PRESIDENTIAL DECREE OF THE REPUBLIC OF BELARUS

of July 4, 2016 No. 253

About measures for financial improvement of agricultural organizations

For the purpose of financial improvement of agricultural organizations and increase in efficiency of agricultural production and production of fish:

1. Determine that:

1.1. the shares emitted by agricultural organizations *, which are in state-owned property can be delivered in trust management to the legal entities who are not professional participants of the security market;

______________________________

* For the purposes of this Decree agricultural organizations are understood as legal entities, including their separate divisions which core activity is cultivation (production or production and conversion) of agricultural products which proceeds from sales constitute at least 50 percent from the total amount of revenue for previous year.

1.2. in case of delegation of power of executive body (head) of agricultural organization under the agreement of other commercial organization (management company) or the individual entrepreneur (managing) the income of management company (managing director) under such agreement is established percentage of proceeds from sales of products, goods (works, services) of this agricultural organization, but cannot exceed 5 percent from it. At the same time:

the average monthly income of management company (managing director) cannot exceed the eightfold size of the average monthly salary of the average employee of agricultural organization in the corresponding month;

following the results of work in year to management company (managing director) the bonus in profit share from sales of products, goods (works, services), equal to the level of profitability of sales is established. The paid amount of bonus cannot exceed the eightfold size of the salary of the average employee of agricultural organization for this year;

1.3. procedures of insolvency and bankruptcy of agricultural organizations are held according to the legislation on settlement of insolvency taking into account the features determined in subitems 1.4-1.8 of this Item;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info