LAW OF THE REPUBLIC OF ARMENIA

of April 20, 1999 No. ZR-291

About privatization of Prometheus Khimprom Ltd, and also about provision of privileges of Vanadzor Plant of Chemical Fibre Ltd, GZAO "Vanadzor combined heat and power plant", Vanadzor Chemical Plant Ltd, Prometheus Khimprom Ltd

Accepted by National Assembly of the Republic of Armenia on April 14, 1999

Article 1." And GZAO "Vanadzor combined heat and power plant" to privatize Prometheus Khimprom Ltd created within preparatory work on privatization of Vanadzor Chemical Plant Ltd, Ltd, the Vanadzor plant of chemical fiber in the form of direct sale to the known buyer.

Article 2. From the amount paid as a result of the transaction in first-priority procedure obligations of founder societies in priorities, stipulated in Clause 70 Civil codes of the Republic of Armenia are settled, and other part is enlisted in the government budget.

Article 3. Exempt Vanadzor Plant of Chemical Fibre Ltd from the tax shortages which are available for March 1, 1999 in the amount of 136,2 of one million dram and penalty fee added on tax shortages in the amount of 250, of millions of dram, from the shortages of payments of compulsory social insurance which are available for January 1, 1999 in the amount of 56,3 of one million dram and penalty fee added on these shortages in the amount of 321,7 of one million dram, and also from the additional obligations added on tax payments and payments of compulsory social insurance at the time of the introduction of the transaction in force.

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