Introduces Modifications To The Law N ° 19.396, On Subordinated Debt


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"Article 1-Introducense the following modifications to the law N ° 19.396: 1." Replace the letter b) of article 18, by the following: "b) once they not remaining actions of the maximum issue 11 article, application of that article and of article 12, or once that is bid and pay the total of the shares that are part of the program of tender in the case of article 13 (, or once no remaining actions of those garments that referred to in article 24 letter b).
Shall also terminate the obligation to subordinate the dation in payment, provided for in article 12, of the maximum of shares to issue of article 11, or by payment of the pledged shares of (b) in kind) of article 24.
Also, shall terminate the obligation to subordinate by conventional payment of above mentioned articles and article 13 actions in kind; or by application of advance payments or prepayments that are carried out in the conditions laid down in article 20. The Central Bank of Chile at any time can agree terms and modalities to agree rescue, payment in kind and the opportunity for the determination of the price of the shares.
In the case of the recommendations in total or partial payment of actions, referred to in the preceding paragraph, its price will be determined in accordance with the provisions of the first paragraph of the final paragraph of article 11 and the shares received in payment shall be disposed of by the Central Bank of Chile at the time, price, form of payment and other terms and arrangements established that institution by agreement of its Board including the power to dispose of shares through total or partial preferential offer to the shareholders of the respective Bank. While the actions given in payment are held by the Central Bank of Chile shall have the right to receive the percentage of dividends, of paid-up shares and subscription options and other rights that correspond to the shareholders, in proportion to their participation in the capital, with the sole exception that will not have right to voice or vote at meetings of shareholders , or to compute for the purposes of the appropriate quorum.
For the purposes of the dation in payment of actions envisaged in the third paragraph of this letter, the Bank or parent or administrator society in its case, directory shall it with the only merit of the agreement adopted by the general meeting of shareholders in accordance with article 34, must preferably offer such shares to its shareholders in the form provided for in the letter to) article 12. If the shareholders or the assignees of the preferred options opted for not subscribe to all or part of the actions, the remnant of them will be delivered on payment to the Central Bank of Chile in, and the paying bank or parent or administrator in your case, society will meet the payment agreed with the delivery of the remainder of the shares and the proceeds of the subscription and payment of the shares placed among the shareholders or the "assignees of the preferred options, and".
2. replace in the final paragraph of article 21, the words "articles 8 and 12" by "(artículos 8°, 12 e inciso tercero de la letra b) of article 18".
3 be added to article 33, the following paragraph: "in the same way, will be extended to the parent company, administering society, the new Bank, and the shareholders of all of them, the same tax provisions which are applicable, on the occasion of this law, banks that exercise the option referred to in article 1 and its shareholders. By virtue of the provisions of this subsection, may not collect taxes or higher taxes to the parent company, administering society, the new Bank, and the shareholders of all of them that are not coming for banks which exercise the option and its shareholders, as does not discriminate with regard to tax, to the extent that such taxes or discrimination benefits generated solely as a result of the exercise of the option. So the adoption of alternative regime not may involve additionally benefit, prejudice or a different tax treatment to taxpayers who opt for this regime, including the parent company, administering society, the new Bank and shareholders of all of them. "."