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LIETUVOS RESPUBLIKOS

LIETUVOS RESPUBLIKOS REPUBLIC OF LITHUANIA Law on the Management, Use and Disposal of StatE and Municipal assets 12 May 1998 – No VIII-729 (As last amended on 21 July 2009 – No IX-374) Vilnius CHAPTER

Articles 9 and 11 of this Law, other legal persons managing, using or disposing of state or municipal assets by the right of trust or ownership.

  1. “Residual materials” means parts, units, precious metals, precious stones, secondary raw materials, building and other materials which remain after dismantling the assets intended for liquidation.
  2. “Write-off of assets” means withdrawal of assets from circulation or from storage facilities documented in accordance with the procedure laid down by the Government, where such assets are conveyed or liquidated.
  3. “Liquidation of assets” means the taking of written-off assets to the dumping grounds or destruction thereof in accordance with the procedure laid down by the Government. Article
  4. Composition of State Assets
  5. State assets may be: 1) tangible fixed assets; 2) intangible assets; 3) financial assets; 4) tangible current assets.
  6. State tangible fixed assets shall be: 1) land, internal waters, forests, parks and other items of immovable property; 2) the underground, also internal waters, forests, parks, roads, as well as movable and immovable cultural property and monuments of national significance, where any assets specified in this subparagraph belong to the State by the right of ownership in accordance with the procedure laid down by laws; 3) buildings or parts thereof, structures or facilities transferred by the right of trust to the Bank of Lithuania, state institutions, state enterprises, agencies and organisations, municipalities and,

Article 9of this Law, to other legal parsons; 4) other tangible fixed assets.

  1. State intangible assets shall be: 1) the name of the State; 2) the objects of heraldry of the Republic of Lithuania; 3) the rights to the airspace above the territory of the Republic of Lithuania, its continental shelf and economic zone in the Baltic Sea; 4) radio frequency resources; 5) patents and licences, as well as rights arising from patents and licences, state certification marks, technical design documents, state-managed information the use whereof is regulated by other laws, information processing software and results of intellectual activities; 6) other intangible assets.
  2. State financial assets shall be: 1) the monetary resources of the state budget and state monetary funds received from taxes, levies and other charges in accordance with laws and other legal acts; 2) the capital of the Bank of Lithuania; 3) the securities held by the State by the right of ownership and property rights arising from these securities; 4) the right of claim to the loans issued by the State; 5) other financial assets. Article
  3. Composition of Municipal Assets
  4. Municipal assets may be: 1) tangible fixed assets; 2) intangible assets; 3) financial assets; 4) tangible current assets.
  5. Municipal tangible fixed assets shall be: 1) land, buildings and structures, facilities and other items of immovable property belonging to a municipality by the right of ownership; 2) movable and immovable cultural property and monuments of local significance belonging to a municipality by the right of ownership; 3) other tangible fixed assets.
  6. Municipal intangible assets shall be: 1) the objects of heraldry of the municipalities; 2) patents and licences, as well as rights arising from patents and licences, state certification marks, technical design documents, information processing software and results of intellectual activities; 3) other intangible assets.
  7. Municipal financial assets shall be: 1) the monetary resources of a municipal budget received from taxes, levies and other charges in accordance with laws and other legal acts; 2) the securities held by municipalities by the right of ownership and property rights arising from these securities; 3) the right of claim to the loans issued by a municipality; 4) other financial assets. CHAPTER TWO ACQUISITION OF STATE AND MUNICIPAL ASSETS Article
  8. Ways of Acquisition of State Assets
  9. The State shall acquire assets: 1) by receiving income from taxes and other charges and levies in accordance with the procedure set forth by laws; 2) by receiving income from the management and use of state assets; 3) under transactions; 4) by inheriting assets; 5) by taking for public needs the assets of natural and legal persons operating in the territory of the Republic of Lithuania in accordance with the procedure set forth by laws; 6) by taking over municipal assets under a Government resolution, where a municipal council decides to transfer these assets to the State; 7) by taking a treasure into its ownership; 8) by taking over, by decision of the court, ownerless assets and confiscated assets; 9) by taking over, under a court decision, improperly held cultural property; 10) in other ways specified by laws.
  10. The Government shall establish the Procedure for Accounting, Appraising, Storing, Handling and Returning of Assets and Treasures Confiscated, Inherited by the State, and Included in or Transferred into the Income of the State. Article
  11. Ways of Acquisition of Municipal Assets A municipality shall acquire assets: 1) by taking over state assets which are transferred into the ownership of municipalities in accordance with the law; 2) by taking over, with the consent of a municipal council, state assets for the purpose of performing independent and assigned (of limited independence) municipal functions, where these assets are transferred into the ownership of the municipalities under Government resolutions; 3) by receiving income from taxes and other charges and levies in accordance with laws; 4) by receiving income from the management and use of municipal assets; 5) under transactions; 6) by inheriting assets under a will; 7) by taking over, by decision of the court, ownerless assets; 8) in other ways specified by laws. CHAPTER THREE MANAGEMENT, USE AND DISPOSAL OF STATE AND MUNICIPAL ASSETS Article
  12. Entities Engaged in the Management, Use and Disposal of State Assets
  13. The functions of the owner of state assets shall be performed by the Seimas and the Government in accordance with the procedure laid down in laws and other legal acts.
  14. State assets shall be managed, used and disposed of by the right of trust by: 1) the Bank of Lithuania, state institutions, agencies and organisations pursuant to laws and other legal acts; 2) state enterprises; 3) municipalities –

Article 10

of this Law; 4) other legal persons

Article 9of this Law – under a trust agreement.

