Colombian Commercial Code - Decree 410 of 1971 - First Book - Of Merchants and Trade Affairs - Title IV - Trade Books, Chapter I - Books and Paper Merchant - From Article 48 to Article 60

COLOMBIAN COMMERCIAL CODE

TITLE IV

BOOKS OF THE TRADE

CHAPTER I

Books and papers of the merchant

Article 48 .- Every merchant conform its accounting books, accounting records, inventory and financial statements in general, the provisions of this Code and other regulations on the subject. Such rules may authorize the use of systems such as microfilm, facilitate the keeping of your records and correspondence. It will also be allowed to use other procedures of recognized technical value accounting in order to establish their operations, provided that knowledge and provide proof of story clear, complete and reliable individual seats and general business.

Article 49 .- For legal purposes, when referring to the book trade, by such means as determined by the law as mandatory and necessary auxiliary for the complete understanding of those.

Article 50 .- The accounts can only be in Castilian language, the double entry system, in books recorded, so as to provide a clear story, complete and reliable information from the merchant's business, subject to regulations issued by the government.

51 .- Make the accounting part of all vouchers which are supporting the game settled in the books, and correspondence directly related to business.

Article 52 .- To start businesses and at least once a year, all merchants will develop an inventory and a balance sheet that permit a clear and complete picture of their heritage.

Article 53 .- The books shall be entered in chronological order and all those business operations that may affect the assets of the trader, referring to the accounting vouchers that support them.

The accounting voucher is the document that should be developed prior to the registration of any operation and in which state the number, date, origin, description and amount of the transaction and the accounts affected with the seat. Each voucher is enclosed with the documents that justify it.

Article 54 .- The merchant should leave true copy of the correspondence addressed in relation to the business by any means to ensure the accuracy and duration of the copy. Also retain the correspondence received in connection with its business, with annotation of the return date or failure to respond.

Article 55 .- The dealer shall keep on file and ordered proof of seats their books, so that at any time to facilitate accuracy.

56 .- Books may be removable or formed sheet by continuous series of cards, provided that one and the other are numbered, can be kept on file in order and appear authenticated according to government regulations.

Article 57 .- In the books of trade is prohibited:

1. Altering the seats or the date the order of operations to which they relate;

2. Leave spaces that facilitate insertions or additions to the text of the seats or following them;

3. Make the lines, scratches or corrections to the seats. Any error or omission will be saved with a new seat on the date advirtiere;

4. Clear or delete all or part of the seats, and

5. Starting leaves, change the order of the books or maul.

Article 58 .- The violation of the provisions of the preceding article shall incur the charge in a fine of up to (five thousand pesos) * be imposed by the chamber of commerce or the Banking Companies or, as appropriate, ex officio or at the request of any person, subject to appropriate criminal action. The books that have no such irregularities were committed, in addition, all legal value as evidence in favor of the merchant to take them.

When you can not determine with certainty the true responsible for these infractions, shall be jointly responsible for paying the fine the owner of the books, the accountant and the auditor, if he incurs in guilt.

* Modified. Act 222 of 1995, Art 86, No. 3. Act 27 of 1990, Article 6. And the Financial System Organic Statute, Arts. 209 and 211.

59 .- Among the entries in the books and records of accounts, correspondence exist due, lest that lack of probative value in favor of the merchant required to wear them.

Article 60 .- The books and papers referred to in this Chapter shall be kept at least ten years from the closing of those or the date of the last entry, document or receipt. After this period, may be destroyed by the merchant, provided by any appropriate technical means to ensure accurate reproduction. Furthermore, in the chamber of commerce where the books were recorded verify the accuracy of reproduction of the copy, and the secretary of the signed document in which record books and papers were destroyed and the procedure used for playback.

When issued a copy of a document preserved as provided in this Article shall include the above formalities.