It Introduces Amendments To The General Law Of Banks, Contained In The Decree With Force Of Law No 252 Of 1960

Original Language Title: INTRODUCE MODIFICACIONES A LA LEY GENERAL DE BANCOS, CONTENIDA EN EL DECRETO CON FUERZA DE LEY N° 252, DE 1960

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Unique Article.-The following amendments to the Banking Act, contained in Decree No. 252 of 1960, shall be amended:
(a) The fourth, fifth, sixth, seventh, seventh and eighth paragraphs of article 83 shall be repeal.
(b) Replace Article 84 (8) with the following:
" It may not, directly or indirectly, acquire agricultural predios, goods, products, livestock or shares or rights in companies.
Limitations or prohibitions on the acquisition of property contained in this Law shall not apply where the latter have been awarded in court or transferred, in payment of debts previously incurred in their favour, by debtors who have or in the case of shares of public limited liability companies, where their acquisition corresponds to an operation governed by Article 83 (11) (a). In such cases, the bank shall dispose of the assets within one year from the date of the acquisition. "
(c) Derogation from the third subparagraph of Article 84 (1).