Law Of The Institute Of The National Fund For The Consumption Of Workers

Original Language Title: Ley del Instituto del Fondo Nacional para el Consumo de los Trabajadores

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
Law of the Institute of the National Fund for the Consumption of Workers

LAW OF THE INSTITUTE OF THE NATIONAL FUND FOR THE CONSUMPTION OF WORKERS

Official Journal of the Federation on April 24, 2006

Last reform published in the DOF January 10, 2014

On the sidelines a seal with the National Shield, which reads: United Mexican States.-Presidency of the Republic.

VICENTE FOX QUESADA, President of the United Mexican States, to its inhabitants known:

That the Honorable Congress of the Union, has served to address the following

DECREE

"THE GENERAL CONGRESS OF THE MEXICAN UNITED STATES, DECREES:

CREATES THE LAW OF THE INSTITUTE OF THE NATIONAL FUND FOR THE CONSUMPTION OF WORKERS

ONLY.- The Law of the Institute of the National Fund for the Consumption of Workers is created.

Law of the Institute of the National Fund for the Consumption of Workers

CHAPTER I

General Provisions

Article 1. The Institute of the National Fund for the Consumption of Workers is created as a decentralized public body of social interest, with personality legal and equity, as well as budgetary self-sufficiency and sectorized in the Secretariat of Labor and Social Welfare.

Article 2.- The Institute of the National Fund for the Consumption of Workers will aim to promote the saving of workers, granting them financing and guarantee their access to credit, for the purchase of goods and payment of services.

The Institute must also act on criteria that promote the social development and living conditions of workers and their families. In addition, it will have to adjust its operation to the best practices of good governance and continuous improvement, being subject, among others, to the Law of Protection and Defense to the User of Financial Services.

Article 3.- The Institute of the National Fund for Workers ' Consumption will have its seat in the Federal District. For the purpose of fulfilling its purpose, it may establish delegations, branches, agencies or any other type of office in the places of the Mexican Republic that are convenient.

Article 4.- For the purposes of this Act, it is understood by:

I.- Commission: The National Banking and Securities Commission;

II. Council: The Institute's Board of Directors;

III. Distributors: Companies and establishments affiliated to the Institute which provide services or market goods to be acquired by workers;

IV. Fund: The promotion and guarantee fund for the consumption of workers referred to in the Federal Labor Law;

V. Institute: The decentralised body called the Institute of the National Fund for the Consumption of Workers;

VI. Law: The Law of the Institute of the National Fund for the Consumption of Workers;

VII. Resources of the Fund: All assets that integrate the Institute's assets in terms of this Law, except for the buildings, furniture and equipment necessary for its operation;

VIII. Secretariat of Finance: The Secretariat of Finance and Public Credit, and

IX. Secretariat of Labor: The Secretariat of Labor and Social Welfare.

Article 5.- The organisation, operation and administrative operation of the Institute as a decentralised body, an integral part of the financial system Mexican, will be subject to this Law and, in what they do not oppose, will be applicable to it, the Federal Law of the ParaState Entities and the Organic Law of the Federal Public Administration.

The operations and services of the Institute shall be governed by the provisions of this Law and, as not provided for in this Law and in the following order, by the Federal Law of the Work, commercial law, commercial practices and practices and the Federal Civil Code.

The Federal Executive, through the Secretariat of Labor and the Secretariat of Finance, within the scope of their respective powers, will be empowered to interpret this Act for administrative purposes.

Article 6.- The Institute will annually formulate its operational and financial program, its general budget of expenditures and investments, as well as the estimates of revenue, in accordance with the applicable legal provisions. The Institute shall submit to the authorization of the Secretariat of Finance, in accordance with the guidelines, measures and mechanisms that, to the effect it establishes, the limits of net financing that may be allocated to the private and social sector.

The Institute's budget shall be exercised in terms of the applicable provisions of the matter.

Article 7.- The working relations between the Institute and its staff shall be governed by the Federal Labour Law, in accordance with Article 123 (A) of The Political Constitution of the United Mexican States.

