Chile:
New Chilean State Corporation Named Infrastructure Fund Inc. Is Created
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On March 24, 2018, a law for the creation of a corporation named
"Infrastructure Fund Inc.", hereinafter the
"Fund" was enacted.
Social purpose. The Fund´s purpose is to
invest, develop and finance infrastructure projects through
non-related third parties as well as the development of its
ancillary services.
Contracting schemes. The Fund can only develop
infrastructure projects through non-related third parties. The
projects can be developed through different mechanisms, being the
preferred one, the concession scheme. The projects to be tendered
will be governed by the rules of the Public Works Concessions
Act.
The concessionaries must be incorporated in Chile as special
purpose vehicles and such will be governed under the rules of
listed corporations for information disclosure purposes.
Concessions granted by the Fund cannot have a term longer than
fifty years.
Equity. The Chilean State will have 99% of the
corporation's equity and the Production Development Corporation
(Corfo) will have 1% of the equity.
Administration. The Fund's administration
will be subject, where applicable, to the rules of Title IV of Act
18.046, regarding the administration of publicly held corporations,
and the rules of Act 21.082 that will prevail over the others.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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