LEI OF 7 NOVEMBER
BANCOS HIPOTECARIOS.Â€ "Authorised to set one in La Paz to the SeA ± or Adolfo Ballivian.
CONSTITUTIONAL PRESIDENT OF THE REPUBLIC
BY HOW much, the national congress has sanctioned the following lei:
THE NATIONAL CONGRESS,
ArtA-ass 1.A ° â€ "The seat Adolfo Ballivián is authorised to establish an annual society under the "Mortgage Bank", the purpose of which is to carry out loans on mortgage property, already in money, already in obligations to the bearer or in mortgage letters that will earn interest and that will be depreciable by periodic drawings.
Art. 2.A ° â€ "This society will be able to raise its capital of responsibility up to four million Bolivians.
Art. 3.A to € "The executive shall duly monitor the operations of the Mortgage Bank, by means of a special delegate, and will dictate to its establishment the necessary regulations, and must examine and approve its statutes.
Art. 4.A ° â€ "E1 domicile of the Mortgage Bank will be the city of La Paz, with the power to establish branches in the other departments of the Republic.
Art. 5.A ° to € "The Mortgage Bank is subject to the same bases and conditions as the current Mortgage Credit of Bolivia and the Mortgage Bank Guarantee of Securities, in what they have external to their administration and do not mean (ii) the capital of the 'Mortgage Bank' shall be one million boliies.â€ ' 2. The commission for administrative expenditure shall not exceed the average of the average of € "3." The dividend of the service shall be paid for semesters due and not anticipated. â€ " 4. A 'No' shall be imposed on the creditor if he wishes to cancel his loan of the respective semesters. 5. The criminal interest rate shall not be greater than the average monthly: the cancellation can be made in cash with the currency of the country or in the currency of the same company. â€ " 6. The mA rate of the interest rate will be nine percent year-on-year.
Art. 6.A ° â€ "For this reading to take effect, the employer will deposit in any of the banks of this city the five per thousand on the nominal capital of the society, in order to safeguard the obligations that it contracts for the present concession.
Art. 7.A ° â€ "It is fixed in a year, counted from the approval of this concession, the period in which the" Mortgage Bank "must begin its operations.
Communal-to the executive branch for its enactment.
Room of the National Congress. â€" La Paz, to 31 October 1889.
J. M. del Carpio.aâ€ "Jenaro Sanjináls.â€" Emeterio Canoâ€ " S. Secretario.â€ "Casto RomÃ ¡ nâ€" D. Secretary. â€ "Marco D. ParÃ©desâ€" D. Secretary.
BY TANTO: I have signed it into law, and I have complied with it as I read from the public.
Palace of government in La Paz, seven in November of a thousand eight hundred and eighty-nine years.
The minister of finance and industry. Isaac Tamayo.