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Bankwet 1998

Original Language Title: Bankwet 1998

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Law of 26 March 1998 laying down new provisions relating to De Nederlandsche Bank N.V. in connection with the Treaty establishing the European Community (Bankwet 1998)

We Beatrix, at the grace of God, Queen of the Netherlands, Princess of Orange-Nassau, etc. etc. etc.

All of them, who will see or hear these, saluut! do know:

Having considered that it is necessary to rearrange the objectives, tasks and activities of De Nederlandsche Bank N.V. in the context of the Treaty establishing the European Community and the Treaty establishing the European Community, we consider it necessary to reestablish the objectives, tasks and activities of the Netherlands. the establishment of a European System of Central Banks of which The Nederlandsche Bank N.V. is an integral part of the tasks and obligations conferred upon it by the Treaty;

In this way, we, the Council of State, and with the mean consultations of the States-General, have been well-regarded and understood to be right and to be understood by the following:

Chapter I. Begripsmeasures

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Article 1

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  • 1 The following shall be understood in this Act and the provisions which are based thereon:

    • a. the Bank: De Nederlandsche Bank N. V.;

    • b. Our Minister: Our Minister of Finance;

    • (c) the Treaty: the Treaty on the Functioning of the European Union;

    • d. the European Central Bank: the European Central Bank provided for in Article 13 of the Treaty on European Union;

    • e. the European System of Central Banks: the European System of Central Banks referred to in Article 282, first paragraph, of the Treaty;

    • The Statute of the European System of Central Banks: the Statute of the European System of Central Banks and of the European Central Bank, referred to in Article 129, second paragraph, of the Treaty;

    • g. Regulation for counterfeiting: Regulation (EC) No 248/EC (EC) No 1338/2001 of the Council of the European Union of 28 June 2001 laying down measures necessary for the protection of the euro against counterfeiting (OJ 2001 L 181);

    • h. Common settlement mechanism: Regulation (EU) No Council Regulation (EC) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the settlement of credit institutions and certain investment firms in the framework of a single market settlement mechanism and a common bank resolution fund and amending Regulation (EU) No 1093/2010 of the European Parliament and of the Council (PbEU 2014, L 225).

  • 2 The Bank shall form an integral part of the European System of Central Banks with regard to the tasks and obligations of the Treaty which the Treaty imposes on that system.

Chapter II. Objectives, tasks and activities of the Bank

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§ 1. Objectives and tasks

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Article 2

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  • For the purpose of implementing the Treaty, the Bank shall have as its objective the maintenance of price stability.

  • 2 In implementation of the Treaty, the Bank shall, without prejudice to the objective of price stability, support the general economic policy in the European Union with a view to contributing to the achievement of the objectives set out in Article 3 of the Treaty on European Union. Union defined the objectives of the Union.

  • 3 The Bank shall act in accordance with the principle of an open market economy with free competition, favouring an efficient allocation of resources, and in compliance with the principles set out in Article 119 of the Treaty.

  • 4 The Bank also aims to carry out tasks, other than those envisaged in the Article 3 , to the extent that they are assigned to or under the law.


Article 3

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  • For the purposes of implementing the Treaty, the Bank shall contribute, within the framework of the European System of Central Banks, to the fulfilment of the following tasks:

    • (a) the definition of monetary policy and the implementation of that policy;

    • b. the conduct of foreign exchange operations in accordance with Article 219 of the Treaty;

    • c. the holding and management of the official foreign reserve assets;

    • d. providing for the supply of money to the extent that it consists of banknotes;

    • (e) promoting the smooth operation of payment systems.

  • For the purposes of implementing the Treaty, the Bank shall contribute, within the framework of the European System of Central Banks, to the proper conduct of the competent authorities with regard to the prudential supervision of banks and the stability of the banking system. financial system.

  • For the purpose of implementing the Treaty, the Bank shall, in the exercise of its duties and obligations under the first and second paragraphs, seek and accept instructions exclusively from the European Central Bank.


Article 4

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  • The task of the Bank shall be to:

    • (a) exercise supervision of financial institutions at the level of the statutory arrangements in force;

    • (b) to promote the smooth operation of payment systems;

    • (c) the promotion of the stability of the financial system;

    • d. the collection of statistical data and the production of statistics at the level of the statutory regulations in force;

    • (e) the exercise of settlement tasks in respect of banks and investment firms on the basis of the applicable legal arrangements.

