1996 (January 23)
Official Gazette No. 42,697, of January 23, 1996
Whereby some financial cooperatives are authorized to access the resources of the Fund Sector Financiaminento agricultural -Finagro- and general rules, objectives and criteria which must be held by the National Government for the intervention of these entities are held.
CONGRESS OF COLOMBIA DECREES
ARTICLE 1o. Specialized credit union and multi active cooperatives with savings and credit section, duly authorized by the National Administrative Department of Cooperatives and exercising financial activity with third parties, may rediscount to the Fund for Financing the Agricultural Sector -Finagro- agricultural credits granted in accordance with the terms and conditions stipulated by the National agricultural Credit Commission.
. Obligations to the Fund for Financing the Agricultural Sector -Finagro- derived from operations rediscount entities engaged in the preceding article refers, shall have the right to be covered with funds or property excluded from the liquidation mass of these entities.
ARTICLE 3. The National Government shall determine the amount or minimum proportion of resources in the form of loans and investments, should allocate the agricultural sector entities, as provided in this Act, redescuenten loans Finagro, where there are market failures or with the purpose of democratizing credit. In addition, it shall specify the terms and conditions they must fulfill this obligation.
For the exercise of this power the national government should act in coordination with the Board of the Bank of the Republic.
ARTICLE 4. This law governs from the date of its promulgation in the Official Journal.
The President of the honorable Senate, JULIUS CAESAR
The Secretary General of the honorable Senate,
PUMAREJO PEDRO VEGA.
The President of the honorable House of Representatives,
Rodrigo Rivera Salazar.
The Secretary General of the honorable House of Representatives, DIEGO VIVAS
Republic of Colombia - National Government
published and execute.
Given in Bogota, DC, 23 January 1996.
Ernesto Samper Pizano Minister of Finance and Public Credit, WILLIAM PERRY RUBIO
The Minister of Agriculture and Rural Development,
Cecilia López Montaño.