Legal and tax topics for doing business in the Netherlands

8/10/2019 Legal and tax topics for doing business in the Netherlands

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Khdnk nam tnx tbp`js fbr mbàd

iusàhss à tch Ahtchrknams

Bjtbihr 9?>=


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@atrbmujt`ba

]ch Mutjc hjbably trnm`t`bankky `s n vhry bpha nam àthrant`bankky br`hathmhjbably. @a 9?>> Mutjc hxpbrts tbtnkkhm =?=.6 i`kk`ba hurbs nam mhsp`th tch

hjbabl`j mbwatura tch Mutjc hxpbrt trnmh wns tch shjbam c`dchst à Hurbph nfthrDhrlnay. Ns tch f`ftc knrdhst hxpbrthr bf dbbms à tch wbrkm, tch Ahtchrknamsbjjup`hs n prblàhat pbs`t`ba wcha `t jblhs tb wbrkm trnmh.

Nrbuam 6,:?? fbrh`da jblpna`hs cnvh hstnik`schm 3,3?? bphrnt`bas à tchAhtchrknams. Hxnlpkhs àjkumh Jbjn-Jbkn, INZF, J`sjb Zysthls, L`jrbsbft,A`gh, Zni`j, Z`hlhas nam Pngukt. Fbrh`da jblpna`hs lnmh àwnrm m`rhjtàvhstlhats wbrtc ==8 i`kk`ba hurbs.

Nkk à nkk tch Ahtchrknams `s jbas`mhrhm ns na nttrnjt`vh hjbably tb mb iusàhss ànam `t `s rhjbda`zhm wbrkmw`mh fbr `ts trnaspnrhajy, fn`rahss nam hffhjt`vhahss.Njjbrmàd tb tch Tbrkm Inag, tch Mutjc dbvhralhat `s tch fburtc lbst hffhjt`vh

à tch wbrkm nfthr Mhalnrg, Fàknam nam Zwhmha.

Bah bf tch rhnsbas tch Ahtchrknams `s rhdnrmhm, ns na nttrnjt`vh jbuatry tb mbiusàhss à `s `ts tnx systhl. ]ch Mutjc tnx systhl cns n aulihr bf fhnturhs tcntlny ih vhry ihahf`j`nk à àthrant`bank tnx pknaaàd. Hxnlpkhs nrh (`) tch Mutjcrukàd prnjt`jh, wc`jc prbv`mhs jknr`ty nam jhrtnàty ba tnx pbs`t`bas à nmvnajhnam (``) tch irbnm tnx trhnty ahtwbrg. ]ch Ahtchrknams cns s`dahm trhnt`hs w`tclbrh tcna 0? jbuatr`hs tcnt hasurh tch nvb`mnajh bf mbuikh tnxnt`ba ba àjblhnam jnp`tnk.

Frbl tch phrsphjt`vh bf n fbrh`da pnrty tch fbur lnà wnys `t jna hathr tch Mutjclnrght jna ih m`stàdu`schm ns5 (`) àjbrpbrnt`ba bf n ahw jblpnay (drhhaf`hkmbphrnt`ba), (``) njqu`ràd na hx`stàd iusàhss (L&N), (```) bphaàd n kbjnk irnajc

nam (`v) tcrbudc jbbphrnt`ba ba n jbatrnjtunk ins`s.

Fbrh`da pnrt`hs tcnt nrh jbas`mhràd mbàd iusàhss nirbnm, iut nrh abt surh yht àwcnt jbuatry tchy w`sc tb mb iusàhss, cnvh aulhrbus tbp`js tb tngh àtb njjbuat.@a tc`s ibbg, w`tcbut tch n`l bf ihàd jblpkhth, wh mhsjrìh n aulihr bf khdnknam tnx tbp`js w`tc tch n`l bf fnj`k`tntàd sujc fbrh`da pnrt`hs wcha tchAhtchrknams `s nlbad tch jbuatr`hs à wc`jc tchy nrh jbas`mhràd mbàd iusàhss.

JBS + _nrtahrs nam Jbrmhlhyhr & Zkndhr / Nmvbjntha nrh, nksb tcnags tb tchdkbink @DNK ahtwbrg bf wc`jc tchy nrh n lhlihr, whkk hqu`pphm tb nss`st nam

prbv`mh nmv`jh tb jblpna`hs nirbnm nibut hathràd tch Mutjc lnrght. ]c`s ibbgcns ihha m`v`mhm àtb _nrt N tcnt wns prhpnrhm iy Jbrmhlhyhr & Zkndhr /

Nmvbjntha nam jbvhrs tch khdnk tbp`js nam _nrt I tcnt wns prhpnrhm iy JBS +_nrtahrs nam jbvhrs tch tnx tbp`js.

@f ybu cnvh nay quhst`bas br rhqu`rh Mutjc khdnk nam/br tnx nmv`jh, pkhnsh fhhkfrhh tb jbatnjt us.

JBS + _nrtahrs whis`th5www.jbx.akthk.ab.5 +:> (?)9: 88 88 ???

Jbrmhlhyhr & Zkndhr / Nmvbjntha I.V. whis`th5www.jsknw.ak

thk.ab.5 +:> (?)9: 8: =? >??
http://www.cox.nl/http://www.cslaw.nl/http://www.cslaw.nl/http://www.cox.nl/


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M`sjkn`lhr

]c`s ibbg cns ihha prhpnrhm fbr àfbrlnt`ba purpbshs baky nam mbhs abt jbatnà khdnk nmv`jhabr mbhs `t shrvh tch purpbsh bf rhamhràd nay khdnk nmv`jh. Ab pnrty lny rhky ba tch jbathats

bf tc`s ibbg abr scbukm nay mhj`s`bas ih lnmh ba tch ins`s bf `t. Mutjc khdnk nam tnx jbuashkscbukm ih sbudct à tch hvhat nay quhst`bas uamhr Mutjc knw nr`sh. ]ch jbathats bf tc`s ibbg`s abt jblpkhth br `s àthamhm tb prbv`mh n fukk nam jblpkhth bvhrv`hw bf Mutjc knw. @trhfkhjts tch nppk`jnikh knw nam jnsh knw nt tch mnth bf tc`s ibbg nam mbhs abt rhfkhjt naynlhamlhats tb tch knws br furtchr mhvhkbplhats à jnsh knw sàjh. Jbrmhlhyhr & Zkndhr /Nmvbjntha I.V. nam JBS + _nrtahrs, tch`r hlpkbyhhs nam nay bah wcb wns àvbkvhm à tchprhpnrnt`bas bf tc`s ibbg nrh abt rhspbasìkh nam mb abt njjhpt nay k`ni`k`ty fbr nay kbssnam/br mnlndh nr`sàd frbl nay hrrbrs nam/br bl`ss`bas à nam/br mhj`s`bas lnmh ba tch ins`sbf tc`s ibbg.

Nkk r`dcts rhshrvhm. ]ch jbpyr`dcts (nuthursrhjctha) nttnjchm tb _nrt N bf tc`s ibbg nrh vhsthmà Jbrmhlhyhr & Zkndhr / Nmvbjntha I.V. nam tch jbpyr`dcts (nuthursrhjctha) nttnjchm tb

_nrt I bf tc`s ibbg nrh vhsthm à JBS + _nrtahrs.

Jbrmhlhyhr & Zkndhr / Nmvbjntha I.V. nam JBS + _nrtahrs, Bjtbihr 9?>=.


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]nikh bf jbathats

_NY] NKhdnk tbp`js

>. Jbrpbrnth knw ................................................................................................................... 3>.> @ajbrpbrnt`ba bf I.V.s ................................................................................................... 0

(N) Cbw nam iy wcbl ................................................................................................. 0(I) ]`làd nam jbst ................................................................................................... >?

>.9 Nrt`jkhs bf nssbj`nt`ba5 anturh, tbp`js nam bpt`bas ...................................................... >?>.: Zcnrhcbkmhrs ndrhhlhat............................................................................................. >>>.= Zcnrh jnp`tnk ................................................................................................................ >>>.8 ]yphs bf scnrhs ............................................................................................................ >>>.6 Zcnrhcbkmhrs nam tch dhahrnk lhhtàd ......................................................................... >:

(N) Ybkh nam nutcbr`ty ............................................................................................... >:(I) Dhahrnk lhhtàd nam mhj`s`ba-lngàd ................................................................ >:

(J) K`ni`k`ty ............................................................................................................... >8>.4 Lnandhlhat ibnrm ...................................................................................................... >8

(N) Nppbàtlhat, susphas`ba nam m`sl`ssnk .............................................................. >6

(I) ]nsg nam nutcbr`ty ............................................................................................... >6(J) @athrank nam hxthrank k`ni`k`ty ............................................................................... >6

>.3 Zuphrv`sbry ibnrm ........................................................................................................ >3(N) Nppbàtlhat, susphas`ba nam m`sl`ssnk .............................................................. >3(I) ]nsg nam nutcbr`ty ............................................................................................... >3(J) @athrank nam hxthrank k`ni`k`ty ............................................................................... >3

>.0 Njqu`ràd na hx`stàd iusàhss (L&N) ....................................................................... >0

(N) Dhahrnk ................................................................................................................ >0(I) K`l`tnt`ba bf k`ni`k`ty nam shjur`ty ...................................................................... 9=

(J) Zcnrh trnasnjt`bas ................................................................................................ 9=(M) Nssht / k`ni`k`ty trnasnjt`ba .................................................................................. 98(H) Khdnk lhrdhr br spk`t bff ...................................................................................... 96(F) Lhrdhr jbatrbk ..................................................................................................... 93(D) ZHY Lhrdhr Jbmh ................................................................................................ 90

>.>? Bphaàd n kbjnk irnajc ................................................................................................ :?(N) Cbw nam iy wcbl ............................................................................................... :?(I) ]`làd ................................................................................................................. :?(J) Lnandhlhat ........................................................................................................ :?

>.>> Jbbphrnt`ba ba n jbatrnjtunk ins`s .............................................................................. :?

9. Hlpkbylhat rhknt`basc`ps ba tch Mutjc knibur lnrght ............................................ :>9.> Tbrg phrl`t................................................................................................................. :>9.9 Jcnrnjthr`st`js bf na hlpkbylhat jbatrnjt ................................................................. ::

(N) Tbrg .................................................................................................................... ::

(I) _ny ....................................................................................................................... ::(J) Fbr n jhrtnà phr`bm bf t`lh ................................................................................. ::(M) Yhknt`basc`p bf nutcbr`ty ..................................................................................... ::

9.: Nppk`jnikh knw ............................................................................................................. :=(N) Jcb`jh bf knw ....................................................................................................... :=(I) Biehjt`vh nppk`jnikh knw ..................................................................................... :=(J) Lnamntbry stntutbry prbv`s`bas ........................................................................... :8(M) @athrant`bank shjbamlhat ..................................................................................... :8(H) Zhjbamlhat nam jbkkhjt`vh ndrhhlhats ............................................................... :6(F) Ab shjbamlhat nam jbkkhjt`vh ndrhhlhat ........................................................... :6

9.= _hrfbrlnajh bf tch hlpkbylhat jbatrnjt .................................................................... :4(N) F`xhm-thrl / àmhfà`th phr`bm .............................................................................. :4(I) ]r`nk phr`bm .......................................................................................................... :3(J) Tbrgàd cburs ..................................................................................................... :3


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(M) Ztntutbry là`lul wndh..................................................................................... :0(H) Mnyscbk`mny ....................................................................................................... :0

(F) Cbk`mny nkkbwnajh ............................................................................................... =?(D) @kkahss ................................................................................................................... =?

(C) _has`ba ................................................................................................................ =>(@) Ham bf tch hlpkbylhat jbatrnjt .......................................................................... =>(E) Zbj`nk Ndrhhlhat ................................................................................................ =6

9.8 ]rnasfhr bf n iusàhss .................................................................................................. =6(N) Knibur àthas`vh br jnp`tnk athas`vh ................................................................... =4(I) Bik`dnt`ba tb prbv`mh àfbrlnt`ba ....................................................................... =4(J) _rbcì`t`ba bf m`sl`ssnk nam k`ni`k`ty ................................................................... =4

9.6 ]rnmh ua`bas nam pnrt`j`pnt`ba .................................................................................... =3(N) Jbkkhjt`vh ndrhhlhat (JNB) ............................................................................... =3(I) Tbrgs Jbuaj`k ..................................................................................................... =0(J) Hlpkbyhh rhprhshatnt`ba ..................................................................................... 8?(M) Ztnff lhhtàd ....................................................................................................... 8>

9.4 K`ni`k`ty bf tch hlpkbyhr ............................................................................................. 8>

9.3 _rbjhhmàds.................................................................................................................. 89(N) Jburt w`tc eur`sm`jt`ba ......................................................................................... 89(I) Jburt prbjhhmàds ................................................................................................ 89(J) XTV prbjhmurh ................................................................................................... 8:(M) Hqunk ]rhntlhat Jbll`ss`ba (JDI) ................................................................. 8:

:. Jbllhrj`nk jbatrnjts .................................................................................................... 8=:.> Zblh dhahrnk pràj`pkhs .............................................................................................. 8=

(N) Fbrl frhh ............................................................................................................. 8=(I) Yhnsbanikhahss nam fn`rahss ................................................................................ 8=

(J) Cnv`kthx rukh ........................................................................................................ 88(M) Irhnjc nam mhfnukt ............................................................................................... 86(H) K`ni`k`ty fbr mnlndhs ........................................................................................... 84(F) ]hrlànt`ba ......................................................................................................... 84(D) Tnrrnaty (dnrnat`h) ............................................................................................. 83(C) Hat`rh ndrhhlhat jknush ....................................................................................... 83(@) Xafbrhshha j`rjulstnajhs ................................................................................... 80(E) ]rnasfhr bf na ndrhhlhat ..................................................................................... 80

(G) Dhahrnk thrls nam jbam`t`bas .............................................................................. 6?:.9 Zblh sphj`f`j ndrhhlhats àjbrpbrnthm a tch Mutjc J`v`k Jbmh ............................... 6>

(N) Znkh (Gbbp) .......................................................................................................... 6>(I) Khnsh/c`rh (Cuur) ................................................................................................ 69(J) _rbfhss`bank Zhrv`jhs (Bpmrnjct) ........................................................................ 6=

=. @afbrlnt`ba ]hjcabkbdy Knw ....................................................................................... 66

=.> NYI@] nam @J] Ahtchrknams dhahrnk thrls nam jbam`t`bas ........................................ 66=.9 H-Jbllhrjh ................................................................................................................ 66=.: _r`vny/phrsbank mntn prbthjt`ba ................................................................................... 64

=.= Jkbum jblputàd ......................................................................................................... 63=.8 Jyihrjr`lh .................................................................................................................. 60=.6 _uik`j prbjurhlhat ...................................................................................................... 60

8. @athkkhjtunk _rbphrty Knw ............................................................................................. 4>8.> Jbpyr`dct ..................................................................................................................... 4>

8.9 Jbpyr`dct prbthjt`ba sbftwnrh ..................................................................................... 4>8.: Mntninsh prbthjt`ba ..................................................................................................... 498.= ]rnmhlnrgs .................................................................................................................. 4:

8.8 ]rnmh anlhs................................................................................................................. 4=8.6 .ak Mblnà anlhs ........................................................................................................ 4=


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8.4 ]rnmh shjrhts nam btchr jbaf`mhat`nk àfbrlnt`ba ........................................................ 48

6. K`t`dnt`ba......................................................................................................................... 466.> Mutjc jburt systhl ...................................................................................................... 466.9 Khdnk prbjhhmàds a dhahrnk ....................................................................................... 466.: _rhk`lànry rhk`hf br sullnry prbjhhmàds ................................................................ 44

6.= Nkthrant`vh m`sputh rhsbkut`ba (NMY) .......................................................................... 44(N) @atrbmujt`ba ......................................................................................................... 44

(I) Nri`trnt`ba nam nri`trnt`bank scbrt prbjhhmàds ................................................... 43(J) Iàmàd nam aba - iàmàd nmv`jh ........................................................................ 40

(M) Lhm`nt`ba ............................................................................................................. 3?

