Act No. 144 / 1999 Coll.
Act amending Act No. 42 / 1992 Coll., on the Treatment of Property Relations and Settlement of Property Rights in Cooperatives, as amended, Act No. 586 / 1992 Coll., on Income Tax, as amended, and Act No. 569 / 1991 Coll., on the Land Fund of the Czech Republic, as amended
Valid
Law
Effective from 15.07.1999
144
THE LAW
of 19 May 1999
amending Act No. 42 / 1992 Coll., on the treatment of property relations and the settlement of property rights in cooperatives, as amended, Act No. 586 / 1992 Coll., on Income Tax, as amended, and Act No. 569 / 1991 Coll., on the Land Fund of the Czech Republic, as amended
Parliament has decided on this law of the Czech Republic:
Act No. 42 / 1992 Coll., on the Treatment of Property Relations and Settlement of Property Rights in Cooperatives, as amended by Law Act No. 297 / 1992 Coll., Act No. 496 / 1992 Coll. and Act No. 72 / 1994 Coll., is amended as follows:
1. In Paragraph 13 (2), "issued 'and" issued' are replaced by "settled 'and" settled'.
2. In Paragraph 13 (3), the word "issued 'is replaced by" settled'.
3. in Paragraph 13, paragraphs 4, 5, 6, 7, 8, 9 and 10 are added, including note 11a:
"(4) The entitled person referred to in paragraph 3, or the person to whom the entitlement to issue the holding was transferred by the authorised person, or the person to whom the right has been transferred (hereinafter referred to as the creditor), and whose claim was not satisfied on 31 March 1999, shall receive 10% of the outstanding holding, but not more than 10 000 CZK, from the resources of the Land Fund of the Czech Republic (hereinafter referred to as the Land Fund) to settle his claim in cash. Under the same conditions, the beneficiary shall receive the amount referred to in paragraph 2. The holding held by the beneficiary pursuant to paragraph 2 or the creditor shall be reduced by the amount paid by the Land Fund.
(5) The claim for payment of the amount referred to in paragraph 4 shall apply in writing to the Land Fund; the application must be certified by the agricultural cooperative or his successor in title, indicating the amount of the entitlement at the date of the opinion. Such confirmation shall be issued by the agricultural cooperative or its successor in title within 2 months of the request to the creditor or beneficiary referred to in paragraph 2. If the application is not so confirmed, the Land Fund shall not make the payment referred to in paragraph 4.
(6) The entitlement referred to in paragraph 4 shall cease if it has not been properly applied to the Land Fund by 31 March 2000 or if an action has not been brought before the Court within the same time limit in the event of non-confirmation of the application pursuant to paragraph 5.
(7) If the creditor asks in writing, within 3 months of the expiry of the period referred to in paragraph 3, to settle the claim for the issue of the holding by the Land Fund bond issued under the special rules, 11a) the agricultural cooperative or his successor in title shall be required to conclude an agreement with him within 3 months of the date of receipt of the request to settle his claim by that bond. The bond shall have a maturity of 20 years at an interest rate of 2% per year.
(8) The agricultural cooperative or his successor in title shall, within six months of the conclusion of the agreement referred to in paragraph 7, purchase bonds from the Land Fund to satisfy the claims referred to in the preceding paragraph at the nominal value of the bond and issue them to the creditor. When the purchase contract is concluded, the agricultural cooperative or its legal successor to the Land Fund shall pay 5% of the nominal value of the bonds, within 10 years of the date of conclusion of the purchase contract 30% of the nominal value of the bonds and within 20 years of the conclusion of the purchase contract the remaining part of the nominal value of the bonds, the Land Fund shall also be required to pay a 2% interest rate on the volume of the bonds purchased no later than 1 month before the date specified in the bonds.
(9) If the creditor does not request settlement of the right to issue the holding in the manner provided for in paragraph 7, or if, within 3 months of the expiry of the period referred to in paragraph 3, the creditor does not wish to conclude an agreement on the issue of the holding referred to in paragraph 3, the cooperative or his successor in title is entitled to settle the holding by issuing the assets at the total nominal value, equal to the amount of the settled holding, rounded up to CZK 1 000 in the name of the beneficiary. The share of assets shall be settled on the date on which the cooperative or its successor in title issues property certificates at the value of the settled holding and fulfils all the requirements laid down by law for it and transfers them to the person entitled. By settling the holding, the claim of the beneficiary towards the cooperative or its legal successor to settle the holding shall cease. If the cooperative or its successor in title does not settle the holding within 12 months of the date of receipt of the authorised person's written request to settle the holding, the court shall decide on the method of settlement.
