Key Benefits:
LEGISLATIVE ASSEMBLY-REPUBLIC OF EL SALVADOR ____________________________________________________________________
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DECREE NO 775.
THE LEGISLATIVE ASSEMBLY OF THE REPUBLIC OF EL SALVADOR,
WHEREAS:
I.-That by Legislative Decree No. 532 of May 18, 1978, published in Official Journal No. 102, Volume 259 of June 2 of the same year, the Law of Creation of the Salvadoran Fund for Pre-Investment Studies-FOSEP-, an entity governed by public law, with the aim of expanding the availability of pre-investment studies by granting financial resources to the public and private sectors;
II.-That the aforementioned Law no longer adapts to the current requirements of the public and private sector in (iii) the need to adapt it to an effective and efficient development of its functions and the mobilisation of financial resources;
III.-Therefore, in order to address the shortcomings of the Law of Creation of the FOSEP, it is appropriate to enact a new legal statute, which gives the institution greater autonomy in the administrative management, to achieve its objectives;
BY TANTO,
in use of its faculties on the initiative of the President of the Republic, through the Ministers of Planning and Economic and Social Development and Finance Coordination,
DECRETA the following:
SALVADORAN FUND FOR PREINVESTMENT STUDIES
CHAPTER I
PERSONNEL, ADDRESS AND OBJECT
Art. 1.-The Salvadoran Fund for Preinvestment Studies, created as Entity of Public Law with legal personality by Decree No. 532, published in Official Journal No. 102, Volume 259 of June 2, 1978, will be governed by the provisions of this Law and its Regulations.
In the text of this Law and its Rules of Procedure, it may be referred to as FOSEP or the Fund.
Art. 2.-The Salvadoran Fund for Preinvestment Studies is a financial corporation governed by public law with legal personality and its own patrimony, which enjoys autonomy in the financial, economic and administrative aspects, without further limitations. than those emanating from this Act its duration
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will be indefinite and its main address is the city of San Salvador, being able to establish branches or dependencies anywhere in the Republic.
The Ministry of Planning and Coordination of Economic and Social Development will be the Through which the FOSEP will be related to the Public Organs
The FOSEP will have to coordinate and reconcile its policy with the government's economic and social development plans as well as with the National Public Investment System, of which it forms part.
to acquire movable and immovable property and to hire Personal and Non-Personal Services necessary for the development of its functions; to contract financing of internal and/or external origin as well as to manage funds on behalf of third parties, as applicable legal provisions.
Art. 3.-The FOSEP has for object and functions:
I. OBJECT
a) Expand the availability of pre-investment studies and activities, by granting financial resources in the form of loans, grants, allocation of resources or lines of credit to public sector users and private, in order to ensure that the payment of pre-investment activities and studies, whether global, and/or specific contributing to the achievement of the objectives adopted in the national development plans, can be fully or partially cost-borne. The regulations shall develop the financial modalities by which the resources of the FOSEP shall be transferred to the public and private sectors; and the mechanisms and procedures for the exercise of their functions;
b) generation of investments by providing the elements to minimize the risk inherent to them; and
c) Promote the development of national consultancy;
II. FUNTIONS
a) Grant financing to the public and private sectors to achieve the purposes of this Act;
b) Contreat the provision of technical consulting services for activities and/or pre-investment studies funded to central government agencies, with the agreement of the beneficiary;
c) Manage, negotiate and contract internal or external financing and technical cooperation either of a refundable or non-refundable nature intended for the fulfilment of the purposes of this Law;
ch) Provide technical advice on pre-investment, to the Fund users;
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d) To permanently promote the financing of pre-investment activities and studies, including technological development;
e) Evaluate and follow up on pre-investment financing operations, hiring and manufacturing studies; and
f) Collaborating on human resource training in preinvestment-related matters.
CHAPTER II
ADDRESS AND ADMINISTRATION
Art. 4.-The FOSEP Directorate will be in charge of a Board of Directors and the Administration in charge of a Manager.
