Key Benefits:
ArtAculoA 1Aº. -A The Bank of the Eastern Republic of Uruguay, created by the Law No 2,480, ofAugust 1896, is a service of the commercial domain of the State, organized in the form of an autonomous entity, which will be governed by the provisions of the Sections XI, XIII and XIV of the Constitution of the Republic and those established by this law, as well as by the laws governing banking activity.
ArtAculoA 2Aº. -A Bank of the Eastern Republic of Uruguay is a legal person capable of all the rights and obligations established by the present and other laws of the nation. Its legal domicile and main seat is the city of Montevideo, without prejudice to the branches in respect of its operations. When the Bank is sued, they will meet in the respective judgments of the Department of Montevideo.
The representation of the Bank and the Board shall be entrusted to the President, assisted by the Secretary-General, and to the assets held jointly by the President and the General Manager, who may also be jointly awarded powers and to grant through them all faculties, even those for which the laws require express authorization.
The representation of the Bank in the agencies and branches will be exercised by those who occupy the positions determined by the Board, who will subscribe, in that letter, the documents and public and private documents, whether they relate to acts such as to contracts of any kind. When the officials referred to in this law grant powers, they may also grant all powers even those for which the laws require express authorization.
The representation of the Bank in branches, agencies and representative offices located abroad shall be granted by the Board to its officials by means of powers that agree to the powers necessary to exercise the respective according to the legislation of each paAs.
ArtAculoA 3Aº. -A The government and the administration of the Bank will be in charge of a Board of Directors composed of a President and four Directors appointed by the Executive Branch, in accordance with the
ArtAculoA 4Aº. -A Without prejudice to the incompatibilities referred to in the Article 200 of the Constitution of the Republic may not be members of the Directory:
| A) | People who are not in the exercise of the natural city or do not have five years of legal citizenship. |
| B) | People less than twenty-five years old. |
| C) | Those who are part of or are dependent on the address, administration, representation, or syndication of other Banks or entities financial, non-state, except when for their condition of members of the Board of Directors of the Republic of the Republic of the Republic of Uruguay, they are members of those institutions. |
| D) | Two or more people who are directors or sAndics or have a dependency relationship or work by virtue of a relationship contractual of any Andole with the same commercial or civil society. |
| E) | The debtors of the Bank of the Eastern Republic of Uruguay, except for those who are due to ordinary operations of Crédito Social or credit card, provided they are not in default. |
| F) | People who will find themselves or who are directors or administrators of companies in the competition situation, provided they have been found responsible for fraudulent actions or information concealment. |
| G) | People disabled by the Central Bank of Uruguay in the last ten years for having incurred irregularities in the the financial system. |
| H) | People who have been convicted of crimes that might have connection with the public function. |
ArtAculoA 5Aº. -A The Directory will name, in its first session, after each periodic integration, a Vice President who will perform the functions of President in the cases of absence or impediment of the latter.
In the event that the requirements of good service are required, the President may delegate his/her duties to the Vice-President.
A second Vice-President shall be appointed to perform the duties of President in the absence or impediment of the President and the Vice-President.
ArtAculoA 6Aº. -A Directory has broad, frank, and general administrative faculties.
ArtAculoA 7Aº. -A Directory will establish the regular meeting system without prejudice to the extraordinary events that the President may have or to request two or more of the Directors.
Without prejudice to exceptional circumstances in which the President's judgment is required for an early decision, it may be possible for the President to adopt, as long as the law does not impose any special laws, and the Board of Directors consider it in the next session.
ArtAculoA 8Aº. -A Without prejudice to the , the members of the Board are personally and jointly responsible for the resolutions voted in opposition. to the Constitution, to laws or regulations.
This liability is waived:
| A) | Those present who would have recorded in minutes their dissent with the resolution adopted and the foundation that motivated it. |
| B) | The absence of the session in which the resolution was adopted, provided they record their dissent in the first the opportunity where possible. |
In both cases, the Secretary-General, within twenty-four hours, should submit to the Executive Branch the testimony of the respective minutes.
ArtAculoA 9Aº. -A In the cases of the temporary acefalAa referred to the third party of the Directory may be integrated, by means of the Executive Branch, with members of the Directories. of other autonomous entities or decentralised services, preferably those of a nature. The vote by this member implies the responsibility referred to in Article 8Aº of this Law.