  • 2 The Bank may carry out the tasks referred to in paragraph 1 in the public entities Bonaire, Sint Eustatius and Saba, at the same level as the statutory arrangements in force for that purpose.

  • 3 The Bank may, after being authorised by Royal Decree, perform tasks other than those set out in this Act in the general interest both in the European part of the Netherlands and in the public bodies of Bonaire, Sint Eustatius and Saba.


Article 4a

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The Bank shall, in the exercise of its duties, take the following measures: Article 4, first paragraph, part e The point of departure is that recourse to public funds shall be avoided. If, in order to achieve the resolution objectives referred to in Article 14 of the Single Resolution Mechanism, an appeal for exceptional public financial assistance is unavoidable, that action shall be limited to that of the necessary for the achievement of those objectives.


§ 2. Work

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Article 5

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The Bank shall be empowered to carry out such activities necessary for the implementation of the Article 3 and Article 4 said tasks, including in particular the work mentioned in this paragraph. The Bank shall carry out this work in accordance with the Treaty.


Article 6

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The Bank shall be responsible for issuing banknotes.


Article 6a [ Expired by 01-01-2014]

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Article 7

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The Bank shall be empowered to assist the European Central Bank in the collection of data in accordance with Article 5 of the Statute of the European System of Central Banks.


Article 8

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  • 1 The Bank is empowered to conduct transactions in the financial markets, including receiving cash in charge of account holders, in custody of securities and other items of value and conduct of financial services. credit operations to the extent that they are covered by adequate collateral.

  • 3 At the request of Our Minister, the Bank shall carry out the work referred to in paragraph 1 for the benefit of the State and for the institutions set up by law or by Royal Decree.

  • 4 At the request of our Minister and by way of derogation from paragraph 1, the Bank shall, whenever the Secretary of State considers it necessary for the orderly resolution of payments to the State, provide the State with credit in current account, without collateral and against a remuneration to be agreed between Our Minister and the Bank. The State shall be obliged to pay such appropriations on the day on which they were issued.


Article 9

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The Bank may, after being authorised by Royal Decree:

  • (a) hold holdings in the capital of legal persons, institutions and organisations in which its participation in the capital is not already regulated by or under the Treaty or by law;

  • (b) participate in the work of legal persons, institutions and organizations in which its participation in the activities of, or under the Treaty or by law is not already regulated;

  • (c) conduct other activities in the public interest other than those referred to in this paragraph.

Chapter IIa. Authenticity and fitness checking of euro banknotes

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Article 9a

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  • 1 Credit institutions, payment service providers and economic operators as referred to in Article 6 (1) of the Regulation counterfeiting all euro banknotes received on their suitability for circulation prior to the return of these banknotes. to be put into circulation.

  • 2 The fitness check of euro banknotes shall be carried out in accordance with the procedures established for that purpose by the European Central Bank.

  • 3 Euro Banknotes unfit for circulation shall be submitted to the Bank by the institutions referred to in paragraph 1.

  • 4 The Bank shall reimburse the face value of the euro banknotes surrendered pursuant to the third paragraph.


Article 9b

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  • 1 With the monitoring of compliance with Article 9a, first to third paragraphs And, in so far as that Article relates to euro banknotes, Article 6 (1) of the Regulation, the persons designated by the Bank shall be responsible for a decision to be taken by the Bank.

  • 2 Of a decision referred to in paragraph 1 shall be communicated by the State Official Gazette.


Article 9c

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  • 2 The Bank shall also be responsible for the imposition of an administrative fine on infringements of the articles referred to in paragraph 1.

  • 3 The amount of the administrative penalty to be imposed shall be determined by the general measure of management, except that the administrative penalty for a separate infringement shall not exceed € 50 000. If no five years have elapsed since the offence has been committed since the imposition of an administrative fine on the offender for the same offence, the amount of the administrative penalty, as referred to in the first sentence, shall be paid, doubled for a separate violation.

  • 4 If an objection or appeal is lodged against a decision to impose an administrative fine, it shall suspend the obligation to pay the fine until the period of appeal has expired or, if appeal has been lodged, the appeal has been decided. The suspension of the obligation to pay does not suspend the calculation of statutory interest.

