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Law Of 19 April 1935 Concerning Some Dispoziţiuni For Aiding And Rebuilding Credit

Original Language Title:  LEGE din 19 aprilie 1935 cu privire la unele dispoziţiuni pentru înlesnirea şi refacerea creditului

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LEGE of 19 April 1935 on certain provisions for the facilitation and restoration of credit
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR NO. 94 of 20 April 1935



CAROL II, Through the grace of God and the national will, King of Romania, To all present and future, health: The legislative assemblies voted and adopted, and We, sanction what follows: Provisions relating to bank mergers + Article 1 Banking companies, which will merge according to art. 52 of the law for the organization and regulation of bank trade, published in the Official Gazette No. 105 of May 8, 1934, within the period from the date of publication of this law, shall be taken by the following tax facilitations: All merger acts, including the securities or real estate transmissions contained in that merger, the capital and shares of the companies resulting mergers, will be exempt from any stamp duty and taxes; These companies will be exempt, for 5 years from the date of merger, from any commercial tax, from the over-quota tax related to commercial income. The provisions of paragraph b of this Article shall apply only to mergers, in which the capital most before the merger of any of the merging banking companies is no more than five times the capital of any of the other companies. which enters into the merger, except when such mergers, would be made with the authorization given by the Higher Banking Council, in which the provisions of this Article apply. + Article 2 Banking companies resulting from the merger, within the period provided by the previous article, had the right to benefit from the special privileges and advantages granted by laws to any of the merged companies. + Article 3 Within the period of one year, provided for in art. 1 of this law, the decisions of the general assembly regarding the merger can be taken by the ordinary general meetings, with an absolute majority, although by the constitutive act the statutes would be provided otherwise. + Article 4 As regards the merger decisions, what will be taken within the one-year period provided for in art. 1 of this law, the term of opposition provided by art. 52 of the law for the organization and regulation of bank trade is reduced to 15 from the date of the publication provided by that article. The provisions made, either by creditors or by shareholders, on such merger decisions, will be judged by the Banking Superior Council, according to the procedure provided for by Title IV of the law for the organization and regulation of trade the bank. These opposites do not suspend merger decisions, unless the opponent or opponents will deposit a guarantee of at least 209 of the share capital, in cash or in shares of the company. Provisions relating to the modification of some texts of the law for the organization and regulation of bank trade + Article 5 The provisions contained in art. 6 6, al. II of the law for the organization and regulation of bank trade does not apply to banking companies, having their main headquarters abroad and which at the promulgation of the law were in operation in the form of a branch, having a seniority of at least 30 years in Romania. + Article 6 It is added to art. 7 of the law for the organization and regulation of bank trade, the following aligned: " The following credit institutions shall not be subject to the provisions of this law: " National Bank of Romania; " General Cassa of Economics and Postal Checks; " Cassa de Depuneri and Consemnations; " National Industrial Credit Society; " Rural Credit Society and Urban Land Credit Societies, operating on the basis of the laws of 27 June 1923, 20 August 1929 and of 20 March 1926; " Credit cooperatives operating under the control of the Cooperative Guidance and Control Plant; " The Borrowing Houses of Farmers and Industrialists, operating on the basis of the law of March 9, 1915, amended by the law of 30 May 1929; " Credit and professional and mutual aid institutions that, according to their statutes, are constituted only by civil servants and who do not do operations except with their members; " The Mortgage Agricultural Credit of Romania; "" The Mortgage Credit Institute. " + Article 7 In art. 9 of the law for the organization and regulation of bank trade, after the last paragraph, the following text is added: " All publications of the banking companies provided for in laws, statutes or in the decisions of general meetings as well as of the board of directors, shall be made by the Official Gazette and by a newspaper spread, written in Romanian and which appears either in the capital, or in the locality where the banking company has its main office ". + Article 8 It is added to art. 12 of the law for the organization and regulation of bank trade, before the last paragraph: " The securities of the nominal or bearer shares of the banking companies, which will be issued after the publication of this law, will have to include: "" 1. Company name. "" Two. The date of the articles of association and that of his publication, with the showing of the place where she was made. "" 3. Social capital figure, number and total amount of shares. "" Four. Company duration. "These titles will be cut from a register with the queen and will bear the signature of two administrators or the sole administrator." + Article 9 It will be introduced at the beginning of 18 of the law for the organization and regulation of the following bank trade: " The maximum and minimum number of administrators will be established by statute; in case of holiday of a place of administrator, the other administrators deliberating together with the censors, will proceed to replace through another administrator, until the convocation general meeting. " When there is only one administrator and he retires, the general assembly will have to be convened. In case of death or physical prevention, the provisional appointment will be made by the censors; but the general meeting will be convened