ORGANIC LAW OF THE NATIONAL SAVINGS BANK AND FINANCIAL SERVICES
Official Journal of the Federation on June 1, 2001
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
"THE CONGRESS OF THE MEXICAN UNITED STATES, DECREES:
ORGANIC LAW OF THE NATIONAL SAVINGS BANK AND FINANCIAL SERVICES
Naming, definitions, object, and address
Article 1.- This Law governs the Bank of National Savings and Financial Services, with the character of the National Credit Company, the Bank of Development, with legal personality and own heritage.
Article 2.- For the purposes of this Law:
I. Law: To the Organic Law of the Bank of National Savings and Financial Services;
II. Secretariat: To the Secretariat of Finance and Public Credit;
III. Institution: The National Savings Bank and Financial Services, National Credit Society, Institution of Development Banking, and
IV. Sector: In the form of natural and moral persons who, according to the criteria defined by the Board of Directors, have limited access to financial services for their socioeconomic status or geographical location, and moral persons referred to in the Law on People's Savings and Credit and the Law to Regulate the Activities of the Cooperative Savings and Loan Societies.
Article 3.- The National Savings Bank and Financial Services, National Credit Society, Development Banking Institution, should perform social banking, in order to promote and facilitate savings, access to finance, financial inclusion, the promotion of innovation, the gender perspective and investment among the members of the sector, offer instruments and first and second-floor financial services between them, as well to channel financial and technical support necessary to promote the habit of saving and healthy development of the Sector and in general, the country's national and regional economic development, as well as providing technical assistance and training to the Members of the Sector.
The Bank of National Savings and Financial Services, National Credit Society, Institution of Development Banking, will be able to operate under any commercial name.
The operation and operation of the institution will be carried out in accordance with the applicable legal framework and the sound practices and banking practices to be achieved in collaboration with the Sector, the general objectives set out in Article 4 (o). of the Credit Institutions Act.
Article 4.- The address of the institution will be Mexico City, Federal District. It may establish, close or relocate branches or agencies or any other kind of office and appoint correspondents at home or abroad, informing the Secretariat. In the case of the establishment of branches, agencies and offices abroad, it must be authorized by it.
Article 5.- The duration of the Institution will be indefinite.
Article 6.- The operations, services and investments of the Institution shall be governed by the provisions of this Law, the Law of Credit Institutions, the Law of the Bank of Mexico and the other applicable legal provisions.
The Secretariat shall interpret this Law for administrative purposes.
Objectives and operations
Article 7.- The institution, as a social bank, in order to promote the development of the sector and to promote its efficiency and competitiveness, in the exercise of its object will be empowered to:
I. Promote, manage and finance projects that, in compliance with their objectives, address the needs of the sector in the different areas of the country and that they encourage the best use of the resources of each region;
II. Promote, channel and coordinate capital investment in the Sector;
III. Promote technological development, training, technical assistance and increased productivity of the members of the Sector;
IV. To be a financial agent of the Federal Government regarding the negotiation, hiring and handling of foreign credits, the objective of which is to promote development of the Sector, which is granted by foreign, governmental or intergovernmental foreign institutions, as well as by any other international financial cooperation body.
Credit for monetary purposes is not included in this provision;
V. Manage and, where appropriate, obtain concessions, permits and authorizations for the provision of services related to the achievement of their object, while trying to benefit the Sector at all times;
VI. Carry out the economic, social and financial studies necessary for the development of the Sector;
VII. Encourage joint financing and assistance actions with other credit institutions, development funds, trusts, auxiliary credit organizations, with the indigenous, social and private sectors and with the members of the Sector;
VIII. Be an administrator and trustee of trusts, mandates and commissions that are constituted for the proper performance of your object;
IX. Promote, facilitate, manage and finance all kinds of projects, operations and activities that address the needs of financial, technological, training, advisory, financial risk management, innovation, among others, of the members of the Sector;
X. Participate in the activities inherent in the promotion and conformation of the Sector, and
XI. Design and execute programs that promote savings and investment within indigenous communities, with support from the Sector.
The institution must have the necessary infrastructure for the adequate provision of services and operations, in the different regions of the country and in his case, abroad.
