LEI OF 4 NOVEMBER
BANCOS HIPOTECARIOS.Â€ "Authorised to establish one in the Sud to the SeA ± ores Emilio BenavA-des and Jorje Calvo.
CONSTITUTIONAL PRESIDENT OF THE REPASBLICA
FOR HOW much, the national congress has sanctioned the following lei:
THE NATIONAL CONGRESS,
ArtA-arse 1.A ° â€ "SeA ± ores Emilio BenavA-des and Jorge Calvo are authorised to establish a company only under the name "Mortgage Bank of the Sud", the object of which is (i) to carry out loans on mortgages of real estate, already in money, already in bonds to the bearer or mortgage bills that will earn interest and which 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 verify the operations of the" Mortgage Bank of the Sud " by means of a special delegate and will dictate to its establishment the necessary regulation, and must examine and approve its statutes.
Art. 4.A ° â€ "The domicile of the" Mortgage Bank of the Sud ", will be the city of Sucre, with the power to establish branches in the other departments of the Republic.
Art. 5.A ° â€ "The" Mortgage Bank of the Sud " is subject to the same bases and conditions as the current Mortgage Credit of Bolivia and the Guaranteed Bank of Securities in what they have of external for their administration and does not mean grant exclusive.
Art. 6.A ° â€ "The authorization conferred by this lei is not extensive to the extent of exempting the" Mortgage Bank of the Sud " from being held to the single bank of banks to be dictated.
Art. 7.A ° â€ "For this lei to have effect, the businessmen 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 they contract for this concession.
Art. 8.A ° to € "It is fixed in a year after the approval of this concession, the period in which the" Mortgage Bank of the Sud " must begin operations.
Art. 9.A ° to € "The capital of the" Mortgage Bank of the Sud " is fixed in one million Bolivians.
Art. 10.A ° â€ "The issue of the use shall be made in accordance with the provisions governing the" Mortgage Credit of Bolivia ", except for the following modifications: 1. the commission for administrative expenses shall not exceed half percent year. 2.A E1 dividend of the service shall be paid for unanticipated and unanticipated semesters. 3.A* No fine shall be imposed on the creditor when he wishes to cancel his loan to the end of the respective semesters. 4. The criminal interest rate will not be greater than the average monthly percentage: the cancellation will be made in cash, with the currency of the country or in terms of the same company. 5. The type of the interals, will be the nine percent annual mA.
Communicate to the executive branch.
Session of the National Congress. â€ " La Paz, at 31 October 1889.
Serapio RA©yes Ortiz.â€ "Jenaro Sanjináls.â €" Emetéio Cano â€ " S. Secretario.â€ "Casto RomÃ ¡ nâ€" D. Secretario.â€ "Marco D. Parênés â€" D. Secretary.
BY TANTO: I enact it so that it has and will comply as a leA-of the republic.
Palace of government in La Paz, 4 November of a thousand eight hundred and eighty-nine years.
Minister of Finance and Industry " Isaac Tamayo.