Reforming The Law On Privatization Of Sugar And Alcohol Plants.

Original Language Title: REFÓRMASE LA LEY DE PRIVATIZACIÓN DE INGENIOS Y PLANTAS DE ALCOHOL.

Read the untranslated law here: http://www.asamblea.gob.sv/eparlamento/indice-legislativo/buscador-de-documentos-legislativos/reformase-el-inciso-5b0-del-art.-8-de-la-ley-de-privatizacion-de-ingenios-y-plantas-de-alcohol-2/archivo_documento_legislativo

1. Decree No. 946, the Legislative Assembly of the Republic of EL SALVADOR: I.-that through Legislative Decree No. 92, dated 21 July 1994 published in the official journal N ° 159, volume N ° 324, 30 August of that year, was issued the privatization law of sugar and Alcohol plants, in order to transfer to the private sector activities that not being the essential functions of the State they can be performed more efficiently by this sector.
II. that pursuant to the Act, corporations have been created was transferred to which ownership of the mills in the country, to ensure that the actions of these is sold to the public, giving preference to the purchase of the shares to sugar cane growers and workers of the sugar concerned.
III. that by means of Legislative Decree N ° 786, dated December 18, 2008, published in the official journal N ° 40, volume N ° 382, February 27, 2009, amendments to the Act of privatization of sugar and Alcohol plants, amending, among others, article 8 of the Act, which establishes one period not to exceed one year following the entry into force of the amendment were issued to which Corporation Salvadoreña Inversiones (CORSAIN), may sell shares of his property of the companies listed in the previous recital.
IV. that by means of Legislative Decree N ° 284, dated February 18, 2010, published in the official journal N ° 45, volume N ° 386, 5 March of that same year, a reform to the law of privatization of sugar and Alcohol plants, replacing in article 8 thereof, subsections 5 ° and 6 °, in order to establish CORSAIN will proceed to the sale of related actions was issued in a period that will conclude on March 7, 2015, defining the procedure for this purpose.
V that currently not all before concerned societies and where CORSAIN has shareholding, have favorable conditions for the sale of the shares, so it is convenient to extend the deadline so that the Corporation may sell the mentioned actions.
Therefore, in use of his constitutional powers and at the initiative of the deputies Eduardo Enrique Barrientos Zepeda and Rodriguez Bertha Mercedes Avilés; as well as the Vice-President of the Republic, in charge of the Presidential Office, through the Minister of the economy.

2 DECREES the following: reform the law of privatization of mills and plants of ALCOHOL contained in the Decree legislative No. 92 dated 21 July 1994 article 1.-the Inc. 5 ° of article 8, be replaced by the following: CORSAIN must proceed to the sale of related actions in the preceding paragraph, in a period ending in March 31, 2018 , offering them formally by notice that is published at least three times in two daily's circulation national; which, is set as the price base the rating originally established by law for each action; private shareholders referred to in the previous paragraph will have the right to make use of its preferential right within a period of ninety days after the last publication before related. The amount obtained from the sale of shares of the privatized mills that were owned by the defunct INAZUCAR and CORSAIN lodged as a result of the transaction, CORSAIN general del Estado shall transfer to fund 95%, as established by the law of liquidation and dissolution of the INAZUCAR.
Article 2.-this Decree shall enter into force eight days after its publication in the journal official given in the blue room of the Legislative Palace: San Salvador, eighteen days after the month of February of two thousand fifteen.
OTHON SIGFRIDO REYES MORALES, PRESIDENT.
ENRIQUE ALBERTO LUIS VALDEZ SOTO, GUILLERMO ANTONIO GALLEGOS NAVARRETE, SENIOR VICE PRESIDENT. SECOND VICE PRESIDENT.
JOSE FRANCISCO MERINO LÓPEZ, LORRAINE GUADALUPE PENA MENDOZA, THIRD VICE PRESIDENT. FOURTH VICE PRESIDENT.
CARLOS ARMANDO REYES RAMOS, FIFTH VICE PRESIDENT.
WILLIAM FRANCISCO MATA BENNETT, MANUEL VICENTE MENJIVAR ESQUIVEL, FIRST SECRETARY. SECOND SECRETARY.
SANDRA MARLENE SALGADO GARCÍA, JOSÉ RAFAEL MACHUCA ZELAYA, THIRD SECRETARY. FOURTH SECRETARY.
IRMA LOURDES PALACES VASQUEZ, ERNESTO ANTONIO ANGLE MILE, FIFTH SECRETARY. SIXTH SECRETARY.
FRANCISCO JOSE ZABLAH SAFIE, JOSE SERAFIN RODRIGUEZ ORANTES, SEVENTH SECRETARY. EIGHTH SECRETARY.

3. presidential House: San Salvador, twenty-five days of the month of February in the year two thousand and fifteen.
PUBLISHED, Salvador Sanchez Ceren, President of the Republic.
Merlyn Alejandrina Barrera Lopez, Deputy Minister of trade and industry, in charge of the firm.
D. OR. No. 38 volume no. 406 date: February 25, 2015 JQ/fg 13-03-2015 legislative index