132 OF 1994
Official Journal No. 41.361, May 17, 1994
By which the Organic Statute of the Livestock Funds is dictated and other provisions on the Agricultural Sector are dictated.
THE CONGRESS OF COLOMBIA,
ARTICLE 1o. DEFINITION. Are the Cattlemen's Funds, the limited companies, constituted or to be constituted after the validity of this law, dedicated to the fulfillment of the social object, described in the second article (2) of this law.
PARAGRAFO. The Cattlemen Funds may be the National, Regional, Departmental, and Municipal Order of the Mixed Economy.
ARTICLE 2o. SOCIAL OBJECT. The Livestock Funds will have as their main social object the promotion and improvement of the Agricultural Sector.
In compliance with their social object, the Livestock Funds may develop directly or associated with third parties, National or Foreign, activities of production, industrialization, marketing and financing of goods and services. In the same way, research and technology transfer programs, and in general, those complementary, necessary and convenient activities that relate to the social object.
PARAGRAFO. The Livestock Funds will allocate at least 70% of their assets to the livestock activity and at least 50% of their Hato must be represented in breeding livestock.
ARTICLE 3o. CAPITAL. The Capital of the Cattlemen's Funds shall be made up of contributions from the public and private entities, represented by two classes of actions of a nominative nature:
-Class A shares, which will represent the contributions of public law entities.
-Class B actions, which will represent the contributions of people in private law.
The shares of the Cattlemen's Funds will be subscribed for a price that cannot be in any case lower than the intrinsic value at 31 December of the year immediately before, to the date of its issuance certified by the Fiscal Reviewer.
The shares of the Cattlemen's Funds shall be freely negotiable, subject to or not to the right of preference in accordance with the Statute of each Fund.
Shares acquired by private individuals or by entities governed by public law will become one or the other, depending on the sector to which they belong.
The sale of class A shares must be made on a stock exchange offer, in order to make them transparent, public and democratic, but in the Public Law Entities the potential plaintiffs may qualify. Similarly, the sale of class B shares must be done in the same way when the sales package exceeds 5% of the total shares of the respective Fund.
PARAGRAFO. The Cattlemen's Funds may have privileged shares, shares with a preferential dividend and without the right to vote, in accordance with the regulation established in the Code of Commerce.
ARTICLE 4. BOARDS OF DIRECTORS. The Boards of Directors of the Cattlemen's Funds, will be composed of (7) members with their respective personal substitutes, in which the shareholders of class A and B will be represented, according to the participation Share of each sector in the Social Capital.
For its conformation will proceed as follows:
The number of Direct Members will be determined in advance, which corresponds to the choice of each sector by means of the electoral quota system on the total subscribed shares.
The election of the Members of the Boards of Directors will be held in the same General Assembly of Shareholders, for periods of two (2) years, and with the implementation of the same system of electoral cuociente, for this effect elections will be held separated from class A shareholders, and B. Class A shareholders shall have no intervention in the elections of class B representatives, nor vice versa.
ARTICLE 5o. LEGAL REPRESENTATION AND DIRECTION OF FUNDS. The Funds shall have a Manager with one or more alternates, elected by the Board of Directors, for a period of two (2) years, without prejudice to their free removal at any time, in accordance with the existing provisions of the Trade Code.
The Manager will be the legal representative of the Fund and will be responsible for the management and administration of the national businesses.
PARAGRAFO. The Manager or his alternate of the Cattlemen's Funds may not be re-elected for more than three (3) consecutive periods.
ARTICLE 6o. INCOMPATIBILITIES AND INABILITIES. The members of the Board of Directors of a Livestock Fund, their spouses or permanent companions, their relatives within the fourth degree of consanguinity, second of affinity and only civilian and their employees may, during the performance of their duties, provide their professional services to the respective Fund, or to carry out on its own or by person, a contract relating to the assets of the undertaking or to the management of the undertaking, its own business or except for contracts of mutual agreement which, on the occasion of the employment relationship, are established by the Board of Directors. This ban will be extended during the year following which they ceased to belong to the Fund.
Thus, the Members of the Board of Directors may not be permanent spouses or companions (as) among themselves, nor be they within the fourth degree of consanguinity, second of affinity or only civil.
You will also not be able to have the previous links with the Manager, nor with the employees of this entity.
PARAGRAFO. The incompatibilities and incompatibilities that are presented as a result of the relationship will result in the last election or designation being modified; and if with it a line of the Board of Directors will be vacant, it will proceed to convene the Assembly to hold the relevant elections, at the end of which I will be missing to complete the corresponding period.
ARTICLE 7o. SANTIONS. Administrators who hold or authorize contracts with persons who are disabled for this purpose with this law, will be punished by the Superintendence of Societies.
ARTICLE 8o. RIGHT TO VOTE IN ASSEMBLIES. In the deliberations of the General Assembly, both Class A shareholders and Class B shareholders shall exclusively represent shares of the same class, and the voting shall not apply to voting.
