Main elements established in the by laws of the Corporation:
The Corporation has a duration of 3 years, automatically renewable, unless otherwise agreed by the members assembly.
The Corporation’s specific objective states: “Promote the domestic financial market in the international community, both as a financial investment destination and as an attractive place to develop financial and complementary services activities, and provide a mechanism for channeling the fears, needs, and requirements of foreign investors interested in doing business in Chile.”
The Corporation´s assets consists of:
1.Incorporation fees that need to be paid by those who have been accepted as active members by 2/3 of the board;
2.The ordinary fees that active members pay are set annually by the board;
3.The extra fees that the board may set yearly is purposed to financing a specific project;
4.Income producing assets of the Corporation and other income from their activities and;
5.Free or non-free assets acquired, and generally the voluntary contributions from individuals or corporations signed on behalf of the Corporation, whether they consist for the use of property or for obtaining free services
Classes of membership
The Corporation can have an unlimited amount of members which can be active, collaborative or honorary.
1. Active members: Individuals or corporations who are interested in actively and steadily achieving the objectives of the institution. To be an active member, it is required, in the case of an individual, to copulatively comply with the following requirements: a) be of age, b) be a professional, technical or specialist in any area that has a direct or indirect relation to the objective referred to in Article Four of these statutes; c) Not have been convicted or found violating the provisions of Articles 59, 60, 61, 62 and 63 of Law No. 18,045 on the Stock Market.
The active membership is acquired: a) By signing the charter of the Corporation, or b) Acceptance by the Board, agreed by two thirds of its members, for the membership application of the new member which must be a sponsored payment of the incorporation fee fixed by the Board. Customers as members who acquire the assets of acceptance from the first board shall be exempt from paying the incorporation fee, but can only be sponsored by only one member.
2. Collaborative members: Individuals or corporations, without the full rights and obligations of an active member, who request joining the Corporation in order to collaborate to achieve their goals whether by cash or by actions that will directly or indirectly benefit the institution and whose application is accepted by two thirds of the Board.
3. Honorary members: Those who have distinguished themselves from services rendered to the Corporation or who have publicly contributed to the development of the Chilean capital market, where so agreed by an unanimous vote of the Board.
The quality of member is lost by written waiver which limits the Board to take cognizance of it or by expulsion agreed by two thirds of the Board for repeated breach of the Statutes and other serious and justified reasons.
Members rights and Obligations
Promptly pay regular and special assessments;.- Attend Meetings with the right of speech and vote;.- Elect and be elected as a director;.- To present motions and projects to be studied by the Board or in consideration by the General Assembly;.- Supervise the administrative operations, financial and accounting through relevant agencies;.- Propose to the Assembly censorship and removal of directors whose actions are deemed detrimental to the Corporation;.- Request the convening of a Special Meeting to address specific issues;.- In general, actively participate in trips, jobs, seminars, meetings, studies, researches, projects, plans, commissions, programs and activities of the Corporation, and perform the duties and commissions required or assigned.
The right to attend meetings convened valid with the right of speech..- To present motions and projects to be studied by the Board or in consideration by the General Assembly..- In general, participate in activities, tasks, plans and programs of the Corporation and perform the duties and fees to voluntarily bind themselves.
The Corporation is managed by a Board composed of 7 members, whom will last 1 year in office, re-elected for the same period, indefinitely. The President, who also chairs the Corporation, as well as the Vice President, Secretary, and Treasurer shall be elected by the board among its members.
Modifications of the bylaws and dissolution
Any amendments to the statutes and dissolution of the Corporation shall be approved by an Special Meeting convened solely for this purpose.
Disposition of property after dissolution