Decree of the General Director of the Czechoslovak State Bank No. 142 / 1960 Coll.

Q: Is Decree of the General Director of the Czechoslovak State Bank No. 142 / 1960 Coll. still valid?

Yes, Decree of the General Director of the Czechoslovak State Bank No. 142 / 1960 Coll. is still valid and effective.

Ordinance on the provision of operating credits and the application of penalties

Valid Effective from 01.01.1961

ČÁST PRVNÍ § 1 ČÁST DRUHÁ § 2 § 3 § 4 § 5 § 6 § 7 § 8 § 9 § 10 § 11 § 12 § 13 § 14 § 15 ČÁST TŘETÍ Díl 1 § 16 § 17 § 18 § 19 § 20 § 21 § 22 Díl 2 § 23 § 24 § 25 Oddíl 1 § 26 § 27 § 28 § 29 § 30 § 31 § 32 § 33 § 34 § 35 § 36 § 37 § 38 § 39 Oddíl 2 § 40 § 41 § 42 § 43 § 44 § 45 § 46 § 47 § 48 § 49 § 50 § 51 § 52 § 53 § 54 Oddíl 3 § 55 § 56 § 57 § 58 § 59 § 60 § 61 § 62 Oddíl 4 § 63 § 64 § 65 § 66 § 67 § 68 Díl 3 § 69 Oddíl 1 § 70 § 71 § 72 § 73 § 74 § 75 § 76 § 77 § 78 § 79 § 80 § 81 § 82 § 83 § 84 § 85 Oddíl 2 § 86 § 87 § 88 § 89 § 90 § 91 § 92 Díl 4 § 93 Oddíl 1 § 94 § 95 § 96 § 97 § 98 § 99 § 100 Oddíl 2 § 101 § 102 § 103 Oddíl 3 § 104 § 105 § 106 § 107 Oddíl 4 § 108 § 109 § 110 Díl 5 § 111 § 112 § 113 § 114 § 115 § 116 § 117 § 118 ČÁST ČTVRTÁ § 119 § 120 § 121 § 122 § 123 Díl 1 § 124 § 125 § 126 § 127 § 128 § 129 Díl 2 § 130 § 131 § 132 § 133 § 134 § 135 ČÁST PÁTÁ § 136 § 137 § 138 § 139 § 140 § 141 § 142 § 143 ČÁST ŠESTÁ Díl I § 144 § 145 § 146 § 147 § 148 § 149 § 150 § 151 Díl 2 § 152 ČÁST SEDMÁ Díl 1 § 153 § 154 § 155 § 156 § 157 Díl 2 § 158 § 159 § 160 § 161 § 162 § 163 § 164 § 165 § 166 § 167 § 168 § 169 § 170 § 171 § 172 § 173 § 174 § 175 § 176 § 177 § 178 § 179 § 180 § 181 § 182 § 183 § 184 § 185 § 186 § 187 § 188 § 189 § 190 § 191 § 192 § 193 § 194 § 195 § 196 § 197 § 198 § 199 § 200 § 201 ČÁST OSMÁ § 202 § 203 § 204

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142

DECLARATION

Director General of the Czechoslovak State Bank

of 8 September 1960

on the provision of operating credits and the application of penalties

The Director General of the Czechoslovak State Bank provides, pursuant to Article 11 (3) of Act No. 83 / 1958 Coll., on the arrangements for the financial planning and financial management of national enterprises and other economic organisations of the state socialist sector, and under Article 21 of Act No. 8 / 1959 Coll., laying down the basic rules on the State Budget and on the management of budgetary resources, for the implementation of the Order of the Minister of Finance No. 66 / 1958 Ú. l., on the granting of loans by the State Bank of Czechoslovak and on payment and settlement transactions, and on the basis of agreements with the central associations of production and consumption cooperatives:

ČÁST PRVNÍ

§ 1

INTRODUCTORY PROVISIONS

(1) The important tasks imposed by the XI Congress and the Government of the Republic on all sectors of our national economy in raising the material and cultural standard of living for workers require further development of the material and technical base and increased social productivity of work.