Article 8.- For the purpose and performance of the objectives referred to in Articles 3 and 7 above, the Institution may:
I. Perform operations and provide the services referred to in the article 46 of the Credit Institutions Act;
The operations referred to in Article 46, fractions I and II, the perform in the terms of Article 47 of that order;
II. Set savings plans;
III. Issue or guarantee securities, as well as guarantee third party obligations, either through particular operations or through massive guarantee schemes, without the limitations provided for in Article 46 (VIII) of the Credit Institutions Act being applicable;
IV. Hire credits for the realization of their promotion functions, according to the applicable legal provisions;
V. Acquire technology, promote its development and transfer it according to provided by applicable laws. Also, to provide financial, technological, training, advisory, financial risk management services, among others, to the Sector, as well as to those third parties interested in acquiring such services, contributing to the development of the Institution and the sector of savings and popular credit, by reducing costs and/or generating income;
VI. Issue certificates of participation based on trust made to the effect;
VII. Grant funding to public funding and promotion trusts;
VIII. Make draws according to the general rules of operation that authorize the Secretariat;
IX. Participate in the social capital of retirement and retirement fund managers that of specialized investment companies of retirement funds, as well as providing services to them, in order to make their operation more efficient and reduce their costs;
X. Investing in the social capital of societies or moral people, lending to you services to the Institution, to the Sector, as well as to third parties who are interested in acquiring the same;
XI. Act as clearing house and liquidator of the operations you perform the People's Savings and Credit Entities and as the representative of such Entities in any other clearing house, or entity carrying out the related clearing and/or settlement functions, subject to the performance of both operations to the provisions which, if any, the Bank of Mexico is issuing;
XI Bis. Make the investments provided for in Articles 75, 88 and 89 of the Law of Credit Institutions;
XII. Participate in the share capital of investment companies as well as companies operators of these, and in that of companies distributing shares, in addition to providing the service of distribution of shares to own or third-party investment companies, and
XIII. Perform other operations and services of a similar or related nature as authorize and regulate the Secretariat.
Article 8a.- The institution may be the depository of securities, securities or cash that have to be made by or before the administrative authorities, or of the Federal District, as well as of the sums in cash, securities or securities, which are hijacked by the judicial or administrative authorities of the Federation and those who kidnap the administrative authorities of the Federal District.
The aforementioned authorities shall be required to provide the institution with such goods in their indicated depository character.
They will also be able to carry out in the institution, the deposits for the granting of the suspension of the act claimed in the trial of amparo and, in general, the deposits of guarantee that they must be constituted in accordance with the provisions of the federal laws, and in their case, of the Federal District or by orders or contracts of authorities of the Federation, and in their case, of the Federal District.
Article 9.- The Secretariat, by way of derogation from the provisions of Articles 48 of the Law on Credit Institutions and 26 of the Law of the Bank of Mexico, will determine by general provisions the characteristics of the active, passive operations which do not involve the collection of resources from the public and services, except as regards trusts, mandates and commissions, carried out by the institution to fulfil the objective and to exercise the powers entrusted to it in its development banking character in this Act.
It is for the Bank of Mexico, in the terms of its Law to regulate by means of general provisions, the characteristics of passive operations involving public resources, trusts, mandates and commissions, money market operations, as well as financial operations known as derivatives held by the Institution.
Article 10.- The Federal Government will respond at all times:
I. Of the operations held by the Institution with national physical or moral persons, and
II. Of the operations arranged by the Institution with private, governmental or intergovernmental foreign institutions.
Article 11.- In addition to the penultimate paragraph of article 383 of the General Law on Credit Titles and Operations, and as an exception to the Article 106 (a) of Article 106 of the Law on Credit Institutions, in the escrow contracts held by the Institution, including those that it constitutes in order to fulfill employment obligations, is can act in the same business as a trustee and as an aria and perform operations with the institution itself in the fulfilment of trusts.
Article 12.- The institution's share capital shall be represented by certificates of equity in 66% of the "A" series and 34% of the series "B". The nominal value of these securities shall be determined in their Organic Regulation.
The "A" series will only be signed by the Federal Government, will be issued in a title that will not carry coupons, which will be untransmittable and at no time will be able to change its nature or the rights conferred on it by the Federal Government itself.
The series "B" may be subscribed by the Federal Government and by Mexican natural or moral persons in accordance with the provisions of Article 33 of the Law of Credit Institutions.
Article 13.- The net capital referred to in Article 50 of the Credit Institutions Act shall be the one to be set by the Secretariat hearing the opinion of the Bank of Mexico and the National Banking and Securities Commission.
Article 14.- The Secretariat may authorise the acquisition of certificates for the ownership of the "B" series in accordance with Article 33 of the Credit Institutions Law, by Mexican moral persons who have a foreign participation and foreign investment to provide technology, training or risk capital contributing to the fulfillment of the object and the achievement of the objectives referred to in Articles 3 and 7 of the this Act.
Article 15.- The Secretariat shall establish the form, proportions and other conditions applicable to the subscription, tenure and circulation of the certificates of the series "B".
