ORDER OF THE GOVERNMENT OF THE REPUBLIC OF MOLDOVA

of March 29, 2008 No. 482

About approval of the Regulations on repayment (compensation) of some indisputable debts of the state to participants of privatization at the expense of government securities of joint-stock companies, privatizeable

In pursuance of provisions of article 47 of the Law on management of public property and its privatization No. 121-XVI of May 4, 2007 (The official monitor of the Republic of Moldova, 2007, Art. No. 90-93, 401) DECIDES: the Government

1. Approve:

Regulations on repayment (compensation) of some indisputable debts of the state to participants of privatization at the expense of government securities of joint-stock companies, privatizeable, according to appendix No. 1;

The list of joint-stock companies, privatizeable in which the share of the state does not exceed 33% of the authorized capital at the expense of which government securities it can be extinguished the indisputable debt of the state to participants of privatization, according to appendix No. 2 (is compensated).

2. Recognize invalid some orders of the Government according to appendix No. 3.

Appendix No. 1

to the Order of the Government of the Republic of Moldova of March 29, 2008 No. 482

Regulations on repayment (compensation) of some indisputable debts of the state to participants of privatization and accounts of government securities of joint-stock companies, privatizeable

I. General provisions

1. The regulations on repayment (compensation) of some indisputable debts of the state to participants of privatization at the expense of government securities of joint-stock companies, privatizeable (further - provision), establish:

a) categories of the debts of the state which are not extinguished at the scheduled time (further - indisputable debts), and categories of physical persons and legal entities - participants of privatization to whom the state will pay off the debts government securities (further - creditors);

b) procedures of repayment (compensation) of the public indisputable debts (further - transactions).

2. Repayment (compensation) of indisputable debts of the state at the expense of its securities in the joint-stock companies included in the List of objects of state-owned property, privatizeable, approved by the Order of the Government No. 945 of August 20, 2007. "About measures for accomplishment of the Law No. 121-XVI of May 4, 2007 on management of public property and its privatization" (The official monitor of the Republic of Moldova, 2007, Art. No. 131-135, 981), is privatization method by means of which securities are transferred to creditors on account of repayment of indisputable debts of the state.

3. Citizens and legal entities of the Republic of Moldova, foreign physical persons and legal entities which participated in privatization process can be creditors who have the right to require repayment (compensation) of indisputable debts of the state at the expense of its securities. The state companies of the Republic of Moldova do not belong to this category of creditors.

4. Can be extinguished the indisputable debts of the state formed (are compensated):

a) in the course of privatization, in cases of failure to carry out of decisions on privatization of objects for bonds of national property or cancellation of these decisions in accordance with the established procedure as a result of their acceptance with violation of provisions of the legislation or based on the wrong data, and also the amounts determined by degrees of jurisdiction in case of termination by retroactive effect or announcements invalid agreements on privatization;

b) in case of inclusion in the authorized capital of the joint-stock companies created in the course of privatization, the cost of apartment houses, hostels, subjects to welfare appointment, boiler rooms, subjects to water supply and the sewerage, and also other objects which provide needs of the population (further - objects) and subsequently transferred by them in accordance with the established procedure to the public possession of administrative and territorial units or the state, in management to other companies or Owners' Associations of the privatized housing (further - transferred to the public possession).

5. Indisputable debts of the state to participants of privatization are paid off compensated), according to their requirement, at the expense of government securities of the joint-stock companies included in the List of joint-stock companies privatizeable in which the share of the state does not exceed 33% of the authorized capital approved by the Government (further - the list).

6. For the organization of repayment (compensation) of indisputable debts of the state the Agency of public property creates the commission on repayment (compensation) of indisputable debts of the state (further - the commission) which structure joins three representatives of the Agency of public property and on one representative from the Ministry of Economics, the Ministry of Finance and the central bodies of public management which manage the state blocks of shares of the joint-stock companies involved in process of repayment (compensation) of indisputable debts of the state.

The commission chairman is appointed from among representatives of the Ministry of Economics or Agency of public property. The secretary of the commission is appointed from among representatives of the Agency of public property and is not her member.

7. Representatives of the Ministry of Economics, Ministry of Finance and Agency of public property will participate and make decisions on all commission sessions, and representatives of the central bodies of public management will participate with voting power only at those meetings at which joint-stock companies in which these bodies manage the state blocks of shares will be involved in process of repayment (compensation) of indisputable debts of the state.

8. Commission sessions are competent if at least two thirds of her members take part in them. Decisions of the commission are made by open voting at least than two thirds of voices of the members of the commission who are present at meeting and drawn up by the protocol.

9. Commission:

a) represents in accordance with the established procedure offers on modification and amendments in the List of joint-stock companies approved by the Government by which securities can be extinguished indisputable debts of the state (are compensated);

b) considers requests for repayment (compensation) of the indisputable debts of the state specified in item 4 of this provision;

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