Read the untranslated law here: https://www.vestnesis.lv/ta/id/194080
The Saeima has adopted and the President promulgated the following laws: the amendments to the law "on State and local government owned capital shares and enterprises" to make the law "on State and local government owned capital shares and enterprises" (Latvian Saeima and the Cabinet of Ministers rapporteur, 2002, No 21; 2003; 2004, nr. 15, no. 23; 2005, 2., no. 15; 2006, no. 24, no. 1; 2008; 2009, 2., 6., no. 9; Latvian journal, 2009, 78 no) the following amendments: 1. in article 2: Add to the article with the 3.1 part as follows: "(31) this law does not govern the procedures for credit institutions, which are State and local corporations, is created and running the Council.";
to supplement the article with the seventh subparagraph by the following: "(7) for the activities of credit institutions, the provisions of this law apply, if the law of credit institutions not otherwise specified."
2. Supplement article 3, fifth paragraph, after the word "regulations" with the words "in so far as this law provides otherwise".
3. Express 7.1 article as follows: "article 7.1. Legal consequences by acquiring decisive influence (1) If the holder of the shares or the Cabinet of Ministers has adopted a decision that one State Corporation acquires decisive influence in another corporation or a public corporation is acquiring all of the capital or of the voting shares of another corporation, the State Corporation of crucial influence on the current Corporation Board are not created.
(2) If the holder of the shares or the Municipal Council has taken its decision on the fact that one of these Municipal Corporation acquires decisive influence in another Corporation in the same municipality or the municipal corporation is acquiring all of the capital or of the voting shares of another corporation, the municipal corporation of crucial influence on the current Corporation Board are not created.
(3) State and municipal corporation shall ensure that a corporation in which it has acquired all of the capital or voting shares: 1) members of the Management Board remuneration does not exceed the Central Administration of statistics official statistics published in the notice of the State public sector workers the previous year's average monthly wage and rounded to full lats, which may apply the factor which must not be greater than 5. remuneration of the members of the Board of adjustment each year and recalculate the consideration to be paid by the start of the year may 1;
2) Board Member who is removed from Office before the end of the term and work contract or in any other agreement concluded in civil law provides for the severance pay or any other form of compensation, are entitled to receive severance pay or compensation to the extent specified in the contract but not more than two months in the amount of remuneration;
3) Board member is a person who manages the country's language and work experience, education and qualifications to provide the members of the Board of the professional performance of the task.
(4) in the first and second part of the shares of the company in those dependent on the shareholders ' general meeting shall perform the tasks of the Council under article 292 of the Law of the first part.
(5) in the first and second part of the shares of the company in those dependent Management Board must obtain the consent of the general meeting of shareholders of the commercial law 294 in the first subparagraph of article specific questions for decision. "
4. Express article 16, third paragraph of point 6 in the following wording: "6) most important corporations, as well as the decision of the Executive Board of the most important private Corporation Board, and the decisions of the Council;".
5. Make the article 29 the following: ' article 29. The Corporation's Board and the appointment of the auditor of a corporation for registration up To Board and the auditor is appointed for a full term of Office. "
6. Article 34: turn off the title, the words "and the Council";
turn off the first paragraph, the words "and the Council";
to turn off the second and third paragraphs;
turn off the fifth paragraph, the words "or" Council ".
7. Turn off the third subparagraph of article 35, the words "the members of the Council".
8. Turn off article 36, the words "the Council".
9. Article 64: turn off the second part of paragraph 1;
to supplement the article with 2.1 and 2.2 the part as follows: "(21) State Board of a Corporation requires the prior consent of the Cabinet's proposed acquisition of another company, to increase participation.
(22) the municipal corporation's Board requires prior consent of the municipality's acquisition of other societies to increase participation. "
10. Turn off in article 67 in the second paragraph, the words "and the Council".
11. Article 75: make the first paragraph by the following: "(1) the public administration implemented a shareholder — the State or municipality, the shareholders ' meeting and the Board."
to supplement the article with the third part as follows: "(3) the company will not be created by the Council."
12. Article 76: make the first part of paragraph 3 and 4 by the following: "3) members of the Management Board and the appointment and revocation of the auditor;
4) action against Board members and the Auditors or the waiver of claims against them, as well as the appointment of a member of the public claims for maintenance against the members of the Board; ";
replace the first subparagraph of paragraph 5, the words "the Council" with the words "Board";
replace the first subparagraph of paragraph 8, the word "Council" with the words "Board";
turn off 1.1;
to turn off the second paragraph, the words "or of the Council".
