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LAW OF UKRAINE

of March 6, 1992 No. 2173-XII

About privatization papers

(as amended on 20-11-2012)

This Law determines concepts and types of privatization papers, conditions and procedure for their release, placement among citizens of Ukraine, accounting, use and repayment.

Article 1. Concept and types of privatization papers

1. Privatization papers are special type of the government securities certifying the owner's right to non-paid obtaining in the course of privatization of share of property of the state companies, the state housing stock, land fund.

Privatization papers can be only nominal.

2. The procedure for release and the circulation of privatization papers is determined by this Law, other acts of the legislation of Ukraine.

3. Privatization papers have the following details: record about paper belonging to Ukraine; the name of the body which issued paper; specifying of type of privatization paper, series and sequence number; date of issue and term of use; nominal rate of privatization paper in cost, estimated proceeding from replacement cost of the privatized property, and (or) natural expression, or in conventional units; surname, name, middle name and the residence of the owner, data on the document proving his identity; the signature of the head of the issuer or other representative on it faces, seal of the organization which issued paper.

Privatization papers also contain information on conditions and procedure for their use and on the owner's rights.

4. For release of privatization papers forms of special sample which affirm the National Bank of Ukraine are used.

Release of privatization papers can be performed in the form of non-cash deposits.

Article 2. Owners of privatization papers

1. In property of privatization papers the citizens of Ukraine living on its territories living or temporarily staying beyond its limits on official matters during the period determined by the State program of privatization have the right.

2. The citizens of Ukraine living beyond its limits have the right to receive privatization papers in case of moving to Ukraine for accommodation at the period determined by the State program of privatization.

3. Interests incapacitated and restrictedly capable owners of privatization papers are represented according to the legislation of Ukraine by legal representatives, guardians and custodians.

4. The property right to the received privatization papers in case of the death of their owner passes according to the procedure of inheritance, determined by the legislation of Ukraine. In case of the death of the citizen who did not receive privatization papers for any reasons, the right of receipt of the papers ought to issue to the dead is not inherited.

5. Each citizen of Ukraine has the equal right to receipt of privatization papers of identical nominal value for privatization of share of property of the state companies, the state housing stock, land fund.

Article 3. Procedure for release, placement and accounting of privatization papers

1. The decision on release of privatization papers is made by the Cabinet of Ministers of Ukraine according to the State program of privatization. Emission of privatization papers is performed by the National Bank of Ukraine. Account of the issued privatization securities is kept by the issuer.

2. Issue to citizens of privatization papers will be organized by departments of Savings bank of Ukraine according to lists which are constituted by local councils of People's Deputies or representations of Ukraine in other states, based on the statement of the receiver and presentation of the passport of the citizen of Ukraine or the document replacing it. The procedure for issue of privatization papers is established by the National Bank of Ukraine in coordination with the Cabinet of Ministers of Ukraine.

3. Storage conditions, accounting and repayment of privatization papers are established in case of their release by the National Bank of Ukraine.

4. In case of issue of privatization papers to the citizen in the contactless electronic medium of the passport of the citizen of Ukraine the corresponding entry is made.

5. The state fee is paid for receipt of privatization papers by citizens.

Article 4. Use and repayment of privatization papers

1. Privatization papers are used by citizens of Ukraine for acquisition of share of property of the state companies and other objects, the state housing stock, land fund according to the legislation of Ukraine on privatization.

2. Privatization papers can be used during privatization, determined by the State program of privatization.

Repayment of unused privatization papers is performed according to the procedure and the terms established by the State program of privatization.

3. Use of privatization papers is performed by their exchange for the shares, shares, other documents establishing and certifying the property right to share of state-owned property according to nominal of privatization paper with obligatory reflection of content of exchange transaction both on the most privatization paper and in related documents, and is followed by repayment of privatization paper.

Nominal value of all privatization securities issued by the State shall be equal value of share of property of the state companies, other objects, the state housing stock, land fund which are privatized gratuitously.

Shares, shares, other documents establishing the right to the acquired subjects to privatization shall contain the information about the owner to whom they are presented.

The state fee is paid for exchange of privatization papers for shares, shares, other certificates on the property right to the acquired objects.

4. Privatization papers can be used only for exchange for the documents establishing the property right to the acquired subjects to privatization.

Before release in cash flow of privatization papers payments for the acquired subjects to privatization can be performed from privatization deposit accounts into which all-in nominal value of privatization papers of those citizens who have the right to them according to the legislation is enlisted.

The procedure for opening of the specified accounts and implementation of payments from them is determined by the National Bank of Ukraine.

Accompanying documents on movement of privatization papers have signature stamp "Privatization" and are subject to separate accounting.

5. The extinguished privatization papers are collected according to the procedure, determined by the National Bank of Ukraine.

6. The privatized objects which over 50 percent of the price were paid by privatization papers are not subject to sale or alienation different way before introduction of national currency of Ukraine, except for case of bankruptcy of the company.

Violation of the specified requirement attracts recognition of the concluded bargains invalid with the subsequent withdrawal in the relevant budget of property and the received means.

7. Recovery of the lost privatization papers is performed according to the procedure, stipulated by the legislation.

Article 5. Special conditions of use and circulation of privatization papers

1. Privatization papers are not subject to free circulation, and their sale or alienation different way is invalid.

2. Dividends or percent from privatization papers are not charged.

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