Law 406

Original Language Title: Ley 406

Read the untranslated law here: http://www.gacetaoficialdebolivia.gob.bo/index.php/normas/verGratis_gob2/143255

Law No. 406 law of 20 September of 2013 EVO MORALES AYMA President constitutional of the PLURINATIONAL State of BOLIVIA, by how much, the plurinational Legislative Assembly, has sanctioned the following law: the Assembly Legislative PLURINATIONAL, D E C R E T A: article 1. OIL SERVICES CONTRACT (AUTHORIZATION). In accordance with the provisions of article 362, paragraph II, of the political Constitution of the State, are authorized to Yacimientos Petrolíferos Fiscales Bolivianos - YPFB, sign the contract of oilfield services for the exploration and exploitation of areas reserved for YPFB, corresponding to the Cedar Area, located in the Department of Santa Cruz, with PETROBRAS BOLIVIA S.A. 2 article. (AUTHORIZATION ASSIGNMENT AGREEMENT). Once issued the Declaration and approval of the commerciality of one or several fields within the area of the designated contract in the previous article, is granted to YPFB and the holder of the period of exploration, the subscription of the contract of assignment set out in annex? G? Giuliani, in favour of the mixed economy company - S.A.M., to settle between YPFB and PETROBRAS BOLIVIA S.A., a company for commercial declared fields.
Article 3. (SOCIETY OF MIXED ECONOMY).
I. the S.A.M., is a company formed in the framework of the code of Commerce, which for the development of their activities shall be in accordance with current legal regulations.
II. the S.A.M., will be entirely governed by the commercial code and is subject to the provisions of article 5 of the law N ° 1178 20 July 1990, administration and governmental Control, having the duty to inform competent public authorities about the destination, form and result of the management of the resources provided by the State such S.A.M. and submit their audited financial statements.
Refer to the Executive Body for constitutional purposes.
Two thousand thirteen is given in the room sessions of the Assembly Legislative plurinational, twelve days of the month of September in the year.
FDO. Lilly Gabriela MONTAÑO Viana, Betty Asunta Tejada Soruco, Andres Agustin Villca Daza, Claudia Jimena Torres Chávez, Marcelo Elio Chavez, Angel David Cortez Villegas.
I therefore enacted it is and meets as a law of the plurinational State of Bolivia.
Department of Santa Cruz, on the twentieth day of the month of September in the year two thousand thirteen.
FDO. EVO MORALES AYMA, Juan Ramón Quintana Taborga, Luis Alberto Arce Catacora, Juan José Hernando Sosa Soruco, Amanda Davila Torres.