Key Benefits:
The Senate and Chamber of Deputies of the Argentine Nation assembled in Congress, etc. sanction with force of Law:
ARTICLE 1 In order to guarantee the public service of aerocommercial transport of passengers, mail and cargo, the national state will proceed to the rescue of the companies Airlines Argentinas S.A. and Austral Airlines - South skies S.A. and its controlled companies (Optar S.A., Jet Paq S.A., Aerohandling S.A.) for the purchase of their corporate actions. ARTICLE 2 The National Tax Court shall carry out the valuations corresponding to the companies Argentine Airlines S.A. and Austral Airlines . South skies S.A. for the purposes provided for in Article 1 of this Law. The rates will be made taking into account the current values as at 1 July 2008.The Bicameral Commission on State Reform and Monitoring of Privatizations established by article 14 of Law No. 23,696 will monitor that those valuations contemplate the real estate situation of the companies and conform to technical criteria consistent with the type of activity they carry out.
Article 3 The price to be set shall be subject to the approval of the Honorable Congress of the Nation. ARTICLE 4 Authorize the assignment to the employees of Airlines Argentinas S.A. and Austral Airlines - Skys of the South S.A. for up to a maximum of TEN BY SCIENTO (10%) of the share of the respective companies, in accordance with the Participated Property Program. ARTICLE 5o The national executive branch will be able to implement the necessary mechanisms for the purpose of meeting the financial needs arising from the operational deficits of the companies Airlines Argentinas S.A. and Austral Airlines - South skies S.A. until 31 (treinta and 1) of December 2008, it will have to carry out the corresponding budgetary adjustments and will report on such transfers to the Bicameral Commission for State Reform and Monitoring. ARTICLE 6 The amount of financial assistance carried out and to be carried out by the national executive branch in order to comply with the provisions of the preceding article shall be used as capital contributions and/or as credits for the national State, the corresponding budgetary adjustments must be made. ARTICLE 7 The Bicameral Commission on State Reform and the Monitoring of Privatizations established by article 14 of Law No. 23,696 shall exercise the functions provided for in the aforementioned norm and shall be forwarded to it reports of actions taken. ARTICLE 8 In order to ensure the transparency of the procedures in order to facilitate the analysis, evaluation and control of the correct implementation of this law, the intervention of the General Audit of the Nation must be required to that effect and to request reports to any other agency dependent on the national State. Article 9 In no case shall the national State yield the majority shareholders of society, the strategic decision-making capacity and the right to veto in the decisions of society. ARTICLE 10. This law is of public order and will enter into force on the day of its publication in the Official Gazette. ARTICLE 11. Contact the national executive branch.DADA IN THE SESSION OF THE ARGENTINE CONGRESS, IN GOOD AIRES, TO THE THREE DAYS OF THE TWO YEAR MIL OCHO.
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JULY C. C. COBOS. EDUARDO A. FELLNER. . Enrique Hidalgo. . Juan H. Estrada.
