Act No. 41 / 1953 Coll.
Law on monetary reform
Valid
Effective from 01.06.1953
41.
Law
of 30 May 1953
on monetary reform.
The National Assembly of the Czechoslovak Republic decided on the following Act:
Money reform and the money unit.
Further development of the national economy puts our state before the task of implementing the money reform by issuing new money and withdrawing old money, with the aim of increasing the purchasing power of the Czechoslovak crown and strengthening its course.
The conversion of wages, salaries and prices.
Wages, dues and other remuneration for work and services, family allowances, pensions, scholarships, subsidies and so on, as well as prices, tax and other rates, tariffs and cash amounts provided for in the legislation and denominated in the Czechoslovak koruna, shall be recalculated on 1 June 1953 in the ratio of 5 CZK of old money for 1 Kč of new money.
Exchange of money, conversion of receivables and liabilities and paid by life insurance premium.
On June 1, 1953, new money of the 1953 model is put into circulation, which is denominated in Czechoslovak crowns. The current money shall be exchanged in a ratio determined by the Government.
The government shall determine the proportion to which the public deposits of monetary institutions, deposits in current and turnover accounts and other claims and liabilities denominated in Czechoslovak crowns shall be recalculated as well as the proportion to which the life insurance premia paid shall be recalculated.
Cancellation of certain claims and liabilities.
(1) On 1 June 1953, the claims and liabilities are abolished
(a) from deposits linked pursuant to § 7 of Decree No. 91 / 1945 Coll.,
(b) from domestic securities in mandatory custody according to Decree No. 95 / 1945 Coll.,
(c) from insurance to life if, pursuant to § 7 (1) No 1 of Act No. 141 / 1947 Coll., on the Currency Liquidation Fund, they are to be fulfilled by reference to a tied deposit.
(2) On the same day, the liabilities of the Czechoslovak State bonds issued after 1945 and the liabilities of the partial bonds and liens issued after 1945 are abolished by the former credit institutions. The government shall settle losses arising from the loss of these liabilities to public organisations and facilities.
Cancellation of the Monetary Liquidation Fund.
The monetary liquidation fund shall be revoked on 1 June 1953 and its rights shall be transferred to the State. The winding-up of the Fund shall be imposed on the Minister for Finance.
Provisions common and final.
The Minister of Finance is hereby ordered to take all measures necessary for the proper implementation of the monetary reform, in particular to lay down
(a) the conditions, manner and details of the exchange of old money, of the recalculations provided for by this law, and the obligation and conditions for the exchange of existing holding books for new ones;
(b) the method of settlement of surpluses and losses arising from economic, budgetary and other organisations and installations by means of the conversion of their claims and liabilities into new money, after the loss of their obligations or rights under this law.
Act No. 39 / 1948 Coll., on the currency of Czechoslovakia is hereby repealed.
This Law shall take effect on 1 June 1953; it shall be carried out by all members of the Government.
Zaporocký v. r.
Dr John v. r.
Broad v. r.
Dr Dolansky v. r.
Maj-Gen Bacílek v. r.
Maj-Gen Dr. Cap
Kopecký v. r.
Novotný v. r.
Fierlinger v. r.
Dr. Unedible v. r.
Uher v. r.
Lamb
Barak v.r.
David v. r.
Dvořák v. r.
Děuriš v. r.
Harus v. r.
Dr. Havelka v. r.
Ing. Jankovcová v. r.
Cable v. r.
Krajčir v. r.
Kromir
Dr Kylý v. r.
Malek v. r.
Maurer v. r.
Nepomuk v. r.
Dr Neuman v. r.
Nosek v. r.
Plojhar v. r.
Pokorný v. r.
Polack v. r.
A. Pospíšil v. r.
J. Pospíšil v. r.
Ing. Púčik v. r.
Dr Rais v. r.
Reitmajer v. r.
Smida v. r.
Chekora v. r.
Ing. Shimonek v. r.
Dr. Nove v. r.
Stamp v. r.
Stoll v. r.
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Regulation Information
| Citation | Act No. 41 / 1953 Coll., on Money Reform |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 30.05.1953 |
|---|---|
| Effective from | 01.06.1953 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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