Properties in China from Judicial Enforcement
BIZCHINA / Finance
Law of the People's Republic of China on Exempting Foreign Central
Bank's Properties in China from Judicial Enforcement
Updated: 2006-04-18 10:43
(Adopted at the 18th session of the Standing Committee of the Tenth
National People's Congress of the People's Republic of China on October
25, 2005)
Article 1 The People's Republic of China grants to the properties of a
foreign central bank the exemption of judicial enforcement in property
preservation and enforcement, except for properties on which the foreign
central bank or its governments gives up exemption in writing, or those
properties are specially used in property preservation and enforcement.
Article 2 The "foreign central banks" as mentioned in the present Law
refer to the central banks of foreign countries and regional economic
integration organizations, or those financial administrations exercising
the functions of a central bank.
The "properties of a foreign central bank" as mentioned in the present
Law refer to the cash, bills, bank deposits, securities, foreign exchange
reserves and gold reserves, as well as real estate and other properties
of the said bank.
Article 3 In case a foreign country does not grant the exemption to the
properties of the central bank of the People's Republic of China or the
properties of financial administrative organs of special administrative
regions of the People's Republic of China, or grants the exemption that
is lower than that as prescribed in the present Law, the People's
Republic of China shall handle the matter in accordance with the
principle of reciprocity.
Article 4 The present Law shall go into effect as of the day of
promulgation.
Promulgated by the Standing Committee of the National People's Congress
on 2005-10-25
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