FEDERAL NEGARIT GAZETA OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA 6th Year No. 4 Addis Ababa – 18th November. 1999
PROCLAMATION NO. 182/1999
A PROCLAMATION TO PROVIDE FOR THE AMENDMENT OF THE PRIATIZATION OF PUBLIC ENTERPRISES PROCLAMATION
WHEREAS, it has become necessary to amend the privatization of Public Enterprises Proclamation;
NOW, THEREFORE, in accordance with Article 55(1) of the constitution of the Federal Democratic Republic of Ethiopia, it is hereby proclaimed as follows:
1. Short Title
This Proclamation may be cited as the “Privatization of Public Enterprises (Amendment) Proclamation No. 182/1999.”
The Public Enterprises Privatization Proclamation No. 146/1998 is hereby amended as follows:
1. The following new Sub-Article (50 and (6) are added after Sub-Article (4) of Article 5:
“5. Notwithstanding Article 546 Sub-Articles (1)-(4) of the commercial Code, the Agency shall, in converting a public enterprise into a share company, have the power to determine the assets and liabilities of the enterprises that may be transferred to the share company and fix its capital.
6. An enterprise converted into a share company shall cease to exist upon registration of the Share Company”.
2. Sub-Article (4) of Article 7 is deleted.
3. Sub-Article (1) of Article 13 is deleted and replaced by following new Sub-Article (1):
“1. A privatized enterprise shall cease to exist upon completion of handover and its rights and obligations shall be transferred by the buyer.”
4. The following new Sub-Articles (3) and (4) and added after Sub-Article (2) of Article 13:
“3. The residual assets and liabilities following the decisions of the Agency in accordance with Article 5 (5) of this proclamation on the transfer or assets and liabilities of a public enterprise being converted into a share company shall be transferred to the Board of Trustee.
4. The Provisions of Sub-Articles (1) and (2) of this Article shall similarly be applicable with respect to the transfer of rights and obligation of public enterprises returned to their former owners by the decision of the Agency pursuant to Proclamation 110/1995.”
3. Effective Date
This Proclamation shall enter into force as of the 18th date November, 1999.
Done at Addis Ababa this 18th day of November, 1999.
NEGASO GIDADA (DR.)
PRESIDENT OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA