Regulatory Alerts2004-05-04 | Resolución 058/2004Added · Updated
Resolution 058/2004
The Board of Directors of the Central Bank of Bolivia approves the capitalization of $3,442,631.44 in undistributed profits for Bolivia's share in the Latin American Reserve Fund (FLAR), effective May 1, 2004. It further authorizes the capitalization of profits for the 2004-2010 period to reach a total paid capital of $234,375,000 for Bolivia's eighth capital subscription. The Presidency and General Management are tasked with executing and complying with this resolution.
BOARD RESOLUTION NO. 058/2004 SUBJECT: INTERNATIONAL OPERATIONS MANAGEMENT - APPROVES CAPITALIZATION OF PROFITS IN THE LATIN AMERICAN RESERVE FUND.
HAVING REVIEWED: Law No. 1670 of October 31, 1995. Agreement No. 93 of March 22, 2000 of the Assembly of Representatives of the Latin American Reserve Fund (FLAR). Agreement No. 126 of April 20, 2004, of the Assembly of Representatives of the FLAR. Report from the International Operations Management (GOI) No. 003/2004 of April 28, 2004. Report from the Legal Affairs Management (SANO) No. 094/2004 of April 30, 2004.
CONSIDERING: That through Agreement No. 93, the FLAR approved the substitution of Article 5 of the Constitutive Agreement, stipulating that the capital of the FLAR shall be $2,000,000,000, with Bolivia's share being $234,375,000, to be paid through the capitalization of profits from each financial year until the year 2010.
That through Agreement No. 126, the FLAR approved distributing $33,854,631.33 from the undistributed profits of the July-December 2002 semester and the profits from the January-December 2003 financial year, with Bolivia's share being $3,442,631.44 to be credited to the eighth capital subscription.
That the International Operations Management recommends in Report GOI No. 003/2004, approving the capitalization of profits amounting to $3,442,631.44 and those from subsequent financial years until the year 2010 to complete the quota corresponding to Bolivia in the eighth capital subscription.
That according to Report SANO No. 094/2004 from the Legal Affairs Management, there is no legal impediment for the Board to authorize said profit capitalizations.
THEREFORE THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:
Article 1.- Approve, effective May 1, 2004, the capitalization of the undistributed profits from the July-December 2002 semester and the profits from the January-December 2003 financial year, corresponding to Bolivia in the Latin American Reserve Fund, in the amount of $3,442,631.44 (Three million four hundred forty-two thousand six hundred thirty-one and 44/100 United States dollars).
Article 2.- Authorize the capitalization of profits corresponding to Bolivia in the annual financial years of the FLAR for the period 2004-2010, until reaching a total paid capital of $234,375,000 (Two hundred thirty-four million three hundred seventy-five thousand and 00/100 United States dollars).
Article 3.- The Presidency and General Management are charged with the execution and compliance of this Resolution.
La Paz, May 4, 2004.
Juan Antonio Morales A.
Juan Medinaceli V. Enrique Ackermann A.
José Luis Evia V. Fernando Paz B.
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