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3 CAPÍTULO I. GENERALIDADES.,-./,01, , ,256 2.,9.-601, : 067 +;< , = 280, =5,25$>-.7=0?727.,@.3A B-.2.=7C5""+6.7/45-0?1= ,2./,5,252.,9.-601, ,580,725 %&'()*+,()-.5,252.,9.-601,.--725D+;E5,25E>+=/.F5.,@.3A72.7F56452.""G5-604/7305, = ,7 6/6G.,2.-=767=0277= =5,25G7-7G ,4..,-./,01, @.3A72.87H52.""7/45-0?7-=78520@037301,7= 5BI =5,25H ,720@/,20-=57= =5,256.-J7280, G , ,2562.,9.-601,.207,4..65=/301, 280, ::K"[email protected] 2.7F56452.""+6.7/45-0?1 [email protected]=0372.=780601,2./ G7301,;</5476D> ,340975,252.,9.-601,.--725H=70,63-0G301,2.=5,25H=76/ G7301,.,.=.F = =5-.6;<D>2.=7/G.-0,4.,2.,3072..,605,.6+7=5-.6H.F/-56;<D> / ,340975,252.,9.-601, /,G74-085,057/41,5856.G7-725I/-M2037H35,47B=.8.,4.2.= , ,6404/025 7G =567G G.-65,76,74/-7=.6 HI/-M ,580,7276,9.-605, G7,4.6+G7-76/0,9.-601,.,7=5-.6+B0.,.6 H2.8J ,7256G5-=7.H2.= =5-.6H6/6.F=78.,456+G5-3/.,47H-0.6F52.= G7,4.6 7G-5G = G7,4.6-.6G.3457=5,252.,9.-601,6..NG-.67-J74-79O62./ G7301, G5-.=5,25 =5BI.4095G-0,30G7=2.=5,25.6=5F ,452.37G047=7=7-F5G=7?5P/.0,3=/H7/,@=/I5G B0,7,250,9.-605,.6.,= =5-.6B5=0907,5H2.=.N ,@ =56=M B= ,.=G-.6.,4..F=78.,45,4.-,5=37G047=0, ,.=.N4-7,I JF7-7,40?725G ,4.-,7305,7=.635,37=0@037301,2.-0.6F50,4.-,7305,7=0F/7=56/G , /,5,252.,9.-601, / G7301,35= ,4-..=GLB=035,565,-.2080B= ,4.G5-.=5,2560,5A76473/8G=025.=G=7? = =5 6. G J 7 =7-.2/3301, 5 7/8.,45 2.= ,05 2.= 5,25 3/7,25 =7 678B=.7.,.-7= G7,4.6 7G-/.B..64. A.3A5 H 6/6 G , /.-257=5.647B=.3025.,.=-4M3/=52.=G-.6.,4..F=78.,45,4.-,5 =5,250,9.-40-J.,0,64-/8., ,47@0I7+G5-47,45.=5,256.35, ,252.,9.-601, ,470I , J5B=0F G5-4.6.,6/7=.6 H,/7=.6.,@ = G7,4.6+ H3/7,25O6456=5-.P/0.-7, 03A56.G J,., ,4-.F72567= G7,4.6.,=765@030,762.= , ,.=258030=05-.F G FL,6/60,64-/3305,.6 =.G5-4..,6/7=35,47-J35858M,08535,=760F/0.,4.0,@ ,Q.3A72.=-.G =5-2./[email protected]+-.,2080.,[email protected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

4 " =5,25H= , F.,G5-=76, B= ,=7.H5 2.=2.87-?52. <.H2.= =5-.6D+G5-= G7-7=565,2562.,9.-601,H6/ , G-5B ,4..65=/301,280, :: CAPÍTULO II. CARACTERÍSTICAS DE LAS CUOTAS DE PARTICIPACIÓN. 76G-0,30G7= M =76/ G7301,6.2.47==7,735,40,/7301,Q S.,580,7301,2.= ,Q /5476 S 7=5-580,7=2./547Q T""""+"";0,3/.,4780=""U""1=7-.62.= , O-037> S 7, /54765@ Q '/0,0.,476;""> S 5,.27.,P/.6..NG-.67.=7=5-Q 1=7-.62.= , O-037 S =537301,Q M,0878.,4.7=7G7-2.=97=5-,580,7=2.=7/547 S 0G52.7=5-Q / G7301, S =7?52.35=537301,Q 59.,47;"> 2M76 37=., G [email protected] ,.647B=.3027., =7.65=/301, 280, K:"[email protected] 2.7F56452.""+P/.7/[email protected]=037H =70,63-0G301,2.=5,25H=76/ G7301,.,.=2.=7 S.3A72.,03052.=5,25Q =2M760F/0.,4.2.@0,7=0?725.=G=7?52.35=537301,57=2M760F/0.,4.2.= =7 35=537301, S =7?52.=5,25Q S G-.6.,47301,2.=76/ G7301,Q,547301,.,3/.,47737-F52.=7, G = =0907;<D> S F5.,2080.,456Q,/7=8.,4..,.=7, =0,03052.=5,25+= , G J7= G7F52.A7647.=4-.6G5-30.,45;V>65B-..=97=5-,580,7=0,0307=2.= =5,25= 9.,3080.,45 2. = = 5,25 H =/.F ,7- =7 -.,47B0= = /34/ /.-257=5.647B=.3025.,.=-4M3/=52.=G-.6.,4..F=78.,45,4.-,5.= 5,25G J7=G7F52.= /.-257=G , ,.=-4M3/=5 2.=G-.6.,4..F=78.,45,4.-,5 S F52.7G047=Q = 858.,45 2. =0P/027301, 2.= 5, =0?7-J =7 2.95=/301, 2.= 37G047= 0,0307=. 73/.-257=G ,45.647B=.3025.,.=-4M3/=52.=G-.6.,4..F=78.,45,4.-,5 S /=7301,Q 580,74097 S =537301,Q /-6J40=.,=75=675=0907,72.7=5-.6;<D> S 5=67.,=7P/.6.-J,,.F , =76/ G7301,Q 5=675=0907,72.7=5-.6 S 64-/34/-725-Q 067W067F.,3072.5=67 S 5=53725-Q 067F.,3072.5=67 S.-0.Q *,037 S =79.2.G0?7--7Q ::" S 5,452.= ,Q T""""""+"";.0,4030,3580==5,.6""U""1=7-.62.= , O-037> S 0G52.5,25Q ,470I7 S 527= =537301,Q 8.I5-.6@/.-?5 S.3A ,Q 2.6.G40.8B-.2."" S , Q 067 CAPÍTULO III. POLÍTICA DE INVERSIÓN. 0 =5BI =7G5=M ,9.-601,2.=5,25.6=5F ,452.37G047=7=7-F5G=7?5P/.0,3=/H7/,@=/I5G /7, G5, B0,7,250,9.-605,.6.,.= =5-.6B5=0907,5H2.=.N ,@ =56=M B= ,.=-4M3/=52.=G-.6.,4..F=78.,45,4.-,5=37G047=0, ,.=.N4-7,I J-.6G7=2725; /34/-7276B7I58527=0272<7G047=7-7,40?725D>G HU5 0,64-/8.,456 0,4.-,7305,7=.6 35,/,,09.= F5-M =0@037301,2.-0.6F5 8M, B=.3027 G5-/,7 7405,7==H.35F,0? =7,2740,F-F7,0?7405,6;<D>5G5-/,7., =0@ =73/7= ,064787H /,7 =5,2561=50,9.-40-J.,7=5-.60,4.-,7305,7= ,G7M6.63/H737=0@037301,2.-0.6F5G7M66.70F/7=56/G @0,.<7, [email protected],03052.=5,25P/..6.=2M737=.,27-05;2M7H8.6>60F/0.,4.7= =735=537301,57=2M760F/0.,4.2.@0,7=0?725.=G=7?52.35=537301,HP/., J.,.=4-7,63/-652.= =5,25 763(.''(45,(54.6.'65, ;97=5-.6>P/.358B0,7, ,64-/8.,456@0,7,30.-56G7-7G =560,9.-605,06476.NG560305,.6.6G.3M@ H3= =73= =7P/..64J,=0F72766.G/.2.,3=760@037-.,Q ,4.-O ,7-05;M, ,7-056HU573305,.60,20902/7=.6> ;G.4-1= >+3-O20456., /.64-/34/-76.G/.2.,3=760@037-.,, ,F-.65;G7F73/G1,97-07B=.>+, ,45;79.,3080.,45>+2.37G047=F7-7,40?725;F7-7,40?7,30.,G5-30.,45;""V> =37G047=0, J67=9.,3080.,452.=7,547>H37G047=,5F7-7,40?725;G52-M7,5,5G52-M7,F7-7,40?7-/,-.,2080.,458M,085H.=0,9.-605,0647G/.2.G.-2.-G7-4.5.=4547=2.= 37G047=0, >

