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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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, with amendments published in PARLIAMENT ISSUING the OFFICIAL GAZETTE nr. 167 of 26 July 1945 Article 1 Law for organizing and regulating the trade of Bank of 8 may 1934, with subsequent amendments, changes, as well as follows: Art. 11(2). 1, shall read as follows: "the share capital of a company the Bank in simple limited partnership or limited liability may not be less than: 100,000,000 lei in Bucharest, in the municipalities of 50,000,000 lei, in other common urban 25,000,000 lei, and the rural municipalities of 10,000,000 lei."
At the end of art. 12, the following paragraph is added: "by way of derogation from article. 1 of law No. 242 for converting bearer shares into registered shares from March 25, 1941, in the event of a share capital increase to the existing banking companies, as well as in the case of the establishment of new companies, the shares will be issued and the carrier. "
The final paragraph of art. 13 remove.
Art. 21. Finally, shall read as follows: "the Higher Council will fix the Bank at the beginning of each year, the maximum percentage of sub-total general expenses of banks in relation to the volume of investments. For the current year, the decision will be given until August 15, 1945. "
Paragraphs: IV, V and VI of the art. 35, dispoziţiuni shall be replaced by the following: "Total deposits which a bank may receive can not be more than 20 times the value of capital plus reserves. The Council will be able to fix the upper Bank, on a case by case basis a higher ceiling. "
Paragraphs: I and II of article 10. 36, will read as follows: "the total bonds of any kind, which a bank can contract, may not exceed 24 times the amount of share capital plus reserves. Bank Council may approve a higher ceiling up to 30 times the amount of the capital plus the reserves. "
Art. 37 shall read as follows: "no bank shall not grant a single customer, without warranty, a credit of more than 15 per cent of its share capital plus reserves. Approval of loans to a single client over 5 per cent of its share capital plus reserves, is of exclusive competence of the Board of Directors. Otherwise this article any communiqué is null and void. "
At the end of art. 41, add the following: "by way of derogation from article. 1685 and 1688 of the civil code, art. 480, para. 2 of the commercial code and the dispoziţiunile any laws in force throughout Romania, banks will be able to conclude agreements of pledge, without taking the pledge from the possession of the debtor or constituantului.
In this case the pledge shall be considered validly constituted by the sole effect of signing the Convention. Debtor or constituantul it will hold for the creditor bank, responding to conservation.
The pledge becomes opposable against third parties through transcription made in accordance with dispoziţiunile art. 480, para. 6 and 7 of the commercial code.
The pledge constituted over raw materials subject to industrial transformation will continue to exist and call upon industrialized matter and matter converted value.
Assets pledged, out of the communiqué otherwise, they may be replaced by others of the same debtor, the nature, quality and quantity or amount. Goods that will replace the existing ones will count of pledged and without any formality.
Whenever the creditor bank will conclude that the pledge is threatened to disappear or lose from its value, it has the right to ask the payment of its debt immediately, which is considered outstanding, and the President of the Tribunal, at the request of the Bank shall be obliged to provide, on the way to Presidential Ordinance, the date in article 41(2). 67 of tilting judecaţilor, making any necessary measures for the conservation, storage, transport or the fundraiser to his pledge before the sale.
Call and notice of appeal against the injunction does not suspend the execution. Expenditures made for the purposes of the above are of any other privileged claims. Institutiunile private bank will provide loans for commercial enterprises or industrial consortiale along with Home savings and Postal Cheques (CEC), an autonomous House financing and Amortization (C.A.F.A.), National industrial Credit Company, the National Agricultural Credit or Direct Bank, will gain the undivided all the privileges relating to the lodging of guarantees or to the enforcement of claims that any of the above institutions participating in the credit provided under their organic laws.
Acts, contracts and conventions of any kind, as well as requests for inscriptiuni or land registration mortgage and pledges concerning the appropriations provided for in the preceding paragraph, the National Industrial Credit Company or Home Financing and depreciation, will be able to be authenticated by either of these two instituţiuni in accordance with the provisions of their laws.
