Law on State Finance Fund


Date LOV-2009-03-06-12


Affairs Ministry

Edited



Published in 2009 Booklet 3


Commencement 06/03/2009

Changes


Promulgated
06.03.2009 kl. 13.45

Short Title
State Finance Fund Act

§ 1. Purpose Government Finance Fund (Finance Fund) aims to contribute temporarily with core capital to Norwegian banks to strengthen the banks and better able to maintain normal lending activities.

§ 2. Financial Fund capital and state responsibility Finance Fund capital appropriated by Parliament. The fund belongs to the state. The Ministry determines the annual return of capital paid to the state.
Government responsible for Finance Fund is limited to the capital fund at any time.

§ 3. Organization and Management Finance Fund is a separate legal entity. Finance Fund shall be registered in the Companies Register.
Finance Fund is managed by a board of three members. The king appoints the members and appoints the chair and deputy chair for a period of three years. The king also appoints two alternates.
Board members and alternates shall be remunerated as determined by the Ministry.
The Board shall ensure proper organization of the business and ensure that the control of asset management, accounting and other operations are reassuring.
Companies Act § 6-17 apply correspondingly to the Board of Finance Fund.
Ministry determines statutes for Finance Fund.

§ 4. Management of Financial Fund's assets, the ministry's instruction authority etc. The Board shall administer the financial capital of the Fund. Board represents Financials Fund externally and signs on its behalf. The Board may authorize the drawing fund company. Such authorization may also be stipulated in the statutes.
Before the board makes a decision of special importance, the matter in writing to the Ministry.
Ministry may in special cases instruct the board in writing in individual cases. The Board shall be entitled to express their views before the Ministry makes such a decision.

§ 5. Financial's investments Finance Fund may be invested as follows:

A)
Acquisition of core capital instruments issued by Norwegian banks, and rights to such. The Ministry may in regulations provide that Finance Fund may acquire core capital instruments issued by the parent company of the financial group.

B)
sight deposits to the state.

C)
Payment of return to the state.

Finance Fund may not take out loans or provide a guarantee for someone else's liability.
Finance Fund may undertake such obligations as are necessary in connection with the management and administration of the Fund's activities.
Ministry may issue further regulations concerning which core capital instruments the Fund may invest in and the design of conditions for the state capital.

§ 6. Annual report and notice to Parliament Finance Fund shall draw up the annual report and accounts to be submitted to the Ministry by the end of March.
Provisions of Accounting and Bookkeeping be followed. Ministry may issue regulations complement or derogate from the provisions of the Accounting and Bookkeeping for State Finance Fund.
Message from the Ministry to Parliament on the activities of the Finance Fund shall take place at least once every parliamentary term, and more frequently if there are special reasons.

§ 7. Audit Finance Fund shall have an auditor appointed by the Ministry. The Ministry may issue further provisions on audit.
Auditor remuneration determined by the Ministry.

§ 8. Relationship to other legislation Administration Act does not apply Finance Fund. Administration Act rules on disqualification and confidentiality will apply to anyone who performs services or work for the Fund. Confidentiality does not apply to the Ministry of Finance Authority and Norges Bank. The Ministry may issue further rules on the definition of confidentiality.
State Finance Fund is considered public body under the Act on 4 December 1992 no. 126 on stock § 2 letter g.

§ 9. Liquidation and reorganization King may decide that the Finance Fund will be liquidated or converted. The King may in such cases decide that all or part of the Finance Fund funds shall be returned to the Treasury.

§ 10. Supplementary Regulations The Ministry may issue regulations with further rules for Finance Fund and its activities, and supplementary provisions to implement the Act.

§ 11. Other legislative changes In Act 29 June 2007 no. 75 on securities trading (Securities Trading Act), § 6.3, new second paragraph read: - - -

§ 12. Entry into force and transitional provisions This Act comes into force when the King bestemmer.1
It is possible to put into effect different parts of the law at different times.
King may issue transitional provisions.