What does the Constitution of the Republic of Chile say about State-Owned Enterprises?
"The State and its agencies may develop business activities or participate in them only if a law of qualified quorum authorizes them. In such case, these activities will be subject to the common legislation applicable to individuals, without prejudice to the exceptions established by law for justified reasons, which must also be of qualified quorum."
Article 63, No. 3 provides that the following are subject to law:
"Those that establish the rules according to which the State-Owned enterprises and those in which it has participation may contract borrowings, which, in no case, may be made with the State, its agencies or enterprises;".
Article 65, No. 2 provides that it is the exclusive initiative of the President of the Republic:
"To create new public services or paid jobs, whether fiscal, semi-fiscal, autonomous or State-Owned enterprises; to abolish them and determine their functions or attributions;"
Article 109 provides that "The Central Bank may only carry out operations with financial institutions, whether public or private. In no way may it grant them its guarantee, nor acquire documents issued by the State, its agencies or enterprises".
Article 115, penultimate paragraph states that "The Law may authorize regional governments and State-Owned enterprises to associate with natural or legal persons in order to promote non-profit activities and initiatives that contribute to regional development."