Art. 5.-The Board of Directors, hereinafter referred to as the Council, shall be integrated as follows:
(a) Two Own Directors and their respective Substitutes appointed by the Minister of Planning and Coordination of Economic and Social Development, one of the which shall perform the duties of the Director-Chairman of the FOSEP;
b) A MANAGING DIRECTOR AND HIS/HER ALTERNATE APPOINTED BY THE MINISTRY OF EXTERNAL RELATIONS. (1)
(c) A Director Owner and His Substitute appointed by the Bank Central Reserve El Salvador;
ch) A MANAGING DIRECTOR AND HIS ALTERNATE ELECTED APPOINTED BY THE PRESIDENT OF THE REPUBLIC, AN OPEN LIST OF CANDIDATES FROM PRIVATE ENTERPRISE ASSOCIATIONS WITH LEGAL PERSONALITY, NON-GOVERNMENTAL ORGANIZATIONS RELATED TO THE ISSUE OF ECONOMIC AND SOCIAL DEVELOPMENT WITH LEGAL PERSONALITY AND UNIVERSITIES ACCREDITED BY THE MINISTRY OF EDUCATION. PROCEDURES RELATING TO THIS LITERAL SHALL BE REGULATED IN A REGULATED MANNER. (2)
THE ENTITIES REFERRED TO IN (ch), WHICH WISH TO INCLUDE CANDIDATES IN THE LIST, MUST SELECT THEM ACCORDING TO THEIR INTERNAL RULES. (2)
The functions of the Secretary of the Council shall be performed by the Fund Manager who shall attend the sessions, having the right to participate in the deliberations, with a voice but without a vote.
Art. 6.-The members of the Board of Directors, owners and alternates, shall be Salvadorans by birth, university professionals, persons of recognized good repute, with knowledge
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and experiences in financial and/or preinvestment matters.
Art. 7. The owners and alternate members of the Council will last for three years, and may be appointed for further periods. No Director may be separated from his position but in the cases determined by the Law.
Art. 8.-The Directors will continue in the performance of their duties even if they have fulfilled the period for which they were appointed, while the substitutes do not take possession of their posts.
Art. 9.-They may not be members of the Council:
(a) THE PRESIDENT AND VICE-PRESIDENT OF THE REPUBLIC, APPOINTED TO THE PRESIDENCY OF THE REPUBLIC, THE MINISTERS AND DEPUTY MINISTERS OF STATE, THE PRESIDENT AND MAGISTRATES OF THE SUPREME COURT OF JUSTICE AND THE CHAMBERS OF SECOND INSTANCE, THE PRESIDENT AND MAGISTRATES OF THE COURT OF AUDITORS OF THE REPUBLIC, THE ATTORNEY GENERAL OF THE REPUBLIC, THE ATTORNEY GENERAL OF THE REPUBLIC, THE PRESIDENT AND MEMBERS OF THE ELECTORAL SUPREME COURT, AND PROCURATORATE FOR THE DEFENSE OF HUMAN RIGHTS. (1)
b) The spouse and relatives within the fourth grade of consanguinity and second of affinity of the President of the Republic, of the Ministers and Deputy Ministers of State and of any of the members of the Council;
c) Those who have a formal imprisonment or have been convicted of a crime against him heritage; and
ch) Those who are legally unable to perform the job.
Art. 10.-When any of the causes of inability referred to in the previous Article exist or exceed, the Director shall cease in his duties and shall be replaced in the manner prescribed in this Law.
However, the acts or contracts authorized by any indeft Director, before his/her inability is declared, shall not be invalidated for such a circumstance, either in respect of the Fund, or to third parties. The payment of the allowances of the Indeft Director, before being declared such, shall be legitimate.
Art. 11. The owners shall be replaced by the respective alternates in the cases of absence, excuse or temporary impediment with the same rights and powers. In the event of a temporary absence, excuse or impediment of the President and his/her alternate, the Council shall elect the member to serve as President for the relevant session.
Art. 12.-When a member or alternate member of the Board of Directors shall cease to be in office for any reason, the respective bodies shall immediately accredit the persons who shall replace them.