CHAPTER II

Of The Institute's Privileges

Article 8.- For the fulfilment of its object, the Institute will have the following attributions:

I. Manage the Fund;

II. Participate in programs and projects in terms of this Law that aim to promote the saving of workers;

III. To assist in the integral economic development of workers and their families;

IV. Instrumentation actions that allow workers to obtain financing for the acquisition of goods and services, in the best conditions of price, quality and credit;

V. Participate in terms of this Law in programs that establish credit institutions and limited-object financial corporations, aimed at encouraging credit for workers, as well as for warehouses and stores to be refers to Article 103 of the Federal Labor Law;

VI. Provide support and advice in the operation of the stores and stores referred to in Article 103 of the Federal Labor Law;

VII. Celebrate the acts or contracts directly or indirectly related to their object;

VIII. To conclude agreements with the federative entities and governments of the municipalities, as well as with the agencies and entities of the Federal Public Administration, in order for the Institute to grant the respective workers the credits to which refers to Section II of Article 9 of this Law;

IX. Constitute trusts and grant commands, directly related to their object, and

X. Acquire the movable and immovable property necessary for the fulfilment of its object, as well as proceed to its disposal, if any, in accordance with the applicable legal provisions.

Article 9.- For compliance with its object, the Institute may only perform the following operations:

I.       Guarantee the credits and, where appropriate, grant financing for the operation of the warehouses and stores referred to in Article 103 of the Federal Labor Law;

II.     Grant financing to workers for the acquisition of goods and payment of services and ensure such acquisitions and payments;

III.    Hire financing as provided for in this Law and the applicable provisions in the matter;

IV.     Manage other institutions to obtain adequate credit conditions, guarantees and prices that will ensure greater purchasing power for workers;

V.      Perform discount transactions, cede, negotiate and affect credit claims in their favor and, where applicable, credit and document securities, in respect of financing granted to the preceding fractions I and II;

VI.     Participate and contribute in schemes or programs to facilitate access to financing to Distributors, which tend to decrease the price and facilitate the acquisition of such goods and payment of services;

VII.   Promote among workers, the best use of salary and contribute to the orientation of their household expenditure, and

VIII. Carry out the similar or related operations and services necessary for the achievement of the operations provided for in this Article, subject to the authorization of the Secretariat of Finance.

The guarantees granted by the Institute under fractions I and II and the financing that it contracts in terms of the section III of this Article must be made from the Fund's resources and, in no case, the amounts of such operations as a whole may be higher than the amount of the Fund's resources. The operations referred to in this paragraph shall also be subject to the consideration and, where appropriate, prior authorization by the Secretariat of Finance and Public Credit.

CHAPTER III

Institute Heritage

Article 10.- The Institute's heritage is integrated by:

I. The movable and immovable property to be used for its service;

II. The cash and all the rights of the Fund that can be made liquid;

III. Utilities, own income, interest, income, capital gains and other resources derived from their operations and those resulting from the use of their assets;

IV. The donations that are awarded to you, and

V. Other assets, rights and resources acquired by any legal title.

Article 11.- The Institute's resources may only be allocated to the fulfillment of its object and to cover its operating and administrative expenses.

Article 12.- The Institute shall be deemed to be creditworthy and shall not be required to constitute deposits or guarantees of any kind for the purposes of their payment obligations.

CHAPTER IV

From the Institute Administration

Article 13.- The Institute's administration will be entrusted to a Board of Directors and a Director General, who will assist in the exercise of their functions of the committees provided for in this Law and in other committees which constitute the Council itself, as well as the public servants provided for in the Organic Statute.

Section I

From The Board

Article 14.- The Council will be integrated in a tripartite manner by the following counselors:

I. The Secretary of Labor and Social Welfare;

II. The Secretary of Finance and Public Credit;

III. The Secretary of Economy;

IV. The Secretary of Agriculture, Livestock, Rural Development, Fisheries and Food;

V. A representative of each of the four confederations of most representative employers ' organizations in the country, and

VI. A representative of each of the four confederations of the most representative workers ' organizations in the country, duly registered with the Secretariat of Labor.

