Key Benefits:
LEGISLATIVE ASSEMBLY-REPUBLIC OF EL SALVADOR
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DECREE NO 930
THE REVOLUTIONARY GOVERNING BOARD,
CONSIDERING:
I.-That the Proclamation of the Armed Forces of the Republic of El Salvador, dated October 15, 1979, points out the need to adopt measures that lead
to an equitable distribution of national wealth and increase at the same time, in an accelerated manner, the Gross Territorial Product;
II. measures in reference, is the implementation of Special Development Programs that aim to increase national production and the creation of additional sources of work;
III.-That, among the Special Programs Development, is of primary importance the relative to the accelerated promotion of the industrial activities, since the country has
been struggling for the transformation of its productive structure, of agricultural character and still monocultivist, with the object of achieving a diversified production of industrial character;
IV.- That, in order to promote such activities, the State must carry out plans and programs aimed at allowing it a greater intervention in industrial productive activities that it qualifies of national interest, for which it requires
financial support instruments;
V.-That the Salvadoran Institute of Industrial Development, with its current structure
financial, cannot meet the objectives of promotion for which it was created, for what is done necessary to be dissolved and replaced by other industrial promotion bodies, which will be appropriate structures
to their objectives and to which the State must allocate the resources necessary to them.
BY TANTO,
in use of the legislative powers granted to it by Decree No. 1 dated October 15,
1979 published in Official Journal No. 191, Volume 265, of the same date, and heard the opinion of the Supreme Court of Justice,
DECREE, SANCTIONS AND PROMULGA, the following:
ORGANIC LAW OF THE NATIONAL BANK OF INDUSTRIAL AND INDUSTRIAL DEVELOPMENT SALVADORAN INVESTMENT CORPORATION
TITLE I (Repealed By: 267/1995)
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NATIONAL INDUSTRIAL DEVELOPMENT BANK
CHAPTER I (Repealed by: 267/1995) FUNDAMENTALS
Creation
Art. 1.- (Repealed by: 267/1995)
Address
Art. 2.- (Repealed by: 267/1995)
Objectives and Functions
Art. 3.-(Repealed by: 267/1995)
Financial Plans
Art. 4.- (Repealed by: 267/1995)
Resources
Art. 5.- (Repealed by: 267/1995)
Participation Certificates
Art. 6.- (Repealed by: 267/1995)
Integration to the financial system
Art. 7.- (Repealed by: 267/1995)
CHAPTER II (Repealed by: 267/1995) OPERATIONS
Passive Operations
Art. 8.- (Repealed by: 267/1995)
Passive Operations Regulations
Art. 9.- (Repealed by: 267/1995)
Active Operations
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Art. 10.- (Repealed by: 267/1995)
Fomento Special Credits
Art. 11.- (Repealed by: 267/1995)
Active Operations Related Regulations
Art. 12.- (Repealed by: 267/1995)
Obligations
Art. 13.- (Repealed by: 267/1995)
Monitoring and Intervention
Art. 14.- (Repealed by: 267/1995)
Bans
Art. 15.- (Repealed by: 267/1995)
Inadmissible Goods As Warranty
Art. 16.- (Repealed by: 267/1995)
Guaranty Constitution
Art. 17.- (Repealed by: 267/1995)
Subsidiary Warranty
Art. 18.- (Repealed by: 267/1995)
CHAPTER III
GOVERNORS ASSEMBLY (4)
INTEGRATION
Art. 19. THE GOVERNING BODIES OF THE BANK SHALL BE THE ASSEMBLY OF GOVERNORS AND THE BOARD.
THE MAXIMUM AUTHORITY WILL BE EXERCISED BY THE ASSEMBLY OF GOVERNORS, WHICH WILL BE INTEGRATED INTO THE FOLLOWING FORM:
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1. THE MINISTER OF ECONOMY; 2. THE FOREIGN MINISTER;
3. THE MINISTER OF FINANCE; 4. THE MINISTER OF AGRICULTURE AND LIVESTOCK; 5. THE PRESIDENT OF THE CENTRAL RESERVE BANK OF EL SALVADOR; AND,
6. THE TECHNICAL AND PLANNING SECRETARY OF THE PRESIDENCY OF THE REPUBLIC.
THE PRESIDENT OF THE ASSEMBLY WILL BE THE MINISTER OF ECONOMY AND, FAILING THAT, LO
WILL REPLACE IN HIS ORDER, THE MINISTER OF AGRICULTURE AND ANIMAL HUSBANDRY AND THE TECHNICAL AND PLANNING SECRETARY OF THE PRESIDENCY OF THE REPUBLIC.
THE PRESIDENT OF THE NATIONAL BANK OF INDUSTRIAL PROMOTION WILL ACT AS SECRETARY OF THE ASSEMBLY OF GOVERNORS, WITH A VOICE BUT WITHOUT A VOTE. (4)
Replacing
Art. 20.-(3) (Repealed by: 267/1995)
Sessions
Art. 21.- (Repealed by: 267/1995)
The Board of Governors
Art. 22.- (Repealed by: 267/1995)
CHAPTER IV (Repealed By: 267/1995)
Integration Directory
Art. 23.- (Repealed by: 267/1995)
Art. 24.- (Repealed by: 267/1995)
Art. 25.- (Repealed by: 267/1995)
Directory attributions
Art. 26.- (Repealed by: 267/1995)
Vacants
Art. 27.- (Repealed by: 267/1995)
Temporary Replacement
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Art. 28.- (Repealed by: 267/1995)
Requirements to be a Member of the Directory
Art. 29.- (Repealed by: 267/1995)
Inskill Causes
Art. 30.-(3) (Repealed by: 267/1995)
Inskill Causes for Other Directors
Art. 31.-(3) (Repealed by: 267/1995)
Form of Inability To Operate
Art. 32.- (Repealed by: 267/1995)
Directory and Remuneration Sessions
Art. 33.- (Repealed by: 267/1995)
Impairment by Personal Interest
Art. 34.- (Repealed by: 267/1995)
Directors ' Responsibilities
Art. 35.- (Repealed by: 267/1995)
CHAPTER V (Repealed By: 267/1995) THE BANK PRESIDENT
Of The President
Art. 36.- (Repealed by: 267/1995)
President's Privileges
Art. 37.- (Repealed by: 267/1995)
Legal Representation
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Art. 38.- (Repealed by: 267/1995)
CHAPTER VI (Repealed By: 267/1995) ADMINISTRATION AND PERSONAL
Direct Administration
Art. 39.- (Repealed by: 267/1995)
Incompatibilities
Art. 40.- (Repealed by: 267/1995)
Staff Rules
Art. 41.- (Repealed by: 267/1995)
Entry Ban
Art. 42.- (Repealed by: 267/1995)
Prstations
Art. 43.- (Repealed by: 267/1995)
TITLE II
OF THE SALVADORAN INVESTMENT CORPORATION
CHAPTER I FUNDAMENTALS
Creation
Art. 44.-Create the Official Investment Institution, of an autonomous nature, called
"Salvadoring Corporation of Investments", which may also be referred to as "CORSAIN". Its duration will be indefinite and will have legal personality and its own heritage.
