Advanced Search

MODIFIES THE DECREE INDICATING, RELATED TO THE GENERAL LAW OF BANKS

Original Language Title: MODIFICA EL DECRETO QUE INDICA, RELACIONADO CON LA LEY GENERAL DE BANCOS

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
LAW NO. 9,686 MODIFIES THE DECREE THAT INDICATES, RELATED TO THE GENERAL LAW OF BANKS For the National Congress has given its approval to the following Bill: Article 1. To add in the following article 36 of the supreme decree No 3.154, of July 23, 1947, the following article: " Article ..... The provision of Article 35 shall not apply if the banking undertaking is in the case of accidentally suspending its operations and the payment of its obligations due to force majeure. In the event expressed, the company will give immediate notice to the Superintendency of Banks and in accordance with this will arbitrate the necessary measures so that the suspension of its operations and payments will produce the minimum of inconvenience and damages to its customers and to third parties in general. For all legal purposes, a force majeure event shall be considered as a force majeure event which prevents the normal operation of the undertaking. " Article 2. Add to Article 23 of Law No 7,498, of 17 August 1943, the following point: "These periods shall be increased with the working days during which the Bank shall be suspended for any reason, its operations and payments." Article 3. Add to Article 723 of the Trade Code the following points: " If the value of a letter of exchange is duly covered by a check against a banking company which has suspended its operations by force majeure, it may be make the protest of the letter on the day after which the respective banking company normalizes its functions, provided that the cheque is not paid for any cause. In this event, the letter will be protested without the detriment of the letter in the terms of Article 700 of the Commercial Code, and it should be borne in the record of the circumstance that caused the delay of the protest. The holder of the letter protested in accordance with the preceding paragraph may exercise the actions derived from it, or to his/her option the civil and criminal actions derived from the cheque. The holder or notary in his case shall grant a conditional receipt of the cheque in payment of the letter, without prejudice to the receipt to be given in accordance with Article 721. The Superintendency of Banks will, in case of doubt, set the period in which the banking company has suspended its strike operations. " And bearing in mind the provisions of Article 55 of the Constitution of the State, promulgate and take effect as the law of the Republic. Santiago, at fourteen of the month of September of a thousand nine hundred and fifty.-GABRIEL GONZÁLEZ VIDELA.-Carlos A. Vial E.