The head of the Secretariat of Labor, considering the proposals of the employers ' organizations and the founding workers, will determine by agreement that publish in the Official Journal of the Federation, the employers 'and workers' organisations which, within the framework of the law, are to be proposed to participate in the integration of the Council.

Representatives of workers 'and employers' organizations must have the expertise, capacity and professional prestige to enable them to carry out their function in an objective manner. These representatives shall be charged for their participation in the remuneration determined by the Board of Directors, in terms of the applicable legal provisions.

Article 15.- The Secretary of Labor shall preside over the Council and, in his absence, shall be made by his/her alternate, who shall have the immediate hierarchical level lower than that of that.

Article 16.- Each owner counselor will designate his or her alternate. In the case of public servants, the alternates must have at least the level of Director-General.

Article 17.- The Council shall hold regular sessions for at least every three months. When deemed necessary, it may also be in extraordinary session.

The sessions shall be convened by the President or, failing that, by the Secretary of the Council at the request of the majority of the members or the Director General; valid when at least seven of its members attend, including three representatives of the Federal Public Administration, and their resolutions shall be taken by a majority of the members present. The President shall have a vote of quality in case of a tie.

Council sessions will be attended by the Director-General and the Commissioner of the Institute with the right to speak, but without a vote.

The Council meetings may also be attended by the guests authorized by the President, on a proposal from the Director-General of the Institute, who will participate in the sessions with voice but no vote and only at the points on the agenda for which they have been invited.

Guests must be distinguished persons from the public, social and private sectors, whose specific opinion is of interest to the Council, by virtue of their knowledge and experience of the subjects or matters of the Institute.

Article 18.- In addition to those outlined in the Federal Law of ParaState Entities, the Council will have the following inselectable attributions:

I. Approve annually the draft budget of administration, operation, investment and surveillance expenses of the Institute, once authorized its global amounts by the Secretariat of Finance;

II. Approve, on a proposal from the Director-General of the Institute, the general policies on interest rates, deadlines, guarantees and other characteristics of the Institute's operations, aimed at preserving and maintaining the resources of its heritage;

III. Determine the mechanisms necessary for the Institute to conduct its activities in a programmed manner and based on the sectoral policies, priorities and constraints arising from the national planning system;

IV. To fix, on a proposal from the Director-General of the Institute, the maximum amount for granting loans or loans;

V. Approve the manuals of organization, procedures and services to the public and other normative instruments that regulate the operation of the Institute;

VI. Approve the operating and operating manuals, as well as the operating rules of the Institute's support committees;

VII. Authorize the participation of independent professionals in the support committees of the Institute, in terms of the provisions of the Organic Statute;

VIII. Authorize the general policies for the conclusion of agreements with the governments of the federative entities and the municipalities, as well as with dependencies and entities of the Federal Public Administration, in order for the Institute to grant the the respective employees of the appropriations referred to in Article 9 (II) of this Law;

IX. Agree on cross-sectoral issues that are required in the Institute's comprehensive administration;

X. Authorize subject to the applicable provisions in the field, the basic organic structure; the levels of posts; the general bases for the elaboration of salary tabulators; the wage and incentive policies which the compensation and other economic benefits for the benefit of the employees of the Institute; the guidelines for selection, recruitment, training, promotion and promotion; performance evaluation indicators, and separation. All this on the proposal of the Director General and hearing the opinion of the Human Resources Committee;

XI. To set the remuneration that corresponds to the representatives of the workers 'and employers' organizations for their participation in the Council meetings;

XII. Approve the contents of the minutes that are raised in their sessions;

XIII. Approve your annual session calendar, and

XIV. The others provided for in this Law.

Section II

From the Institute Support Committees

Article 19.- The Institute will have the following support committees:

I. Of Operations;

II. Credit;

III. Audit, Control, and Surveillance;

IV. Comprehensive Risk Management;

V. Human Resources, and

VI. Other than the Council.

Article 20.- The Committees referred to in the previous article will be integrated by public servants of the Institute, representatives of dependencies and entities of the Federal Public Administration and, as determined by its Organic Statute, by independent professionals and specialists of the workers ' sector in the own matter of each Committee.

