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Empresa Nacional de Electricidad S. A.
 e n d e s a c h i l e
 BY-LAWS
 updated according to the last by-law amendment  approved by the  special Shareholders Meeting  held on March 21, 2006




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Legal background of the company
 organization
  Amendments
  1.
    
    Deed: July 6, 1948 before the Notary of Santiago Mr. Luciano Hiriart Corvalán.
Approval: Decree of the Ministry of Finance 7674 of October 27, 1948.
Recording: On Folio 4,741, under No.2740; and Folio 4,741, under No.2,741.
Register of Commerce kept in the Real Estate Registrar of Santiago as of the year 1948.
Publication: Official Gazette of November 18, 19482.
    
    Deed: August 23, 1951, before the Notary of Santiago Mr. Luciano Hiriart Corvalán.
Approval: Decree of the Ministry of Finance No. 10,941 of November 21, 1951.
Recording: On folio 4,796, under No. 2,823; and folio 4,797, under No. 2,824;
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1952.
Publication: Official Gazette of December 14, 1951.3.
    
    Deed: January 19, 1955, before the Notary of Santiago Mr. Marín Olmedo Daroch, deputy
for the incumbent M. Luis Marín Alemany
Approval: Decree of the Ministry of Finance No. 3,001 of April 14, 1955.4.
    
    Deed: June 17, 1957, before the Notary of Santiago Mr. Luis Marín Alemany.
Approval: Decree of the Ministry of Finance No. 7,743 of August 31, 1957.
Recording: On folio 5,161 under No. 2,746; On folio 5,161 under No. 2,747;
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1957.
Publication: Official Gazette of October 10, 1957.5.
    
    Deed: December 23, 1959, before the Notary of Santiago Mr. Enrique Morgan Torres.
Approval: Decree of the Ministry of Finance No. 4,538 of May 10, 1960
Recording: On folio 2,747, under No. 1,389; On folio 2,747, under No. 1,390;




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Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1960.
Publication: Official Gazette of May 28, 19606.
    
    Deed: May 3, 1961, before the Notary of Santiago Mr. Enrique Morgan Torres.
Approval: Executive Decree of the Ministry of Finance No. 10,489 of June 22, 1961.
Recording: On folio 4,413, under No. 2,953; On folio 4,414, under No. 2,954;
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1961.
Publication: Official Gazette of July 21, 1961.7.
    
    Deed: December 10, 1963, before the Notary of Santiago Mr. Enrique Morgan T.
Approval: Executive Decree of the Ministry of Finance No. 906, of March 19, 1964.
Recording: On folio 1,888, under No. 1,066; On folio 1,889, under No. 1,067;
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1964.
Publication: Official Gazette of April 8, 1964.8.
    
    Deed: February 9, 1965, before the Notary of Santiago Mr. Alfredo Ovalle Rodríguez.,
for the incumbent Mr. Enrique Morgan T.
Approval: Executive Decree of the Ministry of Finance No. 1,071, of April 28, 1965.
Recording: On folio 3,496, under No. 1,636; On folio 3,497, under No. 1,637;
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1965.
Publication: Official Gazette of May 28, 1967.9.
    
    Deed: October 20, 1965, before the Notary of Santiago Mr. Enrique Morgan Torres.
Approval: Executive Decree of the Ministry of Finance No. 3,326, of December 11, 1965.
Recording: On folio 8,374, under No. 4,055; On folio 8,374, under No. 4,056;
Register of commerce kept with the Real Estate Registrar of Santiago as of the year 1965.
Publication: Official Gazette of January 4, 1966.10.
    
    Deed: July 13, 1967, before the Notary of Santiago Mr. Enrique Morgan Torres.
Approval: Resolution of the Ministry of Finance No. 854, of August 1, 1967.
Recording: On folio 5,612, under No. 2,375; On folio 5,613, under No. 2,374;
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1967
Publication: Official Gazette of August 8, 1967.11.
    
    Deed: February 19, 1970, before the Notary of Santiago Mr. Enrique Morgan Torres.
Approval: Resolution of the Ministry of Finance No. 109, of July 28, 1970, of the
Superintendency of Insurance Companies, Corporations and Stock Exchange.
Recording: On folio 5,612, under No. 2,375; On folio 5,613, under No. 2,374;
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1967
Publication: Official Gazette of August 8, 1967.12.
    
