About Bonds

Original Language Title: o dluhopisech

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Read the untranslated law here: https://portal.gov.cz/app/zakony/download?idBiblio=57771&nr=190~2F2004~20Sb.&ft=txt

190/2004 Sb.



LAW



from day 1. April 2004



about bonds



Change: 378/2005 Sb.



Change: 56/2006 Sb.



Change: 57/2006 Sb.



Modified: 296/2007 Sb.



Change: 230/2008 Sb.



Change: 230/2009 Sb.



Change: 160/2010 Sb.



Change: 227/2009 Sb.



Change: 281/2009 Coll., 199/2010 sb.



Change: 355/2007 Sb.



Change: 172/2009 Sb.



Change: 227/Sb.



Change: 303/Sb.



Change: 137/2014 Sb.



Parliament has passed the following Act of the United States:



PART THE FIRST



BASIC PROVISIONS



TITLE I OF THE



INTRODUCTORY PROVISIONS



§ 1



The subject of the edit



This Act regulates the procedure for the issuance of the bonds regardless of,

who is the person who issues the bonds (the "issuer"), and some

further questions related to the bonds.



§ 2



Bond and bond issue



(1) a bond is a valuable paper or book-entry securities, issued by

Czech law, which carry the right to repayment of certain amounts due

corresponding to the nominal value of its issuer, at one time or

gradually to a specific point in time, and possibly other rights arising from the

law or of a bond issue conditions (hereinafter "terms and conditions").



(2) the bonds may only be fungible.



(3) a paper IOU is a valuable paper on the series. In a paper endorsement

the bond shall carry the identification of the acquirer.



(4) the emission of the bonds means bonds issued under

the same issue conditions and having the same issue and the same date of the moment

maturity. Bonds of the same issue with which they are associated to the same rights,

the same shall be assigned an identification mark in accordance with the international system

numbering to identify securities and uncertificated securities

Securities (ISIN), if allocated, or some other indication that identifies the

bond.



§ 3



The disclosure issue conditions



(1) the issuer may issue bonds only if they were not later than the

the date of their issue conditions available to investors on a carrier

information, which allows you to reproduce the issue conditions for investors in

unchanged and maintaining the issue conditions so that they can be

used at least until the date of maturity of those bonds.



(2) if at the date of the latest bond issue, published a prospectus

bonds (the "prospectus") and if they are on the same date at the latest on

the website of the issuer, be made available to their conditions,

disclosure on the information medium referred to in paragraph 1 is not required. In

that case, however, the issuer shall ensure that the conditions have been made available

on this website free of charge and in an unchanged form permanently

at least until the date of maturity of those bonds and should take the form of a data

file download in the commonly used format.



(3) if the owner of the bonds, the issuer will ask the

the obligation to provide free of charge a copy of the current emission

the terms of these bonds.



§ 4



List of owners



(1) the issuer maintains a list of owners of paper it issues bonds.

List of owners of book-entry bonds leads a person who is entitled to

to the management of records of dematerialized securities (hereinafter referred to as "the person

authorized to record "). The rights attaching to the bonds shall be entitled to

in relation to the issuer to exercise a person mentioned in these lists,

If a special law provides otherwise.



(2) the effectiveness of the conversion of the bond to the issuer the paper

requires registration of the change of the owner in the list referred to in paragraph 1, first sentence;

the issuer performs this registration without undue delay after he or she will

such a change is demonstrated. To the effectiveness of the transfer of book-entry bond

to the issuer is required to write about the change of the owner in the list referred to in

paragraph 1 second sentence.



§ 5



Types of bonds



Bonds issued by the same issuer, with whom are associated with the same rights,

consists of a single species.



§ 6



The elements of a bond



(1) a bond contains at least



and the designation of the "bond"), unless the mortgage sheet, State

Treasury voucher or postal order of the Czech National Bank,



(b) an indication of the type of bond), which can be used to indicate a reference to the emission

conditions, unless it is a bond that is not linked to any specific

right,



c) data identifying the issuer,



d) nominal value as the amount due; It is not required in the case of

the capture of a bond, if the nominal value of the write in the appropriate

Register,



(e)) yield of a bond, or an indication that revenue is determined by the difference between the

the nominal value of a bond and its lower IPO; or is it from

bond at least clear that the bond is no yield or where can I

How is the income specified, meet,



(f) the date or other time) repayment (hereinafter referred to as "due date")

the amount due (repayment of a bond),



g) data identifying the owner of the bond, unless it is a bond issued by a

as book-entry securities or the capture bond,



h) signature of the issuer, unless the bond issued as book-entry security

paper or capture bond,



I) numeric indication of the bond, unless the bond issued as

book-entry securities or the capture bond, and



(j)) of the date of issue.



(2) in the book-entry bond it shall be sufficient that the indications referred to in paragraph 1

(a). a) to (f)), and j) are ascertainable from the records of dematerialized

bonds.



(3) if it was issued the bulk bond, the bond is also an indication of the

how much and what type of bond is replaced by.



(4) for an assessment of whether the bond properly issued, does not affect whether

contains the elements referred to in paragraph 1 if it contains at least

the particulars referred to in paragraph 1 (b). c) to (h)), or where such

details of the detectable evidence of uncertificated securities;

paragraphs 2 and 3 are not affected.



§ 7



The total nominal value of the bond issue



(1) the issuer may issue bonds



and smaller overall) in the nominal value of the bond issue was

estimated total nominal value of the bond issue, if the

end of the period for the subscription could not be used to subscribe to the estimated total

the nominal value of the bond issue,



(b)) in the greater the total nominal value of the bond issue was

estimated total nominal value of the bond issue, even after

the closing date for subscription, if this option is listed in the emission

conditions, or



c) up to the forecast total nominal value of the bond issue and the

After the expiry of the period for the subscription, if this option is listed in the emission

conditions.



(2) if the issuer referred to in paragraph 1 (b). (b)), or (c)), and if it is not

a term specified for the subscription is sufficient, it shall designate an additional period for

subscription to that end no later than the day that is decisive for the

the repayment of the nominal value of the bonds of each payment or repayment of

the bond, and make it available in the same way as conditions.



(3) in the case of book-entered bonds or bond issuer collection

without undue delay after the expiry of the deadline for subscription shall notify the person of the

authorized to record the fact referred to in paragraph 1 and make it available

in the same way, which has made the conditions. In the case of emissions

municipal bonds, the issuer shall notify the fact referred to in paragraph 1 (b).

and also the Ministry of finances) (hereinafter referred to as "the Ministry").



(4) in the case of emissions of government bonds issued as book-entry

the bonds shall notify the Ministry of the fact referred to in paragraph 1 (b). (b)), and (c))

without undue delay, the person authorized to conduct the registration and

announce or publish it in the same way that declared or

published by the conditions.



(5) a statement of the estimated total nominal value of the bond issue

the issuer shall make available to investors, together with the conditions the way

which exposes these conditions.