5 G5- =7 6.F/ = ,9.-601, 8.207,4. =7 2. = @037301, 35,6064..,-.7=0?7-0,9.-605,.6., 0,64-/8., ,[email protected]@.-., =5,250,9.-40-J=56-.3/-6562.= G7,4.6.,Q S.73/.-257=5206G/.645.,.=-4M3/=52.= G7-7=565,2562.,9.-601,H6/ , = 5,25G52-J0, ,=567= ,7256.,.=-4M3/=52.=G-.6.,4..F=78.,45,4.-,5 S &7647.=30.,G5-30.,45;""V>2.=4547=2.= ,7=5-.62.,580,7256.,1=7-.62.= , O A764730,3/.,47G5-30.,45;"V>2.=4547=2.= ,7=5-.62.,580,7256.,5=0907,56+G/20., L=408567I/ =7, , ,27;<D>57=5=0907,535,7,4.,080.,452.7=5--.6G.3457=1=7-2.= , O-037;<5=D>X S 7=95=760,9.-605,[email protected]/7276.,.=.N4-7,I.-535,37=0@037301,0,4.-,7305,7=H7=5-.665B.-7,562.=7.GLB=0372.5=0907+.=5,25,535,3.,4-7-J8J62.=9.0,4.G5-30.,45;"V>2.= =.,/, ,08J62.=20.?G5-30.,45;"V>2. /, ,2.7= , =7-J G5-.= 3/8G=080.,45 2. = =.3301, H @037301,., ,45+., /, ,/301,2.37=0@037301,2.-0.6F5+7,09.==537=HU50,4.-,7305,7=2.= ,=56P/.0, =5,25+P/ ,..=0,3/8G=080.,457 =5.647B=.3025.,.=G-.6.,4..F=78.,45,4.-,5= , ,2-J/,G=7?5,587H5-7,59.,47;">2M7637=.,27-05=/.F52. G-52/3025.=.N3.65G F0-.=80685X.,37652.,5G F0-203A5.N3.65.,.=G=7?5.647B= =280, ,9537-J7/,7 678B=.7.,.-7= G7,4.6G7-7P/ /, ,7301,7=-.6G.345+.,907,25G ,4..==7,2.2.3/7301,7=7,37652.P/.=737=0@037301,2.-0.6F52.=76/54762.=5,25@/.6.8.,5-7+= , ,2-J/,G=7?52.30.,4553A.,47 ; ">2M7637=.,27-05G =7G/B=037301,2.=0,@5-8.2.=737=0@ F5G = , G /7-6. 7=5.647B=.3025.,.64.G/,45,37652.,5=5F-7-=772.3/7301,.=280, ,9537-J7/,7678B=.7.,.-7= G7,4.6G7-7P/ /, ,7301,7=-.6G.345 / 56=M ,9.-601,G G52.0,64-/8.,45.,=563/7=.6.=5,250,9.-40-J ==7,735,40,/7301,Q +,, -. - // ) / - 1 :: 0 08 ;< );2), & 2 9 $ 5 ) & 3 8-5% - 9 8& ' 6 " " " " " " " " $% &&' $% &6 $% &6 $% &6 $% &6 $% &6 $% &6 ()* ()* /0/ ( ()* /0/ ( ()* /0/ ( ()* /0/ ( ()* /0/ ( ()* /0/ ( ()* /0/ ( Y64.G=7?5G52-J6.-.N /.-257=5.647B=.3025.,.=-4M3/=52.=G-.6.,4..F=78.,45,4.-,5 YY 760,9.-605,.6-.7=0?7276.,2.G [email protected] ,3/= B.-J,-.7=0?7-6.7=80685 G=7? =5,25H72.8J ,9.-605,.66.87,4.,2-J,A76479.,3080., , J 35, =7 678B=.7.,.-7= G7,4.6 =76 604/7305,.6., =76 P/. 6. G-.4.,27-.7=0?7-378B056., 0,9.-605,.6.,.=.N4-7,I.-5; /34/ =0272<7G047=7-7,40?725D>

6 =-.7=0?7-0,9.-605,.6G5-3/.,472.=5,25+= , B.-J5B , ,45=56=M B=.30256G G5 2.0,9.-601,, N3.656.,=56=M B= = , ,2-J/,G=7?5,587H5-7,59.,47;">2M7637=.,27-05 =/.F5 2. G-52/3025.=.N3.65+ G F0-.= 80685X., ,5 G F0-203A5.N3.65.,.= G=7?5.647B=.3025.= 280, ,9537-J 7/,7 678B=.7.,.-7= G7,4.6 G7-7 P/ /, ,7301, 7=-.6G.345+.,907,25 G ,4..= =7, /7301,7=7 ' = 5,25 87,4.,2-J., =0P/02.? G5- =5 8.,56+ T"""""+"";-.630.,456 80=""U"" 1= = , O-037> 5.=.P/097=.,4.7= ,3/.,47G5-30.,45;"+"V>2.=4547=2.=5,25+.=P/.6.787H =5,2587,4.,2-J=0P/02.?., ,45A7647/,8JN ,35G5-30.,45;+"V>2.=4547=2.= =5,25+=M804.P/.G52-J6.-.N ,, , 3/7,25203A7=0P/02.?.64O2.640,727G7-7=7=0P/027301,2.=5,25H.=G=7? ,.,4.2.=5, ,59.,47;">2M7637=., , /7,25.= 280, /6G., G5-7=8.,4. =76 0,9.-605,.6 35,@ =5.647B=.3025.,.= -4M3/=5 2.= G-.6.,4..F=78.,45,4.-,5 =5,25G52-J4.,.-0, ,3/.,4762.=0P/02.?.,.=.N4-7,I.-5+.,B7,356HU50, ,/,,09.=2.374.F5-M72.37=0@037301, F58M, B=.3027G5-/,75G5-/,7., =0@ =73/7= ,064787H /,7+A ,G5-30.,45;""V>2.=4547=2.=7=0P/02.? 7 =0P/02.? =537= 2.B.-J 87,4.,.-6.., 3/., ,4.6 HU5 37I A5--5+., B7,356 6/G G5- =7 /G.-0,4.,2., ,356 H, ,7,30.-76;<D>+35,37=0@037301,2.-0.6F5=537=0F/7=56/G = 5,25 G52-J-.7=0?7-0,9.-605,.6., 3/., =0P/02.?+ HU5 0,9.-605,.6 2.,4-5 2.= G=7? =537301,+ 7,4.6 H 2.6G/O6 2.= = , 567G5-4.6P/.6.97H7,-.30B0.,257,4.62.= =735=537301,+6.-J,0, G7-75G4080?7-.=-.,2080.,450,20902/7=2.= G7,4.6,.=37652.,53/8G=0-35,.=85,458M, =537301,+/,79.?9.,3025.=G=7?52.35=537301,H60,5A/B0.-7,0,F/,7 78G=07301,2.= G J72.95= / /.-257=5.647B=.3025.,.=-4M3/=5"2.=G-.6.,4..F=78.,45,4.-,5+ 8.,56 =56 F ,[email protected].,307 2.@5,256 7=.N , P/. A/B0.-7 0,3/--025.= 5, / =5.647B=.3025.,.= -4M3/=5 2.= G-.6.,4..F=78.,45,4.-,5.73/.-257=5.647B=.3025.,= G7-7=565,2562.,9.-601,H6/ , =7=0P/02.?.6472.@0, Q.@ , 37I7+ 67=256., 37I A /., , G = G5,0B0=0272 0, / G G=7?5 5 2/-7301,,587H5-7/,;>2M , /8G=0.,25 =5.647B=.3025.,.= -4M3/=5 " 2. = G7-7 =56 5,256 2.,9.-601, H 6/ , /63-0B0-J/,35, ,/,0, ,.=G7M6.N4-7,I.-525, =03.,=760,9.-605,.62.=0P/02.? 7> M = /34/-727 =5,252.0,9.-601,A72.@0,025P/.= M =564O-80,562.= /34/-727.,=7P/.970,9.-40-G7-4.2.=56/63-045G5- =560, J,=7660F/0.,4.6Q 5,.27Q 1=7-.62.= , O-037,9.-601,M,087Q T""""+"";0,3-.8.,4568M,08562.T""""+""> ,Q ""V /G1,Q +""V3/G1,@0I57,/7=;.3A77, = ,2.= /34/-727>+A7647.=9.,3080.,452.= /34/ = ,2.7G047=Q ""V G7301,Q ""V 2.= 2.6.8G.C5 2. = M,203.6; +> M72.7F52.7G047=Q "7C562.6G/O62.=76/63-0G301,.37, P/027301,Q /-53=.7-U= B> 58G560301,2.= /34/ /34/ J358G/.6476G5-Q,2.G /G1,3.-5,7G-0872.=75G301,2.358G-765B-..= /BH73.,4.; @.-.,307>.G /G1,3.-5Q.6.=85,45-.P/.-025G7-70,9.-40-A5H+35,.=@0,2.G7F7-7=0,9.-605,0647.=37G047=-.6G7=27257=9.,3080.,45=G =2.G /G1,3.-52.G.,2.2.= @5-Z7-22.0,4.-O6.,=785,.27.,=7P/.6.35,6404/H7= /34/-727N064./,7-.=7301, 0,9.-67., ,4.-O6 HG =562.G /G1,3.-5Q /,73/ ,4.-O687H5-+/,78.,5-37, G047=.6 -.P/.-027G7-70,9.-40-H =85, ,4..6/6725G7-7358G-7-.= /BH73.,4.

