Government Decree No. 108 / 1953 Coll.
Regulation on long-term loan funds for production and consumer cooperatives
Valid
Effective from 31.12.1953
108.
Government Regulation
of 7 December 1953
on long-term loan funds for production and consumer cooperatives.
The Government of the Czechoslovak Republic, with the agreement of the President of the Republic pursuant to § 42 (1) of Act No. 241 / 1948 Coll., on the first five-year Economic Plan for the Development of the Czechoslovak Republic (Act on the Five-Year Plan):
Long-term loan funds for production cooperatives.
(1) In order to provide long-term loans to production cooperatives and their regional associations, regional long-term credit funds (hereinafter referred to as "regional funds') are established in regional associations of production cooperatives.
(2) A central long-term loan fund (hereinafter referred to as the "Central Fund ') shall be established in the Central Association of Production Cooperatives in Prague to compensate for surpluses and shortages of regional funds.
(3) The Central Fund carries out its tasks in Slovakia through the Slovak Long-Term Loan Fund (hereinafter referred to as the "Slovak Fund"), which is set up by the Slovak Association of Production Cooperatives in Bratislava.
(1) The name of each fund shall be kept in its accounting records separately from the other assets by the Union of production cooperatives in which the fund was set up; the Union shall decide on the use of the Fund's funds.
(2) Funds are exclusively deposited with the Investment Bank, which manages and controls their application under the Ministry of Finance guidelines issued in agreement with the Central Association of Production Cooperatives.
(1) The centrally managed guarantee funds of production cooperatives form part of the assets of the Central (Slovak) Fund.
(2) Production cooperatives are obliged to make net profit contributions for the purposes of the funds, beginning with a profit for 1953 and to impose surplus own funds on them.
(1) In particular, details relating to the organisation of funds, their income sources, including the amount of the compulsory contributions and their tasks, shall be laid down in the Statute of the long-term loan funds issued by the Minister of Finance in agreement with the President of the Central Association of Production Cooperatives after approval by the Government.
(2) With the approval of the Ministry of Finance, the Central Association of Production Cooperatives will issue directives on the granting of loans from the Funds and on the payment of compulsory contributions to cooperatives.
(3) The interest rate on deposits and loans is set by the Ministry of Finance in agreement with the Central Association of Production Cooperatives.
Provisions common.
(1) Long-term loan funds (Sections 1 and 5) are established on 1 April 1954.
(2) The Government may order the cancellation of the funds and at the same time the manner in which they are wound up.
This Regulation shall enter into force on the day of its publication; they shall be carried out by the Prime Minister and the Minister for Finance.
Zaporocký v. r.
Broad v. r.
Děuriš v. r.
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Regulation Information
| Citation | Government Decree No. 108 / 1953 Coll., on long-term loan funds for production and consumer cooperatives |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 31.12.1953 |
|---|---|
| Effective from | 31.12.1953 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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