Introduces Modifications To The Law-General Of Banks; The Decree Law No. 1097, 1975; The Law Nº 18.010, And The Code Of Commerce

Original Language Title: INTRODUCE MODIFICACIONES A LA LEY GENERAL DE BANCOS; AL DECRETO LEY Nº 1.097, DE 1975; A LA LEY Nº 18.010, Y AL CODIGO DE COMERCIO

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"Article 1.-Introducense the following |! |" modifications to the General Law on banks, whose text |! | consolidated and systematized is contained in Decree |! | with force of law No. 252, 1960: 1-replace in article 19 the word "ten" |! | "six".
"2 be inserted in article 26 bis expression |! |" founding shareholders"followed by a comma (,), between |! | the words "The" and "directors".
3 amending article 27 of the next |! | (form: to) replace the second paragraph by the following: "founding a bank's shareholders shall |! |" submit a prospectus to the Superintendent, for both |! | the creation of a new Bank for the |! | a financial company in enterprise transformation |! | Bank. The package leaflet shall be accompanied by a plan |! | of business development for the first three years of |! | operation. "."
(b) replace in third, fourth, subparagraphs |! | Fifth and sixth, the word "organizers" by the |! | expression "founding shareholders".
4.-Agreganse following articles 27 A, 27 B and |! | 27 c, new: "article 27 a.-founding shareholders of a |! |" (Bank shall meet the following requirements: to) solvency. Having a heritage altogether |! | Net consolidated equivalent to the projected investment |! | and, when it is reduced to a lower figure, inform |! | timely in this fact.
(b) integrity. That there are no intentional conduct or |! | negligence, serious or repeated, that they may put in |! | risk the stability of the entity proposed |! | establish or the safety of its depositors, for thing |! | which should provide all the background information |! | relating to their commercial activities and, in particular, |! | the Bank or financial administration that have |! | participated. It is presumed that there are behaviours |! | intentional or negligent identified previously in the |! | cases referred to in the fourth paragraph of no. 18 of the |! | Article 65.
The Superintendent shall verify the compliance of |! | These requirements and in the case of rejection shall |! | justify it by resolution founded.
Are considered to be founders of a Bank shareholders |! | those who, in addition to signing the prospectus, will have a |! | meaningful participation in their property, according to the |! | Nº 18 of article 65 standards.
Article 27 B-financial institution |! | constituted abroad seeking to participate in |! | significantly in the creation or acquisition of |! | actions of a Chilean bank or establish a branch |! | may only be authorised in accordance with article 29, |! | If in the country operates its headquarters there is a |! | monitoring allowing you to properly monitor the risk |! | of its operations and, in addition to fulfilling to thing |! | pointed out in the previous article, has with the |! | prior authorisation of the supervisory body of the country |! | in that their parent company is formed. In addition, for |! | grant authorization shall be possible the |! | reciprocal exchange of information relevant envelope |! | These entities, between the supervisory bodies of |! | both countries.
In the case of companies of investment or other |! | nature incorporated overseas, they must |! | ensure to the Superintendent, in the way in which this |! | determine, that it will comply permanently with thing |! | derogation from the previous paragraph if they have or |! | They later acquired meaningful participation |! | at a bank or financial institution in the country where |! | they are formed or another.
The societies referred to in the preceding subparagraph |! | which are established in a country which administers the |! | the Basel Committee standards, do not apply them |! | subparagraphs above, if they are obliged to deliver on the |! | form and opportunity determined by the Superintendencia de |! | Banks and financial institutions information |! | reliable financial on these companies and their |! | subsidiaries, meaning is the coming of the |! | supervisory bodies. When these societies not |! | are subject to supervision of an organism or should not |! | to deliver such information, this should be |! | signed by external auditors of renowned |! | International. To grant the authorization |! | corresponding to these societies, they must |! | ensure to the Superintendent, in the way that this |! | determine, that it will comply permanently with thing |! | provisions of this subsection when they have or acquired |! | later significant participation in a bank or |! | financial institution in the country where are |! | formed or elsewhere.
In the event of failure to comply with the provisions of this |! | Article, the Superintendent may apply the |! | sanctions referred to in the second subparagraph and end |! | Nº 18 of article 65.
For the purposes of this article, it shall be deemed |! | meaningful participation in a Chilean bank that |! | that, according to the rules of No 18 of article 65, |! | requires approval of the Superintendent.
Article 27 C-the Superintendency, within the |! | within 180 days, may reject the prospect by |! | resolution founded that the founding shareholders not |! | they meet the requirements set out in articles |! | earlier. If the Superintendent does not dictate a |! | negative decision within that time limit, the |! | applicant institution may require you to certify |! | for her this made and the certificate which will make |! | the time of authorization.