7 N064./,7-.=7301, ,4-.=795=740=0272H=7G-0872.=75G301,Q87H5-95=740=0272.,.=G = /BH73.,4.+.=G =7 5G301,6.-J87H5-H = /BH73.,4. 2. = /34/ J 358G/.645 G5- = =56 60F/0.,4.6 M,203.6., G-5G5-305,.6 0F/7=.6X [ ""+ /-5645NN"+0\\.0 3> =5-7301,2.= /34/ =3/=7-.= 2.6.8G.C5 2.= /BH73.,4. 2. = /34/ J.= 8O =56 G = ,25.= G =56,09.=.62.= /BH73.,4.., H6.358G7-735,4-7.=,09.=0,0307=2.= /BH73.,4.,79.?P/.6.A7 37=3/=725.=378B05G5-3.,4/7= /=40G=037G5-=7G-5G5-301,2.G7-4030G7301, I.8G=5Q;G7-7/,7G7-4030G7301,2.""V> J=3/=52./,-.,2080.,45Q = 2> J=3/=52.=56-.,2080.,4562.= /34/ &4&+6)8)&+(3'.,37277, =780601,2.= /34/-727.=0, B.=560F/0.,4.Q Y""V; > 9-&+,)8)&+(36&93+63.=0, B..=87H5-2.=5660F/0., ,56Q Y"" V 1 + [ Y""V Y ==>? ==>? ==>? '= =>? '==>> ==>> ==>> '= =>> '== == 6>== 6>= = ==' $ '$()'(*& '>, '',? ''@,' '66>,6 '6?6,@' '">,6 '>?,? '," ' ",' ' 6,6? ''", " % & % & = Y 2$ '>, ;.','6 '>, :' 9 ','67'>,=' [ + "" + "

8 3+6&Q [ "" [ "" " [ "" = [ "" " " " " " = " " " = " : 6..,4.,2.-J =5-0,0307= 7= G G=. 2.= 97=5-2. 0, = 2M7 2. =56 M,203.6 P/. 358G5,., =7 37, = /34/-727+7G=03J, J6G7-7.=3J=3/=52.=56G =.6.=97=5-G G=.2.=97= =2M72.=56M,203.6 P/.358G5,.,=7, /34/-7 =40G52.378B05P/.-.F0-JG7-7=797=/7301,2.=5,256.-J.=40G52.378B0535,[email protected];40G52.378B G-7>+G/B=03725G5-.= 7,35.,4-7=2.5=0907;<D>,.= ,.,.=40G52.378B [email protected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

9 438&6)38.H34."Q 0I52.7,356,7305,7=.6.,85,.27.N4-7,I G5,20., =76G/B=037305, G5-.=7,35.,4-7=2.5= , ,7=2/-7,4.=56G ;> = =5,25.'.)I34.6J.'Q 767 0B5-7,59.,47;">2M7690F.,4..,=7.3A72.J=3/=5+G/B=03727.,=558B.-F.'.K..=3'Q =0, G52-J6.-37=3/= , ,B76.7=7G/B=037301,206G5,0B=. 64.0, J.NG /,G5-3.,47I. 767_ 3/7,45 7 =0P/02.?+ 0,9.-601,.,.=.N4-7,I.-5. 0,9.-601, =537= G5,20.,4. 7= 2M , ,47;">G [email protected],03052.=5,25 CAPÍTULO IV. GASTOS DE OPERACIÓN CON CARGO AL FONDO..B , B-7-J/, ,G5-35,3.G , ,2.=5,25B7I5.=60F/0.,4..6P/.87Q 38)')*+)G.<34.68)+)'(4.,)*+6&)+-&4')3+&'&+&9&F(4.+G&43: , B-7-J.=.P/097=.,4.7= /7-.,47H30,35G5-30.,45;"+V>7,/7=65B-..=97=5-4547=2.= , ,.=.N ,6.-J35,47B0=0? , H.@ ,4.35B ,.-78.,6/7=A7647=7@0,7=0?7301,2.=790F.,3072.=5,25 38)')*+)G.<34.68)+)'(4.,)*+6&)+-&4')3+&'93,.9&'L , B-7-J.=.P/097=.,4.7= ,47H 30,35G5-30.,45;"+V>7,/7=65B-..=97=5-4547=2.= , =537=8.,4.;0,9.-605,.6.,7=5-.68J6=0P/02.?4547=2.=5,25> , 6.-J 35,47B0=0? , H.@ ,4. 35B ,.-7 8.,6/7= A7647 =7@0,7=0?7301, 2. =7 90F.,3072.= 5, , [email protected]/7-378B056 7= G5-3.,47I , 65=78.,4.., 256;> 5G5-4/, C5+ H 72.8J6 60F/0.,25=56G , B= ,.=-4M3/=52.=G-.6.,4..F=78.,45,4.-,5H.=-4M3/=5 2.= G7-7=565,2562.,9.-601,H6/ , IB , B-7-J/, ,G5-35,3.G B=.B7I5.=60F/0.,4..6P/.87Q 38)')*+-.4).I9& <34.68)+)'(4.,)*+ 6&)+-&4')3+&' 93,.9&'L 20305,7=8.,4. 7 = ,@0I7 G5-7280, , 2. 0,9.-605,.6 =537=.67,4.62.@0,027+.,3765P/..=-.,2080.,457,/7=2.= =537=2.=2M77, =0,03052.=5,25+2.6G/O62.35B A ,HG7F7256=56F =5, H5-7=0, G.C5=537=;2.@0,025.,.=-4M3/=52.=G-.6.,4..F=78.,45,4.-,5>+= , G J7=35B-52.=.N3.2.,4.65B-..=0, G.C5=537=A7647/,8JN ,4030,35G5-30.,45;"+V>2.= =537=8J6=0P/02.?4547= =-.,2080.,452.= =537=6.37=3/=7-J2.=760F/0.,4.87,.-7Q,., = Y. " 5,2.Q = =5,25 Q =3/=5;.I.8G=57C5X`> (: L M764-7,63/--025., @.3A77, =5,25

10 .4(&4.3,.9:.G-.6.,4727G5-.=97=5-7=7.3A72.J=3/=52.=4547=2.=760,9.-605,.6P/..=5,2587,4.,F7.,7=5-.6 =537=.68J6=7=0P/02.?=537=H.N4-7,I , [email protected]/7-378B056 7= G5-3.,47I , 65=78.,4.., 256;> 5G5-4/, C5+ H 72.8J6 60F/0.,25=56G , B= ,.=-4M3/=52.=G-.6.,4..F=78.,45,4.-,5H.=-4M3/=5 2.= G7-7=565,2562.,9.-601,H6/ , ,B , F7-J7=5,25=5660F/0.,4.6F76456Q H =7305, , 4-7,673305, ,[email protected]., = H 7=.N H =7 358G-7 9.,47 2.7=5-.6+ P/. = , =03.G5-3/.,472.=5,25 &5, G5-=5660F/0., Q/ N4.-, M7=.F7= B7,37-056H37=0@ F5 &5, =.G-.6.,47,4.58L,2.= G7, @76 H F/=7301,.647B= G5- =7 + + H.= 3/ = G-.6., /8., , =537301,2.=76/54762.=5, , B=0F77,540@037-7= G7,[email protected]=0?7301, F ,/,77,4030G7301,2.A ,47 ;">2M7637=., ,@5-87,2572.8J6.=G.-M G5G5-.=3/7=6.35B-7-J.=F7645 = 7/2045-.N4.-,5 9.-0@037-J P/. =56 F B = 5,25 6.7,.N73478.,4. =56 P/ B=.3.,., M3/=5+ 9.=7,25 G5-P/. = , ,535B-.F76456P/.,5.64O,G ,4..640G/= ,7=7=56F76456G=7, ,.=G-.6.,4.-4M3/=5= G52-J.,/,@/4/-565= =7678B=.7.,.-7= G7,4.60,3/--0-.,F76456P/.6.7,, G7-7.=B/.,2.6.,95=9080.,452.=77280, ,2.=5,25+7=53/7==7678B=.7.,.-7= G7,4.6,5 G52-J,.F ,035,20305,7-203A535,6.,4080.,452.87,.-7,5-7?5,7B=.7=56F ,305,7256 " 76@734/-766.-J,.,907276I/,457=56.G5-4.6.,6/7=.67= G7,4.67= ,P/.@0F/-..,=56-.F G5-= P/.= , , ,9.,0.,4. 563=0.,4.6P/ ,P/.=76@734/ G5,20.,4.67=35B-52.= ,.6G5-7280, ,2.=5,256.7,-.4.,0276.,=765@030,762.= , B.-J,27-0,64-/3301,G @734/-76H=56.G5-4.6.,6/7=.6P/.,5A/B0.6., F02562.=765@030,762.= , J,7206G560301,2.=56 -.6G G7, ,.-7G.-87,.,4. =-.G5-4.8.,6/7=H=76@734/ G5,20.,4.67= ,.66.-J,.,4-.F7256A7647.=2O3085;">2M737=.,27-05G @0,2.8.6 CAPÍTULO V. IMPUESTOS , ,2562.,9.-601,6.-0F.B7I5=76.H.6B5=0907,76H.6.,B76.7O6476+P/.= , /7-J35857F., ,301,G7-7.=G7F52.=OF08.,58G=.8.,47-057=8G/.6457=7=5-F-.F725;<:D>35,/,77=M3/5472.=4-.3. G5-30.,45;V>65B-.=560,F-.656G5--.,2080.,456+G-59.,0.,4.62.=70,9.-601,2.37G047=2.G.-65,76,74/-7=.6P/.,5G-.6.,4.,6/L ,40@037301, -0B/47-07;<D>X H.,.= G7, ,.=.N4-7,I.-5 = , ,2-J.= 8G/ =76 40= =768G-.676.,.@ =N4.-05-;<:D>35,/,77=M3/5472.= ,35G5-30.,45;+V> 0,.8B7-F5+H2.73/.-257=5.640G/=725.,.=-4M3/=5+,/8.-7=2.=120F5-0B/47-05+= ,056/41, F.,4.62.G /=7-0?7301,H=565,2562.,9.-601,7280, G , ,2562.,9.-601,H2.8J6@ ,565,6/I.456 G G/ =725+.=-4M3/=52.=7.H2.= = @03725G5-=7.H5" ,35, B=.3.P/. =76F7,7, G047=+F.,.-7276G5-=7358G-7:9.,472.7= O62.=568.37, B=.30256G5-=76B5=6762.7=5-.6+G-59.,0.,4.62. G , =5-7301, ,7256G5-=7+76M3585=56-.6/=47,4.62.=77G=037301,2., ,47B0=0272F.,.-7=8.,4.73.G /7, =5-.60, ,.=.F = =5-.62.=7+,5.647-J,F G5-.= 8G/.6457=7=5- F-.F725 ;<D>+.=8G/.6457=OF08.,58G=.8.,47-057=8G/.6457=7=5-F-.F725H.=8G/.6457=7640= =768G-.676;<D>+0,3=/65 3/7, =0?7, =.N P/..=5,25.64J.N.,452.=G7F52.=5608G/ G.30@ , ,4..73/.-257=5.6G.30@03725.,.=GJ--7@57, G.-7301,2.358G-79.,472./54762.=5,25P/.6.-.7= O62.=765= = J.N.,472.08G/ /.-257=5.647B=.3025G5-=7.H2.= = =5,25G J7-.4.,.-=5608G/.6456P/.6.7, ,7256G ,.6@/4/-76., ,.H.6B5=0907,76 "