(2) Therefore, operating credit must be provided in such a way as to maximise the preparation and implementation of the most appropriate techniques as the basic conditions for further rapid growth in social productivity, in order to help ensure fulfilment and socially desirable exceeding the planned tasks in production and in circulation, while respecting the maximum economy and the high pace of socialist accumulation, and to act on the economically correct production of national economic resources, including the economic organisations' own resources, and on their most efficient use for the further rapid development of production forces, for the ever-improved satisfaction of workers' social and cultural needs, and for the continuous deepening of socialist production relations. If this is the case, the Czechoslovak State Bank will serve the next development of our socialist society and contribute to the collection of the material and cultural resources needed for its gradual transition to communism.

(3) The continuous development and deepening of socialist democracy, based on the principles of democratic centralism, is reflected in the continuous increase in the effective participation of workers in the management of the national economy, state administration and cultural construction. In doing so, it is also important to act by credit on faster implementation of labour incentives, on ensuring the consistency of local and partial interests and needs with the interests and needs of society, and on consolidating central governance on fundamental issues in the extensive decentralisation of the powers and responsibilities transferred to national committees and other social and economic organisations.

(4) The interest of economic organisations in the creation of own resources and in the use of own resources and credit for further development creates a deeper economic relationship between the economic activities of the organisations, their own resources and credit. The precondition for a more versatile and efficient use of credit in economic organisations to accelerate their development is that workers take greater part in decisions not only on their own financial resources, but also on the use of credit. Workers in economic organisations have an interest in ensuring that organisations only require credit from the bank if they contribute to the development of economic organisations, to increase production, to develop transport, to services paid by the population, to turn goods and to reduce costs, to increase labour productivity and to improve economic results, not to hide shortcomings. Therefore, the managers of economic organisations, in cooperation with the authorities of the State Bank of Czechoslovakia, should ensure that ROH and the workers are also informed about issues such as the need for credit and its reasons, as well as the efficient and efficient use of credit as a financial resource supplementing the economic organisations' own resources, and can comment on these issues.

(5) In this way, the State Bank will also serve the most economically and politically efficient and effective development of the creative initiative of the workers and their participation in the economic and cultural construction of the Socialist Republic for the benefit of the whole society and of each of its members.

ČÁST DRUHÁ

GENERAL PROVISIONS

§ 2

According to this decree, the State Bank provides Czechoslovak ("the Bank ') loans and applies sanctions to economic organisations of the State Socialist sector and to production and consumption cooperatives (" organisations'). Single agricultural cooperatives are not covered by these Directives. The provisions of this Order on the provision of loans for circulation (Part III) apply where there is no other provision for each sector (e.g. internal and foreign trade, agriculture, etc.).

§ 3

(1) At the request of the organisations, the Bank shall grant the following operating loans:

(a) loans for circulation:

(aa) stocks,

(ab) costs;

(ac) claims on customers;

(b) credit assistance:

(ba) payment credit;

(bb) payroll credit;

(ca) credit to supplement own funds;

(cb) specific payment credits.

(2) In each sector, the bank may provide additional operating loans.

§ 4

Operating loans shall be granted to organisations according to the most important basic purposes or, where applicable, credit facilities on one or more credit accounts. All operating loans are assessed by the Bank in the light of the most efficient use of both own and credit funds.

§ 5

The provision of operating credits shall be subject to the use of turnover-based lending methods or credit-based lending methods or, where appropriate, the combined (mixed) lending methods.

§ 6

The system of credit accounts within a valid bank account chart and sectoral lending methods shall be decided by the Director of the relevant credit management of the bank's headquarters in agreement with the relevant central authority, except in the cases referred to in Section 25. The Director of the relevant credit management of the Bank's head office may, in agreement with the competent central authority, delegate this power to the directors of regional branches or branches of the Bank. In such a case, the director of the relevant branch of the bank shall determine the system of credit accounts and credit methods in agreement with the relevant undertaking.

§ 7

(1) In providing operating loans, the bank's branches are based on the breakdown of the approved loan plan. In doing so, they shall take into account the overall economic situation of the organisation and shall check whether the requested credit will be used effectively to carry out the planned tasks, the socially desirable overcoming of the plan and, where appropriate, the prompt elimination of transitional and economic deficiencies.