However, the Superintendency in cases |! | exceptional and serious related facts concerning |! | with the Act No. 19.366 or circumstances that, by its |! | nature, is inconvenient to publicly disseminate |! | may suspend for a time the pronouncement on the |! | prospect up to 180 days additional to the |! | pointed out in the previous paragraph. The respective resolution |! | You can skip the whole or part of his Foundation. In |! | If so, skip fundamentals must be a |! | inform the Minister of finance, the Bank quietly |! | Central and the Defense Council of the State, when |! | appropriate. "."

5 Introducense the following modifications to the |! | "(artículo 28: a) replace, in the first paragraph, the expression |! |" previous article"by"article 27".
(b) replacements third subparagraphs and ultimately by |! | the following: "fulfilled the formalities referred to in subsection |! |" earlier, the Superintendent shall verify, within the |! | within 90 days, if the banking company is |! | ready to start their activities and, especially, |! | If you have professional, technological resources and |! | procedures and controls to undertake |! | adequately its functions. On this same occasion, |! | the Superintendency shall analyze the plan of |! | business development for the first three years |! | presented together with the package leaflet.
Satisfying these requirements, the Superintendency, |! | within a period of 30 days, shall accredit |! | to operate. Also shall fix a term not superior to |! | 1 year for which the company started its activities, which |! | will enable it to start its operations, le |! | It shall confer powers and impose obligations to you |! | established in this law.
During the period of three years referred to in the |! | paragraph third, the Superintendency will oversee the |! | fulfillment of the plan, which may be amended |! | provided that does not deteriorate the patrimonial situation of |! | Enterprise. "."
6 replace the final paragraph of article 29 by |! | the following: "verified the filing of capital in the country and |! |" checked that it is prepared to start their |! | activities in the manner provided in article 28, the |! | Superintendent grant to the branch the authorization |! | to operate. "."
Replace in the second paragraph of article 7 |! | 30 the phrase: "the standards of Decree Law No. 600, of |! |" 1974, statute of the investor. ", by the following: ' a |! |" " one of the systems authorized by law or by the |! | Central Bank of Chile. "."
8 Agreganse in the third subparagraph of article 30, |! | then from the words: "that carried out" the |! | words: "your branch".
9 replace in the fourth subparagraph article 30, |! | the opening phrase: "All containment that is suscitare," |! | by the following: "all strife which arises in |! |" related to the operations of the branch in the |! | country, "."
10 replace the last paragraph of article 30, |! | by the following: "for the purposes of operations between a |! |" Branch and its parent abroad, both are |! | be considered as independent entities.
The foregoing is without prejudice to any liability |! | had the foreign bank, according to rules |! | General, for obligations covering the |! | Branch office which has been established in Chile.
The creditors of their obligations in |! | Chile by the foreign bank which are Chileans or |! | foreigners domiciled in Chile, will enjoy of |! | preference over assets that the Bank has in the |! | country. "."
11 replacements the second and third subparagraphs of the |! | Article 31, by the following: "banks, before opening any office |! |" within the country, must report it to the |! | Superintendency. This, using standard character |! | general, will determine the background which should be |! | accompanied to accredit requirements |! | for the opening of the office and their registration.
Notwithstanding the foregoing, institutions |! | are classified in the last two categories, according to |! | Article 15 A et seq. of Decree Law No. 1097, |! | 1975, require express authorization for such |! | opening. In this case, the Superintendent shall |! | decide within a period of 90 days, counted from the |! | presentation of the request and to reject it should |! | a founded decision.
Bank that close an office, should be |! | give notice to the Superintendent with at least 90 days |! | prior to the projected closing date. "."
12 replaced article 31 bis, by the |! | Next: "article 31 bis.-branches or offices of |! |" representation to banks in Chile |! | open up on the outside in accordance to article 83 bis, |! | they will be subject to the control of the |! | Superintendency. The Bank determined to close or |! | closure of a branch or representative office in the |! | foreign, must give notice, to the Superintendent, |! | at least 90 days prior to the date of the |! | projected closing. The Superintendent may request |! | the presentation of a closure plan Bank of the |! | branch abroad which cautele duly the |! | interests of its clients.
Branch offices abroad are subject to |! | (las siguientes disposiciones: 1) for the purposes of the margins that the law |! | Chilean or the country in which operate the branch |! | established a capital should be assigned to each branch |! | which will be deducted from the basic capital of its parent |! | in Chile. This allocation of capital will be understood |! | in the limit of investment that sets the No. 1 of the |! | Article 83 bis. The Superintendent may, in accordance with |! | General rules, establish the consolidation of the |! | margins of credit of banks with branches in |! | the outside.
The provisions shall apply to (2) les |! | contained in articles 19, 81, 83, no. 8, 83 bis, Nº |! | 4 and 84, N ° s. 5 and 6.
