LAW OF THE REPUBLIC OF MOLDOVA

of May 3, 2012 No. 95

About modification and amendments in the Law on savings and loan associations No. 139-XVI of June 21, 2007

The Parliament adopts this organic law.

Art. I. - In the Law on savings and loan associations No. 139-XVI of June 21, 2007 (Official monitor of the Republic of Moldova, 2007, No. 112-116, of the Art. 506), with subsequent changes, to make the following changes and additions:

1. In all text of the law of the word "institutional capital" and "Institutional Capital" to replace respectively with the words "institutional reserve" and "Institutional Reserve" in the corresponding case.

2. In Article 3 in the concept "administrator" of the word "head of branch" shall be replaced with words "the head of branch or representation,".

3. Part (Article 7 to add 1) with Item 31) of the following content:

"31) rendering insurance intermediary services as the agent банкашуранс;".

4. Part (3) articles 8 after word "agreements", to add with words "the signed parties,".

5. Item d) parts (1) Article 9 to add with words ", except for physical persons;".

6. Item е) Article 10 to state in the following edition:

"e) accept savings deposits in compensation of obligations of association, including the credits and loans obtained by it.".

7. In Article 12:

part (to add 1) with the offer: "The chief executive and the chief accountant are subject to certification by supervision body with issue of the qualification certificate.";

part ("branch" to add 2) after the word with the words "and/or representation", and at the end - the text: "Administrators of association start execution of the obligations on condition of compliance to the requirements provided by part (1). Administrators of the association having the license of category B or C start execution of the obligations only after approval in position by supervision body according to the procedure established in its regulations. Approval by supervision body of the specified administrators in the corresponding positions is performed within 30 calendar days.";

in part (3):

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