Act No 333 / 2014 Coll.
Act amending Act No. 87 / 1995 Coll., on savings and credit cooperatives and certain measures related thereto and supplementing Act No. 586 / 1992 Coll., on Income Tax, as amended, as amended
Valid
Law
Effective from 01.01.2015
333
THE LAW
of 9 December 2014
amending Act No. 87 / 1995 Coll., on savings and credit cooperatives and certain measures related thereto and supplementing Act No. 586 / 1992 Coll., on Income Taxes, as amended, as amended
Parliament has decided on this law of the Czech Republic:
Act No. 57 / 2008 Coll., Act No. 70 / 2006 Coll., Act No. 120 / 2007 Coll., Act No. 296 / 2007 Coll., Act No. 126 / 2008 Coll.
1. In Paragraph 3 (4), the sentence "The sum of the member's interest-related balances or similar advantage shall not exceed 10 times the sum of his paid-up basic member contribution and the additional member deposit paid-up."
2. Paragraph 3 (5), including footnotes 45 and 46, reads:
"(5) The cooperative reserve can provide a loan to one member, members who are economically linked persons45), or members who are close to civil law46), up to a total amount of CZK 30 000 000.
45) Point (39) of Article 4 (1) of Regulation (EU) No 575 / 2013 of the European Parliament and of the Council.
46) § 22 of Act No. 89 / 2012 Coll., Civil Code. '.
3. In Paragraph 4b (1), the second sentence is replaced by the sentence "The basic member contribution is at least CZK 1,000. Membership of the cooperative advance shall first arise through the repayment of the basic member contribution. ';
4. In Paragraph 4b (2), the words "and, if the members' meeting agrees to this, the word" five times' shall be replaced by the word "multiple 'and the words" 90 days after the date of the consent of the members' shall be deleted.
5. In Article 4b, at the end of paragraph 4, the sentence "Paragraph 4c (2) shall apply mutatis mutandis for the payment of property settlement."
6. In Article 4c, at the end of paragraph 2, the sentence "The cooperative deposit shall postpone the payment of the settlement interest or part thereof if the payment could jeopardise compliance with the requirements under the directly applicable European Union prudential regulation (38), taking into account in particular the facts referred to in Article 10 (3) of Commission Delegated Regulation (EU) No 241 / 2014, until the reasons for the postponement have elapsed. '
7. In Paragraph 8, the present text becomes paragraph 1 and the following paragraphs 2 and 3 are added:
"(2) The balance sheet sum of the cooperative reserve must not exceed CZK 5 000 000 000.
(3) The aggregate balance sheet total of cooperative advances which are controlled by the same person or persons acting in agreement must not exceed CZK 5 000 000 000. "
8. in Article 10 (1) (a), "10" is replaced by "20" and "20% of the total" is replaced by "30% of the total."
9. In Paragraph 14 (1), at the end of the second sentence, the words "; the percentage of the cooperative reserve contribution is twice the percentage of the bank's contribution 'shall be added.
10. in Paragraph 28g, the following paragraphs 4 to 6 are inserted after paragraph 3:
"(4) If the Czech National Bank finds that the balance sheet total of the cooperative reserve exceeded CZK 5 000 000 000, it will deposit a back-up measure to remedy the situation and provide a reasonable time to remedy the situation for up to 1 year. The Czech National Bank will withdraw its authorisation if the cooperative is not corrected within this period.
(5) If the Czech National Bank finds that the aggregate balance sheet total of the cooperative advances referred to in § 8 (3) exceeded CZK 5 000 000 000, it will impose measures to remedy these cooperative advances and provide a reasonable period of time to remedy them, up to a maximum of 1 year. The Czech National Bank shall withdraw the authorisation of all the cooperative reserves referred to in § 8 (3) if the cooperative reserves concerned do not comply with this deadline.
(6) At the time of the procedure for the application of the cooperative reserve to agree to change the legal form to a public limited liability company and the procedure for granting a bank licence under the law governing the activities of banks, the procedures referred to in paragraphs 4 and 5 shall not apply. ';
Paragraphs 4 and 5 shall be renumbered paragraphs 7 and 8.
