Act No. 100 / 2000 Coll.
Act amending Act No. 87 / 1995 Coll., on savings and credit cooperatives and certain measures related thereto, and supplementing Act No. 586 / 1992 Coll., on Income Tax, as amended, and certain other laws
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Effective from 01.05.2000
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100
THE LAW
of 4 April 2000
amending Act No. 87 / 1995 Coll., on savings and credit cooperatives and certain measures related thereto and supplementing Act No. 586 / 1992 Coll., on Income Taxes, as amended, and certain other laws
Parliament has decided on this law of the Czech Republic:
Amendment of Act No. 87 / 1995 Coll., on savings and credit cooperatives and certain measures related thereto and on the addition of Act No. 586 / 1992 Coll., on Income Tax, as amended
Act No. 87 / 1995 Coll., on savings and credit cooperatives and certain measures related thereto and on supplementing the Czech National Council Act No. 586 / 1992 Coll., on income taxes, as amended, is amended as follows:
1. Paragraph 1 (1) reads as follows:
"(1) The Act regulates the status and activity of savings and credit cooperatives (" cooperative reserve '), the insurance of members' deposits in cooperative reserves and the supervision of the activities and management of cooperative advances and legal persons in which cooperative advances are controlled ("controlled entity ') by the Office for the supervision of cooperative advances (" the Office'). The audit shall mean any direct share of the capital of a legal person, or an indirect share of the capital of a legal person above 50%, or the right to appoint or withdraw a majority of the members of the statutory body, supervisory board, directors of a legal entity, or the possibility of exercising a decisive influence on the management of a legal person in which a person is a member, shareholder or member, under a contract with a legal person, a provision in the statutes of a legal person, an agreement with other members, shareholders or members of a legal person, or the possibility of exercising a decisive influence otherwise. Indirect holdings shall mean the share of the capital of a legal person held by an intermediary through a controlled person. ';
2. Paragraph 1 (6) reads as follows:
"(6) Collaborative bookmark
(a) be entitled only to carry out the activities provided for by this Act, within the scope of the authorisation to act as a cooperative reserve pursuant to Article 2a (hereinafter referred to as "the permit");
(b) be required to act with caution and due care in the performance of its activities, in particular in a manner which does not jeopardise the return on its members' deposits and its security and stability;
(c) be obliged in particular to comply with the obligations imposed on it by law and decisions under this law. "
3. in Article 1, paragraphs 7, 8 and 9 are added, including footnotes 3a) and 3b):
"(7) Approved financial statements, 3a) the annual activity and management report of the cooperative reserve (hereinafter referred to as" the annual report "), a copy of the authorisation and a report for members whose content and manner of updating is laid down by the law of the Ministry of Finance on a proposal from the Office; it must be published in a place open to the public at the head office of the cooperative reserve, its branches, exposures and management.
(8) The award of a procurer pursuant to a special law (3b) is not possible.
(9) The cooperative reserve shall not be entitled to acquire a direct or indirect share of the capital of a legal person, to become a member, a shareholder, a shareholder of a legal person, or to otherwise acquire control in a legal person.
3a) Act No. 563 / 1991 Coll., on Accounting, as amended.
(3b) Section 14 of the Commercial Code. ';
4. In Article 2, the heading "Certain provisions concerning the establishment and establishment of a cooperative reserve 'under the title of Section 2 is inserted above the heading of Section 2.
5. Paragraph 2 (2) to (4) reads.
"(2) The registered capital must be at least CZK 500,000. The registered capital must be paid up before the application for authorisation has been lodged pursuant to Paragraph 2a.
(3) The representation of persons who have applied to the cooperative reserve is excluded at the constituent meeting.
(4) An authorisation is attached to the application for registration in the Commercial Register. The authorisation, withdrawal and amendment shall be entered in the register. ';
6. In Article 2, the following paragraph 5 is added:
"(5) The seat of the cooperative reserve must be on the territory of the Czech Republic."
7. The following Section 2a is inserted after Section 2, including footnote 3c:
(1) Authorisation is required for the establishment and operation of the cooperative reserve. The authorisation shall be granted by the Office at the written request of the Board of Directors.
