Act No. 38 / 1948 Coll.
Act on the National Bank of Czechoslovakia
Valid
Effective from 24.04.1948
Contents
Oddíl I.
§ 1.
§ 2.
§ 3.
§ 4.
Oddíl II.
§ 5.
§ 6.
§ 7.
§ 8.
§ 9.
§ 10.
§ 11.
§ 12.
§ 13.
§ 14.
§ 15.
§ 16.
§ 17.
§ 18.
§ 19.
Oddíl III.
§ 20.
§ 21.
Oddíl IV.
§ 22.
§ 23.
§ 24.
§ 25.
§ 26.
§ 27.
Oddíl V.
§ 28.
§ 29.
§ 30.
§ 31.
§ 32.
Oddíl VI.
§ 33.
§ 34.
§ 35.
§ 36.
§ 37.
Oddíl VII.
§ 38.
Oddíl VIII.
§ 39.
§ 40.
Oddíl IX.
§ 41.
§ 42.
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38.
Law
of 11 March 1948
about the Czechoslovak National Bank.
The Constitutional National Assembly of the Czechoslovak Republic decided on this law:
Basic provisions.
The State exercises the management of the currency throughout the national territory to the extent provided for by this Act by the Czechoslovak National Bank (hereinafter "the Bank ').
The Bank shall have the exclusive right to issue banknotes, to manage the circulation of tender in the country and to ensure that they function properly in the State.
(1) The Bank is involved in the development of an economic plan, taking into account the interests of the currency and securing the plan financially.
(2) The Bank, according to the needs of the Czechoslovak economy and taking into account the economic plan, manages the money market and takes care of the granting of a loan to the economy and of the effective concentration and economic use of funds.
(3) The Bank shall keep credit records and carry out monetary checks.
(4) The Bank is entitled to issue binding directives in order to achieve the objectives pursued in paragraphs 2 and 3.
(1) The Bank shall manage payment and monetary relations with a foreign country in accordance with the relevant rules and may, under the authority of the Minister of Finance, represent the State in international monetary and banking facilities and co-operate in financial and commercial policy negotiations.
(2) The Bank is obliged to maintain the gold and Devis status at the level required by the balance of payments and currency management requirements which it is obliged to maintain and ensure the stability of the monetary unit.
(3) The Bank manages and controls foreign exchange holdings in accordance with the relevant legal provisions.
Organisation and management of the bank.
(1) The Bank is a public state institution; is a separate legal person. The bank's seat is in Prague.
(2) The Bank's core assets amount to CZK 500 million.
(1) The designation of the bank is Czech: "National Bank of Czechoslovakia," Slovak: "National Bank of Czechoslovakia."
(2) The Bank is not obliged to register. If the names of authorised representatives and changes are declared in the bank's rooms, it is sufficient for the legal negotiations and documents to be binding and valid.
(3) The bank's books and extracts are authentic.
The Bank carries out its activities by its headquarters in Prague, the Regional Institute for Slovakia in Bratislava and the Filipino Offices; In addition, it may entrust other institutes with the task of branches. A bank may set up new or disturb the existing filial offices only with the approval of the government. The location which is the head office, the regional institute or the regional office, serves the bank place, the territory assigned to it by the banking district.
(1) The governing body of the Bank is a nine-member banking board consisting of the Governor, the Vice-Governor and seven other members. The Governor or Vice-Governor and two other members are Slovaks.
(2) Only Czechoslovak citizens with the necessary expertise and experience can be members of the Banking Board.
(3) The members of the Bank Board shall enjoy an annual compensation for their activities, the amount of which shall be fixed by the Government on a proposal from the Minister for Finance. The refund shall be paid by the bank.
(4) Members of government and legislative bodies cannot be members of the Bank Board.
(1) The Governor and the Vice-Governor shall be appointed for five years and shall refer the President of the Republic to the proposal of the Government.
(2) Where a State or other public servant is the Governor or the Vice-Governor, the provisions in force in the event that a national or other public employee becomes a member of the National Assembly shall apply mutatis mutandis to his employment.
The other members of the Bank Board shall be appointed for five years and shall be dismissed by the Government on a proposal from the Minister of Finance, filed with regard to the Slovak members after the statement of the delegate. One member must be an official of the Ministry of Finance; at the same time, the government shall appoint an alternate to represent him in his capacity, if he is busy.
(1) Before taking up their duties, the Governor and the Vice-Governor shall make a promise to the President of the Republic to carry out their duties properly and to maintain confidentiality regarding matters requiring official and commercial secrecy.
