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Law No. 200 Of 16 April 2002 Approving Government Emergency Ordinance Nr. 97/2000 Concerning Credit Cooperative Organizations

Original Language Title:  LEGE nr. 200 din 16 aprilie 2002 pentru aprobarea Ordonanţei de urgenţă a Guvernului nr. 97/2000 privind organizaţiile cooperatiste de credit

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LEGE no. 200 200 of 16 April 2002 for approval Government Emergency Ordinance no. 97/2000 on cooperative credit organisations
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 300 300 of 8 May 2002



The Romanian Parliament adopts this law + Article 1 Approval Government Emergency Ordinance no. 97 97 of 29 June 2000 on cooperative credit organizations, published in the Official Gazette of Romania, Part I, no. 330 of 14 July 2000, with the following amendments and additions: 1. In Article 5, paragraph 1 shall read as follows: " Cooperative credit organizations have a variable number of cooperative members or, as the case may be, affiliated credit cooperatives, which may not be less than the minimum number of cooperative members, namely affiliated credit cooperatives, established. by this emergency ordinance. " 2. In Article 15, paragraph 1 shall read as follows: "In the event of the cessation of the quality of the cooperating member, it or its legal successors shall be entitled only to the refund of the subscribed social parts and of the dividends due for the period in which they held the status of a cooperating member." 3. Article 17 shall read as follows: "" Art. 17. -The social parts can be sold, divested or pledged only among cooperative members. They cannot be represented by negotiable securities. The social parts cannot be used for the payment of personal debts of the cooperative members to the credit cooperative or to third parties and are not interest-bearing. The cooperating members may not request the partial refund of the consideration of the subscribed social parts. The social parts are indivisible. " 4. Article 17 (1) shall be inserted after Article 17: "" Art. 17 17 ^ 1. -For the purpose of aid, each cooperating member applying for a loan must lodge a social fund representing at least the tenth part of the amount of the loan applied for. For the social fund deposited the cooperative members benefit from an annual interest rate that is approved by the general meeting with the balance sheet, depending on the economic and financial results of the unit. The social fund may not be withdrawn earlier than one year from the date of payment of the last borrowing rate and the related interest, with the exception of some cases provided for in the articles of association. " 5. In Article 18, paragraph 3 shall read as follows: "Credit cooperatives shall allocate annually 25% of the net profit for the establishment of a relief reserve, designed to create the necessary conditions to reduce the costs of the banking operations carried out with the cooperating members." 6. In Article 21, points a), c), d) and j) shall read as follows: " a) the acceptance of deposits from cooperative members, as well as from individuals, micro-enterprises, public and cult organizations, family associations, individuals with regulated liberal professions, cooperatives, who reside/have their headquarters social and operate within the territorial operating range of the credit cooperative; .......................................................................... c) the granting of credits to micro-enterprises, public and cult organizations, family associations, individuals with regulated liberal professions, cooperatives, who have their registered office and operate within the territorial area of operating the credit cooperative; d) the development of credits, on behalf of and on behalf of the state, from sources made available for cooperative members, as well as for micro, public and cult organizations, family associations, individuals with liberal professions regulated, cooperative, having their registered office and operating within the territorial operating range of the credit cooperative; ......................................................................... j) consultancy on activities carried out by cooperative credit organizations, granted to cooperative members, as well as individuals, micro-enterprises, public and cult organizations, family associations and individuals with regulated liberal professions, cooperatives, who reside/have their registered office and operate within the territorial operating range of the credit cooperative; " 7. In Article 23, paragraph 2 shall read as follows: "The territorial area of operation of a credit cooperative will include a determined area within a county, which may include neighbouring or non-neighbouring urban and rural localities." 8. In Article 24, paragraph 3 shall read as follows: " The constitutive act of the credit cooperative shall be drawn up on the basis of the framework act. ' 9. Article 28 shall read as follows: "" Art. 28. -The credit cooperative acquires legal personality from the date of its registration in the commercial register, pursuant to the irrevocable conclusion of the delegated judge granted on the basis of the constitutive act and the establishment approval issued by the house the central to which the credit cooperative is to be affiliated or, as the case may be, the collective approval of the establishment of the network granted by the National Bank of Romania. The conclusion of the delegated judge shall be published in the Official Gazette of Romania, Part IV. The credit cooperative will obtain unique registration code according to the legal regulations in force. " 10. Article 32 (1) (j) shall be repealed. 