Act 31, 1992

Original Language Title: LEY 31 de 1992

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Law 31 of 1992 (December 29)
Official Gazette No. 40.707, of January 4, 1993 ERRATA

Official Journal No. 40,944 of 12 July 1993. || | to correct an error that appeared in Article 59 of law 31 of December 29, 1992, to be published in the Official Journal became number 40.707 on Monday January 4, 1993, the following statement is made:
Page 7 , first column, where it says: ".. ..,,
..." should read:
".. 14.,, .. ",. ERRATA

Official Gazette No. 40808 of March 26, 1993.
To correct an error that appeared in Article 66 of Law 31 of 29 December 1992
, whose publication was made in the Official Gazette number 40,707
Monday January 4, 1993, the following statement is made:
Page 7, second column, where it says:. ".. 7a 1973, except paragraph || . | of article 5 of Law 21 of 1963 "should read:" .. 7a 1973
except paragraph of Article 5, the article 5 of Law 21 of 1963 "....

Law 31 of 1992 (December 29)
Official Journal No 40.707 of 4 January 1993
Whereby the rules to be fulfilled by the Bank are held
Republic for the exercise of their duties, the Government to mark the international regime change, the issuance of the Statutes of the Bank and for the exercise of the functions of inspection, monitoring and control thereof, determine the entities which will Development Funds managed by the Bank and other provisions. Summary

Term Notes

ARTICLE 1o. NATURE AND PURPOSE. The Bank of the Republic is a legal person of public law, continue to function as a constitutional state agency with its own legal regime of own special nature, with administrative and technical autonomy, patrimonial. The Bank of the Republic shall exercise the functions of central banking in accordance with the provisions of the Constitution and this Act.
Article 2.
. FINNISH. The Bank of the Republic on behalf of the State shall ensure the maintenance of the purchasing power of the currency in accordance with the rules laid down in Article 373 of the Constitution and this Act.

Effective Decisions
PARÁGRAFO. To meet this objective the Board of the Bank shall adopt specific inflation targets that should always be lower than last registered results, use the instruments of responsible policies and make recommendations it deems appropriate to that very purpose. Effective Jurisprudence

ARTICLE 3. LEGAL REGIME. The Bank of the Republic is subject to its own legal regime. Consequently, the determination of its organization, its structure, its functions and powers and contracts entered into by, shall be governed exclusively by the rules contained in the Constitution, this Law and the Statute. In cases not covered by these and these, commercial and civil operations and, in general, the Bank acts administrative WHATSOEVER not be governed by the rules of private law.
The Bank may perform all acts, contracts and banking and commercial operations in the country or abroad that are necessary for the fulfillment of its purpose, in line with the powers and powers granted by the Constitution, this Act and its Statutes.

ARTICLE 4. MONETARY AUTHORITY WILL CHANGE AND CREDIT. The Board of the Bank of the Republic is monetary, exchange and credit authority and, as such, shall perform the functions provided for in the Constitution and this Act by general provisions. Such functions shall be performed in coordination with general economic policy under the macroeconomic program approved by the National Council for Economic and Social CONPES, provided it does not compromise the constitutional responsibility of the State, through the Bank of the Republic, to ensure maintaining the purchasing power of the currency.

The 5th ITEM. PROGRAM AND REPORTS TO CONGRESS. Within the opening of each regular session ten days, the Board of the Bank through its Manager will report to Congress on the implementation of monetary, exchange and credit policies, which shall include at least the general guidelines for these policies, an assessment of the results achieved in the previous period, and objectives, purposes and goals of the same for the subsequent period and in the medium term. Likewise shall submit a report on the management policy and composition of international reserves and the financial position of the Bank and its prospects.
In any case, if during a period of substantial change to occur cometh the above policies regarding reported by the Managing General Congress, must be submitted an additional report to Congress within a maximum period of fifteen (15 ) days in which the origin point of the situation and the measures taken are explained.
Congress may request the Bank of the Republic other reports necessary for the proper performance of their duties.
It also may be cited Commissions Third of the Senate and House to the General Manager and members of the Board of the Bank of the Republic in order to explain the content of the report and the decisions taken in accordance with the provisions in articles 233 and 249 of the 5th Law.
1992. PARÁGRAFO. Reports that treat the 1st paragraphs. and 2nd. of this article shall be submitted by the General Manager of the Third Senate and House Committees on quoted exclusive sessions for this purpose to be held within the period specified in this article. Failure to comply shall be grounds for misconduct. Commissions should discuss and evaluate the reports received and delivered its findings to the respective Plenary, within the month following the reporting.