(2) The other members of the Bank Board shall carry out this promise in the hands of the Governor and confirm it in writing.
(1) The Governor shall convene and manage the meetings of the Bank Board and shall ensure that the resolutions adopted are implemented, ensure that all the regulations in the Bank's business are maintained and that the Bank Board, acting on behalf of the Bank Board, oversees the management of its assets and decides on urgent matters relating to normal business otherwise to the Banking Board, unless it is possible to reach its decision in time; in such a case, it shall report its decision at the next meeting of the Banking Board.
(2) The Governor is obliged to attend, at the invitation of the Government, with a vote from its advisory meeting, in which economic, monetary, financial and monetary issues are discussed.
(3) The Governor is represented by the Vice-Governor and subsequently by another member of the Banking Board appointed by the Governor.
(1) By the end of March of each year, the Governor shall present to the State, in the assembly of invited representatives of political, economic and cultural life, an overview of the activities of the Bank over the past year, as well as of the economic development of domestic and global, as reflected in the Bank's operation and management.
(2) The day-to-day programme and the order of the negotiations on this bank day shall be established by the Bank Board.
(1) The Bank Board shall manage the management of the Bank in both personal and factual terms, in particular:
(a) it shall be issued by the approval of the Ministry of Finance for itself and the other authorities of the Bank by the Rules of Procedure; as regards the Regional Institute for Slovakia, the Ministry of Finance will do so after the discharge of the delegation,
(b) appoint and issue, with approval by the Ministry of Finance, the staff of the Bank, in agreement with the Ministry of Social Welfare, Staff, Pension and Disciplinary Regulations;
(c) specify in more detail the conditions and manner in which the Bank's transactions are carried out;
(d) fix a uniform interest rate, including a fixed interest rate, for the entire territory of the Czechoslovak Republic and declare it in the Official Journal;
(e) oversees all the activities of the Bank.
(2) The Bank Board is entitled to make good statements or suggestions to the Government through the Minister of Finance on economic, monetary, financial and monetary issues. It has the right to comment on the curriculum of laws and regulations governing these issues.
The bank is represented by the Governor or his representative (§ 12 (3)). The Governor or his representative (§ 12 (3)), one member of the Bank Board and the Managing Director of the Bank or its Deputy Director (§ 20) sign for the Bank. The Bank Board shall determine the method of signing the Bank in the ordinary course of business.
(1) Regular meetings of the Bank Board shall be held at least once a month, exceptional as necessary.
(2) Meetings of the Banking Board must be convened if at least three members of the Banking Board so request or if a revised committee so decides (§ 19).
(3) The meetings of the Bank Board on employment and organisational issues will be attended by representatives of staff with an advisory vote.
(4) The Banking Board may be divided into three-member committees for the more detailed exercise of its activities, for the negotiation of normal trade matters and for the preparation of proposals for the deliberations of the Banking Board. The scope of the Committee's independent activities shall be determined by the Banking Board. The chairman of the committees shall be appointed by the Governor.
(1) The Bank Board shall be entitled to a resolution if at least five members are present with the President (Section 12).
(2) It shall be decided by a simple majority of those present; The President shall only vote in equal votes. If the President or the representative of the Ministry of Finance disagree with the adopted resolution (Paragraph 10), the enforcement of the resolution shall be suspended until the decision of the Minister of Finance, who, if the President so requests, shall report to the Government before his decision on the matter.
(3) Minutes shall be made of each meeting of the Bank Board.
(1) The Supervisory Body of the Bank is a review committee consisting of six members, two of whom are Slovaks. The members of the review committee shall be appointed for four years and at any time the Government shall, on a proposal from the Minister of Finance, after a statement by the delegate of the funds from the Slovak members. At least two members shall be officials of the financial administration. At the same time, the government shall appoint a chairman and Deputy Director from among its members. If he is governor of Bohemia, he is chairman of the review committee Slovak and vice versa.
(2) Only Czechoslovak citizens with the necessary expertise and experience can be members of the review committee.
(3) The members of the review committee shall benefit from annual compensation for their activities, the amount of which shall be fixed by the Government on a proposal from the Minister for Finance. The refund shall be paid by the bank.
(4) Members of governmental and legislative bodies cannot be members of the review committee.
(5) The members of the review committee will make a promise to the Minister of Finance that they will perform their duties properly and that they will remain silent about everything they have learned in the course of their activities, without prejudice to their otherwise imposed official duties; they shall confirm in writing.
