Argentinian Republic And The Andean Corporation Of Promotion - Subscription Of Ordinary Capital Stocks - Full Text Of The Norm

Original Language Title: ACUERDOS REPUBLICA ARGENTINA Y CORPORACION ANDINA DE FOMENTO - SUSCRIPCION DE ACCIONES DE CAPITAL ORDINARIO - Texto completo de la norma

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
image inicio sitio infoleg MInisterio de Justicia y Derechos Humanos
ACUERDOS Law 26.423 Approve the Agreement between the Argentine Republic and the Andean Development Corporation on Subscription of Actions of Ordinary Capital, signed in the Autonomous City of Buenos Aires on October 5, 2007. Sanctioned: November 6, 2008 promulgated: November 13, 2008

The Senate and Chamber of Deputies of the Argentine Nation assembled in Congress, etc. sanction with force of Law:

ARTICLE 1 Approve the Agreement between the Argentine Republic and the Andean Development Corporation on Subscription of Actions of Regular Capital, signed in the Autonomous City of Buenos Aires on October 5, 2007, which consists of OCHO (8) articles and UN (1) Annex, the text of which is an integral part of this measure as Annex I. The total amount of the contribution is from DOLARES ESTADOUNIDENSES QUINIENTS CUARENTA AND TWO MILLONES NOVENTA AND CINCO MIL DOSCIENTOS (U$S 542,995,200) cash payable in CINCO (5) annual and consecutive fees, having to pay the first quota within the SESENTA (60) days of the entry into force.

ARTICLE 2 The Ministry of Economy and Production through the Ministry of Finance shall instruct the Central Bank of the Argentine Republic, in its capacity as depositary and agent of the country to the international financial institutions, to execute on behalf and on behalf of the Argentine Republic the payment of contributions to the Andean Development Corporation.

Article 3 In order to cope with the emerging commitments in this Act, the Central Bank of the Argentine Republic shall have the corresponding counterpart funds, which shall be provided by the Ministry of Economy and Production Ministry of Finance, subject to the inclusion of such an erogation in the General Budget Law of the National Administration in the relevant periods.

ARTICLE 4 Contact the national executive branch.

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

_

JULY C. C. COBOS. . EDUARDO A FELLNER. . Enrique Hidalgo. . Juan H. Estrada.

image

_

CORPORATION ANDINA DE FOMENTO

And

ARGENTINA REPUBLIC

REGULAR CAPITAL ACTION

The Argentine Republic and the Andean Development Corporation, henceforth "the Corporation", together "the Parties" have agreed:

ARTICLE 1

- Subscription of Actions -

The Argentine Republic agrees to subscribe Forty-One Thousand-One Hundred Thirty-six (41.136) nominative actions of the "C" series corresponding to the Ordinary Capital of the Corporation, each with a heritage value of thirteen thousand two hundred dollars of the United States of America (US $13,200.00). The total price of the shares to subscribe will be the amount of Five Hundreds Forty and Two Millions Nine hundred Ninety-Five thousand Two hundred dollars from the United States of America (US $542,995,200.00).

ARTICLE 2

- Modality -

The Argentine Republic shall pay the Corporation the total amount of the cash subscription, in five (5) annual contributions, as follows:

(a) One hundred and five million United States dollars (US$ 105.000.000,00) payable within the sixty (60) days of the entry into force of this Agreement,

(b) One hundred and five million United States dollars (US$ 105.000.000,00) payable within the twelve (12) months of the entry into force of this Agreement.

(c) One hundred and five million United States dollars (US$ 105.000.000,00) payable within the twenty-four (24) months of the entry into force of this Agreement.

(d) One hundred and five million United States dollars (US$ 105.000.000,00) payable within thirty-six (36) months of the entry into force of this Agreement; and

(e) One hundred and twenty-two million nine hundred and ninety-five thousand two hundred dollars of the United States of America (US$ 122,995,200.00) payable within forty-eight (48) months of the entry into force of this Agreement.