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Art. 13. The Council shall be held twice a month; a greater number of sessions may be held, whenever necessary, upon convocation by the President on his own initiative, or at the request of two or more of the Acting Directors.
The call shall be made at least two days in advance of the date on which those are to be held. To hold sessions, three members of the Council will be required to attend at least.
The resolutions will be taken by a majority of votes and will be settled in Actas, authorized by the attendees. In the event of a tie the President shall have a vote of quality. The alternate directors may attend the sessions with a voice but no vote. The owners and the alternates shall be allowed to make allowances for the sessions to which they attend; these allowances may not be more than four in each month; the amount of such allowances shall be fixed annually by the Council in accordance with the The other financial autonomous entities, and incorporated in the Fund's Budget.
Art. 14.-When any Director has an interest in any matter that is to be discussed or resolved, or has his partners, spouse or relatives within the fourth degree of consanguinity or second degree of affinity, he shall withdraw from the session as soon as possible. begin to deal with it and keep it removed from it until a decision is reached. The withdrawal must be recorded in the Minutes.
Art. 15. Any act, resolution and omission of the members of the Council, which contravene the provisions of this Law and its Rules, will make it necessary for all members who have contributed their vote to take the resolution, in the responsibility of
members who are not in agreement with the decision taken, shall record their dissenting vote in the minutes of the session in which the matter has been dealt with.
Likewise, they will incur liability for damages caused, the members of the Council who disclose any confidential information about the matters dealt with therein or that they shall take advantage of such information for personal purposes or to the detriment of the State, the Fund or third parties.
The provisions of the foregoing the damage to the criminal liability to which it takes place.
Art. 16.-They are the powers of the Board of Directors:
a) Dictate the general policy of the FOSEP;
b) Exercise the Fund's Management with the broadest powers;
c) Set the Fund's credit policy in harmony with the policy economic and pre-investment and investment by the State;
ch) Solve on public and private sector funding requests, setting out where appropriate, the respective guarantees that are necessary;
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d) Establish the channels to be provided by the consultants hired by the FUND, to guarantee the respective obligations;
e) To set current and default interest rates, commissions, service charges, amounts, time limits and other terms and conditions applicable to the financial operations of the FOSEP;
f) Approve and propose the project of its Annual Special Budget for the Operation, Investment and Service of the Debt; and its Wage Regime to be submitted for consideration and approval by the Executive Body in the Planning and Coordination of Economic and Social Development who will issue the corresponding Executive Decree;
g) Name and/or hire, as well as remove the Manager, Division Chiefs, Department and Auditors on a proposal from the President;
h) Establish and modify, on a proposal from the Management, the technical and administrative dependencies of the FOSEP;
i) Authorize the President for the signature of acts and Contracts that the Fund holds;
j) Authorize the acquisition of any title, as well as the lien and disposal of movable and immovable property of the Fund;
k) Authorize the provision of internal and external financing for FOSEP, and other instruments necessary to comply with the provisions of Art. 2 of this Law, and in accordance with applicable provisions;
l) Authorizing the negotiation and subscription of technical cooperation agreements for pre-investment and strengthening activities Institutional of the FOSEP and other Public Sector entities;
ll) Authorize the Fund's income to international Preinvestment agencies;
m) Know and approve or prove the Annual Work Plan, Balance Sheet, the State of Losses and Gains, the Budget Settlement Account and the activities reports presented to you by the Manager;
n) Approve regulations, procedural instructions, guides and manuals that are necessary for the operation of the FOSEP;
n) Dictate the Working Rules of Procedure of the FOSEP, in which the rules relating to income, removal, promotion, working hours, penalties, permits, licences, claims, holidays, viatics and other staff benefits in accordance with the principles of equity and applicable legal provisions;
o) Review and approve the Annual Report of the Fund's activities to present it in a timely manner to the Ministry of Planning and Coordination of Economic and Social Development;
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p) Agree to create or delete FOSEP branches and dependencies;
q) Other than be established by Law and its Regulations.
