law of January 5, 1934
EMPRA%STITO.â€ "AutorA-zase to the Executive to hire one for £. 125,000 with The Antofagasta and Bolivia Railway Co.
CONSTITUTIONAL PRESIDENT REPAsBLICA.
For how much: the National Congress has sanctioned the following law:
THE NATIONAL CONGRESS
ArtA-culo 1A ° â€ "AutorA-zase to the Executive Branch, to contract with The Antofagasta (Chile) and Bolivia Railway Company Ltd., an undertaking for the amount of £ 125,000,â€ ". or its equivalent to the exchange rate in force, with exclusive destination for the purpose of the works of the Railway PotosA -- Sucre.
ArtA-ass 2A ° â€ "The loan referred to in the preceding article and the national currency credits recognized in favour of such CompaA ± A, by Supreme Resolution of 7 June 1933, shall be settled at 6% of annual interest up to the 26 November 1936, and if the CompaA ± A prefers, it may take the account of the total of the debt in sterling for the purpose of which the initial change of 12d shall be adopted; and from the capitalisation, for the purposes of the the debt the annual interest of 5%.
ArtA-arse 3A ° â€ " In case of consolidating the debt in national or English currency, it will be fully paid by way of compensation with the amount of the customs duties of import that corresponds to the CompaA ± A-a, finalized the term of the releases in force, which shall be extended until the full cancellation of the consolidated loan and its interest, within the meaning of paragraph 22 (j) of the contract-law of 27 November 1906, in favour of the Compa ± A-a accreedora y para todas las lA-neas que administra en Bolivia como landería o renaria.
ArtA-arse 4A ° â€ "The settlement of taxes on imports from the Compaña-A, for the purposes of the compensation will be made on the basis of the existing Customs Tariff; and in the case of taking the account in English currency, the rights will be converted to the change of the dA-a to the English currency and never to a lower rate of 12d. by Bolivian,
Article 5oâ€ "It shall not apply to the CompaA ± a no surcharge on customs duties or taxes for the reason of the reduction of the change, if the national currency is to be quoted at a rate lower than 12d.
ArtA-ass 6A ° â€ "The authorization to grant the aforementioned releases will be valid only if, simultaneously, the undertaking of £ 125.000.â€" is made effective. â€ " mentioned in the article 1A °.
ArtA-culo 7A ° â€ " The credit recognized in favor of the same CompaA ± A for investments in foreign currency, settled at 31 December 1933 to 6% per year, will be paid in the same currency, through annual deliveries equivalent to Bs. 100,000,â € " from 1934 until the total cancellation of the indicated credit, and its interest at the rate of 5% per year. The income of the consular rights established by law of 7 February 1927 in the proportion of 50% is particularly affected.
ArtA-arse 8A ° â€ "To conclude the works of the Railway PotosA -- Sucre and properly equip it, the Executive Branch is authorized, to hire an internal or external undertaking up to the sum of Bs. 6,000,000,â€" or its equivalent in currency
for this purpose, the Executive Branch may issue bonds and subscribe to any necessary instruments and the limitations referred to in Article 140 of the Law shall be suspended. General of Banks of 11 July 1928 and 53 of the law of July 20 of the same year.
The bonds will have all the privileges granted to tax securities whose issuance has been authorized by law sanctioned in 22 /XII/33.
ArtA-ass 3A ° â€ "This credit would be guaranteed:
With the national or departmental rents, dedicated to the PotosA Railway -- Sucre, or those that would have replaced them, as detailed in the laws of 17 of November 1915, September 20, 1917, March 31, 1926 and October 10, 1929.
With the mortgage-free portion of the consular rights income set by law of 7 February 1927.
With the total product of the contributions to be made by The Bolivia Railway Company, according to the article 6A of the convention of 21 January 1928 that liquidated the emergencies of the railway contract of 27 November 1906, or is the fund of amortisation referred to in point (c) of Article 10A of the said convention.
With the product of customs duties of import or other taxes that The Bolivia Railway Company or The Antofagasta (Chili) & Bolivia Railway Company Ltd., or their successors, have to pay when the releases granted are concluded by the user 22 (j) of the contract-law of 27 November 1906.
ArtA-ass 10A ° â€All laws and provisions opposing this law are hereby repealed.
Communal-be to the Executive Branch, for constitutional purposes.
Session of the H. National Congress.
La Paz, a Two of January of a thousand nine hundred and thirty-four years.
J. L. Tejada S.â€ " F. Tamayo.
B. Navajas Wheat, Senator Secretario.â€ " C. Líparpez Arce,
Deputy Secretario.â€ " F. LeitÃ³n H., Deputy Secretary.
Therefore: I enact it so that it has and will comply with the law of the Republic.
Palace of Government, in the city of La Paz, at the five days of January of a thousand nine hundred and thirty-four years.
D. SALAMANCA.â€ "Jn. Sword.
Jorge Zarco Kramer.
Major Finance Officer.