Key Benefits:
LAW
LIABILITY COMPANIES Limits†" AutorA-zase the establishment of the period by public deed according to the provisions of Article 231 of the Commercial Code.
ENRIQUE PEA ' ARANDA C. CONSTITUTIONAL PRESIDENT OF THE REPASBLICA.
For how much, the H. National Congress has sanctioned the following law:
THE NATIONAL CONGRESS,
DECRETA:
ArtA-ass 1A ° .†" AdemA of the companies referred to in the Book 2A °; TA-Chapter 2A °; Commercial code, the establishment of limited liability of the partners is authorized, according to this law.
Article 2A ° .†" Companies with limited liability will be constituted by public with the provisions of Article 231 of the Commercial Code. In these societies, the partners ' responsibility is limited to the sum of their contributions or subscriptions, in money or other assets.
ArtA-arse 3A ° .†" They will not be able to dedicate themselves to banking businesses, insurance in general, or savings banks. Nor can it be constituted or subsist but with a minimum of three partners and a maximum of 25.
ArtA-ass 4A ° .†" The social signature should end with the word? limited†• without which the partners will be jointly responsible for
ArtA-culo 5A ° .†" The minimum capital of these companies, of fifty thousand Bolivians, which cannot be represented by negotiable securities. The capital will be divided into quotas of one hundred Bolivians or more than one hundred.
ArtA-culo 6A ° .†" The quota or shares of the partners, will not be able to be transferred to people outside the society, but with the favorable vote of a majority-to members that
ArtA-ass 7A ° .†" These companies will not be able to begin their rotation until the total of the contributions is paid. This requirement must be expressly stated in the writing of the constitution, with the partners being jointly and severally liable in the event of missing these formalities.
ArtA-culo 8A ° .†" Contributions to goods that are money must be Appreciated at the time of the creation of the society, the partners being responsible, in solidarity, in case of a false-superior-to-the-real one.
ArtA-ass 9A ° .†" The administration will be in charge of one or more managers , partners or not, according to the privileges granted to them.
The manager or managers shall be appointed by free choice of the partners, and may be separated at their request.
In order for an extract to be given to the company to be appointed, the agreement shall be indispensable to the partners ' agreement.
Managing partners or managers will not be able to dedicate themselves to the same activities that, according to the contract, must unwrap society.
ArtA-ass 10A ° .†" It is forbidden to pay dividends to the partners, if they do not come from profits made, according to the balance sheets. The dividends paid in contravention of this rule, may be repeated up to five years after the distribution, against the manager who would have paid them.
The company should deduct five percent of its profits annually from the
ArtA-ass 11A ° .†" These companies are not dissolved by the death, interdiction, inability or bankruptcy of any or some of their partners, unless otherwise agreed.the dissolution of the society by the loss of half of the capital, or by others Important causes that nullify the object of the society, the partners whose social interests represent the middle of the capital together at least.
Likewise the partners can agree, by majority-to the votes, the dissolution of the society.
ArtA-arse 12A ° .†" In all documents, invoices, advertisements and publications of these companies will be indexed to their quality of? limited†•, penalty of responding, in case of omission, of the social obligations as collective partners.
ArtA-ass 13A ° .†" Society decisions will be taken in assembly by a majority-to represent more than fifty percent of the social capital. They may also be requested in writing, casting votes in the same way, without the need for assembly in assembly. In general once per year at least. Each partner will have as many votes as shares have subscribed and paid, but in no case will a partner be able to represent more than thirty-five percent of the share capital.
ArtA-ass 14A ° .†" When the number of partners passes from ten A supervisory board or board may be set up, whose members shall be personally liable to the partners or third parties for any misconduct they have committed to their detriment.
Any partner has the power to intervene in the society, being able to examine the books, to verify the
Article 15A ° .†" The collective societies, in the form or only of the terms set up before or after this law, may be transformed into limited liability companies, without prejudice to rights in favor of third parties.
ArtA-ass 16A ° .†" The change or object of the society, as the increase or decrease of capital or the fixing of greater responsibility of the partners, can only be agreed by unanimity of votes.
ArtA-ass 17A ° .†" The societies constituted under this law -to register the social deed, as the operations of credit that they contract, in the commercial register and to publish in a financial expert of the capital department in which they have their headquarters, the tenor of the social writing.
After ten days of this publication, the companies will be able to start their activities.
ArtA-ass 18A ° .†" They will apply to these companies the other civil or commercial laws that are not in opposition with their nature. -to be sworn and not to be contrary to this law.
Executive for Constitutional Purposes.
Meeting Room of the H. National Congress.
La Paz, March 6, 1941
A. Galindo.â € "Rafael de Ugarte.â €" Prof. C. Beltrà ¡ n Morales, Senator Secretario.â € "J. Pantoja Estensoro, Senator Secretario.â €" F. Flores J., Deputy Secretary-General. â € " J. A. Villalpando, Disputed Secretary.
BY TANTO, promulgated it so that
Given in the Palace of Government of the city of La Paz, the twelve days of March of a thousand nine hundred and twenty-hundreds of people.
GRAL. PEA ' ARANDA.†" Joaqua-n Sword.
