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Law No. 66 Of 3 July 1996 (Republished) On The Reorganization Of The Economy And Society From Romania Consemnaţiuni Banking Stock

Original Language Title:  LEGE nr. 66 din 3 iulie 1996 (*republicată*) privind reorganizarea Casei de Economii şi Consemnaţiuni din România în societate bancară pe acţiuni

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LEGE no. 66 66 of 3 July 1996 (** republished) (* updated *) on the reorganization of the House of Savings and Consemnations from Romania to the banking company on shares ((updated until 18 November 2003 *)
ISSUER PARLIAMENT




--------------- *) The initial text was published in the OFFICIAL GAZETTE no. 28 28 of 26 January 1999. This is the updated form of S.C. "Territorial Center of Electronic Computing" S.A. Piatra Neamt until November 18, 2003, with the amendments and additions made by: RECTIFICATION no. 66 66 of 3 July 1996 ; EMERGENCY ORDINANCE no. 61 61 of 30 May 2002 ; LAW no. 589 589 of 29 October 2002 ; EMERGENCY ORDINANCE no. 173 173 of 27 November 2002 ; LAW no. 204 204 of 16 May 2003 . ** **) Republicated pursuant to art. II of Law no. 250 250 of 30 December 1998 , published in the Official Gazette of Romania, Part I, no. 516 of 30 December 1998, giving the texts a new numbering. Law no. 66 66 of 3 July 1996 was published in the Official Gazette of Romania, Part I, no. 140 140 of 5 July 1996 and has been amended by Law no. 146 146 of 24 July 1997 , published in the Official Gazette of Romania, Part I, no. 173 173 of 29 July 1997, and by Government Emergency Ordinance no. 85 85 of 23 December 1997 * *), published in the Official Gazette of Romania, Part I, no. 378 378 of 29 December 1997 (approved and amended by Law no. 246 246 of 21 December 1998 , published in the Official Gazette of Romania, Part I, no. 495 495 of 22 December 1998). --------------- * *) Government Emergency Ordinance no. 85 85 of 23 December 1997 has been repealed by ORDINANCE no. 73 73 of 27 August 1999 published in MONITORUL OFFICIAL no. 419 419 of 31 August 1999. + Article 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 agents or mandatars, without legal personality, in the country and abroad. + Article 2 (1) The House of Savings of Consemnations C.E.C. -S.A. attracts, preserves and capitalizes the money savings in lei and in foreign currency of individuals, cash availability in lei and in foreign currency of legal entities, makes payments, foreign exchange and receives amounts for recording. (2) The House of Savings and Consemnations C.E.C. -S.A. may carry out the activities allowed to banks, in accordance with Banking law no. 58/1998 , with subsequent amendments and completions, with the prior authorization of the National Bank of Romania. (3) The House of Savings and Consemnations C.E.C. -S.A. may grant loans in lei and in foreign currency and make commitments on behalf of individuals, legal entities that cumulatively meet the conditions of number of personnel and turnover established, according to the law, for small and medium-sized enterprises as well as on behalf of central and local public administration. ------------- Article 2 was amended by EMERGENCY ORDINANCE no. 61 61 of 30 May 2002 published in MONITORUL OFFICIAL no. 377 377 of 4 June 2002. Article 2 was amended by LAW no. 589 589 of 29 October 2002 published in MONITORUL OFFICIAL no. 828 828 of 18 November 2002. + Article 3 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 Savings and Consemnations, in accordance with the prudential regulations contained in the banking law and in the rules of the National Bank of Romania issued in application of this law. + Article 4 (1) Amounts filed by individuals at the House of Savings and Consemnations C.E.C. -S.A. with any title, as well as interest and earnings due 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. ------------- Alin. ((1) art. 4 4 was amended by LAW no. 589 589 of 29 October 2002 published in MONITORUL OFFICIAL no. 828 828 of 18 November 2002. + Article 5 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, bank prudence insurance and is the subject of prudential supervision of the National Bank of Romania. + Article 6 (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 submitted will be taken under the law. + Article 7 Credit agreements concluded by the House of Savings and Consemnations, as a creditor, are enforceable securities. + Article 8 They are exempt from stamp duty and any other taxes: a) savings deposits, as well as interest granted to individuals by the House of Savings and Consemnations C.E.C. --S.A.; b) amounts representing past deposits in the name of heirs; c) judicial or arbitral actions, as well as any other acts in connection with the activity of the House of Savings and Consemnations C.E.C. --S.A. -------------- Letter a) a art. 8 8 has been amended by RECTIFICATION no. 66 66 of 3 July 1996 published in MONITORUL OFFICIAL no. 242 242 of 31 May 1999. Article 8 was amended by LAW no. 589 589 of 29 October 2002 published in MONITORUL OFFICIAL no. 828 828 of 18 November 2002. + Article 9 The names "House of Savings and Consemnations," "C.E.C.," "savings libretto" and "C.E.C. bonds with earnings" are used exclusively by the House of Savings and Consemnations. + Article 10 (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 4 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 6 members of the board are appointed by the Minister of Public Finance, under the conditions provided by the banking legislation. (4) The President of the House of Savings and Consemnations also serves as Chairman of the Board. --------------- Alin. ((2) and (3) of art. 10 were amended by EMERGENCY ORDINANCE no. 173 173 of 27 November 2002 published in MONITORUL OFFICIAL no. 913 913 of 14 December 2002. Alin. ((3) art. 10 10 was amended by LAW no. 204 204 of 16 May 2003 published in MONITORUL OFFICIAL no. 351 351 of 22 May 2003. + Article 11 The organization and functioning of the House of Savings and Consemnations is established by its own statute, elaborated by the board of directors and approved by the Government *). + Article 12 Decree no. 371 371 of 16 August 1958 on the organization and functioning of the House of Savings and Consemnations of the Romanian People's Republic, published in the Official Bulletin no. 32 32 of 19 August 1958, and any other provisions to the contrary shall be repealed. ------------------------ *) The Statute of the House of Savings and Consemnations was approved by Government Decision no. 888 888 of 1 October 1996 ** **), published in the Official Gazette of Romania, Part I, no. 255 of 22 October 1996, and has been amended by Law no. 146 146 of 24 July 1997 , published in the Official Gazette of Romania, Part I, no. 173 173 of 29 July 1997. ** **) Government Decision no. 888 888 of 1 October 1996 has been repealed by JUDGMENT no. 1.602 1.602 of 18 December 2002 for the approval of the Statute of the House of Savings and Consemnations C.E.C. -S.A. published in MONITORUL OFFICIAL no. 49 49 of 29 January 2003 amended and supplemented by JUDGMENT no. 553 553 of 21 May 2003 published in MONITORUL OFFICIAL no. 370 370 of 30 May 2003. --------------