Law No. 70 Of 8 May 1934 To Organise And Regulate Commerce Bank *)

Original Language Title:  LEGE nr. 70 din 8 mai 1934 pentru organizarea şi reglementarea comerţului de bancă*)

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Law No. 70 of 8 may 1934 to organise and regulate the trade of the ISSUING Bank) published in PARLIAMENT OFFICIAL GAZETTE nr. 105 of 8 may 1934) * Note This Bill passed by the Senate and deputies of the Assembly meetings on 27 and 28 April 1934; It has promulgated Decree No. 1,275/1934 and published in the Official Gazette, part I, no. 105 of 8 may 1934. See law and the implementing regulation on 26 September 1934.


Title I General 1 Dispoziţiuni. Through the undertaking of the Bank means any commercial enterprise whose main object is to perform any kind of activity on the sums of money in cash, credits, on the effects of trade on the different transferable securities, as well as any other transactions in connection therewith.
2. Trade Bank cannot exercise than only by banking companies, generally in the presence of the law.
3. the banking company is considered any company registered in the companies register.
Enterprises, whose main object is the trading of the Bank, not listed in this register, in addition to other penalties, civil and criminal, will be put into liquidation under art. Finally, paragraph 54 of this law.
4. Trade Bank cannot exercise only on the basis of a special autorizatiuni.
This autorizaţiune shall be paid by the Higher Banking Council in front of law and generally can be given for all kinds of Bank operations or only for a limited number of these operations.
Autorizaţiunii will be used for one year from the date of granting them, attract of the loss of the benefit of exercising trade Bank.
Autorizaţiunea will be able to be renewed, however, after a new examination of the condiţiunilor Declaration.
5. Application for authorisation shall address the Superior Council, established under art. 42 of this Act, the articles of incorporation and bylaws are to be added.
Superior Council examining the general economic opportunity Bank and set up a new local businesses of the Bank, as well as meeting all condiţiunilor required by law, shall decide conclusively on the Foundation of society.
The Bank can propose to the Council the amendments and additions to the parties that need to be made to the articles of incorporation and statutes, when the include clause or rules which are contrary to the law or face the other laws in force.
6. All banking businesses are subject to squeak in Romania the law face.
Banking businesses with headquarters abroad, will be able to exercise the Trade Bank in Romania, being in the presence of the law generally.
Only the banking undertakings having its headquarters in Romania may establish branches on the territory of this country.
In all banking companies in Romania and its writing, the administrator and at least two-thirds of the members of the Administrative Board and of the Board of censori will be Romanian citizens.
7. banking firms Are applicable to all dispoziţiunile of the code of Commerce or of other laws in force, which are not contrary to this Act prescripţiunilor.
Dispoziţiunile law of institutiunilor front apply commercial credit Squeak-based law, insofar as they do not contravene those laws from dispoziţiunilor.


Title II Dispoziţiuni relating to the establishment and management of the banking companies 8. Banking companies, whatever their kind, must be established by notarial act.
The statutes of a company's banking operations will show that the Bank is authorized to exercise them.
9. At each Office of the trade register of the country will set up a special register called "register of banking firms", in which the score entirely the articles of incorporation.
With the enrollment request will be submitted and the bylaws of the society.
Entry in the Bank replaces the entry in the companies register.
No banking company will not be able to be entered in the register before the Constitutive Act and its statutes have been approved by the Supreme Council.
At the request of enrolment will join and the receipt of deposits or certificate of National Bank of Romania, the filing of capital in rigid conditions provided for in art. 11. Entry in the register shall be made on the basis of an injunction date judge delegate along with the trade registry office where the banking company will establish its main headquarters, in accordance with the managerial decision in accordance with article date. 5 without the need of any other formalities required by laws.
Within 30 days from the date of final Ordinance coming into legal force, so the articles of incorporation and bylaws, and managerial decision approval date of the Superior Council of banking will be published in full in the Official Gazette and in the excerpt, in one of the most popular newspapers in the locality.
Are applicable to banking companies register all dispoziţiunile of the law for the establishment of a register of trade *), which are not contrary to the law.
The companies listed in this register are considered regularly constituted, without carrying out any further ADO and have legal personality.
— — — — — — — — — — — — — — — — * Note) see the law for the establishment of a register of Commerce, of 10 April 1931, with amendments of 27 July 1931 and April 9, 1932, and the implementing regulation on 8 May 1931.

