Capítulo II. Disposiciones derogatorias y modificatorias

The following are repealed:

1º.The Commercial Code contained in Government Decree number 2946, with the exception of Titles I, II, III, IV, V, VI, and VIII, of Book III, Maritime Commerce.

2º.Decree Number 1255 of the Congress of the Republic and the government agreement of November 1962 that regulates the manner of constructing the name of public limited companies (S.A.).

3º.Articles 73, 74, 75, 76, 78, 80, 82, and 83 of Decree-Law number 229.

4º.Articles 560 to 578; from 2037 to 2099 of the Civil Code, related to the contracts of Trust, Publishing, Dissemination, Lodging and transport.

5º.Decree Number 468 of the President of the Republic, relating to increase or decrease of capital.

6º.Government Decree number 2199 and its regulations.

7º.The Government Agreements of November 22, 1961 and of October 29, 1943, relating to the business license (patente de comercio).

8º.Articles 1, 3, 4, 5, 6, 8, 9, and 10 of Government Decree number 2326.

9º.The Government Agreements of March 11, 1951 and July 7, 1945 that regulate the Industrial Registry and the Commercial Registry.

Article 72 of Decree-Law 229 shall read as follows:

"Article 72. The General Directorate of Income Tax must keep a special registry of the legal persons subject to auditing.

To register in said Registry, the commercial companies constituted in the country or abroad shall present to the General Directorate of Income Tax a certification of the corresponding registrations in the Mercantile Registry together with their general opening balance sheet, which they must do within the thirty days following their definitive registration in the latter Registry.

Once the individual merchants or the commercial companies are recorded in the Mercantile Registry, it is presumed that this institution has made the corresponding qualification and no new qualification may be made by the General Directorate of Income Tax.

The non-commercial legal persons subject to income taxation shall register within the same time limit indicated in the preceding paragraph, presenting authentic copies of their constituent documents, and the term shall be counted from the date of their constitution, government approval, registration in the Registry of Legal Persons of the Civil Registry or any other, as the case may be."

Legislative Decree number 874 is repealed. The Ministry of Foreign Affairs shall proceed as soon as possible to denounce the Hague Convention of 1912 together with its regulations, in accordance with the procedure established in article 28 of said Convention.

While the one-year term following the notification of the denunciation to the Government of the Netherlands elapses, the securities to which said Convention refers shall continue to be governed by it only in the cases in which such securities contain or generate international legal relationships that are subject to the provisions of such Convention.

Once the term mentioned above has elapsed, all the negotiable instruments, without any exception, are subject to the provisions of this law.

The provisions of the Civil Code relating to the Registry of Legal Persons shall have no application as regards commercial companies and shall maintain their validity only as regards legal persons not constituted under commercial form.

The provisions contained in article 1643 of the Civil Code, relating to negotiable instruments, shall not be applicable to commercial obligations.

The attachment or intervention of commercial companies and establishments shall be subject to the provisions of article 661 of this Code, for which reason in these cases article 37 of Decree-Law 107, Code of Civil and Commercial Procedure, shall have no application.

All public limited companies (S.A.), including those to which article 12 of this Code refers, may have no bylaws. The registration in the Mercantile Registry of the companies to which the aforementioned article 12 refers shall be made after the corresponding supervising entity authorizes it, in accordance with its special laws.

The public limited companies (S.A.) that owe their creation to mandatory capital contributions by law shall continue to be governed by the laws that regulate their creation, even in the case of opting into this Code.

All laws, regulations and provisions of any order that oppose this Code, that regulate matters covered by it or that hinder its application are repealed.

The conflicts in the application of contradictory precepts between what is provided in previous laws and what is ordered by this Code shall be resolved in accordance with what is established by the Law of the Judicial Branch, Decree 1762 of the Congress of the Republic, especially in its article 176.

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This Decree shall enter into force on the first of January of 1971.