(2) If a loan is granted to temporarily bridge the lack of funds in the unplanned development of the organisation, the branch of the bank requires the management of the organisation, in cooperation with the trade union, to discuss the removal of shortcomings and deficiencies in the management of the workers.

§ 8

If there is no other provision, the Director of the Bank branch or, where appropriate, his authorised representative shall consent to the organisation's loan.

§ 9

(1) In granting the loan, the bank's branch shall base itself on the principles laid down in the rules on own financial resources and on the own funds of economic organisations, or on agreements with cooperative associations on how the own funds are used.

(2) If undertakings are required to cover the standards in full by their own and similar means of circulation under the relevant rules, the branches of the bank shall grant the undertakings operating loans only for currency in excess of the standard. *)

(3) In the event of a temporary lack of own resources to complement the own funds (Turnover Fund) foreseen in the organisation's financial plan, organisations may receive a loan to supplement their own funds.

(4) If the organisations have available resources in operation or used them inefficiently, they shall be taken into account by the bank's branch in the provision or repayment of the operating loan.

§ 10

(1) The amount of operating loans granted is used to repay operating loans outstanding within the deadline and to repay operating loans due, with priority being given to a loan with an earlier maturity. The remaining amount shall be transferred to a turnover, normal or other account.

(2) In accordance with the purpose of determining the credit and the method used for lending the amounts of operating loans granted may be used for the direct payment of the liabilities of the organisation, exceptionally even in the presence of outstanding loans or loans outstanding within the deadline, where this derogation is permitted under the conditions for the granting of individual types of operating loans, or in individual cases, by the director of the branch of the bank.

§ 11

(1) The branches of the Bank shall determine the maturities of operating loans according to the subject matter and the method of lending, in particular in accordance with the Circular Plan, discussed with and approved by the Bank's branch, taking into account, where appropriate, other indicators in the organisation's plan and the creation of the organisation's own resources.

(2) The maturity of operating loans may be extended where justified. * *)

§ 12

Organisations are obliged to repay operating loans within the time limits set by the bank's branch, unsecured loans immediately after they have been established, preferably from new operating loans provided, unless they are used for the direct payment of liabilities, as well as from reverse (normal) or other operating funds account.

§ 13

The organisation and branches of the Bank shall carry out checks on the provision of the operating credit within the time limits and in the manner specified for each type of loan.

§ 14

The Bank's branches are required to carry out analyses of the use and repayment of operating loans and to require organisations to take action to make more efficient use of their own resources and credit and to address identified deficiencies and defects in order to ensure the return on the loans provided.

§ 15

If it is not possible to achieve the removal of weaknesses in the work of the organisation and to improve the economic results by direct negotiation between the branch of the bank and the organisation, the event. and its superior body, the Bank applies sanctions to operate on the organisation to ensure that the planned tasks are properly performed.

ČÁST TŘETÍ

CREDIT PROTECTION

Díl 1

INDIVIDUAL PLAN

§ 16

In providing loans for circulation (stock loans, costs and, where applicable, customer claims), the bank's branches are based on the audited and approved annual and quarterly circulatory plans prepared by the organisation.

§ 17

The annual circulatory plan shall be submitted by the organisations to the branches of the Bank under the financial plan. The annual circulatory plan shall become the basis for the provision of operating credits if it complies with the annual and, where appropriate, more detailed credit commitments and the approved annual credit plan.

§ 18

(1) The quarterly circulatory plan (Annex No 1) shall be drawn up by the organisations to which the branch of the bank grants orbital loans or which will apply for loans during the quarter. The quarterly plan shall be broken down by month. If the economic activity of the organisation is substantially affected by the effects of the non-corporate activities, the Director of the Bank's head office for the relevant sector and the Director of the Bank's branch for each organisation may agree to a breakdown of the quarterly circulatory plan at the beginning of each month.

(2) The quarterly circulatory plan must be based on the annual circulatory plan and an analysis of the implementation of the plan so far and must be aimed at ensuring the planned indicators of the annual plan.

§ 19

If the business plan envisages an increase or a reduction of the standards against the preceding quarter, the organisation shall divide the increase (reduction) into months in a uniform manner, where appropriate in agreement with the bank branch in justified cases.

