Circular OPASI 2-382 / RUNOR 1-833: Orderly Text on Demand Accounts Opened in Cooperative Credit Unions — BCRA — AR

"2007 - Year of Road Safety"
CENTRAL BANK OF THE ARGENTINE REPUBLIC
COMMUNICATION "A" 4713 24/09/2007
TO FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 - 382
RUNOR 1 - 833
"Demand accounts opened in cooperative credit unions." Ordered text.

We address you to inform you that the Board of Directors of this Institution has decided the following:

Approve the regulations on "Demand accounts opened in cooperative credit unions."
Replace Section 2 of the regulations on "Prevention of money laundering and other illicit activities" with the following:

"Section 2. Payment of checks and bills of exchange at the counter.
2.1. Limitation.
Checks - common or deferred payment - issued to bearer or to a specific person, for amounts exceeding $ 50,000, shall not be paid at the counter.
Nor shall bills of exchange - sight or fixed date - drawn against demand accounts opened in cooperative credit unions, whether issued to a specific person or not, for amounts exceeding $ 25,000, be paid at the counter.

2.2. Exceptions.
2.2.1. Instruments issued in favor of the holders of the accounts against which they are drawn, exclusively when presented to the depositary entity by themselves.
2.2.2. Values in favor of third parties intended for the payment of salaries and other habitual remuneration for amounts comprising the payroll globally, for which the drawer must extend, on each occasion, a certification expressly stating the purpose of the instrument, which will be archived in the entity.

2.3. Safeguards.
It will be necessary to establish safeguards considered necessary aimed at preventing that through repeated withdrawals, for amounts that do not reach the level determined in point 2.1., the established limitation is circumvented."

-2-
The pages of the ordered text of the regulations referred to in point 1 are attached, as well as those corresponding to incorporate in replacement of those previously provided in the text cited in point 2. Likewise, it is recalled that on the website of this Institution www.bcra.gov.ar, accessing "regulations" ("ordered texts"), the modifications made with texts highlighted in special characters (strikethrough and bold) will be found. We salute you very respectfully. CENTRAL BANK OF THE ARGENTINE REPUBLIC Darío C. Stefanelli José I. Rutman Manager of Emission of Regulations General Deputy Manager of Regulations

ANNEX

-Index
Section 1. Operation.
1.1. Procedures manual.
1.2. Account attention.
1.3. Identification of holders of demand accounts and persons authorized to
operate in them.
1.4. Conditions.
1.5. Operational aspects to be included in the demand account contract.
Section 2. Movement of accounts.
2.1. Credits.
2.2. Debits.
2.3. Interest.
2.4. Truncating of compensable bills of exchange.
Section 3. Bills of exchange.
3.1. Formal requirements.
3.2. Presentation for collection.
Section 4. Endorsement and aval.
4.1. Endorsement.
4.2. Aval.
Section 5. Rejection of bills of exchange.
5.1. Causes.
5.2. Cases not susceptible of rejection.
5.3. Procedures.
Section 6. Loss, theft or adulteration of bills of exchange.
6.1. Scope.
6.2. Obligations of the holder or, if applicable, the dispossessed holder.
6.3. Obligations of the cooperative credit union.
B.C.R.A.
DEMAND ACCOUNTS OPENED IN THE
COOPERATIVE CREDIT UNIONS
Version: 1st Communication “A” 4713
Validity:
24/09/2007

Section 7. Central of rejected bills of exchange and Central of disqualified drawers of bills of exchange.
7.1. Administration.
7.2. Reasons for inclusion.
7.3. Cancellations of rejected bills of exchange.
7.4. Guidelines for inclusion.
7.5. Information to the Central Bank of the Argentine Republic.
7.6. Exclusion of included persons.
7.7. Lack of information. Sanctions.
7.8. Opening of accounts with fake documentation.
7.9. Controls and documentation.
Section 8. Closure of accounts and suspension of the bill of exchange payment service as a measure
prior to the closure of the account.
8.1. Causes.
8.2. Procedure.
8.3. Suspension of the bill of exchange payment service prior to the closure of the account.
8.4. Controls and documentation.
Section 9. Notices.
9.1. General aspects.
9.2. Minimum content.
Section 10. General provisions.
10.1. Recommendations for the use of ATMs.
10.2. Deposit guarantee.
10.3. Drawing of bills of exchange and return of deposits.
10.4. Return of bills of exchange to the drawers.
10.5. Discriminatory acts.
10.6. Method of computing deadlines.
B.C.R.A.
DEMAND ACCOUNTS OPENED IN THE
COOPERATIVE CREDIT UNIONS
Version: 1st Communication “A” 4713
Validity:
24/09/2007

1.1. Procedures manual.
Cooperative credit unions (Law 26.173) that choose to provide this service will specify in a procedures manual the conditions they will observe for the opening, operation and closing of demand accounts with use of compensable bills of exchange, which must be based on objective criteria, and cannot set preferential guidelines for persons or companies linked, for which the definitions adopted in this matter by the Central Bank of the Argentine Republic will be taken into account. This manual must be approved by the Board of Directors of the cooperative credit union prior to review by the "Audit Committee" and must be entered in full in the minutes of the session that approves it, procedure that will also be used for any modification that is incorporated in the future and for any exception to the general criteria, along with the reasons for those decisions.

1.2. Account attention.
Demand accounts must have the use of bills of exchange. Accounts will function in accordance with what is provided in this regulation, within the framework of article 100 bis -Chapter XIII, article 1° of Decree-Law 5965/63- (text according to article 3° of Law 26.173).

1.3. Identification of holders of demand accounts and persons authorized to operate in
them.
1.3.1. Natural persons (holders, each of the persons to whose order the account will remain and
legal representative, authorities and authorized to use the account in the case of legal entities).
1.3.1.1. Full names.
1.3.1.2. Date and place of birth.
1.3.1.3. Marital status.
1.3.1.4. Profession, trade, industry, commerce, etc., that constitutes their main activity,
determining the branch or specialty to which they are dedicated.
1.3.1.5. Real and special addresses, the latter being mandatory constituted in
Argentina, which will be considered for all legal and regulatory effects derived from the operation of the account, including those arising from the bill of exchange.
In case there is more than one holder, only one special address will be constituted.
DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 1. Operation.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

1.3.1.6. Unique Tax Identification Key (CUIT) or Unique Labor Identification Code
(CUIL) or Identification Key (CDI), as applicable. The cooperative credit union may manage the CDI before the Federal Administration of Public Revenues (General Directorate of Taxes).
1.3.1.7. Names and surnames of the spouse.
1.3.1.8. Names and surnames of the parents.
1.3.1.9. Type and number of the document to establish their identification, as indicated
below. i) Argentines.

National Identity Document.
Enrolment Booklet.
Civic Booklet.
ii) Foreigners settled since 1.1.1970.
National Identity Document - Foreigners.
iii) Foreigners entering the country with permanent or temporary status, with a stay period greater than three months and not yet settled.
Passport of border countries.
Identity card issued by competent authority of the respective
border countries. iv) Foreigners with less than three months of stay in the country.
Entry permit to the Republic, issued by the National Directorate
of Migrations or by an Argentine consular official.
Passport visaed by Argentine consular authority, unless agreements
signed by the Republic exempt it from it.
Individual card, issued by the National Directorate of Migrations.
Identity card or any other identifying document issued by
competent authority of the respective border countries.
DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 1. Operation.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

v) Foreigners who are international officials and representatives and diplomatic officials.

Corresponding identification documents issued by the Ministry
of Foreign Affairs, International Trade and Worship. vi) Others.
As provided in the regulations on "Identification documents in force".

1.3.2. Legal entities.
1.3.2.1. Name or corporate name.
1.3.2.2. Real, legal and special addresses, the latter being constituted in Argentina, which will be considered for all legal and regulatory effects derived from the operation of the account, including those arising from the
bill of exchange.
1.3.2.3. Date of contract or statutes, social object and duration of the company.
1.3.2.4. Date and number of registration in the pertinent official register.
When registration in the Public Registry of Commerce or equivalent authority is not required, according to the competent jurisdiction, because commercial acts are not carried out -habitually- in the country, this requirement may be supplemented with the certificate that accredits that the company is registered before the competent official control body of Argentina, according to its specific activity. When it concerns foreign firms that do not comply with what is indicated in the previous paragraph, they can only open accounts to the personal order of their components or legal representatives.
1.3.2.5. Unique Tax Identification Key (CUIT).
1.3.2.6. List of authorities and representatives authorized to use the
account, regarding whom the requirements established for natural persons (point 1.3.1.) must be fulfilled.