11 CAPÍTULO VI. PROCEDIMIENTOS DE OPERACIONES. / M 76/ G7301,6.-J,35=537276G5-067F.,3072.5=67+B7I5=78527=0272<78.I5-.6@/.-?5D+.,.= G B/-6J40= =G / G7301,7=0,03052.=G =537301,6.-J8M,0878.,4.7=7G7-2.=97=5-,580,7=+7G @.3A7+.= G =537301,8M,0856.-J.=35--.6G5,20.,4.7=7734/7=0?7301, /.-257=560, P/.2.9.,F/.,[email protected]/7256G5-= G7,4.6 =G=7?52.35=537301,6.-J2.A7647,59.,47;">2M7637=.,27-057G [email protected] ,.647B=.3027.,=7.65=/301,280, :: "[email protected] 2.7F56452.""P/.7/[email protected]=037.0,63-0G301,2.=5,25H=76/ G7301,.,.=2.=7+2/-7,4. =563/7=.6.=5,250,9.-40-J=7=0P/02.?G-59.,0., =537301,.,2.G = ,Q 7,356.0, ,.=.N4-7,I.-535,/,,09.=2.374.F5-M72.37=0@037301,2.-0.6F58M, B=.3027G5-/,77405,7==H.35F,0? = 7,2 740,F -F7,0?7405,6;> 5 G5-/,7., =0@ =7 3/7= , H /,7 /., ,4.6HU537I762.7A5--5+.,B7,3566/G G5-=7/G.-0,4.,2.,3072.7,356H, ,7, ,37=0@037301, F5=537=0F/7=56/G , G52-J65= =7=778G=07301,2.=G=7?52.35=537301,7/,G=7?5,587H5-7,59.,47;">2M7637=., C7=7,25 = B0278.,4.@/,278.,47256.,@/,301, 7 =76 35,20305,.6 2.= / =5.647B=.3025.,.= -4M3/=5 2.=.F=78.,452..F = =5-.67G-5B725G5-=7.65=/301,280, ::K7G-5B727.,@.3A72.6.G40.8B-.2. "" /-7,4..=G=7?52.35=537301,+.=5,25G52-J4.,.-0, ,3/.,4762.=0P/02.?.,.=.N4-7,I.-5H7,09.==537=+.,B7,356/54-76., A ,G5-30.,45;""V>2.=4547=2.=7=0P/02.? =G-08.-;>2M =5,256.-J7=2M760F/0.,4.2.@0,7=0?725.=G=7?52.35=537301,57=2M760F/0.,4.2.= =735=537301,,.= ,5 7=37,?7-.= 85,45 8M, B=.3025.,.= -4M3/=5 2.= G-.6.,4..F=78.,45,4.-,5.,.= G=7? ,35;> 2M76AJB0= , G J7=72.95=/301,2.=567G =5-/5472.=2M72.=72.95=/301,+8.,56= ,[email protected].,3077=.N , A7B.-0,3/--025.,= /5476P/.,5A/B0.-7,602535= ,.=G=7?52.@0,025G7-7.=.@ J,7,/=7276HG.-2.-J,[email protected]=.F7= / /8G=0.,25=5.647B=.3025.,.=-4M3/=52.= G7-7=565,2562.,9.-601,H6/ , B=.3.P/. 4-7,63/ , ,47;"> 2M76 37=., [email protected] 2. LB=037+,0,FL, G7, , ,25 2.,9.-601, G52-J4.,.-8J62.=3/7-.,47G5-30.,45;"V>2.=4547=2.=76/ G7301,2.=5, , /,037-J7= G7,4.6= ,3/8G=080.,45,.=3765P/.= G7,4.6A/B0.6.,72P/0-0256/6/5476., G ;7-4030G7,4.6/, >+.=G=7?5206G/.645G5-.=GJ--7@5 7, G-5=5,F7-JG5-30.,4553A.,47; ">2M7637=., ,7=.6.G =0,3/8G=080.,45.,=56=M B=.30256= , ,9537-J7/,7678B=.7.,.-7= G7,4.6G7-7 G-5G5,.-H2.@0,0-=56G ,45676.F/0-G /8G=080.,457=G-.6.,4.-4M3/=5 // 76/ G7301,2.=5,256.-J,0,64-/8.,4564-7,67B=.6.,=7+.,47=6., M= ,+= G7,4.6G52-J,73/20-7 /,7F.,3072.5=67G7-7,.F5307-6/6/5476.,.= /, ,3/7=P/ ,452/-7,4.=790F.,3072.=5,25 /,/7=8.,4..,.=7, =0,03052.=5,25= , G J7=G7F52.A7647.=4-.6G5-30.,45;V>65B-..=97=5-,580,7=0,0307=2.= =5,25 =9.,3080.,452.= =5,25H=/.F ,7-=7-.,47B0=02722.= /34/ /.-257=5.647B=.3025.,.=-4M3/=5 2.=G-.6.,4..F=78.,45,4.-,5+.=5,25G J7=G7F52.= = G7F5 2. =56-.,2080., J, 3A.P/.6 =537= ,[email protected]., /.,476., B7,356 =537=.6 7,58B-. 2. = G7, =03047,257=56-.6G ,9.-605,06476= ,.,.=858.,452.=G7F58.207,4.=7G-.6.,47301,2.Q S S / O2/= ,40272+/,7, =0304/2 2. G7F5 20-0F027 7 = , H.= 5-0F0,7=H90F., G5-=7 + / =0304/2 2.G7F5 35, =7@ =56.G-.6.,47,4.6 /45-0?7256-.F ,4. = , H.=5-0F0,7=H90F., G5-=7

