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Law No. 34 From 29 March 1991 Concerning The Statute Of Banca Naţională A României

Original Language Title:  LEGE nr. 34 din 29 martie 1991 privind Statutul Băncii Naţionale a României

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LEGE No. 34 of March 29, 1991 on the Statute of the National Bank
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR NO. 70 of April 3, 1991



The Parliament of Romania adopts the + Chapter 1 General provisions + Article 1 The National Bank of Romania establishes and conducts monetary and credit policy, within the framework of the economic and financial policy of the state, in order to maintain the stability of the national currency The National Bank of Romania is a state body and has legal personality. The National Bank of Romania is based in Bucharest. It can have branches in all the county seat cities and can create branches and agencies in other localities. + Article 2 The National Bank of Romania participates, on behalf of the state, in negotiations and external negotiations in financial, monetary and payment matters; the National Bank of Romania can negotiate and conclude agreements on short-term loans and swap operations with central banks, commercial banks and international monetary institutions, provided that they are reimbursed within one year and their registration in the annual report of the National Bank of Romania. The National Bank of Romania can, with the empowerment of the Parliament, participate in international organizations of financial, banking and monetary character and become a member of them. + Article 3 The National Bank of Romania is entitled to ask all credit and financial institutions to provide it with the documents and information necessary for the exercise of its functions. For its own needs and public authorities, the National Bank of Romania develops studies and analyses on the currency, credit and operations of the banking system. + Chapter 2 Resources of the Romanian National Bank + Article 4 The equity of the National Bank of Romania is 5,000 million lei and belongs entirely to the state. + Article 5 The reserve fund of the National Bank of Romania shall be from the profit highlighted in the annual balance sheet, after full coverage of the expenses. + Article 6 From the gross profit recorded in the bank's balance sheet, 20% shall be used for the establishment of the reserve fund of the bank, intended to cover This share will be reduced to 10% when the assets in the reserve fund come to be equal to the bank's capital and 5% when such assets reach double the capital. + Article 7 The remaining profit after distribution for the reserve fund and the other funds provided by the law will be used according to the decision of the Board of Directors of the National Bank of Romania. + Article 8 If on the balance sheet of the National Bank of Romania the value of assets falls below the amount of commitments and capital, the Ministry of Finance will transfer to the National Bank of Romania, at its request, government credit securities negotiable at the market interest, in the amount necessary to cover this deficit. Within five years these credit securities will be redeemed by using the profits made by the bank or renegotiated. + Chapter 3 Operations of the Romanian National Bank + Section I Monetary issuance + Article 9 The National Bank of Romania is the only institution authorized to issue banknotes and coins throughout the country. + Article 10 The monetary unit of Romania is the lion, with the subdivision of money. + Article 11 The National Bank of Romania manages directly the reserve of banknotes and coins, elaborates the program of their issuance and ensures the regular issuance of banknotes and coins, in order to satisfy the cash needs of the country. + Article 12 Banknotes and coins issued and unbound from circulation by the National Bank of Romania represent monetary means that must be accepted at face value for the payment of all public and private obligations. + Article 13 The National Bank of Romania is the only one in law to determine the face value, dimensions, weight, drawing and other technical characteristics of banknotes and coins. The notes will be signed by the governor and the central cashier. + Article 14 The National Bank of Romania ensures the printing of banknotes and the minting of metal coins and takes measures for the safe keeping of those who are not put into circulation, as well as for the custody and destruction, when it is necessary, of the moulds, inks and banknotes and metal coins withdrawn from circulation. + Article 15 The National Bank of Romania changes, on request, without fees and commissions, banknotes and metal coins issued by it. The National Bank of Romania can refuse to exchange banknotes and coins, if they present deformities, are illegible, are perforated or if they lack more than 40 percent of their surface. These banknotes and coins will be withdrawn and destroyed without compensation to the owners, except for the cases specified by the regulations of the National Bank of Romania. The National Bank of Romania cannot be obliged to grant any compensation for banknotes or coins that have been lost, stolen or destroyed. + Article 16 Used or improper banknotes and coins will be withdrawn and destroyed by the National Bank of Romania and replaced with new banknotes and coins. + Article 17 The National Bank of Romania may decide to cancel or withdraw from circulation any banknotes or coins that have been issued by it and put into circulation in their place other types of banknotes or coins; the regulations will have to specific period and the way in which banknotes and coins will be presented at the exchange; such a period of exchange will not exceed 180 days. At the expiry of the change period: a) banknotes and metal coins withdrawn from circulation, without entering into contradiction with the provisions of art. 12, can no longer be used to pay public and private obligations; b) the total amount of banknotes and coins withdrawn from circulation, but not changed at term, will be deducted from the total number in circulation in the records of the National Bank of Romania and will be treated as