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2. For the purposes of this law, entities performing the functions as referred to in the preceding paragraph shall be called depositories.

Article 44 (Duties of depositories)

  • 1.

    The duties of the depositories of pension funds shall be:

    • a)

      To receive on deposit or enter in the register the securities and documents pertaining to the funds;

    • b)

      To maintain up-to-date chronological record of all the transactions carried out and to prepare every quarter a detailed inventory of the assets of the funds.

  • 2.

    Depositories may also be entrusted to:

  • a)

    Buy and sell securities and to exercise the rights of subscription and option;

  • b)

    Collect the income derived from the assets of the funds and to collaborate with the management company to carry out operations on the same;

c) Pay beneficiaries the pecuniary payments stated in the pension plans according to the instructions of the management company.

Article 45 (Relationship between management companies and depositories)

  • 1.

    The regime governing the relationship between management bodies and depositories, including commissions to be charged by the latter, shall be contained in a written contract.

  • 2.

    A copy of the contract mentioned in the preceding paragraph shall be sent to AMCM, including any subsequent amendments thereto.

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