1996 ACT 262

(January 23)

Official Journal No. 42,697 of 23 January 1996

For which some financial cooperatives are authorized to access the resources of the Fund for the Financing of the Agricultural Sector-Finagro-and they dictate general rules, objectives and criteria to be subject to the National Government for the intervention of these entities.  

THE CONGRESS OF COLOMBIA,

DECRETA:

ARTICLE 1o. The specialized savings and credit cooperatives and multi-active cooperatives with savings and credit section, duly authorized by the National Administrative Department of Cooperatives and They may rediscount to the Fund for the Financing of the Agricultural Sector-Finagro-the agricultural credits they grant, in accordance with the terms and conditions indicated by the National Commission. de Crédito Agroquario.

ARTICLE 2o. The obligations in favour of the Fund for the Financing of the Agricultural Sector-Finagro-, derived from the rediscounting operations carried out by the entities referred to in the previous article, shall enjoy the right to be covered with sums or goods excluded from the settlement mass of these entities.

ARTICLE 3o. The National Government will determine the amount or minimum proportion of resources that, in the form of loans and investments, will have to allocate to the agricultural sector the entities that, as provided for in This law, redisentures loans in Finagro, when there are failures in the market or for the purpose of democratizing credit. In addition, it will point out the terms and conditions under which this obligation will be met.

For the exercise of this faculty, the National Government will have to act in coordination with the Board of the Bank of the Republic.

ARTICLE 4. This Law governs from the date of its enactment in the Official Journal.

The President of the honorable Senate of the Republic,

JULIO CESAR GUERRA.

The Secretary General of the honorable Senate of the Republic,

PEDRO PUMAREJO VEGA.

The President of the honorable House of Representatives,

RODRIGO RIVERA SALAZAR.

The Secretary General of the honorable House of Representatives,

DIEGO VIVAS TAFUR.

Republic of Colombia-National Government

Publish and execute.

Dada en Santafe de Bogota, D.C., on 23 January 1996.

ERNESTO SAMPER PIZANO

The Minister of Finance and Public Credit,

GUILLERMO PERRY RUBIO.

The Minister of Agriculture and Rural Development,

CECILIA LOPEZ MONTANO.