11. In Article 35, paragraphs 1 and 2 shall read as follows: " In the general assembly the cooperative members may be represented by delegates who will be appointed only from among the cooperative members who do not hold the membership of the board of directors, on the basis of a delegation in authentic form or certified by the secretary of the administrative-territorial unit in which their respective cooperators are domiciled. The delegations will be submitted in original at the place and at the deadline set by the notice of convocation and will be mentioned in the minutes. A delegate to the general meeting may not represent more than 20 cooperating members. " 12. In Article 38, paragraph 2 shall read as follows: " The convocation is made by display at the credit cooperative headquarters and by registered letter sent to the cooperative member at least 15 days before the date of the young general meeting or by means of mass communication, if by the articles of association shall be provided for. ' 13. In Article 39, paragraph 3 shall read as follows: "The general meeting may be convened at the request of the financial auditor or, as the case may be, of the censors or of the central house to which the credit cooperative is affiliated, respectively at the request of the National Bank of Romania." 14. Article 40 shall read as follows: "" Art. 40. -Children on the balance sheet and on the report of the financial auditor or, as the case may be, of the censors must be made available to the cooperative members, at the headquarters of the credit cooperative, at least 10 days before the date fixed for the holding of the assembly general. " 15. Article 49 shall read as follows: "" Art. 49. -The members of the board of directors may be rewarded, on the basis of the decision of the general meeting, for the work carried out, with tokens whose monthly amount may not exceed 20% of the gross salary of the president of the credit cooperative. " 16. In Article 52, paragraph 1 shall read as follows: " The Board of Directors shall meet whenever necessary, but at least once a month, at the request of the President, at least two administrators, the financial auditor or, as the case may be, the censors or the central house to which the cooperative credit is affiliated, respectively at the request of the National Bank of Romania. " 17. In Article 53, paragraph 3 shall read as follows: "The meetings of the Management Board may also be attended by the censors or, where appropriate, the financial auditor." 18. In Article 59, letter h) of paragraph 2 shall read as follows: "" h) analyse the reports of the financial auditor or, as the case may be, of the censors and take measures to remedy the deviations referred to therein; " 19. In Article 61, paragraph 2 shall read as follows: " The liability for acts committed or for omissions does not extend to the administrators who asked to register in the register of decisions of the board of directors against them and have learned about it, in writing, the auditor financial or, where appropriate, censors. " 20. In Article 66, the third indent of paragraph 1 and paragraphs 2 and 4 shall read as follows: "-to have passed the baccalaureate exam in case they are unlicensed, but with the obligation for them to complete their higher education within 4 years; ........................................................................... In the case of credit cooperatives that have a number of at least 5,000 cooperative members and have territorial operating range in the geographical space of a city, in addition to the conditions set out in the preceding paragraph, their leaders must be licensed in economic sciences or to have passed the baccalaureate exam, in case they are unlicensed, with the obligation for them to complete their economic higher education within 4 years, and the conditions of experience to refer exclusively in the financial-banking field. ........................................................................... The central house will establish ethical and professional rules and norms for the quality, experience and activity of the heads of affiliated credit cooperatives. " 21. In Article 67, paragraph 1 shall read as follows: " Designated persons as head of the credit cooperative must be approved by the central house before the start of office, with the exception of the first leaders of a credit cooperative which is constituted and shall be simultaneously authorizes the central house. " 22. In Chapter 5 of Title II, Section 4 will have the following title: "" Financial auditors and censors of credit cooperatives " 23. Article 68 shall read as follows: "" Art. 68. -The credit cooperative will appoint a financial auditor. Credit cooperatives that have a number of up to 5,000 cooperative members will be able to appoint instead of the financial auditor 1-3 censors, in accordance with the provisions of the constitutive act. " 24. In Article 69, paragraphs 3, 7 and 8 shall read as follows: " Designated persons as censor must be approved by the central house to which the credit cooperative is affiliated, before the commencement of the exercise of their mandate, except for the first censors of a credit cooperative that is constitutes and is authorised simultaneously with the central house. ........................................................................... The financial auditor of a credit cooperative must be the Romanian legal person. It may not be a financial auditor of a credit cooperative other than a financial audit firm authorised under the law. The financial auditor shall be subject to prior approval of the central house, with the exception of the first financial auditor of a credit cooperative to be constituted and authorised simultaneously with the central house. " 25. In Article 70, paragraph 2 shall read as follows: "The financial auditor of a credit cooperative shall not be appointed a legal person under the effective control of an administrator, leader or one of the persons referred to in the preceding paragraph." 