THE NATIONAL COUNCIL OF THE SLOVAK REPUBLIC
of the National Council of the Slovak Republic
of May 15, 1997
on Non-Investment Funds and on Changing and Amending the Law no.
The National Council of the Slovak Republic has adopted the following law:
This law regulates the establishment, formation, abolition, termination, and economic operations of non-investment Funds (hereinafter only “Fund”).
(1) A Fund is a not-for-profit legal entity which joins money intended for fulfilling generally beneficial purposes or individually directed humanitarian aid for an individual or a group of persons whose life is at risk or they are in urgent need of assistance due to an occurrence of a disaster of nature.
(2) In particular, this law considers a generally beneficial purpose to be a) the promotion and protection of spiritual values,
b) the protection of human rights,
c) the protection and development of the environment,
d) the preservation of natural and man-made values,
e) the protection and support of health and education,
f) the development of social services.
(3) A Fund can also own items necessary for its operation, in the scope determined by its Statutes.
Establishment of a Fund
(1) A Fund can be established by an individual or a legal entity (hereinafter only “Founder”).
(2) If the Founder is an individual, the Fund is established by a Letter of Establishment in the form of a notary record. If there is more than one Founder, the Fund is established by an Establishment Contract. The validity of all signatures has to be officially verified. A Letter of Establishment has to contain all items necessary for an Establishment Contract.
(3) An Establishment Contract can also be concluded by an attorney delegated the power of attorney. The power of attorney declaration containing an officially verified signature of the delegating party should be attached to the Establishment Contract.
Name of the Fund
The name of the Fund is the name under which the Fund is entered in the Register of Funds (hereinafter only “Register”). The name of the Fund has to contain the label “Non-
Investment Fund” or the abbreviation “n.f.”.
Requisites of the Establishment Contract
(1) (1) An Establishment Contract contains
a) the name and address of the Fund,
b) the time period for which the Fund is established,
c) the purpose supported by the Fund,
d) the first and last name (name) and permanent residence (address) of the Founders, e) the amount of financial contribution (hereinafter only “contribution”) of each Founder and the deadline for depositing the contribution,
The Statutes of the Fund
(1) In particular, the Statutes of the Fund contain
a) the name and address of the Fund,
b) the purpose supported by the Fund,
c) determination of persons who can receive benefits from the Fund, or determination of the geographic area in which benefits will be provided,
d) organs of the Fund and their scope of competence,
e) stipulations of restrictions of expenditure on the Fund’s operation,
f) a mechanism for property settlement in case of abolishment of the Fund, g) determination of the person who will overtake the authority of the Founder in case of death or abolishment.
(2) All persons are entitled to view the Statutes of the Fund and make excerpts or manual copies thereof.
(3) The Fund is obligated to make the Statutes of the Fund available on request.
The Contribution of the Founder
(1) The contribution of the Founder is the sum of all money which the Founder agrees to deposit in the Fund. The value of the Founder’s contribution has to be at least Sk 2,000.
(2) The deposited contribution of the Founder is the property of the Fund. The Founder is required to deposit his contribution before the deadline set in the Establishment Contract.
Administration of Contributions to the Fund
(1) Before the establishment of the Fund, the deposited parts of all contributions are administered by the Founder delegated by the Establishment Contract. These deposits become the property of the Fund on the day of its formation.
(2) After the formation of the Fund, the Founder in charge of deposits is required to turn them over to the Fund without unnecessary delay. If the Fund is not formed, he is required to refund them to the Founder who deposited them.
(3) The Founder is charge of deposits is required to issue a written declaration of deposit of a contribution or its part by the individual Founders. This declaration is
higher amount than deposited, he is responsible for all liabilities of the Fund up to the amount of not deposited contributions.
The Formation of a Fund
(1) The Fund is formed on the day when is recorded in the Register. The proposal
for entry is the Register has to be submitted within 60 days from the establishment of the Fund. It is accompanied by the Establishment Contract, the Statutes of the Fund, and a declaration of deposit of contribution or its part by the individual Founders.
(2) The Register is maintained by the regional office according to the seat of the Fund (hereinafter only “Registration Office”).
(1) The Registration Office issues a registration decree and makes a record in the Register if the Establishment Contract and the Statutes are in conformance with the law.
(2) The entry in the Register contains
a) the name and adress of the Fund,
b) the identification number,
c) the purpose supported by the Fund,
d) the amount pledged by each Founder and the actual amount deposited,
e) the name of the bank and the number of the account of the Founder, in which the deposited contributions and other money are deposited,
f) the first and last name and address of permanent residence of the Administrator of the Fund.
(3) A change or abolishment of recorded date will be entered in the Register without unnecessary delay.
(4) The identification number for the Fund is issued by the Registration Office.
(5) The entry in the Register is carried out by the date set in the Proposal for Entry. If the Registration Decree is issued later or the Proposal does not contain a date by which the entry is to be carried out, the entry will be carried out on the date when this decree is issued.
(6) The entries recorded in the Register will be forwarded by the Registration Office within 10 days from registration to be published in the Business Herald (“Obchodny vestnik”). Furthermore, it will forward this date to the ministry for the
(7) The act of registration and the Registration Decree are regulated by the
1provisions of the general rules of administrative conduct, unless this law stipulates
(1) Until the formation f the Fund, the Founder, Founders, or one of the Founders determined in the Establishment Contract acts on behalf of the Fund on issues related to the formation of the Fund.
(2) The Founders are responsible together and indivisibly for all liabilities accepted by the Founders or one of the Founders on behalf of the Fund before the day when the Fund is formed.
(3) Liabilities created according to Part 2 are transferred to the Fund when it is formed, unless rejected by the Fund within three months.
Abolition of the Fund
1 The Law no. 71/1997 Coll. on Administrative Conduct (The Administrative Order).
(1) A Fund is abolished
a) after expiration f the time period for which it was established,
b) after achieving the purpose for which it was established,
c) on the day stated in the Founders’ or the Board of Directors’ decision to abolish the Fund or otherwise, on the day when this decision was adopted,
d) by a decision of the Founders or the Board of Directors on a merger or a fusion of the Fund,
e) on the day stated in a ruling of a court to abolish the Fund or otherwise on the day when this decision acquires legal force,
f) upon declaration of bankruptcy or a rejection of a proposal for bankruptcy due to insufficient property.
(2) A court can rule on the abolition and liquidation of a Fund proposed by a state organ or a person who proves legal interest in the matter if
a) the Fund has grossly violated or repeatedly violated provisions of the Statutes and of universally binding legal statutes,
b) for a period longer than two years, the Fund does not pursue the purpose for which it was established or has achieved the purpose for which it was established and the proposal for removal from the Register has not filed.
(3) Before ruling on a proposal to abolish a Fund, the court can determine a deadline for rectifying the reasons for which the abolition has been proposed.