Law on privitization of state-owned and municipal property (No. I-1001). Country/Territory Lithuania Document type Legislation Date 1995 Source FAO, FAOLEX Subject Land & soil Keyword Transfer Land tenure Land reform Land commission Lease Geographical area Europe, Europe and Central Asia, European Union Countries, Northern Europe Entry into force notes This Law commenced on 15 September 1995. Abstract The objective of this Law is to establish privitization of state-owned and municipal property. The Privatization Commission is established for the purpose of this Act and shall approve privatization programmes as well as control their implementation. Article 5 refers to the powers of the Privatization Agency that shall prepare privatization programmes as well as determine the method, terms and conditions of privatization. Privatization methods include public subscription for shares, public auction, open tenders, direct sale and leases with options to buy (art. 16). In the event of conflicting provisions with international agreements the provisions of international agreements shall apply (art. 24). Full text English