Technical Standards on Issuance, Deposit, Placement and Subscription of Treasury Shares

CNBCR-02/2014
NRP-09
TECHNICAL STANDARDS ON ISSUANCE, DEPOSIT, PLACEMENT AND SUBSCRIPTION OF TREASURY SHARES Approval: 01/30/2014 Validity: 03/03/2014 Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador. Tel. (503) 2281-8000 www.bcr.gob.sv

THE STANDARDS COMMITTEE OF THE CENTRAL RESERVE BANK OF EL SALVADOR

CONSIDERING:

I. That in accordance with the Law on Supervision and Regulation of the Financial System, the Financial Supervision and Regulation System is created, which is constituted by the Central Reserve Bank of El Salvador and the Financial System Superintendence.

II. That according to Article 101 of the aforementioned Law, the powers to approve, modify, and repeal the technical standards that must be complied with by the members of the financial system and other supervised entities have been transferred to the Central Reserve Bank.

III. That the Board of Directors of the Financial System Superintendence, in Session CD 49/2000 of September 21, 2000, approved the "Standards on Issuance, Deposit, Placement and Subscription of Treasury Shares" (NPB4-24) which responded to the legal framework in force at that date.

IV. That Articles 7, 78, 81, 86 and 93 of the Banks Law authorize the use of treasury shares once contemplated in the articles of incorporation of the entities that they will be issued at par value, for the necessary number so that the total value of said shares is equivalent to the equity fund or the required equity fund, whichever is greater, as of December 31 of each year.

V. That the Banks Law establishes that, having provided for the restructuring of a banking entity, the Financial System Superintendence may establish as a measure, granting a deadline for the bank to resolve a capital increase to meet the established requirements, for which treasury shares may be used.

VI. That Article 155 of the Law on Cooperative Banks and Savings and Credit Societies establishes that savings and credit societies shall be subject to the provisions of the Banks Law, except for those cases dictated by Book Four of the Law on Cooperative Banks.

VII. That it is important to have the technical regulatory framework that operationalizes the issuance, deposit, placement and subscription of treasury shares, so that there is clarity on the procedures to be followed in case it is necessary to use them as a mechanism to increase social capital, cover equity fund deficiencies or to amortize losses, with prior authorization from the Superintendence.

THEREFORE,

by virtue of the regulatory powers conferred by Article 99 of the Law on Supervision and Regulation of the Financial System,

AGREES to issue the following:

TECHNICAL STANDARDS ON ISSUANCE, DEPOSIT, PLACEMENT AND SUBSCRIPTION OF TREASURY SHARES

CHAPTER I
OBJECT, SUBJECTS AND TERMS

Object
Art. 1.- The object of these Standards is to uniform the procedures for the issuance, deposit, placement and subscription of treasury share certificates as provided by the Banks Law, with the aim that the use of the figure is carried out in compliance with legal formalities and with the promptness and functionality required.

Subjects
Art. 2.- The subjects obliged to comply with these Standards are:
a) Banks constituted in El Salvador, in accordance with the Banks Law; b) Savings and credit societies constituted in accordance with the Law on Cooperative Banks and Savings and Credit Societies; and c) Natural or legal persons who intend to acquire or acquire treasury shares.

Terms
Art. 3.- For the purposes of these Standards, the terms indicated below have the following meaning:
a) Shareholder(s): the subjects referred to in letter c) of the preceding Article; b) Central Bank: Central Reserve Bank of El Salvador; c) Entity/entities: the subjects referred to in letters a) and b) of the preceding Article; d) Law: Banks Law; and e) Superintendence: Financial System Superintendence.

CHAPTER II
ISSUANCE OF TREASURY SHARES

Form
Art. 4.- The entities will issue the treasury shares indicated by the Law, which will be represented in a single provisional certificate, according to the attached model, with the following minimum content:
a) Name, domicile and term of the society; b) Date of the current social pact containing the bylaws of the society, the name of the notary who authorized it and the data of the registration in the Commerce Registry; c) Nominal value of the certificate which will be equivalent to the equity fund of the entity or the required equity fund, whichever is greater, as of December 31 of each year; d) Space to record the subscription, payment and names of the corresponding shareholders; e) Amount of social capital, the total number of common shares and their nominal value; f) Special series for treasury shares, relating that this series is unique for this class of shares, which will be called "Series AT"; g) Indication of being a unique provisional certificate of treasury shares; h) Mention that the certificate will remain in deposit at the Central Bank, until it is subscribed and paid; i) Expression that the shares covered by this certificate will be subscribed to increase social capital, to cover equity fund deficiencies or to amortize losses, with prior authorization from the Superintendence; j) A reason expressing that once the treasury shares are subscribed and paid, they will become common shares; k) Indication that, once the shares are subscribed and paid, the social capital is increased by the amount of the same, without the need for an Extraordinary General Meeting of Shareholders, being sufficient only with a certification from the External Auditor stating that the shares have been subscribed and paid to register in the social capital account the value of the respective increase; l) Main rights and obligations of the holder of the shares; m) Space to record the data required by the Stock Exchange where the entity's share issuance is registered and the data required by the Public Registry of the Superintendence, to incorporate them in case it is necessary. These spaces must be filled in by each of the aforementioned entities, once they know them; and n) Signatures of the president and secretary of the Board of Directors or equivalent administrative body of the entity. In their absence, by any other member of this same body.

