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LAW OF THE REPUBLIC OF BELARUS

of June 9, 2003 No. 202-Z

About reorganization of unprofitable agricultural organizations

(as amended of the Law of the Republic of Belarus of November 5, 2003 No. 243-Z)

Accepted by the House of Representatives on April 3, 2003

Approved by Council of the Republic on April 16, 2003

This Law establishes procedure for reorganization of unprofitable agricultural organizations according to the decision of authorized state bodies and is directed to increase in efficiency of agricultural production.

Article 1. The basic concepts applied in this Law

In this Law the following basic concepts are applied:

agricultural organization - the legal entity whose core activity is cultivation (production or production and conversion) of agricultural products which proceeds from sales constitute at least 50 percent from the total amount of revenue;

the unprofitable agricultural organization - agricultural organization which financial condition and results of economic activity are characterized by the fact that within the last three years cash receipts from sales of products, works (services) do not compensate its expenses is not formed profit.

Article 2. General provisions about reorganization of unprofitable agricultural organizations

Agricultural organizations will be reorganized according to the procedure, established by the legislation of the Republic of Belarus.

According to the decision of authorized state bodies unprofitable agricultural organizations irrespective of patterns of ownership and legal forms can be reorganized according to this Law.

By reorganization of unprofitable agricultural organization form of business of the newly created legal entity shall correspond to the Civil code of the Republic of Belarus.

By reorganization of kolkhoz (agricultural production cooperative) the option of form of business of the newly created legal entity belongs to general meeting of members of kolkhoz (agricultural production cooperative).

Article 3. Legislation on reorganization of unprofitable agricultural organizations

The relations connected with reorganization of unprofitable agricultural organizations are regulated by the Civil code of the Republic of Belarus, this Law and other acts of the legislation of the Republic of Belarus.

Article 4. Principles of reorganization of unprofitable agricultural organizations

Reorganization of unprofitable agricultural organizations is carried out on the basis of the following principles:

respecting the rule of law in the course of reorganization;

ensuring publicity of process of reorganization;

observance in the course of reorganization of property and other rights of workers (members) of the reorganized unprofitable agricultural organization;

control of process of reorganization from the state.

Article 5. Authorized state bodies on reorganization of unprofitable agricultural organizations

The authorized state bodies making the decision on reorganization of unprofitable agricultural organizations are republican state body concerning agricultural industry and food of the Republic of Belarus, local councils of deputies, local executive and administrative organs according to their competence.

Article 6. Decision making about reorganization of unprofitable agricultural organizations

The basis for decision making about reorganization of unprofitable agricultural organizations by authorized state bodies are the results of economic activity reflected in accounting records of these organizations in three last years prior to adoption by these bodies of decisions on their reorganization.

Authorized state bodies for assessment of results of economic activity of agricultural organization carry out the analysis of current liquidity, security with own current assets, security of financial liabilities, including overdue, assets and the analysis of structure of the available accounts payable.

The decision on reorganization of unprofitable agricultural organization can be appealed judicially.

Article 7. Commission on reorganization

The authorized state body which made the decision on reorganization of unprofitable agricultural organization within seven days from the date of decision making creates the commission on reorganization and the procedure and term of its activities are established.

The commissions on reorganization are included the head of the reorganized unprofitable agricultural organization, his deputies, trade union representatives of this organization (if he is created), the authorized state body which made the decision on reorganization, local executive and administrative organ in the territory of which the lands which are in use of the reorganized unprofitable agricultural organization and also representatives of local financial and tax authorities are located.

Except persons specified in part two of this Article at the discretion of the authorized state body which made the decision on reorganization of unprofitable agricultural organization the structure of the commission on reorganization can include representatives of other organizations, and also other workers (members) of the reorganized unprofitable agricultural organization.

The commission chairman directs work of the commission on reorganization. The authorized state body which made the decision on reorganization of unprofitable agricultural organization appoints the commission chairman on reorganization. The commission chairman on reorganization bears responsibility for work of this commission according to the legislation of the Republic of Belarus.

Commission sessions on reorganization are held as required, but at least once a month and are competent if at them there are at least two thirds of total number of members of the commission.

Decisions of the commission on reorganization are made by two thirds of voices of number of attendees at meeting.

Decisions of the commission on reorganization are drawn up by protocols which are signed by the chairman and members of the commission.

Article 8. Powers of the commission on reorganization

Commission on reorganization:

places in the periodic printing edition where data about registered and liquidated (stopped activities) subjects of business activity are published, the message on reorganization of unprofitable agricultural organization;

takes measures for identification and repayment creditor and receivables of the reorganized unprofitable agricultural organization;

makes the decision on carrying out inventory count of property of the reorganized unprofitable agricultural organization, establishes terms of its carrying out, performs check of completeness and correctness of inventory count and assessment of property;

will organize preparation and holding general meeting of workers (members) of the reorganized unprofitable agricultural organization concerning reorganization;

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