Notice revoking the authorization granted to Union de Credito General Centro, Sur y Sureste, S.A. de C.V. to operate as a credit union

DOF: 17/05/2016

OFFICE through which the authorization granted to Union de Credito General Centro, Sur y Sureste, S.A. de C.V. to operate as a credit union is revoked.

At the margin, a seal with the National Coat of Arms, which says: United Mexican States.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.- General Litigation Directorate.- Office No. P-028/2016.

UNION DE CREDITO GENERAL CENTRO,
SUR Y SURESTE, S.A. DE C.V.

Jazmines No. 705, (between Álamos and Heroica Escuela Naval Militar) Col. Reforma, C.P.
68050, Oaxaca de Juárez, Oaxaca.

To: Lic. Manuel Velasco Alcántara
Legal Representative and President of the
Board of Directors

This National Banking and Securities Commission, based on the provisions of articles 97, fraction XIV, of the Credit Unions Law and 12, fraction V, of the National Banking and Securities Commission Law; as well as in accordance with the Tenth Third Agreement adopted by the Governing Board of this Decentralized Body in its extraordinary session held on April 29, 2016, and with the object of complying with said legal regulations, issues this resolution revoking the authorization that was granted to that Union de Credito General Centro, Sur y Sureste, S.A. de C.V. to operate as a credit union, according to the following:

BACKGROUND

1.
Through office 601-II-376, dated January 15, 1991, the National Banking Commission granted authorization to operate as a Credit Union to Union de Credito Mixta de Oaxaca, S.A. de C.V.
Subsequently, through office 311-12129/2013, dated April 1, 2013, its authorization to operate as a Credit Union was modified regarding the denomination of said Society, to operate as "Union de Credito General Centro, Sur y Sureste, S.A. de C.V."

2.
In compliance with office 132-A/26075/2011, dated November 4, 2011, an ordinary inspection visit was conducted on Union de Credito Mixta de Oaxaca, S.A. de C.V.

3.
As a result of the above, through office 132-B/3119/2012, dated January 27, 2012, observations derived from the ordinary inspection visit conducted in compliance with office 132-A/26075/2011 were communicated to Union de Credito Mixta de Oaxaca, S.A. de C.V., among which was the one marked with numeral 10, relating to book capital lower than the minimum capital. Likewise, the right to a hearing was granted to Union de Credito Mixta de Oaxaca, S.A. de C.V., so that within a period of twenty business days, counted from the day following that in which its notification took effect, it could manifest what it deemed appropriate for its rights, and must remit the documentation and information that, if applicable, it deemed convenient to disprove the observations made.

4.
Through a writing dated April 3, 2012, received by this Commission on the 10th of the same month and year, Union de Credito Mixta de Oaxaca, S.A. de C.V., exercised its right to a hearing granted in office 132-B/3119/2012, manifesting what suited its interests and exhibiting the documents it deemed relevant.

5.
In view of the above, since the aforementioned Credit Union did not disprove the observation marked with numeral 10, relating to book capital lower than the minimum capital, which was made to it through office 132-B/3119/2012, this Commission through office 132-B/3269/2012, dated December 14, 2012, communicated to Union de Credito Mixta de Oaxaca, S.A. de C.V., the corrective actions and measures that were necessary, observing that Entity that as of September 2012, it continued to present a book capital that is lower than the minimum capital required that it must maintain according to its level of operations. It should be noted that in the same office 132-B/3269/2012, it was communicated to Union de Credito Mixta de Oaxaca, S.A. de C.V., that it was necessary to execute the corrective measures and actions dictated to it, requiring it to remit to this Commission evidence thereof within a period not exceeding twenty calendar days, counted from the date of its receipt.

6.
Inasmuch as there was no record in the files of this Commission that Union de Credito Mixta de Oaxaca, S.A. de C.V., had responded to the office referred to in the immediate previous background, this Commission through office 132-B/1205/2013, dated June 18, 2013, issued a new communication through which it required Union de Credito Mixta de Oaxaca, S.A. de C.V., to comply with what was requested in office 132-B/3269/2012.

7.
Through a writing dated July 31, 2013, the aforementioned Credit Union responded to office 132-B/3269/2012, making various manifestations and providing the documentation it deemed relevant.

8.
Since from the analysis of the response given by Union de Credito Mixta de Oaxaca, S.A. de C.V., it was determined that it did not attend to the corrective actions and measures that were made to it through office 132-B/3269/2012, in relation to the observation marked with numeral 10, relating to book capital lower than the minimum capital. This Commission issued office 132-B/1308/2013, dated September 19, 2013, by which new corrective actions and measures were ordered to the aforementioned Union, among which was the one marked with numeral 9, relating to "the Book Capital of the Union is lower than the Minimum Capital", in addition to observing said Society that in the first half of 2013, it continued to present a book capital that is lower than the minimum capital required that it must maintain according to its level of operations. It should be noted that in the same office 132-B/1308/2013, it was communicated to the Union that it must send to this Commission the necessary and sufficient documentation to prove the due compliance of the corrective actions and measures indicated to it, within a period not exceeding ten business days, counted from the date of its receipt.

9.
Through a writing dated February 17, 2014, Union de Credito General Centro, Sur y Sureste, S.A. de C.V., responded to office 132-B/1308/2013, making various manifestations, among which were those concerning numeral 9, of the aforementioned office, relating to "the Book Capital of the Union is lower than the Minimum Capital".

10.
In view of the above, since the Union in question did not prove compliance with the corrective actions and measures dictated to it in office 132-B/1308/2013, in relation to the observation regarding book capital lower than the minimum capital, nor disproved them, on June 22, 2015, this Commission issued office 132-B/1218/2015, by virtue of which it summoned Union de Credito General Centro, Sur y Sureste, S.A. de C.V., to revoke its authorization to operate as a Credit Union, for the reasons stated therein and by locating it in the cause for revocation provided in fraction XIV of article 97 of the Credit Unions Law, highlighting that in said office it was observed that the Entity as of December 2014, continued to present a book capital that is lower than the minimum capital required that it must maintain according to its level of operations. Likewise, in the same office 132-B/1218/2015, this Commission granted Union de Credito General Centro, Sur y Sureste, S.A. de C.V., a period of ten business days counted from the day following that in which it was notified, so that in exercise of its guarantee of hearing provided for in article 97 of the Credit Unions Law, it could manifest what suited its rights, offer evidence and formulate allegations, in relation to the cause for revocation of its authorization to operate as a Credit Union, in which it was found located.

11.
Through a writing without date received by this Commission on July 15, 2015, Union de Credito General Centro, Sur y Sureste, S.A. de C.V., in exercise of its right to a hearing, responded to office 132-B/1218/2015, making various manifestations regarding the cause for revocation in which it was found located, without exhibiting any document to that effect.

12.
The Governing Board of the National Banking and Securities Commission, analyzing all and each of the backgrounds referred to in this chapter, in its extraordinary session held on April 29, 2016, unanimously agreed to the revocation of the authorization granted to operate as a credit union to the society currently named Union de Credito General Centro, Sur y Sureste, S.A. de C.V.