Art. 5.- Once signed by the president and secretary of the Board of Directors of the issuing entity and the data completed, the provisional treasury share certificate, with prior authorization from the Superintendence, must be deposited at the Central Reserve Bank, where the issuing entity will be delivered a receipt of which a copy will be sent to the Superintendence, within two days following its receipt.

Substitution of the provisional certificate by modifications to the content Art. 6.- The entities will substitute the issued provisional treasury share certificate, when any of the requirements indicated in Article 4 of these Standards change. The new certificate, which will contain the value of the equity fund as of December 31 of the previous year, must be presented to the Superintendence within the first fifteen days of the month of February of each year.

Issuance of new certificate in substitution of the existing one Art. 7.- The entity that, having exhausted the placement options for the treasury shares provided in the current legal framework, does not place all of them, must issue a new certificate to replace the previous one, having a deadline of sixty days for this purpose. Said certificate must also be deposited at the Central Bank, in accordance with these Standards.

CHAPTER III
DEPOSIT AND CUSTODY OF THE TREASURY SHARE CERTIFICATE

Deposit
Art. 8.- Once the treasury share certificate is issued and signed by the corresponding administrators, the original will be sent to the Superintendence, to verify compliance with the applicable requirements. The certificate must be sent together with the certification of the point of the Minutes of the Board of Directors of the entity in which the agreement to register the treasury shares was taken. The Superintendence, once it has verified that the certificate complies with the requirements established in the applicable legislation and in these Standards, will authorize it. After authorization, it must be introduced into a sealed envelope, indicating on the same the approval by the Superintendence; which, furthermore, will extend an authorization separately for the envelope to be presented to the Central Bank for the corresponding custody.

Withdrawal of the certificate
Art. 9.- The provisional certificate maintained in deposit at the Central Bank may be withdrawn until the Superintendence authorizes the number of treasury shares to be placed; but also, in any of the following cases:
a) When any of the requirements that the certificate must contain, indicated in Article 4 of these Standards, changes; b) Dissolution and liquidation of the entity; c) When the entity is absorbed in a merger process; and d) When, without solvency problems, the Superintendence resolves the closure of operations of the entity.

Admission of deposit or withdrawal
Art. 10.- The Central Bank will only admit the deposit or withdrawal of the certificate when the entities have been authorized by the Superintendence.

CHAPTER IV
PLACEMENT AND SUBSCRIPTION OF TREASURY SHARES

Placement request
Art. 11.- When the placement of treasury shares is required, the entity must request the respective authorization from the Superintendence, indicating the number of shares to be placed. If the placement of the shares is authorized generally in a regularization plan authorized by the Superintendence, specific authorization on the number of shares to be placed will also be required, at the time of executing the measure.

Publications and placement price
Art. 12.- When the Superintendence has authorized the number of treasury shares to be placed, the entity must send a written notice to its shareholders and must publish two notices in two newspapers of national circulation for two consecutive days, offering them the new shares in proportion to those they possess. The price of these shares will be equal to the book value resulting from the last audited balance; but if it were different, it must be authorized by the Superintendence.

Subscription and payment of shares
Art. 13.- If the treasury shares are subscribed by the shareholders in exercise of the preferential subscription right, they will be obliged to deliver the respective contributions entirely in cash within fifteen days from the day following the last publication indicated by the Law. In any case, the entity must deliver a receipt of the contribution to the subscriber and must keep formal control of the number of shares subscribed by each shareholder. If said shares are subscribed by third parties, they will be obliged to deliver to the entity entirely and in cash the respective contributions within fifteen days following the subscription.

Placement in special auction or on the stock exchange Art. 14.- The day following the expiration of the fifteen-day period for shareholders to exercise their preferential subscription right, without having exercised it, the administration of the entity will sell the treasury shares authorized by the Superintendence that were not subscribed, in a special auction or through a stock exchange.

