ACT N ° 13.116

THE BOX OF COMPENSATION FOR UNEMPLOYMENT IN THE REFRIGERATION INDUSTRY IS AUTHORIZED, TO GRANT MORTGAGE LOANS TO OFFICIALS, FORMER OFFICIALS AND WORKERS AND EMPLOYEES FOR THE ACQUISITION, CONSTRUCTION, ETC. OF DWELLINGS.

DECREE:

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Article 1 °.
Authorize the Vacancy Compensation Fund in the Refrigeration Industry to grant its officials, ex-officials and workers and employees of the refrigeration industry, mortgage loans for acquisition, construction, repair and extension of farms for permanent housing, of borrowers or their successors in title, or the cancellation of charges made on such buildings.


Article 2 °.
They will benefit from these loans:

A) Officials of the Vacancy Compensation Fund in the Refrigeration Industry with a seniority in the Agency not less than five years and a minimum of ten years for retirement purposes;
B) Ex-officials of the expressed Caja that having provided services in the same way for five years, or more, have ceased by retirement or resignation, owing, in the latter case to occupy paid posts in the Public Administration and to compute not less than ten years retirement effects;
C) The spouse or descendant, in that order, of officials of the Caja or of employees and workers of the industry who have died, provided that they are entitled to a pension from the deceased and that he has not made use of the loan, however, at the time of his death the conditions laid down in the points (a) and (b). In the case of this point the granting of the loan to a beneficiary, excludes the others;
D) The workers and employees of the cold industry.


Article 3 °.
Mortgage loans established by this law shall be granted only once and when the buildings referred to in Article 1 are the only property of the borrower in the Department.

The priority in the grant of benefit will be determined based on the following factors:


A) Self-housing care.
B) To be the owner and occupant of a single dwelling, whose need for refaction or enlargement is in accordance with Art. 1 of this law.
C) Married persons, with minor children; persons older than 60 years of age or sick persons, who must present the corresponding certificate, issued by the official doctor, married persons, without children and with children of age or who have a family consisting of, minors in charge, or disabled relatives of those who support; single persons.


For the purposes of the application of the provisions of this paragraph, legitimate, recognized and adopted natural children shall be considered as legitimate children.


D) Home constituted
E) Qualified old


Article 4 °.
The amount of the loan, which may not exceed $150,000.00 (one hundred and fifty thousand pesos) for purchase, repair and extension of farms and cancellation of levies, and $200.000.00 (two hundred thousand pesos). (a) the value of the loan, the amount of which is to be paid or the borrower's activity or passivity, in the first case, the remuneration and compensations for the retirement benefits. The interest will be 3% (3%), its maximum period of thirty years, and the other terms of the loan will be fixed by the Board of the Caja.
The fee to be retained for interest and amortization, plus the additional insurance life and guarantee, shall not exceed 40% (40%) of the total nominal remuneration of activity or passivity perceived monthly by the borrower and may be raised to 60% (60%) when the borrower has other income exceeding 75% (seventy-five per cent) of that quota.
Regira for the depreciation of the loan and interest payment, the mobile fee system. As a result, nominal increases that experience the income taxed with the debt service will be affected by a percentage equal to that which was established at the time of the respective writing. The lending institution shall adjust the amount of the fee on each occasion in which those increases occur.
In the event that after the mortgage operation or the extension of the loan to the new work is carried out, works of paving, sanitation and household sanitary facilities, the Caja shall agree to an extension of the credit, adding to the amount of the debt, the amount necessary for the payment of those complementary works; for such purposes may raise the limits set for quotas, 50% (50%) and 65% (sixty-five percent), respectively.


Article 5 °.
Without prejudice to the above, when the retention fee set in loan or extension writing exceeds 35% (thirty-five percent) of wages, wages, or In the case of the increase in the proportion of the income concerned, the increase in the proportion of the income concerned will not be determined by the increase in the amount of the levy. From that point on, the retention rate will be definitively set at 35% (thirty-five percent) and the provisions of the previous article will be strictly adhered to.


Article 6 °.
Borrowers who will be able to provide services outside the institution, will cease to serve in the cold industry or retire, will suffer in their wages or wages, under the conditions in the preceding Article, the discounts necessary for the service of the amortisation and interest fixed, which shall be withheld by the undertakings or offices responsible for paying such salaries, wages or passivities, whichever is the percentage that this represents in the new remuneration, giving it to the Caja within five years of the respective payment.