The independent professionals referred to in this article will be appointed by the Board of Directors on a proposal from the Director General of the Institute.

With regard to the committees to support the contracting of fractions I to V of Article 19 of this Law, the Organic Statute will establish what is related to its object, integration, operation, powers and basic rules of operation, in terms of the general provisions which the competent authorities shall issue to the effect.

Article 21.- The Operations Committee shall have among its powers to submit to the consideration and approval of the Council, the general policies or guidelines on interest rates, time limits, guarantees, granting of loans or loans and other characteristics of the Institute's operations.

Article 22.- The Credit Committee will have the power to submit to the consideration and approval of the Council, the general policies based on the What shall be allowed for the credits and the aspects inherent in their granting.

Article 23.- The Audit, Control and Surveillance Committee will have among its powers to submit to the consideration and approval of the Council, the general on control and audit, evaluation and administrative development.

Article 24.- The Comprehensive Risk Management Committee shall be assigned to set the methodology for the estimation of credit risk losses, of the market, liquidity and operation, as well as those of a legal nature. The Committee shall submit to the Council the consideration and approval of the terms for the application of the reserves to the effect constituted.

Article 25.- The Human Resources Committee will have among other functions, the opinion on the basic organic structure; the levels of posts; the bases general for the production of salary tabulators; wage and incentive policies that consider compensation and other economic benefits for the benefit of the employees of the Institute; the guidelines on selection, recruitment, training, promotion and promotion; performance assessment, and the criteria for the separation of workers.

Article 26.- The Human Resources Committee will be integrated as follows:

I. A representative of the Secretariat of Labor;

II. A representative of the Secretariat of Finance;

III. A representative of the Secretariat of the Civil Service;

IV. The manager of the Institute's management area, and

V. An independent professional with extensive experience in the area of human resources.

Except for the case of the independent professional, the other members of the Committee will have their respective alternates, who will preferably be public servants of the lower immediate level.

Section III

From The Director General

Article 27.- The Director General of the Institute will be appointed by the head of the Federal Executive, on the proposal of the Secretary of Labor and Social Welfare. The appointment must be made in person who meets the requirements of the Federal Law of the ParaState Entities and who, moreover, must have a minimum experience of five years in positions of high level decision in financial matters within the Mexican financial system.

Article 28.- The Director General shall be responsible for the following powers and obligations:

I. Manage and legally represent the Institute. In the exercise of its legal representation it shall be entitled to:

a) Celebrate and grant all kinds of legal acts and documents inherent in the object of the Institute;

b) Exercise the most extensive powers to perform domain, administration, litigation, and collection acts, even those requiring special authorization, according to this Act or other statutory, regulatory or statutory provisions;

c) Issue, endorse, and negotiate credit titles;

d) Quit and grant forgiveness, exercise, and desist from court actions, including in the trial of amparo;

e) Commit on umpires and transigir, and

f) Grant general and special powers with all the powers that you are responsible for, even those requiring special clause, replacing and revoking them, and granting powers of substitution to proxies, subject to express authorisation by the Council in the case of granting general powers for domain acts.

II. Technical and administratively direct the Institute's activities and programs;

III. submit to the Council approval the projects of the Organic Statute, manuals of organization, procedures and services to the public, and other normative instruments that regulate the operation of the Institute;

IV. Subject to the authorization of the Council the establishment, relocation and closure of offices in the national territory;

V. submit annually to the Council the projects of the operational and financial programmes, the annual revenue estimates and the expenditure and investment budget for the following financial

;

VI. Exercise the body's budget subject to the applicable legal provisions;

VII. Name and remove public servants from the Institute, other than the first two levels;

VIII. To give the Council regular reports, with the intervention that corresponds to the Commissioner;

IX. Monitor the existence and maintenance of accounting, control, and registry systems;

X. Present to the Secretariat of Finance the reports that are required in terms of the applicable provisions;

XI. Perform all kinds of legal acts necessary to comply with the aims of the Institute; and

XII. The others that attribute to it the Federal Law of the ParaState Entities, this Law or any other provision and the Council.

