Act No. 499 / 1990 Coll.
Act on the conversion of foreign exchange assets and liabilities in the field of foreign claims and liabilities of organisations in connection with exchange rate measures
Valid
Effective from 15.12.1990
499
THE LAW
of 16 November 1990
on the conversion of foreign exchange assets and liabilities in the field of foreign claims and liabilities of organisations in connection with exchange rate measures
The Federal Assembly of the Czech and Slovak Federal Republic decided on this law:
Scope of the law
As a result of changes in Czechoslovak koruna rates, selected organisations (hereinafter referred to as "organisations') shall convert their foreign exchange assets and liabilities in the field of foreign debt and liabilities (hereinafter referred to as" conversion ').
Method of conversion
(1) The conversion on 8 January 1990 shall be carried out by the organisations by a coefficient of 1,186 for the free-exchange clearing currency area and by a coefficient of 0,90 for the transferable rubble area.
(2) The conversion in foreign currency on 15 October 1990 shall be carried out by the organisations for the freely convertible and clearing currencies at the rate applicable at that date.
(3) In the event of a further change of course as a result of the conversion of the Czechoslovak currency into internal conversibility, organisations shall carry out the conversion for the area of freely convertible currencies and clearing currencies in a similar manner as in paragraph 2.
Settlement method for conversion
The differences from the conversion of organisations will be settled by means of a special account of the financial assets of the Czech Republic so that the result of the settlement does not result in claims on the budgetary resources of the Czech Republic.
Authorisation provisions
(1) The heading of the organisations covered by this Act shall be determined and details of the method of conversion shall be laid down by the Order of the Ministry of Finance.
(2) The Ministry of Finance may, on the basis of requests submitted by the Ministry of Finance, report to the organisations reporting on the conversion of the profit balance and the resulting liabilities to the special account of the financial assets of the Czech Republic
(a) reduce or forgive the amount of such commitments;
(b) determine the deadlines for the maturity of such commitments; or
(c) reduce the amount of these liabilities by the value of interest on differences between the initial calculated interest rate and the subsequently increased interest rate on loans granted by banks to finance the claims that have been recalculated.
(3) The authorisation of the Ministry of Finance pursuant to paragraph 2 (a) and (b) concerns only liabilities arising from claims
(a) in countries against which economic sanctions have been applied pursuant to a decision of the United Nations Security Council;
(b) in countries whose economies have been disturbed by national and war conflicts; or
(c) in countries which allow debt relief or repayment by creditors associated with international creditor organisations (the Paris creditor club, the London creditor club).
(4) When deciding in accordance with paragraph 2, the Ministry of Finance shall take into account in particular the extent to which the claims of organisations abroad have become temporarily or permanently unenforceable.
(5) The organisation shall be entitled to account for the changes referred to in paragraph 2 as from the 1997 accounting year; changes in 1997 may be charged at the latest until the closure of the books and the drawing up of the accounts for that year.
(6) Proceedings under this provision are not subject to administrative rules. 1)
Final provision
This Law shall take effect on 15 December 1990.
Havel v. r.
Dubček v. r.
CHF
1) Act No. 71 / 1967 Coll., on Administrative Procedure (Administrative Regulations).
Sign in for notes, favorites and notifications
Regulation Information
| Citation | Act No. 499 / 1990 Coll., on the conversion of foreign exchange assets and liabilities in the field of foreign claims and liabilities of organisations in connection with exchange rate measures |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 15.12.1990 |
|---|---|
| Effective from | 15.12.1990 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
Comments 0