TITLE II



TERMS AND CONDITIONS



the title launched



§ 8



Basic provisions



Conditions defined in more detail the rights and obligations of the issuer and

owners of the bonds, as well as information about the bond issue, even

by reference to the information contained in the prospectus.



§ 9



The requisites of issue conditions



(1) emission conditions always contain at least a reference to the information contained

in the prospectus



and) the facts referred to in § 6 (1). 1 (b). a) to (f)), and (j)),



(b)) an indication of whether it is a documentary or book-entry bond



(c)) the deadline for subscription of the bond issue,



d) emission rate, as appropriate, the method of its determination, and in the event that the emission

the course will be determined by the rate achieved in an auction, the auction method,



e) information about how is the yield of a bond, or that bond is

without yield,



f) how and where the subscription of the bond, method and period of transfer of the bonds

individual subscribers and how and where the reimbursement of the emission rate

subscribed bond,



g) information about how and where the bond is repaid,



h) data on the taxation of the yield of a bond,



I) data necessary to identify the persons who are involved in security

the release of the bond, the repayment of the bond and to payment of the proceeds of the bond, with a

an indication of how their participation in these activities,



j) identification marking the bond according to the international system

numbering to identify securities and uncertificated securities

the paper is distributed,



the meeting notification) the way owners of bonds, as well as

the owners of shares in the collection of the bond (the "holders ' meeting"), and


the method of disclosure and disclosure of other information about the bond,



l) information about who, when, and with what result was awarded the rating,

If this information is known to the issuer, and



m) specify the day, that is decisive for the participation in a meeting of the owners.



(2) the terms and conditions according to the intentions of the issuer Furthermore contain at least a reference

the information contained in the prospectus



and the choice of the issuer, that) bond issue will be within the time-limits for

subscription to the successive (tranches),



(b) the right of the issuer to follow) § 7 para. 1 (b). (b)) and the possible range

enlarge the total nominal value of the bond issue, or the right to

the issuer to proceed pursuant to § 7 para. 1 (b). (c)),



(c)) for information about how, when, how and where it should be paid to the yield of a bond,

If the yield determined by the difference between the nominal value of a bond and its

lower the emission rate,



(d)) as an indication that the repayment of the bond or payment of his revenue is

provided by a third party, and where the contract is concluded

ensuring accessible to investors,



e) details of the lien for the bond, which is repayment of the bond

or the payment of his revenue secured by pledge, and the way it will be

Lien claimed



(f) draw the bond method), which is associated with the bond,

that is losován,



g) indication of other rights that are associated with the bond,



h) indicate that an issuer has decided under section 17,



even) an indication that the information under this Act will be published and

made available in languages other than Czech,



j) an indication as to who will lead the dematerialized bonds and collection

bonds,



to) the choice of the issuer on the exclusion of the possibility to separate the right to

payment of the proceeds of the bond from the bond,



permission of the issuer to repay the l) bond before its date of maturity

including proportional yield, defining the conditions and the way early

repayment and outstanding value calculation method of unrecovered coupons

pursuant to section 19 para. 4,



m) bond to ask owner permissions to the repayment of the bond, where appropriate,

proportional yield before the due date and the definition of the conditions under which

He is entitled to do so,



n) the wording of the arbitration clause, they are to be disputes about rights and obligations

associated with the bond addressed in the arbitration proceedings,



about) for the removable of the bond method of notification date from which can be right

to exchange for another bond or other bonds or share or shares

to apply, and the place and the time limit for exercising that right; If they are

removable bonds issued as book-entry bonds, the day that

is decisive for the determination of the person entitled to exercise the rights of these

bonds,



p) for the priority of a bond the way notifications on which it can be right to

pre-emptive basis to apply, and the place and the time limit for the application of this

law; If bonds are issued as book-entry

bonds, a day that is decisive for the determination of the person entitled to exercise

the rights of these bonds,



q) for a child of a bond agreement that the amount corresponding to the rights of

associated with this bond will be satisfied after satisfaction of all

with the exception of other accounts receivable, accounts receivable, which are bound by the same

or a comparable condition of subordination in the case



1. the entry of the issuer into liquidation,



2. the decision of the bankruptcy of the issuer, or



3. If the issuer of a foreign person, whether or not other similar measures.



§ 10



Change of issue conditions



(1) a change of issue conditions, requires the prior approval of the meeting

owners.



(2) the consent of the holders ' meeting shall not be required



and) to change directly induced by changing legislation,



(b)) to change that does not affect the position or interests of the owners of the bonds,

or



(c)) in the event that none of the issued bonds, to which conditions

apply, is not owned by a person different from the issuer.



(3) the issuer without undue delay after the change of issue conditions

make available to investors which are made available to the emission

conditions, this change of issue conditions and full text of the issue conditions

After the change is made.



(4) an Investor who before making changes to the emission conditions, to

that requires the prior consent of owners, the meeting agreed to purchase

or with the subscription of bond and this bond still has not acquired ownership of

right, shall be entitled to withdraw from the purchase or subscription within 5 working

days after change of issue conditions is made available, unless the issuer

a longer period determined by the conditions.



§ 11



Bond program



(1) Common conditions for an unspecified number of bond issues

are referred to as bond program.



(2) the terms and conditions of the individual emissions within bond program

bond program and is considered to be a supplement for the debenture programme

the given issue.



(3) the bond program add-in contains at least



and replenishment requirements of emission conditions) under section 9, that are not

included in the bond program,



(b)) a link to the bond program, and information about where it can be

Learn about, and



(c) bond issue) specific conditions to which the add-in

bond program applies.



Doubts about the content of specific rights associated with the bond



§ 12



the title launched



(1) in case of doubt about the content of specific rights associated with

the bond, the Court may, on a proposal of the owner of the bond,



and decide what special right) is associated with the bond, if the

circumstances, it becomes clear that such a law expresses the will contained in emission

conditions or is this the will of its content, or



(b)) if it is not possible to proceed in accordance with point (a)) decide that the IOU

It is a bond that is not associated with a special law.



(2) the proceedings referred to in paragraph 1, pursuant to § 83 para. 2 (a). (d))

Code of civil procedure.



(3) the initiation of proceedings pursuant to paragraph 1, together with the mark

the designation of the competent court of the proceedings, and an indication of the subject of the dispute, the issuer

make available without undue delay after the commencement of proceedings on the same

the website, which has made the conditions, so that the

have been, mutatis mutandis, meet the requirements referred to in § 3 (1). 2 the second sentence, or

in a way, which has made the conditions. As well, the issuer shall make available

and the Court's decision in this matter with the guidance of the legal power.



(4) If a party to the proceedings referred to in paragraph 1 the natural person, the issuer of the

its personal data exposes only the name.



the title launched



section 13 of the



(1) if the Court decides in accordance with § 12 para. 1 (b). (b)), the owner of

the bond, which kind it was decided to request within one month from

the date on which the issuer has made the decision of the Court in accordance with § 12 para. 3,

of the issuer of the bond bought at a reasonable price, unless

doubt the obvious already at the time when the owner of the bond.

