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Translation - Panama Law - Decree Number 147 (May 4, 1966)

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Ministry of Government & Justice

Regulation of the Filing of Certain Documents in the Public Registry

Decree Number 147 (May 4, 1966) - whereby the filing of certain documents in the Public Registry is regulated

The President of the Republic, exercising his legal powers,

Considering:

1° That subsection 7° of the 2nd Article of Law 32 of 1927, regarding Corporations, provides that the Articles of Incorporation must contain the name of the Registered Agent of a Corporation in Panama, "which may be a legal person";

2° That the role of said Agent refers particularly to legal representation before national authorities;

3° That according to Law 54 of 1941, regarding the practice of law, as reformed and amended by Law No. 58 of 1946, when the representative of a legal person acts in representation of the same before authorities, they are not acting on their own behalf, but rather on behalf of a separate legal person and, therefore, are acting in a capacity which the law reserves exclusively to lawyers,

Decrees:

FIRST ARTICLE: The registered agent of a corporation may only be a lawyer or a firm of lawyers, duly licensed to practice law.

SECOND ARTICLE: The filing of documents relating to corporations which , according to the Law, shall have a registered agent, shall be suspended if the person named thereto does not fulfil the requirements expressed herein.

Only those documents regarding the appointment of an agent who fulfils these requirements, replacing a person that does not fulfil them, or replacing with a lawyer or a firm of lawyers, are excepted from this.

THIRD ARTICLE: This Decree shall enter into effect ninety (90) days as of the date of publication.

Be it hereby communicated and published.

Given in Panama City, on the 4th day of the month of may 1966.

Marco A. Robles.

Minister of Government & Justice: Jose D. Bazan.

Prepared by Beth Gray.

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Last modified 26-Sep-2007 17:37 -0400