Financial Institutions Law Nro. 21.526 - Modification - Full Text Of The Norm

Original Language Title: ENTIDADES FINANCIERAS LEY NRO. 21.526 - MODIFICACION - Texto completo de la norma

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image inicio sitio infoleg MInisterio de Justicia y Derechos Humanos
FINANCIAL ENTITIES Law 26.173 Amendment of Law No. 21.526. Sanctioned: November 22, 2006 Cast: December 11, 2006

The Senate and Chamber of Deputies

of the Argentine Nation gathered

in Congress, etc.

strength

Law:

ARTICLE 1 , Replace article 26 of Law No. 21.526 (text by Law No. 25.782), with the following:

Article 26: Cooperative credit boxes may:

(a) Receiving deposits in cash and on time, which shall have no limit, except where applicable under article 18 (d);

(b) Debit letters of change turned against the deposits at sight by their headlines. The letters of exchange may be issued through the electronic chambers of compensation;

(c) Granting credits and other financings for small and medium-sized urban and rural enterprises, including single-persons, professionals, artisans, employees, workers, individuals, cooperatives and public-good entities:

(d) Grant guarantees, bonds and other guarantees:

(e) Make investments of a transitory nature in easily liquidable placements:

(f) Implementing mandates and related commissions with their operations.

They shall not be able to carry out the operations provided for in subparagraphs (c), (d) and (e) above with other financial entities, credit or mutual cooperatives and any other natural or legal person whose activity is the granting of funds, bonds, guarantees or other guarantees, regardless of their modality.

ARTICLE 2 Incorporate as article 18 of Act No. 21.526 (text under Act No. 24.144), the following:

Article 18: Cooperative credit boxes shall be in accordance with the following requirements:

(a) Active operations will be conducted preferably with partners who are based or perform their economic activity in the area of action where they are authorized to operate. The Central Bank of the Argentine Republic will delimit the scope of the zone of action in accordance with the viability of each project, for which purpose only the expansion of the cooperative credit box in its adjacences will be accepted, in accordance with the objective criteria and parameters adopted by the regulation of the institution. They should submit regular information to their partners on their state of state of state of property and capacity to fulfil their obligations, in accordance with the regulations issued by the implementing authority.

(b) They shall distribute their returns in proportion to the services used and/or to the capital provided.

(c) They can request the opening of up to CINCO (5) branches within their area of action. Without prejudice to this, the regulations issued by the Central Bank of the Argentine Republic may provide for the installation of additional units or places of care in that area, which shall not be computed for the purposes of the preceding limit.

For identification, they should include the necessary references that would allow the cooperative credit box to be linked to their area of action.

(d) The limit of the area of action in which they are authorized to operate shall not be applicable for the collection of funds, without prejudice to the fact that the principle of operating in this area will be applied preferably with partners. The regulation issued by the Central Bank of the Argentine Republic should include the relevant precautions in order to prevent a high degree of concentration of liabilities, considering the characteristics of the amount, time, the character of the associate or not of the holder.

(e) The requirement set out in article 18, subparagraph (a) for preferential funding with partners and within the area of action of the cooperative credit box shall be deemed to be fulfilled when those granted to partners are not less than 75 per cent and provided that those held outside the area of action do not exceed 15 per cent, in both cases with respect to total funding. The Central Bank of the Argentine Republic will be able to increase the share of operations with partners and reduce the limit for operations outside the area of action. To this end, it must take into account, among other factors, the development evolution that the operator of the cooperative credit box, considered individually and/or as a whole, in its area of action.

(f) Cooperative credit boxes should be associated with a specialized higher-level cooperative with capacity, the satisfaction of the Central Bank of the Argentine Republic and the National Institute of Associativism and Social Economy, to provide its partners with financial assistance and other financial services, including those linked to the placement of temporary liquidity surpluses; to provide operational support, advice, etc., as well as representation to the competent regulatory and supervisory authorities.

Such integration should be carried out within the CINCO (5) years after the start of its activities, or the shorter time limit established by the regulation of the Central Bank of the Argentine Republic.

Article 3 Incorporate as Article 100 bis, Chapter XIII General General Provisions General, Article 1 of Decree-Law 5965/63, the following text:

Article 100 bis: The Central Bank of the Argentine Republic, as the application authority of the Institute of Exchange slimited to its operator by the cooperative credit boxes : may:

1. Regulate the conditions and requirements of opening, operating and closing with their respective Causes of the basins at sight in the cooperative credit boxes on which letters of change can be released, as well as the electronic compensation regime of these instruments, including in this latter matter a special regime of conservation, exposure, transmission by any means, accounting record, payment, rejection and compensation and any other element required to make it operational.

2. On a temporary basis, fix a maximum amount to the letters of change delivered to the carrier and limit the number of endorsements of these instruments.

3. Rule the formulas of the letter of change and decide above all what leads to the provision of an effective lyric service of change, including the documentary or electronic formula of registration, rejection and solution of merely formal problems of the letters of change.

ARTICLE 4 , Replace Article 9 (c) of Law 21.526 with the following:

Article 9:

(sighs) Credit boxes, which should be formed as a cooperative society. .

ARTICLE 5o Contact the Executive.

IN THE SESSION OF THE ARGENTINE CONGRESS, IN GOOD AIRES, TO THE TWENTY DAYS OF THE MONTH YEAR DOS MIL SEIS.

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ALBERTO E. BALESTRINI. . JOSE J. B. PAMPURO. . Enrique Hidalgo. . Juan H. Estrada.