Amendment to the Act on Accounting
Under an amendment to the Act No. 173/1998 Coll. on Accounting, the wording of the Act was harmonised with the wording of the Commercial Code. With effect from 1 July 1998, specified accounting units maintaining single-entry bookkeeping will be given the opportunity to maintain double-entry bookkeeping instead.
Under the amendment, non-investment funds and non-profit organisations providing public services were, amongst others, included in the list of accounting units that can maintain single-entry bookkeeping.
Trading in bonds issued by the National Property Fund (NPF)
According to the ruling of the Constitutional Court, the provision of Act No. 190/1995 Coll. stipulating that NPF bonds may be acquired only by debtors of NPF is inconsistent with the Constitution.
With effect from 16 July 1998, NPF bonds may be acquired by any individual or legal entity. RM-System will amend its market rules and prepare technical conditions enabling trade in the bonds according to this ruling within a period of about 30 days.
Amendment to the Labour Code
Amendment to the Labour Code and related provisions was published under No. 190/1998 Coll.
Under this amendment, the right to delegate employees to other work is limited to a certain extent.
The amendment is effective from 1 July 1998.
Measures of the National Bank of Slovakia (NBS)
The following announcements concerning new measures of NBS were published in the Collection of Laws:
Announcement No. 210 dealing with particulars of the application for providing banking services filed by building and saving associations.
The announced Measure lays down a minimum monetary contribution to the basic capital from mortgage banks and the way of substantiating fulfilment of the conditions for granting a bank license.
Announcement No. 211 dealing with the minimum contribution of Sk 500m to the basic capital made by a foreign bank to its branch in Slovakia.
Announcement No. 212 dealing with the conditions for approving acquisition of shares in the basic capital or their increase and extending voting rights, e.g. for the purposes of selling a bank, its branch or its part.
These measures are effective from 3 July 1998 and were published in Vestnik NBS No. 12/1998.
The information in this newsletter is correct to the best of our knowledge and belief at the time of going to press. Specific advice should be sought, however, before investment and other decisions are made.
For further information contact Mr Frank Walsh on +421 7 5340 545 Email directly on Click Contact Link