The powers of the Director General of the Institute provided for in fractions III and VI of this Article shall be inselectable.

Article 29.- The Director General of the Institute will be assisted in the fulfilment of his faculties by the public servants of base and trust he establishes the Organic Statute.

The Staff Regulations shall also determine the public servant who shall supply the Director General in his/her absence. The alternate shall have an immediate lower level than that of the Director General.

CHAPTER V

Institute Monitoring, Monitoring and Evaluation

Article 30.- The Institute will have an internal control body, in the terms of the Federal Law of ParaState Entities. The public servants who are appointed by the Secretariat of the Civil Service, in terms of the Law, will be at the head of the control body and the Internal Audit, Audit and Evaluation, Complaints and Responsibilities Audit areas. Organic from the Federal Public Administration and those who will have the powers granted to them by the Rules of Procedure of the Secretariat of the Civil Service.

Article 31.- The Institute will have a public commissioner who owns and one alternate, appointed by the Secretariat of the Civil Service. The commissioner shall monitor and evaluate the operation of the Institute and shall have the powers contained in the Federal Law of ParaState Entities and other applicable legal provisions.

Article 32.- The Commission shall exercise the supervision of the Institute, in terms of this Law and those governing the Commission itself.

The supervision exercised by the Commission shall be aimed at verifying that the operations of the Institute are in accordance with the provisions of this Law and with the provisions of basis on it are issued.

Without prejudice to the powers of other audit bodies, the supervision of the Commission shall include the exercise of inspection, surveillance, prevention and correction given to you by your own law.

The Institute shall be obliged to provide the Commission with the data, reports, records, record books, auxiliaries, documents, correspondence and, in general, the entire information that it considers necessary for the exercise of its inspection and surveillance powers.

This obligation comprises the information and documentation relating to the holder or beneficiary of the operations and services carried out by the Institute and which are protected by some kind of secret.

The Commission may establish preventive or corrective measures of enforced compliance, aimed at eliminating irregularities or financial imbalances that may arise. affect the liquidity, solvency or stability of the Institute. The terms and conditions for the implementation of these programmes may be agreed by the Commission and the Institute.

Failure to comply with the programs or conventions referred to in the preceding paragraph shall result in the imposition of the appropriate penalties.

Article 33.- The Commission shall issue the prudential regulation to be observed by the Institute and the provisions to which it shall be subject to registration of transactions, financial information, estimate of assets and, where appropriate, those relating to their liabilities and liabilities.

The violation of this Law will be punished with a fine of one hundred to fifty thousand times the general minimum wage in force in the Federal District. For the imposition of fines, the Commission shall follow the procedure laid down in the Credit Institutions Act and its amount shall be charged to the Institute's liquid assets.

TRANSIENT

FIRST.- This Law shall enter into force on the day following its publication in the Official Journal of the Federation.

SECOND.- The deincorporation by extinction of the public trust "Fund for the Promotion and Guarantee for the Consumption of Workers" is decreed.

THIRD.- On the entry into force of this Law, they will become part of the patrimony of the Institute of the National Fund for the Consumption of Workers. resources, assets, movable and immovable property, rights and obligations that integrate the assets of the public trust "Fund for the Promotion and Guarantee of Workers ' Consumption".

The formal transfer of the goods, rights and obligations to which the preceding paragraph is contracted, as well as the acts necessary to carry out the extinction of the public trust referred to in this paragraph shall be made within a period not longer than 12 months from the entry into force of this Law.

The transfers of goods and rights provided for in this Article shall not be taxed by any federal contribution.

