RESERVES

Minimum reserves

Reserves are to be used for:

The municipalities establish their own reserves.

use of the municipality's reserve funds;

The following may be added to compulsory stocks of the Contracting Party establishing the compulsory stocks:

Foreign reserve assets held by national central banks

Public stockholding for food security purposes(5)

b) name and address of the Undertaking, who stores the stock

(c) to hold and manage the official foreign reserves of the Member States;

Stocks stored in the territory of the other Contracting Party under this Agreement shall not be accounted and regarded as stocks of the Contracting Party, which performs such storage operations.

d) address of the location (tank farm), where the stock is physically located.

e) address of the location (tank farm), where the stock is physically located.

When the reserves of a municipality reach 2 % of the annual income from the balance-sheet of the previous year, reserve allocations are no longer necessary.

(f) the gold and other reserves and shares of the Bank for International Settlements, Basle held by the SFRY;

The Hungarian Agency responsible for national compulsory stockpiling in Hungary is the Kõolaj és Kõolajtermék Készletezõ Szövetség, whereas the Slovenian Agency responsible for national compulsory stockpiling in Slovenia is the Zavod Republike Slovenije za obvezne rezerve nafte in njenih derivatov.

b) compulsory stocks of crude oil and oil products will be the stocks defined in the European Economic Community Directive No. 68/414/EEC and its amendment, the 98/93/EC Directive.

Contracting Parties shall secure that such stocks be also at any other time available and accessible for control and use.

Normally, allocations for reserves are made every month. The final deadline is 31 December of the current year.

The municipality must determine, by ordinance or decree, the person who makes decisions with regard to the use of funds from the current budget reserve.

If the state of the liabilities of the Bank should so justify, the Board of Directors may decide to set aside additional reserves.

The Contracting Party that establishes the compulsory stocks shall monthly inform the other Contracting Party about the conclusion of any contract under the scope of this Agreement.

(b) The Bank of England shall pay up its subscribed capital, transfer to the European Central Bank foreign reserve assets and contribute to its reserves on the same basis as the national central bank of a Member State whose derogation has been abrogated.

In the event of crude oil and petroleum product supply crisis, the Agency having the right of disposal over the stock shall make any and all withdrawal from such stock, and the Contracting Party which has established such stock shall report after this event to the other Contracting Party as soon as possible.

For the purposes of implementing this Agreement, Contracting Parties will mutually secure appropriate guarantees under their legislation that either Contracting Party on whose behalf such stocks are established and/or held abroad under a storage agreement will be entitled to include such stocks of crude oil and petroleum products into its compulsory stocks in accordance with the relevant provisions of the European Union, provided that there is an inter-governmental agreement in place between the two countries in this case.

a) stocks held in the territory of the other Contracting Party, which the Agencies may dispose of based on ownership, part-ownership or other legal title,

Contracting Parties will be entitled to inspect the stocks involved into such storage and held in their respective territories, and will report the results and findings of such inspection to the other Contracting Party.

The Contracting Party, which has established the stock will check the accuracy of such data, and, in case of any discrepancy, it will inform the other Contracting Party on any claim or comment.

The reserves should be established with part of the total income from the balance-sheet, to be determined annually in the budget, and should not amount to less than 0.5 % of the total income.

The European Central Bank shall have the full right to hold and manage the foreign reserves that are transferred to it and to use them for the purposes set out in this Statute.

The provisions set forth in this Agreement will be applied in respect of the compulsory stocks of crude oil and petroleum products, in respect of which the agency (hereinafter: the Agency) performing the national stockholding obligation of the Contracting Party, which establishes such stocks, will conclude commercial contracts for holding compulsory stocks with the other Contracting Party's company, undertaking or legal entity (hereinafter Undertaking), which is under the jurisdiction of such Contracting Party and which is entitled to perform stockholding operations within the national boundaries of this Contracting Party.

Traditional guidelines advise that the intensity of the exercise in an individual needs to be 50-85 % of his/her heart rate reserve which corresponds to 50-85 % of the maximum aerobic power (oxygen consumption).

