Act 31, 1992

Original Language Title: LEY 31 de 1992

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LAW 31 OF 1992

(December 29)

Official Journal No. 40,707 of 4 January 1993

ERRATA FE

Official Journal No. 40,944 of 12 July 1993.

To remedy an error appeared in Article 59 of Law 31 of December 29, 1992, the publication of which was made in the Official Journal number 40,707 of Monday, January 4, 1993 the following clarification:

Page 7, first column, where it says: " 2.1.2.2.14., 2.1.2.3.1.,

2.1.2.3.30 ... ", read:

".. 2.1.2.2.14., 2.1.2.3.11., 2.1.2.3.30, ..",.

ERRATA FE

Official Journal No. 40,808 of March 26, 1993.

To remedy an error that appeared in article 66 of Law 31 of the 29 of

December 1992, whose publication was made in the Official Journal number

40,707 of Monday, January 4, 1993, the following clarification is made:

Page 7, second column, where it says: " .. 7a. of 1973, except for the paragraph

of article 5o. of Law 21 of 1963 ", read:" .. 7a. of 1973, except

the paragraph of Article 5 (o), Article 5 (o). of Law 21 of 1963. "

ACT 31 OF 1992

(December 29)

Official Journal No 40,707 of 4 January 1993

THE CONGRESS OF COLOMBIA,

By which the rules to which the Bank of the

is to be held

Republic for the exercise of its functions, the Government to indicate the international exchange regime, for the issuance of the Bank's Statute and for the exercise of the functions of inspection, surveillance and control of the The same applies to the entities to which the Fomento Funds administered by the Bank will be transferred and other provisions are dictated.

DECRETA:

TITLE I.

ORIGIN, NATURE, AND FEATURES

ARTICLE 1o. NATURE AND OBJECT. The Bank of the Republic is a legal person governed by public law, will continue to operate as a state body of constitutional rank, with its own legal regime, of its own nature and special, with administrative autonomy, heritage and technique. The Bank of the Republic shall perform the functions of central banking in accordance with the provisions contained in the Political Constitution and in this Law.

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ARTICLE 2o. FINES. The Bank of the Republic in the name of the State shall ensure that the purchasing power of the currency is maintained in accordance with the rules laid down in Article 373 of the Constitution. Policy and this Law.

PARAGRAFO. To meet this objective, the Board of Directors of the Bank will adopt specific inflation targets that should always be less than the last registered results, use the instruments of the policies in charge and make the recommendations that are conducive to that same purpose.

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ARTICLE 3o. LEGAL REGIME. The Bank of the Republic is subject to its own legal system. Consequently, the determination of your organization, its structure, its functions and attributions and the contracts in which it is a party, will be governed exclusively by the rules contained in the Political Constitution, in this Law and in the Statutes. In cases not provided for by those and these, commercial and civil operations and, in general, the acts of the Bank which are not administrative, shall be governed by the rules of private law.

The Bank may carry out all acts, contracts, and banking and commercial operations in the country or abroad that are necessary for the fulfillment of its object, in accordance with the powers and powers granted to it by the Constitution, this Act and its Statutes.

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ARTICLE 4. MONETARY AUTHORITY WILL CHANGE AND CREDIT. The Board of Directors of the Bank of the Republic is the monetary, exchange and credit authority and, as such, will fulfill the functions provided for in the Constitution and in this Law, by means of general character. These tasks shall be carried out in coordination with the general economic policy provided for in the macroeconomic programme approved by the National Council for Economic and Social Policy CONPES, provided that it does not compromise constitutional responsibility. of the State, through the Bank of the Republic, to ensure the maintenance of the purchasing power of the currency.

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ARTICLE 5o. PROGRAM AND REPORTS TO THE CONGRESS. Within ten days of the initiation of each regular session, the Board of Directors of the Bank through its Manager will present a report to the Congress of the Republic on the execution of monetary, exchange and credit policies, which will include at least the general guidelines of these policies, an assessment of the results achieved in the previous period, and the objectives, purposes and goals of these policies. for the subsequent period and in the medium term. It will also have to present a report on the policy of management and composition of the international reserves and the financial situation of the Bank and its prospects.

In any case, if a substantial change in the above mentioned policies regarding information from the General Manager to the Congress is made in a period of time, an additional report to the Congress should be submitted within a maximum period of time. fifteen (15) days in which the origin of the situation is indicated and the measures taken are explained.

