1998 ACT 432

(January 29)

Official Journal No. 43,227 of 2 February 1998

By which the National Savings Fund is reorganized, its legal nature is transformed and other provisions are dictated.

COLOMBIA CONGRESS

DECRETA:

ARTICLE 1o. LEGAL NATURE. The National Savings Fund, a public establishment established by Decree-Law 3118 of 1968, is transformed by virtue of this law into the Industrial and Commercial Enterprise of the State of financial character of the national order, organized as a special nature credit establishment, with legal status, administrative autonomy and independent capital, and consequently its budgetary and personnel regime will be that of the companies of this class. It will be linked to the Ministry of Economic Development * and the composition of its Board of Directors will be the one indicated by this law.

The entity that is transformed will continue to be called the National Savings Fund *. It will have as its main address the city of Santa Fe de Bogota and will establish dependencies in other regions of the country, when required, taking into account the number of affiliates, prior to the authorization of its Board of Directors.

The rights and obligations of the National Savings Fund, to the date of enactment of this law, will continue in favor of and in charge of the Industrial and Commercial Company of the State.

PARAGRAFO. For tax purposes, the National Savings Fund will be governed by what is intended for public establishments.

ARTICLE 2o. OBJECT. The National Savings Fund will efficiently manage the cessation and contribute to the solution of the problem of housing and education of the affiliates, in order to improve their quality of life, becoming an alternative of Social capitalization.

PARAGRAFO. The allocation of the credits granted by the National Savings Fund will be made based on the following criteria:

a) Regional distribution of resources according to the number of affiliates per department;

b) Membership salary membership;

c) Individual credit allocation system per score.

ARTICLE 3o. FUNTIONS. The National Savings Fund will have as functions:

a) Raise the members ' cease-and-effect in accordance with the provisions in force:

b) To pay the insurance assistance to the affiliates in a timely manner;

(c) Protect such aid against the loss of the currency's purchasing value, in accordance with the provisions of this law;

d) Advance with social justice criteria and impartiality in the award, using the available resources, mortgage and educational credit programs to contribute to the solution of the problem of housing and education of the affiliates, for which it may conclude agreements with the Family Compensation Banks and entities of the solidarity economy, and with public or private entities, national or international. For the purpose of fulfilling its purpose and functions, the National Savings Fund shall not directly advance or contract the construction of housing;

e) Administer the national resources of the family housing allowance that are assigned to it, for the construction, acquisition and release of mortgage tax on housing with the social interest of the members, in accordance with Law 3a. of 1991;

f) Require guarantees and to contract the insurance policies necessary for the protection of the mortgage portfolio, of the assets and property interests of the company and of other risks whose protection is considered socially and economically profitable for affiliates;

g) Establishing appropriate methods and instruments, as well as constituting sufficient reserves, to deal with the liabilities of non-members in favour of their affiliates in a timely manner;

h) Promote national savings and channel it towards the financing of projects of special importance for the development of the Fund's object;

i) The National Savings Fund may through interadministrative agreements with the Colombian Institute of Educational Credit and Technical Studies Abroad (Icetex), grant educational credits for affiliates, their spouse, partner (a) permanent and children.

The educational credits will be directed to the promotion of technical, university and post-graduate education, the latter, in Colombia or abroad.

The National Government will regulate the conditions and modalities of such agreements to be made with the Icetex, and the guarantees to be provided by debtors; and

(j) Other than that indicated in the provisions in force.

k) 226 of Law 1753 of 2015. The new text is as follows: > Provide advice and technical assistance as regards the design, execution, administration, evaluation and management of projects or programmes of pre-investment and investment, related to the housing sector, the habitat and urban equipment, aimed at members of the FNA.

l) 226 of Law 1753 of 2015. The new text is as follows: > Celebrate fiducia contracts to manage resources transferred to it by other public entities to finance the execution of special programs related to the housing sector, habitat and equipment urban.

ARTICLE 4. FINANCIAL RESOURCES. The National Savings Fund will have the following sources of resources:

(a) The disposals of the members, settled and entered in accordance with the provisions in force;

b) Appropriations and resources from the Nation and other entities governed by public or private law;

c) Aid, grants, donations or contributions received from official entities, international organizations or non-governmental organizations, or natural or legal persons, national or foreign, in accordance with the rules in effect;

d) Resources from internal and external borrowings that the Fund obtains for the fulfillment of its own purposes;

e) Goods that as a legal person acquire any title and natural or civil fruits of these;

(f) The returns arising from their investments and income, whatever their nature;

g) The product of asset sales operations;

h) The voluntary savings of affiliates; and

i) Any other income that would be in favor of the Fund.

PARAGRAFO. For being the National Savings Fund a social security entity, you will not be able to allocate or use your resources, utilities and income or financial surpluses for purposes other than your object and functions.

The National Savings Fund will not be subject to either the lace or forced investments regime.

