File No. 817.51/911
[Inclosure—Translation]
Decree of the Senate and Chamber of Deputies of
the Republic of Nicaragua creating a Commission of Public
Credit
Managua,
February 20, 1917.
Article 1. That there be created a commission which shall be called
“Commission of Public Credit”, composed of two members, one of whom
shall be the Minister of Finance or the person whom the Executive
may designate, and the other, as also the third in case of
disagreement, shall be named by the Executive Power in accord with
the Department of State of the United States of North America.
Article 2. This commission shall have knowledge of all the credits of
which the public debt is composed and shall dictate all the means
leading to the fixing of the net amount of the liabilities of State;
the two members having, moreover, the authority to make, by common
consent, definite arrangements with the creditors of the Republic as
to the means of payment.
Article 3. The decisions of the commission shall be final.
In the case that its two members cannot agree on any point
whatsoever, the difference shall be submitted to the arbitrator,
whose decision as given shall have the character of being final and
without appeal.
Article 4. The commission shall be empowered to determine the form in
which they must apply to the settlement of the public debt that part
of the funds which the Government of the United States of North
America must deliver to the Government of the Republic in order to
conform with the provision in Article 3 of the Chamorro-Bryan
Treaty, celebrated in Washington August 5, 1914.
Article 5. The seat of the commission shall be the capital of the
Republic; but it may be transferred for a time to any place in the
country, once it has been installed and always that it be done in
accord with the original purpose of the present law.
Article 6. The commission shall continue in the performance of its
functions for three months, counting from its time of installation,
it being capable of being extended for three months; by consent of
the Executive, who also is empowered to bring to an end the
functions of the commission, if before the completion of the period
of the extension the work shall have been finished.
Article 7. The Executive Power shall carry out and execute the
present law which shall become effective from the day of its
publication in the Gaceta.
Given in the Hall of Sessions of the Chamber of Deputies. Managua,
February 2, 1917. R. Enríquez, D. V. P. D. Caldero B, D. S. Aníbal
Solórzano, D. S.
To the Executive Power—Chamber of the Senate, Managua, February 9,
1917. Joaq. Solórzano Z., S. P.M. J. Morales, S. S.—Benj. Elizondo,
S. S.
Therefore, be it executed. Presidential House. Managua, February 14,
1917. Emiliano Chamorro. The Minister of Finance, M. Benard.