3) may grant credits to persons domiciled |! | or residence in Chile, provided that they hold to the |! | limits referred to in article 84, N ° s. 1, 2 and 4, and |! | the rules of article 85. However, these |! | provisions shall not apply to credits home |! | matrix.
(4) for the purposes of operations between a |! | branch abroad and its parent, both will be |! | considered as independent entities. By |! | Accordingly, the obligations imposed by this law to the |! | State of Chile and the Central Bank of Chile in its title |! | XV shall not ever apply to these branches "."
13 article 33 be repealed.
14 delete, in article 35, the phrase "not |! |" established in Chile".
15 repeal articles 36 to 39.
16 delete in subparagraph first item |! | 41, the phrase "with the notary of Treasury of the |! |" respective Department. "."
Added 17 in the second paragraph of article 41, |! | "the word 'general' then words |! |" Manager"and"Deputy Manager", respectively.
18 repealed article 42.
19 article 44, replaced by the following: "article 44.-the Board must adopt the |! |" measures and give the necessary instructions with the |! | object be fully and promptly informed with |! | corresponding documentation management, driving |! | and location of the Bank that manages.
The Superintendent may issue rules aimed |! | to ensure proper and adequate information of the |! | Directory. "."
20 repealed article 45.
21 replaced in the final paragraph of the article |! | 47, the phrase "to Decree Law No. 600, 1974, Statute |! |" the investor, and other provisions that govern |! | the matter. ", by the following:" provisions |! | "" legal regulations and standards that is providing the Bank |! | Chile Central. "."
22 replace the chapeau of article 48, |! | by the following: ' article 48.-banks can play the |! | " following commissions of trust: "."
23 remove No. 10 of article 48, the |! | phrase "emissions made in accordance with the law |! |" NO. 4,657 ".
24 repealed article 49.
25 article 62, replaced by the following: ' article 62.-Bank is all Corporation |! | " Special to, authorized in the manner prescribed by this |! | law and subject to the same, to engage in capture or |! | routinely receive money or public funds, |! | in order to give them on loan, deduct |! | documents, make investments, proceed to the |! | financial intermediation, do rent these moneys and, |! | in general, to perform any other operation that the law you |! | allow. "."
26 replace in no. 2 of article 64 the |! | phrase "in that city must run the directory and |! |" the general management of the company. ", by the following:" sessions should be held in that city |! | "" ordinary directory and run the general management |! | Enterprise. "."
27 repeal paragraphs 1 and 6 of article 65.
28 repeal the numbers 5 and 13 of article 65.
Replace in no. 7 of article 65, 29 the |! | phrase: "banks directories will be composite |! |" nine-Member cardholder. ", by the following:" the |! | "" directories of banks shall be composed by a |! | minimum of five and a maximum of eleven Directors |! | and, in any case, by an odd number of them. "."
30 replace the second paragraph of the No. 7 of the |! | Article 65, by the following: "to reduce the number of Directors contemplated |! |" in the Statute, the Bank must obtain previously |! | authorization of the Superintendency, which to give their |! | approval shall take into account the composition |! | shareholders of the company and the protection of rights |! | minority. "."
31 replace paragraph first of no. 10 of the |! | Article 65, the phrase "in higher education, |! |" secondary or special", the word"teaching".
32 repeal of the second paragraph of the No. 10 of the |! | Article 65.
33 repeal the numbers 11 and 15 of article 65.
34 repealed the No. 16 of article 65.
35 Introducense the following modifications to the |! | fourth paragraph of no. 18, article 65: 1) replace your heading with the following: "the Superintendent may only refuse such |! |" Fiat, founded resolution, if the petitioner |! | does not meet the requirements of soundness and integrity to |! | that refers to article 27. In any case, be |! | presumed that the person concerned does not qualify |! | necessary when you are in any of the |! | following circumstances: "."
((2) added to its letter b), |! | "replacing the semicolon (;) that follows the word |! |" financial"by a comma (,):" or contemplated crime |! | " Act No. 19.366; "."
36 Introducense the following modifications to the |! | No. 19 of article 65: 1) delete the letter b).
((2) replace the letter e) with the following: "e) of the institution effective heritage |! |" fused may not be less than 10% of its assets |! | risk-weighted. "."
(3) add the following final paragraph: "in the case of the acquisition of the assets and liabilities |! |" one bank on the other hand, will require an authorization |! | prior of the Superintendent and shall apply the letters |! | ((c) and e), meaning in this case the |! | reference to the merged institution applies to the |! | acquiring bank. "."
37 replaced by subsection first item |! | 66, the "400,000" figure by "800,000".
38 repeal of the second paragraph of article 67.
39 article 68, replaced by the following: ' article 68.-banks may issue bonds |! | " subordinates who, in the event of a bankruptcy, be |! | they will pay once the credits are covered de |! | the valistas.
