Law Of Bureaucracy For The Creation And Operation Of Economic Units.

Original Language Title: LEY DE DESBUROCRATIZACIÓN PARA LA CREACIÓN Y FUNCIONAMIENTO DE UNIDADES ECONÓMICAS.

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law no 779

LAW OF JANUARY 21, 2016

EVO MORALES AYMA

CONSTITUTIONAL PRESIDENT OF THE PLURINATIONAL STATE OF BOLIVIA

For the Plurinational Legislative Assembly, it has Sanctioned the following Act:

THE PLURINATIONAL LEGISLATIVE ASSEMBLY,

DECRETA:

DEBUREAUCRATIZATION LAW

FOR THE CREATION AND OPERATION OF ECONOMIC UNITS

Article 1. (OBJETO). This Law aims to establish mechanisms to ensure the

debureaucratization of procedures and procedures, in the creation and operation of Economic Units.

Article 2. (SCOPE OF APPLICATION).

I. The scope of this Law is for all public entities at the central level of the State and

private entities related to the creation and operation of Economic Units.

II. Public entities related to the creation and operation of Economic Units in the

autonomous territorial entities

may be subject to the provisions of this Law.

Article 3. (DEFINITIONS). For the purposes of this Law, the following

definitions shall be taken into account:

Unbureaucratization. It is the optimization of the use of resources and times in procedures and requirements for the creation and operation of Economic Units by the competent entities.

Entity Competent. It is any entity that, by means of express regulations, has among its powers to issue a certain certification, after verification of the requirements requested for the creation or operation of Economic Units.

Requisition. It is all form or other document required by a competent entity, in order to perform a process of creating or operating an Economic Unit.

Certification. It is any document resulting from the fulfillment of requirements requested for a given process of creation or operation of an Economic Unit, issued by a competent entity.

Economic Unit. It is any natural or legal person, engaged in trade, services, industry or any lawful economic activity in the framework of the plural economy.

Article 4. (CREATION).

I. In compliance with the object of this Law, the following mechanisms are created:

Yurina. It is the virtual digital information system that articulates and interconnects users and users, and stores, centralizes, informatizes and manages the certifications and requirements necessary for the creation and operation of Units Economic. This system shall be used by all entities as the sole means of verifying the information recorded therein.

Gazette of the Trade Registry. It is an electronic means of publication and the only valid means of advertising for the acts of commerce established in the Commercial Code.

Yurina Code of Units Economic. It is the internal code generated by Yurina to identify the Economic Units.

II. Yurina, the Electronic Gazette of the Trade Registry and the Yurina Code of Economic Units, will be under

administration of the Ministry of Productive Development and Plural Economics.

Article 5. (USERS AND USERS OF THE YURINA AND INFORMATION STORAGE).

I. The users and users of the Yurina, are as follows:

Internal User. It is all competent entity integrated into the Yurina, which is responsible for the provision and immediate updating of requirements and certifications according to their attribution, being responsible for the veracity of the same.

External User. It is any natural or legal person empowered to consult Yurina, according to the degree of accessibility.

II. The requirements presented by the Economic Unit and verified by the user internal, will be digitized and

stored immediately.

III. The requirements presented by the Economic Unit and verified by a competent entity, may not be

again required Economic Unit, except when they lose their validity in accordance with regulations.

IV. The certification issued by the Internal User must have digital signature in accordance with Law No. 164 of

August 8, 2011,?General Law on Telecommunications, Information and Communication Technologies?

V. The certifications issued by a competent entity, will be considered valid, avoiding duplicity in

the presentation of requirements.

ADDITIONAL DISPOSITION

ONLY. 130, 131, 132, 142, 255, 288, 302, 331, 381, 452, 460, 649, 663, 726, 736

and 1494 of the Trade Code, with the following text:

? Article 128. (INSTRUMENT OF INCORPORATION). The contract of incorporation or modification of a company shall be drawn up in accordance with the provisions of the Trade Registry, in compliance with the requirements laid down in this Code.?

? Article 130. (REQUEST FOR APPROVAL OF CONSTITUTIVE WRITING AND STATUTES OF COMPANIES FOR SHARES). The public limited liability companies for shares, for registration in the Register of Commerce, shall comply with the requirements laid down by the same, as set out in this Code.?

