The State Property Committee was established based on the Cabinet Resolution No 117 from July 31, 1996 after adoption of the Law on State and Local Property on May 27, 1996. The State Property Committee is a Government organization (the Government Regulatory Agency) with the functions to implement and oversee the enforcement of the government policies and legislations on state property as well as to supervise and manage the activities on management, ownership, use and protection of the State property itself defined according to the Constitution, Civil Code, the Law on State and Local Property, the Law on Management and Finance of the Budgetary Organizations, the Company Law and other relevant legislation.