1.3.3. Transitory unions of companies.
In these cases, demand accounts will operate in the name of all participating companies and to the order of the representative, so data from each company and representative must be available. DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 1. Operation.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

1.4. Conditions.
1.4.1. Special safeguard.
Cooperative credit unions must adopt internal norms and procedures, tending to avoid that accounts can be used in relation to the development of illicit activities, paying special attention -among other aspects- to that the movement recorded in them is reasonable with the activity declared by the client.

1.4.2. Record of delivery of information to the client.
Cooperative credit unions must archive the record that the client has received the detail of commissions and expenses for services linked to his operation, regardless of their concept and that the complete text of Law 26.173 and regulatory norms are available to him at the collective credit union, also indicating that they can be consulted through "Internet" at the address "www.bcra.gov.ar".

1.4.3. Currency of the account.
The account will operate in pesos, which must be specified expressly.

1.4.4. Disqualified persons.
Cooperative credit unions must reliably verify that the persons included do not register disqualifications to operate, both bank current accounts and this type of demand accounts, disposed of by judicial authority or as a consequence of other legal provisions, to which effect they will consult the "Central of disqualified current account holders" and the "Central of disqualified drawers of bills of exchange" administered by the Central Bank of the Argentine Republic.

1.4.5. Signature registry.
The cooperative credit union will require, with the safeguards it establishes, that the holder(s) of the account and the persons enabled to operate in it stamp by hand and letter, on special cards or forms or legally authorized substitutes, the signatures that will carry the bills of exchange they issue or the instructions they impart. The same formality will be required with respect to all persons who are authorized to draw against the account. To this end, the unification of the registry in a single card, special form or legally authorized substitute will be admitted, for all accounts opened by the same holder.

1.4.6. Delivery of booklets of bills of exchange.
Once the account is enabled by the initial deposit agreed upon, the cooperative credit union will deliver to the holder, under receipt, booklets of bills of exchange, according to applicable regulations. These booklets may be constituted with sight bill of exchange forms or fixed date, exclusively, or contain both types of documents. If the aforementioned form is not withdrawn personally by the holder of the account, the cooperative credit union will not pay the bills of exchange presented for collection (whatever their class), if its consent regarding the receipt of the cited element is not available. The cooperative credit union will proceed to reject by formal defect each of the bills of exchange contained in the form regarding which the holder's consent on its receipt has not been received. Booklets of bills of exchange will be delivered in the quantity requested by the client to the extent that it is justified by the movement of the account.

1.5. Operational aspects to be included in the demand account contract.
Its clauses must foresee, at minimum:
1.5.1. Holder's obligations.
1.5.1.1. Maintain sufficient fund provision so that the cooperative credit union attends to the bills of exchange drawn against the account and, in case of lack thereof, does not issue them deviating from the written agreed conditions.
In the case of fixed-date bills of exchange, their drawing will be conditioned on the existence of adequate fund provision.
1.5.1.2. Upon receiving statements, send to the cooperative credit union its conformity with the balance or any observations that may arise, within the deadline
established in point 1.5.2.3.
1.5.1.3. Update the registered signature, whenever the cooperative credit union deems it necessary.
1.5.1.4. Notify the cooperative credit union, in writing, of the loss, theft or
adulteration of blank bill of exchange forms or of bills of exchange drawn and not delivered to third parties or of the special form to request them, according to the procedure established in point 6.2 of Section 6. DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 1. Operation.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

It must proceed in the same way if it has knowledge that a bill of exchange already issued had been lost, stolen or altered. The notice can also be given by the dispossessed holder.
1.5.1.5. Report to the cooperative credit union, in writing, any change of
domicile and return the booklets of bills of exchange in which the previous address appears.
1.5.1.6. Communicate to the cooperative credit union any modification of its social contracts, statutes, change of authorities or powers and revocations of
these last ones, particularly when referring to the persons mentioned in point 1.3.2.6.
1.5.1.7. Return to the cooperative credit union all blank bills of exchange it retains at the time of requesting the closure of the account or within 5 business days of the date of having received the communication of the suspension of the
bill of exchange payment service as a prior measure to the closure of the account or of the closure of the account.
1.5.1.8. Integrate bills of exchange in pesos, draft them in the national language without advertising inscriptions and sign them by hand and letter.
Save crossings and amendments on the back of the bill of exchange, with the signature of the drawer.
More than 3 signatures will not be admitted on bills of exchange.

1.5.2. Obligations of the cooperative credit union.
1.5.2.1. Keep accounts up to date.
1.5.2.2. Credit the amounts delivered to it for the credit of the demand account and the deposits of bills of exchange within the valid compensation periods.
1.5.2.3. Send to the holder, no later than 8 calendar days after the end of each month
and/or the shorter period established and under the conditions agreed upon, a statement of the account with the detail of debits and credits -whatever their concept- and the balances recorded in the period it covers, asking for his written consent. In the summary, the uniform banking key (CBU) will be stated so that the customer can adhere to automatic debit services and the total amount debited in the period for "Financial Transactions Tax". DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 1. Operation
Version: 1st Communication “A” 4713
Validity:
24/09/2007

In that statement or account summary, additionally, cooperative credit unions will inform the following minimum data:
i) If debits corresponding to the automatic debit service occur:

Name of the service provider company, tax collecting agency, etc., to which the debited funds were destined.
Client identification in the company or entity (surname and name or code or
account, etc.).
Concept of the operation causing the debit (month, bimonth, installment, etc.).
Amount debited.
Date of debit.
ii) If transfers are made:
a) When the destination account corresponds to the same originator of the transfer:
Discretionary information at the discretion of the originating company or individual.
Amount transferred.
Date of the transfer.
b) When the destination account corresponds to another recipient, different from the originator of the transfer:
Name of the originating person or company.
CUIT, CUIL or DNI number of the originator.
Unique reference of the transfer.
Total amount transferred.
Date of the transfer.
Conformity with the movement recorded in the cooperative credit union will be presumed if within 60 calendar days of the expiration of the respective period no claim has been filed with the entity. When interest is recognized on creditor balances, the nominal and effective rates, both annual, corresponding to the reported period will be informed. DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 1. Operation.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

Additionally, the legend that should be included in matters of deposit guarantee will be stated, as provided in point 10.2 of Section 10. and, in the place determined by the cooperative credit union, the tax identification key number (CUIT, CUIL or CDI) of the account holders, according to depository records. It will be obligatory to record the data of up to three of its holders; when they exceed this number, the total quantity will also be indicated. The cooperative credit union may opt to make statements available to holders electronically (“SMS”, “home banking”, ATMs, etc.). That medium will be complementary, so it will not replace the obligation of sending in printed form, which, in case of information discrepancy, will be considered valid for contractual relationship purposes.

1.5.2.4. Inform the holder of the balance recorded by the corresponding accounts in the offices of the cooperative credit union and/or in the places indicated by the holders or agreed with them, such communication being able to be made through
electronic means.

1.5.2.5. Pay at sight -except in the cases referred to in point 1.5.2.7., second
paragraph- the bills of exchange drawn on the forms delivered to the holder, in accordance with the legal and regulatory provisions in force at the date of issuance of the bill of exchange, taking into account in terms of presentation deadlines those established in article 40 of Chapter VI of Decree-Law 5965/63. In the case of fixed-date bills of exchange, this period will be calculated from the payment date stated on the instrument.

1.5.2.6. Adopt the necessary procedures to effect payment of bills of exchange, assuming the relevant legal responsibilities in the case of incorrectly paid documents.
With respect to the truncating of bills of exchange, the guidelines contained in the conventions formalized for this purpose with other financial entities must be observed in this aspect.

1.5.2.7. Identify the beneficiary or the person presenting the bill of exchange at the counter, whose signature, clarification and address, and the type and number of identity document
that corresponds according to what is provided in point 1.3.1.9., must be recorded on the back of the document.
Cash payment of bills of exchange -sight or fixed date- issued for amounts exceeding $ 25,000 shall not be made. This restriction will not apply in the following cases:
DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 1. Operation.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

i) Bills of exchange drawn in favor of the holders of the accounts on which they are drawn, exclusively when presented to the cooperative credit union drawn by them. ii) Securities in favor of third parties intended for the payment of salaries and other regular remuneration for amounts comprising the payroll in global form, for which the drawer must extend, on each occasion, a certificate expressly stating the purpose of the draft, which will be archived in the cooperative credit union.

