A Law to regulate the ownership and allotment of arable land in Georgia. All land is declared to belong to the national wealth and property of the republic of Georgia. Only citizens of Georgia have the legal right of ownership of land. State land is divided, according to the purpose it serves, in Land Reform Fund land and State Fund land.

This Law aims at developing Agricultural Land Reserves as a result of the privatization of state-owned agricultural land, rational land tenure, and supporting market development for land.

This Law governs lease agreements, including the rights, obligations and performance of the Parties. Leases shall comprise contracts for the temporary and paid tenure and use of land or other natural resources for the purpose of establishing an independent business, or for other purposes stipulated by law. Any owner of property or his representative may lease the property.

Privatization of State-owned enterprises is allowed in all sectors of the economy (art. 3). The privatisation shall be managed by a lead agency named the State property management Committee (art. 4). It shall prepare a privatization programme. Enterprises shall be sold by the State Property Fund, a State company acting on a commercial base (art. 6).

This Law establishes exclusive plenary powers of the self-government bodies in the following areas: (a) management and disposal of public land resources; (b) land use planning; (c) management of local public forest and water resources; and (d) management of local water supply, drainage and sewerage systems (art. 16).

This Law regulates legal relations in the sphere of setting up and management of the system of protected areas of the Imereti caves, related to management of land area, forests, water and other natural resources, including historical and cultural heritage.