Read the untranslated law here: http://www.asamblea.gob.sv/eparlamento/indice-legislativo/buscador-de-documentos-legislativos/reformase-la-ley-del-sistema-financieron-para-fomento-al-desarrollo/archivo_documento_legislativo
1 index Legislative Decree No. 83 the Legislative Assembly of the Republic of EL SALVADOR, considering: I.-that article 168, ordinal 15th of the Constitution establishes that it is attribution and obligation of the President of the Republic to ensure the effective management of public affairs;
II. that by means of Legislative Decree No. 847 of date September 22, 2011, published in the Official Journal No. 197, volume no. 393, October 21 of that year, was issued the law of the financial system for promoting development;
III.-that it is necessary to establish the legal powers that allow public administration select more competent private sector officials, through the opening and diversity of ideas; so it is necessary to introduce relevant reforms to the law referred to in the previous recital.
Therefore, in use of his constitutional powers and at the initiative of the President of the Republic, by the Minister of finance, DECREED the following: the Act reforms of the financial system for promotion of development article 1.-Article 12, be replaced by the following: "Board of Governors article 12.-the higher authority of the Bank shall be exercised by the Board of Governors" (composed in the following manner: to) the Minister of finance;
(b)) the President of the Central Bank;
(c) the Minister of economy;
(d) the Technical Secretary of the Presidency;
e) the President of the Development Bank;
2 index legislative f) three proprietary members and their respective alternates, elected and appointed by the President of the Republic, an open list of candidates from associations of agricultural, industrial sector and micro, small and medium enterprises and non-governmental organizations related to the theme of economic development. The mentioned entities wishing to include candidates in the list must select them according to its domestic;
(g) an owner member and his alternate, elected from a list of three proposed by the private universities authorized by the Ministry of education and with existing quality accreditation.
En_caso_de absence or impediment of the holders of literals to) to the d), these may be designated so that they replace them to the bottom to his immediate staff.
(Members of the literal f) and g) will be appointed by the President of the Republic, for a period of five years. The procedure of Convocation, election and appointment will be regulated in a special regulation for this purpose issued by the President of the Republic.
If for any reason the appointment is not made or takeover of the substitute member of the Board of Governors, which was to play the position will continue in his role, until the appointment and investiture of the corresponding Governor.
The alternate members will attend meetings with voice but without vote, except when replacing the respective owner member."
Article 2.-the article 17, be replaced by the following: "(COMPOSICION Art. 17.-La Junta Directiva estará integrada por: a) a President, appointed by the President of the Republic for a period of five years, who will also be the President of the Bank;"
(b) a proprietary Director and his Deputy, elected from a list of three proposed by the Ministry of finance;
(c) a proprietary Director and his Deputy, elected from a list of three proposed by the directive Council of the Central Bank;
(d) a proprietary Director and his Deputy, elected from a list of three proposed by the Ministry of economy;
(e) a proprietary Director and his Deputy, elected from a list of three proposed by the Ministry of agriculture and livestock;
3 index legislative f) three Directors owners and their respective alternates, elected and appointed by the President of the Republic, an open list of candidates from associations of agricultural, industrial sector and micro, small and medium enterprises and non-governmental organizations related to the theme of economic development. The mentioned entities wishing to include candidates on the list, must select them according to their domestic system;
(g) a proprietary Director and his Deputy, elected from a list of three proposed by the private universities authorized by the Ministry of education and with existing quality accreditation.
The members of the Board of Directors will last five years in office, and may be reappointed for further periods. With the exception of the President of the Bank, all shall be appointed by the Board of Governors.
Proprietary directors will choose between them both the Vice President and the Secretary of the Board of Directors.
The alternate directors attend meetings with voice but without vote, except when replacing the respective owner Director, whom he replaced as members of the Board in the event of absence.
"(La elección de los miembros a los que se refieren los literales f) and g) will be held in accordance with the regulated in special regulation which the President of the Republic issued for this purpose."
Article 3.-reform in article 25, first subparagraph in the following way: "(Art. 25.-Los miembros de la Asamblea de Gobernadores mencionados en los literales f) and g) article 12, as well as the members of the Board of Directors of the Bank, may be removed from their posts, observing due process, by missing the requirements and duties or incurring any disability that this law designates them as determined by the Superintendent in accordance with subsection" "quarter of article 20 of this law, all the foregoing resolution emanated by the authority which appointed them with expression of the reasons therefor."
Article 4.-owners and deputy members of the Assembly of Governors and the Board of Directors, elected from the shortlists proposed by the associations most representative agricultural, industrial sector and micro, small and medium-sized enterprises, which are appointed to the date of entry into force of this Decree, last in their functions until the 31 August 2012 except that already have been appointed representatives in accordance with the present Decree or new appointments, according to the provisions of the present reform, in which case will continue serving as long as you do not perform this are in process.
Article 5.-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, to the seventeenth day of the month of August of the year two thousand twelve.
4 INDEX LEGISLATIVE OTHON SIGFRIDO REYES MORALES, PRESIDENT.
ALBERTO ARMANDO ROMERO RODRÍGUEZ, GUILLERMO ANTONIO GALLEGOS NAVARRETE, SENIOR VICE PRESIDENT. SECOND VICE PRESIDENT.
JOSE FRANCISCO MERINO LÓPEZ, FRANCISCO ROBERTO LORENZANA DURÁN, THIRD VICE PRESIDENT. Fourth Vice President, ROBERTO JOSÉ d'AUBUISSON, fifth Vice President.
LORRAINE GUADALUPE PENA MENDOZA, CARMEN ELENA CALDERÓN SOL STEP, FIRST SECRETARY. SECOND SECRETARY.
SANDRA MARLENE SALGADO GARCÍA, JOSÉ RAFAEL MACHUCA ZELAYA, THIRD SECRETARY. FOURTH SECRETARY.
IRMA PALACIOS LOURDES VASQUEZ, MARGARITA ESCOBAR, FIFTH SECRETARY. SIXTH SECRETARIAT.
RODRIGO SAMAYOA RIVAS, REYNALDO ANTONIO LÓPEZ CARDOZA, SEVENTH SECRETARY. EIGHTH SECRETARY.
Presidential House: San Salvador, at twenty-one days of the month of August two thousand twelve year.
Publish, Carlos Mauricio Funes Cartagena, President of the Republic.
Juan Ramon Carlos Enrique Caceres Chavez, Minister of finance.
D. OR. No. 154 volume no. 396 date: 22 August 2012.
SV/adar 5 07-09-2012 legislative index
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