Assumption and Performance by the Republic of Estonia of Proprietary Obligations Related to Membership in International Organisations Act
Passed 23.01.2002
RT I 2002, 11, 58
Entry into force 11.02.2002
Amended by the following legal instruments (show)
| Passed | Published | Entry into force |
|---|---|---|
| 15.12.2011 | RT I, 23.12.2011, 9 | 24.12.2011 |
§ 1. Scope of application of Act
This Act provides the bases of and procedure for assumption and performance of the additional proprietary obligations, e.g. issue and redemption of bonds, related to the performance of the obligations assumed by the Republic of Estonia when joining the International Bank for Reconstruction and Development and the organisations belonging thereto, and the Council of Europe Development Bank (all hereinafter international organisation).
[RT I, 23.12.2011, 9 - entry into force 24.12.2011]
§ 2. Types of obligations
(1) The Republic of Estonia shall pay for the shareholding in the international organisation either in money or by issuing bonds.
(2) If the currency in which the Republic of Estonia has made a payment or issued the bonds weakens against the currency in which the international organisation keeps the record of the shareholding of the Republic of Estonia, an additional payment shall be executed to maintain the amount of the shareholding in accordance with the claim submitted by the international organisation by paying the necessary amount to the account of the international organisation or by the issue of bonds.
§ 3. Issue of bonds
(1) The Government of the Republic shall adopt a resolution concerning the issue by the Republic of Estonia of the bonds specified in § 2 of this Act.
(2) The bonds shall be issued on the following terms:
1) the nominal value of the bond shall equal the amount for which the international organisation submits to the Republic of Estonia a claim for payment;
2) the bond shall be non-interest-bearing;
3) the transfer of the bond shall be prohibited.
4) the redemption of the bond shall be performed at the first request of the international organisation.
(3) The Minister of Finance shall organise the operations related to the issue of the bonds.
§ 4. Redemption of bonds
(1) The redemption of the bonds issued by the Republic of Estonia to the international organisation shall be performed on the basis of the schedule or claim letter submitted by the international organisation.
(2) The Government of the Republic shall organise the redemption of the bonds.
(3) The Government of the Republic shall be entitled, without the consent of the Riigikogu, to take for the redemption of the bonds a short-term loan in the amount of up to 5 per cent of the state budget revenue approved by the Riigikogu for the current budget year.
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