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Restitution<br />
BILTEN Ministarstva finansija <strong>Crne</strong> <strong>Gore</strong>/april-jun 2006.<br />
Gaining of property rights for real estate and other<br />
property rights, or reimbursement realised according<br />
to this Law is not a subject to tax payment.<br />
Persons under obligation of restitution of objects<br />
and rights are natural and legal persons who are their<br />
owners at the moment of the entering into force of the<br />
Law, except in cases when those persons gained property<br />
right in accordance to the Law. Republic of Montenegro<br />
is under obligation of restitution of former<br />
holders and it will provide funds for the Compensation<br />
Fund. Therefore, former holder has right for compensation<br />
in case when expropriated objects and<br />
rights are not object of restitution.<br />
Practical application of the Law started with formation<br />
of the Municipal Commissions for Restitution and<br />
Compensation, and in the second half of 2005, first<br />
restitution of expropriated property started. Finally,<br />
first payments were made by way of compensation of<br />
former holders or their successors in November 2005.<br />
were issued by way of compensation of former holders<br />
in bonds to total amount of 3.684.075,00 EUR.<br />
Until now 658.350,00 EUR has been realised through<br />
the exchange market.<br />
Compensation Fund makes payments, according<br />
to provisions of the Article 22 of the Law on Restitution<br />
of Property Rights and Compensation, every six<br />
months according to the available funds until their final<br />
payment.<br />
Payments upon decisions refer to the expropriated<br />
property rights of former holder, but in most cases<br />
compensation is paid to the successors on which the<br />
total amount is divided, on six-month instalments.<br />
By now, 53 valid and enforceable decisions, whose<br />
total value is 9.530.388,66 EUR were delivered to the<br />
Compensation Fund, by Municipal Commissions for<br />
Restitution and Compensation.<br />
First payments of the compensation started year<br />
and a half after the day of enactment of the Law, which<br />
is significantly shorter period when compared to<br />
countries in the region, which even initiated restitution<br />
process several years ago. In those countries the<br />
procedure is still not over, and payment of the compensation<br />
in bonds started only after four years and<br />
more from the enactment of the Law on Restitution.<br />
(Slovenia 1992, Macedonia 1996, et al.).<br />
With the enactment of the Decree on Bond Issue<br />
Method and the Procedure of Exercising of Rights for<br />
Reimbursement of Former Holders and Decision on<br />
Bonds Issue of the Republic of Montenegro Based on<br />
the compensation of former holders, conditions were<br />
met for compensation to be performed also in bonds.<br />
Bonds can be sold or used for purchase of stocks,<br />
shares and other property of the Republic of Montenegro<br />
and state funds, in accordance to the regulations<br />
on privatisation. Trade with bonds on the market<br />
is performed according to the regulations that regulate<br />
securities trading, or at the exchange market, through<br />
authorised participant in the equity market.<br />
According to the provisions of the Article 25 of the<br />
Law and the Decision on Bond Issue, 28 certificates<br />
Decisions were delivered by following municipal<br />
commissions: Podgorica (5), Budva(1), Cetinje(2), Nikšić(9),<br />
Pljevlja (29), Danilovgrad (4) and Bijelo Polje<br />
(3).<br />
Upon all decisions that came in first six-months instalment<br />
was paid to the total amount of 527.259,05<br />
EUR.<br />
Upon all individual decisions during 2006, payment<br />
of the second and third six-month instalment<br />
matures.<br />
Deadline for submission of claims of former holders<br />
for restitution of expropriated property has expired<br />
in all commissions except in Commission Kotor (it<br />
expires at the beginning of 2007), and in Žabljak the<br />
Commission still has not been formed.<br />
Director of the Compensation Fund<br />
ĐORĐINA LAKIĆ<br />
14
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