DECREEON SALE OF CAPITAL AND PROPERTY BY PUBLIC AUCTION(Final text with Amendments - "Official Herald of the Republic of Serbia" Nos. 45/2001, 45/2002, 19/2003, 59/2004 - the decision of the CCRS and 98/2004) |
I INTRODUCTORY PROVISIONS
Article 1
The present Decree regulates the procedure and mode of sale of socially- and state-owned capital (hereinafter: capital) and/or property by public auction.
In a public auction, price and buyer with whom contract is executed for the purchase of capital and/or property is determined.
Article 2
The terms used in the present Decree shall have the following meanings:
Agency for Privatization (hereinafter: the Agency) is the legal entity, which promotes, initiates, conducts and controls the procedure of privatization, in accordance with law.
Public auction (hereinafter: auction) is the method of privatization by public competition of participants in accordance with determined terms of sale; public auction may have two rounds of bidding.
Auction Commission is a commission which conducts the sale of capital and property by auction (hereinafter: the Commission).
Auctioneer is an individual who technically carries out the auction.
A deposit is understood to be a cash amount, a first class bank guarantee or bonds issued to natural persons who are citizens of the Republic of Serbia for unpaid citizens' savings at nominal value (hereinafter: bonds). The deposit is paid by an interested party with the purpose of ensuring the participation in an auction bidding.
Article 2a
The initial price at the first bidding equals 20 percent of the upper limit of the range of the assessed value of capital or property offered for sale, approved by the Agency. The means of payment in the first bidding may be cash or bonds that become mature by the date of capital or property sale (hereinafter: mature bonds).
Should the first bidding fail, a new bidding will begin immediately with the same price whereby means of payment are bonds that have not matured by the date of capital and property sale (hereinafter: immature bonds).
Where the first bidding is declared as failed, a public call for a second bidding will be announced in a seven day time limit, counting from the day of declaring that the first bidding had failed.
The deposit may be paid in cash, by depositing a first class bank guarantee or in mature bonds. The deposit for the second bidding may be paid with immature bonds as well.
Article 2b
The initial price at the second bidding equals 20 percent of the lower limit of the assessed value of capital or property offered for sale and approved by the Agency. The payment at the first bidding may be effected in cash or in mature bonds.
Should the first bidding fail, the second bidding will begin immediately with the same initial price and with payment in immature bonds.
The deposit may be paid in cash, by depositing first class bank guarantee, or in mature bonds. The deposit for the second bidding may be paid in immature bonds as well.
Article 2c
A bidding is declared as failed if after the third call to the auctioneers during the second bidding, none of the participants bids for the offered price.
II PREPARATION OF AUCTION
Article 3
The decision on the sale of capital by public auction is made by the Agency, and it shall inform the entity being privatized to this effect.
Article 4
The Agency organizes auctions.
In the procedure of organizing auctions, the Agency shall:
1) prepare the auction, including the determination of date and time at which the auction is to be held as well as the announcement of public invitation,
2) form the Commission,
3) nominates auctioneers and assistant auctioneers,
4) control and approve the program of privatization,
5) conduct other operations relevant in the conduct of auction.
Article 5
The Agency announces the public invitation for the participation in an auction (hereinafter: public invitation) in the public media (press, television, internet) no earlier than 30 days prior the date at which the auction is to be held.
The public invitation referred to in paragraph 1 of the present Article consists of:
1) Name of the entity being privatized and its identification number,
2) The percentage amount of capital, and/or description of property being offered for sale,
3) Financial and other information on the entity being privatized of importance to the participants in the auction (number of employees, products etc.),
4) Place and address at which the auction is to be held,
5) Date and time at which the auction is to be held,
6) Code of the auction sale,
7) Deadline and manner for the submission of applications for participation in the auction,
8) Date, time and place for the registration of participants,
9) Price, place and manner for obtainment of auction documentation,
10) Amount and method of payment of deposit for participating in the auction,
11) Short description of the auction procedure,
12) Starting price for the auction,
13) Means of payment,
14) Date, time and place for visiting the entity being privatized.