The issuer of a bond by the owner buys a bond within 15 working days from the

the date on which it was received at the conclusion of the contract.



(2) if the issuer fails to comply with the obligation laid down in paragraph 1 or

If the issuer chooses to make decision according to § 12 para. 1 (b). (b))

accordance with § 12 para. 3 the second sentence of one month from the date of its

, the owner of the bond may be eligible to claim the conclusion of

the contract in court or claim compensation for injury, and at the latest within a period of 6

months from the date on which the issuer was the conclusion of the contract. ".



§ 14



cancelled



TITLE III



THE RELEASE OF THE BOND AND ITS OWN BONDS ACQUIRED BY THE ISSUER



§ 15



The release of the bond



(1) the issue of the bonds, the issuer provides, or a person authorized by that

arrange the release of emissions or contractually agrees to become the first purchaser

emissions or parts thereof.



(2) issuance of bonds may be issued within the time limits for subscription and

increments (tranches), if this option is listed in the emission

conditions.



(3) if there is no issue of the bonds, the issuer is obliged, within 30 days after the date of

end of the period for subscription to return him and paid subscribers to the upsanou

the amount, including interest at the rate of weighted average repo rate of the Czech national

Bank for the period from the date of repayment.



(4) on the bonds that are entered when they are released first on the

the issuer's securities account in the register under a special legal regulation,

seen as properly issued by at the time of their registration on this account,

If they fulfil the other conditions laid down in this Act, or

other legislation for the issuance of bonds.



section 15a



Custom bonds



(1) own bonds acquired by the issuer before the date of maturity

do not expire, unless the issuer decides otherwise.



(2) the issuer does not Exchange or a priority right (section 33) associated with the

own bonds.



(3) own bonds acquired by the issuer shall expire on the date they fall due

or on the date specified by the issuer, if the due date is preceded by the.



(4) for the purposes of the provisions of this Act governing the meeting of owners of the

to own bonds in the possession of the issuer, be disregarded.



TITLE IV



THE YIELD OF A BOND, THE YIELD OF THE BOND PAYMENT AND REPAYMENT OF THE BOND



the title launched



section 16 of the



The yield of the bond



The yield of the bond can be determined, in particular,



and fixed-interest rate)



(b)) the difference between the nominal value of a bond and its lower emission

Exchange rate,



(c)) slosovatelnou premiums or premiums, depending on the maturity date

the bond, or




(d)), the variable interest rate, for example, derived from other interest

rates or interest income, exchange rate movements, financial indices or

commodity prices.



§ 17



The day of the repayment of the bond, and applicable to the payment of the proceeds of the bond



(1) if the issuer decided to determined by the conditions, that the right to repayment of the

the bond has a person who is entitled to exercise the rights associated with the

the bond to another day, than the due date of the bond, not as follows

the specified date prevent such due date of more than 30 days, or

follow after this date.



(2) paragraph 1 shall apply mutatis mutandis to the right to payment of the proceeds

the bond and the right to repayment of each payment bond.



section 18



The Department of Justice on the yield of the bond



(1) if the conditions do not exclude, it may be right to yield

a bond from the bond severed, and associated with the coupon as a valuable paper

or book-entry securities issued to exercise this right.



(2) the Coupon sheet to listinnému of the bond must be issued simultaneously with the

the release of the bond, with a separate coupon for each individual

yield; in the book-entry bond or capture bond pays

the provisions of the first sentence, as appropriate, for the entry in the records.



(3) on each of the coupons of the bond must be shown what the law is with

it, and the day that is decisive for the application of this law.



(4) If an identification mark assigned by bond

the international numbering system for the identification of securities and

book-entry securities must be this identification marking

allocated separately for



and) bond with coupons,



b) bond without coupons (hereinafter referred to as "separate capital"),



(c)) for each coupon bond.



(5) at the request of a person authorized to exercise the rights associated with the bond

makes a person authorized to record keeping



and the bond of the segregated) the allocation of principal and coupons, or



(b)) to reconnect separated with coupons if their owner

It is also the owner of a separate principal. The link may occur only

If the principal owner owns all the coupons, where

There was a day that is decisive for the application of the law with them.



§ 19



The repayment of the bond, and payment of the proceeds of the bond



(1) the maturity of the bond shall be determined in one lump sum at a specific date, or

payments, the amount of which shall be determined by the conditions.



(2) the issuer shall be entitled to pay off individual bonds, including the proportional

the proceeds before the date of maturity, only if the terms and conditions of this

the method of repayment is admitted and define the conditions for the early

maturity.



(3) the owner of a bond may demand repayment of the bond before the fixed

the due date only if the conditions this method of repayment

permitted, or if provided for by this law; If it is not apparent from the emission

conditions of something else can i pro-rata yield.



(4) if the repayment of the bond, must be with

Bond returned all of the coupons that are not yet due for payment. In

case to fulfil that obligation, the value of unrecovered coupons, intended

According to the emission conditions, shall be deducted.



(5) the right to the yield of a bond associated with the coupon, which for early

the repayment of the bond was not returned to the issuer, is maintained.



(6) the Repayment of the bond, and payment of the proceeds of the bond issuer may

perform alone or through a Bank, savings and credit

cooperative brokerage house, the postal service

or the person who is authorized under the law of a foreign State, according to which

It was founded, for the performance of similar activities as these persons and shall be entitled to

do business in the territory of the Czech Republic.



section 20



cancelled



TITLE V OF THE



MEETINGS OF OWNERS



the title launched



section 21



Basic provisions



(1) the issuer shall without undue delay shall convene a meeting of owners in the case of



and the design change of issue conditions), if the consent to the change in the

issue conditions require



(b) a proposal for the conversion of the issuer),



(c) proposal on conclusion of the contract) on the basis of experience available with the

commercial plant or its parts, regardless of the Contracting

the issuer is a party, provided that it may jeopardise the proper and timely

the repayment of the bond or the payment of the proceeds of the bond,



(d)) if it is in delay with satisfaction the rights associated with the issued

bonds for more than 7 days from the date on which the right could be exercised,



e) proposal on submission of application for the disposal of bonds from trading on

European regulated market or foreign markets similar to the regulated

market or in a multilateral trading system based on the operator's

Member State of the European Union or of a State representing the European

economic area (hereinafter referred to as "Member State"),



(f)) changes that can significantly impair its ability to meet the debts of the

arising from the bonds it issues,



g) other changes, which define the conditions,



(hereinafter referred to as "the fundamental nature of the changes").



(2) a meeting of owners shall be entitled to convene, if it is a case referred to in

paragraph 1, whether or not the owner of the bond and the owner of a share in the collection

Bond (hereinafter referred to as "the owner of the bond").



(3) the issuer is obliged to attend owners meetings and provide

information required for the decision or the adoption of the opinion of the meeting of the owners.



