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(Act No. 397/2001 Coll. amending the Act of the National Council of the Slovak Republic No. 118/1996 Coll. on Protection of Deposits, and amending and supplementing certain acts in the wording No. 154/1999 Coll. and amending and supplementing the Act No. 328/1991 Coll. on Bankruptcy and Composition, as amended)
The goal of the amendment to the Act on protection of deposits was to eliminate any doubts whether the Fund for Protection of Deposits (the "Fund") is a creditor of the bank after the payment of substitutes for inaccessible deposits to depositors of such bank.
For the purpose of securing the above stated, the amendment to the Act clearly specifies that as of the date of payment of a substitute for an inaccessible deposit to a depositor by the Fund, a receivable against the bank incurs to the Fund and the Fund becomes its creditor.
In connection with the amendment to the Act on protection of deposits, the amendment to the Act on bankruptcy and composition has supplemented temporary provisions of this Act by a provision, according to which proceedings commenced before the effectiveness of this amendment and not completed by a legal court decision will be completed in accordance with this Act using its wording after the amendment.
This Act is in force from 5 October 2001.
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