Act No. 168 / 1949 Coll.
Law on the definitive adjustment of internal government debt and certain other debts from the period up to 31 December 1945
Valid
Effective from 02.07.1949
Contents
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168.
Law
of 16 June 1949
on the definitive adjustment of the internal government debt and certain other debts from the period up to 31 December 1945.
The National Assembly of the Czechoslovak Republic decided on the following Act:
Adjustments to internal government debt from until 31 December 1945.
Issue of conversion loans.
(1) In order to convert the internal state debt of Czechoslovak from the period up to 31 December 1945, including the so-called Protectorate and Slovak debt and other later State debt taken over from that period, excluding short-term debts referred to in Sections 15 to 16 and interest-bearing debts below 3% (Sections 5 to 11, hereinafter referred to as "the old bonds') and the following conversion loans will be issued:
(a) a unified government loan in 4 issues (Sections 2 and 3);
(b) 3% of the State loan payable between 1960 and 1989 (§ 4).
(2) The conversion loans referred to in paragraph 1 will, after the case, also be issued for the purchase of certain foreign exchange loans held by foreign exchange residents (Sections 17 to 19), as well as for the settlement of certain other debts (Section 20), up to the amount required for such redemption or settlement.
(3) The United State loan may also be issued for the conversion of debts taken up by the State for the effectiveness of this Act, as well as for the implementation of credit authorisations granted by other laws in all cases in which debt debts of up to 31 December 1945 are to be settled. If the credit authorisation to be issued provides that the bonds issued are to be denominated in name, they are to be transferable only under certain conditions or otherwise bound, the binding obligation is replaced by the mandatory deposit of a unified State loan pursuant to § 3.
(1) The United State loan will be issued in two issues with an interest rate of 3 ½% and in two issues with an interest rate of 3%, in bearer bonds of 1.000, 5.000, 10.000, 50.000, 100.000 and 1,000.000 CZK.
(2) Interest on the United State loan will be paid once a year in the late payment of
(a) 3 ½% of unified state loan issuance And on 16 February, first on 16 February 1950,
(b) 3 ½% of the United State loan issue B on 16 November, first on 16 November 1950,
(c) 3% of unified state loan issuance And on 16 March, for the first time on 16 March 1950,
(d) 3% of the United State loan issue B on 16 August, first on 16 August 1950.
(3) The United State loan will be amortised if the funds provided for this purpose are sufficient by free purchase. The Minister of Finance may at any time repay any part of any issue of a unified state loan in full or in part after three months' notice; on partial redemption, the debited bonds shall be determined by composition.
(1) Unless otherwise provided by the Ministry of Finance by a decree in the Official Journal, the bonds shall be deposited in the owner's name in a mandatory custody facility at the Postal Savings Bank, a national enterprise (hereinafter referred to as the Postal Savings Bank) as a mandatory deposit office for such issues, either directly or through a money institution.
(2) For the duration of the mandatory safekeeping period, the sovereign debt bonds may be treated only within the limits laid down by the Finance Ministry by the directives published in the Official Journal. Transfers between the living are generally permitted only after the release authorised under these Directives by the Postal Savings Bank.
(3) Undrawn bonds of a unified state loan, unless they are redeemed at the same time by free purchase from the funds designated for that purpose, will be exchanged for 3% of the government loan capable of being redeemed between 1960 and 1989, after another State loan determined by the Ministry of Finance. The Ministry of Finance also sets the exchange rate.
(4) The mandatory deposit of the United State Loan bonds replaces, in all respects, the binding which was subject to the old bonds under the decree of the President of the Republic of 20 October 1945, No 95 Coll., on the deposit and other claims on monetary institutions, as well as life insurance and securities.
(1) 3% of the State loan payable between 1960 and 1989 will be issued in bearer bonds after 1.000, 5.000, 10.000, 50.000, 100.000 and 1,000.000 CZK.
(2) Interest of 3% of the State loan payable between 1960 and 1989 will be paid once a year on 16 May, for the first time on 16 May 1950.
