Colombian Commercial Code - Decree 410 of 1971 - Book II - Of Corporations - Title VII - Societies of Mixed Economy - From: Section 461 By: Art 468

COLOMBIAN COMMERCIAL CODE

TITLE VII

THE MIXED ECONOMY COMPANIES

Article 461 .- Mixed economy are commercial companies that are financed through state support and private capital.

The semi-public companies are subject to the rules of private law and the ordinary courts, unless otherwise provided by law.

Article 462 .- In the act of constitution of any mixed company will identify the conditions for participation of the State contains the provision that authorizes its creation, the national, departmental or municipal society and its relationship to the various administrative agencies, for purposes of protection that must be exerted on it.

Article 463 .- In societies of mixed economy state contributions may include, among others, financial or tax benefits, guaranteed the obligations of the company or subscription of the bonds it issued, special aid, and so on. The State may also make concessions.

Article 464 .- When state contributions are ninety percent (90%) or more of the capital, the semi-public companies are subject to the provisions for industrial or commercial state. In these cases the same body or authority may perform the functions of shareholders or board members and board of directors.

Article 465 .- The shares of the mixed economy, where the case of stock will be registered and be issued in different series for individual shareholders and public authorities.

Article 466 .- When mixed economy companies state participation, exceeds fifty percent (50%) of the capital, the authorities in public law who are shareholders are not the restriction of the vote and who they were active on their behalf may represent meetings of other public actions.

Article 467 .- For purposes of this Title, the term state contributions that make the nation or the territorial or decentralized bodies of the same people.

When do intake a mixed economy company, it is understood that there is contribution of public capital in the same percentage or proportion in which the contributing company has, in turn, public or state capital in its capital.

Article 468 .- In matters not covered by the preceding articles and other special provisions of a legal, apply to mixed companies, and as they are compatible, the other rules of this Book.