Art. 17.-They are the privileges of the President:
a) Chair the sessions of the Board of Directors and guide their deliberations;
b) Monitor the general march of the Fund and communicate to the Manager, observations or instructions it deems appropriate;
c) Propose to the Board of Directors the appointment or hiring of the Manager and Auditors; and on a proposal of the Manager the Heads of Division and Departments; and
ch) To exercise the other functions that correspond to it in accordance with this Law, its regulations and the Council agreements.
Art. 18.-The legal representation of the FOSEP shall be the responsibility of the President and as such may intervene in the acts and contracts he holds and in the judicial and administrative actions in which the Fund is interested.
The President may delegate his representation in the Manager and grant powers in the name of the Fund, acting in all these cases with the authorization of the Board of Directors.
Art. 19.-The General Administration of the Fund shall be in charge of the Manager, who shall be appointed by the Board of Directors.
The Manager shall be responsible for the Management, Supervision and Coordination of the Fund's operational and support units. He will be accountable to the Council and the President, to the proper functioning of the institution, and will be the head of the Fund's officials, technicians and employees.
Art. 20.-To be appointed Manager requires filling the required requirements for the position of Director.
Art. 21.-The Manager shall have the following privileges:
a) Exercise the general administration of the Fund in accordance with the legal provisions and mandates of the Board of Directors;
b) Run or enforce the agreements and
c) Directing the development of the activities of the units under their dependence and requiring officials and employees to discharge their duties;
ch) Propose to the Council through the Presidency, the Fund Regulations, as well as the necessary and necessary reforms;
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d) Present to the Council, through the Presidency, the draft Annual Special Budget for the operation, investment and service of the debt and the Fund's Wage Regime and its modifications;
e) Present to the Council by Interim report of the Presidency, the annual report of the activities of the Fund;
f) Authorize for submission to the Council, the Balance Sheet, the State of Loss and Earnings, and any other documentation to be submitted to the Board;
g) Name, hire, suspend and remove staff
h) Propose to the Council the creation of the technical and administrative dependencies necessary for the normal development of the Fund's activities;
i) Direct the updated organization and maintenance of the National Register of Consultants;
j) Carry out the necessary actions for the coordination of the Fund's activities with the institutions of the Central Government and Decentralized Institutions, including the Executive Hydroelectric Commission of the Lempa River (CEL) and the Salvadoran Institute of Social Security (ISSS), with the official autonomous entities and with individuals, both domestic and foreign; and
k) to exercise the other functions and powers that correspond to it in accordance with the Law, the Rules of Procedure, Manuals and the other applicable provisions.
CHAPTER III
HERITAGE UTILITIES AND RESERVES
Art. 22.-The heritage of the FOSEP is constituted by:
1. Capital Resources:
(a) The initial Capital Export granted by the Central Government for its creation and development by Legislative Decree No. 41 of 29 September 1978, published in the Official Journal Number 181, Volume 260 The same date;
b) The transferred resources and those that the Central Government transfers to it in the future in the capacity of Capital Amounts, whether they come from internal and/or external sources;
c) By the Capital Reserves;
ch) The accumulated profits and the surplus obtained by ordinary and extraordinary operations of the Fund; and
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d) The subsidies, grants, legacies and donations of any nature granted to it, the Government of the Republic, Autonomous Official Institutions, private individuals, governments, friends and international organizations in any form for the compliance with the provisions of this Directive, in accordance with the provisions applicable;
2. Credit Resources:
a) Funds from internal or external loans that the FUND celebrates;
b) Resources coming from bond issuance or other obligations it issues.