? Article 131. (VERIFY). The Trade Registry shall verify compliance with all legal requirements and, on the basis thereof, approve or deny registration within a maximum period of forty-eight (48) hours. In the event of a founded refusal, will the background be returned for the deficiencies or observations to be remedied.?

? Article 132. (ADVERTISEMENT). The instruments of incorporation, modifications and dissolution of the societies in general, shall be published in the Electronic Gazette of the Trade Registry, except in the case of accidental associations or of accounts in participation.?

? Article 142. (SOCIAL CAPITAL).

I. Social capital will be set precisely, but may be increased or decreased as

clauses in the instruments of incorporation or in the statutes, except that legal provisions establish minimum capital for certain business activities.

II. The resolution of capital increase or reduction will be entered in the Trade Register, upon publication in

the Electronic Gazette of the Register of Commerce, in accordance with the regulations issued by this.

III. The increase in capital by revaluations of assets will be subject to the legal provisions governing the matter. ?

? Article 255. (PREFERRED RIGHT). Shareholders have the right to subscribe to new shares in proportion to the number of shares they hold.

The company will make the offer through notices in the Electronic Gazette of the Register of Trade. Shareholders may exercise their right of preference within thirty (30) days, computed from the date of publication, if the statutes do not provide for a longer term.?

? Article 288. (PUBLICITY AND CONTENT OF THE CONVOCATION).

I. The general meeting call will be published at least seven (7) days prior to completion of the same, in

the Electronic Gazette of the Trade Registry, in accordance with regulations issued by the Trade Log.

II. The call will indicate the character of the meeting, place, time, meeting order, and the requirements that

must be met to participate in.

III. For the publicity of the general meeting, all technological means that are within reach can be used.

?

? Article 302. (CHALLENGE OF NULLITY).

I. Any resolution of the board that violates the provisions of this Code or the statutes, may be challenged

of nullity by directors, administrators, syndicates or administrative authority contralora or any shareholder who had not participated in it, or who, having attended, would have noted its dissent and, in general, when the resolution is contrary to public order.

II. challenge the call to the meeting which does not comply with the above provisions in

this Code as in the statutes.

III. The action must be directed against the society, within sixty (60) days of the meeting or its

publication in the Electronic Gazette of the Register of Commerce, with documents that match the demand, and must be dealt with summarily.?

Article 331. (MEMORY PUBLICATION).

I. The directory of any anonymous society must prepare and publish the memory annually, prior to

consideration and approval in general meeting. The memory shall contain the balance sheet, the statement of results of the exercise and any other additional information, in accordance with the regulations issued by the Register of Commerce.

II. The publication of the memory must be carried out in the Electronic Gazette of the Trade Registry within the

six (6) months following the closing of each financial year. From its publication, the memory will be available to anyone interested.

III. The default will motivate the suspension of the president and manager for a period of up to six (6) months, in

whose lapse should be published the memory. The competent Taxation Authority shall apply the respective penalties. ?

? Article 381. (EFFECT WITH RESPECT TO THIRD PARTIES). The dissolution takes effect with respect to third parties from the date of its registration in the Register of Commerce and, in the case of companies by shares, since the publication in the Electronic Gazette of the Trade Registry.?

? Article 452. (TERMINATION OF THE LIABILITY OF THE ENAJENANTE). The liability of the enajenante to third parties shall cease with the prior fulfilment of the following requirements:

That the creditors have been given notice of the transfer by publication in the Electronic Gazette of the Trade Registry;

That the creditors have been made known directly, by letter of notice or other means of communication; and,

That within thirty (30) days of publication, the creditors have not been opposed to accepting the acquirer as a debtor.

The affected creditor will register his opposition in the Trade Register within the term indicated in

the number to the third party.

? Article 460. (LOCAL CHANGE NOTIFICATION).

To proceed to the change of a company's premises, all creditors will be notified by publication in

the Electronic Gazette of the Trade Registry.

II. The omission of this requirement without registration of the change in the Trade Registry will result in the that

consider the overdue debts, and the debtor can remedy his omission until before he gives judgment, By applying the notification as an exception to the relevant action, the payment of the claim shall be immediately due, provided that it comes from the company's turn. ?

? Article 649. (BALANCE SHEET PUBLICATION).

I. The issuing company must annually publish its revised balance sheet by auditor, within three (3) months

following the close of the corresponding financial year. The publication will be done in the Electronic Gazette of the Trade Registry.

