PRESIDENTIAL DECREE OF THE REPUBLIC OF BELARUS

of October 2, 2018 No. 399

About financial improvement of agricultural organizations

For the purpose of financial improvement of agricultural organizations and increase in efficiency of farm-production:

1. Determine that:

1.1. regional executive committees according to the procedure, established by Council of Ministers of the Republic of Belarus, lists of the insolvent agricultural organizations which are subject to financial improvement affirm (further - the list);

1.2. the debt of the insolvent agricultural organizations included in the list is subject to restructuring in the way:

increases in authorized capital of economic society within the amount of the formed debt with share transfer (share in authorized fund) to the creditor;

providing deferred settlement of debt for three years with the subsequent payment by installments for five years or providing deferred settlement of debt with the subsequent payment by installments for other term under the agreement with creditors;

emissions of bonds by local executive and administrative organs with subsequent their sale to banks, JSC Development Bank Republic of Belarus for the purposes of acquisition of the assets created on outstanding amount (part of debt) on the credit agreements signed with insolvent agricultural organizations or transfers of the specified assets to JSC Asset Management Agency;

in other way established by legal acts (transfer by members of economic society of shares (share in authorized fund) to the creditor, full or partial relief from property obligation on debt repayment and another);

1.3. from the date of inclusion of insolvent agricultural organization in the list charge of percent, penalty fee (penalties) by all types of debt stops (except for the debt which arose after inclusion of such organization in the list and also the percent charged by JSC Asset Management Agency, banks and JSC Development Bank Republic of Belarus).

At the same time the interest rate for use of the credits issued to insolvent agricultural organizations by banks and JSC Development Bank Republic of Belarus can be lowered to annual interest rate 1,5 according to the signed supplementary agreements to credit agreements;

1.4. the insolvent agricultural organization included in the list which is not economic society can be transformed to economic society.

The state registration of the real estate belonging to such organization is allowed after completion of its reorganization based on technical data sheets and the transfer act;

1.5. the following measures for increase in efficiency of their management can be applied to the state insolvent agricultural organizations included in the list (insolvent agricultural organizations from shares of the state in authorized fund):

delivery of the company as property complex (further - property complex) agricultural organization in lease, including with the right of subsequent its redemption by results of implementation of the business plan on its financial improvement (further - the business plan);

transfer to trust management of the shares (share in authorized fund) of agricultural organization which are in state-owned property, including with the right of subsequent their redemption by results of implementation of the business plan;

delegation of power of executive body (head) of agricultural organization under the agreement of other commercial organization (managing organization) or the individual entrepreneur (managing), including with the right of the subsequent redemption of property complex of agricultural organization by results of implementation of the business plan;

sale by holding the auction (tender) of property complex, shares (share in authorized fund) of agricultural organization which are in republican or utility property, respectively according to the decision of the President of the Republic of Belarus or in coordination with it if other is not established by the President of the Republic of Belarus;

other measures, stipulated by the legislation;

1.6. in property of the head of agricultural organization working according to the employment contract (contract) following the results of implementation of the business plan stocks (share in authorized fund) * such organization, being can be gratuitously transferred:

in republican property, - according to the decision of the President of the Republic of Belarus;

in utility property, - according to the decision of the relevant local executive committee approved with the President of the Republic of Belarus.

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* In number of no more than 25 percent plus one share from total quantity of shares of agricultural organization (share in the amount of no more 25,01 of percent of authorized fund).

2. Condition of inclusion of insolvent agricultural organization in the list is development of the business plan.

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