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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LAW of 19 April 1935 concerning some dispoziţiuni for aiding and rebuilding credit ISSUER PARLIAMENT Published in MONITORUL OFICIAL NR. 94 of 20 April 1935 to CHARLES II, by the grace of God and the will of the King of Romania's national team, all from the face and future Legislative Assemblies, health: voted and adopted, and we sanctionam: Dispoziţiuni relating to mergers of banking Article 1 banking companies, which will merge under art. 52 of the law for organizing and regulating the Trade Bank, published in Official Gazette No. 105 of 8 may 1934, within the publication of this law from the rock, will take one of the following tax benefits: all acts, including coverage of movable or immovable property comprised in that merger, capital and shares of companies resulting in mergers, will be exempt from any stamp duty and taxes;
These companies will be exempted for five years from the date of the merger, of any tax, commercial tax revenue share related over-capacity trade.
Dispoziţiunile paragraph (b) of this article apply only to mergers, in which most capital prior to the merger of any of the companies merging Bank, does not exceed five times the capital of any other company that enters into a merger, unless such mergers, would deal with the specific authorisation of the banking date Supreme Council, in which the hypothesis of dispoziţiunile this article shall apply.

Article 2 banking companies resulting from the merger, in the period covered by the preceding article, be entitled to avail themselves of the special privileges and benefits granted by law to either of the merged companies.

Article 3 during the period of one year provided for in article 10. 1 of this law, deciziunile of the General Assembly concerning the merger can take ordinary general assemblies, an absolute majority, although through the instrument of incorporation statute would provide otherwise.

Article 4 regarding the deciziunile merger, which will be taken within the period of one year provided for art. 1 of this Act, the term provided for in article 12. opposition 52 of the law for organizing and regulating the trade of Bank shall be reduced to 15 after the date laid down in that article publicaţiunii.
Dispoziţiunile made, either by the creditor or by the shareholders with regard to the decision of merge will be judge by the Supreme Council, under the procedure laid down in title IV of the law on the Organization and regulation of Commerce Bank.
These opoziţiuni do not suspend the deciziunile merger, unless the opponent or opponents will lodge a guarantee of at least 209 of the share capital, in cash or in shares in the company.
Dispoziţiuni relating to the modification of texts of law for organizing and regulating trade Dispoziţiunile Bank article 5 contained in art. 6. The law on the Organization and regulation of trade does not apply to Bank-banking companies, having its head office abroad and to the promulgation of laws were in place in the form of branch, having a length of at least 30 years in Romania.

Article 6 shall be added to article 2. 7 of the law on the Organization and regulation of Commerce Bank following aligned: "are not subject to this law, the following dispoziţiunilor instituţiuni credit: National Bank of Romania;" General Economics and cash Cheques Postage;
"Cash deposit and Consemnaţiuni;" National Industrial Credit Company;
"Rural Credit Society Credit Societies and Urban Land, laws of Squeak based on 27 June 1923, 20 August 1929 and from 20 March 1926;" Credit unions that operate under the control of the power plant Cooperative guidance and Control;
"Loan on Pledge Homes of farmers and Industrialists, and its writing is based on the law of 9 March 1915, as amended by the law of 30 May 1929;" Institutiunile credit and help with professional and mutual character who, according to their statutes, are made up only of public servants and not only with their operations;
"Agricultural credit Mortgage of Romania;" Mortgage Institute ".

Article 7 in article 7. 9 of the law on the Organization and regulation of Commerce Bank, after paragraph penultim, add the following: "All banking firms publicaţiunile laid down in laws, statutes, or in the decisions of the General meetings and Board of Directors will be made through the Official Gazette and through a newspaper spread, drafted in Romanian language and which appear either in the capital either in the place where the company has its principal banking."