If necessary, the Agency may change the date and time provided for holding the auction.
Article 6
The entity being privatized and the Agency determine the date and time of visits to the entity being privatized.
Interested parties can visit the entities being privatized upon their signing of the contract on safe-keeping of confidential information (confidentiality agreement).
Article 7
The Agency and the auction Commission shall secure under the same conditions the access to information relating to the auction to all interested parties.
Article 8
Sale by method of auction is conducted by the Commission, which is appointed by the Agency.
The Commission, in co-operation with the Agency, secures the necessary conditions for the holding of an auction.
The Commission has three members.
The Commission appoints its chairman from the ranks of its members.
Commission is appointed for one or more auctions.
Article 9
The Commission carries out the following activities:
1) Oversight and conduct of an auction sale,
2) Registration of parties entitled to participation in an auction,
3) Signs the minutes,
4) Declares the auction unsuccessful,
5) Conducts other activities of importance to the carrying out of auction, in accordance with law.
The Commission makes decisions by majority votes of its members.
Professional, consultative, administrative and technical activities for the needs of the Commission shall be conducted by the Agency.
Article 9a
An auctioneer has the following duties:
1) invites the participants to present their alternative to the offered price;
2) keeps order during the auction and pronounces measures when the course of auctions is disturbed;
3) proclaims the buyer.
III APPLICATION FOR PARTICIPATION AND REGISTRATION OF PARTICIPANTS
1. Auction Documentation
Article 10
Auction documentation consists of:
1) Privatization program,
2) Confidentiality agreement,
3) Draft of sale contract,
4) Application for participation in an auction.
The auction documentation is sold to the individuals and legal entities, which express their interest in participation in an auction at the price determined by the minister in charge of privatization affairs.
The confirmation about the payment of price referred to by paragraph 2 of this article for the auction documentation entails the code of the auction and can be submitted directly to the Agency or at the place determined in the public invitation, and can also be sent by fax to the number determined in the public invitation.
Upon the receipt of the confirmation referred to in paragraph 3 of this Article, the auction documentation will be submitted or sent to the interested individuals or legal entities within the deadline of three days.
2. The Contract of Sale
Article 11
The draft of a sale contract is produced by the Agency (hereinafter: draft contract).
Draft contract contains the purchaser's obligation to secure continuity of business operations by the entity being privatized, the conditions for use of land, means and terms of paying the price.
Draft contract may include the purchaser's obligation to invest funds into the entity being privatized, resolution of labor issues, and environmental protection.
Draft contract does not include the sale price.
Participants in an auction sign the draft contract before holding an auction.
By signing the draft contract, the participants in an auction commit themselves to abide by the terms and conditions of the draft contract.
Draft contract into which the sale price is entered as well as the information about the auction participant who was declared the buyer in that auction, and which is signed by the competent individual of the Agency and of the entity being privatized, becomes the contract of sale.
The sale price is the last price determined at an auction.
3. Participation in an Auction
Article 12
Domestic and foreign legal entities and natural persons are entitled to participation in an auction.
Parties specified in paragraph 1 of the present Article can participate in an auction if they have:
1) Purchased the auction documentation,
2) Been registered as participants in the auction,
3) Paid the deposit.
Article 13
When a participant applies for participation in an auction for the purchase of one or more entities being privatized, such participant can authorize one individual for representation in the competition, that individual being responsible for the offer of the participant and the fulfillment of all obligations towards the Commission.
Where several persons join in order to buy one privatization subject (a consortium), they may authorise one person to represent them at the auction and be responsible for the participants' offer and the fulfillment of all the obligations towards the Commission.
Authorization specified in paragraphs 1 and 2 of the present Article must be verified in court.
Article 14
The following are not entitled to participation in an auction:
1) Natural persons and legal entities with financial obligations towards the entity whose capital and/or property is subject of privatization,
2) Members of the Commission,
3) Next of kin, of the first inheritance level, of the Commission's members,
4) Legal entity owned by Commission's members,
5) Legal entity owned by next of kin, of the first inheritance level, of the Commission's members,
6) Other individuals and entities in accordance with law and the present Decree.
