LAW ON AMENDING THE LAW OF THE CENTRAL BANK OF THE REPUBLIC OF ESTONIA
Proceeding from the motion of the Chancellor of Law of January 6, 1994 the Law of the Central Bank of the Republic of Estonia (RT I 1993, 28, 498; Legal Acts of Estonia 1993, No. 7) shall be amended as follows:
Article 1
1) Paragraph 3 of Article 1 shall be amended and shall read as follows:
"(3) Eesti Pank, in order to carry out its mandates, is governed by the Constitution of the Republic of Estonia, the current Law, other legal acts and its own Statute.";
2) paragraph 4 of Article 1 shall be amended and shall read as follows:
"(4) The legal status of Eesti Pank may be changed only by amending the Law of the Central Bank of the Republic of Estonia.";
3) paragraph 5 of Article 1 shall be changed and shall read as follows:
"(5) In order to achieve the mandates of Eesti Pank, the Board of Eesti Pank shall pass resolutions and the President of Eesti Pank shall issue regulations and orders."
Article 2
1) The first paragraph of Article 8 shall be amended and shall read as follows:
"(1) The members of the Board of Eesti Pank shall be appointed by Riigikogu on the motion of the Chairman of the Board of Eesti Pank. The President of Eesti Pank shall be considered as a member of the Board of Eesti Pank as of the moment of entering upon his duties.";
2) [no changes in the English text]
3) paragraph 3 of Article 8 shall be amended and shall read as follows:
"(3) Members of the Government of the Republic and the employees of Eesti Pank, except the President of Eesti Pank may not be nominated to the Board of Eesti Pank.";
4) paragraph 5 of Article 8 shall be amended and shall read as follows:
"(5) The members of the Board of Eesti Pank shall be appointed to a term of five years, except the President of Eesti Pank whose membership shall terminate upon his resignation.";
5) new paragraphs 7 and 8 shall be added which shall read as follows:
"(7) In case a member of the Board of Eesti Pank is appointed to the Government of the Republic or the President of Eesti Pank or is employed by Eesti Pank, upon nomination by the Chairman of the Board of Eesti Pank the State Assembly shall appoint a substitute member, whose membership shall terminate upon the member of the Board of Eesti Pank leaving office which excludes membership of the Board of Eesti Pank, or resigning from Eesti Pank.
(8) The authority of the members of the Board of Eesti Pank appointed later shall terminate on the expiration of the term of office of the initial composition of the Board of Eesti Pank."
Article 3
Paragraph 5 of Article 9 shall be amended and shall read as follows:
"(5) Meetings of the Board of Eesti Pank shall be private and closed to the public. The Minister of Finance shall participate with the right to speak."
Article 4
1) Item 3 of the first paragraph of Article 11 shall be amended and shall read as follows:
"3) prompt organizing of banking issues subject to the financial and banking policy formed by the Board of Eesti Pank;";
2) paragraphs 5 and 6 of Article 11 shall be amended and shall read as follows:
"(5) The President of Eesti Pank shall issue regulations and orders.
(6) Norm establishing regulations and orders issued by the President of Eesti Pank on the basis of laws, resolutions of the Board of Eesti Pank and other legal acts, shall be published in Riigi Teataja.".
Article 5
Item 3 of the first paragraph of Article 23 shall be amended and shall read as follows:
"3) to make a suggestion to the owners concerning the discharge of the members of the administration who, in the opinion of Eesti Pank have discredited themselves.".
Article 6
Paragraph 3 of Article 24 shall be amended and shall read as follows:
"(3) If, during the moratorium period, the credit institution has not been able to regain solvency, Eesti Pank may either during the moratorium period or in the decision concerning the termination of the moratorium cancel the licence granted to the credit institution and allow the institution to be liquidated as foreseen in its statute and by the date established by Eesti Pank to initiate bankruptcy procedure or to force the credit
institution to compulsory liquidation in the order provided by the law."
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