Resolution No. 809-2000: Clarifying the Interpretation of the Term "Minutes" in the Twenty-Fourth Final and Complementary Provision of the General Law of the Financial and Insurance Systems

Lima, November 9, 2000 SBS Resolution No. 809-2000 The Superintendent of Banking and Insurance

CONSIDERING:

That, Article 349, paragraph 6 of the General Law of the Financial and Insurance Systems and the Organic Law of the Superintendent of Banking and Insurance, Law No. 26702, and its amendments, hereinafter referred to as the General Law, establishes that it is the responsibility of the Superintendent of Banking and Insurance to interpret, in the administrative channel, subject to what is established in said norm, the legal norms governing the companies of the Financial and Insurance Systems with the effects established in the same norm;

That, the original version of paragraph 8 of the Twenty-Fourth Final and Complementary Provision of the aforementioned General Law, which was published in the Official Gazette El Peruano on December 9, 1996, refers within its terms to "minutes of bad management" (actas de mala gestión), prescribing the impediment to assume the position of director or official of a cooperative and savings and credit cooperative central, as referred to by said final provision;

That, in the context of said norm, it is observed that the term "minutes" (actas) does not relate to the meaning of the same, given that the aforementioned term connotes the concept of documents and the term "bad management" connotes the concept of conduct, so that the appropriate term with respect to the latter concept would be "acts" (actos);

That, a systematic interpretation of said text leads to observing that Article 81, paragraph 2 of the General Law prescribes that, no one may be a director of the companies of the financial or insurance systems who, according to Article 20 of the same Law, has impediments to being organizers or shareholders. Paragraphs 8 and 9 of the cited Article 20 refer to the impediments of those who are responsible for "acts" that have warranted sanction. This leads to establishing, once again, that the appropriate term in the cited Final Provision must be "acts" (actos);

Being in accordance with the opinion of the Adjunct Superintendency of Banking and Legal Advice; and

In exercise of the powers conferred by Article 349, paragraph 6 of the General Law;

RESOLVES:

Sole Article.- To interpret that the term "minutes" (actas) contained in the final part of paragraph 8 of the Twenty-Fourth Final and Complementary Provision of Law No. 26702 and its amendments, must be understood as "acts" (actos).

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LUIS CORTAVARRÍA CHECKLEY Superintendent of Banking and Insurance