26. Article 73 shall read as follows: "" Art. 73. -The financial auditor or, as the case may be, the censors are obliged to supervise the management of the credit cooperative, to verify that the balance sheet and the profit and loss account are legally drawn up and consistent with the books, if the latter are regularly kept and if the heritage assessment was made according to the rules established for the preparation of the balance sheet. About all this, as well as on the proposals they will consider necessary, relating to the balance sheet and the distribution of profit, the financial auditor or, as the case may be, the censors will present the general meeting of the cooperating members a thorough report. The general meeting of the cooperating members shall not approve the balance sheet if it is not accompanied by the report of the financial auditor or, where appropriate, the censors. " 27. In Article 74, the introductory part of paragraph 1 and paragraph 2 shall read as follows: "" Art. 74. -The financial auditor or, as the case may be, the censors shall also have the following duties: ........................................................................... The General Assembly will be able to determine other tasks to be carried out on a contractual basis by the designated financial auditor. " 28. In Article 75, paragraphs 1 and 2 shall read as follows: " The findings made by the financial auditor or, as the case may be, of censors in the exercise of their mandate shall be recorded in a special register The financial auditor or, as the case may be, the censors shall inform the administrators of the irregularities in the administration and the violations of the legal provisions and the provisions of the articles of association. " 29. in Article 77, after paragraph 2, paragraph 3 is inserted as follows: " The credit cooperatives that are simultaneously constituted with the central house will be authorized under the conditions provided for in Title III cap. 5 lt; Lt; Authorisation of central gt houses; gt;. ' 30. In Article 78 (1), points e) and g) shall read as follows: " e) communication on the identity of the heads of the credit cooperative, together with each of the persons designated by a questionnaire for the assessment of the professional record, qualification and experience, the criminal record certificate, curriculum vitae, the certified copy of the study document and the other documents certifying the professional qualification requested by the present emergency ordinance and the regulations given in its application, recommendations regarding the moral and professional qualities of at least two persons; .......................................................................... g) the identity of the financial auditor or, as the case may be, the censors, as well as the documents certifying the fulfilment of the conditions provided for by the present emergency ordinance; for the censor will also present a curriculum vitae and the certificate of criminal record, and the financial auditor will also present the document certifying professional insurance; " 31. in Article 78, after paragraph 2, paragraph 3 is inserted as follows: "The central house shall keep at the disposal of the public, at its head office and its branches, its own regulations regarding the approval of the establishment of credit cooperatives." 32. Article 88 shall be repealed. 33. In Article 92, paragraph 1 shall read as follows: " The territorial area of operation of the central house is established by the articles of association and represents the geographical space in which it operates. The territorial area of operation of the central house includes at least the territorial operating rays of the credit cooperatives affiliated to it and cannot exceed the territory of Romania. " 34. In Article 93, paragraph 2 shall read as follows: "The opening of secondary offices will be notified to the National Bank of Romania according to the regulations issued by it." 35. In Article 94, paragraph 1 shall read as follows: "The central houses shall be constituted on the basis of the articles of association, with a number of at least 50 founding credit cooperatives and with a minimum level of aggregate capital of the network, established by regulations of the National Bank of Romania." 36. In Article 98, paragraph 2 shall read as follows: "The central house will get unique registration code according to the legal regulations in force." 37. In Article 100, paragraph 1 shall read as follows: " The social parts can be sold, divested or pledged only between the associated credit cooperatives. They cannot be represented by negotiable securities. The social parts cannot be used for the payment of debts to third parties and are not interest-bearing. " 38. In Article 104, points c), j) and k) shall read as follows: " c) factoring operations and the discounting of the effects of trade, including flat-rate; ........................................................................... j) receipt of loans; k) transactions on their own account or in the customer's account, in accordance with the regulations in force, with: --currency; -negotiable monetary instruments (cheques, bills, certificates of deposit); --government securities; --securities issued by local public administration authorities; ' 39. Article 104 (l) shall be repealed. 