The Law of Ukraine
On Privatization Papers
Date of Entry into Force:
March 15, 1992
The Law determines concept and types of privatization papers, conditions and procedure of their issue, distribution among the Ukrainian citizens, record, use and pay off.
Privatization papers are a special kind of state securities which certify the owner's right to free of charge receipt of part of state enterprises, state housing fund, land fund in the process of privatization. Privatization papers may be only registered.
The right to privatization papers receipt shall have the citizens of Ukraine who live on its territory, reside or temporary stay outside its boundaries on business in the period determined by the State privatization program. Each Ukrainian citizen shall have equal right to receipt of privatization papers of equal nominal value for part of state enterprises property, state housing fund, land fund privatization.
Decision about privatization papers issue shall be taken by the Cabinet of Ministers of Ukraine. The National Bank of Ukraine shall emit privatization papers. Record of issued privatization papers shall be conducted by the issuer. The Oschadnybank of Ukraine shall organize issue of the privatization papers to the citizens.
The Law establishes the procedure of privatization papers use and pay off.
Privatization papers shall not be subject to free circulation and their sale or alienation in other way shall be invalid. Dividends or interest from privatization papers shall not be counted. Privatization papers shall not be used for payments as well as pledge for ensuring payments and credits.