    Deed: June 2, 1972, before the Notary of Santiago Mr. Enrique Morgan Torres.
Approval: Resolution of the Ministry of Finance No. 355, of July 17, 1972, of the
Superintendency of Insurance Companies, Corporations and Stock Exchange.
Recording: On folio 4,841, under No. 2,472; On folio 4,841, under No. 2,473;
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1972.
Publication: Official Gazette of July 17, 1972.




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13.
    
    Deed: March 29, 1974, before the Notary of Santiago Mr. Enrique Morgan Torres.
Approval: Resolution of the Ministry of Finance No. 106, of May 30, 1974, of the
Superintendency of Insurance Companies, Corporations and Stock Exchange..
Recording: On folio 5,501, under No. 3,090; On folio 5,501, under No. 3,091;
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1974
Publication: Official Gazette of June 20, 1974.14.
    
    Deed: August 19, 1976, before the Notary of Santiago Mr. Enrique Morgan Torres.
Approval: Resolution No. 435-C, of November 30, 1976, of the Superintendency of Insurance
Companies, Corporations and Stock Exchange.
Recording: On folio 11,030, under No. 6,268;
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1976
Publication: Official Gazette of December 16, 1976.15.
    
    Deed: May 16, 1979, before the Notary of Santiago Mr. Enrique Morgan Torres. July 5,
1979, before the Notary of Santiago Mr. Enrique Morgan T. (Supplemental)
Approval: Resolution of No. 328-S, of August 2, 1979, of the Superintendency of Insurance
Companies, Corporations and Stock Exchange.
Recording: On folio 9,650, under No. 5,716;
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1979
Publication: Official Gazette of August 10, 1979.16.
    
    Deed: September 8, 1980, before the Notary of Santiago Mr. Enrique Morgan Torres.
Approval: Resolution No. 597-S, of November 18, 1980, of the Superintendency of Insurance
Companies, Corporations and Stock Exchange.
Recording: On folio 18,148, under No. 9,250;
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1980.
Publication: Official Gazette of November 29, 1980.17.
    
    Deed: August 21, 1981, before the Notary of Santiago Mr. Enrique Morgan Torres.
Approval: Resolution No. 591-S, of October 13, 1981, of the Superintendency of Insurance
Companies, Corporations and Stock Exchange.
Recording: On folio 19,725, under No. 10,864;
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1974
Publication: Official Gazette of June 20, 1981.18.
    
    Deed: April 30, 1982, before the Notary of Santiago Mr. Enrique Morgan Torres.
Recording: On folio 8,600, under No. 4,795;
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1982
Publication: Official Gazette of May 25, 1982.19.
    
    Deed: April 20, 1983, before the Notary of Santiago Mr. Enrique Morgan Torres.
Recording: On folio 5,839, under No. 3,203
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1983
Publication: Official Gazette of June 25, 1983.20.
    
    Deed: August 23, 1985, before the Notary of Santiago Mr. Enrique Morgan Torres.
Recording: On folio 13,506, under No. 6,964




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Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1983
Publication: Official Gazette of August 30, 1985.21.
    
    Deed: September 30, 1985, before the Notary of Santiago Mr. Mario Baros González
Recording: On folio 17,551, under No. 9,081
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1985.
Publication: Official Gazette of November 4, 1985.22.
    
    Deed: January 10, 1986, before the Notary of Santiago Mr. Mario Baros González
Recording: On folio 1,424, under No. 730
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1986.
Publication: Official Gazette of January 24, 1986.23.
    
    Deed: April 30, 1986, before the Notary of Santiago Mr. Mario Baros González
Recording: On folio 9,395, under No. 5,744
Publication: Official Gazette of May 31, 1986.24.
    
    Deed: January 9, 1987, before the Notary of Santiago Mr. Mario Baros González
Recording: On folio 2,231, under No. 1,104
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1987.
Publication: Official Gazette of May 31, 1986.25.
    
    Deed: November 2, 1987, before the Notary of Santiago Mr. Mario Baros González
Recording: On folio 23,134, under No. 13,441
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1987.
Publication: Official Gazette of November 5, 1987.26.
    
    Deed: June 13, 1988, before the Notary of Santiago Mr. Mario Baros González
Recording: On folio 13,664, under No. 7,310
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1988.
Publication: Official Gazette of June 20, 1988.27.
    