(10) If, for 15 years, the first beneficiary who has been issued the cooperative's property certificates is not foreign or does not transfer them to the assets of the cooperative or other capital company, the Land Fund shall purchase those assets at a nominal price without interest after 15 years of their issue. The transfer of property certificates to another person as a result of the inheritance shall not be regarded as a breach of the conditions of disposal or transfer.
11a) Act No. 530 / 1990 Coll., on Bonds, as amended. § 2 (5) of Act No. 569 / 1991 Coll., on the Land Fund of the Czech Republic, as amended. '
4. the following Sections 13a to 13c are inserted after Section 13, including the title and notes No 15) and 16):
"Property certificates
(1) The asset sheet is a paper security under the special legislation15) and is linked to the rights laid down by this law.
(2) Property certificates are issued either in paper form or in book form.
(3) The asset sheet is a publicly negotiable security in its name.
(4) The rights attached to the property deed shall be entitled to be exercised in respect of the issuer of the property deed by the person included in the list of owners of the property deed maintained by the issuer.
(5) The asset sheet is convertible by rupees and transmission. The reverse shall indicate the name, surname and residence of the natural person or the name or business name of the legal person to which the property is transferred and the date of transfer of the property. Otherwise, the provisions governing notes shall apply mutatis mutandis.
(6) For the effective transfer of the asset sheet against the issuer, a change shall be required in the person of the owner of the property sheet in the issuer's list of owners of the property sheet. The issuer shall record the change in the person of the owner of the property sheet without undue delay after such change has been demonstrated.
(7) The issuer shall keep a list of the owners of the property certificates in which the name and surname and address of the natural person, or the trade name or name of the legal person who is the owner of the property certificate, the nominal value of the property certificates and their numerical description, as well as any changes thereto.
(8) The issuer of the property certificate is entitled to acquire the property certificates issued by it without restriction.
(9) Property certificates acquired pursuant to paragraph 8 shall be disposed of by the issuer within 3 years of the date of acquisition.
(10) Where the issuer does not dispose of its own acquired equity certificates within the period referred to in paragraph 9, it shall decide to cancel them and reduce their nominal value by reducing its assets. The deleted property certificates shall be destroyed by the issuer.
The property sheet shall contain:
(a) the business name, registered office and identification number of the legal person who issued the property certificate;
(b) the signatures of persons authorised to act on behalf of the legal person which issued the property right;
(c) the serial number of the property certificate;
(d) the title of the property certificate;
(e) the nominal value of the property sheet in the amount of CZK 1,000 or multiples;
(f) the name and surname of the owner of the property certificate;
(g) the date of issue of the asset sheet.
(1) The owner of the property right belongs to:
(a) the right to be invited, to participate in the hearing and to comment on the agenda of the member meeting or meeting of another senior body of the issuer of the property certificate;
(b) the right to a share in the profits of the issuer of the asset sheet intended to be distributed between the owners of the property sheet issued by the issuer, at an amount corresponding to the ratio of the nominal value of the property sheet to the sum of the nominal values of all property sheets issued by the issuer;
(c) the right to information on the outcome of the issuer's business within the scope of the annual report and the approved financial statements for each marketing year;
(d) the right to a share in the liquidation balance 16) in the event of the liquidation of the issuer of the asset sheet.
(2) The issuer is entitled to issue property certificates at the total nominal value necessary for the settlement of all the shares which it has granted to the authorised persons in the transformation and have not been settled otherwise on the date of issue of the property certificates.
(3) The issuer of the asset sheet is required to determine the profit to be distributed between the owners of the property sheet whenever it determines the profit to be distributed between its members or participants, to the extent appropriate to the ratio between the nominal value of all the issuer of the issued property certificates and the value of all the deposits of the members or participants of the issuer.