4. Application for Participation in an Auction
Article 15
The application of a domestic natural person for the participation in an auction consists of:
1) Auction sale code and the name of entity being privatized;
2) Name and surname;
3) Name and surname of one of the parents;
4) Data concerning the citizenship of the Republic of Serbia;
5) Address, identification number and signature;
6) Telephone and fax numbers;
7) Account number for the refund of deposit;
8) Declaration of a domestic natural person confirming that such person is not a member of the family of the person who has lost the status of a buyer.
The application of a domestic legal entity for the participation in an auction consists of:
1) Auction sale code and the name of entity being privatized;
2) Trading name and identification number;
3) Name and surname of the director and his/her signature;
4) Verified photocopy of the extract from the Court Register;
5) Verified photocopy of authorization for representation in an auction issued by the competent body;
6) Account number for the refund of deposit;
7) Declaration of the director of domestic legal entity confirming that its founder is not the person who has lost the status of a buyer.
The application of a foreign individual for the participation in an auction consists of:
1) Auction sale code and the name of entity being privatized;
2) Name and surname;
3) Name of one of the parents;
4) Address, nationality, individual identification number and signature;
5) Account number for the refund of deposit.
The application of a foreign legal entity for participation in an auction consist of:
1) Auction sale code and the name of entity being privatized;
2) Trading name and identification number;
3) Name, surname and the signature of director;
4) Verified photocopy of the extract from the Court Register;
5) Verified photocopy of authorization for representation in an auction issued by the competent body;
6) Account number for the refund of deposit.
The applications specified in paragraphs 1 through 4 of the present Article should include information on whether the applications are relating exclusively to the second bidding in which the payment may be effected in immature bonds as well.
Article 16
The application shall include the signed draft of contract referred to in Article 11 of the present Decree, and the evidence as to the effected payment of deposit.
The completed application for participation in an auction, signed draft of contract and evidence as to the effected payment of deposit shall be submitted to the Agency within the deadline which cannot be shorter than five working days prior to the date determined for the holding of the auction.
Article 17
At least two working days prior to the date determined for the holding of auction, the Agency shall inform the interested individuals and legal entities about the approval of the applications for the participation in the auction.
The Agency can forward, to the interested individuals and legal entities, the request for the supplements or amendments to the applications for participation in an auction, which do not include all the necessary documentation, within two days from the date of submitting of notification specified in paragraph 1 of the present Article.
Information about the number of participants in an auction cannot be given prior to the holding of auction.
The Agency can decide to cancel an auction, if it judges on the basis of applications that the principle of free market competition is violated, and it shall inform the interested individuals and legal entities to this effect.
IV CONDUCT OF AUCTION
1. Registration of Participants in an Auction
Article 18
The Commission conducts the procedure of registration of participants in an auction.
The registration includes:
1) The verification of identity of the applicant or his/her authorized representative,
2) The verification of authenticity of authorized representative's authorizations,
3) The verification of the Agency's approval for the participation in auction,
4) The issue of a numbered auction card,
5) The signature of the applicant or his/her/its authorized representative on the list of participants.
Interested parties, which have obtained the approval, referred to in Article 17, paragraph 1 of the present Decree, but have failed to register for an auction thereby forfeit the entitlement to the refund of deposit.
Article 19
The Commission commences the registration of the participants in an auction two hours prior to the start of the auction, at the place at which the auction is being held.
The registration of the participants shall be completed 10 minutes prior to the commencement of the auction.
It shall be considered that the conditions for the holding of an auction are in place if at least one applicant obtains the status of participant in the auction, if such participant is present at the auction, or if such participant's authorized representative is present at the auction.
In cases where the conditions specified in paragraph 3 of the present Article are not fulfilled, the Commission shall declare the auction unsuccessful.
2. The Course of Auction
Article 20
Auction is public and all interested individuals can be present.
