Full text of Act No. 288 / 2006 Coll.

Full text of Act No. 190 / 2004 Coll., on Bonds, as resulting from subsequent amendments

Valid Declared full text
Text versions: 14.06.2006
288
PRESIDENT OF THE GOVERNMENT
Announces
full text of Act No. 190 / 2004 Coll., on Bonds, as is apparent from changes made by Act No. 378 / 2005 Coll., Act No. 56 / 2006 Coll. and Act No. 57 / 2006 Coll.
THE LAW
on bonds
Parliament has decided on this law of the Czech Republic:

ČÁST PRVNÍ

BASIC PROVISIONS
§ 1
Subject matter
This Act regulates the issue of bonds in the Czech Republic, regardless of who is the issuer of bonds (hereinafter referred to as "the issuer '), unless otherwise specified further (§ 3 (3), § 26 (4)).
§ 2
Debt
(1) A debt instrument is a fungible security with which the right to repayment of the amount due and the issuer's obligation to satisfy that right.
(2) Debt may be issued in paper form or in book form.
(3) Debt issue means a set of bonds issued on the basis of the same emission conditions and having the same issue date and maturity date. Debt certificates of the same issue shall be assigned the same identification marking according to the international numbering system for securities identification (ISIN), if assigned, or any other indication identifying the bond.
(4) A bond issued in the Czech Republic is a bond which has been transmitted in paper form or in book-entry form in accordance with a special law governing business on the capital market to the account of the first acquirer in the Czech Republic.
(5) Coupons are bearer securities that can be issued for the purpose of exercising the right to yield a bond. Paper coupons are issued in a coupon sheet.
§ 3
Issuer
(1) The issuer may be a legal person. The issuer may also be a natural person who is a bank with a place of business in the territory of a Member State of the European Union or of another State forming the European Economic Area and who operates on the territory of the Czech Republic on the basis of a single banking licence under a special law governing the activities of banks.
(2) The issuer may issue bonds if the Czech National Bank approves the issue terms of the bonds (hereinafter referred to as the "issue terms"), unless otherwise provided for in this Act (Section 25 (8)).
(3) An issuer with its registered office or residence in the Czech Republic who issues bonds abroad is obliged to inform the Czech National Bank at the latest at the date of issue of the bonds about the issue, the volume of the issue and the form and form of the bonds, their yield and maturity.
(4) An issuer with its registered office or resident abroad who issues bonds in the Czech Republic is obliged to inform the Czech National Bank, at the latest at the date of issue of the bonds, of the volume of the issue and of the form and form of the bonds, their yield and maturity.
§ 4
List of owners
(1) The issuer shall keep a list of the owners of the listed paper bonds issued by it. The list of holders of book-entry bonds denominated in the name is a list kept by a person who is entitled to record book-entry securities under a special law governing business on the capital market (hereinafter referred to as "the person entitled to record-keeping '). The rights associated with the name-based bonds shall be entitled to be exercised in relation to the issuer by the person listed in those lists, unless there is something different from the special law governing the capital market business.
(2) In order to ensure the effectiveness of the transfer of a paper bond denominated in a name vis-à-vis the issuer, a change of ownership shall be required in the list referred to in the first sentence of paragraph 1; the issuer shall make this entry without delay after such change has been demonstrated to it. A record of the change of ownership in the list referred to in the second sentence of paragraph 1 shall be required to ensure the effectiveness of the transfer of the book-name bond against the issuer.
§ 5
Transferability of a paper bond to the name
The paper bond in the name is transferable by rubowriting and delivery. The runoff shall indicate the name and address of the legal person or the name and address of the natural person to whom the bond is transferred and the date of the transfer of the bond. Otherwise, specific legislation governing notes shall apply mutatis mutandis to the rupees. The transferability of a name-denominated bond cannot be limited by the terms of issue.
