ORDER OF THE GOVERNMENT OF THE REPUBLIC OF MOLDOVA

of September 7, 1993 No. 568

About approval of the Regulations on out-of-competition acquisition by participants of privatization of shares of the privatized companies for bonds of national property and Regulations on holding auctions of purchase and sale of state-owned property in the Republic of Moldova

In pursuance of the resolution of Parliament of the Republic of Moldova of July 4, 1991 "About procedure for enforcement of the Law of the Republic of Moldova "About privatization" the Government of the Republic of Moldova decides:

Approve Regulations on out-of-competition acquisition by participants of privatization of shares of the privatized companies for bonds of national property and Regulations on holding auctions of purchase and sale of state-owned property according to the appendices N 1 and 2.

Appendix No. 1

to the order of the Government of the Republic of Moldova of September 7, 1993 No. 568

Regulations on out-of-competition acquisition by participants of privatization of shares of the privatized companies for bonds of national property

I. General provisions

1. This Provision is developed according to the Law of the Republic of Moldova "About privatization" and determines procedure and conditions of out-of-competition acquisition at par value to 20 percent of shares (or 40 percent on the specialized state enterprises created for employment of persons with physical, intellectual and mental variations) the privatized companies members of the labor collectives which are constantly occupied at these companies, former employees of the companies which worked on them at least 10 years, and also the workers who are called up for conscription or alternative military service, elected to elective work or dismissed after entry into force of the specified Law in connection with staff reduction, reorganization of the companies, establishment of discrepancy of post or the performed work for health reasons irrespective of length of service at these companies (further - participants of privatization).

This Provision extends to all objects which privatization is planned by the State program of privatization, except for kolkhozes and sovkhozes.

The decision on reorganization of the state company in joint-stock company affirms the Ministry of privatization and management of state-owned property.

2. In case of privatization of intereconomic associations and the companies, sovkhozes plants and companies of Moldagrokonstruktion association action of the Provision extends only to share of state-owned property as a part of property of such companies and associations.

II. Procedure for determination of quota of participants of privatization

3. The commission on privatization informs labor collective and publishes in mass media the message on the organization of stock subscription of the company for persons having the right to participate according to the current legislation in privatization of the company.

4. Within 10-15 days from the date of publication of the message (specific term is established by the commission on privatization depending on specifics of the company) persons interested to take part in privatization of the company and having the right to it according to the current legislation submit the commissions on privatization the application on participation in out-of-competition share acquisition of the company for bonds of national property, and participants of privatization who do not work at this company in addition at present represent the passport, the service record and the check of national property.

Filing of application is performed by presentation by the participant of privatization of necessary documents and entering of surname, name, middle name of the owner of the bond of national property (BNP), number BND and quantity of shares of BND into the table calculation of total quantity of the cheloveko-years worked participants of privatization (appendix N 1).

5. The commission on privatization shall, at the request of any participant of privatization who has such right according to the current legislation, to give opportunity to study the plan of privatization of this company.

6. The specific size of the block of shares of the privatized company or organization transferred for out-of-competition acquisition by participants of privatization is determined by the commission on privatization.

7. At the same time the following calculations are perfromed:

Total 1) the quantity of the shares specified in BND all participants of privatization is multiplied on officially the cost of one cheloveko-year of length of service announced by the Ministry of privatization and management of state-owned property in the national economy of the republic.

2) if the received work does not exceed 20 percent (or 40 percent on the specialized state enterprises created for employment of persons with physical, intellectual and mental variations) estimated value of state-owned property of the privatized company, then it is fixed as share of the property which is subject to out-of-competition acquisition by participants of privatization of the company; if this work is more than 20 percent of estimated value of state-owned property, then the share of participants of privatization is determined in the amount of 20 percent.

3) the final figure is rounded to thousands and affirms no later than 7 days from the date of representation of calculations by territorial agency of the Ministry of privatization and management of state-owned property as quota of participants of privatization of the company.

III. Procedure for out-of-competition distribution and accounting of shares

8. After the official approval of general quota the commission on privatization determines the maximum quantity of shares which can be acquired by each participant of privatization in the table calculation.

If the total quantity of shares of BND of all participants of privatization increased by the cost of one cheloveko-year are less or equally to 20 percent, the cost of state-owned property, each participant of privatization has the right to acquire shares on that quantity of shares which is specified in its BND. If the specified work exceeds 20 percent, the main criterion of distribution of shares is length of service at the company and the general quota of shares is subject to distribution between participants of privatization of the company.

9. Calculation of the maximum quantity of shares which each participant of privatization can acquire is brought to the attention of participants of privatization, and within 10-15 days the commission on privatization makes stock subscription for BND with simultaneous issue of the temporary certificate of the shareholder (appendix N 2). At the same time participants of privatization bring in cash desk of the incorporated company of BND in the amount equal to value of the acquired shares.

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