Article 8 is added to article 1. 12 of the law on the Organization and regulation of Commerce Bank, before the final paragraph: "Titles are registered or bearer shares of banking companies that will issue after the publication of this law, must contain: 1. Name of the company." 2. Date of incorporation and that of its publicaţiunii, with the brightness of the place where it was made.
"3. The turnover capital, the number and total amount of shares." 4. the duration of the company.
"These titles will be cut in a workbook with the Queen Bee and will bear the signature of two managers or the Manager".

Article 9 shall be inserted at the beginning of art. 18 of the law on the Organization and regulation of Commerce Bank following "maximum and minimum Number of administrators will be established by statute; in the case of a vacation place, the other administrator administrators acting together with censorii, will proceed to their replacement by a different administrator, before the convening of the General Assembly.
"When there is only one administrator and it retracts, the General Assembly must be convened. In the event of death or physical obstruction provisional appointment will be made by censori; but the General Assembly will be convened for the appointment of permanent emergency administrator ".

Article 10 article 19 of law for organizing and regulating the trade of Bank shall be replaced by the following: "administrators are held to a banking company to carry out the functions with which they personally are entrusted with the care of a conscientious trader to observe commercial secret." They can, however, delegate part of their atribuţiunile while bounded at one or more of the Admins, who will be a restricted Committee.
"The directors and officers of the Bank may not participate nor the Board of Directors and any Board of censori.
"The Director general (or replacement) of a company, the Bank may, however, belongs with the deliberative vote of the format together with the managers of the delegates.

Article 11 shall be inserted at the beginning of art. 25 of the law on the Organization and regulation of Commerce Bank following "ordinary General Assembly will choose 3 to 5 censori and as many alternates." Relatives and family members, administrators to the fourth degree inclusive are not eligible, or if they are elected, they would lose the quality of censori.
"In the event of death, renunciation of revocation of one of most alternate censori, age replaces it. If, with this chip, the number censorilor can't fill, censorii remain, call other people to replace those absent until the nearest General Assembly ".

Article 12 shall be added to the end of art. 32. (b) law for organizing and regulating the Trade Bank, the following paragraph: "the evaluation of these securities will be made by the Board of Directors, together with censorii, after any kind of data and informaţiuni, or through appreciation, differences arising by not calling into the taxable benefit".

Article 13 of the existing banking companies are obliged to be compliant dispoziţiunilor art. 10 and 11, in the term of 2 years.

Article 14 Article 32, subparagraph (c). d, paragraph 2, of the law on the Organization and regulation of Commerce Bank replaces the following text: "Notwithstanding the direct dispoziţiunile contributiunilor law, special reserves will be free-formed by banking companies, through their real estate revaluation, at present value, if those reserves are formed in 1934 or 1935 exercises balance sheet, and if you are destined exclusively to the depreciation of their damage of any kind."
These provisions shall also apply to the balance sheets of the banking companies completed a merger under article. 1 of this Act.

Article 15 Amortizarile or reductions applied to claims of insolvent banks as apreciate or questionable will be made at the balance sheet, or by accounts of the results, either through the use of any kind created for this purpose.
Amounts set aside to amortization or discount receivables will not be taxable when the respective claims than will be actually received by banks. Those revenues should be included in the profit and loss account in a separate section. Failure to comply with this dispoziţiuni attracts imposing the five times that amount.
Amortizarile or reductions of claims will be able to operate either directly from the debtor in question or botched by creating posts the depreciation amount or credit amount representing the reduction for each individual case. The total of these posts will not be regarded as reserve and enters into the calculation of the minimum tax. Banks are authorized to act as a buffer from the annual benefits by up to 10% of the value of their assets, the amounts being used for this purpose are taxable. Dispoziţiunile this article applies to all balance sheets of the banking companies, starting with the balance sheet for the financial year 1934.

Article 16 is added to art. 34 of law for organizing and regulating the trade of Bank the following paragraph after paragraph 5:

6. Realization of operations of agricultural law on the pledge contract of pledge, published in Official Gazette No. 87 of 16 April 1931 ".

