ORDINANCE (R) 39 28/08/1996
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Ordinance No. 39 Republished*) of August 28th, 1996regarding the setting up and functioning of the Fund of guaranteeing the deposits in the banking systemISSUED BY: The Government of RomaniaPUBLISHED IN: The Official Gazette of Romania No. 141 of February 25, 2002– The initial document was published in The Official Gazette of Romania no. 141 of February 25, 2002._________ Note C.T.C.E.: For using in court, only the text in the Romanian language has legal foundation. *) Republished upon Art. II par. (2) from the Expeditious Government Ordinance No. 110/1990, published in the Official Gazette of Romania, Part I, No. 313 of June 30th, 1999. The Government Ordinance No. 39/1996, published in the Official Gazette of Romania, Part I, No. 206 of August 30th, 1996, was approved with changes by the Law No. 88/1997, published in the Official Gazette of Romania, Part I, No. 107 of May 30th, 1997, was also modified and completed by the Expeditious Government Ordinance No. 110/1999 (approved with changes by the Law No. 301/2001, published in the Official Gazette of Romania, Part I, No. 313 of June 12th, 2001) and by the Expeditious Government Ordinance No. 20/2000, published in the Official Gazette of Romania, Part I, No. 129 of March 28th, 2000 (approved by the Law No. 303/2001, published in the Official Gazette of Romania, Part I, No. 308 of June 11th, 2001).Chapter I General ProvisionsArticle 1
(1) At the date of coming into force of the present ordinance the Fund of guaranteeing the deposits in the banking system, named further The Fund.(2) The Fund is constituted as legal person of public law. The organization and functioning of the Fund are settled by its own statute approved by the National Bank of Romania, at the proposal of the Administration Board of the Fund.(3) The headquarters of the Fund is in the Municipality of Bucharest.Article 2
(1) The purpose of the Fund is to guarantee the reimbursement of the deposits constituted at the banking companies by deponents natural persons, according to the conditions and limits established in the present ordinance.(2) For purposes of this ordinance, deposit means any balance in hand that results from sums deposited in a banking account of any type, opened on behalf of one or several natural persons, submitted to the reimbursement towards the deponent by the banking company in accordance with the law and the applicable contractual terms.(3) The provisions under par. (2) apply also to the sums represented by nominative deposit certificates issued by a banking company, but not to the sums represented by other credit titles issued by the same banking company or to the obligations that result from personal acceptances or promissory notes in circulation.(4) For purposes of the present ordinance, the sums provided under par. (2) are not considered as deposits as long as they serve as guarantee for the operations carried on by the deponent with the respective banking company.(5) For purposes of the present ordinance, the sums representing assets of the investment funds are not considered deposits.Chapter II The participating banking companies and the guaranteed depositsArticle 3
All banking companies, Romanian legal persons, and the branches of the foreign banks, which are or will be authorized to receive funds from natural persons in accordance with the provisions of the Law No. 33/1991**) regarding the banking activity, (named further banking companies), must take part in the constitution of the financial resources of the Fund, in accordance with the provisions under Art. 7._____________ **) The Law No. 33/1991 was abrogated by the Banking Law No. 58/1998, published in the Official Gazette of Romania, Part I, No. 121 of March 23rd, 1998.Article 4
(1) The Fund guarantees, within the limits provided by the present ordinance, the deposits held by residents and non-residents, expressed in national or foreign currency.(2) The following deposits shall not be guaranteed by the Fund:a) the deposits of the members of the administration board, of the committee of direction and of the censor commission of the banking company;b) the certified public accountants' deposit, charged with the certification of the accounting balance sheet of the banking company;c) the natural persons' deposits that own shares that represent more than 5% from the capital of the banking company;d) the husbands', relatives' and kinsmen's deposits up to the second degree inclusively, of the persons enumerated under the letters a), b) and c)e) deposits of third natural persons that act in the account of the persons provided under lets. a), b) and c);f) deposits of the natural persons that hold offices similar to those enumerated under let. a), b) and c) in other trading companies from the same group of trading companies or in a trading company owing a control share in the banking company;g) deposits of the natural persons that specially obtained, from the same banking company, interests or other financial advantages under preferential conditions. For purposes of the present ordinance, the obtaining by a deponent, natural person, from a banking company, of certain interest rates or of other financial advantages that surpass the levels practiced by the respective banking company for deposits of the same nature, the same currency, the same category, the same duration and the same sum are considered preferential conditions. The Fund may establish, by its regulations, other criteria that shall be taken into consideration in defining the preferential conditions.Chapter III The level of guaranteeing the depositsArticle 5
