­le­bi­sa
da sap­ro­ce­so ko­deq­siT dad­ge­ni­li do­ku­men­te­bis war­mod­ge­nis sa­fuZ­
vel­ze yve­la aq­ci­as ga­da­af ­ or­mebs myid­ve­lis sa­xel­ze.
ka­no­ni ase­ve gan­sazR­vravs ro­gorc ga­mos­yid­vis pro­ce­du­ru­li na­
wi­lis da­fi­nan­se­bis, ise im aq­ci­o­ne­re­bis fi­nan­su­ri uz­run­vel­yo­fis sa­
kiTxs, rom­le­bis­ga­nac ga­mos­yi­dul un­da iq­nes aq­ci­e­bi, ker­Zod, re­gis­tra­
to­ris xar­jebs anazR­au ­ r
­ ebs myid­ve­li; ase­ve, myid­ve­li yve­la dar­Ce­ni­li
aq­ci­is ga­mo­sas­yid Tan­xas ga­na­Tav­sebs da­nar­Cen aq­ci­o­ner­Ta sa­sar­geb­lod
gax­snil no­mi­na­lu­ri mflo­be­lo­bis an­ga­riS­ze ban­kSi, cen­tra­lur de­po­
zi­tar­Tan an sab­ro­ke­ro kom­pa­ni­as­Tan, ro­mel­sac myid­ve­li ga­das­cems ga­
mos­yid­vis re­estrs.

372
Ta­vi XV. ko­o­pe­ra­ti­vi
 
mux­li 226. ko­o­pe­ra­ti­vis cne­ba

1. ko­o­pe­ra­ti­vi aris wev­rTa Sro­miT saq­mi­a­no­ba­ze da­fuZ­ne­bu­li an

wev­rTa eko­no­mi­ku­ri Tu so­ci­a­lu­ri saq­mi­a­no­bis xel­Sewy­o­bis miz­
niT Seq­mni­li sa­me­war­meo sa­zo­ga­do­e­ba, rom­lis amo­ca­naa ma­Ti moTx­
ov­ni­le­be­bis dak­ma­yo­fi­le­ba da rom­lis upi­ra­te­si mi­za­ni ar aris
mo­ge­bis mi­Re­ba.
2. ko­o­pe­ra­ti­vebs mi­e­kuT­vne­ba:
a) ned­le­u­lis mom­po­ve­be­li ko­o­pe­ra­ti­vi, ro­me­lic ned­le­uls sa­ku­
Ta­ri wev­re­bis­Tvis mo­i­po­vebs;
b) sa­sof­lo-­sa­me­ur­neo an sa­re­wao pro­duq­ci­is er­Tob­li­vad gam­sa­
Re­be­li ko­o­pe­ra­ti­vi;
g) sa­sof­lo-­sa­me­ur­neo pro­duq­ci­is mwar­mo­e­be­li da sxva­das­xva sag­
nis da­mam­za­de­be­li da er­Tob­li­vi xar­je­biT ma­Ti re­a­li­za­ci­is gan­
ma­xor­ci­e­le­be­li ko­o­pe­ra­ti­vi (sa­sof­lo-­sa­me­ur­neo da sa­war­moo
ko­o­pe­ra­ti­vi);
d) ma­sob­ri­vi mox­ma­re­bis sa­qon­lis sa­bi­Tu­mo vaW­ro­bis we­siT Sem­Ze­
ni da sa­ca­lo vaW­ro­biT ma­Ti re­a­li­za­ci­is gan­ma­xor­ci­e­le­be­li ko­
o­pe­ra­ti­vi;
e) sa­sof­lo-­sa­me­ur­neo war­mo­e­bis­Tvis an sa­re­wis­Tvis au­ci­le­be­li
ma­te­ri­a­lur­-teq­ni­ku­ri re­sur­se­bis Sem­Ze­ni, mwar­mo­e­be­li an ma­Ti
er­Tob­li­vad ga­mom­ye­ne­be­li ko­o­pe­ra­ti­vi;
v) sa­sof­lo-­sak­re­di­to ko­o­pe­ra­ti­vi;
z) sa­mom­xma­reb­lo (mra­val­dar­go­va­ni) ko­o­pe­ra­ti­vi, rom­lis sa­mar­
Tleb­ri­vi, eko­no­mi­ku­ri da so­ci­a­lu­ri sa­fuZ­vle­bi re­gu­lir­de­ba
„sa­mom­xma­reb­lo ko­o­pe­ra­ci­is Se­sa­xeb“ sa­qar­Tve­los ka­no­niT;
T) ara­sa­ban­ko sa­de­po­zi­to da­we­se­bu­le­ba _ sak­re­di­to kav­Si­ri;
i) sa­sof­lo-­sa­me­ur­neo ko­o­pe­ra­ti­vi, rom­lis sa­mar­Tleb­ri­vi, eko­
no­mi­ku­ri da so­ci­a­lu­ri sa­fuZ­vle­bi re­gu­lir­de­ba am ka­no­ni­Ta da
„sa­sof­lo-­sa­me­ur­neo ko­o­pe­ra­ti­vis Se­sa­xeb“ sa­qar­Tve­los ka­no­niT.
3. ko­o­pe­ra­ti­vi sa­ku­Ta­ri val­de­bu­le­be­bis­Tvis kre­di­to­re­bis wi­na­Se
pa­suxs agebs mxo­lod Ta­vi­si qo­ne­biT.

sa­kor­po­ra­ci­o-­sa­mar­Tleb­ri­vi ka­non­mdeb­lo­bis um­Tav­re­si amo­ca­na sa­

me­war­meo saq­mi­a­no­bis gan­xor­ci­e­le­bis msur­vel­TaT­vis or­ga­ni­za­ci­u­li
struq­tu­ris mqo­ne war­mo­naq­mne­bis _ me­war­mis sa­mar­Tleb­ri­vi for­me­bis

373
Se­Ta­va­ze­ba­a. am sa­mar­Tleb­ri­vi for­me­bis meS­ve­o­biT pi­ri an pir­Ta jgu­fi
or­ga­ni­ze­bu­lad war­mar­Tavs mo­ge­bis mi­Re­bi­sa­ken mi­mar­Tul saq­mi­a­no­bas.
sa­me­war­meo saq­mi­a­no­bis gan­xor­ci­el ­ e­bis msur­vel­TaT­vis ka­non­mdeb­lis
mi­er Se­Ta­va­ze­bu­li me­war­mis sa­mar­Tleb­ri­vi for­me­bi­dan er­T-er­Ti ko­o­
pe­ra­ti­vi­a. ko­o­pe­ra­ti­vi sxva sa­mar­Tleb­ri­vi for­me­bi­sa­gan miz­nob­ri­vad
mniS­vne­lov­nad gan­sxva­ve­bu­li or­ga­ni­za­ci­u­li er­Te­u­li­a. ko­o­pe­ra­ti­vis
uni­ka­lu­ro­ba ga­mo­ix ­ a­te­ba imiT, rom igi aris wev­rTa Sro­miT saq­mi­a­no­ba­
ze da­fuZ­ne­bu­li an wev­rTa eko­no­mi­ku­ri Tu so­ci­al ­ u­ri saq­mi­a­no­bis xel­
Sewy­o­bis miz­niT Seq­mni­li sa­me­war­meo sa­zo­ga­do­eb ­ a, rom­lis upi­ra­te­si
amo­ca­na aris ara mo­ge­bis mi­Re­ba, ara­med uSu­a­lod mis wev­rTa moTx­ov­ni­
le­be­bis dak­ma­yo­fi­le­ba.
ko­o­pe­ra­ti­vi iq­mne­ba sxva­das­xva sfe­ro­eb­Si mis wev­rTa ko­or­di­ne­bu­li,
SezR­u­du­li pa­su­xis­mgeb­lo­bis far­gleb­Si ope­ri­re­bis mxar­da­We­ri­saT­vis.
swo­red ope­ri­re­bis are­al ­ e­bis mi­xed­viT xde­ba ko­o­pe­ra­ti­ve­bis kla­si­fi­
ci­re­ba. mTli­a­no­ba­Si ka­no­ni iZ­le­va cxra ti­pis ko­o­pe­ra­ti­vis Seq­mnis Se­
saZ­leb­lo­bas:

 
mux­li 227. ko­o­pe­ra­ti­vis dam­fuZ­neb­le­bi

1. ko­o­pe­ra­ti­vis dam­fuZ­neb­le­bi Se­iZ­le­ba iy­vnen ro­gorc fi­zi­ku­ri

pi­re­bi, ise iu­ri­di­u­li pi­re­bi.

374
 2. ko­o­pe­ra­ti­vis da­sa­fuZ­neb­lad au­ci­le­be­lia sul mci­re 5 dam­fuZ­
ne­be­li.

ko­o­pe­ra­ti­vi aris wev­rTa Sro­miT saq­mi­a­no­ba­ze da­fuZ­ne­bu­li an wev­rTa

eko­no­mi­ku­ri Tu so­ci­al ­ u­ri saq­mi­an
­ o­bis xel­Sewy­o­bis miz­niT Seq­mni­li sa­
me­war­meo sa­zo­ga­do­e­ba. Se­sa­ba­mi­sad, ko­o­pe­ra­ti­vis ar­se­bo­ba ar­sob­ri­vad
da miz­nob­ri­vad ukav­Sir­de­ba ram­de­ni­me pi­ris er­Tob­liv, ko­or­di­ne­bul
saq­mi­a­no­bas, maT Ta­nam­Srom­lo­bas. ka­no­nis mi­xed­viT, aseT pir­Ta ra­o­de­
no­ba, sul mci­re, 5 un­da iyos. amas­Ta­na­ve, ko­o­pe­ra­ti­vis wev­ri Se­iZ­le­ba
iyos ro­gorc fi­zi­ku­ri, ise iu­ri­di­ul ­ i pi­ri.
 

mux­li 228. ko­o­pe­ra­ti­vis gan­Tav­se­bu­li ka­pi­ta­li

1. wes­de­biT Se­iZ­le­ba ga­ni­sazR­vros ko­o­pe­ra­ti­vis gan­Tav­se­bu­li ka­pi­

ta­li.
2. ko­o­pe­ra­ti­vis wevrs Se­iZ­le­ba hqon­des ram­de­ni­me pa­i.
3. ko­o­pe­ra­ti­vis gan­Tav­se­bu­li ka­pi­ta­li Se­iZ­le­ba ga­i­zar­dos ko­o­
pe­ra­tiv­Si da­ma­te­bi­Ti wev­re­bis mi­Re­biT da maT mi­er Se­na­ta­ne­bis
gan­xor­ci­e­le­biT, ag­reT­ve ko­o­pe­ra­ti­vis wev­re­bis mi­er dar­Ce­ni­li
Se­na­ta­nis sru­lad gan­xor­ci­e­le­biT an da­ma­te­bi­Ti Se­na­ta­ne­bis gan­
xor­ci­e­le­biT.

ko­o­pe­ra­ti­vis fun­qci­o­ni­re­ba mis wev­rTa Za­lis­xme­vis ga­er­Ti­an ­ e­bas­Tan

aris da­kav­Si­re­bu­li. es ga­er­Ti­an­ e­ba Ta­vis Tav­Si Se­iZ­le­ba mo­i­cav­des ko­
o­pe­ra­ti­vis wev­re­bis sa­kuT­re­ba­Si ar­se­bu­li mci­re aq­ti­ve­bis aku­mu­li­re­
bas, ris Se­de­ga­dac war­mo­iq­mne­ba er­Ti, ko­o­pe­ra­ti­vis qol­gis qveS mo­bi­li­
ze­bu­li, mTli­a­ni kon­ku­ren­tu­li aq­ti­vi. ka­no­ni ar zRu­davs ko­o­pe­ra­ti­vis
wev­rebs, Ta­vad gan­sazR­vron ko­o­pe­ra­ti­vis gan­Tav­se­bu­li ka­pi­ta­lis ode­
no­ba. wi­nam­de­ba­re mux­li, ase­ve, iZ­le­va ko­o­pe­ra­ti­vis ka­pi­ta­lis gaz­rdis
me­To­de­bis ka­ta­logs. ker­Zod, ko­o­pe­ra­ti­vis ka­pi­ta­li Se­iZ­le­ba ga­i­zar­
dos:

375
mux­li 229. ko­o­pe­ra­ti­vis wev­rTa re­es­tri

1. ko­o­pe­ra­ti­vis xel­mZRva­ne­li or­ga­no val­de­bu­lia awar­mo­os ko­o­pe­

ra­ti­vis wev­rTa re­es­tri, ro­mel­Sic Se­i­ta­ne­ba ko­o­pe­ra­ti­vis Ti­To­
e­u­li wev­ris sa­i­den­ti­fi­ka­cio mo­na­ce­me­bi, ag­reT­ve mi­si pa­is ode­
no­ba da ka­te­go­ri­a.
2. ko­o­pe­ra­ti­vis wev­rTa re­es­tri ko­o­pe­ra­ti­vis yve­la wev­ris­Tvis un­
da iyos xel­mi­saw­vdo­mi. is xel­mi­saw­vdo­mi un­da iyos ko­o­pe­ra­ti­vis
veb­gver­dze, Tu ko­o­pe­ra­tivs aqvs veb­gver­di. am val­de­bu­le­bis Ses­
ru­le­ba ekis­re­ba xel­mZRva­nel or­ga­nos.
3. ko­o­pe­ra­tiv­Si wev­ris mi­Re­ba, ko­o­pe­ra­ti­vi­dan wev­ris gas­vla, pa­is
Sec­vla an axa­li pa­is Se­Ze­na iu­ri­di­ul Za­las iZens mxo­lod ko­o­pe­
ra­ti­vis wev­rTa re­es­trSi re­gis­tra­ci­is mo­men­ti­dan.
4. ko­o­pe­ra­ti­vis wev­rTa re­es­trSi is faq­ti, rom­lis re­gis­tra­cia sa­
val­de­bu­lo­a, un­da da­re­gis­trir­des mi­si war­mo­So­bi­dan 1 Tvis va­
da­Si.

sa­aq­cio sa­zo­ga­do­e­bis msgav­sad, ko­o­pe­ra­ti­vis re­es­tri ar iwar­mo­e­ba

sa­ja­ro re­es­tris erov­nul sa­ag ­ en­to­Si. ka­no­nis Ta­nax­mad, ko­o­pe­ra­ti­vis
Sem­Txve­va­Si, re­es­tris war­mo­e­ba mox­de­ba gan­cal­ke­ve­bu­lad, Ta­vad ko­o­pe­
ra­ti­vis mi­er. re­es­tris war­mo­e­ba­ze pa­su­xis­mgeb­lo­ba da­e­kis­re­ba ko­o­pe­
ra­ti­vis xel­mZRva­nel or­ga­nos.
ko­o­pe­ra­ti­vis wev­rTa re­es­tri um­niS­vne­lo­va­ne­si fun­qci­is ma­ta­re­be­
li­a. swo­red re­es­trSi re­gis­tra­ci­is Se­de­gad mo­i­po­vebs pi­ri ko­o­pe­ra­ti­
vis wev­ro­bas da ama­ve re­es­trSi re­gis­tra­ci­is ga­uq­me­biT ga­va ko­o­pe­ra­ti­
vi­dan, ris Se­de­ga­dac war­mo­e­So­ba anazR­a­u­re­bis moTx­ov­nis uf­le­ba. ase­ve,
re­es­trSi Se­sa­ba­mi­si Ca­na­we­ris ga­ke­Te­baa pa­is Se­Ze­ni­sa da pa­is Sec­vlis sa­
fuZ­ve­li. am fun­qci­i­dan ga­mom­di­na­re, ka­no­ni xel­mZRva­nel pirs akis­rebs
val­de­bu­le­bas, ga­xa­dos re­es­tri ko­o­pe­ra­ti­vis wev­re­bi­saT­vis maq­si­ma­lu­
rad mar­ti­vad mi­saw­vdo­mi.
 

mux­li 230. pai

1. ko­o­pe­ra­ti­vis wes­de­bis mi­xed­viT, pa­is gas­xvi­se­ba Se­iZ­le­ba da­mo­ki­

de­bu­li iyos xel­mZRva­ne­li or­ga­nos Tan­xmo­ba­ze.
2. ko­o­pe­ra­ti­vis wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des sxva­das­xva ka­te­
go­ri­is pa­is.