3. The rights and duties of entities engaged in the management, use and disposal of state assets shall be laid down in laws, Government resolutions, the articles of association (regulations) of the entities and,

paragraph 4 of Article 9 of this Law – in trust agreements. Article

  1. Entities Engaged in the Management, Use and Disposal of Municipal Assets
  2. Municipal assets shall be managed, used and disposed of by: 1) municipal councils in accordance with the Law on Local Self-government – in performing the functions of the owner of assets; 2) other municipal institutions, municipal enterprises, agencies and organisations – by the right of trust and other legal persons specified in Article 11 of this Law – under a trust agreement.
  3. The rights and duties of entities engaged in the management, use and disposal of municipal assets shall be laid down in laws, decisions of municipal councils and the articles of association (regulations) of the entities and,

paragraph 3 of Article 11 of this Law – in trust agreements. Article

  1. Principles of the Management, Use and Disposal of State and Municipal Assets State and municipal assets must be managed, used and disposed of in compliance with the following principles: 1) public benefit; this principle entails that state and municipal assets must be managed, used and disposed of with care, with a view to ensuring public interests; 2) efficiency; this principle entails that decisions relating to the management, use and disposal of state and municipal assets must aim to provide the maximum benefit for the public; 3) rationality; this principle entails that state and municipal assets must be used sparingly, avoiding squander, and managed in a rational way; 4) public law; this principle entails that transactions involving state and municipal assets must be concluded only in the cases and ways established by legal acts regulating the disposal of state and/or municipal assets. Article
  2. Management, Use and Disposal of State Assets by the Right of Trust
  3. State assets shall be transferred for the management, use and disposal by the right of trust in accordance with the procedure established by the Government, except for the case specified in paragraph 7 of Article 161 of this Law, unless the laws of the Republic of Lithuania provide otherwise.
  4. State assets shall be managed, used and disposed of by the right of trust by the state enterprise the State Property Fund, and the assets which have not been transferred to this Fund under Government resolution, – by state institutions, the Bank of Lithuania, state enterprises, agencies and organisations, as well as,

Article 10

of this Law, by municipalities, and,

Article 161of this Law, by the joint-stock company Turto Bankas.

