Title VIII: Miscellaneous provisions

Section 82. Resolutions adopted by the Bank shall be binding upon public sector agencies having the necessary regulatory authority to carry them out, which shall issue the pertinent instructions under the terms set forth by the Council of the Bank for such purpose. The supervision of compliance with the policies and regulations issued by the Bank shall be made through the appropriate supervisory authorities, without prejudice to the power of the Bank to exercise said authority directly in matters regarding foreign exchange. To this end, the Bank shall have the authority to examine without any restriction whatsoever and through all the means it may deem fit, all books, accounts, files, documents and correspondence of the institutions bound by said regulations, and request from their managers and other personnel all the information and explanations it may deem necessary for due clarification of specific situations. It shall further have the authority to request information, records, or general or specific data regarding the transactions related to policies and resolutions adopted by the Bank and to request from supervisory authorities, as the case may be, information, records or reports regarding the control they may exercise over such policies or resolutions.

The corresponding supervisory authorities shall keep the Bank timely informed of violations the entities under their supervision may have incurred with regard to the provisions of this Act or the regulations issued by the Bank and inform, as the case may be, of the penalties applied to such entities pursuant to the provisions of the first paragraph of this Section.

Section 83.The Bank shall have the exclusive authority to construe administratively its own decisions, regulations, resolutions, orders or instructions, without prejudice to the legal competence of the courts of law.

Section 84.The documents evidencing the authorizations granted by the Bank in the exercise of its powers and authority under this Act shall be deemed to be public documents.

Section 85.With regard to international agreements whose main purpose relates to business or transactions of an economic or financial nature entered into by the Bank, the Bank may submit to the jurisdiction of foreign courts and agree to the applicability of foreign legal systems, establish domicile or appoint agents abroad, and waive its immunity of execution. In order to grant such waiver, the favorable vote of at least four Council members shall be required.

Section 86.The Bank shall be bound to save its books, forms, correspondence, documents, and vouchers for a period of not less than five years. The period shall be counted from the date of the last entry or from the date of issuance, whichever the case may be.

Under no circumstances may books or instruments related directly or indirectly to any pending business or legal action be destroyed.

Section 87. Legal provisions containing regulations whereby reference to the exchange rate fixed or established by the Central Bank of Chile is made, shall be deemed amended to the effect that such exchange rate is the one that the Bank must inform in accordance with the provisions of the second paragraph of Section 44 of this Act. In the event that such references be established for tax or customs purposes, or for calculating rates or charges to be applied by public sector agencies or entities, the President of the Republic shall, by means of an executive decree issued through the Ministry of Finance and signed by the appropriate Minister within 90 days from the date this law is published, have the authority to determine the procedure for applying the exchange rate referred to in the preceding paragraph, with the power to establish the time in which it will apply, based upon dates or periods specified.

Section 88. Any merchandise may be freely exported or imported on the condition that legal provisions and regulations in effect at the time of the respective transaction are duly complied with. Under no circumstances may prior deposits be required for the execution of export or import transactions, nor may quotas of any nature be imposed thereon.

Notwithstanding the foregoing, a general or special prohibition may be established by means of an executive decree issued through the Ministry of Finance regarding the export or import of goods to or from, or originating in, countries where restrictions on goods proceeding to or from Chile have been imposed.

Section 89. The following legal statutes and provisions are hereby repealed: Law N° 16,101; Section 244 of Law N° 16,464; Section 23 of Decree Law N° 233 of 1974; Decree Law N° 1,078 of 1975; Decree N° 471, issued through the Ministry of Economics, Development and Reconstruction, establishing the final, coordinated and systematized text of the law on export and import trade and foreign exchange transactions, of 1977 (1); Sections 2, 3, 4 and 5 of Decree Law N° 1,444 of 1976; the second paragraph of Section 24 of Decree Law N° 3,001 of 1976, and Law N° 18,065.

The following legal provisions are hereby repealed as of January 1, 1990: Sections 3;10; the second paragraph of Section 14; subparagraph 4 of Section 15, and subparagraph 5 of Section 24 of Decree Law N° 3,475 of 1980.

The following legal provision is hereby deleted: in the single Section of Decree Law N° 2,873 of 1979, the phrase "of the Central Bank of Chile", as well as the comma (,) following.

Section 90. The following legal statutes and provisions shall not apply to the Bank: Decree Law N° 1,097 of 1975; Decree with Force of Law N° 252 of 1960, except Sections 36, 83 subparagraphs 4 and 13, 83 bis, 114 subparagraph a), 120, 126, 127 and 129; and Law N° 18,575.

Section 91. It shall be the duty of the Central Bank of Chile to perform the functions and to exercise the authority conferred upon it by the following legal provisions: Sections 1 and 5 of Decree with Force of Law N° 228 of 1960; Sections 2 and 11 bis of Decree Law N° 600 of 1974; Sections 34 subparagraphs one and 59 of Article 1 of Decree Law N° 824 of 1974; Section 23 of Decree Law N° 1,097 of 1975; Section 2 of Decree Law N° 1,183 of 1975; Sections 2, subparagraph k), 17 and 18 of Decree Law N° 1,349 of 1976; Sections 18 and 23 of Decree Law N° 1,350 of 1976; Section 19 of Decree Law N° 1,557 of 1976; Section 7 of Decree Law N° 1,638 of 1976; Sections 7, 10 bis and 21 of Decree with Force of Law N° 341 of the Ministry of Finance, of 1977; Section 13 of Decree Law N° 2,099 of 1978; Section 33 of Executive Decree N° 502 of the Ministry of Economics, Development and Reconstruction, of 1978; Section 2 of Decree Law N° 3,472 of 1980; Sections 40, 44, 45, 47, 48, 49 and 55 of Decree Law N° 3,500 of 1980; Section 3 of Decree with Force of Law N° 2 of the Ministry of Mining, of 1986; Section 1 of Law N° 13,196; Sections 1, 3, 7, 10, 13 and 15 of Law N° 18,401; Section 2 of Law N° 18,402; Sections 1, 3, 6 and 11 of Law N° 18,412; Sections 3 and 4 of Law N° 18,430; Section 2 of Law N° 18,480; Section 12 of Law N° 18,525; Section 5 of Law N° 18,624; Section 10 subparagraph c) of Law N° 18,634; Section 1 of Law N° 18,645 and Section 18 of Law N° 18,657.

The functions imposed and the authority vested upon the Executive Committee of the Central Bank of Chile by the above referenced legal provisions shall be understood to refer to the Council of the Central Bank of Chile. (2)

  1. The repeal of referenced decree 471 enters into effect as from 19 April 1990, pursuant to ARTICLE FOUR of Law 18,840, as amended by Law 18,901.
  2. Section 91 was added by Section 1, letter c) of Law 18,970, published in the Official Gazette on 10 March 1990.