3. Any income or acquisition that increases your wealth.
Art. 23. The financial year of the Fund corresponds to the calendar year. At the end of each financial year,
General Balance Sheet and the State of Loss and Earnings of the Institution will be
. 24. The Fund's annual net profits shall establish the proportion to be transferred to reserves and other funds which the Council considers to be in the interests of the FOSEP.Art. 25.-THE FOSEP SHALL INVEST ITS RESOURCES IN THE CONDUCT OF PRE-INVESTMENT STUDIES, AND ITS AVAILABILITIES MAY BE INVESTED IN SHORT-TERM DEPOSITS THAT BEAR INTEREST, IN INSTITUTIONS OF THE NATIONAL FINANCIAL SYSTEM, AS WELL AS, IN SECURITIES ISSUED OR GUARANTEED BY THE STATE THAT GENERATE INTEREST AND ARE EASY TO CARRY OUT, ENSURING BOTH THEIR PROFITABILITY AND THE AVAILABILITY OF FUNDS FOR THEIR CURRENT OPERATIONS, BY MEANS OF APPROPRIATE FINANCIAL PROGRAMMING.
THE STEERING BOARD WILL DETERMINE THE AMOUNTS THAT SHOULD BE INVESTED ACCORDING TO THE PREVIOUS PARAGRAPH OF THIS ARTICLE. (1)
CHAPTER IV
OPERATIONS AND RESOURCE MANAGEMENT
Art. 26.-To achieve its objective, the FOSEP will use its resources by financing the cost of activities and pre-investment studies whether global and/or specific in terms and conditions that the Fund determines, as follows:
a) Granting loans to users in the public sector decentralized, private sector, and non-governmental organizations under conditions to be determined by the Board of Directors in each case;
b) By allocating resources to the government Central to finance studies and pre-investment activities. In this case, the Ministry of Finance shall take the necessary budgetary and financial arrangements in order to reintegrate the FOSEP with the cost of such studies, under the conditions to be established in each case;
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The resolution of the Board of Directors, which allocates the resources, must be submitted for approval by the Executive Body in the Ramo of Planning and Coordination of Economic and Social Development and the corresponding Agreement will be communicated to the Ministry of Finance for the purposes indicated;
c) Assigning non-refundable quality resources to Central Government users, decentralized entities and non-governmental organizations, when the source of funding comes from a donation;
ch) Grant financing for the development of promotional studies which have a high social content and a clear national strategic interest and which, in addition, fulfil the conditions laid down by the FOSEP. These credits will be awarded on more favourable terms than those established to finance other projects; and
d) Creating credit lines to financial intermediaries or non-governmental bodies to finance activities and studies of preinvestment.
Art. 27.-The resources obtained by the FOSEP for its operations, when they come from internal or external financing, donations or legacies, shall be subject to the terms and conditions laid down in the respective agreements or contracts.
Art. 28.-FOSEP will manage its resources by creating the mechanisms and instruments it deems necessary, in accordance with the financial policy dictated by the Council.
CHAPTER V
OF THE NATIONAL REGISTRY OF CONSULTANTS
Art. 29.-For the purposes of this Law, are Consultants the natural or legal persons, national or foreign with experience in the technological, scientific and cultural field; who usually dedicate themselves to consultancy work and have the capacity to the presentation of their professional services in the areas referred to.
Art. 30.-FOSEP shall maintain a register of consultants to be referred to as the "National Register of Consultants", in which the persons referred to in the previous article shall be registered, which shall be organized and operated in accordance with the provisions of the Regulation of this Law, manuals and corresponding guides.
Art. 31.-The consultants, in order to be entitled to participate in the tenders that are promoted with resources financed by FOSEP, must be registered in the National Register of Consultants.
CHAPTER VI
BUDGET AND SURRENDER OF ACCOUNTS
Art. 32.-The Fund will prepare annually its annual Special Budget project of
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Operation, Investment and Debt Service, and its Wage Regime and submit it to the Executive Body's consideration and approval in the Economic and Social Development Planning and Coordination Ramo.
When FOSEP is not receive the legal approval of its Annual Special Budget and the Wages before the last day of the year, the Budget and Wage Regime that until that date has been governed, will be deemed legally extended until such approval is granted.