1.5.2.8. Verify the regularity of the series of endorsements but not the authenticity of the endorsers' signatures, and verify the signature of the presenter, which must be inserted with the character of a receipt.
These obligations fall on the cooperative credit union drawn when the bill of exchange is presented for collection there, while the cooperative credit union in which the bill of exchange is deposited - when different from the drawn one - is responsible for controlling that the last signature extended with the character of a receipt contains the specifications established in point 4.1.3. of Section 4., unless the truncation procedure is applicable, in which case the provisions of the respective agreements will apply. When the presentation is made through an agent or beneficiary of an ordinary assignment, the instrument by which the mandate was granted or the assignment made must also be verified, except when the collection management is carried out by a financial entity not authorized to capture deposits in demand accounts.

1.5.2.9. Notify the holder and obtain their consent, with at least 5 business days' prior notice before its application, regarding changes that affect the functioning of the account - partially or totally - and/or modifications in the amount of commissions or expenses whose debit had been accepted.
Whenever there is no express opposition from the client, the new conditions may be applied after a period of not less than 30 calendar days, counted from the date of expiration of the period established for the sending or making available of the summaries, unless certified notification to the client is opted for, in which case this period is reduced to 5 calendar days. In the case of changes that mean decreases in commissions or expenses, the new amounts may be applied without the need to wait for the passage of the aforementioned periods. Funds debited for commissions or expenses without the prior knowledge of the clients or despite their opposition, as established previously, must be reimbursed to the holders within 5 business days following the date on which they present their complaint to the cooperative credit union.

DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 1. Functioning.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

Additionally, it will be necessary to recognize the amount of expenses incurred for obtaining the reimbursement and the pertinent compensatory interest up to the limit equivalent to 100% of the observed debits.

1.5.2.10. Inform the Central Bank of the Republic of Argentina about the rejections of bills of exchange due to formal defects, as well as those produced by insufficient provision of funds in the account.

1.5.2.11. Use the procedures established in the respective operational guide to send to the Central Bank of the Republic of Argentina, on the dates and in the form indicated, the reports referred to in point 1.5.2.10.
In said reports, the Unique Tax Identification Key (CUIT) or Unique Labor Identification Code (CUIL) or Identification Key (CDI) must be mentioned, as applicable.
The data provided, referring to each of the situations foreseen in said point, may not have an age greater than 10 business banking days prior to the due date for that presentation.

1.5.2.12. Adopt the precautions deemed necessary to ensure that the holder has received the bill of exchange form requested.

1.5.2.13. Reverse the debited operations, according to express instructions of the holder, linked to the automatic debit system for the payment of taxes, public or private service invoices, credit card summaries, etc., which comply with the terms established in point 1.5.4.2., according to clauses that must be included in the adherence agreement to the system.
In the agreements that cooperative credit unions enter into with their clients for adherence to automatic debit systems, a clause must be included that provides for the possibility that the client orders the suspension of a debit until the business day prior - inclusive - to the due date and the alternative to reverse debits for the total of each operation, upon express instruction from the client, within 30 calendar days counted from the date of the debit. The return will be made within 72 business hours following the date on which the cooperative credit union receives the client's instruction, provided that the originating company of the debit and only in cases where the amount of the requested reversal exceeds $ 750, does not oppose the reversal because the billing difference has been effectively made directly. When it comes to credit card settlements of open systems, in replacement of the aforementioned reversal procedure, cooperative credit unions must have mechanisms in place that allow users to manage through them the reversal of coupons included in the settlements and the reimbursement of the pertinent amounts that have been debited.

DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 1. Functioning.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

1.5.2.14. Notify the holder, when magnetic cards are delivered to be used in the performance of operations with automated teller machines, the recommendations and precautions that must be taken to ensure their correct use, as provided in point 10.1. of Section 10.

1.5.3. The detail of commissions and expenses, whatever their concept, with mention of amounts, percentages, etc., for the services to be provided by the cooperative credit union, linked to the functioning, attention, and maintenance of the accounts, as well as the dates and/or periodicity of these debits.

1.5.4. The concepts that will be debited from the demand account, provided there is express authorization from the client, for:

1.5.4.1. Operations typical of the cooperative credit union (loan payments, safe deposit box rentals, etc.).

1.5.4.2. Collection services on behalf of third parties, contracted directly with the cooperative credit union or through said third parties (automatic or direct debits) for the payment of taxes, rates, contributions, and payments, public or private service invoices, credit card summaries, etc., when the client's knowledge is assured with a minimum advance of 5 business days regarding the date fixed for the debit that the holder has contracted.
In the event that the client formalizes their adherence to the automatic debit service through the service provider company, tax collection agency, etc., for the purpose of making debits, it will be sufficient for the company or entity to send communication to the cooperative credit union notifying the adherence, the record of which may remain with the company or entity. The client may formalize their adherence to the automatic debit system through the cooperative credit union in which they maintain their account or through the service provider company, tax collection agency, etc., insofar as, in the pertinent aspects, the previously mentioned requirements are observed. The same option will be available to manifest the disaffection or removal of a service from this system.

1.5.4.3. Commissions freely agreed upon at the time of opening or subsequently, corresponding to the operations foreseen in points 1.5.4.1. and 1.5.4.2., consigning amounts or percentages.
If the services are agreed upon after the opening of the account, a record will be left in a document signed with the client, prior to its entry into force, which will complement the demand account contract, regarding the concepts included and the opportunities in which the debits will operate.

DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 1. Functioning.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

1.5.5. The list of debits that may not require prior and express authorization from the applicant, such as taxes that tax the movements of the account or other concepts debited in it.

1.5.6. Detail of the causes and/or situations that may motivate the closure of the account, including those provided for by judicial decision or other legal reasons, as well as the requirements that each of the parties must observe on that occasion.

DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 1. Functioning.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

2.1. Credits.

2.1.1. By counter deposits or automated teller machines.
When slips are used, they must contain, at minimum, the following data:

2.1.1.1. Name of the cooperative credit union.

2.1.1.2. Name and surname or corporate name of the holder and account number.

2.1.1.3. Amount deposited.

2.1.1.4. Place and date.

2.1.1.5. When it concerns deposits of bills of exchange and/or checks, the name of the cooperative credit union and/or drawn entity and the amount of each of the bills of exchange deposited.

2.1.1.6. Stamp of the receiving house, unless mechanized security writings are used.
Regarding the performance of operations through automated teller machines, cooperative credit unions must have implemented information security mechanisms that guarantee the genuineness of the operations.

2.1.2. Through transfers - including electronic -, telephone orders, through "Internet", etc.
Cooperative credit unions must have implemented information security mechanisms that guarantee the genuineness of the operations.

2.1.3. By internal credits.

2.1.4. Others.
Except when deposit slips are used, cooperative credit unions must issue the pertinent record with the essential data of the operation, whatever the means used.

2.2. Debits.

2.2.1. By payment of bills of exchange. Debits for the sale of "counter bills of exchange" will be contemplated.

2.2.2. Transfers, which must be ordered by the holder, whatever their form - personal, electronic, telephone, via "Internet", etc.-.

DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 2. Movement of accounts.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

Cooperative credit unions must have implemented information security mechanisms that guarantee the genuineness of operations performed in a non-personal manner.

2.2.3. Internal debits, which, when applicable, will be admitted under the conditions referred to in point 1.5.4. of Section 1.

2.2.4. Withdrawals through automated teller machines and operations performed through terminals at points of sale.
Cooperative credit unions must have implemented information security mechanisms that guarantee the genuineness of these operations.

2.3. Interest.

2.3.1. They may be recognized on the credit balances of the demand account, under the conditions freely agreed upon with clients.

2.3.2. They will be settled and capitalized for periods not less than 30 days nor greater than one year, using 365 days as a fixed divisor.

2.3.3. Upon the closure of the account, they will be settled until the day prior to the occurrence of such circumstance.

2.3.4. It must be specified:

2.3.4.1. Annual contractual interest rate, as a percentage with two decimals.

2.3.4.2. Effective annual interest rate equivalent to the calculation of interest in a matured manner, as a percentage with two decimals.

2.3.4.3. Calculation of the effective annual interest rate.
The following formula will be used:
i={[(1 + is * m/df * 100) df/m
]-1}*100 where:
i: effective annual interest rate, equivalent to the calculation of interest in a matured manner on balances, as a percentage, with two decimals. is: annual contractual interest rate applied, as a percentage.

DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 2. Movement of accounts.
Version: 1st Communication “A“ 4713
Validity:
24/09/2007

m: number of days corresponding to each of the sub-periods of interest settlement when paid periodically or of the operation when collected in a single opportunity. When these sub-periods are in fixed days for monthly, bimonthly, etc., periods, they are considered for these purposes as 30 days, 60 days, etc., respectively. df: 365.