  1. The entities specified in paragraph 2 of this Article shall have the right to adopt decisions relating to the management, use and disposal of state assets, except for decisions relating to the conveyance of assets into the ownership of other persons or to the restriction on the rights in rem, unless the laws provide otherwise. In its decision to transfer state assets by the right of trust, the institution entitled to adopt decisions relating to the transfer of the state assets by the right of trust shall have the right to establish also other conditions relating to the management, use and disposal of the assets held under trust.
  2. State assets may be transferred to other legal persons by the right of trust under the trust agreement only in the cases where state functions are assigned to them by laws. The decision on the transfer of the state assets by the right of trust to other legal persons shall be adopted by the Government. Such a decision must specify the state institution or agency authorized to conclude such a trust agreement. Other legal persons to whom the state assets have been transferred on the basis of the trust agreement may not transfer these assets to other persons by the right of ownership, pledge them or in any other way restrict the rights in rem to them, use them as a guarantee, surety or in any other way use them to secure the discharge of obligations assumed by them or by other persons, lease them, transfer on the basis of a loan for use or transfer them to other persons for use in any other manner. These assets may only be used for the purpose of performing the functions assigned to them by laws. Trust agreements may also include other restrictions. Trust agreements shall expire in the cases specified by the Civil Code. The institution or agency which concluded the agreement must renounce the trust agreement on the basis of subparagraph 5 of paragraph 1 of Article 6.967 of the Civil Code where the legal person (trustee) is no longer in a position to perform (or renounces) the state functions for the purpose of performing whereof the assets were transferred under the trust agreement. The state institution or agency which concluded the trust agreement must supervise the proper execution of the agreement. Upon expiry of the trust agreement, the assets shall be managed, used and disposed of by the right of trust by the state institution or agency which signed the agreement, unless otherwise established by the Government.
  3. The right to hold the transferred state assets under trust shall arise as of transferring the assets to the entity of the right of trust (trustee) and signing the act of transfer and acceptance of the assets. Article
  4. Management, Use and Disposal, by the Right of Trust, of State Assets Transferred to Municipalities
  5. The following shall be managed, used and disposed of by the right of trust by municipalities: 1) state assets which have been assigned to the property of municipalities in accordance with the Law on the Transfer of State-owned Property into the Ownership of Municipalities but not yet transferred into the ownership of the municipalities. Where a municipality refuses to take over into its ownership the state assets transferred to it, these assets may, by a resolution of the Government, be transferred to state institutions, state enterprises, agencies and organisations; 2) state assets which are transferred to municipalities by Government resolutions for the purpose of performing state (delegated to municipalities) and assigned (of limited independence) functions.
  6. Where state (delegated to municipalities) or assigned (of limited independence) functions or entities thereof change or where the transferred state assets are no longer required to perform these functions, these assets may, by a resolution of the Government, be transferred by the right of trust to other entities specified in paragraph 2 of Article 7 of this Law. Article
  7. Management, Use and Disposal of Municipal Assets
  8. The functions of the owner of the assets belonging to a municipality by the right of ownership shall be performed by a municipal council pursuant to laws.
  9. Other municipal institutions, municipal enterprises, agencies and organisations shall manage use and dispose of municipal assets transferred to them by the right of trust pursuant to laws in accordance with the procedure laid down by the decisions of municipal councils.
  10. Municipal assets may be transferred to other legal persons by the right of trust under the trust agreement to perform municipal functions and only in the cases where they are in a position to perform municipal functions in accordance with the law. The decision on the transfer of the assets by the right of trust to other legal persons shall be adopted by a municipal council. Such a decision must specify the municipal institution or agency authorized to conclude a trust agreement and the legal person in a position to perform municipal functions in accordance with the law. Other legal persons to whom the municipal assets have been transferred on the basis of the trust agreement may not transfer these assets to other persons by the right of ownership, pledge them or in any other way restrict the rights in rem to them, use them as a guarantee, surety or in any other way use them to secure the discharge of obligations assumed by them or by other persons, lease them, transfer on the basis of a loan for use or transfer them to other persons for use in any other manner. These assets may only be used for the purpose of performing municipal functions. Trust agreements may also specify other restrictions. The municipal institution or agency which concluded the trust agreement must supervise the proper execution of the agreement. Trust agreements shall expire in the cases specified by the Civil Code. The institution or agency which concluded the agreement must renounce the trust agreement on the basis of subparagraph 5 of paragraph 1 of Article 6.967 of the Civil Code where the legal person (trustee) is no longer in a position to exercise (or renounces) the municipal functions for the purpose of performing whereof the assets were transferred under the trust agreement. Upon expiry of the trust agreement, the assets shall be managed, used and disposed of by the right of trust by the municipal institution or agency which signed the agreement, unless otherwise established by the municipal council.
  11. The right to hold the transferred municipal assets under trust shall arise as of transferring the assets to the entity of the right of trust (trustee) and signing of the act of transfer and acceptance of the assets. Article
  12. Right to Use the Name of the State and Right to Make Use of the Objects of Heraldry of the Republic of Lithuania The right to use the name of the State and the right to make use of the objects of heraldry of the Republic of Lithuania shall be granted by the law or in accordance with the procedure established by the Government, unless the laws provide for the procedure for exercising these rights. Article
  13. Loan for Use of State and Municipal Assets
  14. State and municipal assets may be transferred on the basis of a loan for use for temporary gratuitous management and use to entities performing state or municipal functions. In addition, these assets may be transferred on the basis of a loan for use in compliance with the criteria and procedure established by the Government to the following entities: 1) public establishments, where at least one of their stakeholders is the State or a municipality, which are represented by a state or municipal institution, or public educational establishments which have authorisations (licences) for teaching issued by the Ministry of Education and Science, and public establishments which ensure public interest through a network of museums; 2) legal persons which have the status of a social enterprise; 3) charity and sponsorship funds; 4) associations and political parties; 5) state and municipal enterprises which organise flights and operate airports; 6) other entities, where laws or treaties provide for it.
