Read the untranslated law here: http://www.gacetaoficialdebolivia.gob.bo/index.php/normas/verGratis_gob2/56294
LAW societies of liability Limitada.a€ "author-used the establishment of ã © sta by writing public according to the provisions of the commercial code 231 Arta-culo."
ENRIQUE PEA'ARANDA C. CONSTITUTIONAL PRESIDENT OF THE REPAŠBLICA.
Whereas, H. National Congress has enacted the following law: the National Congress DECREES: Arta-culo 1a °. â €"in addition s of the companies referred to in the book 2a °;" Ta-chapter 2a °; of the commercial code, permitted the establishment of soscieades with responsibility limited partners, according to the present law.
Arta-culo 2a °. â €"the societies with limited liability is constitute by writing n public in accordance with the provisions of the commercial code 231 Arta-culo.!" In these societies, the liability of the members is limited to the sum of your contributions or subscriptions, in money or other property.
Arta-culo 3a °. â €"may not n engage in business banking, insurance in general, nor savings.!" Nor can n be nor survive but with a Ma-minimum of three members and a maximum of 25 Ma.
Arta-culo 4a °. â €"the signature social should terminating Word? limited in duration€ •, without which partners will be jointly and severally responsible for the social obligations n.!"
Arta-culo 5a °. â €"the capital, Ma-minimum of these societies of fifty thousand Bolivians, that may not be represented by negotiable titles." The capital is divided in installments of a hundred Bolivian or multiple of one hundred.!
Arta-culo 6a °. â €"the quota or quotas of members, not may assigned people strange society, but with the favorable vote of a majority of partners representing 80% of the capital."
Arta-culo 7a °. â €"these societies may not n start their turn until the total of the contributions is paid.!" This requirement must be expressly stated in the deed of Constitution, to be jointly and severally responsible partners in case of missing these formalities.
Arta-culo 8a °. â €"contributions in goods that money must be appreciated at the time constitute the society, being responsible partners, jointly and severally, in the event of a noticeably superior to the real false Avaluacia³n."
Arta-culo 9a °. â €"the Administration will be in charge of one or more s managers, partners or not, according to the powers that be them awarded."
The Manager or managers will be n designated by free choice of partners, and may be removed at the request of the same.
So a strange society may be appointed manager will be indispensable the agreement a nime. partners!
Productivity partners or adminisitradores may not n engage on their own to the same activities which, according the contract, should develop the society.!
Arta-culo 10a °. â €"is forbidden to pay dividends to members, if they do not come from made profits, according to the balance sheet." Dividends paid in Contravencia³n to this rule, you can n be repeated up to five years after their distribution, against the manager who had paid them.
Society shall annually deduct five percent of their profits in order to constitute a legal reserve.
Arta-culo 11a °. â €"these societies are not dissolved by death, Interdiccia³n, incapacity or bankruptcy of one or several of its members, unless otherwise agreed."
Will have n right to demand the dissolution of the society by loss of half of the capital or other important causes that override the object of the company, the partners whose participation certificates represent together half of the capital at least.
Partners may also agree, by majority of votes, the dissolution of the society.
Arta-culo 12a °. â €"in all documents, invoices, ads and publications of these societies is will signal would your quality of? limited in duration€ •, pena's answer, in case of omission, of social obligations as partners.!"
Arta-culo 13a °. â €"the decisions of society is taken n in Assembly by a majority representing more of 50% of the share capital." May also be they requested in writing, broadcast © moving votes in the same way, without the need of meeting in house.! In general once a year at least. Each partner will have as many votes as quotas has subscribed and paid, but in any case a partner will represent Ma s from thirty and five per cent of the share capital.!
Arta-culo 14a °. â €"when the number of partners to pass ten may constitute a directory or supervision Council, whose members will be personally responsible for n to the partners or any third party of the failures that had been committed in their prejudice.!"
Every Member has the right to intervene in the desenvolvimniento of the society, and may examine the books, check stocks, every time that Asa - wish.
Arta-culo 15a °. â €"partnerships, limited partnerships or Ana³nimas formed before or after this Act, can be transformed into limited liability, without prejudice to rights in favour of third parties companies."
Arta-culo 16a °. â €"change or object of society, Asa - as the increase or reduction of capital or the fixation of greater responsibility of the partners, may only remember by unanimous votes."
Arta-culo 17a °. â €"the incorporated societies - das pursuant to this Act shall n sign social writing, Asa - like operations of credit contract, in the register and publish in a newspaper of credit of the Department capital, where they have their headquarters, the tenor of social writing."
After © s dÃ-as ten of made this publication societies may n start their activities.
Arta-culo 18a °. â €"is applied n these societies too s civil or commercial laws which not are in opposition with its nature legal - medical and not contrarien to the present law.!!"
Commune-contact to the Executive for constitutional purposes.
Session of the H. Congress Hall.
Peace, 6 March 1941 A. Galindo.a€ "Rafael de Ugarte.â€" Prof. C. BeltrÃ n Morales, Senator Secretario.a€ "J. Pantoja Estensoro, Senator Secretario.a€" F.! Flowers j., Deputy Secretario.a€ "J. A. Villalpando, disputed Secretary."
I therefore enacted it so you have and observe as the law of the Republic.
Given in the Palace of Government of the city of La Paz, to the twelve day-as of the month of March of nineteen hundred years cuarentiun.
GRAL. PEA'ARANDA. â €"Joaqua-n sword."
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