The Congress may request from the Bank of the Republic any other reports it requires for the full compliance of its functions.

Likewise, the Senate and Chamber of the General Manager and the members of the Board of Directors of the Bank of the Republic may be summoned to explain the content of the report and the decisions taken, in accordance with the provided in Articles 233 and 249 of Law 5a. of 1992.

PARAGRAFO. The reports that you are dealing with 1o incites. and 2o. This article shall be submitted by the General Manager to the Senate and Chamber of the Third Chamber in exclusive sessions cited for this purpose to be held within the period determined in this article. Failure to comply will be a cause of misconduct. The Commissions shall discuss and evaluate the reports received and deliver their conclusions to the respective Plenary, within the month following the submission of the reports.

TITULOII.

FUNCTIONS OF THE BANK AND ITS BOARD

CHAPTER I.

LEGAL CURRENCY ISSUE, DETERMINATION, AND FEATURES BANK

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ARTICLE 6o. CURRENCY UNIT. The currency unit and unit of account of the country is the weight issued by the Bank of the Republic.

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ARTICLE 7o. EXERCISE OF THE EMISSION ATTRIBUTE. The Bank of the Republic exercises exclusively and inselectable the state attribute of issuing the legal currency instituted by banknotes and coins.

PARAGRAFO. The Bank of the Republic may arrange for the minting in the country or in the exterior of metallic coin of legal tender for commemorative or numismatic purposes, provided for in special laws, to establish its alloys and determine its characteristics.

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ARTICLE 8o. CHARACTERISTICS OF THE CURRENCY. The legal currency will express its value in pesos according to the denominations determined by the Board of the Bank of the Republic and will be the only means of payment of legal tender with unlimited free power.

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ARTICLE 9o. PRODUCTION AND DESTRUCTION OF THE SPECIES THAT CONSTITUTE THE LEGAL CURRENCY. The printing, import, minting, changing and destruction of the species that constitute the legal currency are their own and exclusive functions of the Bank of the Republic. which shall comply with the general rules of procedure issued by its Board of Directors. This power includes the setting of the alloys and the determination of the characteristics of the metallic coin.

The Board will have a special arrangement and operation regime for the Mint.

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ARTICLE 10. WITHDRAWAL OF BANKNOTES AND COINS. The Bank of the Republic may withdraw banknotes and coins from circulation which will cease to be legal tender after the exchange deadline set in the act of announcing the replacement.

The Bank of the Republic is only required to redeem banknotes in the form and in cases determined by the Board of Directors.

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ARTICLE 11. PROVISION OF METAL BANKNOTES AND COINS. The Bank of the Republic shall take the necessary measures to ensure the provision of metallic notes and coins in their different denominations.

The credit institutions authorized to receive deposits in National Currency will be required to have notes and coins to ensure their provision, in accordance with the rules that the Board of the Bank of the Bank will dictate for this purpose. Republic.

CAPITULATION.

BANKER AND LENDER OF LAST INSTANCE OF THE

CREDIT ESTABLISHMENTS

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ARTICLE 12. FUNTIONS. The Bank of the Republic, as a banker and lender of last resort to public and private credit institutions, may:

(a) Grant them transitional liquidity support by means of discounts and discounts under conditions to be determined by the Board;

b) Intermediate external credit lines for placement through credit institutions; and,

(c) To provide them with fiduciary, deposit, compensation, and other services to be determined by their Board of Directors.

CAPITULATION.

GOVERNANCE IN RELATION TO GOVERNANCE

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ARTICLE 13. FUNTIONS. The Bank of the Republic may perform the following functions in relation to the Government:

(a) At the request of the Government, acting as a fiscal agent in the procurement of external and internal credits and in those operations that are compatible with the Bank's purposes.

b) Grant credits or guarantees in favor of the State under the conditions provided for in Article 373 of the Political Constitution.

c) Receive in deposit funds from the Nation and public entities. The Board shall identify the cases and conditions under which the Bank may carry out such operations.

d) Serve as an agent of the government in the publishing, placement and administration of the public debt securities market.

e) To provide to the National Government and other public entities that the Board determines, the technical assistance required in matters related to the nature and functions of the Bank.

PARAGRAFO. These functions will be fulfilled by the Bank after the conclusion of the corresponding contracts with the National Government or the other public entities, which will be subject to the rules provided for in this Law.