2.3.5. Advertising.
Cooperative credit unions must display on boards placed in customer service locations as well as in advertisements through graphic media (newspapers, magazines, billboards in public streets, etc.) information on the interest rates they pay on the credit balances of demand accounts - when recognized - as a percentage with two decimals, with the following detail:

2.3.5.1. Nominal annual interest rate.

2.3.5.2. Effective annual interest rate.

2.4. Truncation of compensable bills of exchange.

2.4.1. Granting of reciprocal mandate.
For the purposes of applying the truncation procedure for bills of exchange for the payment of documents processed through electronic funds compensation chambers, based on agreements formalized between cooperative credit unions, it will be understood that they have granted a reciprocal mandate regarding the fulfillment of their obligations as the drawn entity, by application of Law 26.173 and regulatory norms issued by the Central Bank of the Republic of Argentina.

DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 2. Movement of accounts.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

3.1. Enunciations.
They will be drawn against demand accounts opened in cooperative credit unions, issued "at sight" and/or "on a fixed day", extended in ordinary form (that is, to the order of a beneficiary different from the drawer and where drawer, drawee, and beneficiary are distinct) or to the order of the drawer. They will contain the following essential enunciations required by Decree-Law 5965/63 and by this regulation and will comply with the models established by the Central Bank of the Republic of Argentina.

3.1.1. The denomination "bill of exchange at sight" or "bill of exchange on a fixed day" inserted in its text in the language used for its drafting.

3.1.2. The order number printed in the body of the bill of exchange.

3.1.3. The place and date of creation.

3.1.4. The payment date, which cannot exceed a term of 360 days, in bills of exchange on a fixed day.

3.1.5. The name of the cooperative credit union drawn and the place of payment.

3.1.6. The unconditional promise to pay, expressed in letters and numbers, a determined sum of money in bills of exchange at sight at the time of their issuance or, on a fixed day, upon their maturity.

3.1.7. The signature of the drawer.

3.1.8. The name of the drawer, domicile, tax or labor identification or identity, as regulated by the Central Bank of the Republic of Argentina.

3.1.9. The demand account number.

3.1.10. The preprinted legends: “This bill of exchange does not require prior acceptance by the drawee” and “Payers will be served without protest”.

3.2. Presentation for collection.
Cooperative credit unions drawn or depositing entities may not receive bills of exchange for crediting to account or payment at the counter, when they are extended at sight with a date prior to their issuance and when drawn on a fixed day and presented before the corresponding payment date. Bills of exchange at sight will be presented for payment within a term of one year from the date of issuance counted from the date inserted by the drawer on the front of the bill of exchange, and the drawer nor the endorsers may subsequently establish a different date for its presentation.

DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 3. Bills of exchange.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

Bills of exchange on a fixed day will be debited upon presentation to the drawee - whether by the beneficiary or by the depositing entity - provided that such presentation is not made before the payment date recorded in the document or after the two business days subsequent to said date.

DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 3. Bills of exchange.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

4.1. Endorsement.

4.1.1. Limit.
Bills of exchange presented for collection until 12.31.07 may only contain the number of endorsements indicated below:

4.1.1.1. Bills of exchange at sight: up to one endorsement.

4.1.1.2. Bills of exchange on a fixed day: up to 2 (two) endorsements.
Exceptions to the limitations established in this point apply to endorsements that cooperative credit unions make to obtain financing, in favor of a financial entity or a trustee of a financial trust, both cases included in the Financial Entities Law and successive transmissions in favor of other subjects of the same nature.

4.1.2. The bill of exchange extended in favor of a determined person, which does not possess the clause "not to order", will be transferable by endorsement.
Bills of exchange with the aforementioned condition ("not to order") may also be transferred by endorsement, in the cases of transfers - first and successive - when extended:

4.1.2.1. In favor of cooperative credit unions.

4.1.2.2. In favor of financial entities.

4.1.2.3. In favor of trustees of financial trusts included in the Financial Entities Law, insofar as they concern operations related to the trust.

4.1.3. The signature to be inserted in a bill of exchange solely for the purpose of its collection or deposit will not constitute an endorsement, serving for the purposes of identification of the presenter and, in the first case, serving as a receipt.
Nor are the interventions of financial entities to carry out the collection management of documents considered endorsements.

4.1.4. The endorsement must be pure and simple and will contain the signature of the endorser, their full names and surname and identity document, and, if applicable, the name of the legal entity represented and the capacity invoked.
For the purposes of presenting the bill of exchange for collection - directly in the cooperative credit union drawn or through another depositing intermediary - the presenter must include their domicile when inserting their signature for identification purposes.

DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 4. Endorsement, special issuance modalities, and guarantee.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

4.1.5. Partial endorsement is null.

4.1.6. The endorsement that does not contain the specifications established in point 4.1.4. does not prejudice the title or its transferability, and cannot be rejected for that deficiency.

4.1.7. The addition of sheets for the purpose of transmitting or guaranteeing the instrument will only proceed for reasons of space. For these purposes, the intervening party to whom the addition corresponds must sign covering both the exhausted element and the new one.

4.1.8. In other aspects related to the figure of endorsement, what is established in the Bill of Exchange Law applies.

4.2. Guarantee.
It will contain, at minimum, the expression "by guarantee" or another equivalent, the signature of the guarantor, with indication of their full names and surname, and, if applicable, the name of the legal entity represented and the capacity in which they act, their domicile, and, if applicable, the type and number of identity document, as provided in point 1.3.1.9. of Section 1.

DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 4. Endorsement, special issuance modalities, and guarantee.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

5.1. Causes.

5.1.1. Insufficiency of funds.

5.1.1.1. Lack of sufficient available funds credited to the account.

5.1.1.2. In the event that the return recognized causes concurrent with that of insufficiency of funds, rejection will proceed for the latter circumstance, even when it concerns closed accounts or suspension of the payment service prior to the closure of the account, disposed of in accordance with this regulation and bills of exchange issued after the date of notification of the pertinent closure.
For documents issued up to the date of notification of closure, their payment or rejection for "Without sufficient available funds in account" will proceed, depending on whether the corresponding provision has been made according to what is regulated. The criterion of considering the cause "for lack of funds" will not prevail when the bill of exchange is returned for the reasons provided in point 5.1.3., except in the following situations:
i) Irregularities in the chain of endorsements are presented. ii) The situation provided for in the second paragraph of point 5.3.6.1. (insufficiency of funds to pay the bill of exchange if the fraudulent act had not occurred) is verified. iii) Insufficiency of funds if the precautionary measure had not been disposed of, as indicated in the last paragraph of point 5.3.6. In these cases, what is established in the first paragraph of this point will apply.

5.1.1.3. A second presentation will not be admitted in any case.

5.1.2. Formal defects.
A formal defect is defined as any verified in the creation of the bill of exchange that the beneficiary cannot notice by its mere appearance.
The following cases are included, among others:

5.1.2.1. The signature of the drawer differs manifestly from that recorded in the records of the cooperative credit union drawn.

5.1.2.2. Signatory without valid or current power at the time of the issuance of the bill of exchange.

5.1.2.3. Social contract expired at the time of the issuance of the bill of exchange.

DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 5. Rejection of bills of exchange.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

5.1.2.4. Lack of additional signatures to the existing one(s), when the signature of more than one person is required.

5.1.2.5. Signer included in the "Central Register of Disqualified Checking Account Holders" and in the "Central Register of Disqualified Drawers of Bills of Exchange" at the time of issuance of the bill of exchange.

5.1.2.6. Lack of conformity in the receipt of bill of exchange books (point 1.4.6. of Section 1.).

5.1.2.7. Drafting on the drawer, unless it were a bill of exchange drawn between different establishments of the same drawer.

5.1.3. Other reasons.
Such reasons are defined as those that generate the impossibility of proceeding with the payment of a bill of exchange or that did not exist or were unknown to the drawer at the time of its issuance. In a taxative manner, they are:

5.1.3.1. Report of loss, theft, or alteration (carried out under the conditions provided for in the Decree-Law on Bills of Exchange and in this regulation) of the form on which it is extended, when all obligations falling on the drawer, or in their case, the dispossessed holder, have been fully complied with (point 6.2. of Section 6.).

5.1.3.2. Force majeure causes at the time of presentation of the bill of exchange that prevent its payment (that is, constitute impediments motivated by an insurmountable obstacle, such as legal prescription of any State or others of assimilable category according to the criterion of the Central Bank of the Argentine Republic).

5.1.3.3. Irregularities in the chain of endorsements.

5.1.3.4. Expired legal validity period.

5.1.3.5. Date of presentation for collection or deposit of a bill of exchange on a fixed day prior to the payment date. Rejection on this ground does not prevent a new presentation.

5.1.3.6. Judicial order (precautionary measures, closure of the account, etc.).

5.1.3.7. Preventive bankruptcy of the drawer, declared judicially, solely with respect to bills of exchange on a fixed day that meet the conditions mentioned in point 5.3.6.5.