Art. 33.-The Fund shall be governed by a salary scheme, the project of which shall be presented with its annual special budget, in accordance with the following rules:
(a) The members of the Board of Directors and alternates shall pay daily allowances in accordance with the established in Art. 13;
b) The remuneration of the Manager, officials and technical and administrative staff shall be determined by the Board of Directors;
c) The remuneration of personal service contracts shall be subject to the general rules to be adopted by the Council, without prejudice to the provisions of the Labour Code; and;
ch) Benefits may be established by taking into account the usual practices in the National Financial System.
Art. 34.-In the case of matters directly related to the Fund, the views of the committees on the internal and/or external committees, the expenditure on representation of officials and the allocations for missions abroad, by members of the Council, officials, technical and administrative staff of the Fund, shall be authorized by the Council, in accordance with the General Regulations of Viatics, which applies to the Autonomous Official Institutions.
Art. 35. Within three months of the end of each financial year, the Fund shall draw up its corresponding memory, which shall be submitted to the Ministry of Planning and Coordination of Economic and Social Development.
CHAPTER VII
AUDITS AND AUDIT
Art. 36.-The internal audit of the FOSEP will be in charge of the Auditor, with extensive powers to oversee the operations of the Fund and to ensure compliance with the Resolutions and Agreements of the Board of Directors.
The Auditor will give an account immediate to the Board of Directors, through the President, of irregularities affecting the administrative, financial and accounting activities of the FOSEP.
Art. 37.-The Internal Auditor must be a Certified Public Accountant or a Public Accountant, with recognized good repute and good competition.
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Art. 38.-The Internal Auditor shall submit annually to the Board of Directors and monthly to the Manager, or when these Organs so require, a report on the administrative, financial and accounting status of the FOSEP, on the manner in which they have been conducted operations, including observations or suggestions of internal control and others that are appropriate to improve the administrative and accounting aspects of the Fund.
Art. 39.-The Situation Balance, the State of Losses and Earnings, the Budget Settlement Account, and any other document relating to the economic management of the FOSEP, which must be submitted to the Board of Directors, should be endorsed by the Auditor.
Art. 40.-The Council shall appoint an External Auditor for the examination and verification of its operations, who shall submit to the Council an annual report and in addition when required on the results obtained from the examination of the financial statements and evaluation of the internal control and the way in which the operations of the FOSEP have been developed, including the comments and suggestions that are necessary to improve the financial march of the Fund.
Art. 41.-Without prejudice to the provisions of the preceding articles, the Fund shall be subject to the audit of the Court of Auditors of the Republic by means of a Delegate Auditor. The role of the Auditor shall be to ensure that the operations of the Fund are in accordance with the requirements of this Law and the other applicable laws. Its intervention in the implementation of the Fund's budget shall be a posteriori and shall aim at the immediate settlement of those acts which are subsable. Such a delegate shall have no power to object or to resolve with respect to acts of administration or any other that the Fund carries out in the pursuit of its purposes, unless there has been an infringement of the Law.
Art. 42.-The Auditor shall be exclusively responsible for supervising the operations of the Fund, for the purpose of which it shall be obliged to work during the full hearing and in the institution's own offices.
In the exercise of its functions the Delegate shall:
a) dir and obtain at any time the explanations and reports that I will need for the faithful performance of his/her duties;
b) Report in writing to the Fund Manager, within forty-eight hours, of any irregularity or infraction that I will notice and indicate a reasonable time limit for it to be remedied; and
c)
If, in the opinion of the Board of Directors of the Fund, there is no irregularity or infraction in the act observed by the Delegate pursuant to point (b) of this Article, it shall make it known, written to the Delegate within the prescribed period, stating the reasons and explanations relevant; and if such reasons and explanations are not satisfactory to the Delegate, the case shall be subject to the decision of the President of the Court of Auditors the Republic who will resolve the matter after hearing the Fund.
If the President of the Court of Auditors does not satisfy the Board of Directors of the
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FOSEP, which may refer the case to the Executive Body in the Council of Ministers, for the purposes stated in Article 197 of the Constitution.