income of the National Bank of Romania. + Article 18 The total amount of banknotes and coins in circulation will be highlighted in the accounting of the National Bank of Romania as a liability and will not include banknotes and coins in cash reserve. Cash tranche issued by the National Bank of Romania above the level of international reserves established and maintained according to art. 35 35 will have to be fully covered by the following assets: a) advances granted by the National Bank of Romania to the State and loans guaranteed by him under this Statute; b) securities held in the investment portfolio of the National Bank of Romania; c) assets resulting from loans granted to banks and other credit institutions under the terms of this Statute; d) cheques, bills and credit instruments that the National Bank of Romania has expected or holds in its portfolio. + Section II Operations with banking and other credit institutions + Article 19 Within the framework of its monetary and credit policy, the National Bank of Romania may: a) to settle and to resent trade and voucher effects presented by banking companies and other credit institutions; b) to give credit to banking companies and other credit institutions. + Article 20 The National Bank of Romania opens current accounts to banking companies and other credit institutions and carries out the operations of receipts and payments between them. + Article 21 The National Bank of Romania can ensure, through open accounts in its records, clearing and settlement services between banking companies. + Article 22 The National Bank of Romania can count, dobindi, take into pledge or sell receivables on the state, on banking companies and on other companies, under the conditions it considers necessary to achieve the objectives of monetary policy, holding Account of the specific market situation. + Article 23 The National Bank of Romania establishes the official fee of the account, the conditions for carrying out the account operations, as well as the refinancing rate of the banking companies. For the operations performed, the bank can collect interest and commissions. + Article 24 The National Bank of Romania may buy, sell or accept in pledge securities and other values, the list of which is established by the board of directors. + Article 25 The National Bank of Romania establishes the regime of mandatory reserves that banking companies are obliged to maintain in the accounts specially opened in the records of the National Bank of Romania. + Article 26 The National Bank of Romania is exclusively responsible for the authorization and supervision of all entities operating as banking companies in Romania. To this end, the National Bank of Romania is empowered: a) to issue regulations and to take measures, in accordance with the provisions of the law, to ensure the viability of the banking system; b) to control on the spot and to verify the books, accounts and any other documents of the banking companies and other legal entities, in order to obtain the documents that the National Bank of Romania considers necessary for the fulfilment of appropriate supervisory tasks. + Article 27 The National Bank of Romania will act as a lender of last resort for bank companies in difficulty of payment, under the conditions established by it. + Section III Operations with the State Treasury + Article 28 The National Bank of Romania keeps in its records the current account of the State Treasury. The methods of recording operations in this account are established by conventions between the Ministry of Finance and the National Bank of Romania. + Article 29 For all operations carried out for the State Treasury, the National Bank of Romania will not charge commissions and, at the same time, will not pay interest for availabilities. The state's treasury fund is a bearer of interest under the law. + Article 30 The National Bank of Romania will act, directly or through other banks, as an agent of the state regarding the issuance of bonds and other state documents, their sale and redemption, as well as the payment of interest and other related charges. + Article 31 The National Bank of Romania can provide the budget of the central state administration with loans to cover the temporary gap between income and expenses. The total amount of these loans may not exceed in any fiscal year the equivalent up to 10% of the total approved budget. The loans granted to the state by the National Bank of Romania cannot exceed the double of the capital of the National Bank of Romania and the reserve fund constituted according to 5 5 and 6. + Section IV Operations with gold and currency + Article 32 The National Bank of Romania establishes and leads the foreign exchange policy of the state, cooperating with other bodies of the state. The National Bank of Romania will act as an agent of the state in the application of the provisions of any law aimed at Income statements, accounting data and information necessary for the application of any legal provisions on foreign exchange control must be transmitted to the National Bank of Romania, at its request. + Article 33 The National Bank of Romania responds to: a) issuance of regulations on operations with gold and foreign currency, in order to protect the national currency; b) elaboration of the balance of external payments and balance of claims and external commitments; c) establishment and publication of exchange rates at which the National Bank of Romania and other authorized legal entities carry out their operations with gold and foreign currency; d) authorization and withdrawal of authorization, as well as the regulation and supervision of legal entities that obtained authorization to perform foreign exchange transactions; e) the establishment of the ceilings of the assets in gold and foreign currency that the authorized legal entities may hold in storage; f) preservation and administration of international reserves of the state; g) the establishment of limits to the net foreign exchange positions of the banking companies, as well as the conditions and ceiling of external indebtedness of the said companies + Article 34 The National Bank of Romania may conclude, on its own behalf or on behalf of the State, in its account