National Institute of Land Transport: Assets, Income, and Presidential Powers

Heritage National Institute of Land Transport

Article 24: Assets of the National Institute of Land Transport

The assets of the National Institute of Land Transport are composed of:

1. Those movable and immovable property, rights, and shares which were transferred at the time of its creation.
2. All those movable and immovable property, income, rights, and shares it acquires in accordance with the law.

Income of the National Institute of Land Transport

Article 25: Income Sources

The income of the National Institute of Land Transport consists of:

1. All income earned as a result of its management, as well as the product of its economic activities with natural or legal persons, domestic or foreign.
2. The income from fines and records reviews conducted by the Technical Land Transport Surveillance.
3. The income from fines imposed by the management of land transport.
4. The resources allocated in the Annual Budget Law each fiscal year and the extra resources provided by the National Executive.
5. The rights and remedies that it acquires by any legal act.
6. Fees and charges for its services and product ratings.
7. Other resources lawfully obtained for any reason.

In any case, the Institute may use the proceeds from its management for purposes other than operation.

Powers of the President of the Institute

Article 30: Duties of the President

The duties of the President of the National Institute of Land Transport are the following:

1. Run, monitor, and control the implementation of the land transport sector policy issued by the National Executive.
2. Represent and issue the necessary guidelines to organize, manage, coordinate, and manage human resources, material, and financial resources of the Institute.
3. Execute and carry out acts of general or specific purposes issued by the Board.
4. Appoint, transfer, remove, dismiss, and exercise disciplinary powers over Institute staff, in accordance with the relevant statute.
5. Hold, on behalf of the Institute, subject to approval of the Board, agreements and construction contracts, procurement of goods or services, and leases with national, public, private, and international entities, as well as with individuals and corporations.
6. Issue general guidelines for the preparation of the draft budget and consideration of the Board, in accordance with the law.
7. Delegate authority for the signing of certain documents and statements in accordance with applicable law.
8. Present the draft rules of procedure for consideration by the Board.
9. Convene and chair meetings of the Board, and subscribe to the acts and documents issued by their decisions.
10. Exercise judicial and extrajudicial representation of the Institute and may be a general or special proxy.
11. Present the Institute's annual report for consideration by the minister of people's power with jurisdiction over land transport.
12. Subscribe to communications to banks, public and private, relating to requests for information on statements by way of special deposits for payments of contracts and the movement of accounts relating to the Institute.
13. Open, mobilize, and close the accounts of the Institute, together with the Vice-President or the administration manager.
14. Other powers conferred by law and regulations.