State Act

Code of Comunidades of 1961

Art. 160 – The incomes of the Pensioners’ Bank comprise of:– 1. The monthly contribution of the members; 2. The proceeds of the fees collected by the administrative offices; 3. Any legacies (legados) in favour of the said Pensioners’ Bank; 4. Any amount which prescribes in favor of the said Pensioners’ Bank; 5. Interests on loans given; 6. 25 per cent of the proceeds of zonns and the dividends of the shares prescribed. The 59[Government], however, soon after he satisfies that the fund of Pensioners’Bank had reached a level of 4.800.000$, he shall direct reversion to the respective comunidades, of the amount of 50 per cent of the said percentage stated above; 7. Any other eventual revenue. § 1. Whenever the Pensioners’ Bank has funds available, it may grant loans to the private persons and to the comunidades, in the former case with guarantee by way of shares of the comunidades and of the gold and silver or mortgage of rustic and urban properties, without prejudice to the amount necessary for the payment of pensions. § 2. The loans to the comunidades shall bear the interest of 2 per cent interest, when they are meant for works of agricultural development and improving of its properties or acquisition of machinery and agricultural tools. In other cases, as well as for private persons, the interest shall not be less than 3 per cent, for loans less than 8.000$ and 2.5 per cent for the loans of higher amount. § 3. The loans of a sum not higher than 8000$, repayable within the period of one year, can be made by a private declaration and renewed for equal periods, if the borrower pays the interest due, punctually. § 4. The loans of amount higher than 8000$ shall be made by public deed, with prior authorization of the Governor-General. § 5. The Government shall regulate what is contained in the preceding paragraph.