Article 16.- The Institution's administration, will be entrusted to a Board of Directors and a Director General, in their respective spheres of competence.
Article 17.- The Board of Directors will be composed of nine homeowners in accordance with the following:
I. Five owners will represent the "A" series of heritage certificates that will be:
a) The Secretary of Finance and Public Credit, who will chair the Board of Directors and the Undersecretary of Finance and Public Credit.
b) A representative appointed by the Governor of the Bank of Mexico within 3 hierarchical levels senior members of the Central Institute, the heads of the Secretaries of Economy and Agriculture, Livestock, Rural Development, Fisheries and Food.
For each counselor who owns this series, a substitute for the level should be given immediate lower hierarchical next to the owners.
In the absence of the Secretary of Finance and Public Credit, the Undersecretary of Finance and Public Credit will have the character of the chairman of the Board of Directors, in the absence of the latter, shall be the chairman of the Secretary of Finance and Public Credit and in the absence of all the former, who appoint the members present from among the "A" series counselors.
II. Two directors who own the series "B" appointed in assembly by the Mexican physical or moral persons holding the certificates of patrimonial contribution of this series and by the Federal Executive, through the Secretariat, for the the case of the Federal Government signing certificates for this series. The "B" series counselors will have no substitutes, and
III. Two independent directors appointed by common accord of the directors of the "A" and "B" series. Appointments of independent directors should be made to persons of Mexican nationality who, for their knowledge, good repute, professional prestige and experience, are widely recognized.
Independent members shall have no alternates and shall attend at least 70% of the sessions which have been convened in an exercise; and otherwise, others may be designated with the same characteristics in their place, provided that the absences are not justified in the opinion of the Board of Directors.
The position of counselor is personal and will not be able to be performed by representatives.
Article 18.- The Board of Directors will meet at least quarterly, , without prejudice to the fact that it does so in an extraordinary manner at any time, always which is convened by its chairman, or by at least three of the owners.
The sessions of the Board of Directors will be held with the attendance of at least six members, as long as the presence of an independent counsel is available. and at least three "A" series counselors, including the Chair of the Board of Directors.
The resolutions of the Board of Directors will be taken by a majority of the votes of the members present, with the president voting of quality in case of a tie.
The Board of Directors may invite representatives of other public institutions and social sector organizations, when deemed appropriate, to their sessions. private and in general to any person, who in accordance with the opinion of the Board of Directors develops activities relevant to the fulfilment of the objectives of the Institution, who will participate in a voice but without a vote.
Councillors will have an obligation to communicate to the President of the Council on any situation that may result from a conflict of interest and to abstain from participate in the corresponding deliberation. They shall also maintain absolute confidentiality in respect of all acts, acts or events which may affect the operation of the institution, while such information has not been made public, as well as deliberations to be adopted in the Board of Directors.
On the agenda of the sessions of the Board of Directors, the matters to be dealt with must be listed, and the general affairs item cannot be included in that order.
The documentation and information related to the topics to be discussed in the corresponding sessions of the Board of Directors, should be made to the members at least with 5 working days in advance of such sessions.
Article 19.- In no case can they be counsellors:
I. The persons who are in the cases referred to in the penultimate paragraph of Article 41 of the Credit Institutions Act;
II. People who occupy a post of popular choice or party leadership, as long as they are in the exercise of it, and
III. People who have kinship for consanguinity or affinity to the second degree or civil, with some of the counselors.
If any of the appointed owners are to be included during the exercise of their office, in any of the above cases, it shall be replaced by his/her alternate, for the duration of the impairment and no designation of the owner's counsellor.
Additionally, they will not be able to be independent counselors:
(a) Persons who have a wealth connection or employment relationship with the Institution, in accordance with the provisions of the Organic Regulation;
(b) Persons who have a wealth connection or employment relationship with a natural or moral person who is a creditor, debtor, client or important provider of the Institution, in accordance with the provisions of the Organic Regulation;
c) Persons who have a conflict of interest with the Institution for being clients, suppliers, debtors, major creditors or any other nature, as laid down in the Organic Regulation, and
d) People who have an employment relationship or the representation of associations, guilds, federations, confederations of workers, employers, or Institutions of Integration and Entities of the Sector, or members of its management bodies.
Article 20.- These are causes of removal of the "B" series counselors and the independent counselors:
I. Mental incapacity, as well as physical incapacity to prevent the correct exercise of their functions for more than six months;
II. Failure to comply with the Directing Council agreements or to act deliberately in excess or defect of their privileges;
III. Use, for the benefit of yourself or third parties, the confidential information available to you on the basis of your charge, as well as disclose such information without the authorization of the Board of Directors, and
IV. Knowingly submit false information to the Board of Directors.
In addition to the causes of removal identified in this precept, the directors of the "A" series and the Director General will be removed from their position when their responsibility by final judgment given by competent authority, to be placed in any of the cases contained in the Federal Law on Administrative Responsibilities of Public Servants.