Address
Art. 45.-The Salvadoran Investment Corporation, which in the text of this law may
name "the Corporation", shall have its domicile and principal offices in the city of San Salvador and may establish in the country or abroad the branches, agencies, offices, and corresponding offices that you deem appropriate, for the fulfillment of your objectives.
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Objectives and Functions
Art. 46.-The Corporation will be the instrument of the State to promote and develop societies and companies engaged in the realization of industrial activities, especially: manufacturing, agroindustrial, mining, fishing and The industrialization of seafood products, as well as those that
aim to promote tourism. To achieve these objectives, the Corporation will have the following functions:
a) Coordinate the State's business action in such activities.
b) Manage directly or indirectly the investments or co-investments that the State perform
through the Corporation.
c) Participate in companies that aim to develop the activities to which
refers to the first paragraph of this article.
ch) Create new companies and strengthen existing ones, fully or partially participating in
its address.
d) Capture resources through the acceptance and management of trusts and the issuance of bonds to invest and co-invest in companies.
e) Provide directly or indirectly technical assistance for the smooth functioning of companies and companies to engage in the activities mentioned in the paragraph
first of this article.
f) Participate in the Stock Exchange.
Plans
Art. 47.-The Corporation shall develop its investment plans in harmony with the national development plans by implementing them through annual operational plans, which shall be submitted to the Board of Governors for approval, less, one month before the start of
each financial financial year.
Each operational annual plan will comprise: the economic analysis of the previous plan, the programs
to be executed in the following immediate year, the List of projects and activities to be carried out, and the operating budget and
In general, the policy of the Corporation must be based on the state's industrial development policy.
Resources
Art. 48.-The Corporation's resources will consist of:
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a) Net assets resulting from the Consolidated Extraordinary Balance Sheet Salvadoran Institute of Industrial Development, which is transferred to you in accordance with the
provisions of Article 108 of this Law.
b) Special funds allocated to you by the State for technical assistance.
c) grants or subsidies that the State grants to you.
ch) Those that come from the transfer, to any title, of the companies in which it is an investor, as stipulated in the Regulation that will be issued by the Board of Governors to the effect.
d) The profits it obtains from its operations.
e) Other goods that, to any title, acquire.
Art. 49.-Capital contributions provided by the State to the Corporation will be presented
by means of certificates of participation. Such certificates shall be issued by the Corporation in a manner determined by the Ministry of Finance in accordance with the Court of Auditors of the Republic, and shall be delivered to the General Directorate of Treasury against the delivery of State contributions, either in money or other goods as such contributions are made.
Art. 50.-The Corporation shall form part of the Financial System and shall be subject to the provisions of the Law on Credit Institutions and Auxiliary Organizations, in which it is not expressly regulated
in this Law.
CHAPTER II
Passive Operations
Art. 51.-The Corporation, as an Investment Institution, may perform the following passive operations:
a) Receiving funds by issuing, underwriting and trading bonds for investment and co-investment in companies, as well as issuance Certificates of Participation on their investments.
b) Acceptance and management of trusts. This operation will be exempt from income and road taxes, as well as from donations and inheritance taxes.
c) Obtaining internal and external resources through the hiring of loans, credit lines, placement of securities or any other mode used in
national and international capital markets.
Operations
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Art. 52.-The Corporation may perform the following active operations:
a) Investing or co-investing in companies and companies through the acquisition of shares, units and securities.
b) Create new industrial companies, when the activities of these agree to the general interests of the country.
c) Buy and sell shares, shares and securities of any kind.
ch) Act as an intermediary in the subscription and placement of shares of Companies for shares and securities issued by such companies, with the obligation to sell them to the public within a period which may not exceed one year.
As regards intermediation in the subscription and placement of shares concerning a company, the transaction may not exceed 30% of the capital and reserves
of the Corporation's capital and of eighty percent of the subscribed and paid capital of the respective company.
If the transaction relates to securities securities it may not exceed the debt ratio-
heritage 70-30 of the corresponding society.
In justified cases, the Board of Governors You can extend the deadlines and
previously set margins.
Resources, Capital, and Operating Fund
Art. 53.-The resources assigned to each of the Corporation's Operations, as regards capital, reserves and operational funds, will be determined by the Board of Governors.
Rules on National and Foreign Credit
Art. 54. Any national or external credit operation that the Corporation contracts shall be supported by a study that determines its suitability and that the use of the funds reasonably ensures compliance with the obligations.
The hiring of external credits for a period of up to one year will require the prior approval of the Central Reserve Bank of El Salvador; and those contracted for longer than one year, the
prior approval of the EXECUTIVE BODY in the Economy and Finance Ramos.(3)
Guaranty Constitution
Art. 55.-The Corporation, subject to the authorization of the Board of Governors, may grant guarantees to ensure the fulfilment of its obligations, constituting, if necessary,
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levies on your assets.
The guarantees will not exceed the percentage of the investments that the Corporation has in companies or companies that they intend to guarantee, unless the Board of Governors, in special cases, increases that percentage.
Investment Operations Regulations
Art. 56.-In respect of investment operations, whether the acquisition of shares, certificates of shares, shares or securities, the Corporation shall satisfy itself that the companies and undertakings established or to be established in which it intends to invest, present conditions
or financial economic projections that assure, reasonably, the recovery of the investments.