(3) 3% of the State loan payable between 1960 and 1989 will be amortised in accordance with the amortisation plan, drawn up on the basis of approximately the same annual annuities, either by free purchase or composition, at the choice of the financial administration. The composition, if it occurs, will always take place in March; the capital drawn up shall always be paid on 16 May.
Conversion to a unified state loan.
3 ½% United State loan issue And will be converted
(a) 4 ½% unifying loan issue And with coupons on February 15th and August 15th,
(b) 4 ½% of the State's defence loan with coupons on 15 April and 15 October;
(c) the non-emission debts of the State and of the State funds from before the occupation;
(d) 4 ½% of the loan in name payable until 1987 (regression) with interest on 15 February and 15 August;
(e) 4 ½% and 3 ½% of the 1939 economic rebirth loan of Slovakia with coupons on 15 April and 15 October;
(f) 4 ½% State conversion loan with coupons on 16 February and 16 August (Slovak),
(g) 5% of the Moravian Land loan dated 1917 with coupons on 1 January and 1 July;
(h) 6% of the City of Bratislava loan from 1920 with coupons on 1 February and 1 August.
The 3 ½% United State loan issue B will be converted
(a) 4 ½% unifying loan B with coupons on 15 May and 15 November;
b) 3% unifying loan with coupons on 15 April and 15 October,
(c) 3 ½% of the treasury order of 16 January 1943 payable on 16 July 1962 (Paragraph 13 of the Decree of 5 October 1942, No 348 Coll., on the takeover and final modification of the former internal state debt of Czechoslovakia) with coupons on 16 January and 16 July;
(d) 4 ½% of eligible bonds (building regression in Slovakia) with interest on 1 June and 1 December;
(e) 3 ½% of the Treasury Order of 1 October 1941 payable on 1 October 1946 with coupons on 1 April and 1 October (Slovak),
(f) Slovak non-issue debts determined by the Ministry of Finance in the Official Journal,
g) 4% conversion loan of the capital of Prague from 1942 with coupons on 1st May and 1st November,
(h) municipal debt write-offs of various issues (including bank bonds of the former Central Bank of Czechoslovak savings banks), which are now interest of 3 ½%.
3% United State loan issue And will be converted
(a) 3% of the unifying loan payable with coupons on 15 March and 15 September;
(b) 3% of the State's defence loan with coupons on 15 April and 15 October;
(c) 3 ½% of the treasury order of 16 March 1941 payable on 16 March 1956 with coupons on 16 March and 16 September;
(d) a 3% unifying loan issued during the period of infreedom with coupons on 15 April and 15 October;
(e) a 3% loan from 1941 and 1942 payable between 1943 and 1991 with coupons on 16 January and 16 July,
(f) 3 ½% of the treasury order of 16 July 1942 payable on 16 July 1962 with coupons on 16 January and 16 July;
(g) 3 ½% of the 1945 treasury order payable on 16 July 1966 with coupons on 16 January and 16 July;
(h) 3% State conversion loan with coupons on 16 February and 16 August (Slovak),
(ch) 4 ½% State investment loan with coupons on 16 May and 16 November (Slovak),
(i) 4 ½% of the third State loan with coupons on 16 March and 16 September (Slovak),
(j) 4 ½% fourth State loan with coupons on 2 May and 2 November (Slovak),
(k) 3% of the Treasury voucher of 16 August 1945 payable on 16 August 1967 with a coupon of 16 August,
(l) 3% of the Treasury voucher (Slovak) of 1945 with coupons on 1 June and 1 December;
(m) bonds of the former Special Fund to mitigate losses of post-war conditions with coupons on January 2 and July 1;
(n) bonds of the former General Fund of Monetary Institutions in the Czechoslovak Republic, as well as liabilities of the former Auxiliary Fund of Monetary Institutions for which bonds have not yet been issued.