Article 21.- The Board of Directors shall direct the Institution in the terms of the provisions of Article 42 and other relative of the Law of Institutions of Credit.
The Board of Directors may agree to carry out the operations inherent in the object of the Institution. Agreements which, in their case, may be made in respect of the operations provided for in Article 46 (VI) and (IX) of the Credit Institutions Act shall be considered by the Director-General's proposal.
Article 22.- They will also be the powers of the Board of Directors, in the terms of the Credit Institutions Act, the following:
I. Approve, if applicable, the annual activity report presented to you by the Director General;
II. Approve general rules of operation of savings plans and other the collection instruments offered by the Institution, and the modifications thereto;
III. Authorize the acquisition and use of technology referred to in fraction III Article 7 of this Law;
IV. Approve the other specific programs and internal regulations of the Institution to be presented by the Director General;
V. Name and remove, on a proposal from the CEO, the public servants of the institution that is in charge of the two administrative hierarchies inferior to that of the one and the others that points to the organic regulation, as well as to grant them licenses;
VI. Name and Remove the Secretary and the Prosecretary of the Council;
VII. Exorder the rules and criteria to which the elaboration should be attached exercise of the institution's current expenditure and physical investment budget, as well as the adoption of the budget and the amendments to be made during the financial year, once the overall amounts of these concepts have been authorised. Part of the Secretariat;
VIII. Approve, on a proposal from the human resources and institutional development committee, in accordance with the provisions of article 42, fraction XVIII of the Law of Credit Institutions, the organic structure, tabulators of salaries and benefits, wage policy and for the granting of extraordinary perceptions for the fulfillment of goals that are subject to the evaluation of performance, taking into account the conditions of the labor market prevailing in the Mexican financial system; promotions, promotions and retirements; selection guidelines, recruitment and training; separation criteria; and other economic and social security benefits established for the benefit of the public servants working in the institution;
IX. Agreed to the creation of credit, human resources and development committees institutional, comprehensive risk management, as well as those it deems necessary for the fulfillment of its object;
X. Determine the faculties of the various organs and public servants of the Institution, for the granting of credits;
XI. Approve, if necessary, after the Commissioners ' opinion, the annual balance sheet of the Institution;
XII. Approve, if applicable, the constitution of reserves;
XIII. Approve, if applicable, the application of utilities, as well as the form and terms in to be performed;
XIV. Approve the financial statements presented to you by the Director General, as well as authorise, in accordance with applicable provisions, the publication of such provisions;
XV. Approve the overall spending and investment budgets, in accordance with the provided for in Article 42, fraction VIIIa of the Credit Institutions Act;
XVI. Approve the proposals of the external and internal net borrowing limits, net financing, as well as financial intermediation limits;
XVII. Approve annual revenue estimates, your financial program, and your operational programs;
XVIII. Approve the annual programs of acquisition, leasing and disposal of goods furniture and buildings, the construction of works and the provision of services, which the institution requires, as well as the policies and general bases governing the agreements, contracts, orders or agreements to be concluded by the institution with third parties, in these matters, in accordance with the applicable rules;
XIX. Propose to the Secretariat of Finance and Public Credit the modifications to the Organic Regulation and approve the disposal of assets and liabilities;
XX. Approve the issuance of estate, provisional, or definitive certificates of contribution;
XXI. Propose to the Secretariat of Finance and Public Credit, the increase or reduction of the social capital;
XXII. Agreed to the institution's paid capital increases, as well as to fix the premiums, which must be paid by the underwriters of heritage contribution certificates;
XXIII. Agreed to the issuance of subordinate obligations;
XXIV. Approve investments in the capital of the companies referred to in the Articles 88 and 89 of the Credit Institutions Act, in terms of Article 8, fractions IX, X and XII of this Act;
XXV. Approve the institution's annual advertising and propaganda programs, without the authorization of the Secretariat of Government is required;
XXVI. Opinions on the General Conditions of Work of the Institution, and
XXVII. Know and, if appropriate, approve the reports presented to you by the comprehensive risk management, as well as the prudential limits of risks that the risk management proposes to you.
In the cases set out in fractions XII, XVI, XXIII and XXIV, the express authorisation of the Secretariat shall be required.