As a result of the above, the reasons and legal provisions that support and motivate the revocation of the authorization that was granted to operate as a Credit Union, at the time, to the now Union de Credito General Centro, Sur y Sureste, S.A. de C.V., are exposed below, according to the following:

CONSIDERATIONS

FIRST. Based on the provisions of articles 14, 18, fraction I and 97, fraction XIV of the Credit Unions Law, in relation to what is established in article 12, fraction V, of the National Banking and Securities Commission Law, this Decentralized Body is authorized to authorize the constitution and operation of Credit Unions and, if applicable, to agree on the revocation of said authorizations.

SECOND. That the second transitional article of the Decree by which the Credit Unions Law is issued and the General Law of Titles and Credit Operations is added and reformed, published in the Official Journal of the Federation on August 20, 2008, provides:
"Second.- Chapter III of Title Second of the General Law of Organizations and Auxiliary Credit Activities, published in the Official Journal of the Federation on January 14, 1985, is repealed, as well as any reference in said Law to credit unions.

Credit unions authorized to operate as such in accordance with the provisions that are repealed, shall be deemed authorized to operate under the terms of this Decree.
..."

THIRD. That in terms of what is provided in article 97 of the Credit Unions Law, this Commission, with the agreement of its Governing Board and prior hearing of the interested society, may declare the revocation of the authorization granted to Credit Unions, in the cases referred to therein, among which is that established in fraction XIV, which for quick reference is transcribed below:
"Article 97.- The Commission, with the agreement of its Governing Board and prior hearing of the interested society, may declare the revocation of the authorization granted to the unions, in the following cases:
...
XIV. If the book capital of the union is less than the minimum capital required based on the level of operations that was authorized to it, and
..."

FOURTH. That this National Banking and Securities Commission through office 132-B/1218/2015 of June 22, 2015, cited in numeral 10 of the background section of this resolution, fully complied with what is provided in article 97 of the Credit Unions Law, in relation to what is established in fraction I of article 110 of the same legal order, by granting Union de Credito General Centro, Sur y Sureste, S.A. de C.V. a period of ten business days counted from the next business day after the day of its notification, so that in exercise of its right to a hearing it could manifest what suited its interests, offer evidence and formulate allegations, in relation to the cause for revocation of its authorization to operate as a Credit Union in which it was found located, which is provided for in fraction XIV of article 97 referred to.

FIFTH. That from the integral analysis of the content of office 132-B/1218/2015, as well as of the writing received by this Commission on July 15, 2015, referred to in numeral 11 of the background section of this resolution, this National Banking and Securities Commission determines that the arguments exposed by Union de Credito General Centro, Sur y Sureste, S.A. de C.V., are inoperative and unfounded, so they do not disprove the cause for revocation for which it was summoned.

In effect, from the analysis of the content of office 132-B/1218/2015, of June 22, 2015, cited in numeral 10 of the background chapter of this resolution, it is clear that this Commission summoned Union de Credito General Centro, Sur y Sureste, S.A. de C.V., in virtue of that:
"...
1.
In compliance with Office No. 132-A/26075/2011 of November 4, 2011, an ordinary inspection visit was conducted, on figures as of September 30, 2011.

2.
With Office number 132-B/3119/2012 of January 27, 2012, this Commission communicated to that Union the observations and recommendations derived from the Ordinary Inspection Visit conducted in compliance with the Office referred to in the previous numeral, in which it was pointed out among other things that:
"...
10. Book Capital lower than Minimum Capital
That Credit Union presents a book capital of $3,797,705.00 (Three million seven hundred ninety-seven thousand, seven hundred five pesos 00/100 M.N.) which is lower than the minimum capital required that it must maintain according to its level of operations by an amount of $9,052,616.00 (Nine million fifty-two thousand, six hundred sixteen pesos 00/100 M.N.), so it presents a shortage of $5,254,912.00 (Five million two hundred fifty-four thousand nine hundred twelve pesos 00/100 M.N.)".

3.
Through writing of April 3, 2012, that Credit Union in exercise of its right to a hearing, responds to the Office indicated in the previous numeral, in which it mainly exposed:
"Tenth: Our effort to capitalize the UNION OF CREDITO centers on the celebration of 'Multiple Investment Contracts in Administration' with construction companies to whom infrastructure works were awarded in various municipalities of the State of Oaxaca with resources from (FIDEM) amounts that will be applied exclusively for the concepts of the work.

From the amount of each of them, the UNION estimates to charge an annual commission equivalent to 2% in advance and in parallel it will have the possibility to sell to said companies shares of series 'A' without right to withdrawal up to 5% of the Paid Capital. Of course, following the procedure for the acceptance of new partners and informing of each particular case to the surveillance body.

It is also important to make known that to achieve such operations, the UNION OF CREDITO must previously have the APPROVAL and AUTHORIZATION of the CNBV; however it must also be clear that this will be the only opportunity it has to CAPITALIZE.

Regarding this matter, the instruction of the PRESIDENT of the BOARD OF DIRECTORS is to allocate 60% of the amount of the commissions to decrease the LIABILITY with the partners and the remaining 40% will be applied to Current Expenses."

4.
As a result of the analysis of the response of that Credit Union, it was determined that it did not disprove the observation regarding the shortage of Book Capital, so through Office number 132-B/3269/2012 of December 14, 2012, various corrective actions and measures were ordered to it, among which stands out:
"...
9) Book Capital lower than Minimum Capital
Reference is made to the observation contained in point 10 of the cited Office of observations, in which it was observed that it presents a book capital of $3,797,705.00 (Three million seven hundred ninety-seven thousand, seven hundred five pesos 00/100 M.N.) which is lower than the minimum capital required that it must maintain according to its level of operations by an amount of $9,052,616.00 (Nine million fifty-two thousand, six hundred sixteen pesos 00/100 M.N.), so it presents a shortage of $5,254,912.00 (Five million two hundred fifty-four thousand nine hundred twelve pesos 00/100 M.N.)

For the above, that Society is located in the cause for revocation provided in fraction XIV of Article 97 of the LUC, which establishes to that effect:
"Article 97.- The Commission, with the agreement of its Governing Board and prior hearing of the interested society, may declare the revocation of the authorization granted to the unions, in the following cases:
I.
...
XIV. If the book capital of the union is less than the minimum capital required based on the level of operations that was authorized to it, ..."

In response, that Credit Union manifested: "Our effort to capitalize the UNION OF CREDITO centers on the celebration of 'Multiple Investment Contracts in Administration' with construction companies to whom infrastructure works were awarded in various municipalities of the State of Oaxaca with resources from (FIDEM) amounts that will be applied exclusively for the concepts of work.

From the amount of each of them, the UNION estimates to charge an annual commission equivalent to 2% in advance and in parallel it will have the possibility to sell to said companies shares of series 'A' without right to withdrawal up to 5% of the Paid Capital. Of course, following the procedure for the acceptance of new partners and informing of each particular case to the surveillance body.

