Act No. 290 / 2009 Coll.
Act on the abolition of the Collaborative Reserve
Valid
Law
Effective from 04.09.2009
Text versions:
04.09.2009
290
THE LAW
of 22 July 2009
on the abolition of the Cooperative Guarantee Fund
Parliament has decided on this law of the Czech Republic:
The Cooperative Reserve Guarantee Fund ("the Fund ') shall be repealed without liquidation on 31 December 2010.
(1) On 1 January 2011, the Czech Republic ("the State") enters into all the rights and obligations of the Fund arising from the legal relations in which it was a participant in the Fund, including the rights and obligations of employment relations. In these legal relations, the Ministry of Finance ("the Ministry ') acts on behalf of the State.
(2) All assets of the Fund are transferred to the State on 1 January 2011. The management of the property that passed over to the State is for the Ministry.
(3) By expiry of 31 December 2010, the powers of attorney granted by the Fund will cease to exist.
(4) On 31 December 2010, the person responsible for the Fund shall draw up the accounts in accordance with another legislature1).
On 1 January 2011, instead of the Fund, the State becomes a party to the proceedings in which it acts as a participant in the Fund.
Transitional provisions
The savings and credit cooperative (hereinafter the "cooperative reserve '), in which a fact occurred pursuant to Article 17 (1) or (4) of Act No. 87 / 1995 Coll., on savings and credit cooperatives and certain related measures and the addition of the Act of the Czech National Council No. 586 / 1992 Coll., on income taxes, as amended, as amended, as amended, in the version effective until 31 March 2006, or which was abolished with liquidation before 1 April 2006, is required to pay the contribution to the Fund pursuant to Article XV (14) of Act No. 57 / 2006 Coll., on the amendment of the laws relating to the consolidation of the supervision of the financial market, for the last time for 2008.
Compensation for the insured contribution pursuant to Article 17 (1) of Act No. 87 / 1995 Coll., on savings and credit cooperatives and certain related measures and on the addition of the Act No. 586 / 1992 Coll., on income taxes, as amended, as amended, as amended, and on the amendment to the Act No. 586 / 1992 Coll., on income taxes, as amended, as amended, by the Act No. 87 / 1995 Coll., on savings and credit cooperatives, and on certain measures relating thereto, has been completed by the Act No. 586 / 1992 Coll. 2.
(1) A cooperative reserve which had been cancelled with liquidation before 1 April 2006 and against which the Fund had not received notification by the Office for the Supervisory of Cooperative Reserves or by the Czech National Bank of its inability to meet its obligations towards the beneficiary under legal and contractual conditions by the date of entry into force of this Act, shall pay all insured deposits to the beneficiary no later than 3 months after the date of entry into force of this Act. The liquidator shall notify the Czech National Bank of compliance within 5 working days at the latest.
(2) A cooperative deposit which does not pay all the insured deposits within the period referred to in paragraph 1 shall be deemed to be a cooperative deposit which is unable to meet its obligations to the beneficiary under legal and contractual conditions. This fact is required by the liquidator to notify the Czech National Bank no later than 5 working days after it has been detected. After determining the date of the start of the payment of the compensation, the liquidator shall send to the Fund, within the time limit set by the Fund, the identification details of the beneficiary and the amount of his insured deposits in the cooperative reserve.
(3) For failure to fulfil one of the obligations of the liquidator referred to in paragraph 1 or 2, the Czech National Bank shall impose a fine of up to CZK 200,000 on the liquidator; He may impose the fine repeatedly. However, the total amount of fines thus imposed must not exceed CZK 500,000. The fine may be imposed no later than 6 months from the date on which the obligation referred to in paragraph 1 or 2 was to be fulfilled. The income from fines is the income of the state budget. Failure to fulfil one of the obligations referred to in paragraph 1 or 2 may also constitute grounds for the removal of the liquidator.
(4) At the request of the Fund, the beneficiary shall be required to demonstrate to the Fund the existence and amount of his claim for the cooperative reserve. This call must be made to the person entitled in the form of a letter of delivery delivered to his own hands, with a receipt. If the existence or amount of the claim is not established within 60 days of the date of receipt of the request, the claim for reimbursement shall cease. If, at the time of the request of the Fund, judicial proceedings are held on who is the beneficiary, that period shall not start until the beginning of the day following the date on which the decision of the court on who is the beneficiary becomes final.
(5) When fixing the date on which refunds are to be paid, their entitlement to compensation is to be established and the refund paid is to be treated in accordance with existing legislation2).
In the event that the compensation is not paid to the beneficiary by the Fund before its cancellation, the payment shall be made to the beneficiary by the Ministry within 3 months of the date on which the beneficiary has demonstrated his claim.
Efficacy
This Act shall take effect on the day of its publication.
z.
Klaus v. r.
Fischer v. r.
1) Act No. 563 / 1991 Coll., on Accounting, as amended.
2) Article XV, point 12 of Act No 57 / 2006 Coll., on the amendment of laws in connection with the unification of financial market supervision.
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Regulation Information
| Citation | Act No. 290 / 2009 Coll., on the abolition of the Collaboration Fund |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 04.09.2009 |
|---|---|
| Effective from | 04.09.2009 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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