(2) The application for authorisation referred to in paragraph 1 shall specify:
(a) the trade name and registered office of the cooperative reserve;
(b) the amount of the registered capital of the cooperative reserve;
(c) the factual and organisational conditions for the operation of the cooperative reserve.
(3) The application for authorisation referred to in paragraph 1 must be accompanied by:
(a) instruments proving the establishment of a cooperative reserve, the repayment of the entire registered capital, the competence and integrity of the members of the board, the supervisory board and the credit committee of the cooperative reserve;
(b) the draft business plan of the cooperative reserve.
(4) The application for authorisation referred to in paragraph 1 shall be decided by the Office within 60 days of the receipt of the application or its addition, after assessing the conditions for granting the authorisation.
(5) The authorisation shall be granted for an indefinite period and may not be transferred to another person. The authorisation may exclude or restrict the pursuit of certain activities under Article 3. The authorisation shall expire on the date on which the decision to withdraw the authorisation or the date of cancellation of the cooperative reserve becomes final.
(6) The conditions for granting authorisation are:
(a) the competence and integrity of persons elected as members of the cooperative reserve bodies;
(b) the substantive and organisational conditions for the performance of the proposed activities of the cooperative reserve, resulting in particular from the statutes of the cooperative reserve (hereinafter referred to as "the statutes") and, where appropriate, other internal rules of the cooperative reserve,
(c) the reality of the business plan and the ability to develop the cooperative reserve safely, taking into account general knowledge and experience.
(7) For the purposes of this Act, a person
(a) a person who has been established by an extract from a criminal record which is not more than 3 months old and who has not been legally convicted of an offence of property law or of an offence the nature of which relates to the subject of the activities of a cooperative reserve or any other intentional offence under a special law, 3c)
(b) a competent person who has completed complete secondary education and has at least 2 years of experience in the field related to the activities referred to in Article 3 (1) (a), (b) and (c) or completed higher education and has no professional or similar relationship with a business entity that is engaged or otherwise handling the securities referred to in Article 3 (2) (c).
(8) The Office is entitled to require a copy of the Register of Penalties records concerning persons proposed or elected to the duties of members of the cooperative reserve bodies.
3c) Act No. 140 / 1961 Coll., penal law, as amended. '
8. in Paragraph 3 (1) (c), point 2 is deleted;
Point 3 is renumbered point 2.
9. in Article 3 (2) (c), including footnote 4,
"(c) acquire government bonds and bonds for which the State has taken over the guarantee, bonds whose issuer is the Czech National Bank, mortgage certificates, (4) municipal bonds and bonds issued by the central banks of the OECD Member States for which they have taken over the guarantee. Other bonds are only entitled to be acquired by the cooperative reserve after prior agreement of the Authority, which will assess the risk of the acquisition of bonds in relation to the return of members' deposits and the stability and security of the cooperative reserve,
4) Act No. 591 / 1992 Coll., on Securities, as amended. Act No. 530 / 1990 Coll., on Bonds, as amended. '
10. in Article 3 (2), points (f) and (g) are deleted;
Point (h) shall be renumbered as point (f).
11. in Paragraph 3 (2) (f), "repayable financial assistance" is replaced by "loans."
12. in Paragraph 3 (2), the following point (g) is replaced by a comma at the end of the period:
"(g) following the prior agreement of the Office and under the conditions laid down by it to receive deposits from other legal entities, to keep accounts for such persons and to make payments under their authority and to grant loans to municipalities in the Czech Republic. When giving its consent, the Authority shall assess the risk of the activities of the cooperative reserve in relation to the return on members' deposits and the stability and security of the cooperative reserve. ';
13. in Article 3 (3):
"(3) The definition of the assets referred to in paragraph 2 (d) shall not apply for a period of six months from the acquisition of the assets acquired by the cooperative in connection with securing its claim. ';
14. in Section 3, paragraph 4, including footnote 4a, read:
"(4) The cooperative reserves are entitled to protect their interests by creating interest associations of legal entities, 4a) whose members are only cooperative reserves.