Marginal entries and annotations made in public property and trade records, as well as in any other country record, relating to National Financial Institution, National Credit Company, Institution of Banking Development, in its character as trustee of the public trust "Fund of Promotion and Guarantee for the Consumption of Workers", with respect to buildings, contracts, agreements, (i) credit, mercantile commissions and any other; They shall refer to the Institute of the National Fund for the Consumption of Workers.

As a causative, of the public trust whose extinction is ordered in this Law, the Institute of the National Fund for the Consumption of Workers will be subrogated in all the rights and obligations of that person, and shall exercise the actions, shall oppose the exceptions and defences and shall bring the resources of any nature deducted in the judicial and administrative proceedings in which it has been a National Party. Financial, National Credit Company, Institution of Banking Development, in his fiduciary character of the aforementioned trust.

In order not to interrupt the operations and functions that the Trust called " Fund of Promotion and Guarantee for the Consumption of the Workers ", this will continue to develop them, until as long as the Institute of the National Fund for the Consumption of the Workers is able to take care of them, for which it will have a maximum period of 90 working days, counted to from the entry into force of this Law.

As long as the internal regulations of the Institute of the National Fund for the Consumption of Workers are issued, the one that governs the operation will continue to apply. operation of the Trust whose extinction is ordered, in which it does not object to this Law and, in the unanticipated, will be to what the Board of Directors will resolve.

FOURTH.- Without prejudice to the last paragraph of Article 9 of this Law in respect of new liabilities arising from financing, the aforementioned liabilities incurred by the public trust called the "Fund for the Promotion and Guarantee of the Consumption of Workers" before the entry into force of this Law, may be exchanged, modified, novated and, in general, refinanced by the Institute of the National Fund for the Consumption of Workers from the entry into force of this Law, subject to the authorization of the Secretariat of Finance and Public Credit, to the effect that these obligations are gradually diminished until their liquidation, in accordance with the terms and conditions authorised by the said Dependency.

QUINTO.- The Organic Statute of the Institute of the National Fund for the Consumption of Workers must be approved and issued by the Board of Directors to more at the second ordinary session I celebrate.

SIXTH.- People who provide personal services subordinated to National Financial, National Credit Society, Institution of Development Banking, in its A trust in the public trust "Fund for the Promotion and Guarantee of the Consumption of Workers" will be part of the staff at the service of the Institute of the National Fund for the Consumption of Workers and will retain the the remuneration and benefits of which they enjoy, as well as the rights acquired and the working conditions laid down by collective procurement, upon entry into force of this Law.

The Institute of the National Fund for the Consumption of Workers will constitute and maintain the necessary reserves to comply with the obligations arising from the employment relationship with their employees, depending on the actuarial study to be carried out for this purpose.

SEVENTH.- The first regular session of the Board of Directors shall be held within thirty days of the entry into force of this Law. The Secretariat of Labour and Social Welfare will take appropriate measures for the installation of the Board of Directors.

EIGHTH.- Prior to the start of operations that are different from those currently held by the trust " Fund for the Promotion and Guarantee of the Consumption of Workers ", the Institute of the National Fund for the Consumption of Workers will submit to the approval of the National Banking and Securities Commission, its operating systems, information processing and internal control, as well as its manuals of organization and operation.

NINTH.- The National Institute for the Consumption of Workers will be circumscribed in this fiscal year to the authorized budget of the Trust "Fund for the Promotion and Guarantee of Workers ' Consumption".

DECIMAL.- The Federal Executive will issue the Regulation of this Act within a maximum of 90 days.

Mexico, D.F., as of March 16, 2006.-Sen. Enrique Jackson Ramirez, President.-Dip. Marcela González Salas P., President.-Sen. Saul López Sollano, Secretary.-Dip. Marcos Morales Torres, Secretary.-Rubicas."

In compliance with the provisions of Article 89 of the Political Constitution of the United Mexican States, and for their due publication and observance, I request the present Decree at the Federal Executive Branch, in Mexico City, Federal District, at the nineteenth day of April of two thousand six.- Vicente Fox Quesada.-Heading.-The Secretary of the Interior, Carlos Maria Abascal Carranza.-Heading.