636-(32)

II SÉRIE-A — NÚMERO 35

Georgia

Sector — all energy sectors.

Level of government — national.

Description — relevant legislation is at the stage of

preparation.

Phase-out — 1 January 1997.

Kazakhstan

. Sector — all energy sectors.

Level of government — national.

Description — the bill on foreign investments is at the stage of authorization approval with the aim to adopt it by Parliament in autumn 1994.

Phase-out — 1 July-2001.

Kyrgyzstan

Sector—:all energy sectors. Level of government — national. Description — relevant legislation is currently under preparation.

Phase-out — 1 July 2001.

Article 10, 7) — Specific measures

«Each Contracting Party shall accord to investments in its area of investors of another Contracting Party, and their related activities including management, maintenance, use, enjoyment or disposal, treatment no less favourable than that which it accords to investments of its own investors or of the investors of any other Contrating Party or any third state and their related activities including management, maintenance, use, enjoyment or disposal, whichever is the most favourable.*

Bulgaria

Sector — all energy sectors.

Level of government — national.

Description — foreign persons may not acquire property righs over land. A company with more than Fifty per cent of foreign person's share may not acquire property right over agricultural land.

Foreigners and foreign legal persons may not aquire property righs over land except by way of inheritance according to the law. In this case they have to make it over.

A foreign persons may aquire property rights over the land.

Foreign persons or companies with foreign controlling participation must obtain a permit before perfoming the following activities:

Exploration, development and extraction of natural resources from the territorial sea, continental shelf or exclusive economic zone;

Aquisition of real estate in geographic regions designated by the Council of Ministers.

The permits are issued by the Council of Ministers or by a body authorized by the Council of Ministers. Phase-out— 1 July 2001.

Article 14, 1), d)

«Each Contracting Party shall with respect to investments in its area of investors of any other Contracting

Party guarantee the freedom of transfer into and out of its

area, including the transfer of:

Unspent earnings and other remuneration of personnel engaged from abroad in connection with that investment;*

Bulgaria

Sector — all energy sectors.

Level of government — national.

Description — foreign nationals employed by companies with more than 50 per cent of foreign participation, or by a foreign person registered as sole trader or a branch or a representative office of a foreign company in Bulgaria, receiving their salary in Bulgarian leva, may purchase foreign currency not exceeding 70 por per cent of their salary, including social security payments.

Phase-out — 1 July 2001.

Hungary

Sector — all energy sectors.

Level of government — national.

Description — according to the act on investiments of foreigners in Hungary, article 33, foreign top managers, executive managers, members of the supervisory board and foreign employees may transfer their income up to 50 per cent of their aftertax earnings derived from the company of their employment the bank of their company.

Phase-out — The phase out of this particular restriction depends on the progress Hungary is able to make in the implementation of the foreign exchange liberalization programme whose final target is the full convertibiJitty of the forint. This restriction does not create barriers to foreign investors. Phase-out is based on stipulations of article 32.

1 July 2001.

Article 20, 3)

«Each Contracting Party shall designate one or more enquiry points to which requests for information about the above mentioned laws, regulations, judicial decisions and administrative rulings may be addressed and shall communicate promptly such designation to the Secretariat which shall make it available on request.*

Armenia

Sector — all energy sectors.

Level of government — national.

Description — in Armenia there are no official enquiry points yet to which requests for information about the relevant laws and other regulations could be addressed. There is no information centre either. There is plan to establish such a centre in 1994-1995. Technical assistance is reOjUi.-red.

Phase-out—31 December 1996.