If the FOSEP does not object to the irregularity or infraction observed by the Delegate or the subsanare of the time limit for such effects, or if, where appropriate, it does not comply with the The President of the Court of Auditors of the Republic without having recourse to the Executive Council of Ministers, as previously provided for, the act objecting shall be the subject of the judgment of accounts covering the period during which it was executed.
When the FOSEP deems it necessary, it shall hear the opinion of the Delegate on the operations or acts that I wish to execute in the pursuit of its purposes that the Law entrusts. If the opinion of the Delegate disagrees with that held by the FOSEP, the case will be submitted to the President of the Court of Auditors of the Republic so that, in the name of the Court, he decides.
If the FOSEP is not satisfied with the decision may, if appropriate, raise the matter to the Council of Ministers, for the purposes of Article 197 of the Constitution.
CHAPTER VIII
GENERAL AND TRANSITIONAL PROVISIONS
Art. 43.-The FOSEP will develop its administrative management without the intervention of the General Directorate of the Budget, of the General Proveeduria of the Republic and without subjection to the Law of Supplies.
Art. 44.-The Council shall approve purchases of goods, furniture, equipment and the hiring of non-personal services. The Manager may approve them up to the amount previously determined by the Council.
Art. 45.-For the efficient development of their activities, the FOSEP may formulate and/or execute training programs for its human resources, in coordination with national or foreign pre-investment agencies.
Art. 46.-As long as the regulations are not issued to this Law, the regulations and manuals in force will continue to be applied, in whatever way they do not contradict it.
Art. 47.-The General Directorate of Treasury and the Fund shall take the necessary measures, so that within a period not greater than 3 months from the date of this Law, the balances of the funds managed by the Directorate General and which are part of the The financial resources of the FOSEP are transferred to the direct responsibility of the Fund.
Art. 48.-The Executive Board of the FOSEP, integrated in accordance with the Law of Creation of the Salvadoran Fund for Preinvestment Studies, which today is repealed, will exercise the functions established in Art. 16 of this Law for the period of up to thirty years. days counted from its validity, within which the Directors referred to in Art. 5 of this Law shall be appointed.
Art. 49.-The President of the Republic, on a proposal from the Ministry of Planning and Coordination
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of Economic and Social Development, within ninety days, will decree the Regulation of this Law.
Art. 50.-All the actions carried out on the basis of the Law of Creation of the FOSEP, retain their validity and continue to have the consequent legal effects, starting from the validity of this Decree.
Art. 51.-Derogase Legislative Decree No. 532, dated May 18, 1978, published in Official Journal No. 102, Volume 259 of June 2 of the same year, which contains the Law of Creation of the Salvadoran Fund for Preinvestment Studies.
Art. 52. This Law will enter into force eight days after its publication in the Official Journal.
GIVEN IN THE BLUE HALL OF THE LEGISLATIVE PALACE: San Salvador, at twenty-five days of the month of April of a thousand nine hundred and ninety-one.
Ricardo Alberto Alvarenga Valdivieso, President.
Luis Roberto Angulo Samayoa, Julio Adolfo Rey Prendes, Vice President. Vice President.
Mauricio Zablah, Mercedes Gloria Salguero Gross, Secretary. Secretary.
Raul Manuel Somoza Alfaro, Nestor Arturo Ramirez Palacios, Secretary. Secretary.
Dolores Eduviges Henríquez, Secretary.
Macla Judith Romero de Torres, Secretary.
CASA PRESIDENTIAL: San Salvador, six days into the month of May, one thousand nine hundred and ninety-one.
PUBESCOSE,
ALFREDO FÉLIX CRISTIANI BURKARD, President of the Republic.
Mirna Lievano de Marquez, Minister of Planning and Coordination
of Economic and Social Development.
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D.O. Nº 90 TOMO Nº 311 DATE: 20 de Mayo 1991.
REFORMS:
(1) D.L. Nº 32, JUNE 19, 1997; D.O. NO 127, T. 336, JULY 10, 1997.
(2) D.L. NO. 84, AUGUST 17, 2012; D.O. NO. 154, T. 396, AUGUST 22, 2012.
JCH/ngcl.
JCH 11/09/12
