Act No. 84 / 1952 Coll.
Act on the Organisation of Money
Valid
Effective from 01.01.1953
84.
Law
of 11 December 1952
on the organisation of money.
The National Assembly of the Czechoslovak Republic decided on the following Act:
Basic provisions.
The State Plan for the Development of the National Economy requires money to exercise control over the production and circulation of goods, the implementation of investments, the implementation of the supply and sales plan, the implementation of the plan for reducing own costs and the productivity of labour, the acceleration of the turnover of circulation, the pursuit of the principle of economy and the consolidation and observance of the principles of maturity. It also provides for the care of the growth of workers' savings and their use to build a socialist economy. In order for money to be able to perform all these tasks more effectively, changes are being made to its organisation.
The money and credit system consists of state monetary institutions, which are:
1. Czechoslovak State Bank,
2. Investment Bank.
(2) The investment bank shall finance investments and grant long-term credit.
State monetary institutions are separate legal entities. It does not guarantee the state's obligations, but would explicitly assume such a guarantee. The State is liable for the liabilities of state money institutions, if expressly provided for.
The Ministry of Finance may, with the approval of the Government, maintain some existing monetary institutions in unchanged legal form, amend their legal form, revoke them or establish new monetary institutions and determine their legal form.
(1) State monetary institutions enjoy the legal protection and powers which they confer on national undertakings.
Investment bank.
(1) The investment bank ceases to be a national enterprise and is organised as a state money institution. He's subordinate to the Treasury Department. It shall set up branches in all the locations of the regional national committees and those of the regional national committees in whose territory the scope of the investment activity so requires.
(2) The organisation, scope and management of the Investment Bank provides for a government statute. Otherwise, Act No. 183 / 1948 Coll., on the Investment Bank, as amended by Act No. 61 / 1950 Coll., remains in force.
Provisions common.
The Director-General of the Czechoslovak State Bank shall fix the interest rate on deposits and loans, as well as fees and refunds in the conduct of cash transactions.
Anonymous deposits are guaranteed. Reports on books and deposits may only be submitted where the legislation so provides.
The Government may, by regulation, provide for tax exemptions or exemptions for deposits and interest on them.
The Minister of Finance shall declare the types and formalities of the holding books, the method of payment from the holding books and the method of amortisation of the holding books in the event of loss and destruction, as well as the conditions for taking deposits into current accounts and for other ways of storing the working savings of the population.
Staff.
(1) Staff of state money institutions become civil servants in the branch of the Ministry of Finance.
(2) The Ministry of Finance may transfer employees between the various state monetary institutions.
Staff of state money institutions, as well as the authorities overseeing the activity and management of state money institutions, are required to maintain confidentiality in the matters of service. This obligation shall continue after termination of service.
Transitional and final provisions.
(1) The Department of People's Money Institutions at the Central Council of Cooperatives is hereby repealed. The necessary number of employees of the repealed department will go into the field of competence of the Ministry of Finance to determine their classification.
(2) The institutions of the institutions of the people's money industry, in particular the board of directors, the supervisory board and the interim administration, are hereby repealed.
(1) The obligation of the authorities of the former institutions of the people's money industry, in particular the members of the Board of Directors, the Supervisory Board and the Interim Administrations, to maintain professional secrecy and their liability for damage caused by failure to fulfil obligations, remains unaffected.
(2) The claims arising from the membership of former members of the institutions of which the State savings banks are legal successors will be settled in the cases and in the manner laid down by the Finance Minister by the Directives.
On a proposal from the State Money Institute, the courts shall register ownership and other rights for the Czechoslovak State (the competent State Money Institute) with reference to this law.
All provisions contrary to this law, in particular:
1. the provision of § § 16 to 24 of Act No. 143 / 1930 Coll., on the Postal Savings Bank, as amended by its changing and complementary,
2. Act No. 181 / 1948 Coll., on the Organisation of Money, with the exception of § 7 (3), § § 9 to 11, § § 14 to 16 and § § 18 to 21,
3. the provisions of Sections 16 and 17 of Act No. 187 / 1948 Coll., on the Central Council of Cooperatives,
4. Act No. 229 / 1949 Coll., on deposit books,
5. § § 5 and 12 and § § 14 to 16 of Act No. 31 / 1950 Coll., on the State Bank of Czechoslovakia.
This Act shall take effect on 1 January 1953; to be carried out by the Minister for Finance.
Gottwald v. r.
Dr John v. r.
Zaporocký v. r.
Cable v. r.
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Regulation Information
| Citation | Act No. 84 / 1952 Coll., on the Organisation of Money |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 22.12.1952 |
|---|---|
| Effective from | 01.01.1953 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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