Podgorica, (Montena–business) – Experts Coordination Organ (SKT) for monitoring of the process of Mass Voucher Privatisation (MVP) yesterday passed a proposal of the Regulation on privatisation Vouchers, which will amend the Regulation as regards the way of issuing, acquiring and use of privatisation vouchers. According to Mr. Dusan Korac, manager for public relations at the P.R. Agency, the aim of this Regulation was to precisely define the obligations of scheduling Shareholders Assembly meetings and forming of new Administrative Boards at the companies after conclusion of MVP. “Expert Coordination Organ is of the opinion that it is necessary to coordinate and control these activities, as it was defined by the Government’s proposal of the Regulation,” said Mr. Korac. He said that SKT finished preparation of this Regulation yesterday and directed it to the Privatisation Council. After that the Government will discuss the Regulation. According to this Regulation, the companies whose shares were exchanged for privatisation vouchers in MVP process are obliged to organize Shareholders Assembly within 60 days after the date of the receipt of the list of shareholders issued by Central Depositary Agency. Expert Coordination Organ will monitor the procedure of verification of results of the auction of companies, and it will offer its consulting and experts assistance both to companies and interested shareholders. Operative group for the MVP will do operative-technical jobs for Expert Coordination Organ, and at least once a month it will inform the Privatisation Council about the procedure of scheduling the meetings of assemblies of the companies as well as about decisions passed at these meetings. Directors of companies are obliged to inform the president and members of Administrative Board members about the receipt of the list of shareholders, within 3 days at the latest, and to place the list at the companies’ notice boards. The president of the Administrative Board will convene the assembly. If the president of the Administrative Board does not convene the assembly within 60 days, three days after this period expires, a member of Administrative Board who represents the Fund for Development will convene the assembly. The assembly can be convened by a representative from the Pension Funds or Bureau for Employment, if the president of Administrative Board was elected by the Fund for Development. In companies with major state capital, the assembly can be convened by any member of the Administrative Board who represents that form of capital. The company is obliged to present the invitation for the Assembly not only on its notice board but also to publish it in no less than two daily newspapers, at least 30 days in advance. The shareholders can see all documents for the assembly in the company’s offices, at least 15 days before the meeting takes place. The company is obliged to inform the Expert Coordination Organ in written form about the date of assembly. Presence of the representative of Expert Coordination Organ is compulsory and he also has to prepare a written report on the adopted decisions. If the Assembly is to elect the members of Administrative Board in line with the new ownership structure, then president of Administrative Board is obliged to consult with the shareholders, who individually or together own more than 10% of the total number of shares, about preparations for the assembly. All shareholders, regardless of the way they obtained the shares, have the right to form interest groups while proposing members for the Administrative Board. Before the assembly begins, the shareholders have to identify themselves and sign the list of present members, which includes the number of shares that each member owns. All members should get a copy of the list, certified by the company’s stamp, with shareholder’s first name, his father’s name, and also his surname, register number and number of shares in his possession in order to verify the voting results. The Assembly can pass decisions if it is attended by shareholders that own more than 50% of the total number of shares and who have the right to vote, directly or through an authorised agent, who can not be a member of the management, Executive Board or Supervising Board of the company. If the assembly has no quorum at the time scheduled, the meeting will be held an hour later and then the quorum is made by the shareholders that own more than 1/3 of the total number of shares, and they would again sign the list of shareholders. If the quorum is not achieved at the repeated assembly either, the assembly will be scheduled again 5 days later. Voting is done on the principle of ‘one share - one vote’ and it is public. The proposals at the assembly discusses can be passed if they win majority of the votes of present shareholders. Presence of representatives of the Pension Fond and of the Bureau for Payment at the assembly is obligatory. In companies privatised through the Batch Sale method, the total number of shares includes the shares obtained from added capital, but that part of capital can be represented at the assembly only by shareholders with whom, the contract had been signed, or by their agents. A person that does not inform the president of the Administrative Board about receipt of the list of shareholders and does not put it at the notice board of the company can be punished with the fine of 5 to 30 minimal wages. Penalties would also be applied on persons who do not give material for the assembly to shareholders and who do not publish the invitation for assembly, as well as on the president of Administrative Board if he does not convene the assembly on time, says the Regulation on amendments of the Regulation on Privatisation Vouchers. km/af