Section 1. Within sixty days counted from the date of publication of this Act in the Official Gazette, the President of the Republic shall, with the prior consent of the Government Junta, appoint the members of the first Board of the Bank. The individuals appointed as Members of the Board of the Bank shall remain in office for ten, eight, six, four and two years, respectively, as the President of the Republic shall determine in the corresponding executive decree of appointment. The President of the Republic shall also designate the member of the Board who shall act as Governor of the Bank for the term and in the manner specified in Section 8 of this Act.
Section 2. The capital of the Bank referred to in Section 5 shall be made up of the amounts entered by the Bank as capital and reserves on the balance sheet that shall be drawn up specially for this purpose at the close of business on the day before the effective day of this Act, as set forth in the first paragraph of ARTICLE FOUR. If such amounts were not sufficient to complete the initial capital, the said capital shall be completed on account of surpluses arising out of future fiscal years, in which case the provisions of subparagraph b) of Section 77 of this Act shall not apply.
Section 3. The debt securities referred to in transitory Section 3 of Decree Law 1,078 of 1975 shall retain their privileges thereunder.
Section 4. Resolutions adopted by the Monetary Council shall remain in full force and effect until repealed or amended by the relevant authority.
Section 5. Foreign exchange transactions authorized prior to the effective date of TITLE III, Subtitle Eight of this Act, shall continue to be governed by the legal provisions in force at the time of such authorization, unless the interested parties request the provisions of this Act to be applied to such transaction instead.
It shall be the duty of the Board to solve the difficulties that may arise out of the application of the provisions of the preceding paragraph.
Section 6. In the legal proceedings currently being conducted for violations of provisions referred to in Sections 23 and 24 of Executive Decree 471, of the Ministry of Economics, Development and Reconstruction, of 1977, the penalties specified under TITLE IV of this Act shall be applied by the same court presently trying the case. In such events, the judge may summon the concerned party to present evidence that in his opinion exempt him from liability, extinguish or extenuate such liability.
The decision issued by the court pursuant to the preceding paragraph, once it becomes final, shall be enforceable and the Bank shall, at its option, request its enforcement from the same court issuing the judgment within a period of 30 business days counted from the date in which it become enforceable, or from the competent civil court in accordance with general rules of procedure.
Section 7. The first staff regulations regarding the personnel of the Bank referred to in subparagraph 6 of Section 18, shall be enacted within the term of 90 days counted from the date in which this Act is published.
Between the effective date of this Act and the date of enactment of the regulations referred to in the preceding paragraph, the regulations in effect during such period regarding Bank personnel, shall apply for all legal purposes.
Section 8. The obligation specified in Section 80 shall apply as of September 30, 1990.
Section 9. The amounts paid until December 31, 1989, on account of the tax established in Section 3 of Decree Law 3,475 of 1980, repealed by the second paragraph of Section 89, may be credited against duties and other charges collected through the National Customs Service, or returned under the same terms and conditions and in the same manner as established in the already mentioned Section 3.