II. The omission of the presentation of the balance sheet for publication, will empower any holder to demand it and, if it is not

month following the order, you may give up the titles or securities that correspond to you. ?

? Article 663. (PUBLICATION OF THE RESULT OF THE DRAW). The results of the draw must be published in the Electronic Gazette of the Trade Register.?

? Article 726. (REPLACEMENT OF NOMINATIVE TITLES).

I. Nominative titles can be spares by the issuer without the need for judicial authorization, provided the

requests that to whose name they are registered.

II. Prior to the replacement, the issuer must publish in the Electronic Gazette of the Trade Registry, a notice with all the necessary characteristics to identify the respective securities, indicating clearly their replacement. Reorder is not appropriate until thirty (30) days of the date of publication.

III. If during the thirty (30) days indicated in the preceding paragraph, someone would object to the replacement

presenting the title-value that is presumed lost, this can only be performed if ordered judicially.?

? Article 736. (CANCELLATION OF TITLE PRIOR TO COMPLIANCE WITH REQUIREMENTS). Although the time limits specified in points (2) and (3) of Article 735 of this Code have not elapsed, the cancellation of the title may be made available if its payment is not payable within three (3) months of the publication of the notice. in the Electronic Gazette of the Trade Registry and the following requirements are met:

The publication in the Electronic Gazette of the Trade Registry, announcing the origin of the advance cancellation of the title; and,

Granting a warranty sufficient, in the judgment of the judge, for the case to be filed by any person who is entitled to the title which is said to have been lost or destroyed and exhibits or exhibits a fraction of the same, greater than that shown by the applicant.?

? Article 1494. (ADVERTISEMENT). Any publication ordered in this Title shall be made in the Electronic Gazette of the Trade Registry, with the exception of special provision for certain cases.?

TRANSIENT provisions

FIRST. The Ministry of Productive Development and Plural Economics, through Ministerial Resolution, will approve

the regulation for the implementation of the Yurina and the Code Yurina of Economic Units, no longer than ninety (90) calendar days from the publication of this Law.

SECOND. The Ministry of Productive Development and Plural Economy, through Ministerial Resolution, will approve

the regulations required for implementation and operation of the Electronic Gazette of the Trade Registry, within a period not exceeding ninety (90) calendar days from the publication of this Law. The provisions contained in this Law, relating to the Electronic Gazette of the Registry of Commerce, shall enter into force from their regulations.

PROVISIONS

FIRST. The Internal Users defined in this Law must adapt their technology systems and

procedures for the adaptation to Yurina.

SECOND.

I. The Entities integrated into Yurina, initially are:

Trade Registry Service.

National Tax Service? NO.

c) Short Term Social Security Entities.

d) Long-term Social Security Entities.

e) Ministry of Labor, Employment and Social Welfare.

National Agricultural and Food Safety Service- SENASAG.

II. The autonomous territorial entities will be able to join the Yurina, upon subscription of an inter-governmental agreement,

within the framework of the provisions of Law No. 492 of 28 January 2014, of Agreements and Intergovernmental Conventions; and,

III. Other public or private entities that are progressively incorporated according to a regulation issued by the

Ministry of Productive Development and Plural Economy.

THIRD. The implementation of this Law will not involve additional resources of the General Treasury of the

Nation.

REPEAL AND ABROGATORY PROVISION

ONLY. All provisions contrary to this Law are repealed and abrogated.

Remit to the Executive Body for constitutional purposes.

It is given in the Session Room of the Plurinational Legislative Assembly, at the twelve days of the month of January of the year

two thousand sixteen.

Fdo. Jose Alberto Gonzales Samaniego, Lilly Gabriela Montano Viana , Ruben Medinaceli Ortiz, Victor Hugo Zamora Castedo, Nelly Lenz Roso, A. Claudia Torrez Diez.

Therefore, I enact it so that it has and complies with the law of the State. Plurinational of Bolivia.

Palace of Government of the city of La Paz, twenty-one days of the month of January of the year two thousand sixteen.

FDO. EVO MORALES AYMA, Juan Ramón Quintana Taborga, Luis Alberto Arce Catacora, Ana Verónica Ramos Morales, Milton Claros Hinojosa, José Gonzalo Trioso Acute, Cesar Hugo Cocarico Yana, Marianela Paco Duran.