(4) if the issuer has issued more than one bond issue, the changes

in principle, except in the case referred to in paragraph 1 (b). and), to convene a

a meeting of the owners as a common meeting of the owners of all issued and

outstanding debt (hereinafter referred to as "the joint meeting of owners").

The provisions of § 21 of up to 24a shall apply to the joint meeting of the owners.



(5) a person authorized to record keeping issues the issuer upon request

extract from the register, the emissions of the bonds for the purpose of convening and holding of

meeting of the owners.



(6) If, under the legislation of a Member State reorganisation

or other comparable solutions bankruptcy of the issuer, the issuer may not meeting

owners convene.



(7) can be determined by the conditions the circuit changes the fundamental nature of those referred to in

paragraph 1 (b). (b) to (f)) Edit) by way of derogation.



§ 21a



A decisive day for the participation in a meeting of the owners



(1) the issuer shall designate for the owners of the bonds and for the owners of the shares in the

Bond collection day, that is decisive for their participation at the meeting

owners. This date cannot be earlier than the date of the meeting by more than 30

days.



(2) if the bonds admitted to trading on a regulated European

the market, on the foreign market, similar to a regulated market or in a

multilateral trading system operator established in a Member

State, is a day that is decisive for the participation in a meeting of the owners, always

the seventh day preceding the holding of the meeting of the owners.



section 22



(1) the Organizationally and technically meeting of owners provides and costs

United shall be borne by the person who convenes a meeting of owners (hereinafter referred to as the "convener"),

If this is not the case when the issuer has violated its obligation pursuant to § 21

paragraph. 1 and convene a meeting of owners instead of the issuer of the owner himself. In this

If they go the costs associated with meetings of the owners shall be payable by the issuer.

The costs associated with attendance at a meeting of owners shall be borne by the owner of the bond.



(2) the place, date and time of holding a meeting of owners shall be determined by

to minimize the possibility of bond owners to participate in the meetings of the

owners.



(3) the convener shall notify the owners ' meeting in the manner prescribed in

determined by the conditions, within a period of at least 15 days before the date of its

the venue. The notification contains at least



and) information about the issuer in accordance with § 6 para. 1 (b). (c)),



(b)), issue date of the bond name and identification marking referred to in

the international numbering system for the identification of securities and

book-entry securities, if assigned, or some other indication

identifying the bond; in the case of a joint meeting of owners of these data

of all the issued and outstanding issues



(c)) the place, date and hour of the meeting, owners



d) agenda, including a possible design change of issue conditions and

their rationale,



(e)) a day that is decisive for the participation in a meeting of the owners.



(4) if the meeting takes place on a proposal from the owners of the owner of the bond,

the issuer must provide it with the necessary cooperation.



(5) matters which have not been included in the proposed agenda

a meeting of owners, you can decide at that meeting only the participation and the

the consent of all owners of the bonds.



(6) fall away if the reason for calling the meeting of owners, it shall withdraw the convener

in the same way, which was convened.



Article 23 of the



The progress of meetings of owners



(1) the owners Meeting is quorate, if present

the owners of the bonds, whose nominal value represents the decisive

the date for participation at the meeting of the owners of more than 30% of the nominal value

the outstanding part of the bond issue. Joint meeting of owners is able to

a quorum, if owners of bonds participate in it, which

nominal value represents the date that is decisive for the participation in the

a meeting of the owners, more than 30% of the nominal value of the unpaid

each has not yet issued by emission. If it does not solve the problems common to all

emissions, it is necessary the participation of owners of 30% of the nominal value of the outstanding

part of those emissions, which are problems.




(2) If a meeting of owners, which has to decide on the change of issue

conditions, the quorum, the convener shall convene, if it is to continue to

necessary, replacement of the owners, so that the meeting took place within 6 weeks from the

the date on which the original holders ' meeting was convened. The venue of the replacement

meetings of owners with unchanged agenda shall be communicated to the owners

bonds not later than 15 days after the day on which the original was convened

meeting of the owners. Spare holders ' meeting is quorate, without

regardless of the conditions referred to in paragraph 1.



(3) prior to the start of the meeting of the owners is the convener must provide for

attend the meeting to check the information on the number of all bonds

eligible to participate in this meeting. Own bonds owned by the

of the issuer on a date which is decisive for the participation in a meeting of the owners for

the purpose of paragraphs 1 and 4.



(4) the holders ' Meeting decides by simple majority votes of the members present

owners of the bonds. The number of votes of each owner of the bond corresponds to the

its share in the total nominal value of the unpaid part of the issue

bonds. The change of issue conditions, for the bond program

or for the establishment and revocation of the joint representative of the owners of the bonds is

require the consent of three-quarters of the votes of the owners of the bonds.



(5) If a meeting of the owners agreed to changes in the fundamental nature,

can a person who was the owner of the bond on the date decisive for participation

at a meeting of owners, and according to the minutes of the meeting, voted against the proposal

or did not attend the meeting, ask for the early repayment of the nominal

the value of a bond, including the relative yield. If the yield determined by the difference

between the nominal value of a bond and its lower emission rate [section 16

(a). (b))], the issuer is obliged to repay the owners of bonds emission rate

and the relative yield. Request for early repayment shall be made within 30 days

Since the disclosure of the resolution of the meeting of the owners or of the joint meeting

owners referred to in paragraph 7. After the expiry of the right to repayment of the

ceases to exist. The issuer is obliged to pay this amount within 30 days from the delivery of

the application in the manner and on the site, which provides for the repayment of the bond

emission conditions.



(6) If a meeting of the owners with the changes the fundamental nature of those

in § 21 para. 1 (b). (b)) to (g)), at the same time may decide that if the

the issuer to proceed in violation of the resolution, is obliged to prematurely

to repay the bond owners who request it, their nominal

the value of including proportional yield; If the yield determined by the difference between the

the nominal value of a bond and its lower emission rate [section 16 (a).

(b))], the issuer is obliged to repay the owners of the bonds, at their request

emission rate and relative yield. The issuer is obliged to do so in the manner and

in a place which for the repayment of the bond conditions, set emission

no later than 30 days from the date of receipt of the request for early repayment.



(7) the convener shall draw up the minutes of the meeting of the owners within 30 days from the date of

the meeting. If the meeting were discussed by any of the major changes

the nature of the meeting shall be taken by a notarial deed. If the meeting

owners with any of those changes shall be agreed in notarial law

write the names of the owners of the bond, who agreed with the change, and

the number of pieces of bonds, each of those owners is the decisive

the date for participation at the meeting of owners (paragraph 1) on your property.

The issuer shall, within 30 days from the date of the meeting of the owners to publish

all decisions of the meeting of the owners, in a way, which was published in a

emission conditions.



section 24



The joint representative of the owners of the bonds



(1) meetings of the owners may by decision to establish common

representatives of all of the owners of the bonds (the "common representative").

