Law 12-07-1935

Original Language Title: Ley 12-07-1935

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LAW

BANCOS.†"Extension of the law of April 20, 1929, which raised from 25 to 50% the limit for the granting of current account credit. The deposits will be able to understand three and a half times the amount of capital and reserves of each bank.

JOSÉ LUIS TEJADA SORZANO,

CONSTITUTIONAL PRESIDENT OF THE REPASBLICA.

FOR HOW much the National Congress has sanctioned the following law:

THE NATIONAL CONGRESS

DECCRETA:

ArtA-cull 1A ° †"Prorrhogase until December 31, 1937 the modification introduced in The General Law of Banks by the Article 2A ° of the law of April 20, 1929, in the sense that 25% of the capital and reserves of each Bank, fixing as a limit for the granting of loans in current account is raised to 50%.

ArtA-arse 2A ° †"The Superintendent of Banks is authorized to extend the 50% limit for the granting of current account credits up to 65%, as the respective deadline of December 31, 1938 is empowered to allow the deposits to represent three and a half times the amount of the capital and reserves of each Bank.

Communicate to the Executive Branch for constitutional purposes.

Session of the H. National Congress

Peace, to ten July of a thousand November thirty-five years.

ZenaC C. Orias.†" R. Terrazas.†" J. Barrero.†" R. Gönmez O., Diputado Secretario.â € " Francisco Cors (h.), Deputy Secretary.

FOR TANTO, I enact it so that it is and will comply with the law of the Republic.

Palace of Government, twelve of July of a thousand nine hundred five years.

J. L. TEJADA S. †"F.

IS COMPLIANT:

J. M. Salinas,

Senior Finance Officer.