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- Art 43.
- (Added, Official Gazette issue No 54 of 1994, amended, issue No 109 of 1995; repealed, issue No 39 of 1998)
- Art 44.
-
(Added, Official Gazette issue No 54 of 1994; amended, issue No 109 of 1995 and issue No 39 of 1998)
- (1)
-
The investment vouchers represent a book-entry instrument of payment which may be used only for:
- 1.
- payments within the framework of privatization deals for state-owned property;
- 2.
- (amended, Official Gazette issue No 39 of 1998) subscription installments in companies pursuant to Art 25, Para 3, and Art 31, Para 1, established with the objective to acquire state shares;
- 3.
- (amended, Official Gazette issue No 39 of 1998) participation in voluntary pension funds - after the enactment of the relevant legislative regulations of the voluntary pension funds.
- (2)
- (Amended, Official Gazette issue No 39 of 1998) Investment vouchers shall be inheritable. Said vouchers may be transferred solely to spouses, to lineal relatives or to collateral relatives up to the second degree of consanguinity, but not more than once, with the exception of the cases when the said vouchers are transferred to companies pursuant to Art 25, Para 3, and Art 31, Para 1.
- (3)
- (Amended, Official Gazette issue No 39 of 1998) In case the investment vouchers are subscribed by their owners for participation in companies pursuant to Art 25, Para 3, and Art 31, Para 1, one investment voucher shall be equal to one lev.
- (4)
- (Added, Official Gazette issue No 39 of 1998) In case the investment vouchers are used by the citizens to acquire participation in voluntary pension funds, one investment voucher shall be equal to one lev.
- (5)
- (Added, Official Gazette issue No 39 of 1998) The companies and the voluntary pension funds pursuant to Para 1 shall account for the acquired investment vouchers as assets in cash.
- (6)
- (Renumbered, Official Gazette issue No 39 of 1998) Investment vouchers may not be pledged as security.
- (7)
- (Added, Official Gazette issue No 12 of 1999) The investment vouchers may not be used as an instrument of payment in privatization deals pursuant to the provisions of Art 25, Para 1, Item 1.
- Art 44 A.
-
(Added, Official Gazette issue No 39 of 1998)
- (1)
- Payments with investment vouchers and their accounting shall be carried out pursuant to the procedures established by the Council of Ministers.
- (2)
- When used as an instrument of payment, one investment voucher shall be equal to one lev, with the exception of the cases as stated in this Act.
- Art 45.
- (Added, Official Gazette issue No 54 of 1994; repealed, issue No 109 of 1995).
- Art 46.
- (Added, Official Gazette issue No 54 of 1994; repealed, issue No 109 of 1995).
- Art 47.
-
(Added, Official Gazette issue No 54 of 1994; amended, issue No 109 of 1995 and issue No 39 of 1998)
- (1)
- The right to acquire and dispose of investment vouchers shall be vested only in Bulgarian citizens. Each Bulgarian citizen above the age of 18 shall have the right to receive 250,000 investment vouchers of each issue.
- (2)
- (Amended, Official Gazette issue No 39 of 1998) The right pursuant to Para 1 shall furthermore be vested in any child who has not attained the age of eighteen years and whereof one or both parents are deceased, as well as children left for adoption, and the children whose parents are unknown and who are being brought up in specialized social establishments. Payment of the fee pursuant to Art 48, Para 2 shall be waived for any such recipient of investment vouchers.
- (3)
- (Added, Official Gazette issue No 39 of 1998) The procedures for the acquisition of investment vouchers by children left for adoption an by children whose parents are unknown and who are being brought up in specialized social establishments, as well as the procedures for their participation in privatization shall be determined by an ordinance of the Council of Ministers.
- (4)
- (Added, Official Gazette issue No 39 of 1998, amended, issue No 12 of 1999) Workers and employees at state enterprises who have earned their wages by December 31, 1997, but these wages have remained unpaid, are eligible to receive additional investment vouchers pursuant to the procedures established by the Council of Ministers.
- (5)
- (Added, Official Gazette issue No 39 of 1998) Persons who have been sentenced for general premeditated crimes pursuant to Chapters Five, Six, Seven (repealed), and Art 301 to 307 of the Penal Code, shall not be eligible to participate in privatization pursuant to the provisions of this Chapter except in the cases when these persons have been exonerated for the committed crimes.
