UABC Confirms its Investments in the Stock Market

The Director General of the Border Agency of News, Dora Elena Cortés, announced in the column AFN Político that the Autonomous University of Baja California (UABC) recognized through the University Council that they are investing in the Mexican Stock Exchange.

By Dora Elena Cortéz

The University Council “finally got the face by the rector of the Autonomous University of Baja California Felipe Cuamea, who was angry when asked about why he was playing money from the House of Studies in high risk investments of the Mexican Stock Exchange Of Securities.

Signed by Francisco Rubio Cárdenas in his capacity as President and Gustavo de Hoyos Walther, as Secretary explains – not to mention the Bolshew – that the Mexican Constitution and the Organic Law of the UABC itself grants “no limit” powers to seek the form To obtain higher yields and interests for the management of their resources, although they also recognize that the provisions in the matter speak of privileging the security of those resources.

And most likely under the premise that “what is not forbidden is allowed” and that they are not the authority to be just what the Law marks, suggest that therefore there is nothing negative in the fact of being investing in The BMV.

The last three of this month AFN POLITICO revealed this situation and announced that the Congressional Audit Committee was reviewing this topic, and the following day, in a session that Congress held here in Tijuana, the president of said commission, Rodolfo Olimpo Hernández, confirmed that exclusive.

In contrast to what was said by the University Council, our “Neighborhood Reporter” was informed that the UABC is also obliged to scrupulously manage the resources allocated to it by both the federal and state governments, through subsidies. In fact they told him that the University and its patronage are also subject to the Law.

He was told that the budget law and exercise of public expenditure of the State of the entity establishes the following:

LAW OF BUDGET AND EXERCISE OF PUBLIC EXPENDITURE OF THE STATE OF BAJA CALIFORNIA ?

ARTICLE 1.- The purpose of this Law is to regulate and regulate revenue and expenditure budgets, as well as the exercise, evaluation, monitoring and verification of public expenditure.

They are subjects of this Law:

I. The Executive Branch;

II. The Legislative Branch;

III. The judicial power;

IV. The Municipalities of the State; Y,

V. The Autonomous Bodies. (UABC)

ARTICLE 18.- All income or inflows of cash will be protected without exception, with the issuance of official receipts of the subjects of this Law, duly requested.

ARTICLE 19.- All the cash inflows of the subjects of the present Law must be deposited in bank accounts trying to obtain the best financial returns, ? And temporary cash surpluses can be invested in fixed-income investment instruments? Or government securities of the Mexican Financial System.

The holders of the subjects regulated by this Law, shall inform the State Supervisory Body, object of account opening, name of the corresponding banking or financial institution, contract number, type of account or deposit or investment instrument and Balance, within fifteen days after opening. Likewise, they will inform about their cancellation within the fifteen days after this happens. Eur-lex.europa.eu eur-lex.europa.eu

ARTICLE 97.- Failure to comply with the provisions of this Law, and those resulting from it, shall be sanctioned under the terms of the Law of Responsibilities of Public Servants of the State of Baja California and the provisions of this Title.

ARTICLE 99.- The public servants of the subjects of the present Law, will be responsible for any estimated damages or damages in money that suffer the Public Treasury or the patrimony, for acts or omissions that are attributable to them, or for non-compliance or nonobservance of Obligations arising from this Act, inherent to its position or related to its function or performance.

Responsibilities shall firstly be established for persons who have directly executed the acts or incur the omissions that gave rise to them and, in the alternative, for public servants who, owing to the nature of their duties, have failed to review or authorize such acts by Causes that imply deceit, guilt or negligence on the part of the same. They shall be jointly and severally liable with the public servants of the subjects of the present Law, the individuals in the cases in which they have participated and originate a responsibility.

The responsible parties shall guarantee, through precautionary attachment and individually, the amount of the observations or responsibilities referred to in the previous Article, while the Control Body of the subject of this Law in question, determines the responsibility.

ARTICLE 100.- The responsibilities that are constituted will have as purpose to indemnify for damages and damages that are caused to the Public Treasury of the subjects of this Law, which will have the character of tax credits.

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