  15. A decision on the transfer of state assets under a loan for use agreement to the entities specified in paragraph 1 of this Article shall be adopted by the Government or an institution authorized by it. A decision on the transfer of municipal assets under a loan for use agreement to the entities specified in paragraph 1 of this Article shall be adopted by a municipal council or an institution authorized by it. The decision must specify the term of the loan for use agreement and may specify other conditions of the loan for use. These conditions must be included in the loan for use agreement. An institution authorized by the Government shall adopt decisions in accordance with the procedure established by the Government. An institution authorized by the municipal council shall adopt decisions in accordance with the procedure established by the municipal council. Loan for use agreements in respect of state or municipal assets shall be concluded by the managers of the state or municipal assets managing the state or municipal assets by the right of trust.
  16. Loan for use agreements in respect of state or municipal assets must establish the purpose of use of the assets transferred under the loan for use agreement, an obligation of the recipient of the loan for use to insure, at own expense, the assets received and other conditions of the loan for use laid down by the Civil Code. The lender of the loan for use must terminate the loan for use agreement where the recipient of the loan for use is not engaged in the activities for the purpose of which the state or municipal assets have been transferred, or where these assets are used not in accordance with their purpose. The recipient of the loan for use who has improved the assets transferred under the loan for use agreement shall not be compensated for the improvements.
  17. Persons to whom state or municipal assets have been transferred for gratuitous use may not lease them or otherwise transfer for use to third persons.
  18. The provisions of this Article shall not apply where, pursuant to Article 161 of this Law, immovable property belonging to the State by the right of ownership is provided under the loan for use agreement. Article
  19. Lease of State and Municipal Tangible Assets
  20. A decision on the lease of state tangible fixed assets may be adopted by the manager of the state assets if these tangible fixed assets: 1) are not intended for the State’s defence or ensuring security; 2) are not included in the privatisation programme; 3) are not required for the purpose of performing state functions.
  21. State tangible fixed assets shall be leased by a public tender, except for the cases where, in accordance with the procedure and conditions established by the Government, the tangible fixed assets are leased without tendering by: 1) the Government under the treaties of the Republic of Lithuania, or if such assets are leased to foreign embassies or consular posts, as well as missions of international organisations; 2) the manager of the state assets, where the tangible fixed assets are leased for short-term urgent works (response to accidents, natural disasters, etc.) or for the purpose of organizing short-term events (exhibitions, sports competitions, meetings, seminars, festivals, cultural events, relating to social needs of employees). The total duration of the lease for these works or events may not exceed 30 days per calendar year.
  22. The state tangible current assets may be leased in accordance with the procedure established by the Government alongside the tangible fixed assets, where the aim is to ensure the efficiency of lease of the tangible fixed assets.
  23. The Government must establish the rules for organizing a public tender for lease which must: 1) specify the procedure for the application of a tender for lease; 2) regulate the duties of the manager of state assets in organizing a tender for lease; 3) identify the main requirements of a lease agreement and an approved standard lease agreement.
  24. A lease agreement must establish the late payment interest in the amounts determined by the Government or municipal council for failure by the lessee to timely pay the rent, unless otherwise stipulated by other laws. Where no late payment interest is established in the lease agreement, the lessee shall pay late payment interest of 0.05 percent on the overdue amount for each delayed day. The lessee who has improved the assets leased shall not be compensated for the improvements.
  25. Tangible assets belonging to municipalities by the right of ownership shall be leased in accordance with the procedure established by a municipal council. Article
  26. Accounting and Indexation of State and Municipal Assets and a Report on the Assets Belonging to the State and Municipalities by the Right of Ownership
  27. Accounting of state and municipal assets shall be managed in accordance with the procedure set forth by laws.
  28. A report on all the assets belonging to the State by the right of ownership shall be prepared by the Department of Statistics in accordance with the procedure established by the Government. The Department of Statistics shall, annually by August 1, submit a draft report on the assets belonging to the State by the right of ownership to the National Audit Office and the latter shall, by October 1, provide its preliminary conclusions to the Department of Statistics. Upon evaluation of the preliminary conclusions provided by the National Audit Office, the Department of Statistics shall, by November 1, submit the report on the assets belonging to the State by the right of ownership to the National Audit Office and the Government. In compliance with the provisions of this Law, the Government must, annually by December 1, submit the report on the state assets to the Seimas. The annual national set of reports prepared by an institution authorized by the Government and/or the Ministry of Finance in accordance with the Law of the Republic of Lithuania on Public Sector Accounts shall include the data of the report on the assets belonging to the State by the right of ownership.
  29. A report on the municipal assets belonging to municipalities by the right of ownership and the state assets managed by the right of trust shall be prepared by the municipal administration in accordance with the procedure established by the Government. The municipal administration shall submit this report to municipal institutions provided for in the Law on Local Self-government and to the Department of Statistics.
  30. The assets belonging to the State and municipalities by the right of ownership requiring registration must be registered in public registers in accordance with the procedure established by legal acts.
  31. With a view to ensuring the quality of decisions relating to the management, use and disposal of the assets belonging to the State by the right of ownership and coordination of the decision-making procedures, the information search system on the state assets shall be used as of 1 July
  32. The information search system on the state assets shall be managed by a state institution or a state enterprise authorized by the Government. The Government shall approve the regulations of the information search system on the state assets. Article
  33. Assets Acquired for the Needs of the State and Municipalities
