PRESIDENTIAL DECREE OF THE REPUBLIC OF MOLDOVA

of April 19, 1994 No. 109

About measures for repayment of payment obligations for overdue debt and stabilization of financial position of the companies and organizations

For the purpose of ensuring repayment of payment obligations on overdue debt, the President of the Republic of Moldova decides improvements of financial position of the companies and organizations of the republic, acceleration of payments and calculations in economy:

Art. 1. - Recommend to National Bank of Moldova and commercial banks to make together with the ministries, departments and the organizations offset of debt as of April 1, 1994.

The companies and the organizations of all patterns of ownership and types of activity, and also the budget take part in offsetting.

Non-state business entities, except kolkhozes and the companies of consumer cooperation, are allowed to offsetting within credit revenues to the account on offsetting, at the same time in first-priority procedure claims of the budget and Social fund are accepted.

Art. 2 - Determine that

the amounts of credit balance on accounts go in equal shares for repayment of bank overdue loans and the percent added on them and on settlement accounts of the companies and organizations;

debit balances on repayment interoffsetting by the means which are available on settlement, currency accounts and also at the expense of the credits of commercial banks under the acting percent, within the available credit resources.

Art. 3. - To the government together with National Bank of Moldova:

in a month to make offers on repayment of the debit balances which remained after offset and are not extinguished at the expense of the means provided in paragraph three of Art. 2 of this Decree;

till April 20, 1994 to form Republican commission, district and city commissions of representatives of local government bodies, joint-stock commercial banks, financial bodies and bodies of customs control, Department of statistics and specialists of the corresponding profile from the companies and bodies for assessment of financial condition of all debtor enterprises.

To confer responsibility for the organization of activities of said commissions on heads of local government bodies.

Art. 4. - To again formed commissions till May 15, 1994:

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