THE CUBA REVIEW 21 



2. The Secretary of the Treasury shall preside over the Commission, with power 

 to suspend its resolutions within three days following that on which they have been 

 communicated to him, provided that said resolutions have not been adopted by the 

 affirmative vote of the five commissioners. No other remedy shall be allowed against 

 the resolutions of suspension issued by the Secretary of the Treasury, and against the 

 resolutions of the Commission, than that of appeal before the President of the 

 Republic, in accordance with article 57 of the Law of the Executive Power. 



3. The Secretary of Agriculture, Commerce and Labor, shall be invested with the 

 presidency of the Commission and with power to suspend the resolutions of the same, 

 in the case that the office of Secretary of the Treasury is being held provisionally by 

 another member of the Cabinet than the Secretary of Agriculture, Commerce and Labor. 



4. The presence of three commissioners at least, without counting the Secretary 

 of the Treasury, is necessary in order to hold a meeting and adopt resolutions, and 

 the regulations shall contain the cases and matters for which a larger quorum shall 

 be required. 



5. The members of the Commission shall be appointed by the President of the 

 Republic, with the approval of the Senate. They shall receive a salary of ten thousand 

 dollars ($10,000) per year, payable at the end of each month. All their time must 

 be devoted to matters of the Commission, and the holding of said office is incompatible 

 with the exercise of any profession or with the holding of any other public or private 

 employment. The President of the Republic will use his efforts to the end that the 

 agricultural, commercial and industrial interests of the country be duly represented on 

 said commission by three persons of known competence in these matters, and for this 

 purpose may consult regarding said appointments with the corporations constituted 

 in the country that represent said interests. The five persons named shall be known 

 to possess experience in banking matters. 



6. The commissioners shall hold office for five years, but those first appointed 

 shall be drawn so that the term of office of one of them shall end each year. 



7. The President of the Republic is authorized to fill any vacancy that may 

 occur in the Commission when the Senate is not in session; but the person so appointed 

 may not continue in the exercise of his office for more than thirty days after the 

 meeting of the Senate, if it has not approved said appointment. Every vacancy shall 

 be filled within thirty days by the President of the Republic. 



8. The Commission, as soon as it has been constituted, shall draw up the regulations 

 for its interior operation and shall submit the same to the approval of the President 

 of the Republic, who will sanction the same provided they are not in conflict with 

 any laws in force. The modifications of said regulations shall be made in a like manner. 



9. The Commission shall make up its list of personnel and its budget of expenses, 

 which shall be submitted for their approval to the President of the Republic. The 

 expenses of the Commission, until they have been included in the budget law, shall 

 be paid out of any chapter or chapters of the Treasury Department or from the addi- 

 tional Treasury budget, in the manner ordered by Presidential Decree. 



10. No member of the Commission may be a stockholder nor partner of any of 

 the several classes of institutions which are subject by the present Law to the 

 inspection or vigilance of the Commission, nor hold any position in the Board of 

 Directors of said entities or of any corporation, but they shall not be prevented from 

 being a stockholder in any corporation not subject to the inspection or vigilance of 

 the Commission. 



11. The Commission shall have the following powers and duties: 



First: To see to the compliance of all the legal provisions in force which relate 

 to the organization and regime of banks, savings societies and other institutions which 

 receive deposits from the public, and to dictate in accordance with said provisions, as 

 many rules and regulations as may be proper for the better development of the banking 

 transactions and credit of the republic. 



