President returns farmland law to lawmakers

Initiatives

pixabay

Legislation that would transfer ownership of farmlands, earlier earmarked as compensation for former members of cooperatives, to the Hungarian state was returned to the lawmakers by President János Áder, according to reports.

The president returned the legislation over concerns of its failure to clearly define the scope of the farmland in question, allowing, in principle, the state to take over any land farmed by cooperatives not previously designated to land funds free of charge, Hungarian news agency MTI reported.

The law stipulates that farmland taken over by the state is to be offered in ongoing sales of land to local farmers, according to MTI. The law also repealed earlier legislation allowing the former cooperative members to purchase the farmland using compensation coupons, thus bringing the compensation process to a conclusion, MTI added.

ADVERTISEMENT

Number of Liquidations Increasing Rapidly Figures

Number of Liquidations Increasing Rapidly

Orbán's Salary Increased to HUF 4.178 mln Government

Orbán's Salary Increased to HUF 4.178 mln

Hungary Tops out HUF 300bn Munitions Complex Manufacturing

Hungary Tops out HUF 300bn Munitions Complex

Around 2,800 Events Take Place in European Capital of Cultur... In Hungary

Around 2,800 Events Take Place in European Capital of Cultur...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.