Decree Law 146 Of 20 September 2011 (Ratification Law Decree 11 July 2011 No. 104) Extension Benefits Of Law August 3, 2009 N.109 "facilitated Credit Outstanding In Support Of Economic Activities"

Original Language Title: Decreto Legge 20 settembre 2011 n.146 (Ratifica Decreto Legge 11 luglio 2011 n. 104) Proroga Benefici di cui alla Legge 3 agosto 2009 n.109 "Credito Agevolato straordinario a sostegno delle attività economiche"

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REPUBLIC OF SAN MARINO REPUBLIC OF SAN MARINO LAW DECREE 146 of September 20, 2011 (Ratification Law Decree 104 of July 11, 2011) We the Captains Regent of the Most Serene Republic of San Marino Since the Decree Law 104 of July 11, 2011 - "Benefits Extension of Law 109 of August 3, 2009 - Facilitated Credit Extraordinary in support of economic activities ", promulgated: Given the necessity and urgency referred to in Article 2, paragraph 2, point b) of the Constitutional Law of 15 December 2005 .183 and Article 12 of the Qualified Law 184 of 15 December 2005, namely the necessity and urgency of extending the period of eligibility for benefits under Law 109 of August 3, 2009 in order to maintain the credit instrument facilitated to businesses as an incentive measure for investments, rooted to the companies in the territory and increased employment; Given the decision of No. 3 State Congress adopted in the sitting of 27 June 2011; Given the amendments to the above Decree in connection with ratification of the same by the Great and General Council at its meeting on 15 September 2011; Having regard to Articles 8 and 9, paragraph 5, of the Qualified Law n.186 / 2005; We promulgate and publish the definitive text of Decree Law 104 of July 11, 2011 as amended as a result of the amendments approved by the Great and General Council at the time of ratification of the same: EXTENSION OF BENEFITS OF THE LAW August 3, 2009 109 CREDIT EASY EXTRAORDINARY iN SUPPORT oF ECONOMIC ACTIVITIES Art. 1 Subject to the maximum amount of loans payable under Article 1, paragraph 2, of the Law 109 of August 3, 2009, the period referred to in Article 5, paragraph 1 of the same and referred to in Article 1, first paragraph, the related Regulations of 22 October 2009 n. 2, already patched with Article 27, paragraph 2, of Law 168 of 21 December 2009, Article 24 of the Decree - Law 172 of 26 October 2010 and Article 1 of Decree - Law 24 February 2011 42 shall be extended to 31 December 2011. Art. 2 based on the experience of application of incentive norms of the Law no. 109/2009, assessed the current economic environment and heightened requirements of consolidation and strengthening of businesses are eligible, investment projects as an exception to those listed in Article 4 of the Law n.109 / 2009, implemented or to be implemented at as from 2011, and are supported by specific plans aimed at increasing employment in a maximum period of three years employment undertaking or that are aimed at maintaining a stable level of employment in the same for a minimum period of 5 years. In the case of the maintenance of existing jobs, the company will have to employ at least 10 working units. The failure to meet the employment plans of the preceding paragraphs involves the loss of the benefits under Article 7 of the Law n.109 / 2009, as amended. Notwithstanding Article 6, paragraph 1, of the Law n.109 / 2009 and subsequent amendments the maximum amount of funds payable under this Article shall be equal to EUR 2 million and the interest subsidy paid by the State in derogation paragraph 2 of that article is defined by the Evaluation Committee held employment commitment account and up to a maximum of 80%. Remain valid and all other applicable provisions of the Law n.109 / 2009 and subsequent additions and changes effectively. Art. 3 If the applicant enterprise access to underwrite benefits with the Secretariat of State for Labour agreements for the hiring of at least 5 working units within 6 months from the date of commencement activities, even though they have at the time of the request license and does not have to employ any work unit, but the project is included among those eligible for funding pursuant to law n.109 / 2009 and of this decree - law, the Evaluation Committee may decide admission to benefit them subject to the implementation of the provision needed to be upgraded to the above requirements within a maximum of 6 months from the resolution for approval. Given at Our Residence, this day of 20 September 2011/1711 THE CAPTAINS REGENT Maria Luisa Berti - Filippo Tamagnini THE SECRETARY OF STATE FOR INTERNAL AFFAIRS Valeria Ciavatta

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