Chapter IIb. Acquisition, use and provision of data

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Article 9d

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  • 1 The Bank shall be responsible for the Article 4, first paragraph, parts c and d , such tasks or any request for information from international organisations designated by a general measure of management using data, other than personal data, in the sense of the Personal data protection law , from registrations which:

    • a. In connection with the execution of a statutory task, is maintained by the institutions and services of the State or by independent administrative bodies at the level of the central government;

    • (b) be maintained by legal persons designated by general management and exercising a task governed by or regulated by law or wholly or in part, directly or indirectly, from resources of the State or from the proceeds of the act of charges imposed by or pursuant to the Law.

  • 2 In so far as the acquisition referred to in paragraph 1 does not provide the necessary data, the Bank shall have jurisdiction to determine, in respect of general measure of management, data other than personal data within the meaning of the Personal data protection law , to apply to categories of undertakings, free professionals, institutions and legal persons, designated by that measure.

  • 3 The institutions, services and independent administrative bodies referred to in paragraph 1 of paragraph 1 shall be the legal persons referred to in subparagraph (b) of that paragraph and the undertakings, the institutions and the professions referred to in paragraph 2, Legal persons shall provide the information referred to in those paragraphs at the request of the Bank within a period to be determined by a general management measure. Confidentiality obligations may not be invoked unless these obligations are based on international regulations.

  • 4 The transmission of data referred to in paragraph 3 shall be free of charge, unless otherwise provided for in the case of a general measure of management. Rules governing the nature of the costs and the amount of the costs to be charged to the Bank may be imposed on or under general management measures.


Article 9e

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  • 1 The Bank on the basis of Article 9d Subject to paragraph 2, data received shall be used only for statistical purposes and economic analyses.

  • 2 The organisational part of the Bank which is responsible for the Article 4, first paragraph, part c or d The task referred to may provide the information referred to in paragraph 1 to the organisational parts of the Bank in charge of another task, provided that such information, whether directly or indirectly, comes from financial institutions which are the subject of the Bank s monitoring shall be carried out on the basis of the statutory arrangements in force.

  • 3 The information referred to in paragraph 1 shall be disclosed only in such a way that no identifiable information can be drawn from a separate undertaking, a professional body, an institution or a legal person.


Article 9f

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By way of derogation from Article 9e provides the Bank with data to the Article 9d, first paragraph Those international organisations shall, in satisfaction of their requests for information, comply with the confidentiality regime applicable to the relevant data pursuant to binding EU legal acts.


Article 9g

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  • 1 The Bank is empowered to impose a charge on the penalty payment Article 9d, third paragraph , where the legal persons referred to in paragraph 1 (b) of that Article and the undertakings, institutions and legal persons referred to in the second paragraph of that Article, do not provide the information referred to in those Article not providing in a timely or non-exhaustive way

Chapter III. Provisions relating to the company

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Article 10

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Article 153 of Book 2 of the Civil Code shall not apply to the Bank.


Article 11

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Provisions of Book 2 of the Civil Code which, on application to the Bank, yield conflict with the Treaty or the Statute of the European System of Central Banks shall not apply to the Bank. For the purpose of implementing Article 131 of the Treaty, such provisions shall be designated by general management.


Article 12

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  • 1 The Executive Board of the Bank shall be responsible for the administration of the Bank. The Executive Board shall be composed of a President and at least three and a maximum of five directors.

  • 2 The President and the Directors shall be appointed by Royal Decree for a period of seven years. Reappointment may take place in the same function once. For each appointment, a list of three persons shall be drawn up by the (supervisory) board, the management board.

  • 3 Prior to the drawing up of the recommendation list, the supervisory board shall draw up a profile of the management of the board of directors.

  • 4 The President and the directors may not, if they no longer meet the requirements for the performance of their duties or if they are guilty of serious misconduct by royal decree, be suspended from office or removed from office. The waiver from the function shall also take place at its own request.

  • 5 Our Minister shall arrange for the notice in the Official Journal of the Royal Decisions referred to in this Article.

  • 6 With regard to the tasks and activities for the purpose of achieving the objective, Article 2, first paragraph , the Executive Board shall assume the status of the President as a member of the Governing Council, as well as of the General Council of the European Central Bank.

  • 7 Salaries and commitments in respect of the pension and arrangements for reimbursement of expenses incurred by the President and directors shall be determined by the supervisory board and approved by our Minister.


Article 12a

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  • 1 By or under the statutes may be determined that tasks of the Executive Board arising from Article 4, first paragraph, part a , shall be allocated to one or more directors and shall be entitled to act on behalf of the Bank on this matter. Provision under the statutes referred to in the first sentence shall be made in writing.