CHAPTER IV.

ADMINISTERING INTERNATIONAL RESERVES AND

INTERNATIONAL PRIVILEGES

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ARTICLE 14. REACH OF THE ADMINISTRATION FUNCTION. The Bank of the Republic will manage international reserves in the public interest, for the benefit of the national economy and for the purpose of facilitating the country's payments abroad. The management comprises the management, investment, custody deposit and disposal of the reserve assets. The investment of these shall be made subject to the security, liquidity and profitability criteria in assets denominated in reserve currency freely convertible or in gold.

The Board of Directors of the Bank of the Republic may provide contributions to international financial institutions from international reserves, provided that such contributions also constitute reserve assets.

The Bank of the Republic will not be able to grant credits from international reserves.

As an administrator of the international reserves, the Bank of the Republic will be able to carry out risk hedging operations. For this purpose, it may allocate part of the assets for margin or guarantee deposits or in order to make direct payments for the purchase of risk hedging instruments on the market.

The International reserves of the Bank of the Republic are inembargable.

The Bank of the Republic will be able to hire non-monetizable balance of payments credits.

PARAGRAFO. The operations provided for in this article will be performed in accordance with the conditions specified by the Board of Directors of the Bank.

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ARTICLE 15. ATTRIBUTIONS IN INTERNATIONAL MATTERS.

The government and the other state authorities will not be able to have the reserves for different purposes. The Bank of the Republic will also be a channel of communication with other international financial organizations.

The Bank of the Republic may develop with the agencies referred to in this article and with other foreign institutions, the relations that arise from its central banking functions or that facilitate international payment transactions and credit.

PARAGRAFO. The Board of Directors will set the criteria that will guide the decisions that the Bank of the Republic will take when acting as a representative of the State in the various international financial organizations. In addition, in such a condition it will have to act in coordination with both the general economic policy and the international policy of the government.

CHAPTER V.

BOARD FUNCTIONS AS MONETARY AUTHORITY,

CREDIT AND CURRENCY

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ARTICLE 16. ATTRIBUTIONS. The Bank of the Republic is responsible for studying and adopting monetary, credit and currency measures to regulate the monetary circulation and in general the liquidity of the financial market and the normal functioning of the payments. internal and external to the economy, ensuring the stability of the value of the currency. For this purpose, the Board may:

(a) Set and regulate the lacy of the different categories of credit institutions and in general of all entities that receive deposits in the view, at term or in savings, to indicate or not their remuneration and to establish the penalties for breach of the rules on this matter. For these purposes, consideration may be given to considerations such as the class and time of the operation subject to lace. The lacy shall be represented by deposits in the Bank of the Republic or cash in cash.

b) Dispose the conduct of operations on the open market with their own securities, with securities of public debt or with which the Board of Directors authorizes, in such cases in legal or foreign currency, to determine the intermediaries for these operations and the requirements to be met by them. In the development of this faculty, it will be able to have the realization of operations of reported (repos) to regulate the liquidity of the economy.

(c) To point out, by means of general rules, the financial conditions to which public entities authorized by law must be subject to acquire or place securities in order to ensure that such operations are carried out in market conditions. Without the fulfilment of these conditions the respective titles may not be offered or placed.

d) To point out, in exceptional situations and for periods that are added in the year not exceeding one hundred and twenty (120) days, limits of growth to the portfolio and to the other active operations carried out by the credit institutions, such as guarantees, guarantees and acceptances.

e) Point outin exceptional situations and for periods that add up in the year do not exceed one hundred and twenty (120) days, the maximum rates of remunerative interest that the credit institutions may charge or pay their customers over all active and passive operations, without inducing negative real rates. The maximum interest rates that may be agreed in foreign currency transactions shall continue to be subject to the determinations of the Board of Directors. These fees may be different in terms of aspects such as the type of operation, the destination of the funds and the place of their application.

Credit institutions that charge interest rates in excess of those indicated by the Board of Directors will be subject to the administrative penalties that the Board establishes in general for these cases.

f) Set the methodology for determining the legal currency values of the Constant Purchasing Power Unit-UPAC-, ensuring that it also reflects the movements of the interest rate in the economy

g) Regular interbank credit to meet transitional liquidity requirements of credit institutions.

h) Exercise the functions of currency regulation as provided for in paragraph 1. of article 3or. and in Articles 5o. to 13, 16, 22, 27, 28 and 31 of Law 9a. of 1991.

i) Dispose the intervention of the Bank of the Republic in the foreign exchange market as a buyer or seller of foreign currency, or the issuance and placement of representative securities of the same. Also, determine the policy of management of the exchange rate, in agreement with the Minister of Finance and Public Credit. In the event of disagreement, the constitutional responsibility of the State to ensure the maintenance of the purchasing power of the currency will prevail.

