LEGE no. 16 16 of 21 June 1968 on the establishment, organization and functioning of the Romanian Foreign Trade Bank
ISSUER
GREAT NATIONAL ASSEMBLY
Published in OFFICIAL BULLETIN no. 80 80 of 22 June 1968
+ Chapter 1 + Article 1 The Romanian Foreign Trade Bank, a central state institution, is established on July 1, 1968, by reorganizing as specialized bank of the Department of Foreign Operations of the National Bank of the Socialist Republic of Romania. The Romanian Foreign Trade Bank carries out, within the framework of its tasks, the party and state policy in the field of payments, lending and currency banking control, regarding operations with abroad. + Chapter 2 + Article 2 The Romanian Foreign Trade Bank has the following tasks: a) organize and perform the proceeds and payments on foreign trade operations, service supplies and any other operations with abroad, including foreign exchange operations; ... b) buy and sell, in the country and abroad, foreign currencies, trade effects issued in foreign currency and in lei, as well as foreign securities, according to the legal provisions; ... c) may authorize other socialist organizations to perform, according to legal norms, foreign exchange operations and receipts in foreign currency for services, for sale of goods and other similar operations; ... d) receive and grant credits, from and abroad, in which the purpose concludes the corresponding conventions; ... e) grant credits in foreign currency to Romanian enterprises and organizations with economic activity in relations with abroad; ... f) organizes and performs the crediting in lei of economic activity in relations with abroad; ... g) administer the availabilities in foreign means of payment; authorize the import, export and transmission of securities; ... h) concludes banking arrangements in the application of payment agreements, credit agreements and other financial arrangements concluded by the Socialist Republic of Romania with foreign states; concludes with banks and foreign financial institutions correspondent; ... i) issues trade effects in favour of some beneficiaries abroad and accepts trade effects issued on it; it endorses and givers trade effects in foreign currency issued by third parties; receives and issues guarantees for payment commitments in their own or third parties, or in their favour; ... j) keeps the money means of enterprises and foreign trade organizations and other organizations, for their activity regarding operations with abroad, which have the accounts with the Romanian Foreign Trade Bank, and exercise control banking on the realization of state revenues and the use of the salary fund, according to legal provisions ... k) issue, in application of the legal provisions, with the agreement of the National Bank when it is necessary according to the law, mandatory instructions on the performance of credit, settlement, house and other banking operations; ... l) presents to the Council of Ministers draft normative acts on its field of activity and endorses draft normative acts that it receives for this purpose; ... m) can participate in international organizations with financial and banking character; can organize cooperation actions on financial-banking line and participate in the financing of economic cooperation operations in different forms; collaborates with institutions specialized in the country and abroad in banking problems specific to his activity and edits publications in this field; ... n) performs any other duties given by legal provisions. ... + Article 3 The Romanian Foreign Trade Bank exercises, with regard to operations with abroad, banking control on the performance of plan tasks, the use of material and money means, as well as on the compliance with the discipline of banking operations by Socialist organizations; exert currency control on the operations that are carried out through or. + Chapter 3 + Article 4 The Romanian Foreign Trade Bank is headed by the Board of Directors of the bank, consisting of the chairman, vice-presidents and members. The Management Board shall be deliberative and shall meet regularly for the debate and the adoption of decisions on the main issues in the field of activity of the bank. The Management Board shall work in the presence of at least two thirds of its members and shall take decisions by half plus one of the total number of its members. The powers of the Board of Directors and the President shall be determined by the The members of the Board shall be accountable to the Management Board and the President for the performance of their duties. The Board of Directors of the Bank in its entirety and each individual member shall be accountable to the Council of Ministers for the entire activity of the bank. In order to comply with the decisions of the Board of Directors and for the performance of its duties in the interval between the meetings shall be the Executive Office of the bank, consisting of 3-5 members, in which the president enters, the vice-presidents and heads of directions designated by the Management Board between its members. The Executive Office shall submit to the Board of Directors the decisions taken, remaining liable to it, in its entirety and each member. The Chairperson helped by the Vice-Presidents shall exercise the operational management of The Chair shall direct and coordinate the entire work of the Management Board and the Executive Office. The Chairman of the Board is hereby appointed by decree of the State Council. The establishment of the number of vice presidents and their appointment shall be made by the Council of Ministers. The operating rules of the Management Board and the Executive Office, as well as the duties of the Vice-Presidents, shall be determined by the Management Board. The establishment of the number of members of the Management Board and their appointment shall be made by the Council The members of the Management Board are appointed among the leaders of important compartments in the organizational structure of the Romanian Foreign Trade Bank, the National Bank of the Socialist Republic of Romania, the Ministry of Finance, the Ministry Foreign Trade and other economic ministries with important activity in foreign trade, at the proposal of the President of the Board of Directors of the Romanian Foreign Trade Bank, agreeing with the heads of ministries and central bodies Interested. + Article 5 The organizational structure of the Romanian Foreign Trade Bank consists of directions, offices, services and other organizational compartments, which are established by the decision of the Council of Ministers. The Romanian Foreign Trade Bank may set up branches and branches in the country, and with the approval of the Council of Ministers may set up branches or representatives abroad. + Chapter 4 + Article 6 The Romanian Foreign Trade Bank is the legal entity of the plan, functioning on the principle of its own economic management and is based in Bucharest. The Romanian Foreign Trade Bank and its units use the seal with the state coat of arms. The Romanian Foreign Trade Bank operates according to its status approved by the decision of the Council of Ministers. The bank's own funds are those provided for in its statute. + Article 7 The directors of branches, subsidiaries and representations abroad represent the bank before the state bodies, as well as in the relations with legal or physical persons, in connection with the activity of the units they run. + Article 8 Loan documents, regardless of their name, and loan account statements regarding the term unpaid claims or receivables that the bank is entitled to recover before the term from socialist organizations in the Republic of Moldova. Socialist Romania has enforceable title power, without fulfilling other formalities. The realization of the bank's receivables shall be made on account of funds from the accounts In case of lack of availability, the pursuit of claims can be made, on the basis of the decision of the Board of Directors of the bank, on goods and other material values belonging to the socialist organizations of the Socialist Republic of Romania, with the exception of goods which, according to legal provisions, cannot be traced. The loan documents of any kind concluded with individuals from the Socialist Republic of Romania, in case of non-payment at one of the maturities, have enforceable title power for the entire remaining payment claim, without fulfilling other formalities. + Article 9 For any errors in the release of funds or in records in customer accounts, the bank shall respond only up to the limit of the erroneous amount issued or recorded, as well as the payment of penalties to the state budget, in the cases provided by the legal provisions, if it is not proven that the errors occurred at fault of the customers. The liability of the bank shall cease at the expiry of the deadline set for the account holders to inform the bank's units of the non-registration or erroneous registration of the operations Claims to the bank are subject to the prescription provided by the legal provisions. + Article 10 The statutory fund of the Romanian Foreign Trade Bank is in the amount of 300,000,000 lei and is constituted in the budget surpluses of previous years, on the date of establishment of the bank. --------
