Powers Extraordinary. - November 22, 1956 Law. - Otorganse To The President Of The Republic, Aimed To Curb The Inflationary Process.

Original Language Title: FACULTADES EXTRAORDINARIAS.— LEY DE 22 DE NOVIEMBRE DE 1956.— OTÓRGANSE AL PRESIDENTE DE LA REPÚBLICA, TENDIENTES A FRENAR EL PROCESO INFLACIONARIO.

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November 22 law

HERNAN MISSILES ZUAZO

CONSTITUTIONAL PRESIDENT OF THE REPASBLICA

For How Much: The Honorable National Congress has sanctioned the following Law:

NATIONAL CONGRESS,

DECCRETA:

ArtA-ass 1A ° †" To give effect to the privileges entered in the Decree Law No. 4469 raised to the rank of Law by Law of 29 October 1956, the President of the Republic, in its capacity as Chief Executive and Chairman of the National Council of Monetary stabilization, will execute concrete measures to curb the inflationary process, for which the following extraordinary powers are granted:

The President of the Republic with the affirmative opinion The National Council of Monetary Stabilization and the Cabinet Council may conclude contracts on behalf of the State or any state entity, with foreign governments, reserve central banks, commercial banks or other institutions. banks, representatives of government bondholders and any other A-ndole of entities, hiring enterprises or other facilities conducive to the constitution of a reserve fund or of stabilization or for any other purpose to the monetary stabilization, the elimination of restrictions on foreign exchange, and the restoration of the external or internal credit of the country, stipulating in such contracts the necessary and appropriate conditions, not being able to alter the clauses and provisions of such contracts, except agreement between parties.

The President of the Republic, with the affirmative opinion of the National Council for Monetary Stabilization and the Cabinet Council, may grant permits or concessions and enter into contracts with natural persons or national legal foreign, for the investment of capital in industries and businesses of all-in-law, inclusive of public service, which are in the interest of the economy-to the paA-s, being able to stipulate in such contracts the conditions that would be convenient, not notwithstanding any previous legal provisions to the contrary. Within this attribute are included those provisions that establish the system of participation by employees and workers in the profits of the enterprises and that guarantee a reasonable income on the investment or that establish a percentage of income A³ profits to be paid to the tax in replacement of any other tax or contribution. These contractual provisions may not be altered unless agreement is reached between the parties.

The President of the Republic may, by way of a Supreme Decree in accordance with the formalities of this Law, make the necessary measures to amend or repeal legal provisions that threaten the financial and credit stability of the country or endanger monetary stability.

The President of the Republic, with the affirmative opinion of the Cabinet Council, will enact all relevant legal provisions that repeal provisions (a) to implement any provisions recommended by the National Council for Monetary Stabilization in fiscal, tax, banking, monetary or public services, or affecting budgets, revenues, expenditures, grants, appropriations, obligations, commitments or projects of any State participation, including any legal provisions concerning the control or fixing of maximum and minimum prices for any kind of goods, goods or goods services.

ArtA-ass 2A ° †" The powers granted to the Power Executive in the preceding article shall be of emergency, and therefore its validity shall be of a year from the promulgation of this Law, at the end of which the National Congress may or may not extend this period by means of the approval of another Law.

ArtA-arse 3A ° †" It will be recognized by force of Laws to all those provisions that dictate the Executive Branch in compliance with the extraordinary powers conferred by this Law, agree with the requirements of Article 58 (5) and (7) and Article 94 (6) of the State Policy-Policy.

Communicate to the Executive Branch for Constitutional Purposes.

Sessions Room of the H. National Congress.

La Paz, November 20, 1956.

(Fdo.) Ovidio Barbery Ibà A ± ez, President of the H. Senate National.†"RenA n Castrillo Justiniano, President of the H. CA of Diputados.â €" Eufronio Hinojosa, Senator Secretario.â € "Heberto AA ± ez, Senator Secretary ad-hoc.â €" Luis F. Oropeza, Deputy Secretary-to-th†" Zenón Barrientos Mamani, Deputy Secretary.

BY TANTO:

Law of the Republic of the Republic of the Republic of the Republic of the Republic of the Republic of the Republic of the Republic of the Republic of the Republic of the Republic of the Republic of the Republic of the Republic

month of November of a thousand nine hundred and fifty-six years.

(Fdo.) HERNAN MISSILES ZUAZO, Constitutional President of the Republic. â € " Hugo Moreno CAERDova, Minister of Finance.