The bonds will be issued in an average term not |! | less than five years and not used prepaid. These |! | bonds may not be acquired by a company |! | monitored by the Superintendence, or societies |! | subsidiaries or affiliates of that company.
When the Board of the Bank must file |! | to your creditors and this agreement is approved, bonds |! | subordinates who owed the Bank, whether or not they vanquished, |! | they will be capitalized by the only Ministry of law |! | to concurrency than necessary so the |! | the regulatory capital-asset ratio |! | risk-weighted is not lower than 12%. The |! | transformation actions shall be carried out in the way that |! | sets the article 124.
Governed in other provisions of the law Nº |! | 18,045, on securities. "."
40 replaced section 69 which are |! | indicates: "article 69.-agreements on increase of |! |" Bank capital carried out according to thing |! | provided for in article 127 of the law Nº 18,046, above |! | joint-stock companies, must be approved or rejected |! | by the Superintendency in within 30 days. The |! | Superintendent may extend this period by a |! | one time, up to 30 days. "."
"41 added in article 70, the word |! |" Preview"below the word"authorization".
42 repeal articles 72, 73 and 74.
43 deleted in subparagraph first item |! | 75, the phrase "after passing the legal reserve the |! |" amount concerned; "."
44 disposed of in the second paragraph of article 75 |! | the phrase "or of the legal reserve of the company Fund".
Replaced in the third subparagraph of article 45 |! | 75, the phrase: "or the proportion which fixes the article 81" |! | by the following: "or any of the proportions fixed |! |" Article 81 ".
46 Reemplazanse articles 81 and 82, by the |! | following:
"Article 81.-The regulatory capital of a bank |! |" not be less than 8% of their weighted assets |! | by risk, net of required provisions. Capital |! | Basic may not be less than 3% of assets |! | the Bank, net of provisions required total.
Is meant by regulatory capital of a bank the |! | (sum of the following: to) its paid-up capital and reserves or basic capital.
(b) subordinated bonds that have placed, |! | valued at the price of placement and concurrency |! | 50% of the basic capital. The computable value of |! | These bonuses will decrease by 20% for each year that |! | expiration date since missing six years for its |! | expiration.
(c) the voluntary provisions which have |! | Currently, concurrence of 1.25% of your assets |! | weighted by risk. They are voluntary provisions the |! | that exceed those that the banks need to maintain |! | by provision of the law or rule of the |! | Superintendency.
To calculate the regulatory capital of a Bank, |! | be deducted from the basic capital contributed funds to |! | the companies that form part, except in cases of |! | articles 83, no. 19, and 84, no. 5, or assigned to the |! | branches have established overseas. In the |! | situation referred to in article 83 bis, subparagraph |! | (cuarto, el patrimonio adicional que exige su letra i) |! | will be calculated for this purpose in accordance with the |! | rules of a general nature of consolidation that |! | set the Superintendency.
Article 82.-for the purposes of its weighting |! | by risk, a bank's assets, net of |! | provisions required, are to be classified in the following |! | categories: category 1. Funds available in box, |! | deposited in the Central Bank of Chile or view in |! | financial institutions governed by this law e |! | financial instruments issued or guaranteed by the |! | Central Bank. Also include in this category the |! | assets consisting of contributions to societies, |! | acquisition of participation in them, or assignment to |! | branches abroad which amount has been deducted |! | effective heritage according to the previous article.
Category 2. Financial instruments issued or |! | guaranteed by the State of Chile. Also lists |! | in this category the financial instruments currency |! | of their country of origin issued or guaranteed by States |! | or central banks of foreign countries qualified in |! | first category of risk, according to methodologies |! | Business International rating appearing in |! | a payroll registered in the SVS.
Category 3. Irrevocable letters of credit and |! | due to its single presentation to operations of |! | foreign trade, negotiation pending, granted |! | by foreign banks in top-notch |! | risk by companies international rating than |! | included in the list referred to in article 83 |! | bis, and loans or operations with resales |! | agreed by financial institutions governed by this |! | law.
Category 4. Equity loans |! | for housing, granted to the final purchaser. Also be |! | include in this category the contracts of |! | lease with promise of sales that fall |! | on housing and that are held directly with the |! | promitente buyer.
Category 5. Physical fixed assets, other assets |! | financial and all other assets not included in |! | the above categories.
For the purposes of the previous article, the assets |! | included in the above categories, be estimated |! | in the following percentage of its value of |! | posting.

Category 1: 0% category 2:10 % category 3:20 % category 4: 60% category 5: 100% the Superintendent may include within one of |! | the categories or create an intermediate category, |! | with respect to investments in futures contracts, |! | options and other derivative products.
