Companies constituted as an enterprise group must inform the Chamber of Commerce of such situation in order for it to be registered in the enterprise group registry. Registration includes all subordinate and affiliate companies over which a parent company has control. The registration before the Chamber of Commerce must be done through a private document that must contain : Corporate Name ; Domicile; Nationality; Activity and the situation that gives place to the control of the company. The registration must be done within the next thirty calendar days following the time when the control situation takes place. If the registration is omitted such omission will be subject to the correspondent legal sanctions.

On the other hand, the Banking Superintendency, through Concept 97008759-0 of 1.997, determined that when a shareholder pretends to donate or encumber all or part of its shares in a financial institution in which a right of first refusal is established in the by-laws, it is not necessary to follow the specific procedure established in article 407 of the Code of Commerce in order to comply with the right of first refusal. However, in case that the donation refers to shares of a financial institution supervised by the Banking Superintendency in a percentage of 10% or more of the shares of such institution, the person making the gift must obtain a prior authorization from that Superintendency.

Prepared by Paula Samper and Jorge Baron from Gomez Pinzon & Asociados. These notes are intended to provide only a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

GOMEZ PINZON & ASOCIADOS
Carrera 9 No. 73-24 Pisos 1, 2, 3 y5
Santafe de Bogota, Colombia

Telephone: 571 - 310 7055/5066
Facsimile: 571 - 310 6646/6657
http://ourworld.compuserve.com/homepages/GOMEZP_LAW