LAW ON FOREIGN CURRENCY TRANSACTIONS (“Official ... - Siepa

Guarantees, sureties and other forms of collateral in this Article are provided in the currencyform the main credit facility transaction, whose proper performance they ensure.Article 19Resident who concludes international credit facility operations contract shall be responsible forthe execution of obligations arising from the contract, as well as resident under whoseauthorization and for whose account the contract was concluded, and/or the bank and resident -legal entity that purchases claims from the resident and/or assumes debt towards the nonresidentwith regard to international credit facility operations.The Republic and the National Bank of Serbia shall not guarantee for the execution ofobligations arising from international credit facility operations, except in cases envisaged by law.The international credit facility operations contract shall be considered null and void if concludedin breach of provisions of paragraph 2 of the present Article.Article 20The bank, as well as resident - legal entity may purchase from the resident claims with regard tocredit facility approved to non-resident, and assume resident’s debt towards the non-residentwith regard to international credit facility operations.Operations referred to in paragraph 1 of the present Article may be performed only on the basisof contract concluded in writing between all participants in the activity.Non-residents may purchase from residents claims and payables with regard to internationalcredit facility operations, only under the conditions and in the manner prescribed by the NationalBank of Serbia.Article 21Financial credit facilities taken from abroad may be used for the payment of import of goods andservices and financing of the performance of construction works abroad, concluded by residentswithin the scope of their activity, and for the repayment of previously used external creditfacilities (refinancing).Residents may take financial credit facilities from abroad for other purposes as well, in themanner and under the conditions determined by the National Bank of Serbia.Article 22The National Bank of Serbia may determine the volume and conditions under which banks maytake short-term termed bank deposits and short-term bank credit facility lines from foreign banks.Article 23