_NY] I - ]nx tbp`js

>. Iusàhss tnxnt`ba ............................................................................................................ 36>.> Jbrpbrnth àjblh tnx, dhahrnk................................................................................. 36

(N) Tc`jc jblpna`hs pny jbrpbrnth ajblh tnx2 ..................................................... 36(I) Cbw lujc jbrpbrnth ajblh tnx mbhs n jblpnay pny2 ...................................... 36

(J) ]nx rnths .............................................................................................................. 36>.9 Yhshnrjc nam mhvhkbplhat tnx àjhat`vhs............................................................... 36(N) @aabvnt`ba ibx ..................................................................................................... 34(I) Yhshnrjc nam Mhvhkbplhat Fnj`k`ty - Knibur jbsts ............................................ 34(J) Nmm`t`bank Yhshnrjc nam Mhvhkbplhat mhmujt`ba .............................................. 34

>.: Nppkyàd tch pràj`pkhs bf sbuam iusàhss prnjt`jh nam jbas`sthajy.................... 34(N) Mhprhj`ntàd f`xhm nsshts ..................................................................................... 33(I) Vnkuàd stbjg ....................................................................................................... 33(J) Vnkuàd wbrg à prbdrhss nam brmhrs à prbdrhss ................................................ 33(M) Mhmujtàd jbsts ................................................................................................... 33(H) Mhmujt`ba bf àthrhst ........................................................................................... 33(F) Jrhntàd rhshrvhs ................................................................................................. 0?

>.= Zhttàd bff kbsshs......................................................................................................... 0?>.8 JFJ khd`sknt`ba........................................................................................................... 0?>.6 Jbrpbrnth àjblh tnx hxhlpt`bas............................................................................ 0?

>.4 Mutjc pnrt`j`pnt`ba hxhlpt`ba................................................................................. 0>>.3 Jna n drbup ih tnxhm ns bah f`sjnk hat`ty2.............................................................. 09>.0 Nrh lhrdhrs hxhlpt frbl jbrpbrnth àjblh tnx2.................................................. 0:>.>? Tcha `s tch jbrpbrnth àjblh tnx rhtura f`khm2..................................................... 0:>.>> Hxthamàd tch mhnmkàh fbr f`kàd n Mutjc jbrpbrnth àjblh tnx rhtura.............. 0=>.>9 _hankt`hs...................................................................................................................... 0=>.>: ]nx rhtura nam nsshsslhat....................................................................................... 0=>.>= @athrhst........................................................................................................................ 0=

>.>8 ]rnasfhr pr`jàd rhqu`rhlhats................................................................................. 0=

>.>6 Mhnmkàh mbjulhatnt`ba........................................................................................... 0=>.>4 _hankt`hs fbr aba-jblpk`najh.................................................................................... 0=

9. @am`v`munk tnxnt`ba ......................................................................................................... 069.> @ajblh tnx.................................................................................................................. 06

(N) Tc`jc àm`v`munks pny àjblh tnx2 ..................................................................... 06(I) Cbw lujc tnx mb àm`v`munks pny2 ..................................................................... 06

(J) Yhmujàd tch àm`v`munks tnx i`kk w`tc rhinths................................................... 04(M) Cbw mb àm`v`munks pny tch`r àjblh tnx2 .......................................................... 04

(H) ]nxnikh ajblh frbl wbrg nam mwhkkàds5 Ibx > ............................................... 03(F) Tcnt `s jbas`mhrhm hlpkbylhat àjblh2 ........................................................... 03(D) Cbw `s prbf`t frbl iusàhss njt`v`t`hs tnxhm2 ...................................................... 00

(C) Iusàhss tnx mhmujt`bas ....................................................................................... 00(@) ]nxnikh ajblh frbl suistnat`nk athrhst (Ibx 9) ............................................... 00


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(E) ]nxnikh ajblh frbl snvàds nam àvhstlhats (Ibx :) ...................................... 00(G) @ajblh tnx rhtura ............................................................................................... >??

9.9 _nyrbkk tnx (hlpkbylhat tnx)................................................................................. >?>(N) Nrh tchrh nay hxjhpt`bas tb hlpkbylhat tnx2 ................................................... >?>

(I) Cbw `s hlpkbylhat àjblh tnx pn`m2 .............................................................. >?>(J) _nyrbkk tnx rhtura ............................................................................................... >?>(M) Yhl`ttnajh bf tch _nyrbkk tnx muh ...................................................................... >?>(H) _hankty fbr aba-jblpk`najh ............................................................................... >?9(F) ]hlpbrnry lhnsurhs / jr`s`s khvy ...................................................................... >?9(D) Mb hlpkbyhhs pny wndh tnx ba nkk tch`r hlpkbyhm ajblh2 ............................. >?9(C) Kujrnt`vh athrhsts ............................................................................................. >?:(@) Yhmujàd tch wndh tnx i`kk fbr hlpkbyhhs ......................................................... >?:(E) Yhmujàd tch wndh tnx i`kk fbr vnr`bus drbups bf hlpkbyhhs ............................ >?:(G) Tcnt `s tch :?% tnx-frhh snknry sjchlh2 .......................................................... >?:

:. Vnkuh nmmhm tnx (VN]) ................................................................................................ >?8:.> Tcha `s VN] jcnrdhm2........................................................................................... >?8

:.9 Tcb lust rhd`sthr fbr VN]2.................................................................................. >?8

:.: Tcnt `s suiehjt tb VN]2......................................................................................... >?8:.= ]ch suppky bf dbbms nam shrv`jhs........................................................................... >?8

:.8 _knjh bf suppky bf dbbms nam shrv`jhs..................................................................... >?6:.6 VN] rnths................................................................................................................. >?6:.4 Hxhlpt`bas............................................................................................................... >?4:.3 Zphj`nk nrrnadhlhats fbr slnkk iusàhsshs nam tch ndr`jukturnk shjtbr............. >?4:.0 Cbw mbhs VN] wbrg à tch sàdkh Hurbphna lnrght2......................................... >?4

:.>? @lpbrts..................................................................................................................... >?3:.>> @avb`jàd................................................................................................................... >?3

:.>9 Cbw `s VN] mhjknrhm nam pn`m2............................................................................ >?0:.>: Yhfuams bf VN]....................................................................................................... >?0:.>= _hankty fbr aba-jblpk`najh.................................................................................... >?0:.>8 HX Znkhs K`stàds..................................................................................................... >>?

(N) _urpbsh bf HX snkhs k`stàds. ............................................................................. >>?(I) Tc`jc jblpnay s rhqu`rhm tb f`kh tch HX snkhs k`stàds2 ................................. >>?(J) F`kàd prbjhmurh ................................................................................................. >>?(M) Btchr, @atrnstnt Yhpbrts...................................................................................... >>>

=. @athrant`bank nsphjts bf tnxnt`ba a tch Ahtchrknams ................................................ >>9=.> Cbw mbhs rhs`mhajy nffhjt tnxnt`ba2...................................................................... >>9

(N) Yhs`mhat tnxpnyhrs ............................................................................................. >>9(I) Aba-rhs`mhat tnxpnyhrs ...................................................................................... >>9(J) Cbw jna rhs`mhat tnxpnyhrs nvb`m mbuikh tnxnt`ba2 .......................................... >>9

=.9 Nvb`mnajh bf mbuikh tnxnt`ba................................................................................. >>:

(N) ]ch hxhlpt`ba lhtcbm ...................................................................................... >>:(I) ]ch jrhm`t lhtcbm .............................................................................................. >>:(J) Mhmujt`ba ns jbsts ............................................................................................. >>:

(M) Hxhlpt`ba fbr fbrh`da irnajchs ........................................................................ >>==.: I`knthrnk tnx trhnt`hs................................................................................................ >>=

(N) Butkàh bf Mutjc pbk`jy ..................................................................................... >>=(I) ]rhnt`hs tb nvb`m mbuikh tnxnt`ba ....................................................................... >>8(J) Yhk`hf bf tnxnt`ba nt sburjh uamhr tnx trhnt`hs ................................................... >>6

=.= Mb aba-rhs`mhat tnxpnyhrs pny tnx ba nkk tch`r Mutjc àjblh2.......................... >>6(N) @am`v`munks ......................................................................................................... >>4(I) Jblpna`hs ......................................................................................................... >>3

8. Jhrtnàty a nmvnajh fbr àthrant`bank drbups & àvhstbrs (rukàds) ...................... >>08.> Zuistnajh rhqu`rhlhats.......................................................................................... >>0


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8.9 Nmvnajh _r`jàd Ndrhhlhat................................................................................... >>08.: Nmvnajh ]nx Yukàd................................................................................................ >9?

8.= @athrant`bank @avhstbrs Mhsg................................................................................. >9?

6. Btchr tnxhs.................................................................................................................... >9>6.> Justbl mut`hs........................................................................................................... >9>

(N) Tcb pnys justbl mut`hs2 .................................................................................. >9>(I) Cbw lujc `s justbl muty2 ............................................................................... >9>

(J) Tcnt `f tch dbbms nrh rh-hxpbrthm2 .................................................................... >9>(M) Tcnt nrh tch justbls prbjhmurhs2 .................................................................... >99

(H) Frhquhat ush bf s`lpk`f`hm prbjhmurhs ............................................................... >99(F) Jbliàhm s`lpk`f`hm prbjhmurhs ....................................................................... >99(D) Ndrhhlhat à tch fbrl bf n Lhlbrnamul bf Xamhrstnamàd (LbX) ............... >99

6.9 M`v`mham w`tccbkmàd tnx........................................................................................ >996.: T`tccbkmàd tnx ba àthrhst.................................................................................... >9:

6.= T`tccbkmàd tnx ba rbynkt`hs.................................................................................. >9=6.8 @achr`tnajh tnx nam d`ft tnx.................................................................................... >9=

(N) @achr`tnajh tnx ................................................................................................... >9=

(I) D`ft tnx ............................................................................................................... >9=6.6 Yhnk hstnth trnasfhr tnx........................................................................................... >98

4. Naaunk fànaj`nk stnthlhats ........................................................................................ >964.> Dhahrnk..................................................................................................................... >964.9 Yhqu`rhlhats........................................................................................................... >964.: Mhnmkàh fbr f`kàd fànaj`nk stnthlhats................................................................. >96


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_NY] N - Khdnk tbp`js


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>. Jbrpbrnth knw

@atrbmujt`ba

Xamhr Mutjc knw tch fbkkbwàd khdnk hat`t`hs jna ih m`stàdu`schm5 (`) jblpna`hsw`tc k`l`thm k`ni`k`ty (sujc ns tch annlkbzh vhaabbtsjcnp, tchA.V., nam tchihskbtha vhaabbtsjcnp lht ihphrgth nnasprnghkègch`m, tch I.V.), (``) fbuamnt`bas

(st`jctàdha), (```) jbbphrnt`vhs (jbphrnt`hs) nam (`v) nssbj`nt`bas (vhrha`dàdha).]chsh khdnk hat`t`hs cnvh à jbllba tcnt tchy cnvh shpnrnth khdnk phrsbank`ty,wc`jc lhnas tcnt tchy cnvh tch`r bwa r`dcts nam bik`dnt`bas.

Ahxt tb tchsh khdnk hat`t`hs, bah lna iusàhsshs (hhalnaszngha) nam pnrtahrsc`ps(phrsbahavhaabbtsjcnppha) nrh nksb ushm ns n fbrl bf mbàd iusàhss à tchMutjc lnrght. Bah lna iusàhsshs (hhalnaszngha) à fnjt nrh pr`vnth àm`v`munkswcb mb iusàhss nt tch`r bwa r`sg nam njjbuat. ]c`s lhnas fukk k`ni`k`ty fbr sujc

pr`vnth àm`v`munks. _nrtahrsc`ps, tcnt nrh n fbrl bf jbatrnjt, mb abt cnvh shpnrnth

khdnk phrsbank`t`hs ns n rhsukt bf wc`jc tch pnrtahrs, mhphamàd ba tch fbrl bfpnrtahrsc`p ushm, nrh nkwnys k`nikh tb n jhrtnà hxthat fbr tch bik `dnt`bas bf tchpnrtahrsc`p.

Tcnt khdnk fbrl jna ih ihst ushm à tch Mutjc lnrght mhphams, nlbad btchrtcàds, ba5

(N) tch purpbsh nam anturh bf tch njt`v`t`hs tcnt w`kk ih phrfbrlhm7

(I) tch typh bf jbatrbk nam dbvhranajh tcnt `s mhs`rhm7

(J) wchtchr nam tb wcnt hxthat àthrhsts scbukm ih trnasfhrnikh7

(M)

wchtchr nam tb wcnt hxthat `t `s tch n`l tb lngh nam m`strìuth prbf`ts7 namknst, iut abt khnst

(H) tnx jbas`mhrnt`bas.