ArtAculoA 10. -A authorized capital of the Bank of the Eastern Republic of Uruguay will be of UI 10,000,000,000 (ten billion indexed units), which will be integrated:
| A) | With the current integrated capital. |
| B) | With the capitalization of the balance of reserve accounts, except for prosecutors, at the end of the last financial year econmic. |
| C) | With the capitalization of account balances for assets derived from the variance of the purchasing power of the currency, at the close of the last financial year. |
| D) | With 80% (eighty percent) of the remaining amount of the Bank's annual earnings, once contributions are covered which refers to the following item, for the remaining 20% (twenty per cent) to the Reserve Fund. |
| A Once the total of the capital authorized by this article is integrated, all remaining utilities will be allocated to the Reserve Fund, which by decision of the Board, with the favorable vote of three of its members, and prior authorization of the Executive Branch, may be incorporated into the capital. |
|
| E) | With resources to be fixed by law. |
ArtAculoA 11. -A Bank will contribute to General Rentas in the amount to be set by the Executive Branch, up to 50% (fifty percent) of its annual net profits after the tax is debited.
It will be possible to make contributions to General Rentas when the Bank's net asset liability exceeds 30% (thirty percent) of the minimum level required by the regulations of the Central Bank of Uruguay.
12.A (Committed).-The Bank will have as its main tasks, to ensure that financial services are accessible to the population, to stimulate savings as an instrument of personal development and to promote production of goods and services in order to contribute to the economic and social growth of the country.
artAculoA 13.A (Core attributions).-The Bank may perform all commercial and/or financial transactions that constitute usual banking transactions and are not prohibited by the href="areuelveref.aspx?CONSTITUTION, 401//2004/HTM/" title="Constitution in force on this document, " Constitution of the Republic and this OrgA Charter. Without prejudice to this and to the example title, you can especially:
| 1) | Receive all kinds of deposits in national currency, foreign currency, or unit of account or value, in view, in current account, to deadlines or in any other mode. |
| 2) | Grant credits, loans, endorsements, or other forms of garantAa, and discount securities and other business documents may require all kinds of real or personal guarantees in national or foreign currency. |
| 3) | Buy and sell all kinds of gold, silver, and other metal pastes, titles, titles and public values for your own account nationals or foreigners of any nature. |
| 4) | Buy and sell by commission, debt securities, company shares, bonds, mortgage securities and all securities and obligations of commercial companies. |
| 5) | Investing in public offering settings. |
| 6) | Perform change operations on or outside of the square, and perform all class of usual banking operations related to international trade operations, with the potential to place funds or securities in their branches or agencies located abroad and in their correspondents. |
| 7) | Agreed to the correspondents on reciprocity. |
| 8) | Rediscounting or cautioning, inside or outside the paAs, the titles, documents, or values you have in your portfolio. |
| 9) | Rediscounting documents from other financial intermediation companies. |
| 10) | Financing import and/or export operations. |
| 11) | Prestar over "warrants" or certificates of deposits. |
| 12) | Perform garment operations within the provisions of the Law No 17.228, dated 7 January 2000, concordant and amending. |
| 13) | Perform advance operations on cereals, fruits, and wool, and can also do so on crop and saffron product future. |
| 14) | Perform use-credit, factoring with or without resource, pre-financing of securities issuance, reporting, and financial derivatives. |
| 15) | Acting in trusts on any carA. |
| 16) | Perform all kinds of financial operations on behalf of the State and through the corresponding Power Authorization Legislative, also on behalf of the State, commercial or industrial operations when required by public conveniences. |
| 17) | Avaling foreign currency loans for the requirement, expansion, or installation of industrial plants, which produce for the export and/or for the processing of goods or goods substitute for imports. |
| 18) | Acquiring shares or capital parts of financial institutions located outside the country, by resolution that counts with the assent of three of the members of the Board of Directors and the consent of the Central Bank of Uruguay. |
| 19) | Acquiring shares in companies, including or participating in them, as well as in commercial companies of another nature, for the purposes of meeting directly or through them, businesses that correspond to the financial or banking turn. |
| 20) | Constituting or integrating as a shareholder investment fund management companies in accordance with the href="areuelveref.aspx?ACT, 16774//HTM"> Law No 16,774, of 27 September 1996, and its amendments; trust companies in accordance with the terms of the Law No 17,703, dated October 27, 2003, as well as investment banks. |
| 21) | Issue debt certificates, deposit certificates, subordinated debt, as well as receive loans from other institutions financial or international bodies. |
| 22) | In general, perform all operations enabled to financial intermediation institutions. |
| 23) | Perform business social responsibility activities directly, or also through a Foundation that may be create. |
ArtAculoA 14. -A (LAs of credit to the non-financial sector).-The loans or loans granted by the Bank to a physical or legal person in the non-financial sector are cumulative between sA-in the proportions and Until the partial limits that the same Bank determines, but the total sum of loans or loans to the same person, cannot exceed the equivalent of 5% (five percent) of the Bank's Integrated Capital and Reserves. Where the total sum exceeds the equivalent of 1% (one percent) of the bank's capital and reserves, the respective concession shall require the assent of three Directors.