ARTICLE 3

- Currency of Payment -

The amounts mentioned in the above clause shall be paid by the Argentine Republic in United States dollars.

ARTICLE 4

Participation in the Corporation portfolio

The Portfolio of the Corporation with borrowers domiciled in the territory of the Argentine Republic may be increased concomitantly with the payment of the amounts referred to in Article 2 of this Agreement, in accordance with the following scale:

(a) By canceling the first quota, up to ten percent (10%) of the portfolio.

(b) By canceling the second quota, up to 11 percent (11%) of the portfolio.

(c) By canceling the third quota, up to 12 percent (12%) of the portfolio.

(d) By canceling the fourth quota, up to fourteen percent (14%) of the portfolio.

(e) By canceling the fifth quota, up to fifteen percent (15%) of the portfolio.

ARTICLE 5

- Incorporation of the Argentine Republic as a Member Country -

The Argentine Republic expresses its intention to become a member country of the Corporation under the special conditions set out in Annex 1 which is an integral part of this Agreement. The Corporation shall recommend to its Directory and Assembly of Shareholders that accept the incorporation of the Argentine Republic as a Member Country in the special conditions detailed in Annex 1 of this Agreement.

ARTICLE 6

- Dispute Settlement -

Disputes between the parties on the interpretation and application of this Agreement shall, where possible, be resolved through friendly consultations between them through the relevant institutional channels.

ARTICLE 7

- Domiciles -

For the purposes of this Agreement, the parties establish as domicile the following:

Andean Development Corporation

Argentina

CAF Tower Building

Ministry of Economy and Production

Luis Roche Avenue, Altamira

Hippolyte Yrigoyen 250

Caracas, Venezuela

Buenos Aires, Argentina

ARTICLE 8

- Entry into force -

This Agreement shall enter into force on the date of notification by which the Argentine Republic informs the Corporation that the necessary legal requirements have been met for its entry into force.

This Agreement is signed in two copies, in the city of Buenos Aires at five (5) days of October 2007.

image

Annex 1

SPECIAL CONDITIONS FOR THE INCORPORATION OF THE ARGENTINA REPUBLIC AS MEMBER COUNTRIES OF THE ANDINE PROVISION OF

1. Terms for incorporation as a Member Country. The incorporation of the Argentine Republic as a Member Country of the Corporation, under the special conditions specified in this Annex, shall be subject to:

a. The Argentine Republic has paid at least half of the subscription of actions referred to in Article 2 of this Agreement;

b. The Argentine Republic has subscribed to the Corporation ' s Guarantee Capital, in Series C, an amount of one hundred and twenty-six million dollars from the United States of America (US$ 126.000.000,00);

c. The Argentine Republic has submitted to the Foreign Ministry of the Bolivarian Republic of Venezuela evidence of its accession to the Constitutive Convention of the Corporation, and

d. The Assembly of Shareholders of the Corporation has determined that the terms for the incorporation of the Argentine Republic as a Member Country were satisfactorily met in the special conditions mentioned.

2. Compliance with special conditions. Once the Argentine Republic has complied with the commitments set out in point 1, verbatim a, b, and c of this Annex, the Corporation shall recommend to its Directory and Assembly of Shareholders to determine that the terms for the incorporation of the Argentine Republic as a Member Country in the aforementioned special conditions have been fulfilled.

3. Governance. With the determination of the Assembly of Shareholders that the terms for membership in special conditions have been fulfilled, the Argentine Republic will have the right to appoint a Director and its Subplente for Serie A in the Board of the Corporation, once:

a. The Argentine Republic has signed and paid an action of Serie A, with a value of one million two hundred thousand dollars of the United States of America (US$ 1.200.000,00);

b. The Corporation has made the exchange of the shares of the C Series, with the shareholders of the Argentine Republic, for shares of the B Series and the outstanding balance of payment of the subscription of shares of the C Series for subscription of shares of the B Series, and

c. The Corporation has made the exchange of the subscription of the Argentine Republic to the Guarantee Capital in Serie C, for a subscription to the Guarantee Capital in Serie B.