It is also important to make known that to achieve such operations, the UNION OF CREDITO must previously have the APPROVAL and AUTHORIZATION of the CNBV; however it must also be clear that this will be the only opportunity it has to CAPITALIZE.

Regarding this matter, the instruction of the PRESIDENT of the BOARD OF DIRECTORS is to allocate 60% of the amount of the commissions to decrease the LIABILITY with the partners and the remaining 40% will be applied to Current Expenses."

From the analysis of its financial information corresponding to the month of September 2012, it is observed that the book capital amounts to $3,195,556.00, presenting a shortage of $5,857,061.00, as indicated below in a comparative form with the figures on which the inspection visit we occupy was carried out:

INTEGRATION OF BOOK CAPITAL

	apr-11	sep-12
Paid Social Capital	$6,711,383.00	$7,564,200.00
Increase by update of paid social capital	$13,169,944.00	$13,169,944.00
Premium on sale of shares	$1,201,572.00	$1,201,797.00
Capital Reserves	$565,099.00	$565,099.00
Results of previous exercises	-$15,808,211.00	-
Increase by update of results of previous exercises	-$1,381,921.00	-$1,381,921.00
Result of the current exercise	-$660,161.00	-$1,153,975.00
Total book capital	$3,797,705.00	$3,195,556.00

Determination of the Shortage of Book Capital
Article 18, Fraction I, LUC 2,000,000 X 4.526308 | $9,052,617.00 | $9,052,617.00 |
Shortage of Book Capital | $5,254,912.00 | $5,857,061.00 |

On the other hand, regarding the Plan that that Society has contemplated to capitalize itself, it is necessary to point out that it must present its duly justified, scheduled and sanctioned application by the surveillance bodies of that Credit Union, in which the application of the results obtained in the strengthening of the book capital is clearly reflected.

It should be noted that the authorizations that may proceed in each case, will be subject to compliance with the legal order that corresponds to them to observe as a Credit Union, regarding provisions such as accounting records, regular functioning of its surveillance bodies, sending and publishing of its financial information."

5.
From the files of this Commission it is not clear that that Society has responded in attention to the corrective measures ordered, so Office No. 132-B/1205/2013 of Information Request of June 18, 2013, was issued, requiring the Society to respond to our cited Office of Corrective Actions and Measures No. 132-B/3269/2012.

6.
With writing of July 31, 2013, that Entity responds to the aforementioned Office of Corrective Actions and Measures No. 132-B/3269/2012, in which that Society manifested among other things the following:
"...
9.- Regarding the shortage of Book Capital, management is carried out for the sale of Adjudicated Goods, portfolio recovery (in case of cancellation of estimates), promotion for the sale of shares, measures aimed at strengthening the current financial situation."

7.
Proceeding from the analysis of the response of that Credit Union, it was determined that it did not attend the corrective action we occupy, so through Office No. 132-B/1308/2013 of September 19, 2013, various corrective actions and measures were ordered to it again, among which stands out:
"...
9. With respect to the observation regarding that the Book Capital of the Union is lower than the Minimum Capital, in its writing it informs:
"Regarding the shortage of Book Capital, management is carried out for the sale of Adjudicated Goods, portfolio recovery (in case of cancellation of estimates), promotion for the sale of shares, measures aimed at strengthening the current financial situation".

Regarding this matter, we inform you that your argument lacks support, so that Union must remit to this Commission the documentation that validates said management.

It is worth recalling that in the first half of 2013 the book capital of that Entity continues to be lower than the minimum capital, as shown below:

For the above, that Union is located in the cause for revocation provided in fraction XIV of article 97 of the LUC, so an office for summons for revocation will be prepared."

8.
With writing of February 17, 2014, they respond to Office No. 132-B/1308/2013 mentioned in the previous numeral, in which it points out among other things the following:
"From numeral 9 of section II in which it is observed that the Book Capital is lower than the Minimum Capital, the following note can be made:

According to your office 132-B/1221/2013 it was observed that the Union had a fixed paid capital equal to $9,016,535.00, a figure lower than the minimum capital it should maintain of $9,749,248.00, which represented a shortage of $732,713.00 according to the following table:

Paid fixed capital as of April 30, 2013. (a)	Minimum Capital (b)	Capital Shortage (a-b)
$9,016,535	$9,749,248	($732,713)

1_/Calculation by the value of the UDI at December 31, 2012 =4.874624

From such observation, on August 8, 2013, we held a General Assembly of Shareholders in which an increase in social capital by $5,026,500.00 was approved to remain at $14,074,200.00 which was recorded in the protocol of Notary Public No.98 Lic. José Jorge Enrique Zárate Ramírez according to deed 8,418 volume 98 of August 17, 2013 duly registered in the Public Registry of Property and Commerce of Oaxaca according to electronic folio 14723*1 with date twenty-seven of"

November 2013 of which we attach a photocopy.

On the other hand, in our writing of September 25, 2013 of which we attach a copy as well as its shipping receipt, we manifested to the direction under your charge, the capital sales that were made to remedy the previous observation. With such sales, the shortage observed in the letter 132-B/1221/2015 issued by the D.G. of supervision of Credit Unions was exceeded.

Although it is true that we have put all our effort into capitalizing ourselves, it is also true that no matter how much effort we make, the authorities oblige us to create reserves that, when applied to results, considerably diminish any effort we can make. "

Upon analysis of this response, it was determined that this Entity did not comply with our regulations, in that it referred to the paid-in fixed capital, which differs from the accounting capital that was observed. Since the paid-in fixed capital derives from the subscribed and paid shares of the Entity's social capital, while the accounting capital is structured from contributed and earned capital, that is, the paid-in fixed capital forms part of the contributed capital item of the aforementioned accounting capital.

Likewise, it is noted that through Letter No. 311-11658/2015, which refers to the request for approval of the Capital Restoration Plan presented in response to Letter No. 132-B/101245/2014 of March 27, 2014, through which this Commission dictated corrective actions and measures so that this Union complies with the net capital requirement, (net capital is equal to accounting capital minus items accounted for in assets as intangibles or that in their case implies a deferral of expenses or costs in capital) of which, once its request was analyzed based on subsection b) fraction I, of article 80 of the Credit Unions Law, the approval of the proposed capital restoration plan was not granted, in that said plan does not consider periodic goals to obtain the level of capitalization required in accordance with what is provided by article 48 of the aforementioned legal instrument and other applicable provisions.