10. Banking companies are subject to dispoziţiunilor relating to social law firms for the establishment of a register of Commerce, and the following dispoziţiuni.
The word "Bank" can be used than the company's social enterprise banking legalmente authorized and established.
No Bank can not choose a company that can take place at the confuziune National Bank of Romania or another undertaking the existence of banking.
Any modification of the company social can't be done only with the express authorization of the Council.
Any act of the correspondent bank will show clearly the effective capital, reserves, city and address of Headquarters, branches, and the date and number of entry in the register of companies.
11. Share capital of a company the Bank, in simple, limited partnership or limited liability may not be less than: in Bucharest of 20,000,000 lei in municipalities of 10,000,000 lei and other urban municipalities of 5,000,000 lei, and the rural municipalities of lei 2,000,000.
It is forbidden to be constitute social capital by contribution in nature or through cuts. At least half of the share capital will need to be effective in the formation of the company and the rest not later than within one year after its formation.
12. anonymous banking firms or Capital in limited partnership by shares, shall not be less than the amounts specified in article indoitul above, after settlements.
It is prohibited the formation of social capital by contribution in nature or through cuts in account. each of the founding members of the joint stock banking companies are obliged to keep for five years a quota of at least 30% of the subscribed capital of the EC. These actions will be held at the headquarters of the Bank and locked.
At least half the subscribed capital will be paid up until the day of the establishment of the company, the remaining to be shed at the latest within one year of the Constitution.
The share capital will be divided into shares of the nominal value of which may not be less than 500 lei each.
It is forbidden to vote plural actions.
Formation expenses shall not exceed 5 per cent of the value of social capital and they will pay off during the first five years of the establishment of the society.
13. Any banking company is obliged to take every year at least 10 per cent of net benefits for the establishment of a reserve fund, intended to cover any losses from the Bank's operations.
These downloads will be carried out until the reserve fund will reach at least the capital.
Thereafter, it shall be reduced to 5 percent, until the reserve fund shall be equal to twice the capital.
Legal reserves, established within the limits of compulsory quotas as indicated in the paragraphs above, are not taxable as an exception to the law dispoziţiunile direct contributiunilor *).
Half of such reserves built up after the promulgation of this law will be placed in government bonds, guaranteed by the State, or in the lombardabile National Bank Securities.
— — — — — — — — — — — — — — — — * Note) see Law direct contributions, with all changes to the April 19, 1933 and last modified on April 1, 1934.

14. capital a bank cannot be increased by contribution in nature or by cutting into account. In case when a company increases its capital banking through the issuance of new shares at a higher course of their nominal value, the difference will be the last book from art. 13. The first issue, charged over the nominal value of the shares, with the opportunity to increase the share capital of a public limited-liability companies banking, are not taxed as long as the ratio of the first issue and the nominal value of the measure is equal to that of the existence of the legal reserve (established by tax exemption) and share capital.
15. No banking company will not be able to modify the statutes, rather than the Higher Banking Council.
These changes will be entered in the register of companies, on the basis of an injunction date judge delegate to the trade registry office according to the procedure fixed by art. 9-16. No branch of a banking firm can't take being in the country or abroad, before it was authorized by the Council.