ArtAculoA 15.A (Covers or loans to industrial or commercial entities).-In the case of loans or loans to be granted to the industrial or commercial entities referred to in the the Republic, the percentages referred to in the previous article shall be taken into account, increased by 100% (100% percent).
ArtAculoA 16.A (Economic Sets).-When it comes to loans or loans to be granted to non-financial or industrial and commercial entities, or to industrial and commercial entities, that integrate a set The limits set in the previous two articles should be taken into account, but the total sum of credits or loans to the economic set, cannot exceed 50% (50%) of these ceilings. The determination of the existence of an economic set will be adjusted as a minimum to be established by the Regulations and Control of the Financial System dictated by the Central Bank of Uruguay, without prejudice to the Bank's Board of Directors. may adopt additional criteria for reasons of better administration. If the existence of the same is determined, it will be noted that the sum of all the loans and loans to its members, will exceed the maximum limit set in this paragraph, the Board of the Bank will have three years from the Note, to match the financial assistance of the set to that stop.
ArtAculoA 17.A (Creditos o prólstamos al Estado).-With the assent of three of the members of the Board and the approval of the Legislative Branch, they may grant loans or loans to the State, as well as Departmental Governments, with the LAmite in the case of these last ones, at an amount not exceeding the duodal of their respective budgets of salaries and expenses. It may also have the assent of three of the members of the Board, granting special loans to the departmental governments for amounts that do not exceed 20% (twenty percent) of their contracted public works budgets and in execution and that they do not exceed a duodal means of their respective budgets of salaries and expenses.
ArtAculo 18. -A Declare that Law No. 9.678of 12 August 1937, and Articles 39 and 41 of the Law No. 13,608, of September 8, 1967, will govern for all or any operations that the Bank of the Eastern Republic of Uruguay has made or will carry out in the future.
ArtAculoA 19.A (Credit operations, placements and investments in the financial sector).-The Bank may place funds or securities in institutions in the internal or external financial sector, invest in financial instruments issued by them, as well as their credit operations, with the loans to be established by the Bank's Board for these types of operations, taking into account the type of risk assumed, qualification of the contracting financial institution and the diversification of the investments.
In no case will the referred lAmites be able to exceed those set by the Central Bank of Uruguay for these types of operations.
.A (Investments in internal and external sovereign debt).-The same rule as set out in the previous article will be subject to investments in internal and external sovereign debt.
ArtAculoA 21.A (Relatively incapable people saving operations).-The Bank may open savings accounts, under conditions that it determines, to children, children, or adolescents, who may be able to deposit and withdraw their deposits, as long as the bank institution is not notified of a judicial resolution to the contrary.
The legal representatives will not be able to withdraw the deposits of their represented relatively incapable, without the consent of the ones.
artAculoA 22.A (Bans)-The Bank will not be able to:
| 1) | Making loans to encourage stock exchange speculation or any other Andole. |
| 2) | Acquire shares in companies only, except in the cases provided for in numerals A (18), (19) and (20) of Article 13 of the present law or raAces properties (outside of those that it needs for the operation of the Bank and its dependencies or are the product of trust operations or use credit), but may nevertheless receive or acquire shares, bonds or property in payment or guarantee of debts the recovery of which cannot be carried out in any other way. It may also acquire bonds or shares in the case of pre-financing operations for the issuance of bonds or those of shares that involve their temporary holding for the purposes of capitalizing on the issuing entity. |
| A The prohibition of acquisition of shares of companies does not govern when it is a matter of constituting or participating as Member of a trading company whose exclusive social object is the Administration of Pension Savings Funds. |
|
| 3) | Taking part, directly or indirectly, in commercial or industrial operations other than its turn, with the exceptions provided for in this law. |
| 4) | Grant credits or endorsements to the members of the Board or their senior staff, whether they are advisors or officials who perform managerial positions, as well as companies or institutions of any nature, in which these officials act in a rented or honorary manner, such as directors, directors, sAndics, prosecutors or in higher positions, whether in the direction of management, management or advise, be this direct or indirect situation through people fAsks or jurAdic of any nature. Ordinary social credit or credit card operations are exceptioned. |
| A The prohibited prohibition in this numeral will be maintained up to a year after the official was abandoned by the official corresponding. |
ArtAculoA 23.A (Establishment of branches and agencies).-AdemAs of the branches that the Bank has established and should maintain in all department capitals, it may install branches and agencies in other locations, with either permanent or transient cter.
You may also set up branches, agencies, or representations abroad, with the three-member vote of the Board of Directors and the authorization of the Executive Branch.
ArtAculoA 24. -A State responds directly to the deposits and operations performed by the Bank.
