Act No. 141 / 1947 Coll.
Foreign exchange liquidity fund Act
Valid
Effective from 11.08.1947
141.
Law
of 2 July 1947
on the Monetary Liquidation Fund.
The Constitutional National Assembly of the Czechoslovak Republic decided on this law:
The Monetary Liquidation Fund (hereinafter referred to as the Fund) is hereby established to resolve monetary and financial issues under the provisions of this Act.
The Fund shall include:
1. arrange for the liquidation of deposits bound pursuant to § 7, paragraph 1 of the decree of the President of the Republic of 19 October 1945, No 91 Coll., on the renewal of the Czechoslovak currency, and deposits bound under this Act;
2. replace the National Bank of Czechoslovakia, which it issued for the exchange of old currency and the payment of amounts released from deposits bound by Decree No. 91 / 1945 Coll.;
3. to take over the claims of the institutions carrying out contractual insurance and reinsurance and of the public social insurance institutions referred to in Article 15 (1), (6) of the Act of 15 May 1946, No 134 of the Coll., on the capital increase and the asset benefit levy, and their associations against the German Reich and the Hungarian State, as well as against the sign banks and the money and insurance institutions in Germany, Austria and Hungary, where such claims belong to the domestic insurance status, according to the balance sheet on 31 December 1945;
4. to allow money institutions to grant loans pursuant to § 68, paragraph 4 of Act No. 134 / 1946 Coll.
(1) The Fund enters the place of the money institutions and money undertakings into all their tied deposit liabilities (Section 2, No 1). The liabilities on these deposits that are binding remain unaffected.
(2) Cash institutions and money undertakings shall transfer to the Fund up to the amount of tied deposit liabilities entered into by the Fund pursuant to paragraph 1:
(a) claims on the German Reich and the Hungarian State and on the sign banks and money institutions (money undertakings) in Germany, Austria and Hungary on the balance sheet as at 31 December 1945, as examined by the Fund;
(b) linked claims on the National Bank of Czechoslovakia, the domestic money institutions, the money undertakings and the Fund.
(3) If the values referred to in paragraph 2 are not sufficient to cover all the liabilities arising from the tied deposits referred to in paragraph 1, the monetary institution (the monetary undertaking) shall set up a fund of the amount of the uncovered difference free, repayable and at any time, within the framework of its liquidity, payable deposit.
(4) The provisions of the previous paragraphs also apply to the assets of monetary institutions and money undertakings, confiscated under the decree of the President of the Republic of 25 October 1945, No. 108 Coll., on the confiscation of hostile assets and National Recovery Funds.
(1) The Fund enters the place of the Czechoslovak National Bank into all its tied deposit liabilities (§ 2, No 1).
(2) The National Bank of Czechoslovakia will transfer to the Fund up to the amount of the liabilities of the Fund under Sections 2, 1 and 2
(a) claims on the German Empire and the Hungarian State and on the sign banks and money institutions (money undertakings) in Germany, Austria and Hungary;
(b) claims against the State.
(3) If the values transferred to the Fund pursuant to paragraph 2 are not sufficient to cover the liabilities of the Fund pursuant to § 2, § 1 and § 2, the uncovered difference shall constitute a claim against the Fund against the Czechoslovak National Bank; Otherwise, the National Bank of Czechoslovakia will be subject to a claim against the Fund.