(1) In the situation in which a banking company is not able to respect its obligations towards its deponents, the Fund shall guarantee the payment to the deponents of the deposited funds, regardless of the currency in which the deposit is constituted or the number or size of the deposits, within the framework of a guarantee limit of 10,000,000 lei for each deponent.(2) The Fund shall modify quarterly the size of the guarantee limit provided under par. (1), by its indexation with the index of the prices of consumption communicated by the National Institute of Statistics, approximated to the closest thousand lei.(3) The guarantee limit mentioned under par. (1) shall also include the interest that is owed to these deposits until the date established at Art. 16 from the present ordinance and shall be applied to the total sum of the obligation of a banking company to a deponent, calculated in accordance with the provisions under Art. 6.(4) The deposits in foreign currency shall be guaranteed by the payment of their equivalent in lei, calculated in accordance with the provisions under Art. 6 par. (2).Article 6
(1) The total sum of the obligation of a banking company towards a deponent shall be established by summing up all deposits owned by it, including the interest owed and unpaid at the date of establishing the unavailability of the deposits.(2) The calculation in lei of the obligation in foreign currency shall be carried out by using the rate of exchange in lei, published by the National Bank of Romania for the respective foreign currency, in force at the date of the unavailability of the deposits.(3) In the situation in which the banking company holds a claim upon a deponent, the sum provided under par. (1) shall be reduced in accordance with the sum of the obligation of this deponent to the respective banking company.(4) In the situation of a joint deposit, where there are several possessors of the claim, the part of each individual possessor shall be taken into consideration for determining the total sum mentioned under par. (1). In the absence of a contrary provision of the contract of deposit, the joint deposit shall be divided in equal parts between the deponents.(5) In the situation in which the deposit was contracted for the benefit of a third person (the beneficiary), this person shall benefit from guaranteeing on the condition of its having been identified or its being identifiable before the date when the decision was taken regarding the unavailability of the deposits. In the situation in which there are several beneficiaries the rules for the joint deposit shall be applied.Chapter IV The financial resources and the obligation of the FundArticle 7
(1) The Fund shall have the following financial resources:a) the initial contribution of the banking companies;b) annual and special contributions of the banking companies;c) loans;d) incomes from the liquidation of its claims;e) incomes from investing its resources;f) other incomes (donations, budget subventions).(2) The financial resources provided under par. (1) lets. a), b), c), d) and f) shall be used for paying the deposits guaranteed under the conditions established by the present ordinance.(3) The financial resources provided under par. (1) let. e) shall be used for covering the running expenses of the Fund.Article 8
(1) Within 90 calendar days after the present ordinance comes into force, the banking companies, Romanian legal persons, shall pay an initial contribution provided under Art. 7 par. (1) let. a) equivalent to 1% of their subscribed social capital, registered at the date of the coming into force of the present ordinance.(2) In the situation of the branches of the foreign banks, the initial contribution shall be equivalent to 1% of the value of the minimum social capital provided for a banking company, Romanian legal person, in order to be authorized to carry on banking activity.(3) The banking companies that will be authorized to carry on banking activity after the coming into force of this ordinance shall pay the initial contributions provided under pars. (1) and (2) within 10 calendar days after the date of obtaining the authorization of functioning from the National Bank of Romania.(4) In the situation in which a banking company does not pay the initial contribution in the period of time established by the present ordinance, at the Fund's request, the National Bank of Romania shall charge the current account of the respective banking company with the owed sums.(5) The initial contribution paid by the banking companies shall be recognized as deductible expense from a fiscal point of view.(6) The banking companies that will result as a consequence of a merger or other modality of changing are exempt from the payment of the initial contribution.Article 9
(1) Each bank shall pay to the Fund an annual contribution of 0.8% of the total sum of the natural persons' deposits, existing in the balance at the date of December 31st, of the previous year. The equivalent in lei of the deposits in foreign currency is calculated by using the rate of exchange in lei of the respective foreign currency, published for that date by the National Bank of Romania.(2) The annual contribution of each banking company is established on the basis of the declarations transmitted by it to the Fund, by the agency of a form, whose format and reporting date shall be established by the Fund. The commission of censors of the banking company, as well as its external auditors must check the correctness of the data in the form.(3) The annual contribution that a newly authorized banking company must pay during the reporting year shall be calculated by multiplying the quota of 1/365 of the contribution determined in accordance with the provisions under par. (1) with the number of days that passed after the date of obtaining the authorization of functioning from the National Bank of Romania until the end of the year.