Funds used for purposes under items 1 and 3 of the previous paragraph are normally given without repayment obligations (non-returnable), while funds under item 2 must be returned to the reserves by the end of the year.

a) Stocks held under this Agreement for the purpose of the other Contracting Party will be free of any customs, duties, taxes and customs-guarantee payment obligation.

the payer` s profits or reserves which are, on the basis of participation in the payer, distributed either upon dissolution or upon exclusion or withdrawal of a shareholder, partner or member of the payer;

Companies in extracting industries should disclose their reserves according to best practices in this regard, as this may be a key element of their value and risk profile.

profit sharing, especially for dividends and other expenditures which, subject to the provisions of this Act, are similar to dividends, reserves from the profits, remuneration to the management board and to the members of the taxable person` s supervisory board which have the nature of profit sharing;

For the application of this Article, the Council shall, in accordance with the procedure laid down in Article 41, define the basis for minimum reserves and the maximum permissible ratios between those reserves and their basis, as well as the appropriate sanctions in cases of non-compliance.

The Contracting Parties shall assume the obligation that the stored compulsory stocks shall fully be at the disposal of the said owners, or the beneficiary of the declaration of obligation even if there is any crises emerging in the crude oil or petroleum products supply.

Further calls of foreign reserve assets beyond the limit set in paragraph 1 may be effected by the European Central Bank, in accordance with paragraph 2, within the limits and under the conditions laid down by the Council in accordance with the procedure laid down in Article 41.

Subject to Article 2, the European Central Bank may require credit institutions established in Member States to hold minimum reserves on accounts with the European Central Bank and national central banks in pursuance of monetary policy objectives.

where the transferring company is resident in an EU Member State other than Slovenia and the receiving company is resident in Slovenia, provided that the transferred assets, liabilities, provisions, reserves and losses do not, after the merger or division, belong to the receiving company` s place of establishment outside Slovenia.

Without prejudice to Article 28, the European Central Bank shall be provided by the national central banks with foreign reserve assets, other than Member States' currencies, euro, International Monetary Fund reserve positions and special drawing rights, up to an amount equivalent to 50 000 million euro.

where the receiving company is resident in an EU Member State other than Slovenia and the transferring company is resident either in Slovenia or in an EU Member State, provided that the transferred assets, liabilities, provisions, reserves and losses do, after the transfer, belong to the receiving company` s place of establishment in Slovenia.

The Contracting Parties shall mutually ensure that they will have any and all legal means to control and supervise the said stocks even under the referred circumstances, including enforcing the right of disposal over the said stocks, so that such stocks can be freely and at any time be transported onto the territory of the owner Contracting Party.

where the transferring company is resident in an EU Member State other than Slovenia and the receiving company is resident in Slovenia, for transferring activities situated in Slovenia, if the transferred assets, liabilities, provisions, reserves and losses do not, after the transfer, belong to the receiving company` s place of establishment outside Slovenia.

Stocks stored in the territory of the other Contracting Party under this Agreement shall fully form the property and fully be at the disposal of the Contracting Party, which has established such storage, or the Agency, which are statutorily involved into performing a national stockholding obligation of this Contracting Party, as specified under Article 1.3. herein.

a) „stocks of crude oil and petroleum products` will be deemed as the following, in accordance with the Directive 68/414/EEC as amended by the Directive 98/93/EC: crude oil motor spirit and aviation fuel (aviation spirit and jet fuel of the gasoline type) gas oil, diesel, kerosine and jet fuel of the kerosine type fuel oils.

where the receiving company is resident in an EU Member State other than Slovenia and the transferring company is resident either in Slovenia or in another EU Member State, provided that the transferred assets, liabilities, provisions, reserves and losses do, after the merger or division, belong to the receiving company` s place of establishment in Slovenia.

The central bank of a Member State whose derogation has been abrogated shall pay up its subscribed share of the capital of the European Central Bank to the same extent as the central banks of other Member States whose currency is the euro, and shall transfer to the European Central Bank foreign reserve assets in accordance with Article 30(1).