1. The Privatisation Commission is a state institution set up for the purpose of privatisation supervision and operating in accordance with this Law and the regulations approved by the Government.

2. The Privatisation Commission shall be accountable to the Seimas.

3. The Privatisation Commission shall consist of 13 members. The Chairman of the Commission and its 6 members shall be appointed and removed from office by the Seimas on the recommendation of the Government. The remaining 6 members of the Privatisation Commission shall be appointed and removed from office by the Seimas on the recommendation of the members of the Seimas political groups.

4. The Privatisation Commission shall have the right to:

1) approve or refuse to approve draft object privatisation programmes;

2) approve or refuse to approve draft object privatisation transactions, except for the transactions concluded at the National Stock Exchange;

3) approve or refuse to approve a draft list of strategic investors;

4) suspend, in the cases provided by this Law, the implementation of an object privatisation programme and/or consider the programme completed;

5) approve or refuse to approve the selling of the block of shares owned by the state or a municipality and transferred under agreement to the state enterprise the State Property Fund for privatisation that entitle them to less than 1/4 of the total votes at the general meeting of shareholders where a tender offer to buy this block of shares has been submitted in accordance with the procedure established by the Republic of Lithuania Law on the Securities Market;

6) approve or refuse to approve the selling of the block of shares owned by the state or a municipality and transferred under agreement to the state enterprise the State Property Fund for privatisation that entitle them to less than 1/20 of the total votes where this block of shares is bought on a compulsory basis in accordance with the cases and the procedure established by the Republic of Lithuania Law on the Securities Market.

5. The Privatisation Commission shall have the right to obligate the Property Fund to perform an additional examination of the documents submitted for its consideration. The Privatisation Commission shall have the right to delegate its representative or representatives to perform the examination of the privatisation documents.

6. If the Privatisation Commission adopts a negative decision concerning the issue specified in paragraph 4 of this Article, the Property Fund shall have the right to submit the draft decision for consideration to the Government, which shall take the final decision. The Privatisation Commission shall regularly report to the Seimas on the work accomplished by it.

7. The decisions of the Privatisation Commission shall be taken by simple majority vote of all the Commission members. A member of the Privatisation Commission shall have no right to vote on the issue under consideration, if he or his family members (parents and children, brothers and sisters, or the spouse) have a personal interest in the results of the decision.

8. The Government Resolutions adopted in the cases provided for by this Law, and also the decisions of the Privatisation Commission shall be published in the official gazette Valstybės žinios.

Law on Privatisation of state-owned and municipal property, article 5