Changes The General Law Of Banks

Original Language Title: MODIFICA LA LEY GENERAL DE BANCOS

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Article 1.-Agrégase at the end of the second subparagraph of Article 84 (1) of the General Banking Act, contained in Decree No. 252 of 1960, after the present separate item, which becomes the following sentence:
" However, guarantees shall be deemed to be in the form of notes of exchange, promissory notes or other documents, which possess the following characteristics:
(a) They are representative of receivables corresponding to the price payable at the time of merchandise exported; and
"(b) that they have been issued or accepted by a national or foreign bank or financial institution and, in any case, represent an unconditional obligation for them to pay."