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The Privatization of the GDR Economy (June 17, 1990)

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Article 2: Status and Responsibilities of the Trusteeship Agency

(1) The Trusteeship Agency is a public-law agency. It is responsible for privatizing and utilizing state owned property under the principles of the social market economy.

(2) The Trusteeship Agency is supervised by the Prime Minister.

(3) The Trusteeship Agency statute is to be presented to the Prime Minister for approval.

(4) The Trusteeship Agency’s commercial rules must be approved by the Council of Ministers.

(5) Regulations under Paragraph 96, Sections 2 and 3 of the Republic’s budgetary law on the management of businesses in the form of a legal person under public law, and on managing their participation, are to be applied to the Trusteeship Agency.

(6) The Trusteeship Agency is to promote structural adaptation of the economy to the requirements of the market, in particular by exercising an influence on the development of reorganizable enterprises into competitive businesses and privatizing them. It is to work toward creating competitive enterprises by effectively separating business structures, thus allowing an efficient economic structure to emerge.

(7) In anticipation of future profits from privatization, the Trusteeship Agency may take out loans and issue promissory notes for the purposes of reorganization within the framework and under the provisions of Article 27 of the State Treaty between the FRG and the GDR.

(8) The headquarters of the Trusteeship Agency is Berlin.

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