The Superintendency, favourable arrangement of the |! | Council of the Banco Central de Chile, adopted by the |! | absolute majority of its members, may by rule |! | general, change of category certain assets, |! | whenever it means up or down one level |! | in the table before expressed or fix them a level |! | intermediate between two categories or establish that |! | certain assets are placed in category 1. All |! | case category to which belong an asset only |! | It may be changed once a year, unless the |! | unanimous vote of the directors in office of Bank |! | Central modify the previous agreement.
The changes introduced by virtue of thing |! | provisions of the two preceding subparagraphs shall come to govern |! | in the term determined by the Superintendent, which no |! | It may be less than sixty days. "."
47 enter the following article 82 bis, |! | New: "article 82 bis.-the Bank which is not |! |" adjusted some of the proportions that designates the |! | Article 81, should fit it inside a |! | within 60 days, subject to incurring a |! | fine of one thousand on the heritage deficit |! | cash or capital basics, as appropriate, by each |! | day that keep it. "."
48. delete the second paragraph of the No. 1 of the |! | Article 83.
Disposed of 49 numbers 3 and 9 of article 83 |! | the word "loans" and the comma (,) that precedes it.
Added to the No. 5 of article 83, point 50 |! | followed (..), the following phrase: "may also provide |! |" transportation of valuables service. "."
"51 delete in article 83, the words No. 7 |! |" with time limits not exceeding one year"and the comma (,) to |! | It precedes it.
52.-added no. 8 of article 83 a |! | continuation of the expression "bills of Exchange", the |! | words "promissory notes".
53 replaced No. 11 bis of article 83, by |! | the following: "(11 bis) constitute the country subsidiaries |! |" to perform the following operations or |! | (funciones: a) securities, brokers of stock exchange agents, |! | managers of mutual funds, investment funds |! | or foreign capital funds, securitization of |! | titles and governed by Decree insurance brokers |! | with force of law Nº 251 of 1931, with the exception of |! | pension insurance, all this under the conditions as |! | set the Superintendence by norm de |! | general character. The companies carrying out the |! | operations referred to in this letter will be governed |! | by the laws applicable to such matters and subject to supervision |! | by the Superintendency of securities and insurance.
The Superintendency of securities and insurance, through |! | general rule, taught to societies |! | brokers of insurances, which are subsidiaries of banks or |! | people related to the Bank, acting as |! | brokers, for instructions to |! | ensure the independence of his action and the |! | protection of the right of the insured to decide about |! | insurance and the choice of the |! | intermediary, being them especially forbidden to the |! | banks conditioned the granting of credits to the |! | insurance through a corridor of |! | insurance related to the Bank.
b) buy and sell movable personal property or |! | real estate only to perform operations of |! | lease, with or without option to buy, with the object |! | grant funding total or partial; perform |! | Factoring, financial advice, custody or transport of |! | values, collection of loans and the provision of |! | financial services than by Superintendence |! | resolution general, has estimated that they complement the |! | Bank Giro. In these cases this |! | Superintendent shall establish by resolution |! | general conditions of the exercise of the referred |! | turns.
The subsidiaries may not acquire shares |! | or take participation in other companies, unless the |! | Superintendent deems that the investment be |! | essential for the development of its rotation and always |! | but not exceeding at any time 5% of capital |! | paid from the society in which that investment is made.
The Superintendent, also by General rules, |! | You can authorize that banks carried out directly |! | (alguna de las actividades a que se refiere la letra b) |! | of this number.
To set up subsidiaries or perform |! | directly the activities referred to in the letter |! | (b) of this number, the Bank shall meet the following |! | (requisitos: i) comply with the minimum percentages to be |! | concerns article 81.
(ii) who is not qualified in the last two |! | categories in general application processes |! | established by the Superintendency. Apply to the |! | effect the rules contained in articles 15 to and |! | following the Decree Law No. 1097, 1975.
(iii) which is accompanied, at least, a study of |! | economic-financial feasibility that deemed |! | the market, the characteristics of the entity, the |! | projected activity and the conditions in which are |! | will develop it according to various scenarios of |! | contingency. The Superintendent will analyze the study |! | feasibility and can make reservations this |! | about serious inconsistencies and blatant errors, |! | in his opinion, exist.
The Bank may participate in the minority form at |! | a society that has some of the listed objects |! | in this issue, unless the Superintendent refuses |! | the authorization by resolution founded in that other |! | partners or shareholders do not comply with the conditions as |! | It requires no 18 of article 65.
The Superintendent shall have a period of ninety days |! | to decide on the Constitution of the |! | companies referred to in this number, or exercise |! | direct activities, from the presentation of |! | the request. If the Superintendent asked |! | additional background, such term shall be extended to 120 |! | days. To decline the request, the Superintendency |! | He shall be given a founded resolution that have not |! | met the requirements established by law. In the |! | case of entities classified in category III, |! | pursuant to articles 15 et seq. |! | Decree Law No. 1097, 1975, may also establish |! | the resolution that there are deficiencies in their management |! | that it does not enable it to access the new activity.