Any amount resulting from the execution of any of the debtor's real property under a credit granted under the preceding paragraph, shall be distributed between the creditors of the opening act motifs or in conventions, in proportion to the debt, even if the execution and implementation of the claim was made on the basis of a privilege belonging to only one of the creditors.
Dispoziţiunile this article shall also apply to banking institutions which are not subject to dispoziţiunilor of this law. "
Art. 42 shall read as follows: "For the application of this law, such as trade and bank supervision in General, set up a higher Council, having legal personality under public law.
Bank Council consists of: the Governor of the National Bank of Romania.
Two delegates of the administrators of this instituţiuni.
Two advisers to the Court of Appeal, appointed by the Ministry of Justice.
Two delegates of the Ministry of finance.
Three Romanian banks Association delegates chosen by the Ministry of finance from a list of nine persons proposed by all categories of banks, namely: big banks, medium and small, each category containing three people.
Small banks are considered to be those with a capital of 20,000,000 lei including, banks, those with a capital of 20,000,000 lei lei, up to and including large banks 120,000,000 those with higher capital. Appointments of members that make up the Council is done by Royal Decree, following a proposal by the Ministry of finance and recommendation institutiunilor it designates except Governor B.N.R. Duration delegatiunilor members of the Superior Council of the Bank will be four years.
Delegaţiunea members of the Banking Council is irrevocable, except for serious misconduct to be noticed by other members took the managerial decision making up the Board.
The Governor of the National Bank of Romania is governed by Higher Banking Council President.
The Ministry of finance will appoint a Vice President to the Council from the breast. The members appointed on the basis of the quality they hold are considered demisionaţi when their activity is terminated.
Board members must meet the conditions required by article 92. 29 of this law. They lose as members in the event of a definitive condemnation for the acts referred to in this article. Superior Bank Board members appointed thereafter in a public function retains the quality of members in this Council. "
Art. 54 paragraph 2. 3 and the following will read as follows: "If the general meeting does not decide on completion of the fold reduction of the share capital of the company, its objective, modification times, or if within three months from the date of the meeting of the General Assembly members, completing the company's capital is not accomplished, Superior Council of the Bank will be able to withdraw the authorisation of operation as a bank.
The same rules shall apply to the undertakings and in limited partnership and limited liability, when the Assembly of associations may be convened by any of the associates.
In all the cases where banking companies are dissolved, the liquidation will be done under the supervision of senior counsel. Sale, pledging, mortgaging and alienation in whatever form of property of any kind of banking companies in liquidation, may be done only with the authorisation of the Banking Council.
Liquidators are obliged to submit to the Council, within 15 days after the end of each quarter, the situaţiuni of the work performed. If the liquidation operations have not been completed within one year from the date of the General Assembly deciziunii has decidedly liquidation company, Superior Council of the Bank will be able to decide that liquidation is to be made by the Syndic of the competent tribunal, and the banking companies, located in the municipalities of neresedinte, county judge of detour ".
Art. 56 lit. (d) shall read as follows: "(d)) running autorizaţiunii Withdrawal. In the case of such penalties, the Superior Council will compel Bank governing bodies of the Bank to convene general meetings to decide on the change of the object of trade or the dissolution of the undertaking in accordance with the commercial code. Changing social object will not be able to do only after the payment of creditors or with the consent of their unanimitatii.
When lenders until the General Assembly had not been acquitted or had not consented to changing the social object, the company is dissolved. Governing bodies of the Bank who atributiunea to convene a general meeting and don't do it within 15 days of receipt of the notification of withdrawal of autorizaţiunii in Higher Banking Council, shall be punished with imprisonment for up to 3 months and criminal fines up to 500,000 lei. "

Article 2

The current Bank is considered the Superior Council dissolved on the date of publication of the present law the modifiers. Within 15 days of that date, it will proceed to the establishment of the new Superior Council, in accordance with the second subparagraph of article dispoziţiunea. 42.

Article 3 the Minister of finance is authorized to republish the full text of the law on the Organization and regulation of Commerce Bank of 8 may 1934, with its subsequent amendments.

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