Government Decree No. 253 / 1948 Coll.
Ordinance on the National Economy Fund
Valid
Effective from 01.12.1948
253.
Government Regulation
of 9 November 1948
on the National Economy Fund.
The Government of the Czechoslovak Republic hereby orders the President of the Republic, pursuant to § 9 (5) of the Decree of 24 October 1945, No. 100 Coll., on the nationalisation of mines and certain industrial enterprises, and under the Act of 11 March 1948, No. 51 Coll., on the modification of certain financial ratios of national industrial and food enterprises:
Purpose, organisation and administration of the Fund.
(1) The fund of the nationalised economy, which is a separate legal entity based in Prague (§ 9, paragraph 2 of Decree No. 100 / 1945 Coll.), hereinafter referred to as "the Fund," implements:
(a) the financial service pursuant to Act No. 51 / 1948 Coll. for the national undertakings to which the provisions of that Act apply;
(b) replacement service
1. pursuant to Decree No. 100 / 1945 Coll., as amended by Article II of the Law of 28 April 1948, No. 114 Coll., on the nationalisation of certain other industrial and other establishments and on the modification of certain relationships between nationalised and national enterprises, and pursuant to Article I thereof,
2. pursuant to the Decree of the President of the Republic of 24 October 1945, No 101 Coll., on the nationalisation of certain food industry enterprises, as amended by Article II of the Law of 28 April 1948, No 115 Coll., on the nationalisation of other industrial and other production enterprises and food production establishments and on the treatment of certain proportions of nationalised and national enterprises of that field, and Article I of that Act,
3. according to the decree of the President of the Republic of 24 October 1945, No. 102 Coll., on the nationalisation of equity banks,
4. according to the decree of the President of the Republic of 24 October 1945, No. 103 Coll., on the nationalisation of private insurance companies,
5. pursuant to the Act of 28 April 1948, No. 118 Coll., on the organisation of wholesale activities and on the nationalisation of wholesale enterprises,
6. pursuant to the Act of 28 April 1948, No. 119 Coll., on the State Organisation of Foreign Trade and International Shipbuilding,
7. pursuant to the Act of 28 April 1948, No. 120 Coll., on the nationalisation of commercial enterprises with 50 or more active persons,
8. Under the Act of 28 April 1948, No. 121 Coll., on nationalisation in construction,
9. Under the Act of 5 May 1948, No. 122 Coll., on the organisation and nationalisation of travel agencies,
10. according to the Act of 5 May 1948, No. 123 Coll., on the nationalisation of polygraphic enterprises,
11. pursuant to the Act of 5 May 1948, No. 124 Coll., on the nationalisation of certain innkeeper and innkeeper enterprises and accommodation facilities,
12. according to the Act of 6 May 1948, No. 125 Coll., on the nationalisation of natural medical resources and baths and on the integration and management of confiscated spa property,
13. according to the Act of 6 May 1948, No. 126 Coll., on the nationalisation of certain breeding enterprises,
14. according to the Act of 19 July 1948, No. 185 Coll., on the nationalisation of medical and nursing institutions and on the organisation of state constitutional medical care,
15. pursuant to the Act of 25 October 1948, No 249 Coll., on the nationalisation and organisation and administration of agricultural and forestry research institutes,
16. Pursuant to the Act of 7 April 1948, No 79 Coll., amending and supplementing the Act of 16 May 1946, No 128 Coll., on the nullity of certain property-law acts from the period of infreedom and on claims arising from such nullity and other interference with property-based assets,
17. to settle mutual claims between the Fund and the National Recovery Fund in accordance with the relevant regulations.
(2) The financial service shall be operated separately from the replacement service.
(1) The Fund shall be managed by a 6-member Administrative Committee whose chairman, Vice-President and the other 4 members shall be appointed by the Minister of Finance for a period of 4 years. The Minister of Finance may dismiss the members of the Administrative Committee and add the Administrative Committee for the remainder of the term of office. Otherwise, the Administrative Committee shall remain in office until the new Administrative Committee is appointed. The appointment and withdrawal of the members of the Administrative Committee shall be notified in the Official Journal.
(2) The Fund is represented externally by the Chairman (Vice-President) of the Administrative Committee, together with one other member. It is legally representing the Financial Prosecutor's Office.
(3) The instruments by which the Fund accepts commitments are signed by the President (Vice-President) and by one other member of the Administrative Committee, under the name of the Fund, by anyone written or in any way printed. On the mass-issued pages (titres), the handwritten signatures may be reproduced by stamp or print.
(4) The function of a member of the Administrative Committee is an honorary function. Members shall be entitled to reimbursement of their final expenses associated with the performance of their duties.