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

ARTICLE 7. EXERCISE OF EMISSION ATTRIBUTE. The Bank of the Republic exercises exclusive and non-delegable form the state attribute to issue legal tender instituted by paper money and coins.
PARÁGRAFO. The Bank of the Republic may order the minting in the country or outside legal tender coins for numismatic or commemorative, under special laws purposes, establish their alloys and determine its characteristics.

Article 8. CHARACTERISTICS OF THE COIN. The legal currency 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 legal tender with unlimited liberatory power.

Article 9. PRODUCTION AND DESTRUCTION OF SPECIES THAT CONSTITUTE THE LEGAL CURRENCY. Printing, import, minting, change and destruction of the species that constitute the legal currency, are exclusive functions of the Bank of the Republic, which comply accordance with the general regulations issued by the Board. This power includes alloys to establish and determine the characteristics of the coins.
The Board will have a special regime of organization and operation for the Mint.

ARTICLE 10. WITHDRAWAL OF BILLS AND Coinage. The Bank of the Republic may withdraw notes and coins from circulation which will cease to be legal tender after the redemption deadline set in the act of announcing the replacement elapsed.
The Bank of the Republic is only required to redeem the notes in the form and in the cases determined by the Board.
notes and coins. The Bank of the Republic shall take the necessary measures to ensure the provision of banknotes and coins in their different denominations.
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 to that effect issued by the Board of the Bank of the Republic.

ARTICLE 12. FUNCTIONS. The Bank of the Republic, as a banker and lender of last resort facilities of public and private credit, you can:

A) grant them temporary liquidity support through discounts and rediscounts under the conditions determined by the Board;
B) Mediate external credit lines for placement through credit institutions; and
c) Provide trust services, depository, clearing and twist and others determined its Board of Directors.

ARTICLE 13. FUNCTIONS. The Bank of the Republic shall perform the following functions in relation to the Government:
a) At the request of the Government, act as fiscal agent in the recruitment of external and internal loans and operations that are consistent with the purposes of the Bank .
B) grant loans or guarantees to the State under the conditions laid down in Article 373 of the Constitution.
C) To receive funds on deposit of the Nation and public entities. The Board shall specify the cases and conditions under which the Bank may make these operations.
D) To serve as an agent of the Government on the issue, placement and management in the market for government bonds.
E) Provide the national government and other public entities that the Board determines, the required technical assistance in matters related to the nature and functions of the Bank.
PARÁGRAFO. These functions are fulfilled by the Bank prior conclusion of the contracts with the national government or other public entities, which are subject to the rules provided in this Act.

ARTICLE 14. SCOPE OF MANAGEMENT FUNCTION. The Bank of the Republic will manage international reserves in the public interest, for the benefit of the national economy and in order to facilitate the country's payments abroad. The administration comprises management, investment, escrow and disposition of reserve assets. The investment of these will be subject to the criteria of safety, liquidity and profitability in assets denominated in freely convertible currency or gold reserves.
The Board of the Bank of the Republic may provide contributions to international financial organizations under international reserves, provided that such contributions also constitute reserve assets.
The Bank of the Republic may not grant loans under international reserves.
As an administrator of international reserves, the Bank of the Republic may make hedging operations. For this purpose you can assign part of the assets for margin deposits or collateral or to make direct payments for the purchase of hedging instruments in the market.
The international reserves of Bank of the Republic are unalienable.
The Bank of the Republic may contract loans not monetized balance of payments.
PARÁGRAFO. The operations referred to in this Article shall be made under the conditions stipulated by the Board of the Bank.

Effective Jurisprudence

Previous legislation
The Government and other authorities of the State, may not have reserves for different purposes. Likewise, the Central Bank will channel communication with other international financial organizations.
The Bank of the Republic may develop with the bodies mentioned in this article and other institutions abroad, relations resulting from their central banking functions or to facilitate international payment transactions and credit.
PARÁGRAFO. The Board will establish the criteria that should guide the decisions of the Bank of the Republic when acting as representative of the State in various international financial organizations. Furthermore, in such condition must act in coordination with both the general economic policy and with the international policy of the Government.


