Decree No. 304 / 1992 Coll.
Ordinance of the Federal Ministry of Finance on the settlement of claims from the foreign trade company Tuzex and the balances of accounts held therein
Valid
Effective from 01.07.1992
304
DECLARATION
Federal Ministry of Finance
of 1 June 1992
on the settlement of claims from the foreign trade undertaking's external trade receipts and balances of accounts held therein
The Federal Ministry of Finance, in agreement with the State Bank, provides for the Foreign Trade Ministry of Czechoslovakia and the Federal Ministry of Foreign Trade pursuant to § 49a of Foreign Exchange Act No. 528 / 1990 Coll., as amended by Act No. 228 / 1992 Coll.:
This Decree regulates the way in which the rights of the foreign trade company Tuzex (hereinafter referred to as the "removal orders') and the balances of accounts held in them as a result of the termination of the sale of goods and the provision of services for the purchase orders by the company Tuzex.
The sale of goods and services by the joint-stock company Tuzex (hereinafter referred to as "Tuzex '), per purchase order, in cash, by cash transfer, by means of special-purpose removal orders and payment cards issued for payment in the purchase order at all the Tuzex premises, shall end on the date of entry into force of this decree.
(1) Balances in the accounts held in the purchase orders with the Zivnostenská banka, a. s. and the Czechoslovak Commercial Bank, a. s., are recalculated on a one-off basis according to the disposition given by the person entitled to dispose of the account held in the purchase orders with the consideration in the freely convertible currency or the countervalue in the Czechoslovak currency. The consideration in the freely convertible currency may be converted into the balance in the account held in the purchase order if the balance in that account is at least 55 CZK.
(2) The period for granting the disposition referred to in paragraph 1 shall be one year from the date of entry into force of this Order. After the deadline, convert Zivnostenská banka, a. s. and Czechoslovak commercial bank, a. s. the balance on the account held in the purchase orders to only the countervalue in Czechoslovak currency.
(3) After conversion of the balances in the accounts held in the purchase orders and after payment or transfer of the consideration in the freely convertible currency or in the Czechoslovak currency (§ 3 (1) and (2)) Živnostenská banka, a. s. and Czechoslovak commercial bank, a. s. cancel these accounts.
The exchange of the removal orders issued after 1 January 1989 shall be carried out by the holder of all domestic branches of the Zivnostenská banka, a. s., Czechoslovak Commercial Bank, a. s., Commercial Banks, a. s. and General Credit Bank, a. s., according to the holder's disposition either to consideration in freely convertible currency or in Czechoslovak currency. A consideration in the freely convertible currency may be converted into a sample order issued for circulation only if the holder submits a sample order with a nominal value of at least 55 CZK for one exchange.
Receipts issued before 31 December 1988 shall be exchanged to holders only for consideration in the Czechoslovak currency. The exchange is carried out by the banks referred to in Section 4.
(1) The time limit for submission of the removal orders in circulation pursuant to Articles 4 and 5 shall be one year from the date of application of this order. On expiry of that period, the entitlement to the exchange of the removal orders shall cease.
(2) Banks may require the holder of the purchase order to pay the costs associated with the exchange of the purchase order.
(1) In order to convert the balances on the accounts held in the purchase orders (§ 3 (1)) and to exchange the purchase orders issued for circulation (§ 4) for the consideration in the freely convertible currency, the conversion rate of 1 German mark for the purchase orders at a nominal value of 5,50 Kns is used. The conversion rate and rate of the German mark against the required freely convertible currency shall be used for conversion into consideration in another freely convertible currency. The exchange rate shall be derived from the exchange rates at the centre of the German mark and the required freely convertible currency against the Kčs declared by the Czechoslovak State Bank on the day of receipt by the bank.
(2) The conversion of the balances in the accounts held in the purchase orders (§ 3 (1)) and the exchange of the purchase orders issued for circulation (§ 4 and 5) for the consideration in the Czechoslovak currency shall be subject to the conversion rate in accordance with the preceding paragraph and the exchange rate of the German mark against the Kès declared by the State Bank of Czechoslovakia on the date of entry into force of this decree.
Management of foreign exchange funds acquired under this decree is governed by special regulations 1)
The difference between the nominal value of the removal orders and the value paid in the Czechoslovak currency or in freely convertible currencies shall be paid from the funds of the Czechoslovak Federation.
This Decree shall take effect on 1 July 1992.
Minister:
Doc. Ing. Klaus CSc. v. r.
1) Foreign exchange Act No. 528 / 1990 Coll., as amended by Act No. 228 / 1992 Coll. Decree No. 303 / 1992 Coll., implementing the Foreign Exchange Act.
Sign in for notes, favorites and notifications
Regulation Information
| Citation | Decree of the Federal Ministry of Finance No. 304 / 1992 Coll., on the settlement of claims from the Foreign Trade Company's removal orders and the balances of accounts held therein |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 23.06.1992 |
|---|---|
| Effective from | 01.07.1992 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
Comments 0