and from its disposition, clearing and payment agreements or may conclude any other contracts, having the same purpose, with the central clearing institutions, public and private, who are based abroad. + Article 35 The National Bank of Romania, respecting the provisions on liquidity and the specific risk of such assets, will establish and maintain, in such conditions that they can periodically determine their exact size, international reserves consisting of all or only of some of the following: a) gold; b) external assets, in the form of banknotes and coins or balances of accounts with banks abroad, expressed in those currencies and held in those countries which the National Bank of Romania approves for the purpose of this purpose article; c) any other internationally recognized reserve assets, including the right to make purchases from the International Monetary Fund within the reserve tranche, as well as the holdings of the state of special drawing rights; d) bills, cheques and promissory notes expressed and payable in foreign currency and in the places approved by the National Bank of Romania for the purpose of this article; e) treasury bills and other securities issued or guaranteed by those foreign governments or intergovernmental financial institutions, expressed and payable in foreign currency and in the places approved by the National Bank of Romania for the purpose of this purpose article; f) other such assets that the National Bank of Romania approves for the purpose of this article. + Article 36 The National Bank of Romania will aim to maintain the international reserves provided for in 35 at a level that she appreciates as appropriate to the external transactions of the state. In case of decline of international reserves or if, according to the Romanian National Bank's assessments, there is a danger of diminishing reserves up to a level that would jeopardize the international transactions of the state, the National Bank of Romania will the presence of the Government and Parliament a report on the situation of international reserves and the causes that led or may lead to such a reduction. The report will also contain the recommendations of the National Bank of Romania necessary to prevent or remedy the situation. + Article 37 The National Bank of Romania is authorized, under conditions that it will establish and will be able to modify periodically, to carry out the following operations: a) to buy, sell and make other transactions with gold coins and bars and other precious metals; b) to buy, sell and make other transactions with currencies; c) to buy, sell and make other transactions with treasury bills and other securities issued or guaranteed by foreign governments or intergovernmental financial institutions; d) to open and maintain accounts with intergovernmental financial institutions, central banks, monetary authorities and financial organizations abroad; e) to open, maintain accounts and act as an agent or correspondent for intergovernmental financial institutions, central banks, monetary authorities and financial organizations abroad, foreign governments and their agencies. + Article 38 The differences recorded in the annual balance sheet of the National Bank of Romania from the modification of the valuation of its assets or liabilities expressed in gold, special drawing rights and foreign currencies, resulting from the modification of the value or the course in lei of these, will be regularized with the budget of the central state administration. + Section V Currency control + Article 39 The National Bank of Romania issues regulations on the control of foreign exchange transactions in the country The regulations may refer to the issuance of orders and circulars regarding: the conduct and control of foreign exchange transactions; the issuance of permits for transfers abroad; transactions on foreign exchange markets and other specific operations. + Article 40 Legal entities authorized to conduct foreign exchange operations will report to the National Bank of Romania on foreign exchange transactions. The National Bank of Romania will establish the form and content of the documents by which appropriate reporting takes place. + Chapter 4 Management and Administration of National Bank of Romania + Article 41 The National Bank of Romania is headed by a board of directors. Daily management is entrusted to the governor. The activity of the board is regulated by the provisions of this law and by the regulations of the National Bank + Article 42 The Board of Directors of the National Bank of Romania decides on measures in the field of monetary, foreign exchange, credit and payment policy. He sets the main directions in the management of the operations and responsibilities of the National Bank of Romania. At the same time, the Board of Directors of the National Bank of Romania decides on the internal organization and its staff salaries. + Article 43 The Board of Directors of the National Bank of Romania is composed of: -Governor of the National Bank of Romania -First Deputy Governor of the National Bank of Romania-Vice-President -two deputy governors of the National Bank of Moldova Romania -five other members. + Article 44 The members of the Council of Administration of the National Bank of Romania are appointed by the Parliament, at the proposal of the Prime Minister Appointments are made over an 8-year period. The mandate may be renewed. + Article 45 In the case of the dissolution of the board of directors, the completion of the vacant places is done on the position and only for the remaining period until the expiry of the mandate of those replaced, in compliance with the 44. + Article 46 The revocations from office of the members of the board of directors shall be made by the Parliament, at the proposal of the Prime Minister. + Article 47 Appointments, withdrawals and revocations from office shall be published in the Official Gazette of Romania. + Article 48 The members of the board of directors cannot be members of Parliament and cannot be part of the judiciary or the state administration. They also cannot be part of the administration of a company, without being delegated by the Board of Directors of the National Bank of Romania. + Article 