When the companies created or in which the Corporation has co-invested come to be
normally profitable, this will be able to recover the investment through its sale on the market, unless the Board of Governors, for reasons of public interest, resolves that the Corporation retains all or part of the investments made.
Supervision and Intervention
Art. 57.-Whenever the Corporation carries out investment operations, it shall supervise the progress
of the undertakings, activities or works in question, and, in any event, in the case of a Company, the power to appoint the Company shall be reserved. Director or Directors required in its Board of Directors.
The Corporation shall be contractually reserved for the rights necessary to carry out the control and supervision referred to in the foregoing paragraph and, where it deems appropriate, may stipulate the right to intervene in the appointment of managers or administrators of institutions funded.
Bans
Art. 58.-The Corporation is prohibited:
a) Investing or co-investing in a single company or a group of companies belonging to a single
or legal personin excess of thirty percent of the Corporation's capital and reserves, and shall not exceed 40% of the assets of the undertaking or undertakings in which it is intended to invest or co-invest. In justified cases, these margins may be extended within the guidelines that the
effect points to the Board of Governors.
b) Acquire or retain real estate that is not intended for the purpose of the purposes of the
Corporation. If such goods are transferred free of charge to them by way of sale, swap or other form, either by public or private auction or by direct, prior authorization and approval, they shall be transferred to the public by means of sale, permuse or otherwise. any case, from the Ministry of Finance. In
everything that is not foreseen in this literal will apply Article 203 of the Law on Credit Institutions and Auxiliary Organizations.
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c) Perform speculative or knowledge-based operations.
CHAPTER III OF THE GOVERNMENT OF THE CORPORATION
Governing Bodies and Integration of the Board of Governors
Art. 59.-THE GOVERNING BODIES OF THE CORPORATION SHALL BE THE ASSEMBLY OF
GOVERNORS AND THE BOARD OF DIRECTORS.
THE MAXIMUM AUTHORITY WILL BE EXERCISED BY THE ASSEMBLY OF GOVERNORS, WHICH
WILL BE INTEGRATED INTO THE FOLLOWING FORM:
1. THE MINISTER OF ECONOMY;
2. THE MINISTER FOR EXTERNAL RELATIONS; 3. THE MINISTER OF FINANCE; 4. THE MINISTER OF AGRICULTURE AND LIVESTOCK;
5. THE PRESIDENT OF THE CENTRAL RESERVE BANK OF EL SALVADOR; AND, 6. THE TECHNICAL AND PLANNING SECRETARY OF THE PRESIDENCY OF THE REPUBLIC.
THE PRESIDENT OF THE ASSEMBLY WILL BE THE MINISTER OF ECONOMY AND, FAILING THAT, THE
WILL REPLACE IN HIS ORDER THE MINISTER OF AGRICULTURE AND ANIMAL HUSBANDRY AND THE TECHNICAL AND PLANNING SECRETARY OF THE PRESIDENCY OF THE REPUBLIC.
THE PRESIDENT OF THE CORPORATION WILL ACT AS SECRETARY OF THE ASSEMBLY OF GOVERNORS, WITH VOICE BUT NO VOTE. (4)
Replacing
Art. 60.-AS ALTERNATES OF THE STATE MINISTERS WILL ACT THE DEPUTY MINISTERS
OF THE BOUQUET; AND, AS ALTERNATE OF THE PRESIDENT OF THE CENTRAL BANK, THE VICE-PRESIDENT OF THE SAME BANK. (3)
Sessions
Art. 61.-The Board of Governors of the Corporation will hold sessions in an ordinary way,
four times, at least, per year, which must be verified in the months of March, June, September and December. The call will be made by the Minister of Economy, through the President of the Corporation, who will be able to convene it in an extraordinary way when it is deemed appropriate or requested by two or more
members of the Assembly
shall be validly celebrated with the assistance of at least four members.resolutions will be taken by a majority of votes. Each member will have the right to vote and, in the event of a tie, the Chair of the Board of Governors will have a vote of quality.
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Powers of the Board of Governors of the Corporation
Art. 62.-They are the privileges of the Board of Governors of the Corporation:
a) Determine the general policies of the Corporation for the development of its functions
and the fulfillment of its objectives, in harmony with the policies
b) Authorize the issuance of securities securities.
c) Establish the policy that the Corporation must follow in the sale of the shares that it belongs to, as a result of its investments.
ch) Approve their sectoral plans and their annual operational plans, on a proposal from the Board of Directors and empower this to make the necessary modifications and additions to
to achieve the proposed goals.
d) Approve and enforce the mechanisms to assess the sectoral plans and
the annual operational plans, as well as the performance of the officials who execute them.
e) Approve, on a proposal of the Board of Directors, the budget of the Corporation, and the modifications thereof.
f) Name of a terna proposed by the Superintendence of Banks and Other Financial Institutions to the External Auditor of the Corporation and fix their emoluments.
g) Set the remuneration of the Directors of the Corporation.
h) Authorize the acquisition of buildings and construction of buildings for their own use and their personnel.
i) Know and approve the Annual Report and the States Financial of the Corporation and to make them timely of the knowledge of the EXECUTIVE ORGAN in the Ramo of Economics.(3)
j) Approve, on a proposal of the Board of Directors, the constitution of the funds it deems necessary and the reserves.
k) Exercise the other privileges that the Law points to you.
Art. 63.-The Board of Governors shall appoint an Advisory Board of the Corporation, which shall be of a participatory nature, which shall be composed of representatives of the financial, industrial and labor sectors appointed by the latter. It will also set its attributes, functions, and field
of action.
CHAPTER IV
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THE ADDRESS COUNCIL
Integration
Art. 64.-The Board of Directors, as the executive body of the Corporation, will be integrated as follows
manner:
a) A full-time President, appointed by the Board of Governors
and ratified by the President of the Republic.
b) A full-time Vice President, appointed by the Assembly of
Governors.
c) Three Managing Directors and three alternates appointed by the Assembly of
Governors.
Function Duration Period
Art. 65.-The Directors President and Vice-President shall be appointed for a period of three years, and each of the other Directors for a period of two years; all of which may be re-elected.