Neinfiintarea branch for one year from getting autorizaţiunii of draw losing the benefit of a longer set up without a new agreement.
The formalities prescribed by article 4. 9 shall abide by and in the case of the creature of a branch.
Besides these formalities, the branch will be entered in the register of companies and of the banking trade register Office of the place where it opens. In this case will be made in the register, in its entirety, both the instrument of incorporation and name and powers granted to her branch representatives.
17. The founding members of the Bank's shares of a company cannot stipulate, in their own interest, no advantage to reduce share capital and reserves, nor at the time of its formation, and in the future.
Any stipulaţiune to the contrary is void.
They may, however, stipulate, by the articles of incorporation, the net benefits of participation in the company, which does not represent a percentage greater than 6% calculated on the net benefit, as endorsed by the General Assembly, and which do not have a duration of more than 5 years.
In case of increase of the registered capital over these five years, calculating the net benefit will only be made in relation to the formation of social capital.
Payment of these benefits or parts of the founder may not take place until after the grant of a 5% dividend, distributed to shareholders of the company. The founding parties will be represented by registered securities of equal value, which cannot be transmitted between live acts, or pledged, only with the express consent of the Board of Directors.
Are considered as founding members, within the meaning of this article, only the persons designated as such by the articles of incorporation.
18. a company's Managers banking on shares will have to be shareholders in a proportion of at least 1/200 of the value of social capital.
The nominal value of the shares provided for in this article may not be less than 50,000 lei; However, statutes will be able to provide that the value of these shares not exceeding nominal 300,000 lei.
The entry into operation of the administrators, the actions will be deposited by way of guarantee at the headquarters of the company and will not be released until after the expiration or termination of the mandate and only after their discharge, the date of the general meeting of shareholders.
Managers of the banking firms or in simple limited partnership will be appointed by the Assembly members only of unbounded liability associations.
In societies with limited liability managers shall be elected by the general meeting of all members only of the quota holders whose value cannot be smaller for each administrator in part 1/50 of the value of social capital.
19. a company bank Managers are held to execute the functions that they personally are entrusted with the care of a conscientious trader and observe a trade secret.
Directors and officers of the Bank may not participate nor the Board of Directors and any Board of censori.
20. a company bank Administrators can occupy without the express authorization of the Board of directors or, in the absence of the Council, without express authorization of the Assembly of members, the members on the boards of directors or executives in the banking and other businesses not to participate in such businesses as associates with boundless liability.
So enlist members cannot drive, on their account or on the account of third parties, other businesses, trade or industry; they cannot participate in other enterprises of this kind, nor as personally liable partners, nor as trustees or directors, except in cases when exercising these functions with the authorization of the Council.
21. the Board of Directors of a bank cannot deliberate validly only if are present or represented two-thirds of the total number of the members that compose it. Deciziunile Board of Directors of a Bank shall be taken by an absolute majority of the members present or represented; the statute can, however, provide for a more substantial majority.
A member of the Board of directors cannot represent the Council more than another Member and solely on the basis of a special delegatiuni.
Banking companies managers are required to keep a register of reports, noting, in chronological order, deciziunile taken by the Council, noting the members who took part in the meeting, as well as of the outcome of the vote.
The minutes will be signed by the members who took part in the meeting. They will keep a separate opinions expressed by impotrivirile members present and at they will join those sent by absent members.
Before the drafting of the final report, as well as to the passage of deciziunilor in minutes, signed by the members present noted will you instead of minutes.
22. banking companies Managers, with whose vote he took the managerial decision, are jointly and severally liable both towards society and towards third parties, of all damage caused by their guilt, according to these rules from the mandate.
Solidarity cannot be created, except by formal opposition to the injurious act cases recorded in the minutes, train under article.
Action in civil liability against the Trustees, belongs to the society, through its General Assembly; the opening action is required only by an absolute majority of votes of the Assembly of associations. Any clause to the contrary is void.
23. The directors of the companies, as well as heads of branches and their agencies, both are responsible towards society and towards third parties, of all damage caused by their guilt, according to these rules from the mandate.
When several executives participated in committing such detrimental acts, their responsibility is jointly and severally, in addition to the formal resistance even when taking deciziunii for the completion of the Act.
24. the banking Businesses will communicate to the Council, together with the sending Bank balance sheets, the overall remuneration paid to directors, directors and censorilor, which are not taken over benefit forming part of the general expenses, such as salaries, allowances, chips of this dwelling, mission and transport, gratificatiile, tantiemele or any other contractual amounts of the same kind.
All emoluments from banking businesses driving the net benefit will be subject to approval by the General Assembly.
It will proceed in the same manner and for the benefit of their stakes.
The statutes of the Bank will provide businesses maximum rates that may be allocated to the management and staff.
Total general expenses of the Bank, excluding any interest paid will not exceed 5 percent of total investments.
25. Censorii Bank-stock companies will have to be shareholders in a proportion of at least half from that set out in art. 18. Following the entry into service under warranty they will submit these actions, in accordance with art. 18. At least one of censori will be chartered accountant.
It is not subject to condiţiunilor in the preceding paragraph.
The length of one side of the censorilor will be determined by statute without necessarily exceed 5 years and all will be fixed by statute and their mode of remuneration, irrespective of the results.
Censorii whose term of Office has expired or terminated, can be re-elected.
26. the members of the Board of censori should fulfill their personal legal and statutory atribuţiunile and are required to keep a trade secret of all those recorded during the exercise of their duty.
The Board of censori or censor, in part, each has the right to be present at the deliberaţiunile Board of Directors. They will be summoned for that purpose by the Chairman of the Board of directors or replacement.
Censorii may request explanations and documents anytime from the administrators of the company, check registers, deposits, securities house, the use of the reserve fund, according to art. 13, annual review, the distribution of benefits, etc., which will do a through their report by the General Assembly.
Such research will be done with discretiune and without upsetting the normal activity of the Bank.
Where are found deviating from law enforcement, or failure to comply with the Statute, the Board of censori, or censor in hand, will bring the findings to the attention of the President of the Administrative Council.
If he does not immediately take the necessary measures to straighten, censorii will bring up the shortcomings to the attention of the first general meeting, and if deficiencies are serious, censori Board will convene in the shortest possible time, the General Assembly to deliberate on the irregularity, noticing about this and the High Council.
In the latter case, the Superior Council, reclamatiunea Council of censori checking, will be able to take after expiry of the time for the General Assembly, the measures dictated by title V of this law.
Censorii are directly and jointly and severally liable for the damage caused to society through their guilt, according to these rules from the mandate.
27. Managers, enlist members and censorii can't take sums of money on loan from the society.
However, the Board of Directors, with the opinion of the Board, you will be able censori grant, on the basis of real guarantees, loans whose total value will not be able to compete for all administrators, principals, censorii and 20 per cent of its share capital plus reserves.
It is also forbidden to be granted during the first year of operation of the company, loans of founders, Board members, censorilor, directors and their relatives up to the fourth degree.

