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- Art
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17.
- (1)
- Any state-owned enterprise which is transformed into a single-member commercial company shall be done so by the Council of Ministers or a body designated thereby.
- (2)
- (Amended, Official Gazette issue No 51 of 1994 and issue No 89 of 1997) Should the book value of the fixed assets of any such enterprise exceed BGL 1 billion, said enterprise shall be transformed by the Council of Ministers on motion by a body thereof. The Privatization Agency shall be approached for an opinion about the proposal before said motion shall be made. The Agency shall have to give its opinion within one month after the receipt of said motion.
- (3)
- (Added, Official Gazette issue No 109 of 1995; amended, issue No 89 of 1997) Articles 72 and 73 of the Commercial Code shall not apply to non-cash contributions made by the state or by the municipalities to the equity of companies with more than 50 per cent of state or municipal participation. Any non-cash assets provided by the state towards the capital of any such commercial company shall be valued according to a procedure established by the Council of Ministers, and the long-term material assets thereof shall be accounted for according to their book value.
- (4)
- (Added, Official Gazette issue No 109 of 1995) Articles 72 and 73 of the Commercial Code shall not apply upon the transformation of any privatized commercial company into a different type of commercial company for the duration of twelve months after the conduct of the privatization transaction. The privatization appraisal made by the net present value method, if accepted by the competent authority pursuant to Art 3 according to the established procedure, shall count as a valuation of the non-cash assets upon any such transformation.
- Art 17 A.
- (Added, Official Gazette issue No 51 of 1994)
In respect of any state-owned enterprise transformed into a wholly state-owned single-member commercial company, any property allocated to said enterprise for management or administration by the instrument of transformation shall be transferred to the ownership of said company, except where otherwise provided thereby.
- Art 18.
-
- (1)
- (Amended, Official Gazette issue No 51 of 1994) Any owner of any immovable property which was nationalized by virtue of statutes or decrees and acts of the Council of Ministers in the period between 1946 and 1962, excluding any such property nationalized pursuant to Art 26 of the State Property Act (published in the Official Gazette issue No 300 of 1948, amended in issue No 173 of 1949, repealed in the Transactions of the Presidium of the National Assembly issue No 92 of 1951) or Art 101 of the Ownership Act, whereas this immovable property exists as a corporeal hereditament but has been incorporated into the fixed assets of any state-owned or municipal-owned enterprises, shall receive a proportionate part of the interests or shares in any company incorporated on the basis of said enterprises. Said part shall be determined on the basis of the balance-sheet values of the real estate owned by the said enterprise, and in case of an accepted evaluation prepared for the purposes of an initiated cash privatization procedure - on the basis of the approved evaluation. Any owner concerned may claim any such property before or after the transformation of the enterprise. An application to this end shall be filed to the Council of Ministers by September 30th, 1994 through the municipal council which has jurisdiction over said property, should said property have been incorporated into state-owned enterprises, or to the municipal council, should the said property have been incorporated into municipal enterprises.
- (2)
- The rights pursuant to the previous Paragraph shall furthermore be held by any owner of land on which state-owned or municipal-owned enterprises have been constructed, should, prior to the construction, said land had been incorporated into a co-operative farm, a state farm or any other entity formed on the basis of any such farm.
- (3)
- The municipal council which has jurisdiction over said property shall communicate the appraisal of said property to the owners according to a procedure established by the Code of Civil Procedure. The appraisal shall be subject to appeal before the competent district court within fourteen days after the receipt of the communication.
- (4)
- The provisions of Paras 1 and 2 shall not apply to any property the owners whereof have received compensation in the form of a money equivalent or any other equivalent property.
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