Directors of the Board of Directors
Art. 66.-The Board of Directors shall have the following powers:
a) Propose, for consideration and approval of the Board of Governors, the annual operational plans, the budget of the financial year and its modifications, as well as the
assessment mechanisms for such plans and budgets.
b) Evaluate the implementation of the annual operational plans and make the
modifications and additions to them in order to achieve the proposed goals.
c) Establish the administrative structure of the Corporation
ch) Designate from among its members, the Directors who shall integrate the special committees which it deems appropriate to establish; and delegate to them, in accordance with the relevant Regulation
, some of the functions set out in this Article.
d) Name and To remove officials and other staff members it deems necessary.
e) Approve the Work Regulations in accordance with the provisions of Article 82 of this Law.
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f) Approve the Corporation's internal operating manuals, as well as their
g) Agreed, after authorization of the Board of Governors, to issue securities securities.
h) Manage and authorize the obtaining of loans or credit lines in the country or in the and the constitution of the necessary guarantees.
i) Promote and make the investments and co-investments necessary to meet the objectives set forth in this Law.
j) Authorize the acquisition of furniture and equipment for use by the Corporation.
k) Know the Balance Sheet and its annexes; the statement of profit and loss, the account for the settlement of the budget and the application of the utilities and submit them for approval to the Board of Governors.
l) Facultate the President of the Board of Directors for to authorise or make investments or co-investments and certain costs and to inform the Commission of the formalities; requirements and limits on which it will have to condition its performance.
m) Formulate the Annual Report and submit it for consideration and approval of the Board of Governors.
n) Name of a third party proposed by the Superintendency of Banks and other Financial Institutions, the Internal Auditor of the Corporation.
n) Exercise the other functions and powers that correspond to it in accordance with the Law, Regulations and applicable provisions.
Vacants
Art. 67.-In the event of death, removal, resignation or other permanent impairment of a member of the Board of Directors, a new owner or alternate shall be appointed, as the case may be, to terminate the period of the missing Director. The appointment of the replacement will be in the form provided for in Articles 64 and 65
of this Law.
Temporary Replacement
Art. 68.-In the event of absences, excuses or temporary impairment of the Director President, the Vice-President shall perform his duties. If they are the owners, these will be
replaced by the respective alternates. If the Deputy Director is also missing, the Chairman of the Board of Directors may call any alternate to replace the missing owner, as long as it is indispensable to form a quorum.
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If the Directors President and Vice President fail, for any reason, the Board of Directors will be made up of the remaining directors, who will appoint the person who will act
as President.
Requirements to be a Member of the Board of Directors
Art. 69.-The President, the Vice-President and other Directors and alternates shall be Salvadorans, over twenty-five years of age, of notorious financial competence,
of recognized honorability and having resided in the at least one year before his appointment.
Inability for President and Vice President
Art. 70.-They are indefable to serve the positions of Director President and Vice President:
a) The debtors of the Corporation, their spouses or their relatives within the fourth degree of consanguinity or second degree of affinity.
b) co-investors in companies or companies in which the Corporation participates.
c) The Directors of any credit institution and the officials or employees of the
private credit institutions.
ch) Relatives within the fourth degree of consanguinity or second affinity of the
President of the Republic or of the members of your Government Cabinet.
d) Relatives within the fourth degree of consanguinity or second degree of affinity of the
members of the Board of Governors, the President or any other of the Directors
e) Officials mentioning Article 211 of the Political Constitution.
f) Administrators of companies or companies where you have invested or co-invested
the Corporation.
g) Insolvent or broken, as long as they have not been rehabilitated.
(h) Those convicted of intentional crimes, while not being rehabilitated; and those convicted of crimes against the estate and against the economic order.
i) Those who, for any cause, are legally unable to exercise such crimes. functions.
Inskill Causes for other Directors
Art. 71.-They are not able to carry out the other positions of Directors of the Board of Directors:
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a) The debtors of the Corporation, their spouses or their relatives within the fourth
b) Co-investors in companies or companies in which the Corporation participates.
(c) The Directors of any credit institution and the officials or employees of the private credit institutions.
ch) Relatives within the fourth grade of consanguinity or second of affinity of the members of the Board of Governors, the Director-President or any other of the acting Directors of the Corporation previously appointed.
d) THE OFFICIALS WHO MENTION THE ART. 236 OF THE CONSTITUTION. (3)
e) Administrators of companies or companies where the Corporation has invested or co-invested.
f) Insolvent or bankrupt, while not being rehabilitated.
g) Those convicted of intentional crimes, while have not been rehabilitated; and those convicted of crimes against the estate and against the economic order.
h) Those who, for any cause, are legally unable to exercise those functions.
Form of Proceder in the Causals of Inability
Art. 72.-Initiated criminal proceedings against a Director, this will be suspended in his/her duties from
to be provided for arrest until the case is resolved by executing sentence.
When any of the causes of the case exist or the inability mentioned in the articles
, will expire the management of the respective Director and will proceed to its replacement in the form foreseen in this Law.
Correspond to the Court of Auditors of the Republic to qualify and declare the the inability of the Board members and the expiration of their management.
However, the acts or contracts authorised by any indeft Director, before their inability is declared, shall not be invalidated for such circumstances, nor with respect to the Corporation or with respect to third parties.
Council Sessions Manager and his Remuneration
Art. 73.-The Directory shall be held at least twice a month by a call from its President, on its own initiative or by three or more Directors.
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The sessions will be validly celebrated with the assistance of at least four of the the Directors. The resolutions will require at least three concordant votes from the attendees.
In case of a tie the President of the Corporation will have a vote of quality.
The Deputy Directors will be able to attend the sessions, with voice but no vote, except when they replace the owner. Only the Directors attending the sessions will be entitled to receive daily allowances.
The President and Vice-President shall not pay any remuneration for the sessions to which they attend. The other Directors will be responsible for the sessions they attend.
Directors 'remuneration will be fixed by the Board of Governors.
Directors' Responsibilities
Art. 74. Any act, resolution or omission that contravene the laws or
or
will make the Directors who have taken it in personal and solidarity responsibility for the damages that they have caused.The Directors who are not in agreement with the resolution taken shall record their
dissenting vote in the minutes of the session in which the matter was dealt with. In any case, they will be able to record their reasoned vote.