Failure to comply with this article, dispoziţiunilor draws for administrators who signed such acts, loss of their mandate, particularly discourages such responsibility.
28. The Bank will not be able to conclude with none of its officials, any kind of operations relating to the assets of the Bank, except with the express authorization of the Board of Directors and with the opinion of the Board of censori.
29. Cannot be founders of banking companies, managers, and executives, censori which have undergone any criminal conviction for theft, fraud, abuse of confidence, embezzlement, forgery, fraud, fraudulent bankruptcy simply times or any crimes or offences committed in order to illicit a proprietary interest, how such facts and accomplices.
Also cannot be founders of banking companies, managers, and executives, faliţii censori even rehabilitated, as people who are or have been directors or directors of censori a ruined businesses.
30. On 30 June of each year, the banking companies managers are obliged to draw up half-yearly gross balance sheet of the organisation, modelled on the type as defined in regulation of this Act).
Annual review must be drafted and approved by the General Assembly not later than within four months after the end of each year, after the model of the type established by regulation law.
These balances will be submitted to the trade register Office of the place where the Bank has its head office, as well as to the trade Registry Office of the registered office of each of the branches, and will be forwarded to the Supreme Council, the annual Bank no later than 30 days from the date of their approval by the General Assembly, and the twice-yearly not later than two months from the date of their preparation , and the date of publication in the Official Gazette.
Annual review will be published in the Official Gazette, not later than 15 days after the expiry of the period provided for in the preceding paragraph.
In the same period, annual and half-yearly reports, and will be published in the Bulletin of the Supreme Council and the Bank as at least one of the most popular newspapers in the locality.
Banking companies are also obliged to submit to the National Bank of Romania situaţiuni monthly summaries in accordance with the model set out in the regulation of this law, within 15 days of the end of expired.
— — — — — — — — — — — — — — — — * Note) see the implementing regulation of the Banking Law of 26 September 1934.

31. The preparation of the balance sheet shall observe the following rules: (a)) with the publication of the annual review will be published separately and the profit and loss account drawn up in accordance with the model set out in the regulation of this law;
  

(b)) share capital subscribed, at the least, fully paid up, as and any reserves on banks, companies will have to result in each balance sheet clearly;
  

c Bank Debts and credits), as they result from the records should be entered separately in the balance sheet, following their various categories.
  

There are compensatiuni eligible parties, both in the balance sheet and in the profit and loss account;

d) Bills will have to be passed separately from any other titles and will be ranked after categories will be determined by regulation.
  

The value of bills rediscounted bills shall must result specifically from the balance sheet.
Bills of Exchange received towards the collection shall be entered in the accounts of orders that are to be added to the balance sheet.
Bills received in guarantee and the circulaţiune shall be entered in the balance sheet in separate posts, insofar as they correspond to a credit balance for the Bank, eschewing the difference in accounts of orders that will join in the balance sheet.
The bonds of the Bank will figure cambial in the balance sheet separately from other bonds, being classified as are payable in the country or abroad;

e) Titles should be listed in bank owned separately from those coming from participatiuni.
  

Those deriving from employment relationship, comodate, deposits and pledges, will be passed to the accounts of orders that will join in the balance sheet.
Also will show separately the securities fixed-income and variable-yield ones;

f) under "cassa", cannot be passed than coins or paper, national or foreign, the amounts available to the National Bank of Romania, as well as coupons and headings receivable, issued or guaranteed by the State.
  

32. According To the various items in the balance sheet shall observe the following rules: a) gold coins, as well as foreign currencies, need to be evaluated in the balance sheet, after media in the month preceding the date of the Exchange in which the balance sheet is drawn up;
  

b) listed on the stock exchange Titles shall be entered in the balance sheet at the exchange rate resulting from the average of the 30 days preceding the date of the balance sheet.
  

The difference of course what would be realized in addition after deduction of losses to all securities in the portfolio, it will not be distributed and by way of derogation from dispoziţiunile contributiunilor, law will not be imposed.
The difference between these two less courses will be passed to the losses.
Unlisted titles in stock market will not be able to be entered at a price higher than the purchase or at the last balance sheet. In the event that the value of such securities would be less than the purchase price or to that recorded in the previous balance sheet, they will be passed on to their current value, and the difference will be subtracted from the last loss;

c) All claims will be referred to the fair value.
  