§ 6
Forms of the bond
(1) The paper-based debenture has these elements
(a) details of the issuer
1. in the case of a legal person, the commercial firm or the name, registered office and identification number, if assigned;
2. in the case of a natural foreign person, the name and surname, date of birth, residence in the Czech Republic, business firm, place of business and identification number, if assigned,
(b) the name of the bond which contains the word "bond" or the designation of a specific type of bond;
(c) the identification mark according to the international numbering system for the identification of securities, where assigned, or any other indication identifying the bond;
(d) the nominal value;
(e) an indication of the approval of the emission conditions,
(f) the yield of the bond or the method of determining its amount;
(g) the date of issue;
(h) the method and place of payment of the nominal value of the bond and the yield thereof;
(i) the form of the bond;
(j) a statement by the issuer that it undertakes to repay the amount due in the manner and place indicated in the emission conditions;
(k) the maturity dates of the bond and its yield, unless the yield is determined by the difference between the nominal value of the bond and its lower issue rate;
(l) the code name of the bond,
(m) in the case of a bond denominated in the name and the name, business name or name of its first owner;
(n) the signature or imprint of the persons authorised to act on behalf of the issuer or the signature or imprint of the issuer.
(2) The embedded bond shall have the formalities referred to in paragraph 1, except for those referred to in points (l), (m) and (n).
§ 7
Emission conditions
(1) The emission conditions define the rights and obligations of the issuer and the holder of the bond as well as more detailed information on the issue of bonds, and include always:
(a) the information referred to in Article 6 (1) (a) to (k);
(b) an indication of the form of the bond;
(c) the deadline for subscription of the issue of a bond (hereinafter referred to as "the issue period");
(d) the emission rate and, where appropriate, the method for determining it, and in case the emission rate is determined by the auction rate, the auction method;
(e) the estimated total nominal value of the issue of the bond;
(f) the method and place of subscription of the bond and the manner and place of payment of the subscription rate;
(g) the method of calculating the yield of the bond, if any;
(h) data on the taxation of the yield of the bond;
(i) details of persons involved in securing the issue of the bond, the repayment of the bond and the payment of the return on the bond, indicating how they are involved in those activities;
(j) information on the limitation of bond rights;
(k) the way in which the meeting of bond holders and the holders of shares in the collection bond (hereinafter referred to as the "meeting of owners") is to be convened (§ 21); the determination of the relevant date for participating in the meeting of the owners of the book-entry bonds as well as the holders of the shares in the collection bond, which must not exceed 7 calendar days of the date of the meeting of the owners, and the manner in which further information on the bond is published,
(l) information on who, when and with what result the assessment of the issuer's financial capacity has been carried out or information that the assessment has not been carried out;
(m) the designation of the regulated market or free market in which the issuer intends to apply for admission to trading of bonds or information that it does not intend to apply for such admission.
(2) The terms and conditions of the issue also include the definition of other rights and obligations of the issuer and the holder of the bond, as well as more detailed information on the issue of bonds, where applicable under the terms of issue and the intention of the issuer,
(a) the decision of the issuer to issue the bond issue gradually (in tranches) within the emission period;
(b) the issuer's right to increase the volume of the issue [Paragraph 11 (1) (b)] and the potential extent of the increase, or, where applicable, the issuer's right to issue bonds in the expected volume even after the end of the period of issue [Paragraph 11 (1) (c)];
(c) an indication that the repayment of the bond or the payment of the proceeds thereof is secured by a third party and an indication where the collateral contract is open to the public;
(d) details of the lien for a bond the repayment or payment of which is secured by a lien and the manner in which the lien will be exercised;
(e) draw method for a bond whose yield is linked to a bond drawn [Paragraph 16 (c)];
(f) an indication of any other rights of the bondholders if they are linked to the bond,
(g) in the case of book-entry bonds, an indication of who will keep their records and, where applicable, the issuer's decision that the right of return is held by the holder of the bond on a date other than the date of maturity of the bond yield (Section 17 (1));
(h) in the case of a collection bond, an indication of who shall keep the records of the holders of shares in the collection bond;
(i) the inadmissibility of the separation of the right to the yield of a bond where the issuer excludes the separation of that right;
(j) the authorisation of the issuer to repay the bond before its due date, including a proportional return, with a definition of the terms and manner of early repayment as well as the method of calculating the value of outstanding outstanding outstanding coupons (Section 19 (4));
(k) the authorisation of the holder of the bond to request repayment of the bond before maturity, including the definition of the conditions under which it is entitled to do so;
(l) the text of the arbitration clause, if disputes concerning the rights and obligations attached to the bond are to be dealt with in the arbitration procedure;
(m) in the case of an exchangeable bond (Paragraph 33 (1)), the method of notification of the date from which the right to exchange for another bond or other bond or share or shares can be exercised and the place and time limit for the exercise of that right; where the exchangeable bonds are issued in a book-entry form, the date of the relevant date for determining the person authorised to exercise the rights of such bonds;
(n) for a priority bond (Paragraph 33 (2)), the method of notification of the date from which the right to a preference subscription of shares may be exercised and the place and time limit for the exercise of that right; where priority bonds are issued in a book-entry form, the date of the relevant date for determining the person authorised to exercise rights from such bonds;
(o) for a subordinated bond (§ 34), provision that the claims of the holders of such bonds will be met only after all other claims have been satisfied, with the exception of claims which are bound by the same or similar condition of subordination in the case of:
1. the issuer's entry into liquidation;
2. a declaration of bankruptcy on the issuer's assets,
3. authorisation of compensation,
4. if the issuer is a foreign person, another similar measure.