Article 23.- The institution will have a human resources and institutional development committee, which will be integrated as follows:
Three representatives of the Secretariat of Finance and Public Credit: the Deputy Secretary of State, the Undersecretary of Finance and Public Credit and the Head of the Unit of Development Banking;
A person appointed by the Board of Directors, who for their knowledge and professional development, has extensive experience in the area of human resources;
A member of the Board of Directors that has the character of an independent;
The Director General of the Institution, and
A representative of the National Banking and Securities Commission with voice, but no vote.
The Director-General of the Institution shall refrain from taking part in the Committee's meetings, which shall be aimed at issuing opinions or recommendations with regard to his salary, economic benefits and social security benefits.
This Committee will express and propose, the tabulators of salaries and benefits, wage policy and the granting of extraordinary perceptions for the fulfillment of targets subject to performance evaluation; promotion, promotion and retirement policies; selection, recruitment and training guidelines; separation criteria; and other economic and social security benefits established in the the benefit of the public servants working in the institution.
The Secretariat of Finance and Public Credit will establish criteria in terms of occupational structure, wage movements, extraordinary perceptions, and (a) benefits, which must be observed by the Committee. The Company shall also provide the Secretariat with the information it requests.
This Committee will meet at the request of the Director General of the Institution, who will send the respective call to the members of the institution, where he will establish the order of the day, as well as the place and date for the celebration of the session. Their decisions will be taken by a majority of votes. The Undersecretary of Finance and Public Credit, who will preside over it, will have a vote of quality in case of a tie. The Committee will also have a technical secretary, who will have a voice, but without a vote.
The other members of the Committee shall have their alternate members, except the independent counsel and the professional with experience in the area of human resources. who will preferably be public servants of the next immediate lower level and must have at least a general manager level.
In the event of the absence of the Deputy Secretary of Finance and Public Credit, without prejudice to the right to vote of his alternate, he shall preside over the Committee and shall exercise the vote of Holder of the Development Banking Unit.
Article 24.- The Director General will be appointed by the Federal Executive through the Secretary of Finance and Public Credit, with the appointment of the Director General. a person who meets the requirements laid down in Article 24 of the Credit Institutions Act.
Article 25.- The Director General shall be responsible for the administration and legal representation of the National Savings Bank and Financial Services, National Society of Credit, Institution of Development Banking, without prejudice to the privileges that correspond to the Board of Directors; the effect will have the following powers and functions:
I. In the exercise of its powers of legal representation, it may hold or to grant all kinds of acts and documents relating to the subject matter of the institution. For this purpose, it will have the most extensive powers to carry out acts of dominion, administration, litigation and collection, even of those that require special authorization according to other laws or regulations. In such a virtue and in a non-limiting and non-limiting manner, it may issue, endorse and negotiate credit titles, request and grant forgiveness, exercise and desist from judicial proceedings including in the judgment of amparo, engage in arbitrators and compromise, granting general and special powers with all the powers which are responsible for it, even those requiring special provision, replacing and revoking them, and granting powers of substitution to the proxies and obtaining express authorization from the Council Manager when it comes to granting general powers for domain acts;
I Bis. Inform the Secretariat, prior to the authorization of the instances the operations that may be linked to the object of the other development banking institutions;
II. Run the resolutions of the Board of Directors;
III. Take the signature of the Institution;
IV. Act as General Trust Delegate;
V. To decide on the designation and hiring of the public servants of the institution, other than those mentioned in section I of article 42 of the Law on Credit Institutions, as well as the designation and removal of the delegates. trustees; manage staff as a whole, and set up and organise the institution's offices;
VI. Authorize the publication of the institution's monthly balance sheets, as per the bases agreed by the Board of Directors;
VII. Participate in the sessions of the Board of Directors with a voice, but without a vote;
VIII. Manage the goods and businesses by celebrating the conventions and executing the acts which requires the ordinary course of the Institution;
IX. Propose to the Board of Directors, the designation of the public servants of the Institution that occupy positions with the two immediate hierarchies inferior to those of their rank and present to him the applications for license, as well as the resignations of the same;
X. Propose to the Board of Directors the creation of regional advisory and advisory committees credit, as well as those of your breast and provide what is necessary for proper integration and operation;
XI. Agreed to the creation of internal credit, technical and administrative;
XII. Submit to the Board of Directors for approval the annual balance sheet of the Institution, together with the report and opinion of the external auditor and the commissioners;
XIII. Present to the Board of Directors the financial statements of the Institution;
