Amendment to Legislative Decree No. 542

HLB EL Salvador

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As of today, February 7, 2020, due to the amendment to Legislative Decree No. 542, Article 100 of the Municipal Code there will be changes in the registration of documents, below we detail it:

FOR USERS OF THE ROOT AND MORTGAGE PROPERTY REGISTRY:

The presentation of the ORIGINAL MUNICIPAL SOLVENCY of the property to which they refer will be required for the registration of documents of transfer of Domain or lien.

Such solvency must be in force at the time of presentation of the legal instrument in the registry.

FOR THE USERS OF THE TRADE REGISTRATION:

It will be a requirement for the registration of the Deeds of Constitution of Mercantile Societies, to present the SOLVENCY OF MUNICIPAL TAXES OF EACH PARTNER THAT CONSTITUTES IT, according to the address of each partner, as it has been consigned in the corresponding deed.

For the registration of the Deeds of Modification of the Social Pact and Dissolution Agreements, it will be a requirement to present the SOLVENCY OF MUNICIPAL TAXES OF THE COMPANY THAT IS MODIFIED OR DISSOLVED, according to the address established in its social pact. This solvency may be original or a copy certified by a Notary, and be valid at the time of presentation of the legal instrument in the respective registry.

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