12 8.,56 35,256;> 2M76 AJB0= ,4030G7301, 56 G7F56 P/., =03.,7 4-79O6 2. 3A.P/.6 =537= J, 6/I @7-0590F.,4.2.=7.,40272@0,7,30.-7P/.G = , = G7F5 2./, G5-3.,47I , ,2080., =0?7-J 35,.= 35,6.,4080.,45 2. =7 678B=.7.,.-7= G7, ,.= =G7F5-.,2080.,[email protected]/7-J.,=765@030,762.= , /B ,=79"2.34/B-.5+20@ ?/= 065+.,=730/ ?+5=0907 / =858.,452.=0P/027301,2.=5, =0?7-J=72.95=/301,2.=37G047=0,0307=74-79O62.=60F/0.,4.G ,45Q 7-7=72.95=/301,2.37G047= J,3A.P/.6=537=.654-7,[email protected].,307673/.,476.,B7,356=537=.67,58B-.2.= G7,4.6+65=03047,257 =56-.6G ,9.-605,06476= ,.,.=858.,452.=G7F58.207,4.=7G-.6.,47301,2.Q S /O2/=72.2.,40272+/,7, =0304/22.G7F520-0F0277= , H.= 5-0F0,7=H90F., G5-=7 S =0304/2 2. G7F5 35, =7@ =56.G-.6.,47,4.6 /45-0?7256-.F ,4. = , H.=5-0F0,7=H90F., G5-=7 0=56404/= P/0-0.6.,54-7@5-872.=0P/027301,+G52-J,65=03047-=735,/,7, F0277= , G5-=5 8.,5635,256;>2M76AJB0=.62.7,4030G7301, 56G7F56P/.,56.-.7=03.,74-79O62.3A.P/.6=537=.654-7,[email protected].,3076=537= J,6/I @7-0590F.,4.2.=7.,40272@0,7,30.-7P/.G = , [email protected]/7-J.,=765@030,762.= , /B ,=79"2.34/B-.5+20@ ?/= 065+.,=730/ ?+5=0907 /1.B.934&'3,.9&',3/8G=080.,4535,= G7-7=565,2562.,9.-601,H6/ , = , =/7-J ,4. =7 4547= =76 0,9.-605,.6., = = 5, / , =7.4525=5FM7 2. 7=5-7301, G7-7, /G G5- =7 /G.-0,4.,2.,3072..,605,.6+7=5-.6H.F/-567G-5B ,4..65=/301,280, ::[email protected]"2.87-?52."" /68520@037305,.6H54-76,5-876P/..=.,4.-.F/= ,.=@/4/-5 IB.934&'&+&9&F(4.+G&43 560,64-/8., ,47@0I7P/..64O,= ,7=F/,75=672.7=5-.6/ ,06852.,.F ,;., = /34/-727>+ 2.B.-J,6.-97= G =80685P/.2.B.-J6.-G G5-/,0, G ,402727/45-0?727G7-7G A H2.B.-J6.-5B4., O62.=767F.,30760,@ =558B.-F5./4.-6H54-767/45-0?7276G5-=7G/20.,25358G=.8.,47-203A70,@ ,.,@[email protected],774-79O62.=,4.-,.4.FL,=7.4525=5FM72.7=5-7301,+=56,64-/8.,4562..,470I72.=.N4.-05-;., = /34/-727>P/..64O,0, ,7=F/,7 5=672.7=5-.6/ ,06852.,.F ,HP/.,54.,F7,G G7-7/,2M , J,97= G /-97 /40=0?7,25 =7 L= G5,0B=.,.= P/. =56 0,64-/8.,456 3/.,4., 35,/,7 97=5-7301, G5-/,7.8G / , /54-7.,402727/45-0?727G7-7A73.-=5+.=97=5-6.-J37=3/=725G5-=58.,56/,79.?7=8.6X= =.97,4.G7-797=5-7-7G / J = ,/7=0? ,2080.,45, =56 L= ,47;"> 2M76 37=., / =5.647B=.3025., =7.65=/301, 280, :: K 2.,580,727 <.N45-2., =5FM7 2. 7=5-7301, G7-7, /G G5- =7 /G.-0,4.,2.,3072..,605,.6+7=5-.6H.F/-56D ,@.3A7"2.6.G40.8B-.2."" = = /34/ =.,37-F G-5G5-305,7-.= 97=5-2. = M, , ,7= , /,037-J.64. G =7 5=67 5=0907,7 2.7=5-.6 7= 2M7 AJB0= 60F/0., ,53025.= O6 2. = =5-727 /2,3/8G=080.,4535,= G7-7=565,2562.,9.-601,H6/ , = , G/B=037-J.=97=5-2./5472.=5,252.87, O62./,G /=7301,,7305,7=HU5.,.=5=.4M,2.=75=675=0907,72.7=5-.6 3/7, G5,27 =97=5-2.=7/5472.=5,252.,9.-601, ,7-J7G=037,25=760F/0.,4.@1-8/=7Q *( ) + & 0 + " $

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email protected],7= S.6G.47- H 3/8G=0-., ,45 =5.647B=.3025.,.= G-.6.,4..F=78.,45,4.-,5+ =76, ,4.-,76 2. = , =-56G ,+76M3585=762.8J6,5-8767G=037B=.67=F0-52.=,.F5305 S =.97-/,-.F064-5.=.34-1,035H@M /7=0?7252.= G7,4.62.=5, /.-257=5.647B=.3025.,.=-4M3/=52.= G-.6.,4..F=78.,45,4.-,5 S.F064-7-=567=5-.6H54-760,9.-605,.62.G-5G =5,252.,9.-601,+76M3585=763/.,476B7, B ,-.3/ = ,58B , ,2562.,9.-601,W.6401,340975,252.,9.-601, S = G7,4.6.,@5-878.,6/7=/,-.G5-4.65B-..=-.,2080.,452.=5,25 S /7=P/0.-40G52.0,@ ,P/.6.7-.P/.-027G5-= G7, /.-257=G-.6.,4..F=78.,45,4.-,5 S ,.=G7F52.-.,2080.,456H37G047=2.73/.-257=5.647B=.3025.,=56-4M3/=56H2.=G-.6.,4..F=78.,45 S,4.-,5 B5,7-.,=763/.,476B7, =5,25=56-.3/-656G-59.,0., G-762./ ,3080.,452.7= ,472. 7=5-.6H3/7=P/ G.-7301,-.7=0?72735,= =5,25 S , =5 7280,064-7., B76. 7=.F=78.,45,4.-,5 7G-5B725 G5- =7 H 35,6.,4025 G5- = G7, ,25-.6G5,67B=.G5-6/ H72.3/ , ,HG5-3/7=P/0.-0,3/8G=080.,452.=7, F.,4. H2.=.F=78.,45,4.-,5 S 6.F/ P/.=567=5-.672P/ , /, /7, G5,27+6.7,., H-.F ,58B , ,2562.,9.-601,W.6401,340975,252.,9.-601, S 5,47B0=0?7-=765G.-7305,.62.=5,25.,@5-876.G =765G.-7305,.62.= , ,@5-8.7=76, ,47B= G5- S,907-7=7H7=7=70,@ ,-.P/.-027G5-= ,=56@ HG=7?56P/ G5,F7, S 7,4.,.-., ,45+ 3/7, G5,27+ =567=5-.6 P/. 35,@5-87,.= 5,25 B7I5 3/ =7;6>.,40272;.6> 35, ;6>G7-747=@0, S 5,6404/0-H87,4.,.-., ,45=7F7-7,4M72.B/.,@/,305,780.,45-.P/ /.-257=5.640G/=725.,.=-4M3/=5 2.= G7-7=565,2562.,9.-601,H6/ , S 5, /356457=7678B=.7.,.-7= G7,4.6+3/7, P/0.-7 S 7F7-G/,4/7=8.,4.=56F B= ,.=-4M3/=50,30653>2.=G-.6.,4..F=78.,45,4.-,5 S 7= ,4.= =5,2535,@5-8.7=7-.F=78.,47301, [email protected].,.-7-.=97=5-/ G5,20.,4. S 7F7-G/,4/7=8.,4.=56F G5,20.,4.67=73/ ,4.-,7305,7=2.=567=5-.62.=5,25 &4&,@3'6&9.3,)&6.668)+)'( S 5B ,@0I7G5-=77280, , FL,=5.640G/=725.,.=-4M3/=50,30657>2.=G-.6.,4..F=78.,45,4.-,5

14 S 5B ,97-07B=.G5-7280, , FL,=5.640G/=725.,.=-4M3/=50,3065B>2.=G-.6.,4..F=78.,45,4.-,5 678B=.7.,.-7= G7,4.6H7/45-0?7301,2.=73585=5.647B=.3..=-4M3/=52.=G-.6.,4..F=78.,45,4.-,5 S.60F,7-7=7.8G / =5-.6H2./ N4.-,72.73/.-257=5.647B=.3025.,.=-4M3/=5"+0,30652>2.= G-.6.,4..F=78.,45,4.-,5 S.7=0?7-=79.,472.6/6/ /.-257=5.647B=.3025.,.=-4M3/=52.=G-.6.,4..F=78.,45,4.-,5 S.30B0-=56-.,2080.,456H.=37G047=2.=760,9.-605,.6-.7=0? /.-257=5.647B=.3025.,=56-4M3/=56H2.=G-.6.,4..F=78.,45,4.-,5 S G7-.,=76678B=.76.,.-7= G7,4.635,95?H9545 S.30B0-,@ ,2.73/.-257=5.647B=.3025.,=56-4M3/=56H"2.=G-.6.,4..F=78.,45,4.-,5 S.-.3A5708G/F,7-=5673/ =7678B=.7.,.-7= G7,4.6 I9)7.,)3+&'6&93'.4(),)<.+(&' S 5,53.-H3/8G= =56-4M3/=56.647B= ,.=G-.6.,4..F=78.,45,4.-,5 S /8G=0-35,.===.,7252.=56@5-8/= F.,4.66/80, G5-=7,02722.,9.640F7301,0,7,30.-7;<D>+/54-7.,40272 P/..647B=.?37,=561-F7,56358G.4.,4.6 S.35,53.-P/.= , L735850, G5-3/.,47H-0.6F52.=7-4030G7,4. 2.8J6+= , ,.G5-5B=0F7301,.=27-3/8G=080.,457=5.647B=.3025G5-.=-4M3/=52.= G7-7=565,256 2.,9.-601,H6/ , ,=535,3.-,0.,4.75,2562.,9.-601, / 5256= G7, G-58.4.,H5B=0F7,7734/7=0? ,@ ,P/.6.7-.P/.-027G5-= , P/.60-97G7-7 87,4.,.-6/6-.F /7=0?7256H ,.-7B-0,27-/,8.I = G7,4.6 CAPÍTULO VII. ASAMBLEA GENERAL DE PARTICIPANTES G7,4.6 2.= 5,25+ G52-J, 35,6404/0-6.., 678B=.7.,.-7= G7,4.6+ = P/. 4.,2-J =76 60F/0., M H 74-0B/305,.6Q 7> 7678B=.7.,.-7= G7, =.B-7-J7=8.,56/,79.?7=7C52.,4-52.=56G ,459.0,4.;">2M7637=., = =.I G7-7 7G-5B7- =56-.G ,/7=.6 2. =7 604/7301,@0,7, = 5, B= ,.= -4M3/=5 2.= G-.6.,4..F=78.,45,4.-,56/9.?=7678B=.7.,.-7= G7,4.6G52-J-./,0-6.3/7,257=FL,7-4030G7,4.=565=0304. B> 7678B=.7.,.-7= G7,4.62.B..=.F @037-HU =.G-.6.,47,4.58L,2.= G7,4.6H72.8J6@0I7-6/ -.4-0B/301, 3> 7678B=.7.,.-7= G7,4.62.B.-J7G-5B7-=768520@037305,.67=.F=78.,45,4.-,52.=5,25+0,3=/H.,25=768520@037305,.6 7 = ,.6.647B= ,.= G-. P/. O6476 L= , G-.6.,47276 G5- = , G7-7 6/ 35, , 2> 7678B=.7.,.-7= G7,4.62.B.2.60F,7-7=567/ N4.-,562.=5,25H7=7.8G-.67.,37-F7272.3/ = B0.,2.I ,.6737-F52.=77280, ,2.= , > = ,7, A56G B=.7.,.-7= G7,4.62.B.-J-.65=9.-=562.8J676/,456P/..=G-.6.,4..F=78.,45,4.-,5.647B=.? B=.7.,.-7= G7, ,340975,252.,9.-601, J35, O62.G-.,67,7305,7= G5-= , ,7=8.,5620.?;">2M7637=., ,4030G7301,76/3.=.B-7301, =.G-.6.,47,4. 58L, 2. = G7,4.6 G52-J 35, B=.7.,.-7= G7,4.6 3/7, / I/ , G-54.F.-=560, =5,2553/7,256.=565=0304.,7=8.,56.=30,35G5-30.,45;V>2.=4547=2./547690F.,4.6, B.-JG/B=037-.= , ,4-52.=5620.?;">2M7637=., F/0.,4.67=7-.3.G301,2.=765=0304/2-.6G , =.G-.6.,47,4.58L,2.= G7,4.6+3/7, G5,27+G/B=037-J,/, , G5-256;>2M76 37=., ,6.3/40956.,/, G /=7301,,7305,7= 78B0O, 2.B.-J /,5 2. = G7,4.6 G F/=7- HU5.=.34-1,035 ;7 = G7,4.6 P/. A/B0.-7, -.F =F/,5 35, = , >+ /,7 358/,037301, P/. 35,4.,F7 = ,@ ,P/..= , /,037-J= ,=7678B=.7.,.-7= G7,4.6+.==/[email protected].,P/.6.==.97-J737B5+G/20.,25 0,3=/ , ,9.,0.,4.+=70,@ ,35--.6G5,20.,4.7=76.F/,2735, ,37652.P/.,56.=5F-.3.=.B-7-=7678B=.7