If the applicant Bank finds in the |! | category I management and solvency, according to thing |! | designated in articles 15 À et seq. of Decree |! | Law No. 1097, 1975, application for authorization be |! | shall be approved if the Superintendent does not reject it |! | expressly within the 60 days following the date |! | of its presentation, by resolution founded in which not is |! | they have met legal requirements. Yes the |! | Superintendent not received the negative decision |! | within the legal deadline, the applicant institution may |! | require that this fact and the certificate has been certified |! | will make the authorization times. "."
54 replaced the No. 12 bis of article 83, by |! | the following: "(12 bis) serve as brokers of |! |" institutions and national companies, foreign or |! | international and provide financial advisory. "."
55.-add no. 13 of article 83, a |! | "continuation of the word 'documents', the phrase |! |" issued in series".
56 replaced the opening prayer of the No. 15 bis |! | Article 83, by the following: "banks can acquire shares or take |! |" participation in banks or companies constituted in the |! | alien, subject to the standards contained in the |! | Article 83 bis. "."
57 delete the final sentence of the No. 15 bis of the |! | Article 83 and agreganse the following new subsections: "may, also, prior authorisation of the |! |" Superintendent, and fulfilling the General requirements |! | as for the specific object it may specify by |! | a general rule, be shareholders or have |! | participation in a society whose sole object is one |! | (de los siguientes: a) provide services to help the |! | fulfilment of the purposes of financial institutions.
(b) that by its intermediate institutions |! | financial can perform certain operations of |! | Bank draft with the public, except the capture |! | money.
Once granted a Bank authorization for |! | incorporate a company with a particular object, it |! | not be refused to the other banks. "."
58 Agreganse the following new numbers to the |! | Article 83: "18-issue and to operate credit cards."
19 act as underwriters for shares of |! | first issue of open joint-stock companies being able |! | ensure your placement. The actions that acquire |! | as a result of the granting of this warranty |! | they must be disposed of within a maximum period of two |! | years counted from the date of purchase. Eastern |! | period shall be one year for approved actions in |! | According to article 106 of the Decree Law No. 3,500 of |! | 1980 while the shares are held by the Bank not |! | have right to voice or vote at meetings of |! | shareholders. The alienation of the shares must |! | made in the form, terms and under sanctions |! | that establishes the article 84, no. 5. This warranty does not |! | You can apply to a percentage that exceeds 35% of the |! | subscribed and paid capital of the issuer, and the amounts to which |! | apply the warranty or the shares acquired in |! | virtue of it will be included in the margins of |! | credit set out in article 84.
The actions that a Bank acquires by virtue of |! | This number may not be a market that value in |! | total, exceeding its paid-in capital and reserves.
20 grant financial services customers |! | by third parties, in the form and conditions |! | determine the Superintendency. In the case of services |! | provided or commissioned by institutions subject to the |! | control of another Superintendent, authorization |! | It must be granted by all standard of |! | General joint. "."
59 replaced article 83 bis, by the |! | Next: "article 83 bis.-banks may open |! |" branches or offices overseas, |! | investments in shares of banks established |! | abroad or in shares of companies there |! | made to have some of the twists that |! | they authorise the N ° s. 11 bis and 15 bis of article 83. The |! | opening of branches or representative offices |! | they will require authorization of the Superintendency and the |! | other related investments will require, in addition, the of the |! | Central Bank of Chile.
To obtain the authorization of the Superintendency |! | (el banco deberá reunir los siguientes requisitos: a) comply with the minimum percentages to be |! | concerned article 81;
(b) who is not qualified in the two |! | latest categories in the processes of qualification of |! | General application established by the Superintendent. |!| Shall apply to the effect the standards contained in the |! | articles 15 À et seq. of Decree Law No. 1097, de |! | 1975; in the case of institutions classified in the |! | category III, the Superintendent may refuse the |! | request, based on that there are deficiencies in its |! | management that does not enable it to access the new |! | activity;
(c) that is accompanied, at least, a study of |! | economic-financial feasibility that deemed |! | the economic conditions of the country in which will be held |! | the investment, operation and characteristics |! | financial market in which the entity will be installed |! | the planned activity and the conditions in which are |! | It will develop according to various scenarios of |! | contingency. The Superintendent will analyze the study |! | feasibility and can make reservations this |! | about serious inconsistencies and blatant errors, |! | in his opinion, exist;
(d) that the country in which the investment shall be or |! | the office will open offers conditions of control |! | that allow appreciate the risk of their operations. Yes |! | authorizing a bank to establish an office or |! | make an investment in a given country, cannot |! | refuse to another, unless you switched |! | (sustancialmente la situación deel país, y e) that, if members participate in the company with a |! | percentage equal to or greater than 10% of the capital, |! | comply with requirements which requires no 18 of the |! | Article 65.

