law of November 16, 1948
ENTERPRISE € " The" San Simón "University of Cochabamba is authorized to contract one for Bs. 40,000,000,â €".
ENRIQUE HERTZOG G.
CONSTITUTIONAL PRESIDENT REPAsBLICA
For how much: the National Congress has sanctioned the following Law:
THE NATIONAL CONGRESS
ArtA-culo 1A ° â€ " The Universidad Mayor of" San Simón " of Cochabamba is authorized for the contract of an undertaking with the Central Bank of Bolivia or other institutions of national or foreign credit, up to the sum of FORTY MILLION BOLIVIANS.
Ara-culo 2A ° â€ " The product A-ntegro of said undertaking will be guaranteed with the fourth part of the 20% participation that corresponds to the University in the tax on the chicha of the Department of Cochabamba, according to the (e) Article 2A ° of the Law of 17 November 1947.
ArtA-arse 3A ° â€ " Likewise, the University will give as a guarantee-a subsidiary of the undertaking, its plantations of eucalyptus in irrigation channels, of the" La Angostura " System, in the proportion needed to cover the 40 million
ArtA-ass 4A ° â€ " The interest payment of 4% per year, amortisation of 6% also annual and 1/8 of bank commission, served with the proceeds of the income referred to in the articles 2A ° and 3A °.
ArtA-ass 5A ° â€ " If the operation is carried out with the Central Bank, the institution will exercise the functions of trustee of the undertaking, being able at any time to carry out the procedures conducive to the correct application of the funds, for which you will have a representative born in the Board of University Alcoins or body director of the works.
ArtA-culo 6A ° â€ " The University Treasury of Cochabamba will attend twice or annually, according to its possibilities the payment of interest and service of amortisation, depositing for the (a) a special account to be created at the Central Bank, under the name of 'UNIVERSITY BORROWING SERVICE', or which is deemed appropriate. In the event of non-compliance, the Bank will retain the amount of the corresponding depreciation, taking the necessary funds from the
current account of the University.
ArtA-ass 7A ° â€ " The University reserves the right to redeem the undertaking before the 16 years, if it deems it appropriate, liquidating interest and commission to the date of cancellation,
ArtA-ass 8A ° â€ " The necessary expenses of the undertaking, those of the administration and all those who have to pay the trustee for the performance of their duties, including the bank commission, will be covered with funds from the same current account of the University of "San Simón", prior notice that will be given to the University Treasury up to a maximum of 1/8 per thousand
ArtA-ass 9A ° â€ " The Universidad Mayor of" San Simón " of Cochabamba, will have the power to ensure the correct collection of the tax on the chicha, due to its performance affected to the undertaking.
ArtA-ass 10A ° â€ " The contract will be signed by the Rector and the Treasurer of the University of" San Simón ".
Communicate to the Executive Branch for constitutional purposes.
Session of the H. National Congress.
La Paz, 9 November 1948.
P. Zilveti.â€ "A. LandA-var Ribera.â €" C. LAólífish Arce, S. S. â€ "O. úlítářísřrez, S. S,â€" A. Quezada, D. S. â€ " F. Guachalla, D. S.
Therefore, it was enacted to have and comply with the Law of the Republic.
Government Palace, in the City of La Paz, to the sixteen days of the month of November of a thousand nine hundred and forty-eight years.
E. HERTZOG.â€ " Josá© Romero Loza.