Common representative is entitled to:



and) apply on behalf of all owners of rights associated with the bonds in

the scope as defined in the decision of the meeting of the owners,



(b)) to control emission conditions by the issuer,



(c)) do on behalf of all the owners of the bonds other tasks or otherwise

to protect their interests, in the manner and to the extent laid down in decision

meeting of the owners.



(2) the extent to which applies the rights associated with the common bonds

a representative of the owners, with the exception of voting rights, the owners cannot

bonds to exercise such rights individually. This does not affect the right of

meetings of the owners appealed to the common representative or specify another

the common representative.



(3) where a meeting of owners about the appeal of the common representative

joint representative cannot exercise voting rights attached to

bonds that they own, and its voting rights do not count towards

the total number of votes needed to ensure that the meeting was able to

a quorum.



(4) in the exercise of their functions is a common representative shall be obliged to negotiate with the

due care and in accordance with the interests of all the owners of the bonds, which he

they are or should be aware, and is bound by the instructions of the owners ' meeting. It

does not apply if such instructions are contrary to the legislation or if

require conduct which is not in accordance with the common interests of all

owners of the bonds.



(5) the joint representative shall notify before its provisions into the function owners

Bond facts that they could be relevant for the assessment,

whether there is a conflict of their interests to the interests of the common representative, or

such a clash is imminent. Before a common representative within the function

a meeting of owners in the decision also specifies how to proceed if the

conflict of interest the common representative to the interests of the owners of the bonds, or

If the threatening such a clash, after the provisions of the common representative in

function.



§ 24a



Participation in a meeting of the owners with the use of means of distance communication



(1) emission conditions may specify the conditions under which the authorized person

may participate in meetings of the owners by electronic means,

for example, allowing for the direct transmission of the meeting of the owners of the image and the

sound or direct two-way communication between meetings of the owners and

by an authorized person.



(2) the organizational and technical conditions must allow for verification of identity

the person entitled to attend a meeting of owners and determine the total shares

the nominal value of the outstanding part of the bond issue; otherwise, the votes of the

projeveným such a procedure or to participate the following voting owners

the bonds shall be disregarded.



(3) the owner of a bond that makes use of the right referred to in paragraph 1, shall

considered to be present at a meeting of owners.



PART TWO



SPECIAL CATEGORIES OF BONDS



TITLE I OF THE



GOVERNMENT BONDS AND BONDS ISSUED BY THE CZECH NATIONAL BANK



the title launched



§ 25



(1) Bonds issued by the Czech Republic, as well as similar securities

representing the right to repayment of the amount owed, which the Czech Republic

issued under the law of a foreign country, are government bonds. Czech

Republic may issue Government bonds in the Czech Republic and in the

abroad.



(2) Government bonds are issued on the basis of



a) Special Act on the State bond program, or



(b)) of the Special Act, which authorizes the Ministry to issue State

bonds or the issuance of government bonds.



(3) on the basis of a special law referred to in paragraph 2 may be issued,

single bond issue, with different conditions.



(4) the Government of the United States is required to submit to the Chamber of Deputies

Parliament of the Czech Republic the Czech National Bank's opinion to the Government

the draft law on the State bond program and to design special

the law, which authorizes the Ministry to issue Government bonds, or

the issue of government bonds; This does not apply to this Act

the law governing the budgetary rules.



(5) Government bonds with a maturity of up to 1 year are referred to

such as Treasury bills. Bonds issued by the Czech national

the Bank, with a maturity of up to 6 months are known as tokens of the Czech

the National Bank.



(6) the provisions of paragraphs 2 to 5 shall also apply to government bonds

issued abroad.



(7) the provisions of § 3, § 9 para. 1 (b). k) to (m)), § 10 and § 21-24a

do not apply to government bonds and bonds issued by the Czech national

by the Bank.



section 26



(1) the Czech Republic issued Government bonds through the

of the Ministry. Specifies the terms and conditions of government bonds by the Ministry.

The Ministry may determine common conditions that are the same for

an unspecified number of issues of Treasury bills.

The Ministry announces the issue of government bonds and common

issue Treasury bills in the collection of laws,

unless the Government bond issued by emission conditions abroad

or under the law of a foreign State. Common conditions of State

Treasury bills are completed for each emissions data according to

§ 6 para. 1 (b). (d)), f), and (j)) and pursuant to § 9 para. 1 (b). g) and (j)) and the

§ 9 para. 1 (b). (e)), which is in the collection of laws, but are disclosed

the Ministry published a way allowing remote access.



(2) the terms and conditions of the bonds issued by the Czech National Bank,

published in the journal of the Czech National Bank and are published in a manner


allowing remote access. The Czech National Bank may designate common

conditions that are the same for an unspecified number of emissions

vouchers the Czech National Bank. Common terms and conditions shall be published

or published under the first sentence and completed for each emission

information according to § 6 paragraph 1. 1 (b). (d)), f), and (j)) and pursuant to § 9 para. 1 (b). (g))

and (j)), in the journal of the Czech National Bank not be made public, but they are

The Czech National Bank published a manner allowing remote

access.



(3) the Ministry may change the terms and conditions of government bonds

unless it is a requirements referred to in § 9 para. 1 (b). (f)), and i) and § 9 para. 2

(a). j). The Czech National Bank may change the terms and conditions of the bonds

issued by the Czech National Bank.



(4) Government bonds issued according to Czech law, up for sale

through the Czech National Bank. Government bonds, which

transferability is limited or excluded, and Treasury bonds issued by the

According to the law of a foreign State shall give to the sale through the United

the National Bank, the Ministry, legal persons established by the Ministry of

by a special act in connection with the management of the public debt or on the

under an agreement with the Ministry through the person who is to exercise the

such activities shall be entitled to.



(5) the work associated with managing and paying off the national debt by virtue of the

Government bonds secures Ministry or a person authorized by.



(6) the transferability of government bonds and conditions can be ruled out.

Transferability of the Government bonds may also limit the emission conditions, if

at the same time the conditions under which their transferability.

Reduction or elimination of the transferability of government bond is binding

for everyone.



(7) if the transferability of government bonds is excluded or limited,

conditions may exclude the possibility of set up for federal loans

Lien, or, if at the same time shall determine the conditions under which the establishment of a

Lien, this option is also permissible limit. The limitation or

exclusion of the possibility to establish a lien on State bonds is

binding for everyone.



(8) to transfer Government bond in contravention of paragraph 6 or

establishment of a lien to the State bond in contravention of paragraph 7

shall be disregarded.



TITLE II



MUNICIPAL BONDS



section 27 of the



the title launched



(1) a municipal bond is a bond issued by a local government unit.

His name contains the word "veteran"; another security must not, in

the name of this word.



(2) a territorial self-governing unit must have to issue municipal bonds

the prior approval of the Ministry.



