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- Art 53.
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(Added, Official Gazette issue No 51 of 1994; amended issue No 109 of 1995 and issue 89 of 1997)
- (1)
- Any official of any enterprise subject to a decision for privatization who fails to perform or who breaches any obligations pursuant to Art 4 A or Art 28 to disclose information to the competent authority pursuant to Art 3 or to any person authorized thereby, as well as any obligations arising out of relevant bylaws related to the application of this Act, shall be liable to a fine from BGL 500,000 to 1,000,000, should said violation not constitute a crime.
- (2)
- Where the violation pursuant to Para 1 has resulted in substantial alterations of the appraised value or in the conduct of an unlawful privatization transaction, the fine shall be from BGL 1,000,000 to BGL 5,000,000.
- (3)
- Any officer who fails to perform his or her obligations pursuant to Clause 15A of the Transitional and Final Provisions herein, shall be liable to a fine of BGL 500,000 to BGL 5,000,000.
- (4)
- Any statements on violations pursuant to Paras 1, 2 and 3 shall be drawn up by officers designated by the competent authority pursuant to Art 3, and any penalty decrees shall be issued by the head of said authority or a person authorized thereby.
- (5)
- The ascertainment of violations, the drawing up of statements, and the issue of and appeal against penalty decrees shall follow the procedure established by the Administrative Violations and Penalties Act.
- Clause 1.
- (Amended, Official Gazette issue No 89 of 1997) For the purposes of this Act, "state-owned enterprise" or "municipal-owned enterprise" shall mean any juristic person which is engaged in commercial activities and in which more than 50 per cent of the capital is state-owned or municipal-owned.
- Clause 2.
- For the purposes of this Act, "separate part" means any organizational structure within an enterprise which can carry on business separately (a retail establishment, a repair establishment, a ship, a workshop, a restaurant, a hotel, etc.
- Clause 2 A.
- (Added, Official Gazette issue No 51 of 1994; amended, Issue No 89 of 1997) The procedure established by Chapter Six and Seven herein shall furthermore apply to the privatization of any unit of construction in progress and of any unit of municipal non-residential property which is not included in any state-owned or municipal-owned enterprise, and which is used for business (retail and repair establishments, warehouses, service stations, workshops, etc.
- Clause 3.
- (Amended, Official Gazette issue No 51 of 1994 and issue No 109 of 1995) With reference to any persons pursuant to Art 5, Para 2, Indent 1 benefiting from an unpaid leave by reason of temporary disability or a child-care leave, as well as with reference to any persons pursuant to Indents 2 and 3, "the sum total of the gross wages drawn during the last twenty-four months" means the sum total of the average gross labour remuneration drawn during the last twenty-four months in the enterprise concerned, but not less than the sum total of the national average wages for the same period.
- Clause 3 A.
- (Added, Official Gazette issue No 54 of 1994; amended, issue No 109 of 1995) For the purposes of this Act, "employees of a separate part" means all persons who, at the time a decision on privatization is made, have their place of employment in the said separate part. With reference to a separate part, the persons pursuant to Art 5, Para 2, Indents 2 and 3 are those persons who had their last place of employment in the enterprise in the said separate part.
- Clause 3 B.
- (Added, Official Gazette issue No 39 of 1998, amended, issue No 12 of 1999) For the purposes of this Act, "connected persons" shall mean the persons pursuant to Clause 1, Para 1, Items 1, 3, 4, 5, 6, 7 8 and 9 of the Supplementary Provisions of the Commercial Code.
- Clause 4.
- For the purposes of this Act, "family member' means a spouse or an underage child.
- Clause 4 A.
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(Added, Official Gazette issue No 39 of 1998)
- (1)
- The compensatory bills, the housing compensatory bills issued pursuant to the provisions of the provisions of the Act for Compensation of Owners of Nationalized Real Estates, registered compensatory bills issued pursuant to the provisions of the Act for the Restitution of the Ownership and the Use of Agricultural Lands and pursuant to the provisions of the Act for the Restitution of Ownership On Forests and the Lands of the Forestry Fund shall be interpreted as investment vouchers pursuant to the provisions of this Act.
- (2)
- The restrictions pursuant to Art 47, Para 1 shall not be applicable to the owners of compensatory bills pursuant to Para 1, as well as to the persons pursuant to Art 47, Para 5.
- Clause 5.
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(Amended, Official Gazette issue No 39 of 1998)
- (1)
- Any acquisition transaction pursuant to this Act, conducted through a dummy or through an agent of an undisclosed principal, shall be null and void.
- (2)
- Any property subject to a transaction pursuant to the previous Paragraph shall be restored to the original owner thereof, and the payment of the price forfeited thereby shall be confiscated.
- Clause 5 A.
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(Added, Official Gazette issue No 109 of 1995; amended, issue No 45 and 85 of 1996 and issue No 61 of 1997)
- (1)
- In case of a proposal is made for the privatization of state-owned enterprises which utilize facilities and/or are engaged in activities which are subject to a concession, the authority pursuant to Art 3, Para 1, Indent 1 to 3 herein shall inform the respective Minister, who will within three months perform the necessary activities and shall move to the Council of Ministers a proposal and the relevant documents and analyses necessary to take a decision pursuant to Art 7 of the Concessions Act.