(1) Administrative Committee
(a) ensure that the financial service is carried out in accordance with the decision of the relevant factors and that remuneration is paid for the interest and repayment of the obligations arising from the performance of the financial service;
(b) ensure that the replacement service is carried out in accordance with the decisions of the relevant actors and that the necessary funds for that service are provided;
(c) the Rules of Procedure and the amendments thereto shall be adopted (paragraph 3);
(d) draw up the Fund's budget and its accounts (Section 7);
(e) report regularly to the Ministry of Finance within the time limits specified by it;
(f) decide on all other fundamental issues concerning the management of the Fund.
(2) The President (Vice-President) is responsible for the implementation of the Administrative Committee's resolution.
(3) More detailed provisions on the convening of meetings of the Administrative Committee, on the position of the President and Vice-President, and on the hearing and voting in meetings shall be laid down in the Rules of Procedure at which the Administrative Committee shall act. The Rules of Procedure and its amendments shall be subject to the approval of the Minister for Finance.
The concept, accounting, cashier and office service of the Fund is provided by the Investment Bank, the National Company in Prague, with which the Fund deposits free cash, valuables and documents. The legal arrangements between the Fund and the Bank shall be adapted to a special contract subject to the approval of the Minister for Finance.
Fund management.
(1) The revenue of the financial service of the Fund shall consist in particular of:
1. contributions from national undertakings; national undertakings shall:
(a) by the end of each quarter, interest on Common Equity and reserve fund, calculated at 3 1 / 4% of the annual interest rate, unless the government provides for a different rate; Article 78 (c) of the Direct Tax Act does not apply to this interest,
(b) the surplus net profit in accordance with the relevant provisions;
2. Compensation for nationalised property belonging to persons who do not receive compensation under the relevant provisions of the rules on nationalisation or nationalisation [Paragraph 1 (1) (b)]; such compensation shall be transferred by the replacement service to the financial service;
3. the assets transferred to the Fund by national undertakings pursuant to the provisions of § 3, paragraph 1, points (a) to (d) of Act No 51 / 1948 Coll.;
4. the amounts paid to the Fund in respect of the reduction of common equity of national enterprises pursuant to § 4, paragraph 1 of Act No. 51 / 1948 Coll., even if the reduction is due to depreciation or disposal of investments;
5. the liquidation surpluses of the repealed national undertakings;
6. government budget allocations;
7. amounts borrowed from the Investment Bank.
(2) The expenditure of the financial service of the Fund shall comprise:
1. the interest and repayment of liabilities assumed by the Fund from national undertakings;
2. interest and amortisation of the negotiated loans;
3. amounts to increase the common equity of national enterprises;
4. administrative costs of the financial service; their share of the total administrative costs of the Fund, including the remuneration of the Investment Bank (Section 4), shall be determined annually by the Administrative Committee when drawing up the budget (Section 7 (2)),
5. Replacement services (paragraph 3),
6. contributions to the Treasury (paragraph 3).
(3) Where the revenue of a financial service, with the exception of those referred to in paragraphs 1, 6 and 7, is not used in the administrative year, the remainder of the Fund shall be charged to the national treasury to the amount set by the budget (§ 7 (2)).
(1) The revenue of the replacement service of the Fund shall consist in particular of:
(a) the amounts charged to that service by way of financial service income pursuant to § 5, paragraph 3 or other provisions;
(b) compensation for nationalised property and parts thereof which have been left to other persons under the relevant provisions of the nationalisation rules;
(c) allocations from the Treasury provided for reasons of State guarantee.
(2) The expenditure of the replacement service of the Fund shall consist of:
(a) the amounts for the remuneration and redemption of securities issued by the Fund pursuant to § 9 (1) (a) of Decree No. 100 / 1945 Coll., or for their purchase;
(b) the payment of cash compensation pursuant to § 9, paragraph 1, (b) of Decree No. 100 / 1945 Coll.,
(c) the cost of compensation at other values according to § 9 (1) (c) of Decree No. 100 / 1945 Coll.,
(d) reimbursement of the National Recovery Fund (§ 1 (1) (b), No 17),
(e) the administrative costs of the replacement service by budget (Section 7 (2)).
(1) The administrative year of the Fund shall coincide with the calendar year.
(2) Each year, by the end of August, the Management Committee of the Fund shall submit to the Ministry of Finance the budget of the expected revenue and expenditure both the financial and the replacement services in the next administrative year. The Minister of Finance shall, in agreement with the ministers in question, determine the supporting documents to be provided by the national undertakings of the Fund and within what deadlines.
(3) The Administrative Committee shall draw up, at the end of each administrative year, the annual accounts for that year and submit them no later than 4 months after the balance sheet date for approval by the Ministry of Finance and the Supreme Audit Office.
Supervision of the Fund and final provisions.
The Fund shall be subject to the supervision of the Ministry of Finance and, in addition, to the supervision of the Supreme Accounting Audit Office.
This Regulation shall enter into force on the day of its publication; they shall be implemented by the Finance Minister in agreement with the Ministers involved.
Zaporocký v. r.
Dr Dolansky v. r.
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Regulation Information
| Citation | Government Decree No. 253 / 1948 Coll., on the National Economy Fund |
|---|---|
| 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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