40. In Article 105, letters b) and d) shall read as follows: "" b) centralise and analyse the accounting balance sheets as well as the periodic financial and accounting statements of the affiliated credit cooperatives and develop the consolidated financial statement of the network; .......................................................................... d) approve the establishment of credit cooperatives and supervise on individual bases the affiliated credit cooperatives regarding their compliance with the legal provisions in force, of the provisions of the framework the framework regulations, as well as those issued by the National Bank of Romania and apply sanctions within the limits of the powers established by this emergency ordinance and those delegated by the National Bank of Romania; " 41. In Article 108 (1), points a) and l) shall read as follows: "" a) to discuss, approve or amend the balance sheet of the central house, as well as the consolidated financial statement of the network, after having listened to the report of the administrators and the financial auditor; ......................................................................... l) decide to withdraw the mandate of the members of the board of directors for serious deviations from the provisions of this emergency ordinance or from the articles of association, for inactivity or at their request or, as the case may be, termination the contract with the financial auditor. " 42. In Article 115, paragraph 3 shall read as follows: "The General Assembly may be convened at the request of the financial auditor or the National Bank of Romania." 43. Article 116 shall read as follows: "" Art. 116. -The central house is managed by a board of directors consisting of 5 to 17 members elected by the general assembly among representatives of affiliated credit cooperatives and employees of the central house. Administrators must be Romanian citizens, are revocable and are appointed for a period of no more than 4 years, with the possibility of being re-elected. Administrators must have at least 1 year experience in the financial-banking field. The Management Board shall be headed by a Chair or by the person delegated by the Management Board to replace it. In case of holiday, by the date of the next general meeting the board of directors shall be headed by the Vice President-elect 44. Article 118 shall read as follows: "" Art. 118. -The members of the board of directors may be rewarded, on the basis of the decision of the general meeting, for the work carried out, with tokens whose monthly amount cannot exceed 20% of the gross salary of the president of the central house 45. In Article 121 (2) (1) (i) shall read as follows: "" i) analyse the reports of the financial auditor and take measures to remedy the deviations referred to therein; " 46. Article 121 (2) (2), (a) and (c) shall read as follows: "" a) analyze the economic and financial activity, the consolidated financial situation of the network, and the framing of affiliated credit cooperatives and the entire network in the financial and prudential performance indicators established by the Bank National of Romania or by own regulations; ........................................................................... c) establish and submit for approval to the general meeting the consolidated financial statement of the network; 47. In Article 126 (1), the fourth indent shall read as follows: ""-to be licensed in economic sciences; " 48. Article 127 shall read as follows: "" Art. 127. -The central house will appoint a financial auditor. " 49. Article 128 shall read as follows: "" Art. 128. -The financial auditor of a central house must be the Romanian legal person. It may not be the financial auditor of a central house than a financial audit firm, authorized under the law. The financial auditor shall be validated by the general meeting and subject to the approval of the National Bank of Romania according to the regulations issued by it. 50. Article 129 shall read as follows: "" Art. 129. -The financial auditor of a central house may not be appointed a legal person under the effective control of the administrators, their spouse or a relative or their afin until the second degree inclusive. " 51. Article 130 shall read as follows: "" Art. 130. -The financial auditor is obliged to supervise the management of the central house, to verify that the financial situation and the profit and loss account of the central house, as well as the consolidated financial situation of the network are legally drawn up and in compliance with the registers, if the latter are kept regularly and if the heritage assessment has been made according to the rules established for the preparation of the financial situation. However, as well as on the proposals they will consider necessary, relating to the balance sheet and the distribution of profits, the financial auditor will present a detailed report to the general meeting. The general meeting will not approve the financial situation of the central house, namely the consolidated financial situation of the network, if it is not accompanied by the financial auditor's report. " 52. In Article 131 (1), the introductory part and the letter g) shall read as follows: "" Art. 131. -The financial auditor shall also be obliged: ......................................................................... g) to certify the consolidated financial statements of the network, according to the law, and to draw up a detailed report on them, to present to the general meeting; " 53. In Article 131, paragraph 2 shall read as follows: "The General Assembly will be able to determine other tasks to be carried out on a contractual basis by the designated financial auditor." 