CHECKING ACCOUNTS OPENED AT COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 5. Rejection of bills of exchange.
Version: 1st Communication "A" 4713
Validity:
24/09/2007

5.1.3.8. Alteration or forgery of the bill of exchange or its signatures detected by the drawee entity or the depository.

5.1.3.9. Containing endorsements that exceed the limit established in point 4.1., as applicable.

5.2. Cases not susceptible to rejection.
Bills of exchange presented for collection, not included in the situations provided for in point 5.1., shall be attended to when:

5.2.1. The amount written in letters differs from that expressed in numbers, in which case the first shall prevail.

5.2.2. The place of creation has been omitted, in which case the address of the drawer appearing in the body of the bill of exchange will be presumed as such.

5.2.3. It contains crossed-out endorsements or lacks the formal requirements established, provided this does not imply making the chain of endorsements irregular.

5.2.4. Spelling errors are observed.

5.2.5. Bills of exchange issued within the 30 days prior to the date of notification of the closure of the relevant account.

5.3. Procedure.

5.3.1. When a cooperative credit union refuses to pay a bill of exchange - on demand or on a fixed day -, whether presented directly by the holder to the drawee or through clearing systems, before returning it, it must record that refusal on the back of the same instrument or in a related addendum, with express mention of:

5.3.1.1. All grounds on which it is based. Terms not provided for in this regulation may not be used.
When there are no sufficient available funds in the respective account, the mention to be included regarding that reason shall be "Insufficient available funds in account".

5.3.1.2. Date and time of presentation. When the return is processed through a clearing chamber, the date and time will refer to the moment when the rejection took place by the cooperative credit union drawee.

5.3.1.3. Name of the account against which the draft was drawn.

CHECKING ACCOUNTS OPENED AT COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 5. Rejection of bills of exchange.
Version: 1st Communication "A" 4713
Validity:
24/09/2007

5.3.1.4. Address registered at the cooperative credit union drawee when it does not coincide with that inserted in the body of the bill of exchange.

5.3.1.5. Signature of authorized person.
The absence of any of these requirements will make the cooperative credit union liable for the damages caused.
Furthermore, upon subsequent request by the holder, made through the depository entity or directly at the cooperative credit union drawee, it will be necessary to inform the full names and surnames of the signer(s) of the bill of exchange and their respective real addresses, without this implying any cost for the presenter and/or holder.

5.3.2. Upon the occurrence of each of the rejections provided for in points 5.1.1. and 5.1.2., the drawee will proceed to communicate it -in a reliable manner- to the drawer, holder, agent, attorney-in-fact, administrator, or similar figures, leaving a record in their respective file, and to guarantors, within 48 business hours of its occurrence, and to the Central Bank of the Argentine Republic at the opportunity and through the specifications of the operational guide.
Each communication to the Central Bank of the Argentine Republic will include information, referred to those situations, with an age not greater than 10 business banking days.

5.3.3. Simultaneously, the drawee will proceed to communicate it -in the same manner- to the holder or presenter with indication of the date and number of the aforementioned communication to the Central Bank, which will be considered fulfilled if those data are included in the returned bill of exchange.

5.3.4. The holder of a bill of exchange rejected for insufficient funds may verify the communication of that circumstance to the Central Bank of the Argentine Republic, visiting the website that this Institution possesses on the Internet (www.bcra.gov.ar) or well -in order to have reliable evidence- request an official certification presenting a request -at charge- for each bill of exchange consulted, through the procedure established for that purpose.

5.3.5. Communication to the Central Bank of the Argentine Republic will not correspond for rejections motivated by:

5.3.5.1. Forgery or alteration of bills of exchange.
It is an indispensable requirement that the holder comply with the requirement referred to in point 6.2.2.6. In the event of alteration, the rejection of the bill of exchange will not be communicated when there are sufficient funds to pay it had the fraudulent act not occurred.

CHECKING ACCOUNTS OPENED AT COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 5. Rejection of bills of exchange.
Version: 1st Communication "A" 4713
Validity:
24/09/2007

5.3.5.2. Payment of forged or altered bills of exchange.

5.3.5.3. Errors attributable to the cooperative credit union drawee itself.

5.3.5.4. Precautionary measures having been imposed on the funds intended for the payment of the bill of exchange, as long as that circumstance was unknown to the drawer at the time of its issuance, which must be sufficiently accredited by him, to the satisfaction of the cooperative credit union drawee.

5.3.5.5. Preventive bankruptcy of the drawer having been declared judicially and always provided that it concerns bills of exchange on a fixed day issued up to the day prior to the date of presentation of the application for opening that process and its payment date is posterior to it.
Furthermore, in the cases of points 5.3.5.2. to 5.3.5.4., rejections will not be communicated only in cases where it would have been possible to attend to them with the balance existing in the account had the payment incurred in the error or the precautionary measure not been effected.

5.3.6. When it is necessary to modify the rejection communications carried out subject to the present provisions, the following process will be observed:

5.3.6.1. The cooperative credit union will make the pertinent communication to the Central Bank of the Argentine Republic, in accordance with the procedure established separately, in which the reason will be specified, retaining the supporting documentation, in order to cancel or modify the pertinent record, without prejudice to the possibility of carrying out further verification of said documentation.
Each communication to the Central Bank of the Argentine Republic will include information referred to those situations, with an age not greater than 10 business banking days.

5.3.6.2. The person responsible for the information regime and the external auditor of the cooperative credit union will verify compliance with the established requirements and procedures and their conclusions will be entered into a special report semiannually, in accordance with the norms that are established in the matter.

5.3.6.3. When the Central Bank of the Argentine Republic must modify a computation - whatever its reason - in the "Central Register of Rejected Bills of Exchange" that it administers, the sum of $ 10 per each of them must be paid in concept of compensation for operating expenses.
That payment will correspond regardless of the reason originating the rectification, except that it be rejections produced between the date of judicial presentation of the debtor requesting his preventive bankruptcy and the date of notification to the financial cooperative credit union drawee of the declaration of opening of the bankruptcy.

CHECKING ACCOUNTS OPENED AT COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 5. Rejection of bills of exchange.
Version: 1st Communication "A" 4713
Validity:
24/09/2007

In the case that the modifications originate in an operational error that affects in a massive way the rejected bills of exchange that are reported and the alteration is common to all of them, the total amount for that concept will not exceed $ 10,000 for the set of these records, per presentation, independent of the application of what is provided in the previous paragraph for the rest of the situations derived from other reasons. For these purposes, the detection of the error and its reporting to the Central Bank of the Argentine Republic, adjusted to the formalities established separately, must be completed in a maximum period of 60 calendar days. These expenses may not be passed on to the holder, unless the request for modification originates in causes attributable to the client, circumstance that must be resolved exclusively between the cooperative credit union and the holder of the account.

5.3.7. For the purposes of the application of this regime, all information sent to the Central Bank of the Argentine Republic must be processed through the medium and under the conditions established in the operational guide.

5.3.8. Faced with a bill of exchange presented for collection on which a report of loss, theft, or alteration weighs, as well as in the case that the cooperative credit union detects the latter situation or forgery of signature, what is provided for in Section 6 will apply.

CHECKING ACCOUNTS OPENED AT COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 5. Rejection of bills of exchange.
Version: 1st Communication "A" 4713
Validity:
24/09/2007

6.1. Scope.
The norms of this section apply to all bills of exchange, to the forms of bills of exchange and/or to the special form to request them.

6.2. Obligations on the holder or, in their case, the dispossessed holder.

6.2.1. Immediately communicate to the cooperative credit union the contingency that occurred, telephonically or by another appropriate means.

6.2.2. Personally ratify, until the closing of the service hours of the next business day, the report at the branch where the account is located, through a note with the following minimum data:

6.2.2.1. Name of the cooperative credit union and of the branch where the account is opened.

6.2.2.2. Number and name of the account. When the complainant is a third-party dispossessed party and he does not have this information, it must be integrated directly by the cooperative credit union.

6.2.2.3. Reason for the report.

6.2.2.4. Type and numbers of the affected documents.

6.2.2.5. Full names and surnames of the complainants, type and number of the documents presented to establish their identification in accordance with what is provided in point 1.3.1.9. of Section 1.

6.2.2.6. Attach the minutes of the corresponding report before the competent judicial authority of the place where the bill of exchange must be paid or of the beneficiary's domicile.

6.3. Obligations on the cooperative credit union

6.3.1. In the event that the complainant has not presented the corresponding judicial report referred to in point 6.2.2.6., the drawee may enforce the reported bill of exchange that is presented for collection, or reject it on the grounds enumerated in point 5.1. of Section 5., except that provided for in point 5.1.3.1.