Article 21
The Commission chairman is obliged to secure equal treatment of all participants in an auction and the orderly procedure of announcing of offers.
Article 22
At the time determined as the starting time of the auction, the auctioneer opens the auction and:
1) Announces the name of the entity being privatized and the auction sale code;
2) Announces the percentage of capital and/or the property being offered for sale;
3) Announces the starting price and explains the further course of the auction procedure;
4) Invites the participants to request clarification in case there are uncertainties;
The participants who are not content with the announcements referred to in paragraph 1 of this Article, can submit an oral objection into the minutes of the auction, which does not interrupt the auction.
The chairman of the Commission shall decide on the validity of objections specified in paragraph 2 of the present Article.
2.1. Auction with One Participant
Article 23
If only one person has acquired the status of participant in an auction, such participant is invited to accept the initial price at the first bidding by lifting the auction card.
Should the participant specified in paragraph 1 of the present Article accept the initial price at the first bidding, he is proclaimed the buyer and the initial price is considered as the sale price. If the participant specified in paragraph 1 of the present Article does not accept the initial price, the first bidding will be declared failed and the second bidding will begin immediately.
If the participant specified in paragraph 1 of the present Article accepts the initial price a the second bidding, he will be proclaimed the buyer, and the initial price at the auction will be considered as the sale price. If the participant specified in paragraph 1 of the present Article does not accept the initial price at the second bidding, the auction will be declared failed, and the participant will lose the right to have his deposit refunded.
2.2. Auction with More than One Participant
Article 24
If more than one individual/legal entity have acquired the status of participant in an auction, the auctioneer announces the starting price, determines every following increase in the price, and invites participants to express their offers by raising the auction card.
If there is an offer at the level of starting price, the auctioneer determines the new price having conducted the previous increase in price, and invites the participants to express their offers at the newly determined price.
The determination of the new price is repeated as long as the participants express offers for the newly determined prices.
If, after the second invitation by the auctioneer, no offer is expressed for the last determined price, the auctioneer announces to the participants the last invitation for the expression of offer.
If, even after the third invitation of the auctioneer, no offer is expressed, the auctioneer declares the auction finished by banging the hammer, and declares the buyer who was the first to offer the highest price.
Should none of the participants accept the initial price at the first bidding, the first bidding will be declared failed and the second bidding will begin immediately.
Should none of the participants accept the initial price even after the third call by the auctioneer during the second bidding, the auction will be declared as failed, and the participants will lose the right to have their deposits refunded.
Article 25
(Deleted)
2.3. Special Auction
Article 26
(Deleted)
2.4. Maintaining Order
Article 27
The auctioneer is authorized to undertake measures with the objective of securing the undisrupted course of bidding.
The auctioneer shall publicly warn the participant for the disruption of the course of bidding, and warn the participants about measures to be taken in case of a continued disruption.
If the participant specified in paragraph 2 of the present Article disrupts the course of auction even after the warning, the auctioneer announces the measure of his/her removal, which is carried out voluntarily or by authorized individuals responsible for the keeping of order at an auction.
Participant disrupts the course of the procedure by his/her behavior when he/she:
1) Expresses offers contrary to the rules;
2) Disrupts the work of the auctioneer, or of the Commission, in any other way;
Participants who were removed from an auction are not entitled to the refund of deposit.
Article 28
The participant being under the measure of removal from auction, specified in Article 27, paragraph 3 of the present Decree, can submit an objection, orally, into the minutes of the auction.
The objection referred to in paragraph 1 of the present Article does not postpone the auction, and the Commission decides on the grounds for the objection immediately upon its submission.
The decision of the Commission on the objection is final.
Article 29
Measures referred to in Article 27, paragraph 2 of the present Decree, can also be imposed by the auctioneer to other individuals present.
Article 29a
If the auctioneer performs his duties contrary to the rules, the chairman of the Commission is authorised to:
1) caution the auctioneer;
2) replace him by the assistant auctioneer.
2.5. Means of Payment and Payment Terms in an Auction
Article 30
Means of payment in an auction can be domestic and foreign convertible currency.