(6) The Review Committee shall be competent to give a resolution if at least four members are present with the Chair. It shall be decided by a simple majority of those present; The President shall only vote in equal votes. Minutes of each meeting shall be drawn up.
(1) The review committee is required to verify whether the activities of the bank comply with the legal provisions, and to examine, at least on a quarterly basis, the state of the business and the assets of the bank. its members have the right to consult all books, records and documents. The Review Committee shall also examine the financial statements and report regularly to the Bank Board, the Ministry of Finance and the Supreme Accounting Audit Office, which shall be controlled by the Bank's management.
(2) The Review Committee has the right to call a meeting of the Banking Board (§ 16 (2)) and its members may attend the meetings of the Banking Board convened at the request of the Review Committee. He is entitled to make proposals to the Minister for Finance in matters within his competence.
Bank employees.
The managing officer of the Bank shall be the Director-General, who shall carry out the Governor's orders (Section 12) and shall report on the Bank's affairs. He's represented by a deputy. The Director-General and his Deputy Director shall attend meetings of the Bank Board with an advisory vote.
The staff of the Bank shall be in a private service relationship.
Bank business.
(1) The Bank is entitled to operate the following transactions:
1. Escort bills, pledge certificates for grain and goods, securities and coupons (§ 23),
2. the provision of manual collateral loans (§ 24),
3. to buy and sell precious metals,
4. to buy and sell foreign money and business coins;
5. to purchase and sell foreign-exchange payment orders, to acquire and sell receivables and securities abroad, to provide credit to foreign-exchange banks and similar foreign-exchange institutions, as appropriate, and to use similar loans abroad, as well as to provide collection and payouts under the relevant arrangements,
6. to purchase and sell Treasury bills and loans and drafts issued by the State, as well as securities which can be stopped at its own account and abroad, with the exception referred to in § 26 (1);
7. to receive deposits in lira accounts (§ 25),
8. receive and interest-bearing deposits on vouchers,
9. Issue, at the time of the composite cash, unremunerated vouchers and letters of credit due to the person to be seen, in series or delivery,
10. to obtain debits of notes, cheques, vouchers, securities and the like,
11. to pay the principal and coupons due to it and to provide new coupon sheets for those securities;
12. store and manage securities and other valuable items and operate other securities collection bank business;
13. acting as a subscription office for state loans or for other securities.
(2) Transactions other than those referred to in paragraph 1 may be executed by the Bank only if the Banking Board decides that they are necessary for the operation of the Bank. However, the bank may print tender and securities on behalf of others in its own banknote printer.
(1) The Bank is entitled to reset foreign and own notes, due in the Czechoslovak currency within three months, in exceptional cases within six months, to the territory of the Czechoslovak Republic and to be deposited with the cash constitution. The notes must normally be signed by three persons whose ability to pay is known. The Bank Board may accept a replacement for one of the three signatures of the security in securities, or may determine when the third signature may be waived.
(2) The decision to adopt the notes shall be made impartially in accordance with the needs of the economic plan and the principles applied to all bank locations equally. The bank is not obliged to state the reasons for not accepting the notes.
(3) Under the conditions set out in paragraph 1, the bank shall be entitled to reset the lien and the goods, but it shall be sufficient if they are accompanied by two signatures.
(4) The Bank is entitled to reset foreign exchange notes and securities and coupons due within three months if they are admitted to Lombard (§ 24). In doing so, the provisions of the preceding paragraphs on the balance of notes shall apply mutatis mutandis.
(1) The Bank is entitled to grant loans for a maximum period of three months for a manual security deposit (Lombard) of:
(a) precious metals minted or not;
(b) securities, varants and cannabis;
(c) drafts due within six months otherwise provided for in Section 23 and foreign exchange notes with the same terms due within six months.
(2) The Bank may allow an extension of the loan for a maximum period of three months. The loan can be repaid at any time before maturity. The granting of the loan may be denied without giving a reason.
(3) The Bank Board shall determine and declare on which securities loans may be granted.
(4) If the price of the pledged goods to which the bank has granted the loan is reduced, the debtor shall be obliged to raise or repay an appropriate portion of the loan at the request of the bank. If a part of the loan is repaid, it shall be repaid a reasonable part of the interest if it has been paid in advance. If the pledge is not adequately increased or the loan is partially repaid within the prescribed period, the bank shall be entitled to sell the pledge either in whole or in part before the loan is due to expire, in a way that is normal for such sale. The remainder, after payment of the capital claim with interest and, where applicable, fees, with the cost and commission of a sale of one part of the aggregate claim, shall be retained by the bank as an interest-free deposit for the borrower, or shall be deposited with the court for the expenses and risks of the borrower. If the proceeds of the sale are not sufficient to fully pay the claim with the facilities, the bank shall be entitled to claim the payment on the debtor himself.
