The document provides for the basic conditions and the regime that will regulate the creation of the new region, its status, name and borders. The new region is considered to exist as of 1 January 2008, will have the status of region and be called the Irkutsk Region. The law stipulates that its borders will encircle the territory of the newly merged regions of the Russian Federation.
During a transition period (no later than 1 January 2009) the new region’s state authorities should be formed. It is provided that on 12 October 2008 elections to the new region’s legislature will be held and no less than 35 days following the creation of a legislature the President of Russia will recommend a candidate for the first governor of the new region.
The federal constitutional law determines how the state bodies and organisations of the region and autonomous district as well as the regional bodies of federal executive power will function until the end of the transition period, the way the courts will function and how justice will be implemented on the new region’s territory, how the laws of succession will be applied in the new region, including concerning property of the region and autonomous district.
The federal constitutional law provides for how the budgets of the Irkutsk Region, Ust-Ordynsky Buryat Autonomous District and new subject will be formed, and also the regime according to which the region will receive financial support from the federal budget during the transition period at a level no less than that of 2007, inflation being taken into account.