Means of payment can also be bonds issued on the basis of the unpaid foreign currency savings debt to the citizens, which mature up to the date of sale of capital and/or property, and which are issued to the citizens of the Republic of Serbia.
Should in course of the first bidding the capital or property be not sold against the means of payment specified in paragraphs 1 and 2 of the present Article, the means of payment in course of the second bidding may also be the bonds issued to natural persons who are citizens of the Republic of Serbia, on the ground of the non-paid foreign currency citizens' savings, and which have not matured by the date of capital and property sale.
If the second auction referred to by paragraph 2b of the present Article is declared unsuccessful, the Agency shall decide as to whether the capital of the entity being privatized is to be offered at a future auction.
Article 31
If the buyer proclaimed in course of the first bidding is a domestic natural person, the sale price may be paid in six annual installments at the maximum.
The provision specified in paragraph 1 of the present Article shall not apply in case of associating between a natural person and a legal entity for the purpose of buying one entity to be privatized (consortium) and of sale of the capital of the entity to be privatized that has been restructured.
If the deposit is higher than the amount of the first installment, the remaining amount will be paid within a year time, counting from the day of auction.
The installments are indicated in EURO, with the proviso that each annual installment shall be paid in the Dinar counter-value at the rate of exchange valid on the date of maturity.
2.6. Minutes of Auction
Article 32
Minutes of auction are kept in relation to the commencement, conducting and conclusion of an auction (hereinafter: minutes).
Article 33
Minutes consist of:
1) The list of registered participants;
2) The starting price;
3) The final selling price achieved in the bidding and information about the buyer;
4) Means of and terms of payment;
5) The two last expressed offers, if that many were made;
6) The surname and name of the Chairman, of other members of the Commission, the auctioneer or the assistant auctioneer, and of the minutes-keeper;
7) Date and time of the commencement and conclusion of auction;
8) Measures imposed on participants and other present individuals;
9) Objections of the applicants;
10) Other information of importance to the work of the Commission.
Article 34
Minutes shall be signed by:
1) The chairman of the Commission, its members, the auctioneer or the assistant auctioneer, and the minutes-keeper;
2) The buyer or his/her authorized representative;
3) A participant in the auction, if any, who expressed the second highest offer on the price offered.
Article 35
Minutes are made out in four identical copies, two of which belong to the Agency, one to the buyer, and one to the entity being privatized.
Article 35a
The Agency may decide to annul the auction after finding that the participants have disturbed by their conduct the principle of free market competition.
V EXECUTION OF CONTRACT
Article 36
Upon declaring a buyer, the signing of the minutes and the execution of the sale contract, the buyer shall pay the amount pursuant to the contract of sale, entered into with the Agency and the entity being privatized.
Article 36a
Should the declared buyer or a participant who submitted the second highest bid fail to sign the minutes or should he fail to make payments within the prescribed time limit, he shall lose the right to the refund of the deposit.
Articles 37 and 37a*
(Ceased to be valid by the decision of the CCRS)
Article 38
If the declared buyer does not sign the minutes or fails to effect the payment within the stipulated deadline, and there were other offers expressed at the auction, the sale contract is executed with the participant who expressed the second highest offer at the price offered by that participant at the auction.
Article 39
Should the declared buyer fail to sign the minutes or to effect the payment within the stipulated deadline, and there were no other offers expressed, the auction shall be repeated under the same conditions.
Where the participant who expressed the second most highest offer refuses to execute the contract or fails to effect payment within the stipulated deadline, the auction shall be repeated under the same conditions.
Article 40
The deposit of the buyer is calculated into the sale price.
There is no interest applicable to deposits paid.
VI ACTIVITIES FOLLOWING THE CONDUCT OF AUCTION
Article 41
Deposits are refunded to the participants who did not acquire the rights of buyer within 8 days from the date at which the auction was held, excluding the cases stipulated by the present Decree.
The deposit shall be refunded within 15 days from the date of conducting the auction, to a participant who has expressed the second highest offer.
