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Title VII: General Norms
Chapter I: General Provisions
Commissions
Sect. 96.- Corporations that take part in the stock market whose
services earn commissions, will publish them monthly and every time
that they modify them, in conformity with the resolutions that the
Superintendence dictates in this respect. (1) (2)
Contribution to the Cost of
Inspection
Sect. 97.- Stock exchanges, Brokerage Houses and securities
depositories will contribute to the cost of the public service of
inspection, with one percent of the total net worth for their
reserve for bad debts and depreciation, in conformity with their
balance sheet as to the thirty first of December of the previous
year, which they must surrender to the Central Bank of Reserve of El
Salvador during the first quarter of every year. Regardless of what
is specified in Section 28 of the Organic Law of the Superintendence
of the Financial System, the value this way calculated will increase
the limit of the budget established in the mentioned section, and
the funds obtained this way will be transferred in their entirety to
the Superintendence.
Constant value of capitals
Sect. 98.- The Directive Council of the Superintendence will
every two years, based on the consumer's price index, with the
previous opinion of the Central Bank of Reserve of El Salvador,
update the amount of the minimum foundation and operation capitals
specified in this Law, so that they maintain their real value.
Sect. 99.- The net worth of stock exchanges, Brokerage Houses and
securities depositories may never be inferior to the minimum capital
according to the revisions specified in the previous section. For
these purposes the net worth will be equal to the sum of the paid-in
capital, plus the legal reserves and other capital reserves coming
from earned profits, plus the surplus accounts and retained profits,
plus the fifty percent of the net profits of provision for income
tax on the current exercise, the fifty percent of the re-valuations
that the Superintendence has authorized, deducted the losses if any.
(2)
Instruments and Central
American Documents
Sect. 99-A. - For the purposes of this Law, instruments
originated in Central American countries will produce legal effects
in El Salvador, whenever the signatures that appear in them have
been authenticated by the notary designated by the stock exchange of
the country of issue of the document, or that the Legal
Representative or Manager of the stock exchange issue certification
that the signature that appears in the document is normally used by
the person or official.
Stock exchanges will keep record of the signatures of the
mentioned officials of the Central American stock exchanges, in
conformity with the norms that they determine. (1)
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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