Update of the amount of share capital from which corporations are subject to permanent state supervision

Today, the Ministry of Justice published Resolution 10/2024 in the Official Gazette, setting the amount of two billion Argentine pesos ($2,000,000,000) as the threshold of share capital from which corporations are subject to permanent state supervision (cf. Section 2 of Article 299 of the General Companies Law).

For practical purposes, companies with a share capital of less than two billion pesos and not falling under any other provision of Article 299 of the General Companies Law:

• may waive the appointment of statutory auditors (síndicos) if permitted by their bylaws.
• are exempted from submitting their financial statements to the General Inspection of Corporations prior to the ordinary general shareholders´ meeting.
• are not authorized to distribute anticipated dividends.

The Ministry of Justice has decided to implement this measure in response to the current socio-economic context. The official text of the Resolution can be found at the following link.

For further information, please contact:

Lucila Winschel: lucila.winschel@bruchoufunes.com
Florencia Angélico: florencia.angelico@bruchoufunes.com

This is a general comment which does not imply an advise or legal opinion. In case it is required, please, contact our professionals.