Summary.
Law 1 of 2006 grants the Executive Branch extraordinary powers to issue decree-laws concerning public institutions and economic activity. It requires the decree-laws issued to be submitted to the National Assembly.
What it covers.
- The matters on which the Executive Branch can issue decree-laws.
- The submission of those decree-laws to the National Assembly.
Who it applies to.
- Executive Branch (Órgano Ejecutivo).
- National Assembly (Asamblea Nacional).
- Public entities covered by the authorized matters.
Key points.
- Grants the Executive Branch extraordinary powers to issue decree-laws on the matters listed in the Law.Art. 1
- Authorizes the creation of the Panama Canal Trust Fund (Fondo Fiduciario del Canal de Panamá) for infrastructure, funded by part of the surpluses that the Panama Canal Authority contributes to the National Treasury.Art. 1
- Authorizes the restructuring of the National Institute of Vocational Training (Instituto Nacional de Formación Profesional) and the Ministry of Commerce and Industries (Ministerio de Comercio e Industrias), and the transfer of the General Directorate of Bananas to the Ministry of Agricultural Development.Art. 1
- Authorizes changes to the Free Competition and Consumer Affairs Commission (Comisión de Libre Competencia y Asuntos del Consumidor), the Public Services Regulatory Authority (Ente Regulador de los Servicios Públicos), and the National Bank of Panama (Banco Nacional de Panamá).Art. 1
- Authorizes the dissolution of the National Financial Corporation (Corporación Financiera Nacional) and the Bayano Integral Development Corporation (Corporación para el Desarrollo Integral del Bayano), and assigns the National Bank of Panama their overdue loan portfolios and outstanding obligations.Art. 1
- Authorizes rules on specified administrative approvals and procedures, and the creation of an autonomous entity to regulate and administer food import processes.Art. 1
- Requires the Executive Branch to submit the decree-laws issued under these powers to the National Assembly at the start of the next ordinary legislative session.Art. 2