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Law No. 88 Of 28 May 1997 Approving Ordinance No. 39/1996 Concerning The Establishment And Operation Of The Deposit Guarantee Fund In The Banking System

Original Language Title:  LEGE nr. 88 din 28 mai 1997 pentru aprobarea Ordonanţei Guvernului nr. 39/1996 privind înfiinţarea şi funcţionarea Fondului de garantare a depozitelor în sistemul bancar

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LEGE no. 88 88 of 28 May 1997 for approval Government Ordinance no. 39/1996 establishing and functioning of the Deposit Guarantee Fund in the banking system
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 107 107 of 30 May 1997



The Romanian Parliament adopts this law + Article UNIC Approval Government Ordinance no. 39 39 of 28 August 1996 on the establishment and operation of the Deposit Guarantee Fund in the banking system, issued pursuant to art. 1 lit. d) of Law no. 65/1996 for the empowerment of the Government to issue ordinances and published in the Official Gazette of Romania, Part I, no. 206 of 30 August 1996, with the following amendments and additions: 1 Article 4 (2) (g) shall read as follows: "" g) deposits of individuals who have obtained in particular, from the same banking company, interest or other financial advantages on preferential terms. Within the meaning of this ordinance, preferential conditions are considered to be obtained by a depositor, a natural person, on the part of a banking company, interest rates or other financial advantages exceeding the levels charged by that banking company for deposits of the same nature, currency, same category, duration and same amount. The Fund may establish, by its regulations, other criteria to be taken into account in the definition of preferential conditions. " 2. Article 5 (2) shall read as follows: " (2) The Fund will change the size of the guarantee ceiling provided in par. (1), by indexing it with the consumer price index communicated by the National Commission for Statistics, rounded to the nearest thousand lei. " 3. Article 9 (7) shall read as follows: "(7) The annual contributions made by the banking companies shall be recognised as tax-deductible expenses." 4. Article 10 (3) shall read as follows: " (3) Special contributions made by banking companies under the conditions provided in par. ((1) are recognized as tax deductible expenses. " 5. Article 14 (3) shall read as follows: "(3) The Fund may require the Government to guarantee its loans, the latter being obliged to take a decision in that regard within 15 days of the date of the request." 6. Article 15 (1) shall read as follows: "" Art. 15. -(1) The Fund has an open current account with the National Bank of Romania, which pays interest on the creditor balance of this account, under the conditions established by the Board of Directors of the National Bank of Romania. " 7. Article 30 (7) shall read as follows: "(7) The Board of Directors shall act in the presence of at least 5 of its members." 8. Article 31 (a), d) and f) shall read as follows: "" a) appoint and release from office the Executive Director General; " "d) administer and control the work of the Fund and the Executive Director General;" "f) requests from the National Bank of Romania and from banking companies the documents and information necessary for the smooth operation of the Fund;" 9. Article 33 (c) and e) shall read as follows: "c) approve the conclusion, modification and dissolution of individual employment contracts with the employees of the Fund;" "e) shall submit to the Management Board or its chairman the work prepared by the execution bodies, requesting their approval, their transmission for execution or communication to other organs;" 10. Article 37 shall read as follows: "" Art. 37. -In order to conduct the external audit, the Fund will be able to use independent accounting experts or commercial companies of accounting expertise. " 11. Article 40 (2) shall read as follows: "(2) At the request of the Board of Directors of the Fund, the banking companies shall communicate any information necessary for the performance of its tasks and not available at the National Bank of Romania." 12. Article 41 (1) shall read as follows: "" Art. 41. -(1) In order to carry out its tasks, the Fund will be able to use independent accounting experts or companies of accounting expertise, for the examination of the accounting records of a banking company. Such an examination may take place only after obtaining the approval of the National Bank of Romania. " This law was adopted by the Chamber of Deputies at its meeting on March 3, 1997, in compliance with the provisions of 74 74 para. (2) of the Romanian Constitution. p. CHAMBER OF DEPUTIES PRESIDENT ANDREI IOAN CHILIMAN This law was adopted by the Senate at the meeting of May 12, 1997, in compliance with the provisions of art 74 74 para. (2) of the Romanian Constitution. SENATE PRESIDENT PETRE ROMAN ---------------