Act No. 31 / 1950 Coll.
Law on the Czechoslovak State Bank
Valid
Effective from 01.04.1950
31.
Law
of 9 March 1950
about the Czechoslovak State Bank.
The National Assembly of the Czechoslovak Republic decided on the following Act:
The purpose of the bank and its organisation.
In order to ensure that all tasks relating to currency and money are carried out and not procured directly by other public authorities and that these tasks are performed in accordance with economic planning, the Czechoslovak State Bank (hereinafter the "Bank ') is established.
(1) The Bank shall assume all rights and obligations:
1. Czechoslovak National Banks,
2. Trade banks, national enterprise,
3. Slovak Tatra Bank, National Enterprise,
4. Postal savings banks, national enterprise,
gradually following instructions from the Ministry of Finance.
(2) The Constitution referred to in paragraph 1 shall cease its activities by transferring rights and obligations to the Bank and shall expire on a date specified by the Finance Minister by the Decree in the Collection of Laws.
(1) The Bank is a State Constitution; is a legal person. It does not guarantee the State's obligations, but would explicitly assume such a guarantee.
(2) The Bank's designation is "Czechoslovak State Bank."
(3) The seat of the bank is in Prague.
(4) The Bank enjoys legal protection which is incumbent upon national undertakings.
(1) The Bank carries out its activities through its headquarters in Prague, the Regional Institute for Slovakia in Bratislava and its branches; the tasks of branches may also be entrusted to other monetary institutions.
(2) The Bank will adjust its breakdown by the organisational rules approved by the Minister for Finance.
The scope of the bank.
The bank has the exclusive right to issue banknotes and to manage the circulation of tender.
(1) In particular, the Bank
(a) receives cash deposits in current and cheque accounts and in books, is a national money centre, provides direct short-term credit to the economy, controls the use of funds in the economy under the guidelines issued for the control of the economic plan, provides credit to the money institutions and controls their lending operations under the instructions of the Ministry of Finance;
(b) carry out a treasury service for the State;
(c) is the head office of non-cash payment;
(d) purchases and sells securities and is a deposit centre;
(e) procures the location of securities issued by the State;
(f) making payment with a foreign country, including postal transfers, and is entitled to conclude and provide loans and take over guarantees abroad;
(g) trade in precious metals and foreign means of payment;
h) prints tender and securities in its own printer for others.
(2) The Bank operates money transactions in accordance with rules which it issues with the approval of the Minister for Finance.
(3) The Bank ensures that its stocks of precious metals and foreign means of payment are in line with the needs of the balance of payments, controls payment with a foreign currency, and can, as authorised by the Minister of Finance, represent the State in international monetary and banking facilities and co-operate in international financial and commercial policy negotiations.
(1) The Bank has the right, in its field of competence, to require and issue binding directives from money institutions and other undertakings, reports and documents on economic activities. These directives are approved by the Ministry of Finance in agreement with the competent central authorities.
(2) The Bank provides the central authorities with the data needed to establish and control the implementation of the economic plan.
Bank management.
(1) The Bank is managed by the Director-General, who is personally accountable to the Minister for Finance and is obliged to follow his instructions and directives. It is represented by a deputy whose responsibility will be determined by the organisational rules (§ 4 (2)).
(2) The Director-General represents the bank externally.
(3) The Director-General and his Deputy Director are appointed and dismissed by the Government on a proposal from the Minister for Finance.
(4) The Director-General and the Deputy Director shall take a vow to the Minister for Finance.
(5) The Director-General and the Deputy Director shall, if not already, become staff of the Bank; their duties shall cease on the date on which they were withdrawn or on the date on which it was noted that they were surrendered.
(6) The appointment and removal of the Director-General and Deputy Director shall not be subject to the rules on co-decision of the race council on recruitment and dismissal of staff, on the basis of the involvement of that representative in the assignment of staff to posts and the prior agreement of the district national committee on the negotiation and disengagement of employment.
(1) The management of the Bank's activities shall be managed by senior directors, the Regional Institute shall be managed by the Chief (Regional) Director; the extent of their responsibilities and powers are laid down in the organisational rules (Section 4 (2)).
