Act No. 84 / 1998 Coll.
Act amending and supplementing 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
Valid
Effective from 15.04.1998
84
THE LAW
of 20 March 1998
amending and supplementing 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
Parliament has decided on this law of the Czech Republic:
Act No. 499 / 1990 Coll., on the conversion of foreign currency assets and liabilities in the field of foreign claims and liabilities of organisations in connection with exchange rate measures, is amended as follows:
1. In Section 3, the word "Federation 'is replaced by" Czech Republic'.
2. In Section 4, the word "federal 'is deleted, the current text becomes paragraph 1 and the following paragraphs 2, 3, 4, 5 and 6 are added:
"(2) The Ministry of Finance may, on the basis of requests submitted by the Ministry of Finance, report to 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)
1) Act No. 71 / 1967 Coll., on Administrative Procedure (Administrative Regulations). '.
This Act shall take effect on the day of its publication.
Zeman v. r.
Havel v. r.
Tošovský v. r.
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Regulation Information
| Citation | Act No. 84 / 1998 Coll., amending and supplementing Act No. 499 / 1990 Coll., on the conversion of foreign currency 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 | 15.04.1998 |
|---|---|
| Effective from | 15.04.1998 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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