THE AMOUNT THAT THE FISCUS HAS TO HAND OVER TO THE UNIVERSITY OF CHILE INCREASES BY ONE MILLION PESOS ANNUALLY; IT AUTHORIZES THIS CORPORATION TO CONTRACT LOANS FOR UP TO 12 MILLION PESOS TO COMPLETE THE CONSTRUCTION OF THE BUILDING IT HAS IN VALPARAISO; EMPOWERS THE BANK OF THE STATE OF CHILE OR OTHER INSTITUTIONS TO TAKE THE LOANS AUTHORIZED BY THIS LAW For the National Congress has given its approval to the following Bill: Article 1.-Elevate in one million pesos ($ 1,000,000.-) annual the amount that the Fisco must deliver to the University of Chile in accordance with the provisions In point (a) of Article 1 of the Supreme Decree No. 3,541 of 9 August 1945, which recast the laws on the distribution of the commission and the taxes on mutual bets charged by the racecourses, as amended by article 1 of the Law 9,408, dated October 21, 1949. Article 2.-Authorize the University of Chile so that, directly or through the issuance of bonds, it contracts one or several borrowings that produce up to the sum of 12 million pesos, in order to finish the construction and alhajing of the building in the city of Valparaiso. If the borrowings are contracted in bonds, they will earn an interest of not more than 7% (7%) per year and will have a cumulative depreciation, also annual, of one percent (1%) and will enjoy the franchises determined by the article 1 of Law 10,310 of 31 March 1952. If the loan or the borrowings are placed directly, the University of Chile will be able to agree an interest of no more than ten percent (10%) and a cumulative amortization of no less than two percent (2%), both annual. Article 3.-The Bank of the State of Chile or other institutions of credit to take the loans authorized by this law, to the effect that they will not govern the restrictive provisions of their respective organic laws. Article 4.-The University of Chile will consult annually in its budget the sums necessary to make the service of the borrowings authorized by the article 2, giving preference to this object the funds that the article has consulted of this law. Article 5.-The law of the budget will consult the sum of two million pesos ($2,000,000.-) to serve the purposes that this law contemplates. Article 6.-Articles 1 and 5 shall apply from 1 January 1954. And because I have had to approve and sanction it; therefore, promulgate and take effect as the law of the Republic. Santiago, ten October from one thousand nine hundred and fifty-three.-CARLOS IBÁÑEZ DEL CAMPO.-Oscar Fenner.-Felipe Herrera L.