The 3% United State loan issue B will be converted
(a) 3% of the unifying rent with coupons on 15 June and 15 December;
(b) 3 ½% of the treasury order of 16 March and 16 September 1943 payable on 16 March 1963 with coupons of 16 March and 16 September;
(c) 3 ½% of the loan i.e. liquidity issued between 1943 and 1945 and available from 1953 to 1977 with interest on 16 June and 16 December;
(d) 3 ½% of the Treasury voucher of 16 June, 6 November and 16 December 1944 payable on 16 June 1964 with coupons of 16 June and 16 December;
(e) 3 ½% of the export ticket of 1 April 1941 payable on 1 April 1951 with coupons on 1 April and 1 October (Slovak),
(f) 3% of the Treasury voucher of 1 February 1944 payable on 16 January 1949 with coupons on 16 January and 16 July (Slovak),
(g) 3% of the Treasury Order of 11 January 1945 payable on 16 December 1949 with coupons on 16 June and 16 December (Slovak),
(h) 3% of the Treasury voucher of 5 December 1942 payable on 16 December 1944 with coupons on 16 June and 16 December (Slovak),
(ch) Slovak non-issue debts determined by the Ministry of Finance in the Official Journal,
(i) 4% loan of the capital of Prague from 1919 with coupons on 1st April and 1st October,
(j) 4% loan from the Regional Capital of Brno in 1942 with coupons on 1 March and 1 September;
(k) 4% of the City of Bratislava loan from 1910 with coupons on 1 June and 1 December;
(l) 4% internal investment loan of the City of Trešt (three issues) with coupons on 1 January and 1 July, after 1 February and 1 August,
(m) municipal debt write-offs of various issues (including bank bonds of the former Central Bank of Czechoslovak savings banks), which are now interest of 3%.
Conversion to 3% State loan payable between 1960 and 1989.
(1) Owners of old bonds purchased after 1 January 1946 with the approval of the Ministry of Finance pursuant to § 19 (2) of Decree No. 95 / 1945 Coll., are entitled to be issued bonds (free) (3%) of the State loan available to them in the period 1960-1989, instead of the United State loan.
(2) The entitlement referred to in paragraph 1 must be exercised within one month of the date of publication of this law in the case of a depository where old bonds are deposited or held in an account. If the owner of the old bonds has obtained a price below the nominal value, he is obliged to pay the difference between the nominal value of 3% of the State loan payable between 1960 and 1989 and the acquisition price. The breakdown shall be used to reduce the government debt.
3% of the State loan capable of being amortised between 1960 and 1989 may also be issued instead of a unified State loan for old bonds covered by the provisions of Sections 14, 2 and 3 of Decree No. 95 / 1945 Coll. The details are set out in the Official Journal by the Ministry of Finance, which may, in particular, indicate that the bonds of 3% of the state-guaranteed loan thus issued are marked by a special sign distinguishing them from the other bonds of the loan.
(1) However, for bonds which have been forfeited to the State under Article 18 (1) of Decree No 95 / 1945 Coll., but have not been transferred to the account of forfeited securities, the Liquidity Fund shall be issued, in exchange for the conversion of the debt of a unified sovereign loan, a bond of 3% of the State loan available between 1960 and 1989, after deduction of the refunds granted to former owners and recognised rights of third parties under Article 18, paragraphs 2 and 3 of Decree No 95 / 1945 Coll.
(2) An appropriate advance may be granted to the Liquidity Fund until the amount of outstanding bonds and refunds granted to former owners and recognised entitlements of third parties is definitively established.
Common provisions on conversion.
The conversions under the previous provisions shall be carried out ex officio in accordance with the instructions of the Ministry of Finance:
(a) as regards bonds registered and stored in custody under Decree No. 95 / 1945 Coll.:
Directorate of State Debt in Prague (Treasury for Slovakia in Bratislava) together with the Postal Savings Bank and other depositories (Sections 13 and 14, Paragraph 1 of Decree No. 95 / 1945 Coll.), following the case with the local representative office in the foreign country or the institution designated by it (Sections 14, 2 and 3 of Decree No. 95 / 1945 Coll.);
(b) in respect of debentures debited or denominated (§ 12, paragraph 3 of Decree No. 95 / 1945 Coll.) or in respect of non-issue debts:
Directorate of State Debt in Prague, Slovakia
(c) as regards bonds not registered and forfeited (§ 18, paragraph 1 of Decree No. 95 / 1945 Coll.), not to consider whether they are in custody (§ 16, paragraph 5 of Decree No. 95 / 1945 Coll.) or whether the place of deposit is unknown:
Directorate of State Debt in Prague (Treasury for Slovakia in Bratislava).