Article 17 shall be added to article 2. 42 of the law for organizing and regulating the trade of Bank the following paragraph before paragraph penultim: "in the absence of the President, the Vice-President and exercise all rights atribuţiunile it. The President will be able to give the delegation of one or more members of the Council to sign any papers or documents, or to represent him in the proceedings of the Council, in the absence of the Vice President. "

Article 18 para. And III of art. 43 of the law for organizing and regulating the Trade Bank will read as follows: "the Secretary general will be appointed by the Supreme Council and will have an academic title or graduation diploma of advanced school of Commerce, issued prior to the establishment of the Academy of High commercial and Industrial Studies, if the holder of such a diploma he held for at least 10 years the actual function of director of the Bank. "
At the end of the paragraph add the following article: "in the absence of the Secretary-General, the President of the Bank Council may empower one of the officials of the Council for the Secretary-General to sign the deciziunile Council and all works that fall into its task".

Article 19 shall add to the end of paragraph 1. 1 of art. 45 of law for organizing and regulating the trade of Bank the following paragraph: "exception deciziunile relative to the administration of the Superior Council or the current works and those by ordering an investigation, pursuant to article 5. 46 of this Act, or if the judgment shall be sent to the Council. These deciziuni can be taken one or more committees of 3-5 members, delegates of the Council and who will be able to take decisions valid vote of 3 of their members ".

Article 20, paragraph 1. 4 of art. 52 of the law for organizing and regulating the trade of Bank shall be replaced by the following text: "In v. deciziunii of Fusion will be able to make opposition within a period of two months following the publication of the above laws, of any of the shareholders or creditors of the company who voted against or were absent, though these shareholders that at the date of the general meeting which decided the merger were the owners of a number of shares representing 1/10 of the share capital. The opposition will take to the Court of the place where the merged companies and have set themselves HQ ".

Article 21 provided for Liquidation art. 54 and 55 of the law for organizing and regulating the Trade Bank will be able to be trusted with another company.

Article 22 final. 54 of the law on the Organization and regulation of Commerce Bank is replaced by the following text: "in all cases in which the Bank shall enter into liquidation firms for one of the causes provided for in this article, the liquidation operations, shall be made in accordance with common law in matters relating to the winding-up of companies and under the supervision of the Superior Council, through a delegate whose delegaţiune will publish just like the Act of appointment of liquidator." In the case of liquidations liquidator will be forced to ask, within 8 days after his appointment, the appointment of the Bank Council delegate.
"He will not be able to conclude any act of dispoziţiune or disposal, except with the prior approval of the Higher Council delegate.
"In the event of a conflict between them will be decided by the Court by means of a closing date in the Council." The liquidators fees and retribuţiunile won't be able to pass the 10% on the amounts received from the liquidation. "

Article 23 no credit institutiune of any kind would be, will not be able to get or preserve the name of "Casa de Economii", or even partly in the name of society, with excepţiunea Homes savings and Postal Cheque or savings of communal Houses Squeak under the law of the Constitution since 1932.
Those instituţiuni who currently have this designation will have to replace it with the name of House keeping or other similar, within a maximum of one year from the publication of this law.
Dispoziţiuni relating to certain dispoziţiuni of the law for agricultural and urban debt liquidation article 24 Article delving into Debtors. 50 of the law of 7 April 1934 will introduce applications for creditors as set out in the summons that item within a maximum of three months from publication of this law.
Institutiunile of credit provided for in art. 52 of the same law will be able to benefit from dispoziţiunile that article only if within four months from the publication of this law shall be deposited with the Court the minutes of the Board of Directors, under article 13. 26 of this Act, or if the same term will be asked for the convening Commission of the ability to pay Higher institutiunii, the Council will be able to extend this Banking term not exceeding three months credit institutiunii-i will ask for the extension.
In the same four-month period, credit institutiunile. 61 of the law of 7 April 1934 will be able to exercise the option in paragraph 1. III of art. 61 of that Act.

