LAW OF THE REPUBLIC OF MOLDOVA

of March 6, 2020 No. 42

About modification of some legal acts

The Parliament adopts this organic law.

Art. I. - In the Law on National Bank of Moldova No. 548/1995 (repeated publication: The official monitor of the Republic of Moldova, 2015, Art. No. 297-300, 544), with subsequent changes to make the following changes:

1. In Article 19:

part (3) after words "subject to distribution", to add with words "the part deducted according to provisions (5) Article 20";

in part (6) word "the general reserve fund has debit balance", shall be replaced with words "the size of the authorized capital falls lower than 4 percent from cumulative monetary commitments of National Bank,", and the words "for covering of debit balance", - the words "for increase in the authorized capital up to 4 percent from cumulative monetary commitments of National Bank";

part (to state 7) in the following edition:

"(7) Issue and equity contribution of National Bank of government securities will be made by one tranche within the year following after year in which the size of the authorized capital lower than 4 percent from cumulative monetary commitments of National Bank was registered.".

2. Part (Article 20 to state 5) in the following edition:

"(5) Upon termination of financial year the profit which is subject to distribution is deducted for increase in the authorized capital in the following procedure:

a) if the size of the authorized capital constitutes less than 4 percent from cumulative monetary commitments of National Bank, the profit which is subject to distribution is deducted in full for increase in the authorized capital according to the procedure, provided by part (3) Article 19;

b) if the size of the authorized capital constitutes from 4 to 10 percent from cumulative monetary commitments of National Bank, 50 percent of the profit which is subject to distribution is deducted for increase in the authorized capital according to the procedure, provided by part (3) Articles 19, and 50 percent of the profit which is subject to distribution are transferred in the income of the government budget;

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