The Directors attending the sessions of the Board of Directors will also be responsible for disclosing or taking advantage of any confidential information on matters in them. or to use such information to the detriment of the Corporation or third parties.
CHAPTER V THE PRESIDENT OF THE CORPORATION
The President
Art. 75.-The Chairman of the Corporation shall be responsible for the execution of the resolutions of the Board of Governors and the Board of Directors, as well as the general supervision and coordination of the activities of the Corporation.
Privileges
Art. 76.-Corresponds to the Chairman of the Corporation:
a) Call and chair the sessions of the Board of Directors and guide their deliberations.
b) Study and review in collaboration with the Vice-President, the issues to be addressed propose to the Board of Directors and submit them in due consideration.
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c) Authorizing financial or commercial operations related to management of the Corporation, acting within the conditions and limitations that the Board of Directors
has indicated to him.
ch) To extend the relations with the authorities of the Republic, and to coordinate the activities
Corporation with those of the State and its dependencies.
d) Exercise other functions than correspond to you according to the law, regulations
and the agreements of the Board of Directors.
Legal Representation
Art. 77.-The legal representative of the Corporation shall be the President who, in such a character, may intervene in the acts and contracts that the Corporation celebrates and in the proceedings or
administrative proceedings in which it has an interest.
President may delegate his representation to the Vice President or other
officials and grant powers on behalf of the Corporation acting in all such cases upon decision of the Board of Directors.
CHAPTER VI
ADMINISTRATION AND PERSONAL
Direct Administration
Art. 78. The President and the Vice-President shall distribute the administrative functions not expressly assigned to the former. The President, in accordance with the resolutions of the Board of Directors, may
delegate to the Vice President the functions assigned to him in this Law; and both shall have direct administration of the Corporation, with the officials and employees who are needed for the institution's good march.
Incompatibilities
Art. 79.-The President, the Vice-President and other officials of the Full Time Corporation shall not be able to perform any other employment or public or private paid position, nor to devote themselves to the exercise of any profession, Except for the performance of teaching positions,
prior to the authorization of the Board of Directors. However, they may serve as Directors appointed by the Corporation and perform technical commissions entrusted to them by the Government of the Republic or by the official autonomous institutions.
Staff Rules
Art. 80.-To ensure the efficiency of the Corporation's administration, the stability and protection of its personnel, the administrative career of officials and employees of the Corporation is established.
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Ban on Income
Art. 81.-They may not enter into the Corporation, as officials or employees, the spouses or relatives within the fourth degree of consanguinity or second degree of affinity of the members of the Board of Governors and of the Board of Directors.
Prstations
Art. 82.-Officials and employees of the Corporation shall enjoy the benefits set forth in the respective Work Regulations, and in accordance with the guidelines established by the Board of Governors.
TITLE III PROVISIONS GENERALS
FISCUP CHAPTER I
Administrative Management
Art. 83.-The Bank and the Corporation will develop their administrative management without intervention from the General Directorate of the Budget or the General Office of the Republic and will not be applicable to it
the Treasury Law, the Organic Law of Budgets, General Budget Laws and Special Budgets of Autonomous Institutions, Law of Supplies, or any other provisions that relate to the collection, custody, administration or investment of public funds and in general, to the handling of
State Assets.
Fiscalization
Art. 84.-The Bank and the Corporation will be subject to the Fiscalization of the Court of Auditors of the Republic, the Superintendence of Banks and other financial institutions and its Internal Audits
and External.
Fiscalizing Function of the Court of Auditors of the Republic
Art. 85. The Court of Auditors of the Republic shall exclusively audit the administrative operations of the Bank and the Corporation in accordance with the provisions of this Law. The
audit shall be carried out by means of a permanent delegate and the auxiliaries that are necessary, in a manner appropriate to the nature and purposes of the Bank and the Corporation.
In the exercise of its functions the Delegate may:
a) Having access to the Bank's and the Corporation's accounting records and records, with
the object of reviewing them in accordance with technical auditing standards and procedures.
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b) Perform archies and checks that you deem appropriate, examine the different financial statements and verify them with the books, documents and stock.
c) Request at any time the explanations and reports that are necessary for the faithful performance of their functions.
Correction of Irregularities And Infractions
Art. 86. In order to obtain the immediate correction of irregularities and infringements affecting the good administration of the Bank and the Corporation, the Delegate shall be obliged to inform the President of the Bank or the Corporation in writing if the case warrants it within forty-eight
hours of having noticed them and to indicate a reasonable period for them to be remedied.
IF IN THE JUDGMENT OF THE BANK OR THE CORPORATION, THERE WILL BE NO IRREGULARITY OR
INFRINGEMENT IN THE ACT OBSERVED BY THE DELEGATE, IN ACCORDANCE WITH THE PRECEDING PARAGRAPH, SHALL MAKE IT KNOWN IN WRITING, WITHIN THE PERIOD STATED, STATING THE RELEVANT REASONS AND EXPLANATIONS; IF THESE REASONS AND EXPLANATIONS ARE NOT SATISFACTORY
FOR THE DELEGATE, THE CASE WILL BE SUBMITTED TO THE DECISION OF THE PRESIDENT OF THE COURT OF AUDITORS OF THE REPUBLIC, WHO WILL DECIDE IT COMES AFTER HEARING FROM THE BANK OR THE CORPORATION WHERE APPROPRIATE. IF THE BANK OR THE CORPORATION DOES NOT COMPLY WITH WHAT IS RESOLVED BY THE BANK OR THE CORPORATION, IT SHALL RAISE THE CASE TO THE EXECUTIVE BODY TO ADOPT THE
APPROPRIATE SOLUTION IN THE COUNCIL OF MINISTERS; UNDER ARTICLE 197 OF THE CONSTITUTION. (3)
Preventive Intervention
Art. 87.-There will be no action to enforce the responsibilities against Bank officials
or the Corporation for the acts or erogations they perform in the performance of their duties when they have been previously consulted and approved by written by the Delegate of the Court of Auditors of the Republic, by the President of the Court or by the EXECUTIVE BODY in the Council of Ministers.(3)
The Delegate of the Court of Auditors of the Republic must evacuate in writing the (a) the right to a request for a request for a decision on the basis of the delays
detrimental to the interests of the Institution and the users of its services.
