REPUBLIC OF LITHUANIA
LAW
ON THE AMENDMENT OF THE REPUBLIC OF LITHUANIA LAW
ON THE PRIORITY OF EMPLOYEES TO ACQUIRE THE PROPERTY
OF ENTERPRISES SUBJECT TO PRIVATISATION
The Seimas of the Republic of Lithuania r e s o l v e s:
to supplement and amend the Republic of Lithuania Law on the
Priority of Employees to Acquire the Property of Enterprises
Subject to Privatisation (See the Lithuanian version of the
Parliamentary Records, 1992, No. 12-310):
1. To supplement Article 1 with the following:
"as well as former employees of such enterprises whose
service record in said enterprises is at least 25 years, or
individuals who became disabled while working in such
enterprises."
2. To set forth Article 2 as follows:
"Blocks of shares, which by the right of priority may be
acquired by individuals indicated in Article 1 thereof, shall be
established in such a manner that the total par value of shares
sold in said manner, along with private capital which belongs to
the employees of the enterprise comprise up to 50 percent
(inclusive) of the enterprise's authorised capital, while in
enterprises which process agricultural produce - up to 49 percent
(inclusive) of the enterprise's authorised capital."
3. To set forth Article 3 as follows:
"Pursuant to this Law, sold shares, the par value of which,
along with private capital belonging to the employees of the
enterprise, comprise 30 percent of the enterprise's authorised
capital shall be ordinary registered shares. The remaining shares
shall be sold as preference shares without the voting right.
The price of shares which are sold pursuant to this Law shall
be equal to their par value, while the price of preferential
shares shall be equal to the par value of the share increased by
one half of the difference between the fixed initial selling price
of the share at the first stage of subscription for shares and the
par value of the share."
Algirdas Brazauskas
Acting President
Republic of Lithuania
Vilnius
28 January 1993
No. I-58