As an exception to the law dispoziţiunile contributiunilor direct claims on bankrupt debtors eligible for appointment, or for some of these claims, will not be entered in the balance sheet, but the loss will be posted, if you have not been written off by a special reserve fund.
Some of the claims or claims for which proof has been provided by the debtor, the insolvency court the wrangle with the date in respect of the termination of the payment of the debtor and of the finding of the Ministry of finance, in respect of the debtor, may be registered with the loss.
For unearned interest, calculated at the dubious claims, it will create a post adjustment option, as an exception to the law dispoziţiunile contributiunilor direct; They shall be taxable only in timing;

d) will be passed onto Bank Buildings in their price of construction or purchase. They will be able to pay off gradually in proportion with their wear and tear, through a particular post.
  

As an exception to the law dispoziţiunile contributiunilor direct *) at Ranchi which will form after the implementation of this Act, plus the value that will result from their assessment of the buildings at the price of reconstruction, price from registers, will be passed in a special account, toll free.
— — — — — — — — — — — — — — — * Note) see Law contributiunilor, with amendments, on 19 April 1933; then the changes on April 1, 1934 and may 5, 1934.


Title III About 33 Bank operations. Through the operation of the Bank means any legal transaction upon the amounts of money in cash, credits, and trade effects of Romanian or foreign securities, committed by a banking enterprise.
34. The operations of the Bank shall be divided into: (a) ordinary Bank operations), and Bank b) operations that require express authorisation of the Superior Council.
  

Bank operations requiring an express autorizaţiune are: 1. Releasing the service books of Economics bearer or nominative, but made payable to bearer;
2. Issuance of bearer or nominative House, but made payable to bearer;
3. Issuing securities bonds;
4. receipt of deposits toward fruition at sight or term, and 5. The issuance of the circular cheques or travellers ' cheques.
All other operations of the Bank are considered ordinary.
35. The right to release the service books of Economics bearer or nominative but made payable to bearer, as well as to issue vouchers for casa bearer or nominative but made payable to bearer, there may be granted only to companies with an existing bank for at least five years and whose share capital is, by the way, at least indoitul company registered capital required by art. 11 and 12 of this law.
These service books and vouchers of the House will not be able to be issued only on the basis of cash deposits.
This right will be granted to banks that suffered condemnation for deviations from this law over the last 5 years.
Total deposits which a bank can receive cannot be more than seven times the amount of share capital plus reserves.
Of this total landfill service books of Economics and at home against the Bills, or cheque made payable to bearer, but may not exceed three times the amount of share capital plus reserves.
Casa notes issued pursuant to this article will have a value of less than 5,000 lei each.
The same conditions capital and issue are required and for banks issuing the circular cheques or travel without the application of the preceding paragraph.
36. The total bonds of any kind, which a bank can contract, may not exceed 10 times the amount of share capital plus reserves.
37. No Bank shall not grant a single client without real guarantees a loan of more than 10 per cent of its share capital plus reserves. Approval of loans to a single client over 5 per cent of its share capital plus reserves, is of exclusive competence of the Board of Directors.
Any stipulaţiune this article to the contrary is void.
38. Banks cannot do the following: 1. To buy and sell merchandise on their own.

Are exempt from this ban, buying those goods that were acquired in the performance of the Bank's claims and which will be sold in the shortest possible time, and the receiving of goods in warehouse ... of its customers, or even of foreigners, in particular intended lockers.
2. To buy real estate on their own, other than those necessary for the exercise of the trade or bank or bank personnel use, and out buildings have been acquired in the performance of the Bank's claims. These latter estate will be sold in the shortest possible time.
This prohibition shall be exempt and inmagazinarea buildings purchased goods whose storage is generally permitted in paragraph 3. 1 of this article.
3. To buy for their own account, dividend-producing titles for a total of more than 25 per cent of its share capital plus reserves.
4. To create or participate in other undertakings of any nature, with a capital of more than 25 per cent of its share capital plus reserves.
5. Buying their own shares on their own account, to grant loans on them, they constitute the collateral for the debts of the Bank, to place them through colportaj, or imposing them on the occasion of the granting of loans to customers.
It exempts redemption own shares to reduce capital, an extraordinary general meeting of lover family of shareholders.
6. To receive cash deposits or securities when the assets of the Bank are located in the State of cessation of payments, or liabilities outstrip assets.
In all these cases the responsibility of the administrators is presumed until the contrary evidence.
39. No person may exercise the usual credit operations in the short term, any capital or own and any other persons or capital banks, than the very top of the face.
Short term credit means any kind of transaction of loan monies, which is not longer than six months.
As regards loans to farmers, these are counted to be short-term when their due date cannot exceed one year after the grant of the loan.
Proof that a person is a farmer is made with a certificate issued by the Chamber of agriculture, or the perception of that.
40. The banks which receive deposits from or incurs other bonds, are obliged to have a cash reserve of at least 10 per cent of the total of these commitments.
In addition, banks are obliged to have a slightly lichidabila, consisting of bonds, or guaranteed by the State, trade effects or scontabile National Bank warrants to Romania, in a proportion of 1/3 of these commitments.
Through deposits and bonds in sight means all deposits and obligations contracted by the Bank, the execution of which must be at the application or within a period not exceeding 30 days.
41. the banking Undertakings which receive titles or effects of trade in the warehouse or in the pledge, are obliged to keep them with the care of a conscientious trader, to enroll in special ledgers with their way of showing their nominal value, numbers and Gate series, and all the signs that they differ from other debt securities bearing the same name.
These values can be given in pledge by the Bank and any other persons entrusted with express consent, than of the depositor or the person who set up the pledge.
No Bank may exercise voting rights belonging to the securities were in storage or in favour of, the consent of only the depositor or constituitorului pledge.
This declaration shall be the date on the occasion of each deposit of securities in the warehouse or in the pledge.
For values received in deposit or banking enterprise in pledge shall be obliged to issue the client a certificate noting listing all elements distinctive referred to in paragraph 1 of this article.