ARTICLE 16. POWERS. The Bank of the Republic include study and adopt monetary and exchange rate policies, credit to regulate monetary circulation and overall liquidity in the financial market and the normal functioning of internal and external payments of the economy, ensuring the stability of the value currency. To this end, the Board may:

A) Establish and regulate the engagement of the different categories of credit institutions and in general of all institutions that receive deposits, term or savings, pointing or not their remuneration and establish penalties for infringement the rules on this matter. For these purposes, considerations such as the type and term of the transaction subject to reserve requirements may be taken into account. The fit must be represented by deposits in the Bank of the Republic or cash holdings. Effective Jurisprudence

B) Provide conducting operations in the open with their own titles, with public debt securities or those authorized by the Board, in these cases in legal or foreign currency market, determine intermediaries for these operations and these requirements to be met. In development of this ability may undertake repo operations (repos) to regulate the liquidity of the economy.
C) Report by general standards, financial conditions which must be subject to public entities authorized by law to purchase or place securities in order to ensure that these operations are carried out under market conditions. Without the fulfillment of these conditions the respective securities may not be offered or placed.
D) Report in exceptional situations and for periods added in the year do not exceed one hundred and twenty (120) days, limits growth portfolio and other active transactions carried out by credit institutions, such as guarantees, guarantees and acceptances.
E) Report in exceptional situations and for periods added in the year do not exceed one hundred and twenty (120) days, the maximum interest rates remuneratorio credit institutions may charge or pay their customers on all active operations and passive, without inducing negative real rates. The maximum interest rate that can be agreed in foreign currency transactions remain subject to the determinations of the Board. These rates may be different in attention to aspects such as the kind of operation, the destination of the funds and the place of application. Effective Jurisprudence

Credit institutions that charge interest rates in excess of those identified by the Board shall be subject to administrative sanctions established by the Board in general for these cases.
F) Establish the methodology for the determination of values ​​in legal currency of constant purchasing power unit - UPAC - ensuring that this also reflects the movements of the interest rate in the economy. Editor's Notes

Effective Jurisprudence

G) Regulate the interbank credit to meet temporary liquidity requirements of credit institutions.
H) To exercise the functions of currency regulation provided for in paragraph 1o. the 3rd article. and 5o items. 13, 16, 22, 27, 28 and 31 of Law 9a. 1991
i) Have the intervention of the Central Bank in the exchange market as a buyer or seller of foreign exchange, or the issuance and placement of securities representing them. Also, determine the management policy of the exchange rate, in agreement with the Minister of Finance and Public Credit. In case of disagreement, will prevail constitutional responsibility of the State to ensure the maintenance of the purchasing power of the currency.
J) Issue prior favorable opinion for the monetization of foreign exchange into the payment of temporary surpluses of which Article 31 of Law 51 of 1990.
k) Issue concept, when deemed necessary and for the legislative process on the level of resources internal or external credit included in the draft budget in order to comply with the mandate laid down in Article 373 of the Constitution. PARAGRAPH 1.
. The functions provided for in this Article shall be exercised by the Board of the Bank of the Republic without prejudice to the powers conferred by the Constitution and the law to the National Government. PARAGRAPH 2.
. The General Treasury of the Republic can not be managed with criteria of monetary control. PARAGRAPH 3.
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Previous legislation

ARTICLE 17 SUBJECT TO ACTS OF THE BANK OF THE REPUBLIC. Without prejudice to the obligations of other natural or legal persons, financial institutions, intermediaries for open market operations and exchange market intermediaries should act subject to acts of the Board of the Bank of the Republic as monetary, exchange and credit authority.
The enforcement of such acts, it shall be exercised by the Banking Superintendency or of the Superintendent of changes in its competence, which imposed sanctions on people in their actions do not meet them.

ARTICLE 18. PROVISION OF INFORMATION TO THE BANK OF THE REPUBLIC. In the case of different information that normally be supplied to the Banking Superintendency, financial institutions and intermediaries for open market operations and exchange market, shall furnish the Bank of the Republic general information and specific it requires them on their operations, as well as all data to estimate their financial situation. On this information the Bank will maintain its reserve duty.
The Bank may suspend all or some of its operations with institutions that violate the provisions of these articles.
Similarly, for the performance of its functions, the Bank of the Republic may require other agencies and state agencies, cooperation and provision of information deemed necessary and they are obliged to provide it.