Scope of Faculties
Art. 88.-The Court of Auditors of the Republic and its Delegates shall not be entitled to resolve the appropriateness or inconvenience of the operations or use of funds, but must be limited to verifying
the legality of the expenditure and operation.
External and Internal Auditors
Art. 89.-The audit of the External and Internal Auditors of the Bank and the Corporation shall be exercised in accordance with the rules and procedures accepted by the modern accounting technique being
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applicable what is prescribed by the Code of Commerce and other laws
The Auditors shall fill in the requirements required by the laws, in accordance with the nature of the functions they perform and the rules to be established by the relevant bodies of the Bank and the Corporation as regards qualification of good repute, competence and experience.
External and Internal Auditors ' obligations under the Trade Code, as applicable and as determined by the Board of Governors
and the Board of Directors.
The External Auditors, in addition to the opinion on the financial statements, must present
to the Assembly of Governors not later than sixty days after the closure of the economic-financial year, a report on the financial situation of the Bank and the Corporation on the manner in which the operations have been conducted including the observations or suggestions which have been " judgment are
convenient to improve the financial management of the Bank and the Corporation. Failure to comply with this provision for the responsibility of the External Auditor will expire your appointment and the Board or Board of Directors, if any, will appoint your replacement, who will perform your duties until
the next The Board of Governors meeting.
CHAPTER II EXEMPTIONS, BENEFITS AND PRIVILEGES
Exemptions, Benefits and Privileges
Art. 90.-The Bank and the Corporation will be exempt from income and road taxes. Also exempt from all kinds of taxes are the financial contracts and businesses that you hold, as soon as they are legally or contractually paid by the Bank or by the Corporation.
Benefits of the Securities Titles
Art. 91.-The securities and other securities of credit referred to in this Law shall be issued with the conditions and conditions determined by the Monetary Board, with the corresponding legal formalities and shall enjoy the following benefits:
(a) Capital and interest shall be exempt from any kind of tax established or that tax and municipal taxes be established, including specifically taxes
on the Income, of Viality, of Timbers, of Successions and of Donations.
b) They will be accepted in the value that the Monetary Board determines and in guarantee of payment of
customs and consular duties of direct taxes and of any other taxes, taxes and contributions, whether in favor of the State or of the Municipalities; and will also be admitted to the pair as guarantee in any case in which, Provision of the Law or
of the judicial and administrative authorities, the surrender of bail or any other class of caution is required; and
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c) The expired interest coupons will be accepted by the Government, for its value nominal, for the payment of all taxes, taxes and tax contributions.
Register of Real Rights or Affects
Art. 92.-Without the consent of the Bank or the Corporation in its case, it will not be possible to register in the Registry of the Root and Mortgage Property or in the Register of Commerce no writing by which it is sold, is in or serious or in any way it constitutes a real right, especially or part of
the mortgaged or pledged assets in favor of the Bank or the Corporation.
Inembargability of Goods Affects to the Bank
Art. 93.-Granted a loan by the Bank or by the Corporation, the goods given in guarantee will not be foreclosed by third parties for personal credits prior to or after the formation of the
lien. This effect shall be produced in respect of the mortgage to be counted on the date of the preventive annotation referred to in Article 95 of this Law and, as far as the garment is concerned, to the date of filing of the corresponding document for their registration in the respective Registry.
The inembargability set forth in the foregoing paragraph extends to the fruits of the taxed goods and the debtor's right of credit coming from the negotiation of such goods.
Other Benefits of Loans
Art. 94.-All the privileges that this Law grants to the Bank or the Corporation, concerning the
credits originally granted in their favor are granted in respect of the credits acquired by the Bank or the Corporation under legally transferred by third parties.
Preventive Annotation
Art. 95.-Approved a mortgage loan by the Bank or the Corporation, will be extended
certification in extract of the record in which it will contain the following data: date of the act, name and last name or the name or social reason of the borrower, amount of the agreed term loan for their amortization and the mention of the registrations in the Land Registry regarding the domain and
existing charges, relating to the real estate or real estate that will guarantee the obligation, the description of the same is required.
This certification, signed by the Secretary The Board of Directors of the Bank or the Board of Directors of the Corporation, if any, will be preemptively annotated in the Mortgage Register by marginalizing the
corresponding seats. No charge or fee will be charged for the preventive entry in the Register. The effects of the mortgage upon being entered shall be rolled back to the date of the filing of the certification for the purpose of the preventive annotation, in the case of the same buildings as that mentioned. The
effects of the preemptive annotation will cease by the final registration of the mortgage or by the written notice that the Institute of the Registry for the cancellation.
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Other Rights
Art. 96.-All the rights and privileges conferred by this Law must be taken as a legal and integral part of the mortgage and garment rights of the Bank or the Corporation, so that, once the charges are entered, all the rights to This Act will affect third parties, although
do not specifically consist of the contract or the Registry.
Embargoes
Art. 97.-The liens that are locked by the Bank or the Corporation, on the goods recorded in their favor, put an end to the leases, usufructs, anti-resis, or any other constituted right
after the registration of the mortgage on the same goods, without prejudice to the production credits and mortgages and leases granted with the Bank or Corporation's consent duly registered.
Authentications of Certifications
Art. 98.-The transcripts, extracts and certifications of the books and records of the Bank or the Corporation, extended by their respective President or Vice-President of these Institutions and with the stamp of the Bank or the Corporation, shall have the value of authentic documents.
Executive Trial
Art. 99.-Any executive action that the Bank or the Corporation promotes is subject to the laws
common, with the following modifications:
lº) The notifications to be made to the debtor, including the notification of the decree of
however, they shall be made indistinctly in the person of the debtor or the proxy who must be in writing which serves as the basis for the action or to replace it in the case of renewal, replacement or expiry of the respective mandate;
2nd) The test term will be three days and as exceptions only the payment will be accepted cash and error in settlement;
3rd) No appeal of the embargo decree, remate judgment or other providences handed down in the trial or in its incidents;
4th) The Bank or the Corporation shall, where appropriate, be (
)value of the assets in the mortgage deed shall be taken on the basis of the value of the debt and the value of the debt; third
more; without prejudice to the provisions of Art. 638 Pr.;
6th) No terceria may be admitted if it is not founded in domain title, enrolled with
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prior to the Bank or Corporation mortgage. The Judge of the cause shall reject any third party that is not in this case;
7th. In no case shall any accumulation of any other judgment, whatever its nature, be admitted to the execution followed by the Bank or the Corporation, in that only
will be noted the existence of the other credits or judgments, if any, at the request of the respective stakeholders.