Notwithstanding the above, and derived from the analysis of the financial information sent to this Decentralized Body by that Entity electronically through the Interinstitutional Information Transfer System (SITI) with figures as of December 31, 2014, in compliance with what is provided in the SECOND TRANSITORY of the " RESOLUTION that modifies the General Provisions applicable to auxiliary credit organizations, exchange houses, credit unions, limited object financial societies and multiple object financial societies regulated ", published in the Official Gazette of the Federation on February 4, 2011, in relation to articles 49, 50 and 57 of the " General Provisions applicable to Auxiliary Credit Organizations, Exchange Houses, Credit Unions, Limited Object Financial Societies and Multiple Object Financial Societies Regulated ", the following is derived:

As can be seen, that Credit Union as of December 31, 2014, presents an accounting capital of $7,764,029, which is $2,353,433 less than the minimum capital it is required to maintain in accordance with the Level I operations in which that Entity is located, which amounts to $10,117,462.

Derived from the above, this Commission evidences that that Society presents an accounting capital lower than the minimum capital it is required to maintain, in accordance with what is provided in fraction I of article 18 of the Credit Unions Law, which establishes:

" Article 18.- The minimum subscribed and paid capital for unions will be determined according to the level of operations assigned to it, as follows:

I. For unions with Level I operations, it must be the equivalent in national currency to the value of 2,000,000 investment units;

II. ...

The amount of minimum capital with which unions must have must be subscribed and paid by the last business day of the year in question. To this effect, the value of the investment units corresponding to December 31 of the immediately preceding year will be considered. The minimum capital must be integrated by shares without withdrawal rights. The paid capital with withdrawal rights, in no case, may be higher than the paid capital without withdrawal rights.

... " .

For the reasons stated, that Credit Union is located in the cause for revocation provided for in fraction XIV of article 97 of the Credit Unions Law, which establishes:

" Article 97.- The Commission, with the agreement of its Board of Directors and after a hearing of the interested society, may declare the revocation of the authorization granted to unions, in the following cases:

...

XIV. If the accounting capital of the union is less than the minimum capital required based on the level of operations authorized for it, and " . "

Regarding this, the so-called Union de Credito General Centro, Sur y Sureste, S.A. de C.V., through a writing without date received in this Commission on July 15, 2015, referred to in numeral 11 of the Background section of this Resolution, in exercise of its right to hearing granted through letter 132-B/ 1218/2015, in accordance with what is provided in article 97 of the Credit Unions Law, manifested what is transcribed below:

" That I, in my capacity as President of the Board of Directors of my represented entity, exposed approximately two months ago before the General Director of Supervision of Credit Unions of the National Banking and Securities Commission, the negotiations that have already been carried out with the current President of the NATIONAL CHAMBER OF THE CONSTRUCTION INDUSTRY (Canacintra) in order to sign a collaboration agreement, in which the chamber's affiliates in the eight regions of the State of Oaxaca are added as members of the legal entity I represent, that is to the " UNION DE CREDITO GENERAL CENTRO, SUR Y SURESTE, S.A. DE C.V. ", integrate their files and have access to the business portfolio that has been prepared for this purpose. This contemplates among other things the sectors of the economy that can be supported as well as the commissions and interest rates applicable in the various financing modalities that I present below:

...

The target population will be: Individuals with business activity and Legal Entities and the credits or loans that are contemplated to operate in a first stage are: Liquidity, revolving, bridge credit or enabling/stock credit in various terms according to the operational cycle and the payer's capacity to pay and may be 180 days, 12 months, 18 months and up to 24 months, the applicable interest rate will be fixed at 19% annually, the commission for opening and renewal of the credit line will be 2% and the guarantees preferably (Mortgage) these will be agreed upon both with the internal evaluation committee of CANACINTRA and the Credit Committee of the " UNION DE CREDITO GENERAL CENTRO, SUR Y SURESTE, S. A. DE C. ", which I represent.

In this exercise, the following indicators are available:

Number of affiliates: Target 1,000 affiliates
Number of shares to be placed per affiliate Art.103 13 fixed capital shares series " A " Value of the share included in the sale premium $ 1,000.00 Increase in Fixed Social Capital in a first - Stage 250 by 13 shares by $1,000.00 (*) $3,250,000.00 Note 1_/. - Until achieving the incorporation of 1,000 new partners Note 2_/. - The sale of share parts is not applied in this exercise; these will be registered in the liability account called: Contributions for future capital increases.

Parallel to this, in my capacity as President of the Board of Directors of the legal entity " UNION DE CREDITO GENERAL CENTRO, SUR Y SURESTE, S. A. DE C. V. ", I have invited two Mexican entrepreneurs (Investors) so that through the contribution of the equivalent in National Currency to One Million Dollars, the stability and solvency of my said represented entity is achieved, requesting the National Banking and Securities Commission based on what Article 23 of the current Credit Unions Law establishes express authorization so that their contribution remains for three years to achieve it.

The basis that establishes the last paragraph of article 23 of the Credit Unions Law which literally says:

" The Commission may temporarily authorize that a natural or legal person maintains participation in the social capital of a union percentages higher than those indicated in fraction III of this article, in case the stability and solvency of the union is at risk, and in order to restore the net capital of the union referred to in article 48 of this Law, if applicable, comply with the CAPITAL RESTORATION PLAN indicated in article 80, fraction 1, subsection (b), of the Credit Unions Law covering the minimum requirements so that the shareholder can obtain the corresponding authorization " .

Based on such article, the invited investors are willing to deposit the equivalent in national currency to USD 1,000,000.00 (One million dollars) accepting that from said amount 40% is applied to capital and the remaining 60% is formalized through a MULTIPLE INVESTMENT CONTRACT IN ADMINISTRATION for a term of three (3) years, paying on said amount $9,471,360.00 (Nine million four hundred seventy-one thousand three hundred sixty pesos 00/100 M.N) increasing semiannual interests by a quarter of a point (1/4) or 0.25 of a point added to the CETES (Certificates of the Treasury of the Federation) base calculation rate published on June 23, 2015 by the BANK OF MEXICO in the Official Gazette of the Federation (DOF) for a term of 364 days and which for this case was 3.54% (Three point fifty-four percent) semiannual increase on the base rate (3.54%) plus 0.25 being the rate in the first semester of 3.54%, for the second semester it will be 3.79%, for the third 4.04%, for the fourth semester 4.29%, for the fifth semester 4.54% and finally for the sixth semester it will be 4.79% annual rate.

Below is the table of the calculation of the interests to be paid based on an increasing interest rate by a quarter of a point semiannually:

...

If at the end of the three (3) year term the investor or investors decide to continue with UCGSTE for another period, then the same payment scheme would follow.

Once the percentage distribution of the contribution by the equivalent in national currency to $15,785,600.00 (Fifteen million seven hundred eighty-five thousand six hundred pesos 00/100 M.N) is known, it would be as follows:

Application of 60% to the liability account called " Loans from Partners " for a term of three (3) years through the subscription of a MULTIPLE INVESTMENT CONTRACT IN ADMINISTRATION paying interest on the last known CETES rate of 3.54% (Three point fifty-four) percent, which was published in the Official Gazette of the Federation on June 23, 2015, to which a quarter of a percentage point 0.25 (zero point twenty-five) of a point semiannually will be added as described in the table presented above. Example:

(3.54+0.25)=3.79% (3.79+0.25)=4.04% (4.04+0.25)=4.29% (4.29+.025)4.54% (4.54+0.25) =4.79% Application of 40% of the contribution of the investor or investors for the strengthening of NET CAPITAL, which will remain for three (3) years without said amount being usable considering that the purpose is to achieve the stability and solvency of UCGSTE.