4a) § 20f et seq. of Act No. 40 / 1964 Coll., Civil Code, as amended. '
15. in Article 3, the following paragraphs 5 and 6 are added:
"(5) The deposits received shall be held by the cooperative on deposit accounts. Contracts concluded within the meaning of Paragraph 3 (1) must be concluded in writing. Anonymous deposits shall not be accepted by the cooperative reserve.
(6) The co-operative reserve shall submit to the Office, in relation to the request for consent referred to in paragraph 2 (c) and (g), the instruments enabling the Office to assess the risk of the activities of the cooperative reserve referred to in paragraph 2 (c) and (g) in relation to the return on contributions of members and the stability and security of the cooperative reserve. In particular, the cooperative deposit on the application referred to in point (c) of paragraph 2 shall demonstrate the amount of the funds invested, the expected method of assessment, their return and risk. In particular, the cooperative reserve for the application referred to in paragraph 2 (g) shall demonstrate the expected profitability and risk of the activities referred to in paragraph 2 (g), including the way in which those activities are assessed and secured. ';
16. in Article 4 (2) (a), the words "and duty" shall be deleted;
17. in Paragraph 4 (3):
"(3) A member shall cover the loss of the cooperative reserve in accordance with this Act. The amount of the member's liability to the cooperative advance to cover its losses shall be determined by the statutes but shall be at least twice as much as the member's share. The payment obligation may be different for individual members depending on the amount of their deposits. The statutes may specify that the remuneration of members of all or some of the elected bodies of the cooperative reserve is higher and may also be determined differently for each elected body of the cooperative reserve. '
18. In Article 4 (7), the words "having a preferential right 'are replaced by the words" being entitled to include its claims due on a member' and the words "interest on deposits, on deposits and on the member's share of the member to whom he has granted the loan or who has other assets owed to the cooperative advance 'are replaced by the words" against interest on deposits, deposits and the settlement interest of the member'.
19. In Article 4, paragraphs 8 and 9 are added:
"(8) The cooperative reserve shall inform the candidates for membership of all information relating to membership, in particular the statutes, trade terms, rights and obligations resulting from membership and deposit guarantee conditions. If changes are made, it shall ensure that members are informed in a timely and proper manner.
(9) The transfer of members' claims for the cooperative reserve resulting from the contributions of members to the cooperative reserve shall be possible only between members of the cooperative reserve. '
20. In the title of Section 5, the words "cooperative reserve 'are deleted.
21. In the first sentence of Article 5 (1), the words "cooperative reserve" shall be deleted.
22. in Article 5 (1) (o), point 3 is deleted;
Points 4, 5 and 6 shall be renumbered 3, 4 and 5.
23. The following Section 5a is inserted after Section 5:
"Some provisions on the institutions of the cooperative reserve
(1) The validity of the resolutions of the Member States should be subject to a vote
(a) the method of payment of the loss of the cooperative reserve of consent of at least two thirds of the members present;
(b) the merger, merger or division of the cooperative reserve of consent of at least two thirds of the members present.
(2) The alternate member meeting may be convened by the same invitation as the original member meeting. The invitation shall include an indication that the alternate membership meeting is capable of deciding on any number of members present. An alternate member meeting so convened may be opened no later than 30 minutes after the planned start of the initial member meeting referred to in the invitation. The details are laid down in the statutes.
(3) The decision of a member meeting to reduce the amount of the member's interest or the amount of the payment obligation laid down in the Statutes without the prior agreement of the Office, which shall assess the reduction of the payment obligation or the reduction of the amount of the member's share in relation to the obligation to comply with the rules laid down in Article 11 with regard to the security and stability of the cooperative's reserve shall be void. ';
24. in Article 6, the title shall be deleted;
25. Paragraph 6 (4) reads:
"(4) Where the statutes are established, the credit committee shall be entitled to transfer part of the exercise of its powers to other persons in the manner specified in the statutes. This shall be without prejudice to the liability of the members of the credit committee under Paragraph 6a (2). ';
26. in Article 6 (5) (a), the words "and acceptance of the deposit from another cooperative reserve" shall be inserted after the words "bank."