  34. State institutions, enterprises, agencies and organisations shall manage, use and dispose of the acquired assets by the right of trust. The acquired assets shall belong to the State by the right of ownership.
  35. Municipal enterprises, agencies and organisations shall manage, use and dispose of the acquired assets by the right of trust. The acquired assets shall belong to the municipality by the right of ownership. Article
  36. Renovation of State Immovable Property
  37. State immovable property required for performing state functions may be renovated in compliance with the principles laid down in this Law.
  38. State immovable property may be renovated where it does not meet the needs of state enterprises, agencies or organisations in the course of performing state functions. The property may be renovated by way of reconstruction or acquisition (purchase, construction, etc.) of new immovable property. State immovable property shall be renovated by way of acquisition of new immovable property where it is inexpedient to renovate the available state immovable property by way of reconstruction. When renovating the state immovable property by way of reconstruction, the state immovable property which was entered in the Government-approved list of the state immovable property to be renovated as immovable property for sale due to failure to meet the needs of the managers of the state assets in their performance of state functions may be sold by way of an auction.
  39. State immovable property shall be renovated based on the list of the state immovable property to be renovated approved by the Government. The procedure for drawing up the list of the state immovable property to be renovated shall be established by the Government.
  40. The functions of organising and coordinating renovation of the state immovable property shall be performed by the joint-stock company Turto Bankas (the organiser of renovation of the state immovable property). The activities of the organiser of renovation of the state immovable property shall be regulated by the Law of the Republic of Lithuania on the Approval of the articles of association of the Joint-stock Company Turto Bankas and other legal acts.
  41. When renovating the state immovable property, the organiser of renovation of the state immovable property, the manager of the state assets and the manager of state budget appropriations, where the manager of the state assets is not the manager of the state budget appropriations, shall conclude an agreement which must specify: 1) that the manager of the state assets transferring the immovable property to the organiser of renovation of the state immovable property by the right of trust (where necessary), will use this or any other provided immovable property required for performance of state functions on the basis of loan for use until the renovated immovable property is transferred to him by the right of trust; also an obligation of the recipient of the loan for use to insure the immovable property and other conditions and procedure of the loan for use; 2) the terms of renovation of the state immovable property transferred to the organiser of renovation of the state immovable property; 3) the activities of the organiser of renovation of the state immovable property in renovating the transferred state immovable property, the allotment of functions between the parties to the agreement in the course of renovating the state immovable property; 4) the amount of borrowed targeted funds which the parties to the agreement will inject in the course of implementation of the state immovable property renovation investment project; 5) sources of additional funding required for renovation of the state immovable property (where necessary); 6) the remuneration paid to the organiser of renovation of the state immovable property for organizing the renovation of the state immovable property; 7) the settlement with the organiser of renovation of the state immovable property for the use of own or borrowed funds in renovating the state immovable property.
  42. The agreement specified in paragraph 5 of this Article must be approved by the board of the organiser of renovation of the state immovable property. In the event that the board refuses to approve the agreement, the manager of the state assets shall be entitled to submit the draft decision for consideration to the Government. The decision of the Government shall be final.
  43. Upon concluding the agreement provided for in paragraph 5 of this Article, the manager of the state immovable property which was entered in the Government-approved list of the state immovable property to be renovated shall, by his decision, transfer the assets to the organiser of renovation of the state immovable property by the right of trust (where necessary).Where the state immovable property is renovated by way of acquisition of new immovable property, such property shall be managed by the right of trust by the organiser of renovation of the state immovable property, unless the Government decides otherwise, until the transfer of the renovated property to the manager of the state assets. The immovable property renovated by way of acquisition of new property shall be owned by the State.
  44. The organiser of renovation of the state immovable property shall sell the state immovable property transferred to him, which needs to be renovated by way of acquisition of new property, or the state immovable property, which needs to be sold when renovating the state immovable property by way of reconstruction, at an auction in accordance with the procedure established by the Government. State land parcels assigned to the property shall be sold together with the property, except for the cases specified by laws. A sale and purchase agreement of the state immovable property to be renovated, in the form prescribed by law, specifying the winner of the auction, must be concluded within 30 days from the sale of the property at the auction. Where a state land parcel assigned to the property is sold at the auction together with the renovated state immovable property, a sale and purchase agreement of this land parcel, in the form prescribed by law, must be concluded with the winner of the auction within 10 days as of the payment by the buyer of all the amounts payable by him under the sale and purchase agreement of the state immovable property to be renovated. The funds received from the sale of the state immovable property and the state land parcel assigned to the property sold alongside shall be used for the discharge of obligations relating to the renovation of the property, the payment of remuneration, calculated in accordance with the procedure established by the Government, for coordinating and organizing the renovation of the state immovable property and for coverage of other actual costs relating to the acquisition of the property.
  45. Where, upon the sale of the immovable property in need of renovation and upon deduction of the costs specified in paragraph 8 of this Article, there remain unused funds, such funds may, in accordance with the procedure established by the Government, only be used for renovation of other state immovable property with priority given to meeting the needs of the manager of the state assets.
  46. The organiser of renovation of the state immovable property, upon the approval of the Ministry of Finance, shall have the right to borrow the funds required for renovation of the state immovable property. To secure the discharge of obligations relating to renovation of the state immovable property, the organiser of renovation of the state immovable property may pledge the state immovable property to be renovated, with the exception of the building of the Seimas, the building of the Government, the residence of the President of the Republic of Lithuania, the residence of the Prime Minister and other property which, in accordance with the law, may be owned solely by the State.