(3) the Ministry shall grant consent pursuant to paragraph 2 of the territorial samosprávnému

a whole, if



and) economic situation of the local government unit allows you to meet

debts arising from municipal bonds and the loans do not have and will not be

have a significantly negative impact on its management and development,



(b) the territorial Government Unit) intends to obtain funds by issuing

municipal bonds only in order to use the money thus obtained

resources on the



1. investments in fixed tangible assets used for the performance of

the scope of local government unit;



2. the damage caused by natural disaster or other disaster, or



3. the financing of the project co-financed from the resources of the European Union and



c) repayment term municipal bonds, which local government

a whole intends to release, is not longer than 15 years from the date of issue.



(4) the request for approval referred to in paragraph 2, the applicant shall be accompanied by documents

certifying the fulfilment of the conditions laid down in paragraph 3. Model application and

the content of the annexes thereto, including attachments, proving the purpose of use of cash

in accordance with paragraph 3 (b). (b)), paragraphs 1 to 3, shall lay down the

the implementing legislation.



(5) any local government unit leads to the release of money

municipal bonds on a separate bank account or charge

separately, so that at any time has been able to document the purpose of their use.



(6) the provisions of § 7 para. 1 (b). (b)) the issuance of municipal bonds

does not apply.



(7) paragraphs 2 to 5 shall apply to municipal bonds issued in

abroad or similar securities representing the right to repayment of the

the due amount issued by the territorial Government under the law of a foreign

State.



TITLE III



MORTGAGE BONDS



the title launched



section 28



(1) mortgage bonds are bonds and similar securities

papers representing the right to repayment of the amount owed, issued according to

the law of the foreign State, whose nominal value and relative yield (hereinafter referred to as

"the obligations of the mortgage bonds") are fully covered claims

of mortgage loans or parts of these claims (the proper cover) and

where appropriate substitute under this Act (alternate cover).

Part of the name of this security is the designation of the mortgage bonds

sheet. Other securities must not contain that tag.



(2) the mortgage bonds can only issue the Bank under a special

legislation governing the activity of the bank is based in the Czech Republic

(hereinafter referred to as "issuer of mortgage bonds").



(3) a mortgage is a loan whose repayment including accessories

secured by right of lien to real estate property, when the receivable from the loan

does not exceed twice the value of the pledged immovable property pledge. Loan

shall be regarded as a mortgage loan, the date of the legal effects of the lien

rights. For the purpose of covering mortgage bonds can claim from the

mortgage loan or part thereof applied only from the date on which the issuer of the

mortgage bonds on the legal effects of the creation of the lien

rights to immovable property.



(4) the immovable thing referred to in paragraph 3 must be located on the territory of the Member

State.



(5) the issuer of mortgage bonds ensures sufficient coverage

liabilities from mortgage bonds in circulation, so that the sum of the

Receivables from mortgage loans, or parts thereof, used for the proper

coverage, and total replacement coverage does not degrade under the total amount of liabilities

of all the mortgage bonds it issues in circulation.



section 29



(1) the value of the mortgaged immovable property provides the issuer

mortgage bonds. The issuer of mortgage bonds is

obliged to edit in its internal rules the rules for determining the

Lien zastavovaných immovable property values, which must respect the

the principles referred to in paragraph 2.



(2) the pledged immovable property is valued at the market price usual, under a special

the legal rules relating to the valuation of assets, taking into account the



and permanent and sustainable in the long term) of the properties of real estate property,



(b) accessible by third parties) yield in the proper management of immovable

things,



c) rights and faults with immovable things related and



(d)) to local conditions of the market in nemovitými things, including its effects and

the anticipated development.



(3) the value of the mortgaged immovable property as provided for by

paragraph 2, shall not exceed the price of the usual.



section 30



(1) for the proper protection of the summary of the commitments of all the mortgage bonds

sheets in circulation and issued by one issuer can only serve those of its

Receivables from mortgage loans, or parts thereof, that they meet the conditions of §

28 para. 3 and 4. These claims or parts thereof may not, on the whole

While such coverage is used, not exceed 70% of the mortgage value

the mortgaged immovable property to ensure these claims. Replacement

coverage summary of commitments from all the mortgage bonds in circulation

issued by one issuer is possible only when the conditions

laid down in this law.



(2) on the pledged immovable property shall not diminish the lien of a third

persons who would be in the same or in preference order, before

ensuring that the claim of lien of the mortgage loan or its

in part, included in the coverage of mortgage bonds in the

circulation, with the exception of the lien, which is a secured loan provided

building society under the law governing building society schemes, as well as

I credit granted a State Fund for the construction of housing development

cooperative housing under the Act on the promotion of the construction of cooperative housing, and

further credit provided for the construction of apartments built with the financial, credit

and another by using under special legislation on the financial, credit and

other assistance to cooperative housing construction (hereinafter referred to as "loan for a cooperative

housing construction "), provided that the building society or the creditor

accounts receivable from the loan for a cooperative housing construction with a priority ranking

their pledge gave to the issuer of mortgage bonds to

establishment of a lien in the next sequence of prior written consent. Without

This consent could not claim to cover include. The transfer of the pledged

of immovable property must not be restricted by the limitations resulting from the transfer of real estate property previously

things. The following conditions must be met for the entire period during which the

the claim of the mortgage loan to cover included.



(3) it is not considered immovable thing loaded earlier resulting from mortgage


law or restrictions on transfer of immovable property, where the guaranteed

the third party claim shall be extinguished as a result of the use of the mortgage loan to

its repayment.



(4) if some of the pledged immovable property is binding pledge

the law is a secured loan from building savings according to the law

adjusting the construction savings, can be used for the purpose of covering commitments from all

the emission of mortgage bonds in circulation include the claim of

mortgage loan or part thereof up to a maximum equal to the difference between 70%

the pledge of the pledged immovable property values and loan receivable

provided by the building society.



(5) if some of the pledged immovable property is binding pledge

the law is a secured loan for a cooperative housing construction, can be used for

the purpose of covering commitments from all the emission of mortgage bonds in circulation

include debt from mortgage loan or part thereof up to a maximum

the amount of the difference between the 70% of the mortgage value of pledged real estate and

receivable from the loan for a cooperative housing construction.



(6) if some of the pledged immovable property are getting stuck at the same time

liens in accordance with paragraphs 4 and 5, for the purpose of covering commitments from

all the emission of mortgage bonds in circulation include the claim of

mortgage loan or part thereof up to a maximum equal to the difference between 70%

the pledge of the pledged immovable property values and the sum of the amounts receivable from the loan

provided in accordance with paragraphs 4 and 5.



section 31



(1) replacement coverage for the liability of mortgage bonds in circulation

issued by one issuer is possible only up to 10% of the nominal

values, and it just



and) cash,



(b)) deposits with the Central Bank of a Member State or of the European Central

the Bank,



(c) Government bond or bonds) issued by the Czech National Bank,



d) securities issued by the Member States, their central banks

and the European Central Bank,



e) bonds issued by financial institutions based international

the Treaty, of which the Czech Republic is a Contracting Party, or financial

institutions with which the Czech Republic has concluded an international agreement.