27th Paragraph 6 (6) reads:
"(6) The Board of Directors shall draw up an annual report, including the annual accounts, and shall submit it for approval to the member meeting. This membership meeting shall be convened by 30 June of the year following that for which the annual report is drawn up. The approved annual report shall be sent by the Board of the Office within 10 days of its approval. The draft annual report shall be sent to the members at least 30 days before the date of the meeting. ';
28. In Article 6, the following paragraph 10 is added:
"(10) The members of the elected bodies of the cooperative reserve shall immediately and fully inform the Office of any facts which might jeopardise the operation of the cooperative reserve or the application of the procedure under Section 28 of this Act. The members of the elected bodies shall, in addition to the laws and regulations, also comply with the decisions of the Office and carry out their activities with professional care. They shall be required to carry out their functions in such a way as not to jeopardise the return on deposits of members of the cooperative reserve and its security and stability in relation to the management. ';
29. The following Section 6a is inserted after Section 6:
(1) Only an upstanding and competent person may be a member of the elected body of the cooperative reserve. The statutes may specify which additional functions are covered by this condition.
(2) The members of the elected body who have caused the cooperative advance in breach of legal obligations in the exercise of the powers of the elected body are jointly and severally liable for such damage. The contract between the member of the elected body and the cooperative reserve or the provisions of the statutes excluding or limiting the liability of the member of the elected body for damage shall be void. The members of the elected body shall be responsible for the damage caused by the cooperative advance by the implementation of an inappropriate order from the member meeting. Such liability shall be waived if at least one of them has alerted the inadequacy of the order to the member meeting and requested that an objection be recorded in the minutes of the meeting. This shall not apply where the order of the member meeting is contrary to the law. ';
30. Paragraph 7 (6), including footnote 10, reads:
"(6) The provisions of the Special Act on the Prohibition of Competitiveness (10) are not affected by that Act and also apply to the members of the Credit Commission. The performance of a member of an elected body of a cooperative reserve shall be incompatible with that of a member of an elected body of another cooperative reserve and with a working or similar ratio in another cooperative reserve. The statutes may stipulate that a member of the elected body of a cooperative reserve or a senior staff member may not serve in the management or supervisory bodies or as a director or a procurer in another legal person.
10) § 249 of the Commercial Code. '.
31. in Article 7, paragraphs 7 and 8 are added:
"(7) A member of the elected body of a cooperative reserve or a senior member shall, before his or her election or appointment to the relevant post, inform in writing the person who elects or appoints him or her of his or her integrity and competence, of the subject matter of his or her business activities, of his or her membership of the bodies of other legal entities, or of whether or not he or she has the capacity to participate, work or similar relationship in other legal entities, including the subject of the activity of that legal person. A member of the elected body of the cooperative reserve or a senior staff member shall inform in writing the changes that have occurred during the performance of his duties.
(8) The cooperative reserve shall, within 5 days of the date of the election of the member of the cooperative reserve body, deliver to the Office an application for assessment of the conditions for the performance of its duties, including documents certifying compliance with those conditions. If the Office decides that the chosen member of the cooperative reserve body does not fulfil the conditions for the performance of his duties, the performance of his duties shall cease on the date of service of that decision by the cooperative advance. The Office shall take a decision on the assessment of the conditions for the performance of the duties of a member of the cooperative reserve body within 30 days of receipt of the request; otherwise the member of the cooperative reserve body shall be deemed to fulfil the conditions. ';
32.
(1) The cooperative reserve keeps accounts according to specific legislation. 11)
(2) The cooperative reserve shall draw up consolidated financial statements if it has a share of the capital of the audited person.
11) Act No. 563 / 1991 Coll., as amended. '
33. The following Section 8a is inserted after Section 8:
(1) The annual accounts of the cooperative reserve must be audited by the auditor. The Office may, at the request of a cooperative reserve lodged within 3 months of the end of the accounting year, grant an exemption to the cooperative advance on account of the small scale and the complexity of the cooperative advance activity.
(2) The selected auditors shall be obliged to notify the co-operative to the Office, who shall be entitled to refuse the auditors within 30 days of receipt of this notification. The cooperative reserve shall notify new auditors within 15 days of the Office's refusal. '
34. § 9, including footnote 12, reads:
(1) The profit after tax can only be distributed to those members who covered the loss of the cooperative advance payment obligation, up to the actual performance of this payment obligation. The statutes shall lay down the details. The provisions of the Special Act on the distribution and use of profits of cooperatives (12) shall not apply.