ARTICLE 5o. MEMBERSHIP OF PUBLIC SERVANTS. As of the current law, the National Savings Fund must be affiliated with the public servants of the Executive Branch of the Public Power of the national order.

This does not apply to the uniformed personnel of the Military Forces and the National Police, nor to those affiliated with the National Fund for Social Benefits of the Magisterium, created by Law 91 of 1989.

The other servers of the State and their decentralized entities may be affiliated with the National Savings Fund.

Public servants who voluntarily join the National Savings Fund will only be able to move to a non-stop fund management company, three years after membership, provided they have no mortgage obligation. in force with the National Savings Fund.

PARAGRAFO. In cases where the public servants have retroactivity in the cesses, the higher value will be the responsibility of the employing entity.

ARTICLE 6o. TRANSFER OF CESES. 193 of Decree 19 of 2012. The new text is as follows: > During the course of the month of February, the employer will have to transfer to the National Savings Fund the value settled by the end of the year, taking into account the last two NIT numbers for set payment dates.

On a monthly basis, the public institutions shall send to the National Savings Fund a certificate containing the total value of the salary factors which constitute the basis for the settlement of the cessation, due in the month immediately. previous.

The competent officials of the public entities employing them, who without a fair cause do not make timely the monthly contributions of the contributions or the sending of the annual reports of duly-charged injunctions, will incur the disciplinary offences in accordance with the disciplinary regime in force.

In all public entities it will be mandatory to include in their budgets the necessary items to attend to the necessary guarantees of the respective validity, as an indispensable requirement for their presentation, processing and approval by the appropriate authority.

PARAGRAFO. The dates stipulated in this article for the fulfilment of the transfer obligation shall not apply to the public entities employing the departmental and municipal order, the regime established in Article 99 of Law 50 of 1990, concerning the dates for the transfer of cease-fire, and other rules governing, modifying or replacing.

ARTICLE 7o. RECOVERY ACTIONS. It is for the National Savings Fund to bring forward recovery actions on the basis of non-compliance with the obligations of the employing entities, in accordance with the regulations issued by the National Government. For that purpose, the settlement by which the Fund determines the securities owed, shall have the character of an executive title.

The Fund may verify the accuracy and timeliness of the corresponding transfers of cesanties, for which it shall enjoy the powers of investigation and oversight in the employing entities, for this purpose may:

a) Practice inspection visits to entities;

b) Browse Payrolls, Budgets, Balance Sheets, and Accounting Books; and

c) Make requirements for legal representatives, heads of staff and payers.

ARTICLE 8o. MEMBERSHIP OF PRIVATE SECTOR WORKERS. As soon as this law is in force, workers in the private sector may join the National Savings Fund.

Private sector workers who join the National Savings Fund will enjoy the same rights and benefits as set forth in this law for public servants, except for the interests of the public servants. Article 12 of this law, which will continue to be recognized and paid directly by your employers in accordance with the Law Nos 52 of 1975 and 50 of 1990.

Private sector workers who join the National Savings Fund may only be transferred to a non-profit-making company, three years after membership, provided they have no mortgage obligation. in force with the National Savings Fund.

The National Government will regulate the requirements and conditions for the affiliation and withdrawal of voluntary members, belonging to the public and private sectors, to the National Savings Fund.

PARAGRAFO. Partial default payments that affiliated private sector workers apply to the National Savings Fund may only be allocated for the following purposes:

a) Purchase of housing or batch to build it;

b) Construction of housing in lot of the affiliate or of his or her spouse or partner (a) permanent;

c) Improvement of the home of the affiliate or of your spouse or partner (a) permanent;

d) Release of mortgage tax constituted on the housing of the affiliate or of his or her spouse or partner (a) permanent.

ARTICLE 9o. LIQUIDATION AND ENTRY OF PRIVATE SECTOR WORKERS. Employers in the private sector must liquidate and record the cessation of their employees affiliated to the National Savings Fund, in accordance with the provisions of the Article 99 of Law 50 of 1990.

Failure to comply with this provision will entitle the Fund to collect in its favor the moratory interests of the article 6or. of this law.

ARTICLE 10. SEPARATION OF ACCOUNTS. The National Savings Fund must administer independently and separately the non-stop of the individual workers affiliated; and may contract with Colombian private companies of recognized capacity and experience the external audit service on all the resources of the entity.

ARTICLE 11. PROTECTION AGAINST THE LOSS OF THE CURRENCY ' S PURCHASING VALUE. As of 31 December 1997 and every 31 December each year, the National Savings Fund shall recognise and pay into the individual account of each member's default. an interest equivalent to the annual variation of the Consumer Price Index, CPI, on its accumulated balance of cesanties at 31 December of the year immediately preceding, and proportional for the fraction of the year corresponding to the time of withdrawal, on the partial or definitive amount of the paid-off.