(j) To issue a prior favourable concept for the monetization of currencies originating in the payment of the transitional surpluses referred to in Article 31 of Law 51 of 1990.

k) Issue a concept, when deemed necessary and during the legislative procedure, on the amount of the internal or external credit resources included in the draft budget in order to comply with the mandate provided for in Article 373 of the Political Constitution.

PARAGRAFO 1o. The functions provided for in this article shall be exercised by the Board of the Bank of the Republic without prejudice to those attributed by the Constitution and the law to the National Government.

PARAGRAFO 2o. The General Treasury of the Republic cannot be handled with monetary control criteria.

PARAGRAFO 3o. .

CAPITULATION.

COMMON PROVISIONS TO PREVIOUS SUBJECTS

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ARTICLE 17. SUBJECT TO THE ACTS OF THE BANK OF THE REPUBLIC. Without prejudice to the obligations of the other natural or legal persons, financial institutions, intermediaries for open market operations and intermediaries of the Foreign exchange market shall act in accordance with the acts of the Board of the Bank of the Republic as a monetary, exchange and credit authority.

The monitoring of compliance with these acts will be carried out through the Banking Superintendence or the Superintendence of Changes in the competition, which will impose sanctions on people who do not comply with the them.

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ARTICLE 18. PROVISION OF INFORMATION TO THE BANK OF THE REPUBLIC. In the case of information other than that normally provided to the Banking Superintendency, financial institutions and intermediaries for market operations The Bank of the Republic will be required to provide the Bank of the Republic with information of a general and special nature that it requires on its operations, as well as all data to enable it to estimate its situation. financial. On this information the Bank will maintain its reserve duty.

The Bank may suspend all or some of its operations with the institutions that infringe the provisions of these articles.

Likewise, in order to fulfill its functions, the Bank of the Republic may require the other agencies and agencies of the State, the cooperation and the provision of information it deems necessary and these will be obliged to supply it.

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ARTICLE 19. NEW FINANCIAL OPERATIONS. In accordance with the provisions of Article 8o. of Law 45 of 1990, the Board of Directors of the Bank may request through the Banking Superintendence the suspension of new financial operations carried out by the institutions supervised by such Superintendence, when they prove to be contrary to monetary, currency, or credit policy.

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ARTICLE 20. CURRENT BANKING INTEREST RATE AND SETTLEMENT OF THE UPAC. The Board of Directors may ask the Banking Superintendent to certify the current bank interest rate when for reasons of substantial market variations this may be required.

The Bank of the Republic will calculate monthly and report with the same periodicity to the savings and housing corporations, for each of the following month, the legal currency values of the Unit of Constant Purchasing Power -UPAC, according to the relevant methodology.

CHAPTER VII.

RELATED ACTIVITIES

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ARTICLE 21. DEPOSIT OF SECURITIES. The Bank of the Republic may administer a securities deposit with the purpose of receiving in deposit and administration the securities issued, guaranteed or administered by the Bank itself and the securities constituting investments. (a) forced or replacement by the entities subject to the inspection and surveillance of the Banking Superintendency, other than shares.

They may have access to the services of the securities depository of the Bank of the Republic, the entities subject to the inspection and surveillance of the Banking Superintendence and the persons who hold or administer the securities or securities referred to in the Previous point, under the conditions established by the Board of Directors of the Bank of the Republic.

For the purposes specified in this article, the Bank of the Republic may participate in companies that are organized to administer deposits or systems of compensation or systematized information of securities in the capital market.

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ARTICLE 22. OPENING OF CURRENT ACCOUNTS. The Bank may open bank current accounts or enter into deposit contracts with public or private legal persons, where this is necessary for the purpose of carrying out its operations with the Bank, Qualification made by the Board of Directors.

It shall be the sole responsibility of the Board of Directors of the Bank to dictate the conditions applicable to the bank's current accounts and the deposits referred to in this Article.