Title IV monitoring and control of Trade Bank 42. For the application of this Act, how and for overseeing Trade Bank in General, set up a Higher Council on law's Bank, having legal personality.
Superior Council advising the Bank operates National Bank of Romania.
This Council consists of the Governor of Banca Naţională a României;
A delegate appointed administrators of this instituţiuni;
A delegate of the Ministry of finance;
A delegate of the Ministry of Justice, chosen from among the Councillors of the Bucharest Court of appeal;
A delegation of the Union of Chambers of Commerce and industry.
A delegation of the Union of Chambers of agriculture.
Professor of currency, credit and banks from the Academy of High commercial studies in Bucharest.
Four Romanian Banks Asociaţiunii officials, one of whom will be appointed by bundling small banks from this asociaţiune. At least two of those delegates will be in the province.
Appointments of members that make up the Council are made by Royal Decree, following a proposal by the Minister of finance and recommendation institutiunilor it designates, except the Governor of Banca Naţională a României.
The duration of the delegatiunilor members of the Superior Council of the Bank will be 4 years.
Two years after establishment, three of the members of the Superior Council, out of Romania's National Bank Governor and State delegations, shall draw lots, their term of Office incetand.
In their place will be immediately appointed three other members in the same order as indicated above.
The logout or members whose term of Office has expired or terminated, may again be recommended and appointed.
Delegaţiunea members of the Banking Council is irrevocable, except for serious misconduct to be noticed by other members took the managerial decision making up the Board.
The Governor of the National Bank of Romania is governed by Higher Banking Council Chairman; The Council will appoint a Vice President from the breast or.
The members appointed on the basis of the quality they hold, are considered demisionaţi when their activity is terminated.
Members of the Board must meet rigid conditions required by art. 29 of this law. They lose their membership as, in the case of final conviction for conduct referred to in that article.
43. In addition to the Superior Council of the Bank to create a Secretariat general.
The Secretary general shall be appointed by Royal Decree, after a proposal by the Ministry of finance and the Bank Council recommendation.
The Secretary-General will have an academic title.
He will assist the Superior Council, deliberaţiunile contrasemnand all deciziunile it.
44. the Council decides on matters of higher Bank data under its jurisdiction, in the presence of at least 7 members. He judge based memories by the time what will fix.
For this period the person concerned will be quoted ex officio, by registered mail, at least 10 working days before the day fixed term. At first the interested party will be able to ask for yet another term for the submission of documents and memoirs.
45. For the validity of the deciziunilor High Council are necessary Banking 6 votes. In the event of parity, the vote of the Chairman decides.
Deciziunile senior counsel should be motivated Bank.
They are final.
Bank Deciziunile of the Superior Council are required for the judge delegate to the trade registry office, called to give the order for entry in the register of banking firms, according to art. 9, both in case of formation and in the case of amending the Statute of the Bank.
These deciziuni will be communicated by registered letter, within 30 days after their pronouncement, the interested party and the general prosecutor of the Court of Cassation.
Within 30 days of the notification of the person concerned and deciziunii, the Attorney general will be able to appeal in Cassation.
In the event of an appeal, the Court of Cassation will conjure up the Fund.
The Court of Cassation shall judge rushed into the living room.
Suspend the execution of the public prosecutor's appeal.
46. In the event of deviations from this Act or the bylaws, the Board shall refer the matter to Superior Bank, either on its own initiative, by any interested party complaint, or by the public Ministry.
In the case of the matter, the Council ordered a Superior Bank research situaţiunii reported.
Research will be done by the Council by special bodies of the National Bank of Romania.
After the submission of the report of findings, the Chairman of the Superior or replacement or will fix a time limit for the prosecution of the case, pursuant to article 5. 44. If the Board finds the reclamatiunea founded, will pronounce a year under art. 45, that you take the measures provided for in this law, within its competence and shall refer the matter, will be the case, the public Ministry or competent courts.
Deciziunile Supreme Council, handed down in accordance with this article shall be enforceable in law.
They will be executed by a delegate of the Superior Council of banking; in case of necessity will require the public authority could, under the competition laws of enforcement).
The appeal against the deciziunilor database on the basis of this article is to suspend the execution.
— — — — — — — — — — — — — — — — — * Note) see Laws of 11 July 1930, 18 December 1931, 23 December 1932 and April 1, 1933.