6.3.2. When what is provided for in point 6.2. has been complied with.

6.3.2.1. Reject the payment of bills of exchange on the ground provided for in point 5.1.3.1., under the responsibility of the complainant, that are presented for collection, retaining the corresponding document.

CHECKING ACCOUNTS OPENED AT COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 6. Loss, theft, or alteration of bills of exchange.
Version: 1st Communication "A" 4713
Validity:
24/09/2007

6.3.2.2. Note on the back of the bills of exchange: "Bill of exchange (lost, stolen, or altered), according to report. Differs from the signature of the drawer. Insufficient available funds in account". In these two last cases, if applicable.

6.3.2.3. Make two photocopies of the front and back of the rejected bill of exchange.

6.3.2.4. Identify the presenter of the rejected bill of exchange, who must sign on the back of the corresponding photocopy, with indication of the exhibited document.
When the collection management has been carried out with the intervention of a clearing chamber, the cooperative credit union drawee will send 2 photocopies of the value whose payment is rejected and the depository entity will take charge of the identification task referred to in the previous paragraph, with subsequent return of one of those copies to the cooperative credit union drawee. In both cases, the presenter will be the recipient of the other photocopy certified by the cooperative credit union drawee.

6.3.2.5. Send the bill of exchange to the intervening Court.

6.3.2.6. Archive the proceedings linked to the received report and the rejections made for that reason.

CHECKING ACCOUNTS OPENED AT COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 6. Loss, theft, or alteration of bills of exchange.
Version: 1st Communication "A" 4713
Validity:
24/09/2007

7.1. Administration.
The Central Bank of the Argentine Republic will administer the "Central Register of Rejected Bills of Exchange" in which the list of private sector natural and legal persons responsible for the included rejections and their eventual cancellations according to this regulation and the disqualification to operate in checking accounts by judicial order will appear, constituted on the basis of the information provided by cooperative credit unions and intervening courts.

7.2. Reasons for inclusion.

7.2.1. In the "Central Register of Rejected Bills of Exchange".
Having incurred one or several rejections of bills of exchange - on demand or on a fixed day - for:

7.2.1.1. Lack of sufficient available funds in account.

7.2.1.2. Formal defects.

7.2.2. In the "Central Register of Disqualified Drawers of Bills of Exchange".

7.2.2.1. Disqualification sanctions imposed by Justice or for other legal reasons that have been notified to the financial system.

7.3. Cancellations of rejected bills of exchange.
It will be demonstrated with any of the following alternatives:

7.3.1. Presentation of the instruments before the cooperative credit union drawee, which will retain them to apply the normal course that corresponds generally for paid bills of exchange.

7.3.2. Deposit at the drawee branch of the amounts of the pertinent bills of exchange with more interest calculated from the date of rejection to the date of imposition of the funds - with express record of the identifying data to which they must be attributed -.
To this end, the rate applied by the National Bank of Argentina for overdrafts on checking accounts not previously requested, valid on the day prior to the date of deposit, will be used. The operation may be registered in the customer's checking account, separating the respective amounts, or in a special checking account. The deposited funds will be paid:

Against the presentation of the respective instruments before the cooperative credit union drawee.

CHECKING ACCOUNTS OPENED AT COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 7. Central Register of Rejected Bills of Exchange and Central Register of Disqualified Drawers of Bills of Exchange.
Version: 1st Communication "A" 4713
Validity:
24/09/2007

To the drawer, once the deadlines for filing judicial actions have expired - of the beneficiary against the drawer, endorsers and guarantors and/or among the various obligors among themselves legally established -, without the drawee having been reliably notified of any interposition in the matter.

7.3.3. Record of collection extended by the creditor whose signature is certified by a public notary or by the cooperative credit union drawee.

7.3.4. Judicial consignment of the amount of the bills of exchange with more interest according to the rate that applies the National Bank of Argentina for overdrafts on checking accounts not previously requested, calculated from the date of rejection to the date of deposit.

7.4. Guidelines for inclusion.

7.4.1. The situations that each person registers will be considered.

7.4.2. In the case of bills of exchange signed by the person to whose order an account stands, in their capacity as agent, attorney-in-fact, administrator, or similar figures, it will also be necessary to enforce the inclusion in relation to the respective principal, grantor, principal, administered, or similar figures to the extent that they concern drafts drawn against that account.

7.4.3. When it concerns bills of exchange drawn on accounts in the name of legal entities, the inclusion will be carried out, in addition, with respect to their legal representative, even if he has not subscribed any of the documents that originated the measure.

7.4.4. Inclusion will not proceed with respect to attorneys-in-fact for the use of the checking account or persons simply authorized to sign bills of exchange or holders, in reciprocal order accounts, to the extent that they have not subscribed the rejected documents.

7.5. Information to the Central Bank of the Argentine Republic.

7.5.1. They will be informed to the Central Bank of the Argentine Republic through the respective head office of each cooperative credit union, within 10 calendar days of having verified the fulfillment of any of the requirements provided for.

7.5.2. It will adjust to what is provided for in the relevant operational regime, based on the number of CUIT, CUIL or CDI, corresponding to the holders of the checking accounts and of the legal representatives, as well as those of the natural persons who signed the bills of exchange that resulted rejected.

7.5.3. The person responsible for the information regime and the external auditor of the cooperative credit union must verify compliance with the established requirements and procedures and their conclusions entered annually in a special report, in accordance with the norms that are established in the matter.

7.6. Exclusion of included persons.
The persons who are disqualified by judicial decision or for other legal reasons will be excluded from the "Central Register of Disqualified Drawers of Bills of Exchange" when the deadline provided for in those decisions expires or, in their case, when the circumstance is revoked by the intervening magistrate.

7.7. Lack of information. Sanctions.
Cooperative credit unions that do not comply with the obligation to inform the rejections or cancellations of bills of exchange included in the "Central Register of Rejected Bills of Exchange" in the time and form established in the operational regime, may be sanctioned in the terms of article 41 of the Financial Entities Law.

7.8. Opening of accounts with fake documentation.
In order to be excluded from the "Central Register of Rejected Bills of Exchange", persons who have been incorporated into them as a consequence of that reason must make a presentation before the cooperative credit union that informed the rejections in which they briefly expose the events that occurred, along with the following elements:

7.8.1. Original judicial certification accrediting having made the pertinent criminal report for the criminal fact that supposes the opening of a checking account in the cited conditions.

7.8.2. Photocopies authenticated by a public notary of the documents that correspond in each case, in accordance with the norms on "Identification Documents in force", including the page corresponding to the last registered address.
Within 10 calendar days of having fulfilled the established requirements, the intervening bank must inform the Central Bank of the Argentine Republic of the corresponding deletions for their exclusion. Likewise, it will put the interested party in knowledge of the procedure carried out.

7.9. Controls and documentation.
Cooperative credit unions will adopt the measures that ensure strict compliance with the present provisions and will keep, properly ordered, the proceedings that arise from their application, in order to facilitate the verifications carried out by the Central Bank of the Argentine Republic.

8.1. Grounds.
8.1.1. Contractually established.
8.1.2. Issuance of bills of exchange without sufficient available funds credited to the account.
8.1.2.1. Cooperative credit unions shall proceed to close the checking account or suspend the bill of exchange payment service when 5 (five) rejections of bills of exchange issued without sufficient fund provision have occurred within a calendar year, unless they are accounts opened in the name of public entities, and shall send the corresponding notices.
Entities must pay special attention to those clients to whom rejections close to said limit are verified repeatedly during successive periods, with the aim of evading said consequence. For these purposes, they must establish in their manuals the general criteria that each cooperative credit union will use, in anticipation of such inadequate behavior, to order the closure of accounts.
8.1.2.2. The closure of the account in the name of a natural person shall result in its removal from any other account in which they appear as co-owner or component, attorney-in-fact, administrator, legal representative, etc., of a legal entity.
8.1.2.3. The closure of accounts must be carried out within 30 calendar days from the date the relevant closure is notified, as provided in Section 9.
8.1.3. Inclusion of any of its members in the "Central of Disqualified Checking Account Holders" and/or in the "Central of Disqualified Issuers of Bills of Exchange".
In this case, the cooperative credit union must proceed in accordance with the provisions in points 8.1.2.1. and 8.1.2.2., within 72 business hours from when the information is available to system users.
8.1.4. Legal causes or disposition of competent authority, in which case it will comply with the terms of the relevant provision.
8.2. Procedure.
When any of the grounds provided for in point 8.1. are verified, the following procedure shall be observed.