@a scbrt, jblpna`hs w`tc k`l`thm k`ni`k`ty (sujc ns tch A.V. nam I.V.),

jbbphrnt`vhs (jbphrnt`hs), bah lna iusàhsshs (hhalnaszngha) nam pnrtahrsc`ps(phrsbahavhaabbtsjcnppha) nrh jbllbaky ushm fbr jbllhrj`nk purpbshs, `.h.w`tc tch purpbsh tb dhahrnth prbf`ts, wc`kst fbuamnt`bas (st`jctàdha) namnssbj`nt`bas (vhrha`dàdha) nrh jbllbaky ushm fbr aba-prbf`t purpbshs.

Zjchmukh >jbatnàs na bvhrv`hw bf tch lnà jcnrnjthr`st`js phr khdnk hat`ty.

Nktcbudc fbr jbllhrj`nk purpbshs, bah lna iusàhsshs (hhalnaszngha) nam tchI.V. nrh lbst jbllbaky ushm fbr jbllhrj`nk purpbshs, à tc`s ibbg wh sbkhky

fbjusshm ba tch I.V., ihjnush bah lna iusàhsshs nrh dhahrnkky ushm iy slnkks`zhm hathrpr`shs (h.d. frhh knajhrs, slnkk inghr`hs, inrihrscbps htj.) baky.

]ch A.V. `s n puik`j k`l`thm k`ni`k`ty jblpnay nam `s lnàky ushm ns tch khdnkfbrl fbr puik`jky trnmhm jblpna`hs. Abt baky ihjnush tch A.V. `s tch baky khdnkfbrl tcnt lny cnvh ihnrhr scnrhs, iut nksb ihjnush baky A.V.s jna ih nml`tthm tbk`stàd nt tch stbjg hxjcnadh nam jhrtnà typhs bf fànaj`nk jblpna`hs sujc nsàsurnajh jblpna`hs nam inags lny ih bffhrhm à tch fbrl bf na A.V. baky.

]ch I.V. wns lbmhkkhm ba tch ins`s bf tch A.V. nam tch twb typhs bf jblpna`hs

tchrhfbrh cnvh n kbt à jbllba. Cbwhvhr, tch I.V. `s n lujc lbrh fkhxìkh khdnk


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fbrl, ihjnush tch knw `s khss lnamntbry. ]ch A.V. w`kk à pràj`pkh abt ihm`sjusshm à tc`s ibbg, uakhss `t cns n sphj`f`j purpbsh à rhknt`ba tb tch I.V.

N sphj`nk fhnturh bf Mutjc jbrpbrnth knw `s tch sb-jnkkhm knrdh jblpna`hs rhd`lh

(strujtuurrhd`lh). ]c`s rhd`lh nppk`hs tb jblpna`hs tcnt lhht jhrtnà tcrhscbkmsfbr n jhrtnà phr`bm bf t`lh rhdnrmàd aulihr bf hlpkbyhhs, nam hqu`ty (h`dhavhrlbdha) nam tcnt cnvh n wbrgs jbuaj`k. @f tch tcrhscbkms nrh lht fbr n jhrtnàphr`bm bf t`lh, lnamntbry knw rhqu`rhs tcnt tch knrdh jblpna`hs rhd`lh ihnppk`hm. ]c`s rhd`lh cns `lpk`jnt`bas fbr tch dbvhranajh strujturh bf tchjblpnay nam, nlbadst btchr tcàds, lhnas tcnt n suphrv`sbry ibnrm `s rhqu`rhm.]ch knrdh jblpna`hs rhd`lh w`kk abt ih m`sjusshm à tc`s ibbg, ihjnush àdhahrnk`t w`kk abt nppky tb ahwky àjbrpbrnthm br ahwky stnrthm iusàhsshs.

>.> @ajbrpbrnt`ba bf I.V.s

(N) Cbw nam iy wcbl

N abtnr`nk mhhm bf àjbrpbrnt`ba (ngth vna bpr`jctàd) `s rhqu`rhm fbr tchàjbrpbrnt`ba bf n I.V. @t lust ih wr`ttha à tch Mutjc knadundh namhxhjuthm iy n j`v`k-knw abtnry (abtnr`s). ]ch mhhm bf àjbrpbrnt`bajbatnàs tch nrt`jkhs bf nssbj`nt`ba (stntutha) nam lust nt khnst jbatnà5

`. n stnthlhat bf tch fbuamhr w`kkàd tb àjbrpbrnth tch I.V.7

``. tch nrt`jkhs bf nssbj`nt`ba7```. tch nlbuat bf jnp`tnk bf tch jblpnay (jnp`tnk bf > hurb jhat `s

suff`j`hat7 tchrh s ab là`lul jnp`tnk rhqu`rhlhat)7`v. tch ablànk vnkuh bf tch scnrhs7v. btchr afbrlnt`ba, sujc ns tch anlh, pknjh bf rhs`mhajh/iusàhss nam

nmmrhss bf hvhrybah wcb w`kk ihjblh n scnrhcbkmhr bf tch I.V.7 namv`. nmm`t`bank àfbrlnt`ba, sujc ns tch mhtn`ks bf tch lnandhlhat ibnrm

lhlihrs nam, `f nppk`jnikh, tch mhtn`ks bf tch suphrv`sbry ibnrmlhlihrs.

N fbuamhr àjbrpbrnths n I.V. iy npphnràd à phrsba ihfbrh n j`v`k-knwabtnry br tcrbudc n wr`ttha prbxy. Ibtc pr`vnth àm`v`munks nam khdnk hat`t`hs,ant`bank nam fbrh`da, jna ih n fbuamhr bf n I.V. @a jnsh bf n wr`ttha prbxy tchj`v`k-knw abtnry w`kk cnvh tb nsjhrtnà tcnt wcbhvhr s`dahm tch prbxy `sàmhhm tch snlh phrsba ns lhat`bahm à tch chnmàd bf tch prbxy, `.h. tcnt tchs`danturh `s nutchat`j. @f tch prbxy `s s`dahm ba ihcnkf bf n khdnk hat`ty tch

j`v`k-knw abtnry w`kk nksb cnvh tb nsjhrtnà tcnt tch phrsba wcb s`dahm tchprbxy wns nutcbr`zhm tb s`da `t ba ihcnkf bf tch khdnk hat`ty. @a jnsh bf nfbrh`da fbuamhr tch nutchat`jnt`bas usunkky rhqu`rh n khdnk`znt`ba iy n kbjnk

abtnry br knwyhr nam na npbst`kkh à njjbrmnajh w`tc tch Npbst`kkh ]rhnty bf>06> prbv`mhm tch jbuatry jbajhrahm `s n pnrty tb tcnt trhnty.

N I.V. cns nt khnst bah scnrhcbkmhr nam bah lnandhlhat ibnrm lhlihr. Bahnam tch snlh phrsba jna fukf`k tch rbkh bf fbuamhr, scnrhcbkmhr namlnandhlhat ibnrm lhlihr. ]chrh jna nksb ih lukt`pkh fbuamhrs,lnandhlhat ibnrm lhlihrs nam scnrhcbkmhrs.

Xsunkky tch j`v`k-knw abtnry à jkbsh jbasuktnt`ba w`tc tch fbuamhr(s) mrnws

up tch mhhm bf àjbrpbrnt`ba nam tch nrt`jkhs bf nssbj`nt`ba. ]ch lnandhlhatibnrm lhlihr `s rhspbasìkh fbr rhd`sthràd tch I.V. w`tc tch Mutjc


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Jcnlihr bf Jbllhrjh, iut à prnjt`jh tch j`v`k-knw abtnry tnghs jnrh bf tcnt.]ch prhpnrnt`ba bf tch rhd`strnt`ba (lbst `lpbrtnatky jbkkhjtàd tch ahjhssnry

àfbrlnt`ba) `s mbah s`luktnahbusky w`tc mrnwàd up tch mhhm bfàjbrpbrnt`ba. Bajh tch I.V. `s àjbrpbrnthm, tch nrt`jkhs bf nssbj`nt`ba jna

baky ih nlhamhm iy n abtnr`nk mhhm bf nlhamlhat (ngth vnastntuthawèz`dàd).

(I) ]`làd nam jbst

]ch t`làd nam jbst mhphams ba tch jblpkhx`ty bf tch I.V. ]ch àjbrpbrnt`ba

bf n s`lpkhI.V. ba tch ins`s bf stnamnrm mbjulhatnt`ba jna à pràj`pkh ihmbah à bah mny. @a prnjt`jh tch àjbrpbrnt`ba bf n I.V. tnghs nt khnst = - 6

mnys. @f tch fbuamhr `s n fbrh`da jblpnay, fbr hxnlpkh, nam tch àjbrpbrnt`babf tch I.V. `s mbah tcrbudc n prbxy d`vha iy tch fbuamhr tb tch j`v`k-knwabtnry, `t tnghs t`lh tb hxpknà tch vnr`bus pbssì`k`t`hs rhdnrmàd tch I.V.nam dntchr tch rhqu`rhm nutchat`jnt`bas tcnt tch j`v`k-knw abtnry w`kk rhqu`rh.]ch àjbrpbrnt`ba bf n I.V. `s cbwhvhr n strn`dctfbrwnrm prbjhmurh nam jnaih hns`ky mbah. Znvh fbr tch nfbrhlhat`bahm nutchat`jnt`bas tchrh nrh absphj`nk prbjhmurhs rhdnrmàd fbrh`da fbuamhrs. ]ch mhhm bf àjbrpbrnt`ba jnaih hxhjuthm ns sbba ns tch j`v`k-knw abtnry cns nkk tch rhqu`rhm mbjulhats ntc`s br chr m`spbsnk.

]ch jbsts bf àjbrpbrntàd n I.V. nrh lnàky tch jbsts bf tch j`v`k-knw abtnryàvbkvhm. Nktcbudc j`v`k-knw abtnr`hs dhahrnkky àvb`jhs ba tch ins`s bf na

cburky rnth, lbst j`v`k-knw abtnr`hs nrh prhpnrhm tb d`vh n jnpphm br f`xhm fhhfbr tch àjbrpbrnt`ba bf n I.V. Zujc jnpphm br f`xhm fhh w`kk usunkky ih lnmhsuiehjt tb jhrtnà jbam`t`bas rhdnrmàd tch jbbphrnt`ba bf tch pnrt`hsàvbkvhm, tch nvn`kni`k`ty bf àfbrlnt`ba nam murnt`ba nam jblpkhx`ty bf tch

prbjhss. N rhnk`st`j hst`lnth bf tch jbsts fbr tch àjbrpbrnt`ba bf n s`lpkhI.V. `s nrbuam 4??3?? hxjkumàd VN].

>.9 Nrt`jkhs bf nssbj`nt`ba5 anturh, tbp`js nam bpt`bas

]ch nrt`jkhs bf nssbj`nt`ba jna ih mhfàhm ns tch fuamnlhatnk (àthrank) jbrpbrnthrukhs bf tch I.V. nam cnvh tch pbwhr bf knw. ]chsh rukhs `mhat`fy tch I.V. nammhthrlàh tch r`dcts, pbwhrs nam bik`dnt`bas w`tcà tch I.V. Njts tcnt nrh àv`bknt`ba bf tch nrt`jkhs bf nssbj`nt`ba nrh aukk nam vb`m ( a`ht`d). ]ch nrt`jkhs bfnssbj`nt`ba bf n I.V. cnvh tb ih rhd`sthrhm w`tc tch Mutjc Jcnlihr bf Jbllhrjh.@a brmhr tb rhd`sthr tch I.V. w`tc tch Mutjc Jcnlihr bf Jbllhrjh, tch nrt`jkhs bf

nssbj`nt`ba lust nt khnst jbatnà tch fbkkbwàd5

`. anlh, (rhd`sthrhm) bff`jh nam jbrpbrnth biehjts bf tch I.V. ]ch rhd`sthrhm

bff`jh lust ih à tch Ahtchrknams7``. tch nlbuat bf tch nutcbr`zhm jnp`tnk (`f nay) nam tch ablànk nlbuat bf tch

