LAW CREATING THE GUARANTEE FUND FOR AGRICULTURE, LIVESTOCK AND POULTRY FARMING
New Law published in the Official Journal of the Federation on December 31, 1954
Last Reform Published DOF 09-04-2012
On the sidelines a seal with the National Shield, which reads: United Mexican States.-Presidency of the Republic.
ADOLFO RUIZ CORTINES, Constitutional President of the United Mexican States, to its inhabitants, known:
That the H. Congress of the Union has served to address the following
" The Congress of the United Mexican States, decrees:
LAW CREATING THE GUARANTEE FUND FOR AGRICULTURE, LIVESTOCK AND POULTRY FARMING.
Article 1o.- The Guarantee and Promotion Fund for Agriculture, Livestock and Aescrow will be created and will be managed in trust by the Bank of Mexico, S. A., in accordance with the rules set out in this law, with the corresponding operating rules and with the trust contract that the Secretariat of Finance and Public Credit holds with the Trustee.
The channelling and use of the resources of the Guarantee and Development Fund for Agriculture, Livestock and Arecon, for the development of the agricultural and forestry sector, be made through multiple banking institutions, credit unions, general warehouse warehouses, and other non-bank financial intermediaries to be determined by the Secretariat of Finance and Public Credit. To the effect, interest rates, guarantees premiums and other requirements to be applied to multiple banking institutions, credit unions, general warehouse warehouses and other non-bank financial intermediaries which operate with the Fund, shall be approved by the Technical Committee, taking into account the financial risk and credit quality represented by the financial intermediaries and their final accredited.
Producers who benefit from the Fund's resources will receive financing under conditions appropriate to the development of the sector.
Article 2o.- The Fund will be constituted:
I.- With the resources currently in the National Agricultural Guarantee Fund;
II.- With the amount of trusts or funds constituted by the Federal Government for the granting of credits to agriculture that are being operated through private credit institutions;
III.- With an initial contribution of $100,000,000.00 to be made by the Federal Government;
IV.- With the resources that annually point to the Federation's Government Budget;
V.- With the product of investments that are made with Fund resources;
VI.- With the product of the premiums that come from the guarantee service that the Fund grants; and
VII.- With the other resources to be resolved by the Federal Executive.
Article 3o.- Within the limitations set forth in this law and those set forth in the respective operating rules and in the trust contract, the Trustee You can perform the following operations:
I.- Ensuring multiple banking institutions, credit unions, general warehouse warehouses, and non-bank financial intermediaries (a) to operate with the Fund, in the recovery of loans granted to agricultural and forestry producers;
II.- To discount multiple banking institutions, credit unions, general warehouse warehouses, and intermediaries in necessary cases non-bank financial institutions operating with the Fund, credit claims arising from loans granted to agricultural and forestry producers;
III.- Open credits and grant loans to multiple banking institutions, credit unions, general warehouse warehouses, and brokers non-bank financial institutions operating with the Fund, in order to enable them to open up credits to agricultural and forestry producers, and
IV.- Perform the others to be fixed in the operating rules, provided they are through the multiple banking institutions, credit unions, the general warehousing department or non-bank financial intermediaries operating with the Fund.
Article 4o.- The Trustee may issue securities but to do so will require the approval of the Executive, in respect of the amount of the emissions, its characteristics and the plans of the investment in the product of the values you propose to issue.
Article 5o.- The operations referred to in Article 3o. of this law, shall be subject to the following rules:
I.- They shall only be made in relation to financing that has been granted or agreed to natural or moral persons whose activities are related to the production, collection and distribution of goods and services of or to the agricultural and forestry sectors, as well as to agro-industry and other related or related activities, or to be developed in rural areas;
II.- Only the financing referred to in the preceding Part I may be guaranteed, where the accredited complies with any of the following requirements:
a) Invest with own resources the party that points to the operating rules, the budget for whose purposes the financing is granted, or
b) Having sufficient assets to respond to total financing, regardless of the value expected of the productive activity to which the resources.
III.- The credits that are the subject of the guarantee, those that are neglected and those that are granted with resources from the Fund shall be documented and requisitioned in accordance with the General Laws of Titles and Credit Operations and General of Credit Institutions and Auxiliary Organizations, and this law.
Article 6o.- The credits that have been granted under conditions that are eligible to be secured through the Comprehensive Agricultural Insurance and Livestock Insurance cannot be guaranteed. For this purpose, the rules of operation shall determine the limits and the rules to which the guarantees granted by the Fund shall be subject to the rules of the Agricultural Insurance.