(4) Each banking company must pay its annual contribution within the term established by the Administration Board of the Fund, but not later than March 31st of the year following the reporting year. In the situation in which the payment of the annual contribution is not performed in due time the provisions under Art. 8 par. (4) shall be applied.(5) The Fund is authorized to increase the annual contribution that must be paid by a bank, up to the level of 1.6% of the total sum of the natural persons' deposits, existing in the balance at the date of December 31st of the preceding year, if, according to the regulations issued by the Fund, this is proved to have been engaged in a risky and unhealthy banking policy. This increase may not take place before the respective bank gets the right to express its promise.(6) In the situation in which the Administration Board of the Fund shall decide the increase of the annual contribution under the conditions provided under par. (5), this shall inform the respective banking company about its decision with at least a month before the expiry of the reporting year.(7) The annual contributions carried out by the banking companies are considered as deductible expenses from a fiscal point of view.Article 10
(1) In the situation in which the resources of the fund are insufficient for the payment of the compensations for the deposits guaranteed by it or for the reimbursement of the credits granted by the Fund and the payment of other obligations connected to them, each bank pays a special contribution equal to the double of the annual contribution related to the respective budgetary year.(2) The actual amount of the special contribution, as well as its term of payment is established by the Administration Board of the Fund.(3) The special contributions paid by banks under the conditions provided under pars. (1) and (2) are expenses deductible from a fiscal point of view.Article 11
The payment of the contributions of the banking companies shall be carried out by crediting the account of the Fund opened at the National Bank of Romania.Article 12
(1) When the Fund accumulated a level of resources that surpasses 30% of the total of the natural persons' deposits that are in the banking system at that date, the Administration Board of the Fund may decide the suspension of the payment of the annual contributions.(2) In the situations in which the resources of the Fund are under the level provided under par. (1), the payment of the annual contributions shall be resumed.Article 13
The contributions made by the banking companies are not to be restituted, including in the situation of the judicial liquidation or dissolution of a banking company.Article 14
(1) The Fund may contract the loans provided under Art. 7 par. (1) let. c) only if its resources are not enough to wholly cover its obligations of paying the compensations for the guaranteed deposits.(2) The Fund may contract loans from the state, banks and financial companies.(3) The Fund may ask from the Government to guarantee its loans, while the Government must take a decision in this respect within 15 days after the date of the request.(4) In the situation in which until the date of June 30th, 2000 the resources of the Fund, exclusively those provided under Art. 10 par. (1), are insufficient for paying the compensations for the deposits guaranteed by it, the National Bank of Romania is authorized to grant, by derogation from the provisions under Art. 53 par. (2) from the Law No. 101/1998 regarding the status of the National Bank of Romania, at the Fund's request, a credit line within the limit of the sum of 2,000 billion lei. The credits granted by the Fund within the framework of this credit line shall have a five-year reimbursement term, with a two-year grace period. They are to be restituted in six equal half-yearly installments, and shall bear interests at the level of the average rate of exchange of the interest practiced in the banking system for the availabilities at sight of the non-banking, non-governmental clients.Chapter V Banking accounts and utilization of the resources of the FundArticle 15
(1) The Fund has a current account opened at a bank in Romania.(2) The Fund shall invest the available financial resources in government securities, titles granted by the state and bonds of the National Bank of Romania.(3) The current expenses of the Fund may not surpass the incomes provided under Art. 7 par. (1) let. e).(4) The profits of the Fund obtained by the difference between the incomes provided under Art. 7 par. (1) let. e) and its current expenses shall be utilized for constituting an annual fund of awarding the employees, by applying a quota of 2% upon these, while the sum left shall be divided for achieving the investments and reuniting the sources for guaranteeing the deposits in the banking system in accordance with the decisions of the Administration Board of the Fund.Chapter VI The payment of the guaranteed depositsArticle 16
(1) The Fund shall compensate the payment of the deposits when they become unavailable.(2) For purposes of the present ordinance, the deposits are considered as unavailable since the date provided in the definitive and enforceable judgment for beginning the bankruptcy proceedings of the bank.Article 17
