Law for the modification of articles 1, 3, 5 and 9 of the regulation of Application No. 21 of the Caixa Andorrana de Seguretat Social approved by the Hon. General Council at its regular session of the 12th of October 1989 Article only articles 1, 3, 5 and 9 of the regulation of Application No.

21 of the regulations of the Andorran Social security are produced as follows: Article 1 shall be governed by the present Rules of the old-age insurance which are handled in round robin scheme. If, eventually, a part of the old age insurance reserves came to manage-in regime of capitalization, this part shall be governed by particular text for the purpose.

Article 3 the total number of direct investments and loans may not exceed two-thirds of the reserves of the old management as of December 31 of the last year elapsed, nor have to reduce those reserves to a total of less than three times the total annual ongoing pensions as of December 31 of the last year elapsed.

Article 5 The direct investments may be: real estate, and consist of land or buildings situated in the Andorran territory, and eventually their equipment or facilities. In the event that the disease or financial transactions come, thanks to a loan from the old management, investment real estate, buildings, equipment and facilities to which they refer are always owned by the old management.

Or mobiliàries, and consist of the acquisition of shares, bonds and, in general, any type of securities that, by their permanent character and for its period of implementation, are considered to be financial immobilized.

Article 9 The joint operations described in these regulations will be reflected in the accounts of the box according to the following rules: In the accounts of the manllevadores or of the achievements made by these actions, when there are different accounting, observed the rules of accounting of their redemption and became.

On the accounting management of old age the account Technical Reserves "old age" is subdivided into an account Technical Reserves "old age Available", which reflects the part not affected reserves, and an account "Technical Reserves Frozen old age", this subdivided into as many subaccounts as groups of assets there, which will be individualized to each direct investment and each loan.

Each of these sub-accounts varies in the exact measure of the productions companies directly or indirectly and the depreciation operated.

Casa de la Vall, 12 October 1989, the Syndic General