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

Read the untranslated law here: https://www.global-regulation.com/law/romania/3071502/-lege-nr.-66-din-3-iulie-1996-%2528%252arepublicat%252a%2529-privind-reorganizarea-casei-de-economii-i-consemnaiuni-din-romnia-n-societate-bancar-pe-aciuni.html

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Law No. 66 of 3 July 1996 (republished * *) (* updated *) on the reorganization of the Economy and society from Romania in the Consemnatiuni Bank stock (updated until November 18, 2003)-PARLIAMENT ISSUING — — — — — — — — — — — — *) originally was published in MONITORUL OFICIAL nr. 28 of 26 January 1999. This is the updated form of S.C. "territorial Center of Electronic Computing" Piatra Neamt until November 18, 2003, with amendments and additions made by: RECTIFICATION No. 66 of 3 July 1996; EMERGENCY ORDINANCE No. 61 of 30 May 2002; Law No. 589 of 29 October 2002; EMERGENCY ORDINANCE No. 173 from 27 November 2002; Law No. 204 May 16, 2003.
*) Republished under art. II of law No. 250 of 30 December 1998, published in the Official Gazette of Romania, part I, no. 516 of 30 December 1998, giving it a new texts.
Law No. 66 of 3 July 1996 was published in the Official Gazette of Romania, part I, no. 140 of 5 July 1996 and was amended by law No. 146 of 24 July 1997, as published in the Official Gazette of Romania, part I, no. 173 of 29 July 1997, and by an Emergency Ordinance of Government No. 85 of 23 December 1997), published in the Official Gazette of Romania, part I, no. 378 of 29 December 1997 (approved and modified through law No. 246 of 21 December 1998, published in the Official Gazette of Romania, part I, no. 495 dated 22 December 1998).
— — — — — — — — — — — — — — — *) Government Emergency Ordinance nr. 85 of 23 December 1997 has been abrogated by DECREE nr. 73 of 27 august 1999, published in Official Gazette No. 419 of 31 august 1999.


Article 1 (1) and Consemnatiuni savings House, also known as C.E.C., abbreviated legal person governed by private law, Romanian is the collection of banking shares in company with sole shareholder State.
  

(2) the headquarters of savings and Consemnatiuni is in Bucharest, Calea Victoriei nr. 13. (3) the duration of operation of savings and Consemnatiuni is unlimited.
  

(4) the share capital of savings and Consemnatiuni is 220,000 lei. Modification of registered capital is done according to the law.
  

(5) the savings and Home Consemnatiuni may establish, as subordinate units, branches, agencies or services, without legal personality, in the country and abroad.
  


Article 2 (1) Consemnatiuni savings House C.E.C.-S.A. attract, retain and capitalise on the monetary savings in lei and in foreign currency by individuals, the liquidity of the lei and foreign currency of legal persons, made payments, currency exchange and receives sums towards duty.
  

(2) savings House C.E.C.-S.A. Consemnatiuni and can carry out the activities permitted banks, in accordance with the provisions of the Banking Law No. 58/1998, as amended and supplemented, with the prior authorization of the National Bank of Romania.
  

(3) savings House C.E.C.-S.A. and Consemnatiuni may grant credits in lei and in foreign currency and enter into commitments on behalf of individuals, legal entities which meet the conditions for cumulative number of personnel and turnover laid down the law for small and medium-sized enterprises, as well as on behalf of Central and local public administration.
  

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Art. 2 was amended by EMERGENCY ORDINANCE nr. 61 of 30 May 2002, published in Official Gazette No. 377 of 4 June 2002.
Art. 2 has been modified by law nr. 589 of 29 October 2002, published in Official Gazette No. 828 of 18 November 2002.


Article 3 requirements of the prudential policy development specifically concerning the guarantee of loans granted to the general public, small and medium enterprises, as well as other loans shall be determined by the Board of Directors of savings and Consemnatiuni, in accordance with the prudential regulations contained in the banking law and the rules of the National Bank of Romania issued pursuant to this Act.


Article 4 (1) the amounts deposited by individuals at House C.E.C. savings and Consemnatiuni-with any title, as well as interest rates and earnings due to these are guaranteed by the State. They shall be refunded at the request of holders or their legal representatives. Rights claims over sums deposited, expenses and earnings are imprescriptible.
  

