RESOLUTION                                           
                                                                                
     ON THE IMPLEMENTATION OF THE REPUBLIC OF LITHUANIA LAW                     
       ON THE PRIVATIZATION OF INSOLVENT STATE ENTERPRISES                      
                                                                                
     The Supreme Council of the Republic of Lithuania resolves:                 
                                                                                
     To established that:                                                       
                                                                                
     1) state enterprises shall be declared insolvent pursuant to               
a directive of the Government of the Republic of Lithuania, after               
a committee  appointed by  the Department  of State  Control  and               
Ministry of  Finance has  checked the indicators of the financial               
activities of such enterprises;                                                 
                                                                                
     2) this  Law shall  enter into  force from  the day  of  the               
approval of  the results  of the  first auction (subscription for               
shares) executed  according to  the Republic  of Lithuania Law on               
Initial Privatization of State Property; and                                    
                                                                                
     3) pursuant  to this Law, it shall be permitted to privatize               
not more than 10% of the property of state enterprises.                         
                                                                                
                                                                                
Vytautas Landsbergis                                                            
President                                                                       
Supreme Council                                                                 
Republic of Lithuania                                                           
                                                                                
Vilnius                                                                         
23 July 1991                                                                    
No. I-1584