§ 20

The organisation to which the branch of the bank grants loans for circulation shall undertake to repay the loan in accordance with the quarterly or, where applicable, the annual circulatory plan and, if the loan is granted for more than one year, in accordance with the five-year plan indicators.

§ 21

(1) The quarterly circulatory plan shall be submitted by organisations lending to the bank's branch no later than 15 days after the beginning of the quarter (in the first quarter up to 20 days).

(2) Where necessary, individual central authorities shall, in agreement with the Bank's central office, issue guidelines for drawing up the quarterly circulatory plan.

§ 22

The bank's branches shall verify whether the annual or quarterly plan will ensure the effective use of the credit for the performance and, where appropriate, the socially desirable excess of the business plan tasks, and whether the organisation plan is consistent with the credit plan schedule and credit commitments.

Díl 2

CREDIT

§ 23

The bank's stock loan helps the organisations to meet and socially desired to exceed the plan, to create complementing and marketing stocks that allow better supply to the national economy, and to reduce consumer stocks, to respect the range of stocks, to make production cost-effective and to speed up stock turnover.

§ 24

The Bank shall provide the following stock loans to the organisations:

(a) for seasonal and other short-term stocks of raw materials, basic material and purchased semi-finished products, auxiliary material, packaging, spare parts for repair, fuel, small and short-term items in stock, unfinished production, own-production semi-finished products, goods as well as dispatched and uninvoiced goods, seasonal unfinished production and stocks of non-industrial farms, or seasonal stocks of other material values as specified in the circulatory plan.

The Director of the branch of the Bank may authorise the provision of credit to small and short-term items in use, provided that they are duly recorded and written down by the Organisation.

Seasonal stocks shall mean any temporary planned accumulation of stocks due to uneven distribution of planned purchases, consumption, production, sales or transport during the year necessary to ensure planned production and implementation. The Bank may require the central competent authority or the production unit to define a list of seasonal stocks for which credit is granted.

Other short-term supplies shall mean stocks which have accumulated during the year for reasons other than those referred to in the preceding paragraph and which the organisation will use to carry out the planned tasks by the end of the first quarter of next year.

The Bank may require the competent central authority or, where appropriate, the production unit to issue a list of products or groups of products which have limited sales and which are not authorised for overpaid production and which will therefore not be lent.

In the context of seasonal and other short-term stocks needed, the Bank provides a loan for the stocks needed for research, applied research, development and production of prototypes for customers;

(b) long-term supplies (long-term frontloading, long-term completion and disposal). Long-term stocks required are stocks that have been imported, produced or redeemed in full compliance with the planning discipline due to maximum economy, to an extent that exceeds the need for producers or customers planned until the end of the first quarter of next year.

The Director of the Credit Management of the Bank's Headquarters may authorise the lending of long-term necessary stocks incurred for other reasons.

A loan for long-term necessary stocks is granted by the bank's branches to selected organisations only by agreement between their central authorities with the Bank's headquarters, as a rule according to a separate list and separate records;

(c) in exceptional cases, for unnecessary supplies. Unnecessary stocks shall mean accumulated stocks which the organisation shall not demonstrate to be used to carry out the planned tasks by the end of the first quarter of next year at the latest and which are not seasonal or, where appropriate, long-term stocks.

§ 25

(1) The stock loans referred to in § 24 are granted by the bank in a special or simple credit account.

(2) If an inspection of a group or of a type of stock needs to be deepened, the branch of the bank to provide a loan to such a group or such stock may open separate credit accounts within the framework of the bank's analytical record, approved by the Bank's headquarters. The lending of a group or a type of stock in a separate credit account shall be decided by the Director of the branch of the bank.

Oddíl 1

Lending stocks by status on a simple credit account

Documentation for granting credit

§ 26

The branches of the Bank shall grant loans to organisations which are loans by status:

(a) according to stock reports (circulars),

(b) according to the accounts,

§ 27

(1) The stock report shall be submitted by the organisation to the branch of the Bank when it requests a loan for stocks and in the case referred to in Section 39. The organisation shall submit this report to the Bank immediately after its issue or within a period agreed with the Bank's branch.