urgently for the final appointment of the administrator. " + Article 10 Article 19 of the law on the organisation and regulation of the bank trade is replaced by the following: " The administrators of a banking company are held to execute personally the functions entrusted to them, with the care of a conscientious trader to observe the trade secret. " However, they can delegate part of their duties to one or more of the administrators, who will be a small committee. " The directors and officials of the bank cannot be part of either the board of directors or the board of censors. " The managing director (or his/her replacement) of a banking company, may nevertheless be part of the deliberative vote in the committee formed together with the delegated administrators. + Article 11 It will be introduced at the beginning of 25 of the law for the organization and regulation of the following bank trade: " The ordinary general assembly will choose 3 to 5 censors and as many alternates. " The relatives and afiniums of the administrators, up to the fourth degree including are not eligible, or if they are elected, lose the quality of censors. " In case of death, the legal revocation of one of the censors, the most elderly alternate replaces him. If, with this face, the number of censors cannot be completed, the censors that remain, appoint other persons to replace the absent until the meeting of the nearest assembly general ". + Article 12 It will add to the end of art. 32, letter b, of the law for the organization and regulation of bank trade, the following paragraph: "The evaluation of these securities will be made by the Board of Directors, together with the censors, after any kind of data and information, or by appreciation, the resulting differences not entering the taxable benefit." + Article 13 Existing banking companies are obliged to comply with the provisions art. 10 and 11, within the 2-year period. + Article 14 Article 32, point d, paragraph 2, of the law for the organization and regulation of the trade of the bank shall be replaced by the following: " By way of derogation from the provisions of the law of direct contributions, special reserves formed by banking companies will be untaxable by revaluation their buildings, at the present value, if these reserves are formed in the balance of exercises 1934 or 1935, and if they are intended exclusively for the depreciation of their damages of any kind ". These provisions also apply to the merger balance sheets of the banking companies concluded according to art. 1 1 of this law. + Article 15 Amortizations or discounts applied to receivables appreciated by banks as insolvent or dubious will be able to be made on the balance sheet, either by the results accounts or by the use of reserves of any kind created for this purpose. The amounts earmarked for amortisation or debt reductions will only be taxable when those claims are actually collected by banks. These receipts will have to appear in the profit and loss account in a separate column. Failure to comply with this provision entails the imposition at five times that amount. Depreciation or debt reductions will be able to operate either directly at the respective debtor's party or by creating creditor positions representing the amount of depreciation or reduction for each individual case. The total of these posts will not be considered as a reserve and enter the minimum tax calculation. Banks shall be authorized to depreciate from the annual benefits up to 10% of the value of their securities, the amounts used for this purpose being taxable. The provisions of this Article shall apply to all bank balance sheets, starting with the balance sheet of the year 1934. + Article 16 It is added to art. 34 of the law for the organization and regulation of the bank trade following paragraph 5: "" Six. Carrying out agricultural pledge operations according to the law on the agricultural pledge contract, published in the Official Gazette No. 87 of 16 April 1931 ". + Article 17 It is added to art. 42 of the law for the organization and regulation of the bank trade next paragraph, before the penultimate paragraph: " In the absence of the President, the Vice-President shall exercise all rights and duties. The President will be able to give delegation to one or more members of the council to sign any acts or documents, or represent him at the works of the council, in the absence of the Vice President. + Article 18 Alin. II and III of art. 43 of the law for the organization and regulation of bank trade will have the following contents: " The Secretary-General will be appointed by the Banking Superior Council and will have a specialized academic title or graduation diploma of the Higher School of Commerce, released before the establishment of the Academy of High Commercial and Industrial Studies, if the holder of such a diploma has occupied, for at least 10 years, the effective function of the bank manager. " The following paragraph shall be added at the end of the " In the absence of the Secretary-General, the President of the Higher Banking Council may empower one of the officials of the council to sign for the Secretary-General the decisions of the council and all the works that fall + Article 19 Added at the end of paragraph 1 1 of art. 45 of the law for the organization and regulation of bank trade following paragraph: " I make exception the decisions relative to the inner administration of the Superior Banking Council or to the dispatch of current works, as well as those ordering a research, according to art. 46 of this law, or by which the case is referred to the council. These decisions can be taken by one or more committees of 3-5 members, council delegates and who will be able to make valid decisions with the vote of 3 of their members. " + Article 20 Paragraph 4 of art. 52 of the law for the organization and regulation of bank trade is replaced by the following text: " Against the merger decision it will be possible to object within 2 months from the publication of the above acts, by any of the creditors or shareholders of the company who voted against or were absent, if these shareholders prove that on the date the general meeting that decided to merge were owners of a number of