Hecha the liquidation and total payment of the credit of the Bank or the Corporation will be notified judic i to lm entity
to the other ac re
edor s for
q u e do n assert
s u s dere chos
sober e the balance
li qui d or sobr
before, if the hubis
ere.
In the meantime the balance mentioned will remain in the Bank or Corporation for a deposit,
for up to one month from the day following the last notification to third-party creditors. After this period has not been locked in the amount deposited, the Bank or Corporation will surrender to the executed, without any responsibility for that, the balance referred to.
8th) No preventive annotation, whatever its origin, shall prevent the auction or award of the assets seized by the Bank or Corporation;
9º) The debtor's domicile and the address or addresses of the Bank or Corporation shall be deemed to have been waived.
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Special Regime
Art. 100.-In all that is not provided for in this Chapter, it shall apply to the special regime established in Chapter II of Title V of the Law on Credit Institutions and Auxiliary Organizations.
FINAL TITLE
CHAPTER I DISSOLUTION
INSAFI dissolution
Art. 101.-The Foundation of the State, of public utility, called "Instituto
El Salvador de Fomento Industrial" (INSPAFI), created by Decree No. 497 of the Military Civic Directory of El Salvador of 22 December 1961, is declared dissolved. published in Official Journal No 238, Volume 193 of 26 December 1961.
Accordingly, proceed to the liquidation of that Foundation in the manner provided for in this Law.
State Perholdings
Art. 102.-The assets that make up the Asset of the consolidated balance sheet of the foundation
that are dissolved and the Liabilities that will integrate the Balance sheet into the validity of this Law become belongings of the State. Both assets and liabilities will be used in similar objectives to the dissolved Foundation. The obligations contracted by the Foundation in favor of the State and the contracted ones
for that, for the qualities of creditor and debtor, remain in full right.
The rest of the goods and The obligations of the aforementioned Balance Sheet, after the operation of the extinction of mentioned obligations, would point out how the State will contribute to the formation of the National Bank for Industrial Development and the Salvadoran Investment Corporation, for the value resulting from its
revaluation, in accordance with the provisions of Art. 106 of this Law.
CHAPTER II
FROM THE INTERVIEW COMMISSION
Integration and Duration
Art. 103.-The President of the Court of Auditors of the Republic, the Minister of Finance, the Minister of Economy and the President of the Central Bank of El Salvador will integrate a Commission
Interventora, which in the course of this Law is demoninara "The Commission", its President being the President of the Court of Auditors of the Republic.
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The Commission will appoint, in turn, the special subcommittees it considers convenient for performing their attributions.
Functions
Art. 104.-The Commission shall have the following powers and powers:
a) To evaluate the net assets of the Consolidated Extraordinary Balance Sheet of the dissolved
Foundation, for the purpose of delivery to the Bank and the Corporation as notes in this Law.
b) To intervene in the material delivery of the goods and obligations that the State distributes between the Bank and the Corporation.
c) To determine the actual losses that the INSPAFI experienced during the ten years prior to the validity of this Law.
ch) Point out, during the period established in the the previous literal, the anomalies, irregularities and acts which in his judgment have been committed in relation to the administration or financial management of the INSPAFI and to give an account of them to the President of the Court of Auditors of the Republic, in order to To bring the responsibilities.
d) Manage, in favor of the State, the registration for the transfer of the real estate that belonged to the Foundation that dissolves and, in turn, from the State to the new
entities, as appropriate.
The Commission may review books and other records for compliance with the above accounting, as well as the corresponding documents of the Salvadoran Institute of Industrial Development that dissolves.
Commission staff
Art. 105.-The Bank shall provide the Commission with the necessary personnel and equipment to enable it to perform its functions.
CHAPTER III OF THE DISTRIBUTION OF GOODS AND OBLIGATIONS
Form of Distribution
Art. 106.-The assets and obligations of the Consolidated Extraordinary Balance Sheet which, of
pursuant to Art. 102 of this Law, have been indicated as contributions of the State in the formation of the National Bank of Industrial and Industrial Development The Salvadoran Investment Corporation and which are part of their respective resources, are transferred to them by the Ministry of the present Law in the securities
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entered in that Balance sheet; but they will be delivered to them by the Commission Controller according to the value resulting from its revaluation. Such revaluation will be based on its value in books prior to the Balance
Consolidated Extraordinary General.
Bank Net Assets
Art. 107.-The net assets transferred to the Bank are as follows:
a) The items of Availability.
b) The loan items, with the exception of those cases in which the INSAFI
capitalizes the debt.
c) From the furniture and furniture item, as follows:
1. The furniture and equipment necessary for its operation, in accordance with what is established by the Interventilating Commission.
