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According to art. 114 par. 4 of Romanian Constitution,

Romanian Government issues the following Emergency Ordinance:

Art. 1 – (1) Commercial companies established locally, as well as commercial companies establish through the restructuring of regies autonomes of local interest, included in SOF’s portfolio on the date of enforcement of this emergency ordinance, shall be privatized at the proposal of the State Ownership Fund, by the decision of the Council of Bucharest, of the County Council or, depending on the case, of the local council.

(2) Out of the sums obtained from the sale of shares, social parts as well as out of the sums remaining after the liquidation of the commercial companies provided by par (1), a quota of:

1. 30% is transferred to the State budget:
2. 40% goes to the local budget
3. 20% is used for the establishment of the special development fund at the Government’s disposal;
4. 10% remains with SOF

1. 70% is transferred to the State budget
2. 15% is used for the establishment of the special development fund at the Government’s disposal;
3. 15% remains with SOF.

1. a quota of 70% to the state budget;
2. a quota of 10% to the special development fund at the Government’s disposal.

(4) The dividends collected by SOF, after this ordinance comes into force have the following destination:

1. a quota of 70% is transferred to the State budget;
2. a quota of 20% remains at SOF’s disposal;
3. a quota of 10% is used to establish the special development fund at the Government’s disposal.

1. covering the organization and functioning expenditures, according to the expense and expenditure budget approved by the Board of Directors of SOF;
2. financing the liquidation costs for the commercial companies where the state is a shareholder/associate according to the decision of SOF’s Board;
3. financing the expenditures related to the payment of compensations for consultants – legal persons or consulting firms – or for the preparation and accomplishment of the privatization of commercial companies, according to the decision of SOF’s Board.

Art. 4 – (1) The process of privatization for some commercial companies, for which SOF issued, according to legal provisions, the task books related to the sale of shares or, depending on the case, of the social parts, through direct negotiation with pre-selected investors, before the enforcement of the present emergency ordinance, shall be finalized, in the conditions established by the law in force at the moment of the approval, by SOF’s Board, of the sale of packages of shares/social parts issued by the respective commercial companies.

(2) The sums due to the installments with a maturity date after the date of the enforcement of this emergency ordinance are governed by the legal regulations in force on the date of the signature by SOF of the respective contracts for the sale of shares/social parts.

(3) The provisions of par. (1) do not apply in cases in which the sale of shares or, depending on the case, of social parts is done through open auction that takes place after the enforcement of this emergency ordinance, irrespective of the law applicable at the moment of the issuance of the ad by SOF. In this case, the sums collected by SOF from the sale of shares are governed by art. 2 par. (1).

Art. 5 – (1) On the date this emergency ordinance comes into force the following norms are abrogated:

1. art. 1 par. 4 and art. 26 par. 2,3 and 4 of the Law for the privatization of commercial companies no. 58/1991, published in Monitorul Oficial al Romaniei, Part I, no. 169 of August 16, 1991, with further additions and modifications;
2. art. 8 of Law no. 55/1995 for the acceleration of the privatization process, published in Monitorul Oficial al Romaniei, Part I, nr.122 of June 19, 1995, with further additions and modifications;
3. Government Decision no. 100/1996 regarding the approval of the methodological norms for the determination, transfer and control of the observance of the destination of the sums that are granted, free of charge, to the commercial companies, according to art. 8 of Law no. 55/1995 for the acceleration of the privatization process;
4. Art. 6 par. (8) of the emergency ordinance no.30/1997 regarding the reorganization of regies autonomes, published in Monitorul Oficial al Romaniei, Part I, no. 125 of June 19, 1997, with further modifications and additions;
5. Art.10 par. (1) let. e) of governmental emergency ordinance no.31/1997 regarding foreign investments in Romania, published in Monitorul Oficial al Romaniei, Part I, no. 125 of June 19, 1997;
6. Any other contrary disposition.

Bucharest, September 27, 1997