(5) If the loan granted to the security is not paid in due time, the bank shall be entitled to pay its claim within 15 days of notification of the debtor without any legal intervention to sell the security either in whole or in part to the top of that amount. If there is any remainder after payment of the aggregate debt, the bank shall dispose of it in accordance with paragraph 4. If the bank does not sell the bonds after the loan is due, its claim shall not be waived with the facilities.
(6) The Bank considers that the bearer of the lien issued by it is entitled to make any lawful change with the asset terminated and to pay the lien. He doesn't examine the authenticity of the signatures and vouch for them. However, it shall have the right to test the identity of the bearer and may, if it is found insufficient, refuse the issue of the security.
(1) The bank may receive deposits in lira accounts. The owner of the giro account shall be entitled, if there is no legal limit, to dispose of the check freely with his claim, to collect it in cash or to refer it to third parties. A request for the establishment of a giro account or a giro account may be rejected without giving reasons. Any account owner can place his acceptance at the bank.
(2) The Bank may, with the approval of the Government, issue an opinion of the monetary institutions which will be required to make a tied contribution to the Bank by a gentile, the amount of which will be determined by a percentage of the funds entrusted. In doing so, it should be ensured that the obligations imposed on the monetary institution in this way do not jeopardise its economic balance. The Institute of Cash is not entitled to freely dispose of this bitumen claim.
(1) The bank must not purchase or lend to the State the securities issued by the issuing bodies in their possession and the State.
(2) The Bank may delete the customs and tax notes and the notes on trusted items of the State monopoly, provided that they have the characteristics set out in Section 23 and have been submitted by the State administration.
(3) The Bank may provide the State with agency business, receive salaries and pay for the State. Any balance owed by the State on these transactions shall be settled no later than 30 days after each monthly deadline.
(4) The bank may not charge any fees for salaries paid by the order or for the government account or using the bank's facilities for the organisation of the public service.
The borrower from transactions with the bank which paid off the loan before the end of the contractual period shall not be obliged to pay interest which he may have paid in advance.
General provisions.
(1) The Bank has the right in its field of competence to request from anyone reports and documents on its business and economic activities. The competent public authorities shall assist the Bank on request.
(2) In exercising the right referred to in paragraph 1, the Bank shall be obliged to observe the legal provisions on the protection of the freedom of persons, domestic and secret of letters and trade. The staff of the Bank are obliged to maintain confidentiality of all the facts they learn about it. The results obtained may only be used in the field of the Bank.
(1) The Bank has a preferential right to satisfy its own claims on money, notes, securities and all movable property values of the debtor acquired by holdings or detention at any time and for any purpose.
(2) The Bank is entitled, without legal proceedings, even if bankruptcy has been declared against the debtor's assets, to satisfy its claim in the manner it considers appropriate by the designated values. These values do not belong to the bankruptcy mass.
(3) The exercise of this priority right cannot prevent the bank from making any claims by third parties, provided that the bank has accepted those values as its debtor's assets and has not been known or, at least, clear to the claims referred to it at the time it happened.
(4) The claim on the bank, which is due by the voucher in the course of payment with a foreign person, shall not be subject to enforcement and reinsurance operations.
(1) The Bank is exempted from the fees; However, the fee equivalent of the immovable property shall apply from the first day of the quarter following the effective date of this Act.
(2) The submission of the parties to the bank on the business of the bank (§ 22), as well as the loans granted by the bank for a manual deposit (§ 24), are exempted from the charges.
(3) Legal acts, documents and official acts which serve to transfer the rights and obligations of the existing sign institution to a bank or to establish a single pension fund and to transfer the assets of existing pension funds to that fund are exempt from the fees.
The court of its seat shall have jurisdiction in disputes against the Bank; that jurisdiction is exclusive.
Counterfeiting or infringing of documents issued by the Bank shall be punishable as forgery or violation of authentic instruments.
Accounting and financial statements.
The bank is obliged to arrange its accounts in such a way that the state of circulation of banknotes and the type and condition of remuneration can be determined at any time.
(1) The management year of the Bank coincides with the calendar year.
(2) Within two months of the end of the year, the bank shall draw up the accounts and the business report.
