Modifications Set Forth In The Law Nâ ° 19.220 On Bags Of Agricultural Products

Original Language Title: ESTABLECE MODIFICACIONES EN LA LEY N° 19.220 SOBRE BOLSAS DE PRODUCTOS AGROPECUARIOS

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"(Artículo único.-Introdúcense las siguientes modificaciones en la ley Nº 19.220: 1.-Modifíca_se el artículo 2° en la forma que se indica: a.-Reempláza_se el Nº 1) by the following:" 1) should set up and maintain a minimum paid capital equivalent to 30,000 units of building, divided into shares without nominal value and a number of members, at least eight runners products. ""

If during the life of the society, the number of runners or the amount of your net worth were reduced to figures lower than those established previously, bag shall have a period of six months to remedy the deficit produced. This expired while it occurred, may be you revoked your authorization of existence by the Superintendency, unless this organization authorizes you the reduction of its share capital or the number of runners members. "."

b replace the No. 3), by the following: "3) no corridor, individually or in conjunction with related parties, can own more than 10% of the share capital of a bag of products."

A broker may exercise their activity in one or more bags of products, either as a shareholder or celebrating a contract to operate in it. "."

c replace the No. 4), by the following: "4) any person accepted as a stock broker in which is required to acquire one or more actions to operate, it can be through private transactions or through the mechanism of making a firm offer for a period of up to 60 days and not less than the higher value between the average transaction price in stock exchange shares in the last year and the value" the book is updated to the date of the offer. If in that period any sale offer, may require bag previously indicated the emission of one or more actions for payment to the highest value.

In the case referred to in the final of the previous subsection paragraph, one will quote to an extraordinary meeting of shareholders, where should recognize the issue of one or more shares of payment, by amending the bylaws to conform to the new capital and number of shares in which it is divided and which will be held at the latest, on the date that the next ordinary general meeting of shareholders to be held. "."

((((d eliminated the No. 5), passing the current 6 numbers) and 7) to be 5) and 6), respectively.

((e removed the No. 8), passing the current number 9) to be number 7).

2 modify article 4, in the form indicated: a. deleted, in the second paragraph, the word "agricultural" that precedes the expression "provision".

b be replaced, in the final paragraph, the expression "this subsection" "this article".

3.-amending article 5 in the following way: a.-replaced, no. 1), the phrase "and contracts on them," by "and the rights arising from contracts on those,".

(b-replace in no. 3), the expression "(referidos en el Nº 1)"by the phrase "(, contratos y facturas referidos en los números 1) and 4)".

(((c add the following no. 4), again, passing the current 4) to be no. 5), replacing the word "and", preceded by a comma (,) that ends the No. 3), by a semicolon (;): "4) invoices issued pursuant to the provisions of law No. 19.983, reflecting all sorts of civil or commercial operations with goods or services" , whether or not these agricultural in nature. "Bags be regulated the conditions and safety requirements which, by reason of their nature, shall comply with the Bills, at least establishing controls that ensure that only they can over the counter in bag unique, authentic, wholesome and irrevocably accepted, invoices and".

d replacing, in the final paragraph, the word "four", "five".

4. Add the following third, new subsection in article 6: "a bag may reject, with the agreement of at least two thirds of its directors in office, people who opt in charge of corridor from the bag, to the extent that they, or their partners in the case of legal persons, do not meet the solvency requirements fitness, and other demands of the respective stock exchange established in their statutes or regulations. Bag, to establish and verify compliance with these requirements and demands, may not restrict or interfere with free competition. In case of rejection, the foundations of the same must be recorded in the respective minutes. "."

5 adding, in article 18, the following no. 8), new: "8) standards that ensure fair treatment and arbitrary not for all runners that operate in them.".

6.-added, in article 19, the following no. 4), again, passing the current No. 4) to be no. 5), replacing the conjunction "and", preceded by a comma (,) that ends the No. 3), by a semicolon (;): "4) bills that may settle on the respective Stock Exchange;".

7 replace the third paragraph of article 20, with the following: "Furthermore, the titles on contracts or invoices, referred to in article 5, no. 3, of this law, only may be issued per bag, against the traslaticia transfer of domain of rights emanating from the respective contracts or invoices, together with the delivery of the same. Such securities have characteristics and transarán in a way that set the bag in its rules of procedure.

Bag, by the titles issued in accordance with the provisions of the preceding paragraph, shall be responsible for the existence and contracts or invoices supporting their issuance and custody for custody of its fruits and flows, while they are not delivered to their rightful owners. It will also responsible that the securities issued are compatible with the conditions, terms and modalities contained in contracts and invoices that they represent. It will be in charge of the legitimate owners of such titles, the risk of default or non-payment of the obligations contained in the respective contracts or invoices. The foregoing is without prejudice to the responsibilities which, in accordance with the law and stock market regulations, they could correspond to the runners who participated in the operation, as well as assurances or safeguards that may exist, in your case.

Titles on contracts or bills may not have a duration or maturity exceeding one year, counted from the date of the first transaction in stock exchange.
Will correspond to bag the custody of certificates of deposit and received clothing vouchers, as well as contracts and invoices, as appropriate, which will be delivered and endorsed or assigned to the holder of an equivalent title, according to the bag, set it when this opt for withdrawal of products, contracts or invoices against delivery of the same.

All products, contracts and invoices, and fruits or flows of these, which are delivered to the stock exchange, either to ensure or facilitate its stock transaction, or for the purposes of the issuing of bonds in accordance with this article, will be maintained by this in custody to its own name and on behalf of their legitimate owners, so it may not be seized by creditors Exchange and bankruptcy of this they will not be part of the assets of the failed mass.

For all purposes of custody referred to in the preceding paragraph, shall fully apply in which correspond, the provisions contained in title XXIII of law No 18,045, securities. "."

8 replaced article 21 with the following: "article 21.-will be enforceable to the purchasers of products and invoices in bags, garments, embargoes, bans on disposal or any other interim or contract that severe or affect the product or invoice listed, as well as also, legal or conventional compensation which could have been validly applicable with respect to the original owner and seller of the goods or invoices" where applicable. Excepted from the above, the garments that the acquirer has known and expressly accepted, as also those guarantees, embargoes, bans that have been legally notified to the stock exchange. "."

9 amended article 33, as follows: a. be inserted between the word "products" and the expression "that", the word "agricultural".

b Agreganse the following second and third subparagraphs new, passing current subparagraphs second, third, and fourth, to be fourth, fifth and sixth, respectively: "Notwithstanding the provisions of the preceding paragraph, not necessary the attestation of conformity of the products that will be traded, when the parties involved in the negotiation as well have otherwise agreed expressly and previously in the time and manner to be determined by the regulations of the respective Stock Exchange.

The provisions of the preceding paragraph shall not apply to the titles of products issued in accordance with article 20 of this law. ": 10.-Insert, in the first paragraph of article 37, between the expression" in any "and the word"certification", as follows:"affidavit,"."