CHECKING ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 8. Closure of accounts and suspension of bill of exchange payment service as a prior measure to account closure.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

8.2.1. By the holder.
8.2.1.1. Accompany the list of bills of exchange (at sight and at a fixed date) drawn up to the date of notification of the relevant closure, even if not yet presented for collection, indicating their type, dates of issuance and, if applicable, payment, with indication of their corresponding amounts, report the cancelled ones and return the unused ones.
8.2.1.2. Maintain credited funds for the amount corresponding to the total of bills of exchange at sight and at a fixed date with maturity date passed, even if not yet presented for collection and that retain their legal validity, which have been included in the list referred to in point 8.2.1.1.
8.2.1.3. Fulfill both obligations entirely within 5 banking business days, counted from the date of notification.
8.2.1.4. Deposit in a special account, in time to meet them on the corresponding dates indicated for payment, the amounts of the bills of exchange at a fixed date maturing after the date of notification of account closure, which have been included in the list referred to in point 8.2.1.1.
8.2.2. By the cooperative credit union.
8.2.2.1. Grant the relevant receipt for the elements referred to in point 8.2.1.1.
This will imply that the numerical sequence has been verified, confirming that the declared drawn bills of exchange and the unused formulas constitute the total of the formulas delivered to its client, so that in case of cancellations, destructions, etc., their details including the relevant numbering will also be recorded.
8.2.2.2. Attend to or reject the bills of exchange issued up to the day before the notification of account closure as appropriate during the legal validity period established in the Decree-Law on bills of exchange. The remaining balances after the lapse of these periods will be made available to the account holders, recalling that the unwithdrawn amounts will be transferred to "Immobile Balances", on which the respective commission for this concept will be applied.
8.3. Suspension of bill of exchange payment service prior to account closure.
8.3.1. This figure, which allows keeping the account open, has been created exclusively for the case where there are pending operations with the holder for the concepts referred to in point 1.5.4. of Section 1., solely to settle those operations, at the end of which closure will be ordered, unless a competent authority decision forces immediate closure.

Furthermore, to the extent that there are sufficient funds, bills of exchange will be paid as provided in point 8.2.1.2. and funds received in the terms referred to in point 8.2.1.4.
8.3.2. The rejection of bills of exchange with the cause of "suspension of payment service" that does not adjust to the conditions established in point 8.3.1., may be sanctioned in the terms of article 41 of the Financial Entities Law.
8.4. Controls and documentation.
Cooperative credit unions will adopt measures that ensure strict compliance with these provisions and will keep, duly ordered, the actions that arise from their application, in order to facilitate the verifications carried out by the Central Bank of the Argentine Republic.

9.1. General aspects.
The notices that, in compliance with the Decree-Law on Bills of Exchange and this regulation, must be sent to the drawers, holders of checking accounts, presenters or holders of bills of exchange, or guarantors must be sent reliably within 48 business hours of the cause that determines the obligation to send. The lack of receipt by the drawer or the holder of the notices referred to in these norms will not nullify the effects of the measures provided (inclusion in the "Central of rejected bills of exchange").
9.2. Minimum content.
9.2.1. Common requirements.
9.2.1.1. Identification of the sending cooperative credit union, house or branch where the account is located and address.
9.2.1.2. Name and surname and/or trade name of the recipient and their address.
9.2.1.3. Date of issuance.
9.2.1.4. Character with which the notice was imposed (registered letter, notarial confrontation, collated, mail by official letter).
9.2.1.5. Number of the checking account to which the notice is imputed.
9.2.1.6. Reason for sending the notification (rejection -indicating one of the legal and regulatory grounds-, closure of the checking account or suspension of the bill of exchange payment service prior to its closure -indicating in both cases the reason invoked-).
9.2.1.7. Sequential number of the notice.
9.2.1.8. Signatures and clarifying seals of two officials authorized for this purpose by the cooperative credit union drawn upon.
9.2.2. Additional requirements in rejection notices for bill of exchange payment.
9.2.2.1. Directed to account holders, drawers and guarantors.
i) Address registered at the drawn bank. ii) Detail of the bill(s) of exchange, number and amount.
B.C.R.A. CHECKING ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS
Section 9. Notices.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

iii) Number of the communication and the date on which -if applicable- the relevant notice was sent to the Central Bank of the Argentine Republic for its inclusion in the "Central of rejected bills of exchange".
9.2.2.2. Directed to the holder or presenter.
i) Address of the account registered at the drawn cooperative credit union, when it does not coincide with that inserted in the body of the bill of exchange. ii) Names and surnames of the signer(s) of the bill(s) of exchange and their respective real address(es).
9.2.3. Special requirements for notices of retention of bills of exchange at a fixed date to remedy defects.
9.2.3.1. Maximum term (2 banking business days) available to the drawer to regularize the situation.
9.2.3.2. Identifying data of the beneficiary.
In case the contract provides for the cause of account closure having incurred a certain number of rejections, the sequential order of the rejection will be indicated.
9.2.4. Special requirements for the notice of account closure or prior suspension of bill of exchange payment.
9.2.4.1. Reason originating the closure, as a consequence of which the norms inserted in Section 8 will apply.
9.2.4.2. Balance of the checking account involved.
B.C.R.A. CHECKING ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS
Section 9. Notices.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

10.1. Recommendations for the use of ATMs.
10.1.1. Cooperative credit unions that provide magnetic cards to be used in operations linked to the checking account with ATMs must alert and recommend to users about the precautions they must take to ensure their correct use.
The notification of these recommendations must be made at the time of opening the account that implies the delivery of a card to be used in ATMs, without prejudice to the convenience of making subsequent periodic reminders. Likewise, it will be necessary to place -visibly in the places where ATMs are located- signs with the precautions that users of the system must adopt.
10.1.2. The following recommendations and precautions are listed, which must be communicated to users at a minimum:
10.1.2.1. Request from the staff of the cooperative credit union all the information they deem necessary about the use of ATMs at the time of accessing the service for the first time or at any doubt that arises subsequently.
10.1.2.2. Change the identification or access code or personal key or password ("password", "PIN") assigned by the cooperative credit union, to one selected by the user, which must not be their personal address or date of birth or any other number that can be easily obtained from documents kept in the same place as their card.
10.1.2.3. Do not disclose the personal key number nor write it on the provided magnetic card or on a paper kept with it, since this code is the key to enter the system and therefore to your accounts.
10.1.2.4. Do not type the personal key in the presence of unrelated persons, even if they intend to help you, nor lend the magnetic card to third parties, since it is for personal use.
10.1.2.5. Keep the magnetic card in a safe place and verify its existence periodically.
10.1.2.6. Do not use ATMs when there are messages or abnormal operation situations.
10.1.2.7. When making a deposit operation, ensure to introduce the envelope containing the cash or bills of exchange together with the first receipt issued by the ATM during the process of that transaction, in the specific slot for that function, and withdraw the receipt that the machine delivers at the end of the operation, which will serve for a potential subsequent claim.
B.C.R.A. CHECKING ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS
Section 10. General Provisions.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

10.1.2.8. Do not forget to withdraw the magnetic card at the end of operations.
10.1.2.9. If the ATM retains the card or does not issue the corresponding receipt, immediately communicate this situation to the cooperative credit union with which you operate and to the entity administering the ATM.
10.1.2.10. In case of loss or theft of your card, immediately report this situation to the cooperative credit union that issued it.
10.1.2.11. In case of withdrawals, when there are differences between the receipt issued by the ATM and the amount actually withdrawn, immediately communicate this circumstance to the entity where the operation was carried out and to the system administrator, in order to solve the problem.
10.2. Deposit Guarantee.
10.2.1. Legend.
On deposit slips, account statements, receipts issued by ATMs related to operations linked to the checking account, the following legend must appear, visibly and printed on the front or back of them:
"Deposits in pesos are guaranteed up to $ 30,000. In operations in the name of two or more persons, the guarantee will be prorated among their holders. In no case, the total guarantee per person may exceed $ 30,000, regardless of the number of accounts and/or deposits. Law 24.485, Decree 540/95 and Comm. "A" 2337 and its modifications and complements. Those captured at rates higher than the reference rate and those that have had additional special incentives or stimuli to the interest rate are excluded." In case any of the situations cited at the end occurs, it will be necessary to place visibly on the front of the documents the following legend:
"Deposit without guarantee"
This last requirement will not apply when operations are carried out through ATMs belonging to networks that enable the operational interconnection of cooperative credit unions.
10.2.2. Information to the client.
Cooperative credit unions must keep available to their clientele the complete and updated texts of Law 24.485, Decree 540/95 (updated text) and the norms on "Application of the deposit guarantee insurance system". B.C.R.A. CHECKING ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS
Section 10. General Provisions.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