(1) The conversion shall be carried out on the date on which interest on the unified State loan begins (on 16 February or 16 November or 16 March or 16 August 1949), after interest on 3% of the State loan is amortised (on 16 May 1949), depending on which type of State loan is issued when the conversion takes place.
(2) By the date on which the conversion takes place, account shall be charged and paid in cash, excluding the conversion referred to in Article 11, of interest still outstanding on old bonds, not exceeding 3 ½%. The period of 14 to 16 days shall be calculated in half a month.
(3) The conversion date ends with the interest on old bonds. Their owners cannot claim claims other than conversion under the conditions laid down by this law.
(1) The conversion of old sovereign debt bonds, after 3% of the State loan available between 1960 and 1989, is carried out at a rate of 100: 100 nominal value.
(2) The taking-over value of the old bonds is always rounded down to the amount divisible by a thousand. The remainder shall be paid in cash at the rate determined by the Ministry of Finance by the Order in the Official Journal. Similarly, split bonds of 3% and 4 ½% of the state conversion loan (Slovak), as well as bonds of less than 1000 CZK, shall be paid in cash if they cannot be merged to that amount.
(3) If the funds for cash payments referred to in paragraph 2 are not secured by the State budget, the Minister of Finance may provide them with credit operations.
Adjustment of state short-term debts.
(1) The three-month Treasury Bona and the three-month Treasury Bills shall be exchanged at the first maturity, following the date of publication of this Act, as Treasury Bons, after the State Treasury Bills, of the same type, payable three months later and provided with three prolongations coupons.
(2) By cutting off the prolongation coupon for which interest is to be paid for three months, the maturity of the Treasury Bonn will be postponed, following the case of the Treasury voucher for another three months. However, the owner may also require the payment of principal at any maturity.
(3) The Ministry of Finance may adjust the interest rate and maturity of the Treasury Bons and Treasury bills issued pursuant to paragraph 1 at any future maturity other than at present.
(1) The transitional loan from the State to the Postal Savings Bank in Prague, concluded on 28 December 1945 in the amount of CZK 1.200,000.000, the debt from the State in the current account at its Regional Institute in Bratislava of CZK 120,000.000 and the Treasury notes (Slovak) of CZK 685,500.000 will be paid by the three-month Treasury bills issued by the Minister of Finance for that purpose.
(2) The provisions of Paragraph 15 on Treasury bills referred to therein shall apply mutatis mutandis to the three-month Treasury bills issued pursuant to paragraph 1.
Purchase of some foreign loans owned by foreign exchange residents.
(1) The Minister of Finance hereby authorises himself to purchase bonds for the bond of the United State
4% of Austrian gold rent,
4 ½% of Austrian treasury bills from 1914,
3% of Privileged Austrian-Hungarian Railways Company, old and complementary networks; and
4% of Privileged Austrian-Hungarian State Railways Company, 1900,
whose debt service is concentrated at the Joint Treasury in Paris (Caisse commune des porteurs des dettes publiques autrichienne et hongroise émises avant la guerre), provided that they are owned by foreign exchange residents within the meaning of Article 2 of the Act of 11 April 1946, No 92 Coll., on a tied foreign exchange economy.
(2) Where the Minister of Finance applies the mandates referred to in paragraph 1, the bondholders referred to therein shall be required to redeem them. The depositories (§ 13 of Decree No. 95 / 1945 Coll.) for which the bonds are deposited will take them at the request of the Ministry of Finance within the specified deadline to the Postal Savings Bank, which will pay the purchase price in the bonds of the unified state loan.
(3) Devis landlords who have their bonds deposited abroad and do not transfer them to the domestic country are obliged, within the same time limit, to pay them off at the foreign correspondent of the Czechoslovak National Bank for Postal Savings.
(4) The purchase price of the bonds referred to in paragraph 1 is determined by the Ministry of Finance by a decree in the Official Journal.
