Liquidation of the Association

The association’s liquidation procedure shall be regulatied by provisions of the Law on Associations. The provisions of the law regulating liquidation of business companies shall apply accordingly to any issues having to do with the association’s liquidation procedure that are not regulated by the Law on Associations.

Liquidation of the Association – Reasons and Procedure

Liquidation of the association and association’s deletion from the Register of Associations of the Serbian Business Registers Agency (hereinafter referred to as the Register) shall only take place upon completion of the association’s liquidation procedure:

  • if the number of members declines below the number of founders required for its establishment and the association’s competent body fails to take a decision to admit new members within thirty (30) days
  • if the term for which the association has been established expires, when an association has been established for a definite period
  • if the association’s competent body takes the decision to terminate activities
  • if it is established that the association has not been pursuing the activities to achieve its statutory goals or has not been organized in line with its statute for over two (2) years without any interruptions or if the time that has elapsed has been double that specified by the statute for holding the assembly session and the session has not taken place
  • if the association’s activities have been banned. Continue reading Liquidation of the Association

Competence of the guarantee fund and indemnity procedure

The Guarantee Fund within the Association of Serbian Insurers was established in accordance with the Law on Property and Personal Insurance of 1996 and started its operations in July 1997. Pursuant to the law, operation of the Guarantee Fund is entrusted to the Association of Serbian Insurers as part of public functions.

The Guarantee Fund within the Association receives claims for compensation, assesses, liquidates and pays the sum insured i.e. compensation of damages, and settles recourse claims relating to the use of Guarantee Fund assets.

The Guarantee Fund is obliged to compensate a claim to the same extent and under the same conditions which would apply if the contract on compulsory insurance had been concluded on the date of the loss event, namely, up to the amount to which liabilities of insurance companies are limited by the law. Continue reading Competence of the guarantee fund and indemnity procedure

Mortgage agreement

Mortgage Law governs the mortgage, for the purpose of securing and collection of claims. A mortgage is a lien right on real estate, which empowers the creditor, in the event of the debtor’s failure to pay a matured debt, to request the collection of claim secured by the mortgage from the value of the real estate prior to the ordinary creditors and prior to junior mortgage creditors, regardless of who is in the possession of the real estate.

Mode of Institution and Types of Mortgage

A mortgage is instituted by registration in the competent real estate registry, on the basis of:

  • Agreement or a judicial settlement (contractual mortgage)
  • Mortgage deed (unilateral mortgage)
  • Statute (statutory mortgage)
  • Court decision (judicial mortgage).

The contractual mortgage rules apply mutatis mutandis to unilateral, statutory and judicial mortgage, unless otherwise provided by law. Continue reading Mortgage agreement