State Act

Code of Comunidades of 1961

Art. 15 – The comunidades that have liabilities to clear or charges which may desire to redeem, in terms of preceding article, shall be bound to set apart, an amount not less than one tenth of its net incomes, in their annual income and expenditure sheet for payment of loans or remission charges. It shall be duty of the administrator to carefully verify the compliance of this disposition, failing which he shall be liable to civil and disciplinary proceedings. § 1. Amount less than required for the purpose mentioned in this article can be kept separately, when the obligations does not exceed one-tenth of the net income. § 2. For the purpose of this article it is necessary that the debts are supported by a legal and valid document.