CO-OWNERSHIP CONTRACT

BUSINESS CO-OWNERSHIP AGREEMENT ENTERED INTO IN THEIR OWN RIGHT BY MR.

_______________________, HEREINAFTER "CO-OWNER A", AND, ON THE OTHER HAND, BY
MRS. ____________________ , HEREINAFTER "CO-OWNER B", IN ACCORDANCE WITH THE
FOLLOWING DECLARATIONS AND CLAUSES:

DECLARATIONS:

I.- CO-OWNER A" declares:

1) That he is of legal age, with legal capacity to contract, of nationality __________ and with
domicile located at ____________

2) That among others, he is engaged in the purchase and sale of new and used personal
property.

3) That his Federal Taxpayers Registry is ____________________

4) That by virtue of the fact that "CO-OWNER B" is engaged in the same activities as he is,
he wishes to operate said mercantile negotiation, jointly with the referred co-owner.

5) That it is their will to establish the rules that shall regulate the operation of the co-
ownership.

II.- "OWNER B" states:

1) That he is of legal age, with legal capacity to contract, of nationality __________ and with
domicile located at ____________

2) That among others, he is engaged in the purchase and sale of new and used personal
property.

3) That his Federal Taxpayers Registry is ____________________

4) That by virtue of the fact that "JOINT OWNER A" is engaged in the same activities as he
is, he wishes to operate said mercantile negotiation, jointly with the referred co-owner.

5) That it is their will to establish the rules that shall regulate the operation of the co-
ownership.

CLAUSULES:

FIRST: OBJECT: The parties express their will to establish a joint ownership with respect to a
mercantile negotiation, consisting of the purchase and sale of new and used personal
property, such as furniture, equipment, machinery, etcetera.

SECOND: LOCATION OF THE BUSINESS - In this same act, the contracting parties undertake
to locate the commercial negotiation at ___________, place where they shall jointly carry
out the acts of commerce related to the aforementioned negotiation.

For such purpose, both parties agree to execute, jointly, a lease agreement with the owner
of such place, which shall have a term of at least _________________, in order to evidence
the business whose co-ownership is agreed upon in this instrument.

THIRD: RIGHTS AND OBLIGATIONS OF THE CO-OWNERS:

RIGHTS:
a) Each co-owner has full ownership of the aliquot part that corresponds to him, as agreed in
the following paragraph, and of its fruits and profits, with the restrictions indicated in this
contract, in accordance with the provisions of article 950 of the Civil Code for the Federal
District.

b) Both parties shall have the right to the distribution of the profits or losses that may result
from the exploitation of the commercial negotiation in co-ownership, according to the
following percentages:

"JOINT OWNER A" ______________ %

"JOINT OWNER B" ______________ %

c) Every joint owner has the right to oblige the participants to contribute in the necessary
expenses for the development, conservation and maintenance of the mercantile negotiation
object of the joint ownership.

COMMON CHARGES:

a) Non-individual taxes and duties payable by the co-owners collectively.

b) Expenses for rent, telephone, electricity, water and, in general, those necessary for the
conservation and repair of any kind required by the mercantile negotiation.

c) The salaries, benefits and gratuities of the personnel in the service of the commercial
negotiation in joint ownership.

d) In general, all those determined by agreement between "OWNER A" and "OWNER B".

OBLIGATIONS:

a) Every co-owner is obliged to abstain from making alterations to the common commercial
negotiation, without the consent of the other co-owner, even if they could result in
advantages for both.

b) To contribute the amount of $____________, each one, in order to form an initial

common fund, until such time as the mercantile negotiation can cover by itself the expenses
inherent to the mentioned negotiation.

c) Prior to the alienation of its aliquot part, as well as its fruits and profits, the co-owner in
question must give notice to the other co-owner so that the latter may exercise the right of
the same.

d) To that effect, he shall notify him by means of a notary or judicially of the sale agreed
upon, so that within the following eight days he may make use of his right to the right of first
refusal.