ArtAculoA 25. -A judicial deposits, those from state or non-state public institutions, and those to be performed by private individuals on obligations and contracts with the State shall be made in accordance with the laws and regulations in force at the date of the promulgation of this law.
ArtAculoA 26. -A Social Credit Division (National Savings and Discount Box), will function as a unit dependent on the Bank and will be run and managed by the Directory.
ArtAculoA 27. -A operations will be determined by the Directory and will consist mainly of:
| A) | Agreeing to be or credit with garantAa prendaria of alhajas, furniture, and other objects. |
| B) | Giving credit or lending to or without holding assets, to public employees, private, retired, or pensioners. |
| C) | Conceding credit or lending to people who exercise or officiate and offer satisfactory garantA. |
| D) | Giving salaries to public and private employees, as well as pensioners and pensioners in respect of their retirement and retirement pensions. |
ArtAculoA 28. -A The interest to be collected on the credits granted by the Social Credit Division will be set by the Directory, who should especially ponder those effects, the social destiny that the same.
ArtAculoA 29. -A All the references in the current legislation to the National Savings and Discount Box and all the powers conferred on it will be understood by the Social Credit Division.
ArtAculoA 30. -A lAmites for credit or loans, as well as for the placements or investments provided for in this OrgA Charter, are without prejudice to those established by the Central Bank of Uruguay for the financial intermediation institutions.
ArtAculoA 31. -A In the mortgage foreclosures initiated by the Bank, the judges will order no more directly and directly at the request and under the responsibility of the institution, the lifting of the embargo, second and subsequent mortgages or any other post-mortgage lien that despite the real estate sold, to the sole effect of the transfer of domain.
Costs and costs arising in the event of the execution of second or subsequent mortgages shall not be given priority over the Bank's credit.
ArtAculoA 32. -A Bank may request from judges that it be given possession of the mortgaged properties and grant it the seizure and immediate perception of its income to apply to the payment of the services, expenses (a) the management and conservation of the property, if the debtors will cease to pass ninety days from the dates on which the respective services should be paid.
ArtAculoA 33. -A public utility is the acquisition of land and farms that the Bank needs to establish or widen its offices or dependencies.
ArtAculoA 34. -A Bank will publish annually, after the Court of Auditors, the accounting statements for the closing of each financial year. The Directory will annually count on its management to the Executive Branch.
The above provisions are without prejudice to the provisions that regulate banking activity in this field.
ArtAculoA 35. -A Executive Power will dictate the general regulation for which the Bank should be governed, in accordance with the provisions preceding it. For these purposes, the Board will formulate the relevant project and raise it to the Executive Branch.
ArtAculoA 36. -A The quitas that are granted to the credits included in the artAculoA 622 of the Law No 15,903, dated 10 November 1987, should be granted by a minimum of three compliant members of the Board.
ArtAculoA 37. -None of the provisions of this law affect the powers of regulation, supervision, control and point of law that the laws in force agree with the Central Bank of Uruguay on the Bank of the Eastern Republic of Uruguay as an institution of financial intermediation integral to the national financial system.
ArtAculoA 38. -A The tasks, powers, powers, prerogatives or privileges conferred upon the Bank of the Eastern Republic of Uruguay in this OrgA Charter are without prejudice to any other they would have been entrusted to him by the legislation in force at the date of the promulgation of the present, or corresponding to him in his condition of entity of financial intermediation.
ArtAculoA 39. -A Derogbe the Law No 9,808, of 2 January 1939, the Articles 5Aº and 6Aº of the Law No 13,243, of 20 February 1964, the Articles 1Aº and 2Aº of the Decree-Law 14,623, dated January 4, 1977, and the Law No 17416,20 November 2001.
ArtAculoA 40. -Without prejudice to the second article of the Article 11 of the OrgA Charter of the Bank of the Eastern Republic of Uruguay, the Executive Branch may require contributions. In addition, it will be up to 30 percent (thirty percent) of its annual net profits to debit taxes, which will be used for the creation of funds, with the objective of supporting the financing of viable and sustainable productive projects. result from the judgment of the Executive Branch. The latter, through the Ministry of Economic and Financial Affairs, will regulate the way they operate.
ArtAculoA 41. -A Executive Power will refer to each detailed report on the use of the funds.
A A A A A A Sala de Sessions de la CA ¡ mara de Senators, in Montevideo, on December 15, 2010.
Cúmplase, acorsese recibo, comunAquese, publáquese e inséltese en el Registro Nacional de Leitos y Decretos, la Ley por la que se modify dispositions de la Carta Orgà ¡ nica del Banco de la Repáblica Oriental del Uruguay.
 |
 Montevideo, Uruguay. Legislative Power. |