(2) Where the cooperative guarantee shows a loss, the member meeting shall, when clearing the accounts of the cooperative guarantee, decide on the reimbursement of the loss from its own resources by the cooperative guarantee, or, where appropriate, decide on the coverage of the loss of the members' payment obligations under the statutes, determined in accordance with this Act, so that such loss is paid to the extent of the own resources of the cooperative guarantee and the amount of the payment of the members' obligations within 30 days of the meeting.
12) § 236 of the Commercial Code. '.
35. in Paragraph 10 (1) (a), "§ 3 (1) (c) (3)" is replaced by "§ 3 (1) (c) (2)";
36.
(1) The cooperative reserve shall comply with the rules and indicators relating to the ratio of capital and reserves to assets and, where applicable, liabilities, including on a consolidated basis, the classification of selected asset items, reserve formation and adjustment items, 14a) credit exposures, solvency and liquidity. These rules and indicators, as well as the definition of the terms of the assets and liabilities of the cooperative reserve and their selected items, reserves and capital, including the determination of the risk weights of bonds, shall be laid down and published by the Ministry of Finance on a proposal from the Office.
(2) The cooperative reserve shall ensure that:
(a) the amount of loans granted to one debtor or, where applicable, to an economically linked group of debtors does not exceed a specified percentage of the selected asset or liability items;
(b) the total amount of loans granted to the ten largest debtors or, where applicable, the group of connected debtors did not exceed a specified percentage of the total amount of the selected asset and liability items of the cooperative reserve.
(3) The cooperative reserve shall maintain its solvency on a permanent basis. To that end, it shall comply with the established liquidity and solvency rules; such rules may, in particular:
(a) the minimum amount of liquid assets or, where applicable, the group of liquid assets in relation to assets or liabilities, or, where applicable, the group of selected asset or liability items;
(b) restrictions and conditions for certain types of credit or investment, deposits, guarantees and liabilities;
(c) restrictions and conditions to reconcile the maturity of the assets and liabilities of the cooperative reserve.
14a) Act No. 593 / 1992 Coll., on provisions for determining the income tax base, as amended. '
37. Article 12 shall be deleted;
38. in Paragraph 13 (1) (b), "100,000" is replaced by "500,000";
39. in Paragraph 13 (2), the words "paragraphs 2 and 3" shall be deleted;
40. In Paragraph 13, the following paragraph 3 is inserted after paragraph 2:
"(3) The cooperative reserve shall also be cancelled on the date of acquisition of the legal power of withdrawal. ';
Paragraphs 3 to 7 shall be renumbered paragraphs 4 to 8.
41.Paragraph 13 (4) reads as follows:
"(4) Merging and merging of the cooperative reserve is possible only with another cooperative reserve. The cooperative reserve can only be divided into cooperative reserves. The division, merger and merger shall require the prior agreement of the Office; the following paragraph shall be added:
42.Paragraph 13 (6) reads as follows:
"(6) The liquidator of the cooperative reserve shall be appointed by the cooperative reserve on a proposal and shall be withdrawn by the Office which shall submit the relevant proposals to the commercial register. Only a person meeting the conditions of integrity and competence referred to in Article 2a (7) may be a liquidator and who has no obligation to the cooperative advance payment. The cooperative reserve shall submit to the Office a proposal for the appointment of a liquidator no later than 5 days after the termination of the cooperative reserve or the winding-up of the liquidator's activities, including documents proving compliance with the conditions laid down in this paragraph. In the event that the cooperative reserve fails to submit a proposal, including documents proving compliance with the conditions laid down in this paragraph, or the person proposed to perform the liquidator's function does not fulfil the conditions laid down in this paragraph, the Office shall appoint the liquidator. ';
43.Paragraph 13 (7) and (8), including footnotes 15) and 16) shall be deleted.
44. In Article 14 (4), the words "repayable financial assistance 'are replaced by the words" loans', "and the proceeds from the winding-up of bankruptcy and liquidation proceedings' are deleted and the words" in particular 'are inserted after the words "the Fund'.