10.2.3. Advertising.
On the boards where the rates offered to the clientele on creditor balances in checking accounts are informed, the scope of the guarantee (its condition of being included or not in the regime, percentage and level) must be transcribed visibly. In the advertising carried out by cooperative credit unions in other media, related to these deposits, the existence of a limited guarantee for their return or its absence must be recorded, as the case may be.
10.3. Issuance of bills of exchange and return of deposits.
Special accounts, by virtue of the powers conferred by articles 2185, item 4), of the Civil Code and 579 of the Code of Commerce, are subject to the following conditions, to which the interested parties are subject without right to any claim.
10.3.1. Reciprocal or indistinct order accounts.
The cooperative credit union will accept bills of exchange drawn by any of the holders, even in cases of death or subsequent incapacity of the others, provided there is no contrary judicial order.
10.3.2. Joint or collective order accounts.
The cooperative credit union will only accept bills of exchange signed by all the holders corresponding to the order and, in case of death or incapacity of some of them, a judicial order will be required to dispose of the balance.
10.3.3. Accounts in the name of one or more persons and to the order of another.
10.3.3.1. Cooperative credit unions will accept, in all cases, bills of exchange drawn by the person to whose order the account is, except as provided in section 10.3.3.2.
10.3.3.2. If the death or incapacity of the person to whose order the account is occurs, the balance of the checking account will be delivered to its holder or to the person to whom the administration of their assets corresponds according to what is established in the Civil Code. In the event of the death of the account holder, the deposited funds will be available to those who turn out to be his heirs.
10.4. Return of bills of exchange to the drawers.
Bills of exchange may be returned to the drawers under the conditions agreed by cooperative credit unions with their clients, in accordance with the norms on "Conservation and reproduction of documents". B.C.R.A. CHECKING ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS
Section 10. General Provisions.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

10.5. Discriminatory acts.
Cooperative credit unions must adopt the necessary precautions to prevent discriminatory acts against their clientele, which have their origin in some physical disability that persons present, being applicable, when appropriate, what is provided in the substantive legislation (articles 52, 54 and 55 of the Civil Code).
10.6. Method of computing terms.
When the expiration of the terms established in this regulation occurs on a non-banking business day, it will be transferred to the first subsequent banking business day.
B.C.R.A. CHECKING ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS
Section 10. General Provisions.
Version: 1st Communication “A” 4713
Validity:
24/09/2007

ORGANIZED TEXT ORIGIN NORM
Sec. Point Par. Com. Annex Sec. Point Par.
OBSERVATIONS
1.1. “A” 4713 Unique 1. 1.1.
1.2. “A” 4713 Unique 1. 1.2.
1.3. “A” 4713 Unique 1. 1.3.
1.4. “A” 4713 Unique 1. 1.4.
1.
1.5. “A” 4713 Unique 1. 1.5.
2.1. “A” 4713 Unique 2. 2.1.
2.2. “A” 4713 Unique 2. 2.2.
2.3. “A” 4713 Unique 2. 2.3.
2.
2.4. “A” 4713 Unique 2. 2.4.
3.1. “A” 4713 Unique 3. 3.1.
3.
3.2. “A” 4713 Unique 3. 3.2.
4.1. “A” 4713 Unique 4. 4.1.
4.
4.2. “A” 4713 Unique 4. 4.2.
5.1. “A” 4713 Unique 5. 5.1.
5. 5.2. “A” 4713 Unique 5. 5.2.
5.3. “A” 4713 Unique 5. 5.3.
6.1. “A” 4713 Unique 6. 6.1.
6. 6.2. “A” 4713 Unique 6. 6.2..
6.3. “A” 4713 Unique 6. 6.3.
7.1. “A” 4713 Unique 7. 7.1.
7.2. “A” 4713 Unique 7. 7.2.
7.3. “A” 4713 Unique 7. 7.3.
7.4. “A” 4713 Unique 7. 7.4.
7.5. “A” 4713 Unique 7. 7.5.
7.6. “A” 4713 Unique 7. 7.6.
7.7. “A” 4713 Unique 7. 7.7.
7.8. “A” 4713 Unique 7. 7.8.
7.
7.9. “A” 4713 Unique 7. 7.9.
8.1. “A” 4713 Unique 8. 8.1.
8.2. “A” 4713 Unique 8. 8.2.
8.3. “A” 4713 Unique 8. 8.3.
8.
8.4. “A” 4713 Unique 8. 8.4.
9.1. “A” 4713 Unique 9. 9.1.
9.
9.2. “A” 4713 Unique 9. 9.2.
10.1. “A” 4713 Unique 10. 10.1.
10.2. “A” 4713 Unique 10. 10.2.
10.3. “A” 4713 Unique 10. 10.3.
10.4. “A” 4713 Unique 10. 10.4.
10.5. “A” 4713 Unique 10. 10.5.
10.
10.6. “A” 4713 Unique 10. 10.6.
B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORGANIZED TEXT ON "CHECKING ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS"

Index -
Section 1. Money laundering prevention.
1.1. General aspects.
1.2. Definition of client.
1.3. Minimum precautions.
1.4. Documentation conservation.
1.5. Policies and structure.
1.6. Control and prevention procedures.
1.7. Maintenance of a database.
1.8. Report of unusual or suspicious operations.
1.9. Entities reached.
Section 2. Payment of checks and bills of exchange over the counter.
2.1. Limitation.
2.2. Exceptions.
2.3. Precautions.
Section 3. Realization of credits in deposit accounts.
3.1. Scope.
3.2. Specific treatment.
3.3. Exceptions.
Correlation table.
B.C.R.A.
UPDATED ORGANIZED TEXT OF THE NORMS ON
"MONEY LAUNDERING PREVENTION
AND OTHER ILLEGAL ACTIVITIES"
Version: 6th Communication “A” 4713
Validity:
24/09/2007

2.1. Limitation.
Checks -common or deferred payment-, issued to bearer or in favor of a specific person, for amounts greater than $ 50,000 shall not be paid over the counter.
Nor shall bills of exchange -at sight or at a fixed date- drawn against checking accounts opened in cooperative credit unions, issued or not in favor of a specific person for amounts greater than $ 25,000 be paid over the counter.
2.2. Exceptions.
2.2.1. The payees issued in favor of the holders of the accounts on which they are drawn, exclusively when presented to the depositing entity by themselves.
2.2.2. Values in favor of third parties destined for the payment of salaries and other habitual remuneration for amounts comprising the payroll globally, for which the drawer must extend, on each occasion, a certification in which the purpose of the issuance is expressly stated, which will be archived in the entity.
2.3. Precautions.
It will be necessary to arrange the precautions considered necessary aimed at preventing that through repeated withdrawals, for amounts that do not reach the level determined in point 2.1., the established limitation is circumvented.

MONEY LAUNDERING PREVENTION
AND OTHER ILLEGAL ACTIVITIES
B.C.R.A.
Section 2. Payment of checks and bills of exchange over the counter.
Version: 4th COMMUNICATION “A“ 4713
Validity:
24/09/2007

MONEY LAUNDERING PREVENTION AND OTHER ILLEGAL ACTIVITIES ORGANIZED TEXT ORIGIN NORM Observations
Section Point Paragraph Comm. Point Paragraph
1.7.3. "A" 2627 5. According to Comm. “A” 4353
1.7.4. "A" 2627 4.
1.8. “A” 2627 1. 2° According to Comm. “A” 3037 and “A” 4353
“A” 2509 1.
1.9.1. "A" 2627 1.
1.9.2. "A" 2627 8.
1.9.3. "A" 2451 2° According to Comm. “A” 4353
1.9.4. "A" 2451 2° According to Comm. “A” 4353
1.9.5. “A” 4353
1.
1.9.6. “A” 4675 3.
2.1. 1° "A" 2543 1. 1° According to Comm. “A” 3059 and “A” 3831
2° “A” 4713
2.2.1. "A" 2543 1. 2° According to Comm. “A” 3061 and “A” 4713
2.2.2. "A" 2543 1. 2°
2.
2.3. "A" 2543 2.
3.1. 1° "A" 2213 1°
2° "A" 2213 3°
3.2.1. "B" 5672 5°
3.2.1.1. "B" 5672 5°
3.2.1.2. Includes interpretative clarification
3.2.2. "B" 5672 4°
3.2.3. "B" 5672 6°
3.3.1. "B" 5672 2°
3.3.2.
"A" 2213
"B" 5672
2°
3°
3.3.3. "A" 2213 2°
3.3.4. "B" 5709 2°
3.3.4.1. "B" 5709 2°
3.3.4.2. "B" 5709 2°
3.3.4.3. "B" 5709 2°
3.3.5. "B" 5672 2°
3.
3.3.6. "B" 5672 2°