The Monitor

OFFICIAL JOURNAL OF THE REPUBLIC OF HAITI

Appearing
On Monday and Thursday

Director
Simon DESVARIEUX

134th Year No. 72
YEAR XXII OF THE DUVALIERIST REVOLUTION
Tuesday, September 11, 1979

EXTRAORDINARY ISSUE

Law on banking reform, replacing the BNRH with two autonomous Institutions: the BRH and the BNC.
Law creating the National Bank of the Republic of Haiti, hereinafter designated: "BRH".
Law creating the National Credit Bank, hereinafter designated: BNC.
State Secretariat of Commerce and Industry. Excerpts from the Register of Trade and Commercial Marks.
Notice.

LAW

JEAN-CLAUDE DUVALIER

Life President of the Republic

Having seen Articles 67, 93, 160, 149, and 161 of the Constitution; Having seen the Law of August 30, 1978, on the Budget and Public Accounting; Having seen the constituent act of the BNRH of August 17, 1922, and its statutes as a joint-stock company; Having seen the Law of March 28, 1935, sanctioning, with modifications, the contract for the sale to the Republic of Haiti of all the social capital of the BNRH, a contract concluded on May 12, 1934, between the Haitian Government and William W. LANCASTER and Walter F. WOORLIES acting for and on behalf of: "THE BANK OF HAITI, INC"; Having seen the Law of September 16, 1953, organizing the Fiscal Department of the National Bank of the Republic of Haiti (BNRH); Considering that it is indispensable to adapt our banking structures to the new requirements of the economic and social development of the nation; Considering that the Haitian State has an interest in equipping itself with a Central Bank, to create in the field of money and credit the necessary conditions for the growth of the national economy; On the report of the Secretary of State for Finance and Economic Affairs; And after deliberation in the Council of Secretaries of State;

PROPOSES

And the Legislative Chamber has voted the following Law:

Article 1. — Upon publication of this Law, the National Bank of the Republic of Haiti (BNRH) is replaced by two autonomous Institutions: The Bank of the Republic of Haiti (BRH) functioning as the Central Bank and the National Credit Bank (BNC) functioning as a Commercial Bank.

Article 2. — These two Institutions will operate according to their own organic Law.

Article 3. — With the obvious aim of not disrupting business, the Boards of Directors of these two Institutions are authorized, during a transitional period which must not exceed six (6) months, to continue ongoing operations, to take any conservatory measures deemed necessary and likely to ensure the proper conduct of operations in the banking sector.

Article 4. — This Law repeals all Laws or provisions of Laws, all Decrees or provisions of Decrees, all Decree-Laws or provisions of Decree-Laws that are contrary to it and shall be published and executed at the diligence of the Secretaries of State for Finance and Economic Affairs, for Commerce and Industry, and for Justice, each insofar as it concerns them.

Given at the Legislative Chamber, in Port-au-Prince, on August 17, 1979 Year 176th of Independence.

The President
Victor Nevers CONSTANT
The Secretaries
Jean Th. LINDOR
Saint Arnaud NUMA

IN THE NAME OF THE REPUBLIC

The Life President of the Republic orders that the above Law be affixed with the Seal of the Republic, printed, published, and executed.

Given at the National Palace, in Port-au-Prince, on August 23, 1979. Year 176th of Independence.

JEAN-CLAUDE DUVALIER

By the President
The Secretary of State for Finance and Economic Affairs: Emmanuel BROS The Secretary of State for Commerce and Industry: Guy BEAUDUY The Secretary of State for Justice: Me. Ewald ALEXIS The Secretary of State for the Interior and National Defense: Me. BERTHOLAND EDOUARD The Secretary of State for Mines and Energy Resources: Fritz PIERRE LOUIS The Secretary of State for Coordination and Information: Ulysse PIERRE LOUIS The Secretary of State for National Education: Joseph BERNARD The Secretary of State for Labor and Social Affairs: Hubert de RONCERAY The Secretary of State for Public Health and Population: Dr. Willy VERRIER The Secretary of State for Agriculture, Natural Resources, and Rural Development: The Agronomist Edouard BERROUET The Secretary of State for Planning: Raoul BERRET The Secretary of State for Public Works, Transport, and Communications: Engineer Pierre ST. COME The Secretary of State for Youth and Sports: Gérard R. ROUZIER The Secretary of State for Foreign Affairs and Cults: Gérard DORCELY