The State Reimburse Former Workers Or Beneficiaries From High Furnaces Zapla Entitled Programme Of Property Owned

Original Language Title: El Estado nacional resarcirá a los ex trabajadores o derechohabientes de Altos Hornos Zapla con derecho al Programa de Propiedad Participada

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PROGRAMS property owned Law 26,700 State national reimburse to the former workers or beneficiaries from high furnaces Zapla entitled Programme of property owned. Sanctioned: 3 August 2011 fact promulgated: August 19, 2011 the Senate and Chamber of deputies of the Argentina nation gathered in Congress, etc. sanctioned with force of law: article 1 – the national State reimburse former workers or beneficiaries from high furnaces Zapla with a right to the program of property owned (PPP) that have not been included in the programme and that they were working in the company at the time of the dictates of the rule that declares it subject to privatization, in the framework of the laws 23.696 23.809 and decrees 1131/90, 1213/90 and 2332/91.
Article 2º - the redress provided by the article 1 of this law is considered a payment by subrogation, according to article 767 of the Civil Code. The national executive power, through the agencies that apply, initiate legal actions against Aceros Zapla S.A.
Article 3º - the compensation referred to in this law will result from rating the following guidelines: to) the number of shares that each former agent should perceive the date of privatization from high furnaces Zapla. (b) the value of each share will be valued at four pesos with eighty-seven cents ($ 4.87) June 2004, amount which was accepted by the national State in the various decision-making judicial issued by the most excellent CNACCF (National Chamber of appeals in Civil and commercial Federal), in cases brought by former workers from high furnaces Zapla for recognition of the PPP. 1. Consequently, the value of each share will be seventeen pesos with sixty-three cents ($ 17.63), founded in the guidelines listed below: 1. value of each stock to June 2004 (pursuant to the doctrine established by the Judicial power of the nation and is strong) four pesos with eighty-seven cents ($ 4.87) , with most coefficient Update-July 2010 (from IPC-INDEC agreement which is of 1,6863) which yields a value updated to July 2010: eight pesos with twenty-one cents ($ 8.21) per share. 2 Mulberry applicable interest payment (rate applicable in the field of judicial interests) is also that of the Bank of the Argentina nation for their discount operations to thirty (30) days period expired - not capital - up to July 2010: 114,7517%; This operation determines that the total value of each share is seventeen pesos with sixty-three cents ($ 17.63). 3. The value determined in the previous item for each action 2), will add you a percentage by age, which is set to one percent (1%) per year of seniority that would correspond to each former worker. (c) this economic compensation provided for in this law, also extends to all those ex-workers or their dependants who might not qualify for property owned from high furnaces Zapla program, for any reason or that, included in the program, had been excluded.
Article 4º - within the period of sixty (60) days, the Ministry of economy and Finance shall notify former employees or their dependants from high furnaces Zapla, indicated in article 1 of this law, liquidations that apply them, calculated in accordance with the guidelines established in this law. Likewise and with the established in the preceding notification, informed about former workers or their successors in title the documentation that must be accompanied in order to adhere to the payment of the compensation established in the present.
Article 5º - are suspended for a period of one hundred eighty (180) days all the court cases for claims by former workers from high furnaces Zapla or his successors in title, against the company on the occasion of the breach of the program of property owned.
Article 6º - the payment to former workers or their successors in title of the compensation established in this law shall be carried out as established by 23.982 and 25.344 laws and articles 59 and 60 of the Law 26.546. When there is judgement, to access the collection must implement the withdrawal and be approved by the competent court, which shall be forwarded by the corresponding court, the Ministry of economy and public finances to proceed with the judicial deposit.
Article 7º - for the case in which former workers or their successors in title have received payment by court judgement and the perceived amount was less than the amount arising out of this Act, can claim with the Ministry of economy and finance (or bodies which it designate) the resulting difference.
Article 8º - settle the imprescriptible of collected amounts in accordance with the provisions of the present law, except of the imprescriptible nature food credits.
Article 9º - this law will begin to run upon the date of its publication in the Official Gazette.

Date of publication: 25/08/2011