Aerocommercial Transport Actions Of Aerolineas Argentinas Sa And Austral Lines Aereas Skies Del Sur Sa - Full Text Of The Norm

Original Language Title: TRANSPORTE AEROCOMERCIAL ACCIONES DE AEROLINEAS ARGENTINAS SA Y AUSTRAL LINEAS AEREAS CIELOS DEL SUR SA - Texto completo de la norma

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AEROCOMERCIAL TRANSPORT Law 26.466 Determin public utility and subject to expropriation the actions of the companies Airlines Argentinas Sociedad Anónima y Austral Airlines Skys del Sur Sociedad Anónima and its controlled companies. Promulgated: December, 22, 2008. Sanctioned: December, 17 of 2008.

The Senate and Chamber of Deputies of the Argentine Nation assembled in Congress, etc. sanction with force of Law:

ARTICLE 1 In order to comply with Article 1 of Law 26.412, public utility and subject to expropriation, as stipulated in Law 21.499, the actions of the companies Airlines Argentinas Sociedad Anónima and Austral Airlines Airlines of the South Sociedad Anónima and its controlled companies Optar Sociedad Anónima, Jet Paq Sociedad Anónima and Aerohandling Sociedad Anónima.

The actions of the State and of the workers of the said companies are excluded from the above provisions.

It shall act as an expropriator in the terms of Act No. 21.499 as an agency designated by the national executive branch.

The National Taxation Tribunal shall act as a valuation agency, in accordance with article 13 of Law 21.499 for real estate and as a competent technical office for property other than property in accordance with Law 21.626 (T. 2001).

ARTICLE 2 In order to guarantee the continuity and security of the public service of aerocommercial transport of passengers, mail and cargo; the maintenance of the labour sources and the safeguarding of the goods of the companies mentioned in Article 1 of this Law, in the terms of Articles 57 and 59 of Law 21.499, the national executive branch, through the agency which it designates, shall exercise from the time of the entry into force of this Law all the rights that the actions appropriate. Article 3 In order to ensure the provision of services, their expansion and improvement, the national executive branch shall implement the necessary mechanisms for the purpose of meeting the financial needs arising from the companies referred to in article 1 of this Act, in accordance with article 26 of the National Civil Service Budget Act.

The operations and appropriate budgetary adjustments to this effect shall be informed to the Bicameral Commission for State Reform and Monitoring Privatizations.

For the purposes of re-equipment and improvement of services, within a maximum of one hundred and eighty (180) days, the body designated, guaranteeing the federal composition of the same, will formulate a General Business, Strategic and Operational Plan of the medium and long term. This Plan will be informed of the aforementioned Bicameral Commission.

It should give special consideration to the needs of those regions of the country that depend primarily on air transportation.

ARTICLE 4 There is no compromise, the Treasury Procuration of the Nation will promote the respective expropriation trial. ARTICLE 5o Authorize the assignment of the representative shares of the social capital to the workers of the Companies Airlines Argentinas Sociedad Anónima y Austral Airlines Skys del Sur Sociedad Anónima and its controlled to a maximum of ten percent (10%) of its shareholders, in accordance with the Participated Property Program. ARTICLE 6 The national executive branch shall implement all the mechanisms provided by law in order to discriminate against the liabilities generated by the normal operations of the companies referred to in article 1 of the present law, of those who had originated in hurtful or fraudulent operations or who had cause in the mismanagement of the administrators.

It will also be presented in all existing criminal cases involving the investigation of any offences which, the current majority shareholders, the administrators of such companies or even third parties, would have committed to the detriment of the property of the society; and will denounce any unlawful acts that will come to their knowledge for such management.

For the purpose of recovering the assets affected by the eventual mismanagement, dolo or fault of the administrators will initiate the corresponding civil and commercial actions.

ARTICLE 7 This law is of public order and will enter into force on the day of its publication in the Official Gazette. ARTICLE 8 Contact the Executive.

IN THE SESSION OF THE ARGENTINE CONGRESS, IN GOOD AIRES, TO THE DAYS OF THE TWENTY DAY FOR THE YEAR TWO MIL OCHO.

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JULY C. C. COBOS. EDUARDO A. FELLNER. . Enrique Hidalgo. . Juan H. Estrada.