FOURTH: ADMINISTRATION. All the acts of administration of the mercantile negotiation,

object of the joint ownership, will be carried out by the "JOINT OWNER __", Mr.
_____________________, who will last in his position ________ year(s), and may be
reelected with the prior written consent of the other co-owner _____________________,
who will last for one year.The "JOINT OWNER

The "JOINT OWNER ____" agrees that said person will act as the representative of the
mercantile negotiation, in all matters related to the mercantile negotiation, and that he/she
may be reelected with the prior written consent of the other co-owner.Therefore, the
"OWNER _____" hereby grants to the "OWNER ___" a general power of attorney for litigation
and collection, acts of administration and acts of dominion in the terms of article 2554 of the
Mexican Corporations Law (Article 2554 of the Mexican Corporations Law).The "OWNER ___"
grants to the "OWNER ___" a general power of attorney for lawsuits and collections, acts of
administration and acts of dominion in the terms of article 2554 of the Civil Code for the
Federal District, which will be referred only to everything related to the mercantile
negotiation object of the co-ownership regulated through this contract:

FIFTH: OLIGATIONS OF THE COMMON REPRESENTATIVE.- The obligations of the common

representative of the co-owners are the following:

a) To acquire and sell in co-ownership the movable and used goods that are the object of the
mercantile negotiation, safeguarding the common interests.

b) To keep books and documentation related to the operation of the mercantile negotiation.

c) To carry out all acts of administration and conservation of the elements that make up the
mercantile negotiation.

d) To execute the agreements made jointly with the "OWNER __".

e) To incur the necessary expenses for the adequate development of the commercial
negotiation, which must be closely related to the same and be strictly indispensable, charged
to the common fund mentioned in clause THIRD, paragraph b) of this instrument.

f) To deliver the receipts to the "OWNER __", for the amount contributed to the common
fund referred to in the preceding paragraph.

g) To take care of the due observance of the legal provisions.

h) In the event that at the end of his term of office he is replaced by the other co-owner, he
shall be jointly and severally liable for any irregularities incurred during his term of office.

i) Report during the months of _______________ and ______________ of each year to its
counterpart on the financial, fiscal and accounting situation of the commercial negotiation.

SIXTH: SUPERVISION OF THE ADMINISTRATION. The co-owners designate Mr.

____________________________ as the person in charge of the supervision and oversight
of the administration of the co-ownership, who shall remain in office for a term of
_________________, and may be reelected by agreement of both co-owners, with the
following obligations:

a) To ensure that the common representative complies with the agreements made jointly
among the co-owners.

b) Verify that the common representative carries out its functions.

c) To certify the truthfulness of the information provided by the common representative to

the other owner.

d) To cooperate with the common representative in making observations to the other

condominium owner regarding the fulfillment of his obligations.

e) To call a meeting of co-owners in case it becomes necessary.

SEVENTH: MEETINGS OF CO-OWNERS: In the meetings of co-owners, voting shall be

personal, nominal and direct.
The acts of administration and disposition in general, with respect to the joint mercantile
negotiation, will be decided by both co-owners.

EIGHTH: CAUSES FOR TERMINATION OF THE JOINT OWNERSHIP - This contract shall be
terminated in the following cases:

a) By the division of the common mercantile negotiation

b) By its alienation
c) By the consolidation or reunion of all the portions in a single joint owner.

NINTH: For the interpretation and fulfillment of this contract, the parties submit to the
jurisdiction of the courts of __________________, expressly waiving any other jurisdiction
that may correspond to them due to their present or future domicile.

Having been read by the contracting parties and witnesses who intervened in it, and having
been informed of its contents and legal scope, they sign it in conformity on the
_____________________ days of the month of _________ of nineteen hundred and ninety-
two ________.

"CO-OWNER A" "CO-OWNER B"

________________________________ ________________________________

THESTIGHTS:

________________________________ ________________________________
JOINT VENTURE AGREEMENT

THE CONTRACT.
JOINT VENTURE AGREEMENT ENTERED INTO IN THE CITY OF
URUAPAN, MICHOACAN, ON JUNE 29, 2001, BY MIGUEL ANGEL
FERNÁDEZ MORFIN, WHO IN THE BODY OF THIS AGREEMENT WILL BE
REFERRED TO AS THE ASSOCIATE, ON THE ONE HAND, AND JORGE
PEREZ SOLORIO, WHO WILL BE REFERRED TO AS THE ASSOCIATE, ON
THE OTHER HAND, ENTERED INTO ACCORDING TO THE TERMS OF THIS
AGREEMENT.NDEZ MORFIN, WHO IN THE BODY OF THIS AGREEMENT
WILL BE REFERRED TO AS THE ASSOCIATE, AND ON THE OTHER HAND,
MR. JORGE PEREZ SOLORIO, WHO WILL BE REFERRED TO AS THE
ASSOCIATE, WHICH AGREEMENT IS ENTERED INTO ACCORDING TO
THE STATEMENTS, BACKGROUND AND CLAUSES LISTED BELOW:
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FIRST. Mr. MIGUEL ANGEL FERNÁNDEZ MORFIN declares that he is a
natural person in good standing in compliance with his tax obligations, with
address at 128 Morelos Street in the city of Uruapan. Likewise, he states that he
is the legitimate owner of the real estate located at Kilometer 3.1 of the
Libramiento Oriente on the corner with the entrance to the town of Santa Rosa
Taretán, in this city of Uruapan; property that has an area of nine thousand
eight hundred square meters, which is evidenced by the original that exhibits
the public deed containing the respective purchase contract, number two
thousand five hundred, volume three hundred, passed before the faith of
Licenciado DAVID GALVEZ HERNÁNDEZ HERNÁNDEZ HERNAN, before the
faith of Licenciado DAVID GALVEZ HERNÁNDEZ HERNÁNDEZ
HERNAN.The original of the public deed containing the respective contract of
sale, number two thousand five hundred, volume three hundred, passed before
the faith of Attorney DAVID GALVEZ HERNANDEZ HERNANDEZ, notary
public number six in the State with exercise and residence in this city of
Uruapan and registered in the Public Registry of the Property under number
forty eight of Volume seven hundred eleven of the Property Book corresponding
to this District of Uruapan, Michoacan.---
SECOND. Mr. JORGE PEREZ SOLORIO declares that he is a natural person in
good standing in compliance with his tax obligations, with address at number
one of Paseo Lázaro Cárdenas Street in the city of Uruapan, a Civil Engineer by
profession, dedicated to the practice of the same, and owner of a construction
company dedicated specifically to the construction of housing modules and to
the urbanization and subdivision of land and real estate, as well as to the retail
sale to the public of said housing modules in concrete.He is the owner of a
construction company dedicated specifically to the construction of housing
modules and to the urbanization and subdivision of land and real estate, as well
as to the commercialization to the retail public of said housing modules,
specifically of the houses that comprise them.
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THIRD. MIGUEL ANGEL FERNÁNDEZ MORFIN and JORGE PEREZ
SOLORIO hereby expressly state and agree to enter into a joint venture
agreement, in which the associate will be the former and the associate will be
JORGE PEREZ SOLORIO.
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FOURTH. The purpose of the contract will be that the Engineer JORGE
PEREZ SOLORIO urbanizes, subdivides and builds in the property described in
previous clauses, a housing module of the characteristics that are detailed below
and once finished, commercializes them under the conditions agreed in this
contract. -------------------------------------------------------------------------------
FIFTH. The partner will carry out the urbanization and subdivision of the
property, as well as the construction of the housing module with its own
resources, work and instruments and under its own direction and responsibility,
and must also obtain the administrative and any other authorizations necessary
for this purpose.
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SIXTH. It is expressly agreed that the obligations to be borne by the associate
with respect to the urbanization and subdivision of the real estate and
construction of the housing module shall not represent a contribution of less
than TEN MILLION PESOS 00/100 M.N. -------------------------
SEVENTH. The housing module to be built by the associate will contain fifty
houses of three hundred square meters of construction on two floors, with an
average urban type construction; in the understanding that the prorate of the
cost of construction must correspond on average to TWO HUNDRED
THOUSAND PESOS 00/100 M.N. for each house.
----------------------------------------
EIGHTH. The associate contributes to the joint venture the usufruct of the
described real estate, reserving at all times the animus domini with respect to