15 .,.-7= G7,4.6.,G , X., =G=7?5P/.2.B.-J ,4-.=7G , H=76.F/,2735, ,5 2.B.-J6.-8.,5-730,35;>2M76AJB0=.6 / 7 678B=.7.,.-7= G7,4.6G52-J-./,0-6.9J=0278.,4.60,.=3/8G=080.,452.=56-.P/060456G G7-7=735, H-.65=9.- 3/7=P/0.-76/,452.6/358G.4., G-.H3/7,2535,3/--7,.=30.,G5-30.,45;""V>2.=76/5476.,30-3/=7301, 7678B=.7.,.-7= G7,4.6P/.27-J9J=0278.,4.35,6404/02735,P/1-/8608G=..,G , /7,256..,3/.,4-.-.G-.6.,4725.=30,3/.,47H30,35G5-30.,45;V>2.=76/547690F.,4.6,6.F/,2735, J6/@030.,4.=735,3/--.,3072.3/7=P/0.-,L8.-52./ F.,4.6.7G=037-J.=P/1-/8608G=.G7-7.= , ,5-.=7305,72567=P/1-/837=0@ B=.7.,.-7= G7,4.6P/.27-J9J=0278.,4.35,6404/02735,P/1-/837=0@03725.,G , /7,25.N0647-.G-.6.,47301, 2.8M, /7-476;U>G =76/547690F.,4.65+.,6.F/,2735, ,=735,3/--.,3072.G5-=58., ;U>G =76/547690F.,4.6.-.P/.-0-J2.P/1-/837=0@03725G7-7P/.=7678B=.7.,.-7= G7,4.6725G4.9J=0278.,4./, ,65B-.=56 60F/0., Q 7> 520@037305,.67=G-.6.,4..F=78.,45,4.-,52.=5, /.-257=5.647B=.3025.,.=-4M3/=52.=G-.6.,4..F=78.,45,4.-,5 B> 5=0304/22.4-7,[email protected].,3072.=5, , G5-=7660F/0.,4.637/67=.6Q 0.F=0F.,307.N4-.87H = , ,.=2.6.8G.C52.6/6@/,305, ,2/3470,7G-5G07272.= , P/[email protected],0@ ,4.= A562.= G7, P/027301,95=/,47-07+@5-?5675P/0.B-72.= , > G-5B7301,2.7G5-4.6P/.,56.7,.,.@ , /8.,4562./54762.=5,25+7/45-0?725G5-=7678B=.7.,.-7= G7,4.6 2> G-5B7301,2.=7G5=M ,2./2780.,452.=5, /.-257=5.647B=.3025.,.=-4M3/=52.=G-.6.,4..F=78.,45,4.-,5.>.4.-80,7301,2.=85,458JN0852.=56F =5,25-.=7305,72567A5, =.G-.6.,47,4.58L,2.= G7,4.6+F /2045-M7 N4.-,7+ 37=0@037301, F5 2. =76 / G7301, 2.= 5,25 2.,9.-601,+ F =7305, =7 / =537= 2. O6476 F>.2.,301,7,4030G727G7-307=54547=2.=76/ G7301,2.=5,25 A> -7,[email protected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

16 ,7305,.62.=7678B=.7.,.-7= G7, J,253/8., O62./,=0B =76-./,05,.62.=7678B=.7.,.-7= G7, A ,4.,2-J,35858M,085=560F/0.,4.Q 7> B> 58B-. 2. P/0.,.6 734L., ,4. H =7 678B=.7.,.-7= G7, = =.G-.6.,47,4.58L, G7,4.6 3> L G7,4.6H/5476P/.-.G-.6.,47, /7=P/ ,@ , P/. = G7,4.6 G-.6.,4.6., =7 678B=.7.,.-7= G7,4.6 35,602.-., 5G5-4/,7 5, F> I/,47-J.,.==0B =7678B=.7.,.-7= G7,4.6=7A5I ,3072.=5635,3/--.,4.67=7 678B=.7.,.-7= G7, M 3585 [email protected] H = , P/ =0?7-5, =76 G/B=037305,.6 2.= , A> B.-J, G5- P/0., , G-.6.,47,4. 58L, 2. = G7,4.6H/,80.8B-52.= G7,4.6G/20.,25A73.-= G7,4.6P/.76M=52.6.., 7678B=.7.,.-7= G7,4.62.B.-J6.=.3305,7-H /7,2535, ,9.,0.,4.7=7.8G-.672./ N4.-,7+4587,25., 3/.,477., , G/47301,HP/..64O,0, ,.=.F = =5-.62.= NG.-0., =0., B7I56-.7=0? J, 5B , 87H5-3/ = 858., =0?7- =7.97=/7301, 2. = =.3301, 478B0O,G52-J6.-2.=.F7277=77280, ,2.= , B=.7.,.-7= G7,4.6478B0O,G52-J.=.F0-H =7.,40272P/.G /645207=537=G5-76G =7305,72567,.F=0F.,307+0,3/8G=080.,457=565BI =5,25H /6762.B0278.,4.I/640@037276H358G-5B M3/=5.64J2.73/.-257=5.647B=.3025.,.=-4M3/=5 0,30652>H-4M3/=5""0,30658>2.= G7-7=565,2562.,9.-601,H6/ , " O =5,2535,47-J35,/,.G-.6.,47,4.58L,2.= G7,4.6P/.6.-J2.60F, /.-257=60F/0.,4.G ,45Q W W W , ,9537-J7/,7678B=.7.,.-7= G7,4.6.,/,G=7?58JN ,47;">2M7637=.,27-05 /,79.?0, =G=7? =5,25+7@0,2.2.60F,7-7=.G-.6.,47,4.58L,2.= G7,4.6 =.G-.6.,47,4.58L,2.= G7,4.6G52-J6.-/,7-4030G7,4.2.=5,255/,7G.-65,70,2.G.,20.,4.P/.=7678B=.7.,.-7= G7, F,7+.=80685P/.2.B.-J35,47-35,/,G52.-G F725G /-7GLB=037 5G52-J,6.-.=.F0256.G-.6.,47,4.658/,.62.= G7,4.62.=5,25+= , F.-.,4.6H@/,305, , ,256 2.,9.-601, , =7.,40272 P/. G-.647 = / /7=P/ G.-65,790,3/= , ,2562.,9.-601,57=7.,40272P/.G-.647= / M35853/7=P/ G.-65,7P/.734L..,-.G-.6.,47301,2.O6456+6/631,H/F.6H G7-0.,4.6A7647.=6.F/,25F ,67,F/0,0272HG @0,0272 W, B=.7.,.-7= G7,4.6478B0O,6.@0I7-J=7-.4-0B/301,7=.G-.6.,47,4.58L,2.= G7,4.6 W =.G-.6.,47,4.58L,2.= G7,4.62.B.-JG-5G5-305,7-0,@ =.67= G7,4.665B-.6/6@/,305,.6 O =.G-.6.,47,4.58L,2.= G7, ,340975,252.,9.-601, B.-J3/8G= M,085=7660F/0.,4.6@/,305,.6Q 7> 0F0=7-P/.= , /8G=735,=5.640G/=725.,.=G-.6.,4..F=78.,45,4.-,5+2.73/.-257=70,@ ,P/.7= -.6G.345=.G-5G5-305,..=@0307=2./8G=080.,452.= , B>.-0@037-P/.=70,@ ,G-5G5-305,7277= G7, ?+6/@030.,4.H5G5-4/,7 3>.-0@037- = ,.6 == B5+ -.6G =76 5B ,.6 H ,27305,.6 2. =56 7/ N4.-,56 2. = , H ,340975,252.,9.-601, M B0O,2.=76P/ =5804O2.,9.-605,.6 2> 5, =7 678B=.7.,.-7= G7,4.6 G /., / F.6401, H 3/7,25.,.I /6@/,305,.6 =5 F>[email protected],@5-87-7=7678B=.7.,.-7= G7,4.665B =765G.-7305,.6-.7=0?7276.,4-.= , H6/6 90,3/= /.-257=5.647B=.3025.,.=-4M3/=52.=G-.6.,4..F=78.,45,4.-,5 =.G-.6.,47,4.58L,2.= G7,4.640.,.2.-.3A576.-0,@5-8725G=.,7 H253/8.,47278.,4.+.,3/7=P/ ,45+G5- = , =@0307=2./8G=080.,452.= , =5804O2.,9.-601,H=7.,40272P/.G / P/.==5676/,456P/.35,602.-., G7-73/8G=0-37B7=8.,4.35,=76@/,305,.6P/.=.65,G-5G @/,305,.6.64J,2.73/.-257=5.647B=.3025.,.=-4M3/=5"2.= G7-7=565,2562.,9.-601,H6/ , G-5G5-305,7-J7=.G-.6.,47,4.58L,2.= G7,4.6= ,@ ,P/.6..,3/.,4-75B=0F7277G-.6.,47-7=7H7=7.,= ,20305,.6HG=7?56