shares representing 1/10 of the share capital. The opposition will head to the courthouse where the merged companies have fixed their headquarters. " + Article 21 Liquidation provided by art. 54 and 55 of the law for the organization and regulation of bank trade will be able to entrust another banking company. + Article 22 The final paragraph of art. 54 of the law for the organization and regulation of the bank trade is replaced by the following: " In all cases where the banking companies go into liquidation for one of the cases provided for in this Article, the winding-up operations will be done according to the common law on the liquidation of companies and under the supervision of To the Banking Superior Council, by a delegate whose delegation will be published exactly as the act of appointment of the liquidator. " In case of voluntary liquidation the liquidator will be obliged to ask, within 8 days of his appointment, to the Superior Council of Banking the appointment of the delegate. " The liquidator will not be able to conclude any act of disposition or alienation, except with the prior approval of the delegate of the Superior Banking Council. " In case of conflict between them, the tribunal will decide by a conclusion given in the Council Chamber. "The fees and retributions of liquidators will not be able to pass 10% on the amounts collected from liquidation." + Article 23 No credit institution, of any kind, will be able to receive or preserve the name "Casa de Economii", or even partially in the company's title, with the exception of the Houses of Savings and Postal Checks or the communal Savings Houses, operating under the constitution law of 1932. Those institutions that currently have this name will have to replace it with the name of the House of preservation or other similar, within a maximum of one year from the publication of this law. Provisions relating to certain provisions of the law for the liquidation of agricultural and urban debts + Article 24 Debtors entering the provisions of art. 50 of the law of April 7, 1934 will be able to introduce requests to convene creditors, provided for by that article, within a maximum of 3 months from the publication of this law. The credit institutions provided by art. 52 of the same law will be able to benefit from the provisions of that article only if within 4 months from the publication of this law the minutes of the board of directors, provided for in art. 26 of this law, or if in the same term will be asked to convene the commission on the payment capacity of the institution, the Superior Banking Council will be able to extend this term for no more than three months to the credit institution that will request prolongation. Within the same period of 4 months, the credit institutions provided for in art. 61 of the law of April 7, 1934 will be able to exercise the option in para. III of art. 61 61 of that law. + Article 25 The adesion of creditors representing the majority of receivables, given according to art. 52 of the law on the liquidation of agricultural and urban debts of April 7, 1934, will be found by a report concluded by the board of directors of the debtor institution. This report will include the names of the adherent creditors, the amount of the respective receivables, the total of the liability 27, as well as the conditions of the arrangement. This minutes will be filed with the head office of the institution which will order, at the request of the institution, the publication in the Official Gazette of an extract from the minutes, encompassing the total amount of the acceding receivables, as well as conditions of arrangement. The arrangement found by the minutes filed with the court becomes enforceable and opposable to all creditors at the time of his submission. Any request for cancellation of the arrangement, whatever the reason it would be based, will be possible at most within 2 months from the publication in the Official Gazette of the extract from the respective minutes and will address exclusively to the tribunal. the main office of the institution, on the path of a main action, which will be judged urgently in the council chamber. Such action does not suspend execution of the arrangement The annulment decisions will have an effect on all creditors, In case of cancellation of the arrangement for the non-meeting of the majority, the institution will also be able to refer the matter to the commission provided by art. 52 in order to establish its payment capacity, within one month from the final stay of the cancellation decision. + Article 26 The arrangements provided for by Article 50 and 52 of the law published in the Official Gazette No 83 of 7 April 1934, as well as the decisions of the commissions provided for by these articles, may have as object only the debts prior to that law whatever the nature receivables, even with periodic or future maturities and whatever creditors, and will only be able to be concluded if the quotas established by these items of 15% and 10%, consisting of claims subject to the provisions of the said law, were found in the patrimony of the one who proposed the arrangement at the time of publication of the law of In the calculation of the liability and of the majority of the claims provided 52 of the law on the liquidation of debts from April 7, 1934, the claims of creditors who joined the payment arrangement will be counted according to the amount due at the date of the adesion, and the claims of creditors who did not join will be counted after the remaining amount payment on the date of submission to the court of the minutes provided for in art. 26 26 of this law. + Article 27 The National Bank of Romania is entitled to vote or join, as a creditor, on any request or proposal for an arrangement, made according to art. 50 50 and 52 of the law of April 7, 1934, for the amount of his claims. + Article 28 Provisions of art. 49 of the law of April 7, 1934 also applies to the guarantors, the guarantors and in general in favor of any obliged accesses, when the main debtor benefits from art. 50 and 52 of the same law. + Article 29 The difference between the original and the reduced debt in accordance with the agreement or the decisions of the arbitrators ' commissions, handed down on the basis of art. 50 and 52 of the debt liquidation law of April 7, 1934, do not constitute a benefit for traders or credit institutions that will have obtained arrangements or discounts from claims and as such differences are not taxable. + Article 30 By way of derogation from art. 49 and urm. and art. 94 of the law on cambia and ticket to order, bills and promissory notes that find claims subject to provisions of art. 50 and 52 of the liquidation law of April 7, 1934, are dispensed with protest at their maturities and any revocation is suspended from the moment of introduction of a request, according to art. 50 and 52, para. II, or from the time of submission to the court of the minutes provided by art. 26 and until 6 months after the expiry of the payment period granted to debtors who have applied for the benefit of art. 50 50 and 52, or from the definitive rejection of the reduction proposed by the debtors on the basis of the same articles, or from the dismissal of the debtors or the court finding that the debtors do not meet the conditions required by art. 50 50 and 52 of the law of April 7, 1934. Consequently, the detentors of these bills will be able to file the cambiale actions or introduce the requests for cambiale execution within this time frame, without losing the right of regression to any signatory, guarantor or avalist of the cambia or ticket to Order. + Article 31 At the end of Article 53 of the law for the liquidation of debts of 7 April 1934 the following are added: " In all cases provided for by this article the Court of Appeal will judge in the council chamber in particular and urgency. "In case of admission of the appeal, the Court will evoke the fund, but it can only admit those probers who tend to clarify some issues of fact, whose examination has become as a direct consequence of admitting a reason for scrapping." + Article 32 It is added to art. 109, para. III of the law of cambia and ticket to order, the following: "and for the actions already filed before or after the promulgation of the law of April 7, 1934, the perimations or prescriptions, and any decadations are suspended throughout the application of that law." Provisions relating to the divestment of the right of mortgage and pledge + Article 33 If in an act of pledge, mortgage or other right of preference it is found that for the guaranteed claim the bills or promissory notes were issued, the assignment of the guarantee rights is made and without fulfilling the formalities required by the common law, by simple The endorsement of the cambies, or of the tickets to the order, without being considered, however, asceded by this and the fundamental report, which caused the issuance of bills or tickets to the order. The owner of the shirt or the ticket to the order will be entitled to ask for his registration to the table of distribution of the amounts resulting from the execution of the guarantee, as a privileged creditor, even if he does not present the act of establishing the guarantee in original, with the condition of establishing according to the common law, that those bills or tickets to the order presented, are those of which the act of constitution makes speech or replaced them by exchange. When the bills or the promissory notes do not represent the totality of the claim in the act, their owner will be co-located in the same rank as the titular creditor of the claim test. + Article 34 In documentary camphages, with the mention of the bill (loading policy) or other title representing goods, the guarantor shall be counted as having a lien on these securities, as well as on the goods represented by the documents, without being need of any separate act of formation of the pledge Provisions relating to agricultural gages + Article 35 Paragraph II of art. 2 of the law of the agricultural pledge contract, published in the Official Gazette No. 87 of 16 April 1931, is replaced by the following Paragraphs: " Pledge contracts on signatures caught by roots, concluded or which will be concluded on the basis of this law, or on the basis of art. 29 of the law for the liquidation of agricultural and urban debts of April 7, 1934, gives the gagist creditor a right of preference on future harvests, until complete payment of the entire debt guaranteed with that pledge, including expenses made with the provision and preservation of the pledge, without the need for a formality other than the re-enrolment of the pledge in the agricultural pledge register, during the month of January of each year. "This right will be opposable and the land acquirer of the building." Provisions relating to the interpretation of certain provisions of the civil procedure + Article 36 It is added to art. 378 pr. civ. of the Old-Kingdom the following provisions of an interpretative nature: " The definite claim is that the existence of which arises from the very act of claim or other acts, even inauthentic, emanating from the debtor or recognized by him. " The receivable is liquid when its velvet is determined by the very act of claim or when it is determinable by the instrument of its claim and other even inauthentic acts, either emanating from the debtor, or recognized by the dance, or opposable to him on the basis of a legal provision or the stipulations contained in the act of claim, even if by this determination he would have to be reckoned with. " Final provisions + Article 37 Provisions of art. 26 26, 27, 28, 29, 32 33, 34 and 36 are interpretative. + Article 38 All provisions contrary to this law are also repealed. Article 223 of the law on modification of certain articles of the law for the organization of the cooperation of March 28, 1929, published in the Official Gazette No. 73 of March 27, 1935, is not repealed or amended in any way by the provisions of the present law. This law was voted on by the Senate at the meeting of April 10, 1935 and was adopted by a majority of ninety-five votes, against three. Vice-President, TONY ILIESCU ((L.S.S.) Secretary, Octavian Pop This law was voted by the Assembly of Deputies at its meeting on April 13, 1935 and was unanimously adopted by one hundred and twenty-four votes. Vice-President, V. BARCA (L.S.A.D.) Secretary, Remus Zaganescu --------------------