54. In Article 132, paragraphs 1 and 2 shall read as follows: " The findings made by the financial auditor shall be recorded in a special register. The financial auditor shall inform the administrators of irregularities in the administration and the violations of the legal provisions and of the provisions of the articles of association. " 55. In Article 136 (d), the fifth indent shall read as follows: "-estimates of the consolidated financial situation of the network, for the first 2 years of activity, prepared according to the regulations issued by the National Bank of Romania;" 56. In Article 139 (1) (2), the letter f) shall read as follows: "f) the identity of the financial auditor and the documents certifying the fulfilment of the conditions laid down in this emergency ordinance, including his professional insurance;" 57. Article 142 shall read as follows: "" Art. 142. -Within no more than 4 months from the communication of the collective approval of the establishment of the network the central house will present to the National Bank of Romania, in order to obtain the operating permits, for each of the cooperative organizations of network credit, the following documents: a) certified copy of the registration certificate issued by the trade register office, accompanied by the document proving the payment of the payments to the share capital; b) proof of possession, legally, of a space related to the registered office, corresponding to the area and security conditions proposed to be carried out; c) certified copy of the articles of association; d) communication on the existence of own regulations, as well as framework regulations, in the case of the central house; e) the situation regarding the aggregate capital of the network, broken down by each of the existing cooperative credit organisations; f) confirmation of the central house on the fulfilment of the provisions of this emergency ordinance regarding the establishment of territorial operating rays of affiliated credit cooperatives. " 58. Article 146 shall read as follows: "" Art. 146. -The rejection of the request for authorization of the operation of the central house automatically draws the revocation of the prior notice of establishment and the collective approval of the establishment of the network, except for the presentation of a new authorization request, in which case the revocation takes place in the event of the latter's rejection. A new application for authorization may be addressed to the National Bank of Romania only once, no later than 3 months after the notification of the rejection of the application for authorization and only if the deficiencies that constituted the reasons for rejection of the original application. If, from the evaluation of the documentation presented in any of the stages of the authorization process, it is found that one or more of the credit cooperatives in the network do not meet the established conditions, the National Bank of Romania will may grant the prior opinion or collective approval of the establishment of the network or will be able to issue the operating permits, only if the provisions of this emergency ordinance and the rules issued in application are complied with for the network of cooperative credit organisations that meet conditions of approval. '; 59. Article 148 shall be repealed. 60. In Article 151, letter b) shall read as follows: "b) the redemption of the social parts, except in cases of restitution of the value of the social parts provided for by this emergency ordinance;" 61. in Article 158, after paragraph 1, the following paragraph 1 shall be inserted: "Information of the nature of professional secrecy may also be disclosed in other cases expressly provided by law, under the conditions established by it." 62. In Article 170, paragraph 1 shall read as follows: " Credits granted by a credit cooperative to micro-enterprises, public and cult organizations, family associations, individuals with regulated liberal professions, who have their registered office and operate within the territorial area operating it, may not exceed 25% of its assets. " 63. Article 171 shall read as follows: "" Art. 171. -At the level of a cooperative credit network the following prudential requirements must be observed, in accordance with the regulations issued by the National Bank of Romania: a) the minimum level of aggregate capital; b) the minimum level of solvency; c) maximum exposure to a single debtor; d) aggregate maximum exposure; e) the minimum level of liquidity; f) the classification of the loans granted and the non-collected interest related to them and the establishment of specific risk provisions; g) the currency position; h) administration of resources and placements; i) extension of the network of working points-secondary offices of cooperative credit organizations. Each cooperative credit organization must comply with the prudential requirements provided in par. 1 lit. b)-i), in accordance with the regulations issued by the National Bank of Romania and, as the case may be, those issued by the central houses to which they are affiliated. Each central house must maintain at all times a minimum level of capital, in accordance with the regulations issued by the National Bank of Romania. " 64. In Article 180, paragraph 3 shall read as follows: " In addition to the financial statements provided in par. 1 the central house will prepare financial statements that reflect the operations and financial situation of all affiliated credit cooperatives and will prepare the consolidated financial situation of the network, according to the legal provisions. " 65. Article 182 shall read as follows: "" Art. 182. -The balance sheet of the cooperative credit organizations will not be accepted as having legal validity by the authorities in law without having been verified and signed by the financial auditor or, as the case may be, by the censors