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ARTICLE 23. CLEARING HOUSES. The Bank of the Republic may provide the inter-bank clearing service, without prejudice to the possibility that credit institutions may participate in the organisation of clearing houses of cheques which are constituted as companies of technical and administrative services, subject in this case to the supervision of the Banking Superintendence.

It will be up to the National Government to regulate the operation of the cheque clearing houses.

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ARTICLE 24. PRECIOUS METALS. The Bank of the Republic will be able to carry out operations for the purchase, sale, processing, certification and export of precious metals.

Without prejudice to the free competition provided for in Article 13 of Law 9a. In 1991, the Bank of the Republic will have to purchase the national production gold offered for sale.

The Board of Directors will regulate how the Bank of the Republic will perform these operations.

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ARTICLE 25. CULTURAL FUNCTIONS. The Bank will be able to continue to fulfill only the cultural and scientific functions that it currently develops.

It is up to the Board of Directors, to point out the conditions of mode, time and place in which these activities are carried out, subject to the annual budget approved by the Board of Directors.

PARAGRAFO. The expenses to address the operation and structure of the Bank in compliance with the functions of cultural and scientific character that it currently develops, will be the Bank's operational routine.

TITULOIII.

GENERAL RULES FOR THE ISSUANCE OF BANK STATUTES

CAPITAL.

GENERAL MATERIALS

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ARTICLE 26. ADOPTION AND ISSUANCE OF THE STATUTES. The draft of the Statute of the Bank and its subsequent reforms will be prepared by the Board of Directors for the review and approval by the Government. For these purposes, the Government shall issue by decree the respective Statutes and the corresponding reforms, in accordance with the Constitution and the law.

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ARTICLE 27. CONTENT OF THE STATUTES. The statutes of the Bank of the Republic shall, at least, regulate the following matters:

a) Name, main address, secondary addresses, heritage.

b) Management and administration bodies.

c) Accounting year and financial statements. The statutes shall provide for the accounting periods of the Bank of the Republic and the financial statements to be drawn up at the end of each financial year. In any event, the Bank of the Republic shall cut its accounts at least once a year, to thirty-one December, and in determining its results and the preparation of its financial statements, the following rules shall be followed:

1. Shall constitute income and expenditure of the Bank:

(a) The derivatives of the purchase, sale, investment and management of the international reserves and the purchase and sale of precious metals alloyed to gold.

b) All related to the activities that are of its own as a central bank, including derivatives of the Open Market operations and the minting and printing of monetary species.

c) Those coming from their industrial and cultural activities.

d) Personnel, maintenance, general services, and other operating and investment expenses for the performance of the activities that the Bank develops.

e) The others of their existence as a legal person.

2. The Bank of the Republic shall identify, financially and contably, the revenue and expenditure corresponding to its principal activities, through appropriate systems such as the establishment of cost centers or their separation by responsibility. For this purpose, the following main activities shall be considered as:

a) Monetary operation;

b) Credit operation;

c) Currency Operation;

d) Operation of buying and selling precious metals;

e) Cultural activity;

f) Industrial activity.

At the end of each financial year, together with the balance sheet, a statement of profit and loss shall be presented in which all of the Bank's revenue, costs and expenses shall be included. In any case, they shall publish together, as an additional annex, an accurate report on the revenue, costs, expenditure and net result of each of the activities referred to above.

3. No expenditure may be made whose resources are not incorporated in the budget, which shall be regularly approved by the Board of Directors, on the initiative of the General Manager. The Council of Fiscal Policy Confis, will have to issue, prior to the approval of that budget by the Board, a concept on the incidence of the same in the public finances.

4. The international reserves must be counted at market rate. Changes in the value of international reserves will not affect the Bank's income or revenues.

5. The Bank's income will be the income accruing from the Treasury Titles issued by the government to replace the nation's internal public debt with the Bank of the Republic. To this end, the service of these titles will be attended with resources from the National Budget and will not be guaranteed by the Bank of the Republic.

6. The Bank of the Republic may grant financing to its officials and employees, arising from the ordinary execution of their labor relations, subject to the general rules dictated by the Board of Directors.

7. The financial statements of the Bank shall be published in a journal of broad national circulation within the month following the date on which they have been approved by the Board of Directors, for which their prior authorization by the Board of Directors shall be required. Banking superintendence.

