Santa Cruz. - Currency. - L 225 Of 10 January 1950.-Annually Are Recorded In The Budget A Basic Sum Of Two Million Dollars For Industrial Development, For 10 Years.

Original Language Title: SANTA CRUZ.— DIVISAS.— L. 225 DE 10 ENERO 1950.— ANUALMENTE SE CONSIGNARÁ EN EL PRESUPUESTO UNA SUMA BÁSICA DE DOS MILLONES DE DÓLARES PARA FOMENTO INDUSTRIAL, DURANTE 10 AÑOS.

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NO 225

MAMERTO URRIOLAGOITIA H

CONSTITUTIONAL PRESIDENT OF THE REPAsBLICA

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

THE NATIONAL CONGRESS

DECRETA:

ArtA-cull.†" In the foreign currency budget that prepares each year the Executive Branch, will be entered during the next ten years, starting in 1950, a basic item of $US. 2.000,000,⠀ (two million dollars per year) to the official change for the following: " ENCOURAGING NEW INDUSTRIES TO ESTABLISH THEMSELVES IN THE DEPARTMENT OF SANTA CRUZ: These currencies will be used for the following purposes:

a) Acquisition of equipment, machinery, materials, facilities, bricas and stallions of race, intended for the implementation of new industries or extension of the existing ones, within the fixed zone. Preference will be given to the industries destined to produce goods for domestic consumption that are currently imported into the country and whose production means the effective savings of foreign exchange on imports.

b) Pay for technical services in foreign currency, transfer of machinery and materials, and any other expenditure to be made in foreign currency for the purpose of this law.

c) Create a foreign exchange reserve fund for the payment of redemptions, interest, dividends, intended for foreign-capital investments to be invested in the said area under cover of the Law of 17 October 1945 and the present law. These capitals to enjoy this benefit should be registered with the Central Bank of Bolivia on time of its entry into the country.

ArtA-culo 2o.†"The annual currency quotas referred to in Article 1A ° will be concentrated in the Agency of the Central Bank of Bolivia in Santa Cruz, which will take its management under the directives of a" INDUSTRIAL PROMOTION BOARD ". DEL ORIENTE BOLIVIANO ", composed of the following persons: Prefect of the Department, Municipal Mayor, Agent of the Central Bank of Bolivia, Agent of Banco Agra-cola, Delegate appointed by the CA of Industry of Santa Cruz, Comptroller Departmental and Delegate of the CA Agra-cola Cattlemen.

ArtA-culo 3o .†" Those interested in obtaining foreign currency from this fund, will submit a documented application to the Central Bank of Bolivia, which will be considered by the aforementioned Board, which will give its opinion.

ArtA-culo 4o.†" Any new industry or expansion of existing industry, which is initiated or amplified-and under the provisions of this law, to benefit from the benefits of this law, should be registered with the Board of Promotion Industrialist del Oriente, declaring both domestic and foreign capital, purposes, personal-to legal address and other data required by the Board.

ArtA-culo 5o.†" All industrial under the auspices of this law that produces raw or processed materials that are currently imported into the country, the right to buy in the Central Bank of Bolivia, up to 40% of the value of its production, in foreign currency from the import quotas allocated to the material produced and the exchange rate fixed for these imports, for use in extensions of its facilities to produce the same item or other that is also imported. If the industrial firm had acquired foreign currency obligations, it could use that 40% to write down, pay interest and dividends on its external obligations.

ArtA-ass 6o.†" All industry, after filling the needs of domestic consumption, may export their products and the value of them will deliver to the Central Bank 50% in foreign currency of the value of their exports.

Article 7o.†" Under the rule of the provisions of this law, no industry will have any exclusivity or monopoly and the Board will be able to to assign to several interested parties foreign exchange to the same industry.

ArtA-cull 8o.†" When in an annual management the bank of foreign exchange fixed in the Article lA would have been exhausted, the Board could recognize the industrial interested in obtaining foreign capital, immediate investment, priority of rights, for the award of resources in foreign currency, for redemptions and interests, for the future management.

ArtA-ass 9o.†" The facilities established in Articles 5 or 6 of this Law, shall apply for ten years to from 1950.

Article 10.†" The Industrial Development Board of the East, will promote, in an annual memory, the adoption of complementary measures for the best development of the industrialization of the East, giving a documented account of its

Communal-be to the Executive Branch for constitutional purposes.

Session of the H. National Congress.

La Paz, December 15, 1949.

(Fdo.) Waldo Belmonte Poola€" (Fdo.) Luis Ponce Lozada.â € " (Fdo.) C. LAólpez Arce, Senator Secretary. (Fdo.) Antenor Ichazo, Senator Secretary (Fdo.) Guillermo Alvarez S., Deputy Secretary. (Fdo.) Ilegiz, Deputy Secretary.

BY TANTO: I enact it so that it has and will comply as Law of the Republic.

Government Palace, in the city of La Paz, at ten days of the month of January of a thousand nine hundred and fifty years.

(Fdo.) MAMERTO URRIOLAGOITIA.â€" (Fdo.) R Parada Sua ¡ rez.