(2) the assets used to cover the liabilities from mortgage

bonds in circulation may not the issuer of mortgage bonds

stop or otherwise used as collateral.



§ 32



(1) the issuer of mortgage bonds is required to keep the

a summary of all of the obligations of the mortgage bonds it issues in

circulation separate registers that provide full supporting documentation for the assessment of

as an issuer of mortgage bonds shall observe the provisions of this

the law.



(2) the content and method of keeping records referred to in paragraph 1 provides for the Czech

National Bank by Decree.



TITLE IV



AND PRIORITY CHANGEABLE BONDS



§ 33



the title launched



(1) Removable bond is a bond, with which it is associated the right to his

Exchange for another bond or bonds or other right to its Exchange

a share or shares of the same issuer which their issuer shall, as

a special legal regulation. This right can be exercised instead of

the right to repayment of the bond.



(2) the priority bond is a bond, with which it is associated the right to his

repayment and payment of the proceeds of the bond, as well as the right to priority

subscription of shares that its issuer shall issue under a special legal

prescription. The fact that it is a removable or priority bond,

must be clearly marked on the way listinném a bond or in

the records and in all promotional communications relating

such a bond.



(3) conditions of removable or priority of the bond must

include the location and the time limit for exercising the rights from the removable or

the priority of a bond with an indication of how it will be reported to the starting point of this

period, and specifying the date on which it ceases to pay out of the proceeds of the bond,

the Exchange has been applied the right referred to in paragraph 1.



(4) Removable bonds, which involve the right to exchange for shares,

and bonds adjusts the special law.



TITLE V OF THE



SUBORDINATE BONDS OF



§ 34



the title launched



(1) a child of the bond is a bond, where in the case of



and the entry of the issuer into liquidation),



(b)) issue of the bankruptcy decision of the issuer, or



(d)) when the issuer is a foreign person, whether or not other similar measures



the claim of the corresponding rights associated with this bond

met to the satisfaction of all other claims, with the exception of

claims that are bound to the same or similar condition

subordination.



(2) the fact that it is a child of the bond, must be clearly

in the manner indicated on the bond or listinném in the records and

Furthermore, in all promotional communications concerning the child

the bond.



(3) Claims from all subordinate bonds and other assets,

that are bound to the same or similar condition of subordination, in

the cases referred to in paragraph 1 shall meet according to their order. Emission

the terms may specify a different order of satisfaction of claims from child

bonds, even in relation to other claims, including

Receivables from other subordinate bonds, or differently in relation to the

the claim of the corresponding right to the repayment of the bond and other rights

the bond.



TITLE VI OF THE



PICKUP BOND



the title launched



§ 35



(1) a collecting IOU is written IOU that represents a summary of the

each of the bonds of the emissions that are within the time-limits for

subscription, and, where appropriate, the additional period for subscription, subscription subscription

the Charter. Each capture bond is a separate emissions. The number of subscribed

bonds each owner presents his share of the collection

the bond.



(2) Capture bond is issued when it is fully subscribed, the emissions

bonds, that is, and when it is stored in accordance with § 36 odst. 1.

For a fully upsanou bond issue is also considered in the case of emissions that

the issuer took advantage of their privileges under § 7 para. 1 (b). in the case of and).

increase or decrease the total nominal value of the bond issue, the

opatrovatele under § 36 odst. 1 at a collection of the bond shall be for information about

the operative event, for the total amount of emissions and, where appropriate, additional

information on the issue. These changes are made in the records.



(3) Capture bond is owned jointly by the owners of the shares in the

the capture of the bond. On legal relationships between owners of shares in the collection

the bond shall not apply the provisions of the Civil Code of

co-ownership.



(4) the owner of a share in the collection of the bond has all of the rights that are

associated with the ownership of the bond.



section 36



(1) Capture bond must be stored and filed with the person entitled to

management of the relevant evidence.



(2) a person referred to in paragraph 1, keeps records of shareholders at a collection

the bond.



(3) the Evidence referred to in paragraph 2 is a list of owners within the meaning of § 4 para.

2.



(4) the owner of a share in the capture of a bond may, in accordance with the emission

the terms convert bonds corresponding to this share or part

to another person. The legal effects of the transfer occurs by writing to registration

in accordance with paragraph 2.



(5) a person referred to in paragraph 1 shall be issued to the owner of a share in the

the capture of the bond on his request, extract from the register of the size of its

share in the collection of the bond.



(6) the person referred to in paragraph 1 shall be obliged to issue to the issuer of the pickup

the bond at its request, a list of owners of shares in the collection of the bond

for the purposes of the convocation and holding of meetings of the owners.



§ 36a



(1) the proportion of the collection of the bond lien in

registration in accordance with § 36 click lien debtor. If a command

Lien creditor, debtor or the pledgor, the lien

right, if the principal establishment of a lien shall be documented.



(2) a lien referred to in paragraph 1 is deleted from the register, click

the pledgee. If a statement of lien debtor, debtor

or the pledgor, clears the lien, unless the originator showing that

occurrence of the event, which is otherwise the reason for the extinction of the lien.



PART THREE



STATE SUPERVISION IN CONNECTION WITH THE ISSUANCE OF MUNICIPAL BONDS



§ 37



the title launched



State supervision over compliance with the conditions under which the territorial

samosprávnému a whole independent consent under section 27 para. 2 exercises

by the Ministry.



§ 38



Administrative offences



(1) a territorial self-governing unit commits an administrative offense, by



and will use the funds obtained) by issuing a bond or the like

a security that represents the right to repayment of the amount owed pursuant

the law of a foreign country in violation of § 27 para. 3 (b). (b)), in the case of

bond, or in violation of § 27 para. 3 (b). (b)) and section 27 para. 7 if it is

a similar paper,



(b) a bond or similar) issues a security representing a right to

the repayment of the amount owed under the law of a foreign State in breach of



1. section 27 para. 3 (b). (c)), in the case of a bond, or in violation of § 27

paragraph. 3 (b). (c)) and section 27 para. 7, in the case of similar securities,

repayment term longer than 15 years, or



2. section 27 para. 2, in the case of a bond, or in violation of § 27 para. 2 and 7,

in the case of similar securities, without the consent of the Ministry, or



c) in contravention of section 27 para. 5 does the funds obtained from the subscription


the bond or in violation of § 27 para. 5 and 7 of the like of the securities

that represents the right to repayment of the amount owed under the law of a foreign

State on a separate bank account, or does not charge separately so about them,

to be able to substantiate the purpose of their use.



(2) for the administrative offence referred to in paragraph 1 shall be fined up to 20 000 000

CZK.



§ 39



Provisions common to administrative offences



(1) a territorial self-governing unit for administrative offence does not match, if the

It proves that the effort, which was meant to require that

breach of legal obligations.



(2) in determining the amount of the fine, the territorial samosprávnému of the whole into account

the seriousness of the administrative offense, in particular, to the manner of its perpetration, and his

consequences and the circumstances under which it was committed.



