Article 1. Blocks of shares, which by the right of priority
may be acquired by employees of the enterprises subject to
privatisation, individuals who went on pension from said
enterprises, 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 said enterprises
(Supplemented 28 January 1993), shall be provided for in the
privatisation programmes of state enterprises and state stock
enterprises which, pursuant to the Republic of Lithuania Law on
Initial Privatisation of State Property, are being privatised by
the issue of shares.
Article 2. Blocks of shares which by the right of priority
may be acquired by individuals indicated in Article 1 of this
Law, shall be established in such a manner that the total par
value of shares sold in such a way, along with private capital
which was accumulated earlier and which belongs to the employees
of said enterprise, comprise up to 50 percent (inclusive) of the
enterprise's authorised capital (Amended 1 February 1993).
Article 3. 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 preference
shares shall be equal to the par value of the share increased by
one half of the difference between the fixed initial price of the
share at the first stage of subscription for shares and the par
value of the share (Amended 28 January 1993).
Article 4. Blocks of shares which, by the right of priority,
may be acquired by employees of the enterprise subject to
privatisation and individuals who went on pension from said
enterprise or who became disabled while working in it, shall be
sold in accordance with the procedure established by the
Government of the Republic of Lithuania.
Article 5. Shares which have not been sold in accordance
with this Law shall be sold, together with other shares whose
issue shall be prescribed in the privatisation programmes of
enterprises, in accordance with the general procedure provided
for in the Republic of Lithuania Law on Initial Privatisation of
State Property.
Vytautas Landsbergis
President
Supreme Council
Republic of Lithuania
Vilnius
7 April 1992
No.I-2456