ARTICLE 19. NEW FINANCIAL OPERATIONS. According to the provisions in article 8. Act 45 of 1990, the Board of Directors of the Bank may request through the Banking Superintendency suspension of new financial operations carried out by institutions supervised by the Superintendency, when they are contrary to the monetary, exchange and credit policies.

ARTICLE 20. INTEREST RATE CURRENT BANKING AND LIQUIDATION OF THE UPAC. The Board may request the Banking Superintendent certifying the current bank interest rate when for reasons of substantial market fluctuations this is necessary.
The Bank of the Republic calculated monthly and report with the same periodicity to savings and housing corporations, for each day of the month following values ​​in legal currency of constant purchasing power unit -UPAC, according to corresponding methodology.

Securities Depository. The Bank of the Republic may manage a securities deposit for the purpose of keeping a copy of and managing securities issued by, guarantees or administer the Bank itself and the values ​​that constitute forced or replacement investments by entities subject to inspection and surveillance of the Banking Superintendency, other than shares.
They may have access to the deposit of securities of the Bank of the Republic, the entities subject to the inspection and supervision of the Banking Superintendency and persons who own or manage securities or securities in the preceding paragraph refers to, under the conditions established by the Board of the Bank of the Republic.
For the purposes set out in this article, the Bank of the Republic may participate in societies organize themselves to manage deposits or compensation systems or systematic information exchange in the capital market.

ARTICLE 22. OPENING OF CURRENT ACCOUNTS. The Bank may open bank accounts or deposit contracts with public or private legal persons, where this is necessary for the conduct of its operations with the Bank, according to assessment made by the Board.
It will be up to the Board of the Bank exclusively, to dictate the conditions for current accounts and deposits to which this article refers. Effective Jurisprudence

clearinghouses. The Bank of the Republic may provide the service of interbank clearing, notwithstanding that credit institutions can participate in the organization of clearinghouses checks that are formed as partnerships of technical and administrative services, subject in this case to monitoring the Banking Superintendency.
Will be for the national government to regulate the operation of clearinghouses checks.

ARTICLE 24. PRECIOUS METALS. The Bank of the Republic may make the purchase, sale, processing, certification and export of precious metals.
Without prejudice to free competition provided for in Article 13 of the Law 9a. 1991, the Bank of the Republic must buy domestically produced gold that is offered for sale.
The Board shall regulate how the Central Bank will carry out these operations.

ARTICLE 25. FUNCTIONS OF CULTURAL CHARACTER. The Bank may continue to fulfill only the cultural and scientific functions currently being developed.
The Board of Directors noted the conditions of manner, time and place in which these activities are carried out subject to approval by the Board annual budget.
PARÁGRAFO. Expenses to the operation and structure of the Bank in accordance with the functions of cultural and scientific currently being developed, will be operational ordinary expenses of the Bank. Effective Jurisprudence


ARTICLE 26 ADOPTION AND ISSUANCE OF THE STATUTES. The draft Statutes of the Bank and its subsequent amendments will be prepared by the Board for review and approval by the Government. For this purpose, the Government Decree issued by the respective statutes and relevant reforms, in accordance with the Constitution and the law.

ARTICLE 27. CONTENT OF THE STATUTES. The statutes of the Bank of the Republic shall regulate at least the following subjects:
a) Name, principal residence, secondary homes, heritage.
B) Bodies of management and administration.
C) Fiscal year and financial statements. The statutes provide for the accounting periods of the Bank of the Republic and financial statements to be compiled at the end of each year. In any case, the Central Bank cut its accounts at least once a year, to December 31, and in determining results and preparation of its financial statements will be followed, at least, the following rules :
1. They constitute the Bank's income and expenses:
a) The derivatives of the purchase, sale, investment and management of international reserves and the purchase and sale of precious metals alloyed gold.
B) all related activities that are proper as the central bank, including those derived from open market operations and the minting and printing of currency species.
C) Those from its industrial and cultural activities.
D) Personnel costs, maintenance, general services and other operating expenses and investment for the completion of activities which the Bank.
E) The other characteristic of its existence as a legal entity.
2. The Bank of the Republic must identify financial and accounting, revenues and expenses corresponding to their core activities, through appropriate systems such as the establishment of cost centers or separation areas of responsibility. To this purpose they shall be considered as main activities include:
a) monetary operation;
B) Credit Operation;
C) Operation exchange;
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 must present a statement of income in which all income, costs and expenses of the Bank will be included. In any case, they should publish jointly, as a supplementary annex, a detailed report on revenues, costs, expenses v net result of each of the above activities.
3. You can not proceed any expenses whose resources are not found incorporated in the budget, which periodically be approved by the Board, at the initiative of General Manager. The Fiscal Policy Council Confis, shall issue, prior to the approval of the budget by the Board, a concept on the incidence in public finances. Effective Jurisprudence