13. Article 79: turn in the second paragraph, the words ' the Council (if any) or ";
turn off the third;
to make the fourth and fifth by the following: "(4) if the Management Board does not convene another meeting of members without valid reason, shareholders can abolish the Board members.
(5) If a dispute arises as to whether the action of the members of the Management Board is justified, the burden of proof is Board members. "
14. Article 80: turn off in the first paragraph, the words ' the Council (if any) ";
to turn off the second paragraph, the words "and to the Council (if any)";
turn off the sixth paragraph, the words "or even to propose to the Council (if any) cancel".
15. Article 83: turn off in the first paragraph, the words "all the members of the Council (if society is the Council)";
turn off the fourth paragraph, the words "the members of the Council (if society is the Council)".
16. Article 84: make the second part of paragraph 1 by the following: "1) Board members, the liquidator or auditor's withdrawal;";
Replace paragraph 2 of the second paragraph, the words "and members of the Board (if society is the Council)" with the words "Board members".
17. Replace article 87 of the second subparagraph of paragraph 9, the words "and members of the Board (if society is the Council)" with the words "Board members".
18. off 88, 89, 91 and 92 90, article.
19. the express article 95, the first paragraph by the following: "(1) the Board may revoke the shareholders ' meeting, if you have a compelling reason."
20. Article 98 of the expression as follows: "article 98. The consent of the General Meeting Board action (1) the Management Board takes decisions on all matters of public activities, except where a decision in accordance with this Act and the statutes of the company adopted a shareholder accordingly — national or local — and shareholders ' meeting.
(2) the Board requires the prior consent of the general meeting, the following issues: 1) for decision to the company's acquisition or disposal;
2) existing activities and launching of new activities;
3) affiliates and representative offices opening or closing;
4) the conclusion of transactions exceeding the amount specified in the statutes;
5) the lending that is not related to the ordinary business of the company;
6) real property acquisitions, disposals and keeping with the case law;
7) service of public credit to employees;
8 the general business principles).
(3) the Management Board of the public corporation require the Cabinet's prior consent to the acquisition of another company, to increase participation.
(4) the Board of a Corporation requires the prior consent of the municipality's acquisition of other societies to increase participation.
(5) the drafting of model statutes may also specify other questions that the Management Board of the general meeting must obtain prior written consent. "
21. transitional provisions: paragraph 30 expressing the following: "30. If a corporation in which the State or municipal corporation owns all the shares or the voting shares until July 1, 2009 has created the Council, relevant public authorities shall, no later than 1 September 2009. According to this law, in article 7.1, the first and second part (that shares of the company in which the State and the Municipal Corporation owns all the voting shares, are not created by the Council) for the amendment of the articles of Association of the company. ";
transitional provisions be supplemented with 33, 34, 35, 36 and 37 as follows: "33. State and local members of the boards of public limited liability companies should be considered withdrawn from the Council by 1 July 2009.
34. the national and local authorities of the company shall, no later than august 1, 2009, according to article 75 of this law the requirements of the third paragraph (that the public shares of the company are not created by the Council) for the amendment of the statutes of the public limited liability companies.
35. Dividends paid profit the State corporations in the reporting year 2008. calculated and determined no less than 80 percent of the net profit, if the law "on the State budget for 2009" could not determine the extent of the other.
36. in order to make a decision on the additional cost of dividends (the transitional provisions of paragraph 35), members (shareholders) meeting to July 15, 2009, and the decision shall be taken no later than august 1, 2009. Notice of meeting of members (shareholders) at the time of the Board's proposal on the use of profit and the members (shareholders) meeting approved the annual report. The proposal specifies the members (shareholders) meeting approved the 2008 net profit to be paid dividends, and earnings in the use for other purposes.
37. The Cabinet of Ministers and local governments assess and up to 2010 January 1, shall decide whether the Corporation of national and local participation in other corporations in need if the country in question and the municipal corporation has obtained the participation up to 30 June 2009. "
The law shall enter into force on July 1, 2009.
The Parliament adopted the law of 16 June 2009.
President Valdis Zatlers in Riga V. 30 June 2009 Editorial Note: the law shall enter into force by 1 July 2009.
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