The Superintendent, by rule, |! | determine the background which should be submitted |! | to demonstrate compliance with the requirements |! | indicated in the preceding paragraph. Any |! | complementation deemed necessary by the Superintendency |! | You must request in within 45 days. The |! | final decision must be given within the period of |! | 90 days counted from the filing of the application. |!| The Superintendent shall communicate quietly to the |! | the grounds of the pronouncement financial institution |! | When is it negative.
Banks may benefit from the procedure of |! | authorization laying down the subsequent subparagraphs |! | When, in addition to the above requirements |! | previously, meet in coordinating shape which are |! | (indican a continuación: i) Bank to exceed 25% percentage |! | minimum of heritage to risk-weighted assets to |! | referred to in article 81;
(ii) that the Bank is qualified in first |! | the processes of qualification of general category |! | application established by the Superintendent. Is |! | apply the effect to the standards contained in the |! | articles 15 À et seq. of Decree Law No. 1097, de |! | 1975;
(iii) that the investment in question either the |! | opening of a branch or the acquisition of shares of |! | a foreign company that constitute the majority of its |! | capital. If the participation is equal or minority, |! | the Superintendent should consult the body of |! | supervision of the respective country history |! | referred to in the fourth paragraph of no. 18 of article 65 |! | with respect to the non-resident partners in Chile and the |! | (ejecutivos superiores de la empresa, y iv) that the country in which the investment shall be or |! | the office will open have unsafe |! | qualified in the first category, according to |! | methodologies and companies rating publications |! | internationals appearing in a registered payroll in |! | the Superintendent, or an agreement with the |! | Agency's supervision of the respective country.
In the case referred to in the preceding paragraph, the |! | designated periods in which precedes it shall be reduced to the |! | half and the resolution to revoke the authorisation shall be |! | founded and claimable in accordance with article 21, |! | second paragraph of Decree Law No. 1097, 1975.
If the Superintendent does not dictate a resolution |! | denial of requests concerning this |! | Article within the period concerned, the |! | applicant institution may require you to certify |! | This fact and the certificate that should be granted will do |! | the time of authorization.
The Chilean Bank and companies in which this |! | involved are subject to the following rules:
1) the Bank constituted in Chile may |! | invest up to 40% of its regulatory capital in |! | banks or companies established in the same country.
(2) in case of a Bank, the sum of the |! | deposits, loans and other debts to banks |! | Chilean shareholders keep in it, whether |! | directly or through other persons, may not |! | exceed 25% of the regulatory capital of the Bank |! | overseas. The Chilean bank can only be performed |! | operations that mean support, strengthen, or bailing |! | obligations of banks or companies that participate |! | abroad, in cases and in the manner as |! | determine the norms established on this subject by the |! | Central Bank of Chile or the Superintendent, in use of |! | their respective faculties.
3) shall be duty of the Chilean Bank provide a |! | the Superintendency on the Bank or company information |! | Foreign that participate, periodically or in the |! | opportunities in which the agency require it. Thing |! | foregoing is without prejudice to the obligation imposed |! | articles 9 and 10 of law No 18,045.
(4) the Chilean Bank shall obtain |! | the necessary safeguards for which credits or |! | guarantees that the institutions that participate in the |! | foreigner granted to debtors directly related |! | or through other persons to ownership or management |! | participating bank, is subject to the limits |! | laid down in this law for Chilean banks. |!| You will also have the obligation to obtain such |! | guards for which appropriations to persons domiciled |! | or resident in Chile are subject to limits |! | referred to in article 84, no. 1, and the rules of the |! | Article 85.
Chilean banks overseas branches are |! | they will apply, in addition, by the standards of article 31 bis.
Without prejudice to the sanctions referred to in the |! | Article 19 of Decree Law No. 1097, 1975, or which |! | they are applicable in accordance with article 31 bis, the |! | breach of any of the preceding rules |! | part of the Chilean bank or bank branch or |! | company established or involving foreign |! | that put at risk the stability of the parent company, |! | It will entitle the Superintendent to compel the first, |! | by resolution established, to alienate all the |! | stock holding in the Bank or foreign company or a |! | close or dispose the branch or office where you |! | He has committed the offence within the time that |! | determine, that it may not be less than ninety days. "."
60 replaced in article 84, no. s 1, 2, 4 and |! | 5, and article 137 the expression "paid-in capital and |! |" reservations"with the following:"regulatory capital".