45. in Paragraph 14 (5), the words "repayable financial assistance" are replaced by "loans."
46. in Paragraph 14, paragraph 7 is added, including footnote 17 (a):
"(7) In the event of bankruptcy, the claims of the Fund against a cooperative advance which is bankrupt resulting from the payment of compensation to its members shall be treated as second-class claims under a special law. 17a)
17a) Act No. 328 / 1991 Coll., on bankruptcy and settlement, as amended. '
47. in Article 15 (1), the word "six-membered" is replaced by the word "three-membered."
48. in Article 15 (2) and (3):
"(2) The President and the other members of the Board of Directors shall be appointed and removed by the Director of the Office. The term of office of the members of the Board of Directors of the Fund shall be three years and shall be renewable. At least one member of the Board of the Fund shall be appointed each year.
(3) One member of the Board of Directors of the Fund shall be appointed from among the staff of the Office. At least one member of the Board of Directors shall be appointed from among the members of the Board of Directors of Cooperatives. ';
49.Paragraph 16 (1) reads:
"(1) The annual contribution of the cooperative reserve to the Fund shall be 0,5% of the average of the amount of contributions of members in the cooperative reserve held in Czech koruna to the name, surname, address and date of birth or birth number or, where applicable, the depositor's identification number (hereinafter referred to as" insured deposit ') for the previous calendar year, including interest to which depositors were entitled in the previous calendar year. The average volume of insured deposits shall be calculated by the cooperative pool according to the quarterly stocks of insured deposits in the previous calendar year. The cooperative reserve may not carry out such transfers between deposit accounts or other accounts, or conclude such contracts for the insured deposit, or carry out other similar activities which result in a reduction in the annual contribution when calculating the quarterly stocks of insured deposits. In such a case, the Office shall carry out the relevant calculation and order the cooperative advance to pay the relevant difference.';
50. In Article 17 (1), the following sentence shall be added after the words "(hereinafter referred to as" compensation ")" and after the words "contractual terms." the following sentence shall be inserted: "The liability to the depositor for compensation shall not be incurred before the cooperative reserve which is unable to meet its obligations and of which the depositor is a member shall prove to the Office that its members have contributed to cover the losses incurred by the financial statements made in connection with the failure of the cooperative reserve to meet its obligations, not earlier than 3 months, to meet its obligations under the statutes."
51. in Paragraph 17 (3), the words "in the context of compulsory administration" shall be inserted after the words "deposits" and "paragraph 3 (b) or (c)" shall be deleted;
52. In Article 20, the following paragraph 3 is added:
"(3) In the event of a smaller amount of funds in the Fund than the amount of the compensation for which entitlement has been established, the Fund shall pay compensation to depositors on a pro rata basis according to the amount of their entitlement to compensation and shall pay compensation or part of the compensation to depositors only when the Fund has sufficient funds. The entitlement to reimbursement shall not be remunerated in the event of late payment. The right to reimbursement shall not be barred. Refunds shall be paid to depositors in the order of entitlement to the payment of refunds. Depositors shall have a preferential right to payment of refunds before payment of the other commitments of the Fund. ';
53.
The fund may deposit funds with banks and acquire government bonds and bonds for which the State has taken over the guarantee, bonds issued by the Czech National Bank, mortgage liens (4) and bonds issued by central banks of OECD Member States for which they have taken over the guarantee. '
54. The following Section 21a is inserted after Section 21:
In the event that the Fund's funds are not sufficient to pay the legal compensation or other commitments of the Fund, the contribution shall be increased to three times the percentage referred to in Article 16 (1) for the following year after the year in which the funds were insufficient to pay the legal compensation. The Office shall notify the co-operative of the increase in the contribution. '.
55. in Paragraph 22 (1), the words "and the Fund" shall be inserted after the word "advance."
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Regulation Information
| Citation | Act No. 100 / 2000 Coll., amending Act No. 87 / 1995 Coll., on savings and credit cooperatives and certain measures related thereto and supplementing Act No. 586 / 1992 Coll., on Income Tax, as amended, and certain other laws |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 25.04.2000 |
|---|---|
| Effective from | 01.05.2000 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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