The Proposals submitted by The President of Ukraine (Reg. No.0854) read: 'The amendments to Clause 63 of the Law of Ukraine 'On Higher Education' suggest that a Higher Educational Institution, in State or Municipal ownership, shall independently dispose of profits and other earnings obtained from providing services as envisaged in Legislation. The said use shall, inter alia, include the right to open Current and Deposit accounts with Banks, according to the Legislation appertaining to Banking activities, and keep their money on deposit in Bank accounts (Paragraph 35, Part I of the Law)'.
The President of Ukraine stressed that, 'This provision is contradictory to Part 1, Clause 48 of the Budget Code of Ukraine, providing for The State Budget of Ukraine to be serviced by the Treasury. It means that The State Treasury of Ukraine effects transactions with State Budget monies'.
The President of Ukraine suggests that the words, 'A right to open Current and Deposit accounts with Banks, according to the Legislation appertaining to Banking activities, and keep their money in Deposit accounts in Banks', are removed.
The Committee also recommends that The Cabinet of Ministers of Ukraine prepares and introduces for consideration by The Verkhovna Rada of Ukraine, a Draft Revised version of the Law 'On Higher Education'