Replaces The Text Of The Decree Law N ° 258, 1974, Think Radio Nacional Of Chile

Original Language Title: SUSTITUYE TEXTO DEL DECRETO LEY N° 258, DE 1974, QUE CREO RADIO NACIONAL DE CHILE

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"Sole article.-replace the text of the Decree Law N ° 258, 1974, by the following:" article 1.-authorize the State to develop business activities in the field of installation, operation and exploitation of the stations of broadcasting and the concessions of broadcasting service of free reception that currently is owner or dealership Radio Nacional de Chile, created by Decree Law N ° 258 "" 1974, for the sole purpose of this legal entity governed by public law is transformed into open joint-stock company and the respective shares are tendered publicly within a period of 180 days from the date of publication of this law.
Article 2.-for the development of the activities referred to in article 1, the Treasury of Chile, represented by the Minister Secretary General of Government and Corporation of promotion of the production, in accordance with their respective basic law, constitute a limited company called "Radio Nacional de Chile S.A.", and can use the acronym "Radio Nacional S.A." for all legal and commercial purposes which will be governed by the rules of open corporations, being subject to the supervision of the Superintendency of securities and insurance. This partnership will be the legal continuation in all rights and obligations which correspond to the State enterprise called Radio Nacional de Chile, created by Decree Law N ° 258, 1974, and, especially, will enjoy the concession of broadcasting services of free reception of that being holder, which shall be transferred in the same condition in which they were granted. This transfer will operate by the only Ministry of law.
Article 3.-Radio Nacional de Chile S.A. will aim: to) the installation, Assembly, operation and exploitation of broadcasting stations aimed at the free reception and opened for the public in general.

b) radial productions and all kinds of broadcasting activities related to information, entertainment and culture, social and national integration to promote the identity of the different regions of the country, and c) execute any work related to the above activities, and may, for that purpose, constitute and participate in societies or other bodies or associations and run and celebrate all acts and contracts that allow the fulfillment of the purpose.

Article 4.-in the Constitution of the above Corporation, will correspond to the Treasury of Chile a share of 1% and the production Promotion Corporation a 99% stake.
Article 5.-capital initial society which is authorized constitute will amount to the amount of $320.486.853, resulting from the balance sheet of the National Radio of Chile, carried out on 31 December 1993, which you will subscribe, provide and know fully by the Exchequer of Chile by the production Promotion Corporation in 99% and 1%.
For these purposes, transfer, full-fledged, Treasury of Chile and to the promotion of the production Corporation the proportion, referred to in article 4 of the assets and liabilities of the company Radio Nacional of Chile, for the sole purpose of subscription and payment of the initial capital that will bring to the new company.
Within sixty days of the date of incorporation of the Corporation, the Radio Nacional de Chile company shall practice a balance, in accordance with the norms established by the Superintendency of securities and insurance for corporations open, in order to determine the existing variations to that date between the rights, obligations and national heritage, in relation to the initial patrimony referred to in subsection. These differences passed fully-fledged continuation anonymous society of Radio Nacional de Chile, understanding provided by the tax authorities of Chile and the Development Corporation of the production at the rate indicated in article 4 ° from the date of approval of the balance through Supreme Decree, issued by the Ministry General Secretariat of Government, signed also by the Chancellor of the Exchequer and shall not constitute income subject to taxation.
Article 6.-all the assets that comprise the heritage of the autonomous State Radio Nacional of Chile company passed on in domain, by the only Ministry of law, to the Corporation National Radio S.A., which is this law, from the date of its legal existence.
The preceding goods must be individualized by Supreme decrees issued by the Ministry of finance and the Ministry General Secretariat of Government. Registration of domain and annotations on behalf of Radio Nacional de Chile S.A. must be practiced by the respective conservatives, with the single submission of copy of the respective Decree.
Article 7.-the transfer of assets, liabilities, rights, or property of any nature to that referred to in this law and acts, contracts, publications, inscriptions, subinscripciones and annotations that relate to carry out transfers above from Radio Nacional de Chile to Radio Nacional de Chile S.A. will be exempt from all taxes, rights, contributions, tax and municipal levies.
Article 8.-the staff of Radio Nacional de Chile, created by Decree Law N ° 258, 1974, will continue to play in the new society without solution of continuity, will be governed by the labor and social security rules of the private sector and not be considered them for any legal matter employees or public officials.
Article 9.-Decree Law N ° 258, published in the official journal of 14 January 1974 and the Supreme decrees by virtue, shall be repealed by the only Ministry of law from the date in that publication of the Supreme Decree which referred third article 5 °, what must be done within 120 days of the date of publication of this law. For the same date, it will end the legal existence of Radio Nacional de Chile.