Regulatory Alerts2024-11-05 | CD-SIBOIF-1474-2-NOV5-2024Norm on the Update of the Social Capital of General Warehouses
The Board of Directors of the Superintendence of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-1474-2-NOV5-2024 to update the minimum social capital for general warehouses and their foreign branches to C$40,551,500.00. This adjustment is mandated by law to reflect currency variations and supersedes the previous capital requirement established in November 2022. Entities holding capital below this new minimum must update their subscribed and paid capital within seven calendar days following their next Ordinary General Shareholders' Meeting.
Page 1 of 2 Resolution No. CD-SIBOIF-1474-2-NOV5-2024 Dated November 5, 2024
NORM ON THE UPDATE OF THE SOCIAL CAPITAL OF GENERAL WAREHOUSES
The Board of Directors of the Superintendence of Banks and Other Financial Institutions,
CONSIDERING
I
That Article 23 of Law No. 734, “General Warehouse Law,” published in La Gaceta, Official Gazette, Numbers 201 and 202, on October 21 and 22, 2010, respectively, contained in Law No. 1175, “Law of the Nicaraguan Legal Digest on Banking and Finance Matters,” published in La Gaceta, Official Gazette No. 153, on August 20, 2024 (Legal Digest Law); in its relevant parts establishes that the minimum social capital of a national Warehouse or the branch of a foreign Warehouse shall be twenty-four million córdobas (C$24,000,000.00).
II
That said Article 23 mandates the Board of Directors of this Superintendence to update the amount of the minimum required social capital at least every two years in case of exchange rate variations of the national currency.
III
That by Resolution No. CD-SIBOIF-1346-1-NOV22-2022, dated November 22, 2022, this Board of Directors last updated the minimum social capital required for general warehouses and branches of foreign general warehouses, to forty million thirty-two thousand córdobas (C$40,032,000.00).
IV
That in accordance with the considerations stated above and based on the powers provided for in Article 2, second paragraph, of said Law No. 734; and Article 3, items 3) and 13) and Article 10, item 4), of Law No. 316, “Law of the Superintendence of Banks and Other Financial Institutions,” contained in the Legal Digest Law.
In exercise of its powers;
HAS ISSUED
The following:
Page 2 of 2 Resolution No. CD-SIBOIF-1474-2-NOV5-2024
NORM ON THE UPDATE OF THE SOCIAL CAPITAL OF GENERAL WAREHOUSES
Article 1. Update of social capital.- The minimum social capital required for national general warehouses and branches of foreign general warehouses is updated to forty million five hundred fifty-one thousand five hundred córdobas (C$40,551,500.00).
Article 2. Term.- General warehouses that, upon the entry into force of this norm, have authorized social capital below the minimum social capital established in the preceding article, must update it and have it subscribed and paid no later than within seven (7) calendar days after the next Ordinary General Shareholders' Meeting.
Article 3. Repeal.- The Norm on the Update of the Social Capital of General Warehouses, contained in Resolution No. CD-SIBOIF-1346-1-NOV22-2022, dated November 22, 2022, published in La Gaceta, Official Gazette No. 226, on December 1, 2022, is repealed.
Article 4. Validity.- This norm shall enter into force upon its publication in La Gaceta, Official Gazette.
(F) legible Magaly María Sáenz Ulloa (F) Illegible (Luis Ángel Montenegro E) (F) Illegible Fausto Reyes (F) Illegible (Silvio Moisés Casco Marenco) (F) Illegible (Ervin Antonio Vargas Pérez) (f) Illegible Secretary.
SAÚL CASTELLÓN TÓRREZ Ad Hoc Secretary Board of Directors SIBOIF