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What it is

Spain becomes a founding member of the European Bank for Reconstruction and Development

BOE step 7 of 7 · Passed

It is a government bill. Introduced by the Government. It was introduced on 5 July 1991. Introduced by: Gobierno.

Official title: Government bill authorizing the participation of Spain as a founding member of the European Bank for Reconstruction and Development (EBRD).

Follow this law

Source: Congreso de los Diputados, file 121/000058· updated 11 Nov

Automatic summary, not yet reviewed

  1. The Law authorizes Spain to subscribe 34,000 shares in the Bank, each with a nominal value of 10,000 ECUS European Currency Unit, an accounting currency that preceded the euro.. Of these, 10,200 are payable-in and the remaining 23,800 are callable under the Bank's founding agreement.
  2. Payment of the payable-in capital may be made in ECUS or, where applicable, in pesetas. The Bank of Spain is tasked with making the necessary payments.
  3. The Bank of Spain is designated as depositary of the liquid funds in pesetas and other assets held in favor of the Bank.
  4. The Ministers of Foreign Affairs and of Economy and Finance may take the measures needed to apply the Law, which takes effect the day after its publication in the official gazette (BOE).

Who it affects

  • The Spanish State: is authorized to subscribe the shares and pay the capital as a founding member of the Bank.
  • The Bank of Spain: must make the payments and hold the Bank's money and assets in Spain.
  • The Ministers of Foreign Affairs and of Economy and Finance: may issue the measures needed to carry out the Law.

Words worth knowing

ECUS
European Currency Unit, an accounting currency that preceded the euro.
Acción (share)
A unit of ownership in a company or entity; the holder contributes capital and has rights over it.
Desembolso (payment of capital)
A payment of committed money, here to cover the value of the shares.
Convenio Constitutivo (founding agreement)
The founding document that sets the rules and operation of an organization.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 7 of 7 steps. It reached BOE, and today it is passed.

  1. Introduced5 July 1991Someone registers the text in the Congreso.
  2. Admitted8 July 1991The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendmentsno dateGroups propose changes.
  4. Committeeno dateA committee goes through the text in detail.
  5. Plenaryno dateAll 350 deputies vote.
  6. Senateno dateThe Senate can pass it, amend it or veto it.
  7. BOEno dateIt is published in the Official State Gazette (BOE) and comes into force.
See the 2 official steps on a timeline
Jul 199111. 5 July 1991: Presentación22. 8 July 1991: Calificación

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

It is law, or will be once published in the BOE. It comes into force on the date its own text sets.

Published in the BOE: Law 24/1991, of 21 November, authorizing the participation of Spain as a founding member of the European Bank for Reconstruction and Development (EBRD).

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

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