17 CAPÍTULO VIII. TRANSFERENCIA, DISOLUCIÓN, FUSIÓN Y LIQUIDACIÓN DEL FONDO ,[email protected].,307+ H =0P/027301, 95=/, = 5,25 2.,9.-601, 2.B.-J, /.=476 G5- =7 678B=.7.,.-7= G7,4.6H6.6/I.47-J7=5.647B=.3025.,.=G-.6.,4..F=78.,45,4.-,5H7=60F/0.,4.G ,45Q 7>.-./,0-J=7678B=.7.,.-7= G7,4.635,=56-.G-.6.,47,4.62.= , H2.73/.-257=5.647B=.3025.,.= G-.6.,4..F=78.,45,4.-,5+7G-5B7-J,=74-7,[email protected]., =/301,+@/601,H=0P/027301,2.=5,25 B>.358/,037-J7=7=70,4.,301,2.-.7=0?7-=74-7,[email protected]., =/301,+@/601,H=0P/027301,2.=5,25+35,45256=567,4.3.2.,4.6+ I/640@ H253/8.,47301,7=-.6G.345G7-76/7G-5B7301, 3> ,4.7=74-7,[email protected]., =/301,+@/601,H=0P/027301,2.=5, /,037-J7= G7,4.6=7.65=/301,7G-5B727G5-=7 35,4-.0,47;">2M7637=., ,4030G7301,+H , F02776/258030= O ,G-.,67G/B=03725., /,G /=7301,,7305,7= 74-7,[email protected]., =/301,+@/601,H=0P/027301,95=/, =5,252.B.-J6.--.6/.=47G5-=7678B=.7.,.-7= G7,4.6H.647-J6/I.477=5.647B=.3025.,.=-4M3/=50,30656A>+0>+\>2.=G-.6.,4..F=78.,45,4.-,5 G /45-0?7301,2.=7 / 7 4-7,[email protected]., =/301, H =0P/027301,@5-?567 2.= 5,25 G52-J = G5- =7 678B=.7.,.-7= G7,4.6 7 = , L,0378.,4.G5-=7660F/0.,4.637/67=.6Q 7>.F=0F.,307.N4-.87H = , ,.=2.6.8G.C52.6/6@/,305,.6 B> 5,2/3470,7G-5G07272.= , P/[email protected],0@ ,4.= A562.= G7,4.6 3> 0P/027301,95=/,47-07+@5-?5675P/0.B-72.= , >,3/8G=080.,452.3/7=.6P/0.-72.=56-4M3/=5647,452.=G-.6.,4..F=78.,45,4.-, =.F=78.,452.5,2562.,9.-601,H 6/ , =765=0304/22.4-7,[email protected].,3072.=77280, ,2.=5,25,5@/.-773.G4727G5-= , =735, H6/-.65=/301, 6.-J, /,G B04-7= G5-78B76G /.-257=5.647B=.3025.,.=-4M3/=52.=G-.6.,4..F=78.,45,4.-,5 CAPÍTULO IX. SUSPENSIÓN Y CESE DE ACTIVIDADES POR CONDICIONES DE MERCADO , ,. =7@73/= /6G., G5-7=8.,4. =76 0,9.-605,.6 2.= 5,25 G5-/, G=7?5,5 87H ,47;"> 2M76 37=., /7,2535,602.-.P/.=7635,20305,.62.= ,-0.6F , =3/8G=080.,452.=5BI.452.=G-.6.,4..F=78.,45,4.-,5H.,@/,301,7/,7,J= /7301,P/..=7B5-..=280, /6G.,601,4.8G5-7=6.-J358/,037277=7+7=7H745256= G7, O / ,06856P/..647B=.?37= I/,47,25.=7,J= /7301,P/ =76/6G.,601,2.=760,9.-605,.6,3765P/ /7301,G G5-8J ,47;"> 2M7637=., G J735,9537-7=7678B=.7.,.-7= G7,4.6G7-7P/ ,.= ,.676.F/0-65B-.=735,40,/02722.= CAPÍTULO X. SOLUCIÓN DE CONTROVERSIAS G/47535, /-F0275P/.G/20.-76/-F0-.,4-.= , H.=7-4030G7,4.5.,4-.= , H = G7, J /,G B04-7I..,=730/ ?+.GLB=0372.5= /.-257=.F=78.,452.-B04-7I.H 5,30=07301,2.=7J ,7= H=7.H5"2.="2.87-?52. -5,/,30725.==7/257-B04-7=+.= J2.@0,04095H5B=0F745-05H,5G J,0,FL,-.3/-652.7G.=7301,+-.,/,307,25=76G /--0-7=79M7/20307=-20,7-07 =G ,457-B04-7=F5?7-J2./,7L,0370,647, ,530.,2576/=7/25=737= I/?F727 1 =97=5-0,0307=2.=7/5476.-J.=97=5-,580,[email protected]./5476P/ G5,2.7T""""+"";0,3/.,4780=""U""1=7-.62.= , O-037>G5-/547

18 2 7=7B5-2.= , ==774-79O62.=280, =5,25+,58B-725H7G G5-= , =7 3/7=0,3=/H.45256= , ,65B-.=56-.3/-6562.=5,25.,35,I/,45H65B-.=567=5-.6P/.6.72P/0.-7,+47= / B-52.9.,3080.,452.=567= B-52.0, ,305,.6+35,9.-605,.6+.,25656+G , =57280,064-7.,B76.7=G-.6.,4..F=78.,45,4.-,57G-5B725G5-=7H35,6.,4025G5-= G7, ,25 -.6G5,67B=.G5-6/ H72.3/ , ,HG5-3/7=P/0.-0,3/8G=080.,452.=7, F.,4.H2.=.F=78.,45,4.-,5,3/8G=080.,457=-4M3/=52.= G7-7=565,2562.,9.-601,H6/ , = , /.,47 35,/,280, /G=.,4.., /6.,3072.=280, /=7-567=5-.672P/0-0256=537=8.,4.G5-3/.,472.=5,256.-J,-.F HU52.G ,=75.,/,7,402720,7,30.-77/45-0?727G5-=7 -.F/= G5,20.,4.2.=G7M62.5-0F.,+2.73/.-257=5.647B=.3025.,=56-4M3/=56H" 2.= G7-7=565,2562.,9.-601,H 6/ , G , , J65= ,4.-.6G5,67B=.G5-=73/ =567= =0?727G5-=7, G =5-.65=7,402720,7, FL,35--.6G5,27 CAPÍTULO XII. COMITÉ DE INVERSIONES Y LA POLÍTICA DE ENDEUDAMIENTO. " , ,6404/0-J/,5804O2.0,9.-605,.63/H76@/,305,.665,Q206.C7-H35,4-5=7-=76G5=M ,9.-601,2.=5, B=.3.-=56=M ,9.-601,H7,7=0?7-=56.N3.656.,203A56=M /--0.6.,+35,4-5=7-H.97=/7-=7635,20305, @0,0-=5640G F562.=760,9.-605,.6+=568.37, ,4-5=+7280, ,H3/7,40@037301,2.= /G =76=7B5-.62.= 7280, =5,25+G-5G5,.-8520@037305,.67=G-.6.,4..F=78.,45,4.-,5H7=76,5-8760,4.-,762.35,4-5=.,@/,301,7=76, =G ,9.-601, = 5804O.647-J 358G/.645 G5-30,35;> 80.8B-56 0,3=/H.,25 7= 7280, = 5, ,7=8.,4..= 5@0307= 2. 3/8G=080.,45 6.-J 80.8B-52.=5804O35,2.-.3A5795?H, B-562.=5804O2.,9.-601,6.-J,,58B-7256G5-=7/,47.,.-7=-20, , = = , P/ G5,67B0=0272=.A/B =.F727G5-=7/,47.,.-7=-20, , O6.605,7-J/,7;>9.?7= M, J,256.= G5-40.8G5H /9.?+.64J.647B=.3025P/.G/.2., B A55804O= H.I.3/ = , =5804OG52-J6.605,7-;P/1-/88M,085>35,/,8M, ;>80.8B-5635,2.-.3A H6/ ,.66.-J, G5-87H5-M77B65=/47 = 5804O 2.,9.-601, 6.-0F / =5.647B=.3025., =56-4M3/=56 7= 2. = G7-7 =56 5,256 2.,9.-601, H 6/ , ,340975,252.,9.-601, O62.= , ,4., ,.-5.,[email protected].,4/7= P/.08G027,.=3/8G=080.,452.=5BI =75=M40372.,9.-601,2.=5,25+G52-J =M, O2045B7,37-076P/.,56/G.-.,., 4547=.=20.?G5-30.,45;"V>2.6/ HG5-/,G=7?58JN , ,47;">2M7637=., /,037,25203A56G-O =7H7=.G-.6.,47,4.58L, G7,4.67=60F/0.,4.2M7AJB0=2.-.7=0?727=75G.-7301, 647G5=M ,2./2780.,452.B.6.-7/45-0?727G5-=7678B=.7.,.-7= G7,4.6+35,@5-8.7=5206G/.645.,.=-4M3/=50,30652> 2.=G-.6.,4..F=78.,45,4.-, , ,907-J 7 = G7, , =;87-?5+ I/,05+ 6.G40.8B B-.+ A7647.= 2O3085;"> 2M7 37=.,27-05G @0, >/,-.G5-4.P/.0,3=/0-J=760F/0.,4.0,@ , ,340975,252.,9.-601,.--725Q S 58G560301,2.= H.=G5-3.,47I.2.35,3.,4-7301,2.=760,9.-605,.62.=5,25 S =G=7?5.35,18035;2/-7301,>G G5, = =5,25 S 7@ J=3/=52.=7=5-2.=7/547 S =2.47==.2.= ,.635B-72767=5,25.,.=G G5,20.,4. S,@ ,2.=L= B-.=7.95=/301, = =5,25 S =7=5-2.=7/547 S =97=5-,580,7=2.=7/547;97=5-,580,7=0,0307=8., ?7305,.6> S =7? ,4.2.=5,25 S ,63/ =5,25 S ,2080.,452.=L= H2.= =5,25 S =0, G.C5