4. International reserves should be accounted for at market rates. Changes in the value of international reserves will not affect the Bank's income or expense.
5. They constitute income Bank income earned on Treasury securities issued by the Government to replace the internal public debt of the Nation with the Bank of the Republic. For this purpose the service of such securities will be served with resources from national budget and not have the guarantee of the Bank of the Republic.

6. The Central Bank may provide financing to its officials and employees, arising from the ordinary performance of its labor relations, subject to the general rules established by the Board.
7. The Bank's financial statements will be published in a newspaper of national circulation within the month following the date on which have been approved by the Board, for which prior authorization is required by the Banking Superintendency.
8. The Bank shall not be subject to adjustment in terms of historical cost of dealing law- Decree 2911 of 1991 and other provisions issued in this regard.
D) Reserves. The Board shall create or increase a reserve of monetary and exchange rate stabilization profits each year. This reserve shall be to absorb possible losses of the Bank, before resorting to the relevant appropriations provided for in the annual budget law.
E) profits, losses and transfers by the National Government. The remainder of the profits of the Bank of the Republic, once appropriate reserves in the manner provided in the preceding paragraph, shall be of the Nation. Losses for the year will be covered by the Nation, provided they do not reach to be covered by the reserve established in the preceding paragraph.
The profits of the Bank of the Republic may not be distributed or transferred to the Nation if have not been fully wiped losses from previous years not covered under reserves.
In any case, annual net result of the operation of the Bank of the Republic will be screened and this should be incorporated into the annual budget law. To this effect, the profits that projects receive from the Bank of the Republic will join the Revenue Budget; Likewise, the necessary appropriations in the event that deficit in the Bank of the Republic and to the same competition and accumulated losses from previous years is foreseen be made.
Payment of profits or losses, as applicable, shall be made in cash within the first quarter of each year. Effective Jurisprudence

F) Labour regime in matters not covered by law. Effective Jurisprudence

G) Disqualifications and incompatibilities of the Bank's employees.
H) Audit functions.

ARTICLE 28. INTEGRATION. In accordance with Article 372 of the Constitution, the Board shall consist of seven (7) members, as follows:
a) The Minister of Finance, who shall preside;
B) The General Manager of the Bank; and
Five (5) more members, full-time, appointed by the President of the Republic.
The members of the Board represent only the general interest of the nation.
QUALITIES. To be a member of exclusive dedication required:
a) Be Colombian and citizen.
B) Have a professional degree.
C) Performance of public or private positions with recognized efficiency and honesty, having exercised his profession with good credit or university professor; in either case, added over a period of at least ten (10) years, in matters related to the general economy, international trade, currency, banking, public or private finance or economic law.

a) Those who have been convicted at any time by court sentence to deprivation of liberty except for political or intentional crimes.
B) Those who have been punished with dismissal by the authority exercising functions of inspection and surveillance offenses against ethics in professional practice, during the ten (10) years.
C) Persons who have dual citizenship, excepting Colombians by birth.
D) Those 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 supervision of the Banking Superintendency or securities or shareholders of these with a more than 10% of the capital in the same period participation.
E) Those with link through marriage or permanent union or kinship to the second degree, first of affinity, or first civil or legal, with the other members of the Board of Directors or legal representatives - except sucursales-- or regional managers or members of the boards of credit institutions.

PARÁGRAFO. The inability under paragraph d) of this Article shall not apply to those who have acted in the year prior to his election as legal representative of the Bank of the Republic.