the ownership of the real estate, authorizing from this moment and granting all
the necessary faculties to the associate to carry out in said real estate all the
works and activities necessary for the fulfillment of the object of this joint
venture contract. --------------------------------
NINTH. The housing module must be completed within eighteen months from
the date of execution of this contract. Said term shall not be extendable and if
the associate has not been able to complete the construction for any reason
whatsoever, including acts of God or force majeure, the associate shall lose all
the investment it has made in favor of the associate.
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TENTH. Once the housing module is completed, the associate will carry out the
necessary dissemination and marketing activities to achieve the
commercialization of the housing units that make up the constructed module,
which will be done by entering into and granting usufruct contracts on said
housing units for a term of thirty years, the associate being expressly
empowered to include a clause in the instruments in which the usufructs of the
properties are recorded that will be granted to third parties, which will consist of
a purchase option that may be exercised by the associate.This will be done by
entering into and granting usufruct contracts on said dwelling houses for a term
of thirty years, expressly authorizing the associate to include in the instruments
in which the usufructs of the properties granted to third parties are recorded, a
clause consisting of a purchase option that the usufructuary may exercise before
the associate upon completing seven years in the exercise of the usufruct and
covering an amount of 1% of the price agreed upon for the usufruct.
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ELEVENTH. The price to be paid for the above-mentioned usufruct for each
dwelling house, will be FIVE HUNDRED THOUSAND PESOS 00/100 M.N.
which must be paid in a single installment at the time of delivery of the real and
material possession of the real estate. -------------
ELEVENTH. Of the amount collected from the commercialization of the
usufructs in the same form in which they are received by the associate, they will
be distributed in percentages of 30% to the associate and 70% to the associate.
The amount generated by the purchase options exercised by the usufructuaries
shall correspond entirely to the associate. ----------------------------------------
TWELFTH. It is expressly agreed that for the commercialization of the
usufructs, there will be a maximum term of three years from the expiration of
the term granted for the construction of the housing module. At the expiration
of such term, the associating party loses in favor of the associate all rights that
may correspond in relation to this joint venture agreement.
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THIRTEENTH. The associate undertakes to guarantee to the associate and, in
due course, to the usufructuaries, the peaceful, public and continuous
possession of the real estate and to keep it or them free of any legal
encumbrance or any other restriction. If this is not the case, it shall indemnify
the associating party for the amount corresponding to three times the projected
income not obtained, and with respect to the usufructuary for an amount
equivalent to three times the price paid for the usufruct.
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FOURTEENTH. This joint venture agreement and the instruments containing
the usufructs granted to third parties must be registered immediately after its
execution, in the corresponding Public Registry of Property and in the Public
Registry of Commerce, in order to be effective erga omnes, being this obligation
the responsibility of the joint venturer.
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------------------------
FIFTEENTH. In case of any controversy of a legal nature in the interpretation
or fulfillment of this contract, the parties expressly submit to the jurisdiction
and competence of the Courts of the common jurisdiction of this City of
Uruapan, Michoacán, waiving any other competence that may correspond to
them due to domicile or any other reason.
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SIXTEENTH. The parties declare that having read the present contract in
detail and having taken advice from the necessary professionals, they agree that
there is no error, fraud, bad faith or any other vice of the consent that could
invalidate it, therefore the parties ratify it in this act, without prejudice of doing
it before a notary public, and they are obliged to be and go through it at all times
and places. --------------------------------------------

