STATE SOCIETIES

Decree No. 462/1982

Modify the Statute of Fiscal Petroleum Deposits, approved by Decree No. 1.080/77.

Bs. As., 3/3/82

VISTO File No. 690.684/82 of the Energy Secretariat registry, and

CONSIDERING:

That within the basic guidelines of the policy related to the businessman of the societies of the state, the austerity and the administrative agility that must characterize the activity of the Petroliferous Tax Foundations of the State Society, demands the adequacy of its statures for the attainment of such purposes.

That as a result of this modification, the activity of Petroliferous Public Prosecutors' Societies will be favored by unfolding on an equal footing with private companies, providing it with the necessary mechanisms to obtain the necessary competitive level in a market that, like that of fuels, requires a specific dynamic in the development of its activity.

That the statute of Petroliferous Public Prosecutors' Societies was approved by Decree No. 1,080 of 19 April 1977 and this is why it is amended by a standard of identical hierarchy.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1 - Amend Articles 4th, 5th, 7th and 9th of the Statute of Fiscal Petroleum Deposits, Society of the State adopted by Decree No. 1.080 of 19 April 1977, replacing such rules as are listed in the Single Annex to this Decree.

Art. 2o - Contact, post, give to the National Directorate of the Official Register and archvese.




Amendment of Articles 4th, 5th, 7th and 9th of the Statute.

Article 4 - The certificate or certificates representing the capital of the Society may only be negotiable between the entities referred to in Article 1 of Law No. 20.705 and shall have the destiny assigned to them by the National Executive.

Article 5 - Fiscal Petroliferous deposits, Society of the State, shall aim at the study, exploration and exploitation of the deposits of liquid and/or gaseous hydrocarbons, as well as the industrialization, transport and marketing of these products and their direct and indirect derivatives, for which purpose they may be prepared, bought, sold, exchanged, imported or exported and perform any other operation complementary to their industrial and commercial activity. In order to better meet these objectives, it will be able to promote the establishment of official entities and to found, associate or participate in private companies, the State, anonymous companies with majority state participation or any other legal framework.

Article 7 - The social capital is set in the sum of one hundred thirty-eight billion pesos ($ 138.6 million), represented by one thousand three hundred eighty-six nominative certificates of one hundred million pesos ($ 100,000.000) each. Each nomination certificate gives the right to one (1) vote. By resolution of the Assembly, social capital may be raised to the minimum amount set above.

Article 9 - The Directorate and Administration of the Society shall be in charge of a Board of Directors consisting of one (1) President, one (1) Vice-President, between a minimum of five (5) and a maximum of seven (7) Directors of title designated by the Assembly for three (3) years, and may be re-elected indefinitely. One (1) Director will be elected on behalf of the oil producing provinces on the proposal of the Ministry of the Interior. Proposals for the designation or removal of the President, Vice-President, and other Directors shall be submitted for consideration by the President of the Nation prior to the Assembly. In the event of the resignation, death, incapacity, inability or absence of any of the Directors of Public Service, the Fiscal Commission shall designate the replacement, which shall remain in office until the meeting of the next Assembly.