(1) Within 30 days after the date of its assignment by the court the liquidator sends to the Fund the list containing the natural persons that have guaranteed and non-guaranteed deposits, the total sum of each deponent's deposit and its obligations to the bank, in accordance with the necessities and requirements of the Fund.(2) The Fund must publish at the headquarters of all territorial units of the banking company and in at least two newspapers of national circulation, both information regarding the unavailability of the deposits and data regarding the operation of compensation of the deposits, the period during which the compensation will take place, the names of the banking companies that will be mandated to make the payment. The conditions to fulfill and the formalities to follow in order to obtain the compensation shall also be made public.Article 18
(1) The Fund checks, on the basis of the data transmitted by the liquidator of the bank, the claims of the deponents in connection with the unavailable deposits and pays them within two months at the longest after the date of receiving the data from the liquidator according to Art. 17 par. (1).(2) In special situations and from case to case, with the agreement of the National Bank of Romania, the Fund shall be able to grant three prolongations of which none may be longer than three months.(3) The prolongations provided under the previous paragraph may not be invoked by the Fund in order to refuse the benefit of the guarantee to a deponent that was not able to make use in due time of the right to a compensation on the account of the guarantee. If a deponent does not manage to present a petition in order to obtain the compensation in the period of time provided under pars. (1) and (2), reason for which he is not to blame, in the Fund's opinion, the Fund will be allowed to pay the compensation also after the expiry of the interval mentioned previously, but not later than 3 years after the beginning of paying the compensations.Article 19
The Fund subrogates in the deponents' rights for a sum equal to the payments that it carried out for the guaranteed deposits. In this respect, the Fund registers, according to Art. 88 par. (2) from the Law No. 64/1995*) regarding the procedure of the judicial reorganization and bankruptcy, in the register of the Court's registry, the sum of the deposits that are to be paid to the deponents, resulted from the situation transmitted by the liquidator of the bank according to Art. 17 par. (1)._____________ *) Law No. 64/1995 was republished in the Official Gazette of Romania, Part I, No. 608 of December 13th, 199, with the adequate numbering of the articles, Art. 84 par. (2) becoming Art. 88 par. (2).Article 20
The Fund shall notify the deponents upon the sums that they will receive, as well as upon the modality, place and date of payment.Article 21
The Fund may authorize one or several banking companies to carry on the payment of the guaranteed deposits under the conditions that will be established by it.Article 22
The payment of the guaranteed deposits shall be performed in lei.Article 23
The obligation of the banking company towards its deponents is reduced with the sum corresponding to the payments carried out by the Fund for compensating the guaranteed deposits.Article 24
The Fund shall periodically inform the liquidator of the banking company upon the sums paid to the deponents by the Fund.Article 25
The deponents' claims, others than those paid by the Fund, shall be compensated from the property of the banking company in accordance with the legal provisions regarding the judicial reorganization and liquidation of the trading companies.Chapter VII The administration of the FundArticle 26
(1) The Fund is administered by an Administration Board made of 7 members.(2) The Administration Board consists of:a) three members named by the National Bank of Romania. One of these is first vice-governor or vice-governor of the National Bank of Romania and shall be named ex officio president of the Administration Board of the Fund;b) two members named by the Romanian Association of the Banks;c) a member named by the Ministry of Public Finance;d) a member named by the Ministry of Justice.(3) The members of the Administration Board are named for a three-year mandate that may be renewed.(4) The members of the Administration Board whose mandates expired shall stay in office until their successors are named.(5) The president of the Administration Board may be replaced, in case of absence or temporary impossibility to participate, by a member of the Administration Board appointed by him or, if he is not appointed, by the oldest member.(6) In case of death, incompatibility or definitive impossibility to exert the mandate by one of the members of the Administration Board, a person shall be appointed under the conditions of par. (2) for the remaining period of the mandate. Any circumstance that creates unavailability with 90-day duration consecutively is considered as definitive impossibility to exert the mandate.(7) The members of the Administration Board of the Fund receive an indemnity within the limit of 20% of the salary of the general executive manager of the Fund.Article 27
The members of the Administration Board must be Romanian citizens, residing in Romania, 35 years old at the most, with good reputation and professional activity in the economic, financial, banking or juridical domains, having specialty training of minimum five years.Article 28
(1) The members of the Administration Board:a) they may not be spouses, relatives or kinsmen up to the second degree;b) they must not have been declared bankrupt;c) they must not have criminal record.(2) The members of the Administration Board of the Fund may not participate in taking the decisions regarding a banking company where one of the persons mentioned under par. (1) let. a) is hired.Article 29