MIGUEL ANGEL FERNÁNDEZ _________________________

MORFIN JORGE PEREZ SOLORIO
THE PARTNER THE ASSOCIATE

______________________________ _________________________
JESÚS JESÚS BARRETO DAVID GARCIA
CARDENAS WITNESS
WITNESS
 TRUST AGREEMENT
FEDERAL GOVERNMENT, ON THE ONE HAND, THE FEDERAL GOVERNMENT, ON THE
OTHER HAND, AND THE FEDERAL GOVERNMENT, ON THE OTHER HAND, AND THE
FEDERAL GOVERNMENT, ON THE OTHER HAND.
AS TRUSTEE, REPRESENTED BY THE SECRETARY OF FINANCE, AND
CREDIT AND BY THE DEPARTMENT OF AGRARIAN AFFAIRS AND THE DEPARTMENT
OF PUBLIC
COLONIZATION, ON THE OTHER PART, THE BANCO NACIONAL DE CRÉDITO EJlDAL,
S.A. DE C.V.
AS A TRUSTEE, AND ON THE OTHER HAND, NACIONAL FINANCIERA. S.A. IN
ACCORDANCE WITH THE
following background and clauses.
BACKGROUND
1. The Federal Executive, in accordance with its government program aimed at expanding,
to consolidate and perfect the Agrarian Reform, for the benefit of the peasant population and of
the
the development of the country's economy, issued on April 15 of last year the
Regulations for the Planning, Control and Surveillance of the Funds' Investments
The Common Ejidos, in which the bases for good management are precisely established
of such funds and to determine the scope of the expropriation and exchange of their plots. The
The above-mentioned regulation was published in the Official Gazette on the 23rd day of the
month and year mentioned above,
having entered into force on the same date.
2. Said Regulation creates the National Fund for Ejido development, which will be integrated
with
the various resources referred to in Article 1 of the same.
3. For the exclusive and permanent management of the fund referred to in the preceding
paragraph,
Article 2 of the Regulations itself establishes the Technical and Investment Committee of the
Funds, integrated with representatives of the Secretary of Agriculture and Livestock,
Ministry of Finance and Public Credit, Department of Agrarian and Rural Affairs, Ministry of
Finance and Public Credit, Department of Agrarian and Rural Affairs, Ministry of Finance and
Public Credit, Department of Agriculture.
Colonización, Nacional Financiera, S.A. and Sector Campesino Ejidal. This Committee shall be
The Board shall be chaired by a Special Trustee.
4. Pursuant to the provisions of Articles 4°. y 9°. of the aforementioned Regulations, the Fund
The National Bank of Ejido Development, shall be delivered in trust to the National Bank of
Ejido.
Crédito Ejidal, S.A. de C.V., so that this Institution in its capacity as trustee and through
of the Special Fiduciary Delegate, with the prior approval of the Technical and Investment
Committee of
Funds, dispose of the funds and administer them for the accomplishment of the purposes of the
Nacional Financiera, S.A., acting in accordance with Article 5 of the aforementioned trust
agreement.
Regulations, as Treasurer of the trust funds.
In accordance with the foregoing background and pursuant to article 8°. transitional
of the aforementioned Regulations, the Federal Government, through the Secretary of
Treasury and Public Credit and the Department of Agrarian Affairs and Colonization.
with Banco Nacional de Crédito Ejidal, S.A. de C.V., the present agreement of
trust, under the terms of the following:
CLAUSULES
FIRST. The Federal Government, through the Ministry of Finance and Public Credit and the
Department of Agrarian Affairs and Colonization, delivered in trust to the Bank
Nacional de Crédito Ejidal, S.A. de C.V., the Fondo Nacional de Fomento Ejidal,
consisting of the following resources:
I. Ejido Common Funds.
II. Remaining cash indemnities for expropriations
or exchanges of ejido land, after the acquisition of the land to be acquired.
be delivered to the population center or to the affected ejidatarios, in compensation for the
affected.
III. The assets that were already received by Nacional Financiera prior to the
the execution of this agreement, in its capacity as Treasurer of the trust.
IV. Interest derived from operations carried out with the Fund or with the
investment of its cash and cash equivalents.
V. The profits obtained by the Banco Nacional Hipotecario Urbano y de Obras
Public Works, for the subdivisions it carries out in accordance with the prescriptions of the
Regulation for the Planning, Control and Surveillance of the Funds' Investments
Common Ejidales.
VI. Cash received in lieu of the offspring to be delivered
the concessionaires of livestock inafectabilities.
VII. The contributions made to the Fund by the Federal Government, the
State Governments or Municipalities, and
VIII. Other cash resources obtained by the National Fund from any other source.
other concept.
SECOND. Banco Nacional de Credito Ejidal, S.A. de C.V. for its part, accepts the designation
that is conferred upon it under the terms of the 4th precedent. of this contract and protests its
faithful and loyal performance.
THIRD. Banco Nacional de Credito Ejidal, S.A. de C.V. is obligated to manage the trust
through the Special Fiduciary Delegate and shall have through the Special Fiduciary Delegate,
all the powers of disposal and administration of the funds necessary to
the realization of the purposes of the trust, provided that prior agreement is reached by
The Company has a written report, on a case-by-case basis, from the Technical and Investment
Committee of the Funds.
FOURTH. The funds of the Trust will be used for:
I. To carry out the ejido development programs and plans, previously formulated by
In writing and on a case-by-case basis, the Committee, in accordance with sections I and II of
Article
7o. of the Regulation of April 15 of last year.
II. Entering into credit operations and granting loans as described in the
V and VI of the Article and Regulation mentioned in the preceding paragraph, duly
guaranteed and authorized in advance and in writing by the Committee, which shall be
not in conflict with this contract, the Regulations of reference, its terms and conditions and the
the rules of operation to be formulated by the Committee itself and to the