scnrhs. @a jnsh tchrh nrh m`ffhrhat jknsshs bf scnrhs, tch aulihr nam(ablànk) nlbuat bf hnjc jknss bf scnrhs7

```. tch wny à wc`jc tch lnandhlhat ibnrms mut`hs w`kk ih prbv`mhm fbr `f bahbr lbrh lhlihrs bf tch lnandhlhat ibnrm nrh nishat br uanikh tb njt.

Xsunkky tch nrt`jkhs bf nssbj`nt`ba jbatnà lbrh tcna tch nibvh wr`ttha là`lul,

ihjnush pnrt`hs jcbbsh tb nrrnadh tch àthrank rhknt`basc`ps w`tcà tch ibuamnr`hs

bf lnamntbry knw ns lujc ns pbssìkh. ]ch stntutbry prbv`s`bas rhdnrmàd tchI.V. nrh tb n knrdh hxthat abt lnamntbry, wc`jc hanikhs pnrt`hs tb ndrhh ba tn`kbr-


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Xamhr Mutjc knw tchrh nrh twb lnà typhs bf scnrhs5 (n) rhd`sthrhm scnrhs

(nnamhkha bp annl) nam (i) ihnrhr scnrhs (nnamhkha nna tbbamhr). I.V.s jna baky`ssuh rhd`sthrhm scnrhs, wc`kst A.V.s jna `ssuh ibtc rhd`sthrhm scnrhs nam ihnrhr

scnrhs. Tcnt `s tch m`ffhrhajh2 ]ch lnà jcnrnjthr`st`js bf ihnrhr scnrhs nrh tcnttch A.V. mbhs abt gabw wcb tch bwahrs bf tch ihnrhr scnrhs nrh nam tcnt ihnrhrscnrhs nrh frhhky trnasfhrnikh7 ab r`dcts bf f`rst rhfusnk br btchr trnasfhrrhstr`jt`bas nppky. ]ch khdnk bwahrsc`p bf ihnrhr scnrhs ushm tb ih jbaahjthm tbtch pcys`jnk ihnrhr scnrh jhrt`f`jnth7 wcbhvhr chkm n ihnrhr scnrh jhrt`f`jnth wnstch bwahr bf tch ihnrhr scnrh. Abwnmnys tch pcys`jnk ihnrhr scnrhs jhrt`f`jnths bfk`sthm A.V.s cnvh ihha rhpknjhm iy n m`d`tnk nam chnv`ky rhduknthm systhlwchrhiy inags nam àthrlhm`nr`hs pkny n jruj`nk rbkh. ]ch lnà jcnrnjthr`st`js bfrhd`sthrhm scnrhs nrh tcnt tch A.V. br tch I.V. nkwnys gabws wcb bwas tchrhd`sthrhm scnrhs nam tch `ssuh bf pcys`jnk rhd`sthrhm scnrh jhrt`f`jnths `sprbcì`thm.

]ch lnandhlhat bf n I.V. cns tb lnàtnà nam ghhp up tb mnth n scnrhcbkmhrs

rhd`sthr tcnt jbatnàs na bvhrv`hw bf tch anlhs nam nmmrhsshs bf tch cbkmhrs bftch rhd`sthrhm scnrhs, tch aulihr nam typhs bf scnrhs chkm iy tchl, tchmhablànt`ba bf tch scnrhs, tch mnth ba wc`jc tchy whrh `ssuhm nam tch mnths bawc`jc tch scnrhs whrh trnasfhrrhm, rhpurjcnshm iy tch I.V. br rhvbghm iy tchI.V. ]ch khdnk bwahrsc`p bf rhd`sthrhm scnrhs jna baky ih trnasfhrrhm tcrbudchxhjut`ba bf n abtnr`nk mhhm bf trnasfhr bf scnrhs iy n j`v`k-knw abtnry. ]chbwahrsc`p bf n rhd`sthrhm scnrh jna baky ih hv`mhajhm iy na br`dànk br truh jbpybf tch abtnr`nk mhhm bf `ssuh br trnasfhr bf tch scnrh.

]ch knw prbv`mhs tcnt rhd`sthrhm scnrhs bf n I.V. nrh suiehjt tb trnasfhrrhstr`jt`bas, uakhss tch nrt`jkhs bf nssbj`nt`ba mhthrlàh btchrw`sh. ]ch nrt`jkhs bfnssbj`nt`ba lny mhthrlàh tcnt tch rhd`sthrhm scnrhs nrh frhhky trnasfhrnikh, `.h.

tcnt ab trnasfhr rhstr`jt`bas sujc ns r`dcts bf f`rst rhfusnk br npprbvnk r`dcts nppky.Yhd`sthrhm scnrhs bf n I.V. jna nksb ih lnmh suiehjt tb n kbjg-up à tch nrt`jkhs bf

nssbj`nt`ba, lhnaàd tcnt tch scnrhs nrh abt trnasfhrnikh fbr n jhrtnà phr`bm bft`lh. Zujc kbjg-up lny cbwhvhr abt ih fbr na àmhfà`th phr`bm bf t`lh, iutscbukm cnvh n lnx`lul murnt`ba. F`vh yhnrs `s jbas`mhrhm tb ih na njjhptnikhlnx`lul.

Npnrt frbl rhd`sthrhm scnrhs nam ihnrhr scnrhs, scnrhs jna ih m`v`mhm àtb tchfbkkbwàd typhs5 brmànry scnrhs (dhwbah nnamhkha), prhfhrhajh scnrhs(prhfhrhath nnamhkha), pr`br`ty scnrhs (pr`br`th`tsnnamhkha), aba-vbtàd scnrhs

(sthlrhjctkbzh nnamhkha) nam aba-prbf`t scnrhs (wàstrhjctkbzh nnamhkha). ]chstnrtàd pbàt `s tcnt n rhd`sthrhm scnrh à tch jnp`tnk bf n I.V. prbv`mhs hqunk

r`dcts tb tch cbkmhrs bf tchl. Cbwhvhr, sphj`f`j, nmm`t`bank r`dcts jna ih nttnjchmtb jhrtnà jknsshs br mhablànt`bas bf scnrhs à tch nrt`jkhs bf nssbj`nt`ba.

_rhfhrhajh scnrhs nrh scnrhs tcnt d`vh sphj`nk fànaj`nk r`dcts tb tch cbkmhrs, sujcns tch r`dct tb rhjh`vh n jhrtnà pnrt bf tch prbf`t à prhfhrhajh tb tch btchrscnrhcbkmhrs. Zujc prhfhrhajh jna nksb ih lnmh juluknt`vh, lhnaàd tcnt `f à njhrtnà yhnr tch I.V. mbhs abt lngh n prbf`t tch r`dct tb tch prbf`t njjuluknths tbtch ahxt yhnr. Nabtchr hxnlpkh bf n r`dct bf prhfhrhajh `s n k`qu`mnt`baprhfhrhajh, d`vàd jhrtnà prhfhrhajh r`dcts tb tch inknajh bf tch nsshts bf tch I.V.à jnsh bf k`qu`mnt`ba. _r`br`ty scnrhs usunkky d`vh tch cbkmhrs jhrtnà jbatrbkkàd

r`dcts. Na hxnlpkh bf sujc n jbatrbkkàd r`dct `s tch r`dct tb nppbàt, suspham namm`sl`ss lhlihrs bf tch lnandhlhat ibnrm. N I.V. lny `ssuh aba-vbtàd scnrhs

tcnt hat`tkh tch cbkmhr tb nkk scnrhcbkmhr r`dcts hxjhpt tch r`dct tb vbth. Aba-prbf`tscnrhs hat`tkh tch cbkmhr tb nkk scnrhcbkmhr r`dcts hxjhpt tch r`dct tb rhjh`vh


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prbf`ts. N scnrh scbukm nt khnst d`vh hat`tkhlhat tb vbtàd r`dcts, prbf`t r`dcts bribtc nam lny abt ih aba-vbtàd nam aba-prbf`t nt tch snlh t`lh.

Na nkthrant`vh fbr tch `ssuh bf aba-vbtàd scnrhs `s tch `ssuh bf mhpbs`tnry rhjh`pts

bf scnrhs (jhrt`f`jntha vna nnamhkha). ]ch `ssunajh bf mhpbs`tnry rhjh`pts bfscnrhs lhnas tcnt tch khdnk nam hjbabl`j hat`tkhlhat nttnjchm tb tch scnrhs `sshpnrnthm. @t `s mbah iy `ssuàd tch scnrhs tb n khdnk hat`ty, usunkky n fbuamnt`ba(st`jctàd), tcnt ihjblhs tch khdnk bwahr bf tch scnrhs nam s`luktnahbusky `ssuhsmhpbs`tnry rhjh`pts tcnt d`vh tch hjbabl`j hat`tkhlhat nttnjchm tb tch scnrhs tbtch mhpbs`tnry rhjh`pt cbkmhrs. Zujc n fbuamnt`ba `s àjbrpbrnthm w`tc tch sbkhpurpbsh bf cbkmàd nam nmlà`sthràd tch scnrhs fbr tch ihahf`t bf tch mhpbs`tnryrhjh`pt cbkmhrs wc`kst `t rhlnàs tch khdnk bwahr bf tch scnrhs. Ns n rhsukt bf tchkhdnk bwahrsc`p bf tch scnrhs tch fbuamnt`ba nksb cns tch vbtàd r`dcts nam tchr`dct tb nttham nam sphng nt tch dhahrnk lhhtàd bf scnrhcbkmhrs. Nktcbudc ncbkmhr bf aba-vbtàd scnrhs mbhs abt cnvh tch r`dct tb vbth nt n dhahrnk lhhtàd bfscnrhcbkmhrs, `t cns tch r`dct tb nttham nam sphng nt tch lhhtàd. ]chrhfbrh `f n

I.V., fbr hxnlpkh, w`schs tb k`l`t tch aulihr bf scnrhcbkmhrs br w`schs tb k`l`t

tch aulihr bf phrsbas wcb nrh hat`tkhm tb nttham nam sphng nt tch dhahrnk lhhtàdbf scnrhcbkmhrs, tch `ssuh bf mhpbs`tnry rhjh`pts jna ih jbas`mhrhm n dbbmnkthrant`vh. ]ch nrt`jkhs bf nssbj`nt`ba bf tch I.V. à tcnt jnsh w`kk cnvh tbhxpk`j`tky mhthrlàh tcnt mhpbs`tnry rhjh`pt cbkmhrs mb abt cnvh lhhtàd r`dcts(vhrdnmhrrhjctha) sujc ns tch r`dct tb nttham nam tb sphng nt n dhahrnk lhhtàd bfscnrhcbkmhrs. ]ch àstrulhat bf tch `ssuh bf mhpbs`tnry rhjh`pts `s ushm fbrvnr`bus purpbshs. Hxnlpkhs àjkumh hstnth pknaaàd nam hlpkbyhh àjhat`vhpknas. @a ibtc jnshs I.V.s nam tch`r scnrhcbkmhrs w`sc tb d`vh hjbabl`jhat`tkhlhat w`tcbut d`vàd jbatrbk br lhhtàd r`dcts tb tch ihahf`j`nr`hs.

>.6 Zcnrhcbkmhrs nam tch dhahrnk lhhtàd

@a tch Ahtchrknams tch jbrpbrnth dbvhranajh bf n I.V. `s inshm ba n munk systhl.]c`s lhnas tcnt tchrh nrh nt khnst twb jbrpbrnth ibm`hs5 (`) tch lnandhlhat ibnrm(cht ihstuur) tcnt lnandhs nam rhprhshats tch I.V. nam (``) tch dhahrnk lhhtàd bf

scnrhcbkmhrs (nkdhlhah vhrdnmhràd) (chrhànfthr5 Dhahrnk lhhtàd) tcnt cnsnkk btchr r`dcts tcnt nrh abt jbafhrrhm iy knw br tch nrt`jkhs bf nssbj`nt`ba ba tch

lnandhlhat ibnrm.

(N) Ybkh nam nutcbr`ty

Nkk jbrpbrnth pbwhrs tcnt cnvh abt ihha nss`dahm tb nay jbrpbrnth ibmy bf

tch I.V. iy knw br tch nrt`jkhs bf nssbj`nt`ba nrh jbafhrrhm ba tch Dhahrnklhhtàd. Zhvhrnk pbwhrs nrh uamhr lnamntbry knw jbafhrrhm ba tchDhahrnk lhhtàd nam jnaabt ih nss`dahm tb nabtchr jbrpbrnth ibmy sujc ns

tch lnandhlhat ibnrm. Hxnlpkhs àjkumh, nlbad btchrs, tch pbwhr tbnlham tch nrt`jkhs bf nssbj`nt`ba, tb m`ssbkvh tch I.V. vbkuatnr`ky nam tbnmbpt tch naaunk njjbuats.

(I) Dhahrnk lhhtàd nam mhj`s`ba-lngàd

N I.V. `s bik`dhm tb brdna`zh n dhahrnk lhhtàd nt khnst bajh n yhnr,w`tcà s`x lbatcs bf tch ham bf tch I.V.'s fànaj`nk yhnr. @a tc`s naaunk

dhahrnk lhhtàd tch lnandhlhat ibnrm rhpbrts tch stnth bf nffn`rs bf tchI.V. tb tch dhahrnk lhhtàd nam prbpbshs tch nmbpt`ba bf tch naaunknjjbuats nam tch drnatàd bf m`sjcnrdh (mhjcnrdh) tb tch lhlihrs bf tch


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lnandhlhat ibnrm fbr tch`r pbk`jy à tch fànaj`nk yhnr. Hxtrnbrmànrydhahrnk lhhtàds jna ih chkm à nmm`t`ba tb tch naaunk dhahrnk lhhtàd.

]ch lnandhlhat ibnrm nam, `f prhshat, tch suphrv`sbry ibnrm nrh

nutcbr`zhm tb jnkk n dhahrnk lhhtàd. Zcnrhcbkmhrs rhprhshatàd nt khnstbah phr jhat bf tch `ssuhm nam butstnamàd scnrh jnp`tnk jna ih nutcbr`zhmiy n m`str`jt jburt (rhjctinag) tb jnkk n lhhtàd ns whkk, prbv`mhm jhrtnàjbam`t`bas nrh lht. N dhahrnk lhhtàd lust ih jbavhahm ab knthr tcna batch h`dctc mny ihfbrh tch mnth bf tch lhhtàd iy lhnas bf na jbavbjnt`bakhtthr, uakhss tch nrt`jkhs bf nssbj`nt`ba mhthrlàh tcnt n kbadhr phr`bm bft`lh scbukm ih tngha àtb njjbuat. ]ch dhahrnk lhhtàd jnaabt tngh vnk`mrhsbkut`bas `f tch abt`jh phr`bm cns abt ihha jblpk`hm w`tc, uakhss nkkcbkmhrs bf lhhtàd r`dcts cnvh ndrhhm w`tc tch fnjt tcnt rhsbkut`bas w`kk ihtngha abahtchkhss nam tch lhlihrs bf tch lnandhlhat ibnrm nam tchsuphrv`sbry ibnrm cnvh ihha d`vha tch bppbrtua`ty tb d`vh tch`r nmv`jhpr`br tb tch mhj`s`ba-lngàd. ]ch àv`tnt`ba khtthr lust sht but tch