(3) After examination by the review committee and after approval by the banking board, the bank shall submit the accounts and the business report to the government via the Finance Minister for approval and to the Supreme Audit Office, which shall report to the government.
(1) The Bank shall draw up, on the seventh, 15th, 23rd and last day of each month, a statement of the state of its capital and assets and publish it in the Official Journal and notices at the offices of the Bank.
(2) The statement must contain in particular the following information:
on the capital side:
(a) equity;
(b) reserve funds;
(c) circulation of banknotes;
(d) daily payable liabilities;
(e) other maturity liabilities;
(f) other liabilities;
on the property side:
(a) the supply of gold and devis;
(b) outstanding notes,
(c) outstanding securities;
(d) securities loans;
(e) the stock of securities;
(f) cash in coins and statuses,
(g) other assets.
(1) Losses which cannot be paid on current income will be paid by the bank from the general reserve fund (§ 37, par. 1, No 1).
(2) The Bank is entitled to create with the approval of the Minister for Finance
1. a special reserve fund in which profits from, or part of, foreign exchange, foreign exchange and debt transactions are made and from which it will pay any losses on such transactions and, with the approval of the Minister of Finance, the costs associated with the management of such transactions;
2. The reserve fund for securities losses, in which it imposes, on the one hand, the exchange gains achieved on the purchase and sale of Treasury bills and loans and public notes, as well as on the securities held by the bank (§ 22 (1) (6), and, on the other, a third of the interest income on the securities purchased, and from which it will pay any losses on those transactions.
(3) Other reserve funds may also be set up and subsidised by the Bank only with the approval of the Minister for Finance.
(1) The net profit remaining to the reserve funds after adequate write-offs and allocations (Section 36 (2) and (3)) and the contributions to the pension fund (Section 38) and to the scale of the racing (business) board set for public undertakings shall be distributed as follows:
1. the general reserve fund (Paragraph 36 (1)) shall be allocated 10% until it has reached half of the share capital;
2. the remainder shall be carried out by the Treasury.
(2) If the funds from the relevant reserve funds are not sufficient, the State will pay.
Employee pension fund.
(1) The pension fund which provides for the provision of the rights of employees and their survivors does not constitute part of the bank's assets and is a separate legal entity.
(2) The statutes governing the management of the pension fund (pension regulations) are issued by the Bank Board and approved by the Ministry of Finance in agreement with the Ministry of Social Welfare.
(3) The Bank grants to the Pension Fund contributions provided for each year in such a way that, together with the pension fund's income, they are sufficient to cover the claims of employees and their survivors to the extent provided for by the Pension Regulations.
Transitional provisions.
(1) On the date on which this Act takes effect, the Bank shall be transferred to the Bank by legal succession without the liquidation of rights and obligations, as well as to the current Czechoslovak National Bank's shops and facilities, as well as its employees, in their current functions and with the rights and obligations acquired.
(2) The Pension Fund (§ 38) will form the Bank by merging existing pension funds according to their balance sheet values on 31 December 1945.
(3) On a proposal from the Bank, the Library Court shall register the transfer of ownership and other rights to the Bank and to the Pension Fund referred to in paragraphs 1 and 2 with reference to this Law.
(4) The temporary administration established by the decree of the President of the Republic of 19 October 1945, No. 139 Coll., on the transitional arrangements of the national bank of Czechoslovakia, remains unchanged and carries out the activities of the Bank Board until its appointment under this Act.
Contents
Oddíl I.
§ 1.
§ 2.
§ 3.
§ 4.
Oddíl II.
§ 5.
§ 6.
§ 7.
§ 8.
§ 9.
§ 10.
§ 11.
§ 12.
§ 13.
§ 14.
§ 15.
§ 16.
§ 17.
§ 18.
§ 19.
Oddíl III.
§ 20.
§ 21.
Oddíl IV.
§ 22.
§ 23.
§ 24.
§ 25.
§ 26.
§ 27.
Oddíl V.
§ 28.
§ 29.
§ 30.
§ 31.
§ 32.
Oddíl VI.
§ 33.
§ 34.
§ 35.
§ 36.
§ 37.
Oddíl VII.
§ 38.
Oddíl VIII.
§ 39.
§ 40.
Oddíl IX.
§ 41.
§ 42.
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Regulation Information
| Citation | Act No. 38 / 1948 Coll., on the National Bank of Czechoslovakia |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 09.04.1948 |
|---|---|
| Effective from | 24.04.1948 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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