376
 3. er­Ti da ima­ve ka­te­go­ri­is pa­is mflo­be­lebs aqvT er­Tna­i­ri uf­le­be­
bi da mo­va­le­o­be­bi.

pai aris ko­o­pe­ra­ti­vis wev­ris val­de­bu­le­ba, rom igi ka­no­ni­sa da wes­de­

bis Se­sa­ba­mi­sad Se­it
­ ans dad­ge­nil Se­na­tans. ase­ve, pai war­mo­Sobs Tan­mdev
uf­le­bebs ko­o­pe­ra­tiv­Si. Se­sa­ba­mi­sad, igi aris sa­kuT­re­bis obi­eq­ti. amas­
Tan, ka­no­ni iZ­le­va Se­saZ­leb­lo­bas, pa­is gas­xvi­se­ba da­mo­ki­de­bu­li iyos
xel­mZRva­ne­li or­ga­nos Tan­xmo­ba­ze.
ko­o­pe­ra­ti­vi wev­rTa Sro­miT saq­mi­a­no­ba­ze da­fuZ­ne­bu­li sa­me­war­meo
sa­zo­ga­do­e­ba­a, Tum­ca es ar ga­mo­ricx­avs ko­o­pe­ra­ti­vis Se­saZ­leb­lo­bas,
miz­nis mi­saR­we­vad mo­i­zi­dos ka­pi­ta­li; ase­ve, ko­o­pe­ra­ti­vi Se­saZ­le­be­lia
aer­Ti­a­neb­des ko­o­pe­ra­ti­vis mi­marT sxva­das­xva in­te­re­si­sa da mo­ti­va­ci­is
mqo­ne pi­rebs. swo­red ami­tom ka­no­ni iZ­le­va Se­saZ­leb­lo­bas, ko­o­pe­ra­tiv­
Si Se­iq­mnas sxva­das­xva ka­te­go­ri­is pa­i. er­Tna­i­ri uf­le­be­bi­sa da mo­va­le­o­
be­bis ar­se­bo­ba Seq­mnis er­Ti ka­te­go­ri­is pa­is.

mux­li 231. ko­o­pe­ra­tiv­Si wev­ris mi­Re­ba

1. ko­o­pe­ra­ti­vis ko­o­pe­ra­ti­vis wev­rTa re­es­trSi re­gis­tra­ci­is Sem­

deg ko­o­pe­ra­ti­vis wev­ro­bis msur­ve­lis ko­o­pe­ra­ti­vis wev­rad mi­
sa­Re­bad au­ci­le­be­lia mi­si we­ri­lo­bi­Ti gan­cxa­de­ba ko­o­pe­ra­tiv­Si
Ses­vlis Ta­o­ba­ze.
2. ko­o­pe­ra­ti­vis wev­rad mi­Re­bis Se­sa­xeb ga­dawy­ve­ti­le­bas iRebs ko­o­
pe­ra­ti­vis xel­mZRva­ne­li or­ga­no xma­Ta um­rav­le­so­biT. ko­o­pe­ra­ti­
vis wev­rad mi­Re­ba­ze ua­ri Se­iZ­le­ba ga­sa­Civ­rdes sa­er­To kre­ba­ze.
3. ko­o­pe­ra­ti­vis wev­rad mi­Re­bis Se­sa­xeb da­de­bi­Ti ga­dawy­ve­ti­le­bis
mi­Re­bi­sas xel­mZRva­nel­ma or­ga­nom un­da ga­na­xor­ci­e­los ko­o­pe­ra­
ti­vis wev­ro­bis msur­ve­lis ko­o­pe­ra­ti­vis wev­rTa re­es­trSi re­gis­
tra­ci­a. ko­o­pe­ra­ti­vis wev­ro­ba war­mo­i­So­ba ko­o­pe­ra­ti­vis wev­ro­bis
msur­ve­lis gan­cxa­de­bis sa­fuZ­vel­ze mi­si ko­o­pe­ra­ti­vis wev­rTa re­
es­trSi re­gis­tra­ci­is mo­men­ti­dan.
4. ko­o­pe­ra­ti­vis wev­ro­bis msur­ve­lis gan­cxa­de­ba­Si aR­niS­nu­li un­da
iyos ko­o­pe­ra­ti­vis wev­ris val­de­bu­le­ba, rom igi ka­no­ni­sa da wes­de­
bis Se­sa­ba­mi­sad ga­na­xor­ci­e­lebs dad­ge­nil Se­na­tans (Se­i­tans pa­is).
5. Tu wes­de­biT gaT­va­lis­wi­ne­bu­li­a, rom ko­o­pe­ra­ti­vis wev­rma da­
ma­te­bi­Ti Se­na­ta­ni sru­lad an SezR­u­du­lad, mxo­lod sa­ga­ran­tio
Tan­xis ode­no­biT un­da ga­na­xor­ci­e­los, ko­o­pe­ra­ti­vis wev­ro­bis

377
 msur­ve­lis gan­cxa­de­ba­Si un­da aRi­niS­nos, ko­o­pe­ra­ti­vis wev­ri kre­
di­tor­Ta da­sak­ma­yo­fi­leb­lad sru­lad ga­na­xor­ci­e­lebs da­ma­te­biT
Se­na­tans Tu ga­da­ix­dis wes­de­ba­Si daT­qmul sa­ga­ran­tio Tan­xas dad­
ge­ni­li ode­no­biT.

pi­ri ko­o­pe­ra­ti­vis wev­ri Se­iZ­le­ba ori me­To­diT gax­des: er­Ti _ esaa ko­
o­pe­ra­ti­vis for­mi­re­bis etap­ze mis da­fuZ­ne­ba­Si mo­na­wi­le­o­ba da me­o­re _
ko­o­pe­ra­ti­vis wev­rad mog­vi­a­ne­biT Ses­vla. ko­o­pe­ra­ti­vis axa­li wev­ri wev­
ris sta­tuss Se­i­Zens ko­op ­ e­ra­ti­vis re­es­trSi re­gis­tra­ci­is Se­de­gad. ami­
saT­vis sa­Wi­roa ori ku­mu­la­ci­u­ri წინა პირობა: (1) msur­ve­lis we­ri­lo­bi­Ti
gan­cxa­de­ba ko­o­pe­ra­tiv­Si Ses­vlis Ta­o­ba­ze da (2) xel­mZRva­ne­li or­ga­nos
ga­dawy­ve­ti­le­ba, ro­me­lic mi­iR ­ e­ba xma­Ta um­rav­le­so­biT. amas­Tan, ka­no­nis
mi­xed­viT, xel­mZRva­ne­li or­ga­nos ga­dawy­ve­ti­le­ba ar iq­ne­ba sa­bo­loo da
mi­Re­ba­ze ua­ri Se­saZ­le­be­li iq­ne­ba, ga­sa­Civ­rdes sa­er­To kre­ba­ze.
ko­o­pe­ra­ti­vis Ses­vlis Ta­o­ba­ze gan­cxa­de­ba­Si msur­vel­ma un­da mi­u­Ti­
Tos, rom igi ka­no­ni­sa da wes­de­bis Se­sa­ba­mi­sad Se­i­tans dad­ge­nil Se­na­
tans. Tu wes­de­biT gan­sazR­vru­li­a, rom ko­o­pe­ra­ti­vis wev­reb­ma sru­lad
an SezR­u­du­lad, mxo­lod sa­ga­ran­tio Tan­xis ode­no­biT, un­da Se­i­ta­non
da­ma­te­bi­Ti Se­na­ta­ne­bi, ma­Sin msur­vel­ma gan­cxa­de­ba­Si un­da aR­niS­nos, kre­
di­tor­Ta da­sak­ma­yo­fi­leb­lad sru­lad ga­da­ix­dis da­ma­te­biT Se­na­tans,
Tu wes­de­ba­Si daT­qmul sa­ga­ran­tio Tan­xas dad­ge­ni­li ode­no­biT.
 

mux­li 232. ko­o­pe­ra­ti­vis in­ves­to­ri wev­ri

1. wes­de­biT Se­iZ­le­ba gaT­va­lis­wi­ne­bu­li iyos ko­o­pe­ra­tiv­Si in­ves­to­

ri wev­ris mi­Re­ba.
2. ko­o­pe­ra­ti­vis in­ves­tor wevrs wes­de­biT Se­iZ­le­ba mi­e­ni­Wos ve­tos
uf­le­ba im ga­dawy­ve­ti­le­bas­Tan da­kav­Si­re­biT, ro­me­lic mis mi­er
gan­xor­ci­e­le­bul in­ves­ti­ci­ebs exe­ba.
3. ko­o­pe­ra­ti­vis in­ves­tor wevrs ar Se­iZ­le­ba hqon­des xma­Ta 25 pro­
cen­tze me­ti.

ka­no­nis si­ax­lea ko­o­pe­ra­ti­vis in­ves­to­ri wev­ris cne­bis Se­mo­ta­na. ar­

sob­ri­vad ko­o­pe­ra­ti­vi wev­rTa Sro­miT saq­mi­a­no­ba­ze da­fuZ­ne­bu­li sa­me­
war­meo sa­zo­ga­do­e­ba­a, ro­me­lic miz­nad isa­xavs Ta­vis wev­rTa moTx­ov­ni­
le­be­bis dak­ma­yo­fi­le­bas. Tum­ca es ar ga­mo­ricx­avs ko­o­pe­ra­ti­vis Se­saZ­
leb­lo­bas, da­sa­xu­li miz­nis mi­saR­we­vad mo­i­zi­dos da­ma­te­bi­Ti ka­pi­ta­li.

378
msxvi­li in­ves­to­re­bi, ro­gorc we­si, Ta­vi­si in­ves­ti­ci­is da­sa­ca­vad mo­iTx­
o­ven gan­sa­kuT­re­bul uf­le­bebs kor­po­ra­ci­ul mar­Tva­Si. Se­sa­ba­mi­sad, ka­
no­nis Ta­nax­mad, ko­o­pe­ra­ti­vis in­ves­tor wevrs wes­de­biT Se­iZ­le­ba mi­e­ni­
Wos ve­tos uf­le­ba im ga­dawy­ve­ti­le­beb­Tan da­kav­Si­re­biT, rom­le­bic mis
mi­er gan­xor­ci­e­le­bul in­ves­ti­ci­ebs Se­e­xe­ba. amas­Tan, in­ves­tor wevrs ar
Se­iZ­le­ba hqon­des xma­Ta 25%-ze me­ti.
 

mux­li 233. ko­o­pe­ra­ti­vis wev­ro­bis Sewy­ve­ta

1. ko­o­pe­ra­ti­vis wev­ro­bis Sewy­ve­tis sa­fuZ­vle­bi­a:

a) wev­ris gas­vla ko­o­pe­ra­ti­vi­dan;
b) wev­ris ga­ricx­va ko­o­pe­ra­ti­vi­dan;
g) ko­o­pe­ra­ti­vis wev­ris mi­er pa­is gas­xvi­se­ba;
d) ko­o­pe­ra­ti­vis wev­ri iu­ri­di­u­li pi­ris re­gis­tra­ci­is ga­uq­me­ba;
e) ko­o­pe­ra­ti­vis wev­ris gar­dac­va­le­ba.
2. wes­de­ba Se­iZ­le­ba ko­o­pe­ra­ti­vis wev­ro­bis Sewy­ve­tis sxva sa­fuZ­
vleb­sac iT­va­lis­wi­neb­des.

ko­o­pe­ra­ti­vis wevrs sxva­das­xva sa­fuZ­vliT Se­iZ­le­ba Se­uwy­des wev­ris

sta­tu­si. wev­ro­bis Sewy­ve­tis sa­fuZ­ve­li Se­iZ­le­ba iyos ne­ba­yof­lo­bi­Ti
da pi­ris ne­bis miR­ma. ka­no­nis 233-e mux­lSi mo­ce­mu­lia ko­o­pe­ra­ti­vis wev­
ro­bis Sewy­ve­tis sa­fuZ­vle­bis ara­a­mom­wu­ra­vi ka­ta­lo­gi, ro­me­lic Se­iZ­
le­ba ga­far­Tov­des ko­o­pe­ra­ti­vis wes­de­biT. sul ka­no­ni iZ­le­va wev­ro­bis
Sewy­ve­tis 5 sa­fuZ­vels:

mux­li 234. wev­ris gas­vla ko­o­pe­ra­ti­vi­dan

1. ko­o­pe­ra­ti­vis wevrs uf­le­ba aqvs, ga­vi­des ko­o­pe­ra­ti­vi­dan. ko­o­pe­

ra­ti­vi­dan wev­ris gas­vla da­saS­ve­bia mxo­lod sa­me­ur­neo wlis bo­

379
 los. ko­o­pe­ra­ti­vi­dan gas­vlis Se­sa­xeb gan­cxa­de­ba Se­ta­ni­li un­da
iq­nes we­ri­lo­biT, gas­vlam­de sul co­ta 3 TviT ad­re. wes­de­biT Se­
iZ­le­ba ga­ni­sazR­vros ko­o­pe­ra­ti­vi­dan gas­vlis uf­ro xan­grZli­vi
va­da, mag­ram ara­u­me­tes 1 wli­sa.
2. Tu wes­de­ba­Si Se­ta­nil iq­na ise­Ti cvli­le­ba, ro­me­lic ar­se­bi­Tad
cvlis ko­o­pe­ra­ti­vis saq­mi­a­no­bis sa­gans, ko­o­pe­ra­ti­vi­dan gas­vlis
uf­le­ba aqvT:
a) sa­er­To kre­bis mo­na­wi­le ko­o­pe­ra­ti­vis wevrs, Tu man ga­dawy­ve­ti­
le­bis mi­marT ga­mo­xa­ta uar­yo­fi­Ti po­zi­ci­a, ro­me­lic Se­ta­nil iq­na
sa­er­To kre­bis oq­mSi, an Tu am oq­mSi aR­niS­nu­li in­for­ma­ci­is Se­ta­na
uar­yo­fil iq­na;
b) sa­er­To kre­ba­ze ga­mo­ucx­a­de­bel ko­o­pe­ra­ti­vis wevrs, Tu igi ka­
no­nis an wes­de­bis moTx­ov­na­Ta dar­Rve­viT ar iq­na daS­ve­bu­li sa­er­
To kre­ba­ze, an Tu da­ir­Rva sa­er­To kre­bis mow­ve­vis pro­ce­du­ra, an­
da Tu mas ga­dawy­ve­ti­le­bis sa­ga­ni je­rov­nad ar ga­ac­nes.
3. am mux­lis me-2 pun­qtiT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si ko­o­pe­ra­ti­
vi­dan gas­vlis Se­sa­xeb gan­cxa­de­ba Se­iZ­le­ba Se­ta­nil iq­nes ga­dawy­
ve­ti­le­bis ko­o­pe­ra­ti­vis Se­sa­ba­mi­si wev­ris­Tvis gac­no­bi­dan 1 Tvis
gan­mav­lo­ba­Si. ko­o­pe­ra­ti­vi­dan wev­ris gas­vla for­mde­ba sa­me­ur­neo
wlis bo­los, mag­ram wes­de­ba­Si am pe­ri­od­Si Se­ta­ni­li cvli­le­ba ko­
o­pe­ra­ti­vi­dan gam­svlel wev­rze ar vrcel­de­ba.
4. ko­o­pe­ra­ti­vis xel­mZRva­ne­li or­ga­no val­de­bu­lia ko­o­pe­ra­ti­vi­dan
wev­ris gas­vlis ga­mo cvli­le­ba Se­i­ta­nos ko­o­pe­ra­ti­vis wev­rTa re­
es­trSi.
5. ko­o­pe­ra­ti­vis wev­rTa re­es­trSi da­u­yov­neb­liv un­da mi­e­Ti­Tos ko­
o­pe­ra­ti­vi­dan wev­ris gas­vlis da­sa­bu­Te­bu­li mi­ze­zi. ko­o­pe­ra­ti­vis
wev­ri ko­o­pe­ra­ti­vi­dan ga­su­lad mi­iC­ne­va ko­o­pe­ra­ti­vi­dan mi­si gas­
vlis ko­o­pe­ra­ti­vis wev­rTa re­es­trSi re­gis­tra­ci­is mo­men­ti­dan.

ka­no­nis Ta­nax­mad, ko­o­pe­ra­ti­vis wevrs ko­o­pe­ra­ti­vi­dan gas­vla Se­eZ­le­

ba mxo­lod Se­sa­ba­mi­si pi­ro­be­bis dak­ma­yo­fi­le­bis Se­de­gad, ra­Ta saf­rTxe
ar Se­eq­mnas ko­op ­ e­ra­ti­vis efeq­ti­an fun­qci­o­ni­re­bas. ker­Zod, ko­o­pe­ra­
ti­vi­dan gas­vla Se­saZ­le­be­li iq­ne­ba mxo­lod sa­me­ur­neo wlis bo­los, amis
Ta­o­ba­ze 3 TviT ad­re ga­ke­Te­bu­li gan­cxa­de­bis sa­fuZ­vel­ze. amas­Ta­na­ve,
ka­no­ni iZ­le­va Se­saZ­leb­lo­bas, wes­de­biT dad­gin­des gas­vlis uf­ro xan­
grZli­vi va­da, mag­ram ara­u­me­tes 1 wli­sa.
ko­o­pe­ra­ti­vi­sa da gas­vlis msur­ve­li wev­ris go­niv­rul in­te­re­sebs
So­ris kon­fliq­ti­sas sa­mar­Tli­a­ni ba­lan­sis mi­saR­we­vad ze­mo­aR­niS­nu­li

380
SezR­ud­va ar gav­rcel­de­ba im Sem­Txve­va­ze, ro­de­sac wes­de­ba­Si Se­i­ta­ne­ba
ise­Ti cvli­le­ba, ro­me­lic ar­se­bi­Tad Sec­vlis ko­o­pe­ra­ti­vis saq­mi­a­no­
bis sa­gans. aseT dros ko­o­pe­ra­ti­vi­dan gas­vlis uf­le­ba ze­moT aR­niS­nu­li
SezR­ud­ve­bis ga­re­Se eni­We­ba:

 kre­bis mo­na­wi­le ko­op ­ e­ra­ti­vis yo­vel wevrs, Tu man ga­dawy­ve­ti­le­

bis mi­marT ga­mo­xa­ta uar­yo­fi­Ti po­zi­ci­a, rac Se­ta­nil iq­na oq­mSi,
an, Tu oq­mSi am in­for­ma­ci­is Se­ta­na uar­yo­fil iq­na;
 kre­ba­ze ga­mo­ucx­ad
­ e­bel ko­o­pe­ra­ti­vis yo­vel wevrs, Tu igi ka­no­nis
an wes­de­bis moTx­ov­na­Ta dar­Rve­viT ar iq­na daS­ve­bu­li kre­ba­ze, an,
Tu dar­Rve­u­li iyo kre­bis mow­ve­vis pro­ce­du­ra, an, Tu ga­dawy­ve­ti­
le­bis sa­ga­ni je­rov­nad ar iq­na gac­no­bi­li.

