The Privatisation Agency of Kosovo is established as an independent public body that shall carry out its functions and responsibilities with full autonomy, by the Assembly of Kosovo Law No. 03/L-067, on the PAK. The PAK shall possess full juridical personality and in particular the capacity to enter into contracts, acquire, hold and dispose of property and have all implied powers to discharge fully the tasks and powers conferred upon it by the present law; and to sue and be sued in its own name. The PAK is established as the successor of the Kosovo Trust Agency regulated by UNMIK Regulation 2002/12 “on the establishment of the Kosovo Trust Agency”, as amended, and all assets and liabilities of the latter shall be assets and liabilities of the PAK. The Special Chamber have exclusive jurisdiction for all suits against the Agency. The powers of the PAK are vested with the Board of Directors, comprised of three International and five Kosovar Directors. The inaugurating Board meeting of the PAK took place on 26th August 2008. Since then, the PAK is continuing the preparation of privatization of the Socially Owned Enterprises (SOEs).