IT REPLACES TEXT OF DECREE LAW N ° 258, 1974, WHICH CREATED NATIONAL RADIO OF CHILE Having present that the National Congress has given its approval to the following Bill: " Single article.-Replace the text of Decree Law No 258, of 1974, by the following: " Article 1 °.-Authorize the State to carry out business activities in the field of the installation, operation and operation of the broadcasting stations and of the free-reception broadcasting service concessions, is currently the owner or concessionaire of Radio Nacional de Chile, created by Decree Law No 258, of 1974, for the sole effect that this legal person governed by public law is transformed into an open public limited company and the respective shares are publicly tendered within 180 days of the date of publication of this law. Article 2 °.-For the development of the activities mentioned in Article 1 °, the Fisco of Chile, represented by the Minister Secretary General of Government and the Corporation for the Promotion of Production, in accordance with their respective organic law, constitute an anonymous company that will be called "National Radio of Chile S.A.", being able to use for all legal and commercial effects the acronym "Radio Nacional S.A.", which will be governed by the rules of the public limited companies, subject to the supervision of the Superintendence of Securities and Insurance. This company will be the legal continuum in all the rights and obligations that correspond to the company of the State called National Radio of Chile, created by decree law No. 258, 1974, and, especially, will enjoy the concessions of services of free reception of the holder, who shall be understood to be transferred under the same conditions as they were granted. This transfer will operate under the sole ministry of law. Article 3 °.-Radio Nacional de Chile S.A. shall have as its object: (a) the installation, assembly, operation and operation of broadcasting stations intended for free and open reception by the general public. b) Make radio productions and all kinds of broadcasting activities related to information, culture, entertainment and social and national integration, promoting the identity of the different regions of the country, and c) Running all kinds of works relating to the preceding activities, which may, in effect, constitute and participate in companies or other entities or associations and carry out and conclude all acts and contracts which permit the fulfilment of the social object. Article 4 °.-In the constitution of the aforementioned public limited company, it will be up to the Fisco of Chile to participate 1% and to the Corporation for the Promotion of Production, a participation of 99%. Article 5 °.-The initial capital of the company that is authorized to constitute will amount to the amount of $320.486,853, which results from the balance sheet of the National Radio of Chile, practiced at December 31, 1993, which will be subscribed, contributed and entera In the case of the Fisco de Chile, in its entirety 1% and the Corporation for the Promotion of Production in 99%. For such purposes, the proportion, as referred to in Article 4 °, of the assets and liabilities of the National Radio National Company of Chile, for the sole effect of the production, is transferred, in full, to the Fisco of Chile and the Corporation for the Promotion of Production. make the subscription and the payment of the initial capital that will contribute to the new society. Within sixty days after the date of the formation of the public limited company, the company Radio Nacional de Chile will have to practice a balance sheet, according to the norms dictated by the Superintendence of Securities and Insurance for the companies. open anonymous, in order to determine the variations existing to that date between the rights, obligations and assets, in relation to the initial assets referred to in the first subparagraph. These differences will be transferred in full to the continuing anonymous society of the National Radio of Chile, understood by the Fisco of Chile and the Corporation for the Promotion of Production in the proportion indicated in Article 4 °. from the date of approval of the balance sheet by supreme decree, issued by the Ministry of Government General Secretariat and also signed by the Minister of Finance and shall not constitute income affected by taxation. Article 6.-All the assets that make up the estate of the autonomous company of the State Radio Nacional de Chile will be transferred in the domain, by the sole ministry of the law, to the public limited company Radio Nacional S.A., which deals with this law, the date of their legal existence. The preceding goods must be individualized by means of supreme decrees issued by the Ministry of Government and the Ministry of Finance. The registration of the domain and annotations in the name of the National Radio of Chile S.A. will have to be practiced by the respective Conservatives, with the only presentation of copy of the respective decree. Article 7 °.-The transfer of assets, liabilities, rights or property of any kind referred to in this law and the acts, contracts, publications, inscriptions, subinscriptions and annotations intended to carry out the The above transfers from the National Radio of Chile to the National Radio of Chile S.A. will be exempt from all taxes, duties, contributions, tax and municipal taxes. Article 8 °.-The staff of the National Radio of Chile, created by decree law N ° 258, of 1974, will continue to perform in the new society without solution of continuity, will be governed by the labor norms and the previsions of the private sector and not consider for no legal effect as employees or civil servants. Article 9 °.-Decree Law No 258 published in the Official Journal of 14 January 1974 and the supreme decrees dictated by its virtue, shall be construed as abrogated by the sole ministry of law to count from the date on which the supreme decree is published Article 5 (3) refers to the third paragraph of Article 5, which shall be made within 120 days from the date of publication of this law. At the same time, the legal existence of Radio Nacional de Chile will end. TRANSITIONAL PROVISIONS Article 1 °.-Condonanse the interest and the fines due until the publication in the Official Journal of this law by the company Radio Nacional de Chile, on the occasion of the tax obligations that it maintains with the Fisco. Article 2 °.-Grant to National Radio of Chile, for one time and in order to pay its tax debts for capital and readjustments, a tax contribution of $793,105,000, under item 50-01-03-25-33.104, of the item "Public Treasury" of the current budget. This contribution must be heard within thirty days of the enactment of this law. Radio Nacional S.A., as long as it has the participation of CORFO or the Fisco, in any case may compromise the public credit. Nor shall it be able to obtain financing, credits, or contributions, subsidies, guarantees or guarantees from the State or any of its agencies, entities or companies, but in cases where this is possible for the private sector and in equal conditions. "". And because I have had to approve and sanction it, and therefore enact and take effect as the Law of the Republic. Santiago, 11 July 1994.-EDUARDO FREI RUIZ-TAGLE, President of the Republic.-Victor Manuel Rebolledo González, Minister General of Government.-Alvaro García Hurtado, Minister of Economy, Development and Reconstruction.-Eduardo Aninat Ureta, Minister of Finance. What I transcribe to Ud., for your knowledge.-Salutes intently to Ud., Edgardo Riveros Marin, Deputy Secretary General of Government.