DECISION ON ESTABLISHING THE DEVELOPMENT FUND OF THE AUTONOMOUS PROVINCE OF VOJVODINA

Article 1.

For the purpose of creating conditions for giving impetus to development of infrastructure, economy and balanced regional development, the Development Fund of the Autonomous Province of Vojvodina (herein after: the Fund) has been established.

Article 2.

The Fund is a legal person and it is entered in the court register.

The Fund headquarters is in Novi Sad, 16 Mihajla Pupina Blvd.

Article 3.

Following economic principles, the Fund participates in implementation of programmes and projects:

-         infrastructure development

-         economic development

-         agricultural development

-         stimulation of establishing of small and medium-sized enterprises and entrepreneurship development

-         balanced regional development of AP Vojvodina.

Article  4.

The main financial resources of the Fund are:

1. funds realised by means of selling the subjects of privatisation whose headquarters are on the territory of AP Vojvodina, in accordance with the Law on Privatisation;

2. funds provided from the Budget of AP Vojvodina

3. funds collected from donations and aid from foreign and domestic legal and natural persons

4. funds realised by means of issuing and trading in securities

5. domestic and foreign credits and loans

6. funds from annuities on the basis of credit placing

7. funds from international financial organisations, financial institutions, funds from donations  and funds from donor countries envisaged for realisation of regional development programmes.

Article 5.

Funds from Article 4. of this Decision, the Fund shall place under conditions and criteria determined by the Statut and annual programme.

Article 6.

The managing body of the Fund is Management Committee:

The Management Committee has seven members.

The President and six members of the Management Committee are appointed and dismissed by the Executive Council of AP Vojvodina for the period of four years, with the possibility of re-election.

Article 7.

The Management Committee of the Fund adopts: the Statut of the Fund, Annual Working Plan, financial plan, financial statement of the Fund; appoints members of Committee on Placing the Fund Resources (expert team); decides on status changes, that is, on form of organisation, decides on issuing and trading in securities; selects the bank which will keep accounts and decides on other issues, in accordance with the Statute of the Fund and this Decision.

The Statute of the Fund, financial statement and status changes, that is forms of organisation, have to be approved by the Assembly of AP Vojvodina, while the Annual Working Plan and financial plan have to be approved by the Executive Council of AP Vojvodina.

As far as placing of the Fund resources is concerned, the Management Committee makes decision, at the proposal of the Committee on Placing the Fund Resources.

The Management Committee of the Fund reports on placed resources, within 10 days upon the end of each quarter, to the Executive Council of AP Vojvodina and , at least once a year, to the Assembly of AP Vojvodina.

Article 8.

The Director of the Fund represents and acts on behalf of the Fund, executes decisions of the Management Committee, organises and manages activities of the Fund and performs other duties, stipulated by the Statute of the Fund.

The term of office of the Director of the Fund lasts for four years and the same person can be re-elected for the position of director.

The Director of the Fund is appointed and dismissed by the Assembly of AP Vojvodina.

Article 9.

The Supervisory Committee of the Fund supervises activities of the Fund, and, once a year, reports on that, to the Management Committee of the Fund and the Executive Council of AP Vojvodina.

The Supervisory Committee has the President and two members whose term of office lasts for four years.

Members of the Supervisory Committee are appointed and dismissed by the Assembly of AP Vojvodina.

Article 10.

The Statute of the Fund particularly regulates:

-         objectives, organisation and ways of business activities of the Fund

-         jurisdiction and performance of the Management Committee and Director of the Fund

-         representation and acting on behalf of the Fund

-         selection of the members of the Committee on Placing the Fund Resources, the Committee jurisdiction and criteria for placing of resources

-         all other issues significant for work and business activities of the Fund

Article 11.

At the proposal of the Executive Council of AP Vojvodina, the Assembly of AP Vojvodina appoints the Management Committee, Supervisory Committee within 30 days from the day of entering into force of this Decision.

The Management Committee of the Fund shall adopt the Statute of the Fund within 15 days form the the day of appointing the members of the Management Committee.

At the proposal of the Executive Council of AP Vojvodina, the Assembly of AP Vojvodina shall appoint the Director of the Fund, within 30 days from the day of entering into force of this Decision.

Article 12.

This Decision shall enter into force the day after its publishing in the «Official Gazette of AP Vojvodina» .

The Assembly of the Autonomous Province of Vojvodina

01. number: 021-1

Novi Sad, 12th March 2002

VICE-PRESIDENT OF

THE ASSEMBLY OF AP VOJVODINA

Egeresi Sandor