The following revenue shall be charged to the Fund:
1. gross income of benefits and property forfeited under Act No. 134 / 1946 Coll., as well as waivers and fines for criminal offences under that Act;
2. the profit resulting from the forfeiture of the tender, which was not submitted for consideration under the Decree of the Slovak National Council of 3 July 1945, No 62 Coll. on the withdrawal from circulation, designation and replacement of certain tender circulating in Slovakia, and of the forfeiture of the tender which was not lodged pursuant to § 5 of Decree No. 91 / 1945 Coll.;
3. property items and entitlements referred to in § 5, § 1, § 11 and § 18, § 1 of the decree of the President of the Republic of 20 October 1945, No 95 Coll., on the registration of deposits and other claims on cash institutions, as well as life insurance and securities. For claims arising from insurance contracts, insurance undertakings shall pay the amounts corresponding to premium reserves calculated in accordance with the guidelines of the Ministry of Finance (§ 11 of Decree No. 95 / 1945 Coll.), even for insurance, which according to insurance conditions the insurance undertaking is not obliged to purchase. Insurance contracts for which the amounts referred to in the preceding sentence have been paid shall expire on 16 November 1945;
4. the waivers and fines imposed for offences under Decrees 91 / 1945 Coll. and 95 / 1945 Coll.;
5. forfeited or confiscated assets intended to correct the currency pursuant to § 15, paragraph 1, No 1 of Act No. 134 / 1946 Coll., if they no longer fall under Clause No. 3;
6. the property which belonged to the State pursuant to Paragraph 7 (3) of the Law of 16 May 1946, No 128 Coll., on the nullity of certain property-law acts from the time of inliberty and on the claims of such invalidity and other interference in the property of the person leaving, and the property referred to in Section 16 of the same Act, which will not be returned to the beneficiaries;
7. return on reparation transactions;
8. gifts and other dedication intended to restore and correct the Czechoslovak currency;
9. State contribution from the budget.
(1) The Fund shall allocate all assets and liabilities to either the Czech or Slovak groups. Unless otherwise specified in paragraphs 2 to 4, the assets and liabilities in the Czech and Moravian-Silesian countries, the assets and liabilities in Slovakia shall be allocated to the Slovak group.
(2) The proceeds of German reparation refunds are to be distributed between the two groups in proportion to the deposits established under § 7 (1), (5), plus the claims of the group concerned against the German Empire and against the sign banks and the money and insurance institutions in Germany and Austria. The same proportion shall be shared between the yield of claims on the sign banks and the money and insurance institutions in Germany and Austria. Hungarian reparations belong to the Slovak group.
(3) The tickets from 1944 to the crown are divided between the Czech and Slovak groups with a ratio of 3: 1.
(4) The national contribution shall be allocated to the two groups in the budget.
(5) The Fund shall only use the assets of that group to cover the liabilities of each group. Transfers of assets or liabilities from one group to another shall not be allowed. In order to bridge the time gap between revenue and expenditure, the available funds of one group may temporarily be used to assist another group.
(6) The fund will set up an office in Prague for a group of Czech and an office in Bratislava for a group of Slovak.
(1) Only by referring to a tied deposit can it be filled:
1. the life insurance obligations established on 31 December 1945 according to the tables issued by the Ministry of Finance pursuant to § 10, § 1 of Decree No. 95 / 1945 Coll., liabilities of other types of insurance under § 7, § 2 of Decree No. 91 / 1945 Coll.;
2. claims for overpayments arising from payments made until 31 October 1945 in taxes, fees and public levies, payable until 31 December 1945, if the overpayment in one account exceeds 1 000 CZK, together with the overpayment resulting from the transfer of tied deposits;
3. rights to tax surpluses levied by withholding (payroll taxes) to the financial year 1945 and earlier, if the excess for one financial year exceeds 1.000 CZK;
4. compensation for claims received under Paragraph 2, No 3;
5. state-owned compensation for war damage.
(2) The provisions of § 7 of Decree No. 91 / 1945 Coll.
The Fund may determine the measures in which the transfer to the tied deposit, after the Fund's securities (Section 10), may still be carried out and the part of the liabilities referred to in § 16 (1) of Decree No. 91 / 1945 Coll. In such cases, the creditor is obliged to accept the payment of the tied deposit in respect of the Fund's securities (Section 10) at the place of payment, in which these securities are accounted for at their nominal value. In other cases, transfers between tied deposits of different owners are allowed only with the approval of the Fund.
(1) The Fund shall draw up, taking into account the economic situation, a plan according to which tied deposits will be made available (Section 2, No 1), account for deposits already released and its securities shall be amortised. The plan adopted by the Bureau of the Fund shall be submitted by the Minister of Finance to the Government for approval.
