Chương 5 Nghị định 59/2011/NĐ-CP chuyển doanh nghiệp 100% vốn nhà nước: Chính sách đối với doanh nghiệp và người lao động khi cổ phần hóa

Chapter V

POLICIES TOWARD ENTERPRISES AND THEIR EMPLOYEES DURING EQUITIZATION

Article 47. Preferential policies toward equitized enterprises

1. To be exempt from the registration fee for transfer of assets under their management and use to joint-stock companies.

2. To be exempt from the fee for the grant of an enterprise registration certificate upon their transformation.

3. To be prioritized in inheriting the land use rights and legitimate interests provided by the land law.

4. To maintain and develop welfare funds in kind, such as cultural facilities, clubs, infirmaries, sanatoria and nurseries, to ensure welfare for employees of joint-stock companies.

Article 48. Preferential policies toward employees of equitized enterprises

1. Laborers named on the list of regular employees of an equitized enterprise at the time of disclosure of its value may purchase at most 100 shares per year of actually working in the state sector at the price equal to 60% of the lowest successful bid (in case of prior public auction) or 60% of the lowest successful sale price of shares sold to strategic investors (in case of prior sale to strategic investors).

2. Laborers named on the list of regular employees of an equitized enterprise at the time of disclosure of its value who are needed by the enterprise and have committed to working for the enterprise for at least 3 years (after the enterprise is granted the first-time enterprise registration certificate) may purchase more preferential shares under the following provisions:

a/ To purchase an addition of 200 shares for each year they commit to continuing to work in the enterprise, provided that the total number of additionally purchased shares does not exceed 2,000 per employee.

Particularly, employees who are highly professionally qualified experts working in an enterprise may additionally purchase 500 shares for each year they commit to continuing to work in their enterprise but the total number of additionally purchase shares must not exceed 5,000 per employee. Equitized enterprises shall base themselves on particularities of their sectors or business lines to elaborate and decide on criteria for identifying excellent experts who are highly professionally qualified and have these criteria adopted by their employees and workers’ general meetings before the equitization.

b/ The sale price of preferred shares to be additionally sold to employees under Point a, Clause 2 of this Article is the lowest successful bid (in case of prior public auction) or the lowest successful sale price of shares sold to strategic investors (in case of prior sale to strategic investors).

c/ Each employee may enjoy the right to additionally purchase preferred shares at the level specified at Point a, Clause 2 of this Article.

d/ Preferred shares employees may additionally purchase specified at Point a, Clause 2 of this Article shall be converted into ordinary shares upon the expiration of the committed time limit.

In case a joint-stock company undergoes a restructuring which leads to employees’ labor contract termination, resignation or lay-off under the Labor Code ahead of the committed time limit, additionally purchased shares shall be converted into ordinary shares. In case employees wish to resell their shares to the enterprise, the joint-stock company shall redeem these shares at prices close to market trading prices.

Employees who terminate their labor contracts ahead of the committed time limit shall resell all of their additionally purchased shares to the joint- stock company at prices close to market trading prices but not exceeding prices at which these shares were purchased at the time of equitization.

3. They may receive part of cash balances of reward and welfare funds (including also the value of assets used in production and business which have been invested with these funds) under Articles 14 and 19 of this Decree for purchasing shares.

4. They may continue participating in and enjoying benefits from social insurance, health insurance and other current regimes when working in joint-stock companies.

5. They may enjoy the retirement regime and other benefits under current regulations if fully meeting the specified conditions at the time of disclosure of the enterprise value.

6. If they are laid off or resign at the time of disclosure of the enterprise value, they will be paid a job loss or resignation allowance under law.

7. Employees of enterprises restructured under Clauses 2 and 3, and Point f, Clause 2, Article 49 of this Decree may enjoy the policies provided in Clauses 4, 5 and 6 of this Article; and are concurrently entitled to the policies provided in Clauses 1, 2 and 3 of this Article, depending on their enterprises’ specific conditions and restructuring plans approved by competent authorities.