of the cooperative organization of credit. The consolidated financial situation of the network will not be accepted as having legal validity by the authorities in law without having been verified and signed by the financial auditor of the central house. " 66. Article 183 shall read as follows: "" Art. 183. -Each cooperative credit organization publishes the balance sheet after its approval by the general meeting, together with the opinion on it of the financial auditor or, as the case may be, the censors, in the form and at the deadlines set by the Bank National of Romania and the Ministry of Public Finance. Each central house publishes the consolidated financial situation of the network, after its approval by the general meeting, together with the opinion of the financial auditor on it, in the form and at the deadlines set by the National Bank of Romania and Ministry of Public Finance. " 67. Article 184 shall read as follows: "" Art. 184. -The report of the financial auditor or, as the case may be, of the censors must contain, among other things, their opinion, showing whether the financial statements present a true picture of the condition of the cooperative credit organization, references in terms of as regards the practices and procedures of internal control, as well as the recommendations made to the cooperative credit organization to remedy any improper practices and procedures. " 68. Article 187 shall read as follows: "" Art. 187. -The inspections at the headquarters of the cooperative credit organizations shall be carried out by the staff of the National Bank of Romania or, as the case may be, of the central house, empowered in this regard, or by financial auditors appointed by the National Bank of Romania. " 69. Article 188 shall read as follows: "" Art. 188. -The cooperative credit organizations are obliged to allow the authorized personnel according to the provisions of art. 187, as well as financial auditors appointed by the National Bank of Romania, who carry out the inspection, examine their records, accounts and operations and provide all the documents and information related to the administration, internal control and the operations of the cooperative credit organisations as requested by them. '; 70. In Article 189 (1), the introductory part and letter a) shall read as follows: " If the National Bank of Romania finds that a cooperative credit organization and/or any of the administrators, leaders, members of the executive office, censors or, as the case may be, its financial auditor shall be guilty of: a) violation of a provision of this emergency ordinance or regulations issued by the National Bank of Romania or, as the case may be, by the central house in application of this emergency ordinance; " 71. In Article 189 (2), points c) and d) shall read as follows: " c) the fine applicable to the cooperative organization of credit or, as the case may be, to the financial auditor, between 0,1% and 1% of the share capital, or to the administrators, managers, members of the executive office or to the censors, between 1-6 salaries of the previous month, at the time of finding the deed; the fines collected are made to the state budget; d) the withdrawal of approval given to the heads, censors and financial auditor of the cooperative credit organization; " 72. In Article 190, paragraphs 1 and 3 shall read as follows: " If the central house finds that an affiliated credit cooperative and/or any of the administrators, leaders, members of the executive office, censors or, as the case may be, its financial auditor shall be guilty according to the provisions of art. 189 189 para. 1 lit. a)-f), it shall apply the sanctions provided for in art. 189 189 para. 2 lit. a)-d) or may propose to the National Bank of Romania to withdraw the operating authorization. ........................................................................... The Central House will notify the National Bank of Romania of any sanctions applied, within 5 days from the date of its application. " 73. In Article 200, paragraph 2 shall read as follows: " During the period of application of the special administration, the activity of the general meeting of the cooperative credit organization, the board of directors, the leaders or, as the case may be, the executive office, the financial auditor or the censors shall be suspended- which will be taken over by the special administration committee, namely the special administrator-, the right to dividends, as well as the right to remuneration of the administrators, managers and financial auditor or, as the case may be, the censors. " 74. Article 203 shall read as follows: "" Art. 203. -The deposit guarantee fund in the banking system, hereinafter referred to as the Fund, guarantees restitution in the form of compensation of deposits constituted on behalf of individuals to credit cooperatives and central houses of credit cooperatives that accept such deposits, according to the conditions and limits set out in Government Ordinance no. 39/1996 on the establishment and functioning of the Deposit Guarantee Fund in the banking system, with subsequent amendments and completions. " 75. Article 204 shall read as follows: "" Art. 204. -Refund of deposits according to art. 203 203 shall be effected in the case of the bankruptcy of the central 76. Article 205 to repeal. 