Advanced Search

Law No. 51 Of 2 March 1998

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

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
LEGE no. 51 51 of 2 March 1998 for approval Government Ordinance no. 48/1997 on the establishment of social protection measures for employees in case of transfer of ownership of shares or shares of companies
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 102 102 of 4 March 1998



The Romanian Parliament adopts this law + Article UNIC Approval Government Ordinance no. 48 48 of 28 August 1997 on the establishment of measures of social protection of employees in the case of transfer of ownership of shares or shares of companies, issued pursuant to art. 1 lit. j) of Law no. 134/1997 for the empowerment of the Government to issue ordinances and published in the Official Gazette of Romania, Part I, no. 224 of 30 August 1997, with the following amendments: 1. In Article 3, letter a) shall read as follows: "" a) the collective agreement and other arrangements and arrangements existing between the trade union or, where applicable, the elected representatives of the employees 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, to which art. 3, in force at the time of the transfer of the property right, cannot be modified unilaterally, for the entire duration of their validity. ((2) By agreement between the new owner or its representatives and the union or, as the case may be, the elected representatives of the employees, the clauses of the collective agreement, valid at the time of the transfer of the ownership, may be renegotiated. " 3. In Article 6, paragraph 1 shall read as follows: "" Art. 6. --(1) In the case of transfer of ownership, partially or totally, on the shares managed by the State Property Fund, it and the buyer are required, under penalty of nullity of the contract, to enter into the contract of sell-purchase clauses relating to the situation of the staff and to its maintenance or redundancy. The parties have the obligation to conclude the sales contract in compliance with all the provisions contained in the law, in the collective agreement, as well as in other agreements concluded between the union or, as the case may be, the elected representatives of employees and employers of the company. " 4. Article 7 shall read as follows: "" Art. 7. -(1) After the transfer of the property right, if the employees who hold shares in that company lose their status as an employee, in accordance with the provisions of art. 129, 130 and 135 of the Labor Code, they fully retain their rights arising from their status as a shareholder. (2) Persons who lose the status of an employee and who have bought shares through the Employee Association Program or through the privatization procedures MEBO or ESOP are entitled to keep the shares acquired by title free of charge, by making the exchange of books with property certificates and/or nominative coupons of privatization, as well as those they have subscribed, if they remain members of that association. (3) If the employees referred to in par. (2) renounce the membership of the association, they retain ownership of the shares acquired free of charge, as well as those paid up until the loss of the quality of employee of that company commercial. The unpaid actions and which become available in this way shall be redistributed to the other members of the association, according to the decision taken in this regard by the general assembly of the association and in compliance with the legal provisions This law was passed by the Senate at the meeting of February 16, 1998, in compliance with the provisions of art 74 74 para. (2) of the Romanian Constitution. p. SENATE PRESIDENT CRISTIAN DUMITRESCU This law was adopted by the Chamber of Deputies at the meeting of February 16, 1998, in compliance with the provisions of 74 74 para. (2) of the Romanian Constitution. p. CHAMBER OF DEPUTIES PRESIDENT ANDREI IOAN CHILIMAN -------