47. The members of the Council are obliged to Bank secrecy.
Also are obliged to keep a trade secret the Secretary general and other officials of the Council, under the penalties shall lay down in the regulation.

48. the regulation of this law shall determine the detailed functioning of the Superior Council, its representation and execution of deciziunilor, services and staff offices and the budget spending and wages, both members of the Council, as well as composing and staff helpful.
49. The Supreme Council Budget Bank will be covered by contributions of all the banks Squeak through Romania and special fees for authorizations, which will be determined by the rules of this law.
Contributions will be proportionate to the share capital of banks, without necessarily exceed 0.25 per thousand annually and will be paid in four quarterly installments, under the sanction of withdrawing the authorisation in case of unjustified refusal to the request of the Council, after a previous summons by registered mail for 15 days.


Title V Dispoziţiuni finale, transitional criminal and 50. Exchange houses or zarafiile that limit their trade only to the operations of any of the coins are not subject to art. 2 and 4 and any other dispoziţiuni for the formation and operation of this Act.
They will, however, be subject to supervision and control of the Superior Council.
Exchange houses won't be able to put their company in the word "Bank".
51. commercial Undertakings having their main object of trade only lending on the pledge of any kind of objects and which do not fall under the provisions of the law of 9 March 1915, as amended on 30 May 1929), relating to the loan's collateral homes of farmers and industrialists, it constituiesc and it works in the very top of the face.
Homes loan pledge will not be able to wear their company, however, the word "Bank", but only the name of "the loan's collateral houses" or another similar.
— — — — — — — — — — — — — — — — * Note) see law on the loan's collateral homes of farmers, from March 10, 1915, as amended, of which last on 30 May 1929.