(2) Where an organisation requires credit according to the accounting statements, it shall submit a stock statement at the same time only with the information not included in the accounting statements.

(3) In the stock report, the organisation lists stocks in stock and stocks on the way. Stocks in custody with the supplier or the customer shall be reported by the organisation only if the manager of the bank's branch agrees to credit them. The material accepted for processing shall not be included in the stock statement.

§ 28

The organisations shall appreciate stock stocks in accordance with the stock records rules with the following derogations:

(a) unfinished production, own-production semi-finished products and finished products shall be valued for the purpose of lending at actual own costs but not more than the planned own costs; In agreement with the competent central authority, the Director of the relevant credit management of the Bank's headquarters may authorise an exemption from this provision. For each organisation, the Director of the Bank's branch shall allow an exemption;

(b) where the valuation of stocks according to the accounting records of the organisations does not correspond to their actual or, where applicable, planned value (e.g. packaging), the director of the relevant credit management of the Bank's headquarters may determine the method of valuation of such stocks for the purpose of credit requirements corresponding to their actual or planned value.

§ 29

(1) The branches of the Bank are required to discuss with the organisations a breakdown of stocks in the stock reports in order to ensure that the amount of the loan is determined for seasonal and other necessary stocks and a continuous check of the efficiency of stock use. To this end, organisations shall report separately stocks that are lent on separate credit accounts, or stocks that are separately reported (e.g. long-term needed stocks), and stocks that are excluded from credit, superplains and stocks that will not be used until the end of the first quarter of next year, not only for seasonal or long-term required stocks, as well as stocks with limited sales options, as specified in specific lists issued by the competent central authority.

(2) In particular, stocks in excess of the time limits laid down by the agreement between the organisation and the branch of the bank, stocks surplus, illiquid, unfit for use, demolished, poorly stored or degraded shall be excluded from lending.

§ 30

(1) The organisation must state in the stock report:

(a) the standards or, where appropriate, their own and similar devices in accordance with the quarterly circulatory plan;

(b) the total state of liabilities to suppliers of stocks, advance payments of customers and corresponding adjustments;

(c) all other sources which are free or used inefficiently (for example, to cover the immobilisation of circulators); the organisation is based on the last balance sheet or other known stocks and on its payment calendar.

(2) If the status of liabilities vis-à-vis supply suppliers does not deviate substantially from the correction per supplier, or if they are only in short-term deviations from the correction per supplier, the Director of the Bank's branch for each organisation may agree not to include commitments to supply suppliers in the stock report or to report at the level agreed upon when submitting the quarterly circulatory plan.

§ 31

(1) Organisations which properly manage stocks and ensure their efficient use, in particular when they are responsible for the production of sales stocks, may request the bank's branch to advance its stock credit during each month up to the planned monthly stock increase, without reporting on stocks. The Director of the Bank's branch gives his consent to this procedure.

(2) Both the organisation and the branch of the bank must ensure that the credit is provided in such a way that the credit is not unduly drawn down and the funds available are accumulated in the organisation's turnover account.

Determination and use of credit

§ 32

The bank's branch shall determine the value of the seasonal and other necessary stocks to which it can grant the loan by deducting from the total value of the stocks the following items:

(a) stocks excluded from lending (§ 29) and stocks in excess of the status of the quarterly circulatory plan, if not accepted for lending;

(b) stocks lent in other credit accounts;

§ 33

The branch of the bank provides credit to

(a) seasonal and other necessary stocks paid;

(b) payment of supplies not yet paid.

§ 34

(1) The branches of the Bank will determine the creditworthy stocks paid by deducting from the value of the stocks determined in accordance with Section 32 the entire excess state of liabilities to non-investment suppliers (liabilities to suppliers of stocks less the correction per supplier).

(2) If the branch of the bank has authorised the organisation to not include liabilities to the stock suppliers in the stock stock report when lending (Section 30 (2)), it considers the entire stock to be paid.

§ 35

In determining the amount of the stock loan, the bank's branch shall also take into account the advances of customers in excess of the corresponding adjustments, as well as other resources used to cover seasonal and other necessary stocks, unless the organisation has used them to cover claims on customers.

