WHAT IS A CORREDOR PUBLICO?
By Lic. Romina Ruiz Cardenas
Federal Public Notary for Commercial Matters (Corredor Público) You might have heard the words “CORREDOR PUBLICO”, and may not know what
this means, or what he/she does. Sometimes they are even called “Federal Notary Public” or just plain “notary public”, however a Corredor Público
is not the same as a Notary Public as you may know them in the Unites States. (Notario publico for its term in Spanish). Although the term does not
have a literal translation to English, it can be said that a Corredor Público is almost like a Notario, the difference being is that a Corredor Público is oriented exclusively to commercial and mercantile issues and transactions. areas. Although a Corredor Público is not allowed by Law to issue titles or Deeds for real estate transactions, (exception made to the assignment of beneficial trust rights, recognition of alternate beneficiaries, and appointment/revoking of alternate beneficiaries in case of death), he/she can provide and give an official public witness in any commercial or business transactions; can also act as a mediator and arbiter for disputes; has expertise and knowledge in mercantile, finance, banking, corporate, and all business fields, can issue appraisals for assets, brands, businesses, merchandise, equipment, land, houses, factories etc.
The Corredor Público is a figure trained and certified as required by the Mexican Legislation of December 29, 1992 and as published in the Federal Official Daily Gazette by the Mexican Federal Congress.The figure of Corredor Público was redefined in 1992 in order to fulfill the demands of the commercial activities in Mexico and due to the signing of the North American Free Trade Agreement.The Corredor Publico under Mexican Legislation is a fully accredited lawyer that has the full support and credentials from the Mexican Federal Government and supervised by the Ministry of Economy. In order to become a Corredor Público in Mexico it is necessary to have a law degree (Licenciado en Derecho). No other professionals may apply for this distinction. As to the appointment process; the process includes two highly difficult examinations; one for aspirante (prospective Corredor Público) and the other for Corredor Público.The Corredor Público is empowered by a Federal Law that governs the actions of a Corredor Público (Ley Federal de Correduria Pública) Article 6, fractions I through VIII) Federal Law to perform the following functions with respect to business transactions only:
Act as a broker (middleman) between two or more parties by delivering proposals by one party to the other and vice versa, and to counsel the parties concerning the contemplated commercial transaction(s);
Act as an appraiser; per Fraction II of Article 6 of the Federal Law for a Commercial Notary Public enabling the Corredor Público to be an expert appraiser/valuator, not just for real estate, but also for any other kind of assets such as existing businesses, brands, trademarks, shares, concessions, machinery, equipment, art, etc.; such ability is also acknowledged and attested recognized in other federal legislation such as the Federal Law of the Income Tax, Credit Institutions Act, Federal Law on Bonding Institutions, Commercial Code, and bylaws of the Federal Tax Code, among others; whereby the appraisals made by a Corredor Público have probative force; being accepted and recognized for financial purposes, tax, legal, expert testimony, and accounting among others.
To act as a legal advisor providing legal advice to businessmen and businesses in general, with regard to commercial activities;
To act as a commercial arbitrator; for mediation and arbitration as an alternative way to resolve conflicts or disputes between two or more parties, with the help of an uninterested third person not involved in the conflict, who is impartial and regulates the process of communication and agreements between the parties; the ultimate goal is to reach a settlement in which all parties involved are benefited or satisfied with the outcome, without the need to go to courts and tribunals.
To act as a Federal Notary and provide the following services:
a) Formalization/legalization of constitution of corporations. (Incorporation of businesses such as Limited Liability corporations, all types of Corporations, stocks for corporations, etc.). Formalization of corporate merges or divisions.
b) Formalization of changes of corporate names or change of legal regime (for example from a S de RL to a S.A).
c) Formalization/legalization of shareholders or stockholders minutes.
d) Constitution of mortgages on vessels, ships and aircrafts.
e) Formalization of fixed-assets loans, or working capital loans.
f) Formalization of any kind of contracts of mercantile nature.
g) Certified copies of documents related with your business.
h) Ratification of signature on legal documents of business or mercantile nature.
i) Certification of Facts/ Affidavits regarding mercantile issues or related to intellectual property.
To learn more about this topic, and how a Corredor Público can assist your business please visit: www.correduria9bcs.com. By Lic. Romina Ruíz Cárdenas, Esq., Corredor Público No. 9 for the State of Baja California Sur, (624) 143-4838 or 143-5343, email@example.com.