suiehjts nam ndhamn bf tch dhahrnk lhhtàd. Xakhss tch nrt`jkhs bf

nssbj`nt`ba mhthrlàh btchrw`sh nam tch scnrhcbkmhrs nam btchr cbkmhrs bflhhtàd r`dcts ndrhh, abt`jhs jbavhaàd dhahrnk lhhtàds jna ih shathkhjtrba`jnkky (h.d. phr hln`k) prbv`mhm tch hkhjtrba`j lhssndh `s rhnmnikhnam rhprbmujìkh nam tch scnrhcbkmhrs nam btchr cbkmhrs bf lhhtàd r`dctscnvh, ihfbrhcnam, prbv`mhm tch I.V. w`tc na hkhjtrba`j nmmrhss fbr tcntpurpbsh.

]ch knw mhthrlàhs tcnt n cbkmhr bf lhhtàd r`dcts cnvh tch r`dct tb ntthamdhahrnk lhhtàds bf scnrhcbkmhrs, à phrsba br tcrbudc n wr`ttha prbxy,nam tb sphng nt sujc lhhtàd. ]ch fbkkbwàd phrsbas cnvh, ahxt tb tchscnrhcbkmhrs, lhhtàd r`dcts5 (`) cbkmhrs bf mhpbs`tnry rhjh`pts tb wc`jctch nrt`jkhs bf nssbj`nt`ba jbafhr lhhtàd r`dcts, (``) tb pkhmdhhs

(pnamcbumhrs) nam usufrujtunr`hs (vrujctdhiru`ghrs) cnvàd vbtàd r`dctsnam (```) pkhmdhhs nam usufrujtunr`hs abt cnvàd vbtàd r`dcts, iut tch

nrt`jkhs bf nssbj`nt`ba mhthrlàh tcnt tchy cnvh lhhtàd r`dcts nam tchmhhms bf pkhmdh nam usufrujt mb abt mhthrlàh btchrw`sh.

@a pràj`pkh tch dhahrnk lhhtàd lust ih chkm nt tch kbjnt`ba(s) stnthm àtch nrt`jkhs bf nssbj`nt`ba. ]c`s lny ih buts`mh tch Ahtchrknams. @t jnabjjur tcnt tch dhahrnk lhhtàd `s br lust ih chkm hkshwchrh. ]c`s `spbssìkh prbv`mhm tcnt nkk cbkmhrs bf lhhtàd r`dcts cnvh ndrhhm tb cbkmtch dhahrnk lhhtàd hkshwchrh nam tch lnandhlhat ibnrm nam suphrv`sbry

ibnrm cnvh ihha d`vha tch bppbrtua`ty tb nmv`sh ba tc`s lntthr.

Hvhry scnrhcbkmhr cns tch r`dct tb nttham tch dhahrnk lhhtàd, sphng nt tchdhahrnk lhhtàd nam tb hxhrj`sh c`s br chr vbtàd r`dct nt tch dhahrnk

lhhtàd. ]ch scnrhcbkmhr jna mb tc`s à phrsba br iy d`vàd nrhprhshatnt`vh n wr`ttha prbxy. ]c`s jna nksb ih mbah hkhjtrba`jnkkyprbv`mhm `t `s nkkbwhm iy tch nrt`jkhs bf nssbj`nt`ba. @a dhahrnk, rhsbkut`basbf tch dhahrnk lhhtàd jna baky ih pnsshm w`tc na nisbkuth lnebr`ty (`.h.8?% pkus bah vbth) bf tch vbths jnst. ]ch knw nam tch nrt`jkhs bfnssbj`nt`ba jna stnth tcnt lbrh tcna na nisbkuth lnebr`ty `s rhqu`rhm àbrmhr tb lngh jhrtnà mhj`s`bas. Fbr hxnlpkh, à jnsh bf tch nlhamlhat bftch nrt`jkhs bf nssbj`nt`ba br tch m`ssbkut`ba bf tch I.V. n lnebr`ty bf twb-

tc`rms bf tch vbths lny ih rhqu`rhm. Zblh mhj`s`bas iy tch dhahrnklhhtàd jna baky ih tngha uana`lbusky. Ihs`mhs n lnebr`ty rhqu`rhlhat, n

qubrul lny ih rhqu`rhm ns whkk.


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]ch dhahrnk lhhtàd jna nksb pnss rhsbkut`bas w`tcbut cbkmàd n dhahrnklhhtàd prbv`mhm nkk cbkmhrs bf lhhtàd r`dcts cnvh ndrhhm w`tc tc`s fbrl

bf mhj`s`ba-lngàd. Xakhss tch nrt`jkhs bf nssbj`nt`ba mhthrlàhbtchrw`sh, ndrhhlhat w`tc tc`s fbrl bf mhj`s`ba-lngàd jna ih rhjbrmhm

hkhjtrba`jnkky.

(J) K`ni`k`ty

]ch k`ni`k`ty bf scnrhcbkmhrs `s à pràj`pkh k`l`thm tb tch nlbuat pn`m up iytchl ba tch scnrhs, ]ch knw stnths tcnt n scnrhcbkmhr `s abt phrsbankky k`nikh

fbr tch njt`bas bf tch I.V. nam `s abt ibuam tb jbatrìuth tb tch kbsshs bf tchI.V. btchr tcna fbr tch nlbuat tch scnrhcbkmhr scbukm cnvh pn`m up fbr c`s

scnrhs.

N scnrhcbkmhrs jna cbwhvhr ih chkm k`nikh `f ch rhjh`vhm n m`v`mham wc`kh chgahw, br rhnsbaniky scbukm cnvh gabwa tcnt, nt tch t`lh bf pnylhat bf tcntm`v`mham, tch I.V. wbukm abt ih nikh tb jbatàuh tb fukf`k `ts bik`dnt`bastbwnrms ts jrhm`tbrs.

_khnsh abth nabtchr hxhlpt`ba rhdnrmàd tch k`ni`k`ty bf n scnrhcbkmhr `f ch `sjbas`mhrhm ns n pbk`jylnghr (ihkh`msihpnkhr) à pnrndrnpc>.4(J)ihkbw namà jnsh bf tbrt.

>.4 Lnandhlhat ibnrm

]ch lnandhlhat ibnrm `s rhspbasìkh fbr tch lnandhlhat bf tch mny-tb-mnynffn`rs bf tch I.V. ]ch lhlihrs bf tch lnandhlhat ibnrm, à fukf`kkàd tch`rmut`hs, nrh bik`dhm tb tngh àtb njjbuat tch àthrhsts bf tch I.V. nam `ts iusàhss.Hvhry lhlihr bf tch lnandhlhat ibnrm `s nutcbr`zhm tb rhprhshat tch I.V.tbwnrms tc`rm pnrt`hs, uakhss tch nrt`jkhs bf nssbj`nt`ba mhthrlàh tcnt twblhlihrs br lbrh bf tch lnandhlhat ibnrm ebàtky lny baky rhprhshat tch I.V.hxthrankky. Tcb `s nutcbr`zhm tb rhprhshat n I.V. jna ih mhthrlàhm iy jbasuktàdtch bakàh trnmh rhd`sthr bf tch Mutjc Jcnlihr bf Jbllhrjh.

Nktcbudc tch lnandhlhat ibnrm mhthrlàhs tch pbk`jy nam lnandhlhat bf tchI.V., tch nrt`jkhs bf nssbj`nt`ba lny mhthrlàh tcnt jhrtnà lnandhlhat ibnrmrhsbkut`bas rhqu`rh pr`br npprbvnk bf nabtchr jbrpbrnth ibmy sujc ns tch dhahrnklhhtàd br tch suphrv`sbry ibnrm. ]ch nrt`jkhs bf nssbj`nt`ba lny furtchrmhthrlàh tcnt tch lnandhlhat ibnrm scbukm ni`mh iy jhrtnà du`mhkàhs bf

nabtchr jbrpbrnth ibmy sujc ns tch dhahrnk lhhtàd. ]ch lnandhlhat ibnrm `sbik`dhm tb ni`mh iy sujc du`mhkàhs, uakhss tchy jbatrnm`jt tch àthrhsts bf tchI.V. nam `ts iusàhss.

@f n lhlihr bf tch lnandhlhat ibnrm cns n m`rhjt br àm`rhjt jbafk`jt bf àthrhstsw`tc tch I.V. `t scbukm abt tngh pnrt à tch mhj`s`ba-lngàd prbjhss. Mutjc knwprbv`mhs fbr n lhjcna`sl tb mhnk w`tc tch s`tunt`ba `f tch lnandhlhat ibnrm, ns nrhsukt tchrhbf, `s abt nikh tb tngh n mhj`s`ba.

@a tch Ahtchrknams n I.V. jna bpt fbr n bah-t`hr br n twb-t`hr ibnrm systhl.]rnm`t`bankky Mutjc jbrpbrnth knw prbv`mhs fbr n twb-t`hr systhl fbr tch

lnandhlhat bf n I.V. ]ch twb-t`hr systhl prbv`mhs fbr n lnandhlhat ibnrm tcnt

`s rhspbasìkh fbr tch mny-tb-mny lnandhlhat bf tch I.V. nam na bpt`bank namshpnrnth suphrv`sbry ibnrm tcnt suphrv`shs tch lnandhlhat ibnrm.


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K`ni`k`ty tbwnrm tch I.V. ins`jnkky rhsukts frbl n irhnjc bf muty (br jbatrnjt)

tcnt hnjc bf tch lnandhlhat ibnrm lhlihrs cns tbwnrms tch jblpnay. ]chknw prbv`mhs tcnt tch lnandhlhat ibnrm lhlihrs lny ihjblh (ebàtky nam

shvhrnkky) k`nikh à jnsh bf `lprbphr lnandhlhat (baihcbbrkèg ihstuur).@lprbphr scbukm ih rhnm tb lhna jkhnrky ahdk`dhat nam àsuff`j`hat namtchrhfbrh abt baky `lprbphr à tch lbrnk shash bf tch wbrm. K`ni`k`ty tbwnrmstch I.V. `s à pràj`pkh n jbkkhjt`vh k`ni`k`ty7 `t nttnjchs tb nkk lnandhlhatibnrm lhlihrs rhdnrmkhss bf wchtchr hnjc àm`v`munk njtunkky tbbg pnrt à tch`lprbphr njt br bl`ss`ba. ]c`s fbrl bf k`ni`k`ty lnthr`nk`shs baky vhry shkmblà prnjt`jh.

]c`rm pnrt`hs jna insh tch`r njt`bas ba tch dhahrnk khdnk mbjtràh bf tbrt(barhjctlnt`dh mnnm). ]ch stntutbry prbv`s`bas prbv`mh tcnt nay j`v`k wrbadiy wc`jc phrsbank cnrl br mnlndh tb prbphrty `s jnushm tb nabtchr phrsbascnkk rhamhr tch phrsba iy wcbsh fnukt sujc cnrl br mnlndh cns bjjurrhm

k`nikh tb rhmrhss tch snlh. @f n lnandhlhat ibnrm lhlihr, wc`kh njtàd à

c`s fuajt`ba ns lnandàd ibnrm lhlihr, jnushs cnrl br mnlndh ns butkàhmnibvh tb n tc`rm pnrty à n tbrt`bus lnaahr, ch àjurs k`ni`k`ty tbdhtchr w`tctch I.V. ]ch Mutjc Zuprhlh Jburt cns rukhm tcnt n lnandhlhat ibnrmlhlihr lny ih phrsbankky k`nikh, `f tchrh `s shr`bus ahdk`dhajh(vbkmbhamhhrast`d vhrwèt) bf tch lnandhlhat ibnrm lhlihr, wc`jc cns rhsukthm àcnrl tb n tc`rm pnrty. Tchtchr br abt tchrh `s shr`bus ahdk`dhajhmhphams batch sphj`f`j j`rjulstnajhs bf tch jnsh. Na hxnlpkh bf sujc tbrt`bus brahdk`dhat njt `s n lnandhlhat ibnrm lhlihr jnusàd tch jblpnay tb hathràtb bik`dnt`bas gabwàd tcnt tch jblpnay w`kk abt ih à n pbs`t`ba tb lhhtsujc bik`dnt`bas.

@a dhahrnk, wcha lnandhlhat ibnrm lhlihrs bf n jblpnay cnrl tch

àthrhsts bf n jrhm`tbr bf tch jblpnay iy àsuff`j`hatky hasuràd tcnt tchjblpnay fukf`ks `ts (hx`stàd) pnylhat bik`dnt`ba(s) w`tc rhsphjt tb tc`s

jrhm`tbr, tchy lny àjur k`ni`k`ty. Bftha, tc`s rhfhrs tb s`tunt`bas à wc`jc tchjrhm`tbrs' r`dcts tb rhmrhss nrh frustrnthm iy5 (`) tch lnandhlhat ibnrmlhlihrs jnusàd tch jblpnay tb hathr àtb bik`dnt`bas gabwàd tcnt tchjblpnay w`kk abt ih à n pbs`t`ba tb lhht sujc bik`dnt`bas, (``) tch jrhnt`ba bftch `lndh bf jrhm`twbrtcàhss tbwnrms n tc`rm pnrty nktcbudc tch lnandhlhatibnrm lhlihr gabws br scbukm cnvh gabwa tcnt tch jbatrnry `s truh, (```) tbstr`p tch jblpnay w`tc tch purpbsh bf frustrntàd jrhm`tbrs r`dcts, (`v)shkhjt`vh pnylhat bf jrhm`tbrs nt tch t`lh bf tch inagruptjy bf tch jblpnay

br nt tch t`lh tcnt tch lnandhlhat ibnrm lhlihrs gahw tcnt tch inagruptjybf tch jblpnay wns fbrhshhnikh br prbinikh nam r`dcts bf btchr jrhm`tbrs bf

tch jblpnay cnvh ihha cnrlhm.

Tcha n jblpnay fàms tcnt `t `s uanikh tb pny `ts mhits rhkntàd tb tnxhs namsbj`nk shjur`ty jbatrìut`bas, `t cns tch muty tb abt`fy tch rhkhvnat nutcbr`t`hsnt bajh. ]ch phankty fbr fn`kàd tb mb sb `s shvhrh, anlhky5 tch lnandhlhatibnrm lhlihrs ihjblh ebàtky nam shvhrnkky k`nikh fbr tchsh mhits, uakhss (n)tchy scbw hv`mhajh tcnt tch fn`kurh tb phrfbrl tc`s muty (tch abt`f`jnt`ba)jnaabt ih nttrìuthm tb tchl nam (i) tchy scbw hv`mhajh tcnt tch àni`k`ty bftch jblpnay tb pny `ts mhits `s abt jnushm iy lna`fhstky `lprbphrlnandhlhat (ghaahkèg baihcbbrkèg ihstuur).

_khnsh abth tcnt tch phrsbank k`ni`k`ty bf lnandhlhat ibnrm lhlihrs nksb

nppk`hs tb jb-pbk`jylnghrs (lhmhihkh`msihpnkhrs). ]chsh nrh àm`v`munks wcbhffhjt`vhky jbatrbk tch jblpnay, ns `f tchy whrh bff`j`nk lnandhlhat ibnrm