§ 36

(1) The branch of the bank provides a loan for the payment of outstanding stocks up to the amount of overpaid liabilities to suppliers, while the purchased stocks are refunded directly to the credit account. At the request of the organisation, the branch of the bank may reimburse the settlement documents on the stock credit before maturity.

(2) If the organisation has a loan outstanding within the deadline, the bank branch shall grant it a loan only for the stocks paid and shall not grant a loan to pay the production stocks not yet paid unless the conditions for granting payment credits are met.

Payment of credit

§ 37

(1) Repayments of loans are determined by the bank's branch in accordance with a verified quarterly circulatory plan and the creation and use of the organisation's own resources in such a way as to avoid accumulation of funds in the organisation's turnover account.

(2) If the bank's branch provides a stock loan related to the resolution of new technology tasks to customers, it shall set the repayment dates for the loan after the conclusion of the economic contract in accordance with the deadlines set out therein.

§ 38

If the actual reduction in stocks is lower than expected in the plan and this development is not due to the accumulation of stocks with limited sales, the organisation may request the branch of the bank to account for the loan payment only on the basis of the actual decrease in stocks, provided that the organisation is implementing measures to comply with the planned reduction in stocks. In such a case, the organisation shall submit an additional plan for reducing the stocks in accordance with specific regulations.

§ 39

(1) The branch of the bank may, taking into account the creation and use of its own resources and, where appropriate, the development of funds in the turnover account, require the repayment of the loan before the maturity date or, where appropriate, the repayment of a greater amount than that specified.

(2) If there has been a higher drop in stocks than foreseen in the plan, the organisation shall immediately repay the loan at the appropriate amount. If the bank branch finds that the organisation does not comply with this obligation, it may require the organisation to submit stock reports on the dates on which credit instalments are charged.

Oddíl 2

Lending of stocks by turnover in a special credit account

§ 40

(1) In a special credit account, the bank provides the organisations with a loan for seasonal and other short-term or long-term stocks needed.

(2) For non-sezonal industrial organisations whose stocks are within the scope of the standards, the combined lending pursuant to § 111 to 118 is generally used for turnover lending.

§ 41

In granting and repaying the loan, the bank's organisations and branches shall base themselves on a revised quarterly circulatory plan, stock reports and accounting statements.

§ 42

(1) Organisations may borrow from a special credit account to pay off the purchase of stocks without limitation if they use stocks effectively for the performance and socially desirable overruns of the plan, ensure the creation of complete and disposal stocks and the continuous acceleration of stock turnover, do not allow the accumulation of non-return stocks and consume (realise) stocks according to the circulatory plan.

(2) If the organisation does not have the necessary funds in the reverse account, the branch of the bank from the special credit account also provides a three-day transfer credit.

(3) The manager of the branch of the bank may give his consent to reimburse all the transport services from a special credit account, provided that they are mainly freight paid for purchased stocks.

(4) A loan for unfinished production and finished products is provided by branches of the bank in a special credit account during the month on the basis of a stock report (Annex 2) submitted by the organisation. However, if it is an organisation that fulfils the basic indicators of the business plan and ensures the efficient use of circulation resources, the manager of the bank's branch may authorise the organisation to grant a loan for unfinished production and finished products in accordance with the circulatory plan. In this case, the loan is granted according to the planned increase in unfinished production and finished products, reduced by the plain consumption of production stocks and the implementation of purchased stocks.

§ 43

(1) The credit repayment shall be determined by the bank's branch at the beginning of each month in agreement with the organisation and taking into account the planned consumption of production stocks, the implementation of purchased stocks and changes in the state of unfinished production and finished products, as well as the creation and use of the organisation's own resources.

(2) If, in accordance with the circulatory plan, the outstanding production or, where applicable, the finished products lent on a special credit account is to be reduced during the month, the bank shall increase the repayment of the credit calculated on the basis of the planned consumption of production stocks and the implementation of the purchased stocks by the planned reduction of the unfinished production and finished products.

(3) If the organisation exceeds the planned purchase, production or disposal, the branch of the bank shall discuss with the organisation the increase in loan instalments determined in accordance with the quarterly circulatory plan, taking into account the exceeding of the plan for the previous month (months) or the transition to repayment of the loan by the share in the invoicing of the consumed production stock.

