Developing its social subject, Fondo Nacional de Garantías S.A. will be able to accomplish the following operations:
A. Attend entries involved on commerce, services, general enterprise, agriculture industry and exportation following the priority in the development of the government policies through the board of directors.
B. Grant guarantees, despite the mode, made in legal or foreign currency following laws implied described in norms in the financial terms in transactions and dispositions given by the board of directors.
C. Execute operations which need the figure of "reinsurer" only with authorized institutions, regardless if it is foreign or national, accepting the terms of every risk assumed of guarantees issued by entities that carried debts directly. These operations do not make any bind among reinsurers and debtors, nevertheless every reinsurer will have analogical responsibility with the direct guarantor, but if is demonstrated malpractice of the last one the reinsure will be canceled.
D. Perform bail-shared contracts with national or foreign institutions which are available to develop activities in the same conditions of FNG S.A.
E. Manage, in quality of owner, resources of entities which are budget to supply programs made for the development of groups, identified previously on the literal A. of this document, and issue the guaranties needed by the same causes under the authorizations of the board of directors.
F. Manage, in quality of owner, special accounts or self-govern founds, regardless if it has legal personality, all resources designated to accomplish de social subject or similar projects.
G. Process all the debt recovery implied on the payment of guarantees and any other procedure, if is needed to ensure the interest on FNG S.A, based on the norms described in the terms.
H. Process contracts, agreements, operations and any other action which need the use of rights or accomplish of legal liabilities implied on its existence and functions.
I. Be supported by agents, trade commissioners or any other intermediary in the operation and promotion of any commercial trade based on the authorization of the board of directors.
J. Purchase or subscribe deeds, stocks, interest fees which belong to for-profit societies through payment on the amount of capital, goods and services. Also, it could engage on investment in legal currency or foreign and direct their own resources in the acquisition of non currency assets, regardless if it is an immovable, furniture, physicals or intangible, and negotiate securities or any other document to ensure the proper develop of their activities, or as an invest of promotion or profitable stockpile, permanent, transitory, belonging to the current availability, accomplishing the orders of the national government.
K. Grant endorsement, by part or totally, of securities based on instructions given by the national government.
L. Acquirer in terms of trade deed, under previous authorization of the board of directors, portfolio of financial institutions or any other credit bank intermediary, customer of the FNG, only if the purchase is made with the intention to be sold following the conditions described at next:
1) In case of guaranteed portfolio by FNG S.A, which was paid caused by the breach of the debtor, automatically is authorized the purchase of the balance in the account that is not covered on the guarantee payment.
2) In case of non guaranteed portfolio by FNG S.A, the purchase can be authorized only if the beneficiary be capable of a prepay, being part of a special process executive or bankruptcy proceeding, the charge of the debts included also those imposed by the FNG S.A.
3) In case of liabilities guaranteed by FNG S.A and any other entity subscribed previously to share risks of guarantees granted, the purchase of the portfolio will be authorized.