Supreme Council of the Republic of Lithuania                         
                                                                                
                            Resolution                                          
                                                                                
                                                                                
       On the Law on Initial privatization of State-owned                       
                   Property--Entry into Force                                   
                                                                                
                                                                                
     The Supreme Council of the Republic of Lithuania resolves:                 
                                                                                
     1. to establish that:                                                      
     1) enterprises under privatization shall have no right prior               
to July  1,1992 to  change their  type of  business  without  the               
approval of the Government of the Republic of Lithuania;                        
     2) 1/3  of the property subject to privatization may be sold               
for money  (roubles). Each person who ,pursuant to the provisions               
of Article  9 of  this law  is  entitled  to  acquire  the  state               
property subject  to privatization,  shall be  allowed to  invest               
money  (roubles)   but  not  exceeding  the  amount  of  one-time               
allocation. Persons  who shall  purchase objects of privatization               
(or shares  ) with  money (roubles),  in cases established by the               
Government of the Republic of Lithuania must submit declarations;               
     3) pursuant  to this  law  the  basic  means  of  production               
acquired at  an auction shall be prohibited to be taken away form               
Lithuania within  the period  of 2  years from  the date of their               
acquisition;                                                                    
     4) the  Central Privatization  Commission shall  be financed               
out  of   the  state   budget  of   the  Republic  of  Lithuania.               
Privatization   commissions   of   towns   (or   districts)   and               
privatization agencies  shall be  financed out  of the budgets of               
local governments of the higher level.                                          
     5) objects  of privatization  the value  of which  does  not               
exceed 200  million roubles  shall be sold for freely convertible               
currency on  the basis of a separate list approved by the Supreme               
Council of  the  Republic  of  Lithuania  for  the  formation  of               
currency reserves  , and  the receipts  shall be allocated to the               
currency fund of the Republic of Lithuania.                                     
     2. To charge the Government of the Republic of Lithuania:                  
     1) to  adopt decrees necessary for the implementation of the               
Law on the Initial Privatization of State-owned Property;                       
     2) to submit by 30 March, 1991 to the Supreme Council of the               
Republic  of  Lithuania  the  draft  of  the  amendments  to  the               
provisional law of the Republic of Lithuania "On the Accumulation               
of Private Capital at State Enterprises";                                       
     3) to submit by 30 March,1991 the list of the members of the               
Central Privatization  Commission to  the Supreme  Council of the               
Republic of Lithuania for the approval thereof;                                 
     4. To charge the Bank of the Republic of Lithuania :                       
     1) in  conjunction with  the Savings Bank of the Republic of               
Lithuania and  with the  Agro-industrial Bank  to establish by 30               
March,  1991   the  regulations   governing  the   management  of               
investment accounts and payments for the aquisition of objects of               
privatization (shares),  and having  received certificates issued               
by the  local governments of the higher level with regard to one-               
time  investment  vouchers  allocated  to  the  citizens  of  the               
Republic of  Lithuania, to  open  investment  accounts  with  the               
banking institutions of Lithuania;                                              
     2) to  work  out  regulations  governing  the  payments  for               
objects which are being acquired without applying money quotas in               
order to prevent the inflow of roubles from the USSR.                           
     4.  To  authorize  the  Inspectorate  of  Cultural  Heritage               
together with  relevant ministries  to prepare  by 15  April,1991               
standard  contracts  on  the  utilization  of  cultural  heritage               
subject to  privatization  and  other  documents  established  by               
legislative acts.                                                               
     5. To  authorize the Government of the Republic of Lithuania               
and the  Inspectorate of  Cultural Heritage  to submit by May 31,               
1991 to the Supreme Council of the Republic of Lithuania the list               
of the  Objects of  Cultural heritage  which are  not liable  for               
privatization.                                                                  
     6. To authorize the local governments of the higher level:                 
     1) to  form by  30 March,1991  privatization commissions  of               
towns (districts);                                                              
     2) to form by 15 April, 1991 privatization agencies of towns               
(districts and  to get  ready for  the publication of information               
bulletins of  privatization as  well as  to work  out  drafts  of               
privatization  programmes   of  objects   that  are   under   the               
jurisdiction of  local governments  and to  submit  them  to  the               
Government of the Republic of Lithuania.                                        
     7.  To   authorize   the   commissions   and   agencies   of               
privatization to permit the representatives of political parties,               
movements, and public organisations registered in the Republic of               
Lithuania to observe the activity of these commissions and to get               
aquainted with documents which they have available.                             
     8. To  establish that  it is  prohibited to  privatize state               
enterprises, institutions  or other  state-owned property as well               
as to  accumulate money  form the  citizens otherwise  than it is               
provide for in this law.                                                        
                                                                                
                                                                                
V.Landsbergis                                                                   
                                                                                
President                                                                       
Supreme Council                                                                 
Republic of Lithuania                                                           
                                                                                
                                                                                
14 March 1991                                                                   
No I-1147