(4) The liquidity balance of the issuer to be distributed between the owners of the property certificates and the participants of the issuer shall be determined mutatis mutandis in accordance with paragraphs 2 and 3.
15) Paragraph 1 (1) (l) of Act No. 591 / 1992 Coll., on Securities, as amended.
16) Paragraph 75 (1) of Act No. 513 / 1991 Coll., Commercial Code, as amended. '
5. In Article 18, the following paragraph 4 is added:
"(4) Paragraph 3 shall not apply in the event of the disappearance of the cooperative without liquidation. ';
Act No. 586 / 1992 Coll., on Income Taxes, as amended by Act No. 35 / 1993 Coll., Act No. 96 / 1993 Coll., Act No. 157 / 1993 Coll., Act No. 196 / 1993 Coll., Act No. 323 / 1993 Coll., Act No. 42 / 1994 Coll., Act No. 85 / 1994 Coll., Act No. 114 / 1994 Coll., Act No. 248 / 1995 Coll., Act No. 111 / 1994 Coll., Act No. 149 / 1998 Coll., Act No. 168 / 1998 Coll., Act No. 151 / 1997 Coll., Act No. 118 / 1995 Coll., Act No. 209 / 1997 Coll., Act No. 210 / 1997 Coll., Act No. 248 / 1995 Coll.
1. in Paragraph 4 (1) (zc), at the end of the sentence, the dot is replaced by a comma and the following point (zd) is added:
"(zd) the proceeds of the first transfer of property certificates issued under a special regulation. 20e)
20e) Article 13 (5) of Act No. 42 / 1992 Coll., on the treatment of property relationships and the settlement of property rights in cooperatives, as amended. '
2. in Article 24 (2) (zh), at the end of the sentence, the dot is replaced by a comma and the following point (z) is added:
"(zi) expenditure incurred by an entrepreneur engaged in agricultural production for the purchase of an asset sheet issued under the special rule 20e) and expenditure incurred by an entrepreneur engaged in agricultural production for the purchase of a claim for the settlement of the holding established under the special rule 20f) or for the purchase of a claim for the settlement of a compensation for the agricultural inventory established under the special regulation, 20g) where such claim has been settled by the debtor by the issue of items for the farm business of the entrepreneur.
20f) § 17 of Act No. 42 / 1992 Coll.
20g) Article 20 of Act No. 229 / 1991 Coll., on the modification of property relations with land and other agricultural assets, as amended. '
3. in Paragraph 34 (3) (f):
"(f) 20% of the amount of the amount which the agricultural cooperatives or other companies resulting from the transformation of cooperatives under Act No. 42 / 1992 Coll., on the treatment of property relationships and the settlement of property rights in cooperatives, as amended, was issued in monetary and non-monetary form between 1992 and 1999 to those entitled persons who did not put their property in the cooperative. This deduction shall not apply to assets issued by cooperatives to persons who do business or did business in the agricultural sector and their holding was used to ensure agricultural activity. The deduction may be applied for a period of 5 years starting from the 1999 tax period. '
4. Paragraph 40 (25), including footnote 64, reads as follows:
"(25) Agricultural cooperatives or other companies that have been created by the transformation of agricultural cooperatives pursuant to Act No. 42 / 1992 Coll., on the treatment of property relations and the settlement of property rights in cooperatives, as amended, and, by the end of 1999, have concluded an agreement on the settlement of property rights with all eligible persons who have exercised their right to the cooperative in accordance with special regulations, 64) will be waived for the tax period 1999 and 2000.
64) Act No. 42 / 1992 Coll., as amended. Act No. 229 / 1991 Coll., as amended. '
Efficacy
This Act shall take effect on the day of its publication.
Klaus v. r.
Zeman v. r.
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Regulation Information
| Citation | Act No. 144 / 1999 Coll., amending Act No. 42 / 1992 Coll., on the Treatment of Property Relations and Settlement of Property Rights in Cooperatives, as amended, Act No. 586 / 1992 Coll., on Income Taxes, as amended, and Act No. 569 / 1991 Coll., on the Land Fund of the Czech Republic, as amended |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 15.07.1999 |
|---|---|
| Effective from | 15.07.1999 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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