Moscow, Oct 26 (UNI) Russian President Vladimir Putin today signed a bill into law allowing foreign capital in aviation companies, specialising in the development, production, testing, repair and disposal of aircraft.
The bill amended the Law on the State Regulation of the Development of Aviation, and was passed by the State Duma (lower house) on October 6, 2006 and approved by the Federation Council (upper house) on October 13, the Kremlin press service said.
Under the law, foreign capital will be cleared if its share in the aviation organisation's charter capital was below 25 per cent, or if presidential approval was given.
Previously, the share of foreign capital in Russian aircraft companies was limited to ten per cent of their authorised capital.
The law also stipulates that the heads of aviation organisations and their management teams be Russian citizens, except in special cases to be determined by the President.
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