Government Decree No. 34 / 1955 Coll.
Regulation on directors' funds in state-owned enterprises, other retail, commercial and supply organisations, tourism and tourism enterprises
Valid
Effective from 01.01.1955
34
Government Regulation
of 10 June 1955
on management funds in state-owned businesses, other retail, commercial and supply organisations, and tourism and tourism enterprises.
The Government of the Czechoslovak Republic orders pursuant to § 15 paragraph 1 of Act No. 12 / 1955 Coll., on the State Plan for the Development of the National Economy of the Czechoslovak Republic for 1955:
(1) In order to increase the initiative and responsibility of directors of state-owned businesses and other retail, commercial and supply organisations, as well as tourism and tourism undertakings, and to encourage the material interest of employees in the implementation of the plans, a management fund may be set up in those undertakings and organisations (hereinafter referred to as "undertakings") (hereinafter referred to as "the Fund").
(2) The Minister of Finance is hereby authorised to designate, in agreement with the Minister responsible for the matter and after hearing, a single trade union organisation in which undertakings and from which time the Fund is established.
(1) A share of the planned profit of 1% is included in the fund.
(2) In addition, if the company exceeds the profit plan, the fund shall have a 15% share of the aggregate overpaid profit.
(3) The Fund will also receive a remuneration from the overpayment of its own funds (Turnover Funds) in accordance with the terms and conditions laid down by the Finance Minister by the Specific Directives.
(4) The condition for the granting of shares is that the undertaking fulfils or exceeds the retail or wholesale turnover plan or the sales plan in the planned structure, the production plan of the goods in the specified range, the forecast profit and does not exceed the planned circulation costs.
(5) The annual aggregate share of the fund, including the remuneration of the overpayment of own funds, may not exceed 5% of the annual wage fund of the employees of the undertaking active in the main business of the undertaking, converted into a percentage of the actual volume of retail or wholesale turnover and the production of goods.
In determining the amount of the excess profit, those profits shall not include amounts which result from causes which are independent of the business or production activities of the undertaking.
(1) At the end of each quarter, an advance share of 50% of the amount calculated in accordance with Article 2 shall be transferred to the Fund from the beginning of the year on the aggregate results obtained on the company's balance sheet.
(2) The final amount of the share transferred to the Fund is determined on the basis of the approved annual balance sheet.
(1) The fund's resources are used by the Director of the Enterprise:
(a) to expand the business operation or production, to build and repair the housing business of the company and to improve the technical improvement of trade or production (small mechanisation, implementation of improvement proposals, etc.) and beyond planned investments, at the rate of 40% of the Fund's resources;
(b) to pay individual rewards to the winners of socialist competitions, to workers for excellent work, to pay workers' recreation vouchers and to pay one-off aid to the workers of the enterprise;
(c) to improve the cultural, social, hygienic, health and safety care of business workers (to improve auxiliary economies, to establish children's facilities, to purchase inventory for such facilities, for physical purposes, clubs and the like).
(2) Expenditure relating to the Fund may be carried out only at the amount already transferred to the Fund. The disbursement of amounts which are still expected to be transferred to the Fund shall be prohibited.
The fund budget shall be approved by the Director of the Enterprise after consultation with the Racing Board. The use of the Fund's resources, in particular the purpose and amount of the amounts spent, shall be made known to all the undertakings working.
The Ministry of Finance is responsible for checking the disbursement of the fixed amounts to the Fund and issuing the funds in enterprises. The rights of the ministries concerned to carry out this check and their responsibility for it shall remain unaffected.
The Ministry of Finance shall, in agreement with the participating ministries and the Single Trade Union Organisation, issue directives for the implementation of this Regulation.
The undertakings with which the fund was set up are not subject to the provisions of Decree No. 104 / 1945 Coll., on Racial and Business Councils, as amended by Act No. 188 / 1948 Coll., where they provide for an obligation to pay the individual fund of workers a share of the net profit.
This Regulation shall enter into force on 1 January 1955; they shall be implemented by the Finance Minister in agreement with the participating members of the Government.
Zaporocký v. r.
Dr Dolansky v. r.
Děuriš v. r.
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Regulation Information
| Citation | Government Decree No. 34 / 1955 Coll., on Directors' Funds in State Trade Enterprises, Other Corporate Sales, Commercial and Supply Organisations and Tourism Enterprises |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 30.07.1955 |
|---|---|
| Effective from | 01.01.1955 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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