Tu sa­xe­zea gas­vlis ze­mo­aR­niS­nu­li, pa­tiv­sa­de­bi sa­fuZ­ve­li, gas­vlis

Se­sa­xeb gan­cxa­de­bis Se­ta­na Se­saZ­le­be­li iq­ne­ba ga­dawy­ve­ti­le­bis Se­sa­ba­mi­
si wev­ris­Tvis gac­no­bi­dan 1 Tvis gan­mav­lo­ba­Si. gan­cxa­de­bis Se­ta­nis Se­de­
gad wev­ris gas­vla ga­for­mde­ba sa­me­ur­neo wlis bo­los, Tum­ca gam­svle­li
wev­ris mi­marT ar gav­rcel­de­ba wes­de­ba­Si am pe­ri­o­dis gan­mav­lo­ba­Si Se­ta­
ni­li cvli­le­be­bi.
mas Sem­deg, rac wev­ri da­to­vebs ko­o­pe­ra­tivs, Se­sa­ba­mi­si cvli­le­bis
re­es­trSi asax­vis val­de­bu­le­ba war­mo­eS ­ o­ba ko­o­pe­ra­ti­vis xel­mZRva­nel
or­ga­nos. amas­Tan, wev­ris gas­vlas­Tan er­Tad ko­o­pe­ra­ti­vis wev­rTa re­es­
trSi da­u­yov­neb­liv un­da iq­nes Se­ta­ni­li is da­sa­bu­Te­bu­li mi­ze­zi, ra­mac
ga­mo­iw­via ko­op
­ e­ra­ti­vis wev­ris gas­vla.

 
mux­li 235. ko­o­pe­ra­ti­vi­dan ga­sul wev­rTan an­ga­riS­swo­re­ba

1. ko­o­pe­ra­ti­vi­dan ga­sul wev­rTan an­ga­riS­swo­re­ba xor­ci­el­de­ba ko­

o­pe­ra­ti­vi­dan mi­si gas­vlis dRis­Tvis ar­se­bu­li ko­o­pe­ra­ti­vis ba­
lan­sis sa­fuZ­vel­ze pa­is kom­pen­sa­ci­iT. kom­pen­sa­cia ian­ga­ri­Se­ba ko­
o­pe­ra­ti­vi­dan ga­su­li wev­ris Se­na­ta­ni­sa da ga­u­na­wi­le­bel mo­ge­ba­Si
mi­si wi­lis Se­sa­ba­mi­sad.
2. ko­o­pe­ra­ti­vi­dan ga­sul wevrs ko­o­pe­ra­ti­vis sxva qo­ne­bis moTx­ov­
nis uf­le­ba ar aqvs, Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­
li.
3. ko­o­pe­ra­tiv­ma ko­o­pe­ra­ti­vi­dan ga­sul wev­rTan an­ga­riS­swo­re­ba un­
da ga­na­xor­ci­e­los ko­o­pe­ra­ti­vi­dan mi­si gas­vli­dan 6 Tvis va­da­Si.

381
 ko­o­pe­ra­ti­vis wev­ro­bi­dan gas­vla wev­ro­ba­Sewy­ve­ti­li par­tni­o­ris­Tvis
war­mo­Sobs an­ga­riS­swo­re­bis uf­le­bas. ker­Zod, ka­no­nis Ta­nax­mad ga­sul
wev­rTan an­ga­riS­swo­re­ba pa­is kom­pen­sa­ci­is gziT un­da mox­des mi­si gas­vli­
dan 6 Tvis va­da­Si. ko­o­pe­ra­ti­vis ga­sul wev­rTan an­ga­riS­swo­re­ba mox­de­ba
ko­o­pe­ra­ti­vis mim­di­na­re ba­lan­sis sa­fuZ­vel­ze da igi ga­mo­an­ga­riS­de­ba ga­
su­li wev­ris Se­na­ta­ni­sa da ga­un
­ a­wi­le­bel mo­ge­ba­Si mi­si wi­lis Se­sa­ba­mi­sad.
aR­niS­nu­li ar zRu­davs ko­o­pe­ra­ti­vis Se­saZ­leb­lo­bas, wes­de­biT ga­sul
wevrs mi­e­ni­Wos sxva qo­ne­bis mi­marT moTx­ov­nis uf­le­ba­sac.

mux­li 236. wev­ris ga­ricx­va ko­o­pe­ra­ti­vi­dan

1. mniS­vne­lo­va­ni sa­fuZ­vlis ar­se­bo­bi­sas ko­o­pe­ra­ti­vis wev­ri Se­iZ­le­

ba ga­i­ricx­os ko­o­pe­ra­ti­vi­dan.
2. mniS­vne­lo­va­ni sa­fuZ­ve­li ar­se­bobs, Tu ko­o­pe­ra­ti­vis wev­rma bra­
le­u­lad da­ar­Rvia mis­Tvis da­kis­re­bu­li mo­va­le­o­be­bi, ri­Tac ko­o­
pe­ra­tivs zi­a­ni mi­a­ye­na.
3. ko­o­pe­ra­ti­vi­dan wev­ris ga­ricx­vis Se­sa­xeb ga­dawy­ve­ti­le­bas ko­o­pe­
ra­ti­vis xel­mZRva­ne­li or­ga­nos war­dgi­ne­bis sa­fuZ­vel­ze iRebs sa­
er­To kre­ba.
4. ko­o­pe­ra­ti­vi­dan ga­ricx­ul wev­rTan an­ga­riS­swo­re­ba xor­ci­el­de­ba
am ka­no­nis 235-e mux­liT dad­ge­ni­li we­siT.

gar­da ko­o­pe­ra­ti­vi­dan ne­ba­yof­lo­biT gas­vli­sa, ka­no­niT dgin­de­ba ko­

o­pe­ra­ti­vi­dan wev­ris ga­ricx­vis Se­saZ­leb­lo­bac. amas­Tan, am Se­saZ­leb­lo­
biT bo­ro­tad sar­geb­lo­bis Ta­vi­dan aci­le­bis miz­niT, wi­nam­de­ba­re mux­li
gan­sazR­vravs ga­ricx­vis de­ta­lur pro­ce­du­ras da mi­u­Ti­Tebs mniS­vne­lo­
va­ni sa­fuZ­vle­bis ar­se­bo­bis au­ci­leb­lo­ba­ze, ase­ve, ad­gens ase­Ti sa­fuZ­
vlis cne­ba­sac. ker­Zod, mniS­vne­lo­van sa­fuZ­vlad Ca­iT­vle­ba mo­va­le­o­be­
bis bra­le­u­li dar­Rve­va, ra­mac ga­mo­iw­via zi­a­ni.
ko­o­pe­ra­ti­vis wev­ris ga­ricx­vis sa­kiTx­is wa­mo­ye­ne­bis kom­pe­ten­cia eni­
We­ba ko­o­pe­ra­ti­vis xel­mZRva­nel or­ga­nos, xo­lo sa­bo­loo ga­dawy­ve­ti­
le­bis mim­Re­bi or­ga­no iq­ne­ba sa­er­To kre­ba. Se­sa­ba­mi­sad, ko­o­pe­ra­ti­vis
wev­ris mi­er zi­a­nis ga­mom­wve­vi bra­le­u­li dar­Rve­vis ga­mov­le­ni­sas xel­
mZRva­ne­li or­ga­no ko­o­pe­ra­ti­vis wev­ris ga­ricx­vis Ta­o­ba­ze war­dgi­ne­biT
mi­mar­Tavs sa­er­To kre­bas. Ta­vis mxriv, kre­ba Se­is­wav­lis dar­Rve­vis xa­si­
aTs, mi­ye­ne­bu­li zi­a­nis mas­Stabs, sxva mniS­vne­lo­van ga­re­mo­e­bebs da mi­i­
Rebs Se­sa­ba­mis ga­dawy­ve­ti­le­bas.

382
 ka­no­nis Ta­nax­mad, sa­er­To kre­bis ga­dawy­ve­ti­le­biT, ga­ricx­u­li wev­ri
ar kar­gavs an­ga­riS­swo­re­bis uf­le­bas. mas­Tan an­ga­riS­swo­re­ba un­da mox­
des sa­er­To we­siT, ga­ricx­vi­dan 6 Tvis gan­mav­lo­ba­Si.
 

mux­li 237. ko­o­pe­ra­ti­vis wev­ris mi­er pa­is gas­xvi­se­ba

1. Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li, ko­o­pe­ra­ti­vis

wevrs Se­uZ­lia ne­bis­mi­er dros, sa­me­ur­neo wlis gan­mav­lo­ba­Sic ga­
as­xvi­sos Ta­vi­si pai da amiT ga­mo­vi­des ko­o­pe­ra­ti­vi­dan sa­bo­loo an­
ga­riS­swo­re­bis ga­re­Se.
2. wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des, rom ko­o­pe­ra­ti­vis sxva wev­rebs
aqvT pa­is upi­ra­te­si Ses­yid­vis uf­le­ba.
3. pa­is gas­xvi­se­bi­sas ko­o­pe­ra­ti­vi­dan wev­ris gas­vlis Ta­ri­Rad mi­iC­ne­
va ko­o­pe­ra­ti­vi­dan mi­si gas­vlis re­gis­tra­ci­is dRe.

pai sa­kuT­re­bis uf­le­bis obi­eq­ti­a. Se­sa­ba­mi­sad, ko­o­pe­ra­ti­vis wevrs

Se­uZ­li­a, Ta­vi­suf­lad, ka­non­mdeb­lo­bi­Ta da wes­de­biT gan­sazR­vru­li we­
siT ga­as­xvi­sos kuT­vni­li pa­i. pa­is gas­xvi­se­ba ki ko­op
­ e­ra­ti­vis wev­ro­bi­dan
gas­vlis er­T-er­Ti me­To­di­a. amas­Tan, es me­To­di ko­o­pe­ra­ti­vi­dan gas­vlis
Se­da­re­biT mar­ti­vi gza­a, vi­na­i­dan aseT dros aRar war­mo­i­So­ba an­ga­riS­
swo­re­bi­sa da ka­no­nis 235-e mux­liT dad­ge­ni­li pro­ce­du­re­bis gav­lis sa­
Wi­ro­e­ba.
 

mux­li 238. ko­o­pe­ra­ti­vis wev­ris gar­dac­va­le­ba

1. ko­o­pe­ra­ti­vis wev­ris gar­dac­va­le­bi­sas wev­ro­ba mis mem­kvid­re­eb­ze

ga­da­dis. ko­o­pe­ra­ti­vis wev­ris mem­kvid­re­ebs Se­uZ­li­aT sa­er­To kre­
ba­ze xmis uf­le­ba mxo­lod er­Ti sa­er­To war­mo­mad­gen­lis meS­ve­o­biT
ga­na­xor­ci­e­lon.
2. wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des, rom ko­o­pe­ra­ti­vis wev­ris gar­
dac­va­le­bis Sem­Txve­va­Si wev­ro­bis gag­rZe­le­ba da­mo­ki­de­bu­li gax­
des mi­si mem­kvid­ris pi­rov­nul Se­saZ­leb­lo­beb­ze. mem­kvid­re­o­bis
ram­de­ni­me mem­kvid­ris mi­er mi­Re­bis Sem­Txve­va­Si wes­de­biT Se­iZ­le­ba
ase­ve gaT­va­lis­wi­ne­bu­li iyos, rom ko­o­pe­ra­ti­vis wev­ro­ba Sewy­de­ba,
Tu igi wes­de­biT gan­sazR­vrul va­deb­Si ko­o­pe­ra­ti­vis wev­ris er­T-
erT mem­kvid­res ar ga­da­e­ce­ma. am Sem­Txve­va­Si ko­o­pe­ra­ti­vis wev­ro­ba

383
 wyde­ba im sa­me­ur­neo wlis bo­los, ro­de­sac sam­kvid­ro ga­ix­sna. Se­sa­
ba­mis Sem­Txve­va­Si ga­mo­i­ye­ne­ba am ka­no­nis 235-e mux­liT dad­ge­ni­li
we­se­bi.
3. ko­o­pe­ra­ti­vis xel­mZRva­ne­li or­ga­no val­de­bu­lia ko­o­pe­ra­ti­vis
wev­ris gar­dac­va­le­bis Se­sa­xeb aR­niS­nos ko­o­pe­ra­ti­vis wev­rTa re­
es­trSi.

ko­o­pe­ra­ti­vis wev­ris gar­dac­va­le­ba iw­vevs re­es­trSi Se­sa­ba­mi­si Ca­

na­we­ris ga­ke­Te­bas, ris Se­de­ga­dac pirs uwy­de­ba ko­o­pe­ra­ti­vis wev­ro­ba.
imav­dro­u­lad, ka­no­ni iZ­le­va ko­o­pe­ra­ti­vis gar­dac­vli­li wev­ris mi­si
mem­kvid­riT Ca­nac­vle­bis Se­saZ­leb­lo­bas. aseT dros, ko­o­pe­ra­ti­vis in­
te­re­se­bis dac­vis miz­niT, wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des, rom wev­
ro­bis gag­rZe­le­ba da­mo­ki­de­bu­lia mem­kvid­ris pi­rov­nul Se­saZ­leb­lo­
beb­ze.
ram­de­ni­me mem­kvid­ris mi­er mem­kvid­re­o­bis mi­Re­bis Sem­Txve­va­Si, wes­de­
biT, ase­ve, Se­iZ­le­ba iyos gaT­va­lis­wi­ne­bu­li, rom wev­ro­ba Sewy­de­ba, Tu
igi ar ga­da­ec ­ e­ma er­T-erT mem­kvid­res. aseT Sem­Txve­va­Si Sewy­ve­ta ga­mo­iw­
vevs Se­sa­ba­mi­si pi­re­bis kom­pen­si­re­bas. im Sem­Txve­va­Si ki, Tu wes­de­ba ar
SezR­u­davs mem­kvid­re­o­biT ram­de­ni­me mem­kvid­ri­saT­vis wev­ro­bis ga­da­ce­
mas, mem­kvid­re­ebs ga­uC­nde­baT val­de­bu­le­ba, Ta­vi­an­Ti xmis uf­le­ba ga­na­
xor­ci­el ­ on sa­er­To war­mo­mad­gen­lis meS­ve­o­biT

mux­li 239. ko­o­pe­ra­ti­vis sa­er­To kre­bis mi­er ga­dawy­ve­ti­le­bis mi­Re­ba

1. sa­er­To kre­ba ga­dawy­ve­ti­le­bas iRebs ken­Wis­yra­Si mo­na­wi­le­Ta xme­

bis um­rav­le­so­biT, Tu ka­no­niT an wes­de­biT xma­Ta uf­ro di­di ra­o­
de­no­ba an sxva, da­ma­te­bi­Ti moTx­ov­ne­bi ar aris gaT­va­lis­wi­ne­bu­li.
2. wes­de­bis cvli­le­ba mi­Re­bu­li un­da iq­nes ken­Wis­yra­Si mo­na­wi­le­Ta
xme­bis 3/4-is um­rav­le­so­biT, Tu wes­de­biT xma­Ta uf­ro di­di ra­o­de­
no­ba ar aris gaT­va­lis­wi­ne­bu­li.
3. wes­de­ba Se­iZ­le­ba ko­o­pe­ra­ti­vis or­ga­no­e­bis wev­rTa ar­Cev­ne­bis­Tvis
ken­Wis­yris gan­sxva­ve­bul wess ad­gen­des.
4. ko­o­pe­ra­ti­vis wevrs aqvs 1 xma, gar­da im Sem­Txve­vi­sa, ro­de­sac 1 pa­
is er­Tze me­ti mflo­be­li hyavs, ra dro­sac 1 pa­is ram­de­ni­me mflo­
bels aqvs 1 xma. wes­de­biT an wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­va­
Si par­tni­or­Ta cal­ke xel­Sek­ru­le­biT Se­iZ­le­ba dad­gin­des xma­Ta
gan­sxva­ve­bu­li ga­da­na­wi­le­ba.