  • 2 The Director or Directors assigned to the tasks referred to in paragraph 1 may be authorised by the Executive Board to exercise the powers necessary for the performance of those tasks, unless the rules governing the tasks of the former Member State are to be entrusted to the power is opposed to it.

  • 3 Without prejudice to the provisions of the Articles 4:81 and 10: 6 of the General Administrative Law Act the authorisation referred to in paragraph 2 shall also include the power to determine policy in respect of the tasks referred to in the second paragraph, unless this is ruled out in a mandating decision.


Article 12b

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  • 1 One of the directors is entrusted with the performance of the task, referred to in Article 4, first paragraph, part e . This Director is not also responsible for the performance of the duties provided for in the Articles 3 and 4, first paragraph, part (a), in so far as concerns the supervision of banks, and part c.

  • 2 In respect of decision making in the Executive Board in which the task, referred to in Article 4, first paragraph, part e The director, referred to in paragraph 1, shall be subject to the same number of votes as the other members of the Executive Board. In the case of a strike of votes, the vote of the Director shall be decided in accordance with the first paragraph.


Article 13

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  • 1 The Supervisory Board shall be made up of at least seven and a maximum of 10 members.

  • 2 One member of the supervisory board is appointed from the public authorities for a period of four years each.

  • 3 The Chairman and the other members of the Supervisory Board shall be appointed for a period of four years by the shareholders of a nomination of three persons for each place to be filled, drawn up by the Board of Directors of the Commissioners. Prior to the presentation of the nomination, the Supervisory Board shall draw up a profile of work.

  • 4 In the absence of the Chair, the Presidency shall be held by another Member appointed by the Assembly for that purpose.

  • 5 The members of the Supervisory Board may be suspended or removed from office by the shareholders if they no longer meet the requirements for the performance of their duties or are guilty of serious misconduct. The waiver from the function shall also take place at its own request.

  • 6 In compliance with the provisions of the Treaty and the Statute of the European System of Central Banks, the supervisory board shall supervise the general conduct of the Bank and the management of the management of the European System of Central Banks and of the European Central Bank (hereinafter referred to as the " Statute of the ESCB) and the Management Board Article 4 . The Board of Directors shall assist the Executive Board with the Board and shall adopt the annual accounts. The annual accounts are subject to the approval of shareholders.


Article 14

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  • 1 For the benefit of our Minister, the person appointed as a member of the Supervisory Board pursuant to Article 13 (2) may, at the request of our Minister, or on his own initiative, and in accordance with Article 130 of the Treaty, be appointed to the Executive Board of the Commission. the Bank shall obtain information and information on the Bank's performance of its tasks. He may, at the request of Our Minister, or on his own initiative and in accordance with Article 130 of the Treaty, make his findings known to Our Minister.

  • 2 The Executive Board of the Bank shall be required to provide the person referred to in paragraph 1, on request, with all such information and information which he considers necessary for the proper exercise of his or her duties as referred to in the first paragraph; the exception of data and information provided under the Treaty or in the Article 4 be secret legal arrangements.


Article 15

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  • 1 There is a bank council, consisting of at least eleven and a maximum of 13 members, namely:

    • a. It is in the Second paragraph of Article 13 shall be a member of the Supervisory Board;

    • b. A member of the Supervisory Board from among their members;

    • At least nine and no more than 11 members who are appointed by the Banking Council for four years.

  • 2 The appointment of members referred to in paragraph 1 (c) shall be made out of a recommendation list of at least two persons for each place to be filled, to be drawn up by the Executive Board of the Bank, with the aim of representation of the Various social sections.

  • 3 The bank board appoints a chairman from among its members. In the absence of the President, the Presidency shall be held by a member appointed for that purpose by the Assembly. The Secretariat shall be provided by the Bank.

  • 4 The Executive Board of the Bank and the Treasury-General or his alternate shall attend the meetings of the Banking Council and may participate in the deliberations.

  • 5 The President of the Bank shall report to the Banking Council on general economic and financial developments and shall discuss with the Banking Council the political policy pursued by the Bank. It shall also discuss the subjects to be brought to the table by one or more members in relation to the objectives, tasks and activities of the Bank.


Article 16

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  • 1 The Bank shall, having due regard to the Treaty and after consulting our Minister, establish internal guidelines for the management of securities, cash and gold and foreign exchange reserves which have not been transferred to the European Central Bank. in accordance with Article 30 of the Statute of the European System of Central Banks, taking due account of the interests of the State.

