Central Bank. -Is Declares Of Utility Public It Concentration In The Bank, Of The Operations Of Purchase And Sale Of Lyrics Of Change And Of Gold, Creating Is The Board Of Control Of Turns.

Original Language Title: BANCO CENTRAL. — SE DECLARA DE UTILIDAD PÚBLICA LA CONCENTRACIÓN EN EL BANCO, DE LAS OPERACIONES DE COMPRA Y VENTA DE LETRAS DE CAMBIO Y DE ORO, CREÁNDOSE LA JUNTA DE CONTROL DE GIROS.

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LAW

CENTRAL BANK. †" It is declared of public utility the concentration in the Bank, of the operations of purchase and sale of letters of change and of gold, creating the Board of Control of the Giros.

DANIEL SALAMANCA

PRESIDENT CONSTITUTIONAL OF THE REPAsBLICA.

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

THE NATIONAL CONGRESS

DECCRETA:

ArtA-arse 1A ° †"The transitional concentration in the Bank is declared of public utility Central Bolivia of all operations to buy and sell bills of exchange and gold.

Article 2A °. †"All exporters will deliver to the Central Bank of Bolivia, with compulsory cter, the balance of their exchange letters on abroad, in the proportion of 65% of the value exported. The letter holders will deliver all of them.

ArtA-arse 3A °. †"The Central Bank of Bolivia will regulate the fluctuations of international change, based on agreements with the mining industry and trade The importer, avoiding his sudden oscillations, in order to seek his stabilization.

ArtA-Aculo 4A ° †"The Central Bank of Bolivia will cover with these letters the demands of foreign turns, aimed at satisfying the needs of imports, subsistence expenses and the attention of the public service.

ArtA-ass 5A °. †"The sale of letters on the outside will be carried out through the system of prorateo of the same among the applicants, assigning to each the percentage or quota part that will result from the relationship between the available quantity of letters and the needs of the buyers, qualified as such, by means of presentation of fehacientes documents that demonstrate their quality of urgency.

The letters that the State needs for the public service, will be provided preference for the Central Bank as a whole.

ArtA-ass 6A ° †"The rating This is a matter for a Board of Control, which will function in the city of La Paz, a member of the Government, a Delegate of the Mining Industry, a Trade Delegate, an Industry Delegate Manufacturing and the Manager of the Central Bank of Bolivia, representing the Bank. In the other capitals of the department, local boards, composed of a representative of the Prefecture, a representative of the Industry and Commerce and the Administrator of the office of the Central Bank, will function. The local boards shall proceed in accordance with the rules which the local joint authority shall have. The departmental Trade Maras may be their delegates to the Board of Control who will participate in the sessions with a voice and without a vote.

ArtA-Aculo 3A ° †"The Central Bank will distribute among all its agencies, in proportion to the local needs, the amount of letters abroad available to them for sale on a pro rata basis in the form set out in Article 5a.

ArtA-arse 8A ° †"The exporter or holder of spins on the exterior that contravens the requirements of this law, will pay to the Treasurer-a National a fine equivalent to the amount of the spin sold to person or entity other than the Bank Central Bolivia. The same fine will be paid to the buyer of the clandestine turn. The Comptroller-General of the Republic shall rotate the charge sheets by way of such fines.

The complainant of the clandestine sale, shall have a right to 25% of the fine sanctioned.

ArtA-arse 9A ° †" The letters and other foreign currency obligations, not corresponding to imports authorized by the Board of Control, payable in Bolivia, shall not justify any foreign currency, and shall be covered in national currency.

Article 10A ° †" Law of exception shall govern for the term of two years more, and may be the Executive Branch suspend it in its effects, before the indicated deadline, if the circumstances provide it.

Communicate to the Executive Branch for constitutional purposes.

National Senate session room.

La Paz, May 11, 1932 (a)

J. L. Tejada. †" E. Gonzà ¡ lez Duarte.

Gabriel Palenque, Senator Ad Hoc. †" Fernando LAótpez L., Deputy Secretary. †" R. GAGEmez O., Deputy Secretary.

BY TANTO has enacted it so that it has and complies with the law of the Republic.

Palace of Government, in the city of La Paz, at ten and nine days of the month of May of a thousand nine hundred and thirty two years

D. SALAMANCA. †"G. BerrA-os.

IS COMPLIANT:

Major Finance Officer.