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FEDERAL LAW OF THE RUSSIAN FEDERATION

of July 12, 1999 No. 162-FZ

About procedure for the translation of government securities of the USSR and certificates of Savings bank of the USSR in target debt obligations of the Russian Federation

Accepted by the State Duma on November 20, 1996

Approved by the Federation Council on December 4, 1996

According to the Federal Law "About Recovery and Protection of Savings of Citizens of the Russian Federation" this Federal Law establishes procedure for the translation of government securities of the USSR and certificates of Savings bank of the USSR in target debt obligations of the Russian Federation.

Article 1. Bonds of the State internal premium bonds of 1982, available at citizens of the Russian Federation; The State treasury obligations of the USSR acquired during the period till January 1, 1992; the certificates of Savings bank of the USSR acquired during the period till January 1, 1992 (daleevosstanavlivayemy securities) which placement was made in the territory of RSFSR belong to the guaranteed savings of citizens determined by the Federal Law "About Recovery and Protection of Savings of Citizens of the Russian Federation".

Article 2. The recovered securities can be transferred to target debt obligations of the Russian Federation which nominal unit according to the Federal Law "About Procedure for Establishment of Debt Cost of Unit of Nominal of Target Debt Obligation of the Russian Federation" is the debt ruble (Dore).

Article 3. Transfer of the recovered securities to target debt obligations of the Russian Federation is made by drawing directly on the recovered securities of the special marks certifying the fact of their transfer to target debt obligations of the Russian Federation of the types established according to this Federal Law, nominals and the income (which are due on these target debt obligations of the Russian Federation).

Sizes of nominals of these target debt obligations of the Russian Federation are determined according to the Federal Law "About Recovery and Protection of Savings of Citizens of the Russian Federation" and according to the procedure, established by this Federal Law.

Article 4. The size of nominal of target debt obligation of the Russian Federation is determined proceeding from nominal of the recovered security transferred to it and taking into account the uncollected income which is due on this recovered security in accordance with the terms of the loan agreement on it, acting for March 1, 1991.

Sizes of nominals of target debt obligations of the Russian Federation to which the recovered securities (except for bonds of the State internal premium bonds of 1982) acquired during the period from March 1 to December 31, 1991 are transferred are determined taking into account change of purchasing power of money after March 1, 1991.

Article 5. Accounting of change of purchasing power of money after March 1, 1991 in case of determination of sizes of nominals of target debt obligations of the Russian Federation is performed by means of the coefficients of denomination established for every month entering the period from March 1 to December 31, 1991.

For the period till March 1, 1991 the coefficient of denomination is established equal to unit.

Denomination coefficients for the months entering the period from March 1 to December 31, 1991 are calculated with use of necessary social set and the basic cost of necessary social set established by the Federal Law "About Procedure for Establishment of Debt Cost of Unit of Nominal of Target Debt Obligation of the Russian Federation" and the Federal Law "About Basic Cost of Necessary Social Set".

The denomination coefficient for the month entering the period from March 1 to December 31, 1991 is equal to the relation of basic cost of necessary social set to cost assessment (in currency of the USSR) the specified set, the retail trade determined proceeding from the prices and rates of this month in general across RSFSR.

Denomination coefficients for the months entering the period from March 1 to December 31, 1991 are established by the Federal Law.

Article 6. Bonds of the State internal premium bonds of 1982 are transferred to target debt obligations of the Russian Federation - target bonds of the Russian Federation.

Date of the translation of the bond of the State internal premium bonds of 1982 (further - the bond of 1982) in the target bond of the Russian Federation is considered on January 1, 1996 irrespective of actual date of its translation.

The size of nominal of the target bond of the Russian Federation is established by 1,4 equal to the work of coefficient at size of nominal of the bond of 1982 transferred to it.

For the won bond of 1982 the size of nominal of the corresponding target bond of the Russian Federation is established by 1,4 equal to the work of coefficient at size of the prize which dropped out on this bond of 1982 (including the size of nominal cost of this bond).

Since January 1, 1996 on target bonds of the Russian Federation the income expressed in debt rubles is charged.

Before Date of Introduction of free circulation of target bonds of the Russian Federation in currency of the Russian Federation at debt cost the income charged on them (in year) cannot be less than 9 percent from nominals of target bonds of the Russian Federation.

Article 7. The state treasury obligations of the USSR are transferred to target debt obligations Russian Federatsiitselevy treasury obligations of the Russian Federation. At the same time not separated coupons of the State treasury obligations of the USSR are recognized coupons of these target treasury obligations of the Russian Federation.

The size of nominal of target treasury obligation of the Russian Federation is established the size of nominal equal to the work of the State treasury obligation of the USSR transferred to it (further - the translated State treasury obligation of the USSR) on the denomination coefficient established for the period on which date of acquisition of this State treasury obligation of the USSR falls (further - coefficient of denomination of the translated State treasury obligation of the USSR).

Unit of nominal of the coupon of target treasury obligation of the Russian Federation is the debt ruble (Dore).

For coupons of target treasury obligation of the Russian Federation the following sizes of their nominals are established:

nominals of coupons with numbers from the 1st on the 4th are in number equal to the sizes of nominals of the corresponding coupons of the translated State treasury obligation of the USSR increased by coefficient of denomination of the translated State treasury obligation of the USSR;

nominals of coupons with numbers 5 and 6 are in number equal to the sizes of nominals of the corresponding coupons of the translated State treasury obligation of the USSR increased by coefficient 4 and on coefficient of denomination of the translated State treasury obligation of the USSR;

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