8. The Bank shall not be subject to the adjustment to the historical cost of the 1991 Decree-2911 and other provisions in this respect.

d) Reservations. It will be up to the Board to create or increase a reserve of monetary stabilization and exchange with the profits of each financial year. The purpose of this reserve shall be to absorb any losses of the Bank, before resorting to the appropriate appropriations provided for in the annual budget law.

e) Utilities, losses and transfers in charge of the National Government. The remnant of the profits of the Bank of the Republic, once the reserves are appropriated in the form provided for in the previous literal, will be from the Nation. The losses of the year will be covered by the Nation, as long as they do not reach to be covered with the reservation established in the previous literal.

The profits of the Bank of the Republic may not be distributed or transferred to the Nation if the losses of previous financial years not covered by its reserves have not been fully committed.

In any case, the net result of the operation of the Bank of the Republic will be projected annually, and this will have to be incorporated into the annual budget law. To this effect, the profits that will be received from the Bank of the Republic will be incorporated into the Budget of Rentas; likewise, the necessary appropriations will be made in the event of a deficit in the Bank of the Republic and up to concurrency of the same and the accumulated losses of previous years.

Payment of profit or loss, as appropriate, shall be made in cash within the first quarter of each year.

f) Labor regime as not provided for by law.

g) Inskills and incompatibilities of Bank workers.

h) Audit functions.

CAPITULATION.

BOARD

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ARTICLE 28. INTEGRATION. In accordance with Article 372 of the Constitution, the Board of Directors shall be composed of seven (7) members, as follows:

(a) The Minister of Finance and Public Credit, who will chair it;

b) The General Manager of the Bank; and

Five (5) members of the exclusive dedication, appointed by the President of the Republic.

Board members exclusively represent the overall interest of the Nation.

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ARTICLE 29. CALITAs. To be a unique dedication member it is required:

a) Being a Colombian and a citizen in exercise.

b) Have a professional title.

c) Having held public or private positions with recognized efficiency and honesty, having exercised their profession with good credit or the university professorship; in any case, added, for a period not less than ten (10) years, in matters relating to the general economy, international trade, currency, banking, public or private finances or economic law.

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ARTICLE 30. OF THE INABILITIES TO BE A MEMBER OF EXCLUSIVE DEDICATION TO THE BOARD OF DIRECTORS. They may not be members of the Board of Directors:

(a) Those who have been convicted at any time by a judicial sentence of a custodial sentence, except for political or criminal offences.

(b) Those who have been sanctioned by the authority to exercise inspection and surveillance functions for misconduct against ethics in the professional year, during the ten (10) years before.

c) Those who have dual nationality, except for Colombians by birth.

d) Those who, within the year preceding their appointment, have been legal representatives, with the exception of regional or branch managers, of any institution subject to the inspection and surveillance of the Banking Superintendence securities or shareholders of these securities with a share of more than 10% of the subscribed capital in the same period.

e) Those who have a link by marriage, or permanent union, or parentage in the second degree of consanguinity, first of affinity, or first civil or legal, with the other members of the Board of Directors or of the legal representatives -- except regional or branch managers, or members of the boards of credit institutions.

PARAGRAFO. The inskill set out in the literal d) of this article, will not apply to whoever acted in the year prior to his election as the legal representative of the Bank of the Republic.

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ARTICLE 31. OF THE INCOMPATIBILITIES OF THE MEMBERS OF THE BOARD OF DIRECTORS. The members of the Board of Directors may not:

a) To exercise his profession and no other office during the period of the exercise of the office, except for the university chair.

b) To conclude contracts with the Bank, either by person or by person or on behalf of another person, or to deal with his or her own or other business during the exercise of his or her duties, or within the year following his retirement.

(c) In no time shall he intervene in matters of a particular and specific nature which he has dealt with during the performance of his duties and in relation to his position.

d) To intervene at no time in political or electoral proselytism, without prejudice to the free exercise of the right to vote.

e) Being a legal representative, director or shareholder of any institution subject to the inspection and surveillance of Banking or Securities Superintendents with a share of more than 10% of the subscribed capital, during the financial year of its position.

f) Those who have held the office of a member of the Board may not be legal representatives, nor members of the Board of Directors, except the Bank of the Republic itself, of any institution subject to the supervision of the Bank or Securities Superintendencies, but one year after they have ceased their duties.

g) The exclusive dedication members of the Board of the Bank of the Republic will not be able to perform, during the period for which they were elected, the positions of Minister, Director of Administrative Department or Ambassador. In case of resignation, this incompatibility will be maintained for one (1) year after having ceased its functions.

