About The Conversion Of Foreign Exchange Assets And Liabilities In The Zahr. Receivables

Original Language Title: o přepočtu devizových aktiv a pasiv v oblasti zahr. pohledávek

Read the untranslated law here: https://portal.gov.cz/app/zakony/download?idBiblio=38862&nr=499~2F1990~20Sb.&ft=txt

499/1990 Coll.


of 16 December 2002. November 1990

about the conversion of foreign exchange assets and liabilities in foreign receivables and

commitment of organizations in connection with the kursovými measures

Change: 84/1998 Coll.

The Federal Assembly of the Czech and Slovak Federal Republic

committed to this Act:

§ 1

The scope of the law

As a result of changes to the courses, the Czechoslovak Crown perform a selected organisation

(hereinafter referred to as "the Organization"), the conversion of their foreign exchange assets and liabilities in

foreign receivables and Payables ("conversion").

§ 2

How to perform the conversion

(1) the conversion of the date 8. January 1990 shall make organization a coefficient

1.186 for freely convertible currencies and by a factor of clearing houses

0.90 per area of the transferable ruble.

(2) the conversion of foreign currency at the date of 15. October 1990 shall

Organization for the region of freely convertible currencies and rate of exchange clearing houses

valid as of this date.

(3) in the case of other changes to the course as a result of the transition of the Czechoslovak currency

on the internal organization shall carry out the conversion of convertibility for free

convertible currencies and currencies in a similar manner as already stated in paragraph


§ 3

Conversion method of settlement

Differences from the conversion of the Organization will tackle through a specific

account financial assets the United States so that the result of the settlement

did not lead to demands for budget funds of the Federation.

§ 4

Powers of execution

(1) the Heading of the organisations to which this law applies shall be determined by and

details on how to adjust the equivalent of the Ministry of finance Decree.

(2) Organizations reporting from the conversion of the profit and balance of these

under commitments to the special account of the financial assets of the Czech

the Ministry of Finance of the Republic may, on the basis of applications submitted by

and) reduce the amount of these liabilities or completely waived,

b) deadlines maturity of these undertakings, or

c) reduce the amount of these commitments by the value of the interest of the differences between the initial

calculated interest rate and then increased the interest rate of the

loans granted by the banks to the financing of receivables that have been

the subject of the conversion.

(3) the Permission of the Ministry of finance, in accordance with paragraph 2 (a). and (b)))

refers only to the obligations arising from Receivables

and in countries towards) which were applied economic sanctions on the basis of the

the decision of the Security Council of the United Nations,

(b)) in countries whose economy was disrupted in the aftermath and

violent conflicts, or

(c)) in the countries, which is hunt by creditors in international

organizations of the creditors (Paris Club creditors, the London Club of creditors)

to allow for the remission of debts or the layout of their repayment.

(4) when making a decision under paragraph 2, the Ministry of finance takes into account

in particular, the extent to which the claims of organizations abroad have become temporarily

or permanently unenforceable.

(5) the Organization shall be entitled to about the changes referred to in paragraph 2 to charge starting at

the financial year of 1997; about the changes in 1997 to charge no later than

the conclusion of the books and accounts of the Assembly for the year.

(6) the procedure under this provision is not subject to an administrative order. ^ 1)

§ 5

Final provision

This Act shall take effect on the date of 15. December 1990.

Havel v.r.


Čalfa v.r.

1) Act No. 71/1967 Coll., on administrative proceedings (administrative code).