The Law on Cereals Depositing Came into Force

On May 19, after the publishing in the “Official Monitor of the Republic of Moldova”, the Law regarding the depositing of cereals and the regime of the depositing certificates came into force. The law regulates the cereals’ market, stipulates who are the subjects of the market, how the cereal resources are created and used, how the control of the quality will be effectuated, it regulates the activity of the cereal stores ( elevators, collecting, processing or miller’s trade enterprises) as of other entrepreneur subjects, participants at storing and processing activities. The goal of this law is to ensure the functioning of the cereal market on free concurrence principles, ensuring the depositing of cereals or their derivates according to the technologic standards etc. The provisions of the law will expand over the subject of the cereal market that function on the base of cereals’ depositing certificates. The other subjects of the cereal market will activate on the base of the Civil Code, of the Law on entrepreneurship, enterprises and other normative documents of the field. The present law came into force excepting art 34 that stipulates “the execution of the depositing certificates in the case of the unavailability of the cereal store”. This article will be applied after the creation of the Fund for guaranteeing the cereal depositing certificates (FGCDC), instituted with the goal of ensuring and protecting the rights and the interests of the certificates’ owners in the case of unavailability of the cereal stores. Until the creation of the mentioned-above fund, repayment of the deposited cereals’ value, in the case of the stores’ unavailability, will be made in accordance with the legal and contractual provisions. Starting with 2007, the Government will stipulate in the draft laws regarding the state budget resources for the participation of the state in forming the financial resources for FGCDC. In the near future the Government will give a headquarter for this Fund and in 6 months will approve a printed form of the depositing certificate for cereals, the frame-regulations of the cereal stores’ activity, the FGCDC regulations, necessary normative documents for implementing the law.