384
 ko­o­pe­ra­ti­vis kre­ba aris ko­o­pe­ra­ti­vis mar­Tva­Si mi­si wev­re­bis pir­da­
pi­ri mo­na­wi­le­o­bis um­Tav­re­si in­stru­men­ti. es aris er­T-er­Ti Zi­ri­Ta­di
fo­ru­mi, sa­dac ko­o­pe­ra­ti­vis wev­rebs eZ­le­vaT Se­saZ­leb­lo­ba, gan­sazR­
vron ko­o­pe­ra­ti­vis gan­vi­Ta­re­bis Zi­ri­Ta­di stra­te­gi­a; ko­op ­ e­ra­ti­vis bu­
ne­bi­dan da amo­ca­ni­dan ga­mom­di­na­re, rac gu­lis­xmobs er­Tob­li­vad, wev­
rebs So­ris ko­op ­ e­ri­re­bis gziT, ma­Ti moTx­ov­ni­le­be­bis dak­ma­yo­fi­le­bas,
ko­o­pe­ra­ti­vis mar­Tva xor­ci­el­de­ba pa­ri­te­tul sawy­i­seb­ze. ker­Zod, ko­o­
pe­ra­ti­vis yo­vel wevrs aqvs Ti­To xma, gar­da im Sem­Txve­vi­sa, ro­de­sac pa­is
er­Tze me­ti me­sa­kuT­re hyavs, ra dro­sac er­Ti pa­is ram­de­ni­me me­sa­kuT­res
aqvs er­Ti xma. swo­red am mi­ze­ziT, ko­o­pe­ra­ti­vi, Cve­u­leb­riv, msxvi­li in­
sti­tu­ci­u­ri in­ves­to­re­bi­saT­vis sa­in­ves­ti­ci­od nak­le­bad mim­zid­ve­li­a.
ker­Zod, msxvi­li in­ves­to­re­bi sa­ku­Ta­ri in­ves­ti­ci­is da­sa­ca­vad, ro­gorc
we­si, da­in­te­re­se­bu­li ari­an sa­zo­ga­do­e­bis mar­Tva­Si gan­sa­kuT­re­bu­li uf­
le­be­biT. aqe­dan ga­mom­di­na­re, ka­no­ni iZ­le­va Se­saZ­leb­lo­bas, wes­de­biT an
wes­de­biT gaT­va­lis­wi­ne­bul Sem­Txve­va­Si par­tni­or­Tan cal­ke xel­Sek­ru­
le­biT dad­gin­des xma­Ta gan­sxva­ve­bu­li ga­da­na­wi­le­ba.
wi­nam­de­ba­re mux­li, ase­ve, are­gu­li­rebs sa­er­To kre­ba­ze ga­dawy­ve­ti­le­
bis mi­Re­bis wess. mim­di­na­re sa­kiTx­eb­ze ko­op ­ e­ra­ti­vis kre­ba ga­dawy­ve­ti­
le­bas iRebs ub­ra­lo um­rav­le­so­biT, Tu wes­de­biT sxva ram ar aris gaT­
va­lis­wi­ne­bu­li; uf­ro ma­Ra­li um­rav­le­so­biT ga­dawy­ve­ti­le­bis mi­Re­baa
dad­ge­ni­li wes­de­bis cvli­le­ba­ze. ker­Zod, wes­de­bis cvli­le­ba mi­Re­bul
un­da iq­nes ken­Wis­yra­Si mo­na­wi­le xme­bis ¾-iT, Tu wes­de­biT ki­dev uf­ro
ma­Ra­li um­rav­le­so­ba ar iq­ne­ba gaT­va­lis­wi­ne­bu­li. ase­Ti ma­Ra­li um­rav­
le­so­bis dad­ge­nis mi­za­ni ko­o­pe­ra­ti­vis in­di­vi­du­a­lu­ri wev­re­bis dac­vis
ma­Ra­li stan­dar­tis dad­ge­na­a, ra­mac xe­li un­da Se­uwy­os qve­ya­na­Si ko­o­pe­
ra­ti­ve­bis Seq­mnis mi­marT in­te­re­sis ga­Ce­nas.
 

mux­li 240. sa­er­To kre­bis mu­Sa­o­ba­Si mo­na­wi­le­o­ba

1. ko­o­pe­ra­ti­vis wev­re­bi ko­o­pe­ra­ti­vis saq­mi­a­no­bas­Tan da­kav­Si­re­bul

Ta­vi­anT uf­le­bebs axor­ci­e­le­ben sa­er­To kre­ba­ze, Tu ka­no­niT sxva
ram ar aris gaT­va­lis­wi­ne­bu­li.
2. ko­o­pe­ra­ti­vis wevrs uf­le­ba aqvs, pi­ra­dad an war­mo­mad­gen­lis meS­
ve­o­biT mi­i­Ros mo­na­wi­le­o­ba sa­er­To kre­bis mu­Sa­o­ba­Si da ga­na­xor­
ci­e­los Ta­vi­si xmis uf­le­ba.
3. xmis uf­le­ba ar Se­iZ­le­ba ga­mo­i­ye­nos im pir­ma, rom­lis sa­kiTx­sac
ixi­lavs sa­er­To kre­ba.

385
 ka­no­nis 240-e mux­li prin­ci­pis do­ne­ze gan­sazR­vravs ko­o­pe­ra­ti­vis sa­
er­To kre­bis da­niS­nu­le­bas da mas­Si ko­op ­ e­ra­ti­vis wev­re­bis mo­na­wi­le­o­
bis sa­kiTx­ebs. upir­ve­les yov­li­sa, wi­nam­de­ba­re mux­lis pir­vel pun­qtSi
xaz­gas­mu­lia sa­er­To kre­bis Zi­ri­Ta­di fun­qcia _ ko­o­pe­ra­ti­vis wev­reb­ma
ga­na­xor­ci­el­ on ko­o­pe­ra­ti­vis mar­Tva­Si sa­ku­Ta­ri uf­le­be­bis re­a­li­ze­
ba. igi­ve mux­li qmnis ko­op ­ e­ra­ti­vis wev­ris uf­le­bis dac­vis um­Tav­res in­
stru­ments _ Ta­vi­suf­lad mi­iR ­ os mo­na­wi­le­o­ba pi­ra­dad an war­mo­mad­gen­
lis meS­ve­o­biT sa­er­To kre­bis mu­Sa­o­ba­ze da ga­na­xor­ci­e­los xmis uf­le­ba,
gar­da im Sem­Txve­vi­sa, Tu kre­ba­ze ga­ni­xi­le­ba mi­si sa­kiTx­i.
 

mux­li 241. sa­er­To kre­bis mow­ve­va

1. sa­er­To kre­ba, gar­da am ka­no­ni­Ta da wes­de­biT spe­ci­a­lu­rad gaT­

va­lis­wi­ne­bu­li Sem­Txve­ve­bi­sa, mow­ve­u­li un­da iq­nes we­li­wad­Si er­
Txel ma­inc.
2. par­tni­or­Ta wli­u­ri kre­ba mow­ve­u­li un­da iq­nes wli­u­ri ba­lan­sis
Sed­ge­ni­dan 6 Tvis va­da­Si.
3. sa­er­To kre­bas iw­vevs ko­o­pe­ra­ti­vis xel­mZRva­ne­li or­ga­no, Tu ka­
no­niT an wes­de­biT sa­er­To kre­bis mow­ve­vis uf­le­ba­mo­si­le­ba sxva
pir­sac ar aqvs mi­ni­We­bu­li. sa­er­To kre­bis mow­ve­va xel­mZRva­ne­li
or­ga­nos mo­va­le­o­ba­a.
4. sa­er­To kre­ba da­u­yov­neb­liv un­da iq­nes mow­ve­u­li, Tu ko­o­pe­ra­ti­
vis wev­rTa 10 pro­cen­ti an wes­de­biT gaT­va­lis­wi­ne­bu­li ko­o­pe­ra­ti­
vis wev­rTa sxva ra­o­de­no­ba kon­kre­tu­li miz­nis mi­Ti­Te­biT we­ri­lo­
biT mo­iTx­ovs sa­er­To kre­bis mow­ve­vas.
5. Tu sa­er­To kre­bis mow­ve­vis Ta­o­ba­ze ko­o­pe­ra­ti­vis wev­rTa moTx­
ov­na ar dak­ma­yo­fil­de­ba, sa­sa­mar­Tlos Se­uZ­lia gan­mcxa­de­bel ko­
o­pe­ra­ti­vis wev­rebs mi­a­ni­Wos sa­er­To kre­bis mow­ve­vis uf­le­ba­mo­
si­le­ba.

sa­er­To kre­bis mow­ve­vis pro­ce­du­ru­li uz­run­vel­yo­fa ko­o­pe­ra­ti­vis

wev­ris mi­er Ta­vi­si uf­le­ba­mo­si­le­bis gan­xor­ci­el ­ e­bis qva­kuTx­e­di­a. ka­no­
nis 241-e mux­li eT­mo­ba sa­er­To kre­bis for­ma­lu­ri mxa­ris sa­ka­non­mdeb­lo
reg­la­men­ta­ci­as. wi­nam­de­ba­re mux­lis far­gleb­Si mo­wes­ri­ge­bu­lia ise­Ti
sa­kiTx­eb­ i, ro­go­re­bi­ca­a: sa­er­To kre­bis ga­mar­Tvis pe­ri­o­du­lo­ba, sa­er­To
kre­bis mow­ve­va­ze pa­su­xis­mge­be­li or­ga­no­eb ­ i da ga­dawy­ve­ti­le­bis mi­Re­ba
sa­er­To kre­bis mow­ve­vis Ta­o­ba­ze.

386
 ko­o­pe­ra­ti­vis wev­re­bis mi­er Ta­vi­si uf­le­ba­mo­si­le­bis gan­xor­ci­e­le­
bis uz­run­vel­sa­yo­fad ka­no­ni xel­mZRva­nel or­ga­nos aval­de­bu­lebs, kre­
ba mo­iw­vi­os, sul mci­re, we­li­wad­Si er­Txel, wli­u­ri ba­lan­sis Sed­ge­ni­dan
6 Tvis va­da­Si. gar­da yo­vel­wli­ur ­ i sa­er­To kre­bi­sa, ko­o­pe­ra­ti­vis wev­re­
bis moTx­ov­niT, Se­iZ­le­ba, ase­ve, ga­im­ ar­Tos rig­ga­re­Se sa­er­To kre­ba. ka­
no­nis mi­xed­viT, am Sem­Txve­va­Si sa­Wi­ro iq­ne­ba, sul mci­re, wev­rTa 10%-is
we­ri­lo­bi­Ti moTx­ov­na. im Sem­Txve­va­Si, Tu ar dak­ma­yo­fil­de­ba aR­niS­nu­li
moTx­ov­na, ko­o­pe­ra­ti­vis wev­rebs eni­We­baT am uf­le­bis sa­sa­mar­Tlo we­siT
re­a­li­ze­bis Se­saZ­leb­lo­ba.
 

mux­li 242. sa­er­To kre­bis mow­ve­vis va­da da dRis wes­ri­gi

1. sa­er­To kre­ba mo­iw­ve­va mi­si Ca­ta­re­bis dRem­de sul co­ta 1 TviT ad­
re, wes­de­biT dad­ge­ni­li we­siT an Se­sa­ba­mi­si in­for­ma­ci­is ma­re­gis­
tri­re­be­li or­ga­nos eleq­tro­nul por­tal­ze ga­moq­vey­ne­biT.
2. sa­er­To kre­bis dRis wes­ri­gi un­da ga­mocx­ad­des mi­si mow­ve­vi­sas ma­re­
gis­tri­re­be­li or­ga­nos eleq­tro­nul por­tal­ze. sa­er­To kre­bis dRis
wes­ri­gis Se­sa­xeb in­for­ma­ci­as un­da Se­i­cav­des ne­bis­mi­e­ri sxva for­miT
gav­rce­le­bu­li in­for­ma­ci­a, rom­li­Tac mo­iw­ve­va sa­er­To kre­ba.
3. im sa­kiTx­ze, ro­me­lic sa­er­To kre­bis ga­mocx­a­de­bul dRis wes­rig­Si
Se­ta­ni­li ar aris, ga­dawy­ve­ti­le­bis mi­Re­ba da­uS­ve­be­li­a. ga­mo­nak­
li­sia sa­er­To kre­bis war­mar­Tvi­sa da par­tni­or­Ta rig­ga­re­Se kre­
bis mow­ve­vis Se­sa­xeb ga­dawy­ve­ti­le­be­bi.
4. sa­er­To kre­bam Se­iZ­le­ba mi­i­Ros ga­dawy­ve­ti­le­ba mo­ri­gi sa­er­To
kre­bis Ca­ta­re­bis dRis­/Ta­ri­Ris, ad­gi­li­sa da sa­va­ra­u­do dRis wes­
ri­gis Se­sa­xeb.

ka­no­nis 242-e mux­li eT­mo­ba ko­o­pe­ra­tiv­Si sa­er­To kre­bis mow­ve­vis

pro­ce­du­rul sa­kiTx­ebs. kre­bis mow­ve­vis for­ma­lu­ri mxa­ris sa­Ta­na­do
uz­run­vel­yo­fa wev­ris mi­er Ta­vi­si uf­le­be­bis dac­vis qva­kuTx­e­di­a. Se­sa­
ba­mi­sad, am for­ma­lur pi­ro­ba­Ta ka­no­nis­/wes­de­bis dar­Rve­viT gan­xor­ci­e­
le­ba sa­er­To kre­bas ara­le­gi­ti­murs xdis.
xel­mZRva­ne­li or­ga­nos mi­er sa­er­To kre­ba mo­iw­ve­va, sa­er­To kre­bis Ca­
ta­re­bis dRem­de, sul co­ta, 1 TviT ad­re. sa­er­To kre­bis mow­ve­vis Se­sa­xeb
in­for­ma­cia Se­iZ­le­ba ga­moq­vey­ndes ori we­siT: (1) wes­de­biT gan­sazR­vru­
li we­siT an (2) ma­re­gis­tri­re­be­li or­ga­nos eleq­tro­nul por­tal­ze ga­
moq­vey­ne­biT.

387
 ka­no­nis mi­xed­viT, mi­u­xe­da­vad imi­sa, Tu ra gziT mox­de­ba sa­er­To kre­
bis mow­ve­va, sa­er­To kre­bis dRis wes­ri­gi un­da ga­moq­vey­ndes ma­re­gis­tri­
re­be­li or­ga­nos eleq­tro­nul por­tal­ze; ase­ve, dRis wes­ri­gis Se­sa­xeb
in­for­ma­cia un­da gan­Tav­sdes sxva ne­bis­mi­e­ri for­miT gav­rce­le­bul in­
for­ma­ci­aS ­ i, rom­li­Tac mo­iw­ve­va sa­er­To kre­ba. dRis wes­ri­gis Se­sa­xeb
amom­wu­ra­vi in­for­ma­ci­is qo­na pir­da­pi­raa da­kav­Si­re­bu­li ko­o­pe­ra­ti­
vis wev­ris mi­er Ta­vi­si in­te­re­sis dac­vis stra­te­gi­is Se­mu­Sa­ve­bas­Tan.
Se­sa­ba­mi­sad, au­ci­le­be­li­a, dRis wes­ri­gi iyos sru­li da amom­wu­ra­vi.
im sa­kiTx­ze, ro­me­lic ar aris Se­ta­ni­li ga­mocx­a­de­bul dRis wes­rig­Si,
ga­dawy­ve­ti­le­bis mi­Re­ba da­uS­ve­be­li­a. am we­si­dan ga­mo­nak­li­sia ori sa­
kiTx­i, rom­leb­zec ga­dawy­ve­ti­le­ba Se­iZ­le­ba mi­Re­bul iq­nes mi­si dRis
wes­rig­Si Se­ta­nis ga­re­Se:

 Tu ga­dawy­ve­ti­le­ba Se­e­xe­ba sa­er­To kre­bis war­mar­Tvis pro­ce­du­

rul sa­kiTx­ebs;
 Tu ga­dawy­ve­ti­le­ba Se­ex
­ e­ba sa­gan­ge­bo kre­bis mow­ve­vas.
 

mux­li 243. gan­cxa­de­ba sa­er­To kre­bis mow­ve­vis Se­sa­xeb

1. sa­er­To kre­bis mow­ve­vis Se­sa­xeb gan­cxa­de­ba un­da Se­i­cav­des Sem­deg

in­for­ma­ci­as:
a) ko­o­pe­ra­ti­vis sa­fir­mo sa­xel­wo­de­bas;
b) sa­er­To kre­bis Ca­ta­re­bis ad­gils, dRe­sa da dros;
g) mi­Ti­Te­bas, tar­de­ba par­tni­or­Ta wli­u­ri kre­ba Tu rig­ga­re­Se kre­ba;
d) sa­er­To kre­bis dRis wes­rigs.
2. sa­er­To kre­bis mow­ve­vis Se­sa­xeb gan­cxa­de­ba­Si, am mux­lis pir­ve­li
pun­qtiT gaT­va­lis­wi­ne­bu­li in­for­ma­ci­is gar­da, un­da aRi­niS­nos
ag­reT­ve sa­er­To kre­bis dRis wes­ri­gis sa­kiTx­eb­ze wi­na­da­de­be­bi­sa
da da­ma­te­be­bis war­dge­nis Se­saZ­leb­lo­bis Ta­o­ba­ze.

wi­nam­de­ba­re mux­li sa­er­To kre­bis mow­ve­vis Se­sa­xeb gan­cxa­de­bis rek­

vi­zi­te­bis ka­ta­logs qmnis. gan­cxa­de­ba sa­er­To kre­bis mow­ve­vis Se­sa­xeb,
ro­gorc we­si, Za­li­an mSra­li da for­ma­lu­ri xa­si­a­Ti­sa­a. ker­Zod, mas­Si
un­da mi­e­Ti­Tos kre­bis mow­ve­vis is rek­vi­zi­te­bi, rom­le­bic au­ci­le­be­lia
kre­bis mo­na­wi­le­Ta da kre­bis Si­na­ar­sis gan­sazR­vri­saT­vis, ase­ve, mi­si Ca­
ta­re­bis dro­i­sa da ad­gi­lis iden­ti­fi­ci­re­bi­saT­vis. ag­reT­ve, wi­nam­de­ba­
re mux­li­ve ad­gens val­de­bu­le­bas, gan­cxa­de­ba­Si aRi­niS­nos dRis wes­ri­gis