(61.-Reemplázanse las letras b) and c) of the subsection |! | third in no. 1 of article 84, by the following: "b) financial instruments of public offering |! |" issued in series that are classified in a |! | of the two categories of lower risk by two |! | sorting companies from those listed in title |! | XIV of the Act No. 18,045;
(c) knowledge of shipping, provided that the |! | Bank is authorized to freely dispose of the |! | (mercadería que se importe, y d) the letters of credit issued by banks of the |! | outside who are qualified in the highest |! | category by an international rating than company |! | included in the list referred to in article 83 bis. |!| Such letters of credit must be irrevocable and |! | due to its single presentation. Will not work for this |! | effect the letters of credit issued by the parent |! | the foreign bank or its branches in favour of whose |! | Branch office in Chile extends the warranty. "."
"62 replaced the figure in article 112 |! |" 200,000 "by"400,000".
63 replaced subparagraph first of article 113 |! | by the following: "article 113-not apply to these societies |! |" the following provisions of this Act: Title VI and |! | articles 29, 30, 31 bis, 35, 47, 62, 66, subsection |! | First, 83 No. 1, concerning contracts of |! | has current Bank, 6, 7, 10, 12 and 12 bis. "."
The second paragraph (64.-Supríme_se en la letra a) |! | of article 113, the sentence: "abstractions may |! |" documented by the acceptance of bills of Exchange |! | or the signing of promissory notes or mutual contracts"and the |! | followed dot (.) that precedes it.
65 Article 115, replace by the following: ' article 115.-financial companies may |! | " open branches abroad or participate in |! | companies established abroad having some |! | turns authorizing article 83, N ° s. 11 bis and |! | 15A. For this purpose, they shall apply the |! | rules laid down in article 83 bis. In any case, |! | These societies can take participation in |! | Bank draft societies. "."
66 replaced the final subparagraph of article 116, |! | by the following: "it shall be presumed, in any case, that a Bank have |! |" facts that make you fear for your situation happened |! | (financiera, cuando: a) the basic capital after deducted the |! | losses accumulated during the period appearing |! | in a financial statement, is less than 3% of the |! | net total assets of required provisions.
(b) the effective heritage, after deducted the |! | losses accumulated during the period appearing |! | in a financial statement, is less than 8% of the |! | net assets of provisions required and weighted by |! | risk.
(c) due to accumulated losses during the |! | exercise that appear in two financial statements |! | consecutive it transpires that keep increasing |! | proportion of them in the next six months, the |! | Bank shall be in one of the situations provided for in |! | ((the letters a) or b) unprecedented. "."
67. Add the following article 116 bis, new: "article 116 bis.-the Bank get |! |" authorization to open a branch office or a subsidiary or to |! | invest in companies according to article 83 bis, subparagraph |! | Fourth, shall maintain, for the period of one year |! | counted since the authorization becomes effective the |! | percentage of assets by risk assets to be |! | the same provision applies or that reset |! | percentage, apply the provisions of the article |! | 116. "."
68 Reemplazanse the last two subparagraphs of the |! | Article 119, by the following: "it shall be presumed, in any case, presenting a bank |! |" solvency problems that compromise the timely payment |! | (de sus obligaciones, cuando: a) basic capital, net losses |! | accumulated during the year that appear in a |! | statement, is less than 2% of assets |! | net of required provisions.
(b) the effective heritage, after deducted the |! | losses accumulated during the period appearing |! | in a financial statement, is less than 5% of the |! | net assets of provisions required and weighted by |! | risk.
The determination of assets that should be |! | (deemed for the purposes of the letters a) and b) |! | above, shall be in accordance with the designated in the |! | Article 82.
(c) the Bank keep with the Central Bank credits |! | emergency expired and to apply for its renewal, this |! | denied, provided that the report of the |! | Superintendent was also negative, for reasons |! | founded. "."
69 Reemplazanse in the sixth paragraph of the article |! | 121, sentences: "another that consists of lowering the |! |" deposits and obligations to third parties of the Bank to |! | fourteen times its paid-in capital and reserves by the |! | capitalization of the credits that apply. |!| In the case of a financial company rebate will be |! | to ten times. ", by the following:" another in which, through |! | "" the capitalization of the credits that correspond |! | has the effect that the Bank is with a proportion |! | between capital and assets weighted by |! | risk that is not lower than 12%. "."
70 replaced the fourth subparagraph of article 124, |! | by the following: "when under contract be issued |! |" actions, they will estimate the value resulting from |! | divide the basic capital of the Bank, to the extent that |! | This is positive, the proposed date the |! | original, by the number of shares subscribed agreement and |! | paid. For these purposes, must be deducted the |! | losses accumulated to that date. Yes, in the |! | situation referred to in this subsection, the basic capital of the |! | Bank is not positive, the shares issued before |! | the Convention will expire by the only Ministry of law |! | on the same date in which they are issued which |! | come the capitalization, unless in the |! | Agreement provides something different. "."