PRESIDENTIAL DECREE OF THE REPUBLIC OF BELARUS

of July 17, 2014 No. 348

About measures for increase in overall performance of the organizations of agro-industrial complex

For the purpose of creation of conditions for increase in overall performance of the organizations of agro-industrial complex I decide:

1. Offer banks and "Development Bank of the Republic of Belarus" open joint stock company (further - banks) to grant delay of obligation fulfillment on principal debt for the term which is not exceeding five years (further - delay):

1.1. to the legal entities who acquired (acquiring) since January 1, 2014 in accordance with the established procedure as a result of reorganization (in the form of merge, accession), purchases, voluntary conveyance of the companies as property complexes of the right and obligation of insolvent agricultural organizations * (further - agricultural organizations) on long-term investment loans **, issued to legal entities and agricultural organizations on acquisition of agricultural machinery, the equipment, construction, reconstruction and (or) upgrade of production facilities. Delay is granted based on the applications of the legal entities who acquired the rights and obligations of agricultural organizations, for provision of delay and business plans of development of these legal entities approved by regional executive committees submitted to banks which fixed terms of obligation fulfillment, subject to delay. At the same time the amount of such obligations (the term, overdue, prolonged debt) is reflected in accounts on accounting of term debt of banks. Provision of delay is drawn up by entering of corresponding changes and (or) amendments into credit agreements;

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* For the purposes of this Decree insolvent agricultural organizations are understood as legal entities, including their separate divisions which core activity is production of agricultural products, at which following the results of the year preceding year in which the decision on transfer of their rights and obligations to legal entities according to subitem 1.1 of Item 1 of this Decree is made coefficient of current liquidity and coefficient of security with own current assets less 1,5 and 0,2 respectively have values.

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