  47. Upon the request of the organiser of renovation of the state immovable property, the Government shall, in accordance with its established procedure, have the right to borrow the funds required for the renovation of the state immovable property. Where necessary, for that purpose, the Ministry of Finance representing the Government shall have the right to borrow the funds on behalf of the State on domestic and foreign markets by taking loans, issuing Government securities and other debt instruments. Article
  48. Transfer of State and Municipal Assets into the Ownership of Other Entities
  49. The assets belonging to the State by the right of ownership shall be transferred into the ownership of other entities: 1) by privatising them in accordance with the law; 2) by selling building or parts thereof, structures or facilities to foreign states for the establishment of their diplomatic missions and consular posts, as well as to international organisations for the establishment of their missions; 3) by selling immovable property located in a foreign state; 4) by transferring intangible and tangible assets (except for items of immovable property) by a resolution of the Government into the ownership of municipalities for the purpose of performing independent and assigned (of limited independence) municipal functions; 5) by transferring items of immovable property by a resolution of the Government into the ownership of municipalities for the purpose of performing independent and assigned (of limited independence) municipal functions, where such property has been recognized as not redundant in accordance with the provisions of subparagraph 8 of paragraph 1 of Article 22 of this Law; 6) by transferring, by a resolution of the Government, the rights of a stakeholder (owner) of state-owned public establishments to municipalities for the purpose of performing independent and assigned (of limited independence) municipal functions; 7) in other ways provided for by this and other laws.
  50. The assets belonging to a municipality by the right of ownership shall be transferred into the ownership of other entities: 1) by privatising them in accordance with the law; 2) by transferring them into the ownership of the State or another municipality; 3) in other ways provided for by this and other laws.
  51. A decision on the sale of the assets referred to in subparagraph 2 of paragraph 1 of this Article to foreign states for the establishment of their diplomatic missions and consular posts and to international organisations for the establishment of their missions, as well as the decision on the sale of the property located in a foreign state referred to in subparagraph 3 of paragraph 1 of this Article shall be adopted by the Government. Such a decision must specify the state institution or agency authorized to conclude the sale and purchase agreement. The assets referred to in subparagraph 2 of paragraph 1 of this Article shall be sold upon valuation pursuant to the Law on the Principles of Valuation of Property and Business. The property referred to in subparagraph 3 of paragraph 1 of this Article shall be sold at the market price.
  52. Municipal assets may, by a decision of a municipal council, be transferred into the ownership of the State or another municipality with the respective consent of the Government or an institution authorized by it or the municipal council of another municipality. The municipal immovable property located in a foreign state shall be sold at the market price by a decision of the municipal council.
  53. State and municipal assets may not be transferred to other legal or natural persons or be otherwise linked with the assets on the basis of a joint venture agreement.
  54. The state movable and immovable tangible assets acquired in the course of discharge of obligations of the Republic of Lithuania arising from the membership of the Republic of Lithuania in the North Atlantic Treaty Organisation, the European Union, the United Nations or intended for the discharge of obligations arising from treaties, for collective defence operations, military operations, international military exercises or military cooperation events, civil missions, development cooperation projects or for the provision of humanitarian aid may be gratuitously transferred or sold to international organisations, state or municipal institutions of other states, public legal or natural persons of other states if such gratuitous transfer or sale is in compliance with international commitments of the Republic of Lithuania or the National Security Strategy approved by the Seimas. The decision on the gratuitous transfer or sale of the assets specified in this paragraph shall be adopted by the Government. The decision of the Government must specify the state institution or agency authorized to conclude the transfer or sale transaction, the assets transferred or sold, the conditions and procedure for use thereof, as well as the institution responsible for control of the transfer of the assets.
  55. All the provisions of agreements on the transfer of state assets to legal or natural persons, which deprive or restrict the State’s rights as set forth in laws, shall be deemed null and void. The State’s rights may be restricted only in accordance with the procedure and on the grounds established by laws. Article
  56. (Repealed). Article
  57. Investment of State and Municipal Assets
  58. The investment of state and municipal assets shall mean the transfer, as a contribution, of assets belonging to the State or the municipality by the right of ownership: 1) to a public establishment, or a public limited liability company or private limited liability company in the course of discharge of liabilities of the founder assumed under the memorandum of association; 2) while increasing the capital of the stakeholders of a public establishment or the authorised capital of a public limited liability company or private limited liability company, where the State and/or the municipality is their participant; 3) to a public establishment in the course of setting (forming) the capital of the stakeholders, where a budgetary institution is transformed into a public establishment in accordance with the procedure set forth by laws; 4) to a public limited liability company or private limited liability company in the course of setting (forming) the authorized capital, where the state or municipal enterprise is transformed into a public limited liability company or private limited liability company in accordance with the procedure set forth by legal acts; 5) to legal persons, under establishment or already established, of another legal form, whose purpose of activities is international cooperation, where the aim is to ensure proper performance of state or municipal functions set forth by laws; 6) in the course of acquiring units offered by an investment fund established in the Republic of Lithuania or another EU Member State or a state of the European Economic Area and investing the accumulated funds in the Republic of Lithuania, which is a private capital collective investment undertaking. This subparagraph shall not apply to the investment of municipal assets.
