Reforming The Law On Privatization Of Sugar And Alcohol Plants.

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

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LEGISLATIVE ASSEMBLY-REPUBLIC OF EL SALVADOR ____________________________________________________________________

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DECREE NO 946

THE LEGISLATIVE ASSEMBLY OF THE REPUBLIC OF EL SALVADOR,

CONSIDERING:

I.-That by Legislative Decree No. 92, dated 21 July 1994, published in Official Journal No. 159, Volume N ° 324, of 30 August of that same year, the Law of Privatization of Ingeniuses and Plants of Alcohol was issued, in order to transfer to the private sector activities which are not of the essential functions of the State,

II.-That in compliance with the aforementioned law, anonymous companies were created to which they were transferred the ownership of the country's mills, in order to sell them In the case of the sale of the shares to the public, it is preferred to buy the shares from sugar cane producers and the workers of the sugar mills.

III.-By means of Legislative Decree No 786 of 18 December 2008, published in Official Journal No 40, Volume N ° 382 of 27 February 2009, reforms were issued to the Law The Privatization of Ingeniuses and Plants of Alcohol, modifying, among others, Art. 8 of the Law, by means of which a period of not more than one year is established from the validity of said reform, so that the Salvadoring Corporation of Investments (CORSAIN), can sell the shares of its property of the related companies in the previous recital.

IV.-That by Legislative Decree No. 284, dated February 18, 2010, published in the Official Journal N ° 45, Tomo No 386, on 5 March of the same year, a reform was issued to the Law of Privatization of Ingeniuses and Plants of Alcohol, replacing in Art. 8 of the Regulation, points 5 ° and 6 °, in order to establish that CORSAIN will proceed to the sale of the related actions, within a period that will conclude on March 7, 2015, defining the procedure for this.

V.- That at present, not all the companies referred to above and in which CORSAIN has shareholding, present favorable conditions for the sale of the shares, therefore it is appropriate to extend the period for the said Corporation to be able to sell the mentioned actions.

BY TANT,

in use of its Constitutional and to President Eduardo Enrique Barrientos Zepeda and Bertha Mercedes Avilés de Rodriguez; as well as the Vice President of the Republic, in charge of the Presidential Office, through the Minister of Economy.

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LEGISLATIVE ASSEMBLY-REPUBLIC OF EL SALVADOR ____________________________________________________________________

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DECRETA:

REFORM OF THE LAW ON THE PRIVATIZATION OF SUGAR MILLS AND PLANTS CONTAINED IN LEGISLATIVE DECREE NO. 92 DATED JULY 21, 1994

Art. 1.-Replace the Inc. 5 ° of Art. 8, by the following:

CORSAIN shall proceed to the sale of the related shares in the preceding paragraph, within a period ending on March 31, 2018, offering them formally by notice that be published at least three times in two national circulation newspapers; for which, the nominal value originally established in the Act for each action is established as the base price; the private shareholders referred to in the preceding paragraph shall have the ability to make use of its preferential right in a period of ninety days from the date of last publication related. The amount obtained from the sale of the shares of the privatised mills that were the property of the extinct SUGAR and that CORSAIN would receive as a result of said transaction, CORSAIN will have to transfer to the general fund of the State 95% of it, as established by the Law on the Liquidation and Dissolution of SUGAR.

Art. 2.-This Decree will enter into force eight days after its publication in the Official Journal

GIVEN IN THE BLUE HALL OF THE LEGISLATIVE PALACE: San Salvador, at the eighteen days of the month of February of two thousand fifteen.

OTHON SIGFRIDO REYES MORALES, PRESIDENT.

ENRIQUE ALBERTO LUIS VALDEZ SOTO, GUILLERMO ANTONIO GALLEGOS NAVARRETE, FIRST VICE PRESIDENT. SECOND VICE-PRESIDENT.

JOSÉ FRANCISCO MERINO LÓPEZ, LORENA GUADALUPE PEÑA MENDOZA, THIRD VICE PRESIDENT. FOURTH VICE-PRESIDENT.

CARLOS ARMANDO REYES RAMOS, FIFTH VICE PRESIDENT.

GUILLERMO FRANCISCO MATA BENNETT, MANUEL VICENTE MENJÍVAR ESQUIVEL, FIRST SECRETARY. SECOND SECRETARY.

SANDRA MARLENE SALGADO GARCÍA, JOSÉ RAFAEL MACHUCA ZELAYA, THIRD SECRETARY. FOURTH SECRETARY.

IRMA LOURDES PALACIOS VÁSQUEZ, ERNESTO ANTONIO ANGULO MILLA, FIFTH SECRETARY. SIXTH SECRETARY.

FRANCISCO JOSE ZABLAH SAFIE, JOSE SERAFIN ORANTES RODRIGUEZ, SEVENTH SECRETARY. EIGHTH SECRETARY.

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ASSEMBLY-REPUBLIC OF EL SALVADOR ____________________________________________________________________

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PRESIDENTIAL HOUSE: San Salvador, at the twenty-fifth day of February of the year two thousand fifteen.

PUBESQUIESE,

Salvador Sánchez Cerén, President of the Republic.

Merlyn Alejandrina Barrera López, Deputy Minister of Trade and Industry,

Enloaded with the Dispatch.

D. O. 38 Volume No. 406 Date: February 25, 2015

JQ/fg 13-03-2015

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