77. In Article 214, paragraph 3 shall read as follows: " If a new cooperative credit organization is established by merger or division, it is constituted under the conditions provided by this emergency ordinance and will not be able to operate before obtaining the authorization of the National Bank of Romania. The authorization procedure and the necessary documentation for granting the authorization will be established by regulations issued by the National Bank of Romania. " 78. In Article 219, letter c) shall read as follows: " c) the financial auditor's report or, where appropriate, the censors. '; 79. In Article 231, paragraph 3 shall read as follows: "The liquidator shall be assisted in carrying out the mandate or the financial auditor or, as the case may be, the censors of the cooperative credit organization in liquidation." 80. In Article 238, paragraph 2 shall read as follows: "The accounting balance signed by the liquidator and accompanied by the report of the financial auditor or, as the case may be, of the censors will be submitted, in order to be mentioned, at the office of the trade register and will be published in the Official Gazette of Romania, Part IV." 81. In Article 246, paragraph 2 shall read as follows: " Organizations of credit cooperation that do not request within 6 months from the date of entry into force of this emergency ordinance the authorization by the National Bank of Romania under the provisions of section 1 or 2 of the head. 1 of this title shall be dissolved by the effect of the law and shall immediately enter into liquidation in compliance with the provisions Law no. 109/1996 on the organisation and functioning of consumer cooperation and credit cooperation. " 82. After Article 246, Articles 246 ^ 1-246 ^ 3 are inserted with the following contents: "" Art. 246 246 ^ 1. -Until the date of submission to the National Bank of Romania of the documentation provided in art. 252 credit cooperation organizations that have opted according to art. 246 246 para. 1 lit. a) will undertake the necessary measures in order to reorganize them according to the provisions of this emergency ordinance, including by accepting new members, through division or merger operations and registration at the trade register office of the corresponding terms or, where applicable, the resulting entities. Credit cooperation organizations that have opted according to art. 246 246 para. 1 lit. b) may be divided or may merge before the change of legal form in the stock company, with a view to authorization as a bank under the conditions Banking law no. 58/1998 . Art. 246 ^ 2. -Banking operations ongoing with natural or legal persons, which following the reorganization of credit cooperation organizations can no longer hold the status of cooperative or cooperative member of credit associated, and other activities or, if applicable, investments or contracts, which, according to this emergency ordinance, cannot be carried out or, as the case may be, held or carried out by the cooperative credit organizations, will be liquidated by sale, assignment, transfer or otherwise way allowed by law, until the date of submission to the National Bank of Romania of the documentation provided in art. 257. Art. 246 ^ 3. -The entities resulting from the reorganization, or, as the case may be, of changing the legal form of the credit cooperation organizations will take over the rights and obligations of the organizations from which they resulted. The payments made to the share capital of the credit cooperation organizations shall be assimilated to the contributions in the monetary form to the share capital of the resulting entities. " 83. In Article 248, paragraph 2 shall read as follows: " The organizations of the credit cooperation that do not remit, in the form and at the specified deadlines, the declaration provided in art. 247 lose the right to request authorization by the National Bank of Romania, dissolve by the effect of the law and will immediately enter into liquidation, in compliance with the provisions Law no. 109/1996 on the organisation and functioning of consumer cooperation and credit cooperation. " 84. Article 249 shall read as follows: "" Art. 249. -Within 6 months from the date of entry into force of this emergency ordinance the credit cooperation organizations that are organized and operate according to Law no. 109/1996 and who have decided to operate within a network in accordance with the provisions of this emergency ordinance will submit to the National Bank of Romania a collective application in accordance with the provisions of art. 252 252. " 85. Article 250 shall be supplemented by paragraph 2 with the following contents: " During the entire authorization process each credit cooperation organization must not be in a position not to be fully honored its due obligations and not to record a negative level of the net asset. In this regard, for each of the organizations of the existing credit cooperation will present themselves at each stage of the authorization process a declaration in authentic form, signed by their legal representatives, showing that the organization it has all the obligations due and does not record a negative level of the net asset. " 86. In Article 252 (1) (d), the 5th and 6th indents shall read as follows: "-the balance sheet drawn up for the financial year prior to the year of entry into force of this emergency ordinance, namely the merger or division balance in the case of credit cooperation organizations resulting from the merger or division made on the basis of provisions Law no. 109/1996 , drawn up according to the legal regulations in force for existing credit cooperation organizations; -estimates of the consolidated financial situation of the network for the first 2 years of activity, prepared according to the regulations issued by the National Bank of Romania; 87. in Article 252 (1), the following shall be inserted after point d): "" e) a statement from each organisation of the existing credit cooperation, showing that it is organised and operates on the basis of Law no. 109/1996 .. " 88. In Article 254, letter c) shall read as follows: " c) one or more