ARTICLE 31 OF CONFLICTS OF MEMBERS OF THE BOARD. The members of the Board shall not:
a) To exercise their profession and any other office during the period of tenure, with the exception of a university professorship.
B) enter into contracts with the Bank, by himself or through another person or on behalf of another or negotiate with him own or other business during his tenure, nor within the year following his retirement.
C) In no time, intervene in matters of particular character and concrete that any processed during the performance of their duties and in relation to his office.
D) To intervene at any time in activities of a political or electoral proselytism, without prejudice to freely exercise the right to vote.
E) Be a legal representative, director or shareholder of any institution subject to the inspection and supervision of the Banking Superintendency or securities with a share of more than 10% of the capital, during his tenure.
F) Those who have exercised owned the position of member of the Board, may not be legal representatives, or members of the Bank Board --except the Republic-itself, of any institution subject to the supervision of the Banking and Securities superintendents, but a year after their employment has ended.
G) time members of the Board of the Bank of the Republic can not, 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 cessation of their functions. PARAGRAPH 1.
. It is not sheltered by the incompatibilities of this article, the use of goods or services that the Bank offers to the public or its officers or employees on an equal footing. PARAGRAPH 2.
. The incompatibilities provided in subparagraphs b) and e) of this Article shall not apply to the Minister of Finance when by legal authority to act on behalf of the Nation or by order of the same should be legal representative or director of any institution subject the supervision of the Banking Superintendency or Securities.
Nor does it apply to General Manager of the Bank of the Republic literal e) of this article, for their participation in the Board of the Guarantee Fund of Financial Institutions.

ARTICLE 32. Without prejudice to the provisions of Articles 30 and 31 of this Law shall be applicable to the time members of the Board of the Bank as provided in Articles 6 to 10 of Decree 2400 of 1968.

ARTICLE 33. FUNCTIONS OF THE BOARD. In addition to the powers provided in the Constitution and the law as monetary, exchange and credit authority, the Board will be responsible for the management and execution of the functions of the Bank in its capacity as the highest organ of government. To this end, will have the following powers.
A) approve the financial statements and results for the current financial year the Bank and the draft constitution of reserves and profit sharing later than within two (2) months to cutting exercise.
B) To approve and periodically review the annual budget of the Bank to submit for your consideration the General Manager prior concept of the Fiscal Policy Council Confis on the incidence in public finances.
C) To approve the establishment or closure of branches and agencies of the Bank subject to the conditions laid down in the Constitution.
D) To issue its own regulations.
E) Remove the General Manager in the cases provided for in Article 30 and unjustified absences in more than two (2) continuous sessions.
F) Other under this Act and the Statutes assigned to him.

ARTICLE 34. DESIGNATION AND PERIOD OF BOARD MEMBERS. The members of the Board of the Bank of the Republic, other than the Minister of Finance and the General Manager shall be appointed by the President of the Republic for periods of four (4) years begin to run from the date appointment of the first Board property to make the partial replacement provided for in the Constitution, after the expiry of the first period, the President of the Republic must replace two (2) members of the Board within the first month of each period. The remaining continue developing the mandate of Article 372 of the Constitution. None of the members can stay more than three (3) consecutive periods counted from the effective date of this Act.
PARÁGRAFO. transient. The first Board property will be integrated within the month following the enactment of this Act.

ARTICLE 35. ABSOLUTE LACK OF MEMBERS OF THE BOARD. In case of absolute absence of one of the members of the Board, the President of the Republic shall appoint his replacement for the remainder of the period.
Faults are absolute death, accepted resignation, removal from office by a judgment pronounced by a competent authority and unjustified absence to more than two (2) continuous sessions.
PARÁGRAFO. If one of the members of the Board, upon the remaining members or request illness the President of the Republic shall appoint his replacement for as long as necessary.

ARTICLE 36. THE BOARD OF DIRECTORS. The Board of Directors of the Bank of the Republic shall be composed of five (5) full-time members of the Board and shall perform the following functions, upon delegation that purpose does the Board:
a) To study and adopt general policies of administration and operation of the Bank.
B) Determine the powers for hiring, managing expenses and investments and authorizing transfers or disposal of assets of the Bank.
C) determine, subject to the statutes, wage and benefits conditions of the Bank's employees, excluded from the scope of the collective agreement and identify patterns and guidelines that the Bank must take into account to decide on the lists of demands to submit their workers.
D) To consider, approve and implement special projects related to the operation of the Bank.
E) Other under this Act, which in the administration are foreseen in the Statutes of the Bank and those assigned by the Board in the administration and operation of the Bank.
PARÁGRAFO. The General Manager and the Auditor of the Bank attend meetings of the Board with voice but no vote.


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