PARAGRAFO 1o. There is no reason for the incompatibilities of this article, the use of the goods or services that the Bank offers to the public or its officials or workers on an equal footing.

PARAGRAFO 2o. The incompatibilities provided for in literals (b) and (e) of this article, shall not apply to the Minister of Finance and Public Credit when, by legal attribution, he acts on behalf of the Nation or on behalf of the (a) must be a legal representative or director of any institution subject to the supervision of the Banking or Securities Superintendents.

Nor shall the General Manager of the Bank of the Republic be applied to the literal (e) of this article in respect of his participation in the Board of Directors of the Financial Institutions Guarantees Fund.

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ARTICLE 32. Without prejudice to the provisions of Articles 30 and 31 of this law, they shall apply to exclusive dedication members. of the Board of Directors of the Bank as provided for in Articles 6o to 10 of Decree 2400 of 1968.

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ARTICLE 33. FUNCTIONS OF THE BOARD OF DIRECTORS. In addition to the powers provided for in the Constitution and this law as a monetary, exchange and credit authority, the Board shall be responsible for the management and execution of the Bank's functions in its the condition of the highest governing body. For this purpose, it shall have the following powers.

(a) Approve the Financial Statements and Results corresponding to the Bank's annual accounting year and the draft reserves and distribution of profits at the latest within two (2) months of the end of the exercise.

b) To approve and periodically review the Bank's annual budget to be presented to it by the General Manager, prior to the Higher Council of Fiscal Policy, on the impact of the Bank's impact on public finances.

c) Approve the establishment or closure of branches and agencies of the Bank subject to the conditions laid down in the Statute.

d) Exorder your own regulations.

e) Remove the General Manager in the cases provided for in Article 30 and when more than two (2) continuous sessions are not unjustified.

f) The others provided for in this Law and those listed in the Statutes.

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ARTICLE 34. OF THE APPOINTMENT AND PERIOD OF THE MEMBERS OF THE BOARD. The members of the Board of Directors of the Bank of the Republic, other than the Minister of Finance and Public Credit and the General Manager, shall be appointed by the President of the Republic for periods of four (4) years starting to be counted from the date of designation of the first Board on property To make the partial renewal provided for in the Political Constitution effective, after the first period, the President of The Republic shall replace two (2) of the members of the Board within the first month of each period. The remaining will continue to develop the mandate of article 372 of the Constitution. None of the members can stay longer than three (3) consecutive periods counted from the time of this Law.

PARAGRAFO. transient. The first Board of Directors in ownership will be integrated within the month following the enactment of this Act.

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ARTICLE 35. ABSOLUTE FAULTS OF THE MEMBERS OF THE BOARD. In the event of an absolute lack of one of the members of the Board, the President of the Republic shall appoint his replacement for the remainder of the period.

The death, the accepted resignation, the dismissal of the sentence handed down by competent authority and the unjustified absence of more than two (2) continuous sessions are absolute faults.

PARAGRAFO. In case of illness of one of the members of the Board, at his or other members ' request, the President of the Republic shall appoint his replacement for as long as necessary.

CHAPTER III.

ADMINISTRATIVE BOARD FUNCTIONS AND INTEGRATION

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ARTICLE 36. OF THE ADMINISTRATION COUNCIL. The Board of Directors of the Bank of the Republic shall be composed of the five (5) exclusive members of the Board of Directors and shall carry out the following tasks, after delegation to the effect of the Board:

a) To study and adopt the Bank's general administration and operating policies.

b) Determine the powers for the hiring, the management of expenses and investments and the authorization of transfers or disposal of assets of the Bank.

(c) Determine, subject to the Statute, the wage and loan arrangements of the Bank's employees, excluded from the scope of the collective agreement and point out the guidelines and guidelines that the Bank should take into account for to resolve the requests submitted to it by its employees.

d) To study, approve and implement special projects related to the Bank's operation.

(e) The other provisions of this Law, which are provided for in the Bank's Statute and which are attributed to it by the Board of Directors regarding the Bank's administration and operation.

PARAGRAFO. The General Manager and the Bank Auditor will attend the Board of Directors sessions with a voice but no vote.

CHAPTER IV.

GENERAL GERENT

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