Communications and transit > Enquiry on national public works

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loans shall be redeemed by annual payments within a maximum period of thirty years,
which period may, however, be extended to fifty years in the case of the large railway
systems of general interest. The annual redemption payments shall be calculated in
accordance with a uniform rate of interest, fixed periodically by decree of the Minister of
Labour and the Minister of Finance after consulting the National Commission provided
for in Article 3 above.
§ 2. The contracts referred to in § 1 shall provide not only for annual redemption
payments, but also for the obligation on the part of the borrowing collectivities to pay
interest for the period between the conclusion of the contract and the drawing, to the
debit of the Common Fund, of the amounts borrowed.
Article 5.
§ 1. At the end of each year from 1934 to 1940, the Deposit and Consignment Office
shall transmit to the General Guarantee Office and to the social insurance offices
concerned a bond stating the amount to be allotted to them in future years out of the
annual payments in respect of the loans granted in the previous year and fixed in accor¬
dance with the payments made for their account into the Common Fund during the said
year.
§ 2. During the entire period of amortisation of the loans granted, the Deposit and
Consignment Office shall credit the account of each office every year with the proportion
of the annual payments due to them after such payments have been received.
§ 3. The interest payable by the borrowers before the date taken as the starting-
point for the amortisation of the loans shall be paid into the Common Fund. All the
revenues of this fund shall be distributed by the Deposit and Consignment Office at the
end of each year among the General Guarantee Office and the social insurance offices in
proportion to the sums paid into the said fund for account of each organisation after
deduction of costs of administration.
§ 4. Should its needs so require after December 31st, 1940, the treasury of a social
insurance office may cede the whole or a part of its claims to another office. In the absence
of a direct agreement, the Deposit and Consignment Office shall deduct the amounts
necessary for this transaction from the portion of the liquid assets which it has to invest
under Article 31 of the Law on Social Insurance.
Article 6.
The liquid assets of the Old Age Insurance Offices and the Old Age and Invalidity
Insurance Offices and of the General Guarantee Office which have not been invested
under the conditions laid down in Articles 1 to 5 above shall be invested in accordance
with the rules laid down in Article 31, paragraph 1, of the Law on Social Insurance.
Article 7.
§ 1. Paragraph 1 of Article 31 of the Law on Social Insurance shall be replaced by
the following provisions :
“ The liquid assets of the insurance offices shall be invested, with due reference
to the nature and extent of the risks insured by the offices :
“ (1) In State securities or in securities guaranteed by the State; in
securities of the Treasury and of the autonomous Amortisation Office; in land
or communal bonds of the Land Credit Institution; in bonds or bills of the National