XIV. Propose to the Board of Directors the establishment, relocation and closure of branches, agencies and offices at home and abroad;
XV. Submit to the Board of Directors operational and financial programs, budgets General expenditure and investments and estimates of annual revenue of the Institution, as well as its amendments;
XVI. Present to the Board of Directors the proposals to amend the Rules of Procedure Organic;
XVII. Propose to the Board of Directors the approval of the assignment of parts of the asset or liability of the Institution;
XVIII. Present to the Board of Directors proposals for annual acquisition programs, leasing and disposal of movable and immovable property, performance of works and the provision of services, which the institution requires, as well as the bases, procedures, rules, requirements, policies, guidelines and the rules under which the institution is required to contract the acquisitions; (a) the sale of goods, leases, property and services of any kind in accordance with the applicable rules;
XIX. Render to the Board of Directors an annual activity report;
XX. Propose to the Board of Directors the issuance of subordinate obligations;
XXI. Present to the Board of Directors for approval, the investment proposal in securities representing the share capital of the companies referred to in Article 8, fractions IX, X and XII of this Law;
XXII. Present to the Board of Directors the proposals for the application of utilities and the form and terms in which to suggest they should be performed;
XXIII. Propose to the Board of Directors the formation of necessary reserves and funds, as well as the form and terms in which it is considered necessary;
XXIV. Propose to the Board of Directors the procedures for the destruction of the Bonds of the National Savings that are written off, and which at the time authorized the Secretariat of Finance and Public Credit;
XXV. Determine the criteria to dispense with respect to the titles to which it refers the previous fraction, the carrying out of the procedure for cancellation and replacement of the credit titles established by the respective law;
XXVI. Submit to the Board of Directors, the annual advertising and propaganda programs of the Institution;
XXVII. Propose to the Board of Directors, the rules and bases for the cancellation of debits Third party and in favour of the institution, for its subsequent report to the National Banking and Securities Commission and the Secretariat;
XXVIII. Submit to the Board of Directors, Basic Organic Structure and Regulations (a) the institution, as well as any amendments thereto, and the other specific programmes;
XXIX. Prior opinion of the Board of Directors and in accordance with the legal provisions applicable, to negotiate the General Conditions of Work governing the employment relations between the Institution and its employees;
XXX. Represent the Institution to the groupings, associations and agencies National and international promotion of the Sector, or of any other type related to the object and objectives of the Institution;
XXXI. Those that trust the Organic Regulation, and
XXXII. The others delegated to you by the Board of Directors or need to be developed for the compliance with the provisions of the above fractions; or those entrusted to it by other applicable laws, regulations, decrees, agreements and administrative provisions.
Article 26.- The Directors, the Director-General and the Trustees of the Institution, will only be required to acquit positions or testify in judgment in representation of the same, where the positions and questions are formulated by way of trade, which will be written within the term of the respective authorities.
Article 27.- The supervision of the Company shall be carried out by the organs and in the terms indicated in the Credit Institutions Act and the provisions of general character issued by the National Banking and Securities Commission.
Article 28.- According to the general rules of operation authorized by the Secretariat, savings plans; as well as other collection instruments determine the Board of Directors, participate in prize draws for the entire duration of their term and until they are paid to the depositor.
The sweepstakes will be public and will be made before Notary Public or Public Corridor or financial controller of the Secretariat of the Interior, with the intervention of the National Commission Bank and Securities, according to the bases that the Institution establishes.
Article 29.- The prizes are an additional gain, which may be paid in cash or in kind and therefore for no reason shall be considered as an advance payment of the maturity value of the savings plans or other collection instruments to be determined by the Board of Directors.
The deadline to claim the prize payment will be set on the basis of each draw, after which without the prize is claimed, the right to receive the prize shall be prescribed. The time limit shall be calculated from the date on which the publication of the results of the respective draw is made, in a national circulation newspaper, or its placement in places open to the public in the branches of the institution itself.
Article 30.- The deposits that are delivered to the Institution, will be documented in the authorized receipts that issue the computer systems of the same, being the only valid proof of the delivery of money by the depositor, as well as for the rescue of those.
Article 31.- When the requirements specified in the respective contract are met, for the issuance of the authorized account status of the deposited amounts and withdrawals, the seats which appear in the accounts of the Institution, shall make faith, unless proof to the contrary, in the respective judgment.
Article 32.- The institution will annually formulate its financial programs, general expenditure and investment budgets, as well as its operational programs, agreement to the guidelines, measures and mechanisms to be established by the Secretariat.
The Secretariat is responsible for coordinating, evaluating and monitoring the performance of the institution, as well as authorizing the modalities in the allocation of resources, in the terms of the Article 31 of the Credit Institutions Act.
