Colombian Commercial Code - Decree 410 of 1971 - Book IV - Of Contracts and Corporate Obligations - Part I - From Corporate Obligations - Title I - General Obligations - Chapter VII - Ineffectiveness, Nullity, Annulment and Failure - From: Article 897 By: Art 904

COLOMBIAN COMMERCIAL CODE

CHAPTER VII

Inefficiency, invalidity, annulment and failure

Article 897 .- When the Code states that an act has no effect, means that it is ineffective as of right, without judicial declaration.

Article 898 .- The ratification of the appropriate parties in compliance with appropriate solemnities perfected the act exist on the date of such ratification, without prejudice to third parties in good faith free of guilt. Will exist when the legal transaction has been concluded without substantial solemnities required by law for its formation, because the act or contract, and when missing one of its essential elements.

Article 899 .- Absolutely no business will be legal in the following cases:

1. When a peremptory norm contrary, unless the law provides otherwise;

2. When you have illegal cause or object, and

3. When it is held by someone utterly incapable.

Article 900 .- Voidable legal transaction will be concluded by relatively incapable person and that has been spoiled by error, force or fraud, under the Civil Code.

This action can only be exercised by the person for whom it has established or their heirs, and shall prescribe the term of two years counted from the date of the respective legal business. Where invalidation is from a legal disability shall be counted from the day the biennium in which it has ceased

Article 901 .- It will be unenforceable to any third party the legal transaction entered into without complying with the disclosure requirements required by law.

Article 902 .- Partial invalidation of a legal, or invalidity of any of its provisions, only invalidate the whole business when it appears that the parties would not have concluded without the stipulation or part void.

Article 903 .- Multilateral legal business, where the benefits of each of the parties to be routed to obtain a common goal, the invalidity affecting the link for one of them will not invalidate the entire business, unless your participation, according to circumstances, is essential to achieve the intended purpose.

Article 904 .- The contract may produce no effects of a different contract, which contains the essential and formal, if considering the purpose intended by the parties, must be assumed that they, having known the invalidity would have wanted to celebrate the other contract.