Agricultural Credit Law in force.
III. Carry out the other activities mentioned in the Regulations, and
IV. To carry out other operations related to the purposes hereof.
trust, expressly entrusted to it by the trustor.
FIFTH. Banco Nacional de Crédito Ejidal, S.A. de C.V., in its capacity as trustee, will be entitled
to the following
obligations expressed below:
I. To take care of the Fomento Nacional de Fomento Ejidal constituted in trust, to
exclusively for the purposes referred to in the fourth clause of this agreement.
contract.
II. Obtain the prior written approval of the Committee for all acts of
administration and disposition of funds of the trust, which it intends to carry out through
of the Special Fiduciary Delegate.
III. Register, when appropriate, the credit agreements entered into with ejidatarios,
to obtain the corresponding documentation and establish the corresponding guarantees, in
accordance with the Law.
The current Agricultural Credit Agreement is in effect.
IV. Register this contract at the Public Registry of the place where the goods are located
located, in the event that part of the object of the trust is real estate.
V. Render to the trustor, through the Committee, a monthly report of all the
and operations it executes, particularly on the status of the credits that it
granted in the exercise of the trust.
Such report shall be in writing and shall be reviewed by the Trustee Delegate.
Special.
SIXTH. Banco Nacional de Credito Ejidal, S.A. de C.V. will receive as fees
for services rendered, 20% (Twenty percent) of the amount of the services rendered.
the interest charged on the credit operations referred to in section II of
the fourth clause of this contract, as well as the same percentage with respect to any other
other income obtained from the management of the trust.
SEVENTH. The Committee shall have, under the terms of Article 2. of the Regulation, the
exclusive handling and
The Board of Directors shall be responsible for the permanent management of the Fund, as well
as the functions attributed to it by Article 7. From
and other provisions of the Regulations, except for those entrusted to it.
The Company has expressly agreed to the Banco Nacional de Crédito Ejidal, S.A. de C.V., in
this agreement.
EIGHTH. All the resources and assets that constitute the trust fund and that up to the date of
the trust agreement are
have not been made available to Nacional Financiera, S.A., they will be made available to the
Company.
to perform her duties as Treasurer, designation
that it accepts protesting its faithful and loyal performance.
NINTH. Nacional Financiera, S.A., in its capacity as Treasurer, shall have the following
obligations
following:
I. Receive the trust funds.
II. Maintain a special account in which it will record contributions, resources and assets.
The Ejido Credit National Bank will also be responsible for the dispositions it receives, as well
as the dispositions made by the Ejido Credit National Bank,
S.A. de C.V. the trust, through the Special Fiduciary Delegate, with a
prior agreement of the Committee.
III. Not to interfere with or affect the trust funds for purposes other than those of the trust.
expressly indicated by the Trustee Institution, which will make the indication
the respective, in agreement with the Technical Committee, through the Trustee Delegate
Special. The Technical Committee itself shall determine the manner of investment of the
proceeds.
idle funds.
IV. To act, under the terms of article 10. of the Regulation, as a financial agent of
the trust funds for all operations related to the development of the industry
national rural ejido.
V. Render the Banco Nacional de Crédito Ejidal, S.A. de C.V., as a copy for the
Committee, a monthly report on the status of the trust funds,
during that period.
TENTH. For the duties she performs in her capacity as Treasurer, Nacional Financiera, S.A.
10% of the amount of the interest charged on the loans, which will be paid to
transactions referred to in Section II of Clause Four, and in the same manner.
percentage of any other profit obtained from the sale of the
operation of the trust.
ELEVENTH. The duration of this trust shall be for the duration of the term of the trust.
the above-mentioned Regulation of April 15, 1959, published in the "Diario
of the Federation, on the 23rd day of the same month and year, in the understanding that
that in the event of amendments to the aforementioned regulations, the
adjustments to this contract.
TWELFTH. In addition to quarterly reports by the Trustee to the Board of Trustees, the Trustee
shall
The Ministry of Finance and Public Credit reserves the right to
to carry out all kinds of audits and inspections, to request
reports, review documents and, in general, to adopt any measure of
inspection or surveillance as it deems appropriate.
THIRTEENTH. The Trustor acknowledges as valid all investments charged to the Trustor by
to the trust by the Trustee Institution with the prior approval of the
Fund Technical and Investment Committee, effective April 23, 1959.
FOURTEENTH. In all matters not provided for in this contract, the provisions of the following
shall apply
of the Regulations of April 15, 1959; of these Regulations
the Operating Rules to be formulated by the Committee.
Technical Law for the Investment of Funds; the Agricultural Credit Law; the Law of the
General Law of Credit Instruments and Transactions; of the General Law of
Credit Institutions and Auxiliary Organizations and of the Agrarian Code, in
vigor.
FIFTEENTH. They concur in the signing of this contract and give their consent, in addition to the
following
of the parties, the Special Fiduciary Delegate and the Secretary of Agriculture and Rural
Development of the
Livestock.
Signed in duplicate in Mexico City, Federal District, on the twenty-fifth day of the month of
October nineteen sixty.

Signed in duplicate in Mexico City, Federal District, on the twenty-fifth day of the month of
October nineteen sixty.