Article 7o.- The guarantee of the fund shall not exceed 60% of the credit granted or arranged, as established by the rules of operation; but such guarantee shall only be effective in relationship to the amount that has actually been exercised, in accordance with the relevant calendar.
The Trustee shall be subrogated to the rights of the multiple banking institution, the credit union, the general warehouse or the financial intermediary. creditor bank, for the amounts paid to him on the basis of the guarantee granted and the financial intermediary shall subscribe, subject to the legal rules, the documents required for such rights to be in favour of the Fund.
Article 8o.- A Technical Committee is created consisting of nine members appointed respectively by the Secretariat of Finance and Public Credit, the Secretariat of Agriculture, Livestock, Rural Development, Fisheries and Food, the Bank of Mexico, S.A., the National Bank of Foreign Trade, the Association of Bankers of Mexico, the Agricultural Insurance Consortium and a representative of the ejido, another of the small farmers and one of the farmers who will be appointed by the Executive. The Committee shall have the following:
I.- Approve the operations to be performed by the Fund, in the terms of this law, the operating rules and the respective trust contract.
II.- Approve the annual expense budget presented by the trustee.
III.- Set the premiums to be charged for the granting of guarantees, as well as the interest for the other operations referred to in Article 3o.
IV.- Those attributed to him in this law, in the rules of operation and in the respective trust contract.
Article 9o.- The Trustee must reserve the necessary powers so that, when it is deemed appropriate, it can carry out audits, require accounting statements, documents and other information to agricultural and forestry producers, as the case may be, directly or through the institution of multiple banking, credit union, general warehouse or non-bank financial intermediary, which has intervened in the respective operation.
Article 10.- All operations referred to in this Law may only be carried out through the multiple banking institutions, the credit, general warehouse warehouses or other non-bank financial intermediaries to be determined by the Secretariat of Finance and Public Credit.
Article 11.- The Trustee will maintain at least 10% of the amount of guarantees it grants invested in State securities.
Article 12.- The fund will cover expenses that will be incurred by the trust's management, including fees that may correspond to the Trustee under the contract of the trust. Respective trust.
Article 13.- In the manner in which the operating rules are determined, the operations referred to in the article are likely to be performed. 3o. of this law, in the case of the granting of credits to poultry farming and livestock farming.
The trust, under the Fund, may carry out the operations referred to in the preceding paragraph, through the National Bank of Foreign Trade, S. A. with the exception of the provisions of Article 10 of this Law.
Article 14.- The Secretariat of Finance and Public Credit is hereby empowered to fix the additional rules in the escrow contract that it holds with the Bank of Mexico, S. A. The Executive will issue the regulation of this law.
Article First.- The Federal Executive will determine, through the Secretariat of Finance and Public Credit, the form and time limit as the initial contribution to be made in Article 2 (3) (3). of this law.
Article Second.- The decree of 21 March 1944, published in the Official Journal of the Federation on 12 May of the same year, concerning the National Guarantee Fund, is repealed. Agricultural and other provisions which are contrary to this law.
Article Third.- The guarantees that are in force on the date of this law, granted from the Agricultural Guarantee Fund, will continue to be governed by the legal provisions in force at the time they were established and the trustee will take care to preserve the provision of funds that is necessary to satisfy, where appropriate, such guarantees.
Rodolfo González Guevara, D. P.- Teofilo Borunda, S. P.- Ramón García Ruiz, D. S.- Efrain Brito Rosado, S. S.-rubrics ".
In compliance with the provisions of Article 89 (I) of the Political Constitution of the United Mexican States and for their proper publication and observance, I request the present Law at the residence of the Federal Executive Branch, in Mexico City, Federal District, at the thirty-one day of the month of December of a thousand nine hundred and fifty-four.- Adolfo Ruiz Cortines.-Heading.-The Secretary of Finance and Credit Public, Antonio Carrillo Flores.-Heading.-The Secretary of Agriculture and Livestock, Gilberto Flores Muñoz.-Heading.-The Secretary of Government, Angel Carvajal.-Heading.
TRANSIENT ITEMS OF REFORM DECREES
FE DE ERRATA to the Law that creates the Guarantee and Promotion Fund for Agriculture, Livestock and Apos, published last December 31.
Published in the Official Journal of the Federation on March 4, 1955
Item 1o., row 3, says:
"managed in trust by ..."
You must say:
"handled in trust by ..."
Article 4o., row 2, says:
"will require prior approval from the Executive,"
You must say:
"... will require the approval of the Executive,"
Article 5o., Fraction I, row 2 " says:
"tation and avio and refactional ..."
You must say:
"tation or avio and refactional ..."
Article 5o., Fraction II, point (a), renglon 2, says:
"the operation rules of the presser ..."