ARTICLE 9o. Profit-sharing. The profits obtained by the Cattlemen's Funds, once the legal reserve is made, statutory, special and voluntary rules shall be distributed among the shareholders without distinction of class, in accordance with provisions of the Trade Code and the Statute of the Company.
The dividend may be paid in the form of shares released from the same company if the Assembly so provides, with the vote of 80% of the shares represented at the meeting. In the absence of this majority, only such shares may be delivered for dividend to shareholders who accept it.
ARTICLE 10. INVESTMENTS. The Livestock Funds may acquire or construct buildings for the development of their activities.
Where no investment directly related to its social object is undertaken, the Funds may invest up to 20% of the liquid assets, in legal persons which are constituted or which are constituted to develop such a purpose.
PARAGRAFO. These investments must be authorized by the Board of the Fund and may not affect the normal development of the activities contemplated in its social object and the rules of a sound financial policy and administrative.
ARTICLE 11. REACQUISITION OF SHARES. The Cattlemen's Funds may reacquire their own shares in the case of preventing losses due to debts incurred in good faith, with the approval of the Board of Directors, in any case within the twelve (12) months (a) to be used for the purchase of the goods or to reduce their nominal capital.
You may also reacquire your own shares, if so provided by the Shareholders ' Assembly, with a favorable vote of no less than 70% of the shares represented at the meeting.
ARTICLE 12. CONTRACTS OF LIVESTOCK IN PARTICIPATION. The exploitation of livestock by the Cattlemen's Funds with third parties, will be called "Contracts of Livestock in Participation". These must be written in private documents, which must be subject to the provisions laid down by the Ministry of Agriculture and after approval by this Ministry of the model of the contract. By way of general, the agency will determine the costs and deductible expenses of the contract. Profit-sharing will always be based on production. From the utilities that correspond to the depositary, shares will be delivered in intrinsic value, but in no case will this payment be able to access the five (5%) of its profits.
ARTICLE 13. "RISK MANAGEMENT". The Cattlemen's Funds should establish systems to capitalize on the higher value of cattle sold, originated in inflation, in order to provide the necessary resources to replenish the semi-final, compliance with the rules to be issued by the Superintendence of Societies for that purpose.
ARTICLE 14. INSPECTION AND SURVEILLANCE. The Superintendence of Societies shall exercise the functions of inspection, control and surveillance of the Cattlemen's Funds, constituted or constituted, in accordance with this law with other special provisions be applicable and in general with the rules of the Trading Code.
ARTICLE 15. THE TAX REVIEWER. The Fiscal Control of the Livestock Funds, whatever their order will be exercised by a Fiscal Reviewer, freely chosen by the General Assembly of Shareholders for a period of two (2) years, without prejudice to their free removal at any time; in accordance with the general provisions on this matter.
PARAGRAFO. The Fiscal Reviewer or its backup of the Cattlemen's Funds, cannot be re-elected by more than three (3) consecutive periods.
ARTICLE 16. POLICY OF THE MINISTRY OF AGRICULTURE. The Livestock Funds shall develop in their social object the plans and programmes that the Ministry of Agriculture establishes in relation to these entities.
Likewise, the Cattlemen's Funds will provide the information necessary for the implementation of the agricultural policies adopted by the Ministry of Agriculture.
ARTICLE 17. institutions will be able to access the commercial, industrial and promotion lines of credit that are ordinarily granted by the different financial institutions authorized by the Banking Superintendency. They shall also have access to the agricultural promotion credit granted by the authorized financial intermediaries and accounting officers in Finagro. Exceptionally prior to the favorable concept of the Agricultural Credit Commission, the Cattlemen's Funds, in their capacity as entities belonging to the National Agricultural Credit System, will be able to obtain direct financing from Finagro when they support the corresponding credit obligations by means of guarantee or guarantee issued in favour of Finagro by authorised financial institutions, for this purpose for the Banking Superintendence.
ARTICLE 18. REPEAL. This Law repeals provisions that are contrary to it and in particular Law 07 of 1990.
ARTICLE 19. This Law governs from the date of your issue.
The President of the honorable Senate of the Republic,
JORGE RAMON ELIAS NADER.
The Secretary General of the honorable Senate of the Republic,
PEDRO PUMAREJO VEGA.
The President of the honorable House of Representatives,
JOSE JATTIN SAFAR.
The Secretary of the Honourable House,
DIEGO VIVAS TAFUR.
Contact, publish, and execute.
Dada en Santafe de Bogota, D.C., 13 May 1994.
CESAR GAVIRIA TRUJILLO.
The Minister of Finance and Public Credit,
RUDOLF HOMMES RODRIGUEZ.
The Minister of Agriculture,
JOSE ANTONIO OCAMPO GAVIRIA.
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Last Updated: September 23, 2016
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