PUBLIC DEUDA

Decree 483/95

Amend Decree No. 1639/93, establishing procedures to ensure compliance with judicial pronouncements of obligations established under Act No. 23.982.

Bs. As., 20/9/95

B.O.: 22/9/95

VISTO Law No. 23,982, Decree No. 1639 of 4 August 1993 and Resolution No. 1084 of 24 September 1993 of the MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES, and

CONSIDERING:

That Decree No. 1639/93 was issued for the purpose of accelerating the process of payment of the consolidated debt, which was recognized by strong judicial decisions.

That was why a procedure was established giving opportunity to the Courts acting to subscribe in substitution of the debtor agency the payment request form, in which case the administrative authority was obliged to give way to the payment order within the period of QUINCE (15) working days.

That the application of such a procedure showed that in some cases the seizures imposed by the existing rules were not fully met, which caused serious administrative disorders, which prevented or delayed the payment of the debt.

In other cases, the creditor did not comply with the obligations contained in the regulation, which prevents the liquidation in the aforementioned period of QUINCE (15) working days.

That the lack of intervention of the debtor prior to the payment of the consolidated debt, showed that the payment of some obligations can determine damages to the National State by reexpressing the obligation in United States dollars by applying a type of change that does not correspond, because there is the possibility of a double payment and/or by changing the form of payment chosen by the creditor in administrative headquarters, aspects that cannot be controlled by the respective SECRETARIA DE HACIENDA

It is therefore appropriate to adapt the procedure for the execution of judicial decisions under the terms of Act No. 23,982, in such a way as to ensure the full implementation of the judicial ruling, as well as to ensure that such compliance does not amount to any damage to the National State that the current system would permit.

That the present is in exercise of the powers conferred by article 99, paragraph 2 of the National Constitution.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1- Elect to CIENTO VEINTE (120) days the period of NOVENTA (90) days set out in the first paragraph of Article 1 of Decree No. 1639/93.

Art. 2° - Replace Article 4 of Decree No. 1639/93 with the following:

"ARTICULO 4°-Extinguish the time period provided, or in its case the extension granted, the Tribunal of the case shall intimate the debtor that within the time limit of TEN (10) business days it shall be credited to having submitted the form of requirement of payment of consolidated debt, subscribed by creditor and debtor, for which it shall have the proper record of receipt by the competent unit of the "

"Within the period of VEINTE (20) days received according to the form the one that must be accompanied by the certified copy by administrative authority of the Judicial Office that inestimates its diligence the SECRETARIAT OF HACIENDA of the MINISTERIO OF ECONOMY AND ARTH AND SERVICES PUBLICS shall give it course and arrange for the accreditation to the order of the Court, Secretariat and Autos concerned, of the BONOS DE CONSOLIDACIÓN in the CAJA de VALORES SOCIEDAD ANONIMA.-'

"In cases where the partial or total cash payment option has been made, the SECRETARY OF HACIENDA of the MINISTERY OF ECONOMIAY ARTWORKS AND PUBLIC SERVICES shall order accreditation to the order of the Court, Secretariat and Cars in question, in the official entity corresponding to the jurisdiction of the Tribunal. in accordance with the prioritization regime established by article 70 of Act No. 23,982, its regulatory rules and according to the limits of budgeting them imposed in the specific law of the current fiscal year. In such cases, the time limit provided for in the preceding paragraph shall not apply. "

"The notice to the Tribunal of the accreditations of the payments ordered shall be sufficient record of cancellation of the obligation.

Art. 3°-Article 5 of Decree No. 1639/93 is without effect.

Art. 4. - Replace Article 6 of Decree No. 1639/93 with the following:

"ARTICULO 6°-Received the Intimation referred to in Article 4°, the debtor must verify that the settlement received is in all its terms in accordance with the existing rules, to have the suspension of the administrative processing and proceed in the manner indicated therein. In the event that proceedings are in place at the control site, it must request the immediate referral of those proceedings in order to comply with the Court ' s appeal. "

"Once the debtor has complied with the procedure set out in Article 4 of the present, the debtor shall turn the act to his control body in order to take the intervention that is within his competence, which shall result after the act of payment, in the terms of Articles 101 and 102 of Law No. 24.156."

Art. 5° - Replace Article 7 of Decree No. 1639/93 with the following:

"ARTICLE 7°. - To request the payment of consolidated debts arising from judicial management, the holders of the rights that have been definitively recognized, shall submit the approved and firm settlement of their accruals expressed in Pesos as at 1 April 1991, in accordance with article 5 of Law No. 23.982. "

"The consolidated debts paid in National Currency will accrue, as of 1 April 1991, the average interest rate of the Common Savings Fund published by the BANCO CENTRAL DE LA REPUBLICA ARGENTINA, which is capitalized on a monthly basis. "

"The debts thus consolidated that are paid in full or in part with National Currency CONSOLIDATION BONES shall be cancelled by the delivery of the aforementioned bonds taking into consideration their nominal value. "

"If it is appropriate for the creditor to re-explain the debt in United States dollars, for the subscription of CONSOLIDATION BONOS in that currency, the selling exchange rate corresponding to the date of origin of the obligation defined in Article 2 (g) of Decree No. 2140/91, in accordance with the methodology established in Article 14 (b) of that legal body. The resulting amount in U.S. Dó1ars will be consolidated without interest or updates as at 1 April 1991, and will be canceled by the delivery of the aforementioned bonds to their nominal value. "

"In no case, the amount of debt re-expression in U.S. Dollars may exceed the amount of the liquidation in Weights as at 1 April 1991 for the exchange rate of PESOS NUEVE MIL SEISCIENTS TREINTA AND CINCO DIEZMILESIMOS ($ 0.9635) by U.S. Dollar. "

For the purpose of the re-expression of debt to US Dollars, the "A" 1912 Communiqué of the ARGENTINA REPUBLIC CENTRAL BANCO dated 18 December 1991 will be applied.

Art. 6°- When the Judiciary judgement condemns the payment of a certain amount of money, establishing the origin of the debt on a date after 1 April 1991, no interest shall be recognized but from that date of origin, for which the same shall be recorded in the "date" field of the Consolidated Debt Payment Request Form.

In these cases, the creditor's option to receive its credit in US Dollars, will import the conversion of the debt to that currency, applying the type of sales exchange in the free market that corresponds to the date of origin established by the judgment, consigning it in the "date" field of the Consolidated Debt Payment Request Form, in order to be recognized only from that date.

Art. 7°-Consolidated Judicial Debt Requirement Forms, approved by the Resolution of the MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES No. 1084 of 24 September 1993, duly completed, and at the date of the present remain unpaid at the SECRETARIAT OF HACIENDA of the MINISTERY OF ECONOMY AND ARTWS AND SERVICES PUBLICS will be cancelled by this.

Art. 8°-The debtor shall comply strictly with the provisions of Resolution No. 1146/93 of MINISTERY OF ECONOMY AND ARTWS AND SERVICES PUBLICS, verifying that the form of payment chosen by the creditor has not been modified.

Art. 9°-Resolution No. 1084/93 of the MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES.

Art. 10.-This decree will begin to govern from its publication in the Official Gazette.

Art. 11.-Contact, post, give yourself the National Directorate of the Official Register and archvese.- MENEM.- Eduardo Bauza.- Domingo F. Cavallo.