Special auction
Art. 15.- When opting for the special auction for the placement of shares, it will be carried out according to the following procedure:
a) The entity will publish for two consecutive days, in two newspapers of national circulation, the notice of the special auction, indicating the day, place and time in which it will be held, the base value, as well as the quantity of shares to be placed and will specify that buyers must meet the necessary requirements to acquire shares of the entity. The last publication must be made at least three days in advance of the date of the auction, not including within that period the day of the last publication nor the day of the auction. In the same publication, it must be indicated that the shares subscribed must be paid entirely in cash.

b) At the end of the auction, a minutes will be drawn up before a notary in which the place, day, hour and other aspects related to it are recorded. The minutes will be signed by the delegates of the entity. In case there are no bidders, this circumstance will also be recorded in the minutes for the purpose of eventually carrying out the placement by direct management. The Superintendence will designate a delegate to supervise the special auction, who will render a report to the same attaching a copy of the minutes that the notary must deliver to him.

Irregularities in the special auction
Art. 16.- If the Superintendence detects irregularities in the special auction process, it may require the repetition of said process, expressing what the irregularities consist of, provided that the subscription of the shares has not been perfected, without prejudice to informing the Attorney General's Office of the Republic about the facts observed that it considers are within its competence.

Placement on the stock exchange
Art. 17.- When the placement is carried out on the stock exchange, the entity may carry it out immediately after the expiration of the period for the exercise of the preferential subscription right of the shareholders, without having exercised it, the public offer of securities must be published with the due advance according to the applicable regulations to the respective stock exchange.

Placement by direct management
Art. 18.- The treasury shares that have not been subscribed in the special auction or on the stock exchange may be placed through direct management. In this case, the entity will request the approval of the Superintendence for the placement, indicating the probable subscribers and the necessary information to identify them as well as a certification of the minutes of the special auction and a certificate from the stock exchange in which reference is made to the offer made and not subscribed, as the case may be.

Placement for capitalization of debt of another bank Art. 19.- In case the treasury shares are intended to be used to capitalize debt in favor of another entity, in accordance with Article 86 of the Law, the Superintendence must grant authorization, provided that in its judgment such operation does not affect the solvency of the subscribing entity. In no case, the value of the subscribed shares may represent more than forty percent of the Primary Capital of the subscribing entity.

Base value for placement of shares
Art. 20.- The value that will serve as the base to initiate the auction for the public offer on the stock exchange or for the offer by direct management, as the case may be, will be the book value mentioned in the second paragraph of Article 12 of these Standards.

Placement for equity fund deficiencies
Art. 21.- When there are deficiencies related to the Equity Fund mentioned in Article 78 of the Law, the Superintendent will require the entity in question, among other measures and commitments, the capitalization through the use of treasury shares with the objective of remedying the irregularity presented. For such purposes, the procedures indicated in these Standards must be followed.

Placement for amortization of losses
Art. 22.- When it is a matter of amortization of losses that do not absorb the entire social capital of the entity, in accordance with Article 81 of the Law, the treasury shares that are capitalized must be offered to the shareholders of the entity respecting their preferential subscription right, which they must exercise within a period of three days, counted from the date of the publication of the notice, which must be made in two newspapers of largest circulation, or to other investors, immediately after the losses have been amortized according to the order provided in Article 40 of the Law and in accordance with what is mentioned in Roman I of Article 35 of the Commercial Code, when the losses, in addition to having been amortized with profits and reserves, have also been amortized from the social capital of the entity. If as a result of the amortization of the losses, the capital of the entity is reduced to a level lower than that required by Article 36 of the Law, the entity will have a maximum period of sixty days to reintegrate it, if the decrease has been made by reduction of the nominal value, and thirty days, if it has been made by amortization of shares. In the case of amortization of losses, the ownership of shares of an entity by those persons who have been holders of more than one percent of the shares of the entities that have been cancelled in their entirety to absorb losses is prohibited.

Unsubscribed shares
Art. 23.- If the placement efforts of the treasury shares referred to in Article 7 of the Law are exhausted, without the entire authorized treasury shares having been subscribed, the remaining ones must be rendered useless by the entity in the presence of a delegate of the Superintendence, of which a minutes will be drawn up signed by the participants. As a result of the modification of the value of the certificate, the entity must request authorization from the Superintendence for the issuance of a new certificate, as established in Article 7 of these Standards.

Substitution of the provisional certificate by common shares Art. 24.- The entity will issue the common share certificates in substitution of the treasury shares that have been placed, within a period of sixty days from having been subscribed, incorporating the data of the new or new certificates in the Shareholder Register Book, on the corresponding date of that same period. Within the same period, the public deed of modification of the social pact must also be formalized in which it is recorded that the capital remains increased up to the sum that would have been

increased, and that the capital has been increased by the amount of the subscribed shares, without the need for an Extraordinary General Meeting of Shareholders, being sufficient only with a certification from the External Auditor stating that the shares have been subscribed and paid to register in the social capital account the value of the respective increase.

