Law on Changing the Law of the Central Bank of the Republic of Estonia

§ 1 The following changes shall be made in the Law of the Central Bank of the Republic of Estonia (RT I 1993, 28, 498; 1994, 30, 463):

1) Article 9, Clause 7 shall be modified and worded as follows:

" (7) The Board of Eesti Pank has decision-making power so long as at least five of its members are present. In the event that the Chairman of the Board is absent, also in the event the Chairman is not appointed, a member of the Board of Eesti Pank present in the meeting is elected to chair the meeting";

2) Chapter VII is added in the following wording:

"Chapter VII
Implementation of the Law

§ 38 Specifics of implementation of Clause 6 of Article 8 of the present Law

If the new members of the Board of Eesti Pank have not been appointed by the day the membership term of the Board of Eesti Pank appointed in 1993 expires, the term of authority of the members of this Board is considered extended up to the appointment of new members but not longer than three months."

§ 2 The present Law enters into force on the date following publication in Riigi Teataja.