The institution, in the framework of the management autonomy required for its effective operation, in accordance with the applicable legal provisions, will seek the best the most appropriate use and channelling of your resources.
Article 33.- The operations performed by the Institution in the provision of the banking and credit service in which collateral is constituted may be be recorded in a private document which, without further formality, must be entered by the persons in charge of the relevant public records, in accordance with Article 66 of the Law on Credit Institutions.
Article 34.- Prior to the authorization of the Secretariat, the institution shall constitute the reserves and funds necessary for the proper performance of the object This Law entrusts you. The amounts that have been taken to those reserves and funds shall not be considered as remaining operational.
Fixed the amount of the remaining and separate the amount that corresponds to pay for the respective tax and for the participation of the workers in the profits of the Institution, the balance shall be applied in accordance with the terms of the Organic Regulation.
Article 35.- Repeals
Article 36.- The Institution will grant its financing only to the Integration Organizations regulated by the Law on People's Savings and Credit partially or totally the risk of recovery of these supports, in compliance with their object as stated in article 7 of this Law.
However, the Institution may perform the following financing operations:
I. The equity investment and investments in the money market;
II. The funding granted by the Institution for a total amount equal to the percentage determined by the Board of Directors with the authorization of the Secretariat;
III. The operations corresponding to the work-related benefits granted in a general manner;
IV. The operations performed with the federal government, the parastatals, the federal entities and the municipalities;
V. The financing of infrastructure projects, training, technology, or any other service required by the People's Savings and Credit Entities or the Integration Agencies regulated by the Law on People's Savings and Credit;
The financing of this fraction may be granted to financial intermediaries referred to, as long as they are projects related to their object in the majority form.
VI. The joint financing referred to in Section VII of Article 7 of this Law, and
VII. The financing to the People's Savings and Credit Entities intended to provide them with liquidity.
In the case of financing that is intended to provide liquidity to the Savings and Credit Institutions, they must be guaranteed by the protection fund, which are constituted in accordance with the Law on People's Savings and Credit, in the terms and with the limitations established in that same Law. The Board of Directors will determine in each case the characteristics of the guarantees that the Entities will have to grant.
Article 37.- The Institution will send the Federal Executive through the Secretariat and is in turn the Congress of the Union together with the Reports on the Economic Situation, Public Finance and Public Debt and in the latter's recesses, to the Permanent Commission, the following:
I. In the report from January to March of each year, an exhibition on credit programs and guarantees to be followed by the Institution during the financial year In addition, it will be possible to implement the National Development Plan, as well as a report on the current spending and investment budget of the National Development Plan. Institution, corresponding to that financial year;
II. In the report from April to June of each year, a report on the implementation of the institution's annual programme during the second half of the previous year and in general, on the exercise of current and investment expenditure, as to the activities of the Institution in the whole of that financial year, and
III. In the report from July to September each year, a report on the implementation of the institution's annual programme during the first half of the year exercise in question.
In addition, the institution will have to publish quarterly in two newspapers of wide circulation in the country, the state that holds the patrimony, as well as the most important indicators. representative of the financial situation and the administration of the institution.
Article 37 Bis.- The Company shall provide the legal assistance and defense services to the members of its Board of Directors, committees established by it or provided for by law and by public servants working or working in the institution itself, in respect of the acts which those persons carry out in the exercise of the functions entrusted to them by law and compliance with the guidelines that the Secretariat of Finance will issue for this purpose and Public Credit.
Such legal assistance and defence shall be provided even if the persons indicated cease to perform their duties or provide their services to the Company, provided that they are acts performed in the performance of their duties or activities in the service of the Company.
Legal assistance and advocacy will be provided by the resources with which the Company will count for these purposes. If the competent authority gives the subject of the legal aid final judgment which it causes to be enforceable against him, that person shall reimburse the Company for the costs and any other charges which it has made with respect to the reason for legal assistance and advocacy.
The provisions of this article shall apply without prejudice to the obligation of the subjects of legal assistance and defense to render the reports to them. required in terms of the applicable legal provisions as part of the performance of their duties.
From The Labor Regime
Article 38.- Labour relations between the Institution and its employees shall be governed by Article 123 (B) of the Constitution. Policy of the United Mexican States; by the Regulatory Law of the said precept; and by the general working conditions to be determined.
Article First.- This Law will take effect the day after its publication in the Official Journal of the Federation. The Bank of National Savings and Financial Services, National Credit Society, Institution of Development Banking, will have one hundred and eighty working days counted from the entry into force of this Law, to adjust its operation and administration to the provisions of this Law.
Article Second.- This Law abrogates the Organic Law of the National Savings Patronate, published in the Official Journal of the Federation on December 26 of 1986 and repeals other legal provisions which are contrary to the provisions of this Law.