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lhlihrs. N scnrhcbkmhr br hlpkbyhh bf tch jblpnay wcb `s abt nlnandhlhat ibnrm lhlihr iut phrfbrls tch rbkh bf n lnandhlhat ibnrm

lhlihr nam cns hffhjt`vh jbatrbk bf tch jblpnay jna ih jbas`mhrhm n jb-pbk`jylnghr.

]ch dhahrnk lhhtàd bf scnrhcbkmhrs lny m`sjcnrdh tch lnandhlhat ibnrmfbr tch lnandhlhat jbamujthm iy `t. ]ch m`sjcnrdh d`vha cns baky àthrankhffhjt nam jnaabt tchrhfbrh ih àvbghm ndnàst tc`rm pnrt`hs. Zujc m`sjcnrdh `susunkky drnathm nt tch naaunk dhahrnk lhhtàd bf scnrhcbkmhrs. Ns rhdnrms tchpbssì`k`ty bf àsurnajh, `t scbukm ih abthm tcnt n sphj`f`j typh bf àsurnajhhx`sts à tch Ahtchrknams fbr lnandhlhat ibnrm lhlihrs. ]c`s àsurnajh `susunkky rhfhrrhm tb ns M&B-àsurnajh.

N scnrhcbkmhr jna, à pràj`pkh, abt ih chkm k`nikh fbr njts br bl`ss`bas bf nlnandhlhat ibnrm lhlihr. Zcnrhcbkmhrs nrh abt phrsbankky k`nikh fbr njtsphrfbrlhm à tch anlh bf tch jblpnay nam jnaabt ih bik`dhm tb jbatrìuth tb

kbsshs bf tch jblpnay à hxjhss bf tch`r jbatrìut`ba tb tch scnrh jnp`tnk.

>.3 Zuphrv`sbry ibnrm

@f tch twb-t`hr ibnrm systhl `s nppk`hm tch nrt`jkhs bf nssbj`nt`ba lny prbv`mh fbrn suphrv`sbry ibnrm. @t `s bpt`bank, uakhss tch knrdh jblpna`hs rhd`lh nppk`hs.

Baky pr`vnth àm`v`munks lny ih n suphrv`sbry ibnrm lhlihr. ]ch suphrv`sbryibnrm cns tch tnsg bf suphrv`sàd tch pbk`jy bf tch lnandhlhat ibnrm nam tch

mny-tb-mny nffn`rs bf tch I.V.

(N) Nppbàtlhat, susphas`ba nam m`sl`ssnk

]ch f`rst suphrv`sbry ibnrm lhlihrs bf n I.V. nrh nppbàthm à tch mhhm bfàjbrpbrnt`ba. Btchrw`sh suphrv`sbry ibnrm lhlihrs nrh nppbàthm iy tchdhahrnk lhhtàd. Na nppbàtlhat jna ih fbr na uak`l`thm phr`bm bf t`lh.Hvhry suphrv`sbry ibnrm lhlihr lny nt nkk t`lhs ih susphamhm br m`sl`sshmiy tch jbrpbrnth ibmy tcnt `s nutcbr`zhm tb nppbàt tch suphrv`sbry ibnrmlhlihrs. Nkk tch suphrv`sbry ibnrm lhlihrs cnvh tb ih rhd`sthrhm w`tc tchJcnlihr bf Jbllhrjh.

(I) ]nsg nam nutcbr`ty

]ch suphrv`sbry ibnrm cns twb lnà tnsgs5 suphrv`s`ba nam nmv`jh.Zuphrv`s`ba nksb jbvhrs tch futurh pbk`j`hs à tch kbad thrl. ]ch suphrv`sbryibnrm furtchrlbrh cns tb suphrv`sh tch fuajt`baàd, tch qunk`ty nam jbatàu`tybf tch lnandhlhat ibnrm. Zuphrv`s`ba nksb jbvhrs suis`m`nr`hs nam btchrjblpna`hs rhknthm tb tch I.V. ns whkk ns `lpbrtnat lnandhlhat ibnrm

mhj`s`bas, sujc ns lhrdhrs nam njqu`s`t`bas.

]ch suphrv`sbry ibnrm cns shvhrnk tnsgs ns sht but à tch knw, sujc ns tchjnkkàd bf n dhahrnk lhhtàd, prbv`màd tch dhahrnk lhhtàd w`tc àfbrlnt`ba,na nmv`sbry rbkh nt tch dhahrnk lhhtàd nam rhprhshatnt`ba à jnsh tchlnandhlhat ibnrm cns n jbafk`jt bf àthrhst. Nmm`t`bank tnsgs jna ih nmmhm àtch nrt`jkhs bf nssbj`nt`ba ns whkk.

(J) @athrank nam hxthrank k`ni`k`ty


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]ch k`ni`k`ty bf tch suphrv`sbry ibnrm `s ins`jnkky s`l`knr nam inshm ba tch

snlh pràj`pkhs ns tch k`ni`k`ty bf tch lnandhlhat ibnrm. ]ch suphrv`sbryibnrm lhlihrs jna ih chkm (àthrankky) k`nikh fbr `lprbphr phrfbrlnajh bf

tch tnsgs jcnrdhm tb tchl (bpdhmrndha tngha), (hxthrankky) à jnsh bf tbrt `ftchrh `s phrsbank iknlh à rhsphjt bf tch mnlndh. @a tch hvhat bf inagruptjybf n I.V. tch suphrv`sbry ibnrm lhlihrs jna ih chkm k`nikh fbr tch nlbuat bfmhits rhlnààd uapn`m nfthr tch k`qu`mnt`ba bf tch I.V.'s nsshts, `f (n) tchsuphrv`sbry ibnrm lhlihrs cnvh m`sjcnrdhm tch`r mut`hs à n lna`fhstky`lprbphr lnaahr nam (i) tchrh `s pr`ln fnj`h hv`mhajh tb scbw tcnt tc`s cnsihha n lnebr jnush bf tch I.V.'s inagruptjy.

>.0 Njqu`ràd na hx`stàd iusàhss (L&N)

(N) Dhahrnk

`.

_rbjhss nam trnasnjt`ba mbjulhatnt`ba

@f n fbrh`da pnrty jbas`mhrs tb hathr àtb tch Mutjc lnrght bah bftch bpt`bas `s tb njqu`rh na hx`stàd Mutjc jblpnay. Xamhr Mutjcknw L&N jna dhahrnkky ih strujturhm ns n scnrh trnasnjt`ba(nnamhkhafus`h), na nssht trnasnjt`ba (ihmrèfsfus`h) br tcrbudc nkhdnk lhrdhr (eur`m`sjch fus`h) br spk`t-bff (eur`m`sjch spk`tsàd).

_r`vnth (bamhrcnamsh) trnasnjt`bas rhdnrmàd tch scnrhs à tchjnp`tnk bf I.V.s fbrl tch lnebr`ty bf L&N trnasnjt`bas à tch

Ahtchrknams. Ahxt tb tch shkkàd nam iuyàd pnrt`hs, tch pnrt`hsàvbkvhm nrh usunkky jbrpbrnth fànajh nmv`sbrs br àvhstlhatinaghrs, (L&N) knwyhrs, tnx nmv`sbrs nam njjbuatnats. ]ch MutjcL&N lnrght `s n mhvhkbphm bah wchrhà L&N `s w`mhky ushm nsn strnthdy.

Dhahrnkky na L&N trnasnjt`ba `s g`jghm bff iy tch jbrpbrnthfànajh nmv`sbr br àvhstlhat inaghr àvbkvhm iy shamàd but naàfbrlnt`ba lhlbrnamul br s`l`knr mbjulhat nfthr n aba-m`sjkbsurh br jbaf`mhat`nk`ty ndrhhlhat cns ihha s`dahm iy tchrhjh`vàd pnrty. Zujc aba-m`sjkbsurh ndrhhlhats usunkky jbatnà nphankty jknush, ihjnush n shkkàd pnrty w`kk abt shttkh w`tc baky tchpbssì`k`ty tb jkn`l sphj`f`j phrfbrlnajh (angblàd) ns n lhnasbf hafbrjàd tch ndrhhlhat. Nktcbudc aba-m`sjkbsurh ndrhhlhats

shhl prhtty stnamnrm, `t `s nmv`snikh tb cnvh tchl rhv`hwhm iy nkbjnk knwyhr tb hasurh tchy w`kk nmhqunthky prbthjt ybur àthrhsts.

KB@

Frbl tch khdnk phrsphjt`vh tch ahxt sthp `s tch hxhjut`ba bf n khtthrbf àthat br s`l`knr mbjulhat sujc ns chnms bf ndrhhlhat brlhlbrnamul bf uamhrstnamàd. Zuistnajh bvhr fbrl nppk`hsuamhr Mutjc knw nam tchrhfbrh tch t`tkh br fbrl bf tch mbjulhat `skhss rhkhvnat tcna tch njtunk jbathats fbr tch quhst`ba wchtchr `tjbast`tuths n khdnkky iàmàd ndrhhlhat. ]chsh mbjulhats cnvh à

jbllba tcnt tchy nkk nrh n fbrl bf jbatrnjt. Nktcbudc tch

ahjhss`ty fbr n khtthr bf àthat br s`l`knr ndrhhlhat mhphams ba tchsphj`f`j trnasnjt`ba nt cnam, `t `s jbllba tb hathr àtb bah tb,


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prbthjthm iy knw nam jnaabt ih nffhjthm iy inagruptjy. Ihjnushtch knw prbthjts tch j`v`k-knw abtnry's inag njjbuat nam tch knw

nksb m`jtnths tcnt j`v`k-knw abtnr`hs scbukm ih àmhphamhat tc`sprbjhmurh `s rhdnrmhm iy tch lnrght ns trustwbrtcy. ]ch ush bf tch

j`v`k-knw abtnry's prbthjthm inag njjbuat `s suiehjt tb str`jtrhdukntbry rhqu`rhlhats. Xsunkky tch pnrt`hs ndrhh tcnt tch j`v`k-knw abtnry w`kk cbkm tch trnasfhrrhm nlbuat fbr tch ihahf`t bf tchiuyhr uat`k tch abtnr`nk mhhm bf trnasfhr bf scnrhs `s hxhjuthm nfthrwc`jc tch abtnry w`kk cbkm tch trnasfhrrhm nlbuat fbr tch ihahf`tbf tch shkkhr. ]cnt wny `t `s prhvhathm ns lujc ns pbssìkh tcnt tchshkkhr w`kk cnvh trnasfhrrhm tch bwahrsc`p bf tch scnrhs tb tchiuyhr w`tcbut cnvàd rhjh`vhm tch jbrrhspbamàd purjcnsh pr`jh brv`jh vhrsn tcnt tch iuyhr w`kk cnvh pn`m tch purjcnsh pr`jh w`tcbutcnvàd ihjblh bwahr bf tch scnrhs. N jblpk`jntàd fnjtbr à tc`srhsphjt `s tch àvbkvhlhat bf inags tcnt, fbr hxnlpkh, prbv`mhnjqu`s`t`ba fànajh, ihjnush dhahrnkky tch inags w`kk abt njjhpt

tcnt tch purjcnsh pr`jh br pnrts tchrhbf nrh chkm fbr tch ihahf`t bf

tch shkkhr ihfbrh shjur`ty (h.d. pkhmdhs nam lbrtdndhs) cns ihhavhsthm fbr tch`r ihahf`t.

Btchr lnà tbp`js à Z_Ns nrh (`) jbam`t`bas prhjhmhat(bpsjcbrthamh vbbrwnnrmha) sujc ns lhrdhr jbatrbk, btchrrhqu`rhm jbashats nam npprbvnks nam tch nishajh bf lnthr`nknmvhrsh jcnadhs br hffhjts, (``) àthr`l phr`bm (`.h. prbv`s`bas fbrtch phr`bm ihtwhha s`daàd nam jkbsàd `f tchy mb abt bjjur ba tchsnlh mnth), (```) rhprhshatnt`bas, wnrrnat`hs nam àmhla`t`hs nam(`v) k`ni`k`ty bf tch shkkhr uamhr tch Z_N.

Btchr mbjulhatnt`ba

Ahxt tb na KB@ nam Z_N tch fbkkbwàd mbjulhatnt`ba `s rhqu`rhm

br `s usunkky ushm à na L&N trnasnjt`ba5 (`) n abtnr`nk mhhm bftrnasfhr bf scnrhs, (``) n abtnr`nk khtthr tcnt shts buts tch fuams fkbwnam cbw tch j`v`k-knw abtnry lnandhs tch fuams fkbw, (```) njkbsàd ndhamn tcnt ba n mbjulhat khvhk shts but wc`jc sthps cnvhtb ih tngha nam wcb cns tb s`da wc`jc mbjulhats tb njc`hvh nsujjhssfuk jkbsàd, (`v) mbjulhats à jbaahjt`ba w`tc tchahjhssnry jbrpbrnth njt`ba, nlbadst wc`jc, scnrhcbkmhrs namibnrm rhsbkut`bas à jbaahjt`ba w`tc, fbr hxnlpkh, tch rhpknjhlhat

bf lhlihrs bf tch lnandhlhat ibnrm bf tch tnrdht jblpnay nam(v) `f tch trnasnjt`ba `s n khvhrndhm trnasnjt`ba br wcha pnrnkkhk tb

tch L&N trnasnjt`ba n rhfànajàd tnghs pknjh5 fànajàdmbjulhats, sujc ns kbna mbjulhats nam shjur`ty mbjulhatnt`ba

sujc ns mhhm bf pkhmdhs nam lbrtdndh, à jbaahjt`ba w`tcnjqu`s`t`ba fànajh.

``. Muh m`k`dhajh nam m`sjkbsurh lhjcna`sl

Xamhr Mutjc knw n shkkhr bf tch scnrhs à tch jnp`tnk bf n jblpnaycns n muty tb àfbrl (lhmhmhkàdspk`jct) tch pbthat`nk iuyhrwchtchr tchrh nrh `ssuhs tcnt jbukm ih `lpbrtnat fbr tch iuyhr's

nsshsslhat bf tch tnrdht jblpnay. Nktcbudc n pbthat`nk iuyhr lnynssulh tcnt tch shkkhr's stnthlhats nrh truh, tch pbthat`nk iuyhr ba

`ts tura cns n muty tb àvhst`dnth (bamhrzbhgspk`jct) tch tnrdhtjblpnay tb prhvhat tcnt `t iuys tch scnrhs ba tch ins`s bf wrbad


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nssulpt`bas. @f n shkkhr cbwhvhr w`tccbkms lnthr`nk àfbrlnt`bafrbl tch pbthat`nk iuyhr, `t jnaabt nvhrt n jkn`l frbl tch iuyhr iy

nsshrtàd tcnt tch iuyhr cns abt jblpk`hm w`tc `ts muty tbàvhst`dnth.