- Art 48.
-
(Added, Official Gazette issue No 54 of 1994; amended, issue No 109 of 1995 and issue No 39 of 1998)
- (1)
- The investment vouchers shall be issued in compliance with a decision of the National Assembly made upon a proposal made by the Council of Ministers.
- (2)
- The issuance and disposition of investment vouchers shall be certified by a registered, non-transferable voucher book
- (3)
- The voucher book shall be issued for a fee of BGL 5,000. Pensioners, conscripts and students shall pay a fee of BGL 1,000. The fees shall be credited to a special off-balance account of the Center for Mass Privatization.
- (4)
- Upon the issuance of any voucher book, a personal voucher account of the holder of the book shall be opened and this account shall be credited with 250,000 investment vouchers.
- (5)
- The form of and the procedure for the issue of the voucher book, as well as the procedures for divestment of the investment vouchers in the cases pursuant to the provisions of this Act, shall be determined by the Council of Ministers.
- Art 48 A
- (Added, Official Gazette, issue No 45 of 1996; amended, issue No 39 of 1998)
The National Assembly shall establish by its decision pursuant to the provisions of Art 48, Para 1 the term of validity of the issued investment vouchers.
- Art 49.
-
(Added, Official Gazette issue No 54 of 1994; amended, issue No 109 of 1995, issue No 85 of 1996 and issue no 39 of 1998)
- (1)
- Members of the public shall bid in centralized public offerings either personally or through licenses investment intermediaries.
- (2)
- (Amended, Official Gazette issue no 39 of 1998) In case a privatization contract is signed with a company established pursuant to the provisions of Art 25, Para 3, and Art 31, Para 1, and also in case the offer of the said company at a centralized public offering the acquisition price or a part thereof may be paid for in investment vouchers. In this case one investment voucher shall be equal to one lev. The partners in the company established pursuant to the provisions of Art 25, Para 3, and Art 31, Para 1, may transfer their investment vouchers to the buyer company within a period specified by the seller. The partners may increase their share in the capital of the buyer company with the value of the transferred vouchers.
- (3)
- (Added, Official Gazette issue No 39 of 1998, amended, issue No 12 of 1999) Complementary funds may use the acquired investment vouchers as an instrument of payment only for privatization deals for shares, owned by the state. Art 50. (Added, Official Gazette issue No 54 of 1994; repealed, issue No 109 of 1995).
- Art 51.
- (Added, Official Gazette issue No 54 of 1994; amended, issue No 109 of 1995, issue No 68 of 1996; repealed, issue No 39 of 1998).
- Art 51 A.
- (Added, Official Gazette issue No 109 of 1995; amended, issue No 89 of 1997; repealed, issue No 39 of 1998).
- Art 52.
- (Added, Official Gazette issue No 51 of 1994; amended issue No 39 of 1998)
- (1)
-
The Center for Mass Privatization with the Council of Ministers as a specialized authority in charge of:
- 1.
- the issuance of and the control on the utilization of investment vouchers;
- 2.
- the preparation for and the organization of centralized public offerings of shares whose sale is within the authority of the organs pursuant to Art 3.
- (2)
- The Center for Mass Privatization shall be a juristic person with a head office in Sofia.
- (3)
-
(Amended, Official Gazette issue No 109 of 1995; amended issue No 39 of 1998) The maintenance of the Center for Mass Privatization and the financing of its overall activities funded by an off-balance account. This account shall be credited from:
- 1.
- fees for services rendered in connection with the acquisition of the investment funds, the preparation and t he organization of public offerings of shares, form publishing and information activities;
- 2.
- financial aid from the state and from international institutions.
- (4)
- (Added, Official Gazette issue No 39 of 1998) The fees for services rendered by the Center for Mass Privatization shall be determined by a schedule approved by the Council of Ministers.
- (5)
- (Renumbered, Official Gazette issue No 39 of 1998) The Center for Mass Privatization shall be headed by an Executive Director, appointed by the Council of Ministers.
- (6)
- (Renumbered, Official Gazette issue No 39 of 1998) The Council of Ministers shall adopt rules of procedure for the Center for Mass Privatization.
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