Therefore, the application of $6,314,240.00 (Six million three hundred fourteen thousand two hundred forty pesos 00/100 M.N) will be as follows:

...

The capital will remain for a term of three (3) years without said amount being usable, considering the purpose of capitalizing the " UNION DE CREDITO GENERAL CENTRO, SUR Y SURESTE, S. A. DE C. y. ", which I represent, rather, the amount of $6,314,240.00 (Six Million three hundred fourteen thousand two hundred forty pesos 00/100 M.N) must be invested in investment instruments of (Fixed Income) or (Variable Income) according to the decision of the Board of Directors once the risks or opportunities of said investment are analyzed, which must be contracted with an AUTHORIZED PRICE PROVIDER by the National Banking and Securities Commission (CNBV) based on the General Provisions applicable published in the Official Gazette of the Federation on January 19, 2009 and modified through resolutions published in the said Official Gazette on various dates, the last known being May 19, 2015.

Of the 60% that will be registered in the LIABILITY account called " Loans from Partners ", it can be applied to finance the partners of the " UNION DE CREDITO GENERAL CENTRO, SUR Y SURESTE, S.A. DE C.V. ", prior authorization of the " Credit Committee " and subsequently to the CANACINTRA affiliates to support the various economic activities considered in the business portfolio, formalizing the contracts in public deed and guaranteeing the operations preferably with mortgage guarantee, the commission that will be charged for the opening and renewal of the credit lines will be 2% and the applicable interest rate will be 19% on outstanding balances as described in the table below, it is important to mention that an exercise has been carried out in the Amortization Table in order to know if the interests accrued by the credits granted are capable of covering the interests to be paid, generated by " Loans from partners " as shown below.

...

...

...

As can be seen in the example of the table above, the interests generated in the 36 months of granting the credit at a fixed rate of 19% are capable of absorbing the interests to be paid derived from the LOANS FROM PARTNERS in said period, generating a profit margin to support the expenses of the operation.

...

It is important to note that, this exercise shows only one credit operation, however in practice the cases will be different, the " UNION DE CREDITO GENERAL CENTRO, SUR Y SURESTE, S. A. DE C. V. ", will promote before its partners and the CANACINTRA affiliates that the credit lines are contracted according to the productive cycles of each activity in order to generate higher income in short terms by way of interest, even in some cases capitalizing the interests in order to generate higher profit margins.

Below is a plan of periodic actions that the " UNION DE CREDITO GENERAL CENTRO, SUR Y SURESTE, S. A. DE C. V. ", can reach to achieve its economic stability and solvency.

...

On the other hand, the fact of contracting Fixed or Variable Income investment instruments by the part of the investors' contribution, will allow the generation of FINANCIAL PRODUCTS that will be added to the interest income from the credits granted.

The investors that have been invited by me given my capacity as President of the Board of Directors to temporarily contribute to the capital of the legal entity " UNION DE CREDITO GENERAL CENTRO, SUR Y SURESTE, S.A. DE C.V. ", during a period of 3 years are:

Construcciones YEGUVICHE, S.A. DE C.V.
RFC: CYE11O713NW3
FISCAL ADDRESS: PRIV. DE ALDAMA No. 103 DPTO. 4 COLONY: JALATLACO CP. 68080 CITY: OAXACA DE JUÁREZ, OAX., TELEPHONE: (01 951) 1326191 ELECTRONIC MAIL: gvmilagros@hotmail.com SOLE GENERAL MANAGER: MTRA. MILAGROS VIOLETA GARCIA VASQUEZ BUSINESS OR PREPONDERANT ACTIVITY: GENERAL CONSTRUCTION OF ALL TYPES OF PUBLIC AND PRIVATE WORKS.

Noticias Servicios y Sistemas de Oaxaca, S.A. DE C.V.
RFC: NSS0806163Z8
FISCAL ADDRESS: PROLONGACION DE MELCHOR OCAMPO No. 1009 COLONY ELISEO JIMENEZ RUIZ CP. 68120, OAXACA DE JUÁREZ, OAX. www.gruponss.com SOLE ADMINISTRATOR: HERMES RENATO RAMIREZ CRUZ TELEPHONE 01(951) 51 341 11 Partner of UCGSSTE No. 323 Date of entry to UCGSSTE: August 7, 2013 Number of series " A " shares: (744) Seven hundred forty-four

VIJESTI medios de comunicación, S.A. DE C.V.
RFC: VMC120719NY0
FISCAL ADDRESS: Azucenas No.1203-A
COLONY: Unión y Progreso
CP. 68050, OAXACA DE JUÁREZ, OAX. www.revistavidayestiIo-oaxaca.com.
SOLE GENERAL MANAGER: C. ANTHAR ANGEL PÉREZ
TELEPHONE 01(951) 51 371 71
BUSINESS OR PREPONDERANT ACTIVITY: PRESENT ALL TYPES OF EDITORIAL SERVICES AND PRINTING, TELEVISION, RADIO, NEWS AGENCIES, ADVERTISING, DISTRIBUTION AND MARKETING OF EDITIONS, SERVICES, ALL MEDIA OF COMMUNICATION.

Partner of UCGSSTE No. (328)
Date of entry to UCGSSTE: August 8, 2013
Number of series " A " shares: (937) Nine hundred thirty-seven

The company that will directly contribute to the FIXED SOCIAL CAPITAL of the legal entity I represent " UNION DE CREDITO GENERAL CENTRO, SUR Y SURESTE, S.A. DE C.V. ", will be Construcciones YEGUVICHE, S.A. de C.V., in the amount of $6,314,240.00 (Six million three hundred fourteen thousand two hundred forty pesos 00/100 M.N) during a period of (36) months with possibilities of extension of two more years if necessary, at the end of each exercise dividends will be distributed in proportion to the result generated, once the CNBV authorizes its incorporation as a temporary partner to achieve the economic stability and solvency of the Union, at that moment the economic proposal will be presented both to Construcciones Yeguviche, S.A. de C.V., as well as to the National Banking and Securities Commission itself so that together they value the result of the corresponding financial projections.

Finally, the companies Noticias Servicios y Sistemas and VIJESTI medios de Comunicación, S.A. de C.V., respectively have decided to support the legal entity I represent " UNION DE CREDITO GENERAL CENTRO, SUR Y SURESTE, S.A. DE C.V. ", to achieve its economic stability and solvency through the subscription of " Multiple Investment Contracts in Administration " for a period of 36 months or more if necessary, the first of them investing through the scheme of increasing interest rate semiannually, the amount of $5,000,000.00 (Five million pesos 00/100 M.N) receiving by way of interest the amounts that appear in the table below:

...

