26 THE CUBA REVIEW 



instalments which together will not be greater than a period of eighteen months and 

 provided that more than fifty per cent, of the subscribed and paid' in capital has not 

 been lost. In the contrary case, after receiving the report of the receivers the National 

 Banking Commission shall decide upon its liquidation, and this shall also be decided 

 in the case that neither the creditors nor the owners of the capital shall accept the plan 

 of reorganization. In order to approve this plan the votes of shareholders or persons 

 who represent two-thirds of the capital, and of the creditors of each one of the three 

 groups shall be necessary, and the plan must likewise be approved by the Commission. 



185. The receivers shall under their strictest responsibility take care to comply 

 with the terms of this Law during the exercise of their functions, and they shall incur 

 in all civil and criminal liabilities which correspond to their character of public officials. 

 Their acts shall cause no liability whatsoever for the Government nor the Commission, 

 nor those of the latter for the Government, without prejudice to the personal and 

 direct liability of each one of the members of the Commission and of the receivers. 



186. The Commission and the receivers as well shall be obliged to bring before 

 the Criminal Courts, without loss of time, all facts of which they have knowledge 

 which might constitute a crime. 



Without prejudice to the duty established by the preceding paragraph, any person 

 may bring charges before the Courts, of any punishable offense committed in prejudice 

 to the public interest or of the bondholders, shareholders and creditors of the bank, 

 and said Courts shall exact the liabilities through the proceedings established by the 

 laws in force. 



187. The powers granted to the National Banking Commission under the present 

 Title, shall include those of exercising all classes of actions, appearing therefor before 

 the Courts, through attorneys, proctors or mandataries, in all those cases that it may 

 be necessary to appear before the Courts, and especially in those in which assignments 

 have been made in fraud of creditors, and for this purpose, in so far as it may be reason- 

 ably done, the provisions of articles 879, 880, 881 and 882 of the Code of Commerce 

 shall be applied, as well as those of article 33 of the Law of June 24, 1911, it being 

 understood that the Commission, by itself, or through the receivers that have been 

 appointed, shall represent the rights of the bank in all such cases, and those of the 

 creditors according to the legal provisions in force. 



188. All the provisions of the laws in force that are opposed to or that are in 

 contradiction with the provisions of the present Title shall have no force or value 

 whatsoever for being applied against the precepts of the same. 



189. The provisions of the present Title shall commence to be applied to the banks 

 referred to in the same on the day after the present Law goes into effect; but those 

 of the Law of January 31, 1921, shall continue to be applied by the Commission to the 

 mercantile associations and private individuals that are included under article first of 

 the same and until their reorganization or liquidation is terminated, without prejudice 

 to the assumption of the powers of the Temporary Commission on Banking Liquidation 

 by the National Banking Commission, within the period of time fixed therefor. 



Luis Marino Perez, Secretary of the National Commission on Banking Legislation, 

 does certify: that the foregoing is a true and correct copy of the report provisionally 

 by the Commission, in order to remit the same to the Hon. President of the Republic, 

 and to beg him to order, if he deem it proper, that it be published in the Official 

 Gazette of the Republic, with the object that it be known and that suggestions with 

 regard to the same which are deemed proper may be made, before the Commission 

 shall proceed to finally decide upon the report, which, in accordance with article 4 

 of the Law of January 31, 1921, it should submit to the Executive Power. 



Havana, June 29, 1922. 



(f.) LUIS MARINO PEREZ. 



Translated by L. L. Gonzalez. July 10, 1922. 