2. The property is registered under number 16 of Book 714 of the Land Registry of the Department of Freedom.
3. THE PROPERTY REGISTERED UNDER NUMBER 85 OF THE BOOK 1817 OF THE REGISTER OF THE ROOT PROPERTY OF THE DEPARTMENT OF SAN SALVADOR, OF 13,731.83 SQUARE METERS OF COMPOUND EXTENSION ACCORDING TO ITS ANTECEDENT
OF 4 PORTIONS AND A FIFTH THAT IS IN PART THE OLD LINE OF THE 3RD STREET, LOCATED ALL OF THEM BETWEEN THE FIRST STREET WEST AND ALAMEDA JUAN PABLO II BETWEEN 43 AND 45 AVENUE NORTH WHOSE
MEASURES AND REAL LINES OF THE ENTIRE BUILDING ARE: TO THE NORTH, IT MEASURES 39.40 METERS, IN A CURVED LINE, LINDA WITH GROUNDS OF METROSUR AND 48.21 WITH GROUNDS OF THE URBAN HOUSING INSTITUTE BEFORE
VIRGINIA V. DE AVILA, ALAMEDA JUAN PABLO II BEFORE 3RD 7TH STREET OF THE MIDDLE. TO THE EAST, IT MEASURES IN TWO STRAIGHT STRETCHES LIKE THIS: THE FIRST OF 105.16 METERS, LINDA WITH EXTENSION OF THE 43
AVENUE NORTH OF BY MEANS AND GROUNDS THAT WERE PART OF THE FARM AMERICA; THE SECOND 70.23 METERS, BEAUTIFUL WITH LAND THAT WERE ALSO FROM THE SAME ESTATE AND ACQUIRED BY THE LORD
ALEJANDRO SAFIE, 43 AVENUE NORTH BY MEANS. TO THE SOUTH, IT MEASURES 83.99 METERS, BEAUTIFUL WITH LAND THAT WAS PART OF THE AMERICA ESTATE, 1ST STREET OF THE MIDDLE. IN TWO TRAMOS
RECTOS AS WELL: 100.10 METERS, LINDA WITH LANDS OF DONA MERCEDES V. OF PARRA, 45 AVENUE NORTH BY MEANS AND THE SECOND OF 50.39 METERS, LINDA WITH LAND THAT FORMED PART OF THE ESTATE
AMERICA, PROLONGATION OF THE 45 AVENUE NORTH OF VIA. (2)
Of these items, which will be delivered immediately to the Bank, without the need of
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revaluation, are as follows: the one of Disponibilities, which correspond to the Portfolio of Loans that are qualified as healthy by the Commission, the necessary furniture and equipment for its operation
and the portion of the building described in number three, of the literal c) of this article.
Net assets of the Corporation
Art. 108.-The rest of the net assets of the Consolidated Extraordinary Balance of the Salvadoran Institute of Industrial Development that is dissolved will be transferred to the Corporation.
These assets will be delivered to them by the Interventora Commission. immediately and without revaluation, with the exception of the investment item and the outstanding assets. These last two
items to be delivered will require that the Commission Intervents the revalue in the form expressed in Art. 106, but the intervention of it in the companies that were managed by the INSPAFE, will be limited to the the appointment of a financial controller, in order not to prevent the normal continuation
of the activities of such companies.
CHAPTER IV
OTHER RESOURCES OF THE NATIONAL BANK OF INDUSTRIAL DEVELOPMENT AND OF THE CORPORATION
INVESTMENT SALVADORAN
Other Bank Resources
Art. 109.-The National Bank for Industrial Development will count, in addition to what is established in the
Art. 5 of this Law, with the following resources:
a) The subsidies granted by the State.
b) An Industrial Development Fund. For the formation of this Fund, industrial promotion bonds must be issued for the amount of ¢ 50,000.00 of Colones, whose
terms and time will be fixed in the Law of Emission of the same.
Other Resources of the Corporation
Art. 110.-The Salvadoran Investment Corporation shall, in addition to those established in Art. 48 of this Law, count on the subsidies granted to it by the State.
CHAPTER V TRANSFERABLE OBLIGATIONS WITHOUT CONTINUITY SOLUTION
Transfer of Rights and Obligations
Art. 111.-All rights and obligations arising out of the acts and contracts concluded by the Salvadoran Institute of Industrial Development, INSAFI, shall be exercised by the Bank and the Corporation, where appropriate, who may exercise the necessary actions. to demand compliance.
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Patron Replacement
Art. 112.-The Bank and the Corporation will be subrogated to the Salvadoran Institute of Industrial Development, INSAFI as the employer's employer, including those who are on contract and by
payroll, which at the time of this Law
CHAPTER VI PROVISIONS TRANSIENT
Continuation of the Current Council Manager
Art. 113.-The Board of Directors of the Salvadoran Institute of Industrial Development, integrated of
compliance with the Law of Creation of the Salvadoran Institute of Promotion to be repealed, will exercise the functions that in accordance with this Law correspond to the Board of the National Bank of Industrial Development and to the Board of Directors of the Salvadoran Investment Corporation, until they remain
integrated these organisms.
Art. 113-A.-REPRESENTATIVES WHO ARE LEGALLY REQUIRED TO ACCREDIT THE INSAFI TO ANY OFFICIAL INSTITUTION OR PRIVATE ENTITY
SHALL BE DEEMED TO BE ACCREDITED BY THE NATIONAL INDUSTRIAL DEVELOPMENT BANK. (1)
CHAPTER VII
REPEAL AND VALIDITY
Art. 114.-Derogase the Law of Creation of the Salvadoran Institute of Industrial Development promulgated by means of Decree number four hundred Noventa and Seven of the Military Civic Directory of El Salvador dated December 22, thousand nine hundred and sixty and one and published in the Journal
Official Number two hundred and thirty-eight, took Number one hundred and ninety-three of the twenty-six of December of a thousand nine hundred and sixty-one.
Vigence
Art. 115.-This Law will take effect on the first day of January of a thousand nine hundred
eighty-two.
GIVEN AT THE PRESIDENTIAL HOUSE: San Salvador, at the twenty-two days of December of
thousand nine hundred and eighty-one.
ING. JOSÉ NAPOLEON DUARTE.
CNEL. E ING. JAIME ABDUL GUTIERREZ.
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DR. JOSÉ ANTONIO MORALES EHRLICH.
DR. JOSE RAMON AVALOS NAVARRETE.
LIC. OSCAR RAYMUNDO MELGAR,
Minister of Economy.
D.O. Nº: 235
Took Nº: 273 Date: December 22, 1981
REFORMS:
(1) DLEY NO 972, FEBRUARY 15, 1982, D.O. NO 31, T. 274, FEBRUARY 15, 1982.
(2) D.L. Nº 47, 20 JUNE 1985, D.O. NO 132, T. 288, JULY 15, 1985.
(3) D.L. NO. 74, JULY 4, 1985, D.O. No. 147, T. 288, AUGUST 9, 1985.
(4) D.L. Nº 972, 9 APRIL 2015, D.O. Nº 69, T. 407, 20 APRIL 2015.
PARTIAL REPEAL
D.L. Nº 267, FEBRUARY 16, 1995, D.O. NO 41, T. 323, MARCH 21, 1995.
TRANSIENT PROVISIONS D.L. No. 830, SEPTEMBER 1, 2011,
D.O. No., T., DE 2011.
ROM 28/07/2010
ROM 06/09/2011
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FN 14/05/2015
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