  59. A decision on the investment of assets belonging to the State by the right of ownership shall be adopted by the Government. A decision on the investment of assets belonging to a municipality by the right of ownership shall be adopted by a municipal council. Prior to adopting an appropriate decision, it must be economically and socially substantiated. The decisions relating to the investment of state and municipal assets shall be adopted in accordance with the procedure established by the Government if at least three of investment criteria are met: 1) upon investing, the obligations arising from the treaties of the Republic of Lithuania will be fulfilled; 2) the investment is made into enterprises and/or facilities of strategic and key importance to ensuring national security in accordance with the Law on Enterprises and Facilities of Strategic Importance to National Security and Other Enterprises of Importance to Ensuring National Security, as well as other legal acts implementing the national security objectives which, inter alia, ensure the necessary power of decision of the State; 3) investment promotes economic growth in Lithuania, enhances economic independence and/or international competitiveness; 4) investment will aim at ensuring economic and social cohesion of a municipality or the whole country within the EU, as well as on a regional level and worldwide; 5) upon investing, infrastructure useful to the public will be created or developed (promoting effective competition on internal market, improving the quality, choice and availability of public services); 6) investment of state and/or municipal assets (state or municipal contribution) will create added value and ensure long-term economic sustainability of the activities which create the added value; 7) the object of investment will yield not only profit (income) but also a social result (in the areas of education, culture, science, environment, health and social security and other similar areas), or ensure a more efficient performance of state and municipal functions laid down in laws of the Republic of Lithuania and resolutions of the Government; 8) investment will be made into economic and social innovations, development of knowledge economy, creation of high technologies, where that is one of the main objectives of the activities of the object of investments; 9) the investment objective and the result aimed at are laid down in legal acts implementing strategic planning documents.
  60. State or municipal assets may not be invested to acquire an enterprise or securities from natural persons and private legal persons, and to establish a private legal person, except for the cases specified in this and other laws.
  61. The State or municipality may invest the assets by acquiring shares of a public limited liability company or a private limited liability company which is being established or which is increasing its authorized capital, which grant over 50 per cent of votes for the State or municipality (municipalities) or for them collectively at a general meeting of shareholders.
  62. The State may invest the assets by acquiring units of an investment fund, where: 1) the investment strategy of the investment fund, investment restrictions and specialisation in the geographical area or branch of the economy are in compliance with the objectives and directions of the state policy on the promotion of small and medium-size business; 2) it is a closed-ended investment fund; 3) it is provided for in the instruments of incorporation of the investment fund that investors represent their own interests when adopting decisions; 4) it is laid down in the instruments of incorporation of the investment fund that, when adopting investment decisions, a detailed investment proposal shall be prepared for each investment, containing a market and sales analysis of products or services provided by the enterprise, profit development and forecasts, the anticipated return on investment and/or other information necessary for adoption of a decision; 5) an investment fund management company complies with the requirements of legal acts of the Republic of Lithuania and is selected by a public tender; 6) an investment fund management company is a private legal person whose heads have investment experience approved by the Securities Commission. Article
  63. Representation of Property and Non-property Rights of the State and Municipalities as Participants in a Legal Person Property and non-property rights of the State and municipalities in public establishments, public limited liability companies, private limited liability companies and legal persons of another legal form shall be exercised in accordance with the procedure established by the Government. Article
  64. Pledge of State and Municipal Assets
  65. State assets may not be pledged, except for the cases specified in paragraph 2 of this Article and paragraph 10 of Article 16¹ of this Law.
  66. State or municipal enterprises shall exercise the right to pledge the tangible fixed assets in accordance with the Law on State and Municipal Enterprises.
  67. The tangible fixed assets belonging to a municipality by the right of ownership may be pledged, in the cases specified by laws, by a decision of a municipal council and in accordance with the procedure established by the council. The municipal intangible, financial and tangible current assets may not be pledged. Article
  68. Control of Accounting, Management, Use and Disposal of State and Municipal Assets
  69. The control of accounting, management, use and disposal of state assets shall be exercised by the internal audit service (internal auditors) of state institutions, state enterprises, agencies or organisations and the National Audit Office.
  70. The National Audit Office shall annually, by December 1, submit to the Seimas a conclusion on the report specified in paragraph 2 of Article 15 of this Law.
  71. The control of accounting, management, use and disposal of municipal assets shall be exercised by the municipal controller (office of the controller) and the National Audit Office.
  72. The municipal controller (office of the controller) shall submit to the municipal council (in accordance with the procedure and within the time limits established by the council) a conclusion on the report specified in paragraph 3 of Article 15 of this Law. CHAPTER FOUR CONVEYANCE AND WRITE-OFF OF STATE OR MUNICIPAL ASSETS WHICH ARE REDUNDANT OR NOT FIT (NOT POSSIBLE) FOR USE Article
  73. Recognition of State and Municipal Assets as Redundant or Not Fit (Not Possible) for Use
  74. Intangible assets and tangible fixed and current assets shall be recognized as redundant or not fit (not possible) for use, where: 1) they have physically depreciated; 2) they have functionally (technologically) depreciated; 3) they have been recognized as derelict in accordance with the procedure established by the Government or an institution authorized by it; 4) they have deteriorated or have been damaged; 5) they have been destroyed (damaged) during natural disasters or accidents and this has been documented appropriately; 6) the use thereof is not possible due to the activities of third persons and this has been properly documented. The value of tangible assets recognized as not possible for use due to the activities of third persons shall be transferred to financial assets (funds to be received); 7) they hinder the construction of new buildings or reconstruction of the existing buildings or territories. This provision shall apply only to items of immovable property, except for immovable cultural property, upon coordination of the new construction or reconstruction project in accordance with the set procedure. 8) they are not required for performance of state or municipal functions and/or there is nowhere to apply them;