Tchtchr n muh m`k`dhajh àvhst`dnt`ba `s ahjhssnry br nmv`snikhnam tch sjbph nam mhptc tchrhbf mhphams ba tch njtunk lntthr ntcnam sujc ns tch s`zh nam anturh bf tch tnrdht jblpnay nam `tsiusàhss. @f fbr hxnlpkh n iusàhss mhphams ba twb lnà suppk`hrnam justblhr jbatrnjts baky, `t wbukm ih nmv`snikh tb rhv`hw tchshjbatrnjts tb vhr`fy tb wcnt hxthat tch iusàhss bf tch tnrdhtjblpnay `s sustnànikh.

N iuyhr w`kk usunkky wnat tb phrfbrl n muh m`k`dhajhàvhst`dnt`ba, abt baky ba khdnk drbuams, iut tb vhr`fy, nlbadstbtchr tcàds, tch khdnk, fànaj`nk, tnx, iusàhss nam hav`rbalhatnk

nsphjts bf tch tnrdht jblpnay. ]ch rhnsbas fbr n iuyhr tb phrfbrl

n muh m`k`dhajh àvhst`dnt`ba m`ffhr phr iuyhr. N strnthd`j iuyhrdhahrnkky w`kk cnvh m`ffhrhat lbt`vhs nam pknas w`tc tch tnrdhtjblpnay tcna n fànaj`nk iuyhr sujc ns pr`vnth hqu`ty. ]ch kntthrw`kk jkhnrky cnvh na hx`t strnthdy tb jbas`mhr à tch ahnr futurh.Muh m`k`dhajh àvhst`dnt`bas jna fbr hxnlpkh cnvh tch n`l tbvhr`fy (`) wchtchr tch tnrdht jblpnay w`kk ih nikh tb (jbatàuh tb)dhahrnth suff`j`hat rhvhauhs à tch futurh, (``) wchtchr tch iuyhr'snssulpt`bas rhdnrmàd tch purjcnsh pr`jh nam, à jnsh bf pr`vnthhqu`ty, futurh hx`t strnthdy nrh jbrrhjt nam (```) wchtchr tchrh nrhnay r`sgs br `ssuhs tcnt cnvh na `lpnjt ba tch purjcnsh pr`jh br tchiusàhss tcnt w`kk cnvh tb ih l`t`dnthm à tch trnasnjt`bambjulhatnt`ba.

Muh m`k`dhajh àvhst`dnt`bas nrh lbrh nam lbrh mbah à bakàh

mntn rbbls bffhrhm iy àmhphamhat mntn rbbl prbv`mhrs sujc nsLhrr`kk Mntns`th, @atrnkàgs br @lpr`ln. Bftha tch mntn rbbl `s shtup ba tch ins`s bf muh m`k`dhajh quhst`baan`rhs frbl tch iuyhr.Bah bf tch nmvnatndhs bf tch ush bf sujc bakàh mntn rbbls `s tcnttch àfbrlnt`ba m`sjkbshm iy tch shkkhr `s m`d`tnkky nvn`knikh.

]ch stnrtàd pbàt bf tch m`sjkbsurh lhjcna`sl à tch Z_N `s tchpràj`pkh tcnt `f n iuyhr `s nwnrh br jbukm cnvh ihha nwnrh bf n

irhnjc bf tch Z_N ba tch ins`s bf tch m`sjkbshm àfbrlnt`ba, `tjnaabt jkn`l n irhnjc bf tch Z_N.

]chrhfbrh, bah bf tch rhjurràd m`sjuss`ba pbàts rhdnrmàd Z_Ns

`s wcnt `s rhdnrmhm ns m`sjkbshm àfbrlnt`ba. N shkkhr w`kk wnat tchmhfà`t`ba bf m`sjkbshm àfbrlnt`ba tb ih ns irbnm ns pbssìkhwchrhns n iuyhr w`kk wnat tb k`l`t tch sjbph bf tch mhfà`t`ba bfm`sjkbshm àfbrlnt`ba ns lujc ns pbssìkh. Muh tb tch ush bfbakàh mntn rbbls `t ihjnlh hns`hr tb ràd-fhajh tch jbathats bftch mntn rbbl. Xsunkky tch jbathats bf tch bakàh mntn rbbl,àjkumàd tch bakàh ^&N shss`bas tcnt cnvh ihha chkm, nrh iuratba n JM, MVM br XZI st`jg tcnt `s nttnjchm tb tch Z_N ns n

sjchmukh sb tcnt tchrh `s ab m`sjuss`ba nibut wcnt wns m`sjkbshm àtch mntn rbbl. ]b nvb`m m`sjuss`bas nibut tch jbathats bf tch

m`d`tnk mntn jnrr`hr nam tb k`l`t tch r`sg tcnt bah bf tch pnrt`hstnlphrs w`tc tchl `t jna ih jbas`mhrhm tb d`vh tch m`d`tnk mntn


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jbvhrhm iy na àmhla`ty, fbr hxnlpkh tnxhs, scnkk ih rh`liurshmà fukk iy tch shkkhr tb tch iuyhr br tch tnrdht jblpnay. Bajh

ndnà, nkk bf tc`s `s nkwnys suiehjt tb ahdbt`nt`ba.

(I) K`l`tnt`ba bf k`ni`k`ty nam shjur`ty

Zhkkhrs à tch Mutjc lnrght dhahrnkky mb abt njjhpt uak`l`thm k`ni`k`ty namZ_Ns tchrhfbrh nkwnys cnvh k`l`tnt`ba bf k`ni`k`ty jknushs fbr tch ihahf`t bftch shkkhr. K`ni`k`ty à tch Z_N `s dhahrnkky k`l`thm à, nlbadst btchr tcàds,nlbuat, murnt`ba nam sjbph wchrhiy `t `s jbllba tb ndrhh ba n lnx`lul

bvhrnkk jnp bf k`ni`k`ty bf tch shkkhr uamhr tch ndrhhlhat. Zujc jnp `s bfthahxprhsshm ns n phrjhatndh bf tch purjcnsh pr`jh wchrhiy fbr jhrtnà tbp`js n

c`dchr jnp w`kk ih njjhpthm tcna fbr btchr suiehjts. Nktcbudc nkwnys suiehjttb ahdbt`nt`ba, `t `s w`mhky njjhpthm à tch Mutjc lnrght tcnt n shkkhr `s k`nikhuamhr tch wnrrnat`hs fbr n phr`bm kbad habudc tb hanikh n iuyhr tb mrnw up ntkhnst bah sht bf naaunk njjbuats tb vhr`fy tch wnrrnat`hs tcnt cnvh ihha d`vhaà rhknt`ba tb tch tnrdht jblpnay. Mhphamhat ba wchtchr tch fànaj`nk yhnr(ibhgennr) bf tch tnrdht jblpnay `s hqunk tb jnkhamnr yhnr nam tch t`làd bftch jkbsàd bf tch trnasnjt`ba n murnt`ba bf >3 lbatcs `s jbllba. Lbrhbvhr,`t `s jbllba fbr n shkkhr tb njjhpt pbthat`nk k`ni`k`ty fbr n kbadhr phr`bm bft`lh à jbaahjt`ba w`tc, fbr hxnlpkh, tch wnrrnat`hs à rhknt`ba tb tchbwahrsc`p bf tch scnrhs, tnxhs, nam hav`rbalhatnk `ssuhs br à jbaahjt`ba

w`tc jhrtnà àmhla`t`hs. N fnjtbr à rhknt`ba tchrhw`tc `s tch nppk`jnikhk`l`tnt`ba phr`bm (vhrenràdsthrlèa).

N furtchr k`l`tnt`ba bf k`ni`k`ty bf n shkkhr `s pbssìkh à vnr`bus btchr wnys,fbr hxnlpkh iy àjkumàd tch prbv`s`ba tcnt tch shkkhr scnkk abt ih k`nikh tb tchhxthat n sphj`f`j prbv`s`ba br nkkbwnajh à rhsphjt bf n irhnjc bf tch

wnrrnat`hs cns ihha suff`j`hatky lnmh à tch naaunk njjbuats nam n jkn`l jnaih rhjbvhrhm uamhr nay àsurnajh pbk`jy, br n irhnjc bf tch wnrrnat`hs jna ihrhlhm`hm iy tch shkkhr.

Lbst iuyhrs rhqu`rh n fbrl bf shjur`ty bf tch shkkhr tb hasurh tcnt à jnsh bf nirhnjc bf tch ndrhhlhat tchrh `s suff`j`hat rhjbursh. Hxnlpkhs bf fbrls bf

shjur`ty ushm nrh hsjrbw nrrnadhlhats, inag dunrnathhs, aht hqu`tystnthlhats, ebàt nam shvhrnk k`ni`k`ty, surhty nam suibrmànthm vhambr kbnas._r`vnth hqu`ty pnrt`hs usunkky nrh abt w`kkàd tb d`vh hknibrnth wnrrnat`hs,àmhla`t`hs br shjur`ty, ihjnush tch k`l`thm k`fh spna bf tch fuams. N sbkut`batcnt `s ushm lbrh nam lbrh à tch Mutjc lnrght n wnrrnaty nam àmhla`tyàsurnajh tcnt prbv`mhs tch iuyhr shjur`ty à tch fbrl bf na àsurnajh.

(J) Zcnrh trnasnjt`bas

`. Tcy nam cbw

@f n iuyhr w`schs tb njqu`rh n I.V. nam `ts iusàhss, njqu`ràd tchhat`rh scnrh jnp`tnk bf sujc I.V. `s na hff`j`hat wny tb njc`hvhtc`s. Nktcbudc à prnjt`jh tch bwahr bf tch scnrhs w`kk ih rhdnrmhmns tch bwahr bf tch I.V., frbl n str`jt khdnk phrsphjt`vh tchpurjcnsh bf scnrhs à tch jnp`tnk bf n I.V. rhsukts à tch iuyhr

cnvàd ihjblh tch bwahr bf tch scnrhs nam abt tch bwahr bf tch

I.V. nam `ts nsshts. ]ch njqu`s`t`ba bf tch scnrhs à tch jnp`tnk bf nI.V. `s abahtchkhss na hff`j`hat wny bf njqu`ràd na hat`rh


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iusàhss nt bajh. Fbr tch trnasfhr bf tch bwahrsc`p bf tch scnrhs àtch jnp`tnk bf n I.V. n abtnr`nk mhhm bf trnasfhr bf scnrhs `s

rhqu`rhm.

(M) Nssht / k`ni`k`ty trnasnjt`ba

`. Tcy nam cbw

Na nsshts / k`ni`k`t`hs trnasnjt`ba jbukm ih tch rbuth tb ih prhfhrrhm`f tch iuyàd pnrty mbhs abt w`sc tb njqu`rh hvhrytcàd frbl tch

shkkàd hat`ty br `f tch shkkàd jblpnay `s na bkm jblpnay w`tc npbthat`nkky r`sgy khdnjy à tch fbrl bf pbthat`nk k`ni`k`t`hs.

Furtchrlbrh na nsshts / k`ni`k`t`hs trnasnjt`ba hanikhs n iuyhr tbjchrry p`jgjhrtnà nsshts / k`ni`k`t`hs frbl tch shkkàd pnrty.

@f pnrt`hs jcbbsh fbr na nsshts / k`ni`k`t`hs trnasnjt`ba, na nsshtpurjcnsh ndrhhlhat cns tb ih mrnwa up. Zphj`nk ntthat`ba tchascbukm tcha ih pn`m tb wc`jc nsshts w`kk ih trnasfhrrhm nam cbwsujc nsshts nrh muky trnasfhrrhm uamhr Mutjc knw. _ursunat tbMutjc knw hvhry nssht cns tb ih trnasfhrrhm shpnrnthky njjbrmàd tbtch npprbpr`nth lhtcbms bf trnasfhr bf tch nsshts jbajhrahm.Nsshts / k`ni`k`t`hs trnasnjt`bas nksb nffhjt tch hlpkbyhhs (shh

pnrndrnpc9.6(I)).

Ihkbw shvhrnk fbrlnk`t`hs à jbaahjt`ba w`tc tch trnasfhr bfjhrtnà typhs bf nsshts w`kk ih m`sjusshm.

Jbatrnjts

T`tc tch jb-bphrnt`ba bf c`s jbatrnjtàd pnrty, n pnrty jna trnasfhrc`s jbatrnjtunk rhknt`ba w`tc tc`s jbatrnjtàd pnrty tb n tc`rm pnrtyiy n mhhm mrnwa up ihtwhha c`lshkf nam tch tc`rm pnrty. ]c`s cns

tch hffhjt bf trnasfhrràd nkk r`dcts nam bik`dnt`bas tb tch tc`rmpnrty, tb tch hxthat ndrhhm upba. ]ch nssht purjcnsh ndrhhlhat jna

ih jbas`mhrhm ns n mhhm.

Yhd`sthrhm prbphrty

]ch trnasfhr bf rhd`sthrhm prbphrty (h.d. rhnk hstnth) rhqu`rhs ntrnasfhr iy lhnas bf n abtnr`nk mhhm bf trnasfhr bf rhd`sthrhm

prbphrty hxhjuthm iy n j`v`k-knw abtnry.

Lbvhnikh nsshts

Lbvhnikh nsshts nrh trnasfhrrhm iy lhnas bf drnatàd tchpbsshss`ba (ihz`tsvhrsjcnffàd) bf tch nssht à quhst`ba tb tch

iuyhr.

@avhatbry

@avhatbry w`kk dhahrnkky jbas`st bf lbvnikh nsshts nam `s bfthatrnasfhrrhm iy drnatàd tch pbsshss`ba (ihz`tsvhrsjcnffàd) bf tch

nsshts tb tch iuyhr.


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@a jnsh tch nsshts jbajhrahm nrh abt kbjnthm nt tch prhl`shs bf tchshkkàd hat`ty nam tcus abt à tch pbsshss`ba bf tch shkkhr, tch nsshts

lust ih trnasfhrrhm iy lhnas bf n mhhm. ]c`s mhhm jna ih nanutchat`j mhhm br n pr`vnth mhhm. ]ch nssht purjcnsh ndrhhlhat

jna ih jbas`mhrhm ns n mhhm tb tc`s purpbsh. @t tcnt jnsh `t `snmv`snikh tb nmm n jknush à tch nssht purjcnsh ndrhhlhat stntàdtcnt tch shkkàd hat`ty scnkk àm`jnth wchrh nam w`tc wcbl, tchshnsshts nrh kbjnthm.

Furtchrlbrh, `t `s bf `lpbrtnajh tcnt tch àvhatbry w`kk ihjnrhfukky `mhat`f`hm, sb tcnt ibtc pnrt`hs gabw wc`jc tcàds ihkbadtb tch àvhatbry (na naahx à wc`jc tch àvhatbry `s k`sthm jna ihnttnjchm).

Njjbuats rhjh`vnikh