  • 2 The Bank has jurisdiction, with the permission of our Minister, to form reserves after profit-making. Deposits and retractions to these reserves require the permission of Our Minister.


Article 17

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  • 1 Articles 2:363, sixth paragraph, 2:380, 2:383, second paragraph, second sentence, excluding outstanding amounts, as well as the Divisions 3 and 4 of title 9 of Book 2 of the Civil Code shall not apply to the Bank. The Bank may, for the purposes of determining the result, make the valuation of the investments, securities and currencies based on foundations which deviate from the provisions of Article 2:384, first paragraph, second sentence, or second sentence, second sentence, of the Civil Code in so far as this is in accordance with the provisions of Section 14 of Title 9 of Book 2 of the Civil Code of which it has been defined.

Chapter IV. Information and confidentiality

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Article 18

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  • 1 With due regard to Article 130 of the Treaty, the Minister shall be responsible for the Bank for the tasks and activities of the Bank in the implementation of the Article 2, first paragraph -to request the objective, data or information required for the purpose of determining the government's financial and economic policy.

  • 2 The Bank shall, subject to the provisions of Article 10.4 and Article 37 of the Statute of the European System of Central Banks, provide to our Minister the information and information referred to in paragraph 1 above.


Article 19

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With regard to the tasks and activities to achieve the objective referred to in Article 2 (2), Article 2, first paragraph , acting in accordance with Article 130 of the Treaty and Articles 10.4 and 37 of the Statute of the European System of Central Banks, the President of the Bank may be heard by each of the two Chambers of the States-General at their request.


Article 20

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To the extent that this law is intended to implement acts for the implementation of the Article 2, first paragraph This objective shall be prohibited by any person who, by virtue of the application of this Law or of acts adopted under this Law, shall carry out any duties or information which it has acquired in respect of that task or any information it may have obtained. to make use of, or otherwise known, the use of, or otherwise known, or to be required for the exercise of its task or by this law.

Chapter V. Amendment of other laws

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Article 21

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Article 22

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Article 23

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Chapter VI. Transitional and final provisions

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Article 24 [ Verfall by 01-01-2012]

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Article 25

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Article 26

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Article 27

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  • 1 [ Red: Expated.]

  • 3 In the case of, or under general management, rules may be laid down relating to the exchange, withdrawal and termination of banknotes by the Bank, and the information to be provided by the Bank to the public.

  • 4 This Article or any part thereof shall lapse on a date to be determined by Royal Decree.


Article 28

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After entry into force Article 12 Article 23 (1) and (2) of the Bankwet 1948 shall be based on the provisions of this Act. Article 12 (2) -From this law.


Article 29

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  • 1 The appointment for the first time of the members of the Board of Directors, Article 13, third paragraph , shall be effected by the shareholders within eight weeks of the entry into force of this Act. At that time, the Commissioners, appointed in accordance with Article 27 of the Banking Act 1948, resign.

  • 2 The members of the Supervisory Board appointed for the first time, as referred to in Article 2 (2), Article 13, third paragraph , have, by way of derogation from Article 13, third paragraph , sitting for the time of one to four years according to a schedule to be set up by the (supervisory) board.


Article 30

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  • 1 The appointment for the first time of the members of the Banking Council, referred to in Article 15, first paragraph, point (c) , shall be effected by the Bank within eight weeks of the entry into force of this Act. At that time, the members of the Banking Council, appointed in accordance with Article 32 of the Banking Act 1948, shall resign.

  • 2 Members appointed in accordance with paragraph 1 shall be held for a period of one to four years, according to a schedule to be set up by the Banking Council.


Article 31

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After the entry into force of Article 9 of this Law are the Royal Acts in force pursuant to Article 21 of the Banking Act 1948, Article 9 of this law.


Article 32

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The Bankwet 1948 shall be repealed.


Article 33

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The Law of 11 January 1956 laying down provisions for the implementation of Article 17 of the Bankwet 1948 shall be repealed.


Article 34

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The articles of this Law shall enter into force on a date to be determined by royal decree, which may be determined differently for the various articles or parts of such articles.


Article 35

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This law is cited as: Bankwet 1998.

Burdens and orders that it will be placed in the Official Gazette, and that all ministries, authorities, colleges and officials who so concern will keep their hands on the precise execution.

Issued in Gravenhage, 26 March 1998

Beatrix

The Minister of Finance,

G. Zalm

Published the ninth of April 1998

The Minister of Justice,

W. Sorgdrager