Article Third.- The Federal Executive, within a period of 180 days from the validity of this Law, will issue the decree by which the National Savings Board, Federal Government Decentralized Agency, National Savings Bank and Financial Services, National Credit Society, Development Banking Institution, according to the following bases:
I. The Secretariat of Finance and Public Credit will point out the form and terms in which the transformation must be carried out, taking care of the public's interests at all times;
II. The transformation will take effect on the date indicated in the respective decree;
III. The creditors of the National Savings Board will not be able to oppose the transformation.
IV. The decree referred to in this article will be entered in the Public Registry of Commerce;
V. While the aforementioned transformation takes place, the operational and administrative aspects will continue to be governed by the Organic Law of the National Savings Patronate and other provisions in force prior to the entry into force of this Law, with the Federal Executive, through the Secretariat of Finance and Public Credit, providing the necessary to ensure that the National Savings Board continues to provide adequate and efficient services.
VI. Once transformed and until the Organic Regulation is approved, its organic status will continue to be applied;
VII. The conformation of your social capital;
VIII. The Director General, as well as the directors and commissioners will continue in the performance of their duties as long as no new designations are made and the appointees take possession of their positions;
IX. Workers ' rights at all times will be respected;
X. They are referred to the National Savings Bank and Financial Services, National Credit Society, Institution of Development Banking, the registration and marginal annotations of any kind carried out in the public records of the property and of the trade, as well as in any other register of the country, relating to the National Savings Patronate, in respect of buildings, furniture, trade marks, all types of contracts, agreements, commissions of a commercial character and any other.
Also, they correspond to the National Savings Bank and Financial Services, National Credit Society, Institution of Development Banking, the shares, exceptions, defenses and resources of any nature deducted in the judgments or administrative procedures in which the National Savings Board is a party prior to the date on which its transformation takes effect. The powers, mandates and representations granted and the powers granted by the body that is transformed, shall remain in their terms as long as they are not expressly modified or revoked.
the authorisations, powers, mandates and other legal acts and administrative measures, granted, dictated or concluded in accordance with the law which is repealed, shall remain in force until they are revoked or amended by the competent authorities or bodies;
XI. Carried out the transformation, when laws, regulations and administrative provisions refer to the Organic Law of the National Savings Patronate, or to the National Savings Patronate, it will be understood that it is made for this Law or for the National Savings Bank and Financial Services, National Credit Society, Institution of Development Banking, in which it does not object to the same or its nature, and
XII. Prior to the start of operations, the National Savings Bank and Financial Services, will submit to the approval of the National Banking and Securities Commission, its operating systems, information processing and internal control, as well as its organization and operation manuals.
Article 4.- The Organic Regulation of the Institution shall be issued within a period not greater than 180 days from the date of entry into force of the This Law must be registered in the Public Registry of Commerce in accordance with the provisions of Article 30 of the Law on Credit Institutions, as well as its modifications. Until then, the Organic Statute published in the Official Journal of the Federation will continue in force on 18 October 2000.
Article Fifth.- The labor reconciliation procedures that have been initiated prior to the entry into force of this Law will continue to be processed until its total termination in accordance with the terms of the General Working Conditions.
Article Sixth.- The operations currently performed by the National Savings Board will continue to be governed by the applicable provisions and authorizations until as long as its Organic Regulations and Rules of Operation are issued and approved.
Article Seventh.- For the purposes of the provisions of Articles 17 and 18 of this Law, as long as the certificates of the equity contribution of the "B" series, the Board of Directors shall be composed of five management directors representing the assets certificates of the "A" series and two independent directors. The independent directors shall be appointed in the first session of the five advisory members representing the assets certificates of the "A" series.
The sessions of the Board of Directors will be held with the assistance of at least five members, provided that at least three of the members are present. members of the "A" series, including the President of the Council.
Article Eighth.- For the purposes of Article 27 of this Law, as long as the certificates of patrimonial contribution of the "B" series are not subscribed, the institution shall be entrusted exclusively to the commissioner appointed by the Secretariat of Comptroller and Administrative Development.
Mexico, D.F., on April 30, 2001.-Dip. Ricardo Garcia Cervantes, President.-Sen. Enrique Jackson Ramirez, President.-Dip. Manuel Medellin Milan, Secretary.-Sen. Yolanda González Hernández, 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 residence of the Federal Executive Branch, in Mexico City, Federal District, at the thirty days of May of two thousand one.- Vicente Fox Quesada.-Heading.-The Secretary of the Interior, Santiago Creel Miranda.-Heading.