(3) A prospectus of bonds (1) (hereinafter referred to as "prospectus") and emission conditions may form one document and may be approved jointly.
(4) The legal relationship between the issuer and the person entitled to exercise the rights associated with the bond shall be governed by the Commercial Code and the Securities Act in matters not governed by this Act.
Approval of emission conditions
§ 8
(1) Emission conditions are approved by the Czech National Bank at the request of the issuer. In the case of the procedure provided for in Article 7 (3), the provisions of Sections 8 (5) and 9 (1) and (2) shall not apply and the Czech National Bank shall proceed to the approval in a manner which is laid down by the special law governing the capital market business for the approval of the prospectus.
(2) The Annex to the application for approval of emission conditions consists of:
(a) emission conditions;
(b) a reinsurance contract where the maturity of the liability arising from the bond is guaranteed by a third party;
(c) if the issuer does not ensure the issue of bonds, a written statement by the delegate that it has undertaken to secure the issuer's issuance of bonds (§ 15);
(d) if municipal bonds are involved, the approval of the Ministry of Finance (hereinafter referred to as "the Ministry") pursuant to Paragraph 27 (2),
(e) if the mortgage bonds are covered, the assumption of the mortgage bond cover status by claims on mortgage loans (hereinafter referred to as the "coverage status forecast") for the maturity of the new issue, if the maturity of the mortgage bond issues already issued by the same issuer is longer than the maturity of the new issue, shall be annexed to the forecast of the state of all issues already issued, including the issue of the new issue.
(3) When approving the emission conditions, the Czech National Bank assesses whether the application contains all the legally required annexes, whether the emission conditions contain all the statutory requirements and whether the security to be issued is a bond under this law.
(4) If the emission conditions do not contain statutory data or are not accompanied by the legally required annexes, the Czech National Bank shall invite the applicant to supplement them and set a time limit for supplementing them. The Czech National Bank will not approve the terms and conditions of the issue if, even after a call for a supplement or a supplement to the application, the security is not a bond under this law.
(5) If some of the data to be included in the emission conditions are not known at the date of their approval, the Czech National Bank shall approve the emission conditions if it contains information on how these data will be determined and supplemented. The data must be notified to the Czech National Bank at the latest by publication of the emission conditions and the emission conditions published (Section 10) including these data.
§ 9
(1) The Czech National Bank is required to decide on the application for approval of the emission conditions pursuant to Paragraph 8 (1) within 60 days of its receipt or completion. If the Czech National Bank does not send the applicant a decision on the application within that time limit, the emission conditions have been approved in the version which the issuer last requested to approve in the proceedings and the decision is deemed to have gained legal effects.
(2) The decision of the Czech National Bank may be subject to decomposition. The Banking Board of the Czech National Bank shall decide on the decomposition within 60 days of the date of delivery of the decomposition or its addition. If the Banking Board of the Czech National Bank does not send the decision on decomposition to the applicant within this deadline, the decision of the Czech National Bank has changed by approving the terms of the issue as last approved by the issuer in the proceedings and the decision is deemed to have gained legal effects.
(3) Information on the approval of emission conditions The Czech National Bank publishes in the Bulletin of the Czech National Bank.
(4) If, within 6 months of the date of the acquisition of legal power by the Czech National Bank, the issuer does not initiate subscription of bonds, the decision shall cease to have legal effects.
§ 10
Publication of emission conditions
(1) The emission conditions must be published no later than the date of issue; their publication must not, however, take place before the decision of the Czech National Bank has become final. Emission terms and conditions shall be published in full in the form of an advertisement in at least one nationwide journal or in the form of a brochure, provided free of charge at the seat of the issuer, and in a manner that allows remote access, unless otherwise provided for by this law (Sections 26 (1) and (2)). The chosen method and the place of publication shall be published in the Trade Bulletin. This procedure for the publication of emission conditions shall not apply if the bonds which are not offered to the public are not covered, but their first acquirer must always be handed over free of charge. The issuer of non-publicly offered bonds shall publish in the Commercial Bulletin information on the location where the emission conditions can be met.