    Deed: June 27, 1989, before the Notary of Santiago Mr. Mario Baros González
Recording: On folio 17,162, under No. 8,680
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1989.
Publication: Official Gazette of July 8, 1989.28.
    
    Deed: September 14, 1989, before the Notary of Santiago Mr. Mario Baros González
Recording: On folio 27,668, under No. 15,000.
Register of commerce kept with the Real Estate Registrar of Santiago as of the year 1989.
Publication: Official Gazette of October 9, 1989.29.
    
    Deed: June 12, 1991, before the Notary of Santiago Mr. Mario Baros González
Recording: On folio 18,250, under No. 9,171
Register of commerce kept with the Real Estate Registrar of Santiago as of the year 1991.
Publication: Official Gazette of July 2, 1991.




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30.
    
    Deed: May 11, 1992, before the Notary of Santiago Mr. Mario Baros González
Recording: On folio 17,421, under No. 8,876
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1992.
Publication: Official Gazette of June 6, 1992.31.
    
    Deed: April 29, 1994, before the Notary of Santiago Mr. Mario Baros González
Recording: On folio 8,731, under No. 7,178.
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1994.
Publication: Official Gazette of May 3, 1994.32.
    
    Deed: April 25, 1995, before the Notary of Santiago Mr. Mario Baros González
Recording: On folio 9,349, under No. 7,542.
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1995.
Publication: Official Gazette of May 6, 1995.33.
    
    Deed: May 5, 1998, before the Notary of Santiago Mr. Mario Baros González
Recording: On folio 10,449, under No. 8,487.
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1998.
Publication: Official Gazette of May 11, 1998.34.
    
    Deed: April 9, 1999, before the Notary of Santiago Mr. Humberto Santelices Narducci.
Recording: On folio 7,936, under No. 6,339.
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1999.
Publication: Official Gazette of April 12, 1999.35.
    
    Deed: July 7, 1999, before the Notary of Santiago Mr. Humberto Santelices Narducci.
Recording: On folio 16,310, under No. 12,973.
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 1999.
Publication: Official Gazette of July 19, 1999.36.
    
    Deed: April 28, 2000, before the Notary of Santiago Mr. Humberto Santelices Narducci.
Recording: On folio 11,649, under No. 9,417.
Register of commerce kept in the Real Estate Registrar of Santiago as of the year
2000.
Publication: Official Gazette of May 18, 2000.37.
    
    Deed: April 16, 2001, before the Notary of Santiago Mr. Humberto Santelices Narducci.
Recording: On folio 10,873, under No. 8,759.
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 2001.
Publication: Official Gazette of May 03, 2001.38.
    
    Deed: April 25, 2002, before the Notary of Santiago Mr. Fernando Opazo Larraín.
Recording: On folio 11,267 under No. 9,331.
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 2002.
Publication: Official Gazette of May 04, 2002.




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39.
    
    Deed : April 22, 2005 before the Notary of Santiago Mr. Iván Tamargo Barros.
Recording: On Folio 14,268, under No.10,388.
Register of commerce kept in the Real Estate Registrar of Santiago as of the year 2005.
Publication: Official Gazette of May 3, 2005.40.
    
    Deed: April 6, 2006 before the Notary of Santiago Mr. Iván Tamargo Barros.
Recording: Folio14,457 No.9,953
Register of commerce kept with the Real Estate Registrar of Santiago as of the year 2006.
Publication: Official Gazette of April 19, 2006.




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CHAPTER I


Name, REGISTERED OFFICE and DURATION


Article 1


Article 1 bis


Article 2


Article 3


Article 4








CHAPTER II


Capital and Shares


Article 5


Article5 bis




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Article 6
  CHAPTER III
 CORPORATIONS MANAGEMENT
 Article 7
 Article 8
 Article 9




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Article 10
 Article 11
 Article 12
 Article 13
 Article 14
   Article 15
  Article 16




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Article 16 bis
 Article 17
  Article 18
 Article 19
 Article 20
 Article 20 bis
 Article 21




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CHAPTER IV
 Directors committee and Audit committee
 Article 22
 Article 23
 Article 24
 Article 25
 Article 26
 Article 27
 Article 28
 Article 29




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CHAPTER V
 Chairman, Vice president and Chief Executive officer
 Article 30
  a)
    
    Presiding the Board and the Shareholders meetings. In his/her absence or inability, he/she
shall be replaced by the vice-president and, in the absence or inability of both of them, by
the person appointed by the Board or the Shareholders meeting, as the case may be;b)
    
