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Law No. 590 Of 26 July 1945 For The Modification Of Texts Of Law For Organizing And Regulating The Trade Of Bank Of 8 May 1934, As Amended

Original Language Title:  LEGE nr. 590 din 26 iulie 1945 pentru modificarea unor texte din legea pentru organizarea şi reglementarea comerţului de banca din 8 Mai 1934, cu modificările ulterioare

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LEGE no. 590 590 of 26 July 1945 for the amendment of some texts of the law for the organization and regulation of the bank trade of 8 May 1934, as amended
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 167 167 of 26 July 1945



+ Article 1 The law for the organization and regulation of the bank trade of May 8, 1934, as amended, is amended, as follows: Art. 11 para. 1, will have the following contents: " The capital of a banking company in a collective name, in a simple order or with limited liability, cannot be lower: in Bucharest lei 100,000,000, in the municipalities of lei 50,000,000, in the other urban communes of lei 25,000,000, and in rural communes of lei 10,000,000. " At the end of Article 12, the following new paragraph is added: " By way of derogation from art. 1 of Law No. 242 for the transformation of bearer shares in nominative shares of March 25, 1941, in case of increasing the share capital to existing banking companies, as well as in the case of the establishment of new banking companies, the shares will could also be issued to the carrier. " The final paragraph of art. 13 13 is deleted. Art. 21 para. final, will have the following contents: " The Bank Superior Council will fix by decision, at the beginning of each year, the maximum percentage of the total general expenses of banks, relative to the volume of placements. For the current year, the decision will be made by August 15, 1945. " Paragraphs: IV, V and VI of art. 35, shall be replaced by the following provisions: " The total deposits that a bank can receive cannot be more than 20 times the amount of capital plus reserves. The Banking Board will be able to fix, on a case-by-case basis, a higher ceiling. Paragraphs: I and II of art. 36, will have the following contents: " Total bonds of any kind, which a bank can contract, cannot exceed 24 times the value of the share capital plus reserves. The Bank Superior Council may approve a higher ceiling up to 30 times the amount of capital plus reserves. " Article 37 will have the following content: " No bank will be able to grant to a single customer, without guarantees, a credit of more than 15 percent of the value of the share capital plus reserves. The approval of loans to a single customer over 5 percent of the value of the share capital plus reserves, is exclusively the competence of the board. Any stipulation contrary to this article is null and void. " At the end of Article The following shall be added 41 " By way of derogation from art. 1685 and 1688 of the Civil Code, art. 480, para. 2 of the Commercial Code and from the provisions of any laws in force throughout Romania, the banks will be able to conclude pledge agreements, without taking the pledge from the debtor or the constituent. In this case the pledge shall be deemed valid by the sole effect of the signing of the Convention. The debtor or the constituent will hold it for the creditor bank, responding to its preservation. The pledge becomes opposable to third parties by transcription made in accordance with the provisions of art. 480, para. 6 and 7 of the Commercial Code. The gage constituted on the raw material subject to industrial transformation will continue to exist on the industrialized matter of equal value with the transformed matter. The pledged goods, except for the stipulation of the contrary, will be able to be replaced by the debtor by others of the same nature, quality and quantity or value. The goods that will replace the existing ones will be reckoned with full right and without any other formality. Whenever the creditor bank finds that the pledge is threatened to disappear or lose its value, it is entitled to demand the payment immediately of its claim, which is deemed to be chargeable and the president of the tribunal, at the request of the bank, is to order, by way of an injunction, the date on the basis of art. 67 of the law on speeding up judgments, taking any necessary measures to preserve, collect, transport or store the pledge until its sale. The appeal and appeal against this injunction shall not suspend the execution. The expenses made for the above purpose are privileged over any other claims. Private banking institutions that will grant consortium credits to commercial or industrial enterprises together with the House of Savings and Postal Checks (CEC), the Autonomous House of Financing and Depreciation (C.A.F.A.), the National Credit Society industrial, the National Agricultural Credit or the Bank of Crafts, will benefit indivisibly from all privileges relating to the constitution of guarantees or the execution of claims enjoyed by any of the above institutions participating in the credit granted under their organic laws. Acts, contracts and conventions of any kind, as well as applications for inscriptions or intabulations mortgage or gajuri, relating to the credits provided in the preceding paragraph, attended by the National Industrial Credit Society or the House of Financing and Depreciation, will be able to be authenticated by any of these