(2) The terms of issue must also be published in the form of a brochure at the seat of the person who provides for the issuance of bonds, the payment of bond yields and the repayment of bonds and must be published with that person in a way that allows remote access. On request, the emission conditions shall be granted free of charge to the candidate, the costs of sending them to the candidate.
(3) The terms of issue of bonds admitted to trading on a regulated market must also be made available free of charge at the seat of the organiser of the relevant market or be published with that person in a way that allows remote access.
(4) Where emission conditions are approved together with a prospectus, paragraphs 1 to 3 shall not apply and the emission conditions shall be published together with the prospectus in a manner that is laid down in a specific law governing the capital market business for the publication of the prospectus.
§ 11
Issuing volume
(1) The issuer is entitled to issue bonds
(a) in a smaller volume of emissions if, by the end of the emission period, the estimated volume of emissions has not been subscribed; or
(b) in a volume greater than the estimated total nominal value of the issue of bonds, even after the end of the period of issue, provided that this option is indicated in the emission conditions; or
(c) up to the expected total nominal value of the issue of bonds even after the end of the period of issue, provided that this option is indicated in the emission conditions.
(2) Where an issuer is referred to in paragraph 1 (b) or (c), it is required to set an additional emission period which ends no later than the date applicable for the repayment of the bond and to publish it in the same way as the emission conditions.
(3) The issuer is obliged to notify the Czech National Bank without undue delay at the end of the period of issue and, in the case of book-entry bonds, also to the person authorised to keep records, the fact referred to in paragraph 1 and publish it in the same way as it published the terms and conditions. In the case of the issue of municipal bonds (Section 27), the issuer shall also notify the Ministry of the fact referred to in paragraph 1 (a).
(4) In the case of the issue of sovereign debt (Paragraph 25) issued in book-entry form, the Ministry shall notify the person authorised to keep the register without undue delay and publish it in the same way as it published the emission conditions.
§ 12
Change in emission conditions
(1) The issuer may change the terms of issue, if not the cases referred to in paragraph 6, only if the conditions under which they were established have changed substantially after prior agreement of the owners' meeting (§ 21) and after approval by the Czech National Bank.
(2) The Czech National Bank approves the change in the emission conditions at the request of the issuer. In the event that the emission conditions are approved together with the prospectus, the provisions of Sections 12 (3) and 12 (4) shall not apply and the Czech National Bank shall, when approved, proceed in a manner which is laid down in a specific law governing the capital market business for the approval of the supplement to the prospectus.
(3) The Czech National Bank is obliged to decide on the application for approval of an amendment to the emission conditions within 30 days of its receipt or completion. If the Czech National Bank does not send the applicant a decision on the application within that period, the amendment of the emission conditions has been approved in the version requested by the issuer in the procedure last approved and the decision is deemed to have gained legal effects.
(4) The decision of the Czech National Bank may be subject to decomposition. The Banking Board of the Czech National Bank shall decide on the decomposition within 60 days of its delivery or completion. If the Banking Board of the Czech National Bank does not send the applicant a decision on decomposition within this period, the decision of the Czech National Bank has changed by approving the change in the emission conditions as last requested by the issuer in the proceedings and it is considered that the decision has gained legal effects.
(5) The issuer shall immediately publish the change in the emission conditions in the same way as the emission conditions were published and, at the same time, publish the emission conditions after the changes in full. However, the publication must not take place before the decision of the Czech National Bank, which was approved by the amendment, becomes legal.
(6) The agreement of the meeting of owners and the approval of the Czech National Bank is not required to change the data on the issuer, the method or place of payment of the nominal value of the bond and the proceeds thereof, the data on the taxation of the yield of the bond, the data on persons involved in the security of the issue of the bond, the payment of the bond and the data on which the issue conditions have been extended and which are not an indication of the terms of the issue referred to in Section 7, and also where the issuer decides to apply for admission to trading on a regulated or free market after the issue of the bond; the change of such data must not cause harm to the holders of bonds.
(7) If the approval of the meeting of owners and approval by the Czech National Bank is not required by law for changes to the emission conditions, the issuer shall, without undue delay, publish data on the changes in the same way as the emission conditions were published.