  75. Intangible assets and tangible fixed and current assets may be recognized as redundant or not fit (not possible) for use where it is economically inexpedient to renovate them, except for the case specified in subparagraph 8 of paragraph 1 of this Article. Renovation of assets shall be considered to be economically inexpedient where the costs of repair (reconstruction) of the assets are equal to the acquisition price of new assets of the same purpose and capacity or exceed it.
  76. Land, forests, internal waters and financial assets may not be recognized as redundant or not fit (not possible) for use.
  77. A decision on the recognition of state or municipal assets as redundant or not fit (not possible) for use shall be adopted by the asset manager, except for the persons specified in paragraph 4 of Article 9 and paragraph 3 of Article 11 of this Law. The decision on the recognition of the assets managed by the persons provided for in paragraph 4 of Article 9 and paragraph 3 of Article 11 of this Law as redundant or not fit (not possible) for use shall be adopted upon returning the assets to the state or municipal institution or agency which has concluded the agreement. The decisions on recognition of state immovable property as not required for performance of state and municipal functions, adopted by the asset managers in accordance with the provisions of subparagraph 8 of paragraph 1 of this Article, must be co-ordinated with an institution authorized by the Government. Article
  78. Use and Write-off of State and Municipal Assets Which Are Not Fit (Not Possible) for Use
  79. State or municipal intangible, fixed and tangible current assets not fit (not possible) for use, except for the case specified in subparagraph 6 of paragraph 1 of Article 22 of this Law, may be used in the following ways: 1) by transferring them by the right of trust in the cases and in accordance with the procedure specified in Articles 9, 10 and 11; 2) by transferring them under a trust agreement in the cases and in accordance with the procedure specified in Article 13 of this Law; 3) by investing them in the cases and in accordance with the procedure specified in Article 19 of this Law; 4) by selling them at public auctions (except for items of immovable property and assets managed by the diplomatic missions, consular posts and missions of the Republic of Lithuania to international organisations) in accordance with the procedure established by the Government; 5) by selling items of immovable property in accordance with the Law on Privatisation of State-owned and Municipal Property; 6) by selling the assets managed by the diplomatic missions, consular posts and missions of the Republic of Lithuania to international organisations (except for items of immovable property) in accordance with the procedure established by the Government; 7) by transferring them into the ownership of the State or municipality in the cases and in accordance with the procedure specified in Articles 6 and 17 of this Law, or by transferring them into the ownership of other entities referred to in paragraph 6 of Article 17 of this Law, where that is in compliance with international commitments of the Republic of Lithuania or the National Security Strategy approved by the Seimas; 8) by selling or conveying animals in accordance with the procedure established by the Government or a municipal council.
  80. Where redundant or not fit (not possible) for use state or municipal tangible fixed or current assets cannot be used in any of the ways specified in subparagraphs 1-7 of paragraph 1 of this Article, they must be written off and dismantled, and the residual materials must be entered into accounting records. The remaining assets, including the assets the costs of dismantling whereof exceed the anticipated value of the residual materials, may be liquidated with prior decontamination, where necessary. The intangible assets recognized as redundant or not fit (not possible) for use shall also be liquidated. Where redundant or not fit (not possible) for use animals belonging to the State or municipality by the right of ownership cannot be used in the manner specified in subparagraph 8 of paragraph 1 of this Article, they must be written off in accordance with the procedure established in paragraph 6 of this Article.
  81. The list of assets relating to the information comprising state secrets, which must be destroyed in compliance with the set requirements for protection of information comprising state secrets when they become redundant or not fit (not possible) for use, shall be drawn up by the manager of the assets to be destroyed, i.e. by state or municipal institutions which are the entities of secrets and enterprises and agencies established by them, whose activities are related to the use or protection of classified information and which, in accordance with the procedure laid down by the Law on State Secrets and Official Secrets, have been granted the right to classify and declassify information, upon coordinating it with the Republic of Lithuania Commission for Secrets Protection Coordination.
  82. State or municipal institutions, enterprises, agencies or organisations which have used the assets in the ways specified in paragraph 1 of this Article, except for subparagraph 2 of paragraph 1, must write them off.
  83. The uncovered share of financial assets (funds to be received) in the case referred to in subparagraph 6 of paragraph 1 of Article 22 of this Law shall be written off upon entry into force of a decision of a prosecutor or a decision of the judge of pre-trial investigation regarding termination of pre-trial investigation, or a decision of the court or judge regarding termination of administrative proceedings.
  84. Upon recognizing state and municipal assets as redundant or not fit (not possible) for use, they shall be written off, dismantled and liquidated in accordance with the procedure established by the Government. Animals owned by the State or municipality recognized as redundant or not fit (not possible) for use shall be destroyed in accordance with the procedure established by the Government or an institution authorized by it.
  85. Upon the sale of redundant or not fit (not possible) for use state and municipal assets and deduction of the costs of storage and sale thereof, the funds received shall be allocated: 1) for investment in the state or municipal enterprise which managed these assets; 2) where the assets are managed by state or municipal institutions, agencies and organisations – 50 per cent to the state or municipal budget, and 50 per cent to the institutions, agencies and organisations respectively. Article
  86. Transfer of Redundant or Not Fit (Not Possible) for Use State and Municipal Assets by the Right of Trust to Persons Specified in Subparagraph 1 of Paragraph 1 of Article 23
  87. The asset manager shall, in accordance with the procedure established by the Government, transfer the redundant or not fit (not possible) for use state assets by the right of trust to persons specified in subparagraph 1 of paragraph 1 of Article
  89. The redundant or not fit (not possible) for use municipal assets shall be transferred from one municipal institution, agency or organisation to another, also being a municipal institution, agency or organisation, and to persons specified in paragraph 3 of Article 11 of this Law in accordance with the procedure established by a municipal council.
  90. When assets are transferred to another user by the right of trust, the assignee shall enter them in the records and the assignor shall write them off. In compliance with paragraph 2 of Article 71 of the Constitution of the Republic of Lithuania, I promulgate this Law passed by the Seimas of the Republic of Lithuania. SPEAKER OF THE SEIMAS OF THE REPUBLIC OF LITHUANIA _________________

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