You must say:
"operation rules, budget rules ..."
Mexico, D. F. March 2, 1955.
Bank of Mexico law.
Published in the Official Journal of the Federation on 23 December 1993
FIRST.- This Law will take effect on 1o. April 1994, with the exception of the second paragraph of this article and the third and tenth third transitional articles, which shall enter into force on the day following the publication of the Law in the Official Journal of the Federation.
The designation of the first members of the Governing Board will be made in the terms provided for in this Law, prior to March 31, 1994.
SECOND TO TENTH SEVENTH.- ..........
TENTH EIGHTH.- The Organic Law of the Bank of Mexico of December 21, 1984 is repealed.
Articles 31 fraction IV of the Organic Law of the Federal Public Administration, 13, first and second paragraphs of the Monetary Law of the United Mexican States, 48, are repealed. the second and tenth second transitional provisions of the Law on Credit Institutions, 24 of the Organic Law of the National Savings Board and the other provisions that oppose this Law.
It is left without effect, as regards the Bank of Mexico, as provided for in section VII of Article 31 of the Organic Law of the Federal Public Administration, in articles 1o., 8o. and 14 of the Law establishing the Fund for the Guarantee and Promotion of Agriculture, Livestock and Alawns, as well as in Articles 1o., 2o., 8o., and 21, fraction IV, of the regulation of that Law.
Mexico, D.F., at December 14, 1993.-Dip. Cuauhtemoc López Sánchez, President.-Sen. Eduardo Robledo Rincon, President.-Dip. Sergio González Santa Cruz, Secretary.-Sen. Israel Soberanis Nogueda, Secretary.-Rubicas.
In compliance with the provisions of Article 89 (I) of the Political Constitution of the United Mexican States, and for its due publication and observance, I request this Decree in the residence of the Federal Executive Branch, in Mexico City, Federal District, on the fifteenth day of December of a thousand nine hundred and ninety-three.- Carlos Salinas de Gortari.-Heading.-The Secretary of the Interior, José Sponsorio González Blanco Garrido.-Heading.
DECREE by which various provisions of the Law that Create the Guarantee and Promotion Fund for Agriculture, Livestock and Arecon are reformed and added.
Published in the Official Journal of the Federation on May 12, 2005
Single Item. 3o items are reformed . Fractions I, II, III and IV; 5o. Fractions I and II; 7o. second paragraph; 9o. and 10 and adds to item 1o. with two paragraphs; all of the Law that Creates the Guarantee and Promotion Fund for Agriculture, Livestock and Aestuar, to remain as follows:
First.- This Decree will enter into force on the day following its publication in the Official Journal of the Federation.
Second.- For the purposes of this Decree, the Credit Unions received from their savings deposit partners must comply with the deadlines, requirements, terms and conditions established by the People's Savings and Credit Act, as well as their subsequent reforms.
Mexico, D.F., as of March 10, 2005.-Sen. Diego Fernandez de Cevallos Ramos, President.-Dip. Manlio Fabio Beltrones Rivera, President.-Sen. Sara I. Castellanos Cortes, 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 in the Federal Executive Branch, in Mexico City, Federal District, at the twenty-seventh day of the month of April, two thousand five.- Vicente Fox Quesada.-Heading.-The Secretary of the Interior, Santiago Creel Miranda.-Heading.
DECREE for the reform of various Federal Laws, in order to update all those articles that refer to the Secretaries of State whose name was modified and the Government of the Federal District in the conduct; as well as remove the mention of the administrative departments that are no longer in force.
Published in the Official Journal of the Federation on April 9, 2012
ARTICLE SEPTUAGENTIÓ THIRD. Article 8o, first paragraph of the Law that creates the Guarantee Fund and the Promotion of Agriculture, Livestock and Aplar, is reformed. to remain as follows:
First. This decree shall enter into force the day after its publication in the Official Journal of the Federation.
Second. As of the date this Decree enters into force, the provisions that contravene or oppose it are left without effect.
Mexico, D.F., on February 21, 2012.-Dip. Guadalupe Acosta Naranjo, President.-Sen. José González Morfin, President.-Dip. Laura Arizmendi Campos, Secretary.-Sen. Renan Cleominio Zoreda Novelo, Secretary.-Rubicas."
In compliance with the provisions of Section 89 of the Political Constitution of the United Mexican States, and for their due publication and observance, I ask for this Decree in the Federal Executive Branch, in Mexico City, Federal District, at thirty March of two thousand twelve.- Felipe de Jesús Calderón Hinojosa.-Heading.-The Secretary of the Interior, Alejandro Alfonso Poire Romero.-Heading.