Article 7 °.
Late a farm borrower taxed in favor of the Box, in accordance with this law, the heirs referred to in Article 2 (c), as well as the other heirs or legatees (a)
the person concerned has not been present in the Member State of the European Union, the Member State of the Member State of the European Union or the Member State of the Member State of the European Union; the conditions referred to in the preceding paragraph, the Fund shall require the immediate cancellation of the loan, and in default of the loan, will proceed to the execution of the good.


Article 8 °.
The Box shall take the administration of the property under the mortgage loan, agreed in accordance with this law, in the following cases:

A) Where the farm is not wholly inhabited by the borrower or his relatives in the cases provided for in Article 2, subject to the provisions of (E);
(B) If the deceased is deceased and his or her heirs of the grades (a) in accordance with Article 2 (2), the depreciation and interest rate of the mortgage loan shall cease to be fulfilled for six months;
(C) Whenever the borrower has been the heirs or legal persons not included in the list in Article 2 (2), who have lived with him since one year before his death, when (
) where the beneficiary of the loan shall cease to be an official of the Fund or leave and provide services in the cold-cold industry, without retirement, and shall omit to serve the quota; monthly loan for a period of three months;
E) If the borrower should leave the room of the estate by medical prescription ratified by the respective service of the Caja;
F) When at the disposal of the Council of the Caja arrange for the transfer of the borrowing officer to another locality and the non-farm continue to be occupied by her relatives in the grades provided for in Article 2.

In all cases where in accordance with the preceding principles, the Caja takes over the administration of a property and will proceed to tender its lease, giving preference to the officials or former retired officials.
It will be applicable in the cases referred to in this article, as provided for in Article 74 of the Organic Charter of the Mortgage Bank of Uruguay, with the exception of the situation provided for in point (A). The surplus which may result shall be delivered to the borrower or to his successors in the domain of the farm.
If the farm to which this loan is intended is not occupied by the borrower or his/her family members determined in the final paragraph of the Article 2. the interest of the operation will be automatically raised by 12% (twelve percent) as long as this situation exists, and the surplus that could result will be poured into the funds of the respective Caja.

Article 9 °.
Until the debt has not been reduced to 50% (fifty percent) of its amount, the mortgaged farms in favour of the Fund may not be taxed or otherwise paid for consideration or free of charge.
If the property is not eligible for disposal in accordance with the preceding paragraph, they may be executed only for the satisfaction of the Caja Credit or national or municipal taxes or fees.
Article 80 to 89 of the Organic Charter of the Bank Mortgage. In any case of disposal of the taxed estate, the credit of the Caja must be cancelled in the order corresponding to the concurrency of the price of the property.

Article 10.
Only the acquisition or construction of property in condominium, the married borrowers to each other, and the discounts of the wages or passivities shall be proportional to the parties that the priopitarians have in the good, not involving such concurrency in the service of the quota, the divisibility of the mortgage.

In the event that a domino does not pay the fixed fee the Caja will be able to always execute the entire good and demand the return of all the debt.

The established limitation should be without prejudice to the provisions of Law No. 10,751of 25 June 1946 on property by flats or apartments.

Article 11.
The Board of the Caja may grant an additional loan for the total amount of valuation expenses, plans, taxes, and expenses for writing. This loan will be reintegrated into seventy monthly, equal and consecutive installments, the amount of which will be outside the limitation imposed by article 4 ° of this law.

Article 12.
The dwellings that are acquired in accordance with this law shall be within the meaning of Article 7 (B) of Law No. 11,921of 24 March 1953.

Article 13.
In case of breach of this law, which does not have any other sanction provided for in it, the Fund may cancel the transaction and require the total repayment of the loan.

Article 14.
The mortgage-taxed properties as a guarantee of the loan granted for construction under this law will be exempt from the payment of the additional to the real estate contribution tax until The year 1972 inclusive.

Article 15.
The Refrigeration Industry Unemployment Compensation Fund will be able to provide it for the purposes of this law, up to 30% (thirty percent) of its annual liquid surplus, and, by one time, from a $2:000,000.00 (two million pesos) item taken from their own resources.

Article 16.
Commune, etc.


Chamber of Sessions of the Chamber of Senators, in Montevideo on October 24, 1962.


                       JOHN C. RAFFO FRAVEGA
                            President
                       José Pastor Salvanach
                            Secretary


    MINISTRY OF INDUSTRIES AND LABOUR
      MINISTRY OF FINANCE
       MINISTRY OF PUBLIC EDUCATION AND SOCIAL SECURITY

Montevideo, October 31, 1962.

Comply, acknowledge receipt, communicate, post and insert into the National Register of Laws and Decrees.