§ 44

(1) The monthly repayment of the loan will be divided by the bank's branch into sub-instalments of the loan (e.g. daily, three-day, five-day repayment periods) in agreement with the organisation in such a way as to affect the level of production and sales and to take account of the necessary uneven production and sales. When distributing credit instalments, branches shall proceed in such a way as to avoid accumulation of funds in the organisation's turnover account, based on the organisation's payment schedule.

(2) If the organisation has a permanent surplus of funds, the branch shall agree with it a daily instalment or, where appropriate, a middle payment or at the beginning of a specified repayment period.

§ 45

The credit repayment shall be charged by the bank's branch on specified dates from the return account to the specific credit account. If there is a permanent surplus in the turnover account for the organisation, which cannot be removed even by determining the daily instalments of the loan, the branch of the bank shall agree with the credit repayment organisation directly from the income received; in this case, the branch of the bank transfers part of the income from the special credit account to the turnover account in a manner agreed with the organisation.

§ 46

(1) If the organisation does not comply with the planned consumption of production stocks without fault or does not reduce the unfinished production and stocks of finished products lent in a special credit account, it may apply to the bank's branch during the month for the payment of the loan. *)

(2) If the organisation exceeds the planned consumption of production stocks or reduces, where appropriate, the stocks of unfinished production and finished products to a greater extent than planned, it shall notify the branch of the bank accordingly and increase the credit instalments accordingly. If the branch of the bank finds that the organisation has failed to comply with this obligation on an ongoing basis, it may require it to submit stock reports on specified dates.

§ 47

If credit instalments are accounted for by a share of the invoice (Section 43 (3)), the bank's branch shall compare, before the end of the month or, where appropriate, within other time limits, actual credit instalments with those planned and shall require, where appropriate, their completion.

§ 48

(1) If the organisation has not paid the loan within the deadline, the branch of the bank provides it with new loans in a special credit account without a specific request for it for a period of 10 days after the credit default occurred.

(2) If the causes of the financial difficulties cannot be remedied within this period, the organisation may request a branch of the bank to continue granting the loan in a special credit account, providing a plan of measures to remedy the defects that will ensure the return on the loan provided. The Director of the Bank's branch shall give his consent to continue granting the loan on a loan outstanding within the deadline.

§ 49

If an organisation unintended to accumulate stocks, fails to comply with the underlying indicators of the plan, or has other deficiencies in its management, or is in permanent financial difficulties, the manager of the bank branch shall decide to tighten the conditions for granting a loan from a special credit account. In that case:

(a) the expenditure limit; or

(b) the provision of credit taking into account the amount of income received; or

(c) the granting of credit taking into account the amount of the credit instalments to a specific credit account and the reduction of the credit outstanding within the specified period from the beginning of each month; or

(d) setting a maximum credit line.

§ 50

The expenditure limit (quarterly or monthly where appropriate) shall be determined according to the planned purchase of stocks. If, when planning the purchase of stocks, the organisation did not take into account the liquidation of supernormal stocks, the bank branch may reduce the expenditure limit by an amount corresponding to those stocks. An organisation which wishes to exceed the gross production plan or which purchases more quality raw materials instead of originally planned may request an increase in the expenditure limit. In that case, the expenditure limit shall be increased proportionally. If uneven deliveries occur for an organisation, the expenditure limit may be increased to the next quarter's expenditure limit.

§ 51

(1 *)

(2) The bank's branch may increase the expenditure limit if the organisation plans to increase stocks.

§ 52

If the bank's branch provides a new loan taking into account the amount of the repayment of the loan into a special credit account and the reduction of the loan outstanding within the month-ahead period, it shall proceed as follows:

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Regulation Information

Citation	Decree of the General Director of the State Bank of Czechoslovakia No. 142 / 1960 Coll., on the provision of operating credits and the application of sanctions
Regulation Type	-
Author	-
Collection	Code of Laws

Date of Promulgation	06.10.1960
Effective from	01.01.1961
Effective until	-
Status	Valid

The regulation text is for informational purposes only.