(8) In the case of the issue of municipal bonds, the issuer shall also notify the Ministry of the change in the emission conditions.
Debt programme
§ 13
(1) The issuer may apply for approval of common emission conditions which shall be the same for an unspecified number of bond issues (hereinafter referred to as the bond programme). The application shall also specify the duration of the bond programme and the maximum amount of outstanding bonds issued under the bond programme.
(2) Individual bond issues issued under the bond programme are separate issues.
(3) The maximum amount of outstanding bonds issued under the bond programme shall not exceed at any time for the duration of the bond programme.
(4) Before issuing each individual bond issue under a bond programme, the issuer shall draw up for that issue a supplement to the bond programme, which shall include a supplement to the requirements of the emission conditions referred to in Article 7, which are not included in the bond programme, a reference to the bond programme or, where appropriate, other specific conditions for that issue.
(5) The provisions of Sections 8 and 9 shall apply mutatis mutandis to the approval of the bond programme and its supplement. Where a bond programme is approved together with a basic prospectus, the provisions of Sections 8 and 9 shall apply mutatis mutandis, with the exception of Sections 8 (5) and 9 (1) and (2), and the Czech National Bank shall proceed with the approval of the bond programme in a manner laid down by the law governing the capital market business (1) for the approval of the base prospectus. Where a new base prospectus is approved, the validity of the bond programme shall not be affected.
§ 14
(1) The supplement to the bond programme and its amendment are approved by the Czech National Bank, unless otherwise provided for in this Act (Paragraph 25 (8), at the request of the issuer. Paragraph 12 shall apply mutatis mutandis to the amendment of the bond programme. If the bond programme has been approved together with the basic prospectus, the provisions of Sections 8 and 9 shall apply mutatis mutandis for the approval of the supplement, with the exception of Sections 8 (5) and 9 (1) and (2), and for the approval of the amendment of Section 12 (3) and (4), and the Czech National Bank shall proceed to approve the supplement of the bond programme or its amendment in a manner laid down by the law governing the capital market (1) for the approval of the supplement to the prospectus.
(2) The Czech National Bank shall decide on the application referred to in paragraph 1 within 14 days of its receipt or completion. If the Czech National Bank does not send a decision on the application within that period, the supplement to the bond programme has been approved in the version which the issuer last requested to approve in the proceedings and the decision is deemed to have gained legal effects.
(3) The decision of the Czech National Bank may be subject to decomposition. The Banking Board of the Czech National Bank is required to decide on decomposition within 14 days of its delivery or completion. If the Banking Board of the Czech National Bank does not send the decision on decomposition to the applicant within this period, the decision of the Czech National Bank has changed in such a way that the supplement to the bond programme, as well as its amendment, has been approved in the version which the issuer last requested to approve in the proceedings and the decision is deemed to have gained legal effects.
(4) The debt programme, the supplement to the bond programme and its amendment are the effective date of their publication by the issuer, which must not take place prior to the acquisition of the legal power of the decision of the Czech National Bank to approve them. The issuer shall publish them immediately in the same way as the law imposes on the publication of emission conditions (Section 10).
§ 15
Issue of a bond
(1) The issue of bonds shall be provided by the issuer or by a person authorised to do so under a special law governing business on the capital market and who shall obtain the issue of the issue or agree to become the first acquirer of the issue or part thereof.
(2) The issue of bonds may be issued in instalments (tranches) within the emission period, provided that this possibility is indicated in the emission conditions.
(3) If there is no bond issue, the issuer shall, within 30 days of the end of the period of issue, return to the subscriber the amount subscribed and paid up, including interest at the average discount rate of the Czech National Bank for the period from the date of repayment.
Income of the bond
§ 16
The yield of the bond may be determined in particular:
(a) fixed interest rate;
(b) the difference between the nominal value of the bond and its lower issue rate;
(c) a compound premium or premium depending on the maturity date of the bond; or
(d) a floating interest rate derived, for example, from other interest rates or yields, foreign exchange rate movements, indices or commodity prices.
§ 17
(1) In the case of book-entry bonds, the issuer may decide that the right to yield is to be exercised by the person entitled to exercise the rights associated with the bond on a date other than the maturity date of the bond yield, but which must not exceed the maturity date of the yield by more than 1 month and must not be followed by the maturity date of the bond yield (hereinafter referred to as "the relevant date ').
