Law No. 51 Of 2 March 1998

Original Language Title:  LEGE nr. 51 din 2 martie 1998

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Law No. 51 of 2 March 1998 on approval of the Government Ordinance. 48/1997 on the establishment of social protection measures for employees in the event of a transfer of ownership of shares of the ISSUING companies, the PARLIAMENT Published in MONITORUL OFICIAL nr. 102 of 4 March 1998 Parliament adopts this law.


The sole article approving Ordinance No. 48 of 28 august 1997 concerning the establishment of measures of social protection of employees in the event of a transfer of ownership of shares of the company issued pursuant to art. and (b). j) of law No. 134/97 for empowering the Government to issue decrees and published in the Official Gazette of Romania, part I, no. 224 of 30 august 1997, with the following modifications: 1. In article 3, paragraph a) shall read as follows: "a collective labour contract) and other agreements and arrangements between the Trade Union or, as the case may be, the employees ' elected representatives and the patronage of the company;"
2. In article 4, paragraphs (1) and (2) shall read as follows: Art. 4. — (1) the rights and obligations of employees covered by article 19. 3, in effect at the time of transfer of ownership, may not be altered unilaterally, throughout which they are valid.

(2) by agreement between the new owner or its representatives and Trade Union or, as the case may be, the employees ' elected representatives, the terms of the collective labour contract, valid at the time of transfer of ownership, can be negotiated. "
  

3. In article 6, paragraph (1) shall read as follows: Art. 6. — (1) in the event of a transfer of ownership, partly or wholly, on action managed by the State property Fund, and the buyer shall be required, on pain of nullity of the contract, to enter in the buy-sell contract clauses concerning the situation of the staff and the maintenance or disposal thereof. The parties have the obligation to conclude a contract of sale and purchase in compliance with all the provisions contained in the law, collective labour contracts, and other agreements concluded between the Trade Union or, if appropriate, the elected representatives of the employees and the employers company. "
4. Article 7 shall read as follows: Art. 7. — (1) after the transfer of ownership, if employees who hold shares in that company lose the quality of employee, in accordance with the provisions of art. 129, 130 and 135 of the labour code, they retain in full the rights arising from their membership of the shareholder.

(2) persons who lose the quality of employee and who bought shares through the Association of employees or through the procedures of privatization are entitled AESOP MEBO or to keep the shares acquired free of charge, through the exchange of property with Carnets certified and/or registered privatization coupons, as well as those which they have subscribed, where they remain members of the said Association.
  

(3) where the employees referred to in paragraph 1. (2) opt out of membership in the Association, they retain the ownership of the shares acquired free of charge, as well as those paid by the time of the loss of quality of the company's payroll. Outstanding shares and become in this way are reallocated to other members of the Association, in accordance with the judgment taken in this respect by the General Assembly of the Association and in compliance with legal provisions. "
  

This law was adopted by the Senate at its meeting on 16 February 1998, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
p. SENATE CRISTIAN DUMITRESCU this law was adopted by the Chamber of deputies at its meeting on 16 February 1998, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
p. CHAMBER of DEPUTIES PRESIDENT ANDREW JOHN CHILIMAN — — — — — — —