- (2)
- (Amended, Official Gazette, issue No 45 and 85 of 1996 and issue No 61 of 1997) In case by the time of entry into force of this Act a decision has been enacted for the privatization of state-owned enterprises which utilize facilities and/or are engaged in activities which are subject to a concession, the authority pursuant to Art 3, Para 1, Indent 1 to 3 herein shall inform the respective Minister, who will within three months perform the necessary activities and shall move to the Council of Ministers a proposal and the relevant documents and analyses necessary to take a decision pursuant to Art 7 of the Concessions Act.
- (3)
- (Added, Official Gazette, issue no 45 of 1996 and issue No 61 of 1997) In the cases pursuant to the preceding Paras herein the assets evaluation of the enterprise shall include also the established concession rights and the due concession premium.
- (4)
- (Added, Official Gazette, issue No 61 of 1997; amended issue No 39 of 1998) In the cases when the terms pursuant to the preceding Paras herein cannot not be complied with due to the absence of prepared evaluations of the concession rights, of financial and legal analyses and others, the concession contract shall be made after the privatization contract is effected and in compliance with Art 19, Para 4 of the Concessions Act without a tender or a competitive bidding according to a supplementary evaluation of the concession rights and subject to the condition that the said concession contract shall become effective immediately after the completion of the privatization contract. The refusal to sign a concession contract in compliance with a prepared evaluation shall be interpreted as a motive to terminate the privatization contract.
- Clause 5 B.
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(Added, Official Gazette, issue No 61 of 1997)
- (1)
- The enterprises whose shares have been privatized pursuant to Chapter Eight of the Transformation and Privatization of State-Owned and Municipal-Owned Enterprises Act, or in which private stock or share participation has been acquired pursuant to Art 18 of the same Act, or pursuant to Clause 1 of the Supplementary Provisions of the Cooperatives Act, shall exercise the right of use of facilities and/or to perform activities subject to a concession pursuant to the effective regulations, until the relevant concession is duly established.
- (2)
- The respective Ministers shall, within three months after this amendments to this Act ad been enacted, in view of the existing cases and within the same terms for each specific case of an acquisition of a private participation, move a proposal to the Council of Ministers to decide on the granting of a concession to the respective commercial companies pursuant to Para 1, including the provisions of Clause 3, Para 2 of the Transitional And Final Provisions of the Concessions Act.
- Clause 5 C.
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(Added, Official Gazette issue No 39 of 1998)
- (1)
- The privatization of a detached part of an enterprises which detached part is from a technological point of view directly linked to a facility pursuant to the provisions of Art 4 or to activities pursuant to Art 5 of the Concessions Act, shall be carried out together with the establishment of a concession for the relevant facility of activity.
- (2)
- The authority pursuant to Art 3 shall inform the respective line ministers who shall within the period of one month move to the Council of Ministers a proposal supplemented with the respective documents and analyses to take a decision pursuant to the provisions of Art 7 of the Concessions Act.
- (3)
- The authority pursuant to the provisions of Art 3 shall take a decision for privatization within a seven days after the decision taken pursuant to Art 7 of the Concessions Act is made public. The conditions and t he requirements for the decision to grant a concession shall be included in the documents on the privatization.
- (4)
- The concession to utilize the facility or to engage in the specified activity is granted to the buyer of the detached part. The concession contract shall be signed simultaneously with the transfer of the ownership rights in compliance with the privatization contract. In case of a refusal on the part of the buyer as stated in the privatization contract to sign a concession contract the privatization contract shall be invalidated.
- Clause 5 D.
- (Added, Official Gazette issue No 39 of 1998) The natural persons, the juristic persons, the members of the managing and of the supervisory bodies of the juristic persons included in the list pursuant to the Act on Defaul t Credits shall not be admitted to participate in the process of privatization pursuant to the provisions of the Act except in the cases when the said persons have settled their liabilities.
- Clause 5 E.
- (Added, Official Gazette issue No 12 of 1999) Licenses for commercial activities or concessions shall be granted without an auction or a tender to a state-owned enterprise of to the buyer thereof in case the said license is included as a provision of the privatization deal.
- Clause 5 F.
- (Added, Official Gazette issue No 12 of 1999) The statements issued by the authorities pursuant to Art 3 and in compliance with the implementation of this Act and of the related bylaws for its application shall not be subject to an appeal pursuant to the procedures established by the Administrative Procedures Act and the Supreme Administrative Court Act. The participants in privatization procedures whose rights and lawful interests have been derogated may apply to have these rights and interests protected pursuant to the general appeal procedures.
- Clause 5 G.
- (Added, Official Gazette issue No 12 of 1999) The offers placed by companies pursuant to Art 25, Para 3, and Art 31, Para 1, shall be ranked with t he offer price discounted by 10 per cent.
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