There Is A New Treatment Of The Subordinate Obligation Of Certain Commercial Banks With The Central Bank Of Chile

Original Language Title: DISPONE UN NUEVO TRATAMIENTO DE LA OBLIGACION SUBORDINADA DE DETERMINADOS BANCOS COMERCIALES, CON EL BANCO CENTRAL DE CHILE

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"First paragraph {ARTS. 1-5} General provisions article 1.-the Central Bank of Chile and the banks that maintain the obligation to subordinate to that referred to in article 15 of the law N ° 18.401, may agree the modification of the conditions of payment of such obligation, in accordance to the following articles and regulations which set the Council of the Central Bank of Chile for execution.
For the purposes of benefit from the aforementioned option, the paying bank shall take an agreement at extraordinary shareholders meeting, with as vote by an absolute majority of the issued voting shares.
The agreement referred to in the preceding paragraph should contain the authorization to allow directory of each obligated Bank may issue, carry out the preferential offer or deliver in payment in shares, according to the mode of payment adopted, it is necessary to issue in accordance with the provisions of this law. This agreement of the Board will remain valid and may not be revoked as obligation to subordinate at the respective Bank.
Amendments to be agreed with the Central Bank of Chile should be reduced to public deed.
The conditions of payment of the subordinated obligation established by application of this law, may only be amended by consent of the paying bank, and the Central Bank of Chile upon enactment of law.