LAW ON PRIVATIZATION OF STATE CAPITAL OF ENTERPRISES
Article 1
This law regulates the records, the administration, the
method and the procedure of privatization of state capital of enterprises.
Article 2
State
capital, within the meaning of this law, refers to (a) the stake (long-term
investments) of the Republic of Macedonia in the value of the enterprises,
determined in accordance with the Law on Transformation of Enterprises with
Social Capital ("Official Gazette of the Republic of Macedonia"
No.38/93 and 48/93), the Law on Transformation of Enterprises and Cooperatives
with Social Capital Using Agricultural Land ("Official Gazette of the
Republic of Macedonia" No.19/96) and the Law on Regulating the Relations
in connection with the Servicing of Loans from International Financial
Organizations (”Official Gazette of the Republic of Macedonia", No.
48/94), (b) the investments of the Republic of Macedonia in the value of the
enterprises pursuant to the provisiions
of the Law on Restructuring some of the Enterprises Showing Losses in their
Business Operations ("Official Gazette of the Republic of Macedonia"
No. 2/95 and 65/95), Law on Rehabilitation and Restructuring of a portion of
the Banks in the Republic of Macedonia ("Official Gazette of the Republic
of Macedonia", No. 14/95), and (c) the capital obtained on other bases in
accordance with the law.
Article 3
For
the value of the state capital, enterprises issues ordinary shares, that is,
stake certificates to the Republic of Macedonia.
Article 4
The
records of the state capital of the enterprises are maintained by the Ministry
of Finance.
The
method and procedure for the maintenance of records of state capital are
regulated by the Government of the Republic of Macedonia.
Article 5
State
capital is managed by the Government of the Republic of Macedonia.
The
Government appoints members within the organs of management of the enterprises
with state capital, in accordance with the law.
Article 6
The
privatization of state capital of enterprises is decided upon by the Government
of the Republic of Macedonia, on a case by case basis.
Privatization
is undertaken in accordance with a Programme, which shall be adopted by the
Government of the Republic of Macedonia for a period of 6 months.
Article 7
State
capital can be privatized together with social capital, or on a separate basis.
Article 8
In
the case of state capital being privatized together with social capital, the
provisions of the Law on Transformation of Enterprises with Social Capital apply, respectively, for the purpose of
offering a majority (controlling) package of shares, that is stakes.
Article 9
State
capital can be privatized on a separate basis, by way of:
a) public announcement of collecting bids (hereinafter
"public announcement") and
b) stock exchange market.
The
procedure of privatization through a public announncement, as well as through
the stock exchange market, is administered by the Agency for Transformation of
Enterprises with Social Capital and the Bank Rehabilitation Agency.
Article 10
In
the case of state capital being privatized through a public announcement or the
stock exchange market, the initial price of the shares, that is, stakes,
represents their face value.
The
face value from Paragraph 1 of this Article is determined on basis of the
appraised value of the capital.
In
the event of a valuation of the capital being nonexistent, the face value is
determined on basis of the book value of the capital.
Article 11
The
shares and stakes in the state capital can be sold in installments, over a
period not longer than five years.
Article 12
The
method and procedure for the sale of state capital and the payment of shares,
that is stakes, are regulated in detail by the Government of the Republic of
Macedonia.
Article 13
In
the sales of state capital, payment may be effected in denars, in foreign
currency saving deposits of the citizens, as well as in securities issued by
the Republic of Macedonia.
Article 14
In
the sales of state capital, the following discounts are allowed:
– for prompt cash payment in denars, 60%,
- for prompt
payment in foreign currency saving deposits of the citizens, 10%
- for payment in installments over a period of up to
one year, 30% and
- for payment in installments over a period of up to
years, 20%.
Article 15
Shares
and stakes may be purchased by domestic and foreign persons, as well as by
legal and physical persons.
Article 16
The
Agreements for the sale of shares and stakes, on behalf of the Republic of
Macedonia, are concluded by the Minister of Finance.
Article 17
Proceeeds of the sales of
state capital represent revenues in the Budget of the Republic of Macedonia.
Article 18
Where
state capital has been identified in an enterprise which has completed the
procedure of transformation of social capital, such enterprise is obliged to
issue shares, that is stake certificates to the Republic of Macedonia, for the
value of the state capital, within 60 days from the date this law enters into
force.
Enterprises
undergoing the procedure of transformation are obliged to issue shares, that is
stake certificates to the Republic of Macedonia, for the value of the state
capital identified during the transformation procedure, within 30 days after
the completion of the transformation procedure.
Article 19
The
Ministry of Finance supervises the enforcement of this law.
Article 20
Should
an enterprise fail to issue shares, that is stake certificates to the Republic
of Macedonia (Article 18), said enterprise will be fined for business violation
with 100 to 200 monthly salaries.
The
responsible employee in the enterprise will be also be fined with five to eight
monthly salaries for the business violation from Paragraph 1 of this Article.
Article 21
The
regulations referred to in Articles 4 and 12 of this Law will be passed within
60 days of the date this law enters into force.
Article 22
This
Law enters into force on the eighth day following the date of publication in
the "Official Gazette of the Republic of Macedonia".