52. The fusion of two or more companies, whatever their kind, of every society is acting in part on the votes needed to amend the Statute.
The Board of Directors of each of the banks that are trying to merge, however, will be able to submit the merger prospectus prior to Visa's senior counsel.
Managerial decision to merge each company, including rigid conditions of the merger, balance sheets and managerial decision authorizing the Superior Council, will be submitted to the trade register Office of each merging company, in order to be entered in the register of banking firms and published according to art. 9. Within two months from the date of publication of the above acts, each creditor will be able to make opposition to the merger at the Tribunal de Commerce of the place where the merged companies and have set themselves HQ.
All oppositions will judge rushed into the room by the Council through a single decision.
In the judgement of the Tribunal may counter appeal within 10 days of the pronouncement.
The Court will judge rushed into the living room.
The time limit for appeal is 10 days of the pronouncement.
It will appeal judge rushed into the living room.
Opoziţiunea to suspend the merger, except in cases when it will justify paying all debts or their recorded at National Bank of Romania or the ' Cassa submissions when all the creditors agree to the merger or when creditors opponents were desinteresati through payment or amount recorded.
After the expiry of the above, or if you did opoziţiune and desinteresati were not opponents, following the coming into legal force of the decision on the final date of the opposition, the merger will be executed.
The company remained in being or the new company resulting from the merger shall succeed to the rights and the obligations of companies all turned off.
Deciziunile fusion are relied on by the shareholders without being able to withdraw from society.
53. If the composition of the first stock of the merged banks would result from revaluation of real estate or other assets, which overs, under the laws in force, are taxable, which shall be exempt from any tax if they get past the merged bank reserves.
54. If, because of the losses suffered, the share capital of a Bank has dropped to half the value of capital statuary, or half of the amount of capital required, under article 13. 11, 12 and 35 of this law, when at statuary was not larger, administrators, and in case of failure on their part, the Council ought to censori convene, within 2 months after finding it, the extraordinary general meeting of members, to decide on share capital reintregirii.
If the General Assembly will not be convened by these bodies, the convening of the emergency will be made following a prior research by the Supreme Council.
If the general meeting does not decide on completion of capital or liquidation of the company, or if within three months from the date of the meeting of the General Assembly of members completing the social capital is not accomplished, Superior Council will withdraw Bank autorizaţiunea could then decide and liquidation of the company.
The same rules will be applied and the companies, the limited partnership or limited liability when the Assembly members will be convened by any of the associates.
The liquidation shall be carried out in accordance with prescripţiunilor of the code of Commerce in respect of the winding-up of companies *) and under the supervision of the Superior Council, which will refer the matter to the Tribunal for this purpose by the competent trade.
— — — — — — — — — — — — — — — — — — * Note) see Section VI of the commercial code, art. 199.55. In the event of failure on the part of an undertaking, asset inventory of Syndic will liquid by a trustee appointed by the Court who has declared bankruptcy, according to a list drawn up by the experts Council.
Trustee appointment will be made through declarative sentence even bankruptcy or closing.
The ruined banks assets will be curated by liquid, under national control and Syndic.
In case of necessity, the creditors of a bank will be able to designate a ruined comisiune lenders to assist and oversee the work of liquidation carried out by the Trustees.
The liquidation accounts will deposit the Syndic that you will be subject to the approval of the Tribunal.
All actions and acts committed by the trustee, for its liquidation, are exempt from any taxes or stamp duties are bankrupt without injury to the correct Status.
Dispoziţiunile this article shall also apply to companies developing bank liquidation.
56. If during the existence of a bank is found that it does not respect prescripţiunile law of Banking, the Higher Council will be able to decide or curbing the Bank if needed its winding-up.
If it is found that the research performed to the total value of commitments a race or asset value, Superior Council will be able to decide on the liquidation of the Bank and will refer the matter to the competent commercial court, in order to carry out the liquidation of the Bank.
57. Whoever exerts the Trade Bank without the authorization required by art. 4 dispoziţiunea or will violate art. 39 of this law, shall be punished with imprisonment from 3 months up to 2 years and by a fine ranging from 20,000 up to 500,000 lei.
Sub-loans bills guaranteeing coverage for the lender the offender dispoziţiunea art. 39, does it defend the penalty provided for in this article.
In case of setting up a branch without the authorization required by art. 16, administrators and directors will punish the culprits with a fine of up to 50,000 lei 500,000 each. In this case the High Council will decide the abolition of Bank branch.
58. The founders, administrators, directors and censorii, which will be passed under silence of situaţiunea broke any convictions or under article. 29, will be liable to the penalty of 15 days up to 6 months in prison and a fine of 10,000 to 100,000 up to the Lions, without application of uşurătoare circumstances. They will lose the quality of administrators, directors of censori or the respective Bank.
This revocation will rule by Superior Council, even before the opening of the public action, in which case the appeal shall not suspend the execution.
59. In the event of bankruptcy on the part of a Bank, violation of art. 4, 9-15, 17, 19, 20, 24, 26-28, 30-32, 34-38, 40-41, will attract for administrators, managers and censorii guilty, the penalty provided by law for fraudulent bankruptcy, without damage of other civil and criminal penalties provided for in this Act or other laws in force.
60. Criminal Sanctions provided for in this law are within the competence of the ordinary courts.
61. within two months after the promulgation of this law, in which it will take being the Superior Council, each bank is obliged to communicate the Superior Council, copy of the last annual review, copy of the balance sheet of the past six months, as the list of Board members and executives, to censorilor.
Bank undertakings entered in the commercial register today *) will be entered in the register, on the basis of a written application, accompanied by the articles of Association, statutes and list administrators. The application will address within 2 months after the promulgation of this law the judge delegated with the Office, indicating the number of the respective entry in the commercial register, without any formalities or paying any fees.
Dispoziţiunile this article shall also apply to the individual under the company's existing banks. They are obliged to declare their capital totdeodată was communicated to the articles of incorporation and bylaws. They will still be able to receive deposits toward fruition, term or at sight, yet for two years after the promulgation of this law.

Existing banks in the form of the company, in simple limited partnership or limited liability, which does not meet the prescripţiunile of the present law, are subject to the same conditions, which may, however, receive deposits only up to the amount of their share capital fully paid up.
Deposits received before the date of promulgation of this Act, as total commitments will be proportioned within a maximum of five years from that date, in accordance with prescripţiunilor of this Act.
Also existing banks in the form of joint stock companies are subject to the condiţiunilor this article, while being obliged as within a maximum of five years to proportioneze deposits and total liabilities, in accordance with dispoziţiunile of this law.
Earned rights, listed in this article will benefit, and the companies will merge in the course of these five years.
— — — — — — — — — — — — — — — — — — * Note) see law on the commercial register, from April 10, 1931, as amended July 27, 1931, and on April 9, 1932.

62. Dispoziţiunile this law shall enter into force on its publication in the Official Gazette.
Buildings that are found at the promulgation of the face of a heritage site, are not subject to dispoziţiunilor art. 38, point 2.
Within five years after the publication of her all existing banks in Romania will comply to all condiţiunilor contained in this law. This time limit may be extended by the Supreme Council.
63. All dispoziţiunile shall be repealed this Act provide otherwise.
Through a regulation of this law shall determine the rules of functioning of the Superior Council, Bank balance sheets and the summary statements, such as type and any other rules of dispoziţiunilor this law.
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