Should the Agency fail to refund the deposit within the deadline referred to in paragraph 1 of this Article, it shall be obliged to pay the interest on arrears in accordance with the law regulating the rate of interest on arrears.
Article 42
The Agency shall inform the Central Registry of securities within three days from the date of contract execution with the buyer.
Article 43
The Agency shall announce the results upon the conducted auction in the public media in which the public invitation specified in article 5 of the present Decree was announced, within seven days, at the latest, from the date at which the public auction was concluded.
Article 44
The Commission shall submit to the Agency complete documentation from an auction on the day following the date at which the auction was held.
The Agency shall keep the documentation specified in paragraph 1 of the present Article for the period of at least three years from the date of its receipt.
VII PRIVATIZATION PROGRAM
Article 45
The entity being privatized submits to the Agency the privatization program within the deadlines and in the manner stipulated by law.
1. Content of the Privatization Program
Article 46
The privatization program consists of:
1) Basic information about the entity being privatized;
2) Information about the state of assets and liabilities;
3) Analysis of the entity's business operations to date;
4) Information about the capital valuation estimate;
5) Attachments.
Article 47
Basic information about the entity being privatised are:
1) Trading name;
2) Registered office and address;
3) Identification number from the statistics;
4) Name and code of activity;
5) Name and surname of director;
6) Form of organization;
7) Telephone and fax numbers;
8) Current account number;
9) Association of the entity being privatized where the entity to be privatised is an enterprise.
Article 48
Information about the state of assets and liabilities consists of:
1) Balance sheet, which cannot be older than six months;
2) List of property (type, purpose and surface area of real estate, purpose and surface area of land);
3) List of the most important equipment;
4) List of property and receivables which are the subject of litigation at the court with the amount of disputed claims;
5) List of liabilities which are the subject of court disputes with the amount of disputes' value;
6) List of property under collateral and the list of other legal entities' property over which the entity being privatized possesses a collateral.
Article 49
Analysis of business operations to date consists of:
1) Organizational structure with the number of employees, age- and qualification structure of the labor force;
2) List of main products and/or services;
3) Disposition of the total income, specified by main types of products and/or services and the structure of markets;
4) Disposition of the operating costs;
5) Disposition of the income statements (profit and loss accounts) by the annual accounts for the last three years.
Article 50
(Deleted)
Article 51
Information about the estimated value of capital consists of:
1) The total assessed value of capital;
2) Assessed value of state and/or socially-owned capital;
3) Value of private capital;
4) Estimated value of capital, which is being privatized in the range from the lowest to the highest value.
Article 52
The entity being privatized must enclose to the privatization program the following documentation:
1) Decision by the managing board about the adoption of the program;
2) Verified photocopies of the ruling on the filing into the court register and, if necessary, verified photocopies of the ruling on compliance with the law;
3) Verified photocopies of the entry into court register of legal entities whose founder or co-founder is the entity being privatized;
4) Statute;
5) Verified photocopies of the entries into land register, and/or ownership-legal documentation for the real estate over which the entity being privatized has ownership rights or indefinite rights of use;
6) Verified photocopies of the collaterals over entity's real estate and the crediting contracts secured by collaterals;
7) Verified photocopies of the collaterals over other entities' real estate in favor of the entity being privatized and certificates of the grounds and level of receivables secured by collateral;
8) Verified photocopies of contracts on the renting of the entity being privatized or part thereof;
9) Verified photocopies of contracts on the renting out of property and equipment;
10) Verified photocopies of contracts on the hire of property and equipment or their leasing;
11) Projection of the value of entitlement of employees to free-of-charge shares;
12) The list of existing shareholders or members of limited liability company, including the individual stakes in the private capital;
13) Verified photocopies of contracts on credits, including installments and repayment schedules;
14) Balance sheet and income statement for the last three years;
15) Gross balance sheet for the previous business year.
In terms the present Decree, an advance note or a post-note will also be considered as excerpts from the cadaster specified in paragraph 1, item 5 of the present Article in conformity with regulations covering the real estate rights.