388
sa­kiTx­eb­ze wi­na­da­de­be­bi­sa da da­ma­te­be­bis war­dge­nis Se­saZ­leb­lo­bis Se­
sa­xeb.

mux­li 244. sa­er­To kre­bis oq­mi

1. sa­er­To kre­bis oqms xels awe­ren sa­er­To kre­bis Tav­mjdo­ma­re da

ko­o­pe­ra­ti­vis xel­mZRva­ne­li or­ga­nos is wev­re­bi, rom­le­bic es­wre­
bod­nen sa­er­To kre­bas. sa­er­To kre­bis oqms un­da da­er­Tos sa­er­To
kre­bis mow­ve­vis ma­sa­le­bi.
2. ko­o­pe­ra­ti­vis wevrs uf­le­ba aqvs, ga­ec­nos sa­er­To kre­bis oqms, ag­
reT­ve mi­i­Ros am oq­mis as­li an oq­mi­dan amo­na­we­ri. sa­er­To kre­bis
oqms ko­o­pe­ra­ti­vi ina­xavs.

sa­er­To kre­bis oq­mi aris we­ri­lo­bi­Ti do­ku­men­ti, ro­me­lic aR­wers sa­

er­To kre­bis mim­di­na­re­o­bis Se­sa­xeb in­for­ma­ci­as. es Ca­na­we­ri xor­ci­el­de­
ba sa­zo­ga­do­e­bis wig­nSi da aqvs ko­o­pe­ra­tiv­Tan da­kav­Si­re­bu­li is­to­ri­u­
li mniS­vne­lo­ba, xels uwy­obs Sem­dgo­mi ga­u­geb­ro­be­bi­sa da da­ve­bis Ta­vi­
dan aci­le­bas. amas­Tan, un­da aRi­niS­nos, rom aR­niS­nu­li nor­ma Se­da­re­biT
mSra­li xa­si­aT­ i­saa da is moq­me­debs ka­no­nis 39-e mux­lTan er­Tad, ro­mel­
sac am spe­ci­a­lu­ri re­gu­li­re­bis Se­mav­se­be­li fun­qcia aqvs.
ka­no­nis mi­xed­viT, ko­o­pe­ra­ti­vis Sem­Txve­va­Si, kre­bis oqms xels un­da
awer­dnen kre­bis Tav­mjdo­ma­re da xel­mZRva­ne­li or­ga­nos is wev­re­bi, rom­
le­bic es­wre­bod­nen par­tni­or­Ta kre­bas, oqms un­da er­To­des kre­bis mow­
ve­vis ma­sa­le­bi.
ka­no­nis Se­sa­ba­mi­sad, Ta­vi­si uf­le­be­bis dac­vis miz­niT, ko­o­pe­ra­ti­vis
yo­vel wevrs eni­We­ba par­tni­or­Ta kre­bis oq­mis gac­no­bis, ase­ve mi­si as­lis
an oq­mi­dan amo­na­we­ris mi­Re­bis uf­le­ba. am uf­le­bis re­a­li­ze­bi­saT­vis ko­o­
pe­ra­ti­vis xel­mZRva­ne­li or­ga­no val­de­bu­li iq­ne­ba, uz­run­vel­yos am do­
ku­men­ta­ci­is sa­Ta­na­do we­siT Se­nax­va da ma­Ti xel­mi­saw­vdo­mo­ba.
 

mux­li 245. par­tni­or­Ta wli­u­ri kre­bis kom­pe­ten­cia

1. par­tni­or­Ta wli­u­ri kre­ba ko­o­pe­ra­ti­vis umaR­le­si or­ga­no­a.

2. par­tni­or­Ta wli­u­ri kre­ba ga­dawy­ve­ti­le­bebs iRebs Sem­deg sa­kiTx­
eb­ze:

389
 a) wli­u­ri an­ga­ri­Sis dam­tki­ce­ba;
b) ko­o­pe­ra­ti­vis xel­mZRva­ne­li or­ga­nos da sa­meT­val­yu­reo sab­Wos
mi­er wlis gan­mav­lo­ba­Si ga­we­u­li mu­Sa­o­bis mo­wo­ne­ba;
g) wli­u­ri mo­ge­bis ga­mo­ye­ne­ba an wli­u­ri za­ra­lis da­far­va.
3. an­ga­ri­Si wli­ur ba­lan­sTan er­Tad da xel­mZRva­ne­li or­ga­nos da sa­
meT­val­yu­reo sab­Wos mox­se­ne­ba par­tni­or­Ta wli­u­ri kre­bis Ca­ta­
re­bam­de sul co­ta 1 kvi­riT ad­re un­da gan­Tav­sdes ko­o­pe­ra­ti­vis
veb­gver­dze (ar­se­bo­bis Sem­Txve­va­Si) da ko­o­pe­ra­ti­vis ofis­Si an­/da
ko­o­pe­ra­ti­vis xel­mZRva­ne­li pi­ris mi­er gan­sazR­vrul sxva ad­gil­
ze, ra­Ta ko­o­pe­ra­ti­vis wev­reb­ma SeZ­lon ma­Ti gac­no­ba.
4. ko­o­pe­ra­ti­vis wevrs uf­le­ba aqvs, sa­ku­Ta­ri xar­jiT mi­i­Ros moTx­
ov­ni­li wli­u­ri an­ga­ri­Si­sa da xel­mZRva­ne­li or­ga­nos da sa­meT­val­
yu­reo sab­Wos mox­se­ne­bis as­le­bi.

ko­o­pe­ra­ti­vis kre­ba­ze xmis uf­le­ba aris ko­o­pe­ra­ti­vis mar­Tvas­Tan mi­

si wev­ris da­ma­kav­Si­re­be­li Zi­ri­Ta­di xi­di. ka­no­nis 245-e mux­li eT­mo­ba ko­
o­pe­ra­ti­vis wev­ris mi­er xmis uf­le­bis re­a­li­za­ci­is er­Ta­derT pir­da­pir
ber­kets, ko­o­pe­ra­ti­vis sa­er­To kre­bas. wi­nam­de­ba­re mux­lis far­gleb­Si
war­mod­ge­ni­lia sa­er­To kre­bis kom­pe­ten­ci­as mi­kuT­vne­bu­li sa­kiTx­e­bis
pir­ve­li na­wi­li, ro­me­lic Se­ex ­ e­ba ko­o­pe­ra­ti­vis fi­nan­sur mdgo­ma­re­o­ba­sa
da kor­po­ra­ci­u­li mar­Tvis sxva or­ga­no­e­bis mu­Sa­o­bis Se­fa­se­bas. ker­Zod,
kre­bis kom­pe­ten­ci­as ga­ne­kuT­vne­ba:

ase­ve, wi­nam­de­ba­re mux­lSi­vea war­mod­ge­ni­li ko­o­pe­ra­ti­vis fi­nan­

su­ri mdgo­ma­re­o­bis maC­ve­ne­bel do­ku­men­tze wvdo­mis sa­kiTx­e­bi, rac
ko­o­pe­ra­ti­vis wev­ris in­for­mi­re­bu­lo­bis da Se­sa­ba­mi­sad, mi­si dac­vis
er­T-er­Ti Zi­ri­Ta­di in­stru­men­ti­a. ker­Zod, wli­ur ­ i an­ga­ri­Si ba­lan­
sTan er­Tad da xel­mZRva­ne­li or­ga­no­sa da sa­meT­val­yu­reo sab­Wos mox­
se­ne­ba kre­bis Ca­ta­re­bam­de, sul co­ta, 1 kvi­riT ad­re un­da gan­Tav­sdes
ko­o­pe­ra­ti­vis veb­gver­dze, Tu ko­o­pe­ra­tivs aqvs veb­gver­di, ase­ve, ko­
o­pe­ra­ti­vis ofis­Si an­/da xel­mZRva­ne­li pi­ris mi­er gan­sazR­vrul sxva
ad­gi­las, ra­Ta wev­rebs mi­e­ceT ma­Ti gac­no­bi­sa da amis Se­de­gad sa­ku­Ta­

390
ri in­te­re­se­bis da­sa­ca­vad in­for­mi­re­bu­li ga­dawy­ve­ti­le­bis mi­Re­bis
Se­saZ­leb­lo­ba. gac­no­bis Se­saZ­leb­lo­bas­Tan er­Tad, wi­nam­de­ba­re mux­
liT dad­ge­ni­lia ko­o­pe­ra­ti­vis wev­ris uf­le­ba, mi­i­Ros am ma­sa­le­bis as­
le­bi sa­ku­Ta­ri xar­jiT.

mux­li 246. sa­er­To kre­bis eq­sklu­zi­u­ri kom­pe­ten­cia sxva

sa­kiTx­eb­Tan da­kav­Si­re­biT

1. sa­er­To kre­bis eq­sklu­zi­ur kom­pe­ten­ci­as ga­ne­kuT­vne­ba ga­dawy­ve­

ti­le­be­bis mi­Re­ba Sem­deg sa­kiTx­eb­ze:
a) ko­o­pe­ra­ti­vis wes­de­ba­Si cvli­le­bis Se­ta­na;
b) ko­o­pe­ra­ti­vis iu­ri­di­u­li mi­sa­mar­Tis Sec­vla;
g) ko­o­pe­ra­ti­vis sa­fir­mo sa­xel­wo­de­bis Sec­vla;
d) pa­is gaz­rda;
e) da­ma­te­bi­Ti Se­na­ta­nis gan­xor­ci­e­le­bis val­de­bu­le­bis Se­mo­Re­ba
an ga­far­To­e­ba Se­sa­ba­mi­si pa­is mflo­be­lis Tan­xmo­biT;
v) ko­o­pe­ra­ti­vis in­ves­to­ri wev­ris mi­Re­ba an mi­si xmis uf­le­bis gan­
sazR­vra;
z) ram­de­ni­me xmis uf­le­bis da­we­se­ba an gaz­rda;
T) pa­is da­yo­fa.
2. am mux­liT gaT­va­lis­wi­ne­bu­li ga­dawy­ve­ti­le­bis mi­sa­Re­bad sa­Wi­roa
ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis um­rav­le­so­ba, Tu wes­de­biT sxva ram
ar aris gaT­va­lis­wi­ne­bu­li.
3. sa­er­To kre­bis ga­dawy­ve­ti­le­be­bi am mux­liT gaT­va­lis­wi­ne­bul im
sa­kiTx­ze, rom­li­Tac wes­de­ba­Si cvli­le­ba Se­dis, ag­reT­ve am mux­lis
pir­ve­li pun­qtis „a“ _ „g“ qve­pun­qte­biT gaT­va­lis­wi­ne­bul sa­kiTx­eb­
ze sa­no­ta­ro we­siT un­da da­mow­mdes.
4. sa­er­To kre­bis ga­dawy­ve­ti­le­be­bi am mux­lis pir­ve­li pun­qtis „a“ _
„g“ qve­pun­qte­biT gaT­va­lis­wi­ne­bul sa­kiTx­eb­ze Za­la­Si Se­dis re­es­
trSi re­gis­tra­ci­is mo­men­ti­dan.

ka­no­nis 245-e mux­lSi war­mod­ge­ni­li iyo kre­bis kom­pe­ten­ci­as mi­kuT­

vne­bu­li sa­kiTx­eb ­ is pir­ve­li na­wi­li, ro­me­lic Se­e­xe­ba ko­o­pe­ra­ti­vis fi­
nan­sur mdgo­ma­re­o­ba­sa da kor­po­ra­ci­u­li mar­Tvis sxva or­ga­no­e­bis mu­
Sa­ob­ is Se­fa­se­bas. wi­nam­de­ba­re mux­li ki iZ­le­va sa­er­To kre­bis dar­Ce­nil
kom­pe­ten­ci­a­Ta ka­ta­logs. ker­Zod, gar­da 245-e mux­lSi gaT­va­lis­wi­ne­bu­li
sa­kiTx­e­bi­sa, sa­er­To kre­bis kom­pe­ten­ci­as ga­ne­kuT­vne­ba:

391
 ase­ve, wi­nam­de­ba­re mux­lSi mo­wes­ri­ge­bu­lia ga­dawy­ve­ti­le­bis da­mow­me­
bis pro­ce­du­ra da mi­si Za­la­Si Ses­vlis sa­kiTx­e­bi. ker­Zod, wes­de­bis cvli­
le­ba, iu­ri­di­u­li mi­sa­mar­Tis cvli­le­ba da sa­fir­mo sa­xel­wo­de­bis Sec­vla
un­da da­mow­mdes sa­no­ta­ro we­siT da isi­ni Za­las Se­i­Ze­nen re­gis­tra­ci­is
mo­men­ti­dan, xo­lo sxva sa­kiTx­e­bi Za­la­Si Se­va sa­er­To kre­bis mi­er ga­dawy­
ve­ti­le­bis mi­Re­bis­Ta­na­ve.

mux­li 247. war­mo­mad­ge­nel­Ta kre­ba

1. Tu ko­o­pe­ra­ti­vis wev­rTa ra­o­de­no­ba 500-ze me­ti­a, sa­er­To kre­bis

nac­vlad mo­iw­ve­va war­mo­mad­ge­nel­Ta kre­ba, xo­lo Tu ko­o­pe­ra­ti­vis
wev­rTa ra­o­de­no­ba 200-ze me­ti­a, wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des,
rom sa­er­To kre­bis nac­vlad war­mo­mad­ge­nel­Ta kre­ba Ca­tar­des.
2. war­mo­mad­gen­lad Se­iZ­le­ba ar­Ce­ul iq­nes ne­bis­mi­e­ri qme­du­na­ri­a­ni
fi­zi­ku­ri pi­ri, ro­me­lic aris ko­o­pe­ra­ti­vis wev­ri, gar­da ko­o­pe­ra­
ti­vis xel­mZRva­ne­li pi­ri­sa da sa­meT­val­yu­reo sab­Wos wev­ri­sa.
3. war­mo­mad­ge­nel­Ta kre­ba Sed­ge­ba sul mci­re 50 war­mo­mad­gen­lis­gan,
rom­leb­sac ko­o­pe­ra­ti­vis wev­re­bi ir­Ce­ven. war­mo­mad­ge­nels ar aqvs
Ta­vi­si uf­le­ba­mo­si­le­bis sxva pi­ris­Tvis ga­da­ce­mis uf­le­ba.
4. war­mo­mad­ge­ne­li air­Ce­va sa­yo­vel­Ta­o, pir­da­pi­ri, Ta­nas­wo­ri ar­Cev­
ne­bis sa­fuZ­vel­ze fa­ru­li ken­Wis­yriT.

392
 5. pi­ri war­mo­mad­gen­lad ar Se­iZ­le­ba air­Ces 4 wel­ze me­ti va­diT.
6. wes­de­biT un­da ga­ni­sazR­vros:
a) ko­o­pe­ra­ti­vis ram­den wev­rze air­Ce­va er­Ti war­mo­mad­ge­ne­li;
b) war­mo­mad­gen­lo­bis va­da.
7. war­mo­mad­ge­nel­Ta ar­Cev­ne­bis Ca­ta­re­bis we­sis (maT So­ris, ar­Cev­ne­
bis Se­de­ge­bis gan­sazR­vris) Se­sa­xeb daw­vri­le­bi­Ti de­bu­le­be­bi Se­
iZ­le­ba Ca­mo­ya­lib­des ko­o­pe­ra­ti­vis xel­mZRva­ne­li or­ga­nos mi­er
mi­Re­bul, xo­lo ko­o­pe­ra­ti­vis mar­Tvis du­a­lis­tu­ri sis­te­mis Sem­
Txve­va­Si _ xel­mZRva­ne­li or­ga­nos da sa­meT­val­yu­reo sab­Wos mi­er
er­Tob­li­vad mi­Re­bul sa­ar­Cev­no de­bu­le­ba­Si. amis­Tvis sa­Wi­roa sa­
er­To kre­bis Tan­xmo­ba.
8. war­mo­mad­ge­nel­Ta ar­Cev­ne­bis Ca­ta­re­bis val­de­bu­le­ba ekis­re­ba
xel­mZRva­nel or­ga­nos.
9. Tu war­mo­mad­ge­ne­li uars ity­vis war­mo­mad­gen­lo­ba­ze an sxva mi­ze­
ziT ver SeZ­lebs Ta­vi­si saq­mi­a­no­bis gan­xor­ci­e­le­bas, dar­Ce­ni­li va­
diT un­da air­Ces axa­li war­mo­mad­ge­ne­li.
10. ar­Ce­ul war­mo­mad­ge­nel­Ta sia sul co­ta 2 kvi­ris gan­mav­lo­ba­Si un­
da iyos ga­moq­vey­ne­bu­li an ima­ve pe­ri­o­diT un­da iyos gan­Tav­se­bu­li
ko­o­pe­ra­ti­vis ofis­Si da ko­o­pe­ra­ti­vis veb­gver­dze (ar­se­bo­bis Sem­
Txve­va­Si), ra­Ta ko­o­pe­ra­ti­vis wev­re­bi ga­ec­non mas. ar­Ce­ul war­mo­
mad­ge­nel­Ta uf­le­ba­mo­si­le­ba iwy­e­ba aR­niS­nu­li si­is ga­moq­vey­ne­bis
an gan­Tav­se­bis dRi­dan. ko­o­pe­ra­ti­vis wevrs moTx­ov­nis­Ta­na­ve un­da
mi­e­ces am si­is as­li.