(1) Devis landlords (§ 17 (1)) who are owners of 6% of the Škoda plant's foreign bonds in 1930 (hereinafter referred to as "6% bonds") are obliged to have them redeemed by the Postal Savings Bank and to take note of the instructions issued by the Ministry of Finance for the execution of the purchase. Deposits (§ 13 of Decree No. 95 / 1945 Coll.) for which these bonds are deposited shall be removed within one month of the publication of this Act by the Postal Savings Bank, which shall pay the purchase price in accordance with § 19. Paragraph 17 (3) shall apply mutatis mutandis.
(2) Interest on 6% of bonds owned by foreign exchange domestic adults between 1946 and 1948 is paid in Czechoslovak currency at a rate of 3 ½% of the nominal value translated at the official rate of pound sterling. In so far as the Skoda plants have paid advances on such interest-rate bonds for those years equivalent to the provisions of the first sentence, the interest shall be paid in full.
(1) For 6% of the bonds to be purchased pursuant to Paragraph 18 (1), the Postal Savings Bank shall issue:
(a) for every £50, the nominal value of 6% of the English tranche bonds with a coupon of 1 June 1949, Kčs 7000 the nominal value of 3 ½% of the unified State loan A with interest at 16 February 1950;
(b) for every £10 (or £1 242,137 gold francs from 1928), the nominal value of 6% of the French tranche bonds with a coupon on 1 June 1949, CZK 1511 the nominal value of 3 ½% of the United State loan issue A with interest on 16 February 1950.
(2) 6% of the French tranche bonds belonging to the same owner are added up for redemption under this Act. Residues below 1000 CZK are paid in cash.
(3) At the same time as the transactions referred to in paragraphs 1 and 2, 3 ½% interest shall be paid in cash for the period from 1 December 1948 to 15 February 1949, namely:
(a) Cčs 51, - for every £50 the nominal value of 6% of the English tranche bonds,
(b) Cčs 11, - for every £10 nominal value 6% of the French tranche bonds.
(4) For each missing coupon of 6% of bonds with a maturity of 1 June 1949 or later, the owner shall be obliged to pay back:
a) Kčs 210, - for every £1.10, - payout value of coupons English tranche,
b) Kčs 86, - for each £0,6, - payout value of coupons of the French tranche.
The settlement of some other debts.
(1) The Minister of Finance is hereby authorised, under the conditions laid down in the Agreement with the Minister of Transport and published in the Official Journal, to exchange 3% of the unified State loan for bonds, 3% of the State loan payable in the years 1960 to 1989, in both cases with a normal coupon:
(a) 4 (3)% of the priority bonds of 1891 and 3 (2.25)% of the priority bonds of 1893 of the Duchoc-Podmokel Railways with all outstanding coupons, thus fully settling the purchase rent for that runway;
(b) the shares of the Prague-Duchoc Railroad with all the coupons not yet paid, thereby fully settling the purchase rent for that runway;
(c) 4 (3)% and 4 ½ (3)% of rail debt bonds issued by monetary institutions on the basis of long-term rail loans; The investment bank, the national firm, as the legal successor to those monetary institutions, shall charge these loans on the date of the exchange, until which interest on the rail debt is also refunded, shall write them off up to the aggregate nominal amount of the circulating rail debt with accrued interest and shall receive, for the remainder not so written down, a remuneration from the State in bonds of 3% of the consolidated State loan at nominal value;
(d) 4 (3)% of the Košicko-Bohemian Railways priority bonds with all outstanding coupons, unless they have already been redeemed and duly registered under Decree No. 95 / 1945 Coll., as well as for asset benefits.
(2) Where the Minister of Finance applies the authorisation referred to in paragraph 1, the exchange of bonds (shares) there shall be carried out at a rate of 100 for 100 nominal values, excluding 3 (2.25)% of the priority bonds of the duchkovsko- Podmokel Railways from 1893, which shall be exchanged at a rate of 100 Kčs of the nominal value of the priority bonds for 75 Kčs of the nominal value of the State loan. The holders of the exchanged bonds (shares) cannot claim claims other than the right to exchange under the specified conditions. The advances paid pursuant to Article 20 of Decree No 95 / 1945 Coll. on interest on the railway debentures referred to in paragraph 1 (c), adults after 31 December 1945, shall be deemed to have been settled for the relevant period; the amount which has been paid less than should otherwise be paid in such a way shall be paid to the Treasury by the Investment Bank, the national undertaking, as the legal successor to the debtors of such railway bonds.
