FINANCING OF THE VIVIENDA AND CONSTRUCTION Decree 780/95 Amend certain provisions of a register and tax character.

Bs. As., 20/11/95

VISTO Law No. 24,441, and

CONSIDERING:

That the Law on the Financing of Living and Construction provides Argentine society with an appropriate legal-institutional framework to develop the most favourable conditions of access to decent housing.

To that end, appropriate instruments were established to expand the possibilities of long-term financing for the acquisition of housing, simplifying procedures, hierarchy of guarantees and creating legal institutes suitable for the development of the secondary market for mortgages, which will allow the acquisition of private and institutional savings to provide resources for such financing.

That the rule cited in the Hittite contains certain provisions of a record and tax character whose regulations are necessary for their execution.

That the powers for the dictation of the present arise from the provisions of Article 99 (2) of the NATIONAL CONSTITUTION.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

PART I

Article 1 todas In all records or balance sheets relating to trustworthy assets, you must state the condition of trust property with the indication "in trust". Art. 2o Los The Registers of the Landless Property of the country and the scribes will verify that in the event of the issuance of Letters Hipotecarias Scripture is indicated in the mortgage the name and address of the entity that will carry its registration, where the mortgage deed must be deposited.

If the issue of the Literature Letters is subsequent to the constitution of the mortgage, the inscription of the issue in the Registry of Letters will previously require the taking of reason of the issue in the Register of Property where the mortgage is located.

Art. 3o El The Register of Hypotecary Letters Constitutive of Trusts with Values Admitted to the Public Offer will be carried by the persons authorized by Law No. 20,643 and its regulations, which will be held accountable to the holders for the errors or irregularities of the seats. Art. 4o El The Registry of Hypotecal Letters may be carried manually, mechanically or computerized and must contain, in addition to the mentions required in Article 39 of Law No. 24,441, except subparagraphs (c), (h), and (i), the following data:

(a) Original amount of lyrics;

(b) Surname and full names of the creditor and debtor when dealing with natural persons. In the case of legal persons the social denomination;

(c) In the case of natural persons, the number of national identity documents or, if not, the number of enrolment or civic booklet. When these documents are not possessed, the number of passports or identity cards should be used, indicating the type of document that is appropriated for each of the identified subjects. In the case of legal persons, date and place of incorporation, duration and data of their registration in the Public Registry of Commerce or corresponding agencies.

(d) The reference to the instrument containing the payment stipulations, in accordance with article 39 (d) of Law No. 24.441.

The issue of account holders must be noted in the Registry of Letters of the Hypotecarias, indicating their number, date of issuance and expiry date.

Art. 5o La The entity that is responsible for carrying the Registry of Literature Letters shall carry out the registration of:

(a) Transfers and constitutions on them of real rights.

(b) Judicial order providing for the transfer, constitution of royal rights or precautionary measures on letters.

The transfer of the Hipotecarian Letters Constitutive of trusts with values admitted to the public offer will be effective against third parties since the change of ownership to the deposit box of values that the respective Registry carries and will be made when the alien and acquirer notify the depositary of the transfer by copy of the instrument with certified signature. The transfer of Scripture letters shall have the effects of Article 40 of Law No. 24.441.

The constitution of royal rights will require for registration the copy of the corresponding instrument with the certified signatures.

Art. 6th . The holder of the Literature Letters, in order to be able to exercise the rights that are granted to the holders of the titles, will request the entity to carry the Registry of the Letters of Scripture a proof to his name where he must state that his expedition is in order to transfer it, to constitute real rights on them or to demand the judicial execution of the unpaid debt. The proof requested to transfer the letter or constitute real rights shall be valid for a period of CINCO (5) days, during which no other shall be issued with equal record.

The proof to initiate the execution of the unpaid debt shall not expire, but no more than one can be issued simultaneously. The re-test issue requires the return of the previous one.

Art. 7o El The proof of ownership issued by the entity carrying the Registry of Literature, shall contain:

(a) Date, time of issuance and receipt.

(b) Mentions provided for in Article 39 of Law No. 24,441 except subparagraphs (c), (h) and (i).

(c) Original amount of lyric emission.

(d) Name and surname, registered royal residence and identity card number of the creditor and the debtor. In the case of legal persons, their name, social headquarters and registration data or authorization in their case.

(e) Designation and headquarters of the entity extending the voucher.

(f) Real rights and precautionary measures that undermine the letters.

(g) Completion of the issuance of prior proofs of title extended to demand the execution of the unpaid debt or for the transfer or constitution of real rights of the letters, indicating the name of the applicant and the dates of issuance and maturity, if any.

