Title II : Stock Exchanges And Stock Operations
Chapter III: Settlement of Stock Operations
Settlement of transactions
of securities
Sect. 50.- Stock exchanges will establish clearing and settlement
procedures for all operations carried out by their means.
Sect. 51.- The settlement, delivery and reception of securities
and of the amount from the operations executed in a stock exchange
is obligatory for the intervening stockbroker, and it will be
carried out according to the norms of this law and to the internal
regulation of the respective stock exchange.
Attachment of securities
Traded in a Stock Exchange
Sect. 52.- In the event that securities registered in a stock
exchange are attached, the issuer will notify it in writing the same
day to the stock exchange in which these securities are registered,
including the pertinent data. The Manager of the stock exchange will
suspend any transaction on the attached securities, informing
immediately to its registered Brokerage Houses and to the
Superintendence.
Once notifications are done, no transaction will be possible with
those securities in the stock exchange.
If the issuer doesn't make the notification described in the
present Section or makes it exceeding the indicated term, it will be
responsible for damages suffered by third parties, and the
Superintendence will impose in conformity with Section 18, a fine of
up to twice the amount of the respective transaction, with a minimum
of one hundred thousand Colons, without prejudice of the penal
responsibility.
The same sanction will also be applied to the Manager of the
stock exchange, if he doesn't carry out the suspension referred to
the first paragraph of this Section and if he doesn't ifnrom of the
attachment to Brokerage Houses. (1)
Executive Power
Sect. 53.- The certification of the legal representative or of
the administrator of the respective stock exchange, containing the
characteristics of the operation, based on the settlement sheet and
accompanied by it, whenever they coincide, will have executive power
against the party that has unfulfilled. (2)
Arbitration
Sect. 54.- Parties that take part in transactions of securities
carried out in a stock exchange, will be able to submit their
controversies to the consideration of a tribunal of three
arbitrators, who can be by law or arbitrators, designating each part
a referee who will choose a third one during the following five
business days. The appointment of the arbitrators of the parts will
be made within the five following business days of having happened
the controversy. If the arbitrators appointed by the parties don't
come to an agreement about the election of the third one, he/she
will be appointed by the Stock exchange. (1)
Sect. 55.- The appointed arbitrators will pronounce their award
during the five days following the date in that the last of them was
sworn in, and will comply the pertinent provisions of the Code of
Trade and of the Law of Mercantile Procedures.
REFORMS:
(1) D.L. No. 254, Published in the Official Newspaper No. 35, Vol.
326, of February 20, 1995
(2) D.L. No. 925, Published in the Official Newspaper No. 25, Volume
334 of February 7, 1997.
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