ko­o­pe­ra­ti­vi aris wev­rTa Sro­miT saq­mi­a­no­ba­ze da­fuZ­ne­bu­li an wev­rTa

eko­no­mi­ku­ri Tu so­ci­al ­ u­ri saq­mi­an
­ o­bis xel­Sewy­o­bis miz­niT Seq­mni­li sa­
me­war­meo sa­zo­ga­do­e­ba. Se­sa­ba­mi­sad, ko­o­pe­ra­ti­vis ar­se­bo­ba ar­sob­ri­vad
da miz­nob­ri­vad ukav­Sir­de­ba ram­de­ni­me pi­ris er­Tob­liv saq­mi­a­no­bas, maT
Ta­nam­Srom­lo­bas. aseT pir­Ta ra­o­de­no­ba, xSir Sem­Txve­va­Si, ram­de­ni­me ase­
u­lic Se­iZ­le­ba iyos. am Sem­Txve­va­Si, ko­o­pe­ra­ti­vis kre­bis far­gleb­Si ma­
Ti Sek­re­ba da kvo­ru­mis miR­we­va da­kav­Si­re­bu­lia mniS­vne­lo­van xar­jeb­sa
da sxva obi­eq­tur sir­Tu­le­eb­Tan. aqe­dan ga­mom­di­na­re, ko­o­pe­ra­ti­vis mar­
Tva­Si me­ti moq­ni­lo­bis mi­saR­we­vad ka­no­ni iZ­le­va da­ma­te­bi­Ti rgo­lis _
ko­o­pe­ra­ti­vis war­mo­mad­ge­nel­Ta kre­bis Seq­mnis _ Se­saZ­leb­lo­bas, ro­me­
lic gar­kve­ul­wi­lad Ca­a­nac­vlebs ko­o­pe­ra­ti­vis par­tni­or­Ta kre­bas.
ka­no­nis Ta­nax­mad, war­mo­mad­ge­nel­Ta kre­bis Seq­mna sa­val­de­bu­lo iq­ne­ba
iq, sa­dac ko­op ­ e­ra­ti­vis wev­rTa ra­o­de­no­ba 500-ze me­ti­a, xo­lo fa­kul­ta­
ti­u­ri, Tu wev­rTa ra­o­de­no­ba 200-ze me­ti­a. war­mo­mad­ge­nel­Ta kre­ba­Si Se­

393
iZ­le­ba ar­Ce­ul iq­nes ro­gorc fi­zi­ku­ri, ise iu­ri­di­u­li pi­ri da ar­Ce­vis
de­ta­lu­ri pro­ce­du­re­bi ga­ni­sazR­vre­ba Ta­vad ko­o­pe­ra­ti­vis mi­er. ker­
Zod, wes­de­ba­Si un­da ga­ni­sazR­vros, ram­den wev­rze air­Ce­va er­Ti war­mo­
mad­ge­ne­li da war­mo­mad­gen­lo­bis va­da, xo­lo sa­zo­ga­do­e­bis xel­mZRva­nel­
ma or­ga­nom un­da gan­sazR­vros ar­Cev­ne­bis de­ta­lu­ri we­se­bi. Tum­ca ka­no­ni
ko­o­pe­ra­ti­vis wev­rTa dac­vis miz­niT ma­inc ad­gens war­mo­mad­ge­nel­Ta kre­
bis wev­ro­bas­Tan da­kav­Si­re­bul ram­de­ni­me SezR­ud­vas, ker­Zod: ko­o­pe­ra­
ti­vis war­mo­mad­ge­nel­Ta kre­ba un­da Sed­ge­bo­des sa­yo­vel­Ta­o, pir­da­pi­ri,
Ta­nas­wo­ri ar­Cev­ne­bis sa­fuZ­vel­ze fa­ru­li ken­Wis­yriT ara­u­me­tes 4 wlis
va­diT ar­Ce­u­li, sul mci­re, 50 war­mo­mad­gen­li­sa­gan. amas­Tan, vi­na­i­dan war­
mo­mad­ge­nel­Ta kre­ba ko­o­pe­ra­ti­vis umaR­le­si or­ga­noa da mis kom­pe­ten­ci­
as ga­ne­kuT­vne­ba sa­meT­val­yu­reo sab­Wo­sa da xel­mZRva­ne­li pi­re­bis saq­mi­
a­no­bis mo­wo­ne­ba, am uka­nas­kne­li or­ga­nos wev­re­bi ar Se­iZ­le­ba ar­Ce­ul iq­
nen war­mo­mad­gen­le­bad.
ka­no­nis Ta­nax­mad, xel­mZRva­ne­li or­ga­nos or­ga­ni­ze­biT ga­mar­Tu­li
ar­Cev­ne­bis Se­de­gad ar­Ce­ul­ i war­mo­mad­ge­ne­li uf­le­ba­mo­si­le­bas Se­i­Zens
war­mo­mad­ge­nel­Ta si­is ko­o­pe­ra­ti­vis ofis­Si, da ase­Tis ar­se­bo­bis Sem­
Txve­va­Si, ver­gver­dze gan­Tav­se­bis dRi­dan. amas­Tan, war­mo­mad­ge­nels Se­eZ­
le­ba, ne­bis­mi­er dros ua­ri Tqvas war­mo­mad­gen­lo­ba­ze. am an sxva mi­ze­ziT
uf­le­ba­mo­si­le­bis ga­nu­xor­ci­e­leb­lo­bi­sas dar­Ce­ni­li va­diT un­da mox­des
axa­li war­mo­mad­gen­lis ar­Ce­va.

 
mux­li 248. ko­o­pe­ra­ti­vis mar­Tvis sis­te­mis­/mo­de­lis
ar­Ce­vis Se­saZ­leb­lo­ba

1. ko­o­pe­ra­tivs Se­iZ­le­ba hqon­des mar­Tvis mo­nis­tu­ri an du­a­lis­tu­ri

sis­te­ma.
2. ko­o­pe­ra­ti­vis mar­Tvis du­a­lis­tu­ri sis­te­mis Sem­Txve­va­Si xel­
mZRva­ne­lo­bi­sa da kon­tro­lis fun­qci­e­bi ga­na­wi­le­bu­lia xel­mZRva­
nel or­ga­no­sa da sa­meT­val­yu­reo sab­Wos So­ris.
3. wes­de­ba­Si un­da aRi­niS­nos ko­o­pe­ra­ti­vis mar­Tvis sis­te­mis ar­Ce­vis
Se­sa­xeb. Tu wes­de­ba­Si ar aris aR­niS­nu­li ko­o­pe­ra­ti­vis mar­Tvis
sis­te­mis ar­Ce­vis Se­sa­xeb, iva­ra­u­de­ba, rom ga­mo­i­ye­ne­ba ko­o­pe­ra­ti­
vis mar­Tvis du­a­lis­tu­ri sis­te­ma.

ko­o­pe­ra­ti­vis efeq­ti­a­ni mar­Tva mi­iR­we­va mmar­Tvel or­ga­no­ebs So­

ris kom­pe­ten­ci­a­Ta da­na­wi­le­bi­sa da am da­na­wi­le­bis Se­de­gad maT So­ris

394
ur­Ti­er­Tda­mo­ki­de­bu­le­bi­sa da ba­lan­sis miR­we­vis gziT. msxvi­li ko­op ­ e­
ra­ti­ve­bis er­T-er­Ti Zi­ri­Ta­di ni­Sa­ni wev­rTa di­di ra­o­de­no­ba­a. ga­dawy­
ve­ti­le­bis mim­Reb su­bi­eq­tTa ra­o­de­no­bis zrda pro­por­ci­u­lad zrdis
am ga­dawy­ve­ti­le­bis mi­Re­bis pro­ces­Si war­mo­So­bil tran­saq­ci­ul xar­
jebs. ase­Ti xar­je­bis da­zog­vis miz­niT, sa­aq­cio sa­zo­ga­do­e­bis msgav­sad
au­ci­le­be­li xde­ba mmar­Tve­lo­bi­Ti uf­le­ba­mo­si­le­bis mqo­ne gan­cal­ke­
ve­bu­li, Se­da­re­biT moq­ni­li da ma­Ra­le­feq­tu­ri or­ga­nos Seq­mna, ro­me­
lic ze­dam­xed­ve­lo­bas ga­u­wevs ko­o­pe­ra­ti­vis xel­mZRva­ne­li or­ga­nos
saq­mi­a­no­bas. sxva, Se­da­re­biT mci­re, ko­o­pe­ra­ti­veb­Si ki ase­Ti or­ga­nos
for­mi­re­ba Se­iZ­le­ba da­kav­Si­re­bu­li iyos da­ma­te­biT, arap­ro­por­ci­
ul xar­jeb­Tan. ka­no­ni iZ­le­va ar­Ce­va­nis Ta­vi­suf­le­bas kor­po­ra­ci­u­li
mar­Tvis erT- da or­sa­fe­xu­ri­an mo­de­lebs So­ris. ker­Zod, Se­saZ­le­be­li
iq­ne­ba, ko­o­pe­ra­ti­vis Sig­niT er­Tma­ne­Tis pa­ra­le­lu­rad Ca­mo­ya­lib­des
xel­mZRva­ne­li or­ga­no da mas­ze ze­dam­xed­ve­lo­bis gan­ma­xor­ci­e­le­be­li
or­ga­no _ sa­meT­val­yu­reo sab­Wo. amis sa­pi­ris­pi­rod, ko­o­pe­ra­tiv­Si Se­
iZ­le­ba Ca­mo­ya­lib­des er­Tsa­fe­xu­ri­a­ni kor­po­ra­ci­u­li mar­Tvis mo­de­li,
ra dro­sac sa­meT­val­yu­reo sab­Wo gan­cal­ke­ve­bu­li or­ga­nos sa­xiT ar
iar­se­bebs.
ga­dawy­ve­ti­le­ba kor­po­ra­ci­ul­ i mar­Tvis mo­de­lis Ta­o­ba­ze mi­i­Re­ba Ta­
vad ko­o­pe­ra­ti­vis mi­er, wes­de­ba­Si Se­sa­ba­mi­si Ca­na­we­ris ga­ke­Te­bis gziT. im
Sem­Txve­va­Si, Tu wes­de­ba­Si ar iq­ne­ba aR­niS­nu­li kor­po­ra­ci­u­li mar­Tvis
ro­me­li­me sis­te­mis ar­Ce­vis Se­sa­xeb, ka­no­nis Se­sa­ba­mi­sad, Ca­iT­vle­ba, rom
ga­mo­ye­ne­bu­lia du­al­ is­tu­ri sis­te­ma.
 

mux­li 249. ko­o­pe­ra­ti­vis sa­meT­val­yu­reo sab­Wo

1. ko­o­pe­ra­ti­vis sa­meT­val­yu­reo sab­Wo Sed­ge­ba sa­er­To kre­bis mi­er

ken­Wis­yra­Si mo­na­wi­le­Ta xme­bis um­rav­le­so­biT ar­Ce­u­li ara­nak­leb
3 da ara­u­me­tes 15 wev­ris­gan. sa­meT­val­yu­reo sab­Wos wev­rTa ra­o­de­
no­ba ga­ni­sazR­vre­ba wes­de­biT.
2. sa­er­To kre­bis ga­dawy­ve­ti­le­biT sa­meT­val­yu­reo sab­Wos wevrs uf­
le­ba aqvs, mi­si saq­mi­a­no­bis Se­de­ge­bi­dan ga­mom­di­na­re, mi­i­Ros gan­
sazR­vru­li ga­sam­rje­lo.
3. sa­er­To kre­bis ga­dawy­ve­ti­le­biT, ro­me­lic mi­i­Re­ba ken­Wis­yra­Si mo­
na­wi­le­Ta xme­bis um­rav­le­so­biT, sa­meT­val­yu­reo sab­Wos wev­ri Se­iZ­
le­ba ne­bis­mi­er dros iq­nes ga­mow­ve­u­li wev­ro­bi­dan.

395
 4. sa­meT­val­yu­reo sab­Wos wevrs ar aqvs uf­le­ba, imav­dro­u­lad iyos
ko­o­pe­ra­ti­vis xel­mZRva­ne­li pi­ri an mi­si mo­ad­gi­le an sxvag­va­rad
ga­na­xor­ci­e­los ko­o­pe­ra­ti­vis xel­mZRva­ne­lo­ba.
5. ko­o­pe­ra­ti­vis xel­mZRva­ne­li or­ga­no­dan ga­su­li wev­ri mi­si an­ga­ri­
Sis dam­tki­ce­bam­de ar Se­iZ­le­ba ar­Ce­ul iq­nes sa­meT­val­yu­reo sab­
Wos wev­rad.

sa­meT­val­yu­reo sab­Wo ko­le­gi­ur ­ i or­ga­no­a, swo­red am prin­ci­pis gam­ya­

re­bas uz­run­vel­yofs ka­no­nis 249-e mux­li. sab­Wos wev­rTa Se­saZ­lo mi­ni­
ma­lu­ri da maq­si­ma­lu­ri ode­no­bis dad­ge­ni­sas ka­non­Si gaT­va­lis­wi­ne­bul
iq­na e.w. de­ad­loc­k-is saf­rTxe da ga­ni­sazR­vra ara­nak­leb sa­mi da ara­u­me­tes
15 wev­ri. wev­rTa Se­saZ­lo ra­o­de­no­bas So­ris mniS­vne­lo­va­ni sxva­o­bis ar­
se­bo­ba miz­nad isa­xavs ko­o­pe­ra­ti­vis­Tvis Se­saZ­leb­lo­bis mi­ce­mas, in­di­vi­
du­a­lur ma­xa­si­a­Teb­leb­ze day­rdno­biT iq­nes ga­dawy­ve­ti­li xel­mZRva­ne­li
or­ga­nos ze­dam­xed­ve­lo­ba­ze pa­su­xis­mge­be­li or­ga­nos wev­rTa ra­o­de­no­ba.
sa­meT­val­yu­reo sab­Wo war­mo­ad­gens ko­le­gi­ur or­ga­nos da mi­si da­kom­
pleq­te­bi­sas, ro­gorc we­si, mxed­ve­lo­ba­Si mi­i­Re­ba: ko­o­pe­ra­ti­vis ka­pi­
ta­li, wev­rTa struq­tu­ra, sa­o­pe­ra­cio are­a­le­bi, miz­ne­bi, xel­mZRva­ne­li
pi­re­bi da sxva yu­rad­sa­Re­bi faq­to­re­bi. am ra­o­de­no­bis gan­sazR­vri­sas mi­
zan­Se­wo­ni­li­a, ko­o­pe­ra­ti­vis wev­reb­ma Se­ar­Ci­on ken­ti cif­ri, ra­Ta dazR­
ve­ul iq­nes e.w. de­ad­loc­k-is saf­rTxe.
wi­nam­de­ba­re mux­lis me­o­re pun­qti Se­e­xe­ba sab­Wos wev­ris­Tvis anazR­a­u­
re­bis ga­dax­dis sa­kiTx­ebs. ker­Zod, mi­eT ­ i­Te­ba, rom sa­er­To kre­bis ga­dawy­
ve­ti­le­biT, sa­meT­val­yu­reo sab­Wos wev­rebs uf­le­ba aqvT, ma­Ti saq­mi­a­no­
bis Se­de­ge­bi­dan ga­mom­di­na­re, mi­iR ­ on gan­sazR­vru­li ga­sam­rje­lo. aq­ve
mniS­vne­lo­va­ni­a, xa­zi ga­es­vas, rom ze­dam­xed­ve­lo­bis fun­qci­is efeq­tu­
rad gan­xor­ci­e­le­bi­saT­vis au­ci­le­be­li­a, sa­meT­val­yu­reo sab­Wos wev­re­
bis sa­Ta­na­do anazR­au ­ r
­ e­bis po­li­ti­kis Seq­mna. am­gvar­ma po­li­ti­kam un­da
uz­run­vel­yos, er­Ti mxriv, wev­ris da­mo­u­ki­deb­lo­ba, xo­lo me­o­re mxriv,
pi­ris in­te­re­se­bis da­kav­Si­re­ba ko­o­pe­ra­ti­vis in­te­re­seb­Tan. Se­sa­ba­mi­sad,
mi­zan­Se­wo­ni­li­a, ko­o­pe­ra­ti­vis wev­reb­ma sab­Wos wev­re­bis anazR­a­u­re­bis
gan­sazR­vri­sas aR­niS­nu­li prin­ci­piT ixel­mZRva­ne­lon.
ka­no­nis Ta­nax­mad, sa­meT­val­yu­reo sab­Wo da­kom­pleq­tde­ba ko­o­pe­ra­
ti­vis sa­er­To kre­bis, xo­lo ase­Tis ar­se­bo­bis Sem­Txve­va­Si, war­mo­mad­ge­
nel­Ta kre­bis mi­er. sab­Wo­Si Se­iZ­le­ba ar­Ce­ul iq­nes ro­gorc fi­zi­ku­ri,
ise iu­ri­di­u­li pi­ri. Tum­ca, vi­na­i­dan sa­meT­val­yu­reo sab­Wos saq­mi­a­no­bis
Zi­ri­Ta­di amo­ca­na xel­mZRva­ne­li or­ga­nos kon­tro­li­a, SezR­ud­va Se­e­xe­ba
xel­mZRva­ne­li pi­re­bis ar­Ce­vas sa­meT­val­yu­reo sab­Wo­Si. ker­Zod, ka­no­nis

