Spanish Commercial Code - Book I - Of Merchants and Agents Trade - Title III

CODE OF COMMERCE OF SPAIN

Title III

CORRIDOR

Article 48. Brokers are public officers empowered by law to dispense mediation employed traders and facilitate the completion of their contracts.

Article 49. In the squares of commerce may designate the President of the Republic will be a fixed number of brokers, provided its population and the extent of its traffic.

The number will be determined by special regulations.

Article 50. Runners shall be appointed by the President of the Republic on the three candidates of the courts of commerce.

In districts where there are two or more courts before which commercial matters, the proposal made by the man that is on duty at the time of the creation of the plaza or vacancy.

Article 51. To form the trio convened trade courts to contest, and people want to take part in it must demonstrate a consistent manner the legal and moral fitness, and possession of the knowledge required for the accurate performance of the functions of broker.

Article 52. Before entering the exercise of its functions, the brokers provide to the respective trade court oath to perform faithfully and loyally the office, and will pay a bond to respond to utter condemnations against them for acts relating to the performance of their profession .

Article 53. The bond brokers is one to five coats.

The President shall designate the bail amount depending on the importance of places of commerce where the runners are to carry out their duties.
Article 54. If in any case get to court news trading broker's bond is diminished or exhausted, he'll order it replaced within thirty days and if the broker fails to do so, it shall declare the destination.

Article 55. They can not be brokers:

1. Those who are prohibited from trading;

2. ° All children age twenty;

3. Those who have been dismissed from this position;

4. Those who have been sentenced to imprisonment afflictive or infamous.

Article 56. Brokers are required to:

1. ° A reply to the identity of the people who hire you through them and ensuring their legal capacity.

Intervening in people unable contracts, be liable for damages that may result directly from the disability.

2. ° to run their own negotiations entrust to them.

3. ° to keep track bound with numbered pages, which settled the day, the order of dates, consecutive numbering, unscratched, line spacing, footnotes, abbreviations or numbers, all purchases, insurance, loans to thick, charters, and in general all transactions executed through it.

Unable to do for themselves the seats, will be allowed to run under its responsibility, through a subsidiary, and provided initialed in the margin.

4. ° A manual bring a book in which list the names and addresses of the parties, the matter of the contract and conditions that may have been held.

The seats will be in the act of adjusting operations.

Always advised to negotiate bills of exchange, must establish its dates, terms and maturities, the squares that are turned on, the names of the drawer, endorsers and paying for the last donor and borrower, and the exchange agreed between them.

5. ° A collection of trade documents transferor who have negotiated and delivered to the policyholder, who will bring the price to the assignor.

6. ° to give each of the stakeholders, within twenty-four hours following the conclusion of business, a statement signed by them and by the interested parties who have the seat checked at registration. This statement signed by the parties of the contract is authentic.

7. ° A manual registration and submit to the courts or arbitrators, as may be required for this purpose.

Article 57. Brokers are prohibited from trading operations run on your own or take an interest in them, under their own name or that of another, directly or indirectly, and also play in trade the office of cashier, bookkeeper or assistant, whatever the name to take it.

Article 58. They are also prohibited:

1. Right to demand and receive higher wages than those designated in the respective duties;

2. ° Give certifications on facts not contained in the seats of their records.

State may, however, by order of competent court and not otherwise, which would have seen or understood in any business.

Article 59. Runners who do not comply with their obligations under this Code, or who carry any of the acts they are prohibited, may be suspended or dismissed from his office at the discretion of the courts of commerce.

Article 60. The records of the runners do not prove the truth of the contract to which they refer, but the parties are in agreement about the existence of it, it will be to determine the nature and conditions which consist of the same records.

Article 61. The minutes that they deliver to their customers and make themselves mutually, in cases where two or more runners concur with the conclusion of the commission of various business people, make evidence against the broker that subscribes.

Article 62. The books of the brokers to cease their trade will be collected by the clerks of the courts of commerce and deposited with the Registrar.

Article 63. The responsibility of brokers because of the operations of his office prescribed in two years from the date of each of these.

Article 64. Bankruptcies brokers are presumed fraudulent.

Article 65. Runners are not required to personally enforce contracts entered into by mediation or guarantee the creditworthiness of its customers, except as otherwise provided in this Code regarding the negotiations of public securities.

Article 66. Special regulations, issued by the President of the Republic shall establish the rights of brokerage.

Article 67. Brokers charge of buying or selling Treasury bills are personally liable to pay the purchase price or make delivery of the interest sold, and if any are allowed except for lack of provision.

Article 68. Under the name of public purposes are understood:

1. ° the credits against the state recognized as negotiable;

2. ° The public establishments and private companies authorized to create and circulate them;

3. ° The securities issued by foreign governments, provided that the negotiation is not prohibited.

Article 69. Who has employed a broker to buy or sell treasury bills only action against the broker who has been employed.

Article 70. The broker can not make the sums received by him to buy Treasury bills or the price I will give those sold by him, with the amounts owed by his client, buyer or seller.

Article 71. The broker is responsible for the authenticity of the last signature of the documents will negotiate.

This responsibility ceases when the parties have dealt directly with each other and the broker has been involved in the negotiation as a mere intermediary.

Article 72. It is also responsible for the legitimacy of the bearer treasury bills, negotiated through them. But if the documents have no outward and visible signs by which to establish their identity, is not responsible.

Article 73. The broker involved in the sale of goods is obliged:

1. ° to express the quality, quantity and price of the thing sold, place and time of delivery, and how the price to be paid;

2. ° To assist the delivery of which may have been sold with his speech, provided that the effect required by any of the contractors.

Article 74. The broker does not guarantee the quantity of goods sold or quality, even when they not conform with the samples which has shown to the buyer, except in case of bad faith.

Article 75. The broker can not sue in his name the price of goods sold through it, and claim for nonpayment.

However, if the broker to act as broker will be subject to all obligations and can carry out any rights arising from the contract.

Article 76. The nature of an intermediary does not disable the broker to perform the functions mandated by the seller and get to be the price of goods sold through it.

Article 77. The broker who your customer service effected a trade document endorsed with the cash value received clause, means constituted agent to the effect of receiving the price and validly deliver to the buyer.

Article 78. In insurance, the functions of the runners are:

Intervene in the realization of the marine insurance contracts or river, drafting policies to prevent the public notaries, authorizing executed between the parties and previously certified premium rates for all journeys by sea, rivers and waterways.

In the seats we made in accordance to number 3. Of article 56, expressed the names of the contractors, the insured, the value it has fixed the place of loading and unloading, the premium stipulated, the name of ship, registration, flag and bearing, and the name of the captain to send him.

Article 79. In the maritime brokerage runners must enter in the record that speaks the number 3. Of article 56 charter contracts that intervinieren expressing the names of the master and charterer, name, flag, registry and tonnage of the ship the port of loading and unloading, freight, loading effects, stays and the deadline agreed to begin and end load.

They must also keep a copy of the letters of the charters set through them.

Article 80. Only qualified riders will have the character of public officials. However, the broker may exercise any person who is not included in any of the prohibitions laid down in Article 55.