Transitional provisions
1. The provision on the minimum amount of capital referred to in Article 4 (1) of Act No 21 / 1992 Coll., as amended shall not apply within 12 months of the date of entry into force of this Act. In such a case, a share capital of at least EUR 5 000 000 is required to agree to the change of legal form and to grant a bank licence under § 4a of Act No. 21 / 1992 Coll., as amended. At the same time as the application for a bank licence, submitted within the period referred to in the first sentence, the cooperative bank shall submit to the Czech National Bank for approval a real five-year capital increase plan from the time the bank licence was granted; the plan does not submit if its capital is at least CZK 500,000 000. Failure to comply with a capital increase plan approved by the Czech National Bank or to comply with the conditions under which the plan was approved is a lack of activity under the law governing the activities of banks.
2. The bank resulting from the change in the legal form of the cooperative reserve referred to in point 1 shall not be subject to the provisions on the minimum capital amount laid down in Article 4 (1) of Act No. 21 / 1992 Coll., as amended, for a period of 5 years from the date of the grant of the bank licence; However, this bank's capital must not fall below EUR 5 000 000. The Czech National Bank shall withdraw a bank licence if it finds that it has not increased its core capital up to the above mentioned in § 4 (1) of Act No. 21 / 1992 Coll., as amended, within 5 years from the date of the grant of the bank licence, if not for a bank under compulsory administration.
3. The activity referred to in § 3 (5) of Act No. 87 / 1995 Coll., as effective before the date of entry into force of the Act, carried out under contracts concluded before the date of entry into force of the Act, is obliged to terminate the cooperative reserve by 31 December 2017 at the latest. The commitments of these contracts shall expire by 31 December 2017 at the latest, unless the entity of those commitments becomes a member of the cooperative reserve.
4. The member of the cooperative reserve shall bring the amount of his basic member contribution into line with the statutes of the cooperative reserve within the period specified in those statutes; However, the amount of the basic member contribution must be at least CZK 1 000 at the date of entry into force of Article 2 (1) (b). I (3). If that obligation is not fulfilled, membership of the cooperative advance shall cease and the related deposits and loans shall be settled by 31 December 2020 at the latest; deposits may not be increased until settlement, except for interest and loans credited, beyond the original contractual terms.
5. Paragraph 3 (4) of the Second Law No 87 / 1995 Coll., as effective from 1 July 2015, shall not apply in respect of the sum of deposits linked to interest or similar advantage which a member has placed in the cooperative reserve before 1 July 2015 until the date on which the maturity of such deposits is extended or increased; the interest payable shall not be taken into account. As of 1 January 2018, the provisions of § 3 (4) of the Second Act No. 87 / 1995 Coll., as effective from 1 July 2015, shall apply to such a summary of deposits, in the event that the sum of the paid-up basic member deposit and the paid-up additional member deposit of the member of the cooperative reserve does not exceed CZK 20 000. If the first limitation referred to in § 3 (4) sentence of the second Act No. 87 / 1995 Coll., as amended as from 1 July 2015, is applied to the sum of the deposits of the member of the cooperative reserve referred to in the sentence of the first limitation, the interest or similar advantage of the member of the cooperative advance shall not be due to the part of the aggregate of the deposits which exceeds the specified limit.
Efficacy
This Law shall enter into force on 1 January 2015, with the exception of Article I (1), which shall take effect on 1 July 2015, and Article I (2), (3), (7) and (10), which shall take effect on 1 January 2018.
Hamlet v. r.
Zeman v. r.
Sobotka v. r.
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Regulation Information
| Citation | Act No. 333 / 2014 Coll., amending Act No. 87 / 1995 Coll., on savings and credit cooperatives and certain measures related thereto and supplementing Act No. 586 / 1992 Coll., on Income Tax, as amended, as amended |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 29.12.2014 |
|---|---|
| Effective from | 01.01.2015 |
| Effective until | - |
| Status | Valid |
Legal Areas:
Banking, Money
Finance
The regulation text is for informational purposes only.
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