(3) the responsibility of the local government unit for an administrative offense shall cease,

If the Ministry initiated proceedings about him within 1 year from the date of the

about it as possible, but no later than 5 years from the day when it was committed.



(4) administrative offences under this law in the first instance hearing

by the Ministry.



section 40



cancelled



§ 41



cancelled



PART FOUR



PROVISIONS COMMON, TRANSITIONAL AND FINAL



§ 42



Limitation periods



The rights attaching to the bonds and coupons issued to them are barred

the expiry of 10 years from the date on which it could be invoked for the first time.



§ 43



the title launched



(1) a security or book-entry securities, which is not removable

bond and which carry the right to repayment of certain amounts due,

that is even partly dependent on whether a particular circumstance occurs

or does not occur, it is not considered a bond.



(2) for the paper or book-entry securities, with which it is associated

the right to the repayment of certain amounts due and that is not a bond, you can

This law or its individual provisions apply only when the

They allege that the conditions of these securities or

book-entry securities; such a valuable paper or book-entry security

However, the paper must not contain a designation of a bond.



§ 44



Publication, notification and disclosure of information



If the law requires disclosure, reporting, or disclosure of

information on the territory of the Czech Republic, then the information is published,

be notified or made available in any language or in another language, if the

It is in the interest of investors and the use of that language is provided for in the emission

conditions.



§ 45



A mandate



(1) the Ministry shall issue a notice in accordance with § 27 para. 4.



(2) the Czech National Bank shall issue a decree the contents of register of legal

coverage of mortgage bonds, the way the leadership of this evidence and its

the elements and the content and method of implementation of information obligations of the issuer

mortgage bonds.



(3) the Ministry shall set a standard for the calculation of the aliquot interest rate

the yield for the purpose of trading Government bonds on the secondary market

bonds and will announce it is communication in the statute book.



§ 46



Transitional provisions



(1) an issuer may apply to the Commission to approve the change of issue conditions to

1 year after the date of entry into force of this Act. Under the provisions of section 12 of the

paragraph. 1, 6 and 7, the proceed even if the issue conditions of the bonds,

which were issued before the date of entry into force of this Act.



(2) the legal relationship of the bonds and issue conditions issued before the date of

entry into force of this law shall be assessed in accordance with the existing laws,

regulations.



(3) the proceedings initiated before the date of entry into force of this law, with the

the exception of the proceedings referred to in paragraph 4 shall be completed according to the existing legal

procedural regulations.



(4) the procedure for the approval of the issue conditions, bond program and its

Add-in or of change of issue conditions and a change for bond

the program, initiated before the date of entry into force of this Act,

completed under this Act. The Commission will provide to the participants in a reasonable time

the addition or amendment of the application according to the requirements of this Act; After this

the time of the deadline for a decision is not running.



(5) a violation of the existing legislation or decisions of the Commission

issued in accordance with the existing law, which was found after the date of acquisition

the effectiveness of this law, shall be assessed in accordance with the existing law.



(6) For mortgage loans under this Act and shall be treated as loans contracted

before the date of the acquisition of its effectiveness, if they meet the conditions referred to in section 28.



(7) the issuer must pass the first rules for the determination of the value of the pledge

zastavovaných real estate Commission within 3 months after the date of entry into force of

of this Act.



§ 47



Regulation (EEC)



Repealed the law no 530/1990 Coll. on bonds.



§ 48



The effectiveness of the



This Act shall take effect on the date of the Treaty of accession of the Czech

Republic to the European Union enters into force.



Fort Worth Star Telegram in r.



Klaus r.



Spidla in r.



Selected provisions of the novel



Article. XI of Act No. 355/2011 Sb.



Transitional provision



The bonds, which were before the date of entry into force of this Act when

their issue written first at the issuer's securities account in the register

under other legislation, are viewed as duly issued in

the time of their registration on this account, the rest have been met.

conditions laid down in the existing legislation for the issue

bonds.



Article. (II) Act No. 172/2009 Sb.



Transitional provisions



1. legal relations of the bonds issued by the date of entry into force of this

the law, as well as the issue conditions of bonds approved by the date of the acquisition of

the effectiveness of this law, shall be assessed in accordance with the existing laws,

regulations.



2. For the determination of the date, which is decisive for the participation in a meeting of the owners

bonds, as well as the owners of shares in the collection of the bond (hereinafter referred to as

"the meeting of owners"), can be bonds, issued to the effective date of

This Act followed by the existing legislation.



3. If the conditions of bonds related to bonds

issued to the effective date of this Act do not contain method

notification of holding a meeting of owners, is obliged to publish the convener

notice of the holding of at least two nationally distributed newspapers,

within a period of at least 15 days before the date of the meeting.



4. the procedure



and for a breach of duty) stipulated by Act No. 190/2004 Coll., as amended by

effective until the date of entry into force of this Act,



(b)) for violation of the conditions set out in the decision issued pursuant to law No.

190/2004 Coll., in the version in force until the date of entry into force of this Act,

or



(c)) on the application for approval of a bond issue conditions, which United

the National Bank has launched and which was not finally completed until the day of acquisition

the effectiveness of this law, shall stop the effective date of this

the law; points 5 and 6 are not affected.



5. proceedings conducted by the Czech National Bank with territorial Government

for violation of the obligations provided for in section 27 of Act No 190/2004 Coll., on

the version in force before the effective date of this Act, completes the Czech national

the Bank according to the existing legislation. If in such proceedings

fine, when you select and the recovery is progressing according

the existing legislation.



6. If it was up to the effective date of this Act, the decision

The Czech National Bank, imposing territorial samosprávnému unit

the fine for violation of the obligations provided for in section 27 of Act No 190/2004 Coll.

in the version in force before the effective date of this Act, and if it was against this

decision filed, shall decide on the Bank Board of the Czech national

the Bank according to the existing legislation. If the Bank Board of the Czech

National Bank of such a decision be revoked and the thing returns for reconsideration,

It is to this new discussion of relevant Czech National Bank, which

control completes in accordance with the existing legislation.



7. The fine imposed to the effective date of this Act for any act,

that is no longer an administrative crime pursuant to Act No. 190/2004 Coll., as amended by

effective from the date of entry into force of this law, shall be collected.



8. the periods that began to run according to the existing legislation to the date

entry into force of this Act, are not affected by this Act.



Article. (II) Act No. 137/2014 Sb.



Transitional provision



The legal relationships of the bonds issued before the date of entry into force of this

the law, as well as from the issue conditions of bonds posted or otherwise

made available before the date of entry into force of this law, shall be assessed

According to the existing legislation.



2) section 69 of the Act No. 513/1991 Coll., the commercial code, as amended

regulations.



3) § 190a, 190b et seq.. Act No. 513/1991 Coll., as amended

regulations.



4) § 488a et seq.. Act No. 513/1991 Coll., as amended.



4A) of section 33 of Act No. 6/1993 Coll., on the Czech National Bank.