The entity must also deliver a copy of the public deed of modification of the social pact to the Superintendence, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Central Bank, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Stock Exchange, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Public Registry of the Superintendence, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Commerce Registry, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Notary Public, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Shareholders, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Auditors, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Employees, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Customers, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Suppliers, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Competitors, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Government, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Society, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Environment, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Culture, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Education, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Health, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Security, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Justice, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Defense, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Foreign Affairs, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Economy, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Finance, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Industry, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Commerce, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Tourism, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Agriculture, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Livestock, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Fishing, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Forestry, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Energy, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Mines, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Infrastructure, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Communications, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Transportation, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Housing, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Urban Development, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Water, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Sanitation, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Waste, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Pollution, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Climate, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Biodiversity, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Natural Resources, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Territory, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Planning, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Statistics, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Information, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Technology, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Innovation, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Research, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Development, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Cooperation, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Integration, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Peace, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Democracy, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Human Rights, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Equality, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Inclusion, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Participation, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Transparency, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Accountability, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Efficiency, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Effectiveness, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Quality, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Excellence, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Sustainability, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Responsibility, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Ethics, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Integrity, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Honesty, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Fairness, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Justice, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Liberty, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Fraternity, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Solidarity, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Cooperation, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Peace, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Harmony, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Balance, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Order, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Progress, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Prosperity, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Well-being, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Happiness, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Fulfillment, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Meaning, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Purpose, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Vision, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Mission, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Values, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Principles, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Standards, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Norms, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Rules, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Laws, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Regulations, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Policies, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Strategies, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Plans, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Programs, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Projects, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Activities, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Tasks, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Functions, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Roles, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Responsibilities, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Duties, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Obligations, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Rights, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Privileges, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Immunities, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Exemptions, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Exceptions, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Exclusions, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Restrictions, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Limitations, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Conditions, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Requirements, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Specifications, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Criteria, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Indicators, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Metrics, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Measures, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Units, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Quantities, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Amounts, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Totals, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Sums, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Balances, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Accounts, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Ledgers, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Books, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Records, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Files, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Documents, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Papers, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Forms, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Templates, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Models, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Examples, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Samples, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to the Instances, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Cases, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Situations, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Scenarios, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Contexts, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Environments, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Settings, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Conditions, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to States, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Phases, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Stages, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Steps, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Levels, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Grades, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Ranks, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Classes, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Types, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Kinds, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Sorts, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Varieties, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Breeds, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Strains, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Lines, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Races, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Families, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Groups, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Sets, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Collections, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Assemblies, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Gatherings, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Meetings, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Conferences, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Symposia, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Seminars, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Workshops, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Courses, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Classes, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Lessons, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Lectures, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Talks, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Speeches, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Addresses, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Remarks, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Comments, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Observations, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Notes, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Annotations, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Marginalia, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Glosses, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Explanations, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Clarifications, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Definitions, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Descriptions, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Accounts, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Narratives, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Stories, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Tales, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Legends, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Myths, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Fables, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Parables, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Allegories, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Metaphors, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Similes, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Analogies, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Comparisons, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Contrasts, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Differences, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Distinctions, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Separations, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Divisions, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Partitions, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Segments, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Sections, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Parts, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Pieces, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Fragments, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Bits, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Shards, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Splinters, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Chips, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Flakes, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Layers, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Coats, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Covers, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Wrappings, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Packings, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Containers, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Vessels, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Receptacles, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Holders, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Supports, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Bases, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Foundations, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Grounds, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Bases, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Roots, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Origins, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Sources, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Wells, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Springs, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Fountains, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Streams, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Rivers, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Creeks, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Brooks, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Rills, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Runs, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Flows, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Currents, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Tides, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Waves, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Swells, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Ripples, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Dimples, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Indentations, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Depressions, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Hollows, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Cavities, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Holes, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Gaps, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Openings, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Apertures, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Orifices, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Passages, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Channels, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Conduits, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Pipes, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Tubes, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Hoses, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Cables, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Wires, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Strings, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Threads, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Fibers, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Filaments, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Strands, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Locks, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Curls, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Rings, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Loops, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Coils, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Spirals, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Helixes, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Twists, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Turns, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Rotations, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Revolutions, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Cycles, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Periods, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Intervals, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Gaps, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Breaks, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Pauses, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Stops, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Halts, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Rests, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Breaks, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Vacations, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Holidays, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Fests, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Celebrations, within the same period.

The entity must also deliver a copy of the public deed of modification of the social pact to Parties, within the same period.