396
Ta­nax­mad, xel­mZRva­ne­li pi­re­bi an ma­Ti mo­ad­gi­le­e­bi, an sxvag­va­rad ko­o­pe­
ra­ti­vis xel­mZRva­ne­lo­bis gan­ma­xor­ci­e­le­be­li pi­re­bi ar Se­iZ­le­ba, imav­
dro­u­lad, iy­vnen sa­meT­val­yu­reo sab­Wos wev­re­bi. aR­niS­nu­li SezR­ud­va
imoq­me­debs xel­mZRva­ne­li or­ga­no­dan ga­sul wev­reb­zec, ma­Ti an­ga­ri­Sis
dam­tki­ce­bam­de pe­ri­od­Si.
 

mux­li 250. ko­o­pe­ra­ti­vis sa­meT­val­yu­reo sab­Wos kom­pe­ten­cia

1. ko­o­pe­ra­ti­vis sa­meT­val­yu­reo sab­Wo axor­ci­e­lebs ko­o­pe­ra­ti­vis

xel­mZRva­ne­li or­ga­nos saq­mi­a­no­bis kon­trols am ka­no­ni­Ta da wes­
de­biT dad­ge­ni­li we­se­bi­sa da pi­ro­be­bis dac­viT.
2. sa­meT­val­yu­re­o  sab­Wo  iRebs  in­for­ma­ci­as  ko­o­pe­ra­ti­vis  saq­me­e­
bis  mim­di­na­re­o­bis Se­sa­xeb. mas Se­uZ­lia ne­bis­mi­er dros mos­Txo­vos
xel­mZRva­nel or­ga­nos­/xel­mZRva­nel pirs an­ga­ri­Si da uSu­a­lod an
Ta­vis mi­er gan­sazR­vru­li pi­re­bis meS­ve­o­biT Se­a­mow­mos ko­o­pe­ra­ti­
vis do­ku­men­ta­ci­a. sa­meT­val­yu­reo sab­Wom un­da Se­a­mow­mos wli­u­ri
ba­lan­si, ko­o­pe­ra­ti­vis fi­nan­su­ri mdgo­ma­re­o­bis Se­sa­xeb an­ga­ri­Si,
wi­na­da­de­be­bi wli­u­ri mo­ge­bis ga­na­wi­le­bis Se­sa­xeb da am Se­mow­me­bis
Se­de­ge­bi un­da mo­ax­se­nos par­tni­or­Ta kre­bas wli­u­ri ba­lan­sis dam­
tki­ce­bam­de.
3. sa­meT­val­yu­reo sab­Wom dad­ge­ni­li we­siT un­da mo­iw­vi­os sa­er­To
kre­ba/­war­mo­mad­ge­nel­Ta kre­ba.
4. sa­meT­val­yu­reo sab­Wos sxva fun­qci­e­bi Se­iZ­le­ba ga­ni­sazR­vros wes­
de­biT. sa­meT­val­yu­reo sab­Wos wevrs ar aqvs Ta­vi­si fun­qci­e­bis sxva
pi­ris­Tvis ga­da­ba­re­bis uf­le­ba.
5. sa­meT­val­yu­reo sab­Wo uf­le­ba­mo­si­lia war­mo­ad­gi­nos ko­o­pe­ra­ti­vi
mi­si xel­mZRva­ne­li pi­ris wi­na­aR­mdeg ko­o­pe­ra­ti­vis sa­xe­liT war­
mar­Tul sa­mar­Tleb­riv da­va­Si.
6. sa­meT­val­yu­reo sab­Wos Tan­xmo­ba sWir­de­ba ne­bis­mi­er kre­dits, ro­
mel­sac ko­o­pe­ra­ti­vi mis­cems Ta­vis xel­mZRva­nel pirs, an mis Tav­de­
bo­bas.

ka­no­nis 250-e mux­li sa­meT­val­yu­reo sab­Wos kom­pe­ten­ci­aT ­ a nor­ma­ti­

u­li ka­ta­lo­gis Seq­mnas em­sa­xu­re­ba. sa­zo­ga­dod, sa­meT­val­yu­reo sab­Wos
mTa­va­ri uf­le­ba­mo­si­le­ba xel­mZRva­ne­li or­ga­nos saq­mi­a­no­bis kon­tro­
li­a. ka­no­nis wi­nam­de­ba­re mux­li de­ta­lu­rad gan­sazR­vravs sab­Wos kom­
pe­ten­ci­as, ro­me­lic, Zi­ri­Ta­dad, ukav­Sir­de­ba sab­Wos uf­le­ba­mo­si­le­bas,

397
iyos sa­Ta­na­dod in­for­mi­re­bu­li da ase­Ti in­for­mi­re­bu­lo­bis pi­ro­beb­Si
mo­ax­di­nos xel­mZRva­ne­li or­ga­nos kon­tro­li.
ase­ve, xa­zi un­da ga­es­vas sa­meT­val­yu­reo sab­Wos kom­pe­ten­ci­as, war­mo­
ad­gi­nos ko­o­pe­ra­ti­vi xel­mZRva­ne­li pi­ris wi­na­aR­mdeg ko­o­pe­ra­ti­vis sa­
xe­liT war­mar­Tul sa­mar­Tleb­riv da­veb­Si. ko­o­pe­ra­ti­vis sa­xe­li­Ta da sa­
sar­geb­lod sa­sa­mar­Tlos­Tvis mi­mar­Tvis uf­le­ba aqvs ama­ve sa­zo­ga­do­e­bis
xel­mZRva­ne­lo­ba­sa da war­mo­mad­gen­lo­ba­ze uf­le­ba­mo­sil pirs. Tum­ca, ko­
o­pe­ra­ti­vis dac­vis miz­niT, vi­na­id­ an, sa­va­ra­u­do­a, rom xel­mZRva­ne­li or­
ga­nos wev­ri sa­ku­Ta­ri Ta­vis wi­na­aR­mdeg ar da­iwy­ebs sa­mar­Tleb­riv da­vas,
wi­nam­de­ba­re mux­li iZ­le­va Se­saZ­leb­lo­bas, aR­niS­nu­li uf­le­ba­mo­si­le­ba
xel­mZRva­ne­li or­ga­nos wev­ris wi­na­aR­mdeg ga­na­xor­ci­e­los sa­meT­val­yu­
reo sab­Wom.
wi­nam­de­ba­re mux­lSi war­mod­ge­ni­li ka­ta­lo­gi ar aris amom­wu­ra­vi. sa­
meT­val­yu­reo sab­Wos da­ma­te­bi­Ti fun­qci­e­bi Se­iZ­le­ba ga­ni­sazR­vros wes­
de­biT. amas­Tan, efeq­ti­a­ni kor­po­ra­ci­ul ­ i mar­Tvis mi­saR­we­vad, sa­dac sxva­
das­xva or­ga­nos kom­pe­ten­ci­a­Ta Se­wo­nas­wo­re­bis gziT miR­we­u­lia ba­lan­si,
wi­nam­de­ba­re mux­li zRu­davs sab­Wos wev­ris uf­le­bas, Ta­vi­si fun­qci­e­bis
Ses­ru­le­ba ga­da­a­ba­ros sxva pi­rebs.

 
mux­li 251. ko­o­pe­ra­ti­vis xel­mZRva­ne­li or­ga­no da mi­si kom­pe­ten­cia

1. ko­o­pe­ra­ti­vis mar­Tvis mo­nis­tur sis­te­ma­Si ko­o­pe­ra­ti­vis xel­

mZRva­nel or­ga­nos mi­ni­We­bu­li aqvs ko­o­pe­ra­ti­vis xel­mZRva­ne­lo­
bi­sa da me­sa­me pi­reb­Tan ur­Ti­er­To­ba­Si ko­o­pe­ra­ti­vis war­mo­mad­gen­
lo­bis uf­le­ba­mo­si­le­ba.
2. ko­o­pe­ra­ti­vis xel­mZRva­ne­li or­ga­no Sed­ge­ba ara­nak­leb 2 wev­ris­
gan, Tu wes­de­biT sxva ram ar aris gaT­va­lis­wi­ne­bu­li.
3. ko­o­pe­ra­ti­vis xel­mZRva­nel pirs ara­u­me­tes 3 wlis va­diT ir­Cevs sa­
er­To kre­ba.
4. xel­mZRva­ne­li pi­ri ne­bis­mi­er dros Se­iZ­le­ba iq­nes ga­mow­ve­u­li
xel­mZRva­ne­li or­ga­nos wev­ro­bi­dan, Tu am ga­dawy­ve­ti­le­bas sa­er­To
kre­bis mo­na­wi­le­Ta 2/3 da­u­Wers mxars.
5. xel­mZRva­ne­li or­ga­nos Tav­mjdo­ma­re air­Ce­va sa­meT­val­yu­reo sab­
Wos wev­rTa­gan xme­bis um­rav­le­so­biT. Tu sab­Wo 2 wev­ris­gan Sed­ge­ba,
isi­ni xel­mZRva­ne­li or­ga­nos Tav­mjdo­ma­ris fun­qci­ebs mo­ri­ge­o­biT,
yo­vel­wli­u­rad Se­as­ru­le­ben. sxva Sem­Txve­va­Si ga­mo­i­ye­ne­ba am ka­no­nis
zo­ga­di na­wi­liT dad­ge­ni­li nor­me­bi xel­mZRva­ne­li or­ga­nos Se­sa­xeb.

398
 ko­o­pe­ra­ti­vi aris wev­rTa Sro­miT saq­mi­a­no­ba­ze da­fuZ­ne­bu­li an wev­rTa
eko­no­mi­ku­ri Tu so­ci­al ­ u­ri saq­mi­an
­ o­bis xel­Sewy­o­bis miz­niT Seq­mni­li sa­
me­war­meo sa­zo­ga­do­e­ba. Se­sa­ba­mi­sad, ko­o­pe­ra­ti­vis ar­se­bo­ba ar­sob­ri­vad
da miz­nob­ri­vad ukav­Sir­de­ba ram­de­ni­me pi­ris er­Tob­liv saq­mi­a­no­bas, maT
Ta­nam­Srom­lo­bas. aseT pir­Ta ra­o­de­no­ba, xSir Sem­Txve­va­Si, ram­de­ni­me ase­
u­lic Se­iZ­le­ba iyo. Se­sa­ba­mi­sad, Se­uZ­le­be­lia ko­o­pe­ra­ti­vis saq­mi­a­no­bis
xel­mZRva­ne­lo­ba er­Tob­li­vad ga­na­xor­ci­e­lon mis­ma wev­reb­ma. aR­niS­nu­
li­dan ga­mom­di­na­re, ko­o­pe­ra­tiv­Si iq­mne­ba gan­cal­ke­ve­bu­li or­ga­no, xel­
mZRva­ne­li or­ga­nos sa­xiT, ro­mel­sac eva­le­ba ko­op ­ e­ra­ti­vis xel­mZRva­ne­
lo­bi­Ti da war­mo­mad­gen­lo­bi­Ti uf­le­ba­mo­si­le­bis gan­xor­ci­el ­ e­ba. imav­
dro­u­lad, ko­o­pe­ra­ti­vis­Tvis da­ma­xa­si­aT ­ e­be­lia mi­si wev­re­bis aq­ti­u­ri da
ko­leq­ti­u­ri Car­Tu­lo­ba sa­zo­ga­do­e­bis mar­Tva­Si. swo­red am prin­ci­pi­dan
ga­mom­di­na­re, ka­non­Si xa­zi es­me­ba ko­leq­ti­u­ri mar­Tvis prin­cips da mi­e­
Ti­Te­ba, rom ko­o­pe­ra­ti­vis xel­mZRva­ne­li or­ga­no un­da Sed­ge­bo­des, sul
mci­re, ori wev­ri­sa­gan, Tu wes­de­biT sxva ram ar iq­ne­ba gaT­va­lis­wi­ne­bu­li.
xel­mZRva­ne­li or­ga­nos wev­re­bis an­ga­riS­val­de­bu­le­bis uz­run­vel­yo­
fis miz­niT, mi­zan­Se­wo­ni­li­a, isi­ni da­in ­ iS­non kon­kre­tu­li va­diT. amas­Ta­
na­ve, ase­Ti da­niS­vnis va­da un­da iyos ise­Ti xan­grZli­vo­bis, ro­me­lic da­
niS­nul pirs mis­cems sa­ku­Ta­ri xed­vis praq­ti­ku­li re­a­li­ze­bis Se­saZ­leb­
lo­bas. swo­red aR­niS­nu­li­dan ga­mom­di­na­re, ka­no­niT xel­mZRva­ne­li or­ga­
nos ar­Ce­vis maq­si­ma­lur va­dad gan­sazR­vru­lia ara­u­me­tes 3 we­li. ase­ve,
xel­mZRva­ne­li pi­ri ne­bis­mi­er dros Se­iZ­le­ba ga­mow­ve­ul iq­nes xel­mZRva­
ne­li or­ga­nos wev­ro­bi­dan, Tu kre­bis mo­na­wi­le­Ta 2/3-i da­u­Wers mxars am
ga­dawy­ve­ti­le­bas.
ka­no­nis mi­xed­viT, xel­mZRva­ne­li or­ga­nos or­ga­ni­za­ci­u­li da­mo­u­ki­deb­
lo­bis uz­run­vel­yo­fis au­ci­leb­lo­bi­dan ga­mom­di­na­re, Ta­vad xel­mZRva­
ne­li or­ga­no Ta­vi­si Se­mad­gen­lo­bi­dan air­Cevs Tav­mjdo­ma­res. xel­mZRva­
ne­li or­ga­nos Tav­mjdo­ma­rem un­da uz­run­vel­yos or­ga­nos saq­mi­a­no­bis
ko­or­di­ni­re­ba, war­mo­ad­gi­nos aR­niS­nu­li or­ga­no sxveb­Tan ur­Ti­er­To­ba­Si
da Se­as­ru­los xi­dis fun­qcia kor­po­ra­ci­u­li mar­Tvis sxva or­ga­no­eb­sa da
xel­mZRva­nel or­ga­nos So­ris.

 
mux­li 252. ko­o­pe­ra­ti­vis xel­mZRva­ne­li pi­ris fun­qci­e­bi da mi­si ar­Ce­va

1. ko­o­pe­ra­ti­vis xel­mZRva­ne­li pi­ri sa­ku­Ta­ri pa­su­xis­mgeb­lo­biT

axor­ci­e­lebs ko­o­pe­ra­ti­vis xel­mZRva­ne­lo­bas da me­sa­me pi­reb­Tan
ur­Ti­er­To­ba­Si ko­o­pe­ra­ti­vis war­mo­mad­gen­lo­bas.

399
 2. ko­o­pe­ra­ti­vis mar­Tvis du­a­lis­tur sis­te­ma­Si xel­mZRva­nel pirs
ara­u­me­tes 3 wlis va­diT Ta­nam­de­bo­ba­ze ir­Cevs da Ta­nam­de­bo­bi­dan
aTa­vi­suf­lebs sa­meT­val­yu­reo sab­Wo.
3. xel­mZRva­ne­li pi­ri ar Se­iZ­le­ba imav­dro­u­lad iyos sa­meT­val­yu­reo
sab­Wos wev­ri.

ka­no­nis 252-e mux­li eT­mo­ba ko­o­pe­ra­ti­vis xel­mZRva­ne­li pi­ris fun­qci­

eb­sa da mi­si ar­Ce­vis sa­kiTx­ebs. fun­qci­e­bis na­wil­Si mi­e­Ti­Te­ba, rom ko­o­
pe­ra­ti­vis xel­mZRva­ne­li pi­ri sa­ku­Ta­ri pa­su­xis­mgeb­lo­biT axor­ci­e­lebs
ko­o­pe­ra­ti­vis xel­mZRva­ne­lo­ba­sa da war­mo­mad­gen­lo­bas me­sa­me pi­reb­Tan
ur­Ti­er­To­ba­Si. am fun­qci­eb ­ is Ses­ru­le­bi­sas isi­ni un­da moq­me­deb­dnen
mar­Tlzo­mi­e­rad da ke­Til­sin­di­si­e­ri xel­mZRva­ne­lis gu­lis­xmi­e­re­biT,
ker­Zod, zru­nav­dnen ise, ro­gorc ana­lo­gi­ur pi­ro­beb­Si un­da emoq­me­da
xel­mZRva­nels, da moq­me­deb­dnen im rwme­niT, rom ma­Ti es qme­de­ba eko­no­mi­
ku­rad yve­la­ze xel­say­re­lia sa­me­war­meo sa­zo­ga­do­e­bi­saT­vis. am mo­va­le­
o­ba­Ta dar­Rve­vi­saT­vis xel­mZRva­ne­li pi­re­bi pa­suxs age­ben ko­o­pe­ra­ti­vis
wi­na­Se.
an­ga­riS­val­de­bu­le­bis ma­Ra­li xa­ris­xis uz­run­vel­sa­yo­fad, or­ga­no un­
da da­ak ­ om­pleq­tos im su­bi­eq­tma, ro­me­lic pa­su­xis­mge­be­lia mis ze­dam­xed­
ve­lo­ba­ze. swo­red am prin­ci­pis mi­xed­viT, xel­mZRva­ne­li or­ga­nos ar­Ce­vis
uf­le­ba du­a­lis­tu­ri mar­Tvis mo­del­Si aqvs sa­meT­val­yu­reo sab­Wos, xo­lo
mo­nis­tur sis­te­ma­Si _ sa­er­To kre­bas. amas­Ta­na­ve, ar­Ce­u­li pi­ri ar Se­iZ­le­
ba, imav­dro­u­lad, iyos sa­meT­val­yu­reo sab­Wos wev­ri. es SezR­ud­va miz­nad
isa­xavs in­te­res­Ta aR­re­vis Ta­vi­dan aci­le­bas, sa­meT­val­yu­reo sab­Wos im­
gva­rad da­kom­pleq­te­bas, rom aR­niS­nul­ma or­ga­nom efeq­ti­a­nad ga­na­xor­ci­
e­los Ta­vi­si Zi­ri­Ta­di amo­ca­na _ xel­mZRva­ne­li or­ga­nos kon­tro­li.

mux­li 253. ko­o­pe­ra­ti­vis mo­ge­bi­sa da za­ra­lis ga­na­wi­le­ba

1. wli­u­ri an­ga­ri­Sis dam­tki­ce­bi­sas sa­er­To kre­ba iRebs ga­dawy­ve­ti­

le­bas sa­me­ur­neo wels ko­o­pe­ra­ti­vis mo­ge­bis an za­ra­lis ko­o­pe­ra­
ti­vis wev­re­bis­Tvis ga­na­wi­le­bis Se­sa­xeb.
2. pir­vel sa­me­ur­neo wels mo­ge­ba an za­ra­li na­wil­de­ba ko­o­pe­ra­ti­vis
wev­re­bis mi­er gan­xor­ci­e­le­bu­li Se­na­ta­ne­bis pro­por­ci­u­lad, xo­
lo yo­vel mom­dev­no sa­me­ur­neo wels _ mo­ge­bis mi­ma­te­bi­Ta da za­ra­
lis Ca­mo­we­riT, wi­na sa­me­ur­neo wlis bo­los ar­se­bu­li pa­is sa­er­To
Tan­xis pro­por­ci­u­lad.