19 S G7M6.6.N4-7,I.-56., =56 3/7=.6.= 5,25 0, B.-J 35,47-35,,5-876 H 4-0B/ G G =56 -.,2080.,456+ = ,256+ =76 F7,7, G047= H 7=@=/I G047=.6+ 0,@ , P/. 6.-J 358/, = G7,4.6+ 3/7, G5, /.-257=5.647B=.3025G5-.=-4M3/=5"+0,3065.>2.= G7-7=565,2562.,9.-601,H6/ , G-5B ,4..65=/301,280, ::[email protected]."" 6470,@ ,76/9.?.647-J206G5,0B=..,=765@030,762.= , , ,45765=0304/22.=7-4030G7,4. 1 =85,458M,08535,.=3/7=.= 5,25358.,?7-J75G J2.T""""""+"";.0,4030,3580==5,.6""U""1=7-.62.= , O-037>,37652.,5=5F ,457=9.,3080.,452.=G=7?52.35=537301,;"2M7637=.,27-05>+= , G52-J 65= =7 =7 78G=07301, 2.= G=7? =537301, 7/, G=7?5,5 87H5-7,59.,47;"> 2M76 37=., C7=7,25 = B0278.,4.@/,278.,47256.,@/,301,7=7635,20305,.62.= /.-257=5.647B=.3025.,.=-4M3/=52.=.F=78.,452..F = =5-.67G-5B725G5-=7.65=/301,280, ::K7G-5B727.,@.3A72.6.G40.8B-.2."",37652.,5=5F-7-=735=537301,4-7,63/--027=778G=07301,2.=G=7?52.35=537301,+= , G J7=72.95=/301,2.=56 7G /.-257=-4M3/=5"2.=G-.6.,4..F=78.,45,4.-,5+8.,56= ,4.8G=7256.,.=-4M3/=50,30653>,/8.-7=2.=G-.6.,4..F=78.,45,4.-,5+0,3/--0256G5-.=280, =5,252.73/.-257=-.F064-5P/.6.==.9..,=765@030,762.= , = G=7? =/301,2.=567G J2.256;>2M76AJB0=.6 1/,37652.P/..=5,25,5=5F-..=85,458M, =537301,7=5620.?;">2M7637=.,27-057, = =735=537301,+6.G52-J-.7=0?7- /,7678B=.7.,.-7= G7,4.635,=56P/.A/B0.-7,7G5-4725A ,45, B=.7.,.-7= G7,4.66.G-5G5,2-J=7 78G=07301,2.=G=7?52.35=537301,2.73/.-257=5.647B=.3025.,.=-4M3/=5"2.=.F=78.,452..F =5-.6+7@0,2.=5F-7-.= 85,45 8M, / = = G7, G47, =7 G-1--5F7+ = , G-5G5,2-J/,7,/[email protected] 45G =537301,.0,0307-J.=4-J G5,20.,4.7,4.=7647G-1--5F72.=G=7?52.35=537301,G52-J-.7=0?7-6.61=5/,79.?,3765P/.= G7,4.6,5.64O,2.73/.-2535,=778G=07301,2.=G=7?52.35=537301,+= , G J72.95= O6 2.= ,2.3A.P/.6=567G /.-257=5.647B=.3025.,.=-4M3/=5"2.=G-.6.,4..F=78.,45,4.-,5+8.,56= ,4.8G=7256.,.=-4M3/=50,30653>,/8.-7=2.=G-.6.,4..F=78.,45,4.-,50,3/--0256G5-.=280, =5,252.73/.-257=-.F064-5P/.6.==.9..,=76 5@030,762.= , =56 404/= P/0-0.6., 54-7@ =0P/027301,;4-7,[email protected].,3076 7Q 3/., ,4.6 HU5 37I A /.,4762.@5, , G5-= , /.,476.,.=.N ,2.3A.P/ >+G52-J,65=03047-=735,/,7, F027 7= , G5-=58.,5635,256;>2M76AJB0=.62.7,4030G7301, 56G7F56P/.,56.-.7=03.,74-79O62.3A.P/.6=537= J,6/I @7-0590F.,4.2.=7.,40272@0,7,30.-7P/.G = , CAPÍTULO XIII. OTRAS ESTIPULACIONES. 1 G [email protected],03052.=G=7?52.35=537301,H/,79.?P/.6.A7H727250,03057= =5, @037301,7=G-.6.,4..F=78.,45,4.-,5G52-J-.7=0?7-6.2.=760F/0.,4.87,.-7Q 7> 78520@037301,2.B.-J6.-7G-5B727G5-.= = , B> ,4.6.G-.6.,47-J,=768520@037305,.6G7-76/35, ,7=7678B=.7.,.-7= G7,4.6+0,3=/H.,25= @037305,.6 7 = ,.6+ 2.B0.,25 =7 678B=.7.,.-7= G7,4.6 35, =76 H 7/45-0?7-5-.3A7?7- = > 7-.65=/301,G7-7=78520@037301,6.-J358/,037277=7G7-76/7G-5B7301,H , G.-40,.,4.6.,=56G=7?56.647B=.30256G7-7=56&.3A56.=.97,4.6;A5-76>,79.?7G-5B7276=768520@037305,.66.0,@5-87-7,7= G7,4.6H , F027 7= =05-.F O ,06856 P/. = G5-35,9.,0.,4.+ 0,3=/H.,25G/B=037305,.6.,G-.,67 1,37652.P/.7=FL,7-4030G7,4.P/.6.7G.-65,7,74/-7=6.72.3=7-7250,37G7?+6/@-77=FL,08G.208.,455@7==.?37+6/6/547635,40,/7-J,@5-87,25 G7-4.2.=5,25+A7647P/.=76G.-65,76==787276G5-=.H2.3027,.=2.640,52.= ,37652.P/.7=858.,452.=0P/027301,2.=5,25=76 G.-65,76 == G5- =.H = 2.640, A76 /5476,5 6. A/B0.-., G-.6.,4725 7,4. = , , G5,20.,4.7=97=5-2.6/6/ J206G5,0B=..,=763/.,4762.= , G.-65,76==787276G5-=.H = 2.640, /5476G52-J,-.3= ,4535,.= G5-=7, G =5-.6.,=73/7=.64O,0, ,547301,.,3/.,47=76/ G7301,A7647.==7G ?;">7C56G =9.,3080.,452.=5,25+7=@0,7=2.=3/7=+.=20,.-5 G-.63-0B0-J7@795-2.= ,35,35-27,3077=5.647B=.3025.,.=-4M3/=5" 2.=120F ,37652.P/.7=FL,7-4030G7,4.P/.6.7G.-65,7I/-M /.=45+.,4-..,35,3/-65G-.9., =7-725.,P/0.B-7+6/6 /547635,40,/7-J,@5-87,25G7-4.2.=5,25+A7647P/.=76G.-65,76==787276G5-=.H2.3027,.=2.640,52.= ,37652.P/.7=858.,45 2. =0P/027301, 2.= 5,25 =76 G.-65,76 == G5- =.H = 2.640, A76 /5476,5 6. A/B0.-., G-.6.,4725 7,4. =

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Página núm. 78 BOJA núm. 82 Sevilla, 28 de abril 2011

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