SCS

Auxiliary Organizations of Credit
AUXILIARY CREDIT ORGANIZATIONS GENERAL STORES OF DEPOSIT, FINANCIAL LESSORS, SOCIETIES OF SAVING AND LENDING, UNIONS OF CREDIT, COMPANIES OF FINANCIAL FACTORAGE AND OTHERS THAT OTHERS LAWS CONSIDER TO BE LIKE SUCH. IT IS CONSIDERED TO BE AN AUXILIARY ACTIVITY OF THE CREDIT: THE HABITUAL AND PROFESSIONAL MERCHANTING OF CURRENCIES.
REGULATORY LAW	General law of organizations and auxiliary activities of the credit
CONSTITUTION PROCESS	Authorization of the S.H.C.P. (which will listen the opinion of the C.N.B.V. and of the Bank of Mexico) for the constitution and operation of general stores of deposit, financial lessers, societies of saving and lending and companies of financial factorage, or of the C.N.B.V. when it is a question of credit unions. The mentioned authorizations and its modifications will be published in the D.O.F., being untransmissible. The request of the authorization will be accompany, besides the documents that the competent authority needs (C.N.B.V. or S.H.C.P.), with the voucher of have constituted a deposit in national financier in M.N. (National Currency) in favour of the treasury of the federation, equal to 10 % of the minimal capital demanded for it constitution (except that it is a question of societies of saving and lending), that: A) If the S.H.C.P. declares the repeal of the authorization granted to the general stores of deposit, financial lessers and companies of factorage, for not to present the testimony of the constitutive writing for it approval inside the term of 4 months of granted the authorization, or for not initiating its operations in the term of 3 months from the approval of the writing, or not to be signed and paid the capital determined by the S.H.C.P. at the constitution moment the society will do effective the mentioned deposit of guarantee to itself, being applied to the federal exchequer; B) If the S.H.C.P. declares they refused it the authorization or exist desistance for part of the interested parties, or operations begin in terms of law, the mentioned deposit will be returned to the solicitors. The auxiliary organizations of credit and foreign exchange offices, except the saving and lending societies, will have to be constituted in the type of S.A. in conformity with the L.G.S.M. by the modalities that it foresees the general law of organizations and auxiliary activities of the credit. The constitutive writing and any modification of the same one will have to be submitted to the previous approval of the S.H.C.P. or of the C.N.B.V. in it case. Once approved the writing or its reforms, they will have to register in the R.P.C. in the term of 15 days, in order that within an equal period following the date of inscription, there are provided the information corresponding to the S.H.C.P. or C.N.B.V. They will be of indefinite duration.
NAME	Denomination or business name, with exclusivity for the development of it object
SHARE CAPITAL	It will be the one that determines the S.H.C.P. during the first quarter of every year, bearing in mind the type and class of the auxiliary organizations of credit and exchange offices, as well as the economic circumstances of each one of them and of the country in general, considering necessarily the increase in the level of the I.N.P.C., that of, during the previous immediate year. A) The minimal capital will have to be totally signed and paid. When the share capital exceeds the minimum, it will have to be paid at least 50 %, whenever it is not lower than the minimum established. B) Treating about societies of changeable capital the minimal obligatory capital will be integrated by shares without right to withdrawal and in no case it will be able to be superior to the capital paid without right to withdrawal. C) Shares will be able to be emitted without nominal value, as well as preferential or of limited vote. In case of it exists more than one series of shares, will have to be indicated expressly the percentage of the share capital that they should represent. D) The social capital will be able to join on one hand represented by shares of limited vote even by an amount equivalent to 30 % of full capital, previous authorization of the S.H.C.P. these shares will not be calculated for effect of the limit established for foreign capital E) The shares of limited vote grant the right of vote only in relative matters in exchange for object, Merger, split, transformation, Liquidation and cancellation of it inscription in any stock exchange. Also they will be able to award the right to receive a preferential and accumulative dividend, which will have to be equal or superior to that of the shares non-limited vote, as long as it is established this way in the social bylaws. F) The anonymous societies will be able to emit not signed shares that will be delivered to the subscribers against the total payment of her/his nominal value and of the premiums that, in his or her case, the society fixes. On had announced the share capital, they will have to, at the same time, announce his/her full capital. The countable capital will never have to be lower than the full minimum.
RESERVES	They will split their profits, minimum 10% to constitute a capital reserve fund. Up to reaching an equal sum than the amount of the full capital. The quantities for concept of premiums or another similar paid. For the subscribers of shares on it nominal value, they were removing to a special reserve fund, but they only will be able to be calculated as capital for effect of determining the existence of the minimum capital.
NUMBER OF ASSOCIATES	Minimum: 2 – maximum: unlimited
DOCUMENTS THAT ACCREDIT THE ASSOCIATES	Share and Social Parts in the Society of Saving and Lending
ASSOCIATES' RESPONSABILITIES	Up to for the amount of his/her shares, and in her/his case, social part
FOREIGNERS' PARTICIPATION	The foreign investment must be certified in a special series of shares and will not be able to exceed 49% of full capital of the society. There will not be able to take part moral foreign persons who exercise functions of authority.
SOCIAL ORGANS AND FOR ALERTNESS	-Shareholders' assembly. -Council of Administration, integrated with minimum 5 counsellors, except Credit Unions where they will not be able to be less than 7 counsellors. -C.N.B.V. and Commissioner. In Societies of Saving and Lending it is the Associates' General Assembly, Committee of Alertness and General Manager.