Key Benefits:
Bs. As. 16/2/96
VISTO the provisions of Act No. 23,696, Decree No. 584 of 1 April 1993, Joint Resolution No. 462 of the Ministry of Labour and Social Security and No. 481 of the MINISTERY OF ECONOMY AND PUBLIC SERVICES dated 17 May 1993 and the provisions of the former OVERSEDING No. 2 and 3 of 19 August 1993 and
CONSIDERING:
That the NATIONAL EXECUTIVE PODER, within the framework of Law No. 23,696 and its complementary standards, initiated a comprehensive process of privatization of enterprises and activities under the responsibility of the Public Sector, which resulted in the transfer to the private sector of important activities and the creation of numerous commercial societies.
That the HONORABLE CONGRESS OF NATION, by adopting the above-mentioned legal standard, expressly contemplated in its Chapter III, that a significant portion of the share of the new companies be reserved for employees.
That the NATIONAL EXECUTIVE POWER and its dependent organs, through the dictation of various regulatory and complementary norms, proceeded to carry out the implementation of the Property Program Participated in the DIAMANT HIDROELECTRICA SOCIEDAD ANONIMA; ELECTRIC SOCIDIARY TRANSPORT ENERGY ENERGY FOR TRONCAL DISTRIBUTION
That such a process has achieved a high degree of adherence on the part of the legitimate employees to acquire actions of the aforementioned companies, through the Participated Property Programs.
The dissemination work has been completed and the General Transfer Agreements have been signed, to designate the Trust Bank, to hold the Adherent Employee Assemblies and to nominate their representatives for the Boards of the respective companies and the Executive Committees of the respective Programmes.
It is appropriate to ratify the General Transfer Agreements signed by employees-inherents to those Participated Property Programs, as a model approved by Joint Resolution No. 462/93 of the MINISTERY OF WORK and SOCIAL SECURITY and No. 481/93 of the MINISTERY OF ECONOMY AND PUBLIC SERVICES.
It is appropriate to proceed with the approval of the acts carried out by the Implementation Authority, aimed at the implementation of the Property Programs Participated in the societies covered by the rule cited in the preceding consideration.
That while the cancellation of the price of the shares will occur gradually, according to the mechanics established by Article 30 of Law No. 23.696 and the provisions of the General Agreements on Transfer, the aforementioned legal norm authorizes the transfer of ownership to the acquired employees through the constitution of the guarantee established by that Law in Article 34.
That in such a way, acquiring employees may, in a syndicate manner, exercise the corporate rights that such titles grant, in accordance with Article 38 of Law No. 23,696.
That is why it is appropriate to dispose of the actions assigned to the purchasing employees subscribers to the respective General Transfer Agreements.
That the present is determined by virtue of the powers conferred by Article 99, Subparagraph 1) of the NATIONAL CONSTITUTION, and Articles 15, 17, 30 and concordant of Law No. 23,696.
Therefore,
THE PRESIDENT OF THE ARGENTINA NATION
RIGHT:
Article 1 . Approved the implementation of the Participated Property Programme carried out in the HIDROELECTRICA DIAMANTE SOCIEDAD ANONIMA, ENERGY ELECTRIC TRANSPORT ENERGY COMPANY FOR TRONCAL DISTRIBUTION OF HYO SOCIEDAD ANONIMA (DISTROCUYO S.A.) and HIDROELECTRICA RIO HON Art. 2o . Adjudify the percentage of the appropriately reserved shareholder for the implementation of the Participated Property Programme, of the DIAMANT HIDROELECTRIC SOCIEDAD ANONIMA, ENERGY TRANSPORT ENERGY COMPANY FOR TRONCAL DISTRIBUTION OF WHAT ANONIMAID SOCIEDAD (DISCUTROYO S. A.) e ANONIMA, in Class "C" shares, to the purchasing employees subscribers to the respective General Transfer Agreements, according to the Model approved by Joint Resolution No. 462/93 of the MINISTERY OF WORK and SOCIAL SECURITY and No. 481/93 of the MINISTERY OF ECONOMY AND PUBLIC SERVICES. Art. 3o . Note the sale price of the shares assigned to each of the Property Programs Participated in the values detailed in Annex I which is part of this Decree. Art. 4o de To be appointed to the BANCO of the ARGENTINA NATION as a Trust Bank as provided for by Resolution No. 1162 of 6 October 1993 of the MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICS and ratified by the employees-inherents in the respective assemblies and by nominees the members of the Boards and Executive Committees of each of the respective Programs, corresponding to each of the companies included in this Decree. Art. 5o . Notify the societies HIDROELECTRIC DIAMANTE SOCIEDAD ANONIMA, ELECTRIC ENERGY TRANSPORT EMPRESS BY TRONCAL DISTRIBUTION OF CUYO SOCIEDAD ANONIMA (DISTROCUYO S.A.) and HIDROELECTRIICA RIO HONDO SOCIEDAD ANONIMA. Art. 6th El The MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLICS through the Secretary of Coordination shall request to each of the societies covered by this rule, the call to Assembly for the purpose of designating in the Directory, the persons chosen by the employees acquired in the elections carried out in each company, as stipulated by the provisions No. 2 and 3 of August 19, 1993 of the ex-SUBSECRETARIA DE PRIVATIZA Art. 7o . Contact the Bicameral Commission established by Article 14 of Law No. 23.696. Art. 8o . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Eduardo Bauzá. . Domingo F. Cavallo.Annex I
UNITAR PRECIO OF ACTIONS ASIGNED TO PROPERTY PROGRAMMES PARTICITED IN THE NEXT PRIVATE EMPRESS:
| HIDROELECTRICA DIAMANTE SOCIEDAD ANONIMA | $1,00 |
| TRANSPORT COMPANY ELECTRIC ENERGY TRONCAL DISTRIBUTION ANONIMA SOCIEDAD (DISTROCUYO S.A.) | $1,00 |
| HIDROELECTRICA RIO HONDO SOCIEDAD ANONIMA | $1,00 |