(2) The decision referred to in paragraph 1 must be included in the emission conditions (Paragraph 7 (2) (g)).
(3) The decision referred to in paragraph 1 shall apply mutatis mutandis to the right to repayment of individual instalments of the nominal value of the bond or to repayment of the nominal value of the bond.
§ 18
Division of the bond yield right
(1) If the emission conditions do not preclude this, the right to the yield of the bond from the bond may be separated and linked to the coupon as a separate security issued for the exercise of that right.
(2) The coupon sheet for a paper bond must be issued (Paragraph 2 (5)) at the same time as the issue of the bond, with a separate coupon for each individual yield. in the case of a book-entry bond, the provisions of the first sentence shall apply mutatis mutandis to the registration in accordance with the special legislation governing the capital market business.
(3) Each bond coupon must indicate the law associated with it and the relevant date for the book-entry bond.
(4) Where a bond is assigned an identification mark under an international numbering system for the identification of securities, that identification mark shall be allocated separately for:
(a) coupon bonds;
(b) a bond without coupons (hereinafter referred to as "separate principal"),
(c) for each coupon.
(5) Where a book-entry bond is not assigned an identification mark under an international numbering system for the identification of securities, the person authorised to keep a record of the assignment of another identifying data shall ensure the same extent as in paragraph 4.
(6) At the request of the person authorised to exercise the rights attached to the bond, the person authorised to keep the register shall:
(a) the division of the bond into separate principal and coupons; or
(b) the reconnection of a separate principal with coupons if the owner of the separate principal is the owner of the same separate principal. A connection can only occur if the principal owner owns all coupons for which the operative date has not yet come.
§ 19
Payment of the bond and payment of the bond yield
(1) The maturity of the bond shall be determined on a one-off basis on a specific date or by instalments the amount of which shall be determined under emission conditions.
(2) The issuer is only entitled to pay off individual bonds, including a pro rata return, before their due date, if the emission conditions permit and define this method of repayment.
(3) The holder of a bond may request the repayment of a bond, including a pro rata return, before the specified maturity, only if the terms of the issue permit this method of repayment or if this law so provides.
(4) If there is an early repayment bond, all coupons that are not yet due shall be returned together with the bond. In the event of failure to comply with this obligation, the value of unreturned coupons, determined under emission conditions, shall be deducted.
(5) The right to a bond yield linked to a coupon which was not returned to the issuer on early repayment of the bond remains.
(6) Payment of the bond and payment of the bond yield may be made by the issuer itself or through a financial institution.
§ 20
Own bonds acquired by the issuer
(1) Own bonds acquired by the issuer before their due date shall not be extinguished unless the issuer decides otherwise.
(2) The issuer is not entitled to exercise an exchange or priority right (Paragraph 33) relating to own bonds.
(3) The rights and obligations associated with the own bonds held by the issuer shall cease to exist on the date of their maturity, unless such rights and liabilities have ceased to exist before that date in the context of the issuer's decision under paragraph 1.
Owners' meetings
§ 21
(1) The issuer is obliged to convene a meeting of owners without delay in the case of:
(a) a proposal for amendments to the emission conditions or amendments to the supplement to the bond programme, with the exception of changes to the data referred to in Article 12 (6);
(b) the proposal to convert the issuer (2);
(c) an application for the conclusion of a control or transfer contract (3), irrespective of the party to the issuer;
(d) an application for the conclusion of a contract for the sale of an undertaking or part of it, a contract for the lease of an undertaking or part thereof (4), irrespective of which party the issuer is, provided that the due and timely repayment of the debt claims may be jeopardised;
(e) if it is late in satisfying the rights associated with the bonds issued by it for more than 7 days from the date on which the law may have been exercised,
(f) a proposal to submit an application for the exclusion of bonds from trading on the official market1); or
(g) other changes which may significantly impair its ability to meet its obligations under its bonds
(hereinafter referred to as "fundamental changes').

Sign in for notes, favorites and notifications

Rating:

Comments 0

To write comments, please sign in.

Regulation Information

CitationFull text of Act No. 288 / 2006 Coll., Act No. 190 / 2004 Coll., on Bonds, as resulting from subsequent amendments
Regulation TypeDeclared full text
Author-
CollectionCode of Laws
Date of Promulgation14.06.2006
Effective from-
Effective until-
Status Valid
The regulation text is for informational purposes only.
Favorites
Browsing History