Act No. 252 / 1948 Coll.
Act on financial relief for the conversion, merger and division of pension and support funds or similar facilities
Valid
Effective from 01.12.1948
252.
Law
of 25 October 1948
on financial relief for the conversion, merger and division of pension and support funds or similar facilities.
The National Assembly of the Czechoslovak Republic decided on the following Act:
(1) However, where the pension or support fund (special-purpose assets) is not a separate legal entity, the following concessions shall be granted, according to the most recent annual accounts or trade records in the preceding year as separate items for the purposes of social security ("non-separate fund '), to a pension or support fund or similar social facility which is a separate legal entity (" separate fund'):
(a) the legal acts, documents and library records relating to the transfer of movable property, rights and obligations of the non-autonomous fund to a separate fund, the submission needed to carry out the conversion, the exemption from fees and trade tax of securities;
(b) if they are transferred to a separate real estate fund, a property transfer fee of 2% of the value of the property shall be paid instead of the property transfer fee.
(2) The provisions of paragraph 1 shall also apply to transfers of the assets of the non-autonomous fund which cease to exist to a separate fund or for the purpose of supplementary insurance to holders of public social insurance.
(3) A separate fund within the meaning of paragraphs 1 and 2 shall mean one or more funds.
(1) Where two or more separate funds are merged into one such fund, the legal acts, documents and library entries required to carry out transfers of assets of the merged funds to one fund from fees and trade taxes on securities shall be exempt.
(2) They are also exempt from fees and trade tax on securities transfers of assets (or parts of assets) of a separate fund either:
(a) to another such fund if they take place at the same time as the transfer of part of the members of the first fund to the second fund; or
(b) for the purposes of supplementary insurance to the holders of public social insurance, where such transfers are linked to the merger, division or cancellation of the undertaking with which the fund has been maintained or are carried out with the consent of the Ministry of Social Welfare. Paragraph 1 (3) also applies here.
In the case of transfers of assets subject to the provisions of this Act, the equivalent obligation on the parties to such assets shall pass on to the transferee the date on which the assets were transferred, if that date is the first day of the calendar quarter, otherwise the first day of the calendar quarter closest to the following. In the transfers referred to in § 2, the transferee shall also be obliged to pay the excess fee equivalent with interest on late payments and the cost of reminder and execution. The 10-year period applicable to the creation of an equivalent obligation under Section 8 of the Law of 8 April 1938, No. 76 Coll., on the fee equivalent, runs further with the new owner.
The supplies made in respect of the property transfers referred to in paragraphs 1 and 2 shall be exempt from turnover tax. Paragraph 11 (5), first sentence and Section 11 (6) of the Act of 21 February 1946, No 31 Coll., on turnover tax, however, remain unaffected.
(1) The provisions of § 1 to 4 also apply to the conversion, merger or division of funds for which a charge or tax obligation has been incurred prior to the application of this Act, in the Czech and Moravian-Silesian countries after 5 May 1945, in Slovakia after 29 August 1944; However, the fee paid shall not be refunded.
(2) The Ministry of Finance or the Office authorised by it may grant relief under the previous provisions on request even if the fee or tax obligation arises before the dates referred to in paragraph 1.
This Law shall enter into force on the day of its publication and shall expire on 31 December 1950; to be carried out by the Minister for Finance.
Gottwald v. r.
Dr John v. r.
Zaporocký v. r.
Dr Dolansky v. r.
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Regulation Information
| Citation | Act No. 252 / 1948 Coll., on Financial Relief in Transforming, Merging and Dividing Pension and Support Funds or Similar Devices |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 01.12.1948 |
|---|---|
| Effective from | 01.12.1948 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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