    Calling Board meetings, if necessary, and Shareholders meetings when resolved by the Board
or at the request of the relevant number of shareholders;c)
    
    Complying and ensuring compliance of the provisions of the by-laws and the resolutions
adopted by the shareholders meeting and the Board;d)
    
    Taking, in cases of emergency, when it is not possible to meet the Board, all the actions
necessary to the best interests of the corporation, having to meet and inform the Board as
soon as possible.
 Article 31
 Article 32
  a)
    
    To ensure compliance of laws, these by-laws and internal regulations issued by the Board, and
comply with the resolutions of Board and the Shareholders meetings;b)
    
    To safeguard the assets and funds of the corporation;c)
    
    To subscribe all public and private documents that have to be granted by the corporation when
no other person has been expressly appointed to do so;d)
    
    To represent the corporation judicially in accordance with the provisions of both sub
paragraphs of article 7 of the Civil Procedures Code;e)
    
    To appoint and remove employees as provided in the respective regulation, fix their
compensation and see to their conduct;f)
    
    To ensure that the accounting are kept up to date and in order;




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g)
    
    To attend with the right to speak at Board meetings, responding, together with its the
members thereof, for all the resolutions that are detrimental to the corporation and its
shareholders, unless their contrary opinion is evidenced in the minutes, andh)
    
    To exercise the other duties conferred upon him/her by these by-laws and those that the Board
decides to entrust.
 Article 33 S
  CHAPTER VI
 Shareholders Meetings
 Article 34
  Article 35
 a)
    
    Review of the corporations financial situation and the reports of the account inspectors of
the management and approval or rejection of the annual report, balance sheet, financial
statements and evidences presented by the Board or the corporations liquidators;b)
    
    The distribution of the profits of each financial year and, especially, the distribution of
dividends;c)
    
    The election or replacement of the members of the Board, the liquidators and account
inspectors of the management;d)
    
    Fixing the Boards compensation, ande)
    
    Any other matter related with the interests and operation of the corporation, except for
matters that should be discussed at a Special shareholders meeting in accordance with the law
and these by-laws.
 Article 35 bis




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Article 36
 a)
    
    The dissolution of the corporation;b)
    
    The transformation, merger or division of the corporation and the amendment of its by-laws;c)
    
    The issue of bonds or debentures convertible into shares;d)
    
    The disposal of the assets of the corporation in the terms set out in No.9 of article 67 of
Law 18,046, or 50% or more of the liabilities;e)
    
    The granting of real or personal guarantees to secure obligations of third parties, unless
these are affiliates, in which case the approval of the Board shall be sufficient;f)
    
    The disposal or contribution, fully or partially, of the thermal or hydroelectric plants,
that are declared essential in the Investment and Financial Policy, andg)
    
    Other matters which by law or these by-laws are reserved for the knowledge or competence of
Shareholder Meetings.
  Article 36 bis
 a)
    
    The disposal of goods and rights of the corporation declared essential for its operation in
reference to the Investment and Financial Policy, as well as the granting of guarantees of the
same, andb)
    
    The amendment in advance of the Investment and Financial Policy approved by the regular
shareholders meeting.




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Article 37
 1.
    
    Regular Shareholders meeting, with the purpose to see all the matters of its competence;2.
    
    Special Shareholders meeting provided, in its opinion, the interests of the corporation
justify it;3.
    
    A Regular or Special Shareholders meeting, as the case may be, when requested by
shareholders representing at least 10% of the issued shares with voting rights, stating the
matters to be discussed at the meeting in such request;4.
    
    A Regular or Special Shareholders Meeting, as the case may be, when required by the
Superintendency of Securities and Insurance, notwithstanding its power to call the meeting
directly.
  Article 38
   Article 39
  Article 40




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Article 40 bis
 Article 41
 Article 42
  Article 42 bis




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Article 43


Article 43 bis


CHAPTER VII


Balance Sheet and Distribution of profits


Article 44



















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Article 44
 Article 45
  Article 46
 CHAPTER VIII
 Dissolution and winding-up
 Article 47
 Article 48
 CHAPTER IX
 Arbitration
 Article 49




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Transitory Clauses
 First transitory clause




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Second transitory clause:




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Certificate
   Rafael Mateo AlcaláCHIEF EXECUTIVE OFFICER