(2) for the operations of the House and Consemnatiuni fees or commissions, in the conditions set by the Board of Directors.
  

— — — — — — — — — — — —-. (1) of article 1. 4 amended by law No. 589 of 29 October 2002, published in Official Gazette No. 828 of 18 November 2002.


Article 5 in savings and Home Consemnatiuni is subject to the regulations contained in the banking law, as well as those issued by the National Bank of Romania in the conduct of monetary policy, credit, currency, finance, banking and insurance of prudentei is subject to the prudential supervision of the National Bank of Romania.


Article 6 (1) operations of Home savings and Consemnatiuni, the name supplied and holders of deposits, monies and any other information in connection with the transactions carried out on their behalf are confidential.
  

(2) data on the holders name, supplied, stakes and transactions made on behalf of individuals and legal entities shall only give the holders or legal representatives, and in criminal cases in which he has set in motion the criminal action against the owner, upon written request from the Prosecutor or judicial proceedings.
  

(3) Measures of indisponibilizare execution of the amounts deposited shall be taken in accordance with the law.
  


Article 7 credit agreements concluded by Home savings and Consemnatiuni, as a creditor, shall be enforceable.


Article 8 shall be exempt from stamp duty and any other taxes: a) savings deposits and interest paid to natural persons by Home savings and Consemnatiuni C.E.C.-S.A.;
  

b) amounts representing depositions last month on behalf of heirs;
  

c judicial or arbitral actions), as well as any other documents in connection with savings and Consemnatiuni House C.E.C.-S.A.
  

— — — — — — — — — — — — —-a) of article 1. 8 was modified by CORRECTION No. 66 of 3 July 1996 published in MONITORUL OFICIAL nr. 242 of 31 May 1999.
Art. 8 amended by law No. 589 of 29 October 2002, published in Official Gazette No. 828 of 18 November 2002.


Article 9 ' savings and House Consemnatiuni "," "," libretto C.E.C. savings "and" bond "with earning C.E.C. are used exclusively by Home savings and Consemnatiuni.


Article 10 (1) and Consemnatiuni savings House is run by a Board of directors consisting of 11 members who are appointed for a period of 4 years.
  

(2) the Executive Leadership of the House and savings Consemnatiuni is ensured by a President and two Vice Presidents, 4 appointed by the Prime Minister, under the banking legislation.
  

(3) the Chairperson and Deputy Chairpersons are part of law's Board of Directors. The other 6 members of the Board of Directors are appointed by the Minister of public finance, as provided by the banking legislation.
  

(4) the President of the House of Consemnatiuni and savings and fulfills the function of President of the Board of Directors.
  

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Alin. (2) and (3) of art. 10 were modified by EMERGENCY ORDINANCE nr. 173 from 27 November 2002 published in MONITORUL OFICIAL nr. 913 of 14 December 2002.
Paragraphs 1 and 2. (3) art. 10 amended by law No. 204 of 16 May 2003 published in Official Gazette No. 351 of 22 May 2003.


Article 11 the Organization and operation of savings and Consemnatiuni is established by its own statute, drafted by the Board of Directors and approved by the Government.)


Article 12 the Decree nr. 371 of 16 august 1958 concerning the Organization and functioning of the Economy and Consemnatiuni of the Romanian people's Republic, published in Official Gazette No. 32 from august 19, 1958, as well as any other provisions to the contrary are hereby repealed.
— — — — — — — — — — — — — — — — — — — — — — — — *) the status of savings and Consemnatiuni was approved by Government decision No. 888 from 1 October 1996 *), published in the Official Gazette of Romania, part I, no. 255 of 22 October 1996 and amended by law No. 146 of 24 July 1997, as published in the Official Gazette of Romania, part I, no. 173 of 29 July 1997.
*) Government decision No. 888 from 1 October 1996 it was abrogated by the decision No. 1,602 18 December 2002 approving the status of savings and Consemnatiuni C.E.C.-S.A., published in MONITORUL OFICIAL nr. 49 of 29 January 2003 modified and completed by JUDGMENT No. 553 of 21 May 2003 published in Official Gazette No. 370 of 30 May 2003.
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