ARTICLE 12. INTEREST ON CESANTIES. From 1o. In January 1998, the National Savings Fund will recognize and pay in the account of the cesanties of each affiliated public servant, an interest equivalent to sixty percent (60%) of the annual variation of the Consumer Price Index, CPI, (a) the name of the institution of the institution of the year immediately preceding or proportional to the percentage of the year which is definitively liquidated.

For the purposes of this law, the annual variation of the Consumer Price Index, CPI, will be the last certified by the National Administrative Department of Statistics, DANE, for the November-November months, for average employees.

ARTICLE 13. RESPONSIBILITY OF THE NATIONAL SAVINGS FUND. The responsibility of the National Savings Fund for the payment of cease-payments to the affiliates shall be limited to the amount of the contributions of effectively entered ceases, the interest on the cesanties and the percentage that is treated by item 11.

You will also respond to the voluntary savings referred to in the literal h) of article 4or. of this law, in accordance with the regulations that are issued for the purpose.

ARTICLE 14. INSPECTION AND SURVEILLANCE. In accordance with the special regulations issued by the National Government, the National Savings Fund shall be subject to the inspection and surveillance of the Banking Superintendence and shall be affiliated to the Fund Guarantees of Financial Institutions, Fogafin.

ARTICLE 15. MANAGEMENT BODY. The Directorate of the National Savings Fund shall be in charge of a Board of Directors of twelve (12) members, as follows:

The Minister of Economic Development or his delegate, who will chair;

The Minister of Finance and Public Credit or his delegate;

The Minister of Labour and Social Security or your delegate;

The Minister of National Education or his delegate;

The Head of the National Planning Department or its delegate;

A representative of the Family Compensation Boxes, with their respective alternate, designated by them;

A representative of the construction guilds, with their respective alternate, selected by them;

A representative of the Colombian Association of Universities, with their respective alternate, designated by the latter;

Three members 'representatives, with their respective alternates, appointed by the Workers' Confederations. These representatives must be active members of the National Savings Fund and will belong to different regions of the country;

The Director General of the National Savings Fund, who will act with a voice but without a vote.

PARAGRAFO. The Board will be validly sessioned with the absolute majority of its members and its decisions will be taken in half plus one of the attendees.

The period of the representatives of the members, of the construction associations, of the Colombian Association of Universities and of the Family Compensation Boxes will be two (2) years.

The alternates of the members of the Board of Directors will only act in case of temporary or permanent absence of the principals.

ARTICLE 16. DIRECTOR, LEGAL REPRESENTATION. The legal representation of the National Savings Fund will be the responsibility of a Director General, who will be the agent of the President of the Republic, of his free appointment and removal. Its functions shall be those laid down by the law and the Statutes of the Company.

ARTICLE 17. CLASSIFICATION OF THE PUBLIC SERVANTS OF THE NATIONAL SAVINGS FUND. The public servants linked to the National Savings Fund staff plant will be official workers, with the exception of those who carry out the Director's office. General, Secretary General, Deputy Directors General and Coordinators of regional dependencies, who will have the quality of public employees.

ARTICLE 18. RESTRUCTURING. The Board of Directors of the National Savings Fund, within six (6) months of the current law, will make the modifications to the internal structure of the company and to the plant of personnel creating, modifying or deleting charges.

It shall also adopt or submit to the Government for its adoption, as appropriate, the internal statutes, the manual of functions and procedures, the working regulations and other internal provisions necessary to put in place the organisation and operation of the company. As long as they are issued and others, the laws, regulations and regulations in force at the date of this transformation will apply.

The restructuring of the National Savings Fund will be oriented according to the following general principles and rules: it will have to be financed entirely with own resources; it will operate in a deconcentrated and efficient manner, and will be adjusted to the administrative and technical developments in the public administration, for which it can rely on services provided by private individuals.

TRANSIENT PARAGRAPH. The public servants currently working in the National Savings Fund will be relocated to the new staff plant.

There will be no compliance solution for the staff relocated to the new staff plant.

To make changes to the staff plant, the National Savings Fund will form a commission of which a member of the Board of Directors of the Union, the Representative of the Employees to the Commission of Personnel and the persons designated by the Director General of the institution.

ARTICLE 19. VALIDITY. This law governs from its promulgation and repeals all provisions that are contrary to it.

The President of the honorable Senate of the Republic,

AMYLKAR ACOSTA MEDINA.

The Secretary General of the honorable Senate of the Republic,

PEDRO PUMAREJO VEGA.

The President of the honorable House of Representatives,

CARLOS SQUIRLA BALLESTEROS.

The Secretary General of the honorable House of Representatives,

DIEGO VIVAS TAFUR.

Republic of Colombia-National Government.  

PUBLISH AND EXECUTE.

Dada en Santa Fe de Bogota, D. C., on January 29, 1998.

ERNESTO SAMPER PIZANO

The Minister of Finance and Public Credit,

ANTONIO JOSE URDINOLA URIBE.

The Minister of Economic Development,

CARLOS JULIO GAITAN GONZALEZ.