two institutions in accordance with the provisions of their organic laws. Any amount resulting from the execution of any debtor's wealth on the basis of a credit granted under the preceding paragraph shall be distributed among the creditors appearing in the act of opening credits or the annexes, in proportion to the claim everyone, even if the execution and realization of the claim was made on the basis of a privilege belonging only to one of the creditors. The provisions of this article shall also apply to banking institutions that are not subject to the provisions of this law. " Art. 42 will have the following content: " For the application of this law, as for the supervision of the bank trade in general, a higher bank board is established, having legal personality of public law. The Banking Higher Council consists of: Governor of the National Bank of Romania Two designated delegates from the administrators of this institution. Two councillors of the Court of Appeal appointed by the Ministry of Justice. Two delegates of the Finance Ministry. Three delegates of the Association of Romanian Banks elected by the Ministry of Finance from a list of 9 persons proposed by all categories of banks, namely: by large, medium and small banks, each category proposing three persons. They are considered small banks those with a capital of 20,000,000 lei including, medium-sized banks, those with a capital of 20,000,000 lei, up to lei 120,000,000 including and large banks those with a higher capital. The appointments of the members who compose the council shall be made by royal decree, after the proposal of the Ministry of Finance and the recommendation of the institutions designating them except the Governor The duration of the delegation of members of the Banking Superior Council will be four years. The delegation of the members of the Banking Superior Council is irrevocable, apart from serious deviations that will be found by the unanimous decision of the other members who compose the council. The Governor of the National Bank of Romania is rightful the President of the Superior Council The Ministry of Finance will designate a vice president from the council. The members appointed on the basis of the quality they hold are deemed to be resigned when their activity ceases. Members of the council must meet the conditions required by art. 29 of the present law. They shall lose their capacity as members in the event of a final conviction for the facts provided for in this article. The members of the Banking Higher Council subsequently appointed in a public service shall retain the status of their members in this council. " Art. 54 para. 3 and the following shall read as follows: " If the general assembly does not decide to complete or reduce the share capital, to liquidate the company or to modify its objective, or if within 3 months from the date of meeting the general meeting of the associates, is realized, the Banking Superior Council will be able to withdraw the operating authorization as a bank. The same rules will apply to companies in collective names, in order and with limited liability, when the assembly of associations can be convened by any of the associates. In all cases where the banking companies dissolve, the liquidation will be under the control of the Banking Superior Council. The sale, the pledging, the mortgage as well as the alienation in any form of the goods of any kind of the banking companies in liquidation, can be done only with the authorization of the Superior Banking Council. Liquidators are obliged to submit to the Superior Banking Council, within 15 days from the expiry of each quarter, the situations of the works carried out. If the liquidation operations were not completed within one year from the date of the decision of the general meeting which decided to liquidate the company, the Banking Superior Council will be able to decide that the liquidation should be done by the syndic judge of the tribunal competent, and at the banking companies, based in the non-county communes of the county, by the detour judge ". Art. 56 lit. d will have the following contents: "" d) Withdrawal of the operating authorization. In case of application of this sanction, the Superior Council of Banking will oblige the governing bodies of the bank to convene the general meeting to decide on the change of the object of trade or dissolution of the enterprise according to the Commercial Code. The change of the social object will only be possible after the acquittal of creditors or with the consent of their unanimity. If until the general meeting the creditors were not acquitted or did not consent to the change of the social object, the company dissolves. The management bodies of the bank that have the power to convene the general meeting and do not do so within 15 days of receiving notice of withdrawal of the operating authorization from the Superior Council of Banking, will be punished with prison up to 3 months and with criminal fine up to lei 500,000. " + Article 2 The current Banking Superior Council is considered dissolved on the date of publication of this amending law. Within 15 days from this date, the new Banking Superior Council will be established, in accordance with the provision of art. 42 modified. + Article 3 The Ministry of Finance is authorized to entirely republish the text of the law for the organization and regulation of bank trade of May 8, 1934, with its subsequent amendments --------