400
 3. wes­de­ba Se­iZ­le­ba iT­va­lis­wi­neb­des ko­o­pe­ra­ti­vis mo­ge­bi­sa da za­ra­
lis ga­na­wi­le­bis sxva we­sebs.
4. wes­de­ba an sa­er­To kre­bis ga­dawy­ve­ti­le­ba Se­iZ­le­ba iT­va­lis­wi­neb­
des, rom ko­o­pe­ra­ti­vis mo­ge­ba mTli­a­nad an na­wi­lob­riv da­e­ricx­os
re­zervs.

ka­no­nis 253-e mux­li eT­mo­ba ko­o­pe­ra­ti­vis mo­ge­bi­sa da za­ra­lis sa­kiTx­

ebs. ga­dawy­ve­ti­le­ba mo­ge­bis ga­dax­dis, mo­ge­bis mo­cu­lo­bi­sa da for­mis
Se­sa­xeb mi­i­Re­ba ko­o­pe­ra­ti­vis sa­er­To kre­bis mi­er. ko­o­pe­ra­ti­vis wev­re­bi
zo­gi­erT Sem­Txve­va­Si ori­en­ti­re­bul­ni ari­an, mi­i­Ron maq­si­ma­lu­ri Se­mo­
sa­va­li mok­le­va­di­an per­speq­ti­va­Si. aR­niS­nu­li, ro­gorc we­si, wi­na­aR­mde­
go­ba­Si mo­dis ko­o­pe­ra­ti­vis grZel­va­di­a­ni gan­vi­Ta­re­bis stra­te­gi­as ­ a da
kre­di­to­re­bis dac­vis in­te­res­Tan. Se­sa­ba­mi­sad, am Se­pi­ris­pi­re­bul in­
te­re­sebs So­ris go­niv­ru­li ba­lan­sis miR­we­vis miz­niT, ka­no­niT dgin­de­ba
mo­ge­bis ga­mo­an­ga­ri­Se­bi­sa da ga­ce­mis we­se­bi. ker­Zod, mo­ge­bis ga­na­wi­le­ba
xde­ba we­li­wad­Si er­Txel, wli­ur ­ i an­ga­ri­Sis dam­tki­ce­bi­sas. pir­ve­li sa­me­
ur­neo wli­saT­vis mo­ge­bis an za­ra­lis ga­na­wi­le­ba mox­de­ba ko­o­pe­ra­ti­vis
wev­re­bis mi­er Ses­ru­le­bu­li Se­na­ta­ne­bis pro­por­ci­u­lad. mog­vi­a­ne­biT,
yo­ve­li mom­dev­no wli­saT­vis ga­sa­ce­mi mo­ge­ba da­an­ga­riS­de­ba mo­ge­bis mi­ma­
te­biT da za­ra­lis Ca­mo­we­ris gziT wi­na sa­me­ur­neo wlis bo­los­Tvis ar­se­
bu­li pa­is sa­er­To Tan­xis pro­por­ci­ul ­ ad. ase­ve, wi­nam­de­ba­re mux­lSi xa­zi
es­me­ba ko­o­pe­ra­tiv­Si re­zer­vis Seq­mnis Se­saZ­leb­lo­bas. re­zer­vi _ es aris
ko­o­pe­ra­ti­vis mi­er aku­mu­li­re­bu­li da­na­zo­gi, ro­me­lic iq­mne­ba sa­gan­ge­
bo si­tu­a­ci­eb­ze re­a­gi­re­bi­saT­vis.

401
Ta­vi XVI. gar­da­ma­va­li da das­kvni­Ti de­bu­le­be­bi

mux­li 254. gar­da­ma­va­li de­bu­le­be­bi

1. am ka­no­nis amoq­me­de­bam­de re­gis­tri­re­bu­li sa­war­mo val­de­bu­lia am

ka­no­nis amoq­me­de­bi­dan 2 wlis va­da­Si uz­run­vel­yos sa­re­gis­tra­cio
mo­na­ce­me­bis am ka­no­nis moTx­ov­neb­Tan Se­sa­ba­mi­so­ba. wi­na­aR­mdeg Sem­
Txve­va­Si ma­re­gis­tri­re­be­li or­ga­no me­war­mes sa­re­gis­tra­cio mo­na­
ce­me­bis am ka­no­nis  moTx­ov­neb­Tan Se­sa­ba­mi­so­bis uz­run­vel­sa­yo­fad
ga­nu­sazR­vravs da­ma­te­biT, 3-Tvi­an va­das, ro­me­lic aiT­vle­ba ad­
re­sa­tis­Tvis Se­sa­ba­mi­si ga­dawy­ve­ti­le­bis am ka­no­nis me-18 mux­liT
dad­ge­ni­li we­siT gac­no­bis dRi­dan. xar­ve­zis aR­niS­nul va­da­Si aR­
mo­uf­xvre­lo­bis Sem­Txve­va­Si Se­sa­ba­mi­si sa­me­war­meo sa­zo­ga­do­e­bi­sa
da sa­me­war­meo sa­zo­ga­do­e­bis fi­li­a­lis re­gis­tra­cia ga­uq­me­bu­lad
mi­iC­ne­va. sa­me­war­meo sa­zo­ga­do­e­bis lik­vi­da­cia xor­ci­el­de­ba mxo­
lod im Sem­Txve­va­Si, Tu mi­si re­gis­tra­ci­is ga­uq­me­bis Sem­deg ga­ir­
kve­va, rom sa­me­war­meo sa­zo­ga­do­e­bas dar­Ca qo­ne­ba. am Sem­Txve­va­Si
sa­me­war­meo sa­zo­ga­do­e­bis par­tni­o­ris an kre­di­to­ris gan­cxa­de­bis
sa­fuZ­vel­ze sa­sa­mar­Tlo niS­navs lik­vi­da­to­rebs. Se­sa­ba­mis Sem­
Txve­va­Si ga­mo­i­ye­ne­ba am ka­no­niT sa­me­war­meo sa­zo­ga­do­e­bis lik­vi­da­
ci­is­Tvis dad­ge­ni­li we­se­bi.
2. am ka­no­nis amoq­me­de­bam­de re­gis­tri­re­bul in­di­vi­du­a­lur me­war­me­
sa da sa­me­war­meo sa­zo­ga­do­e­ba­ze am ka­no­nis me-16 mux­lis me-5 pun­
qtis moTx­ov­ne­bi vrcel­de­ba mxo­lod im Sem­Txve­va­Si, Tu isi­ni sa­
fir­mo sa­xel­wo­de­bis Sec­vlas mo­iTx­o­ven.
3. 2021 wlis 1 no­em­bram­de:
a) sa­qar­Tve­los ius­ti­ci­is mi­nis­trma uz­run­vel­yos am ka­no­niT gaT­
va­lis­wi­ne­bu­li stan­dar­tu­li wes­de­be­bis dam­tki­ce­ba;
b) sa­ja­ro sa­mar­Tlis iu­ri­di­ul­ma pir­ma _ sa­ja­ro re­es­tris erov­
nul­ma sa­a­gen­tom uz­run­vel­yos am ka­no­niT gaT­va­lis­wi­ne­bu­li
eleq­tro­nu­li por­ta­lis Seq­mna;
g) sa­qar­Tve­los eko­no­mi­ki­sa da mdgra­di gan­vi­Ta­re­bis mi­nis­trma
uz­run­vel­yos im sa­war­mos daS­lis we­sis dam­tki­ce­ba, rom­lis aq­ci­e­
bis an wi­lis 50 pro­cen­tze mets flobs sa­xel­mwi­fo;
d) af­xa­ze­Tis an aWa­ris av­to­no­mi­u­ri res­pub­li­kis eko­no­mi­kis sfe­
ro­Si uf­le­ba­mo­sil­ma Se­sa­ba­mis­ma mi­nis­trma uz­run­vel­yos im sa­war­

402
 mos daS­lis we­sis dam­tki­ce­ba, rom­lis aq­ci­e­bis an wi­lis 50 pro­cen­
tze mets flobs af­xa­ze­Tis an aWa­ris av­to­no­mi­u­ri res­pub­li­ka.

ka­no­nis 254-e mux­li eT­mo­ba gar­da­ma­val de­bu­le­bebs. ker­Zod, aR­niS­nu­

li mux­liT am ka­no­nis amoq­me­de­bam­de re­gis­tri­re­bu­l sa­war­mos da­e­kis­ra
val­de­bu­leba am ka­no­nis amoq­me­de­bi­dan 2 wlis va­da­Si uz­run­vel­yos sa­re­
gis­tra­cio mo­na­ce­me­bi am ka­no­nis moTx­ov­neb­Tan Se­sa­ba­mi­so­baSi. aR­niS­nu­
li moTx­ov­na Se­e­xe­ba mxo­lod sa­re­gis­tra­cio mo­na­ce­mebs, xo­lo wes­de­bis
is na­wi­le­bi, rom­le­bic ar ga­ne­kuT­vne­ba sa­re­gis­tra­cio mo­na­ce­mebs da
amav­dro­u­lad ar ari­an wi­na­aR­mde­go­ba­Si ka­no­nis im­pe­ra­ti­ul nor­meb­Tan,
ar sa­Wi­ro­eb ­ en ga­nax­le­bas. wi­na­aR­mdeg Sem­Txve­va­Si ma­re­gis­tri­re­be­li
or­ga­no me­war­mes sa­re­gis­tra­cio mo­na­ce­me­bis ka­no­nis  moTx­ov­neb­Tan Se­
sa­ba­mi­so­bis uz­run­vel­sa­yo­fad sa­me­war­meo sa­zo­ga­do­e­bas ga­nu­sazR­vravs
da­ma­te­biT va­das. es va­da ga­ni­sazR­vre­ba 3-TviT da mi­si aT­vla da­iwy­eb ­a
Sety­o­bi­ne­bis me­war­mis mi­er gac­no­bis­Ta­na­ve, iu­ri­di­ul mi­sa­mar­Tze Ca­ba­
re­bis mo­men­ti­dan an eleq­tro­nul mi­sa­mar­Tze gan­Tav­se­bi­dan me-15 dRes,
Tu ar das­tur­de­ba eleq­tro­nul mi­sa­mar­Tze gan­Tav­se­bu­li Sety­o­bi­ne­bis
ad­re­sa­tis mi­er uf­ro ad­re gac­no­ba. xar­ve­zis aR­niS­nul va­da­Si aR­mo­uf­
xvre­lo­bis Sem­Txve­va­Si Se­sa­ba­mi­si sa­me­war­meo sa­zo­ga­do­e­bi­sa da sa­me­war­
meo sa­zo­ga­do­e­bis fi­li­a­lis re­gis­tra­cia ga­uq­me­bu­lad mi­iC­ne­va. am dros
sa­me­war­meo sa­zo­ga­do­e­bis lik­vi­da­cia xor­ci­el­de­ba mxo­lod im Sem­Txve­
va­Si, Tu mi­si re­gis­tra­ci­is ga­uq­me­bis Sem­deg ga­ir­kve­va, rom sa­me­war­meo
sa­zo­ga­do­e­bas dar­Ca qo­ne­ba. am Sem­Txve­va­Si sa­me­war­meo sa­zo­ga­do­e­bis par­
tni­o­ris an kre­di­to­ris gan­cxa­de­bis sa­fuZ­vel­ze sa­sa­mar­Tlo niS­navs
lik­vi­da­to­rebs da lik­vi­da­ci­is pro­ce­si iwar­mo­ebs ka­no­nis IX Ta­vis Se­
sa­ba­mi­sad.
254-e mux­li gan­sazR­vravs ki­dev erT ga­mo­nak­liss. aR­niS­nu­li Se­e­xe­ba
sa­me­war­meo sa­zo­ga­do­e­bis sa­fir­mo sa­xel­wo­de­bas. ker­Zod, uk­ve re­gis­
tri­re­bul me­war­me­ze moTx­ov­na sa­me­war­meo sa­zo­ga­do­e­bis sa­fir­mo sa­xel­
wo­de­bis sxva sa­me­war­meo sa­zo­ga­do­e­be­bis sa­fir­mo sa­xel­wo­de­be­bi­sa­gan
gan­sxva­ve­bu­lo­bis au­ci­leb­lo­bis Ta­o­ba­ze, vrcel­de­ba mxo­lod im Sem­
Txve­va­Si, Tu es sa­me­war­meo sa­zo­ga­do­e­ba am ka­no­nis amoq­me­de­bis Sem­dgom
mo­iTx­ovs sa­fir­mo sa­xel­wo­de­bis Sec­vlas.
ama­ve mux­lis me­sa­me pun­qtiT 2021 wlis 15 no­em­bram­de zo­gi­erT da­we­
se­bu­le­bas da­ek ­ is­ra Se­sa­ba­mi­si ka­non­qvem­de­ba­re nor­ma­ti­u­li aq­te­bis dam­
tki­ce­bis val­de­bu­le­ba, xo­lo sa­ja­ro re­es­tris erov­nul sa­a­gen­tos ase­
ve da­e­va­la ka­no­niT gaT­va­lis­wi­ne­bu­li eleq­tro­nu­li por­ta­lis Seq­mna.

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mux­li ­255.  das­kvni­Ti ­de­bu­le­be­bi

1. 2022 wlis 1 ian­vri­dan Za­la­da­kar­gu­lad ga­mocx­ad­des „me­war­me­Ta

Se­sa­xeb“ sa­qar­Tve­los 1994 wlis 28 oq­tom­bris ka­no­ni (sa­qar­Tve­
los par­la­men­tis uwy­e­be­bi, 1994, #21-22, mux. 455).
2. es ka­no­ni, gar­da am ka­no­nis pir­ve­li _ ­253-e mux­le­bi­sa da 254-e mux­
lis pir­ve­li da me-2 pun­qte­bi­sa, amoq­med­des ga­moq­vey­ne­bis­Ta­na­ve.
3. am ka­no­nis pir­ve­li _ 2
­ 53-e mux­le­bi da 254-e mux­lis pir­ve­li da me-2
pun­qte­bi amoq­med­des 2022 wlis 1 ian­vri­dan.

ka­no­nis 255-e mux­li eT­mo­ba das­kvniT de­bu­le­bebs. ker­Zod, ka­no­nis

amoq­me­de­bis va­debs da Za­la­da­kar­gu­lad ga­mocx­a­de­bul sa­ka­non­mdeb­lo
nor­ma­ti­ul aq­tebs. ker­Zod, ka­no­ni amoq­med­da or na­wi­lad. am­gva­ri da­yo­
fiT Se­iq­mna Se­saZ­leb­lo­ba, Se­sa­ba­mis da­we­se­bu­le­bebs da­kis­re­bo­daT val­
de­bu­le­ba ga­mo­e­caT­/Se­sa­ba­mi­so­ba­Si mo­ey­va­naT Se­sa­ba­mi­si ka­non­qvem­de­ba­re
nor­ma­ti­u­li aq­te­bi, ase­ve, sa­ja­ro re­es­tris erov­nul sa­a­gen­tos da­e­va­la
eleq­tro­nu­li por­ta­lis Seq­mna. amis pa­ra­le­lu­rad, ker­Zo seq­tors mi­ec ­ a
ka­no­nis amoq­me­de­bis­Tvis mom­za­de­bis Se­saZ­leb­lo­ba. 2022 wlis pir­ve­li
ian­vri­dan, ase­ve, Za­la­da­kar­gu­lad ga­mocx­ad­da „me­war­me­Ta Se­sa­xeb“ sa­qar­
Tve­los 1994 wlis 28 oq­tom­bris ka­no­ni.

404