(3) The Minister of Finance is hereby authorised to settle, under the conditions laid down in the agreement with the Minister of Transport and published in the Official Gazette, the issue of debt bonds with a single State loan, after 3% of the State loan capable of being amortised between 1960 and 1989, and other railway redemption loans and debts other than those referred to in paragraph 1 taken over by the State or the Czechoslovak Railways, a national undertaking when nationalised.
(4) If the Minister of Finance applies the mandates referred to in paragraph 1 or 3, the exchange or settlement there shall be carried out on behalf of the Czechoslovak Railways, a national enterprise in Prague, which, until otherwise modified, will replace the government debt management with interest, debt and debt management costs used for the exchange or settlement.
(5) The date on which the exchange referred to in paragraph 1 (b) will take place shall be the date on which the public limited-liability company "Prague-Duchy" ceases to exist without liquidation and its rights and obligations shall be transferred to the State. On a proposal from the Ministry of Transport, the competent court shall delete it in the Commercial Register and refer to this law.
Adjustment of fixed-interest securities issued by monetary institutions until 31 December 1945.
(1) Fixed-interest securities issued by monetary institutions until 31 December 1945 and subject to registration under Decree No. 95 / 1945 Coll. (hereinafter referred to as "old issues') shall in principle be replaced by new securities (hereinafter referred to as" replacement issues'). Exceptions to this principle are laid down by the Ministry of Finance.
(2) The Ministry of Finance shall, after hearing the debtor by means of an order in the Official Gazette, determine all conditions for the replacement emissions, in particular their name, interest rate, amortisation plan, for the period of circulation and the period in which the circulation is to be reduced, any specific coverage according to the relevant rules, and, as regards the replacement of the certificates for liens on the Reichsmark issued by the Landesbank und Girozentrale für das Sudetenland (now the Land Bank and the Visture Headquarters in liquidation) in Liberec, the exchange rate and the period from which interest shall be substituted for those liens.
(3) By decree in the Official Journal, the Ministry of Finance may also, after hearing the debtor (s), provide that the old issue is to be replaced by a single government loan bond, the owner of which is the debtor of the old issue, or that the individual old issues, issued by the same debtor, or the individual old issues, issued by different debtors, are to be replaced by uniform replacement issues, even if the conditions of the old issues are different or have different special coverage.
(4) The provisions of Paragraph 9 (1) of the Act of 20 July 1948, No 183 Coll., on the Investment Bank, shall apply to replacement emission bonds of the Investment Bank, a national enterprise.
(1) The replacement emissions bonds refer to the bearer. Interest shall be paid on an annual basis. They are amortised by free purchase at rates determined by the Ministry of Finance, and, in the alternative, by composition.
(2) The funds needed for the recovery of the replacement emission bonds by nominal value are required to be kept promptly under the supervision of the Ministry of Finance, which will adjust the management of these funds in more detail. In particular, the Ministry of Finance may determine that the funds needed to reap the bonds of the various surrogates are to be concentrated or that those funds are to be used temporarily other than those for which they are intended. Any interest-rate damage resulting from the replacement emission obligor by postponement or failure to perform its duties shall be replaced by savings resulting from the free purchase of replacement emission bonds below the nominal value; The rest of these savings shall be carried to the Treasury and used to reduce the government debt.
(1) Unless otherwise provided in the Official Journal by the Ministry of Finance, the replacement emission bonds on the owner's name shall be deposited in a mandatory deposit facility with the Money Institute, which shall be designated as a mandatory deposit office for such replacement issues, either directly or through any other money institution.
(2) For the duration of the mandatory safekeeping period, replacement emission bonds may be treated only within the limits laid down by the Finance Ministry by the directives published in the Official Journal. Transfers between the living shall, as a general rule, be permitted only after release, which will be authorised under these Directives by the monetary institution designated as the mandatory deposit centre for such emissions.