(2) The Chief Executive shall be appointed and dismissed by the Minister of Finance after hearing the Director-General and the Central Board of Trade Unions. The head of the Regional Institute of the Czechoslovak State Bank is appointed by the Bureau of the Slovak National Council on a proposal from the Director General and after hearing the Slovak Trade Union Council.
(3) Paragraphs 9 (5) and 9 (6) apply mutatis mutandis to senior directors.
The Bank shall be signed jointly by the Director-General and the Deputy Director-General or by one of them and one of the Directors-General. The scope of the authorisation of additional staff to sign for the bank shall be laid down in the organisational rules (Section 4 (2)).
Bank employees.
The bank shall also be transferred, pursuant to Article 2, to all liabilities and rights of the institutions cancelled in respect of the pension provision of their employees and their survivors. The pension rights of these employees and their survivors under the pension arrangements and regulations or membership of supplementary pension institutions and funds shall be maintained until a new adjustment is made by the government by the regulation. In agreement with the Ministry of Labour and Social Welfare and after consulting the Central Council of the Trade Unions, the Ministry of Finance may reduce the amount of the high rest and provision benefits to an appropriate level, but not below their scope under the national employee insurance rules.
The bank's economy.
(1) The Bank shall draw up the accounts and the annual report within 3 months of the end of the calendar year.
(2) The accounts and the annual report are examined by the Ministry of Finance, which submits them to the Government for approval, and by the Supreme Accounting Audit Office which reports them to the Government.
The tender circulation reports shall be published by the Bank on the relevant official list.
General provisions.
(1) The submission of the parties to the bank, the documents drawn up in the course of trade with the bank and the instruments of credit and loans granted by the bank are exempt from the fees.
(2) Interest on deposits deposited with the Bank as a national money centre is exempt from rent tax.
The books and extracts of the bank and the documents issued by the bank shall be authentic.
Transitional and final provisions.
(1) The right of the Czechoslovak National Bank to issue banknotes expires on the date of the entry into force of this Act.
(2) The National Bank of Czechoslovakia banknotes are considered to be the Czechoslovak State Bank banknotes.
(1) If the matter is not governed by this law and it is not an activity which the institutions referred to in Paragraph 2 are still engaged in, the bank is understood to be involved wherever legislation refers to these institutions.
(2) The specific authorisations of the institutes referred to in Article 2 are for the bank.
(1) On a proposal from the Bank, the courts shall register ownership and other rights to the Czechoslovak State (the Czechoslovak State Bank) with reference to § 2 of this Act.
(2) Legal acts, documents and official acts which serve to transfer the rights and obligations of the institutes referred to in Article 2 to a bank shall be exempt from the fees.
(1) Legislation which is contrary to this Act shall cease to apply.
(2) In particular:
(a) the date of expiry of the Postal Savings Bank, the National Company (§ 2 (2)) of Act No. 143 / 1930 Coll., on the Postal Savings Bank, as amended by the Regulations amending it and Act No. 182 / 1948 Coll., extending the scope and the legal nature of the Postal Savings Bank,
b) the date of the demise of the Czechoslovak National Bank (§ 2 paragraph 2) Act No. 38 / 1948 Coll., on the Czechoslovak National Bank.
(3) Regulations issued in accordance with the provisions of the Regulations whose validity is revoked under paragraphs 1 and 2 shall continue to apply unless they contravene this law.
The Minister of Finance is hereby authorised to amend, in accordance with the Act, the organisation and administration of the institutes referred to in § 2, as well as the legal conditions, where necessary as a result of the repeal of the provisions referred to in § 24.
This Act shall take effect on 1 April 1950; it shall be implemented by the Finance Minister in agreement with the participating members of the Government.
Gottwald v. r.
Dr John v. r.
Zaporocký v. r.
Cable v. r.
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Regulation Information
| Citation | Act No. 31 / 1950 Coll., on the State Bank of Czechoslovakia |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 24.03.1950 |
|---|---|
| Effective from | 01.04.1950 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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