Summary.
The Cabinet decree authorizes the National Bank of Panama to advance profits to the Central Government and governs monthly deductions. It also empowers the Minister of Economy and Finance to formalize the advance.
What it covers.
- The addition of a transitional paragraph to Cabinet Decree N°53 of December 16, 1998.
- The National Bank of Panama’s advance of profits to the Central Government.
- Monthly deductions from the advance and its formalization.
Who it applies to.
- National Bank of Panama (Banco Nacional de Panamá).
- Central Government (Gobierno Central).
- Minister of Economy and Finance (Ministro de Economía y Finanzas).
Key points.
- The decree provides that it takes effect upon its approval.Art. 3
- Approval of the decree is the stated point at which its effects begin.Art. 3
- The final provision links the start of the decree’s rules to its approval.Art. 3
Validity and changes.
- DECRETO DE GABINETE N°53 DE 16 DE DICIEMBRE DE 1998First Article: adds a transitional paragraph