Document from CIS Legislation database © 2003-2019 SojuzPravoInform LLC

LAW OF THE REPUBLIC OF MOLDOVA

of July 21, 1995 No. 550-XIII

About financial institutions

(The last edition from 15-08-2019)

The parliament adopts this law.

Chapter I 

Voided according to the Law of the Republic of Moldova of 06.10.2017 No. 202

Chapter II

Voided according to the Law of the Republic of Moldova of 06.10.2017 No. 202

Chapter III

Voided according to the Law of the Republic of Moldova of 06.10.2017 No. 202

Chapter III-1.

Voided according to the Law of the Republic of Moldova of 06.10.2017 No. 202

Chapter IV

Voided according to the Law of the Republic of Moldova of 06.10.2017 No. 202

Chapter V

Voided according to the Law of the Republic of Moldova of 06.10.2017 No. 202

Chapter V-1. Improvement measures

Article 37-1.

It is excluded according to the Law of the Republic of Moldova of 03.10.2016 No. 233

Article 37-2.

It is excluded according to the Law of the Republic of Moldova of 03.10.2016 No. 233

Article 37-3.

It is excluded according to the Law of the Republic of Moldova of 03.10.2016 No. 233

Chapter V-2. Special management

Article 37-4.

It is excluded according to the Law of the Republic of Moldova of 03.10.2016 No. 233

Article 37-5.

It is excluded according to the Law of the Republic of Moldova of 03.10.2016 No. 233

Article 37-6.

It is excluded according to the Law of the Republic of Moldova of 03.10.2016 No. 233

Article 37-7.

It is excluded according to the Law of the Republic of Moldova of 03.10.2016 No. 233

Article 37-8.

It is excluded according to the Law of the Republic of Moldova of 03.10.2016 No. 233

Article 37-9.

Voided according to the Law of the Republic of Moldova of 06.10.2017 No. 202

Article 37-10.

It is excluded according to the Law of the Republic of Moldova of 03.10.2016 No. 233

Article 37-11.

It is excluded according to the Law of the Republic of Moldova of 03.10.2016 No. 233

Article 37-12.

It is excluded according to the Law of the Republic of Moldova of 03.10.2016 No. 233

Article 37-13.

It is excluded according to the Law of the Republic of Moldova of 03.10.2016 No. 233

Article 37-14.

It is excluded according to the Law of the Republic of Moldova of 03.10.2016 No. 233

Article 37-15.

It is excluded according to the Law of the Republic of Moldova of 03.10.2016 No. 233

Article 37-16.

It is excluded according to the Law of the Republic of Moldova of 03.10.2016 No. 233

Article 37-17.

It is excluded according to the Law of the Republic of Moldova of 03.10.2016 No. 233

Article 37-18.

It is excluded according to the Law of the Republic of Moldova of 03.10.2016 No. 233

Chapter VI.

Voided according to the Law of the Republic of Moldova of 06.10.2017 No. 202

Chapter VI-1 Involuntary liquidation of bank

Article 38-1. General provisions about involuntary liquidation of bank

(1) in case of revocation of license of bank as a result of establishment at least one of the conditions of insolvency provided by part (3) Articles 38, or on one of the bases, stipulated in Article 10, except for Items a), h) parts (1) and parts (2) the specified Article, the National Bank on own initiative makes the decision on initiation of process of involuntary liquidation of bank.

(2) Liquidation of bank on others, than insolvency, to the bases is not obstacle for initiation of process of involuntary liquidation of bank on the insolvency basis if in the course of liquidation it is determined that the bank became insolvent.

(3) Along with revocation of license and initiation of process of involuntary liquidation of bank the National Bank appoints the liquidator. For the reasonable reasons the National Bank has the right to replace the liquidator.

(4) the Order of National Bank about appointment (replacement) of the liquidator in seven-day time after its acceptance is published in the Official monitor of the Republic of Moldova.

(5) From the date of revocation of license of bank:

a) The National Bank closes accounts in lei of the relevant bank and "the bank in the course of liquidation" into which the sums of money which are available on bank accounts this day are listed and by means of which the liquidator will perform all transactions in lei connected with the liquidated bank opens the new account marked;

b) the liquidator closes the accounts in foreign currency opened in other banks (including National Bank), and the foreign currency which is available on bank accounts this day according to the order of the liquidator is enlisted depending on type of foreign currency into one or several accounts with specified in Item a) mark opened in banks/banks of the Republic of Moldova by means of which the liquidator will perform the foreign currency transactions connected with the liquidated bank.

(6) Involuntary liquidation of bank is made extrajudicially.

(7) Process of liquidation of bank cannot exceed five years from the date of revocation of license. The specified term can be extended by National Bank for a period of up to two years based on the reasonable petition of the liquidator of bank.

Article 38-2. Conditions of appointment of the liquidator

(1) the Liquidator designates the physical person conforming to the requirements imposed to the head of bank and established by the corresponding regulations of National Bank.

(2) Any person cannot be liquidator if it:

a) has criminal record;

b) within the last five years it was brought to the civil responsibility for the imaginary or colourable transactions, transactions made under the influence of delusion by deception, violence, as a result of the malicious agreement, or for violation of confidential (trust) obligations;

c) is accused of criminal case or the defendant in civil process;

d) did not fulfill obligations on debt repayment or percent in relation to any bank.

(3) For determination of availability/no conflict of interest the liquidator before appointment shall provide to National Bank information on the private and business interests, and also on the financial relations - the, the spouse and children, including:

a) about debt to the liquidated bank, work in it or the property rights in it;

b) about the relations for the last five years with any bank as his worker, the head or the shareholder with essential share;

c) about the financial, business or personal relations with any person having certain interests in the liquidated bank or its assets including information concerning the subsequent employment to this person;

d) about failure to carry out of property obligations in relation to bank in the course of liquidation or to any bank for the last five years;

e) about ownership of the property competing with real estate of bank if in case of liquidation of bank assessment, the order and management of this property is supposed;

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