(2) The approvals of the Government and the Minister of Finance under Sections 14 and 18 of Decree No. 91 / 1945 Coll. are transferred to the Fund, which can also limit the release of deposits under Sections 11, 13 and 15 of Decree No. 91 / 1945 Coll.
(1) The Fund may issue, in order to cover its obligations, repayable or indeemable or non-redeemable securities to the owner of the evidence. The Fund may also use these papers for payment instead of payment. He's entitled to buy them out of the free market.
(2) The Fund may grant credit on its securities under the conditions laid down by it.
(3) The State is liable for the liabilities arising from the Fund's securities. Further provisions on FUND securities include the FUND Statute (Section 12 (1)).
(1) The Fund is a separate legal entity based in Prague.
(2) The Fund shall be administered and represented on the outside by the Bureau, which shall consist of the Governor (Chairman of Administration) of the Czechoslovak National Bank as President, the First and Second Vice-President appointed by the Government on a proposal from the Minister of Finance, two representatives of the Ministry of Finance and one representative of the Finance Minister, two representatives of the Czechoslovak National Bank, the headquarters of Prague and one representative of the Czechoslovak National Bank, the Regional Institute in Bratislava, appointed by the Government on a proposal from the Minister of Finance, after a statement by the Finance Officer. The President or first Vice-President shall be Slovak.
(3) The Bureau of the Fund shall act in the presence of a two-thirds majority of its members by a simple majority. In the event of a tie, the chairman shall vote. At least one of the Slovak members shall be required to give its consent for the validity of the resolution in the Slovak group's cases.
(1) The Statute of the Fund, which will be issued by the Government on a proposal from the Minister of Finance by the Government, lays down how the Bureau is to exercise its responsibilities and how it manifests its will externally.
(2) Until such time as the Statute is issued, the Fund shall be signed by the President or one Vice-President, together with one other member of the Bureau of the Fund, to the effect that it is legally designated (Section 1).
(1) The Concept, Accounting, Cashier and Office Service of the Fund and both offices (§ 6, par. 6) is provided by the National Bank of Czechoslovakia.
(2) Bound deposit management provides the relevant monetary institutions (monetary undertakings) for the Fund.
(3) The assets referred to in Section 5, No 5, are managed by the relevant national recovery funds. The provisions on the management and management of such assets shall remain unaffected and the funds shall carry the net proceeds of their management to the Monetary Liquidation Fund.
(4) Paragraph 3 also applies to the property referred to in Paragraph 5, No 6, which applies mutatis mutandis to the provisions on the distribution of confiscated property.
(1) By 31 December each year, the Bureau of the Fund shall draw up the accounts and submit them to the Government for approval by 30 June next year.
(2) The Fund is subject to control by the Ministry of Finance; the management of the Fund is also supervised by the Supreme Accounting Audit Office.
(1) The Fund shall be exempt from all benefits and charges. He is exempt from the special income tax in the extent applicable to the Czechoslovak National Bank.
(2) The legal instruments drawn up to implement the provisions of Sections 3 and 4, as well as the transfers of securities made thereto, are exempt from fees and taxes on the trading of securities. They shall also be exempt from the fees of securities issued under Paragraph 10.
Each person shall be obliged to provide the Fund with the information requested by the Fund in carrying out his or her duties. The public authorities and authorities must, within their respective limits, cooperate with and support the Fund effectively in order to request.
Measures of a general nature of the Fund shall be declared by the Minister of Finance in the Collection of Laws and Regulations.
The provisions of Section 29 of the Act of 11 April 1946, No. 92 Coll., on the Bound Foreign Exchange Economy, apply mutatis mutandis.
This Act shall take effect on the day of its publication; to be carried out by the Minister for Finance.
Dr Beneš v. r.
Broad v. r.
Dr Dolansky v. r.
Sign in for notes, favorites and notifications
Regulation Information
| Citation | Act No. 141 / 1947 Coll., on the Currency Liquidation Fund |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 11.08.1947 |
|---|---|
| Effective from | 11.08.1947 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
Comments 0