The quality of member of the Administration Board ceases under the following circumstances:a) at the expiry of the term for which he was appointed;b) by resignation;c) when an incompatibility or an impediment of those provided under Art. 28 par. (1) appears;d) by replacing according to Art. 26 par. (6);e) by revocation by the institution that appointed him under the conditions of Art. 26 par. (2).Article 30
(1) The Administration Board must meet at least once a month in ordinary meeting.(2) The Administration Board may be convoked in extraordinary meeting by the president from his own initiative or at the request of any member of the Administration Board.(3) The Administration Board must be convoked in writing with at least five working days before the date of the meeting.(4) The convocation must contain the agenda, the data and the documents that are to be discussed, as well as the place where the meeting is to proceed.(5) The meetings shall take place at the headquarters of the Fund or in any other place that was agreed upon.(6) In the situation that requires urgent actions, the term of five days may be reduced, and the convocation, shall be carried out verbally.(7) The Administration Board validly deliberates in the presence of at least five of the number of its members.(8) The decisions of the Administration Board are taken with simple majority of votes of the total of its members.(9) The Administration Board appoints a secretary for each meeting, for drawing up the reports that will contain the order of the deliberations, the decisions taken, the number of votes obtained and separate opinions. The report shall be signed by all the participants in the meeting.Article 31
The attributions of the Administration Board are the following:a) assigns and releases the general executive director from his office;b) proposes to the National Bank of Romania for approval the statute of the Fund and approves of its internal regulations;c) approves of the organizational structure of the Fund and the salaries of the personnel of the National Bank of Romania;d) administers and controls the activity of the Fund and of the general executive manager;e) ensures the publication of the initial list of the banking companies and of its subsequent changes;f) requires from the National Bank of Romania and from the banking companies the documents and information necessary to the good functioning of the Fund;g) approves of the balance sheet, the profit and loss account and the income and expenditure budget of the Fund;h) decides upon the increase of the contributions in accordance with Art. 9 par. (5);i) decides upon the suspension of the contributions in accordance with Art. 12 par. (1);j) decides upon the policy to follow regarding the settling of special contributions and of their level;k) decides upon resorting to loans by the Fund;l) establishes and checks the way of observing the criteria regarding the investment of the available financial resources of the Fund;m) ensures the fulfillment of all procedures necessary for carrying out the payments provided by the present ordinance, in the situation of the unavailability of the deposits;n) requires the performing of external audit to the banking companies;o) approves of the contracting, with natural and legal persons, Romanian or foreign, of specialty assistance services;p) exerts any other attributions of the Fund provided by the present ordinance.Article 32
The president of the Administration Board carries out the decisions of the Administration Board and informs it upon the way of fulfilling them, for which purpose he has the following competences and attributions:a) presents to the Administration Board the project of the income and expenditure budget, as well as the annual report of activity;b) controls the activity of the general executive director;c) fulfills any attribution given to him by the Administration Board.Article 33
The general executive manager administers operatively the usual activity of the machinery of the Fund. His competences and attributions are the following:a) engages and represents the Fund in the relationships with natural and legal persons, as well as in front of the courts of law.b) draws up the project of the income and expenditure budget and of the annual report of activity, which he presents to the president of the Administration Board;c) approves of the conclusion, change and annulment of the individual labor contracts with the employees of the Fund;d) engages the expenses connected to the functioning of the Fund's own machinery;e) presents to the Administration Board or its president the works drawn up by the execution bodies, requiring their approval, their transmission in order to be executed or their communication to other bodies;f) hires external collaborators for certain activities;g) exerts any other attributions that are delegated to him by the Administration Board and its president.Chapter VIII Annual financial situations and their controlArticle 34
The Fund organizes and keeps the records according to the norms issued by the Fund, with the notification of the National Bank of Romania and of the Ministry of Public Finance.Article 35
(1) The Fund shall have three censors and as many substitutes that will be elected by the Administration Board of the Fund. The duration of their mandate is of three years and may be re-elected.(2) The censors of the Fund must be certified public accountants.(3) The censors are remunerated with a standard indemnity established by the Administration Board.(4) The censors shall exert their mandate personally.(5) In case of a censor's death, legal or natural hindrance, cessation or renunciation to the mandate, the oldest substitute replaces him.Article 36
