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- Art 10.
-
- (1)
- (Supplemented, Official Gazette issue No 109 of 1995, amended, issue No 39 of 1998) A privatization agency shall be established as a public authority with the Council of Ministers to organize and supervise the privatization of state-owned enterprises and to carry out privatization in the instances provided by this Act.
- (2)
- The Agency shall be a state-financed juristic person with a head office in Sofia and shall have regional offices. (3) The national-budget financing of the Agency shall be separate from the revenues and expenses that arise from the privatization of state-owned enterprises.
- Art 11.
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The Agency shall have the following governing bodies: 1. a Supervisory Board; 2. an Executive Director.
- Art 12.
-
- (1)
- (Amended, Official Gazette issue No 51 of 1994 and issue No 85 of 1996) The Supervisory Board shall consist of seven members, of which four shall be appointed by the National Assembly, and three shall be elected by the Council of Ministers.
- (2)
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(Amended, Official Gazette issue No 51 of 1994) Any member of the Supervisory Board shall be removed by the authority which has appointed or elected him or her in any case where the said member:
- 1.
- has committed violations of this Act;
- 2.
- has been convicted by an effective sentence of a premeditated offense of public law;
- 3.
- (Renumbered, Official Gazette issue No 51 of 1994) is unable to perform his or her duties.
- (3)
- (Added, Official Gazette issue No 51 of 1994) In any instance other than those treated pursuant to the previous Paragraph, any member of the Supervisory Board of the Privatization Agency may be removed by a decision of the authority which has appointed or elected the said member.
- (4)
- (Renumbered and amended, Official Gazette issue No 51 of 1994) In the instances pursuant to Paras 2 and 3, as well as in the event of a resignation or death of a member of the Supervisory Board, the authority which has appointed or elected said member shall appoint or elect a replacement.
- (5)
- (Renumbered, Official Gazette issue No 51 of 1994) A Chairman shall be elected from among the members of the Supervisory Board. The Chairman shall convene and preside at meetings of the Supervisory Board.
- (6)
- (Renumbered, Official Gazette issue No 51 of 1994) The remuneration of the members of the Supervisory Board shall be determined by the Council of Ministers. No member of the Supervisory Board may occupy any other salaried position in the Agency.
- Art 13.
-
(Amended, Official Gazette issue No 85 of 1996)
The Supervisory Board shall exercise the following powers:
- 1.
- to draft rules of procedure for the Agency and submit them to the Council of Ministers for approval;
- 2.
- to determine the guidelines for the operation of the Agency in compliance with this Act;
- 3.
- to approve the draft annual budget of the Agency, as well as the annual reports on the implementation of the privatization program of the Privatization Agency;
- 4.
- to approve the privatization transactions in excess of an amount specified in the rules of procedure of the Agency;
- 5.
- to lay down the general rules and terms and conditions for appointment, including remuneration, of the employees of the Agency;
- 6.
- to approve quarterly reports by the Executive Director on the operation of the Agency;
- 7.
- to elect and dismiss the Executive Director and determine his or her remuneration;
- 8.
- to determine the locations of the regional offices and approve their chiefs.
- Art 14.
-
- (1)
-
The Executive Director shall exercise the following powers:
- 1.
- organize and direct the operation of the Privatization Agency in compliance with the law and the decisions of the Supervisory Board;
- 2.
- represent the Privatization Agency;
- 3.
- empower other persons to carry out specific actions.
- (2)
- The Executive Director may not occupy any other salaried position, nor may he or she receive remuneration by contract of personal services, except for research or teaching.
- Art 15.
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(Amended, Official Gazette issue No 109 of 1995 and issue No 39 of 1998)
- (1)
- For the duration of the incumbency thereof and within one year thereafter, no member of the Supervisory Board, nor the Executive Director nor any municipal councilor or member of a management or supervisory body, or of the specialized bodies of the municipal councils for implementation of privatization, or any other authority pursuant to Art 3 or any member thereof, nor any family member thereof, shall have the right to acquire any property or interests or shares in any enterprise privatized by a transaction prepared and conducted with the participation of said person, unless entitled to preferential participation pursuant to Art 5, Para 2, or to participation in centralized public offerings.
- (2)
- No person other than such pursuant to Para 1 who has been assigned by the competent authority under Art 3 in an official capacity or by contract to negotiate placement, hold an auction or tender, or prepare a an analysis of the legal status, appraisal or expert opinion, nor any family member thereof, shall have the right to acquire any property or interests or shares in any privatized unit affected within three years after the privatization transaction.
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