Article 25 Adesiunea creditors representing the majority of the claims, the date according to the dispoziţiunilor art. 52 of the law on urban and rural agricultural debt liquidation on April 7, 1934, will be established by a protocol concluded by the Board of Directors of institutiunii receivable.
This report will contain names of worshippers, the creditors claims total liabilities in accordance with the respective art. 27, and the rigid conditions of the arrangement.
This report will be filed with the Tribunal's main headquarters institutiunii which will require, at the request of institutiunii, published in the Gazette of an extract from the minutes, including the total amount of the claims, and generally with the arrangement.
The arrangement has been found by the record filed before the tribunal becomes enforceable and applicable to all creditors from the time of his.
Any request for cancellation of the arrangement, whatever the reason that would have caused, it will be able to make a maximum within 2 months of publication in the Official Gazette of the extract from the minutes in question and will address the main headquarters of the Tribunal's exclusive institutiunii, the path of action, that will judge rushed into the living room. Such action does not suspend the execution of the arrangement. The decisions of the cancellation shall have effect with respect to all creditors in the event of cancellation of the arrangement for the majority, neîntrunirii institutiunea will be able to notify the Commission laid down in art. 52 in view of its capacity to pay, within one month of the final judgement of backwardness.

Article 26 the arrangements provided for in article 52 of the law and published in the Official Gazette Nr 83 of 7 April 1934, and deciziunile comisiunilor provided for in those articles, I can only relate to debts that law whatever the nature of the claims, even with periodic or prestaţiuni with due next and whatever, and lenders will be able to be completed only if the quotas were established by these 15% and 10% consisting of subjected to bogus claims, provisions were in the one who proposed the arrangement after the publication of the law of 7 April 1934.
In the calculation of liabilities and receivables of the majority referred to in art. 52 of the law on liquidation of debts from April 7, 1934, the claims of creditors who have acceded to the arrangement for payment will be calculated after the amount payable from the date of adesiunii, and the claims of creditors who have not joined will be calculated after the payment amount remained after the submission to the tribunal of the minutes referred to in art. 26 of this Act.

Article 27 National Bank of Romania has the right to vote or to join, as a creditor, to any application or proposal for the arrangement, made in accordance with art. 50 and 52 of the law of April 7, 1934, for the amount of its claims.

Article Dispoziţiunile 28, art. 49 of the law of 7 April 1934 applies in favour of Endorsers, garantilor and in General in favor of any required accessories, the main debtor enjoys art. 50 and 52 of the same law.

Article 29 the difference between the initial and the duty reduced in accordance with the decisions or understanding with comisiunilor of referees, handed down on the basis of art. 50 and 52 of the law on liquidation of debts of 7 April 1934, does not constitute a benefit for merchants or credit institutiunile to be obtained or reductions in receivables arrangements and as such are not taxable differences too.

Article 30 notwithstanding art. 49 and following. and art. 94 of the law upon the promissory note and promissory, bills of Exchange and promissory dispoziţiunilor that establish receivables subject to art. 50 and 52 of the law on liquidation of 7 April 1934, dispensation of protest at their scadentele and any revocation adjourn from time of placing a request, in accordance with art. 50 and 52, para. , Or at the time of submission to the tribunal of the minutes set out in art. 26 and up within 6 months after the expiry of the term of payment given to debtors who have requested the benefit of art. 50 and 52, or final rejection of the proposed reduction of borrowers on the same articles, or the forfeiture of debtors Court finding as times borrowers do not meet rigid conditions required by art. 50 and 52 of the law of 7 April 1934.

In consequence, the detentorii will be able to bring these bills of cambial actions or introduce applications for enforcement cambiala in this time frame, without losing the right of recourse against any signatory, endorser or avalist of bills of Exchange or promissory.