The censors of the Fund are obliged:a) to make sure that the legal provisions of the statute of the Fund should be fulfilled by the administrators;b) to certify the indemnity of the administrators;c) to take part in the meetings of the Administration Board, being allowed to insert in the agenda the proposals that they may consider as necessary;d) to certify the annual financial situations - balance-sheet, profit and loss account - that will be submitted to the approval of the Administration Board of the Fund;e) to draw up a general report upon the annual financial situations presented to the Administration Board and, if the case may be, specially reported within the framework of the application of the legal provisions.Article 37
For performing the external audit, the Fund shall be allowed to utilize independent certified public accountants or trading companies of accounting expertise.Article 38
The budgetary year of the Fund begins on January 1st and ends on December 31st of each year. The first budgetary year begins at the date of constituting the Fund.Article 39
The accounting balance sheet shall be approved by the Administration Board of the Fund in accordance with the legal norms in force. The Administration Board of the Fund shall also present to the National Bank of Romania an annual activity report until the date of April 30th at the latest. This report shall be published.Chapter IX Information that shall be communicated to the FundArticle 40
(1) At the request of the Administration Board of the Fund, the National Bank of Romania shall communicate any available information that it considers as necessary for fulfilling its attributions.(2) At the request of the Administration Board of the Fund, the banking companies shall communicate any information necessary for fulfilling its attributions and that are not available at the National Bank of Romania.(3) The information obtained shall be used by the Fund, exclusively for fulfilling its attributions.Article 41
(1) For fulfilling its attributions, the Fund shall be allowed to use independent certified public accountants or trading companies of accounting expertise, for examining the accounting records of a banking company. Such an examination may take place only after obtaining the approval of the National Bank of Romania.(2) Within the framework of the examination mentioned under the previous par. (1), the Fund or the person authorized by it may require any information necessary for the calculation of the guaranteed deposits from the members of the Administration Board and the employees of the banking company, as well as from the auditors of this company.Article 42
The members of the Administration Board and the employees of the Fund, as well as the other persons employed by the Fund must keep the secret of the information obtained during their activity but under the conditions provided by the law.Chapter X Information for the deponentsArticle 43
(1) The banking companies must communicate to the deponents all the information they need referring to the Fund, especially those regarding the guaranteed types of deposits, the level and the way of calculating the guarantee, the conditions and formalities that must be fulfilled in order to obtain a compensation from the Fund.(2) The information provided under par. (1) must be available at all headquarters of the banking companies, in a place accessible to the deponents, and must be presented in a form easy to understand.(3) The Fund shall establish rules of presenting the information provided under par. (1).Article 44
The banking companies have no right to make announcements to the public providing other types of guaranteed deposits or levels of guaranteeing the natural persons' deposits bigger than those established according to the present ordinance.Chapter XI SanctionsArticle 45
(1) If a banking company does not fulfill the obligations that are incumbent upon it in accordance with the provisions of the present ordinance, the National Bank of Romania, at the Fund's requirement, may change the authorization of functioning of the respective banking company that is it may take back its right of drawing deposits from the natural persons.(2) The deposits constituted before the date of changing the authorization of functioning under the conditions of par. (1) stay guaranteed until their date of maturity.Article 46
The banking company whose authorization of functioning was changed by the National Bank of Romania shall continue to be obliged to pay the annual contribution for the budgetary year during which the modification of the authorization of functioning took place.Chapter XII Final provisionsArticle 47
The Fund is exempt from any taxes and duties regarding its activity.Article 48
The Fund is exempt from the payment of any commissions for the operations carried out by the National Bank of Romania in its account.Article 49
The expenses regarding the setting up, organization and functioning of the Fund relating to its first budgetary year shall be financed from the net income of the National Bank of Romania for the year 1996. These expenses shall be reimbursed to the National Bank of Romania by the Fund, as soon as it obtains incomes from the payment of the contributions in accordance with Art. 7.Article 50
The first meeting of the Administration Board of the Fund shall take place within thirty days after the date of publishing the present ordinance in the Official Gazette of Romania.Article 51
The Fund shall elaborate its statute and regulations in applying the provisions of the present ordinance, within ninety days after the date of its publishing in the Official Gazette of Romania.Article 52
On the date when the present ordinance comes into force, Art. 37 of the Law No. 33 of March 29th, 1991 regarding the banking activity, published in the Official Gazette of Romania, Part I, No. 70 of April 3rd, 1991 is abrogated. _____________
