Official Gazette of RM, No. 105/09
PARLIAMENT OF THE REPUBLIC OF MACEDONIA
On the basis of Article 75 paragraph 1 and 2 of the Constitution of the Republic of Macedonia , the President of the Republic of Macedonia , and the President of the Parliament of the Republic of Macedonia issue the following: DECREE FOR PROCLAIMING OF THE LAW ON THE MACEDONIAN BANK FOR DEVELOPMENT PROMOTION The Law on the Macedonian Bank for Development Promotion has been proclaimed, passed
LAW ON THE MACEDONIAN BANK FOR DEVELOPMENT PROMOTION Article 1 This Law shall regulate the objectives, tasks, activities, operations and organization of the Macedonian Bank for Development Promotion. Article 2 The primary task of the Macedonian Bank for Development Promotion (hereinafter referred to as: MBDP) shall be to support and instigate the development of the Macedonian economy in compliance with the strategic politics, objectives and priorities of the Republic of Macedonia . Article 3 MBDP is a joint stock company, and the Republic of Macedonia is a sole shareholder. Article 4 In its operations MBDP adhere to the following principles: • non-competition, indiscrimination and transparency of operations, Article 5 • Provisions of the Banking Law, except provisions on the amount of the initial capital and the required amount of own funds for performing certain activities, founding and operating license, consents of a shareholder, restrictions of rights arising from shares, consent for modification and/or amendment to the Bank's Statute on increase in the initial capital, higher rate of capital adequacy which may be prescribed by the Governor and provisions for administration appropriately apply to MBDP, unless otherwise stipulated herein. Article 6 • The MBDP initial capital is MKD 932,400,000. Article 7 In order to perform tasks and activities set forth in this Law, MBDP shall provide funds by way of indebtedness in the country and abroad and by issuing debt securities in compliance with the law. Article 8 The net profit of the business year shall be transferred to the MBDP reserves. Article 9 • MBDP is responsible with all its assets for its liabilities. Article 10 The MBDP may perform the following basic activities: • financing the development of the companies founded in the Republic of Macedonia ; Article 11 • In order to accomplish the objectives and activities set forth in this Law, MBDP shall perform the following activities: • MBDP performs its activities from paragraph (1) of this Article on its own behalf and for its own account, and on behalf and for the account of the Republic of Macedonia on grounds of an agreement. • MBDP may, also, perform other activities on its own behalf and for its own account, if they are related to the performance of the activities in Article 10 of this Law and the activities of paragraph (1) of this Article. MBDP may accept deposits from legal entities and natural persons only if they serve as collateral in regard with the MBDP activities in paragraph (1) of this Article. • MBDP shall not lend or issue guarantees and other forms of collateral to the Republic of Macedonia and to the Budget beneficiaries and institutions users of the Republic of Macedonia Budget funds. Article 12 Activities in Article 11 of this Law, MBDP may perform through other banks or non-banking financial institutions and/or directly and/or together with other banks or non-banking financial institutions. Article 13 • In order to carry out projects and programmes of the Republic of Macedonia Government , MBDP provides credits with subsidized interest rate. • The Government of the Republic of Macedonia and MBDP shall conclude an agreement which shall set forth conditions under which interest rate subsidy shall be made, the amount of funds, the type of collateral and the way of funds transfer to MBDP. Article 14 • The MBDP capital adequacy rate may not be below 8%. Article 15 • Exposure of the banks and other financial institutions towards MBDP shall be treated as exposure towards the Republic of Macedonia . Article 16 • Banks and other financial institutions should not pledge its receivables arising by activities performed with MBDP funds. Article 17 • Bank bodies shall be: General Meeting of Shareholders, Supervisory Board, Board of Directors, Risk Management Committee, Auditing Committee, and other bodies specified by the MBDP Statute in accordance with the Banking Law. Article 18 • The National Bank of the Republic of Macedonia , within its competences, supervises the MBDP operations. Article 19 Bankruptcy proceeding or liquidation procedure may not be initiated or carried out in MBDP. Article 20 Provision under Article 12 of this Law for direct performance of activities by MBDP shall commence on January 1 st , 2010. Article 21 On placements approved by the day this Law enters into force shall apply procedures in force on their approval. Article 22 Macedonian Bank for Development Promotion established with the Law on Establishing the Macedonian Bank for Development Promotion (Official Gazette of the Republic of Macedonia no. 24/98, 6/2000, 109/2005 and 130/2008) shall continue its operations as Macedonian Bank for Development Promotion in accordance with provisions of this Law. Article 23 (1) Funds from the Guarantee Fund established with the Law on Establishing the Macedonian Bank for Development Promotion (Official Gazette of the Republic of Macedonia no. 24/98, 6/2000, 109/2005 and 130/2008) shall be transferred to the initial capital of MBDP, and within 30 days from the entering into force of this Law, MBDP shall increase appropriately the number of shares. Article 24 The existing members of the Board of Directors of MBDP who perform this function, shall continue performing the function of members of the Board of Directors until the expiration of the period the consent from the Governor of the National Bank of the Republic of Macedonia refer to. Article 25 The Methodology under Article 14, paragraph (6) of this Law, the Council of the National Bank of the Republic of Macedonia shall adopt within 3 months from the day this Law enters into force. Article 26 On the date this Law enters into force, the Law on Establishing the Macedonian Bank for Development Promotion (Official Gazette of the Republic of Macedonia no. 24/98, 6/2000, 109/2005 and 130/2008) shall cease being valid. Article 27 This Law shall enter into force on the eighth day from the date of its publishing in the "Official Gazette of the Republic of Macedonia |