FEDERAL LAW

of March 11, 1997 No. 48-FZ

About the translated and promissory note

Accepted by the State Duma on February 21, 1997

Article 1. According to the international obligations of the Russian Federation following from its participation in the Convention of June 7, 1930 establishing the Uniform law about translated and simple bills of exchange to determine that the Resolution of Central Executive Committee and Council of People's Commissars of the USSR "About enforcement of the Regulations on the translated and promissory note" of August 7, 1937 N 104/1341 (Collection of the laws and orders of the Workers' and Peasants' Government of the USSR, 1937, N 52, by the Art. 221) is in the territory of the Russian Federation applied.

Article 2. According to the translated and promissory note citizens of the Russian Federation and legal entities of the Russian Federation have the right to promise.

The Russian Federation, subjects of the Russian Federation, residential, rural locations and other municipalities have the right to undertake according to the translated and promissory note only in the cases which are specially provided by the Federal Law.

According to the translated and promissory note issued by the Russian Federation, subjects of the Russian Federation, residential, rural locations and other municipalities before entry into force of this Federal Law earlier established obligations of its repayment remain.

Article 3. Concerning the bill of exchange exposed for payment and which is subject to payment in the territory of the Russian Federation the percent and penalty fee specified in Articles 48 and 49 of the Regulations on the translated and promissory note are paid in the amount of the discount rate established by the Central bank of the Russian Federation by rules, stipulated in Clause 395 Civil codes of the Russian Federation.

Article 4. The translated and promissory note shall be constituted only on paper (paper).

Article 5. According to the requirements based on protest of bills of exchange in the non-payment, the non-acceptance and not dating of the acceptance made by the notary concerning physical person, the legal entity or the individual entrepreneur the writ is issued and execution by the rules provided by Chapter 11-1 and the Section V of the Code of civil procedure RSFSR is made.

Article 6. This Federal Law becomes effective from the date of its official publication.

Article 7. From the date of entry into force of this Federal Law to declare invalid the resolution of Presidium of the Supreme Council of RSFSR "About application of the bill of exchange in economic circulation of RSFSR" of June 24, 1991 N 1451-1 (Sheets of the Congress of People's Deputies of RSFSR and the Supreme Council of RSFSR, 1991, N 31, the Art. 1024).

Article 8. Offer the President of the Russian Federation and charge to the Government of the Russian Federation to bring the regulatory legal acts into accord with this Federal Law within three months from the date of entry into force of this Federal Law.

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