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Transformation and Privatization of State-Owned and Municipal Enterprises Act.

Country/Territory
Bulgaria
Document type
Legislation
Date
1992
Source
FAO, FAOLEX
Subject
Agricultural & rural development
Keyword
Agricultural development Non-governmental entity Business/industry/corporations
Geographical area
Black Sea, Eastern Europe, Europe, EUROPE AND CENTRAL ASIA, European Union Countries
Abstract

This Act establishes the terms and procedures under which state-owned enterprises shall be transformed into single-person companies and shall become subject to privatization. Transformation of state-owned enterprises means the division of the equity provided by the state into shares or interests under the provisions of the Commercial Code. Privatization shall be carried out on the basis of programmes approved by the Council of Ministers, prepared by procedure established by the Council. The Council of Ministers shall submit the Programme to the National Assembly not later than 31 October of the previous year, which shall debate it and enact it prior to the adoption of the State Budget Bill. The decision to privatise a state-owned or a municipal enterprise shall be taken by authorities specified in section 3. A Privatization Agency is here established as a government agency under the Council of Ministers for the purpose of organising and supervising the privatization of state-owned enterprises, and for the purpose of carrying out such privatization where provided by this Act.

Full text
English