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Law No. 250 Of 30 December 1998 On Modification And Completion Of The Law Nr. 66/1996 On The Reorganization Of The Economy And Society From Romania Consemnaţiuni Banking Stock

Original Language Title:  LEGE nr. 250 din 30 decembrie 1998 pentru modificarea şi completarea Legii nr. 66/1996 privind reorganizarea Casei de Economii şi Consemnaţiuni din România în societate bancară pe acţiuni

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LEGE no. 250 250 of 30 December 1998 to amend and supplement Law no. 66/1996 on the reorganization of the House of Savings and Consemnations from Romania to the banking company on shares
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 516 516 of 30 December 1998



The Romanian Parliament adopts this law + Article 1 Law no. 66/1996 on the reorganization of the House of Savings and Consemnations of Romania to the banking company on shares, published in the Official Gazette of Romania, Part I, no. 140 of 5 July 1996, as amended, shall be amended and supplemented as follows: 1. Article 1 shall read as follows: "" Art. 1. -(1) The House of Savings and Consemnations, called abbreviated C.E.C., the Romanian legal person under private law, is reorganized into a stock banking company, with the sole shareholder the Romanian state. (2) The headquarters of the House of Savings and Consemnations is in Bucharest, Calea Victoriei no. 13. (3) The duration of operation of the House of Savings and Consemnations is unlimited. (4) The social capital of the House of Savings and Consemnations is 220,000 million lei. The change in social capital is made according to (5) The House of Savings and Consemnations may establish, as subordinate units, its own branches and agencies or mandatars, without legal personality, in the country and abroad. " 2. Article 2 shall read as follows: "" Art. 2. -(1) The House of Savings and Consemnations shall perform, within the authorization granted by the National Bank of Romania, the following activities: a) attract, retain and capitalize on the money savings of the population, the money availability of legal entities, open accounts, make payments, exchange and receive amounts for the record; b) grants loans to individuals for the purchase, construction, modernization, consolidation or repair of personal homes and for the purchase of durable goods; c) loans to small and medium-sized economic agents. Loans shall be granted on the basis of guarantees in a total volume that cannot exceed 20% of the assets of the House of Savings and Consemnations, provided that the sources of credit do not originate from the deposits in sight of the population; d) grant credits to the state and central and local public administration; e) make investments in securities issued by the central and local public administration; f) performs placements on the interbank market; g) negotiates equity interests at companies and/or financial companies, established by the Board of Directors of the House of Savings and Consemnations. The total volume of holdings cannot exceed the level of own funds of the House of Savings and Consemnations. (2) The House of Savings and Consemnations may lend to small and medium-sized enterprises and other categories of loans, on behalf of and in the account of the State, from sources made available, as well as from other sources that will be highlighted in a manner distinct. " 3. After Article 2, Article 2 ^ 1 is inserted as follows: "" Art. 2 2 ^ 1. -The requirements imposed by the development of a specific prudential policy on guaranteeing loans to the population, small and medium-sized enterprises as well as other loans shall be established by the Board of Directors of the House of Economies and Consemnations, in accordance with the prudential regulations contained in the banking law and in the norms of the National Bank of Romania issued in application of this law. " 4. Article 3 shall read as follows: "" Art. 3. -(1) The amounts deposited by individuals at the House of Savings and Consemnations on savings instruments, as well as interest and due earnings for them are guaranteed by the state. They shall be returned at the request of the holders or their legal representatives. The claim rights to the deposited amounts, interest and earnings are unforeseeable. (2) For operations carried out the House of Savings and Consemnations shall charge fees or commissions, under the conditions laid down by the board of directors. " 5. After Article 3, insert Article 3 ^ 1 with the following contents: "" Art. 3 3 ^ 1. -In its activity the House of Savings and Consemnations is subject to the regulations contained in the banking law, as well as to those issued by the National Bank of Romania in the application of monetary, credit, foreign exchange, payment, prudence insurance banking and is the subject of prudential supervision of the National Bank of Romania. " 6. Article 4 shall read as follows: "" Art. 4. -(1) The operations carried out by the House of Savings and Consemnations, the names of the depositors and the holders of the depositors, the amounts deposited and any other data in relation to the operations carried out in their name are confidential. (2) Informative data on the names of the holders, depositors, amounts deposited and operations carried out in the name of natural and legal persons shall be given only to holders or legal representatives, and in criminal cases in which it was set in motion criminal action against the holder, at the written request of the prosecutor or the court. (3) The measures for freezing and executing the amounts deposited will be taken under the law. " 7. After Article 4, Article 4 ^ 1 is inserted with the following contents: "" Art. 4 4 ^ 1. -The credit agreements concluded by the House of Savings and Consemnations, as a creditor, are enforceable securities. " 8. in Article 5, point c) is inserted as follows: "c) judicial or arbitral actions, as well as any other acts in connection with the work of the House of Savings and Consemnations." 9. Article 7 shall read as follows: "" Art. 7. -(1) The House of Savings and Consemnations is headed by a board of directors, consisting of 11 members appointed for a period of 4 years. (2) The executive management of the House of Savings and Consemnations is provided by a president and 3 vice-presidents, appointed by the Prime Minister, under the conditions provided by the banking legislation. (3) The President and the Vice-Presidents shall be part of the Management Board. The other 7 board members are appointed by the finance minister. (4) The President of the House of Savings and Consemnations also serves as Chairman of the Board. " + Article 2 Law no. 66/1996 , as amended and with those brought by this law, shall be republished in the Official Gazette of Romania, Part I, giving the articles and paragraphs a new numbering. This law was adopted by the Senate at the meeting of November 3, 1998, in compliance with the provisions of art 74 74 para. (2) of the Romanian Constitution. p. SENATE PRESIDENT, ULM NICOLAE SPINEANU This law was adopted by the Chamber of Deputies at the meeting of November 25, 1998, in compliance with the provisions of 74 74 para. (2) of the Romanian Constitution. p. CHAMBER OF DEPUTIES PRESIDENT, ANDREI IOAN CHILIMAN --------------