Key Benefits:
law no 260
MAMERTO URRIOLAGOITIA H.
CONSTITUTIONAL PRESIDENT OF THE REPAsBLICA
For how much: the Honorable National Congress has sanctioned the following Law:
THE NATIONAL CONGRESS,
DECCRETA:
ArtA-arse 1A ° †"OrganA-zase, in accordance with the Law of 14 December 1944, a cooperative society of electrical services with the name of" Cooperative Eléctrica Sucre " that will have the purpose establish and exploit the energy supply industry-at electricity, at The Capital of the Republic.
ArtA-arse 2A ° †"The initial contribution of the Municipality of Sucre to the Cooperative Eletctrica will be of Bs. 20,000,000,â €" (twenty million Bolivians) coming from the undertaking that, authorized by the Law of December 30, 1948, has financed the Central Bank of Bolivia, and consists already in shares of the Company of Electricity that it has acquired, already in more contracted machines from abroad, already in foreign currency granted by the government, already in cash.
ArtA-ass 3A ° †"The Board of Directors of the "Cooperative Eléctrica Sucre" will be formed by seven members: two, appointed by the Municipal Council, be or nA³ MunA-cipes; one, appointed by the Prefect of the Department of Chuquisaca; one, by the CA of Trade of Sucre; another, by the CA of Industry of the same city; and two, by the private shareholders. It will be essential for the prefectural of the Department and the private shareholders in the Board of Directors to have representation that the State contributes, in compliance with the article 2A ° of the Law of 14 December 1944, the the same initial sum that the Municipality will contribute, and that the private shareholders, will subscribe to actions of at least two million Bolivians. The Board of Directors will elect its President from among its members.
ArtA-culo 4A ° †"For the promulgation of this Law, a provisional directory will be formed with the delegates that appoint the Municipal Council and the CA Trade and Industry with the following attributions:
Buy the shares of the Company of Electricity in direct and voluntary sale of the shareholders;
Receive the facilities, machinery, furniture and utilities, distribution networks and all goods from the Company of Electricity;
Administer the current electrical services as long as the "Cooperative Eletctrica Sucre";
Organize the society, call for action subscription, approve the Social Statute and collect the recognition of the person-to-law of the Cooperative by the Supreme Government.
5A ° †"The necessity and usefulness of the expropriation of the actions is declared From the Company-to Industrial of Electricity that still-to be left in power of the private individuals, fixed the price per action in the same one of two hundred and fifty Bolivians (Bs.250,†") In that it acquired the Municipality of Sucre in direct and voluntary purchase to the shareholders. The provisional directory of the "Cooperative Elèchtrica Sucre" during a period of sixty days will continue to acquire shares by direct sale, which will deposit before the Party Court of Sucre the value of the shares that have the power of the public, so that they may be picked up by those who have the right. Made this judicial deposit, you can receive all the goods of the Compaà ± A-a.
ArtA-article 6At ° †"The staff of the" Cooperative Eléctrica Sucre " will be subject to the rights and duties of the employees of commerce and industry and of the workers, comprised in the article 2A ° of the General Law of Labor. It will be registered in the Railway Box, Tranviaries of Ancillary Branches.
ArtA-culo 7A ° †"The general balance sheets of the" Cooperative Elènctrica Sucre " will be submitted to the approval of the ContralorA-to Departmental de Sucre.
ArtA-ass 8A ° †"The" Elèctrica Sucre Cooperative ", will enjoy the same prerogatives in the granting of foreign currency as the Municipalities.
Communicate to the Executive Branch for constitutional purposes.
H. National Congress.
La Paz, September 11, 1950.
(Fdo.) Mercado.â € (Fdo). Domingo L. RamA- rez.†"(Fdo.) C. LAólpez Arce, Senator Secretario.â€" (Fdo.) P. Saucedo Barbery, Senator Secretario.†" (Fdo.) Julio Crespo, Deputy Secretary-General Alberto Brito M., Deputy Secretary.
FOR TANTO:
Government Palace, in the city of La Paz, in the twenty days of the month of September of a thousand nine hundred and fifty years.
(Fdo.) MAMERTO URRIOLAGOITIA H. â € " (Fdo.) A. Gutierrez. â€" (Fdo.) L. Ponce Lozada.