The second of the mentioned companies, named VIJESTI medios de comunicación, S.A. de C.V., agrees to invest $4,500,000.00 (Four million five hundred thousand pesos 00/100 M.N) for a term of 3 years or more if necessary receiving interest according to the following table:

...

Therefore the total of interests to be paid to the investors in the period of 36 months at the annual CETES rate to (364) days will be $ (sic) $1,187,025.00 (One million one hundred eighty-seven thousand two hundred twenty-five pesos 00/100 M.N ) lower than the amount of interests that will be generated in the placement of credit lines to the current partners of my represented entity " UNION DE CREDITO GENERAL CENTRO, SUR Y SURESTE, S.A. DE C.V. ", and the affiliates to CANACINTRA and other organizations that join.

Once that General Direction of Supervision of Credit Unions dependent of the National Banking and Securities Commission, reviews and authorizes this proposal, we will proceed to call the plenary session of the Board of Directors of my represented entity UNION DE CREDITO GENERAL CENTRO, SUR Y SURESTE, S. A. DE C. V. ", to authorize the capitalization alternatives cited, in fact the companies mentioned are in the best disposition to sign the corresponding agreements and contracts as well as to make the deposits for the amounts mentioned in each case. "

From the analysis of the arguments transcribed, which were exposed by the Union de Credito General Centro, Sur y Sureste, S.A. de C.V., in the writing cited in numeral 11 of the Background section of this Resolution, as well as from letter 132-B/1218/2015, this authority determines that said arguments are inoperant, in that with them the Union in no way combats the considerations by which it was summoned for the revocation of its authorization to operate as a Credit Union.

The above is so, in that the Union de Credito General Centro, Sur y Sureste, S.A. de C.V., was summoned by being located in the cause for revocation provided for in fraction XIV of article 97 of the Credit Unions Law, given that, as derived from numerales 3, 5, 8 and 10 of the Background section of this Resolution, since 2012 it has been communicated to that Union through various letters that it presents an accounting capital that is lower than the minimum capital required that it is required to maintain according to its level of operations, being that through its writing without date received in this Commission on July 15, 2015, said Entity does not state any argument nor provides any proof tending to contest that it is in the referred situation, since it only externalizes its plans to capitalize itself without referring to any element of conviction.

To this effect, the criteria supported by the High Judicial Tribunals are applicable, in the jurisprudential theses whose identification data, rubric and text are transcribed below:

Era: Eighth Era
Registration: 213355
Instance: Circuit Collegiate Courts
Type of Thesis: Jurisprudence
Source: Gaceta del Semanario Judicial de la Federación No. 74, February 1994 Subject(s): Common Thesis: XX. J/54
Page: 80

INOPERANT CONCEPTS OF VIOLATION.
Concepts of violation are inoperant to the extent that the complainant does not combat through a concrete legal reasoning, the considerations on which the impugned ruling was based, a situation that is not sufficient to indicate the legal provisions considered infringed, but it is indispensable to explain, concretize the damage or prejudice caused by the responsible authority and also to legally argue the reasoning or considerations of the resolution that is claimed.

CIRCUIT COLEGIATED TRIBUNAL OF THE TWENTIETH CIRCUIT.
Direct Amparo 438/90. Santiago Gutiérrez Domínguez. February 14, 1991. Unanimity of votes. Reporter: Mariano Hernández Torres. Secretary: Jorge Farrera Villalobos.
Direct Amparo 395/90. Ramón Zamudio Acosta. February 14, 1991. Unanimity of votes. Reporter: Mariano Hernández Torres. Secretary: Jorge Farrera Villalobos.
Direct Amparo 58/92. Eberhard Edelmann Dopp and others. March 5, 1992. Unanimity of votes. Reporter: Francisco A. Velasco Santiago. Secretary: José Gabriel Clemente Rodríguez.
Direct Amparo 265/93. Angela Gálvez Reyes. May 13, 1993. Unanimity of votes. Reporter:

Mariano Hernández Torres. Secretary: Stalin Rodríguez López.

Direct Amparo 674/93. Carlos José Bracamontes Gris and another. January 13, 1994. Unanimous vote.

Relator: Francisco A. Velasco Santiago. Secretary: José Gabriel Clemente Rodríguez.

Note: This thesis also appears in the Appendix to the Judicial Weekly of the Federation 1917-1995, Volume VI, Common Subject, Second Part, thesis 703, page 473.

Era: Eighth Era

Registry: 224773

Instance: Circuit Collegiate Courts

Type of Thesis: Jurisprudence

Source: Judicial Weekly of the Federation

Volume VI, Second Part-1, July-December 1990

Subject(s): Administrative, Common

Thesis: I. 3o. A. J/22

Page: 335

INOPERATIVE GROUNDS OF VIOLATION. RULES FOR DETERMINING THEM. There are two cases in which grounds of violation asserted in a direct amparo lawsuit, brought against a final judgment, award or resolution that has ended the trial, issued by the judicial, administrative or labor courts, must be declared inoperative: the first occurs when the arguments that make up the grounds of violation are not directed to attack any of the foundations of the challenged ruling, making their inoperativity obvious; the second, when the grounds only attack some of the arguments that govern the act subject to amparo, but leave others firm, making it useless to study the grounds proposed in the lawsuit for guarantees, since even if they were well-founded, given the nature of the challenged act, it would be impossible to grant the amparo and protection of federal justice, to revoke the sense of the challenged resolution. It must be clarified that if among the proposed grounds there is any of a formal nature, such as the lack of study of some points of the litigation, it is possible to grant the amparo for the purpose of remedying the formal violation in question, since this type of grounds, even though they are not directed at the arguments supporting the ruling, point out formal defects in the challenged resolution.

THIRD COLEGIATED TRIBUNAL IN ADMINISTRATIVE MATTER OF THE FIRST CIRCUIT.

Direct Amparo 453/83. Alvarez Automotriz, S. A. July 20, 1983. Unanimous vote. Relator:
Genaro David Góngora Pimentel. Secretary: María Guadaluza Saucedo Zavala.

Direct Amparo 533/89. Techo Eterno Eureka, S. A. de C. V. May 3, 1989. Unanimous vote.
Relator: Genaro David Góngora Pimentel. Secretary: María Guadaluza Saucedo Zavala.

Direct Amparo 663/89. Tarcisio Castañeda Salgado. May 23, 1989. Unanimous vote. Relator:
Carlos Alfredo Soto Villaseñor. Secretary: Juan Montes Cartas.

Direct Amparo 683/89. Ingenieros Civiles Asociados, S. A. de C. V. May 23, 1989. Unanimous vote. Relator: Fernando Lanz Cárdenas. Secretary: Juan Carlos Cruz Razo.

Direct Amparo 503/90. Niveles, S. A. August 6, 1990. Unanimous vote. Relator: Fernando Lanz Cárdenas. Secretary: Juan Carlos Cruz Razo.