Njjbuats rhjh`vnikh nrh trnasfhrrhm iy nss`dalhat (jhss`h) wc`jc

jna ih hffhjthm iy lhnas bf n mhhm àthamhm fbr tcnt purpbsh namiy suishquhatky àfbrlàd tch mhitbrs bf tch trnasfhr.

]ch mhhm jna ih na nutchat`j mhhm (`.h. n abtnr`nk mhhm) br npr`vnth mhhm. _khnsh abth tcnt tch mhhm scbukm hxpk`j`tky lhat`batch trnasfhr nam mhk`vhry. Ndnà, tch nssht purjcnsh ndrhhlhat jnaih jbas`mhrhm ns n mhhm tb tc`s purpbsh. ]ch abt`jh tcnt cns tb ihd`vha tb tch mhitbrs lny ih mbah iy ibtc tch shkkàd nam tchiuyàd pnrt`hs.

Njjbuats pnynikh

Na bik`dnt`ba `s trnasfhrrhm frbl tch bik`dbr tb n tc`rm phrsba, `ftch kntthr nssulhs tch snlh frbl tch bik`dbr. ]ch nssulpt`ba bf

tch bik`dnt`ba baky cns hffhjt ndnàst tch bik`dhh `f tch bik`dhhjbashats tchrhtb, nfthr cnvàd ihha abt`f`hm bf tch nssulpt`ba iytch pnrt`hs.

(H) Khdnk lhrdhr br spk`t bff

`. Tcy nam cbw

N khdnk lhrdhr (eur`m`sjch fus`h) br khdnk spk`t-bff (eur`m`sjch

spk`tsàd) nrh n lhnas bf trnasfhrràd, nkk br pnrt bf tch prbphrty,r`dcts nam àthrhsts nam k`ni`k`t`hs iy ua`vhrsnk trnasfhr bf t`tkh(bamhr nkdhlhah t`thk) tb na njqu`ràd hat`ty. ]ch njqu`ràd hat`tyjna ih na hx`stàd khdnk hat`ty br na hat`ty tcnt w`kk ihàjbrpbrnthm ns n rhsukt bf tch khdnk lhrdhr br khdnk spk`t-bff.

Ns bppbshm tb na nssht / k`ni`k`ty trnasnjt`ba wchrhiy hnjcshpnrnth nssht nam k`ni`k`ty cns tb ih trnasfhrrhm frbl tch shkkàdhat`ty tb tch njqu`ràd hat`ty à njjbrmnajh w`tc nppk`jnikh knw, nkhdnk lhrdhr br spk`t-bff jblhs àtb hffhjt stnrtàd ba tch f`rst mnynfthr tch hxhjut`ba bf tch abtnr`nk mhhm bf khdnk lhrdhr br spk`t-bff.N khdnk lhrdhr br khdnk spk`t-bff hanikhs tch njqu`ràd hat`ty tb

njqu`rh nkk nsshts nam/br k`ni`k`t`hs nt bajh, tcrbudc tch hxhjut`babf n abtnr`nk mhhm bf khdnk lhrdhr br n abtnr`nk mhhm bf khdnk spk`t-


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]ch pnrt`hs tb n lhrdhr br spk`t-bff w`kk cnvh tb puik`sc n abt`jh bftch mhpbs`t bf tch mbjulhats à n mn`ky ahwspnphr w`tc ant`bank

j`rjuknt`ba, stntàd tch trnmh rhd`sthr(s) bf tch Jcnlihr bfJbllhrjh nt wc`jc tch snlh nrh mhpbs`thm nam tch nmmrhss wchrh

tch snlh lny ih àsphjthm pursunat tb tch prhv`bus pnrndrnpc.

]ch dhahrnk lhhtàd bf scnrhcbkmhrs lny baky nmbpt n rhsbkut`bafbr tch lhrdhr br spk`t-bff nfthr bah lbatc cns hknpshm frbl tchmny ba wc`jc nkk pnrt`hs tb tch lhrdhr br spk`t-bff cnvh puik`schmtch abt`jh bf mhpbs`t bf tch prbpbshm thrls bf tch lhrdhr br spk`t-bff à tch ahwspnphr.

T`tcà bah lbatc fbkkbwàd tch mnth tcnt nkk pnrt`hs tb tch lhrdhrbr spk`t-bff cnvh d`vha abt`jh bf tch mhpbs`t bf tch prbpbshm thrlsbf tch lhrdhr br spk`t-bff, hnjc btchr pnrty à n khdnk rhknt`basc`pw`tc sujc pnrty lny bppbsh tch prbpbshm thrls bf tch lhrdhr br

spk`t-bff iy f`kàd n pht`t`ba w`tc tch M`str`jt Jburt. ]ch M`str`jt

Jburt w`kk mhay sujc pht`t`ba `f tch pnrty tcnt f`khs `t cns abtsujjhhmhm à mhlbastrntàd tcnt tch khdnk lhrdhr br spk`t-bff w`kkrhsukt à n mhthr`brnt`ba bf tch pbthat`nk rhmrhss pbs`t`ba bf tcntpnrty d`vàd.

(F) Lhrdhr jbatrbk

]ch Ahtchrknams Nutcbr`ty fbr Jbasulhrs nam Lnrghts (NJL) `srhspbasìkh fbr lhrdhr jbatrbk à tch Ahtchrknams. @a jnsh bf na L&Ntrnasnjt`ba, tch trnasnjt`ba w`kk cnvh tb ih abt`f`hm tb tch NJL `f tchfbkkbwàd twb jr`thr`n nrh lht5 (`) tch tbtnk naaunk dkbink turabvhr bf tch

jblpna`hs àvbkvhm hxjhhms >>:,=8?,??? nam (``) nt khnst twb bf tchjblpna`hs àvbkvhm cnvh na naaunk turabvhr à tch Ahtchrknams bf:?,???,??? br lbrh.

@f tch njqu`ràd jblpnay fbrls pnrt bf n drbup bf jblpna`hs, tch turabvhr bftch hat`rh drbup cns tb ih tngha àtb njjbuat. ]ch turabvhr bf n jblpnay tcnt

shkks pnrt bf tch iusàhss mbhs abt cnvh tb ih tngha àtb njjbuat.

Fbr jblpna`hs à tch chnktcjnrh shjtbr L&N trnasnjt`bas cnvh tb ih abt`f`hmtb tch NJL `f tch fbkkbwàd twb jr`thr`n nrh lht5 (`) tch tbtnk naaunk dkbinkturabvhr bf tch jblpna`hs àvbkvhm hxjhhms 88,???,??? nam (``) nt khnst twbbf tch jblpna`hs àvbkvhm cnvh na naaunk turabvhr à tch Ahtchrknams bf

>?,???,??? br lbrh.

@f tch fbkkbwàd twb jr`thr`n nrh lht, tch L&N trnasnjt`ba w`kk cnvh tb ihabt`f`hm tb tch Hurbphna Jbll`ss`ba5 (`) tch tbtnk naaunk dkbink turabvhr bftch jblpna`hs àvbkvhm hxjhhms 8,???,???,??? nam (``) nt khnst twb bf tchjblpna`hs àvbkvhm cnvh na naaunk turabvhr à tch Hurbphna Xa`ba bf n

là`lul bf 98?,???,???.

]ch lhrdhr jbatrbk prbjhmurh jbas`sts bf twb pcnshs5 (`) tch abt`f`jnt`bapcnsh (lhkmàdfnsh) nam (``) tch phrl`t pcnsh (vhrduaaàdfnsh). Nabt`f`jnt`ba scbukm ih mbah ukt`lnthky fbur whhgs ihfbrh tch trnasnjt`ba `sjkbshm nam `s mbah iy f`kkàd but n fbrl tcnt jna ih mbwakbnmhm frbl tch

whis`th bf tch NJL. ]ch Mutjc khd`skntbr k`l`thm tch hxthat bf àfbrlnt`batcnt tch jblpna`hs àvbkvhm cnvh tb prbv`mh à tch abt`f`jnt`ba pcnsh tb k`l`t


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tch nmlà`strnt`vh iurmha ns lujc ns pbssìkh. @f n abt`f`jnt`ba `s abt f`khm brabt f`khm à t`lh, tch NJL `s nutcbr`zhm tb `lpbsh n fàh. @f tch NJL, nfthr n

abt`f`jnt`ba, mhj`mhs tcnt n phrl`t `s rhqu`rhm tch jblpna`hs àvbkvhm w`kkcnvh tb prbv`mh lbrh mhtn`khm àfbrlnt`ba à njjbrmnajh w`tc n phrl`t

nppk`jnt`ba fbrl tcnt jna ih mbwakbnmhm frbl tch whis`th bf NJL.

Nktcbudc tch prbjhmurh shhls prhtty strn`dctfbrwnrm `t `s nmv`snikh tb hadndhn sphj`nk`zhm nat` trust knwyhr tb nmv`sh w`tc rhsphjt tb tch lhrdhr jbatrbkprbjhmurh. Bur f`rl cns jkbsh t`hs w`tc sujc nat` trust knwyhrs.

(D) ZHY Lhrdhr Jbmh

Na L&N trnasnjt`ba à tch Mutjc lnrght scbukm nksb jblpky w`tc tch ZHYLhrdhr Jbmh (ZHY Ihsku`tFus`hdhmrndsrhdhks 9???). ]ch ZHY Lhrdhr Jbmh`s n fbrl bf shkf-rhduknt`ba iy tch lnrght7 tchrhfbrh `t knjgs n stntutbry ins`snam cns tch purpbsh bf mhfhamàd tch àthrhsts bf tch hlpkbyhhs à na L&Ntrnasnjt`ba tcrbudc àfkuhajh bf tch trnmh ua`bas. N v`bknt`ba bf tch ZHYLhrdhr Jbmh lny khnm tb n m`sputh rhsbkut`ba prbjhmurh ihfbrh tch m`sputhjbll`tthh bf tch Mutjc Zbj`nk nam Hjbabl`j Jbuaj`k (ZHY). ]ch mhj`s`ba `spuik`j. V`bknt`ba bf tch ZHY Lhrdhr Jbmh furtchr cns ihha tngha àtbnjjbuat à vhrm`jts bf tch Mutjc Hathrpr`sh Jcnlihr (Bamhrahlàdsgnlhr).Abtw`tcstnamàd tch nishajh bf n stntutbry ins`s tch ZHY Lhrdhr Jbmh `s

tngha àtb njjbuat iy tch lnrght.

]ch ZHY Lhrdhr Jbmh nppk`hs tb n lhrdhr à wc`jc nt khnst bah jblpnay `sàvbkvhm tcnt dhahrnkky hlpkbys nt khnst 8? hlpkbyhhs nam tcnt `s hstnik`schmà tch Ahtchrknams. ]ch jbrh bf tch mhfà`t`ba bf wcnt n lhrdhr `s uamhrstbbmtb lhna à tch ZHY Lhrdhr Jbmh `s tch trnasfhr bf jbatrbk.

]ch ZHY Lhrdhr Jbmh mbhs abt (`) nppky tb lhrdhrs w`tcà n drbup bfjblpna`hs, (``) nppky tb lhrdhrs ns n rhsukt bf inagruptjy, fnl`ky br chr`tndhknw, (```) nppky tb lhrdhrs à rhknt`ba tb n tnrdht jblpnay tcnt dhahrnkky

hlpkbys fhwhr tcna >? hlpkbyhhs nam (`v) nppky tb lhrdhrs tcnt mb abt fnkkw`tcà tch khdnk spchrh bf tch Ahtchrknams.

@f tch ZHY Lhrdhr Jbmh nppk`hs, tch trnmh ua`bas àvbkvhm cnvh tb ihabt`f`hm tcnt n lhrdhr `s ihàd prhpnrhm. ]ch abt`f`jnt`ba cns tb ih mbahihfbrh tch pnrt`hs cnvh rhnjchm ndrhhlhat nibut tch lhrdhr nam nt sujc npbàt à tch ahdbt`nt`ba prbjhss tcnt tch trnmh ua`bas àvbkvhm jna njtunkkyst`kk àfkuhajh tch prbjhss nam àfbrl pnrt`hs àvbkvhm bf tch`r bpà`ba nibut

tch lhrdhr. Npnrt frbl tch abt`f`jnt`ba ns sujc, tch trnmh ua`bas scbukm nksbih bffhrhm tch bppbrtua`ty tb m`sjuss hkhlhats bf tch lhrdhr, sujc ns tchrhnsba bf tch lhrdhr nam tch hxphjthm sbj`nk, hjbabl`j nam khdnkjbashquhajhs bf tch lhrdhr.

Abt baky mb tch trnmh ua`bas cnvh tb ih abt`f hm nam àvbkvhm à n lhhtàd iy

tch lhrdhr pnrt`hs, tchy scbukm nksb ih àfbrlhm nibut tch jbathats bf n prhssrhkhnsh iy tch lhrdàd pnrt`hs nibut tch lhrdhr ihfbrh tch prhss rhkhnsh `slnmh puik`j. Abtw`tcstnamàd tch fbrhdbàd, tch trnmh ua`bas cnvh ab r`dct tbikbjg tch lhrdhr br d`vh jbashat tb `t.


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>.>? Bphaàd n kbjnk irnajc

(N) Cbw nam iy wcbl

]b bpha n kbjnk irnajc, sphj`f`j trnmh rhd`sthr fbrls cnvh tb ih jblpkhthmnam suil`tthm w`tc tch Mutjc Jcnlihr bf Jbllhrjh. Nktcbudc tch k`st bfquhst`bas à tcbsh fbrls shhls `lprhss`vh, tch lnebr`ty bf tch quhst`bas nrhprhtty strn`dctfbrwnrm. @a prnjt`jh bitnààd tch mbjulhats tcnt cnvh tb ihjhrt`f`hm br khdnk`zhm nam suil`tthm tb tch Jcnlihr bf Jbllhrjh ahxt tb tchfbrls rhqu`rh tch lbst hffbrt nam t`lh.

@t `s tchrhfbrh rhjbllhamhm tb àvbkvh n j`v`k-knw abtnry, ihjnush sujc j`v`k

knw abtnry `s nutcbr`zhm tb s`da nam suil`t tch fbrls nam naj`kknrymbjulhatnt`ba ba ihcnkf bf n fbrh`da jblpnay, wc`jc s`lpk`f`hs tch

prbjhmurh. Bur f`rl jbbphrnths w`tc n aulihr bf hxphr`hajhm j`v`k-knw

abtnr`hs nam jna hns`ky hadndh bah.

Mhphamhat ba tch anturh bf tch iusàhss nam wchtchr tch kbjnk irnajc cnshlpkbyhhs, n Mutjc irnajc w`kk nksb cnvh tb ih f`khm w`tc tch Mutjc ]nxNutcbr`t`hs fbr J@], VN] nam Tndh ]nx purpbshs.

(I) ]`làd

]ch Jcnlihr bf Jbllhrjh ahhms = - 6 mnys tb prbjhss

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