(3) Loose replacement emission bonds are amortised by the free purchase of the resources referred to in Paragraph 22 (2).
(4) Mandatory custody of replacement emission bonds replaces in all directions the binding which was subject to the old bonds under Decree No. 95 / 1945 Coll.
(1) Under the conditions under which government bonds are issued for old bonds pursuant to the provisions of § § § 9 to 11 instead of bonds of a unified sovereign loan, bonds of 3% of the State loan available between 1960 and 1989, they may, after the case, be issued for old debt bonds of non-state, according to these provisions, instead of bonds of replacement issues subject to mandatory free reserve bonds.
(2) Free replacement bonds issued pursuant to paragraph 1 may be remunerated at a rate not exceeding 3%. The provisions on replacement emissions do not apply to them.
(3) If the owner of the old bonds is to be issued to him instead of the replacement bonds subject to the mandatory deposit-free replacement bonds, at a price below the nominal value, he shall pay the difference between the nominal value of the free replacement bonds and the acquisition price. The difference goes to the Treasury and is used to reduce the State debt.
(1) The exchange of old emissions for replacement emissions shall be carried out by the Postal Savings Bank, acting by authority in accordance with the instructions of the Ministry of Finance, for the co-operation of debtors from old emissions in accordance with § 13 and 14. The owners of old-issue bonds cannot claim claims other than a claim for exchange under the conditions laid down in the Decree of the Ministry of Finance in the Official Journal.
(2) The advances paid on interest on old-age adult bonds during the period after 31 December 1945 pursuant to Paragraph 20 (1) (b) of Decree No. 95 / 1945 Coll., shall be considered as compensation for the period concerned. The amount thus paid less than should otherwise be paid in interest on old-issue bonds will be carried by debtors from old-issue to the Treasury.
Provisions common and final.
(1) Securities which have been subject to the registration obligation under Section III of Decree No. 95 / 1945 Coll., may be opened in the form of an amortisation procedure under the Act of 11 December 1934, No. 250 Coll., on instrument amortisation, only if the Ministry of Finance so agrees. If the invitation to tender has already been published, an amortisation order shall be issued only if the applicant demonstrates that the application has been made. The Court of First Instance will invite him to do so at the same time as a request under § 15 of Act No. 250 / 1934 Coll. The approval of the Ministry of Finance to continue the proceedings is replaced by such a licence.
(2) When calculating the reporting period in the amortisation proceedings for securities covered by paragraph 1, the date from which the securities of the type covered in the present case are held and their coupons do not make any salaries, but not the day earlier than 31 December 1947, for the maturity of the claim on the instrument (Section 11 of Act No. 250 / 1934 Coll.). At the request of the court, it shall issue confirmation of that date to the Postal Savings Bank.
Securities which have been forfeited to the State pursuant to § 18 (1) of Decree No. 95 / 1945 Coll., but have not been transferred to the account of securities forfeited, shall be invalid. The postal savings bank shall, for the co-operation of the publishers, draw up a list of them, which may be published in the Official Journal, including, where appropriate, in the Announcer of the instrument of depreciation and loss. The debtor may be required to issue a replacement security to the State for a security included in the list.
(1) Entitlement to pay the principal, interest-rate premia and winning of the State building tickets will cease if the State building ticket (bond or winning certificate) is not submitted for payment by 31 December 1949.
(2) If the State building tickets (bond and prize cards) are subject to judicial enforcement proceedings, the right to payment shall cease if the court settlement order is not submitted for payment within three months of the date on which the legal authority took over; in such cases, however, the claim shall not cease before 1 January 1950.
(1) The court, the head of the railway book, shall, by virtue of the law of the lien, which is registered in the first division of the list of defects, delete in the entries of the railway book on the railways owned by the State (Railway Administration).
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Regulation Information
| Citation | Act No. 168 / 1949 Coll., on the definitive adjustment of internal government debt and certain other debts from the period up to 31 December 1945 |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 02.07.1949 |
|---|---|
| Effective from | 02.07.1949 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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