Act No. 181 / 1948 Coll.
Act on the Organisation of Money
Valid
Effective from 03.08.1948
181.
Law
of 20 July 1948
on the organisation of money.
The National Assembly of the Czechoslovak Republic decided on the following Act:
General provisions.
(3) Entitlements of employees under contracts and regulations on pension arrangements for their family members remain unaffected. The provisions of the Act of 15 April 1948, No. 99 Coll., on National Insurance, in particular § 268, § 5 and § 270, § 9 apply. Inappropriately high spending or rest benefits and provision benefits, paid out of the resources of the institutions or their supranational funds, may be reduced to an appropriate level, but not below their scope under the national employee insurance rules.
Banks.
The following are organised as national enterprises:
(a) banks - national enterprises which have been transformed from equity banks under the decree of the President of the Republic of 24 October 1945, No 102 Coll., on the nationalisation of equity banks, or which will be established under this Act;
b) Postal savings bank, established by the Act of 23 September 1930, No. 143 Coll., on Postal savings bank, amended and supplemented by the Act of 20 July 1948, No. 182 Coll., extending the scope and changes the legal nature of the Postal savings bank;
(c) Investment Bank, established by Law of 20 July 1948, No 183 Coll., on Investment Bank.
Banks, as national enterprises, are State property within the meaning of other provisions. They are separate legal entities and will be entered in the Commercial (Company) Register as companies of individuals.
The Bank is obliged to use the term "national enterprise" in the company. Non-national undertakings may not use that designation.
(1) The Bank is managed and represented on the outside by a seven-member board of directors consisting of the President, Vice-President and five other members. The Board of Directors shall be extended by two additional members if it is a national bank.
(2) The Minister for Finance shall appoint the President, Vice-President and three other members of the Board of Directors. The remaining two members (alternates) shall be chosen from among the members of the staff of the Bank through the competent authority of the Single Trade Union Organisation; their choice is confirmed by the Minister for Finance. In the case of a national bank, the Minister of Finance shall appoint another fourth member and elect a third member from among the staff of the Regional Institute. Members (alternates) may be dismissed at any time.
(3) Only a citizen of the Czechoslovak Republic who has the necessary expertise and experience can be a member (alternate) of the Board of Directors. It shall not perform any function or activity contrary to the interests of the Bank.
(4) The President and Vice-President of the Board of Directors will make a promise to the Minister of Finance or his representative that they will faithfully fulfil their duties. The same promise shall be made by members of the Board (alternates) in the hands of its President.
(5) The board is obliged to manage the bank with the care of a proper economy and its members are liable for damage caused by failure to fulfil their duties.
(1) Normal business matters are handled by the Bank and the Board of Directors' decisions are carried out by the Director. A resolution which is contrary to the interests of the bank is required to be immediately corrected by the Supervisory Board (§ 16).
(2) If the Board is unable to act and if there is a danger of delay, it is for the Director to take the necessary measures himself to report to the Board at the next meeting.
(3) The Director shall be represented by one or more Deputy Directors, as appropriate, with all his rights and obligations.
(4) Paragraph 14 (3) and (5) applies mutatis mutandis to the Director.
(5) The Director of the Bank and its Deputy Deputy Director (s) are appointed and dismissed by the Finance Minister on a proposal from the Board of Directors and after hearing the Single Trade Union Organisation.
(1) The Bank's activities in all its sectors are supervised by the Supervisory Board, consisting of the President, Vice-President and five other members. If they are a national bank, the Supervisory Board shall be extended by two additional members.
(2) Paragraph 14 (2) to (4) and (5) as regards the guarantee apply mutatis mutandis.
Establish, merge or abolish banks is only allowed with the consent of the government. Proposals are submitted by the Minister of Finance. The measure to be taken shall be declared by the Minister of Finance in the Official Journal.
The banks are subject to tax under the rules on publicly invoiced enterprises and the fee obligations under the Charges Act with its amendments and additions. Since their inception they are subject to the fee equivalent provided for in § 1, § 2, point (a) of the Act of 8 April 1938, No 76 Coll., on the fee equivalent, in which they are not subject to § 8 and § 17, § 1 of the same Act.
The provisions on equity banks and their non-contrary rules on equity companies shall apply mutatis mutandis to banks, unless otherwise provided for in that law.
Banks are governed by the statutes of the Board of Directors. The Statutes and their amendments are approved by the Minister for Finance.
This Act shall take effect on the day of its publication; it shall be implemented by the Finance Minister in agreement with the participating members of the Government.
Gottwald v. r.
Dr John v. r.
Zaporocký v. r.
Dr Dolansky v. r.
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Regulation Information
| Citation | Act No. 181 / 1948 Coll., on the Organisation of Money |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 03.08.1948 |
|---|---|
| Effective from | 03.08.1948 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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