Note: This thesis also appears in the Appendix to the Judicial Weekly of the Federation 1917-1995, Volume VI, Common Subject, Second Part, thesis 707, page 475; as well as in the Gazette of the Judicial Weekly of the Federation, number 33, September 1990, page 99.

Furthermore, since in the writing referred to in numeral 11 of the background section of the present resolution, the Union de Credito General Centro, Sur y Sureste, S.A. de C.V. does not deny or contest the fact imputed to it, namely, having a book capital lower than the minimum capital required that it corresponds to maintain according to its level of operations, limiting itself to communicating to this Commission its plans to capitalize without submitting any element of conviction, it is deemed tacitly confessed regarding the fact that it has a book capital that is lower than the minimum capital required that it corresponds to maintain according to its level of operations, especially considering that from the simple reading of its statements it is clear that it accepts this effect; consequently, it is confirmed that this Union falls under the grounds for revocation provided for in fraction XIV of article 97 of the Credit Unions Law.

To add to the above, the arguments adduced by the Union de Credito General Centro, Sur y Sureste, S.A. de C.V. in the writing of discharge of guarantee of hearing referred to in numeral 11, of the section of backgrounds of the present resolution, are unfounded, in that from the reading of its statements it is clear that they concern expectations of capitalization that cannot produce any legal effect, since they are based on future acts of uncertain realization, which concatenated with the fact that said Entity does not present proof or element of conviction to support its arguments, leads us to conclude that they do not disprove the grounds for revocation of its authorization to operate as a Credit Union for which it was summoned, which is provided for in fraction XIV of article 97 of the Credit Unions Law.

If the foregoing is not sufficient, regarding the alleged signing of a collaboration agreement with the National Chamber of the Construction Industry to enter as members of the Union de Credito General Centro, Sur y Sureste, S.A. de C.V. its affiliates and be able to grant them financing, it is necessary to warn that said Union did not provide any documentation from which it could be inferred that it had intended to formalize the signing of the referred agreement despite having exposed this situation two months ago, so there is no element of conviction that allows inferring, at least a presumption, that there is indeed an intention to celebrate this, which concatenated with the fact that the number of people interested in entering as members could not be verified, makes it evident that these statements are insufficient to disprove the fact that this Credit Union has a book capital that is lower than the minimum capital required that it corresponds to maintain according to its level of operations, which places it in the grounds for revocation of its authorization to operate as a Credit Union for which it was summoned.

Likewise, regarding the request made by the Union de Credito General Centro, Sur y Sureste, S.A. de C.V., in its writing referred to in numeral 11 of the background section of the present resolution, in the sense that:

" Parallel to this, in my capacity as President of the Board of Directors of the legal entity 'UNION DE CREDITO GENERAL CENTRO, SUR Y SURESTE, S. A. DE C. V.', I have invited two Mexican businessmen (Investors) so that through the contribution of the equivalent in National Currency to One Million Dollars, the stability and solvency of my aforementioned represented entity is achieved, requesting the National Banking and Securities Commission with basis in what Article 23 of the current Credit Unions Law establishes express authorization so that their contribution remains for three years to achieve it.

Basis that establishes the last paragraph of article 23 of the Credit Unions Law which states literally:

'The Commission may authorize temporarily, that a natural or legal person maintain participation in the social capital of a union at percentages greater than those indicated in fraction III of this article, in case the stability and solvency of the union is at risk, and in order to restore the net capital of the own union referred to in article 48 of this Law, in its case, to comply with the RESTORATION PLAN of the capital indicated in article 80, fraction 1, inciso (b), of the Credit Unions Law meeting the minimum requirements so that the shareholder can obtain the corresponding authorization '. "

It is necessary to point out that this argument is inoperative, in that the Union de Credito General Centro, Sur y Sureste, S.A. de C.V. did not submit to this Decentralized Body a formal request for authorization to exceed the limits indicated in article 23, fraction III, of the Credit Unions Law, in addition to omitting to present the necessary documentation for this Decentralized Body to be able to analyze the feasibility of said request, which is expressly referred to in terms of what is provided in fraction II of article 17 of the same legal framework, which consists of:

II.
Relationship and information of the persons who directly or indirectly intend to maintain a participation in the social capital of the union to be constituted, which shall contain, in accordance with the general provisions issued for this purpose, previous agreement of its Board of Government, the following:

a)
The amount of social capital that each of them will subscribe, and the origin of the resources that it will use for this purpose;

b)
The patrimonial situation, in the case of natural persons, or the financial statements, in the case of legal entities, in both cases, of the last three years, and c) That which allows verifying that they have honorability and satisfactory credit and business history.

If the foregoing is not sufficient, it is necessary to note that the request made by the Union de Credito General Centro, Sur y Sureste, S.A. de C.V., does not meet the requirements established in article 138 of the General Provisions applicable to General Warehouses, Exchange Houses, Credit Unions and Multiple-Object Financial Companies Regulated, in force at the time of its request, in that it does not present the reports, projects, certificates and specifications necessary for the analysis of said request, provision which is referred to below for prompt reference:

Article 138.- The request for authorization of temporary participation in the social capital referred to in
the previous article, must meet the following requirements and information:

I.
Report containing the elements and factors that represent a risk to the stability or solvency of the credit union, according to which it is justified that a natural or legal person participates in the social capital of the credit union at percentages greater than those established in article 23, fraction III of the LUC.

II.
Project of the agreement of the shareholders' assembly of the credit union to carry out the capital increase that corresponds, in its case.

III.
Certificate signed by the secretary of the Council regarding the shareholding integration of the credit union, detailed by type of share of the subscribed and paid capital that the credit union has at the time of requesting the authorization.

IV.
The information referred to in article 134 of these provisions regarding the person who intends to participate in the social capital.

V.
The specification of the maximum term for which the authorization is requested, as well as the causes that justify said term.

VI.
A report on the actions and measures that the credit union will carry out to ensure that upon expiration of the term for which the authorization is requested, the shareholder who has a participation greater than the percentages indicated in the
article 23, fraction III of the LUC, will carry out the necessary acts to adjust to
the percentages established in the same Law.

VII.
The indication of the type of shares to be subscribed, detailing the rights corresponding, as well as, in its case, the modifications to the bylaws that would be made.

This request may be expressly included in the same request for authorization of the capital restoration plan that is presented in terms of article 80, fraction I, inciso b) of the LUC.

Consequently, in that this Credit Union did not present a formal request for authorization to exceed the shareholder limits established, in terms of what is provided in fraction III of article 23 of the Credit Unions Law, in addition to omitting to present the necessary documentation for this purpose, which is expressly referred to in terms of what is provided in fraction II of article 17 of the referenced legal framework and did not meet the requirements established in article 138 of the General Provisions applicable to General Warehouses, Exchange Houses, Credit Unions and Multiple-Object Financial Companies Regulated, in force at the time of its request, it is indisputable that this Decentralized Body is not in a position to analyze the feasibility of said request and much less to grant it.