49 The Governor has measures for the execution of legal provisions and regulations regarding the National Bank of Romania, as well as for the execution of board decisions. The governor appoints staff in the bank's central apparatus and directors of branches, subsidiaries and agencies. The Governor represents the National Bank of Romania in relations with third parties, signing, directly or through persons empowered by him, all the treaties or conventions concluded by him. On behalf of the board of directors, the Governor shall submit annually to the Romanian Parliament the report on the monetary and credit situation. In case of absence or impossibility to act of the governor, he will be supplanted by the first deputy governor. + Article 50 The board of directors appoints a 5-member committee of censors, one of whom is president. The Audit Committee shall verify compliance with the legal norms regarding the assessment of the bank's assets, the existence of values in the house, as well as of title or received in pledge, bail or custody. Annually, the censor committee shall draw up its report on the balance sheet and profit and loss account. + Chapter 5 Final provisions + Article 51 The operations of the National Bank of Romania are subject to commercial law, insofar as the law on banking activity and this law do not have otherwise + Article 52 The loan documents concluded by the National Bank of Romania constitute enforceable securities in case of non-payment for the entire balance of the payment claim. The financial or judicial bodies are obliged to execute the claim of the National Bank of Romania only on the basis of a notification from it. + Article 53 If the debtor does not honor his commitments, the National Bank of Romania has the right to proceed with the total or partial sale of the securities and effects that were given to him in the guarantee, within 3 days, after a simple summons by an extrajudicial act. The National Bank of Romania recovers its capital advances, interest and expenses from net income from sale. The eventual surplus is delivered to the borrower. + Article 54 The National Bank of Romania will be able to perform some operations in favor of third parties, only under the conditions of submitting the documents that the National Bank of Romania considers It may, whenever it deems necessary, require the constitution of real or personal guarantees. + Article 55 Capital of the National Bank of Romania, reserve fund, precious metal bullion and coins, precious and semi-precious stones, as well as technological installations and raw materials owned or imported by the State Mint and Bank Imprimeria National of Romania is exempt from taxes and fees. The National Bank of Romania is exempt from any taxes for the operations it does, including stamp duty. + Article 56 The operations of the National Bank of Romania are accounted for according to the plan of accounts, on annual exercises starting January 1 and ending December 31. For any errors in payments or records in the accounts of the holders, the National Bank of Romania shall be liable only up to the limit of the erroneous amount paid or registered in the account, including the related penalties state plants, borne by account holders in cases provided by law, if it is not proven that the respective errors occurred at the fault of the holders. The liability of the National Bank of Romania shall cease if it is not notified as a written complaint until the deadline set and communicated to the account holders. + Article 57 The members of the Board of Directors and the employees of the National Bank of Romania are obliged to keep the secret on any information not intended for publication, which they became aware of during the exercise of their duties and will not use this information for obtaining personal advantages, any deviation being punished according to the law. + Article 58 Members of the Board of Directors of the National Bank of Romania and censors receive indemnity. + Article 59 The National Bank of Romania cannot participate, directly or indirectly, with capital, in any commercial company or autonomous direction, with the exception of its own enterprises printing bank tickets and beating metal and other currency. companies that can contribute to the performance of its tasks + Article 60 The National Bank of Romania cannot buy real estate other than those that are necessary for its operation and the needs of the staff. + Article 61 The annual accounting balance and the profit and loss account of the National Bank of Romania will be published as soon as they are confirmed by the censor committee and adopted by the board of directors. + Article 62 All regulations issued by the National Bank of Romania shall be published in the Official Gazette of Romania. + Article 63 The National Bank of Romania periodically publishes a bulletin on the evolution of currency and credit. + Article 64 The legal provisions regarding bearer securities lost or stolen are not applicable to banknotes issued by the National Bank of Romania. The counterfeiting of coins and banknotes is punishable by law. + Article 65 This law comes into force within 30 days of publication in the Official Gazette of Romania. + Article 66 On the date of entry into force of this Law, the Decree no. 124 124 of 17 March 1970 on the organization and functioning of the National Bank of the Socialist Republic of Romania, published in the Official Bulletin no. 23 23 of 18 March 1970, Decree no. 504 504 of 16 December 1970 on the approval of the Statute of the National Bank of the Socialist Republic of Romania, published in the Official Bulletin no. 143 143 of 16 December 1970, and any other provisions to the contrary. This law was passed by the Senate at its meeting on March 25, 1991. SENATE PRESIDENT academician ALEXANDRU BIRLADEANU This law was adopted by the Assembly of Deputies at its meeting on 25 March 1991. PRESIDENT OF THE ASSEMBLY MARTIAN DAN Pursuant to art. 82 lit. m) of Decree-Law no. 92/1990 for the election of the Romanian Parliament and President, promulgam the Law on the Statute of the National Bank of Romania and we have its publication in the Official Gazette of Romania ROMANIAN PRESIDENT ION ILIESCU ------------------