(h) Deadline for proof and mention that the same constitutes sufficient title so that the creditor may sue the special execution provided for in TITULO V of Law No. 24,441.

(i) Copy of the instrument providing for the issuance of mortgage letters.

Art. 8o . In the case of assignment or endorsement of Literature Letters Scripture will require the proof of title extended by those who will carry the registration and debt balance of the letters in question, extended by the company that is responsible for the administration of the credit, or by the creditor and debtor.

Persons authorized by Act No. 20,643 and their statutory rules shall in no case be liable for the debt status of the registered Hypotecrian Letters.

Art. 9th Los Private securities issued in the country will satisfy nomination and not endosability when required legally.

PART II:

TRIBUTARY ASPECTS REGULATION

CHAPTER I

FUNDS _

Art. 10. . Those who under Act No. 24,441 assume the quality of trusts are covered by the provisions of article 16, subparagraph (e) of Law No. 11.683 (t. in 1978 and its modifications), so that in their nature as administrators of foreign property they must enter, as a single and definitive payment of the tax that is sold on the basis of the exercise of the total trusteeship, the TREINTA The first paragraph of article 18 of the Act shall be considered as a fiscal year.

Such net gain shall be established in accordance with the provisions of the Law on the Tax on Livestock, (t. 1986 and its amendments) governing the determination of third-grade earnings. The amounts that, under any denomination, should be allocated in terms of distribution of profits shall not be deductible for the determination of the net profits mentioned.

The limitation set out in the preceding paragraph for financial trusts, provided for in articles 19 and 20 of Act No. 24,441, when the following requirements are met: (a) (b) the sole purpose of ensuring the transfer of assets in respect of the assets in respect of the assets in question; The requirements set out in point (a) for the inclusion in the assets of the trustee of funds delivered by the trustee or obtained from third parties for the fulfilment of obligations of the trustee shall not be considered devoid. In the fiscal year in which the requirements mentioned above and in the following years of the duration of the trust are not met, the provisions of the first and second paragraphs of this article shall apply.

The provision referred to in the first part of the preceding paragraph includes gains obtained in the fiscal year and intended to be distributed in the future during the termination of the trust contract, as well as those that in that period are applied to the realization of expenses inherent to the specific activity of the trust that are attributable to any subsequent fiscal year covered by the same.

Art. 11. . When the fiduciant possesses the quality of the trustee, except in the cases of financial trusts and trustees-beneficiaries covered by Title V of the Gain Tax Act (t. 1986 and its modifications), the trustee shall attribute to him, in the appropriate proportion, the results obtained in each fiscal year on the basis of the exercise of the fiduciary property,

In the case foreseen in the preceding paragraph, the tax entered by the trustee, as appropriate, shall be for the trustee-beneficiary, the character of payment to the tax account that ultimately corresponds to the tax year to which the distributed results are to be charged.

Art. 12. La GENERAL IMPOSTITIVE DIRECTION shall take the intervention it has in respect of the value attributable to the assets referred to in the third paragraph of Article 10 and shall set the time and conditions under which the income and attribution of results shall be made by the trustee provided in the preceding articles.

CHAPTER II

FUNDS OF PERSONAL WEEKS

Art. 13. . Those who under Act No. 24,441 assume the quality of trusts are covered by the provisions of article 16, subparagraph (e) of Act No. 11.683 (t. 1978 and its amendments) so that in their nature as administrators of other assets they shall enter the amount resulting from the application of the law of the personal property tax on the value of the assets that are members of the fund, determined in accordance with article VI. The assets delivered by the fiduciants, natural persons or indivisous successions shall not constitute the basis for the determination of the tax. If the fiduciant were a company, such goods would not integrate their capital for the purpose of determining the valuation to be computed by those subjects.

In the case of financial trusts constituted in accordance with articles 19 and 20 of Act No. 24,441, it shall not govern the provisions of the preceding paragraph, and in such case, the natural persons and indivisous successions holding certificates of participation in the trust or representative titles of debt shall compute the same for the determination of the tax on personal property, applying the relevant provisions of Title VI in the preceding paragraph.

Art. 14. . The income referred to in the first paragraph of the previous article shall be of the nature of payment of the tax that would have been due for each fiscal period to the taxpayers who ultimately incorporate the goods into their assets or, if any, to those who are holders of the capital of the companies that make such incorporation. Art. 15. La The IMPOSTITIVE GENERAL DIRECTION shall set the date of entry referred to in the previous article, and shall also be entitled to dictate the relevant supplementary rules. Art. 16. . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Eduardo Bauzá. . Domingo F. Cavallo.