Article 31 to the end of art. 53 of the law on liquidation of debts of 7 April 1934 is added as follows: "in all cases provided for in this article the Appeals Court will judge in the Council and in particular emergency.
"In the event of an appeal, the Court will evoke may Fund but admits only those evidence tending to untangle fact issues whose examination has become as a direct consequence of the acceptance of a plea of Cassation".

Article 32 shall be added to article 2. 109, para. III of the law of bills of Exchange and promissory, as follows: "and the actions already taken before or after the promulgation of the law of 7 April 1934, perimarile or prescripţiunile, and any revocation are suspended all the time aplicatiunii of that law".
Dispoziţiuni relating to the assignment of the right of mortgage and Lien Article 33 If a lien, mortgage, or other right of preference it is found that for debt guaranteed issued bills of Exchange or promissory notes, collateral rights assignment is done and without formalities required by the common law, the mere endorsement of bills of Exchange, or promissory notes without considering and, thereby, divested, however the report fundamentally, which caused the issuance of bills of Exchange or promissory notes.
The holder of a bill or promissory will be entitled to require its inclusion to the distribution of the amounts resulting from the execution of the guarantee, as privileged creditor, even if you don't submit the notice of waiver in the original condiţiunea to establish in accordance with the common law, that those bills of Exchange or promissory notes, are those that make the speech act of incorporation or have them replaced by displacement.
When bills of Exchange or promissory does not represent the totality of the claim holder motifs in their act, will be collocated in the same rank with the creditor is entitled to test the claim.

Article 34 documentary drafts The Bills, noting the Bill of lading (charging policy), or representing goods, it counts as giratarul has a lien over such headlines, how the goods represented by the document, without the need for any separate act establishing the pledge pledge of Dispoziţiuni relating to Paragraph II of article 35 agriculture art. 2 of the law of the contract of pledge, published in Official Gazette No. 87 of 16 April 1931, is replaced by the following paragraphs: "Contracts of pledge on the attached semnaturilor roots, concluded or what they will conclude on the basis of this law, or on the basis of art. 29 of the Act for the liquidation of debts and of 7 April 1934, confer a right to gagist creditor preference over the coming years, the harvest until the full payment of the entire debt guaranteed with that pledge, including expenses incurred in ensuring and preserving the pledge, without needing any other formality than the transition to pledge in the register of pledge, during the month of January each year. "This law will be applicable and the third party acquirer of the property".
Dispoziţiuni relating to the interpretation of dispoziţiuni from the great book of civil procedure Article 36 shall be added to article 2. 378. civ. old-Kingdom following interpretative nature dispoziţiuni: "Debt squabble is that its existence follows from the Act itself or in other acts, even inauthentic, emanating from the presence of the debtor or recognized him." Debt is when the liquid câtimea is determined by the Act itself or when using is determinabilă Act or other acts designed to be inauthentic, even from the presence of the debtor, be recognized by him, be relied on as the basis of his laws or stipulatiunilor contained in the notice of claim, even though by this determination would be need a osebită reckoning ".
Dispoziţiuni Dispoziţiunile Article 37 final art. 26, 27, 28, 29, 34 and 36 32 33, also interpretative character.

Dispoziţiunile contrary to article 38 of this law All are and shall remain abrogated.
Article 223 of the Act to amend certain articles of the law on the Organization of cooperation of 28 March 1929, published in Official Gazette No. 73 of 27 March 1935 is not repealed or amended in order to anything by dispoziţiunile law.
This law was voted by the Senate at its meeting on 10 April, which from 1935 and was adopted by majority vote, ninety-five against three.
Vice President, TONY IBRAHIM (L.S.S.)
Secretary, Octavian was Pop that law voted by the Assembly of deputies at its meeting on 13 April 1935 dela and adopted unanimously by one hundred twenty-four votes.
Vice President, v. BARCA (L.S.A.D.)
Secretary, Remus Z-— — — — — — — — — — — — — — — —

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