On the other hand, regarding what was exposed by the Union de Credito General Centro, Sur y Sureste, S.A. de C.V., in the writing referred to in numeral 11 of the background section of the present resolution, in the sense that the amount of deposits that the invited investors may make, for the equivalent in national currency to one million dollars, will be applied 40% to capital and the remaining 60% to a MULTIPLE INVESTMENT CONTRACT IN ADMINISTRATION for a term of three years, paying on said amount $9,471,360.00 semiannual interests, it is necessary to evidence that this plan is not viable, given that this Union does not register active operations that could generate sufficient resources to cover the interests they estimate to pay, given that as of July 2015, it has 3 borrowers and a net result of $1,961,571. In the event that it manages to affiliate new borrowers, it is uncertain if they could have an adequate gap that allows them to cover in a semester the interests of their passive operations.

Under these conditions, the arguments raised by the Union de Credito General Centro, Sur y Sureste, S.A. de C.V., in its undated writing received in this Commission on July 15, 2015, cited in numeral 11 of the background section of the present resolution, are inoperative and unfounded to disprove the grounds for revocation for which it was summoned by notice 132-B/1218/2015.

Finally, since the Union de Credito General Centro, Sur y Sureste, S.A. de C.V., in its writing undated received in this Commission on July 15, 2015, referred to in numeral 11 of the section of backgrounds of the present resolution, did not exhibit any document, nor offered any proof, this National Banking and Securities Commission is not in a position to discharge or value any additional element of conviction to that referred to above.

SIXTH. For the reasons set forth in the CONSIDERING FIFTH of the present Resolution, this Commission determines that the Union de Credito General Centro, Sur y Sureste, S.A. de C.V. has a book capital lower than the minimum capital required that it corresponds to maintain according to its level of operations, in accordance with what is provided in fraction I of article 18 of the Credit Unions Law, which establishes:

" Article 18.- The minimum subscribed and paid capital for unions shall be determined in accordance with the level of operations assigned to it, as follows:

I.
For unions with operational level I, it must be the equivalent in national currency to the value of 2,000,000 investment units;

II.
...

The amount of minimum capital that unions must have must be subscribed and paid no later than the last business day of the year in question. To this effect, the value of the investment units corresponding to December 31 of the immediate previous year will be considered. The minimum capital must be integrated by shares without withdrawal rights. The paid capital with withdrawal rights, in no case, may be greater than the paid capital without withdrawal rights.

... " .

This is so, in that with figures as of April 2011, this Entity presented a shortfall in book capital of $5,254,912.00, a situation that has remained as of figures as of September 2012, in which it presents a shortfall of $5,857,061.00, as of March 2013, in which it presents a shortfall of $7,090,771.00 and as of December 2014, in which it presents a shortfall of $2,353,433, as has been referred to in the present resolution.

Therefore, the fact is confirmed that this company has a book capital lower than the minimum capital required based on its operational level, updating the grounds for revocation of the authorization to operate as a Credit Union, provided for in fraction XIV of article 97 of the Credit Unions Law, for which the Union de Credito General Centro, Sur y Sureste, S.A. de C.V. was summoned, by virtue of notice 132-B/1218/2015, which establishes:

" Article 97.- The Commission, with the agreement of its Board of Government and prior hearing of the interested society, may declare the revocation of the authorization granted to unions, in the following cases:

...

XIV. If the book capital of the union is lower than the minimum capital required based on the
level of operations that was authorized to it, and " .

Based on the foregoing, the National Banking and Securities Commission, prior agreement of its Board of Government in its extraordinary session held on April 29, 2016:

RESOLVES

FIRST.- Based on what is provided in articles 18, fraction I, and 97, fraction XIV, of the Credit Unions Law; 12, fraction V, of the Law of the National Banking and Securities Commission; and in accordance with the Thirteenth Agreement adopted by the Board of Government of said Commission in its extraordinary session held on April 29, 2016, as well as the considerations exposed in the present Resolution, the authorization to operate as a Credit Union granted to the Union de Credito General Centro, Sur y Sureste, S.A. de C.V. is revoked, through notice 601-II-376, of January 15, 1991.

SECOND.- From the date of notification of the present resolution, the Union de Credito General Centro, Sur y Sureste, S.A. de C.V. is unable to carry out operations and will enter a state of dissolution and liquidation, without the need for the agreement of the shareholders' assembly of said Company, in accordance with what is provided in article 99 of the Credit Unions Law.

THIRD.- Based on what is provided in articles 78 of the Credit Unions Law and 19 of the Law of the National Banking and Securities Commission, the Union de Credito General Centro, Sur y Sureste, S.A. de C.V. must certify before this Commission, within a period of 60 business days following the publication of the present Resolution in the Official Gazette of the Federation, that the appointment of the liquidator corresponding was made in accordance with what is established in article 100, fraction I, of the Law cited in first place; otherwise, this Decentralized Body will promote before the competent judicial authority to appoint the liquidator and if it finds impossibility to carry out said liquidation, to order the cancellation of its registration in the corresponding Public Commerce Register, in accordance with what is established in articles 100, fraction II and 102 of the Credit Unions Law.

FOURTH.- This Resolution is notified to the Union de Credito General Centro, Sur y Sureste, S.A. de C.V.

FIFTH.- Based on what is provided in article 99 of the Credit Unions Law, it is registered in the corresponding Public Commerce Register and published in the Official Gazette of the Federation the present notice.

SIXTH.- Based on what is established in the penultimate paragraph of article 16 of the Law of the National Banking and Securities Commission, in relation to what is provided in articles 4, 9 and 12 of the Internal Regulations of the National Banking and Securities Commission, published in the Official Gazette of the Federation on November 12, 2014, and in terms of what was ordered by the Board of Government of said Commission in the Sixteenth Agreement adopted in its extraordinary session held on April 29, 2016, it is delegated indistinctly to the public servants of this Commission, Karla Patricia Montoya Gutiérrez, Mariana Vázquez Bracho García, Ivonne Marcela López Franco, Angel Jonathan García Romo, Jesús Aarón Ruiz Zapata, Selene Saucedo García, Alberto Erick Méndez Medina, Tania Patricia Morales Reyes, José Luis García González, Luis Antonio Rodríguez Rodríguez, Juan Carlos Macías Luna, Alfredo Omar Morlan Fernández, José Alberto Jiménez Rosales, Francisco Godínez Ayala and Rogelio García Martínez, the charge of notifying, jointly or separately, the present notice by which compliance with the agreement adopted by the Board of Government of said Commission is given.

The foregoing is made known by the President of the National Banking and Securities Commission, in conformity with what is provided in articles 16, fraction VI, and penultimate paragraph, of the Law of the Commission National Banking and Securities Commission and 12 of the Internal Regulations of the National Banking and Securities Commission, as well as in terms of the Fifteenth Agreement adopted by the Board of Government of said Commission in its extraordinary session held on April 29, 2016.

Respectfully,
Mexico City, May 4, 2016.- The President, Jaime González Aguadé.- Rubric.

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