Official Gazette-Issue 41- Addendum - 23/7/2002 PART IX Transfer of Telecommunications Sector to the Private Sector Article 46: Privatization Process The Government of Lebanon may, by a decree issued by the Council of Ministers, and within a period of two years from the date of incorporation of the Company, proceed with the sale of a maximum of 40 percent of the Company’s shares to an experienced, specialized and reputed investor from the private sector by way of an international auction held in accordance with terms and conditions to be set by the Higher Council for Privatization upon the proposal of the Minister and issued by virtue of a decree by the Council of Ministers. The winner of the auction shall be referred to as the "strategic partner” which shall be entrusted with the management of the Company for so long as he continues to own at least half of the shares purchased originally and continues to fulfill the obligations set forth in the terms and conditions, and for as long as the Lebanese State remains the majority owner of the shares in the Company. The Council of Ministers shall, upon the proposal of the Minister, determine the dates for the offering of the remaining shares owned by the Lebanese State to private investors, the percentage of shares offered, the price per share and the procedure to be followed. Part X Miscellaneous and Transitory Provisions Article 47: National Security Upon the occurrence of events that affect national security, the Council of Ministers may instruct Service Providers to give full priority to the telecommunications needs of the security forces and the civil organizations operating under their control. Article 48: Handling of Licenses in Force 1) All Licenses awarded before the date of promulgation of the present Law shall remain valid for a maximum period of one year from the date of enforcement 31