LAW No. 80 of 23 December 1991 concerning settlement through compensation payments overdue from the ISSUING economy PARLIAMENT Published in MONITORUL OFICIAL NR. 263 of 23 December 1991 the Parliament of Romania adopts this law.
Article 1 of the Romanian Government and the National Bank of Romania, together with the commercial banks, will organize and carry out the settlement through compensation, with reflection in the management and results of the year 1991, outstanding payments relating to supplies of goods, works, runs deliveries of machinery and equipment for investments and related constructions-Assembly and the provision of services, received and accepted by the client, as well as the national public budget debts of economic agents.
Settlement transactions through the clearing of payments overdue shall be carried out by commercial banks and establishments under the control of them.
The Romanian Government, the Ministry of economy and finance, together with the National Bank of Romania, will submit to the Parliament, until February 15, 1992, a report on the results of the action for compensation and the draft law on measures concerning: the liquidation of loans resulting from compensation; the establishment of order in making payments; prevent blockage; incapacity payment arrangements and obligations incumbent upon the Board of Directors of the wholly-owned economic agents or State majority are in this situation.
Article 2 the bank credits resulting from the settlement of transactions through the clearing of payments arrears, provided by commercial banks, will be guaranteed by the State and with movable and immovable property of the beneficiaries of loans to businesses. Assets pledged collateral may be subject to prosecution, penalty payments in the event of failure to comply with the terms for repayment of loans.
Economic agents will determine the causes that gave rise to compensation, credits will provide guarantees and the measures needed to remedy them, together with the commercial banks will determine repayment schedules with deadlines of no more than six months, on the basis of the documentation submitted for verification.
Ministry of economy and finance will cover subsidies in time and the price differences referred to in State budget approved, due to economic agents, according to the regulations in force.
Article 3 the provisions of art. 46 para. 1 of law No. 15/1990 on the reorganization of State-owned economic units as 1900 and companies change and will read as follows: "Amounts of foreign currency purchased at authorized banks, against lei, at the exchange rate of the day for foreign payments are kept in special accounts opened in the name of economic operators at commercial banks."
Article 4 Article 4. 45 of law nr. 15/1990 on the reorganization of State-owned economic units as 1900 and companies and art. 215 of the law nr. 31/1990 on the companies are and remain repealed from the date of unification of exchange rates and the introduction of internal convertibilitatii.
This law was adopted by the Senate at its meeting of 19 December 1991, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
Academic SENATE PRESIDENT ALEXANDRU BÂRLĂDEANU this law was adopted by the Chamber of deputies at its meeting of 19 December 1991, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
PRESIDENT Of The CHAMBER Of DEPUTIES MARTIAN D — — — — — — — —-