Read the untranslated law here: http://www.asamblea.gob.sv/eparlamento/indice-legislativo/buscador-de-documentos-legislativos/reformase-el-art.-4-de-la-ley-especial-para-facilitar-la-cancelacion-de-las-deudas-agraria-y-agropecuaria/archivo_documento_legislativo
DECREE No. 375 THE LEGISLATURE OF THE REPUBLIC OF EL SALVADOR, CONSIDERING
I.- by Legislative Decree No. 263, dated March 23, 1998 published in the Official Gazette No. 64, Volume No. 339 of April 2 of that year, the Special Law was issued to facilitate the cancellation of Agriculture and Agricultural Debt.
II.- that law since its adoption, aims, among others, contribute to the reactivation of the agricultural sector by readjusting the credits to their present value and the establishment of financial mechanisms to cancel, immediately, the debts incurred by the successful tenderers land.
III.- by reforming extension to Decree 263, we intend to give a boost to the agricultural sector, avoiding burdensome charges and liens land, because our country needs an abundant food production and generating sources employment.
IV.- That on May 24, 2012, by Legislative Decree No. 10, the effects of Legislative Decree No. 263 was extended for a period of one year, which expires on June 30 this year, in which when decreeing, there was an understanding and commitment to this Body state that during the term established in the extension thereof, a review and analysis of the objectives achieved would be carried out during the period of validity of the Act that was from 1998.
V. it is necessary that this Body of State give effect to recital, so it becomes necessary to extend the first paragraph of Article 4 of the Special Law to Facilitate Cancellation the Agricultural Debts and Agriculture, which is establishing the validity period and the time that the law gives the beneficiaries thereof to rely on it, for a period of twelve months, which expire on June 30 of the year
in exercise of its constitutional powers and initiative of deputies and deputy Orestes Fredesman Ortéz Andrade, Audelia Kleutgens Guadalupe Lopez, David Rodriguez, Jose Melara and Samuel Santos Lopez.
DECREES the following:
SPECIAL LAW REFORM TO FACILITATE THE AGRICULTURAL CANCELLATION OF DEBTS AND AGRICULTURAL
Art. 1. reformed the first paragraph of Article 4 as follows:.
"The Financial Institutions shall subscribe with those creditor institutions in this Act, an agreement that allows beneficiaries grant that request, nominees in Art. 2 thereof, and that the effective date have not canceled the debt, a loan at 6% annual interest within 12 years, within which will be comprised a grace period 2 years, in which there will be no payment of principal and interest of any kind. These loans should be processed and formalized within the period ending on June 30, 2014, during this period being suspended filing any claim for the start of trial commercial or civil executive nature, involving embargo; as well as those who are initiated and are at any stage of executive civil or commercial judicial process, against such debtors. "
Art. 2. This Decree shall enter into force eight days after its publication in the Official Journal.
GIVEN IN THE BLUE ROOM OF THE LEGISLATIVE PALACE: San Salvador, on the ninth day of May in the year two thousand and thirteen.
OTHON Sigfrido Reyes Morales, president.
ALBERTO ROMERO ARMANDO RODRIGUEZ, GUILLERMO ANTONIO NAVARRETE GALLEGOS, FIRST VICE. SECOND VICE PRESIDENT.
MERINO JOSE FRANCISCO LOPEZ, FRANCISCO ROBERTO DURAN LORENZANA, THIRD VICE. FOURTH VICE.
ROBERTO JOSE d'Aubuisson MUNGUIA, FIFTH VICE.
PEÑA LORENA GUADALUPE MENDOZA, CARMEN ELENA CALDERON SOL DE ESCALON, First Secretary. Second Secretary.
SALGADO SANDRA MARLENE GARCIA, JOSE RAFAEL MACHUCA Zelaya, Third Secretary. Fourth secretary.
IRMA VASQUEZ PALACIOS LOURDES, MARGARITA ESCOBAR, FIFTH SECRETARY. SIXTH Secretariat. JOSE FRANCISCO
ZABLAH SAFIE, REYNALDO ANTONIO LOPEZ Cardoza seventh Secretary. EIGHTH SECRETARY.
PRESIDENTIAL HOUSE: San Salvador, on the twenty eighth day of May in the year two thousand and thirteen.
Carlos Mauricio Funes Cartagena, President of the Republic.
Alcides Ochoa Pablo Quinteros, Minister of Agriculture and Livestock.
OJ No. 99 Volume No. 399 Date: May 31, 2013
JCH / JQ 07/03/2013
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