organizations of the existing credit cooperation have recorded a negative level of the net asset, according to the accounting balance provided for in art. 252 252 para. 1 lit. d) the fifth indent, except as provided for in art. 146 146 para. ((3). ' 89. in Article 257, points f) and g) shall be inserted after letter e): " f) the confirmation of the central house on the fulfilment of the provisions of this emergency ordinance, regarding the establishment of territorial operating rays of affiliated credit cooperatives; g) the declarations provided in art. 250 250 para. 2 2, certified by a financial audit company, under the law. " 90. Article 262 shall read as follows: "" Art. 262. -Organizations of credit cooperation that have not obtained the operating authorization according to this section or have been rejected in any of the stages of the authorization process dissolve by the effect of the law and will immediately enter into liquidation, with compliance with provisions Law no. 109/1996 .. " 91. After Article 262, the article 262 ^ 1 is inserted as follows: " Art. 262 ^ 1. -Government Ordinance no. 39/1996 on the establishment and operation of the Deposit Guarantee Fund in the banking system, with subsequent amendments and completions, will be amended and completed within one year from the date of entry into force of the law approving the present emergency ordinances, for the implementation of the provisions of art. 203 203 and 204 of this emergency ordinance. " 92. Article 264 shall read as follows: "" Art. 264. -The application for authorization will be submitted to the National Bank of Romania no later than 6 months from the date of entry into force of this emergency ordinance, in the form established by it. The documentation that must accompany the application, the deadlines and the authorization procedure will be established by the regulations of the National Bank of Romania. " 93. In Article 265, letter g) shall read as follows: " g) the financial auditor; ' 94. In Article 272, paragraph 2 shall read as follows: " It is punishable by a fine of between 10,000,000 lei and 50,000,000 lei the financial auditor who does not convene the general meeting in cases where he is obliged by this emergency ordinance or who does not inform the research bodies criminal, general meeting, central house, National Bank of Romania fraudulent acts of an administrator or employee who has prejudiced the cooperative credit organization. " 95. In Article 274, paragraph 2 shall read as follows: " The decisions taken by the general meetings on the basis of a report of a censor or financial auditor appointed in violation of the provisions of art. 70 70 may not be cancelled because of the infringement of the provisions contained in that Article. ' 96. Article 276 shall read as follows: "" Art. 276. -It is punishable by imprisonment from 6 months to 3 years or with a fine of between 50,000,000 lei and 100,000,000 lei the cooperative member, administrator, ruler or legal representative of the cooperative credit organization, which prevented the appointment of the censor or, as the case may be, of the financial auditor or has not summoned him to general meetings. The same penalties shall apply if they intentionally impede the checks or checks of the censors or of the financial auditor or refuse to communicate the necessary documents for the exercise of the control mission, in particular contracts, registers, accounting documents and record books. '; 97. In Article 277, the introductory part shall read as follows: "It shall be punishable by imprisonment from one year to 3 years the administrator, head or legal representative of the cooperative credit organization, who:" 98. Article 286 shall read as follows: "" Art. 286. -6 months after the date of entry into force of this emergency ordinance is repealed: Title III-Credit Cooperative-popular bank; Title IV-Territorial House of credit cooperatives; Title VI-House of credit cooperatives-CREDITCOOP, and the other provisions relating to the credit cooperation organisations of the Law no. 109/1996 on the organization and functioning of the consumer cooperation and credit cooperation, published in the Official Gazette of Romania, Part I, no. 252 252 of 18 October 1996, with the corresponding amendment of its title and any other provisions to the contrary. Provisions Law no. 109/1996 remain applicable in the cases shown in art. 246 246 para. 2 2, art. 248 248 para. 2 2, art. 262 and 287 of this emergency ordinance, until obtaining by the organizations the credit cooperation of the operating authorization from the National Bank of Romania or, as the case may be, until their liquidation. " + Article 2 The provisions of this law also apply to requests for authorization of the functioning of the cooperative organizations of outstanding credit on the date of entry into force of this law. + Article 3 (1) On the date of entry into force of this Law, the Government Emergency Ordinance no. 114/1999 for suspension of application art. 59 59 of Law no. 109/1996 on the organization and functioning of the consumer cooperation and credit cooperation, published in the Official Gazette of Romania, Part I, no. 312 312 of 30 June 1999. ((2) Government Emergency Ordinance no. 97/2000 on cooperative credit organizations, with the amendments and completions brought by this law, will be republished in the Official Gazette of Romania, Part I, giving the texts a new numbering. This law was adopted by the Chamber of Deputies and the Senate in the joint meeting of March 20, 2002, in compliance with the provisions of art 74 74 para. ((1) and of art. 76 76 para. (2) of the Romanian Constitution. p. CHAMBER OF DEPUTIES PRESIDENT, VIOREL HREBENCIUC SENATE PRESIDENT NICOLAE VACAROIU ------------