In addition to documentation specified in paragraph 1 of the present Article representing the integral part of the program, the entity being privatised shall also provide rulings, issued by the competent agency, that are necessary for the carrying out of the privatization procedure, and particularly:
1) the ruling on emission of the shares;
2) the ruling on transfer of up to 30 percent of the socially-owned capital without compensation for the employees;
3) the ruling on the sale of 70 percent of the socially-owned capital;
4) the ruling on the announcement of a public call for inscription of shares without compensation;
5) the ruling on adoption of the agreement of purchase/sale of socially-owned capital by means of a public auction;
6) the ruling authorising the director or another person to sign a contract on purchase/sale of socially-owned capital by means of a public auction.
Article 52a
Should an entity to be privatised fail to produce the excerpt from the cadaster, the property right or the right of permanent use may be proven also by means of a finally binding ruling rendered by the agency in charge, by a document covering a legal transaction prepared in accordance with the law, by an agreement on the compensation for expropriated real estate, or by another act confirming the right to a real estate in conformity with the law.
Article 52b
Where the entity to be privatised originated through a divisions or transformation of complex forms of association, the property right or the right of permanent use may be proven also by a separation balance sheet or other appropriate document and/or a finally binding ruling curt decision rendered in the litigation proceedings.
2. Approval of Program
Article 53
If the privatization program is made in accordance with law and this decree, the Agency shall approve the privatization program (hereinafter: approval) within 30 days from the date of submission of the privatization program, and shall submit such approval to the entity being privatized.
Article 54
If the privatization program does not include the elements specified in Article 47 through 52 of the present Decree, or corrections or amendments are needed, the Agency shall, with written explanation, return the privatization program to the entity being privatized for the purpose of its supplementing and amending, within 30 days from the date of its submission.
Article 55
The Agency can amend the privatization program in accordance with law and this decree.
The Agency shall inform in writing the entity being privatized about the amendments to the privatization program.
Article 56
Privatization program shall be submitted to the Agency in two certified copies and two photocopies, together with the decision on its adoption by the competent body of the entity being privatized.
Upon the approval of the privatization program, one copy, verified by the Agency, shall be returned to the entity being privatized.
Article 57
The present Decree shall come into force on the day following the date of its publication in the "Official Herald of the Republic of Serbia".
Independent Articles of the Decree on Amending
the Decree on the Sale of Capital and Property by Public Auction
("Official Herald of the Republic of Serbia" No. 45/2002)
Article 31
If the procedure of sale of socially and state-owned capital of the entity to be privatised by applying the public auction method was already under way on the day of entering into force of the present Decree, such procedure shall be completed pursuant to provisions of the regulations that were in force on the date when the public call for participation in the auction was published.
Article 32
The present Decree shall come into force on the day following the date of its publication in the "Official Herald of the Republic of Serbia".
Independent Articles of the Decree on Amending the
Decree on the Sale of Capital and Property by Public Auction
("Official Herald of the Republic of Serbia", No. 19/2003)
Article 11
The procedure of sale of socially-owned and state-owned capital of the entity to be privatised that has already been under way, without being completed until the date of entering into force of the present Decree, shall be continued pursuant to the provisions of the present Decree.
Article 12
The present Decree shall come into force on the day following the date of its publication in the "Official Herald of the Republic of Serbia".
Independent Article of the Decree on Amending
the Decree on the Sale of Capital and Property by Public Auction
("Official Herald of the Republic of Serbia", No. 98/2004)
Article 3
The present Decree shall come into force on the eighth day following the day of its publication in the "Official Herald of the Republic of Serbia".
* The provisions of Articles 37 and 37a of the Decree on Sale of Capital and Property by Public Auction ("Official Herald of the RS", Nos. 45/2001, 45/2002, and 19/2003) have ceased to be valid on the ground of the Decision of the Constitutional Court of the Republic of Serbia (CCRS), IU number 371/2003, published in the "Official Herald of the RS", No. 59/2004, on May 29, 2004.