Agreement on Settlement of Land Use Rights Purchase Payments Through the Banking System
关于通过银行系统结算土地使用权买卖款项的协议
ຂໍ້ຕົກລົງວ່າດ້ວຍ ການຊຳລະເງິນ ຊື້ ຂາຍ ສິດນຳໃຊ້ທີ່ດິນ ຜ່ານລະບົບທະນາຄານ
Summary
This agreement requires that land use rights sales in Laos be paid through the banking system, applicable to individuals, legal entities, and organizations, with exemptions for remote poor households.
Articles
Article ມາດຕາ 1
Article 2 Payment for Purchase and Sale of Land Use Rights through the Banking System
Payment for purchase and sale of land use rights through the banking system is the fulfillment of financial obligations in accordance with the law by using payment instruments, channels and mechanisms of banks, non-bank financial institutions and payment service providers under the supervision of the Bank of the Lao PDR.
Article ມາດຕາ 2
Article 3 Interpretation of Terms
The terms used in this agreement have the following meanings:
1. Payment order means issuing a money transfer order by document or electronic instrument through a payment channel to fulfill the rights and obligations of the service user;
2. Clearing means comparing and sorting transaction values between branches, service units or agents of payment service providers within the same network or between cross-network payment service providers to calculate the net balance and then settle;
3. Settlement means settling according to the order amount, which is immediate settlement per transaction by settling according to the transfer order that occurs immediately after receiving the payment order, on a per-item basis;
4. Net settlement means settling according to the net balance value once or multiple times per day after clearing, as determined by the payment system controller;
5. Poor household means a household without a stable and safe residence, without property and necessary appliances for living and livelihood, without labor and necessary tools for living and livelihood, whose members of school age have not received lower secondary education, cannot access clean water and stable energy, and cannot access basic public services, as certified and approved by the district chief, municipality head, or city mayor upon the proposal of the village chief.
Article ມາດຕາ 3
Article 3 Scope of Application
This agreement applies to individuals, legal entities and organizations, including stateless persons, persons without nationality, persons of Lao descent who are foreigners, and organizations of such persons living and operating in the territory of the Lao PDR.
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