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LAW OF THE REPUBLIC OF MOLDOVA

of May 13, 1999 No. 392-XIV

About restructuring of agricultural enterprises in the course of privatization

(as amended on 03-05-2002)

For the purpose of restructuring of the agrarian sector in the course of its privatization

The parliament adopts this organic law.

Chapter I GENERAL PROVISIONS

Article 1. Law coverage

(1) This law governs the relations evolving in the course of creation of private enterprises from the shares of equivalent lands and cost shares of property, and also the subsequent liquidation of the privatized agricultural enterprises received in nature (daleepredpriyatiya) including repayment of their debts.

(2) Operation of this law extends only to the following companies:

a) kolkhozes, sovkhozes, sovkhozes plants;

b) other companies with collective and/or state pattern of ownership having land privatization fund;

c) the economic societies and cooperatives created by reorganization of the companies specified in Items a) and b).

Article 2. Basic concepts

In this law the following concepts are used:

a) participants of privatization are members of kolkhoz, employees of sovkhoz, sovkhoz plant or other company, and also the other persons specified in Article 12 of the Land code and article 35 of the Law on the Privatization program for 1997-1998;

b) creditors - the state, legal entities and physical persons having direct contractual relations with the company;

c) priority creditors are creditors of the company, debts to whom are provided with pledge, and also physical persons before which the company bears responsibility for damnification to their health or in connection with the death of the supporter (further - beneficiaries);

d) active part of property - the irrigational constructions and long-term plantings located on lands of privatization fund, the tractor, the combines, other machines and the equipment of agricultural purpose, vehicles used in production of agricultural products and also seed fund, the working and productive cattle, incomplete agricultural production belonging to the company on the property right;

e) subjects to public appointment - the subjects to welfare, municipal, administrative and other public assignment belonging to the company on the property right;

f) historical debts - the debts of all types (including percent, penalty fee, penalties and exchange differences) formed (added) for the period till January 1, 2000 and not extinguished for date of publication of the announcement of liquidation of the company according to this law;

g) current debts - the outstanding debts of all types (including percent, penalty fee, penalties and exchange differences) formed after December 31, 1999;

h) debts of the company - the monetary commitments of the company which are not performed in the terms established by the legislation or the agreement;

i) debts to the state - historical and current debts on taxes and fees of all types in state and local budgets, on contributions to the budget of the national social insurance, and also on the credits obtained from the Ministry of Finance and on the performed state guarantees issued by the Government in providing bank loans;

j) exchange differences - difference it is aware of national currency, provided in the agreements signed with the company, formed for the period from the date of emergence of monetary commitments before their execution;

k) aggregate term of prescription of debt - the term of limitation period, single for all types of debts of the company, equal to three years;

l) restructuring of the company - provision process to participants of privatization in nature of shares of equivalent lands and cost shares of property, creation of private enterprises by them, and also the subsequent liquidation of the privatized company, including repayment of its debts;

m) repayment of debts - execution of the monetary commitments by the company by transfer to creditors of money, the translation of debts, concessions of the requirement for their repayment or offsetting of debts;

n) offsetting of debts - repayment of debts of the company by transfer to the state or other creditor of non-cash property of the company and/or mutual repayment of counter monetary claims;

o) transfer of historical debts - transfer of historical debts of the company to the state and concession to it of the requirement for repayment of such debts.

Article 3. Bases for restructuring of the company

(1) the Bases for restructuring of the company in the course of privatization are:

a) decisions of authorized bodies of public management on statement of structure of the land commission, the commission on privatization of property of the company (further - the commission on privatization), and also land privatization fund;

b) the decision of general meeting of workers and pensioners of the company (shareholders or unitholders of society, members of cooperative) on its restructuring according to this law.

(2) Provided by part (1) decisions are also the bases for the conclusion of the contribution agreement of the company in the National Pamant program.

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